REG - Resolute Mining Ltd - June 2022 Quarterly Activities Report
28/07/2022 07:00
For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20220728:nRSb0524Ua&default-theme=true
RNS Number : 0524U Resolute Mining Limited 28 July 2022
28 July 2022
Resolute Mining Limited
(Resolute or the Company)
Quarterly Activities Report
for the quarter ending 30 June 2022 (June quarter or the Quarter)
Highlights
• Total Recordable Injury Frequency Rate (TRIFR) of 0.89, the lowest
for 12 months and a 9% decrease from the preceding quarter
• Quarterly gold poured of 89,134 ounces (oz), an increase of 9% on
the prior quarter, benefiting from performance improvements at Syama Sulphide,
offset by scheduled minor shutdowns at Mako and Syama Oxide processing plants
• Syama Sulphide operations milled record tonnes of 610kt in line with
a now re-rated annualised 2.4Mtpa capacity and record Roaster throughput of
49kt
• Unit cash costs (AISC excluding non-cash adjustments) remain
consistent with the March quarter, with the 9% increase in production
offsetting the cost pressure noted below
• All-In Sustaining Cost (AISC) of $1,540/oz was up 11% from the March
quarter, reflecting higher fuel and consumables costs; a planned increase in
waste stripping and grade control drilling for the Syama Oxide operation;
higher sustaining capex on tailings facilities; and adverse non-cash
adjustments
• Quarterly gold sales of 84,944oz at an average realised gold price
of $1,802/oz
• Key preparation work completed at Syama open pit operations ahead of
the wet season
• Highly promising Syama North drilling results indicate the potential
for a new open pit Sulphide operation close to the Syama processing operation
• An updated Mineral Resource Estimate for Syama North will be
completed in the second half of 2022
• Voluntary debt repayments of $15 million on Revolving Credit
Facility (RCF), lowering borrowing costs
• Cash and Bullion of $81.8 million with Net Debt of $182.8 million
• Subsequent to quarter end, the economic and financial sanctions
imposed on Mali by ECOWAS in January 2022 were lifted
• Full year 2022 production and cost guidance maintained at 345,000oz
at an AISC of $1,425/oz
Note: Unless otherwise stated, all dollar figures are United States dollars
(US$).
Resolute Mining Limited (Resolute or the Company) (ASX/LSE: RSG) is pleased to
present its Quarterly Activities Report for the period ended 30 June 2022.
Terry Holohan, CEO and Managing Director, commented, "I am pleased to report
another progressive quarter at Resolute where gold production of 89,134
ounces was the fourth consecutive quarter on quarter increase reflecting the
operational improvements being implemented at Syama in Mali.
We are particularly pleased with the performance at Syama's Sulphide operation
since the scheduled maintenance shut down in March. This quarter saw a 40%
increase in production which is 26% higher than the average quarterly Sulphide
production in 2021.
Despite inflationary pressures being felt, we remain focused on maintaining
and improving the Group's production profile for the remainder of 2022. This,
coupled with ongoing cost control efforts, should offset some of these
pressures.
We are progressing the exploration programme at Syama, which has delivered
very promising drill results and has the potential to add significant Sulphide
resources below the historic Oxide open pits at Syama North. An updated
mineral resource will be announced in the second half of this year."
Operations Overview
Gold poured during the Quarter was 89,134oz, 9% higher than the prior quarter,
reflecting the substantial increase in production from Syama Sulphide as
mentioned above. This enhanced performance was underpinned by record tonnes
milled of 610kt, in line with a now re-rated annualised 2.4Mtpa capacity and
continued high availability and record throughput of 49kt for the Roaster -
17% higher than the previous highest quarter.
The Syama Oxide operations focused on preparation work for the second half of
2022, with significant pre-stripping activity ahead of the wet season. Total
material moved was 27% higher than the March quarter, with the majority of
this extra movement relating to waste removal. As a result of this focus on
waste stripping, mined grades for the Quarter reduced, with a seven-day
planned mill shutdown also contributing to lower production for the Quarter.
Mako delivered steady production in line with expectations and the prior
quarter, with a planned mill reline completion during the Quarter. The Mako
mill grade of 2.33g/t improved 6% over the March quarter, benefiting from the
blending of stockpiled material. The higher grades also benefited recovery
rates.
