Robex Resources Inc (ASX: RXR): West Africa’s New Gold Producer Lists on the ASX and Investors have Dollar Signs in the Eyes Already. Another Gold Mining Bonaza.
- Noel Ong
- Jun 30
- 6 min read
Announcement
Robex Resources Inc. (ASX: RXR) has joined the ASX boards through a successful A$120 million IPO, becoming one of the few dual-listed gold developers with production-stage assets in West Africa. With a cornerstone project in Guinea, production underway in Mali, and an experienced leadership team, Robex’s entry offers investors a well-timed exposure to the next wave of mid-tier African gold producers.
About the Company – From Exploration to Production
Robex Resources Inc. is a Canadian-incorporated, West African gold company with a dual listing on the TSX Venture Exchange (TSX-V: RBX) and now the ASX (ASX: RXR). The company is progressing two core assets:
Kiniéro Gold Project – An advanced development project in Guinea (Figure 1).
Nampala Mine – An operational gold mine in southern Mali.
With gold output already being generated at Nampala and Kiniero on track for first gold in Q4 2025, Robex brings near-term production appeal coupled with long-term exploration upside across a 470km² package.
Figure 1: Location of Kiniéro Project (source: RXR)
IPO Snapshot – Well-Funded and Institutional-Backed Gold Mining Opportunity.
IPO Raise: A$120 million @ $3.11 per CDI
Market Cap on Listing: ~A$675 million
ASX Code: RXR
CDIs Issued: 38.6 million
Trading Commenced: 11:00 am AEST, 5 June 2025
Closing Price (Debut Day): Above IPO Price, AUD $3.56 as of 12th June 2025
Kiniéro Gold Project – Flagship with Scale and Speed in Guinea
At the heart of Robex’s strategy is the Kiniéro Gold Project, a 3.7 million-ounce resource (Indicated + Inferred) in the prolific Birimian Greenstone Belt. The project has a JORC-compliant Reserve of 1.41Moz, with a brand-new 5Mtpa CIL plant under construction and first gold expected in Q4 2025.
Key Metrics at 30 Nov 2024:
Indicated Resource: 71.23 Mt @ 0.96 g/t Au = 2.2 Moz
Inferred Resource: 45.29 Mt @ 1.05 g/t Au = 1.53 Moz
Probable Reserve: 45.5 Mt @ 0.97 g/t Au = 1.41 Moz
An updated feasibility study estimates:
Post-tax NPV: US$647 million (at US$2,320/oz)
AISC: US$1,066/oz
Mine Life: ~9 years
Target Output: +150,000 oz Au/year (first 6 years)
Nampala Mine – Revenue Generating and Operational
Robex also operates the Nampala Mine in Mali, providing cash flow while Kiniéro ramps up:
Resource: 8.6 Mt @ 0.94 g/t for 261,000 oz
Reserve: 4.04 Mt @ 0.93 g/t for 121,000 oz
This active mine gives Robex a production base and regional footprint across multiple West African jurisdictions.
Leadership That Delivers - Done it Before
Matthew Wilcox (Managing Director & CEO) is no stranger to West African success, having previously delivered the Sanbrado and Abujar gold projects. His team includes industry veterans from Nordgold, Tietto, and Evolution Mining.
Chairman Jim Askew brings deep mining governance experience, including chairmanship of Syrah Resources (ASX: SYR) and founding directorship at Evolution Mining (ASX: EVN)
This track record matters: Kiniero is targeting its first gold by December 2025, and the leadership's ability to deliver on complex African projects on time and budget significantly de-risks the investment case.
How the Funds Will Be Used
Construction Completion: civil works, process plant modules, commissioning (Figure 2)
Exploration Campaigns: ~200 km of RC & diamond drilling across high-priority targets
Working Capital: permitting, community engagement, and access road development
Figure 2: Kiniero Construction Progress (source: RXR)
Strategic Acquisitions & Industry Partnerships
Concession Extensions: negotiations to add adjacent ground along the Kouroussa trend
Local JV Frameworks: early-stage commercial agreements with regional service providers
Potential Risks & Investor Considerations
Execution: delivering greenfield development on schedule and within budget
Jurisdictional: Guinea’s permitting and fiscal regime
Commodity: gold price volatility during project commissioning
Why This IPO Could Be One to Watch
First-Mover Edge: production-ready, 2 Moz+ asset before cash flow generation
Dual Listing: access to both Canadian (TSX-V: RBX) and Australian capital pools
Balanced Strategy: near-term production catalysts coupled with long-term exploration upside
Samso Concluding Comments
I think Robex’s successful ASX debut on 5 June 2025 marks another gold developer joining the list of African producers. The A$120 million IPO, now trading under RXR at a modest A$135 million market cap, provides funding to complete the 5 Mtpa CIL plant at Kiniero and kick off a 200 km drilling campaign. The rising gold price is going to make RXR a very good investment, as long as there is no more nationalism of assets from the African states.
The Kiniero project lies in the under-explored Kiniero–Kouroussa thrust zone, adjacent to Predictive Discovery’s 5.38 Moz Bankan deposit. With 2.2 Moz of indicated resources and 1.41 Moz of probable reserves, Robex is targeting its first gold pour in December 2025 and aiming for roughly 150 koz per annum in steady state.
Kiniero Construction Progress is on track—civil works are nearing completion, and key mill modules are arriving onsite, and near-mine exploration upside across a 5 km strike offers immediate growth potential. That said, regulatory permitting in Guinea and potential fluctuations in gold prices remain the biggest threats to success.
Ultimately, the success of this new listing on the ASX is very simple, and as we have discussed, the rewards will be substantial. The whole journey will now depend on how Robex navigates construction, commissioning, and exploration over the coming months. Execution discipline, jurisdictional factors in Guinea, and gold price dynamics will all play a part.
For those potential investors watching RXR, what is on the table will be a blend of near-term catalysts and longer-term resource optionality, making it one to keep on your radar as the project advances toward first pour.
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