REG - Resolute Mining Ltd - December 2022 Quarterly Results and CY23 Guidance

Resolute MiningAnnouncement

31/01/2023 07:01

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RNS Number : 3802O  Resolute Mining Limited  31 January 2023

 31 January 2023

Quarterly Activities Report
For the quarter ending 31 December 2022 ('December quarter' or 'the Quarter')

 

Highlights

•    Total Recordable Injury Frequency Rate (TRIFR) a record low of 0.41,
with a 34% decrease from the preceding Quarter

•    Quarterly production (gold poured) of 91,777 ounces (oz), the fifth
consecutive quarter of increased production and total production for CY22 of
353,069oz (exceeding CY22 guidance of 345,000oz)

•    All-In Sustaining Cost (AISC) of $1,547/oz for the Quarter, with a
full year AISC of $1,498/oz (CY22 guidance $1,425/oz)

•    Quarterly gold sales of 93,326oz at an average realised gold price
of $1,817/oz compared to the average spot price of $1,726/oz

•    Net Debt of $31.6 million (down 80% from $156.5 million), including
Cash and Bullion of $94.0 million

•    Successful equity capital raising of A$164 million, with
participation from Tier 1 institutional investors

•    $105 million allocated to the Group's Revolving Credit Facility
(RCF)

•    Available liquidity (including cash, bullion, and undrawn RCF) of
$209 million

•    Receipt of the final tranche of Bibiani sale proceeds of $20 million
received

•    ISO 14001 and ISO 45001 certification status awarded across the
Group

•    Group production guidance for 2023 of 350,000oz at an AISC of
$1,480/oz

•    Subsequent to Quarter end, the Company announced a 58% Mineral
Resource increase at Syama North to 34 million tonnes at a grade of 2.9g/t Au
for 3.18 million ounces

Note: Unless otherwise stated, all dollar figures are United States dollars
($).

 

Resolute Mining Limited (Resolute, the Company or the Group) (ASX/LSE: RSG) is
pleased to present its Quarterly Activities Report for the period ended 31
December 2022, together with production and cost guidance for 2023.

Terry Holohan, CEO and Managing Director, commented, "I am pleased to report
that Resolute has recorded its fifth consecutive quarter of increased
production, closing out a productive year for the Company with 353,069oz gold
poured, exceeding our 2022 guidance of 345,000oz.

"Notably, sulphide gold production at Syama of 161,479 ounces was at its
highest level since the main open pit operations ceased in 2015. This is a
significant achievement, capitalising on the improvements made to the sulphide
processing circuit undertaken in the first quarter of 2022.

"Group AISC for the full year came in above guidance, impacted by inflationary
pressures which have been felt across the entire industry, especially in
respect of fuel and consumables.

"The Company continues to focus on systematic improved performance, with
production guidance for 2023 of 350,000oz at an AISC of $1,480/oz. The
pre-feasibility study (PFS) into low capital expansion options for the Syama
North project is progressing well. The results of this are expected to be
released in the second quarter of 2023.

"Following the successful equity raising in December, Resolute is well
positioned entering 2023 with a financial platform for growth, including the
Company's Syama North expansion plans"

 

Operations Overview

The December Quarter resulted in a fifth consecutive quarterly increase in
production, with gold poured of 91,777oz and gold recovered of 88,503oz, up 2%
and 4%, respectively, over the preceding quarter. This improved performance
benefited from a 29% increase in Syama oxide production, its highest quarterly
production for the year, with marginally lower gold production from Syama
sulphide and at Mako.

Group gold poured in 2022 was 353,069oz, 2% above 2022 guidance of 345,000oz.
AISC for the year of $1,498/oz was higher than 2022 guidance of $1,425/oz,
reflecting the persistent impact of inflation felt across fuel (diesel and
heavy fuel oil), reagents and consumables across mining and milling at both
sites.

The Company's performance, compared to the previous quarter and the prior
comparable quarter, is set out below which demonstrates the overall systematic
improvements in the mines' physicals in a concerted effort to minimize the
impact of the ongoing inflationary headwinds:

Table 1: Resolute Group Operational Performance Summary

Refer to the Appendix for Resolute's production and costs for the December 2022 Quarter and the year.

