Robex Announces Agreement with Mali Government for Nampala Gold Mine

QUEBEC CITY, Sept. 16, 2024 (GLOBE NEWSWIRE) -- Robex Resources Inc. ("Robex" or the "Company") (TSXV: RBX) is pleased to announce it has executed an agreement with the Government of Mali (the "Government" or the "State") that resolves all tax and customs claims for any period prior to December 31, 2023. The parties will take the necessary steps to execute the agreement within 90 days. All dollar figures are in Canadian dollars unless otherwise indicated.

Robex operates the Nampala Gold Mine in southern Mali, which has produced 230,000oz gold since its first gold pour in January 2017. Robex has announced plans to divest this project as it focuses on developing the Kiniero Gold Project in Guinea, West Africa.

Robex Chief Executive Officer and Managing Director Matthew Wilcox: “Signing a comprehensive agreement concludes extensive discussions with the commission established by the Government of Mali for our operation at Nampala. The agreement settles any and all existing tax assessments, customs disputes, and other assessments currently outstanding for Nampala SA while building a solid partnership with the Government. Nampala is effectively starting from a clean slate which gives the company greater certainty and stability in Mali.”

HIGHLIGHTS OF THE AGREEMENT

BUILDING A NEW ECONOMICAL PARTNERSHIP WITH THE GOVERNMENT OF MALI

• The Government of Mali embarked on a major reform of the mining sector leading to a review of all mining conventions. The initiative culminated in the approval by Decree No. 0399/PT-RM of July 09, 2024, of the “2023 Mining Code” which establishes new standard for mining permits.
• Nampala SA will sign a new mining convention governed by the “2023 Mining Code”. The parties will undertake the necessary steps to execute the agreement within a maximum period of 90 days.
• Under the terms of the agreement, the parties will amend the articles of association to allow the Government to increase its stake in Nampala SA from 10% to 20% in preferred shares interest in line with other mining company in country. Robex will work on a shareholder agreement to ensure the nomination of at least two directors on behalf of the Government on the Board of Directors of Nampala SA.
• The agreement encompasses higher revenue-based taxes and royalties albeit with specific exemptions. In particular, the Government has agreed to a 2% reduction in revenue-based taxes and royalties to be applied to Nampala which is expected to offset the cost of fuel imports that were previously exonerated under the Nampala Mining Convention.
• Importantly, under the terms of the agreement, the Company would benefit of any terms that are more favourable than those agreed to as at the date of the agreement in the event of any future amendment to the “2023 Mining Code” or Implementation Decree.