REG - Resolute Mining Ltd - Appendix 4E Preliminary Final Report
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RNS Number : 6932U Resolute Mining Limited 27 February 2026
27 February 2026
Reporting Period
The reporting period of Resolute Mining Limited and its subsidiaries
("Resolute" or the "Group") is the year ended 31 December 2025 with the
corresponding reporting period being for the year ended 31 December 2024.
Unless otherwise stated, all dollar figures are expressed in United States
dollars ($).
Results for Announcement to the Market
12 months ended 12 months ended
31 December 2025 31 December 2024
$m $m
Revenue from ordinary activities Up 8 % to 865.6 801.0
Profit/(loss) for the period Up n/a to 126.7 (26.0 )
Profit/(loss) after tax attributable to members Up n/a to 110.4 (28.3 )
Amount per security Franked amount per security
Dividends
Final dividend (per share) n/a n/a
Record date for determining entitlements to the final dividend n/a n/a
Payment date for the final dividend n/a n/a
Franking 0% franked
12 months ended 12 months ended
31 December 2025 31 December 2024
$ $
Net tangible assets backing (per share)(1) 0.31 0.23
1. (Net tangible assets excludes right of use assets from the
reported net assets in the statement of financial position.)
This Appendix 4E - Preliminary final report has not been subject to audit and
there is no audit report provided. This report should be read in conjunction
with the Financial Report for the period ended 31 December 2025. The
Financial Report for the period ended 31 December 2025 is currently being
audited by Ernst & Young and will be finalised for lodgement with the ASX
in March 2026.
Summary Financial Performance Review
The financial performance of Resolute for the year ended 31 December 2025 is
summarised below:
Profit and Loss Analysis(1) 2025 2024
$m
Revenue 865.6 801.0
Cost of sales excluding depreciation and amortisation (352.3 ) (393.0 )
Royalties (85.8 ) (59.2 )
Administration and other corporate expenses (23.9 ) (19.8 )
Exploration expenses (12.0 ) (9.5 )
EBITDA(2) 391.6 319.5
Depreciation and amortisation (121.6 ) (129.2 )
Net interest and finance costs (6.0 ) (3.9 )
Obsolete consumables movements (9.3 ) (2.9 )
Fair value movements and treasury transactions (22.0 ) (1.8 )
Gain on fair value adjustment of investments 31.5 -
Other expenses (14.2 ) (4.6 )
Share based payment expense (1.3 ) (1.1 )
Indirect tax expense (36.8 ) (156.9 )
Net profit before tax 211.9 19.1
Income tax expense (85.2 ) (45.1 )
Reported net profit/(loss) after tax 126.7 (26.0 )
1. (Amounts presented below are aggregate balances of certain
line items presented in the Consolidated Statement of Comprehensive Income.)
2. (This is a non-GAAP measure with no standard meaning under
IFRS.)
Group earnings before interest, tax, depreciation, and amortisation
(EBITDA(2)) of $391.6 million in 2025 was an improvement on the comparative
period. This was primarily due to the higher revenue of $865.6 million from
gold sales of 258,544 oz (2024: 335,708 oz) at an average realised price of
$3,338/oz (2024: $2,383/oz). It also increased due to a reduction in operating
costs at both Syama and Mako.
Indirect tax expense costs of $36.8 million have decreased significantly when
compared to 2025. This is due to the Protocol settlement payments of $159.9
million that Resolute made to the Government of Mali in late 2024.
On 14 October 2025, Resolute signed a voting agreement to support the sale of
it's 31.45 million shares in Loncor Gold to Chengtun Mining Group Co., Ltd
resulting in a $31.5 million fair value adjustment.
Financial Position
Operating cash flows in 2025 were $226.6 million. Cash flow was significantly
higher than in 2024 ($115.0 million) and was primarily driven by consistent
operations, a focus on reducing costs, and higher realised gold prices
throughout the year.
Cash and cash equivalents at 31 December 2025 was $62.6 million. Net
cash(1,2) was $209.1 million at 31 December 2025 (31 December 2024: $66.3
million). Total borrowings at 31 December 2025 was $57.8 million which are
from overdraft facilities in Mali and Senegal.
In 2025, Resolute increased investment in its business with cash spend on
evaluation, development, property, plant, and equipment totalling $119.0
million (2024: $104.8 million). This included expenditure on the Syama
Sulphide Conversion Project (SSCP) and on the Doropo and ABC projects which
were acquired in May 2025.
