Robex, Results Once Again Show Strong Improvement in 2019, With the Same Trend Continuing Into the First Quarter of 2020

QUÉBEC CITY, April 28, 2020 (GLOBE NEWSWIRE) -- Robex Resources Inc. ("Robex" or "the Company") (TSXV: RBX/FWB: RB4) is pleased to publish their financial results for the year ending December 31, 2019 and their production results for the first quarter of 2020.

All amounts are in Canadian dollars (CAD).

Highlights for the year 2019:

• 24% INCREASE IN GOLD PRODUCTION
  
  This progression is the result of continuous efforts to optimize the Nampala plant, which have increased the quantity of processed ore (1,909,663 tonnes vs 1,795,591 tonnes in 2018) and improved the average recovery rate (87.5% vs 85.6% in 2018). The higher average grade of processed ore (1.04 gpt compared to 0.94 gpt in 2018) is another factor that contributed to improving annual production performance in 2019 (55,685 ounces of gold compared to 44,946 ounces of gold in 2018).
  
  
• 27% INCREASE IN REVENUE
  
  In 2019, 53,713 ounces of gold were sold for CAD 99.2 million compared to 47,142 ounces of gold for CAD 78.4 million in 2018. The quantity produced being greater than the quantity sold is attributable to the time delay between casting and refining gold ingots.
  
  
• 15% INCREASE IN OPERATING INCOME
  
  The operating income of the Company reached CAD 21.4 million compared to CAD 18.6 million in 2018, despite an increase of CAD +14.9 million in the depreciation rate (in accordance with IFRS).
  
  
• 89% INCREASE IN CASH FLOWS FROM OPERATING ACTIVITIES¹
  
  The cash flows from operating activities¹ reached CAD 51 million (CAD 0.088 per share²) compared to CAD 26.9 million (CAD 0.046 per share²) in 2018. Cash flows are 50% higher than overall revenue.
  
  
• 53% DECREASE IN LIABILITIES, FROM CAD 52.8 MILLION AS AT DECEMBER 31, 2018 TO CAD 25 MILLION AS AT DECEMBER 31, 2019
  
  Fiscal year 2019 was a year of deleveraging for the Company. In addition to the repayment of its bank loans, the Company reimbursed all capital and interest on non-convertible debentures. In 2020, 4 of the 6 bank loans should reach their date of maturity.
  
  
• WORKING CAPITAL IMPROVEMENT OF CAD 14.2 MILLION
  
  All these positive elements enabled the Company to pay shareholders, on April 7, the first dividend in Robex’s history of CAD 0.02 per share. 
  
  
• EXPLORATION INVESTMENTS OF CAD 3.6 MILLION IN 2019, INCLUDING CAD 1.5 MILLION FOR NAMPALA’S OPERATING LICENCE AND CAD 2.5 MILLION FOR EXPLORATION PERMITS OF MININKO AND KAMASSO