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OPERATIONAL AND FINANCIAL SUMMARY

Gold Production and Financial Results

At year-end 2024, gold production reached 46,715 ounces, down 9.9% from 2023. This decline was driven by a 5.5% decrease in ore processed due to longer processing times for transitional ore and increased downtime hours. Additionally, the head grade declined by 2.5%, primarily due to the late 2023 prioritization of high-grade ore, which raised the previous year’s average.

The volume of gold sold declined by 5.2%, from 51,205 in 2023 ounces to 48,564 ounces in 2024, as a result of lower production. Despite lower production, gold sales revenues increased by 17.6% to $158.4 million, compared to 134.7 million in 2023. This was driven by a 24.0% increase in the average realized selling price, which rose from $2,630 per ounce in 2023 to $3,261 per ounce in 2024.

Mining income surged to $73.4 million, a nearly fivefold increase compared to 2023. This significant improvement was primarily due to the absence of impairment charges in 2024, whereas in 2023, a $53.9 million impairment loss was recorded on the Nampala mine. This increase was partially offset by higher depreciation and amortization expenses in 2024, reflecting the shortened remaining mine life of Nampala. Although the most recent technical report (NI 43-101), effective September 2024, extended the mine life by 6 months to December 31, 2026, it had initially been revised down at the end of 2023. The net impact on 2024 was an accelerated asset depletion and corresponding increase in depreciation and amortization.

Despite this improvement, the Company recorded a net loss of $12.6 million in 2024, compared to a loss of $9.3 million in 2023. This was primarily due to a $58.9 million income tax expense that resulted from a tax settlement with the Government of Mali in September 2024. The settlement of all outstanding tax and customs claims amounted to approximately $33.5 million (FCFA 15.0 billion), which is included in the 2024 tax expense.

Cash Flows and Strategic Investments

In 2024, cash flows from operating activities totaled $46.9 million, compared to $53.3 million in 2023, reflecting higher tax payments in Mali. Investing cash flows rose by 46.3% to $112.3 million, mainly due to continued investments in Kiniéro, following the positive results of an updated feasibility study that confirmed the project’s technical feasibility and commercial viability. As a result, as of December 31, 2024, Kiniéro was reclassified from mining properties to property, plant, and equipment.

To support these efforts, the Company raised $126.5 million in June 2024, enabling it to advance feasibility work and continue earthworks, erect key infrastructure, and secure critical production equipment, including the power plant and ball mill. As a result, financing activities generated $92.2 million, primarily driven by this equity financing, net of debt repayments and project-related financing fees.

SUMMARY OF 2023 FINANCIAL RESULTS

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3 Non-IFRS financial measure, non-IFRS ratio, or supplementary financial measure. Please refer to the “Non-IFRS and other financial measures” section of this MD&A for definitions of these measures and their reconciliation to the most directly comparable IFRS measure, as applicable.

OUTLOOK AND 2025 STRATEGY

Nampala’s 2025 forecast is as follows:

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2 Non-IFRS financial measure, non-IFRS ratio, or supplementary financial measure. Please refer to the “Non-IFRS and Other Financial Measures” section of this MD&A for definitions of these measures and their reconciliation to the most directly comparable IFRS measure, as applicable.

The 2025 forecast for sustaining capital expenditures has been adjusted to a range of $24 million to $28 million. Similarly, stripping costs are now estimated between $20 million and $24 million. These estimates reflect a revised mining plan with a higher stripping ratio than at year-end 2024. In addition, some investments postponed in 2024 will be completed in 2025.

The following assumptions were used in preparing the 2025 forecast:

• Average realized selling price for gold: $3,197 per ounce

• Fuel price: $1.85 per litre

• USD/$ exchange rate: 1.39

Kiniéro’s 2025 forecast is as follows:

While the budgets were prepared in U.S. dollars, the amounts presented above have been converted to Canadian dollars using a USD/CAD exchange rate of 1.39 for the forecast.

DETAILED INFORMATION

We strongly recommend that readers consult Robex's Management's Discussion and Analysis and Consolidated Financial Statements for the third quarter ended December 31, 2023, which are available on Robex's website at www.robexgold.com and under the Company’s profile on SEDAR+ at www.sedarplus.ca for a more complete discussion of the Company’s operational and financial results.

