Robex on track for first gold from Guinea in Q4

Robex Resources (TSXV: RBX) said on Wednesday it remains on track to deliver first gold from its Kiniero project in Guinea by the end of this year. Shares of the West Africa-focused gold developer surged on the update.

In a press release, Robex said construction of the Kiniero mine continues to track well against the schedule, with the SAG and ball mill foundation already completed. The primary crusher ROM (run of mine) wall is also complete; backfilling of the ROM pad is now underway.

The company added that structural steel and platework fabrication is over halfway complete at 55%, while concrete work for the process plant is progressing on schedule, with 85% poured. The tank structures are almost halfway complete (42%).

Given the progress to date, Robex said it is well-positioned to advance the Kiniero project towards production by this year’s fourth quarter. Output for 2026 is expected to reach 155,000 oz., it added.

Shares of Robex Resources hit a new 52-week peak of $3.35 in Wednesday’s morning trading in Toronto, before settling around $3.27 by midday. The Quebec-based miner has a market capitalization of $551 million.

“It is exciting to see this project taking shape, and our teams working together in a safe and responsible manner to achieve this deadline,” stated Robex’s managing director and CEO Matthew Wilcox.

The next steps for the company are mill installation, mining, haulage, and drill and blast.

Key Guinean asset

The Kiniero project represents a key part of Robex’s strategy to become a Guinean pure-play gold developer after its planned exit from the neighbouring Mali. That country poses high risks to mining companies as evidenced by its tensions with Barrick Gold (TSX: ABX; NYSE: GOLD) and others.

Kiniero is a past-producing mine located 546 km from the Guinean capital of Conakry. The mine operated from 2002 to 2014, producing 418,000 oz. gold before it was put on care and maintenance.

Robex acquired the project in April 2022 through its business combination with Sycamore Mining. The plan is to develop and restart the mine as an open pit with a new 3-million-tonne-per-year processing plant.

A feasibility study in June 2023 envisioned a 9.5-year mine life with annual production of 90,000 oz. (averaging 100,000 oz. during the first seven years), for total life-of-mine production of 851,000 ounces.

The study outlined an after-tax net present value (at a 5% discount rate) of $170 million (C$243 million) and an internal rate of return of 31% based on a gold price of $1,650 per ounce. The initial capex is estimated at $160 million and could be repaid in 4.3 years.