Robex Resources Inc. (“
Robex” or the
“
Company”) (TSXV: RBX) is pleased to announce the
results of the feasibility study (the “
FS”,
“
Feasibility Study” or the
“
Study”) for the Kiniero Gold Project (the
“
Kiniero Gold Project”, or the
“
Project”) in Conakry, Guinea. The FS was prepared
in accordance with Canadian Securities Administrators’ National
Instrument 43-101 - Standards of Disclosure for Mineral Projects
(“
NI 43-101”).
The independent NI 43-101 technical report
supporting the Kiniero Gold Project Feasibility Study will be
published on SEDAR at www.sedar.com within the next 45 days.
HIGHLIGHTS:
-
Improved economics: 26% increase in pre-tax Net
Present Value 5% (“NPV5%”) to
US$ 251m and Internal Return Rate (“IRR”) of
42% at a base case gold price of US$ 1,650/oz while post-tax
NPV5% stands at US$ 170m and IRR at 31%;
-
Increased Life of Mine (“LoM”): Mineral Reserves
increased by 165koz or 21% to 968koz from the Pre-Feasibility Study
(“PFS”), increasing LoM to 9.5-years (46% up
compared to PFS);
-
Lower costs: LoM All-In Sustaining Costs
(“AISC”) below initial target of US$ 1,000/oz, at
US$ 980/oz, improving from PFS (US$ 1,035/oz);
-
Lower strip ratio: LoM Strip Ratio of 2.8:1, from
4.4:1 in the PFS; and
-
Significant potential beyond Mineral Reserve life in
FS: Indicated Mineral Resources (inclusive of Mineral
Reserves) at 1,481koz @ 1.07g/t, along with Inferred Mineral
Resources of 1,090koz@ 1.19g/t effective November 12, 2022;
Table 1: Significant improvement from PFS
results
Based on a US$ 1,650/oz gold price |
Units |
PFS |
FS |
Variation |
Probable Mineral Reserves(incl. legacy stockpiles) |
koz |
803 |
968 |
+21% |
LoM |
Year |
6.5 |
9.5 |
+46% |
Average annual production LoM |
koz |
110 |
90 |
-18% |
Initial capital from 01/01/23 |
US$m |
144 |
160** |
+11% |
LoM AISC |
US$/oz |
1,035 |
980 |
-5% |
Pre-tax NPV5%* |
US$m |
199 |
251 |
+26% |
Pre-tax IRR, % |
% |
49% |
42% |
-7pts |
After-tax NPV5% |
US$m |
115 |
170 |
+48% |
After-tax IRR, % |
% |
32% |
31% |
-1pts |
*NPV in the PFS calculated as of 01/01/2023
while the NPV in FS calculated as of 01/07/2023**Including initial
capex expected to be paid from January 1, 2023 to June 30, 2023
Update on Construction
Activities
Construction of the project started in Q4 2022,
with US$ 27m expected to be spent by June 30, 2023 of the initial
capital costs of US$ 160m (or 17% of total):
-
Contractors mobilized on site and detailed engineering is
ongoing;
-
In line with the previously disclosed mandate with Taurus Mining
Finance Fund No. 2, L.P. (“Taurus”), we are
currently discussing the terms of the Project Finance Facility and
providing information needed for due diligence. Please see the
press releases dated January 24, 2023 and March 21, 2023 available
on SEDAR at www.sedar.com for further details;
-
Resource expansion program ongoing, the last drill hole in the
geological database supporting the FS dates from August, 17, 2022
with 24,443m of drilling completed since then; and
-
Exploration is underway at our Mankan target in the north portion
of the property for the first time since the project was owned by
SEMAFO.
Aurélien Bonneviot, CEO of Robex commented: “The
completion of the FS for the Kiniero Gold Project is a major
milestone in our journey towards project development, as the FS
optimizations and updated Mineral Resource Estimate result in a
stronger project with enhanced economics.
Since the announcement of the Kiniero
acquisition on 20 April 2022, we have improved the asset to reach a
now-projected 9.5-year LoM. Kiniero is now expected to average
above 100koz per annum over the first 7 years and we will continue
to drill to hopefully increase the average grade, the production
capacity and the LoM.
This FS incorporates the actual pricing and
tenders we have been collecting for the construction, giving us
confidence in the upfront capex estimates. The majority of the
parameters are at the detailed design stage, the construction crew
has mobilized on site, and we are on track for the first gold
poured in mid-2024.
While the FS includes a 21% increase in Mineral
Reserves, this represents only a fraction of the total Mineral
Resource, and we are targeting additional conversions of Mineral
Resources to Mineral Reserves in the coming years. With more than
1moz of Inferred Mineral Resources within 10 km of the processing
plant, we see potential for significant LoM extensions and rapid
growth at the asset in a short timeframe.
With these excellent results, Robex will focus
its efforts on the previously announced debt package with Taurus
Mining Finance Fund No. 2, L.P.”.1
1 Forward-looking statement. See the
“Forward-Looking Information and Forward-Looking Statements”
section of this press release
Feasibility Study
Highlights
The ore mined from the Kiniero deposit is
expected to be processed through a standard 3.0mt capacity
Carbon-in Leach/Gravity (“CIL”) plant. The mine is
expected to be an open pit using conventional mining methods.