NON-IFRS AND OTHER FINANCIAL MEASURES

The Company's audited consolidated financial statements for the year ended December 31, 2024, available under the Company's profile on SEDAR+ at www.sedarplus.ca, are prepared in accordance withIFRS Accounting Standards (“IFRS”) as issued by the International Accounting Standards Board (IASB).

However, the Company also discloses the following non-IFRS financial measures, non-IFRS financial ratios and supplementary financial measures in this news release, for which there is no definition in IFRS: all-in sustaining cost and net debt (non-IFRS financial measures); adjusted net income, cash operating cost per tonne processed, all-in sustaining cost per ounce of gold sold and adjusted basic earnings per share (non-IFRS ratios); and cash flow from operating activities per share and average realized selling price per ounce of gold sold (supplementary financial measures). The Company's management believes that these measures provide additional insight into the Company’s operating performance and trends and facilitate comparisons across reporting periods. However, the non-IFRS measures disclosed in this news release do not have a standardized meaning prescribed by IFRS, they may not be comparable to similar measures presented by other companies. Accordingly, they are intended to provide additional information to investors and other stakeholders and should not be considered in isolation from, confused with or construed as a substitute for performance measures calculated according to IFRS.

These non-IFRS financial measures and ratios and supplementary financial measures and non-financial information are explained in more detail below and in the "Non-IFRS and Other Financial Measures" section of the Company’s Management's Discussion and Analysis for the year ended December 31, 2024 ("MD&A"), which is incorporated by reference in this news release, filed with securities regulatory authorities in Canada, available under the Company's profile on SEDAR+ at www.sedarplus.ca and on the Company's website at www.robexgold.com. Reconciliations and calculations between non-IFRS financial measures and the most comparable IFRS measures are set out below in the "Reconciliations and Calculations" section of this news release.

RECONCILIATIONS AND CALCULATIONS

All-in sustaining cost and all-in sustaining cost per onces of gold sold

AISC and adjusted AISC per ounce of gold sold are non-IFRS ratios.

AISC per ounce of gold sold is calculated by adding the total cash cost, which is the sum of mining expenses and mining royalties, to sustaining capital expenditures and then dividing by the number of ounces of gold sold. Adjusted AISC per ounce of gold sold is calculated in the same manner as AISC and by deducting stripping costs and exploration expenses, then dividing by the number of ounces of gold sold.

The Company reports AISC and adjusted AISC per ounce of gold sold to provide investors with information on the main measures used by management to monitor the performance of the mine site in commercial production (the Nampala mine) and its ability to generate a positive cash flow.

The following tables reconcile AISC and adjusted AISC, as well as AISC and adjusted AISC per ounce of gold sold for the current and comparative periods to the most directly comparable financial measure in the financial statements, i.e., Mining expenses.

Net debt

Net debt (net cash position) is a non-IFRS financial measure that represents the total amount of bank indebtedness, including lines of credit, Bridge Loan, long term debt and lease liabilities, less cash at the end of a given period. Management uses this metric to analyze the Company’s debt position and assess the Company’s ability to service its debt. The following table presents a reconciliation to the most directly comparable financial measure in the financial statements, i.e., total liabilities less current assets, for the current and comparative periods. Net debt (net cash position) is calculated as follows

Adjusted net income attributable to common shareholders

Adjusted net earnings attributable to common shareholders per share is a non-IFRS ratio calculated by dividing adjusted net earnings available to common shareholders by the basic weighted average number of common shares issued and outstanding. The Company uses this measure as an indicator of the financial performance of the Company’s activities, and it allows the Company to present adjusted net earnings attributable to Robex shareholders. Share price divided by adjusted net earnings attributable to common shareholders per share allows investors to compare the Company’s valuation to that of its peers.

The following table reconciles adjusted net earnings attributable to common shareholders and adjusted net earnings attributable to common shareholders per share for the current and comparative periods to the most directly comparable financial measure in the financial statements, i.e., “Basic and diluted net earnings attributable to common shareholders”. This reconciliation is provided on a consolidated basis.

