REG - Resolute Mining Ltd - June 2024 Quarterly Activities Report
29/07/2024 07:00
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RNS Number : 1446Y Resolute Mining Limited 29 July 2024
29 July 2024
Quarterly Activities Report
For the Quarter ending 30 June 2024 ('Q2 2024', 'June Quarter' or 'the
Quarter')
· No lost time injuries (LTI's) recorded; total Recordable Injury
Frequency (TRIF) increased to 2.11 from 1.74 in the prior Quarter with four
recordable injuries
· Gold poured of 90,787 ounces (oz) (Q1 2024: 76,351oz) in line with
expectations
· All-In Sustaining Cost (AISC) of $1,402/oz (Q1 2024: $1,487/oz) due
to higher gold production and continued operating cost and efficiency
improvements
· Gold sales of 88,321oz at an average realised price of $2,342/oz (Q1
2024: 69,000oz at $1,950/oz) with all gold sales unhedged and sold at spot
prices
· Capital expenditure (excluding exploration) of $19.6m (Q1 2024:
$24.8m) comprising non-sustaining capital of $14.5m, sustaining capital
expenditure of $5.1m
· Total exploration expenditure of $7.6m, comprising $5.7m of capital
and $1.9m expensed, with drilling programs continuing in Senegal, Mali and
Guinea throughout the Quarter
· Received A$30m (approximately $20m) first tranche cash payment from
restructured Gold Price Contingent Promissory Note from the sale of the
Ravenswood Gold Mine in Q1 2020
· Net Cash of $96.6m ($33.9m in Q1 2024), including Cash and Bullion of
$143.3m
· Earthworks and foundations progressing on schedule for the Syama
Sulphide Conversion Project (SSCP)
· H1 2024 EBITDA of approximately $116m and cash generation of $73.1m
before interest and debt payments, working capital movements and the
Ravenswood payment
· Maintained 2024 guidance for production (345,000 - 365,000oz), AISC
($1,300-1,400/oz) and capital expenditure ($115 - 145m)
· Appointment of Mr Andrew Wray as Non-Executive Director who has also
been appointed as a member of the Audit & Risk, Remuneration and
Nomination Committees
Note: Unless otherwise stated, all dollar figures are United States dollars
($).
Resolute Mining Limited (Resolute, the Company or the Group) (ASX/LSE: RSG),
is pleased to present its Quarterly Activities Report for the period ended 30
June 2024.
Terry Holohan, CEO and Managing Director, commented,
"I am pleased to present a strong second Quarter across both operations. This
performance has put Resolute into its strongest position in a long time with
net cash at 30th June of $96.6 million. Both operations have performed in line
with expectations for the Quarter with further systematic improvements being
made at Syama and strong grades at Mako.
Resolute's free cash flow for the Quarter was extremely strong. This is down
to the combination of increased production and a higher average realised gold
price as all gold sales were made at the spot price given syndicated debt was
fully paid off in Q1 and the Company remains unhedged. The Company's operating
cash flow before working capital changes in Q2 was $47m versus $26m in Q1.
We ended the Quarter with 90,787 oz of gold poured with an average AISC of
$1,402/oz - 6% lower than the prior Quarter and the lowest level achieved by
the Group since Q1 2022. This was principally driven by lower costs at Mako
and emphasises Resolute's continued focus on cost reductions across the Group
which we expect will continue through the remainder of the year given we
comfortably 'broke through' $1,400/oz level during the Quarter, in line with
our guidance for the full year.
We also received A$30m from Ravenswood with a further A$20m expected in Q3
this year. This along with the operating cash flows has increased our net cash
by $63m over the Quarter. We anticipate further cash build throughout H2 as
both sites are scheduled to produce more ounces than in H1 and as we expect to
continue to benefit from spot gold prices.
The Company remains focused on extending the life of the Mako operation and is
pleased with the drilling being done at both the nearby Tomboronkoto and
Bantaco exploration projects. An updated Mineral Resource for Tomboronkoto
is expected in Q3 2024, along with an initial Mineral Resource Estimate for
the Mansala Prospect in Guinea.
