Robex Resources (RBX) Q1 2025 earnings summary

Executive summary

• Gold sales revenue increased 26% year-over-year to $49.4 million in Q1 2025, driven by a 49.4% rise in average realized selling price despite a 15.7% decline in ounces sold.

• Net loss narrowed to $29.2 million from $32.1 million year-over-year, impacted by a $17.6 million fair value loss on warrants and a $14.7 million royalty buyback.

• Operating income rose 38.3% to $16.3 million, while mining income increased 27.3% to $21.9 million compared to Q1 2024.

• Cash flows from operating activities decreased 17.6% to $17.2 million, mainly due to higher VAT receivables and royalty buyback outflows.

• Significant investments were made in the Kiniéro project, with $49.6 million in investing cash flows and $24.5 million raised from financing activities.

Financial highlights

• Gold ounces produced were 12,892 (down 0.5% year-over-year); ounces sold were 11,869 (down 15.7%).

• Average realized gold price was $4,160/oz, up from $2,785/oz in Q1 2024.

• Mining expenses increased to $11.4 million ($964/oz sold), up from $9.8 million ($697/oz sold) year-over-year.

• Mining royalties surged to $6.8 million from $1.5 million, reflecting a new higher tax regime in Mali.

• All-in sustaining cost (AISC) per ounce sold rose to $2,342 from $1,134 year-over-year.

• Adjusted net income was $3.2 million, with adjusted EPS of $0.02.

Outlook and guidance

• Kiniéro project construction in Guinea is on track for first gold pour in Q4 2025; 2026 production expected at 155,000 ounces.

• Nampala mine 2025 guidance: 46,000–48,000 ounces gold, AISC below $2,000/oz, sustaining CAPEX $24–28 million.

• Group administrative expenses for 2025 estimated at $31–33 million.

• Management reaffirms commitment to fully fund Kiniéro through ASX listing and equity raise.