As noted in Table 1 below, unit cash costs (AISC excluding non-cash
adjustments) remain consistent with the March quarter, with the 9% increase in
production offsetting increased fuel and consumables costs, as well as higher
sustaining capital relating to tailings storage. However, the June quarter
AISC was up 11%, adversely impacted by non-cash adjustments of $68/oz, whereas
the March quarter benefited $103/oz from these adjustments. Notwithstanding
these quarter on quarter movements in non-cash items, AISC for the first half
of 2022 was $1,463/oz, with a total non-cash benefit of $14/oz.
Resolute's group performance compared to the previous quarter and prior comparable quarter is set out in the table below:
Group Summary Units June March Change June
2022 Quarter 2022 Quarter 2021 Quarter
Mining
Ore Mined t 1,693,387 1,649,964 3% 1,554,097
Mined Grade g/t 1.88 1.88 0% 2.03
Processing
Ore Processed t 1,487,949 1,275,252 17% 1,456,921
Processed Grade g/t 2.13 2.01 6% 2.00
Recovery % 86.3 87.7 (2%) 85.3
Gold Recovered oz 86,060 71,868 20% 79,318
Gold Poured oz 89,134 81,770 9% 77,450
Sales
Gold Sold oz 84,944 88,773 (4%) 68,103
Average Realised Price $/oz 1,802 1,846 (2%) 1,714
Cost
AISC $/oz 1,540 1,383 (11%) 1,319
Cash costs $/oz 1,472 1,486 1% 1,412
Table 1: Resolute Group Operational Performance Summary
Refer to the Appendix for a complete summary of Resolute's production and costs in the June 2022 quarter and the year to date.
CY22 Guidance
The Group maintains its full year 2022 production guidance of 345,000oz, noting the strong performance at the Syama Sulphide and Mako operations which are expected to offset Syama Oxide's lower production.
The higher production at Syama Sulphide and Mako is expected to mitigate inflationary pressures including elevated fuel and consumable prices experienced during the first half of 2022. As a result, the Group maintains its cost guidance at an AISC of $1,425/oz. However, we note that unit costs may be adversely affected if input costs continue to rise.
Health and Safety
Resolute's TRIFR at 30 June 2022 was 0.89, the lowest reported in the last 12 months. Pleasingly, the strict protocols implemented by the Company to manage COVID have ensured a low incident level. The focus now also includes Malaria prevention as the operations head into the wet season. Resolute's employees' and contractors' health, safety, and well-being remain its top priority.
Mali update
Subsequent to the Quarter end, on 3 July 2022, it was announced that the economic and financial sanctions imposed on Mali by ECOWAS (Economic Community of West African States) on 9 January 2022 were lifted (see announcement dated 5 July 2022 for further details). The ECOWAS decision was made after Mali's interim government proposed a 24 month transition to democracy and published a new electoral law.
Syama, Mali
The Syama Sulphide operation produced 42,759oz, an increase of 40% from the
prior quarter, at an AISC of $1,451/oz. The Oxide operations produced 12,726oz
at an AISC of $2,336/oz with an elevated cost due to significant preparation
work required for the second half of 2022, ahead of the wet season. Further
details of these two operations are set out below:
Syama Sulphide
Quarter Mining Processing Costs
Ore Grade Ore Grade Recovery Gold Poured AISC
(t) (g/t) (t) (g/t) (%) (oz) ($/oz)
March 2022 548,937 2.40 351,024 2.47 77.8% 30,466 1,365
June 2022 548,543 2.49 609,916 2.54 77.0% 42,759 1,451
YTD 1,097,480 2.45 960,940 2.52 77.3% 73,225 1,415
Table 2: Sulphide Production and Cost Summary
Underground ore mined was in line with the prior quarter and Sulphide ore
grade was up 4% to 2.49g/t, benefiting from the ongoing improvement in cave
management and flow modelling.
Tonnes milled of 610kt and roasted of 49kt were both records for the Syama
operation. The excellent performance of the Sulphide plant resulted in
improved mill availability and throughput rates following the successful
completion of the shutdown in the previous quarter. Processed grade increased
by 3% due to the combined improvement in mined grade noted above and selective
processing of ore stockpiled during the prior quarter.