Table 2: Kiniero FS Highlights
|
Units |
Value |
Plant, size and CAPEX |
|
|
Plant capacity |
Mt |
3.0 |
Upfront capital from January 1, 2023 |
US$m |
160 |
Mineral Reserves and Resources (incl. legacy stockpiles) |
|
|
Probable Mineral Reserves |
koz |
968 |
Indicated Resources (incl. Reserves) |
koz |
1,481 |
Inferred Resources |
koz |
1,090 |
Mining Operations |
|
|
LoM total ore tonnes mined |
kt |
81,715 |
LoM waste tonnes mined |
kt |
60,304 |
LoM ore tonnes mined ex pit |
kt |
21,410 |
Average grade mined |
g/t Au |
1.27 |
LoM strip ratio |
W:O |
2.8 |
Processing Operations |
|
|
LoM tonnage processed |
kt |
27,665 |
Average grade processed |
g/t Au |
1.09 g/t |
Average recovery LoM |
% |
87.2 % |
Production and Costs Summary |
|
|
LoM production |
koz/Au |
851 |
Average first three years of production pa |
koz/Au |
105 |
Average LoM production pa |
koz/Au |
90 |
AISC |
US$/oz |
980 |
Table 3: Kiniero Project Gold Price Sensitivity
(Base Case and RPEEE*) as of July 1, 2023
|
Units |
US$ 1,650/oz(Base Case) |
US$ 1,950/oz(RPEEE gold price) |
Pre-tax returns |
|
|
|
NPV5% |
US$m |
251 |
437 |
IRR |
% |
42 % |
65 % |
Payback period |
year |
3.4 |
2.7 |
Post-tax returns |
|
|
|
NPV5% |
US$m |
170 |
301 |
IRR |
% |
31 % |
48 % |
Payback period |
year |
4.3 |
3.2 |
*Reasonable Prospects for Eventual Economic
Extraction (“RPEEE”) or gold price used for
Mineral Resources.
As shown in Figure 1: Gold Production and AISC
Summary across the LoM below, the Study demonstrates Kiniero’s
ability to deliver an average of 90koz of gold per year at an AISC
of US$ 980/oz over the LoM, as mine plan optimization efforts
prioritized a stable, long mine life, rather than peak upfront
production. Over the coming years, Robex intends to continue its
exploration efforts to continue to extend the LoM and increase
annual production.
Figure 1: Gold Production and AISC Summary across
the LoM
FEASIBILITY STUDY
DETAILS
Overview
The Project is located in eastern Guinea in the
Kouroussa Prefecture. It is situated approximately 27km southeast
of the town of Kouroussa and at a distance of 546km from Conakry,
the capital of Guinea (Figure 2: Regional Locality of the Kiniero
Gold Project and Regional Infrastructure of Guinea).
The Kiniero Gold Project is a 470.48km²
exploitation and exploration land package that consists of the
adjoining Kiniero exploitation License Area and Mansounia
exploitation License Area. The Kiniero Project is one of the
largest gold licences in Guinea.
Figure 2: Regional Locality of the Kiniero Gold
Project and Regional Infrastructure of Guinea
Kiniero gold deposits, located in the prolific
gold-producing Siguiri Basin, were discovered in the early 1900s
and were subsequently explored until 2002 when gold production
began under the ownership of Semafo Inc and its subsidiary Semafo
Guinée SA.
The historical Kiniero gold mine comprised an
open pit mining operation that produced 418,000 ounces of gold
during its 12-year operational history. The mine was placed on care
and maintenance in early 2014.
Robex is now restarting the Kiniero gold mine as
a long-life open pit mining operation based on constructing a new
3Mtpa process plant.
Given the strong exploration potential, a
combination of near plant brownfields infill and known extension,
as well as greenfield large-scale targets, Robex is targeting
(i) the discovery of Mineral Resources across the Kiniero
exploration permit area over the next few years, and (ii) the
conversion of Mineral Resources into Mineral Reserves.
An extensive drilling programme is ongoing on
the numerous identified deposits to increase the resource base and
extend the LoM at Kiniero predominately through extending the
drilling density at depth and along known strike extensions.
Since the beginning of the construction, Robex
has been committed to involve village communities in the mine's
development, as well as exploring sustainable power energy source
to reduce and limit its environmental footprint.
Geology
The property is located within the Kiniero Gold
District of the Siguiri Basin, which is situated in north-eastern
Guinea, extending into central Mali. Geologically, the Siguiri
Basin comprises a portion of the West Africa Birimian Greenstone
Belt, including intrusive volcanics (ultramafics to intermediate)
and sediments largely deposited through the period 2.13 Ga to 2.07
Ga.
The volcanic and sedimentary lithologies
comprise fine-grained sedimentary rocks (shales and siltstones),
with some intercalated volcanic rocks. Sandstone-greywacke tectonic
corridors have been preferentially altered and locally silicified,
supporting extensive brittle fracture networks. These in turn have
provided host environments for ascending mineralized hydrothermal
fluids.
The deposits located on the property are
associated with the Proterozoic Birimian orogeny of West Africa.
Most gold mineralization in the West African Craton is
shear-zone-hosted and structurally controlled, with lithology
having a minor, local influence. The mineralization developed in
the Kiniero Gold District conforms to this general style of
mineralization.
