REG - Resolute Mining Ltd - March 2025 Quarterly Activities Report
24/04/2025 07:02
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RNS Number : 9871F Resolute Mining Limited 24 April 2025
24 April 2025
Q1 2025 Activities Report
For the Quarter ending 31 March 2025 ('Q1', 'March Quarter' or 'the Quarter')
Q1 2025 Highlights
• Total Recordable Injury Frequency Rate (TRIFR) decreased to 1.86 from
2.11 at the end of March 2025
• Group gold production of 75,497 ounces (oz) (Q4 2024: 87,687oz) with
Mako and the Syama Oxide operations performing strongly
• All-In Sustaining Costs (AISC) of $1,708/oz in Q1 in line with group
guidance despite slightly lower gold production at the Syama sulphide
operation
• Quarterly gold sales of 64,322oz at an average realised price of
$2,840/oz (Q4 2024: 83,145oz at
$2,659/oz)
• Quarterly Capital Expenditure (excluding exploration) of $24.9 million
(Q4 2024: $25.3 million) consisting of $12.4 million non-sustaining including
$8.4 million for the Syama Sulphide Conversion Project (SSCP) and $12.5
million sustaining
• Operating cash flow generation of $75.4 million (operating cash flow,
before capital expenditure, exploration and working capital)
• Net cash of $100.3 million (Q4 2024: $66.3 million), including cash
and bullion of $122.1 million and drawn overdraft balances of $21.8 million;
Group availability liquidity of $186 million
• Encouraging drill results from Bantaco (Senegal), another potential
satellite deposit for Mako operation, with nine drill rigs currently on site
• 2024 Reserves and Resources Statement published with total ore
reserves and mineral resources (on a 100% basis) maintained at 4.4Moz and
11.0Moz respectively
• On track for group production guidance of 275-300 koz at a Group AISC of $1,650 - 1,750/oz
• Capital expenditure guidance ($109 - 126 million) is on track
Note: Unless otherwise stated, all dollar figures are United States dollars
($).
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
March 2025.
Chris Eger, Chief Executive Officer, commented,
"It has been a strong start to the year for Resolute with both operations
running smoothly and continuing to generate very robust cash flows. The
Company's net cash position has increased by $34 million over the Quarter to
end at $100.3 million.
Production in Q1 was in line with expectation and guidance for the Group. In
addition, in Mali, the Syama sulphide conversion project remains on track and
on budget for mid-2026 start up and continued its LTI- free status to over
600,000 person hours. During the Quarter, the earth and civils work were
effectively completed and the CCIL tanks and pebble crusher are expected to be
completed next Quarter.
Since the beginning of the year, we have had positive and productive
engagement with the Malian Government on implementation of the new Mining Code
as well as discussing opportunities for future cooperation. We remain fully
focused on creating value at Syama and working collaboratively with the Malian
Government in order to create long-term value for all stakeholders.
In Senegal, we are very excited to provide promising drill results from
Bantaco, with key drill results highlighted in the report. Resolute started
work on the Bantaco permit, situated 20km east of Mako and adjacent to
Tomboronkoto, in early 2024. Importantly, Bantaco looks to be another
potential satellite deposit, that we believe will be able to extend the Mako
mine, and, unlike at Tomboronkoto, it does not require significant
resettlement. During Q1 studies continued at Tomboronkoto with the team
planning to submit the Environmental and Social Impact Assessment in H2 2025.
The efforts at Tomboronkoto remain as per previous guidance and we continue to
be confident in the value potential across Senegal.
Resolute also continues to focus exploration activities in Côte d'Ivoire as a
key growth jurisdiction for the Company with an ongoing drill program at La
Debo aimed at expanding the Mineral Resources at a number of prospects there.
We expect to be able to provide an update from these activities in the next
Quarter.
Finally, Resolute's balance sheet remains robust with over $122 million of
gross cash and bullion and consistent free cash flow generation across the
Group. The Company remains focused on generating cash and is on track to
deliver results within guidance. We are constantly reviewing opportunities to
create shareholder value and are committed to geographical diversification and
further operating mines in new jurisdictions."
Webcast and Conference Call
Resolute will host a conference call for investors, analysts, and media on 24
April 2025, to discuss the Company's Quarterly Activities Report for the
period ending 31 March 2025. This call will conclude with a
question-and-answer session.
Conference Call: 6:00pm (AEDT, Sydney) / 9:00am (BST, London)
Webcast registration link: https://brrmedia.news/RSG_Q12025
Those wishing to ask questions as part of the Q&A should use the
conference call facility (please join five minutes prior to the start time)
Conference call details:
Dial in number(s) UK Local Toll: 0203 5143188
UK Toll Free: 0808 2389064
Australia Toll Free: 1-800-121301 South Africa Toll Free: 080-09-99739 USA
Toll Free: 1-877-270-2148
Password (if prompted) Quote Resolute Miningwhen 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/) .
(https://www.rml.com.au/investors/presentations/)
Operations Overview
March 2025 December 2024 March 2024
Group Summary Units Quarter Quarter Change Quarter
Mining
Ore Mined t 1,345,796 1,583,820 (15%) 1,355,074
Mined Grade g/t 1.97 1.93 2% 2.16
Processing
Ore Processed t 1,550,187 1,651,031 (6%) 1,453,986
Processed Grade g/t 1.79 1.93 (7%) 1.94
Recovery % 84 85 (1%) 86
Gold Poured oz 75,497 87,687 (14%) 76,351
Sales
Gold Sold oz 64,322 83,145 (23%) 69,000
Average Realised Price $/oz 2,840 2,659 7% 1,950
Financials
Total Capital Expenditure $m 24.9 25.3 47% 24.8
Net (Cash)/Debt $m (100.3) (66.3) 51% (33.9)
AISC $/oz 1,708 1,568 9% 1,487
Table 1: Resolute Group Operational Performance Summary
During the Quarter Resolute processed over 1.55Mt across Syama (Mali) and Mako
(Senegal) at an average milled head grade of 1.79g/t. Both sites are operating
in line with expectation. The crusher, mill and the roaster circuit at Syama
all had above 93% availability during Q1.
