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Robex Signs a Mandate Letter for Funding Package With Taurus Funds of Up To US$ 115 Million

Robex Resources Inc.

Robex Resources Inc.

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QUEBEC CITY, Jan. 24, 2023 (GLOBE NEWSWIRE) — Robex Resources Inc. (TSX-V: RBX) (“Robex” or the “Company”) is pleased to announce the signature of a mandate letter (the “Mandate Letter”) which appoints Taurus Mining Finance Fund No.2 L.P. (“Taurus Funds”) as exclusive arranger for a total funding package of up to US$ 115 million for the development of the Kiniero Gold Project in Guinea. The funding package is comprised of the following:

  • US$ 35 million bridge facility (the “Bridge”) to be used towards the early site work program and the engineering leading up to the NI43-101 Definitive Feasibility Study (“DFS”); expected to be released during Q2 of this year;

  • Up to US$ 100 million project finance facility (the “Project Finance”) to be used to refinance the Bridge and fund capital development and working capital costs;

  • Up to US$ 15 million cost overrun facility (the “Cost Overrun Facility” or “COF”) to cover unforeseen expenditures above contingencies built-in the current design.

The Mandate Letter includes term sheets for the three facilities containing customary terms and conditions. In particular, the Bridge is subject to confirmatory due diligence, while the project finance and cost overrun are subject to the release of the DFS satisfactory to Taurus Funds.

Benjamin Cohen, CEO stated: “We are pleased to move forward with the appointment of Taurus Funds as a potential funding source to accelerate the construction of the project. We remain on track to deliver our first pour in Q1 2024”.

About Robex Resources Inc.

Robex is a multi-jurisdictional West African gold production and development company with near term exploration potential. The Company is listed in Canada on the TSX-V:RBX and in Frankfurt (FRA:RB4).

Robex has been operating the Nampala mine in Mali since 2017. Focused on diversification and growth, the Company is advancing the Kiniero Gold Project in Guinea, with a recently released Pre-Feasibility Study, highlighting a 2.75Moz of gold Reserves and Resources.

Robex is supported by two strategic shareholders and has the ambition to become the next mid-tier gold producer in West Africa.

About Taurus

Taurus Funds Management is an independent Australian-based fund management firm providing (i) investments in both public and private global resources companies on behalf of institutional and wholesale clients, and also (ii) bespoke financing solutions for global mid-tier & junior mining companies. Established in 2006, the firm has a diversified portfolio and spreads its investments across various commodities, including steel, base materials, precious metals, energy, and industrial-related commodities.

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 often identified by the use of words such as “may”, “will”, “could”, “would”, “anticipate”, ‘believe”, expect”, “intend”, “potential”, “estimate”, “budget”, “scheduled”, “plans”, “planned”, “forecasts”, “goals” and similar expressions.

Certain information contained herein constitutes forward‐looking statements which includes, but is not limited to, statements with respect to: the Company’s ability to enter into definitive documentation in respect of the project finance facilities for the Kiniero Gold Project (the “Facilities”), on the terms set out in the non-binding term sheet, on acceptable terms or at all; the terms and conditions of the Facilities, including the facility amount (including as a percentage of the total funding requirement), interest rate, cost overrun provisions and shareholder support; timing of definitive documentation in respect of the Facilities; assuming definitive documentation is entered into, the completion and drawdown of the proceeds of the Facilities including the timing thereof; the Company’s ability to obtain complimentary sources of funding including equity partners and metal streams and the use of proceeds therefrom; the impact of the Facilities and funding of the Kiniero Gold Project on the Company’s operations, infrastructure, opportunities, financial condition, access to capital and overall strategy; the Company’s ability to successfully advance the Kiniero Gold Project and achieve the results to be provided for in the Kiniero feasibility study; the results of the feasibility study, including the forecasts for the economics, life of mine, required capital, costs, and cash flow at the Kiniero Gold Project; expected production, including grade; forecasted NPV, IRR, EBITDA, and AISC; expectations regarding advancement and development of the Kiniero Gold Project, including the ability to meet expectations and the timing thereof; expectations on mining operations; requirements for permitting; expectations on emissions; the social and economic impacts and benefits of the Kiniero Gold Project on the Company’s stakeholders, including in respect of local employment and procurement and in local communities; estimates of Mineral Resources and Reserves, including all underlying assumptions, and the conversion of Mineral Resources to Mineral Reserves; our expectation as to our future financial and operating performance, including future cash flow, estimated cash costs, expected metallurgical recoveries, gold price outlook; our strategy, plans and goals, including our proposed exploration, development, construction, permitting and operating plans and priorities, related timelines and schedules; and the Company’s ability to enter into a mining convention with the Guinean Government upon terms satisfactory to the Government, the Company, its financing partners and its other stakeholders; the future price of metals; government regulation of mining operations; environmental risks; and the timing and possible outcome of pending regulatory matters.