Cash flow from operating activities per share

Cash flow from operating activities per share is a supplementary financial measure. It consists of cash flow from operating activities divided by the basic weighted average number of shares outstanding. This supplementary financial measure enables investors to understand the Company’s financial performance on the basis of cash flows generated by operating activities. For the year ended December 31, 2024, cash flows from operating activities were $46,893,932 and the basic weighted average number of shares outstanding was 121,434,036, for a per-share amount of $0.386. For the year ended December 31, 2023, cash flows from operating activities were $53,266,557 and the basic weighted average number of shares outstanding was 90,115,104, for a per-share amount of $0.591.

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CAUTION REGARDING CONSTRAINTS RELATED TO THE REPORTING OF SUMMARY RESULTS

This earnings release contains limited information intended to assist the reader in evaluating Robex's performance, but this information should not be relied upon by readers unfamiliar with Robex and should not be used as a substitute for Robex's financial statements, notes to the financial statements and MD&A.

FORWARD-LOOKING INFORMATION AND FORWARD-LOOKING STATEMENTS

Certain information set forth in this news release contains “forward‐looking statements” and “forward‐looking information” within the meaning of applicable Canadian securities legislation (referred to herein as “forward‐looking statements”). Forward-looking statements are included to provide information about the Company’s management’s (“Management’s”) current expectations and plans that allow investors and others to have a better understanding of the Company’s business plans and financial performance and condition.

Statements made in this news release that describe the Company’s or Management’s estimates, expectations, forecasts, objectives, predictions, projections of the future or strategies may be “forward-looking statements”, and can be identified by the use of the conditional or forward-looking terminology such as “aim”, “anticipate”, “assume”, “believe”, “can”, “contemplate”, “continue”, “could”, “estimate”, “expect”, “forecast”, “future”, “guidance”, “guide”, “indication”, “intend”, “intention”, “likely”, “may”, “might”, “objective”, “opportunity”, “outlook”, “plan”, “potential”, “should”, “strategy”, “target”, “will” or “would” or the negative thereof or other variations thereon. Forward-looking statements also include any other statements that do not refer to historical facts. In particular and without limitation, this news release contains forward-looking statements pertaining to the Facility Agreement, including the fulfilment of the conditions precedent thereunder, the ability of the Company to utilize any proceeds from the Initial Utilization, the ability of the Company to draw down on the Debt Facility for each Subsequent Utilization, the development of the Kiniero Gold Project and the issuance of Bonus Shares.

Forward-looking statements and forward-looking information are made based upon certain assumptions and other important factors that, if untrue, could cause the actual results, performance or achievements of the Company to be materially different from future results, performance or achievements expressed or implied by such statements or information. There can be no assurance that such statements or information will prove to be accurate. Such statements and information are based on numerous assumptions, including: the ability to execute the Company’s plans relating to the Kiniero Gold Project as set out in the feasibility study with respect thereto, as the same may be updated, the whole in accordance with the revised timeline previously disclosed by the Company; the Company’s ability to complete its planned exploration and development programs; the absence of adverse conditions at the Kiniero Gold Project; the absence of unforeseen operational delays; the absence of material delays in obtaining necessary permits; the price of gold remaining at levels that render the Kiniero Gold Project profitable; the Company’s ability to continue raising necessary capital to finance its operations; the ability of the Company to realize on the mineral resource and mineral reserve estimates; assumptions regarding present and future business strategies, local and global geopolitical and economic conditions and the environment in which the Company operates and will operate in the future; the Company’s ability to complete the listing of its common shares on the Australian Securities Exchange (“ASX”), and the anticipated timing of such listing; satisfaction of the conditions precedent under the Facility Agreement; the Borrower’s access to the facility made available under the Facility Agreement; and the utilization of any amount received by the Borrower under the Facility Agreement for the purposes identified by the Company.

