Robex Resources (ASX: RXR), a Canadian mining company specialising in gold exploration and mining in West Africa, has announced its financial results for the first half of 2025, ended June 30. The company, which officially listed on the ASX in June 2025, reported a significant increase in gold sales revenue, but also noted a net loss impacted by one-off and non-cash items. Gold sales revenue totalled $109.5 million, a 39.5% increase compared to the same period in 2024. Mining income for the six-month period rose by 45.8% to $51.4 million.
Despite the revenue growth, Robex reported a net loss of $63.6 million, compared to a $32.3 million loss in the first half of 2024. The company attributed the loss to a $21.6 million settlement with vendors related to the Sycamore Group acquisition, and a $20.03 million non-cash loss from the dissolution of a subsidiary. Cash flows used in operating activities resulted in a $15.0 million outflow, contrasting with a $33.4 million inflow in the prior year, primarily due to legal claim expenses and increased VAT receivables.
Robex highlighted ongoing strategic investments, with $124.3 million used in investing activities, primarily for the Nampala operations and the Kiniéro Project development. The company secured $117.6 million in financing activities, including proceeds from its ASX IPO and a drawdown from the Sprott project financing facility. The company reaffirms that the Kiniéro project remains on schedule and on budget for the first gold pour by Q4 2025. Also in Mali, exploration works have continued to extend the life of mine at Nampala as part of the near-mine resources growth strategy.
Looking ahead, Robex is focused on achieving first gold production at the Kiniéro Gold Project in Guinea by Q4 2025 and extending the mine life at Nampala in Mali. The company is also working to secure further drawdowns from its Sprott financing facility. The company reaffirmed its commitment to inclusive and sustainable growth, while maintaining prudent financial management. Robex is focused on becoming a multi-asset, multi-country gold producer in Africa.