A total of 47 gold anomalies have been
identified on the property, of which five clusters of deposits
(Sabali, Mansounia, SGA, Jean, and Balan) have been explored
sufficiently to enable the estimation of Mineral Resources.
Figure 3: Location of the main Kiniero deposits
and cross sections (A-B, C-D) and Figure 4: Cross sections through
the SGA (A-B) and Sabali South (C-D) deposits illustrate the
location of the main Kiniero deposits and cross sections through
the SGA and Sabali South deposits. The selected cross sections
display the 0.3g/t gold grade shell, Pit and RPEEE (Reasonable
Prospects for Eventual Economic Extraction) Shells, significant
gold intercepts (minimum of 2m @ 0.5g/t), and regolith profiles
across each deposit. Section A-B, across SGA, demonstrates the
deposit's significant northeast strike and depth extension. Section
C-D, across Sabali South, shows the deposit's deep weathering
saprolite and saprock profile in the east (beyond 100m in
areas).
Figure 3: Location of the main Kiniero deposits
and cross sections (A-B, C-D)
Figure 4: Cross sections through the SGA (A-B)
and Sabali South (C-D) deposits
Mineral Reserves and
Resources
The FS is based on the updated Mineral Resources
Estimate, as shown in table below, which has a resource-to-reserve
conversion ratio for the in-situ estimate of 68%. The Mineral
Resource Estimate includes the Mineral Reserves.
Table 4: Mineral Reserves and Resources
Summary
100% basis |
Tonnage(Mt) |
Grade(Au g/t) |
Content(koz) |
Probable Mineral Reserves (in-situ) |
21.41 |
1.27 |
872 |
Probable Mineral Reserves (Legacy Stockpiles) |
6.26 |
0.48 |
96 |
Total Probable Mineral Reserves |
27.67 |
1.09 |
968 |
Indicated Mineral Resources (in-situ) |
31.59 |
1.32 |
1,342 |
Indicated (Legacy Stockpiles) |
11.61 |
0.37 |
139 |
Total Indicated Mineral Resources (incl. of. Mineral
Reserves) |
43.20 |
1.07 |
1,481 |
Inferred Mineral Resources |
28.61 |
1.19 |
1,090 |
Notes:
-
The effective date of the Mineral Reserves is June 1, 2023.
-
The effective date of the Mineral Resource estimate is November 12,
2022.
-
The date of closure for the sample database informing the in situ
Mineral Resources is August 17, 2022. The date of database closure
for the stockpiles is November 12, 2022.
-
Mineral Reserves are estimated using a long-term gold price of
USD1,650 per troy oz for all mining areas while open pit Mineral
Resources have been constrained using conceptual open pits based on
a gold price of 1,950 US$/oz.
-
Mineral Reserves are stated in terms of delivered tonnes and grade
before process recovery.
-
Mineral Reserves are defined by pit optimization and are based on
variable break-even cut-offs as generated by process destination
and metallurgical recoveries.
-
Metal recoveries are variable and dependent on material type and
mining area.
-
Open-pit dilution and geological ore loss are applied through the
application of 1 m dilution skins to the resource block model using
Mining Shape Optimiser (MSO).
-
The Qualified Persons, as defined in NI 43-101, responsible for
these items of the Technical Report are not aware of any mining,
metallurgical, infrastructure, permitting, or other relevant
factors that could materially affect the Mineral Reserve
estimates.
-
The identified Mineral Reserves and Resources are classified
according to the Definition Standards on Mineral Resources and
Mineral Reserves adopted by the Canadian Institute of Mining
Metallurgy and Petroleum and incorporated into NI 43-101.
-
Mining recovery of 99% applied to diluted open-pit inventories to
account for operational losses.
-
The updated Mineral Resource estimate was prepared by Mr Ingvar
Kircher who is a Qualified Person as defined in NI 43-101 and who
does not or did not have at the relevant time an affiliation with
Robex or its subsidiaries, except that of independent
consultant/client relationship.
-
Cut-off grades for Mineral Resource reporting are:
-
SGA, Jean and Banfara: laterite 0.5 g/t Au, saprolite (oxide)
0.3 g/t Au, saprock (transition) 0.5 g/t Au, fresh
0.6 g/t Au.
-
Sabali South: laterite 0.5 g/t Au, saprolite (oxide) 0.3 g/t
Au, saprock (transition) 0.7 g/t Au, fresh 0.9 g/t
Au.
-
Sabali North and Central: laterite 0.5 g/t Au, saprolite
(oxide) 0.3 g/t Au, saprock (transition) 0.9 g/t Au, fresh
0.8 g/t Au.
-
West Balan: laterite 0.5 g/t Au, saprolite (oxide) 0.4 g/t Au,
saprock (transition) 0.5 g/t Au, fresh 0.6 g/t Au.
-
Stockpiles reported as Mineral Resources have been limited to those
dumps which exhibit an average grade >0.3 g/t Au.
-
Mineral Resources that are not Mineral Reserves do not have
demonstrated economic viability.
-
The estimates may be materially affected by environmental,
permitting, legal, marketing, or other relevant issues. Please see
“Forward Looking Statements” below and the
technical report for the Kiniero Gold Project that will be prepared
in accordance with NI 43-101 and filed on SEDAR R at www.sedar.com
within the next 45 day.