In conclusion, Resolute's focus remains on increased gold production with
continued sustainable reduction in costs across the Group while we focus on
organic growth."
Webcast and Conference Call
Resolute will host a conference call for investors, analysts, and media on
Monday, 29 July 2024, to discuss the Company's Quarterly Activities Report for
the period ending 30 June 2024. This call will conclude with a
question-and-answer session.
Conference Call: 5:30pm (AEST, Sydney) / 8:30am (BST, London)
Webcast registration link: https://brrmedia.news/RSG_Q2_24
Those wishing to ask questions as part of the Q&A should use the
conference call facility (please join 5 mins prior to the start time)
Conference call details:
Dial in number(s) USA: +1 786 697 3501
Sydney: +61 2 8014 9383
South Africa Toll Free: 0 800 980 512
UK-Wide: +44 33 0551 0200
Password (if prompted) Quote Resolute Mining when prompted by the operator
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/) .
Operations Overview
Group Summary Units June March June H1 H1
2024
2024
2023
2024
2023
Quarter
Quarter
Quarter
YTD
YTD
Mining
Ore Mined t 1,967,774 1,355,074 1,559,239 3,322,848 3,460,921
Mined Grade g/t 2.02 2.16 2.08 2.08 2.17
Processing
Ore Processed t 1,522,450 1,453,986 1,461,072 2,976,436 2,932,619
Processed Grade g/t 2.19 1.94 2.17 2.07 2.25
Recovery % 86 86 84 86 85
Gold Poured oz 90,787 76,351 84,372 167,140 176,631
Sales
Gold Sold oz 88,321 69,000 84,907 157,321 173,058
Average Realised Price $/oz 2,342 1,950 1,922 2,170 1,906
Financials
Total Capital Expenditure $m 19.6 24.8 18.6 44.3 36.7
Net (Cash)/Debt $m (96.9) (33.9) 17.2 (96.9) 17.2
AISC $/oz 1,402 1,487 1,489 1,442 1,469
Table 1: Resolute Group Operational Performance Summary
Environmental Social Governance
Resolute's TRIF as of 30 June 2024 was 2.11, a slight increase compared to the
previous Quarter due to four recordable injuries, all medical treatment cases.
This compares to the International Council on Mining and Metals (ICMM) mines
average of 2.6. Resolute recorded no significant environmental incidents,
regulatory non-compliances, or grievances in Q2 2024. Resolute successfully
completed its annual audits against the LBMA's Responsible Gold Guidance at
both sites. The Company will be undergoing audit against the World Gold
Council's Responsible Gold Mining Principles and the Conflict Free Gold
Standard in Q3 2024.
Syama, Mali
Syama gold production for the Quarter was 55,599oz at an AISC of $1,502/oz.
The operational performance is set out in the table below.
Summary Units June March June H1 H1
2024
2024
2023
2024
2023
Quarter
Quarter
Quarter
YTD
YTD
Mining Sulphide
Ore Mined t 636,539 646,959 523,244 1,283,498 1,153,690
Mined Grade g/t 2.68 2.57 2.88 2.62 2.87
Oxide
Ore Mined t 266,513 180,343 477,016 446,856 972,309
Mined Grade g/t 1.56 1.71 1.55 1.62 1.69
Processing Sulphide
Ore Processed t 609,714 511,290 525,908 1,121,004 1,074,980
Processed Grade g/t 2.75 2.65 2.91 2.71 2.94
Recovery % 79 79 79 79 79
Gold Poured oz 41,930 34,707 38,589 76,637 79,731
Gold Sold oz 42,661 29,348 37,595 72,008 77,821
Oxide
Ore Processed t 374,949 377,326 388,646 752,275 809,849
Processed Grade g/t 1.32 1.31 1.54 1.32 1.55
Recovery % 87 85 81 85 83
Gold Poured oz 13,669 13,752 15,544 27,422 33,057
Gold Sold oz 13,669 13,752 14,617 27,422 32,071
Cost Syama combined
Total Capital Expenditure $m 17.0 19.0 6.3 36.0 36.8
AISC $/oz 1,502 1,418 1,522 1,463 1,494
Table 2: Syama Production and Cost Summary
At Syama the combined ore tonnes mined increased by 9% to 903kt while the
mined grade was marginally lower at 2.35g/t versus 2.38g/t from the prior
Quarter. This increase in mined tonnes was driven by the oxide operation
which, due to the shift in the mining schedule noted in Q1, was expected to be
at a higher tonnage and lower grade during Q2. There was good reconciliation
between expected mined grades and mill feed grades. For the remainder of the
year at the oxide operation we expect a slightly lower mined tonnage but at a
higher grade than achieved in H1.
