Robex is advancing Kiniero in the direction of first manufacturing by the tip of 2025.
“The strategic repositioning of the corporate in the direction of the event of Kiniero is an thrilling evolution for Robex,” stated Robex Assets managing director Matthew Wilcox within the second-quarter information launch.
“The method to doubtlessly divest the Nampala asset has begun, and Robex will fastidiously assess the very best final result for shareholders. Within the meantime, Nampala continues to supply at low prices and keep excessive security requirements,” Wilcox added.
Q2 efficiency
Within the second quarter, Nampala produced 26,222 oz. gold, up from 23,872 oz. in the identical interval final yr. Income from gold gross sales rose 35% to C$39.3 million, pushed by the next common promoting value per ounce, which climbed from $1,953 to $2,400. Mining working revenue grew by 19.2% to C$18 million, reflecting improved gross sales and value administration.
The corporate reported a internet lack of C$200,000 for the quarter, impacted by elevated depreciation, amortization and monetary prices associated to warrants. For the primary half of 2024, it recorded a internet lack of C$32.3 million, down from the C$11.8 million internet revenue reported in the identical interval final yr. This decline was primarily as a result of a provision for tax contingencies in Mali.
Robex shares fell 7% on the outcomes, buying and selling at C$2.72 per share in early afternoon in Toronto. The corporate has a market capitalization of C$404.4 million.
In its first quarter outcomes, Robex reported a C$43 million provision for tax contingencies in Mali. The corporate stated on the time it was negotiating with Malian authorities to determine a brand new tax framework. The tax pertains to the broader context of the corporate’s exit from Mali, which includes managing and resolving numerous tax and regulatory points as a part of its transition.
The corporate raised C$125.6 million to assist the Kiniero mission in June, and introduced new management below Wilcox. It additionally diminished internet debt to C$75.5 million.
A 30,000-metre infill drilling program is below solution to improve sources on the Mansounia deposit at Kiniero. The deposit holds 19.4 million inferred tonnes grading 0.94 gram gold per tonne for 589,000 oz., in keeping with a March useful resource replace. It additionally holds indicated sources of 9.4 million tonnes at 1 gram gold for 303,000 ounces.