Robex Resources (RBX) Q4 2024 earnings summary

Executive summary

• 2024 marked a transformative year with a new board and management, and the first gold pour at Kiniero expected in 2025.

• Safety performance was strong, with 5.2 million hours worked without lost time injury.

Financial highlights

• Gold production was 46,715 ounces, down 9.9% year-over-year, at the low end of guidance.

• Revenue from gold sales rose 17.6% to $158.4 million, driven by a 24% increase in average realized price to $3,261/oz.

• Operating income reached $44.3 million, while net loss widened to $12.6 million due to a $58.9 million tax expense from a Mali tax settlement.

• Operating cash flow was $46.9 million, down 12% from 2023, mainly due to higher tax payments.

• Cash at year-end was $41.4 million, with net debt at -$5.8 million.

Outlook and guidance

• 2025 Nampala gold production forecast: 46,000–48,000 ounces; AISC expected below $1,500/oz.

• Sustaining capital expenditures for 2025 projected at $24–28 million; stripping costs at $20–24 million.

• Kiniéro development capex for 2025 forecast at $210–225 million, with pre-production costs of $35–40 million.

• 2025 gold price assumption: $3,197/oz; fuel price: $1.85/litre; USD/CAD: 1.39.