-
Tonnage and grade measurements are in metric units. Contained Au is
reported as troy ounces.
-
Totals may not compute exactly due to rounding.
Exploration
The Kiniero Project’s 2023 planned exploration
programme includes a combination of brown and greenfields
exploration activities. Greenfields activities comprise the
continuation of the license-wide soil geochemistry (BLEG)
programme, focussed on completing the Northern Block area of the
Kiniero License. In addition, a maiden RC drilling campaign in the
Northern Block is planned to target the Mankan, Heriko and “Filon
Bleu” deposits. The drilling will build on the exploration data
already generated by SMG and historical drilling completed by
Semafo to further delineate the deposits.
Brownfields exploration will consist of
trenching and drilling at and around the near-mine deposits.
Drilling will be a combination of diamond and RC drilling and the
purpose is twofold, namely Resource addition and Resource to
Reserve conversion. Drilling will focus on four deposits: SGA,
NEGD, Sabali South and Mansounia Central. SGA, NEGD and Sabali
South will comprise Resource addition drilling by strike and depth
extension, as well as Reserve conversion drilling. A grid drilling
programme at Mansounia Central is designed to further delineate and
upgrade the Resource.
A planned total of approximately 5,000m of
diamond and 65,000m of RC drilling will be completed at the various
deposits. However, the drilling programme will be an iterative
process based on the ongoing results and the impact thereof. As a
result, the plan may be changed and adapted to any changes in
strategy.
Mining Operations
Mining at Kiniero is expected to be undertaken
by conventional contractor-operated truck and excavator open-pit
mining in the SGA, Jean, SGD, Sabali South, and Sabali North and
Central pits using Komatsu PC1250-sized excavators mining on 5 m
benches and 2.5 m flitches loading 55 t Volvo A60H haul
trucks.
Mining in upper oxide layers will be free-dig
with drill-and-blast required in areas that mine through the
transitional material into fresh rock. The free-dig nature of the
oxide and transitional zones has been confirmed by extensive
previous mining at the site. Drill-and-blast will be required for
approximately 1% of the oxide material, 40% of the laterite, 60% of
the transitional, and 100% of the fresh.
Ore will be categorized by material and grade
through in-pit grade control and will be hauled to the mine ore pad
(MOP). Waste will be hauled to the nearest available waste dump by
the Volvo A60H fleet.
Historic mining in Jean, SGA, and SGD has
resulted in pit lakes that require dewatering and clean-up before
mining.
The key mining infrastructure including pits,
waste dumps, stockpiles, and haulage roads is shown in Figure 5:
Key Mining Infrastructure Layout.
Figure 5: Key Mining Infrastructure Layout
Processing Operations
Soutex Inc. (“Soutex”) was
commissioned by Robex to undertake the detailed design of the new
processing plant. The process plant design is based on a
metallurgical flowsheet developed for flexible operation between
the various types of ore while maintaining the throughput and gold
recovery. Ore will be processed on-site, at a centrally located
processing facility near the mining areas. The gold will be
recovered in a beneficiation plant that has been designed to
process a blend of oxide, laterite, transition, and fresh ores from
various ore deposits.
Oxide and upper transition ores (soft) require
less comminution energy than laterite and fresh ore (hard).
However, they present other challenges in handling due to the
sticky nature of oxide ore types, justifying dedicated crushing
devices for soft and hard ores. The process plant design has been
based on a nominal capacity of 3.0 Mtpa. The flowsheet
includes crushing, semi-autogenous grinding (SAG) milling, gravity
concentration, thickening, CIL leaching, Zadra elution, gold
electrowinning, and carbon regeneration and SO2 detoxification,
which are well-proven in the industry.
Figure 6: 3D Processing Plant
Infrastructure
The Project benefits from good infrastructure in
close proximity to the site, and a limited relocation requirement
as there are no villages on the site. Existing mining
infrastructure will be refurbished with minimal additional
infrastructure required.
In addition, early works have focused on
advancing the site infrastructure to facilitate a smooth transition
into construction. Site roads to the mine from the national road
network, mine perimeter fence, and the earthworks for the
construction camp have already been completed as part of the early
works, incurred during the first six months of 2023.
New infrastructure will be added to support
mining, processing and waste management on the mining license
including power transmission line, diesel generators, and
additional site facilities and accommodation for staff.
Power
The Project will utilize a diesel-solar and
battery storage hybrid power plant consisting of diesel generators
with a capacity of approximately 13,286kW, a solar photovoltaic
(PV) plant with a total capacity of approximately
18,030kWp/14,400kW and the battery energy storage system with a
capacity of 6MWh/12MW. Robex is part of a clear policy of reducing
CO2 emissions from its operations on-site.
The hybrid power plant has been developed based
on Vivo Energy providing power as an Independent Power Producer
(IPP). Vivo Energy will be responsible for all energy requirements
of the mine and the fuel storage capacity. The diesel generator
will be the prime source of power supply. The PV battery plant will
be displacing the thermal generation by up to 40% during solar
hours with support from a battery energy storage system (BESS).
