Robex Resources (RBX) Q2 2024 earnings summary

Executive summary

• Gold sales revenue for Q2 2024 rose 34.9% year-over-year to $39.3M, driven by higher realized gold prices and increased ounces sold.

• Net loss attributable to common shareholders was $1.6M for Q2 2024, compared to net income of $4.6M in Q2 2023, mainly due to finance costs and warrant-related expenses.

• For H1 2024, gold sales reached $78.5M (up 25.9% year-over-year), but a $43.1M tax provision in Mali led to a net loss of $32.3M.

• Major financing completed: $126.5M raised via unit offering to support the Kiniéro project in Guinea.

• New $20M bridge loan secured with Taurus, replacing the matured $35M facility.

Financial highlights

• Q2 2024 gold production: 12,764 oz (+2.8% YoY); gold sold: 12,150 oz (+9.8% YoY).

• Average realized gold price: $3,236/oz in Q2 2024, up from $2,633/oz in Q2 2023.

• Mining income for Q2 2024: $18.0M (+19.2% YoY); operating income: $11.5M (+61.9% YoY).

• Cash flows from operating activities in H1 2024: $33.4M (up from $24.3M in H1 2023).

• All-in sustaining cost (AISC) per ounce sold in H1 2024: $1,151, down from $1,386 in H1 2023.

Outlook and guidance

• 2024 gold production forecast: 45,000–49,000 oz at AISC below $1,500/oz.

• First gold pour at Kiniéro Project expected in Q4 2025; construction and feasibility study updates ongoing.

• Strategic review underway to divest Malian assets, including Nampala mine; no sale agreement yet.

• Administrative expenses for 2024 forecast at $26M–$30M.