Gold poured increased 40% compared to the March quarter, reflecting the record
throughput noted above and the ongoing reclamation of gold in circuit.
The Quarterly AISC of $1,451/oz was impacted by higher fuel costs affecting
both mining and milling, major maintenance and equipment rebuilds, and
non-cash adjustments arising from the processing of higher cost ore and
concentrate stocks, as noted above. As noted in the 2022 guidance, a total of
$16 million (across the Group) spend is expected on tailings storage and
several other sustaining capital items (see announcement dated 20 January 2022
for further details), with $6.3 million recognised in the current quarter
equated to $148/oz.
Syama Oxide
Quarter Mining Processing Costs
Ore Grade Ore Grade Recovery Gold Poured AISC
(t) (g/t) (t) (g/t) (%) (oz) ($/oz)
March 2022 465,315 1.27 411,983 1.39 89.6 17,728 1,567
June 2022 434,696 1.15 392,611 1.23 87.7 12,726 2,336
YTD 900,011 1.21 804,594 1.31 88.7 30,454 1,888
Table 3: Oxide Production and Cost Summary
Oxide mining continued at the Tabakoroni Splay pit and Syama North at Beta and
BA04. The focus for the Quarter was on pre-stripping activity and preparation
for the wet season, with total material moved (waste and ore) of 1.83 million
BCM, up 27% compared to the March quarter of 1.44 million BCM. Ore tonnes
mined were 6% lower than the prior quarter, with the reduction in grade also
reflecting the focus on this pre-strip activity and the ore zones mined.
Tonnes processed of 392kt were 5% lower than the preceding quarter, primarily
due to a seven day planned shutdown for the Oxide mill reline. Processed
grades reflected the lower mined grade and continued blending of stockpiles
material, which also had a corresponding impact on the recovery rates. These
factors resulted in reduced gold poured compared to the previous quarter.
Oxide AISC of $2,336/oz was impacted by higher diesel and consumables costs,
lower grades and higher pre-strip undertaken ahead of the wet season. Higher
grades in the second half are expected to lead to a reduction in AISC per
ounce. In light of recent inflationary pressures and the reduction in grades,
a review of the remaining Oxide deposits and stockpiles is underway to
re-optimise the feed to the plant.
Mako, Senegal
Gold production at Mako during the Quarter totalled 33,649oz at an AISC of
$1,205/oz. The operational performance for Mako is set out in the table below.
Quarter Mining Processing Costs
Ore Grade Ore Grade Recovery Gold Poured AISC
(t) (g/t) (t) (g/t) (%) (oz) ($/oz)
March 2022 635,713 1.88 512,244 2.20 92.8 33,575 1,154
June 2022 710,149 1.93 485,422 2.33 93.3 33,649 1,205
YTD 1,345,862 1.91 997,666 2.26 93.0 67,224 1,180
Table 4: Mako Production and Cost Summary
Mining at Mako performed well during the Quarter, with ore tonnes up 12% and
grades up 3% from the previous quarter. The operations also saw some
productivity improvements resulting from easing restrictions on the supply of
explosives and other consumable supplies.
The increase in ore mined enabled a build-up of stockpiles during the Quarter,
allowing higher grade ore to be processed, resulting in a process grade of
2.33g/t. The higher recovery rate also reflects the more favourable ore blend.
The higher grades and recoveries offset the reduced tonnes milled due to the
planned mill shutdown. Consequently, 33.6koz was poured, directly in line with
the March quarter.
AISC was 4% above the March quarter, reflecting operational cost pressures and
sustaining capital spend of $1.5 million on tailings storage facilities
incurred in the period (see above for comments on Group guidance on this
capital).
Exploration
Total exploration expenditure for the June quarter was $4.7 million, with
accelerated drilling programs continuing in Mali, Senegal, and Guinea
throughout the Quarter. The full year guidance for exploration spend remains
at $15 million.
At Syama, drilling programs continued to evaluate the Sulphide resources
located below the historic Oxide open pits at Syama North, with drilling
planned for the remainder of 2022.
The exploration drilling program at Syama North, initiated in late 2021,
recorded significant Oxide and Sulphide gold mineralisation intersections in
and around the originally mined out Oxide pits of A21 and Beta/BA-01 located
within 4-8 km of the main Syama mining and processing complex.
