Robex Resources Inc. Generates Cash Flow From Operating Activities of $26.9 Million for Revenue of $78.4 Million for the Year Ended December 31, 2018.
QUEBEC CITY, April 26, 2019 - Robex Resources Inc. ("Robex" and/or "the Company") (TSXV: RBX / FWB: RB4) is pleased to publish their financial results for the year ended December 31, 2018.
All amounts are in Canadian dollars.
Highlights for the year of 2018
- INCREASE IN GOLD PRODUCTION OF 22%
Gold production of 44,946 ounces (1,398 kg) compared to 36,997 ounces (1,151 kg) for the same period in 2017
- INCREASE IN SALES (REVENUE) OF 37%
Gold sales of $78.4 million compared to $57.2 million for the same period of 2017
- INCREASE IN CASH FLOWS FROM OPERATING ACTIVITIES1 OF 16%
Cash flows from operating activities1 of $26.9 million or $0.046 per share2 compared to $23.2 million or $0.040 per share2 for the same period in 2017
- DECREASE IN LIABILITIES OF $3.4 MILLION
Decrease in the Company’s liability in the amount of $3.4 million compared to December 31, 2017
- INCREASE IN EQUITY OF $12.5 MILLION
Increase in value to the shareholders (book value) of $12.5 million compared to December 31, 2017
- WORKING CAPITAL IMPROVEMENT OF $31.2 MILLION
Negative working capital from $3.9 million to December 31, 2018 compared to a negative working capital of $35.1 million to December 31, 2017
- INVESTMENTS IN EXPLORATION OF $4.5 MILLION
Exploration investments on Nampala’s operating permit in the amount of $4.5 million in 2018
Mining operation: Nampala, Mali
| 2018 | 2017 | |||
| Operating Data | ||||
| Ore mined (tonnes) | 1,797,809 | 1,451,497 | ||
| Ore processed (tonnes) | 1,795,591 | 1,615,966 | ||
| Waste mined (tonnes) | 2,951,212 | 2,184,546 | ||
| Operational stripping ratio | 1.6 | 1.5 | ||
| Head grade (g/t) | 0.94 | 0.85 | ||
| Recovery (%) | 85.6 | % | 83.9 | % |
| Gold ounces produced | 44,946 | 36,997 | ||
| Gold ounces sold | 47,142 | 34,801 | ||
| Financial Data | ||||
| (rounded to the nearest thousand dollars) | ||||
| Revenues – Gold sales | 78,382,000 | 57,152,000 | ||
| Mining operation expenses | 27,744,000 | 20,474,000 | ||
| Mining royalties | 2,582,000 | 1,619,000 | ||
| Administrative expenses | 5,927,000 | 4,749,000 | ||
| Depreciation of property, plant and equipment and amortization of intangible assets | 16,683,000 | 7,707,000 | ||
| Segment operating income | 25,446,000 | 22,603,000 | ||
| Statistics | ||||
| (in dollars) | ||||
| Average realized selling price per ounce | 1,663 | 1,642 | ||
| Cash operating cost per tonne processed3 | 15 | 13 | ||
| Total cash cost per ounce sold3 | 643 | 635 | ||
| All-in sustaining cost per ounce sold3 | 973 | 923 | ||
| Administrative expenses per ounce sold | 126 | 136 | ||
| Depreciation of property, plant and equipment per ounce sold | 354 | 221 | ||
ROBEX’S MD&A and the consolidated financial statements are available on the Company's website in the Investors section at: Robexgold.com. These reports and other documents produced by the Company are also available at Sedar.com.
For information :
Augustin Rousselet, CFO and Vice-COO
Head Office : (581) 741-7421
info@robexgold.com
This press release contains statements that may constitute “forward-looking information” or “forward-looking statements” as set out within the context of security law. This forward-looking information is subject to many risks and uncertainties, some of which are beyond Robex’s control. The actual results or conclusions may differ considerably from those that have been set out, or intimated, in this forward-looking information. There are many factors which may cause such disparity, especially the instability of metal market prices, the results of fluctuations in foreign currency exchange rates or in interest rates, poorly estimated reserves, environmental risks (stricter regulations), unforeseen geological situations, unfavourable extraction conditions, political risks brought on by mining in developing countries, regulatory and governmental policy changes (laws and policies), failure to obtain the requisite permits and approvals from government bodies, or any other risk relating to mining and development. There is no guarantee that the circumstances anticipated in this forward-looking information will occur, or if they do occur, how they will benefit Robex. The forward-looking information is based on the estimates and opinions of Robex’s management at the time of the publication of the information and Robex does not assume any obligation to make public updates or modifications to any of the forward-looking statements, whether as a result of new information, future events, or any other cause, except if it is required by securities laws. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
1 Cash flows from operating activities exclude net change in non-cash working capital items.
2 Cash flows from operating activities per share are non-IFRS financial measures for which there is no standardized definition under IFRS. Se the "Non-IFRS Financial Performance Measures" section of the MD&A, on page 40.
3 Cash operating cost, total cash cost and all-in sustaining cost are non-IFRS financial performance measures with no standard definition under IFRS. See the "Non-IFRS Financial Performance Measures" section of the MD&A, on page 40.