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Robex Gold

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September 17, 2024 at 4:30 PM (MDT)|Broadmoor Hotel & Resort

Matthew Wilcox

Managing Director and Chief Executive Officer

Matthew Wilcox is the former Managing Director and Chief Executive Officer of Tietto Mineral Limited (“Tietto”). Before that he was Chief development officer of Sanbrado Gold Mine and project director of Nordgold’s 4Mtpa Bissa Gold Project and 8Mtpa Bouly Gold Project (Burkina Faso).
General manager of the 6Mtpa LEFA Gold Project (Guinea)
Project director for the construction of the 12Mtpa Gross Gold Project (Russia)

This is an automatically generated transcript. Denver Gold Group cannot accept responsibility for mistakes, errors, omissions, or any action taken in reliance thereon. Use of this transcript is governed by Denver Gold Group’s Terms of Use.

Alright, thanks guys. I'm Matt and, I'm new to Robex, but it's, it's a good story. It's, it's been unloved on the Canadian Stock Exchange, like a lot of other stocks I'm hearing today and, we're doing something to sort of fix that we're, we've, we've raised our last bunch of capital on the promise to, to bring the stock to the RSX. We should be announcing the shell vehicle we're gonna be using in the next two weeks and we're hopefully on the A sx delisted off the TSX by the end of this year. So it's, the process has been never been done before. It's, it's designed to add liquidity and, and shareholder value., and we think we found the right vehicle to do it. And,, you know, we're pretty confident we'll have it done by the end of the year. By the time we, we come out on the A SX, we'll be approximately 12 months away from first gold production. We'll have a fully financed,, gold mine through all the way through., you know, we've got a team that's built upwards of four mines in the last d dozen years in in West Africa. And, yeah, we think we're gonna be north of 100 and 50,000 ounces a year for the first seven years with strip ratio less than 2 to 1, and a, the grade of just over 1.1. So this is an introduction to West Africa. You probably don't need it after all these talks. But West Africa is the biggest gold producing region in the world. And it's certainly Guinea, although it's, it's relatively small on the gold production scale, it really holds its own in the production of bauxite and, and soon to be iron ore. We've no, we did some calculations and, and there's more investment happening in Guinea in mining resources in the next 18 months than there is in the whole west of a rest of West Africa combined. We're sort at about, yeah, it's about $200 million a week that Rio Tinto and Chinalco are spending to develop the Simon project. And that's just one of the projects that's been busy being developed. It's, it's a region that's growing. It's certainly, it's had its dark days, Guinea. It's, it's on the way up. We've got about a very benevolent president in power who's welcoming foreign investment. He's certainly he holds a French passport. His wife holds a French passport, his, he's his kids hold French passport. So he is pro Western and, and, you know, remaining in good terms with France and the, so that's our corporate snapshot as our last, after our last capital raise,, fully diluted, we've got 220 million shares on offer. So there's still 70 million warrants that are, you know, in play, they're all in the money and they're,, they're trading at about 34 cents each., we've diluted the Cohen family down that, that chunk of stock down to about 26% which is a much more institutionally friendly, you know, holding a stock for, for a single family, you know, and we got some excellent, you know, institutions on board in the last race. You know, everyone from Blackrock to Merck, you know, Schroeder's Rougher CQST I and, and Com Weve and our, our bridge financing, private equity fund tourists. They also surprised us by asking to come in for 10 million us. So they're, they're also a major shareholder now. That's our board and leadership team. myself, Jim John and Howard all came onto the board. We displaced the Cohen family who are holding three board seats and essentially running part of the company and we've they've agreed to step back, Gerard and Toma stay on the board. Yeah, I'm not gonna go through Jim's career cos it'd take me the whole 20 minutes, but it, it, it is he certainly had a storied career. He spent a lot of time in Africa and he's been on the board of some fantastic companies. Still remains on the board of some fantastic companies. John recently com completed a a large transaction when the sale of rocks gold to Fortuna mining. Howard's an exploration geophysicist with 40 years experience. Gerard's an exploration geologist on the Lamar Advisory Committee and Toma is a BNP power debt banker. So he, we've got a lot of great skills coming into the A SX and it's a team we'll really work with in the future. So that's our objectives for the next 1516 months, I guess. you know, to bring my team together with the Obex team that was existing, you know, to move to the A SX and D of the TSX. We're actively running a process to to try and spin out or, or, or possibly sell our asset in Mali. It's a, it's a cash producing asset produce is still about 50,000 ounces an annum. It's making, yeah, it's making around about 2 million a month in free cash flows, you know, at a, at a $2000 gold price that goes higher. You know, I know I'll probably get told off for talking about gold is below its current spot. But it's you know, i it's an asset that makes money if we have to stick with it. We'll stick with it. We've also settled with the government of Mali. So, we're looking forward to working with them in the future as well. So, but then, you know, executing the plant build, which is something my team's done a lot in West Africa for the last dozen years or been going back to about 19 years. And, you know, we're gonna be in first production by the end of 2025 which is, you know, a, a very tight timeline. It's something we can deliver because we've delivered so