Syama Gold Mine, Mali
Total gold poured at Syama of 176,341 oz in 2025 was 18% lower than the prior
year due to lower head grades at both the sulphide and oxide plants. This was
due to increased use of stockpiled material and lower mined grades in the
sub-level cave.
Both oxide and sulphide plants maintained high utilisation rates and operated
near nameplate capacity of 3.9Mt. The combined ore tonnes mined decreased
marginally to 3.0 Mt (vs 3.2 Mt in 2024) as production from the sub-level cave
was impacted by disruption of explosive supplies during the second half of the
year. The Company has been working on explosive supply chain issues since Q3
and it is not expected to be a major issue in 2026 and moving forward.
Syama's All-In Sustaining Cost (AISC)(1) for 2025 was $2,008/oz which was
34% higher than in 2024 ($1,497/oz) and was within the revised guidance
($1,900/oz - 2,050/oz). The increase in AISC in 2025 is mainly attributed to
increased royalty payments (a sliding scale regime dependent on gold price
under the 2023 Mining Code) as well as a reduction in gold poured when
compared to the prior year.
Mako Gold Mine, Senegal
2025 production from Mako was 100,895 oz at an AISC of $1,270/oz which was
within the revised guidance range (98-102 koz). Gold production was lower than
the prior year as open pit mining ceased in Q2 2025 and the operation
transitioned to stockpile processing during the second half of 2025. The plant
will continue to process stockpile material into 2026.
The AISC(2) marginally increased by 2% in 2025 which was mainly attributable
to increased royalty payments due to higher gold prices as well as lower gold
production as the operation transitioned to stockpile processing.
(1) AISC is a non-GAAP measure that has not been audited and represents
all-in sustaining cost.
Consolidated Statement of Comprehensive Income
for the year ended 31 December 2025
$m Note 2025 2024
Revenue from gold and silver sales 1 865.6 801.0
Costs of production 1 (352.3 ) (393.0 )
Gross profit 513.3 408.0
Depreciation and amortisation 1 (121.6 ) (129.2 )
Royalties 1 (85.8 ) (59.2 )
Gross profit from operations 1 305.9 219.6
1
Interest income 1 6.6 5.0
Other expenses 1 (14.2 ) (4.6 )
Gain on fair value adjustment on investments 1 31.5 -
Exploration expense 1 (12.0 ) (9.5 )
Administration and other corporate expenses 1 (23.9 ) (19.8 )
Share based payment expense 1 (1.3 ) (1.1 )
Fair value movements and treasury transactions 1 (22.0 ) (1.8 )
Obsolete consumables movements 1 (9.3 ) (2.9 )
Finance costs 1 (12.6 ) (8.9 )
Indirect tax expense 1 (36.8 ) (156.9 )
Profit before tax from operations 211.9 19.1
Tax expense 1 (85.2 ) (45.1 )
Profit/(loss) for the year from continuing operations 126.7 (26.0 )
Gain/(loss) attributable to the parent 110.4 (28.3 )
Non-controlling interest 16.3 2.3
Profit/(loss) for the year 126.7 (26.0 )
Consolidated Statement of Comprehensive Income (continued)
for the year ended 31 December 2025
$m Note 2025 2024
Profit/(loss) for the year (brought forward) 126.7 (26.0 )
Exchange differences on translation of foreign operations:
- Members of the parent 52.4 (25.2 )
- Non-controlling interest (4.8 ) 3.5
Other comprehensive income/(loss) for the year, net of tax 47.6 (21.7 )
Total comprehensive income/(loss) for the year 174.3 (47.7 )
Total comprehensive gain/(loss) attributable to:
Members of the parent 162.8 (53.5 )
Non-controlling interest 11.5 5.8
Total comprehensive income/(loss) for the year 174.3 (47.7 )
Earnings per share Cents Cents
Earnings/(loss) per share 3 5.18 (1.33 )
Diluted earnings/(loss) per share 3 5.14 (1.33 )
The above consolidated statement of comprehensive income should be read in
conjunction with the accompanying notes.