Environmental and Social Update
In Q1, Resolute recorded no significant environmental incidents, regulatory
non-compliances, or reportable grievances. Resolute's TRIFR as of 31 March
2025 was 1.86, an 11% improvement from the previous Quarter. This compares to
the International Council on Mining and Metals (ICMM) industry average of 2.5.
The Group was awarded Assurance Statements following successful independent
audits against the World Gold Council's Responsible Gold Mining Principles and
Conflict Free Gold Standard.
In accordance with operational plans, construction is underway for the
next-stage lift of the tailings facility embankments at both Mako and Syama,
with supervision and quality control by the facility design engineer. An
external review of group-level GISTM conformance was completed in the Quarter,
from which priority actions and a schedule for conformance to the standard are
under review.
The Environmental & Social Impact Assessment (ESIA) for the Tomboronkoto
Project is in progress with a submission of the draft ESIA scheduled for H2
2025.
Post Quarter end, on 22 April 2025, Resolute published its 2024 sustainability
report. Key highlights from the report include:
• $779 million economic value distributed of which $344 million was
distributed to national suppliers in Mali and Senegal
• 96% national employment
• Zero significant environmental incidents
• ISO 14001 and 45001 certifications maintained
Syama, Mali
Syama gold production for the Quarter was 48,234oz at an AISC of $1,835/oz.
The operational performance is set out in the table below.
March 2025 December 2024 March 2024
Summary Units Quarter Quarter Change Quarter
Sulphide
Ore Mined t 512,485 562,996 (9%) 646,959
Mined Grade g/t 2.45 2.50 (2%) 2.57
Mining
Oxide
Ore Mined t 221,846 248,082 (11%) 180,343
Mined Grade g/t 1.41 1.58 (11%) 1.71
Sulphide
Ore Processed t 587,009 661,208 (11%) 511,290
Processed Grade g/t 2.35 2.55 (8%) 2.65
Recovery % 77 77 (0%) 79
Gold Poured oz 36,143 43,863 (18%) 34,707
Processing
Gold Sold oz 30,733 42,247 (27%) 29,348
Oxide
Ore Processed t 429,183 417,768 3% 377,326
Processed Grade g/t 1.03 1.27 (19%) 1.31
Recovery % 84 88 (4%) 85
Gold Poured oz 12,091 15,021 (20%) 13,752
Gold Sold oz 12,091 15,021 (20%) 13,752
Syama combined
Cost
Total Capital Expenditure $m 23.8 22.5 6% 19.0
AISC $/oz 1,835 1,525 20% 1,418
Table 2: Syama Production and Cost Summary
At the Syama sulphide operation, ore mined remained on track but was impacted
by temporary disruption of the supply of explosives at the beginning of the
year. This disruption resulted in a slightly lower rate of production as lower
grade ore stocks were fed to the plant. Ore production is expected to return
to normal levels in Q2 with all supply chain issues having been resolved.
The head grade for the Quarter was lower than expected mainly due to blending
of low-grade stockpiles. Sulphide head grades are expected to increase in the
next Quarter as ore mining recovers. As a result, gold production from the
sulphide operation is expected to increase throughout the remainder of the
year with guidance of 150-160koz from the sulphide operation maintained.
The oxide operation performed well with ore mined and the mined grade above
our expectation for the Quarter as higher grade than the mine plan was
encountered in the Tellems pit. Head grades in the oxide plant are lower than
the prior Quarter and in line with expectation as lower grade stockpiles
remain the predominant source of plant feed. Gold production of 12,091oz in Q1
was as expected and in line with full-year guidance of 45-50koz. Similar
quarterly production levels for the oxide operation are forecast for the
remainder of 2025.
Capital expenditure was $23.8 million for the Quarter split $11.4 million and
$12.4 million between sustaining and non-sustaining capital respectively.
Expenditure for the Quarter include mining fleet replacement, equipment
mid-life changeout, the SSCP ($8.4 million) as well as $9.8 million of
sustaining waste capital cost.
AISC increased to $1,835/oz mainly attributed to the lower production levels
from the sulphide operation along with higher royalty rates in the current
gold price environment. Production levels from Syama are expected to increase
from Q1 for the remaining quarters, driven by an increase and stabilisation of
production levels in the underground mine. Therefore, for the remainder of the
year, AISC at Syama are expected to decrease and be in line with full-year
guidance of $1,700-1,800/oz.
Mali Government Update
Since the beginning of the year Resolute has been engaging with the Government
of Mali on implementation of the 2023 Mining Code at Syama. The discussions
have been positive and Resolute remains committed to working collaboratively
with the Malian Government to create long-term value at Syama for all
stakeholders.
Mako, Senegal
Mako gold production for the Quarter was 27,263oz at an AISC of $1,274oz. The
operational performance for Mako is set out in the table below.
March 2025 December 2024 March 2024
Summary Units Quarter Quarter Change Quarter
Mining
Ore Mined t 611,465 772,742 (21%) 527,772
Mined Grade g/t 1.76 1.63 8% 1.80
Processing
Ore Processed t 533,995 572,055 (7%) 565,370
Processed Grade g/t 1.78 1.69 5% 1.73
Recovery % 92 92 0% 93
Gold Poured oz 27,263 28,803 (5%) 27,892
Gold Sold oz 21,498 25,877 (17%) 25,900
Financials
Total Capital Expenditure $m 1.0 2.8 (63%) 5.8
AISC $/oz 1,274 1,350 (6%) 1,451
Table 3: Mako Production and Cost Summary
Gold production of 27,263oz was lower than prior Quarter but in line with
expectations due to the lower ore tonnes processed which was partially offset
by the higher head grades. Production is expected to increase by over 10% in
the second Quarter prior to completion of mining activities at the Mako pit,
as higher head grades and increased milled tonnage is forecast. Gold
production during the third and fourth quarters is expected to decrease when
stockpile processing begins and becomes the primary source of feed to the
plant. Mako remains on track for its full year production guidance of
80-90koz.
