Rising Costs at Nampala Challenge Robex’s 2025 Gold Production Outlook
Robex Resources has successfully listed on the ASX, raising A$120 million to fund its Kiniéro Gold Project in Guinea, which remains on track for first gold production in late 2025. Meanwhile, steady output continues at its Nampala Mine in Mali despite rising costs.
- A$120 million raised in oversubscribed ASX IPO
- Kiniéro Gold Project construction on schedule and budget for Q4 2025 first gold
- Nampala Mine produced 11,736 ounces with increased all-in sustaining costs
- CAD$65.3 million development capital spent at Kiniéro in June quarter
- Settlement of Sycamore acquisition disputes with share issuance and cash payments
Robex’s ASX Debut and Capital Raise
Robex Resources Inc. marked a significant milestone in the June 2025 quarter by successfully listing on the Australian Securities Exchange (ASX) under the ticker RXR. The company raised A$120 million in an oversubscribed initial public offering, providing a strong capital foundation to advance its flagship Kiniéro Gold Project in Guinea and support broader corporate growth initiatives.
Kiniéro Gold Project Progress
Construction at Kiniéro remains firmly on track and within budget, with first gold production targeted for the December quarter of 2025. Key milestones achieved include near completion of civil works, commencement of SAG mill installation, and ongoing erection of process plant infrastructure. The project’s tailings storage facility and power generation infrastructure are progressing steadily, despite seasonal weather interruptions. Operational readiness is advancing, with mining and drill & blast contracts awarded and leadership roles filled.
Drilling activity continues to underpin resource expansion, with over 61,700 metres completed in the quarter, including 16,990 metres at the Sabali pit. Early grade control drilling at the Mansounia deposit has returned high-grade intercepts, reinforcing confidence in the deposit’s robustness and supporting mine planning ahead of production.
Nampala Mine Performance and Cost Pressures
Robex’s Nampala Gold Mine in Mali maintained steady production, delivering 11,736 ounces of gold in the quarter and 24,628 ounces year-to-date. However, the all-in sustaining cost (AISC) per ounce rose sharply to CAD$2,125, an 81.5% increase compared to the prior year period. This cost escalation is largely attributed to new mining royalties introduced by Malian authorities and increased sustaining capital expenditures. Despite these pressures, Nampala remains on track to meet its full-year production guidance of 46,000 to 48,000 ounces.
Corporate Developments and Financial Position
During the quarter, Robex settled acquisition-related disputes linked to its 2022 Sycamore Group purchase, issuing shares and warrants and agreeing to cash payments totaling CAD$1 million. The company also dissolved its African Peak Trading House Limited subsidiary to streamline operations. Robex’s US$130 million facility with Sprott Resource Lending was amended to release previously restricted funds, bolstering liquidity for Kiniéro’s construction.
Capital expenditure at Kiniéro reached CAD$65.3 million in the quarter, with total project costs expected to remain within the CAD$210-225 million guidance. The company’s net cash position improved slightly to a net debt of CAD$470,000 as of June 30, 2025.
Environmental and Safety Commitment
Robex continues to prioritize safety and environmental stewardship across its operations. Both Kiniéro and Nampala reported no lost time injuries during the quarter. Environmental initiatives include waste management programs, dust suppression, water quality monitoring, and community engagement through tree planting and infrastructure support.
Looking ahead, Robex is focused on completing remaining construction activities at Kiniéro, commissioning the plant, and transitioning to steady-state operations while managing cost pressures and maintaining strong governance.
Bottom Line?
Robex’s strong capital raise and disciplined project execution set the stage for a pivotal year as Kiniéro nears production, but rising costs at Nampala warrant close investor scrutiny.
Questions in the middle?
- Will Kiniéro meet its Q4 2025 production target amid complex construction milestones?
- How will rising Malian royalties impact Nampala’s cost structure and profitability going forward?
- What are the implications of the Sycamore acquisition settlement on Robex’s future M&A strategy?
