Robex’s Q3 Gold Sales Jump 22% Amid Lower Production and Rising Costs

Operational and Financial Highlights

Robex Resources Inc. delivered its third quarter and nine-month 2025 results, revealing a nuanced performance shaped by operational challenges and strategic growth initiatives. Gold production at the Nampala mine in Mali declined slightly by 2.5% to 9,774 ounces in Q3, primarily due to a drop in ore grade from 0.75 to 0.69 grams per tonne. Despite this, gold sales revenue rose to $46.4 million, a 22% increase from the prior year quarter, buoyed by a 49% surge in the average realised gold price to $4,873 per ounce.

Mining income improved, yet the company reported a net loss of $17.3 million for the quarter, a reversal from net income of $22.5 million in Q3 2024. This loss was driven by significant non-cash charges including a $9.1 million fair value loss on an embedded derivative linked to gold prices, a $4.2 million loss on share purchase warrants, legal claim expenses, and costs related to extinguishing a bridge loan.

Kiniéro Project Progress and Financing

Robex is advancing its Kiniéro gold project in Guinea, with construction on schedule and first gold production expected in the fourth quarter of 2025. The project is supported by a $130 million senior secured debt facility from Sprott Resource Lending and a successful IPO on the Australian Securities Exchange that raised AUD 120 million. Capital expenditures surged to $241.9 million over nine months, reflecting the accelerated development of Kiniéro alongside sustaining investments at Nampala.

The company reported a working capital surplus of $101.6 million as of September 30, 2025, bolstered by cash inflows from warrant exercises and debt drawdowns. Despite increased operating costs, including higher royalties under a new Malian mining code and fuel supply challenges, Robex remains confident in meeting its 2025 production guidance of 46,000 to 48,000 ounces at Nampala, with all-in sustaining costs forecast below $2,400 per ounce.

Strategic Merger and Corporate Developments

In a significant corporate development, Robex entered into a definitive merger agreement with Predictive Discovery Limited, aiming to create a mid-tier West African gold producer with combined annual production expected to exceed 400,000 ounces by 2029. The transaction, structured as a statutory plan of arrangement, is anticipated to close by early 2026, subject to regulatory and shareholder approvals.

The company also accelerated the expiry of its 2024 share purchase warrants, resulting in the exercise of nearly 57.5 million warrants and proceeds of $146.6 million, strengthening its balance sheet further. Meanwhile, Robex settled a longstanding legal claim with minority shareholders for $4.81 million, reflecting ongoing efforts to resolve legacy issues.

Outlook and Risks

Looking ahead, Robex is focused on successfully commissioning Kiniéro and extending the life of the Nampala mine through near-mine exploration. The company acknowledges ongoing risks including geopolitical instability in West Africa, commodity price volatility, and operational cost pressures, particularly from increased royalties and fuel costs. However, investments in solar power and strategic capital management aim to mitigate some of these challenges.

Robex’s financial position remains robust, supported by diversified funding sources and a clear growth strategy. The market will be watching closely as the company transitions Kiniéro into production and navigates the complexities of its merger with Predictive Discovery.