Diamond and RC drilling recommenced in early 2022 at the A21 and Beta pits.
The drilling program targeted the down-dip extensions of the identified zones,
with most of the holes intersecting Sulphide mineralisation.
Recent results represent some of the best gold intersections ever recorded
from the Syama North area. Results from holes drilled to date have returned
significant intersections seen in numerous holes, confirming the extension of
the mineralised zones along the entire 2.8 km strike length of the original
A21 pit. The best results received to date (see announcement dated 16 June
2022 for further details) are shown below:
QVRC511 - 16m @ 4.74g/t from 107m
QVRC512 - 15m @ 4.35g/t from 99m
QVRC515 - 7m @ 6.56g/t from 161m
QVRC522 - 6m @ 13.79g/t from 119m
QVRC533 - 27m @ 6.62g/t from 45m
QVRC534 - 19m @ 4.32g/t from 138m
QVRD505 - 10m @ 7.14g/t from 131m
QVRD506 - 8m @ 6.56g/t from 180m
QVRD517 - 6m @ 11.83g/t from 155m
QVRD518 - 14m @ 3.74g/t from 109m
QVRD519 - 23m @ 2.21g/t from 138m
QVRD527 - 26m @ 7.8g/t from 180m
The drilling program will continue throughout 2022 with the initial aim of
evaluating the potential for an open pit operation to exploit the Sulphide
Mineral Resources to complement and add flexibility to the underground
Sulphide mining operation. An updated Mineral Resource Estimate will be
carried out during the second half of 2022, which may significantly upgrade
the present 1.1 Moz Sulphide estimate for Syama North (see announcement dated
16 June 2022 for further details).
A pre-feasibility study into low capital expansion options for the Sulphide
operations was commenced, with the results expected towards the end of 2022.
Additionally, in the September quarter, a high resolution aeromagnetic survey
will be completed across the entire 85 km strike of the Syama belt under
license to compliment the original low resolution survey undertaken by BHP
many years ago.
Corporate
Cash, Bullion and Listed Investments
Description June 22 Quarter ($m) March 22 Quarter ($m)
Cash 65.6 94.8
Bullion 16.2 9.1
Cash and Bullion 81.8 103.9
Listed Investments 15.9 24.6
Table 5: Total Cash, Bullion and Listed Investments
The average realised gold price achieved for the Quarter was $1,802/oz
compared to the average spot price of $1,871/oz. This lower achieved gold
price is largely due to the delivery into hedge contracts during the Quarter.
Asset sale proceeds of $4.5 million were received from the sale of Resolute's
shareholding in Turaco Gold Limited. Voluntary debt repayments of $15 million
were made on the RCF, reducing borrowing costs.
Cash flow was negatively impacted by $23.9 million in working capital
movements, which included the timing of creditor payments and the build-up of
consumables inventory in light of the inflationary environment, the upcoming
wet season, and the ECOWAS sanctions.
The Government Dividend and withholding taxes of $5.4 million includes $0.9
million dividends paid to the Senegalese government (the Senegalese government
holds 10% of the Mako mine), and $4.5 million in withholding tax on the annual
dividend paid to both Resolute and the Senegalese government.
"Please see image in the full version of the announcement at www.rml.com.au
(http://www.rml.com.au) "
Balance sheet
Net debt increased by $8.1 million to $182.8 million at 30 June 2022. Total
borrowings at 30 June 2022 were $264.6 million comprising $220.0 million drawn
on the Term Loan Facility and RCF, overdraft facilities in Mali of $33.9
million and Senegal of $10.7 million.
Hedging
At 30 June 2022, Resolute's forward sales commitments were:
US Dollar Forward Sales
Quarter
Forward Delivery
Price ($/oz) (oz)
September 2022 $1,803 60,000
December 2022 $1,848 50,000
March 2023 $1,873 35,000
June 2023 $1,953 30,000
September 2023 $1,951 30,000
December 2023 $1,908 25,000
Total $1,875 230,000
Table 6: Committed Hedging Forward Sales in US dollars
Resolute maintains a policy of discretionary hedging in compliance with funding obligations, which require a minimum of 30% of the next 18 months of forecast production to be hedged.