Accelerated mining has continued to ensure mining activities are completed
before the 2025 rainy season. The mined ore grade in Q1 is higher than the
prior Quarter as expected as access was gained to the remaining high grade ore
zones following the challenges previously encountered in the pit due to high
water levels caused by the pit flooding.
Capital expenditure for the Quarter of $1.0 million (vs Q4 2024: $2.8 million)
consisted of on-going activities for final Tailings Management Facility raise.
AISC decreased from $1,350/oz in the previous Quarter to $1,274/oz driven by
the lower unit mining cost due to the benefit of in-pit waste dumping and
lower sustaining capital expenditure. The AISC is expected to decrease in Q2
on higher gold production levels before increasing during H2 as stockpiles are
processed. Mako remains on track to meet its full-year AISC guidance of $1,300
- 1,400/oz.
Ore Reserves and Mineral Resources
On 11 March 2025 the Company published its annual Ore Reserves and Mineral
Resource Statement as at 31 December 2024.
On a 100% basis the total Mineral Resources were maintained at 11.0 Moz of
contained gold. This was driven by the updated Mineral Resource Estimate at
Tomboronkoto (Senegal) of 7.0 Mt grading 1.7 g/t for 377 koz and the addition
of an Inferred Mineral Resource Estimate at Mansala (Guinea) of 8.4 Mt grading
1.3 g/t Au for 357 koz of contained gold. In both cases the resource is
reported at cut off above
0.7 g/t within a US$2,950 optimised pit shell.
Total Ore Reserves (100% basis) were maintained at 4.4 Moz post mining
depletion across Mali and Senegal. This was achieved by a large increase in
Ore Reserves at Syama North following continued drilling success in 2024 and
change in gold price assumption to $1,950/oz.
The Syama North open pit Ore Reserve increased to 1.5 Moz grading 2.2 g/t up
from the previous Ore Reserve of 983koz grading 2.6 g/t. The reserves at Syama
North underpin the long-term future at Syama and will be a key source of
material to the SSCP that is planned to start in mid-2026.
Exploration
Total Group exploration expenditure in Q1 was $3.8 million, with drilling
programs continuing in Senegal, Mali and Côte d'Ivoire throughout the
Quarter. This was made up of $3.3 million of capital consisting of drilling
oxides on the Finkolo Permit in Mali ($1.2 million), Tomboronkoto studies and
Bantaco drilling in Senegal ($1.1 million) and drilling at La Debo in Côte
d'Ivoire ($1.0 million). During the Quarter $0.5 million of exploration
expense was spent on Resolute's other prospects in Senegal and Guinea.
Senegal Exploration
In Q1, the focus has been on two potential satellite deposits - Tomboronkoto
and Bantaco - that will extend the Mako mine. Tomboronkoto remains the most
advanced prospect with an Indicated and Inferred Mineral Resource Estimate
(MRE). The other satellite deposit which has drilling ongoing is Bantaco which
is approximately 20km east of Mako - see Figure 1 below.
Figure 1: Senegal Geology and Project Locations.
Tomboronkoto
Drilling at the Tomboronkoto Prospect in the first Quarter of 2025 was
restricted to piezometer drilling and sterilisation drilling programs.
Sterilisation drilling programs have been planned to ensure infrastructure
such as waste dumps are not located on areas of economic gold mineralisation.
The sterilisation program is underway and expected to be completed in Q2. To
date analytical results have been negative on the areas drilled.
As noted above the Tomboronkoto ESIA is progressing well with a submission of
a draft scheduled for H2 2025. Following this there will a public hearing,
technical committee and confirmation of costs of the Environment and Social
Management Plan which are expected to be completed by Q3 2025. Assuming no
major changes, Resolute expects validation of the ESIA and issuance of an
Environmental Permit by the end of Q4 2025.
Engagement, studies, surveys and consultations for the resettlement action
plan (RAP) are expected to commence in 2026. Construction and resettlement is
planned into 2027.
Resolute is on track with the timeline in Figure 2 and remains confident about
the potential to mine the Tomboronkoto satellite deposit by H2 2027 but notes
the need for the continued cooperation from the government to maintain the
anticipated timeline.
Bantaco
The Bantaco Project presents another opportunity to find an economically
exploitable gold resource to extend the life of Mako. The Bantaco permit is
adjacent to the Tomboronkoto permit and is approximately 20km east of the Mako
plant.
Resolute commenced drilling in June 2024. Drilling is ongoing with a total of
2,100m of diamond drilling and 37,360m of RC drilling completed by Resolute to
date.
Drilling has identified potentially economic gold mineralisation in three
locations at the Bantaco Project (Bantaco Main, Bantaco South and Bantaco
West). Given the extent of mineralisation, Resolute has increased drilling
efforts with nine rigs currently on site with the strategy to outline an
initial MRE covering Bantaco West targeted for Q3 2025.
Currently, it is envisaged that out of the three prospects Bantaco West would
be developed first as it will have an initial MRE published first.
Drilling at the Baisso prospect has started and will continue through the
coming quarters. In the second half of 2025 drilling will commence at Bantaco
Central.
Figure 3: Tomboronkoto and Bantaco Locations
Preliminary metallurgical test work has commenced to confirm suitability for
processing in the Mako plant. Pending further drilling and technical studies
the Bantaco project could potentially be developed ahead of Tomboronkoto given
the significantly lower resettlement requirements.
Bantaco West
Regional geochemical soil surveys identified Bantaco West as an area of
interest by previous explorers but was it not drill tested prior to Resolute's
acquisition of the project.