During Q2 the tonnage and grades from the underground were in line with
budget. We expect a slight reduction in sulphide tonnage mined during Q3 due
to the effects of the rainy season followed by an increase in Q4 to similar
levels seen in Q2. Sulphide mined grades throughout H2 are expected to be
slightly below Q1.
During the first part of Q2 lower grade stockpiles were the main source of ore
feed for the oxide plant. This was then offset by higher grade ore from the
Samogo and Paysans pits that were mined during the second half of the Quarter.
In H2 head grades and processed tonnages are expected to be similar to H1 with
continued blending of stockpiles and run of mine ore. In Q3, due to potential
impacts from the rainy season, processed tonnage is expected to be 10% lower
than Q2 followed by an increase in Q4.
In the sulphide operation the tonnes milled were 19% higher due to an
improvement in plant availability and increased milling rates as a result of
the enhancements made to the crusher circuit over the last nine months. The
head grade was 4% higher driven by higher grades being mined from the
sub-level cave. In Q3 sulphide gold production is expected to decrease
slightly from lower tonnes milled due to availability constraints during the
rainy season. Milled grades and tonnages are then expected to increase, being
similar to Q2, supported by high grade stockpiles built up over the last nine
months.
Capital expenditure was $17.0 million for the Quarter split $4.4 million and
$12.6 million between sustaining and non-sustaining respectively. Expenditure
in the Quarter is mainly attributed to the Beta TSF lift, the SSCP as well as
$2.4 million of waste stripping cost. During the Quarter, earthworks for the
SSCP started with the Project progressing well.
AISC increased to $1,502/oz impacted by higher costs at the oxide operation
due to additional contractor costs. In H2 the AISC is expected to decrease in
line with guidance.
Mako, Senegal
Mako gold production for the Quarter was 35,188oz at an AISC of $1,100/oz. The
operational performance for Mako is set out in the table below.
Summary Units June March June H1 H1
2024
2024
2023
2024
2023
Quarter
Quarter
Quarter
YTD
YTD
Mining
Ore Mined t 1,064,722 527,772 558,978 1,592,494 1,334,922
Mined Grade g/t 1.90 1.80 1.80 1.87 1.91
Processing
Ore Processed t 537,787 565,370 546,518 1,103,157 1,047,790
Processed Grade g/t 2.15 1.73 1.91 1.91 2.08
Recovery % 93 93 92 93 92
Gold Poured oz 35,188 27,892 30,239 63,081 63,843
Gold Sold oz 31,991 25,900 32,695 57,891 63,166
Financials
Total Capital Expenditure $m 2.6 5.8 6.0 8.4 12.5
AISC $/oz 1,100 1,451 1,311 1,256 1,308
Table 3: Mako Production and Cost Summary
Ore mined increased by over 100% in the quarter from 528 kt to 1,065 kt driven
by accelerated mining in preparation for the rainy season as well as to
provide more ore for mill feed grade selectivity.
Gold production increased by 26% compared to the prior Quarter driven by the
24% increase in head-grade. There was also a small contribution of gold in
circuit from Q1 that was recovered during the Quarter. Tonnes milled and head
grades are expected to be similar in H2.
