QUEBEC CITY, April 30, 2024 (GLOBE NEWSWIRE) -- Robex Resources Inc. ("Robex" or the "Company") (TSXV:RBX) today reported its operational and financial results for 2023. Aurélien Bonneviot, Chief Executive Officer, commented: "Nampala ended 2023 with a strong performance that contributed to achieving the top-end of annual production guidance. We have managed to reduce the all-in sustaining cost1 by 12% in an inflationary environment, through operations optimization programs, and all this, without any work accidents. The year 2023 was also transformative for Robex, with the strengthening of governance and the deployment of construction teams on the Kiniero site. The US$ 35m bridge loan has enabled the development of Kiniero, while unlocking the geological potential through exploration. I would like to thank our teams for their contributions over the past few months. We are focused on Nampala's operations and the development of Kiniero in 2024". CURRENCY Unless otherwise indicated, all references to "$" in this news release are to Canadian dollars. References to "US$" in this news release are to U.S. dollars. HIGHLIGHTS Safety of operations: Nampala accumulated 3.6 million hours worked without injury with lost time work, peaking at 4.0 million hours within the Group (the "Group" refers to the Company collectively with one, several or all of its subsidiaries); Ore mined increased slightly compared to 2022 (+2% to 2,260t), and the operating stripping ratio improved from 4.1 to 3.0 in 2023; Ore processed increased by 9.8% to 2,225t, while treated ore grade and ore recoveries amounted at 0.81g/t and 89.5%, respectively; Gold production reached 51,827 ounces, at the high end of annual guidance, at an all-In Sustaining Cost ("AISC") per ounce of gold sold1 of $1,285, down 12% from 2022; Operating income stood at $15,250,997 in 2023, an decrease of 76% compared to 2022, due to the impairment of Nampala as at December 31, 2023; Operating cash flow is positive at $53,266,557, up 79% compared to 2022, and; Cash and net debt1 stood at $12,221,978 and $46,628,545 respectively at the end of 2023. OPERATIONAL AND FINANCIAL SUMMARY   Unit For Completed Fiscal December 31   SAFETY OF OPERATIONS 2023   2022   Number of hours of work without lost time injury Mh 3.6   NA           MINING OPERATIONS       Ore mined kt 2,260   2,213   Waste mined kt 6,690   9,012   Operational stripping ratio x 3.0   4.1           MILLING OPERATIONS       Ore processed kt 2,225   2,025   Treated grade g/t 0.81   0.81   Recovery % 89.5 % 88.6 % Gold production oz 51,827   46,650   Gold sales oz 51,205   48,028           UNIT COST OF PRODUCTION       Total cash cost (per once of gold sold)1 $/t 867   796   All-in sustaining cost ("AISC") per ounce of gold sold1 $/oz 1,285   1,457           INCOME       Revenues – gold sales $000s 134,668   112,237   Operating mining income $000s 15,251   62,510   Operating income $000s (13,196 ) 41,648   Net income $000s (9,346 ) 32,814           CASH FLOW       Cash flow from operating activities $000s 53,267   29,817   Cash flow from investing activities $000s (76,734 ) (47,691 ) Cash flow from financing activities $000s 35,196   734   Increase (decrease) in cash $000s 8,611   (17,110 )         FINANCIAL POSITION       Cash, end of the year $000s 12,222   3,611   Net debt1 $000s 46,629   21,673   PRODUCTION OVERVIEW Nampala production was 14,307 ounces for the fourth quarter of 2023 ("Q4 2023"), compared to 11,253 ounces for the same period in 2022 ("Q4 2022"). This is attributable to the optimization of maintenance to overcome the problem of carbon-in-leach (CIL) overflow and the good condition of the discharge pumps, including the commissioning of one of the cell expansion in December 2023. As a result, Robex increased the amount of gold sold1 by 3,642 ounces in Q4 2023 to 13,376 ounces compared to 9,733 ounces in Q4 2022. The increase in the average realized selling price per ounce of gold sold1 of $361 largely explains the increase in gold sales revenue of 58.6% in Q4 2023 to $36,149,763 compared to $22,794,885 in Q4 2022. Production was 51,827 ounces in fiscal 2023, compared to 46,651 ounces in fiscal 2022. This 11.1% increase in gold production was achieved by a 9.8% increase in ore processed and allowed the Company to increase the quantity of gold sold1 by 3,176 ounces, or 51,205 total ounces compared to 48,028 ounces for the same period in 2022. The increase in the average realized selling price per ounce sold1 of $293 also explains the 20% increase in gold sales revenue in fiscal 2023, to $134,668,343 compared to $112,236,766 in fiscal 2022. OPERATION RESULTS AISC per ounce of gold sold1 decreased to $1,318 in Q4 2023 from $2,004 in the same period in 2022. This is due to increased production and optimized operational costs. In Q4 2023, the impairment test of the Nampala mine, performed by the Company's management as at December 31, 2023, had a significant impact on mining operating income. This resulted in an expense of $53,887,997, resulting in a negative result of -$34,354,378, compared to a positive result of $10,055,182 for the same period the previous year. In fiscal 2023, AISC per ounce of gold sold1 decreased by 12% to $1,285 from $1,457 in fiscal 2022. Operating mining income for 2023, down 75.6%, was impacted by a significant 84.3% increase in depreciation and amortization of property, plant and equipment and intangible assets, including the amortization expense of new pits in operation, as well as the impairment charge mentioned above. Negative operating income for fiscal 2023 of -$13,196,139 represents a turnaround from the positive result of $41,647,586 recorded in 2022. This underperformance was also due to a 42.8% increase in administrative costs. This increase is due to the Company's growth, following the acquisition of the Sycamore Group in 2022, which required an increase in support functions to ensure the achievement of Robex's objectives. 2023 CASH FLOW Cash flow from operating activities generated $53,266,557 in cash in fiscal 2023 compared to $29,817,147 in fiscal 2022. Cash flow investing activities increased by $29,042,395 to $76,733,825 in fiscal 2023, compared to $47,691,430 in fiscal 2022. This increase is due to the progress of the construction of Kiniero Project and the purchase of plant equipment. Cash flow from financing activities was positive at $35,195,870 in fiscal 2023 as Robex (i) fully drew the bridge loan from Taurus Mining Finance Fund No. 2, L.P. ("Taurus") for $46,960,669; partially offset by (ii) repayment of lines of credit for $6,416,316 and the $1,241,343 repayment of long-term debt. LIQUIDITY AND BALANCE SHEET The Group's cash position increased from $3,611,406 as at December 31, 2022 to $12,221,978 as at December 31, 2023. Net debt1 stood at $46,628,545 as at December 31, 2023, up from $21,673,490 as at December 31, 2022. This is due to the implementation of the Taurus bridge loan, which is fully drawn. The repayment of lines of credit, which increased from $11,370,939 as at December 31, 2022 to $4,953,133 as at December 31, 2023, limits the increase in net debt1 over this period. Net debt1 was stable as at December 31, 2023 compared to September 30, 2023, which stood at $46,321,438. SUMMARY OF 2023 FINANCIAL RESULTS In $ For Completed Fiscal Years December 31     2023   2022   Gold production (ounces) 51,827   46,651   Gold sales (ounces) 51,205   48,029   MINING     Revenues – gold sales 134,668,343   112,236,766   Mining expenses (40,210,170 ) (34,774,721 ) Mining royalties (4,174,388 ) (3,477,139 ) Depreciation of property, plant and equipment and amortization of intangible assets (21,144,791 ) (11,475,176