 

Environmental Social Governance

Resolute's TRIFR at 31 December 2022 was 0.41, a record low attributable to an
ongoing focus on training and safety. The Company is pleased to report year on
year improvement in ESG ratings with 2022 sector rating in the 83rd percentile
by the S&P Dow Jones CSA and 82nd percentile by Moody's. The Company is
also pleased to report it has significantly aligned (88%) with the World Gold
Council's Responsible Gold Mining Principles (RGMPs) following a Year 2
external assurance process and is on track to meet the 100% achievement
according to the Company's mid-2023 deadline.

As announced on 12 January 2023 (see ASX announcement "Resolute achieves ISO
14001 45001 certification status") the Group has been awarded the globally
recognised International Organization for Standardisation (ISO) certification
for ISO:45001:2018 (Occupational Health & Safety) and ISO:14001:2015
(certification Environmental Management Systems).

 

Syama, Mali

The Syama sulphide operation produced 43,508oz, a decrease of 3% from the
prior quarter at a lower AISC of $1,400/oz. The oxide operations delivered the
highest production quarter for the year with a 29% increase in gold poured,
producing 17,834oz at a reduced AISC of $1,693/oz due to significantly higher
throughputs and marginally higher grades. Further details of these two
operations are set out below.

Syama sulphide

Table 2: Sulphide Production and Cost Summary

 

The December quarter was another strong quarter for the underground mine with
both tonnes and grade mined being the highest achieved during 2022. Tonnes
mined during the Quarter was 21% higher than the highest previous quarter in
2022 (March 2022) while maintaining planned grades. Higher fleet utilisation
and availability contributed to the increase in ore mined, whilst the
continued increase in the grade reflects the current areas being mined and
continued improvement in cave flow management. Mining grades for the
underground are now at or above the 31 December 2021 reserve grade of 2.6g/t.
Underground grade control drilling was accelerated during 2022 for the
underground mine enabling better mine to mill reconciliation, achieving an
acceptable variance of less than 5% by year end.

 

The processing grade benefitted from the increase in the mined grade as well
as ongoing processing of reclaimed material from gold in circuit ponds and
stockpiles. Throughput decreased by 3%, reflecting minor unplanned downtime in
the crushing and milling circuits. For the full year 2022, record roaster
throughput of 175,165t was achieved despite the over 35+ day planned
maintenance in Q1 2022. This performance capitalised on the enhancements made
during this major shutdown.

 

AISC of $1,400/oz was lower than the September quarter, with reductions in
sustaining capital costs and a build-up of stockpiles. This was offset by
increased mining and processing costs. The higher tonnes mined (noted above)
as well as increased development metres drilled (up 45%), resulted in
marginally higher mining costs.

 

Syama oxide

Table 3: Oxide Production and Cost Summary

The mining grade increased in the Quarter to 1.55g/t, the highest for 2022,
with the majority of the ore coming from the Tabakoroni North pit.

Oxide throughput for the December quarter was also the highest for the year as
plant debottlenecking continues. This, together with improved grade delivered
from the mine resulted in the highest gold poured for the year. Operations in
December were able to capitalise on the grade control work undertaken in the
first half of 2022. Current grade control drilling is over six months ahead of
the mining plan. Oxide AISC/oz was 3% lower than the September quarter,
attributable to the increase in gold poured.

 

Mako, Senegal

Mako gold production for the Quarter was 30,435oz at an AISC of $1,520/oz. The
operational performance for Mako is set out in the table below.

Table 4: Mako Production and Cost Summary

Ore mined at Mako increased by 7% to 781,000 tonnes for the Quarter. The
higher tonnes mined will allow for future grade control drilling to commence,
as preparation work for the next mining stage. Total mined grade was down 2%
affected by the higher volume of lower grade material moved as noted above.

Throughput increased 7%, representing continued optimisation of the mill
configuration. The decrease in process grade to 1.91g/t is reflective of the
lower mine grade as noted above. Gold recovered remained broadly in line with
the prior quarter at 30,860oz with gold poured of 30,435oz. As a result of the
Mill Slicer software that was installed in late 2021 planned down-time for the
SAG mill relines has reduced 25% on an annual basis.

AISC increased 8% to $1,520/oz, due to the decrease in gold poured and the
continued pressure on mining contractor costs and consumables as well as an
increase in haulage costs in line with expectations as the pit deepens.

