Kiniero on Track for First Gold in Q4 2025
Highlights:
- First gold pour
is on track for Q4 2025, key long lead items procured
- Project
Development team appointed, led by Chief Development Officer
Dimitrios Felekis
- Engineering for
doubling plant capacity to 6Mtpa was awarded to Primero Engineering
and is currently 24% complete
- Additional Ball
Mill awarded and scheduled for shipment in May 2025, SAG Mill on
track for Q1 2025
- Power station
awarded with delivery from May 2025
- Tailings Storage
Facility (TSF) expanded design commenced with Knight Piésold
- Civils contracts
awarded, and concrete work has recommenced on site
- Earthworks Fleet
for TSF and infrastructure arrived in Guinea
- Electrical and
instrumentation awarded to ECG Engineering
- Inferred
resource drilling program for Mansounia nearing completion with
more than 32,000 metres of RC and more than 2,600 meters of DD
completed
- Updated
Feasibility Study for Kiniero on track for Q1 2025, led by
AMC.
QUEBEC CITY, Oct. 08, 2024 (GLOBE NEWSWIRE) --
West African gold producer and developer Robex Resources Inc
(“Robex” or the “Company”) (TSXV:
RBX) is pleased to provide a project development update for Kiniero
Gold Project in Guinea. The project is on track for first gold in
Q4 2025.
Robex Managing Director Matthew
Wilcox said: “I am very pleased to provide
shareholders with our first project development update for Kiniero
with the expanded project, nearly doubling the previous plant
size.
With our recent capital raise, we have been
able to advance the schedule to leverage Kiniero’s
potential to be one of the largest and lowest cost gold producing
mines in Guinea.
We will provide regular updates as we track
towards first gold by the end of Q4 CY25 as construction advances
the Kiniero Gold Project to become West Africa’s
next gold mine.”
DEVELOPMENT TEAM APPOINTMENTS
Dimitrios Felekis – Chief Development
Officer
Dimitrios has joined the Robex team as Chief
Development Officer from Primero Engineering after serving as
Project and Design manager on Tietto Minerals’ Abujar project in
Côte d’Ivoire. He has more than 25 years of experience primarily in
the design and development of West African gold projects, including
17 years with Lycopodium Engineering. Dimitrios has worked on
multiple West African gold projects including his role as Design
Manager and Lead Field engineer on Nordgold’s Bissa and Bouly
Project in Burkina Faso.
Daniel Kotzee – Construction Manager
Daniel joins the team from Tietto Minerals where
he was most recently the Construction Manager of the 5Mtpa Abujar
gold project. Daniel has more than 15 years’ experience in gold
project development, including roles as construction manager of the
Sanbrado gold project in Burkina Faso for West African Resources,
Nordgold’s Gross project in Southern Yakutia, as well as roles in
both the Bissa and Bouly projects in Burkina Faso. Daniel also
spent more than 12 months at Nordgold’s Lefa Gold Operation in
Guinea as project superintendent.
Hesbon Okwayo – Commercial Manager
Hesbon joins the team from Tietto Minerals where
he was most recently the Commercial Manager of the 5Mtpa Abujar
gold project. Hesbon has more than 15 years’ experience in gold
project development, including roles as commercial manager of the
Sanbrado gold project in Burkina Faso for West African Resources,
as well as roles in both the Bissa and Bouly projects in Burkina
Faso. Hesbon also spent 12 months in Guinea as contracts manager
for the Lefa Gold Operation.
Guillaume Hubert – Earthworks Manager
Guillaume joins the team from Tietto Minerals
where he was most recently the Earthworks Manager of the 5Mtpa
Abujar gold project. Guillaume has more than 30 years’ experience
in earthworks, including roles as earthworks manager of the
Sanbrado gold project in Burkina Faso for West African Resources,
Nordgold’s Gross project in Southern Yakutia, as well as roles in
both the Bissa and Bouly projects in Burkina Faso for Nordgold and
construction roles for Endeavor Mining in West Africa.
KEY LONG LEAD ITEM PROCUREMENT
Comminution
The SAG mill is ready to ship after being
awarded to New Concept Projects in 2023 as part of the 3Mtpa
project previously commenced before the addition of the 900koz
Mansounia deposit currently been drilled. The comminution modelling
was updated to achieve an increased milling throughput of 6Mtpa by
adding a ball mill to the previous circuit. This mill was awarded
to New Concept Project in July 2024. The ball mill is currently
scheduled to ship to site in May 2025.