Initial RC drilling by Resolute produced low level gold results of moderate
interest. Follow up drilling in early 2025 produced better results and has led
to more intensive drilling campaigns.
Bantaco West gold mineralisation is hosted in felsic volcano-sediments with
albite, limonite, kaolinite alteration associated with brecciated quartz
veins/veinlets; disseminated pyrite and pyrite blebs.
Diamond and RC drilling has outlined two zones of NE striking mineralisation
over a strike length of 2 kilometres. Select drill results are shown below.
BADD0001 - 9m @ 1.73g/t Au from 96m BARC00085 - 14m @ 1.82g/t Au from 35m
BARC00122 - 17m @ 1.38g/t Au from 36m BARC00138 - 14m @ 1.32g/t Au from 5m
BARC00153 - 8m @ 2.02g/t Au from 33m BARC00154 - 18m @ 1.96g/t Au from 38m
BARC00162 - 10m @ 2.16g/t Au from 8m BARC00170 - 12m @ 1.96g/t Au from 30m
Figure 5: Bantaco West drillhole locations
Figure 6: BARC00164, 169 and 172 cross sections
Bantaco South
Previous explorers undertook limited drilling at Bantaco South with mixed
success largely due to inappropriate drilling orientations. Resolute focussed
on predicting the mineralisation to be striking NNE and drilling to date has
confirmed this orientation.
The gold mineralisation at Bantaco South is hosted in a hydrothermal breccia
with disseminated pyrite in the cement, with moderate to strong
hematite-albite-sericite alteration.
Drilling has intersected encouraging widths and grades of gold mineralisation
including highlights below. BADD0005 - 30m @ 2.26g/t Au from 77m
BARC00042 - 7m @ 2.17g/t Au from 77m
BARC00094 - 7m @ 4.29g/t Au from 145m BARC00194 - 16m @ 2.71g/t Au from 0m
BARC00195 - 10m @ 2.45g/t Au from 37m BARC00198 - 9m @ 2.55g/t Au from 58m
Figure 7. Bantaco South drillhole locations
Bantaco Main
The most significant artisanal workings at the project are located at Bantaco
Main where a series of parallel diggings occur over a strike length in excess
of 2 kilometres.
Drilling by Resolute since mid-2024 has intersected some narrow high zones of
gold mineralisation however the majority of the zones are lower grade in
tenor. The multiple parallel zones of artisanal gold workings have not
translated into significant mineable widths of mineralisation. The narrow
high-grade intersections will be followed up with infill drilling.
At Bantaco Main, the mineralisation is hosted in a strongly foliated
metasediment with moderate disseminated pyrite and quartz-pyrite stringer
veins along foliation. Select drill results are shown below.
BADD0004 - 18m @ 3.60g/t Au from 137m BARC00018 - 5m @ 6.16g/t Au from 79m
BARC00034 - 10m @ 9.88g/t Au from 60m BARC00037 - 5m @ 7.07g/t Au from 103m
BARC00084 - 6m @ 2.77g/t Au from 30m
Mali Exploration
The focus of exploration activities at Syama is to drill-test priority oxide
targets to determine viability for feeding the oxide plant in the near-future.
A detailed re-evaluation of oxide gold potential was undertaken along the
prospective Syama-Finkolo Belt with Zekere, Taba North Splay, and Djigui
highlighted as priority opportunities. Eight new oxide targets were generated,
with fieldwork in progress in support of planning exploration drilling.
Figure 8: Target Map on the Syama Belt
RC drilling has commenced at the Zekere prospect where four targets were
identified, including two targets which had previous positive drill results.
Programs of 25m x 25m drilling were planned to test for potential economic
mineralization.
At the end of the Quarter, drill programs have been completed at Zekere South
and Zekere West with drilling at Zekere Central underway. Preliminary results
have confirmed the potential for economic gold mineralization at Zekere South
and Zekere Central. Drilling will continue in Q2 with results to be announced
when the programs are complete.
Côte d'Ivoire Exploration
The La Debo project located in southwestern Côte d'Ivoire, approximately 280
km west of Abidjan.
In 2016, an initial Preliminary Economic Assessment established a NI 43-101
compliant Inferred Mineral Resource of 400 koz at a grade of 1.3 g/t Au (at
0.3 g/t cut-off). After subsequent deeper DD drilling in 2022, the resource
was increased but was not reported as NI 43-101 compliant.
Resolute commenced drilling at La Debo in December 2024 with a combined RC and
diamond drilling program focussed on increasing the Mineral Resources of the
La Debo prospects. The drilling is continuing in 2025 with the aim to expand
the Mineral Resources.
Drilling to date has focussed on expanding the Mineral Resources at the G3N
and G3S prospect areas. Results to date have been encouraging and a market
announcement with the detailed results of the drilling will be released later
in Q2.
Figure 9: La Debo Prospects
Syama Sulphide Conversion Project
The SSCP is a project to increase overall sulphide processing capacity at
Syama by 60% from 2.4Mtpa to 4.0Mtpa by modifying the oxide comminution
circuit and upgrading the roaster. The Project is important for the long-term
future of Syama as oxide resources deplete and the ore sources become
predominantly sulphide. Importantly, the SSCP will retain operational
flexibility by maintaining the ability to switch back to treat oxide ore. The
completion of the SSCP remains on track for Q2 2026.
The Project has no lost time injuries (LTIs) after approximately 610,000
person-hours worked until the end of March 2025.
Construction activities progressed well in Q1 with the Project remaining on
budget and on track. Key activities in Q1 included:
- Completion of all engineering
- All procurement packages awarded
- Earth and civil work near completion
- SMPP installations on track and the EC&I installation ramping up
- CCIL circuit on track for commissioning at the end of Q2 2025
The capital expenditure on the SSCP in Q1 was $8.4 million and in line with
the full-year guidance capital spend of $30 million. In 2026 the remaining $35
million of capital expenditure is forecast.
