REG - Resolute Mining Ltd - June 2023 Quarterly Activities Report

Resolute MiningAnnouncement

27/07/2023 07:00

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RNS Number : 3950H  Resolute Mining Limited  27 July 2023

27 July 2023

Quarterly Activities Report

For the Quarter ending 30 June 2023 ('Q2 2023', 'June Quarter' or 'the
Quarter')

 

Highlights

·    Total Recordable Injury Frequency Rate (TRIFR) decreased to 0.79 from
0.85 in Q1 2023.

·    Quarterly production (gold poured) of 84,372 ounces (oz) (Q1 2023:
92,259oz).

·    All-In Sustaining Cost (AISC) of $1,489/oz in Q2 2023, a 2% increase
from the March Quarter mainly due to a reduction in gold poured.

·    Quarterly gold sales of 84,907oz at an average realised gold price of
$1,922/oz (Q1 2023: 88,151oz at an average realised gold price of $1,890/oz).

·    Cash generation of $17.3 million excluding interest payments and
working capital movements.

·    Quarterly capital expenditure of $18.6 million with non-sustaining
capital of $9.1 million, sustaining capital expenditure of $8.5 million, and
exploration spend of $1.0 million.

·    Net Debt of $17.2 million (down 14% from $19.9 million in Q1),
including Cash and Bullion of $85.7 million. Available liquidity (Cash,
Bullion and undrawn RCF) of $165.7 million.

·    Board approval of the Syama Phase I Expansion, previously referred to
as the Syama North Pre-Feasibility Study (PFS), is expected to increase Syama
production to over 250,000oz per annum (pa) with up to a $200/oz reduction in
AISC.

·    The Plant expansion of the Syama Phase I Expansion is a low-capital
cost option ($52 million) to modify the Oxide Plant to treat sulphide ore to
realise increased margins while maintaining the ability to switch back to
treat oxide ores.

·    Syama Phase I Expansion is expected to be funded from existing cash
flows with construction expected to commence in 2024 and commissioning due in
H1 2025.

·    On track for full year guidance for 2023 of 350,000oz at an AISC of
$1,480/oz while tracking below the total capex guidance of $88.0 million.

 

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

 

 

Resolute Mining Limited (Resolute, the Company or the Group) (ASX/LSE: RSG),
the African gold producer, developer, and explorer, with operations in Mali
and Senegal, is pleased to present its Quarterly Activities Report for the
period ended 30 June 2023.

 

Terry Holohan, CEO and Managing Director, commented,

"It has been another stable Quarter for Resolute across all three of its mines
(Syama Oxide, Syama Sulphide and Mako) as we continue to track in line with
our reporting guidance on production, cost, and capital. Importantly, we
expect to end the year meeting all our guided targets.

 

We ended the Quarter with 84,372oz of gold poured and an AISC of $1,489/oz
which was in line with our expectations. Despite the reduction in gold
production this Quarter, our AISC per ounce poured increased only 2% as our
promised focus on sustainably reducing costs across the group started to pick
up momentum.

 

It is pleasing to review our key statistics of tonnes mined and processed, ore
grades (despite the mining of a medium grade section of Mako ore) and net
debt, from H1 2023 in comparison to the H1 2022 numbers. This demonstrates
Resolute's progress in such a short space of time, ensuring the Company is
well placed to grow even further.

 

Furthermore, the Syama Phase I Expansion study has also continued to progress
as expected. The expansion of the Syama plant, based upon the initial maiden
Ore Reserve from Syama North, is proving to require a low capital outlay while
significantly increasing production and shareholder value over the life of
mine.

 

Exploration continues to focus on Syama North and unlocking future potential
for our flagship asset. Lastly, our focus remains in H2 2023 on reducing costs
sustainably across the Resolute Group, whilst increasing production -
specifically at Syama - with many initiatives ongoing."

 

Investor and analyst conference call

Resolute will host a conference call for investors, analysts, and media on
Thursday, 27 July 2023, to discuss the Company's Quarterly Activities Report
for the period ending 30 June 2023. This call will conclude with a
question-and-answer session.

Conference Call (pre-registration required)

Conference Call: 5:30pm (AEST, Sydney) / 8:30am (BST, London)

Pre-Registration Link: https://s1.c-conf.com/diamondpass/10032408-7gdb5.html
(https://s1.c-conf.com/diamondpass/10032408-7gdb5.html)

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

A presentation, to accompany the call, will be available for download on the
Company's website: https://www.rml.com.au/investors/presentations/
(https://www.rml.com.au/investors/presentations/) .