Power Station
The power station for the Kiniero operation has
been awarded Hyundai Heavy Industries. This power station consists
of eight (8) sets of Hyundai HiMSEN 9H32/40 model generator with
11kv alternators. The current delivery plan starts from May
2025.
Earthworks Fleet
The earthworks fleet consisting of ten (10) SANY
off highway rigid body 60-ton dump trucks, three (3) Komatsu
excavators, three (3) Komatsu Dozers, two (2) Komatsu Graders, and
various other support equipment has been procured and is either on
site or in Conakry awaiting delivery to site.
MANSOUNIA DRILLING CAMPAIGN UPDATE
The Phase 1 Mansounia resource drilling campaign
is nearing completion with 32,000 metres of RC drilling and 2,600
metres of DD with the aim to convert Inferred resources to
Indicated to enable their inclusion in the upcoming Ore Reserve
estimate for Kiniero’s updated Feasibility Study.
Figure 1: Mansounia drilling campaign as of 2
October 2024
FEASIBILITY STUDY UPDATE – Q1 2025
The resource model update is in progress by AMC
Consultants to include the updated Mansounia drilling database.
Kiniero mine planning update is ongoing in line
with AMC receiving updated modifying parameters for Geotech (mainly
Mansounia) and preliminary operating cost inputs for processing
(Primero) and mining (AMC/Robex) and Mansounia model by end of Q4
2024.
The updated feasibility study is planned to be
published in Q1 2025.
CONSTRUCTION AND PROCUREMENT
Kiniero’s upgraded access road to site is
completed. Earthworks and concrete have commenced on the site of
the process plant. Concrete for the CIL and Crushing areas is
expected to commence this month.
All major mechanical equipment has now been
issued for tender. Structural steel and platework fabrication
packages have also been tendered.
GOVERNMENT AND PERMITTING
Robex continues to deliver milestones during
2024. The Company is negotiating the final regulatory step, the
Kiniero Mining Convention, with the Guinean Government, having
already secured all mining and environmental approvals for the
current project layout.
NEXT MILESTONES – DELIVERING ON OUR STRATEGIC
PLAN
Board / Management / Construction team appointment –
Complete
Robex has delivered on its June strategic plan
with the successful C$125.6m upsized equity raise and the
concurrent appointment of the board and the management team. In
addition, Robex has appointed the key construction team in-line
with refocussing the company towards Kiniero’s development.
Financing – US$130m debt package
The Company, advised by TerraFranca, is in
advanced negotiations with multiple financiers to procure up to
US$130 million of debt facility, with due diligence to commence
shortly.
Mali – Divestment ongoing
As previously disclosed, Robex has settled with
the Mali government to derisk its assets in Mali. Robex continues
to engage with potential acquirers in the context of the
contemplated sale of all the Company’s assets in Mali.
ASX Listing – Q1 2025
In line with its strategic plan, Robex is
planning to list onto the Australian Securities Exchange (ASX) by
early Q1, 2025.
First Gold – Q4 2025
Robex’s owner’s team is focused on engineering
to double capacity of previous DFS while constructing the process
plant and associated infrastructure. Robex has commenced activities
to ensure an expedited route to gold production at Kiniero and the
maximisation of our current and potential resources.
Robex is very well positioned to achieve first gold for
Kiniero Gold Project in Q4 2025.
SITE PICTURES AND
ENGINEERING
Figure 2: Primero current stage design (24%
complete)
Figure 3: CIL Ring Beams
Figure 4: Steel frames for reagent
shed
For more information
ROBEX RESOURCES INC.
Matthew Wilcox, Chief Executive Officer
Alain William, Chief Financial Officer
+1 581 741-7421
Email: investor@robexgold.com
www.robexgold.com
FORWARD-LOOKING INFORMATION AND
FORWARD-LOOKING STATEMENTS
Certain information set forth in this news
release contains “forward‐looking statements” and “forward‐looking
information” within the meaning of applicable Canadian securities
legislation (referred to herein as “forward‐looking statements”).
Forward-looking statements are included to provide information
about Management’s current expectations and plans that allows
investors and others to have a better understanding of the
Company’s business plans and financial performance and
condition.
