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Robex Resources (TSXV: RBX) released on Thursday an updated technical report for its Nampala gold mine in Mali, showing an increased mineral reserve count that would lead to a half-year extension of the operation.
According to the NI 43-101 study, the Nampala mine now holds 121,000 oz. in gold reserves (4 million tonnes grading 0.93 g/t gold), enough to extend the mine life from June 2026 to December 2026. It also highlighted a potential reserve growth, with an indicated mineral resource totalling 243,000 oz. (8 million tonnes at 0.94 g/t gold).
“Increasing the life of mine at Nampala is an important step for Robex to define the future for this asset,” said Robex managing director Matthew Wilcox in a press release. Over its life, Nampala is expected to produce 52,000 oz. of gold per year.
The after-tax net present value for Nampala (discounted at 5%) has been pegged at $71.1 million, based on the S&P consensus long-term gold price at the end of October 2024 ($2,490-$2,314/oz.). Its cost estimate is in line with budget at $1,106/oz.
The mine is part of the larger Nampala property situated in the Sikasso region of southern Mali. It is located approximately 255 km southeast of Bamako, the capital city, and 40 km northwest of Resolute Mining’s Syama gold mine. In addition to the Nampala mine, the property also covers three adjoining exploration permits at Mininko, Gladie and Kamasso).
The new report highlighting an extension of mining at Nampala comes after Robex announced its plans to exit Mali amid growing tensions between the African nation’s junta-led state and foreign miners.
In recent months, the military-backed government has already forced Barrick Gold (TSX: ABX; NYSE: GOLD) to halt its operations in the country following an escalation of their long-running dispute over profits generated by the Loulo-Gounkoto mine complex. The Canadian miner confirmed that its gold had been seized by the Malian state from its mine site over the weekend. The seizure follows last month’s arrest warrant for Barrick’s CEO Mark Bristow and the detention of four Barrick employees in November.
Also in November, Mali held Resolute Mining’s (ASX: RSG; LSE: RSG) CEO Terry Holohan and two other employees, releasing them only after the Australian miner agreed to pay the government about $160 million to settle a tax dispute.
Prior to these events, Robex had reached an agreement with Mali that raised the government’s stake in the Nampala mine to 20% to conform with the country’s new mining code. However, the company still committed to shift its focus to the neighbouring Guinea, where it is developing the Kiniero project and expects to pour first gold in the fourth quarter of 2025.
In Thursday’s press release, CEO Wilcox reiterated that the Kiniero mine, once in production, is expected to produce 139,000 oz. of gold per year over a 9.5-year mine life.
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