 

Environmental Social Governance

Resolute's TRIFR as at 30 June 2023 was 0.79, a decrease compared to the
previous Quarter. Resolute recorded no significant environmental incidents,
regulatory non-compliances, or grievances in H1 2023. We were successfully
audited against the Responsible Gold Mining Principles at both Mako and Syama
in Q2. The Responsible Gold Mining Principles Year 3 final audit is ongoing
with a site visit to Mako in July and full 100% compliance anticipated by the
end of Q3. We are also actively engaging with ESG Rating agencies to improve
the Company's ratings over 2023.

 

Ore volumes mined decreased by 17% to 523kt with the mined grade further
increasing to 2.88g/t from 2.86g/t. The decrease in mined ore was due to
ongoing underground development with the aim to provide improved access to
high grade areas for the remainder of the year.

 

Ore processed was comparable with the previous Quarter with the processing
grade decreasing from 2.99g/t to 2.91g/t with preferential ore blending
delivered from the underground. The 6% decrease in gold poured to 38,589oz was
due to a decrease in throughput mainly due to breakdowns of the tertiary
crushers in May 2023. These crushers have been scheduled for replacement in H2
2023 (lead times of 18 months) with more reliable models.

 

Capital expenditure was $9.0 million for the Quarter, an increase of $1.0
million from the previous Quarter. The expenditure in the Quarter was made up
of $4.6 million of capital items, namely pump replacements for the upcoming
rainy season as well as replacement parts for the tertiary crushers and other
mechanical parts. Additionally, the sulphide operation incurred $3.4 million
of capitalised waste and $1.0 million of exploration costs.

 

AISC decreased slightly from $1,389/oz to $1,373/oz despite the reduction in
gold poured. This is due to the reduction in royalties associated with the
decrease in gold sold, as well as a reduction in sustaining capital
expenditure in the Quarter compared to Q1 2023.

 

 

The oxide operations produced 15,544oz, a decrease of 11% compared to the
prior Quarter. The decrease was mainly due to a decrease in recovery which was
driven by a high organic carbon content in the mill feed - the mining of this
ore was immediately curtailed.  Ore tonnes mined decreased by 4% as there was
a focus on stripping and grade control drilling in the A21 pit. Ore processed
was in line with the first Quarter, with head grade also consistent at 1.54g/t
compared to 1.56g/t in Q1.

 

Capital expenditure remained at $3.6 million in comparison to the prior
Quarter and was made up entirely of capitalised waste. AISC increased by 14%
from $1,659/oz to $1,892/oz mainly due to the volume effect of the 11%
decrease in gold poured in comparison to the first Quarter as well as an
increase to processing costs associated with higher power cost and A21
activities in readiness to mine.

 

 

 

 

 

 

 

 

 

Ore mined at Mako decreased from the March Quarter as mining operations
focused on waste capitalisation to expose higher grade ore for the coming
Quarter. The mined grade decreased 10%, as expected, due to the medium grade
section of the ore body to be mined over two Quarters (Q2 & Q3) of this
year and the focus on mining waste.

 

Ore tonnes processed increased by 9% in the Quarter to 546kt from 501kt and
throughput increased 9% as the SAG mill reline was deferred to Q3 2023. Head
grade decreased to 1.91g/t from 2.26g/t in Q1 2023 due to lower availability
of high-grade material for the period as expected.

 

Capital expenditure of $6.0 million in the Quarter remained consistent with
previous Quarter. The spend in the Quarter was mainly due to $4.8 million in
capitalised waste incurred due to the previously mentioned ongoing focus to
expose ore in coming Quarters. In addition to this, $1.1 million was spent in
relation to the power station acquired in the prior Quarter.

 

AISC increased marginally to $1,311/oz from $1,307/oz in the previous Quarter
despite the reduction in gold poured. This was due to a reduction in freight,
power, and labour costs, along with the reduction in royalty expense
associated with the reduction in gold sold, as the cost initiatives start to
take effect.

 

 

 

 

Exploration

Total exploration spend for the June Quarter was $4.5 million (made up of $1.0
million of capital and $3.5 million of exploration expense) with most of the
focus on Syama North.

As previously reported, an updated Mineral Resource Estimate (MRE) for Syama
North was announced on 19 January 2023 with an increase to 34 million tonnes
at 2.9g/t Au for 3.18 million ounces.

During the June Quarter, the infill drilling program at Syama North which
commenced in early 2023 continued with the strategy of converting inferred
resources to indicated category. This program was completed in late June and
after the return of analytical results, the MRE will be updated.  Resolute is
expected to provide an updated Mineral Resource model for Syama North during
Q3 2023 which will further feed and optimise the Syama Phase I Expansion
study.

