Robex files prospectus for $77M Australia IPO

Canadian miner Robex Resources (TSX: RBX) filed a prospectus with Australian securities regulators for an estimated A$120 million ($77 million) initial public offering that will help pay for a new gold project in Guinea. The shares rose.

The IPO is fully underwritten by joint lead managers Euroz Hartleys and Canaccord Genuity, Quebec City-based Robex said Thursday in a statement. Robex is planning to issue about 38.6 million Clearing House Electronic Subregister System depositary interests, or CDIs, at A$3.11 each under the IPO. Each CDI will represent one underlying common share of the company.

“While we are already listed on the TSX-V, we hope our listing on the ASX will increase our trading activity and volume, thereby allowing all our shareholders to benefit,” Robex CEO Matthew Wilcox said. He called the listing “an important and long-awaited milestone” for the company.

Moves towards ASX

Robex, the operator of Mali’s Nampala mine since 2017, joins a group of Canadian-listed resource companies that have pursued a secondary Australian Stock Exchange listing in recent months amid weak domestic liquidity. Toronto Stock Exchange-listed miner Marimaca Copper (TSX: MARI) now trades on the ASX, while Orezone Gold (TSX: ORE) and Canadian Securities Exchange-listed Pampa Metals (CSE: PM) are in the process of following suit.

Robex rose 2.6% to C$3.18 Thursday in late morning trading in Toronto. That gave the company a market capitalization of C$536 million.

The IPO’s completion will allow Robex to develop and build the Kiniero gold project. Kiniero is now fully funded through to first production, which is expected in late 2025, Robex said.

Construction at Kiniero “continues to progress on schedule and budget, overseen by a team that has decades of experience of building and operating projects in West Africa,” Wilcox said. “We are confident of achieving first gold at Kiniero in December.”

The offer is expected to run from April 30 to May 2. It represents a 14.8% discount to the April 14 TSX-V closing price of C$3.20 and a 10.3% discount to the five-day volume weighted average price on the TSX-V of C$3.04, Robex said.

Robex’s CDIs are expected to start trading on the ASX on or about June 3.

“With the gold price currently at record highs, it is an exciting time to be taking Kiniero into production and delivering on its potential,” Wilcox said.