 

Exploration

Total exploration spend for the December quarter was $3.9 million, with
intensive drilling programs continuing in Syama throughout the Quarter. The
full year exploration expenditure was marginally higher than the $15 million
guidance due to accelerated drilling at Syama North in the December Quarter
based upon the positive results being returned.

 

Syama North Exploration

Since the updated Mineral Resource Estimate announcement in August 2022
(further updated in January 2023), drilling has focussed on improving the
confidence and classification of the Mineral Resource. Most of the drilling
since the last announcement was infill drilling to achieve a nominal 50 x 50
metre pattern required for JORC 2012 Indicated classification. There was also
extensional drilling completed in areas of wide zones, such as in the A21
northern section, of mineralisation.

Results from this drilling campaign were above expectations with ore grade
intervals seen in most holes. Better results received since August 2023 are
shown below:

QVRC598 - 17m @ 5.33g/t Au from 53m

QVRC615 - 22m @ 4.74 g/t Au from 118m

QVRC631 - 36m @ 3.03 g/t Au from 57m

QVRD587 - 18m @ 70.40g/t Au from 198m

QVRD592 - 18m @ 5.04g/t Au from 173m

QVRD603 - 57m @ 3.63g/t Au from 150m

QVRD604 - 73m @ 3.97g/t Au from 168m

QVRD609 - 21m @ 12.73g/t Au from 156m

QVRD609 - 10m @ 11.89g/t Au from 191m

QVRD610 - 52m @ 3.73g/t Au from 171m

QVRD618 - 20m @ 4.72g/t Au from 191m

 

The wide zone of gold mineralisation discovered in QVRD538 (46m @ 1.83g/t Au
from 143m and 30m @ 3.88g/t Au from 202m), which was reported in August 2022
was the main focus for infill drilling since that time. Infill drilling has
confirmed and expanded this wide zone with excellent intersections in QVRD603
(57m @ 3.63g/t), QVRD604 (73m @ 3.97g/t), QVRD609 (21m @ 12.73g/t) and QVRD610
(52m @ 3.73g/t). These results have underpinned a large increase in the volume
of gold mineralisation.

The high-grade zones of mineralisation at Quartz Vein Hill located south of
A21 were reported in the June and August announcements last year. Infill and
extensional drilling were carried out using mainly RC drilling due to the
shallow depths of the mineralisation. Results from this drilling continued the
success of previous programs with excellent intersections in many holes.
Notably very high-grade results were seen in QVRD587 (18m @ 70.4g/t), QVRD592
(18m @ 5.04g/t), QVRC598 (17m @ 5.33g/t) and QVRC615 22m @ 4.74g/t) which have
extended the mineralisation in the Quartz Vein Hill area. The gold grades and
widths in this southern zone are sufficient to allow for underground
operations if strip ratios preclude open pit mining.

The Syama North gold deposit remains open down-dip over the entire 6km strike
length. Diamond drilling is ongoing and expected to continue throughout 2023
to extend and increase Mineral Resource confidence in the deposit.

 

Syama North Mineral Resource Estimate

The Syama Mineral Resource Estimation (MRE) was updated in December 2022 using
wireframe constrained Ordinary Kriged (OK) estimation methodology, with
identical parameters to the previous estimate published in August 2022. The
outcomes of the updated MRE and the drilling results from the last quarter
were announced to the market in January 2023 (See ASX Announcement dated 19
January 2023).

The Global Mineral Resources at Syama North is now estimated at 34.0 million
tonnes at 2.9g/t Au for 3.18 million ounces at a cut-off grade of 1g/t Au.
Resource classification and material types are shown below in Tables 5 and 6.

The Mineral Resource has increased by 58% over the previous estimate, driven
entirely by an increase in volume of gold mineralisation. The overall grade of
this MRE is marginally lower at 2.9g/t, compared to 3.1g/t for the previous
estimate, due to the addition of a further 14 Mt of mineralisation with the
majority, in the Inferred Category, at 2.8 g/t.

Aeromagnetic Survey

A high-resolution helicopter borne aeromagnetic survey was completed across
the entire 85 km strike of the Syama belt during the September Quarter in
2022. A total of 30,000 line kilometres were completed with the processed data
delivered in the December quarter. An interpretation is underway to identify
new exploration targets in the Syama Belt. The new data will be particularly
useful to guide oxide exploration to help with further expansion of the oxide
resources.