Diamond drilling continues at Syama North with the focus on expanding the
Mineral Resource following the recent completion of the in-fill drilling for
Ore Reserves, as the deposit remains open along strike and down dip.

Oxide Mineral Resource exploration has been ongoing throughout 2023 at Syama
with Reverse Circulation (RC) drilling on several newly identified targets.
This program will continue for the remainder of 2023.

Exploration activities continued in Senegal with drilling programs carried out
on the Petowal Mining Lease and the Laminia Joint Venture which is located
10km east of Petowal.

In Guinea, surface exploration programs undertaken in the past two years have
identified a strong gold anomaly in the western portion of the Niagassola
Research Permit which is now named the Mansala prospect. During the Quarter
exploration RC drilling at the Mansala Prospect intersected encouraging gold
mineralisation in several holes over a strike length of one kilometre.
Drilling continues, and a more detailed report will be announced in Q3 2023.

 

Syama Phase I Expansion

The Syama Phase I Expansion (the Project) is what was previously referred to
as the Syama North PFS. The maiden Ore Reserve for the Syama North Sulphide
deposits were published early this year and formed the basis for the expanded
Sulphide processing capacity. The plant expansion is set to go ahead as the
board has approved the funding for the long lead items.

The overall objective is to increase the production profile of Syama to over
250koz per annum and reduce the cost profile by up to $200/oz. This will be
achieved by modifications to the oxide comminution circuit to enable it to
process sulphide ore increasing overall sulphide processing capacity at Syama
by 60% from 2.4Mtpa to 4.0Mtpa.

The changes to the plant will enable overall concentrate production to be
higher than the roasting circuit can process, and the excess concentrate will
be stored in ponds to be reclaimed and treated while the comminution circuit
is treating oxide ores. The flexibility of excess concentrate production is a
key focus of the Project, which will allow calcine production at full roaster
throughput capacity (the roaster presently having about 130% throughput
capacity of the present sulphide comminution circuitry), when the modified
comminution circuit is switched to treat Oxide ore, but also provides
concentrate inventory to continue calcine production if one of the flotation
circuits were not available. When the modified Oxide comminution circuit is
switched to treat Oxide ore from Syama North or from future discoveries, the
resulting Oxide slurry will be leached in the existing Oxide carbon-in-leach
circuit.

 

Assessments are also being carried out, as part of a Syama Phase II Expansion
study, to further increase the roasting circuit throughput with lower capital
options than those initially anticipated.  The addition of oxygen to manage
the next phase of expanded throughput capacity remains an option for the
roasting circuit. The current Sulphide ore production mix for the modified
comminution circuit comprises of the majority of ore being fed from Syama
North open pit mining operations, but then supplemented by ore fed from the
Syama underground mine and existing stockpiles. A low capital option has been
recognised and proposed to sustainably increase production from the Syama
underground mine from its' present nominal 2.4Mtpa (original design 2.1Mtpa),
to a nominal 2.8Mtpa, by simply increasing the mining fleet.

 

Overall, these significant changes to the mine plan will give the operations
the desired large degrees of flexibility going forward.

 

Process Plant Modifications

Modifications to the Oxide comminution circuit include the addition of a:

·      secondary cone crusher and crushed ore stockpile downstream of
the existing primary jaw crusher

·      pebble crushing circuit to the existing SAG mill

·      a variable speed motor for the SAG mill

·      a new ball mill downstream of the SAG mill

 

Syama Phase I Expansion has a revised plant capital expenditure of $52 million
(based on today's cost profile), an increase from the previous $40-50 million
guidance due to revised cost estimates, customs and duties, new scope for
water storage and increased contingency of 20%. Long lead items will be
ordered from Q3 2023 onwards include secondary and pebble crushers, ball mill,
flash flotation units, flotation plant and blower, SAG mill variable speed
drive. The spending, expected to be funded from existing cash flows, is
estimated to be spread approximately 15%, 75% and 10% over H2 2023, 2024 and
2025 respectively.

A new flotation will also be added downstream from the modified comminution
circuit to produce concentrate when the circuit treats sulphide ore. The
concentrate from this modified comminution circuit and the concentrate from
the existing Sulphide flotation circuit will be blended and treated in the
existing roasting circuit to produce calcine, which will be leached in the
existing calcine carbon-in-leach (CCIL) circuit. The CCIL circuit will be
expanded with an additional two tanks.