Capital expenditure of $2.6 million in the Quarter consisted of $0.7 million
and $1.9 million of sustaining and non-sustaining respectively. Expenditure
included critical parts for the power-house and on the final Tailings Storage
Facility raise. There was no waste stripping capitalised during the period. We
expect capital expenditures to continue to decrease throughout the remainder
of the year.
AISC decreased to $1,100/oz from $1,451/oz in the previous Quarter due to
lower mining and processing unit costs as a higher proportion of softer felsic
material was processed. We expect AISC to decrease further in H2 as processing
of felsic material continues, sustaining capital expenditures remain low and
gold production is maintained.
Exploration
Total exploration expenditure in Q2 was $7.6 million, with drilling programs
continuing in Senegal, Mali and Guinea throughout the Quarter. This was made
up of $5.7 million of capital mainly focused on drilling at Syama North
Sulphide, Tomboronkoto and Bantaco, and $1.9 million of exploration expense
which was mainly spent in Guinea on the Mansala Prospect ($0.4 million) and in
Mali on Syama North Oxides ($0.6 million).
Senegal Exploration
Diamond and Reverse Circulation (RC) drilling continued at the Tomboronkoto
Prospect utilising multiple rigs with a program of infill and extensional
drilling which is planned to continue for the majority of 2024.
The existing Mineral Resource, standing at 10.4 million tonnes with an average
grade of 1.2 g/t Au, for a total of 403,000 oz, remains open in all
directions. Drilling this year has concentrated on extending the
mineralisation down dip and along strike to the west.
An updated Mineral Resource for Tomboronkoto is expected to be published in Q3
2024.
Drilling commenced at the Bantaco Joint Venture which was signed by Resolute
in early 2024. Two RC drill rigs commenced work in June this year with a
planned program of wide spaced drilling to traverse the outcropping gold
mineralisation and coincident geochemical anomalies
Mali Exploration
Diamond drilling continued at Syama North focusing on expanding the high-grade
gold mineralisation which lies below the currently planned open pit design.
These high-grade shoots have higher grade than the open pit resource.
An updated Mineral Resource Estimate for Syama North is expected to be
published during the second half of 2024.
A series of RC and diamond drillholes have been planned to test a number of
geophysical targets along strike to the south of the Syama Gold Mine. The
targets are a combination of airborne EM (VTEM) conductors and IP
chargeability anomalies. The drilling of these targets commenced in late June
and results are expected in the coming months.
Guinea Exploration
The Diamond and RC drilling programs at the Mansala Prospect in Guinea which
commenced in late 2023 were concluded in Q2 2024.
A series of diamond drillholes were completed in Q2 to increase the knowledge
on the deposit to underpin a structural and geological model. A 3D geological
model has been built and the initial Mineral Resource Estimate is underway.
The initial Mineral Resource for Mansala is expected in Q3 2024.
Syama Sulphide Conversion Project Update
The SSCP is progressing well with no LTI's after approximately 76,500
person-hours worked until the end of June 2024.
Most of the earth and civil works engineering and design works are complete,
with minor items outstanding. Structural engineering and design are
progressing well and most of the mechanical engineering design is complete
with a few minor packages outstanding. The manufacture of the long lead items
is progressing and on schedule.
The photos below, from 17(th) July, show progress on the SSCP.
Figure 1: Ball mill and flotation area foundations
Figure 2: Aerial view of the SSCP construction area
Corporate
Half Year Cash and Bullion Movements and Balance Sheet (US$ million)
(*Included in Operating Cash flows are $6.1 million of royalties, $22.0
million of VAT and taxes, and movements in Bullion.)
Chart 1: Half Year Cash and Bullion Movements
The average realised gold price achieved for the Quarter was $2,342/oz (Q2:
2024 $1,950/oz) with all gold being sold at spot prices as Resolute remains
completely unhedged. Q2 gold sales of 88,321 oz were 19,321oz higher than Q1
due to more ounces being poured and timing effect of sales at the end of each
Quarter.
The Company's H1 2024 cash flow before interest, debt repayments and
Ravenswood proceeds was $75 million (H1 2023: $29 million). H1 2024 EBITDA of
approximately $116 million (vs $101 million in H1 2023) was driven by higher
gold prices realised and lower unit costs.