Consolidated Statement of Financial Position
for the year ended 31 December 2025
$m Note 2025 2024
Current assets
Cash 62.6 69.3
Fixed term deposits 68.1 -
Other financial assets - restricted cash 1.9 1.5
Receivables 4 18.4 30.6
Inventories 6 129.3 128.6
Prepayments and other assets 14.2 12.4
Investment at fair value through profit and loss 31.5 -
Income tax asset - 1.7
Total current assets 326.0 244.0
Non current assets
Receivables 4 111.2 80.2
Inventories 6 42.9 42.6
Exploration assets(1) 194.9 14.0
Development assets 219.6 232.5
Property, plant and equipment 251.0 199.3
Right of use asset 4.5 7.0
Total non current assets 824.1 575.5
Total assets 1,150.1 819.6
Current liabilities
Payables 100.9 119.4
Financial liabilities 5 124.9 34.4
Provisions 7 18.4 20.9
Current tax liabilities 77.3 59.9
Lease liabilities 0.5 3.1
Total current liabilities 322.0 237.7
Non current liabilities
Provisions 7 99.7 92.4
Financial liabilities 5 69.7 -
Lease liabilities 6.4 6.2
Total non current liabilities 175.8 98.6
Total liabilities 497.9 336.3
Net assets 652.2 483.2
Equity attributable to equity holders of the parent
Total Contributed Equity 882.7 882.7
Reserves (11.2 ) (64.9 )
Accumulated losses (169.7 ) (280.1 )
Total equity attributable to equity holders of the parent 701.8 537.8
Non-controlling interest (49.6 ) (54.6 )
Total equity 652.2 483.2
(1)The exploration assets includes the Doropo and ABC projects which were
acquired in May 2025.
The above consolidated statement of financial position should be read in
conjunction with the accompanying notes.
Consolidated Statement of Changes in Equity
for the year ended 31 December 2025
$m Contributed equity Net unrealised loss reserve Convertible notes/ Share options equity reserve Non-controlling interests reserve Employee equity benefits reserve Foreign currency translation reserve Accumulated losses Non-controlling interest Total
At 1 January 2025 882.7 (9.7 ) 4.3 (0.6 ) 23.3 (82.2 ) (280.1 ) (54.6 ) 483.2
Profit for the period - - - - - - 110.4 16.3 126.7
Other comprehensive income/(loss), net of tax - - - - 52.4 - (4.8 ) 47.6
Total comprehensive income for the period, net of tax - - - - - 52.4 110.4 11.5 174.3
Dividends declared - - - - - - - (6.6 ) (6.6 )
Share-based payments to employees - - - - 1.3 - - - 1.3
At 31 December 2025 882.7 (9.7 ) 4.3 (0.6 ) 24.6 (29.7 ) (169.7 ) (49.6 ) 652.2
At 1 January 2024 882.7 (9.7 ) 4.3 (0.6 ) 22.2 (57.0 ) (251.8 ) (48.0 ) 542.2
Loss for the period - - - - - - (28.3 ) 2.3 (26.0 )
Other comprehensive loss, net of tax - - - - - (25.2 ) - 3.5 (21.7 )
Total comprehensive loss for the period, net of tax - - - - - (25.2 ) (28.3 ) 5.8 (47.7 )
Share-based payment to employees - - - - 1.1 - - - 1.1
At 31 December 2024 882.7 (9.7 ) 4.3 (0.6 ) 23.3 (82.2 ) (280.1 ) (54.6 ) 483.2
The above consolidated statement of changes in equity should be read in
conjunction with the accompanying notes.