 

 

 

 

 

 

 

Initial Financial and Operational Impact

Internal modelling shows that gold production at Syama will increase to over
250 koz per annum from H2 2025 and AISC is reduced up to $200/oz. The primary
reasons for this cost reduction are from the higher-grade open pit sulphide
ounces being processed from Syama North (approx. 2.7g/t), economies of scale
on the fixed cost base and a reduction in the average annual sustaining
capital expenditure over the life of mine.

 

Progress to Date and Next Steps

During the Quarter, mine and process design was completed, and the first draft
operational and capital cost estimates were prepared. Furthermore, all
geotechnical drilling within the open pit designs was completed and these
results are still expected in August 2023.

Key activities during the third Quarter of 2023 include the following:

·      Commence further confirmatory metallurgical test work on Syama
North Sulphide Ore

·      Re-run the study model to include the Syama North areas recently
upgraded from Inferred to Indicated

·      Continue infill drilling to increase the Ore Reserves at Syama
North

·      Investigation of opportunities to accelerate the Project
Schedule, for example commencement of front-end engineering design and early
procurement of long lead time equipment

·      Optimising the production mix, mine design and mine schedule to
maximise cash flow over the project life

 

 

Management is initiating work/studies in developing a Phase II expansion of
Syama targeting annual gold production in excess of 400koz in order to
capitalize on the significant Mineral Resource at Syama.

 

 

 

 

 

Corporate

Quarterly Cash and Bullion Movements

 

(*Included in Operating Cash flows are $4.5 million of royalties, $5.8 million
of VAT and taxes, and movements in Bullion.)

Chart 1: Quarterly Cash and Bullion Movements

 

The average realised gold price achieved for the Quarter was $1,922/oz which
was below the average spot price of $1,975/oz.

 

Balance sheet

Net debt decreased by $2.7 million to $17.2 million at 30 June 2023. Available
liquidity of $165.7 million ($155.8 million in prior Quarter) including cash
of $65.7 million, bullion of $20.0 million, and undrawn RCF of $80.0 million.
 Total borrowings at 30 June 2023 were $103.0 million, comprising $50.0
million on the Term Loan Facility and $51.2 million and $1.8 million on the
overdraft facilities in Mali and Senegal, respectively.

 

As well as the above, the Company has in place 12,000oz of zero cost collars
maturing in the March 2024 Quarter. These comprise put options at an average
strike price of $1,600/oz and call options with an average strike price of
$1,873/oz.

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

 

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 full
member since 2017. The Company is on track to reach full compliance with these
RGMPs in 2023.

 

Appendix

June 2023 Quarter Production and Costs (unaudited)

                                                             Units  Syama sulphide  Syama oxide  Syama Total  Mako         Group

Total

 UG Lateral Development                                      m       1,055           -            1,055        -            1,055
 UG Vertical Development                                     m       20              -            20           -            20
 Total UG Development                                        m       1,076           -            1,076        -            1,076
 UG Ore Mined                                                t       523,244         -            523,244      -            523,244
 UG Grade Mined                                              g/t     2.88            -            2.88         -            2.88
 OP Operating Waste                                          BCM     -               1,989,268    1,989,268    1,935,555    3,924,823
 OP Ore Mined                                                BCM     -               237,365      237,365      196,681      434,046
 OP Grade Mined                                              g/t     -               1.55         1.55         1.80         1.66
 Total Ore Mined                                             t       523,244         477,016      1,000,260    558,978      1,559,238
 Total Tonnes Processed                                      t       525,908         388,646      914,554      546,518      1,461,072
 Grade Processed                                             g/t     2.91            1.54         2.32         1.94         2.18
 Recovery                                                    %      79.2             80.6        79.8         91.8          84.3
 Gold Recovered                                              oz      38,929          15,374       54,303       31,281       85,584
 Gold in Circuit Drawdown/(Addition)                         oz      (340)           170          (170)        (1,042)      (1,212)
 Gold Poured                                                 oz      38,589          15,544       54,133       30,239       84,372
 Gold Bullion in Metal Account Movement (Increase)/Decrease  oz      (994)           (928)        (1,922)      2,456        534
 Gold Sold                                                   oz      37,595          14,617       52,212       32,695       84,907
 Achieved Gold Price                                         $/oz    -               -            -            -            1,922
 Mining                                                      $/oz    470             581          502          708          575
 Processing                                                  $/oz    522             619          550          396          495
 Site Administration                                         $/oz    159             293          198          123          171
 Site Operating Costs                                        $/oz    1,151           1,493        1,250        1,227        1,241
 Royalties                                                   $/oz    109             110          109          107          111
 By-Product Credits + Corp Admin                             $/oz   (3)             (3)          (3)          -            39
 Total Cash Operating Costs                                  $/oz   1,257           1,600        1,356        1,334        1,391
 Sustaining Capital                                          $/oz   114             232          147          -            95
 Non-cash adjustments                                        $/oz   2               60           19           (23)         3
 All-In Sustaining Cost (AISC)                               $/oz   1,373           1,892        1,522        1,311        1,489