Statements made in this news release that
describe the Company’s or Management’s estimates, expectations,
forecasts, objectives, predictions, projections of the future or
strategies may be “forward-looking statements”, and can be
identified by the use of the conditional or forward-looking
terminology such as “aim”, “anticipate”, “assume”, “believe”,
“can”, “contemplate”, “continue”, “could”, “estimate”, “expect”,
“forecast”, “future”, “guidance”, “guide”, “indication”, “intend”,
“intention”, “likely”, “may”, “might”, “objective”, “opportunity”,
“outlook”, “plan”, “potential”, “should”, “strategy”, “target”,
“will” or “would” or the negative thereof or other variations
thereon. Forward-looking statements also include any other
statements that do not refer to historical facts. Such statements
may include, but are not limited to, statements regarding: the
perceived merit and further potential of the Company’s properties;
the Company’s estimate of mineral resources and mineral reserves
(within the meaning ascribed to such expressions in the Definition
Standards on Mineral Resources and Mineral Reserves adopted by the
Canadian Institute of Mining Metallurgy and Petroleum (“CIM
Definition Standards”) and incorporated into National
Instrument 43-101 – Standards of Disclosure for Mineral
Projects (“NI 43-101”)); capital expenditures
and requirements; the Company’s access to financing; preliminary
economic assessments (within the meaning ascribed to such
expressions in NI 43-101) and other development study results;
exploration results at the Company’s properties; budgets; strategic
plans; market price of precious metals; the Company’s ability to
successfully advance the Kiniero Gold Project on the basis of the
results of the feasibility study (within the meaning ascribed to
such expression in the CIM Definition Standards incorporated into
NI 43-101) with respect thereto, as the same may be updated, the
whole in accordance with the revised timeline previously disclosed
by the Company; the potential development and exploitation of the
Kiniero Gold Project and the Company’s existing mineral properties
and business plan, including the completion of feasibility studies
or the making of production decisions in respect thereof; work
programs; permitting or other timelines; government regulations and
relations; optimization of the Company’s mine plan; the future
financial or operating performance of the Company and the Kiniero
Gold Project; exploration potential and opportunities at the
Company’s existing properties; costs and timing of future
exploration and development of new deposits; the Company’s ability
to enter into definitive documentation in respect of the USD115
million project finance facility for the Kiniero Gold Project
(including a USD15 million cost overrun facility, the
“Facilities”), including the Company’s ability to
restructure the Taurus USD35 million bridge loan and adjust
the mandate to accommodate for the revised timeline of the enlarged
project; timing of entering into definitive documentation for the
Facilities; if final documentation is entered into in respect of
the Facilities, the drawdown of the proceeds of the Facilities,
including the timing thereof; and the Company’s ability to reach an
agreement with the Malian authorities to establish a sustainable
new tax framework for the Company, and for the sustainable
continuation of the Company's activities and further exploration
investments at Nampala.
Forward-looking statements and forward-looking
information are made based upon certain assumptions and other
important factors that, if untrue, could cause the actual results,
performance or achievements of the Company to be materially
different from future results, performance or achievements
expressed or implied by such statements or information. There can
be no assurance that such statements or information will prove to
be accurate. Such statements and information are based on numerous
assumptions, including: the ability to execute the Company’s plans
relating to the Kiniero Gold Project as set out in the feasibility
study with respect thereto, as the same may be updated, the whole
in accordance with the revised timeline previously disclosed by the
Company; the Company’s ability to reach an agreement with the
Malian authorities to establish a sustainable new tax framework for
the Company, and for the sustainable continuation of the Company's
activities and further exploration investments at Nampala; the
Company’s ability to complete its planned exploration and
development programs; the absence of adverse conditions at the
Kiniero Gold Project; the absence of unforeseen operational delays;
the absence of material delays in obtaining necessary permits; the
price of gold remaining at levels that render the Kiniero Gold
Project profitable; the Company’s ability to continue raising
necessary capital to finance its operations; the Company’s ability
to restructure the Taurus USD35 million bridge loan and adjust
the mandate to accommodate for the revised timeline of the enlarged
project; the Company’s ability to enter into definitive
documentation for the Facilities on acceptable terms or at all, and
to satisfy the conditions precedent to closing and advances
thereunder (including satisfaction of remaining customary due
diligence and other conditions and approvals); the ability to
realize on the mineral resource and mineral reserve estimates; and
assumptions regarding present and future business strategies, local
and global geopolitical and economic conditions and the environment
in which the Company operates and will operate in the future.