Figure 10: Ball mill and flotation areas in March under construction. The
flotation circuit is now 86% complete, while the ball mill areas is 35%
complete
Figure 11: Secondary crusher and sulphide stockpile feed conveyor areas are
50% and 30% complete respectively
Ravenswood Update
In March 2020 Resolute sold the Ravenswood Gold Mine in Queensland, Australia
to a consortium comprising a fund (EMR) managed by specialist resources
private equity manager EMR Capital Management Limited, and Singapore-listed
mining and energy company, Golden Energy and Resources Limited (SGX:AUE)
(GEAR). The sales consideration was a combination of upfront and future
contingent payments as shown below.
Payments already received:
• A$50 million upfront cash payment
• A$50 million Gold Price Contingent Promissory Note
Future payments:
• A$50 million Vendor Financing Promissory Note (VFPN)
• up to A$150 million Upside Sharing Promissory Note
The current balance of the VFPN of accrued interest and principal is
approximately A$67 million (as end of March 2025).
It is understood that the Ravenswood mine is currently in a sale process with
a potential completion in 2025. On completion of a sale Resolute would be
repaid the VFPN and, dependent on sale price, receive an Upside Sharing
Promissory Note.
The potential payment to Resolute associated with the Upside Sharing
Promissory Note is based on a dynamic formula linked to the capital invested
by EMR into the Ravenswood Mine and the ultimate sale price.
The payment to Resolute will be determined by reference to the gross money
multiple to EMR which is the gross proceeds (before payment of the Upside
Sharing Payment) divided by the total capital invested in the acquisition,
development and operation of Ravenswood by EMR. Resolute will receive the
Upside Sharing Payment from the owners of Ravenswood based on the amount by
which the gross money multiple exceeds a minimum threshold up to a cap of
A$150 million as follows:
• A$7.5 million for each 0.1 that the gross money multiple is above
2.5x up to 4.0x; and
• A$5 million for each 0.1 that the gross money multiple is above
4.0x.
Financial Highlights and Balance Sheet Activities
Quarterly Cash and Bullion Movements (US$ million)
*Included in Operating Cash flows are $12.7 million of royalties
Chart 1: Q1 2025 Cash and Bullion Movements
Quarterly gold sales of 64,322oz were at an average realised gold price of
$2,840/oz (Q4: 2024
$2,659/oz) with all gold being sold at spot prices. There were 11,175oz of
production from Q1 that were not sold during the Quarter due to timing of
shipments and gold sales.
The company generated a healthy operating cashflow of $75.4 million (Q4 2024:
$60.8 million) due to the higher gold priced realised. The VAT outflow for Q1
was $13.8 million combined for Mali and Senegal. Resolute continues to engage
with local governments to settle these amounts. The working capital outflow of
$12.7 million was solely attributable to a $9.8m decrease in accounts payable
balances and a $2.9 million increase in prepaid expenses which were both
settled in the normal course of business.
Net Debt Summary
Net cash at 31 March 2025 was $100.3 million, increasing from $66.3 million
net cash position at 31 December 2024. Total borrowings at 31 March 2024 were
$21.9 million (Q4 2024: $34.2 million) which are from in-country overdraft
facilities in Mali and Senegal. Over Q1 cash and bullion increased from
$101.3 million as at 31 December 2024 to $122.2 million as at 31 March 2025.
Resolute continues to maintain its financial flexibility through
implementation of additional banking facilities and working capital
initiatives. During the Quarter, local overdraft facilities were increased to
$85 million providing available liquidity of over $114 million ($186 million
including bullion on hand) as at 31 March 2025.
Loncor Gold Inc.
Resolute retains a 20% shareholding in TSX-listed Loncor Gold Inc. (market
capitalisation of approximately C$97 million as at 22 April 2025) which owns
84.68% of the Imbo Project in the Democratic Republic of Congo.
The main deposit Adumbi has an Indicated Mineral Resource Estimate of 1.88Moz
grading 2.08g/t and has a mining permit and Preliminary Economic Assessment
already in place. Drilling is currently underway and is focused on resource
expansion.
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 2025 is 275,000 - 300,000 oz
at an AISC of $1,650 - 1,750/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
2024.
Appendix
March 2025 Quarter Production and Costs (unaudited)
Syama Sulphide Syama Oxide Group Total
March 2025 - Year to date Units Syama Mako
UG Lateral Development m 1,531 - 1,531 - 1,531
UG Vertical Development m - - - - -
Total UG Development m 1,531 - 1,531 - 1,531
UG Ore Mined t 512,485 - 512,485 - 512,485
UG Grade Mined g/t 2.45 - 2.45 - 2.45
OP Operating Waste BCM - 1,895,781 1,895,781 481,048 2,376,829
OP Ore Mined BCM - 120,858 120,858 220,528 341,386
OP Grade Mined g/t 2.45 1.41 2.14 1.76 1.97
Total Ore Mined t 512,485 221,846 734,331 611,465 1,345,796
Total Tonnes Processed t 587,009 429,183 1,016,192 533,995 1,550,187
Grade Processed g/t 2.35 1.03 1.79 1.78 1.79
Recovery % 77% 84% 80% 92% 84%
Gold Recovered oz 34,094 11,995 46,089 28,192 74,281
Gold in Circuit Drawdown/(Addition) oz 2,049 96 2,145 (929) 1,216
Gold Produced (Poured) oz 36,143 12,091 48,234 27,263 75,497
Gold Bullion in Metal Account Movement (Increase)/Decrease oz (5,410) - (5,410) (5,765) (11,175)
Gold Sold oz 30,733 12,091 42,824 21,498 64,322
Achieved Gold Price $/oz - - - - 2,840
Cost Summary
Mining $/oz 488 479 486 382 448
Processing $/oz 581 847 648 463 581
Site Administration $/oz 138 293 177 148 166
Site Operating Costs $/oz 1,207 1,619 1,311 993 1,195
Royalties $/oz 280 273 278 128 226
By-Product Credits + Corp Admin $/oz (3) (3) (3) - 71
Total Cash Operating Costs $/oz 1,484 1,889 1,586 1,121 1,492
Sustaining Capital + Others $/oz 128 564 237 39 165
Inventory Adjustments $/oz 66 (150) 12 114 51
All-In Sustaining Cost (AISC)
AISC is calculated on gold produced (poured) $/oz 1,678 2,303 1,835 1,274 1,708
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 11 March 2025 and is available to view on
Resolute's website (www.rml.com.au) (http://www.rml.com.au/) and www.asx.com
(http://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 'Q4 2024 Activities
Report and 2025 Guidance' announced on 30 January 2025 and are available to
view on the Company's website (www.rml.com.au) (http://www.rml.com.au/) and
www.asx.com (http://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.