During the Quarter Resolute received the A$30 million payment from Ravenswood
(see details below).
Net cash at 30 June 2024 was $96.6 million increasing from $33.9 million net
cash position at 31 March 2024. Available liquidity of $143.3 million ($80.7
million in prior Quarter) including cash of $101.5 million and bullion of
$41.9 million. Total borrowings at 30 June 2024 were $46.8 million (Q1 2024:
$46.7m) which are from in-Country overdraft facilities in Mali and Senegal.
H1 2024 capital expenditure was $44.3 million versus $36.7 million a year
earlier. Due to timing effects, Syama capital expenditure will be weighted
towards H2.
Ravenswood Payments
During the Quarter Resolute and Ravenswood Gold Pty Ltd, the owner for the
Ravenswood Gold Mine, worked to restructure the Gold Price Contingent
Promissory Note and Vendor Financing Promissory Note to support the Ravenswood
Mine in its financing.
Resolute and Ravenswood agreed to amend the Gold Price Contingent Promissory
Note including that the requirements of the clause regarding Payment of Gold
Price Contingent Amount of the Original Gold Price Contingent Promissory Note
were deemed to have been met. The Gold Price Contingent Amount payable to
Resolute is A$50 million (the highest payable amount) and is payable in two
tranches as follows:
· A$30 million paid to Resolute and received on 19 June 2024; and
· A$20 million to be paid to Resolute no later than 30 September
2024.
Additionally, Resolute amended the A$50 million Vendor Financing Promissory
Note that was originally due in March 2027. The new structure is as follows:
· Reset the principal to the increased amount of A$64 million to
account for capitalised accrued interest;
· Maintain the annual coupon at 6% until 30 June 2025 after which
the annual coupon increases to 12%. Interest will be capitalised and is to be
paid to Resolute upon maturity; and
· Promissory note maturity extended to 31 December 2027 but may be
repaid early on future Ravenswood financings, liquidity event(s), or excess
cash from Ravenswood.
The Upside Sharing Promissory Note (up to A$150 million) linked to the
investment outcomes of Ravenswood for EMR Capital - one of the owners of
Ravenswood - remained unchanged.
Mali Mining Code
After Quarter end the 2023 Mining Code in Mali was signed on the 9(th) July.
As noted previously, Resolute does not expect any impact on its operation in
Mali and has a Mining convention for its Syama and Tabakoroni licences until
2029. Resolute continues to work with the government in a clear, constructive
and responsible manner.
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 2024 is 345,000-365,000oz at
an AISC of $1,300-1,400/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 was audited as conformant with these RGMPs in
2023.
Appendix
June 2024 Quarter Production and Costs (unaudited)
UG Lateral Development m 1,034 - 1,034 - 1,034
UG Vertical Development m 40 - 40 - 40
Total UG Development m 1,074 - 1,074 - 1,074
UG Ore Mined t 636,539 - 636,539 - 636,539
UG Grade Mined g/t 2.68 - 2.68 - 2.68
OP Operating Waste BCM - 148,063 148,063 1,221,990 1,370,053
OP Ore Mined BCM - 826,329 826,329 388,175 1,214,504
OP Grade Mined g/t - 1.56 1.56 1.90 1.67
Total Ore Mined t 636,539 266,513 903,052 1,064,722 1,967,774
Total Tonnes Processed t 609,714 374,949 984,663 537,787 1,522,450
Grade Processed g/t 2.75 1.32 2.21 2.15 2.19
Recovery % 79 87 82 93 86
Gold Recovered oz 42,609 13,817 56,426 34,523 90,949
Gold in Circuit Drawdown/(Addition) oz (679) (148) (827) 665 (162)