The PV battery and diesel generator plant will
be connected directly to the main switchboard of the mine at a high
voltage of 15 KV through a dedicated power line infrastructure. The
distribution will supply the camp, plant, mining workshops, and the
tailings storage facility (“TSF”) via the Mine’s
main switchboard.
Water
Water for operations is to be sourced from the
proposed TSF (prioritized), dewatering of historical pits, and
boreholes. Allowance has been made for the procurement and
installation of industrial Reverse Osmosis units. Water supply to
the Reverse Osmosis units will be via existing boreholes near each
camp.
Process water will be primarily sourced from
recirculated TSF water. It is continuously recirculated from the
TSF to the process water pond and the processing plant, mainly in
the milling area. A pump located in the process water feeds the
process water distribution network of the mill. Raw water is added
to the process water pond through the freshwater tank overflow to
compensate for the process water losses. The proposed water supply
is sufficient to meet the process plant requirements.
Tailings
Epoch Resources (Pty) Ltd (Epoch) was
commissioned by SMG to undertake the detailed design of the new
TSF. The proposed TSF is required to accommodate 36 Mt of
tailings over a 12 years LoM at a rate of 250 ktpm
(3 Mtpa). The required storage volume for the tailings has
been calculated based on an estimated average in situ dry density
of the tailings product of 1.39 t/m3, a particle specific gravity
(SG) of 2.77 t/m3, and an estimated average in situ void ratio
of 1.
The TSF is expected to be constructed in phases
as a full containment facility incorporating an HDPE liner to the
basin and inside faces of the containment walls to mitigate against
the potential for groundwater pollution. Management and monitoring
systems is expected to be implemented to ensure that risks
associated with the facility are identified and mitigated in line
with accepted practices and standards.
Figure 7: Site Infrastructure of the Kiniero
complex
Operating Costs Summary
Mining operating cost estimates were prepared by
AMC Mining Consultants (UK) Ltd (“AMC”).
Processing costs were prepared by Soutex while Infrastructure and
General and Administration (“G&A”) operating
cost estimates were prepared by Robex and reviewed by AMC. LoM
operating unit costs are summarised in the table below.
Table 5: LoM operating unit costs
(US$/t ore processed) |
Operating costs |
Refining and transport charges |
0.1 |
Mining costs |
10.7 |
Processing Costs |
12.8 |
G&A |
2.1 |
Total |
25.7 |
Capital Costs Summary
The process plant capital cost estimate was
compiled by Soutex with input from Epoch on the TSF and Robex on
the water infrastructure and site access roads. Robex has
provided estimates for mine establishment, infrastructure
facilities, high-voltage power supply and owner’s costs.
Starting January 1, 2023, the total LoM capital
cost is estimated at US$ 234m, including US$ 160m of initial
capex, US$ 31m of development capex post-construction period and
US$ 43m of sustaining capital, as shown in table below. The
initial capital costs include an 8% contingency while the capex
during operations includes a 5% contingency.
Table 6: Capital Cost Estimate Summary
Category, in US$k |
Initial CapEx |
Capex duringoperations |
Sustaining Capexover LoM |
Total CapitalCosts LoM |
Mining |
9,064 |
- |
3,091 |
12,155 |
Process Plant |
91,346 |
- |
13,279 |
104,625 |
TSF |
19,648 |
29,372 |
6,640 |
55,660 |
Infrastructure |
8,617 |
- |
- |
8,617 |
G&A |
15,730 |
- |
- |
15,73 |
Other costs |
6,102 |
- |
505 |
6,607 |
Closure costs |
- |
- |
19,866 |
19,866 |
Contingency |
9,389 |
1,473 |
- |
10,862 |
Total |
159,896 |
30,845 |
43,381 |
234,122 |
The construction has already started, and US$
27m out of the US$ 160m (the equivalent of 17% of the total) are
expected to be spent as of June 30, 2023. The first gold poured is
expected in mid-2024.
The closure costs have been estimated by ABS
Africa to be a total of US$ 19.9m. This includes Contractors,
Preliminary and General Costs, Engineering Design and Environmental
Permitting.
Environment and Social
Under the Mining Code, all applicants for an
exploitation licence must submit an Environmental and Social Impact
Assessment (“ESIA”). Robex completed the ESIA in
the past few weeks. There are currently no objections known to
Robex to the development of the Project.
The environmental permit for the Project was
received and an Environmental and Social Management Plan
(“ESMP”) is being implemented to guide Robex’s
local community engagement as well as ensure it fulfils its
environmental obligations, minimizing the mine’s impacts where
possible. The ESMP will be used to ensure compliance with
environmental specifications, monitoring and management measures
and will be implemented from site preparation through to
decommissioning and closure.
Robex believes that its most significant
contribution to sustainable and responsible development is to help
its local employees obtain or complete their professional
qualifications, thereby ensuring long careers. Robex intends to
replicate the mine-school concept in Guinea from its existing
operation in Mali, targeting a >90% local talent of its skilled
workforce.
During construction activities, approximately
450 employees will be onsite. During operating activities, the team
will consist of 400 Robex employees (excluding exploration) and 450
contractors.