Competent Persons Statement
The information in this report that relates to the Exploration Results,
Mineral Resources and Ore Reserves is based on information compiled by Mr
Bruce Mowat, a member of The Australian Institute of Geoscientists. Mr Bruce
Mowat has more than 15 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.
Bantaco Senegal
Hole_ID North (WGS) East (WGS) RL Dip Azi (WGS) EOH From (m) To (m) Width (m) Au (g/t)
(m) (m)
BADD0001 1414923 794169 163 -52 128 218 96 105 9 1.73
BADD0004 1412809 801448 163 -52 125 209 137 155 18 3.6
BADD0005 1410817 799918 154 -51 124 212 77 107 30 2.26
BARC00018 1411406 800244 122 -51 125 156 79 84 5 6.16
BARC00034 1412553 801283 120 -50 125 162 60 70 10 9.88
BARC00037 1412789 801471 104 -50 125 150 103 108 5 7.07
BARC00041 1410807 799949 150 -51 125 150 53 65 12 1.33
BARC00042 1410917 799923 146 -50 125 186 77 84 7 2.17
BARC00056 1414917 794182 155 -50 130 116 92 105 13 1.49
BARC00068 1414575 793417 140 -51 132 150 2 25 23 1.04
BARC00070 1410706 800131 126 -51 125 198 47 65 18 1.1
BARC00078 1414127 792912 122 -49 130 150 6 23 17 1.19
BARC00084 1411206 800497 120 -52 125 150 30 36 6 2.77
BARC00085 1413969 792809 114 -50 130 150 35 49 14 1.82
BARC00094 1411059 800151 126 -50 125 192 111 114 3 24.8
145 152 7 4.29
BARC00112 1415155 794239 131 -49 130 220 115 126 11 2.31
BARC00113 1415085 794314 137 -49 130 160 8 32 24 0.9
BARC00122 1414837 794180 143 -49 130 150 36 53 17 1.38
BARC00123 1414781 794084 164 -51 130 180 117 140 23 1.41
BARC00125 1414749 794122 153 -50 130 110 21 34 13 1.37
BARC00126 1414710 794023 159 -52 130 200 87 109 22 1.49
BARC00137 1414651 793400 171 -52 130 174 112 122 10 2.38
BARC00138 1414604 793314 128 -51 130 200 5 19 14 1.32
BARC00143 1414479 793292 130 -49 130 80 1 15 14 1.27
Hole_ID North (WGS) East (WGS) RL Dip Azi (WGS) EOH From (m) To (m) Width (m) Au (g/t)
(m) (m)
BARC00146 1414515 793330 132 -50 130 100 4 40 36 1.09
BARC00153 1414440 793149 121 -52 130 168 33 41 8 2.02
BARC00154 1414219 792857 120 -50 130 200 38 56 18 1.96
85 93 8 2.07
BARC00162 1414089 792924 112 -52 130 90 8 18 10 2.16
BARC00164 1414141 792794 114 -52 130 210 112 128 16 1.21
BARC00170 1414001 792846 116 -52 130 156 30 42 12 1.96
BARC00181 1410858 799847 144 -51 126 276 123 138 15 1.15
176 188 12 1.63
BARC00187 1410812 799837 150 -52 126 155 148 155 7 3.65
BARC00189 1410858 799940 158 -52 126 200 57 74 17 1.05
80 95 15 1.02
BARC00193 1410755 799926 159 -51 126 150 59 86 27 0.99
BARC00194 1410821 800000 146 -50 126 220 0 16 16 2.71
39 55 16 1.03
BARC00195 1410725 799969 145 -53 126 126 37 47 10 2.45
BARC00197 1410689 799856 147 -52 126 162 91 106 15 1.15
BARC00198 1410891 799958 139 -50 126 174 58 67 9 2.55
140 153 13 1.26
BARC00200 1410768 800065 138 -52 126 200 177 197 20 2.28
BARC00203 1415219 794320 129 -49 130 180 72 89 17 1.03
Notes to Accompany Table:
• Grid coordinates are WGS84 Zone 28 North
• RC intervals are sampled every 1m by dry riffle splitting or scoop
to provide a 2-3kg sample
• Diamond core are sampled every 1m by cutting the core in half to
provide a 2-4kg sample
• Cut-off grade for reporting of intercepts is >0.5g/t Au with a
maximum of 3m consecutive internal dilution included within the intercept;
only intercepts >=3m and >15 gram x metres are reported
• Samples are analysed for gold by ALS Global Au-AA25 30g fire assay
fusion with AAS instrument finish with over-range results reanalysed by
Au-GRA21 30g fire assay fusion with gravimetric finish, and by MSA Labs
CPA-Au1 500g sample gamma ray analysis by photon assay instrument.
