CORRECTION: Robex Resources Inc. Generated Cash Flow From Operating Activities of $11.3 Million in the First Quarter of 2018 for Revenues of $20.6 Million
QUEBEC CITY, May 30, 2018 (GLOBE NEWSWIRE) -- This document corrects and replaces the press release that was sent today at 12:46 pm ET. The error occurred in the title where it should have read $20.6 Million instead of $57.2 Million.
Robex Resources Inc. ("Robex" and / or "the Company") (TSX-V:RBX) (FRANKFURT:RB4) is pleased to publish their financial results for the quarter ended March 31, 2018.
All amounts are in Canadian dollars.
Highlights for the first quarter of 2018
(Compared to the same period in 2017)
- INCREASE OF IN GOLD PRODUCTION OF 54%
Gold production of 11,989 ounces (372.9 kg) compared to 7,771 (241.7 kg) ounces for the same period in 2017
- INCREASE IN SALES (REVENUES) OF 66%
Gold sales of $20.6 million compared to $12.4 million for the same period of 2017
- INCREASE IN OPERATING INCOME BY 56%
Operating income of $6.9 million compared to $4.4 million for the same period in 2017
- INCREASE IN ADJUSTED NET RESULTS ATTRIBUTABLE TO SHAREHOLDERS2 OF 78%
Net income attributable to equity shareholders2 of $4.8 million or $0.008 per action2 compared to $2.7 million or $0.005 per action2 for the same period in 2017
- INCREASE IN CASH FLOWS FROM OPERATING ACTIVITIES1 OF 88%
Cash flows from operating activities1 of $9.6 million or $0.017 per action2 compared to $5.1 million or $0.009 per action2 for the same period in 2017
- DECREASE IN TOTAL COST2 OF $26 PER SOLD OUNCE
Total cash cost2 of $638 per ounce sold compared to $664 per ounce sold for the same period in 2017
- DECREASE IN THE COMPANY’S LIABILITIES OF $2.2 MILLION
Decrease in the Company’s liabilities of $2.2 million compared to December 31, 2017
- INCREASE IN EQUITY OF $9.2 MILLION
Increase in value to the shareholders (book value) of $9.2 million compared to December 31, 2017
Mining operation: Nampala, Mali
| First quarters ended March 31, | ||||
| 2018 | 2017 | |||
| Operating Data | ||||
| Ore mined (tonnes) | 491,342 | 270,721 | ||
| Ore processed (tonnes) | 445,226 | 359,945 | ||
| Waste mined (tonnes) | 1,047,870 | 616,567 | ||
| Operational stripping ratio* | 2.1 | 2.3 | ||
| Head grade (gpt) | 0.93 | 0.93 | ||
| Recovery (%) | 83.9 | % | 85.9 | % |
| Gold ounces produced | 11,989 | 7,771 | ||
| Gold ounces sold | 11,989 | 7,548 | ||
| Financial Data | ||||
| (rounded to the nearest thousand dollars) | ||||
| Revenues – Gold sales | 20,573,000 | 12,405,000 | ||
| Mining operation expenses | 6,973,000 | 4,718,000 | ||
| Mining royalties | 672,000 | 294,000 | ||
| Administrative expenses | 1,549,000 | 816,000 | ||
| Depreciation of property, plant and equipment and amortization of intangible assets | 2,906,000 | 1,597,000 | ||
| Segment operating income | 8,473,000 | 4,980,000 | ||
| Statistics | ||||
| (in Canadian dollars) | ||||
| Average realized selling price per ounce | 1,716 | 1,643 | ||
| Cash operating cost per tonne processed3 | 14 | 14 | ||
| Total cash cost per ounce sold3 | 638 | 664 | ||
| All-in sustaining cost per ounce sold3 | 1,019 | 945 | ||
| Administrative expenses per ounce sold | 129 | 108 | ||
| Depreciation of property, plant and equipment per ounce sold | 242 | 212 | ||
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 and 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.
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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 24.
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 24.