Ownership, Permitting, Taxes and
Royalties
Once a mining convention is signed with the
Government of Guinea, Robex will have an 85% ownership stake in
Kiniero, while Soguipami (the Guinean state-owned mining company)
will have a stake of 15%. Subject to the Government of Guinea’s 15%
interest, Robex also has the exclusive rights to acquire full
ownership of the Mansounia exploitation license pursuant to a
technical partnership agreement entered into with Penta Goldfields
Company S.A subject to the satisfaction of the certain conditions
precedent. Robex submitted to the Government of Guinea an
application to convert the licenses into exploitation. Ultimately,
Robex will own 85% of Kiniero and Mansounia with the balance owned
by the Guinean state. Both properties will be governed by the same
mining convention.
Subject to adjustment with a mining convention
the corporate tax rate of 30% of gross profit has been applied in
the FS. A royalty rate of 5.5%, a 1% contribution to the
Local Mining Development Fund and a 0.5% private royalty
were applied to all sales.
FINANCIAL
ANALYSIS
An economic analysis has been carried out for
the Project using a cash flow model. The model has been constructed
using annual cash flows taking into account annual processed
tonnages and grades for the CIL feed, process recoveries, metal
prices, operating costs and refining charges, royalties and capital
expenditures (both initial and sustaining). A payability factor of
99.95% has been assumed for purposes of gold sales.
The financial analysis used a base price of US$
1,650/oz. The financial assessment of the Project is carried out on
a “100% equity” basis and the debt and equity sources of capital
funds are ignored. No provision has been made for the effects of
inflation. Discounting and IRR calculations have been applied as of
July 1, 2023, using a 5% discount rate. Capital costs spent until
June 30, 2023, are considered sunk.
Table 7: Costs summary across the LoM
Across the LoM, starting July 1, 2023 |
TotalUS$m |
Unit CostUS$/t ore milled |
CostsUS$/oz |
Refining and transport charges |
1.6 |
0.1 |
1.9 |
Mining costs |
296.5 |
10.7 |
348.5 |
Processing costs |
355.1 |
12.8 |
417.5 |
G&A Guinea |
58.9 |
2.1 |
69.2 |
Total Site Costs |
712.1 |
25.7 |
837.1 |
Government royalty |
91.2 |
3.3 |
107.3 |
Private royalties |
7.0 |
0.3 |
8.3 |
Total Operating Costs |
810.3 |
29.3 |
952.6 |
Sustaining costs |
23.5 |
0.8 |
27.6 |
All-In Sustaining Costs |
833.8 |
30.1 |
980.2 |
G&A outside Guinea |
32.3 |
1.2 |
38.0 |
Development costs |
164.1 |
5.9 |
192.9 |
Closure costs |
19.9 |
0.7 |
23.4 |
Total Costs |
1,050.0 |
38.0 |
1,234.5 |
Table below shows the Project sensitivity of the
NPV, IRR and payback period with the gold price, as of July 1,
2023.
Table 8: Return Gold Price Sensitivities
|
Units |
US$ 1,650/oz(Base Case) |
US$ 1,950/oz(RPEEE gold price) |
Pre-tax returns |
|
|
|
NPV5% |
US$m |
251 |
437 |
IRR |
% |
42 % |
65 % |
Payback period |
year |
3.4 |
2.7 |
Post-tax returns |
|
|
|
NPV5% |
US$m |
170 |
301 |
IRR |
% |
31 % |
48 % |
Payback period |
year |
4.3 |
3.2 |
Qualified Person
Scientific or technical information in this
press release that relates to Mineral Resources was prepared or
supervised by Mr. Ingvar Kirchner, a full-time employee for AMC
Consultants (Pty) ltd. Mr Kirchner is a Fellow of the Australasian
Institute of Mining & Metallurgy and a Member of the Australian
Institute of Geoscientists and has sufficient experience that is
relevant to the project under consideration which he is undertaking
to qualify as a Qualified Person under NI 43-101.
Scientific or technical information in this
press release that relates to geology, exploration, drilling and
sample preparation, analyses and security was prepared or
supervised by Mr. Nicholas Szebor, a full-time employee for AMC
Consultants (UK) ltd. Mr Szebor is a Chartered Geologist with the
Geological Society of London (CGeol) and the European Federation of
Geologists (EurGeol) and has sufficient experience that is relevant
to the project under consideration which he is undertaking to
qualify as a Qualified Person under NI 43-101.
Scientific or technical information in this
press release that relates to Mineral Reserves and Mining was
prepared or supervised by Mr. Alan Turner, a full-time employee for
AMC Consultants (UK) ltd. Mr Turner is a Chartered Engineer and
Professional Member of the Institute of Materials, Minerals and
Mining (IMMM) and has sufficient experience that is relevant to the
project under consideration which he is undertaking to qualify as a
Qualified Person under NI 43-101.
The scientific or technical information in this
press release that relates to geotechnical engineering was prepared
or supervised by Mr. Jody Thompson, founder and principal engineer
of TREM Engineering in South Africa. Mr. Thompson is a certified
rock mechanics engineer under the Chamber of Mines of South Africa,
is a member in good standing with the South African Institute of
Rock Engineering, a member of the South African Institute of Mining
and Metallurgy and a member of the International Society of Rock
Mechanics; he has sufficient experience that is relevant to the
commodity, style of mineralization under consideration and activity
which he is undertaking to qualify as a Qualified Person under NI
43-101.