Certain important factors could cause the Company’s actual results, performance or achievements to differ materially from those in the forward-looking statements including, but not limited to: the risk that the Borrower is unable to fulfil the conditions precedent to drawdowns under the Facility Agreement, and is therefore not able to borrow some or all of the principal amount otherwise available under the Facility Agreement; the risk that the Company is unable to generate sufficient cash flow or complete subsequent debt or equity financings to allow it to repay amounts borrowed under the Facility Agreement; the risk that the obligors under the Facility Agreement are unable to comply with the financial and other covenants under the Facility Agreement, giving rise to an event of default; geopolitical risks and security challenges associated with its operations in West Africa, including the Company’s inability to assert its rights and the possibility of civil unrest and civil disobedience; fluctuations in the price of gold; uncertainties as to the Company’s estimates of mineral reserves and mineral resources; the speculative nature of mineral exploration and development; the replacement of the Company’s depleted mineral reserves; the Company’s limited number of projects; the risk that the Kiniero Gold Project will never reach the production stage (including due to a lack of financing); the Company’s capital requirements and access to funding; changes in legislation, regulations and accounting standards to which the Company is subject, including environmental, health and safety standards, and the impact of such legislation, regulations and standards on the Company’s activities; equity interests and royalty payments payable to third parties; price volatility and availability of commodities; instability in the global financial system; uncertainty surrounding the imposition of tariffs by one country, including, but not limited to, the United States, on goods or services being imported into that country from another country and the ultimate effect of such tariffs on the Company’s supply chains; the effects of high inflation, such as higher commodity prices; fluctuations in currency exchange rates, particularly as between the Canadian dollar, in which the Company presently raises its equity financings, and the US dollar; the risk of any pending or future litigation against the Company; limitations on transactions between the Company and its foreign subsidiaries; volatility in the market price of the Common Shares; tax risks, including changes in taxation laws or assessments on the Company; the Company obtaining and maintaining titles to property as well as the permits and licenses required for the Company’s ongoing operations; changes in project parameters and/or economic assessments as plans continue to be refined; the risk that actual costs may exceed estimated costs; geological, mining and exploration technical problems; failure of plant, equipment or processes to operate as anticipated; accidents, labour disputes and other risks of the mining industry; delays in obtaining governmental approvals or financing; the effects of public health crises on the Company’s activities; the Company’s relations with its employees and other stakeholders, including local governments and communities in the countries in which it operates; the risk of any violations of applicable anticorruption laws, export control regulations, economic sanction programs and related laws by the Company or its agents; the risk that the Company encounters conflicts with small-scale miners; competition with other mining companies; the Company’s dependence on third-party contractors; the Company’s reliance on key executives and highly skilled personnel; the Company’s access to adequate infrastructure; the risks associated with the Company’s potential liabilities regarding its tailings storage facilities; supply chain disruptions; hazards and risks normally associated with mineral exploration and gold mining development and production operations; problems related to weather and climate; the risk of information technology system failures and cybersecurity threats; the risk that the Company is not able to complete the listing of its common shares on the ASX within the anticipated timeframe or at all; the risk that the Borrower is not able to access the proceeds of the Debt Facility or use any amount received under the Facility Agreement for the purposes identified by the Company; and the risk that the Company may not be able to insure against all the potential risks associated with its operations.

Although the Company believes its expectations are based upon reasonable assumptions and has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. These factors are not intended to represent a complete and exhaustive list of the factors that could affect the Company; however, they should be considered carefully. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information.

The Company undertakes no obligation to update forward-looking information if circumstances or Management’s estimates, assumptions or opinions should change, except as required by applicable law. The reader is cautioned not to place undue reliance on forward-looking information. The forward-looking information contained herein is presented for the purpose of assisting investors in understanding the Company’s expected financial and operational performance and results as at and for the periods ended on the dates presented in the Company’s plans and objectives, and may not be appropriate for other purposes.

See also the “Risk Factors” section of the Company’s Annual Information Form for the year ended December 31, 2023, dated April 29, 2024, available under the Company’s profile on SEDAR+ at www.sedarplus.ca or on the Company’s website at www.robexgold.com, for additional information on risk factors that could cause results to differ materially from forward-looking statements. All forward-looking statements contained in this news release are expressly qualified by this cautionary statement.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.