 

Corporate

( )

Chart 1: Quarterly Cash and Bullion Movements in US dollars

The average realised gold price achieved for the December quarter was
$1,817/oz compared to the average spot price of $1,726/oz representing
approximately $8.4 million additional revenue (net of royalties). Asset sale
proceeds of $23.6 million consisted of $20.0 million received for Bibiani and

$3.6 million from the sale of B2Gold shares. Debt repayments consisted of
$105.0 million on the Revolving Credit Facility (RCF).

During the Quarter, a further $10.6 million of working capital outflows were
incurred, reflecting the higher costs continuing to be felt on consumables and
reagents.

 

Balance sheet

Net debt decreased by $124.9 million to $31.6 million at 31 December 2022.
Total borrowings at 31 December 2022 were $125.6 million, comprising $80.0
million drawn on the Term Loan Facility and RCF, overdraft facilities in Mali
of $36.1 million and Senegal of $9.5 million. Available liquidity of $209
million includes cash and bullion of $94.0 million and $115.0 million of
undrawn RCF. As at the date of this release, the RCF has been fully repaid and
is unutilised.

 

Equity capital raise

During the Quarter, the Company successfully completed an initial
institutional placement (Placement) and partially underwritten 1 for 1.11
existing share entitlement offer (Entitlement Offer). The Entitlement Offer
consisted of an institutional component (Institutional Entitlement Offer), and
a subsequent retail component (Retail Entitlement Offer). A$164 million was
raised at the offer price of A$0.16 per New Share. Further information
concerning the Equity Raising is contained in the Resolute Investor
Presentation released to the ASX and LSE on 10 November 2022 which is
available on the Company's website. The table below summaries the amounts
received:

 

Bibiani sale proceeds

Resolute received $20 million during the Quarter including the third and final
tranche for the sale of the Bibiani Gold Mine from Asante Gold Corporation
(Asante). Under the agreement with Asante, an additional $2.7 million in
respect of an environmental bond plus interest on deferred consideration was
due on 18 November 2022. Asante failed to make this payment and consequently
Resolute has commenced legal proceedings to recover this amount.

 

The Company also has in place 12,000oz of zero cost collars in the March 2024
quarter comprising put options at an average of $1,600/oz and call options at
an average of $1,873/oz.

Resolute maintains a policy of discretionary hedging in compliance with
funding obligations, which require a minimum of 30% of the next 15 months of
forecast production to be hedged.

 

Syama sulphide

Production for Syama sulphide in 2023 is forecast to be 160,000oz (2022:
161,479oz) at an AISC of $1,400/oz (2022: $1,410/oz). Production is forecast
to be in line with 2022. Production in 2023 is forecast to principally come
from increased run of mine production, with a significant reduction in the
recovery of material from gold in circuit ponds, from which 19,957oz was
recovered in 2022. This recovery of material from ponds is expected to be less
in 2023 having the effect of offsetting the overall higher physical
throughputs expected in 2023.

 

Syama oxide

Production for Syama oxide in 2023 is forecast to be 73,000oz (2022: 62,165oz)
at an AISC of $1,365/oz (2022: $1,801/oz). The increase in production reflects
higher grades. Extensive grade control drilling was conducted in 2022 to
provide greater confidence in the mined grade for 2023. AISC is forecast to
reduce, due to both the decrease in volume mined and a reduction in haulage
distance, combined with this increase in gold produced.

Given the current PFS underway on Syama North and the expected sulphide plant
expansion, further performance and costs post 2023 for Syama per se, will not
be provided at this point.

 

Mako

Production at Mako for 2023 is forecast to be 117,000oz (2022: 129,425 oz) at
an AISC of $1,470/oz. Production guidance is lower than the 2022 production of
129,425oz, due to a focus on completing the lower grade Stage 6 allowing for
in-pit dumping of waste in 2024. This will subsequently allow access to higher
grade ore and lower stripping ratios, enabling higher production, in 2024 and
2025, along with expected lower costs. The increase in AISC in 2023 to
$1,470/oz (2022: $1,318/oz) is partially due to the expiry of the tax
exoneration from July 2023, whereby Mako will incur additional duty costs.
This equates to approximately $50/oz for CY2023. As the duties are incurred in
the second half of the year, the impact is forecast to be ~$110/oz with 55koz
impacted from H2 production.