AISC is calculated on gold poured

 

Year-to-date 2023 Production and Costs (unaudited)

                                                             Units  Syama sulphide  Syama oxide  Syama Total  Mako         Group

Total

 UG Lateral Development                                      m       2,191           -            2,191        -            2,191
 UG Vertical Development                                     m       20              -            20           -            20
 Total UG Development                                        m       2,211           -            2,211        -            2,211
 UG Ore Mined                                                t       1,153,689       -            1,153,689    -            1,153,689
 UG Grade Mined                                              g/t     2.87            -            2.87         -            2.87
 OP Operating Waste                                          BCM     -               3,932,837    3,932,837    3,765,640    7,698,477
 OP Ore Mined                                                BCM     -               470,994      470,994      472,184      943,178
 OP Grade Mined                                              g/t     -               1.69         1.69         1.91         1.80
 Total Ore Mined                                             t       1,153,689       972,309      2,125,998    1,334,922    3,460,920
 Total Tonnes Processed                                      t       1,074,980       809,849      1,884,829    1,047,790    2,932,619
 Grade Processed                                             g/t     2.94            1.55         2.34         2.09         2.25
 Recovery                                                    %       79.2            82.9         80.7         92.0         84.8
 Gold Recovered                                              oz      80,505          33,327       113,832      64,963       178,795
 Gold in Circuit Drawdown/(Addition)                         oz      (775)           (271)        (1,046)      (1,120)      (2,166)
 Gold Poured                                                 oz      79,731          33,056       112,787      63,843       176,630
 Gold Bullion in Metal Account Movement (Increase)/Decrease  oz      (1,909)         (986)        (2,895)      (677)        (3,572)
 Gold Sold                                                   oz      77,821          32,071       109,892      63,166       173,058
 Achieved Gold Price                                         $/oz    -               -            -            -            1,906
 Mining                                                      $/oz    489             561          510          719          586
 Processing                                                  $/oz    517             602          542          396          489
 Site Administration                                         $/oz    155             297          197          119          169
 Site Operating Costs                                        $/oz    1,161           1,460        1,249        1,234        1,244
 Royalties                                                   $/oz    111             109          110          95           107
 By-Product Credits + Corp Admin                             $/oz    (3)             (3)          (3)          -            38
 Total Cash Operating Costs                                  $/oz    1,269           1,566        1,356        1,329        1,389
 Sustaining Capital                                          $/oz   103             218          137          3            88
 Non-cash adjustments                                        $/oz   9               (17)         1            (24)         (8)
 All-In Sustaining Cost (AISC)                               $/oz   1,381           1,767        1,494        1,308        1,469

AISC is calculated on gold poured

 

ASX Listing Rule 5.23 Mineral Resources

This announcement contains estimates of Resolute's mineral resources. The
information in this Quarterly that relates to the mineral resources of
Resolute has been extracted from reports entitled 'Over Three Moz Mineral
Resource at Syama North' announced on 19 January 2023 and is available to view
on Resolute's website (www.rml.com.au) and www.asx.com (Resolute
Announcement).

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 Resolute Announcement and, in relation to the estimates of
Resolute's ore reserves and mineral resources, that all material assumptions
and technical parameters underpinning the estimates in the Resolute
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 that announcement.

ASX Listing Rule 5.18 Production Targets

The information in this announcement that relates to production targets of
Resolute has been in relation to an operating mine underpinned solely by ore
reserves and measured mineral resources from reports entitled 'Increases in
Mineral Resources and Ore Reserves from Exploration Success' announced on
8 March 2023 and is available to view on the Company's website
(www.rml.com.au) and www.asx.com.

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 significantly volatile and uncertain current
economic climate. 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

 

Contact
 Resolute                                               Public Relations

 Matthias O'Toole Howes,                                Jos Simson / Emily Moss, Tavistock

 Corporate Development and Investor Relations Manager   resolute@tavistock.co.uk

 Matthias.otoolehowes@resolutemining.com                +44 207 920 3150 / +44 7788 554 035

                                                        Corporate Broker

                                                        Jennifer Lee, Berenberg

                                                        +44 20 3753 3040

 

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