Robex Resources Extends Nampala Gold Mine’s Life Amid Growing Tensions in Mali

Robex Resources (TSXV: RBX) has reported a significant development at its Nampala gold mine in southwestern Mali, revealing enough new mineral reserves to extend the mine’s operational life by six months. The updated technical report, based on the NI 43-101 study, shows that the mine now holds 121,000 ounces of gold reserves from 4 million tonnes of ore, grading 0.93 grams per tonne. This addition pushes the mine’s potential closure date from June 2025 to December 2025.

The report also indicated potential for further reserve growth. The mine’s indicated mineral resource has increased to 243,000 ounces from 8 million tonnes, grading 0.94 grams of gold per tonne. Over its lifetime, the Nampala mine is expected to produce approximately 52,000 ounces of gold per year.

Robex Managing Director, Matthew Wilcox, commented on the importance of this development, noting, “Increasing the life of mine at Nampala is an important step for Robex to define the future for this asset.”

However, this positive news comes at a time when the company is re-evaluating its operations in Mali amid escalating tensions between the country’s military-led government and foreign mining companies. Recently, Barrick Gold (TSX:ABX; NYSE:GOLD) suspended operations at its Loulo-Gounkoto complex after the government seized gold stockpiles, and Resolute Mining’s CEO was detained in a ransom-related incident last November.

In light of these challenges, Robex announced plans last month to exit Mali, seeking a safer and more stable environment for its operations. Despite these uncertainties, the company’s shares saw a slight drop of 2.1% to $2.32 per share, giving it a market capitalization of $350.7 million.

The Nampala mine, which is part of Robex’s broader Nampala property in the Sikasso region, is located 255 km southeast of Bamako, Mali’s capital, and 40 km northwest of Resolute’s Syama gold mine. The Robex property also encompasses three additional exploration permits at Mininko, Gladie, and Kamasso.

In terms of financial performance, Nampala has an after-tax net present value (NPV) of US$71.1 million, based on the consensus long-term gold price of US$2,490 per ounce. Its cost estimate is well within budget, at US$1,106 per ounce. Prior to the recent turmoil, Robex had also reached an agreement to increase the government’s stake in the mine to 20%, in compliance with Mali’s new mining code.

While the future of its operations in Mali remains uncertain, Robex is shifting its focus to neighbouring Guinea, where it is advancing the Kiniero project. The company expects to pour its first gold by the fourth quarter of this year, with an expected annual production of 139,000 ounces over a 9.5-year mine life.

As Robex navigates these geopolitical challenges, its continued commitment to extending the Nampala mine’s life and exploring new projects in Guinea positions the company for potential growth despite a complex operating environment.

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