Certain important factors could cause the
Company’s actual results, performance or achievements to differ
materially from those in the forward-looking statements including,
but not limited to: geopolitical risks and security challenges
associated with its operations in West Africa, including the
Company’s inability to assert its rights and the possibility of
civil unrest and civil disobedience; fluctuations in the price of
gold; limitations as to the Company’s estimates of mineral reserves
and mineral resources; the speculative nature of mineral
exploration and development; the replacement of the Company’s
depleted mineral reserves; the Company’s limited number of
projects; the risk that the Kiniero Gold Project will never reach
the production stage (including due to a lack of financing); the
Company’s capital requirements and access to funding; changes in
legislation, regulations and accounting standards to which the
Company is subject, including environmental, health and safety
standards, and the impact of such legislation, regulations and
standards on the Company’s activities; equity interests and royalty
payments payable to third parties; price volatility and
availability of commodities; instability in the global financial
system; the effects of high inflation, such as higher commodity
prices; fluctuations in currency exchange rates; the risk of any
pending or future litigation against the Company; limitations on
transactions between the Company and its foreign subsidiaries;
volatility in the market price of the Company’s shares; tax risks,
including changes in taxation laws or assessments on the Company;
the Company’s inability to successfully defend its positions in
negotiations with the Malian authorities to establish a new tax
framework for the Company, including with respect to the current
tax contingencies in Mali; the Company obtaining and maintaining
titles to property as well as the permits and licenses required for
the Company’s ongoing operations; changes in project parameters
and/or economic assessments as plans continue to be refined; the
risk that actual costs may exceed estimated costs; geological,
mining and exploration technical problems; failure of plant,
equipment or processes to operate as anticipated; accidents, labour
disputes and other risks of the mining industry; delays in
obtaining governmental approvals or financing; the effects of
public health crises, such as the COVID-19 pandemic, on the
Company’s activities; the Company’s relations with its employees
and other stakeholders, including local governments and communities
in the countries in which it operates; the risk of any violations
of applicable anticorruption laws, export control regulations,
economic sanction programs and related laws by the Company or its
agents; the risk that the Company encounters conflicts with
small-scale miners; competition with other mining companies; the
Company’s dependence on third-party contractors; the Company’s
reliance on key executives and highly skilled personnel; the
Company’s access to adequate infrastructure; the risks associated
with the Company’s potential liabilities regarding its tailings
storage facilities; supply chain disruptions; hazards and risks
normally associated with mineral exploration and gold mining
development and production operations; problems related to weather
and climate; the risk of information technology system failures and
cybersecurity threats; and the risk that the Company may not be
able to insure against all the potential risks associated with its
operations.
Although the Company believes its expectations
are based upon reasonable assumptions and has attempted to identify
important factors that could cause actual actions, events or
results to differ materially from those described in
forward-looking information, there may be other factors that cause
actions, events or results not to be as anticipated, estimated or
intended. These factors are not intended to represent a complete
and exhaustive list of the factors that could affect the Company;
however, they should be considered carefully. There can be no
assurance that forward-looking information will prove to be
accurate, as actual results and future events could differ
materially from those anticipated in such information.
The Company undertakes no obligation to update
forward-looking information if circumstances or Management’s
estimates, assumptions or opinions should change, except as
required by applicable law. The reader is cautioned not to place
undue reliance on forward-looking information. The forward-looking
information contained herein is presented for the purpose of
assisting investors in understanding the Company’s expected
financial and operational performance and results as at and for the
periods ended on the dates presented in the Company’s plans and
objectives, and may not be appropriate for other purposes.
See also the "Risk Factors" section of the
Company's Annual Information Form for the year ended December 31,
2023, available under the Company’s profile on SEDAR+ at
www.sedarplus.ca or on the Company's website at www.robexgold.com,
for additional information on risk factors that could cause results
to differ materially from forward-looking statements. All
forward-looking statements contained in this news release are
expressly qualified by this cautionary statement.
Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release.
Photos accompanying this announcement are available at
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