Consolidated Cash Flow Statement
for the year ended 31 December 2025
$m 2025 2024
Cash flows from operating activities
Receipts from customers 865.6 801.0
Payments to suppliers, employees and others (564.4 ) (509.1 )
Exploration expenditure (3.5 ) (5.2 )
Interest paid (4.9 ) (4.8 )
Interest received 1.9 0.3
Indirect tax payments (9.2 ) -
Malian State Settlement Protocol - (159.9 )
Income tax paid (58.9 ) (7.2 )
Net cash flows from operating activities 226.6 115.0
Cash flows used in investing activities
Payments for property, plant & equipment (70.0 ) (72.7 )
Payments for development activities (18.6 ) (23.7 )
Payments for evaluation activities (30.4 ) (8.4 )
Doropo Acquisition (27.4 ) -
Other investing activities (0.8 ) (0.8 )
Investment in term deposits (68.1 ) -
Deferred consideration from sale of Ravenswood Mine - 34.4
Extension Fee on Ravenswood Promissory Note - 0.8
Net cash flows used in investing activities (215.3 ) (70.4 )
Cash flows used in financing activities
Repayment of borrowings - (25.0 )
Dividends paid to non-controlling interest (12.0 ) (6.9 )
Repayment of short term finance facilities - (0.9 )
Repayment of principal portion of lease liability (3.8 ) (3.7 )
Net cash flows used in financing activities (15.8 ) (36.5 )
Net increase in cash and cash equivalents (4.5 ) 8.1
Cash and cash equivalents at the beginning of the year 69.3 59.8
Exchange rate adjustment (2.2 ) 1.4
Cash and cash equivalents at the end of the year 62.6 69.3
The above consolidated cash flow statement should be read in conjunction with
the accompanying notes
Notes to the Preliminary Final Report
for the year ended 31 December 2025
About this Report
The preliminary final report of Resolute Mining Limited and its subsidiaries
for the year ended 31 December 2025 was authorised for issue in accordance
with a resolution of directors.
Resolute Mining Limited (the parent) is a for profit company limited by shares
incorporated and domiciled in Australia whose shares are publicly traded on
the Australian Securities Exchange and the London Stock Exchange.
Basis of Preparation
This report is based on accounts that are in the process of being audited.
This report does not include all the notes normally included in an Annual
Financial Report. Accordingly, this report is to be read in conjunction with
the financial report for the year ended 31 December 2025 and any public
announcements made by Resolute during the reporting period in accordance with
the continuous disclosure requirements of the Corporations Act 2001.
Rounding of Amounts
The Financial Report has been prepared in United States dollars, and all
values are rounded to the nearest one hundred thousand dollars, unless
otherwise stated.
Notes to the Preliminary Final Report
for the year ended 31 December 2025
1. Segment revenues and expenses
For the year ended 31 December 2025 Syama Mako Doropo Corporate/ Other((a)) Total
$'m $'m $'m $'m $'m
Revenue from gold and silver sales 539.1 326.5 - - 865.6
Costs of production (254.0 ) (98.3 ) - - (352.3 )
Segment gross profit 285.1 228.2 - - 513.3
Depreciation and amortisation (66.8 ) (54.1 ) (0.2 ) (0.5 ) (121.6 )
Royalties (69.5 ) (16.3 ) - - (85.8 )
Segment gross profit from operations 148.8 157.8 (0.2 ) (0.5 ) 305.9
Interest income - 1.7 - 4.8 6.6
Other income/ (expense) 1.1 1.0 (1.4 ) (15.0 ) (14.2 )
Gain on fair value adjustment on investments - - - 31.5 31.5
Exploration expense (0.9 ) (8.7 ) (0.6 ) (1.7 ) (12.0 )
Administration and other corporate expenses - - - (23.9 ) (23.9 )
Share based payment expense - - - (1.3 ) (1.3 )
Fair value movements and treasury transactions (40.0 ) 11.1 7.5 (0.5 ) (22.0 )
Obsolete consumables movements (8.9 ) (0.5 ) - - (9.3 )
Finance costs (4.4 ) (1.8 ) - (6.4 ) (12.6 )
Indirect tax expense (34.1 ) (2.6 ) (0.1 ) - (36.8 )
Profit before tax from operations 61.7 158.1 5.2 (13.1 ) 211.9
Income tax expense (21.7 ) (63.9 ) - 0.4 (85.2 )
Profit/(loss) for the year from continuing operations 39.9 94.2 5.2 (12.6 ) 126.7
(a) This information does not represent an operating segment as defined by
AASB 8 'Operating Segments' and forms part of the reconciliation of the
results and positions of the operating segments to the financial statements.
(b) Presentation of segments consists of 2 operating mines (Syama and Mako)
and the Doropo and ABC project, which was acquired in May 2025.
