Robex Resources (RBX) Q3 2024 earnings summary

Executive summary

• Operating income for the first nine months of 2024 rose 26.6% to $33.3M, driven by higher gold prices and cost optimization.

• Net loss of $9.8M for the nine months, compared to net income of $18.7M in 2023, due to write-offs and higher tax expenses.

• Cash position increased to $70.5M as of September 30, 2024, with net debt improving to $(32.3)M.

• Kiniero project engineering 38.5% complete, on track for first gold pour in Q4 2025.

Financial highlights

• Gold sales revenue for the nine months reached $116.6M, up 18.3% year-over-year, with stable ounces sold.

• Operating cash flow for the nine months was $25.5M, down 26% from 2023.

• Q3 2024 gold production was 10,031 oz, down 25% year-over-year due to maintenance shutdowns.

• Q3 net income was $22.5M, up from $6.8M in Q3 2023, aided by a $12.6M gain from warrant revaluation and a $9.6M tax provision reversal.

• All-in sustaining cost (AISC) per ounce for the nine months was $1,221, down 4% year-over-year.

Outlook and guidance

• Kiniero project remains on schedule for first gold pour in Q4 2025, with key construction milestones achieved.

• Updated resource estimates and full feasibility study for Kiniero expected in Q4 2024 and early 2025.

• Management in advanced talks to secure up to $175.7M in new credit facilities for strategic initiatives.