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Robex Resources Inc. [RBX-TSXV] reported results of a NI 43-101 feasibility study for the Kiniero gold project in Conakry, Guinea.
Highlights: Improved economics: 26% increase in pre-tax Net Present Value 5% (NPV 5%) to US$251 million and Internal Return Rate (IRR) of 42% at a base case gold price of US$ 1,650/oz while post-tax NPV5% stands at US$ 170m and IRR at 31%.
Increased Life of Mine (LoM): Mineral Reserves increased by 165koz or 21% to 968koz from the Pre-Feasibility Study (PFS), increasing LoM to 9.5-years (46% up compared to PFS).
Lower costs: LoM All-In Sustaining Costs (AISC) below initial target of US$ 1,000/oz, at US$ 980/oz, improving from PFS (US$ 1,035/oz).
Lower strip ratio: LoM Strip Ratio of 2.8:1, from 4.4:1 in the PFS; and significant potential beyond Mineral Reserve life in FS: Indicated Mineral Resources (inclusive of Mineral Reserves) at 1,481koz at 1.07g/t, along with Inferred Mineral Resources of 1,090koz at 1.19g/t effective November 12, 2022.
Construction of the project started in Q4 2022, with US$27 million expected to be spent by June 30, 2023 of the initial capital costs of US$160 million (or 17% of total); contractors mobilized on site and detailed engineering is ongoing.
In line with the previously disclosed mandate with Taurus Mining Finance Fund No. 2, L.P. the company is currently discussing the terms of the Project Finance Facility and providing information needed for due diligence.
Resource expansion program ongoing, the last drill hole in the geological database supporting the FS dates from August, 17, 2022 with 24,443m of drilling completed since then; and exploration is underway at the Mankan target in the north portion of the property for the first time since the project was owned by SEMAFO.
Aurelien Bonneviot, CEO of Robex commented: “The completion of the FS for the Kiniero Gold Project is a major milestone in our journey towards project development, as the FS optimizations and updated Mineral Resource Estimate result in a stronger project with enhanced economics.
“Since the announcement of the Kiniero acquisition on 20 April 2022, we have improved the asset to reach a now-projected 9.5-year LoM. Kiniero is now expected to average above 100koz per annum over the first 7 years and we will continue to drill to hopefully increase the average grade, the production capacity and the LoM.
“This FS incorporates the actual pricing and tenders we have been collecting for the construction, giving us confidence in the upfront capex estimates. The majority of the parameters are at the detailed design stage, the construction crew has mobilized on site, and we are on track for the first gold poured in mid-2024.
“While the FS includes a 21% increase in Mineral Reserves, this represents only a fraction of the total Mineral Resource, and we are targeting additional conversions of Mineral Resources to Mineral Reserves in the coming years. With more than 1moz of Inferred Mineral Resources within 10 km of the processing plant, we see potential for significant LoM extensions and rapid growth at the asset in a short timeframe.
“With these excellent results, Robex will focus its efforts on the previously announced debt package with Taurus Mining Finance Fund No. 2, L.P.”
The ore mined from the Kiniero deposit is expected to be processed through a standard 3.0mt capacity Carbon-in Leach/Gravity (CIL) plant. The mine is expected to be an open pit using conventional mining methods.
The project is located in eastern Guinea in the Kouroussa Prefecture. It is situated approximately 27km southeast of the town of Kouroussa and at a distance of 546km from Conakry, capital of Guinea.
The Kiniero Gold Project is a 470.48km Superscript 2 exploitation and exploration land package that consists of the adjoining Kiniero exploitation License Area and Mansounia exploitation License Area. The Kiniero Project is one of the largest gold licences in Guinea.
Robex is now restarting the Kiniero gold mine as a long-life open pit mining operation based on constructing a new 3Mtpa process plant.
An extensive drilling program is ongoing on the numerous identified deposits to increase the resource base and extend the LoM at Kiniero .
The Kiniero Project’s 2023 planned exploration program includes a combination of brown and greenfields exploration activities.
A planned total of approximately 5,000 metres of diamond and 65,000 metres of RC drilling will be completed at the various deposits.
Once a mining convention is signed with the Government of Guinea, Robex will have an 85% ownership stake in Kiniero, while Soguipami (the Guinean state-owned mining company) will have a stake of 15%. Subject to the Government of Guinea’s 15% interest, Robex also has the exclusive rights to acquire full ownership of the Mansounia exploitation license under a technical partnership agreement entered into with Penta Goldfields Company S.A. Robex submitted to the Government of Guinea an application to convert the licenses into exploitation. Ultimately, Robex will own 85% of Kiniero and Mansounia with the balance owned by the Guinean state. Both properties will be governed by the same mining convention.
Subject to adjustment with a mining convention the corporate tax rate of 30% of gross profit has been applied in the FS. A royalty rate of 5.5%, a 1% contribution to the Local Mining Development Fund and a 0.5% private royalty were applied to all sales.