Reporting Calendar
25 August 2022 - Half year financial results
27 October 2022 - September Quarterly Activities Report
Investor and analyst conference call
Resolute will host two conference calls for investors, analysts and media on Thursday, 28 July 2022, to discuss the Company's Quarterly Activities Report for the period ending 30 June 2022. Both calls will conclude with a question and answer session.
Conference Call 1 (pre-registration required)
Conference Call 1: 10:00am (AWST, Perth) / 12:00pm (AEST, Sydney)
Pre-Registration Link: https://s1.c-conf.com/diamondpass/10023571-slrm2se.html
(https://s1.c-conf.com/diamondpass/10023571-slrm2se.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/4820.aspx
(http://www.openbriefing.com/OB/4820.aspx)
Conference Call 2 (via MS Teams Live Event)
Conference Call 2: (MS Teams) 8:30am (BST, London) / 3:30pm (AWST, Perth)
Attendee Link: RSG MS Teams Live Event link
(https://teams.microsoft.com/l/meetup-join/19%3ameeting_YWJlOWFiMWQtMmRhOC00YmE4LWE2ZWQtMGY3YTM5YzZhODRh%40thread.v2/0?context=%7b%22Tid%22%3a%2286b8d6e0-b316-429c-b704-47112106bbd0%22%2c%22Oid%22%3a%22795c270e-b0d7-417f-86a1-d6fc22179f9a%22%2c%22IsBroadcastMeeting%22%3atrue%7d&btype=a&role=a)
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
Corporate Broker
Australian Media Matthew Armitt, Berenberg
Cameron Morse, FTI Consulting +44 203 207 7800
cameron.morse@fticonsulting.com (mailto:cameron.morse@fticonsulting.com)
+61 433 886 871
Appendix
June 2022 Quarter Production and Costs (unaudited)
Units Syama Sulphide Syama Oxide Syama Total Mako Group
Total
UG Lateral Development m 1,036 - 1,036 - 1,036
UG Vertical Development m - - - - -
Total UG Development m 1,036 - 1,036 - 1,036
UG Ore Mined t 548,543 - 548,543 - 548,543
UG Grade Mined g/t 2.49 - 2.49 - 2.49
OP Operating Waste BCM - 1,616,958 1,616,958 1,615,012 3,231,970
OP Ore Mined BCM - 213,048 213,048 253,351 466,399
OP Grade Mined g/t - 1.15 1.15 1.93 1.64
Total Ore Mined t 548,543 434,696 983,239 710,149 1,693,388
Total Tonnes Processed t 609,916 392,611 1,002,527 485,422 1,487,949
Grade Processed g/t 2.54 1.23 2.03 2.33 2.13
Recovery % 77.0 87.7 81.2 93.3 85.2
Gold Recovered oz 38,351 13,683 52,034 34,026 86,060
Gold in Circuit Drawdown/(Addition) oz 4,408 (957) 3,451 (377) 3,074
Gold Poured oz 42,759 12,726 55,485 33,649 89,134
Gold Bullion in Metal Account Movement (Increase)/Decrease oz (3,003) (840) (3,843) (347) (4,190)
Gold Sold oz 39,756 11,886 51,642 33,302 84,944
Achieved Gold Price $/oz - - - - 1,802
Mining $/oz 436 676 478 560 517
Processing $/oz 465 729 525 354 461
Site Administration $/oz 133 303 172 122 153
Site Operating Costs $/oz 1,034 1,708 1,175 1,036 1,131
Royalties $/oz 102 100 101 89 99
By-Product Credits + Corp Admin $/oz (1) (1) (1) - 53
Total Cash Operating Costs $/oz 1,135 1,807 1,275 1,125 1,283
Sustaining Capital + Others $/oz 185 382 244 121 189
Total Cash Expenditure $/oz 1,320 2,189 1,519 1,246 1,472
Stockpile Adjustments $/oz 90 216 119 (68) 48
Gold in Circuit Movement $/oz 28 (82) 3 (5) -
Asset Reclamation & Remediation $/oz 13 13 13 32 20
Total Non-Cash Adjustments $/oz 131 147 135 (41) 68
All-In Sustaining Cost (AISC) $/oz 1,451 2,336 1,653 1,205 1,540
AISC is calculated on gold poured
Year-to-date 2022 Production and Costs (unaudited)
Units Syama Sulphide Syama Oxide Syama Total Mako Group
Total
UG Lateral Development m 1,931 - 1,931 - 1,931
UG Vertical Development m - - - - -
Total UG Development m 1,931 - 1,931 - 1,931
UG Ore Mined t 1,097,480 - 1,097,480 - 1,097,480