The scientific or technical information in this
press release that relates to metallurgy and processing results was
prepared or supervised by Mr. Antoine Berton, a full-time employee
of Soutex. Mr. Berton is a member of the Ordre des Ingénieurs du
Québec (OIQ) and has sufficient experience that is relevant to the
project under consideration which he is undertaking to qualify as a
Qualified Person under NI 43-101.
The scientific or technical information in this
press release that relates to tailings storage facility results was
prepared or supervised by Mr. Guy Wiid, a permanent employee of
EPOCH RESOURCES PTY. Mr. Wiid is a Professional Engineer in good
standing with the Engineering Council of South Africa, and a
Chartered Engineering good standing with the American Society of
Civil Engineers and has sufficient experience that is relevant to
the project under consideration which he is undertaking to qualify
as a Qualified Person under NI 43-101.
The scientific or technical information in this
press release that relates to environmental, social and governance
results was prepared or supervised by Mr. Faan Coetzee, a full-time
employee of ABS AFRICA PTY. Mr. Coetzee is a Registered
Professional Natural Scientist with the South African Council for
Natural Scientific Professions and has sufficient experience which
is relevant to the project under consideration which he is
undertaking to qualify as a Qualified Person under NI 43-101.
Each of Mr. Ingvar Kirchner, Mr. Nicholas
Szebor, Mr. Alan Turner, Mr. Jody Thompson, Mr. Antoine Berton, Mr.
Guy Wiid and Mr. Faan Coetzee has reviewed and approved the
scientific and technical information relating to his respective
fields of expertise mentioned above and does not or did not have at
the relevant time an affiliation with Robex or its subsidiaries,
except that of independent consultant/client relationship. The
relevant qualified persons have verified the data disclosed
including sampling, analytical and test data underlying the
information contained in this news release. This included an
appropriate quality control sampling program of reference
standards, blanks and duplicates to monitor the integrity of all
assay results. Raw QA/QC data was supplied to the QP that has
reviewed the data statistically. Additional checks completed by the
QP have included review of historical QA/QC data and review of a
selection of assay certificates.
Further details on the scientific and technical
information relating to the Kiniero Gold Project will be provided
in the technical report for the Kiniero Gold Project which will be
filed on SEDAR at www.sedar.com within the next 45 days.
Neither the 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 press release.
About Robex Resources Inc.
Robex is a multi-jurisdictional West African
gold production and development company with near-term exploration
potential. The Company is dedicated to safe, diverse and
responsible operations in the countries in which it operates with a
goal to foster sustainable growth. The Company has been operating
the Nampala mine in Mali since 2017 and is advancing the Kiniero
Gold Project in Guinea.
Robex is supported by two strategic shareholders
and has the ambition to become one of the most important mid-tier
gold producers in West Africa.
More Information
ROBEX RESOURCES INC. |
|
FINANCIAL COMMUNICATIONS RENMARK INC. |
Aurélien Bonneviot, Chief Executive Officer |
|
Robert Thaemlitz |
Stanislas Prunier, Investor Relations and Corporate
Development |
|
Account Manager |
+1 581 741-7421E-mail: investor@robexgold.comwww.robexgold.com |
|
+1 416 644-2020 or +1 212 812-7680E-mail:
rthaemlitz@renmarkfinancial.com www.renmarkfinancial.com |
Forward-looking information and forward-looking
statements
This press release contains “forward-looking
information” or “forward-looking statements” within the meaning of
applicable Canadian securities legislation (“forward-looking
statements”). Forward-looking statements are included to provide
information about management’s current expectations and plans that
allows investors and others to have a better understanding of the
Company’s business plans and financial performance and
condition.
Statements made in this press release that
describe the Company’s or management’s estimates, expectations,
forecasts, objectives, predictions, projections of the future or
strategies may be “forward-looking statements”, and can be
identified by the use of the conditional or forward-looking
terminology such as “aim”, “anticipate”, “assume”, “believe”,
“can”, “contemplate”, “continue”, “could”, “estimate”, “expect”,
“forecast”, “future”, “guidance”, “guide”, “indication”, “intend”,
“intention”, “likely”, “may”, “might”, “objective”, “opportunity”,
“outlook”, “plan”, “potential”, “should”, “strategy”, “target”,
“will” or “would” or the negative thereof or other variations
thereon. Forward-looking statements also include any other
statements that do not refer to historical facts. Such statements
may include, but are not limited to, statements regarding the
Company’s ability to successfully advance the Kiniero Gold Project
on the basis of the results of the FS; the Company’s ability to
achieve the results projected in the FS (including economic and
production results) and statements concerning the Company's project
finance facility with Taurus.
Forward-looking statements and forward-looking
information are made based upon certain assumptions and other
important factors that, if untrue, could cause the actual results,
performance or achievements of the Company to be materially
different from future results, performance or achievements
expressed or implied by such statements or information. There can
be no assurance that such statements or information will prove to
be accurate. Such statements and information are based on numerous
assumptions, including; the ability to execute the Company’s plans
relating to the Kiniero Gold Project as set out in the FS,
including the timing thereof: the Company’s ability to complete its
planned exploration and development programs; the absence of
adverse conditions at the Kiniero Gold Project; the absence of
unforeseen operational delays; the absence of material delays in
obtaining necessary permits; the price of gold remaining at levels
that render the Kiniero Gold Project profitable; the Company’s
ability to continue raising necessary capital to finance its
operations; the ability to realize on the mineral resource and
mineral reserve estimates; and assumptions regarding present and
future business strategies, local and global geopolitical and
economic conditions and the environment in which the Company
operates and will operate in the future.
