QUEBEC CITY, Sept. 04, 2025 (GLOBE NEWSWIRE) -- West African gold producer and developer Robex Resources Inc (“Robex” or the “Company”) (ASX: RXR | TSX-V: RBX | OTC: RSRBF | Börse Frankfurt: RB4) is pleased to provide an update on its US$130 million senior secured facility with Sprott Resource Lending (“Sprott”), which underpins the development of the Kiniéro Gold Project in Guinea.
Facility Background
On March 17, 2025, the Company closed a US$130 million Senior Facility Agreement (“SFA”) with Sprott, as agent and lead arranger. Following satisfaction of initial conditions precedent, Robex completed its first US$25 million drawdown on March 19, 2025, providing funding for the construction of the Kiniéro Project.
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Amendments to Sprott Facility Agreement
Robex and Sprott have agreed to amendments to the SFA. Under the revised terms, Robex now has access to US$90 million of the remaining US$105 million facility without requiring the Mansounia Exploitation Permits or Mining Convention. This includes an immediate US$30 million draw down and US$60 million held in a Debt Proceeds Account, subject to standard release conditions.
The final US$15 million will also be held in the Debt Proceeds Account and will remain contingent on receipt of the Mansounia Exploitation Permits and Mining Convention, available until the earlier of their receipt or 31 December 2026, after which the funds will be returned to Sprott unless otherwise permitted. Further, the term of the SFA will be reduced from 31 March 2030 to 31 March 2029 if the Mansounia Exploitation Permits are not granted before 31 March 2029.
As part of the amended SFA terms, Robex will establish a Liquidity Coverage Account (“LCA”). The LCA is to be funded up to US$65 million, through:
- Warrant proceeds exceeding US$11 million up to a maximum deposit of US$55 million; and
- 40% of Excess Cashflow, starting from 30 September 2026, until the account reaches the target balance.
Importantly, the balance of the LCA is available to Robex once the Mansounia Exploitation Permit and Mining Convention is obtained.
Robex’s Managing Director and CEO Matt Wilcox commented:
"The amended facility terms with Sprott represent a significant milestone for Robex, providing enhanced funding flexibility to advance the development of the Kiniéro Gold Project. The ability to access a substantial portion of the facility without the immediate requirement for the Mansounia permits reflects the strength of our relationship with Sprott and their continued confidence in our team and project. We remain focused on delivering value for our shareholders as we progress toward first gold pour in December 2025."