Gold Produced (Poured) oz 41,930 13,669 55,599 35,188 90,787
Gold Bullion in Metal Account Movement (Increase)/Decrease oz 14,400 (13,669) 731 (3,197) (2,466)
Gold Sold oz 56,330 - 56,330 31,991 88,321
Achieved Gold Price $/oz - - - - 2,342
Cost Summary
Mining $/oz 452 585 485 533 503
Processing $/oz 485 660 528 374 468
Site Administration $/oz 144 249 170 135 156
Site Operating Costs $/oz 1,081 1,494 1,183 1,042 1,127
Royalties $/oz 141 142 141 107 133
By-Product Credits + Corp Admin $/oz (2) (2) (2) - 50
Total Cash Operating Costs $/oz 1,220 1,634 1,322 1,149 1,310
Sustaining Capital + Others $/oz 109 (15) 78 20 56
Inventory Adjustments $/oz 19 358 103 (69) 36
All-In Sustaining Cost (AISC) $/oz 1,348 1,977 1,503 1,100 1,402
AISC is calculated on gold produced (poured)
Year-to-date 2024 Production and Costs (unaudited)
UG Lateral Development m 2,460 - 2,460 - 2,460
UG Vertical Development m 40 - 40 - 40
Total UG Development m 2,500 - 2,500 - 2,500
UG Ore Mined t 1,283,498 - 1,283,498 - 1,283,498
UG Grade Mined g/t 2.62 - 2.62 - 2.62
OP Operating Waste BCM - 246,357 246,357 2,888,497 3,134,854
OP Ore Mined BCM - 1,400,345 1,400,345 578,882 1,979,227
OP Grade Mined g/t - 1.62 1.62 1.87 1.69
Total Ore Mined t 1,283,498 446,856 1,730,354 1,592,494 3,322,848
Total Tonnes Processed t 1,121,004 752,275 1,873,279 1,103,157 2,976,436
Grade Processed g/t 2.71 1.32 2.15 1.93 2.07
Recovery % 79 86 82 93 86
Gold Recovered oz 77,231 27,270 104,501 63,762 168,263
Gold in Circuit Drawdown/(Addition) oz (594) 152 (442) (682) (1,124)
Gold Produced (Poured) oz 76,637 27,422 104,059 63,080 167,139
Gold Bullion in Metal Account Movement (Increase)/Decrease oz 22,793 (27,422) (4,629) (5,189) (9,818)
Gold Sold oz 99,430 - 99,430 57,891 157,321
Achieved Gold Price $/oz - - - - 2,170
Cost Summary
Mining $/oz 504 469 495 590 531
Processing $/oz 510 694 558 392 496
Site Administration $/oz 143 255 173 147 163
Site Operating Costs $/oz 1,157 1,418 1,226 1,129 1,190
Royalties $/oz 124 126 124 100 118
By-Product Credits + Corp Admin $/oz (2) (2) (2) - 53
Total Cash Operating Costs $/oz 1,279 1,542 1,348 1,229 1,361
Sustaining Capital + Others $/oz 15 57 129 14 85
Inventory Adjustments $/oz (82) 174 (14) 12 (4)
All-In Sustaining Cost (AISC) $/oz 1,352 1,773 1,463 1,255 1,442
AISC is calculated on gold produced (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 'Ore Reserves and Mineral
Resource Statement' announced on 8 March 2024 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 5.19 Production Targets
The information in this announcement that relates to production targets of
Resolute has been extracted from the report entitled 'December 2023 Quarterly
Activities Report and 2024 Guidance' announced on 31 January 2024 and are
available to view on the Company's website (www.rml.com.au) and www.asx.com
(Resolute Production Announcement).
For the purposes of ASX Listing Rule 5.19, Resolute confirms that all material
assumptions underpinning the production target, or the forecast financial
information derived from the production target, in the Resolute Production
Announcement continue to apply and have not materially changed.
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, Tavistock
Corporate Development and Investor Relations Manager resolute@tavistock.co.uk
Matthias.otoolehowes@resolutemining.com +44 207 920 3150
+44 203 3017 620
Corporate Brokers
Jennifer Lee, Berenberg
+44 20 3753 3040
Tom Rider, BMO Capital Markets
+44 20 7236 1010
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