Certain important factors could cause the
Company’s actual results, performance or achievements to differ
materially from those in the forward-looking statements and
forward-looking information including, but not limited to:
geopolitical risks and security challenges associated with its
operations in West Africa, including the Company’s inability to
assert its rights and the possibility of civil unrest and civil
disobedience; fluctuations in the price of gold; limitations as to
the Company’s estimates of mineral reserves and mineral resources;
the speculative nature of mineral exploration and development; the
replacement of the Company’s depleted mineral reserves; the
Company’s limited number of projects; the risk that the Kiniero
Gold Project will never reach the production stage (including due
to a lack of financing); the Company’s capital requirements and
access to funding; changes in legislation, regulations and
accounting standards to which the Company is subject, including
environmental, health and safety standards, and the impact of such
legislation, regulations and standards on the Company’s activities;
equity interests and royalty payments payable to third parties;
price volatility and availability of commodities; instability in
the global financial system; the effects of high inflation, such as
higher commodity prices; fluctuations in currency exchange rates;
the risk of any pending or future litigation against the Company;
limitations on transactions between the Company and its foreign
subsidiaries; the risk that the share consolidation of the
Company’s shares is not approved and, even if it is, that it fails
to increase the liquidity of the Company’s common shares;
volatility in the market price of the Company’s shares; tax risks,
including changes in taxation laws or assessments on the Company;
the Company obtaining and maintaining titles to property as well as
the permits and licenses required for the Company’s ongoing
operations; the effects of public health crises, such as the
ongoing COVID-19 pandemic, on the Company’s activities; the
Company’s relations with its employees and other stakeholders,
including local governments and communities in the countries in
which it operates; the risk of any violations of applicable
anticorruption laws, export control regulations, economic sanction
programs and related laws by the Company or its agents; the risk
that the Company encounters conflicts with small-scale miners;
competition with other mining companies; the Company’s dependence
on third-party contractors; the Company’s reliance on key
executives and highly skilled personnel; the Company’s access to
adequate infrastructure; the risks associated with the Company’s
potential liabilities regarding its tailings storage facilities;
supply chain disruptions; hazards and risks normally associated
with mineral exploration and gold mining development and production
operations; problems related to weather and climate; the risk of
information technology system failures and cybersecurity threats;
and the risk that the Company may not be able to insure against all
the potential risks associated with its operations.
Although the Company believes its expectations
are based upon reasonable assumptions and has attempted to identify
important factors that could cause actual actions, events or
results to differ materially from those described in
forward-looking information, there may be other factors that cause
actions, events or results not to be as anticipated, estimated or
intended. These factors are not intended to represent a complete
and exhaustive list of the factors that could affect the Company;
however, they should be considered carefully. There can be no
assurance that forward-looking information will prove to be
accurate, as actual results and future events could differ
materially from those anticipated in such information.
The Company undertakes no obligation to update
forward-looking information if circumstances or management’s
estimates, assumptions or opinions should change, except as
required by applicable law. The reader is cautioned not to place
undue reliance on forward-looking information. The forward-looking
information contained herein is presented for the purpose of
assisting investors in understanding the Company’s expected
financial and operational performance and results as at and for the
periods ended on the dates presented in the Company’s plans and
objectives, and may not be appropriate for other purposes.
Please refer to the “Risk Factors” section of
the Company’s annual information form for the year ended December
31, 2022, dated April 28, 2023, and to the “Risks and
Uncertainties” section of each of the Company’s management’s
discussion and analysis dated April 28, 2023 for the years ended
December 31, 2022 and December 31, 2021, and the Company’s
management’s discussion and analysis dated May 30, 2023 for the
three-month periods ended March 31, 2023 and March 31, 2022, all of
which are available electronically on SEDAR at www.sedar.com. All
forward-looking statements contained in this press release are
expressly qualified by this cautionary statement.
A photo accompanying this announcement is available
athttps://www.globenewswire.com/NewsRoom/AttachmentNg/cdefffa1-e654-4efe-a808-1fe3781ff730https://www.globenewswire.com/NewsRoom/AttachmentNg/1c316f03-fdce-4ae7-afaa-f1b762abbf4dhttps://www.globenewswire.com/NewsRoom/AttachmentNg/39a9167a-71a4-4027-9bdb-2c85a0f7485bhttps://www.globenewswire.com/NewsRoom/AttachmentNg/1b5e35b6-b96b-496b-971b-34da3f62fc9bhttps://www.globenewswire.com/NewsRoom/AttachmentNg/cb42cf62-7ec8-4fbe-a66e-0d7a4518dc15https://www.globenewswire.com/NewsRoom/AttachmentNg/aed07f46-bd12-4153-8321-412d8f08439bhttps://www.globenewswire.com/NewsRoom/AttachmentNg/01a5594a-2912-4ec0-9dde-b9b2fb4c6e55
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