Notes to the Preliminary Final Report
for the year ended 31 December 2025
1. Segment revenues and expenses (continued)
For the year ended 31 December 2024 Mako (Senegal) Syama (Mali) Corp/Other ((a)) Total
$m $'m $'m $'m $'m
Revenue from gold and silver sales 288.3 512.6 - 801.0
Costs of production (134.7 ) (258.3 ) - (393.0 )
Segment gross profit 153.6 254.3 - 408.0
Depreciation and amortisation (66.1 ) (62.0 ) (1.1 ) (129.2 )
Royalties (14.4 ) (44.7 ) - (59.2 )
Segment gross profit from operations 73.1 147.6 (1.1 ) 219.6
Interest income 0.9 0.1 3.9 5.0
Exploration expense (3.7 ) (5.6 ) (0.2 ) (9.5 )
Administration and other corporate expenses - - (19.8 ) (19.8 )
Share based payment expense - - (1.1 ) (1.1 )
Fair value movements and treasury transactions 4.3 (8.4 ) 2.3 (1.8 )
Obsolete consumables movements (1.1 ) (1.8 ) - (2.9 )
Finance costs (1.9 ) (6.0 ) (1.0 ) (8.9 )
Indirect tax expense (26.9 ) (118.8 ) (11.2 ) (156.9 )
Other income (1.6 ) (0.3 ) (2.7 ) (4.6 )
Profit before tax from operations 43.1 6.8 (30.8 ) 19.1
Tax expense (24.9 ) (20.3 ) 0.1 (45.1 )
Profit for the year from continuing operations 18.3 (13.5 ) (30.8 ) (26.0 )
(a) This information does not represent an operating segment as defined by
AASB 8 'Operating Segments' and forms part of the reconciliation of the
results and positions of the operating segments to the financial statements.
Notes to the Preliminary Final Report
for the year ended 31 December 2025
1. Dividends paid or proposed
No dividend has been declared for the year ended 31 December 2025.
1. Earnings per share (EPS)
$m 31. December 2025 31. December 2024
Operating profit/(loss) after tax from continuing operation and preference 110.4 (28.3 )
dividends
Weighted average number of ordinary shares outstanding during the year used in 2,129,696,013 2,129,050,013
the calculation of basic EPS
Weighted average number of ordinary shares outstanding during the year used in 2,148,954,713 2,129,050,013
the calculation of diluted EPS
Earnings per share Cents Cents
Earnings/(loss) per share 5.18 (1.33 )
Diluted earnings/(loss) per share 5.14 (1.33 )
1. Receivables
31 December 2025 31 December 2024
$m $m
Current
Trade receivables 2.6 1.2
Taxation receivables 15.8 29.5
Total 18.4 30.6
Non-current
Promissory notes receivables 50.1 42.0
Taxation receivables 61.1 38.1
Total 111.2 80.2
Notes to the Preliminary Final Report
for the year ended 31 December 2025
1. Financial liabilities
31 December 2025 31 December 2024
$m $m
Current
Bank overdraft 46.2 34.2
Doropo deferred consideration 75.3 -
Borrowings 3.4 0.2
Total 124.9 34.4
Non-current
Doropo deferred consideration 61.5 -
Borrowings 8.2 -
Total 69.7 -
1. Inventories
31 December 2025 31 December 2024
$m $m
Doré bars 46.3 17.4
Gold in circuit 42.4 47.8
Ore stockpiles 29.9 53.4
Consumables, spare parts and supplies 53.6 52.6
Total inventories 172.2 171.2
Less: non-current metal inventories (42.9 ) (42.6 )
Current portion of inventories 129.3 128.6
1. Provisions
31 December 2025 31 December 2024
$m $m
Current
Site restoration 2.2 2.2
Employee entitlements 11.5 10.6
Dividend payable - 5.6
Other provisions 4.7 2.4
Total 18.4 20.9
Non-current
Site restoration 99.5 92.2
Employee entitlements 0.2 0.2
Total 99.7 92.4
Notes to the Preliminary Final Report
for the year ended 31 December 2025
1. Subsequent events
Doropo Gold Project Mining Permit
On 5 February 2026, the Council of Ministers formally announced the granting
of the mining permit for the Doropo Gold Project in Côte d'Ivoire. The permit
is valid for an initial term of 14 years, with the option to extend. Receipt
of the Doropo mining permit represents a significant step toward Resolute's
ambition to become a leading multi-asset gold producer in West Africa. This
milestone supports the Company's strategy to increase annual gold production
to more than 500 koz by the end of 2028 and reinforces its commitment to
disciplined growth and long-term shareholder value.
Loncor Shareholding
On 11 February 2026, Resolute completed the sale of its shareholding in
TSX-listed Loncor Gold Inc. to Chengtun Mining Group Co., Ltd. for cash
consideration of $43.4 million CAD ($31.45 million USD).
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