Bantaco
Section 1 Sampling Techniques and Data
CRITERIA JORC CODE EXPLANATION COMMENTARY
Sampling techniques • Nature and quality of sampling (e.g. cut channels, random chips, Sampling has been by diamond drill coring and reverse circulation chip.
or specific specialised industry standard measurement tools appropriate to the
minerals under investigation, such as down hole gamma sondes, or handheld XRF Diamond core has been geologically logged and sampled to geological contacts
instruments, etc.). These examples should not be taken as limiting the broad with nominal sample lengths between 0.3m and 4.5m (most commonly 1m). Core
meaning of sampling. selected for assay is systematically cut lengthwise into half core by diamond
blade rock saw, numbered and bagged before dispatch to the laboratory for
• Include reference to measures taken to ensure sample analysis.
representivity and the appropriate calibration of any measurement tools or
systems used. All core is photographed, wet and dry.
• Aspects of the determination of mineralisation that are Material Reverse circulation chips are geologically logged and sampled on regular
to the Public Report. lengths of 1m. Chip material selected for assay is systematically divided to a
1/8 proportion using a rotary splitter attached to the cyclone sample recovery
• In cases where 'industry standard' work has been done this would system, numbered and bagged before dispatch to the laboratory for analysis.
be relatively simple (e.g. 'reverse circulation drilling was used to obtain 1
m samples from which 3 kg was pulverised to produce a 30 g charge for fire
assay'). In other cases more explanation may be required, such as where there
is coarse gold that has inherent sampling problems. Unusual commodities or
mineralisation types (e.g. submarine nodules) may warrant disclosure of
detailed information.
Drilling techniques • Drill type (e.g. core, reverse circulation, open-hole hammer, Diamond core drilling with standard inner tubes. NTW diameter (57.1 mm) to
rotary air blast, auger, Bangka, sonic, etc.) and details (e.g. core diameter, target depth where possible with some smaller NQ2 intervals as tails. Core is
triple or standard tube, depth of diamond tails, face-sampling bit or other marked and oriented.
type, whether core is oriented and if so, by what method, etc.).
Reverse Circulation drilling with 4" or 4.5" hammer and 4" rod string to
target depth.
Drill sample recovery • Method of recording and assessing core and chip sample recoveries Diamond core recoveries are measured in the core trays and recorded as
and results assessed. recovered metres and recovered % as part of the geological logging process.
• Measures taken to maximise sample recovery and ensure RC recoveries are monitored by chip sample weight recording. Sample weights
representative nature of the samples. have been analysed for cyclicity with no relationship between sample weight
and depth noted.
• Whether a relationship exists between sample recovery and grade
and whether sample bias may have occurred due to preferential loss/gain of
fine/coarse material.
Logging • Whether core and chip samples have been geologically and Diamond core has been geologically and geotechnically logged to a level of
geotechnically logged to a level of detail to support appropriate Mineral detail to support appropriate classification and reporting of a Mineral
Resource estimation, mining studies and metallurgical studies. Resource.
• Whether logging is qualitative or quantitative in nature. Core (or Reverse circulation chip samples have been geologically logged to a level of
costean, channel, etc.) photography. detail to support appropriate classification and reporting of a Mineral
Resource.
• The total length and percentage of the relevant intersections
logged. Total length of DD logged is 2,100m. Total length of RC logged is 37,360m.
Sub-sampling techniques and sample preparation • If core, whether cut or sawn and whether quarter, half or all core Historic core has been systematically cut lengthwise into half core with a
taken. diamond saw.
• If non-core, whether riffled, tube sampled, rotary split, etc. and RC samples representing a 1/8 split are taken directly from the rig mounted
whether sampled wet or dry. cyclone by rotary splitter, sample weight is recorded, sample is bagged in pre
numbered plastic and sample tickets are inserted and bag is sealed for
• For all sample types, the nature, quality and appropriateness of transport to preparation facility.
the sample preparation technique.
Generally, one of each of the two control samples (blank or CRM standard) is
• Quality control procedures adopted for all sub-sampling stages to inserted into the sample stream every tenth sample. An industry standard,
maximise representivity of samples. documented process of sample mark-up, core splitting, bagging and ticketing
and recording is in place at the Mako site.
• Measures taken to ensure that the sampling is representative of
the in situ material collected, including for instance results for field
duplicate/second-half sampling.
• Whether sample sizes are appropriate to the grain size of
CRITERIA JORC CODE EXPLANATION COMMENTARY
the material being sampled. All samples were submitted to external certified analytical
laboratory, MSA Bamako. The 3kg sample were considered appropriate sample size
for PhotonAssay analysis.
MSA prepares the sample by weighing, drying, and crushing the entire sample to
>70% passing 2mm, then into jarred up for PhotonAssay.
Quality of assay data and laboratory tests • The nature, quality and appropriateness of the assaying and Au assays are determined by Chrysos Photon assay at MSA labs in Bamako.
laboratory procedures used and whether the technique is considered partial or Laboratory and assay procedures are appropriate for Mineral Resource
total. estimation.
• For geophysical tools, spectrometers, handheld XRF instruments, QAQC consisted of standards, blanks and laboratory duplicates (both coarse and
etc., the parameters used in determining the analysis including instrument pulp). The QAQC sample results showed acceptable levels of accuracy and
make and model, reading times, calibrations factors applied and their precision.
derivation, etc.
The assay data is considered to be suitable for Mineral Resource estimation.
• Nature of quality control procedures adopted (e.g. standards,
blanks, duplicates, external laboratory checks) and whether acceptable levels
of accuracy (i.e. lack of bias) and precision have been established.
Verification of sampling and assaying • The verification of significant intersections by either All aspects of the core sampling, assay procedures and QA/QC program have been
independent or alternative company personnel. reviewed and were judged to be suitable for use in the estimation of Mineral
Resources.
• The use of twinned holes.
Drill hole assay result data has been checked against the original hardcopy
• Documentation of primary data, data entry procedures, data laboratory assay reports for a representative number of holes.
verification, data storage (physical and electronic) protocols.