many previous African projects. This is the pre the previous DFS we're based on, we're currently updating it. What's changed in this DFS to what's added the value to the project is really, you know, a 900,000 ounce plus inferred discovery of in on Monsignor to the south of our s soli pit. Now, we drilled out 30% of that pit indicated early last year or late last year. 100% of it converted to, to indicate. And we're currently just finishing our drill campaign on the remaining 70%. Our site's an ex seho site. They mined it pretty much consistently between 2002 and 2012. But they mined it in, in a, you know, a couple of small pits at about 3.5 g, a ton of oxide. They had a processing plant that could do half a million tons for it was SEPS first ever operation and they did well out of it. They had a choice in 2012 of either deploying their capital to develop manner in burkina faso or, or, you know, significantly investing in this plant. They, they chose the, the former and that's where we are today. It's,, it's, it's a site that's existing. It comes with infrastructure, sheds, power, No, some power anyway, water and in a camp it, it's also, you do. It's, you know, it's a very easy start for a mining operation for, especially for my team. We used to stay in containers for the first three or four months of you know, access to the site while they build a camp. But it's this is the old, OK, three pits, Sgasgd Complex gene that we that Sipho mine for about 10 years. You can see the pit walls in satellite. You know, they're close to some of the steepest satellite walls I've ever seen. They've been standing for a dozen years and you know, it, it, they're still holding up. The geotechnical is relatively good for satellite. But it's it was an amazing grade mine, you know, 3.5 g a ton. It's still not, it's still open at depth. It's got a lot more to go at depth. We've got a lot of potential underneath that pit. And you know, some, we've drilled out some, we haven't yet. In terms of the processing plant, we've recently commenced our design of the 6 million ton reum facility. We're straight cil, nothing, nothing fancy at all. It's a, jaw crusher and, and M MD size are just to,, you know, handle the sticky sort of oil that we, we need to put through the plant, especially in the wet season. We got a ball and sag mill pebble crushing circuit, two parallel seven sea oil trains, which is somewhat of a hangover from the last sort of planning of this development and you know, just a straight seven ton A RL Illusion circuit. And yeah, in a, in a normal go room, it's, there's no gravity, there's no there's nothing fancy, no fine grinds, no anything we're expecting upwards of 90% recoveries for the first sort of five years of operation. Yeah, as as I said, this is a study that's looking to be improved upon significantly. That's the neighborhood we're in, you know, and if you look in that neighborhood, it's one of the best neighborhoods for gold discoveries in West Africa in recent years, you know, upwards of 9 million ounces have been found in that 30 kilometer radius in the last I'd say five years and it, they're still finding gold consistently almost every day. Every dual campaign is, is, is letting net results we hope to be the the first producer of size in that region. And yeah, hopefully, you know, make some deals and continue on later on. So this Monsignor Pit, that's what's changed the game. It's a, it's a, it's a massive 1 to 1 strip ratio pit about 1 g a ton all in oxide, deep oxidation profiles down to about 100 and 40 m. So Bali South, this is all in our cu current mining permit. This extension has been applied for and we're, we're confident we're gonna get that sometime very soon. Let me just skip forward to Monsignor Pit. This is the pit that changed the game in the old DFS. It, it's, you know, roughly a million inferred ounces. As I said, this area was drilled out to, indicated 100% of it converted, it kicked up on grade from about 0.92 to about 1 g a ton in that, that area. We've just finished the campaign to drill the rest of that pit out. So all those holes have been done. Or at least there's a week left of drilling and we'll, we'll be getting those assets assays and remodeling that pit soon. So we're hoping to bring that as a reserve update when we hit the RSX. either very late this year or early next year. You can see there, the style of mineralization is just, it's massive. It's upwards of like 700 m wide, two kilometers long. And the strike is, it's, it, everywhere we filled it in it's ticked up on grade. It's got, it's got some wicked hits in it as well. But it's, overall it's just suitable for bulk mining. It'll be free dig to about 100 m. It, it's,, there might be some small blasting to sort of shake the ground, but it's,, it's really just a massive pit. It's gonna add a lot to the production profile, especially in the early years and it's completely open at depth. I mean, you can see a lot of our holes in all these areas. They terminate in grade. We don't know what's completely behind this, but we, we've got no doubt that the resource is gonna extend well beyond its current extents. It's the other one on monsoon. The Bali South is on this appeared in our previous DFS. We still think we can improve on it in this DFS. If you look at the sections on this again, it's, it's big wide mineralized corridors, you know, up to 70 m in. I, in, in, we, we, we drilled out a 200 by 200 grade control pattern and an eight by eight sort of drill spacing in this area. We remodeled it after that D campaign and we, we got an uptick on grade by about 15% and an uptick in overall medal by 20%. So the model held up really well to a, to a denser tense pattern, which is exactly what you want to see at a resource model. As you can see that it just demonstrates that the width and the, and the, the scope of this deposit, it's it's truly massive and it's it, it's a big mable reserve. The blue line represents the, the reserve shell. The, the, the dotted line is the resource shell. and you can see there's just so much below it. So it's yeah, it, it lends to a lot of