QUEBEC CITY, May 28, 2021 (GLOBE NEWSWIRE) — Robex Resources Inc. (“Robex”, “the Group” or “the Company”) (TSXV: RBX/FWB: RB4) reports its financial performance for the quarter ended March 31, 2021.

All amounts are presented in Canadian dollars (CAD).

The first quarter of 2021 was, in line with our forecasts, impacted on one side by the drop in production related to the low grades surface ore and on the other side an increase in the stripping ratio from the new pits. This essential groundwork is helping us prepare for the future.

With the end of the 2020 exploration program in the first quarter of 2021, stripping the new pits during the second quarter of 2021 and preparing for the rainy season, Robex should be able to improve its profitability for the second half of the year.

An optimization of the strategic mine plan is currently underway to define the life of the Nampala mine and refine the economic variables for a potential expansion of the operation.

To date, mine operations have not been impacted by the recent events in Mali. COVID-19 did not present any difficulties for us during the quarter.

We are therefore reiterating our 2021 objectives of producing over 51,000 ounces with an all-in sustaining costⁱ between $900 and $1,000 per ounce sold.

Highlights of the first quarter of 2021:

• $6.8 MILLION OF STRIPPING INVESTMENT
  A total of 2.7 million tonnes of waste rock were extracted, representing a surface stripping rate of 5.7.

• $26.2 MILLION IN GOLD SALES

  11,502 ounces of gold were sold, with an average realized sales price of $2,281 per ounce sold.

• OPERATING RESULTS OF $10 MILLION
  Operating results of $10 million, including $2.6 million in depreciation of fixed assets. Operating results are 38.2% as a percentage of revenue.

• CASH FLOW FROM OPERATING ACTIVITIESⁱⁱ OF $11.5 MILLION
• LONG-TERM DEBT REDUCED TO $5.9 MILLION
  The Group is improving further its financial health by paying back debts. The Company’s long-term debt decreased from $6.6 million as of December 31, 2020 to $5.9 million as of March 31, 2021, despite 2 new bank loans totalling $0.8 million for the purchase of new light vehicles.

• $3.9 MILLION INCREASE IN EQUITY SINCE END OF 2020
  The book value of total assets held by common shareholders was $94 million as of March 31, 2021, including retained earnings of $17.9 million.

• $8 MILLION OF POSITIVE WORKING CAPITAL AS OF MARCH 31, 2021
• $1.8 MILLION OF EXPLORATION INVESTMENTS
  Exploration investments of $1 million on the Nampala permit and $0.8 million on the Mininko permit for the first quarter of 2021.

• ACQUISITION OF A NEW EXPLORATION PERMIT
  The Company entered into an agreement to acquire the Gladié permit. As a reminder, this exploration permit covers 52 km² and is adjacent to our Nampala property.

Outlook for the rest of 2021:

For the rest of the year, the Group is focusing on the following objectives:

1. Reduction of the stripping ratio: After the significant investment in 2020 and in the first quarter for the opening of the new pits, the operating activities should revert to a stripping ratio and grades in line with the long-term mining plan.
2. Processing capacity optimization: With the new equipment (conveyor, reject line, pumps for cyclones, double-deck screen) we intend to gradually increase the plant’s throughput. The investment in the cone crusher will allow us to process richer transition ore.
3. Environmental Impact: The commissioning of a solar power plant, in a partnership with VIVO Energy, should start by the end of the year. It will allow us to reduce our energy costs and environmental footprint.
4. Growth: With continuing investments in exploration, the Company intends to develop its permits around Nampala, as well as in western Mali. At the same time, we are exploring opportunities to acquire assets to build a second operation.

Mining Operation – Nampala:

Robex’s MD&A and the condensed interim consolidated financial statements (unaudited) 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.

A Word from the Chairman, Mr. Georges Cohen:

“Our first quarter results remain satisfactory given our development stage and are still impacted by the delayed investments budgeted for 2020, which have now been completed, and the preparation of the new pits. We have invested heavily in the future of Nampala and we now have a solid operation. It will allow us to improve our profitability in the second half and return to ratios comparable to those of 2020. We are now working toward a growth phase for the Group to replicate our success with Nampala.

I would like to congratulate all our employees who are working in a complicated situation in Mali and who make every effort to achieve the management’s objectives. It is difficult to understand the ramifications of the current political crisis in Mali, but we can assure you that we are doing everything we can to ensure the safety of all our employees and the continuity of our operation.”

Annual Shareholders’ Meeting:

The 2021 Annual Shareholders’ Meeting will take place, once again, virtually on Wednesday, June 30 at 10:00 a.m. (Eastern Time).
To participate in the virtual meeting, you must reserve your place by registering online at https://inscriptions.digicast.ca/form-5899372/Robex210625, no later than Tuesday, June 22, 2021 at 5:00 p.m. (Eastern Time).

All holders of common shares of Robex Resources Inc. registered as of May 31, 2021, are invited to register their vote according to the instructions received. To be valid, the proxy form or voting instruction form must be received by Computershare Investor Services Inc. (“Computershare”) by Internet, telephone or mail at their Toronto office, 100 University Avenue, 8th Floor, Toronto, Ontario, M5J 2Y1 no later than 5:00 p.m. (Eastern Time) on June 28, 2021.

You can now view the notice of the 2021 Annual Shareholders’ Meeting and the Management Proxy Circular on the Company’s website in the Investors — Financial and Other Documents section, or on SEDAR.

For more information:

Benjamin Cohen
Aurélien Bonneviot, investors relations and corporate development
a.bonneviot@robexgold.com
www.robexgold.com

Head office: +1(581) 741-7421

This news release contains statements that may be considered “forecast information” or “forecast statements” in terms of security rights. These forecasts are subject to uncertainties and risks, some of which are beyond the control of Robex. Achievements and final results may differ significantly from forecasts made implicitly or explicitly. These differences can be attributed to many factors, including geopolitical risk, market volatility, the impact of the exchange rate and interest rate fluctuations, mispricing, the environment (hardening of regulations), unforeseen geological situations, unfavourable operating conditions, political risks inherent in mining in developing countries, changes in government policies or regulations (laws and policies), an inability to obtain necessary permits and approvals from government agencies, or any other risk associated with mining and development. There can be no assurance that the circumstances set out in these forecasts will occur, or even benefit Robex, if any. The forecasts are based on the estimates and opinions of the Robex management team at the time of publication. Robex makes no commitment to make any updates or changes to these publicly available forecasts based on new information or events, or for any other reason, except as required by applicable security laws. The TSX Venture Exchange or the Regulation Services Provider (as defined in the policies of the TSX Venture Exchange) assumes no responsibility for the authenticity or accuracy of this news release.

i Cash operating cost, total cash cost, all-in sustaining cost and adjusted 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.

ii Cash flows from operating activities exclude net change in non-cash working capital items.