 

Additionally, 2025 is forecast to be the final year of mining at Mako, with a
gradual reduction in the volume mined over the next 3 years. As such overall
total costs are expected to reduce given this reduction in material moved. No
further major pit extensions/cutbacks are planned post 2023.  From 2025
onwards lower grade stockpiles will be processed for up to 2 years unless
further ore bodies are delineated by Exploration.

 

Exploration

The exploration forecast remains in line with CY22 totalling $16 million with
most of the expenditure (~$10m) allocated to Mali and the continued
exploration at Syama North. This forecast is based on funding from current
cash flows with no additional allocation from the 2022 equity raise for Syama
North.

 

Exploration programs continue at Mako, with four major drill targets, to
delineate further feed for the Mako mill from 2025 onwards.

 

Capital Expenditure

Total sustaining capital included in AISC is forecast to be $34 million. This
includes $9 million of stripping costs at Syama with other sustaining capital
projects, including $9 million of underground fleet equipment replacement at
Syama and $3 million tailings management at Mako.

Non-sustaining capital totals $54 million, including $25 million of Mako
stripping costs, which have been classified as non-sustaining due to the pit
extension required to access the final stage of the Mako main pit. Other
non-sustaining capital includes $8 million for the acquisition of the power
plant at Mako, $4 million for various projects to increase throughput capacity
at the Syama sulphide circuit and $4 million towards expansion studies at
Syama.

 

Reporting Calendar

25 April 2023 - March Quarterly Activities Report

 

Investor and analyst conference call

Resolute will host two conference calls for investors, analysts, and media on
Tuesday, 31 January 2023, to discuss the Company's Quarterly Activities Report
for the period ending 31 December 2022. Both calls will conclude with a
question-and-answer session.

Conference Call 1 (pre-registration required)

Conference Call 1: 08:00 (AWST, Perth) / 11:00 (AEDT, Sydney)

Pre-Registration Link: https://s1.c-conf.com/diamondpass/10028396-wan97p.html
(https://s1.c-conf.com/diamondpass/10028396-wan97p.html)

Participants will receive a calendar invite with dial-in details once the
pre-registration process is complete.

Conference Call 1 will also be streamed live online at:
http://www.openbriefing.com/OB/5047.aspx
(http://www.openbriefing.com/OB/5047.aspx)

Conference Call 2 (pre-registration required)

Conference Call 2: 09:00 (GMT, London) / 17:00 (AWST, Perth)

Pre-Registration Link: https://s1.c-conf.com/diamondpass/10028398-fdt5fv.html
(https://s1.c-conf.com/diamondpass/10028398-fdt5fv.html)

Participants will receive a calendar invite with dial-in details once the
pre-registration process is complete.

Conference Call 2 will also be streamed live online at:
https://www.openbriefing.com/OB/5048.aspx
(https://www.openbriefing.com/OB/5048.aspx)

 

About Resolute

Resolute Mining (ASX/LSE: RSG) is an African gold miner, developer, and
explorer with more than 30 years of experience across Australia and Africa. To
date the Company has produced over nine million ounces of gold. It currently
operates the Syama Gold Mine in Mali and the Mako Gold Mine in Senegal.
Resolute's gold production and cost guidance for 2023 is 350,000oz at an AISC
of $1,480/oz.

 

Through all its activities, sustainability is the core value at Resolute. This
means that protecting the environment, providing a safe and productive working
environment for employees, uplifting host communities, and practicing good
corporate governance are non-negotiable priorities. Resolute's commitment to
sustainability and good corporate citizenship has been cemented through its
adoption of and adherence to the Responsible Gold Mining Principles (RGMPs).
This framework, which sets out clear expectations for consumers, investors,
and the gold supply chain as to what constitutes responsible gold mining, is
an initiative of the World Gold Council of which Resolute has been a member
since 2017. The Company is on track to reach full compliance with the RGMPs in
2023.

