Robex Resources Inc. Generated Cash Flow From Operating Activities of $24.2 Million and Revenues of $57.2 Million for Its First Year of Commercial Production
QUEBEC CITY, April 27, 2018 (GLOBE NEWSWIRE) -- Robex Resources Inc. ("Robex" and / or "the Company") (TSX-V:RBX) (FWB:RB4) is pleased to publish their financial results for the year ended December 31, 2017.
All amounts are in Canadian dollars.
Highlights for the year of 2017
- Cash flows from operating activities1 of $23.2 million or $0.040 per share2
- 36,997 gold ounces produced, and 34,801 gold ounces sold for $57.2 million
- Total cash cost2 of $618 per ounce sold and all-included sustaining cost2 of $906 per ounce sold
- Adjusted net income attributable to equity shareholders2 of $11.1 million or $0.019 per share2
- Intensive exploration program that included 16,525 meters of drilling, which began in October 2017 and ended during the first few days of March 2018
Highlights for the fourth quarter of 2017
- Cash flows from operating activities1 of $5.5 million or $0.009 per share2
- 11,099 gold ounces produced, and 9,069 gold ounces sold for $14.8 million
- Total cash cost2 of $641 per ounce sold and all-included sustaining cost2 of $1,040 per ounce sold
- Adjusted net income attributable to equity shareholders2 of $1.7 million or $0.003 per share2
Mining operation: Nampala, Mali
| 2017 | 2016 | |||
| Operating Data | ||||
| Ore mined (tonnes) | 1,451,497 | 680,621 | ||
| Ore processed (tonnes) | 1,615,966 | 719,090 | ||
| Waste mined (tonnes) | 2,184,546 | 1,613,814 | ||
| Operational stripping ratio* | 1.5 | 2.4 | ||
| Head grade (g/t) | 0.85 | 0.82 | ||
| Recovery (%) | 83.9 | % | 80.3 | % |
| Gold ounces produced | 36,997 | 12,051 | ||
| Gold ounces sold | 34,801 | 12,051 | ||
| Financial Data | ||||
| (rounded to the nearest thousand dollars) | ||||
| Revenues – Gold sales | 57,152,000 | --- | ||
| Mining operation expenses | 19,889,000 | --- | ||
| Mining royalties | 1,619,000 | 119,000 | ||
| Administrative expenses | 5,334,000 | 1,685,000 | ||
| Depreciation of property, plant and equipment and amortization of intangible assets | 7,707,000 | 663,000 | ||
| Segment operating income (loss) | 22,603,000 | (2,467,000 | ) | |
| Statistics3 | ||||
| (in Canadian dollars) | ||||
| Average realized selling price per ounce | 1,642 | --- | ||
| Cash operating cost per tonne processed4 | 13 | --- | ||
| Total cash cost per ounce sold4 | 618 | --- | ||
| All-in sustaining cost per ounce sold4 | 906 | --- | ||
| Administrative expenses per ounce sold | 153 | --- | ||
| Depreciation of property, plant and equipment per ounce sold | 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:
| Ressources Robex Inc. |
| Guillaume Emond, CPA, CMA, VP Admin |
| Augustin Rousselet, CFO et COO Head office : (581) 741-7421 |
| info@robexgold.com |
| www.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 changes in non-cash working capital items.
2 Operating cash flows per share, total cash cost, all-in sustaining cost and adjusted net income attributable to equity shareholders 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 28.
3 The statistics relate entirely to the mining operations of the Nampala mine. As the mine was not in commercial operation in 2016, the comparative does not apply for this period.
4 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 28.
