Robex Corporate Strategy Update - Seite 2

Considering these significant changes, we will test the Nampala mine for impairment and are currently working with our experts to perform the impairment test as of December 31, 2023, to reflect the impact in our audited annual financial statements which will be published on April 29, 2024. With the information to date this test will likely result in a material non-cash asset impairment. Considering the new parameters as of today, the valuation for the Nampala mine is estimated between CAD 30 million and CAD 55 million against a net book value of CAD 115 million as of September 30th, 2023.The current discussions with fiscal authorities in Mali may further negatively impact our operations and our financial outlook may result in an earlier responsible closing of the mine.

The Board of Directors and the Management of Robex remain committed to finding the best possible outcome for this asset going forward. The Company continues to have constructive discussions with the Malian government to find a sustainable solution for Nampala by allowing further investment in exploration.

Financing and cash position

Unaudited cash position as of February 29^th, 2024, is CAD 12.7 million and Robex has liquidity to meet all the cash and short-term ratios. Robex also has CAD 10 million of undrawn credit line facilities subject to financial covenants.

As a reminder, the Company has an up-to-date short form base shelf prospectus, authorizing it to issue securities for an aggregate offering amount of up to CAD 250 million. This prospectus will be used to fund the equity portion of the construction capital expenditure.

Corporate advisory

With elevated gold prices and current market conditions being very favourable for transactions the Board of Directors and Management have engaged SCP Resource Finance (“SCP”) to advise on corporate or assets transactions to maximize shareholder value.

Updated corporate presentation

An updated presentation will be made available on our website alongside this press release with more information about the current process and a detailed revised project timeline.

Aurelien Bonneviot, CEO commented: “Kiniero has delivered outstanding results to date and the resources are growing fast. We now need to adjust engineering to match the scale of the deposit. This Updated Feasibility Study will show updated project while keeping all the capital invested to date for swift full-scale development and construction restart. Despite a rising gold price, persistent inflationary concerns and the high interest rate environment has made it challenging for smaller companies to finance self-developments in an accretive manner for existing shareholders. SCP will support us to explore our options to maximise value”.