 

Contact
 Resolute                                         Public Relations

 James Virgo, GM Finance and Investor Relations   Jos Simson / Emily Moss, Tavistock

 contact@rml.com.au                               resolute@tavistock.co.uk

 +61 8 9261 6100                                  +44 207 920 3150 / +44 7788 554 035

 Australian Media                                 Corporate Broker

 Cameron Morse, FTI Consulting                    Jennifer Lee, Berenberg

 cameron.morse@fticonsulting.com                  +44 20 3753 3040

 +61 433 886 871

 

 

Appendix

December 2022 Quarter Production and Costs (unaudited)

Full-year 2022 Production and Costs (unaudited)

Competent Persons Statement

For details of the Exploration Results and the estimates of the Mineral
Resources and Ore Reserves used in this presentation, please refer to ASX
Announcements dated 4 March 2022 titled "Ore Reserve and Mineral Resource
Statement", 4 March 2022 titled "Life of Mine Production Update", 30 August
2022 titled "Two Million Ounce Mineral Resource at Syama North", 27 October
2022 titled "September 2022 Quarterly Activities Report" and 19 January 2023
titled "Over 3Moz Mineral Resource at Syama North". The Company is not aware
of any new information or data that materially affects the Mineral Resources
and Ore Reserves as reported in those ASX Announcements.

The information in this report that relates to the production targets in
respect of Syama North and Mako, and resultant financial forecast information,
is based on information compiled by Mr Terry Holohan, C. Eng. (UK), a member
of the Institute of Materials, Minerals and Mining (IOM3). Mr Holohan has more
than 40 years' experience relevant to processing of Ores similar to the type
under consideration and to the activity which he is undertaking to qualify as
a Competent Person, as defined in the 2012 Edition of the "Australasian Code
for Reporting of Exploration Results, Mineral Resources and Ore Reserves" (the
JORC Code). Mr Holohan is a full-time employee of the Resolute Mining Limited
Group and has consented to the inclusion of the matters in this report based
on his information in the form and context in which it appears. This
information was prepared and disclosed under the JORC Code 2012 except where
otherwise noted.

Cautionary Statement about Forward-Looking Statements

This announcement contains certain "forward-looking statements" including
statements regarding our intent, belief, or current expectations with respect
to Resolute's business and operations, market conditions, results of
operations and financial condition, and risk management practices. The words
"likely", "expect", "aim", "should", "could", "may", "anticipate", "predict",
"believe", "plan", "forecast" and other similar expressions are intended to
identify forward-looking statements. Indications of, and guidance on, future
earnings, anticipated production, life of mine and financial position and
performance are also forward-looking statements. These forward-looking
statements involve known and unknown risks, uncertainties and other factors
that may cause Resolute's actual results, performance and achievements or
industry results to differ materially from any future results, performance or
achievements, or industry results, expressed or implied by these
forward-looking statements. Relevant factors may include (but are not limited
to) changes in commodity prices, foreign exchange fluctuations and general
economic conditions, increased costs and demand for production inputs, the
speculative nature of exploration and project development, including the risks
of obtaining necessary licences and permits and diminishing quantities or
grades of reserves, political and social risks, changes to the regulatory
framework within which Resolute operates or may in the future operate,
environmental conditions including extreme weather conditions, recruitment and
retention of personnel, industrial relations issues and litigation.

Forward-looking statements are based on Resolute's good faith assumptions as
to the financial, market, regulatory and other relevant environments that will
exist and affect Resolute's business and operations in the future. Resolute
does not give any assurance that the assumptions will prove to be correct.
There may be other factors that could cause actual results or events not to be
as anticipated, and many events are beyond the reasonable control of Resolute.
Readers are cautioned not to place undue reliance on forward-looking
statements, particularly in the current economic climate with the significant
volatility, uncertainty and disruption caused by the COVID-19 pandemic.
Forward-looking statements in this document speak only at the date of issue.
Except as required by applicable laws or regulations, Resolute does not
undertake any obligation to publicly update or revise any of the
forward-looking statements or to advise of any change in assumptions on which
any such statement is based. Except for statutory liability which cannot be
excluded, each of Resolute, its officers, employees and advisors expressly
disclaim any responsibility for the accuracy or completeness of the material
contained in these forward-looking statements and excludes all liability
whatsoever (including in negligence) for any loss or damage which may be
suffered by any person as a consequence of any information in forward-looking
statements or any error or omission.

 

Authorised by Mr Terry Holohan, Managing Director and Chief Executive Officer

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