Forward-looking statements are based on a number of factors and assumptions made by management and considered reasonable at the time such information is provided. Assumptions and factors include: the Company’s ability to enter into definitive documentation for the Facilities on the terms set forth in the Mandate Letter, 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 assumption that board approval for a Kiniero financing package will be obtained; the Company’s ability to meet the timing objectives for definitive documentation and first drawdown of funds; the ability to execute the Company’s plans relating to the Kiniero Gold Project as may be set out in the feasibility study, including the timing thereof; the Company’s ability to complete its planned exploration and development programs; the absence of adverse conditions at the Kiniero Project; no unforeseen operational delays; no material delays in obtaining necessary permits; the price of gold remaining at levels that render the Kiniero Project economic; the Company’s ability to continue raising necessary capital to finance operations; and the ability to realize on the mineral resource and mineral reserve estimates.

Forward‐looking statements necessarily involve known and unknown risks and uncertainties, which may cause actual performance and financial results in future periods to differ materially from any projections of future performance or result expressed or implied by such forward‐looking statements. These risks and uncertainties include, but are not limited to: increases in financing costs or adverse changes to the terms of available financing, if any, for the Kiniero Gold Project; ability to enter into definitive documentation for the Facilities on acceptable terms or at all; ability to satisfy the conditions precedent to closing and advances thereunder (including satisfaction of remaining customary due diligence and other conditions and approvals); failure or delays to receive necessary approvals or otherwise satisfy the conditions to the completion of the Facilities; the proceeds of the Kiniero financing not being available to the Company; general business, economic and competitive uncertainties; the actual results of current and future exploration activities; geopolitical risk, political risks inherent to mining in developing countries, conclusions of economic evaluations; meeting various expected cost estimates; benefits of certain technology usage; changes in project parameters and/or economic assessments as plans continue to be refined; future prices of metals; possible variations of mineral grade or recovery rates; 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 speculative nature of mineral exploration and development (including the risks of obtaining necessary licenses, permits and approvals from government authorities); title to properties; the impact of COVID-19 on the timing of exploration and development work and management’s ability to anticipate and manage the foregoing factors and risks. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in the forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. Readers are advised to study and consider risk factors disclosed in the Company’s disclosure documents for a more complete discussion of such risk factors and their potential effects, which may be accessed through the Company’s profile on SEDAR at www.sedar.com.

There can be no assurance that forward‐looking statements will prove to be accurate, or even benefit Robex, if any, as actual results and future events could differ materially from those anticipated in such statements. The Company undertakes no obligation to update forward‐looking statements if circumstances or management’s estimates or opinions should change except as required by applicable securities laws. The forward-looking statements contained herein are presented for the purposes of assisting investors in understanding the Company’s plan, objectives and goals and may not be appropriate for other purposes. Forward-looking statements are not guarantees of future performance and the reader is cautioned not to place undue reliance on forward‐looking statements.

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