UG Grade Mined g/t 2.45 - 2.45 - 2.45
OP Operating Waste BCM - 2,833,794 2,833,794 3,211,103 6,044,897
OP Ore Mined BCM - 440,253 440,253 478,350 918,603
OP Grade Mined g/t - 1.21 1.21 1.91 1.63
Total Ore Mined t 1,097,480 900,011 1,997,491 1,345,862 3,343,353
Total Tonnes Processed t 960,940 804,594 1,765,534 997,666 2,763,200
Grade Processed g/t 2.52 1.31 1.97 2.26 2.07
Recovery % 77.3 88.7 82.5 93.0 86.3
Gold Recovered oz 60,083 30,216 90,299 67,628 157,927
Gold in Circuit Drawdown/(Addition) oz 13,142 238 13,380 (404) 12,976
Gold Poured oz 73,225 30,454 103,679 67,224 170,903
Gold Bullion in Metal Account Movement (Increase)/Decrease oz 3,243 174 3,417 (603) 2,814
Gold Sold oz 76,468 30,628 107,096 66,621 173,717
Achieved Gold Price $/oz - - - - 1,824
Mining $/oz 486 672 541 527 535
Processing $/oz 503 612 535 345 460
Site Administration $/oz 139 293 185 125 161
Site Operating Costs $/oz 1,128 1,577 1,261 997 1,156
Royalties $/oz 107 127 113 91 106
By-Product Credits + Corp Admin $/oz (2) (2) (2) - 55
Total Cash Operating Costs $/oz 1,233 1,702 1,372 1,088 1,317
Sustaining Capital + Others $/oz 194 183 191 113 160
Total Cash Expenditure $/oz 1,427 1,885 1,563 1,201 1,477
Stockpile Adjustments $/oz (76) 36 (43) (47) (44)
Gold in Circuit Movement $/oz 50 (46) 22 (7) 10
Asset Reclamation & Remediation $/oz 13 13 13 31 20
Total Non-Cash Adjustments $/oz (13) 3 (8) (23) (14)
All-In Sustaining Cost (AISC) $/oz 1,414 1,888 1,555 1,178 1,463
AISC is calculated on gold poured
Competent Persons Statement
The information in this report that relates to the Exploration Results and
Mineral Resources is based on information compiled by Mr Bruce Mowat, a member
of The Australian Institute of Geoscientists. Mr Bruce Mowat has more than
five years' experience relevant to the styles of mineralisation and type of
deposit 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 Bruce Mowat is a full-time employee of the
Resolute Mining Limited Group and holds equity securities in the Company. He
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.
For details of the Ore Reserves used in this announcement, please refer to ASX
announcement dated 4 March 2022 titled "Ore Reserves and Mineral Resource
Statement". For the purposes of ASX Listing Rule 5.23, Resolute confirms that
it is not aware of any new information or data that materially affects the
information included in the original market announcements relating to
exploration results or estimates of Mineral Resources or Ore Reserves referred
to in this announcement and, in the case of Mineral Resources and Ore
Reserves, that all material assumptions and technical parameters underpinning
the estimates in the relevant market announcement continue to apply and have
not materially changed. Resolute confirms that the form and context in which
the Competent Person's findings are presented have not been materially
modified from the original market announcement.
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
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
or visit
www.rns.com (http://www.rns.com/)
.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
. END UPDKZGZNDRGGZZGRecent news on Resolute Mining
See all newsREG - Resolute Mining Ltd - Quarterly Conference Call Details
AnnouncementREG - Resolute Mining Ltd - Notice of Annual General Meeting
AnnouncementREG - Resolute Mining Ltd - AGM Notice of Access
AnnouncementREG - Resolute Mining Ltd - Appendix 4G
AnnouncementREG - Resolute Mining Ltd - Corporate Governance Statement
Announcement