extension at depth and even extension at strike to the north. This section's a particularly interesting one because it demonstrates what could potentially be a future underground mine. This is where Samho mined 3.5 g a ton for, for the life of mine in those sort of shallow pits you see up there. What you're seeing down here is strike extensions, relatively high grade hits with just one hole we put under there. We'd like to take some time next year, step back, hit that structure a few more times and, and hopefully produce something that's, that's worthy of an underground mine. And you can see and this area and that's the current pit shell as well. Some of the hits underneath that are just fantastic. You've got 9 m at 9.4 you know, 5 m at eight, 7 m at 11. It's it's got some really high grade material in it. That's at the moment, been pushed a little bit further into our mine plan. So it's, it's about a Y hits about year five. But it, you know, it does mean in a serious grade uptick as we process less material with the freshman, you know, fresh rock going through there. That's been our discoveries for the last, sort of really five years of, of discovery. And, you know, it, it's been a $10 per ounce exploration cost. We've been operating in a super data rich environment left to us primarily by Sapho. There's been just an awesome amount of of data to consume. We still haven't finished consolidating at all, but we're, we're hoping to get through it in the next 12 months and and identify just a whole lot more targets to drill more oxide, pits more extensions at depth. And yeah, just a whole lot more in this project. That's our current time table. We've got a, you know, about a 15 month path to developing the asset. A lot of people would say it's not possible but we've done it before. We've done it before in Cote d'ivoire. We've done it before in Burkina faso. We can certainly do it in Guinea. It's it's a site that comes with existing infrastructure which makes things a whole lot easier for me and my team. So it's and you know, we're working towards that now. We, we've well and truly started hitting our milestones already. We've started the design of the Upsized plant 6 million tons. We, we purchased the bore mill that's, that goes with the already fabricated sag mill. We've appointed the construction team that's been with me through the last five builds across four different companies. We, we've, we've almost finalized our drilling campaign in Monsignor. We've, we've completed the, the power plant purchase with the balance of plant and we completed the purchase of our Earthworks fleet. It some of it started to arrive on site. So we next thing we'll be onto early earthworks and then from there, we'll be straight into construction from early next year. The 12 month build build time should be relatively simple execution there. That that's the track record of our time in in West Africa. And it's I think it's second to none really. We've we've built four of the last 18 mines in West Africa over the last dozen years. We've done that through three different companies. This will be our fourth. Our team has pretty much stayed together through that whole process. And yeah, we're really, we're getting better at every build. Abijah was completed a 5 million ton per MC oil plant from first concrete to first gold in just over 11 months, just under 11 months, I should say. And we're, we're really hoping to improve on that this time. So that's where we are in terms of capital intensity. We're we're really on the low side, which is where we wanna be. We, we always try to sit on the bottom quartile of, of capital expenditures. And I think this this process, we're really knock it out of park. That pretty much brings me to the end of the presentation. I'll open up the floor to questions. No one's got any. Thank you, Matt. So do we have any questions, John, maybe this is a tough question. But could you explain why Seho left Guinea? Did they not see the obvious good geology or were there safety, security issues or corruption issues? Well, I, I think they knew and you look back at their pits that they were leaving Guinea for a while before. Cos there's nothing I've seen that there's nothing that looks more like a goodbye cut than that, that kind of wall angles on a satellite pit. But it's so they made a decision to develop one mine. They couldn't develop two at once and, and they, they obviously made that decision before they left and they wear their plant down. They, they started to have some issues with the community when the community figured out that they were about to walk away from the gold plant and leave the community essentially with little rehab and little hope for the future. And I can't really talk for what happened in 2012, but they still left a whole lot on the table. It was just, you couldn't process it and make money at a, in a, in a 0.5 million tons Brennan plant. So I guess they made the decision that was best for them at the time and you'd probably speak to Ben White as Lasalle to get the full details of that. Excuse me, I'm not familiar with the names and the places and the companies. Ok. But the team that you're referring to, did you work for an engineer and construction company? No. Did you work for a mining company? We, we were the client side every time. So my, my whole team has come through on the client side previous to that. So I don't see what client side means. The client side is the company that owns the, the ground. So we, we've been the, you guys work for a mining company. We've worked for a mining company, but you're not at liberty to say which company? Yeah, it's in the, it's in the deck. I'm sorry, I missed it. So, so there was three built for, nor the Russians, two in Burkina, Faso, one in Southern Siberia and one for West African Resources where I was Chief Development Officer and most recently for Teto Minerals with Abuja. Thank you. Thank you. Brilliant. Thanks very much. Unfortunately, Matt, we're out of quick time for more questions. But thanks again. Thanks very much.


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