Below detection limit values (negatives) have been replaced by background
• Discuss any adjustment to assay data. values.
Un-sampled intervals have been retained as un-sampled (null or blank). All of
these intervals occur within the waste domain and have no material impact on
the estimate.
Location of data points • Accuracy and quality of surveys used to locate drill holes (collar Drill holes have been surveyed by Mako Mine staff surveyors using a Leica
and down-hole surveys), trenches, mine workings and other locations used in GS14, GS15, and GS18 dGPS.
Mineral Resource estimation.
Downhole surveys were undertaken by the drilling contractor using a Reflex
• Specification of the grid system used. DeviGyro tool with a reading taken every 3m downhole.
• Quality and adequacy of topographic control. Grid system is based on the UTM28N grid on the WGS84 ellipsoid. Survey heights
are based on PRS097 (with independent checks on AusPos) and are orthometric
(i.e. msl).
A topographic surface with 1m resolution has been generated from a Lidar
survey of the area.
There is no Resource estimate on the various prospects to date
Data spacing and distribution • Data spacing for reporting of Exploration Results.
• Whether the data spacing and distribution is sufficient to
establish the degree of geological and grade continuity appropriate for the
Mineral Resource and Ore Reserve estimation procedure(s) and classifications
applied.
• Whether sample compositing has been applied.
Orientation of data in relation to geological structure • Whether the orientation of sampling achieves unbiased sampling of Geological structures are interpreted to be steeply-dipping to the north-west.
possible structures and the extent to which this is known, considering the Drilling intersects structures from the north west, generally dipping -60⁰
deposit type. below horizontal.
• If the relationship between the drilling orientation and the Drilling primarily targeted shears within volcanics and metasediments.
orientation of key mineralised structures is considered to have introduced a
sampling bias, this should be assessed and reported if material. The drilling orientation is adequate for a non-biased assessment of the
orebody with respect to interpreted structures and interpreted controls on
mineralisation.
CRITERIA JORC CODE EXPLANATION COMMENTARY
Sample security • The measures taken to ensure sample security. Labelling and submission of samples complies with industry standard.
Audits or reviews • The results of any audits or reviews of sampling techniques and
data.
The competent person audited the sample preparation laboratory in 2024. No
material issues were found.
Section 2 Reporting of Exploration Results
CRITERIA JORC CODE EXPLANATION COMMENTARY
Mineral tenement and land tenure status • Type, reference name/number, location and ownership including The Bantaco Permit is held by SNEPAC SARL. Toro Gold Limited is in a joint
agreements or material issues with third parties such as joint ventures, Venture with SNEPAC with Toro being the manager and sole funder of the joint
partnerships, overriding royalties, native title interests, historical sites, Venture. Toro Gold Limited is a company controlled by Resolute Limited. The
wilderness or national park and environmental settings. permit is in good standing.
• The security of the tenure held at the time of reporting along
with any known impediments to obtaining a licence to operate in the area.
Exploration done by other parties • Acknowledgment and appraisal of exploration by other parties. Past exploration has been performed by Ashanti Gold, and Randgold Resources on
a previously held Research Permit which was relinquished prior to being held
by SNEPAC SARL. Randgold had undertaken soil geochemistry, surface mapping and
RAB drilling on the Research Permit. Ashanti Gold undertook RAB and diamond
drilling. Subsequently SNEPAC carried out surface geochemistry, auger drilling
and RC drilling on the current permit.
Geology • Deposit type, geological setting and style of mineralisation. Mineralisation is currently interpreted to be a standard Birimian orogenic
gold deposit style. Gold is related to shears within volcanics and
meta-sediments. Intensity of gold mineralisation appears to correlate with the
intensity of pyrite development and exhibits lateral and vertical continuity
through the mineralised zone.
Geometry of the gold mineralisation is generally NNE to NE striking and
vertical to steep westerly dipping. The zones vary between 4 and 30m wide.
Drill hole Information • A summary of all information material to the understanding of the Easting, Northing and RL of the drill hole collars are based on the UTM28N
exploration results including a tabulation of the following information for grid on the WGS84 ellipsoid. Survey heights are based on PRS097 (with
all Material drill holes: independent checks on AusPos) and are orthometric (i.e. msl).
o easting and northing of the drill hole collar .
o elevation or RL (Reduced Level - elevation above sea level in metres) of Dip is the inclination of the hole from the horizontal. For example, a
the drill hole collar vertically down drilled hole from the surface is -90°. Azimuth is reported in
degrees as the grid direction toward which the hole is drilled.
o dip and azimuth of the hole
Down hole length of the hole is the distance from the surface to the end of
o down hole length and interception depth the hole, as measured along the drill trace. Intersection depth is the
distance down the hole as measured along the drill trace.
o Whole length.
Intersection width is the downhole distance of an intersection as measured
• If the exclusion of this information is justified on the basis along the drill trace.
that the information is not Material and this exclusion does not detract from
the understanding of the report, the Competent Person should clearly explain Drill hole length is the distance from the surface to the end of the hole, as
why this is measured along the drill trace.
the case.
Data aggregation methods • In reporting Exploration Results, weighting averaging techniques, Sample intervals in this document are all 1m and are not composited in the
maximum and/or minimum grade truncations (e.g. cutting of high grades) and drill intersections
cut-off grades are usually Material and should be stated.
Top-cuts have not been used in the drill intersections.
• Where aggregate intercepts incorporate short lengths of high grade
results and longer lengths of low grade results, the procedure used for such
aggregation should be stated and some typical examples of such aggregations
should be shown in detail.
• The assumptions used for any reporting of metal equivalent values The assay intervals are reported as down hole length as the true width
should be clearly stated. variable is not known.
Gold assays are rounded to two decimal places. No metal equivalent reporting
is used or applied.
Relationship between mineralisation
• These relationships are particularly important in the reporting of The intersection width is measured down the hole trace and may not be the true
Exploration Results. width.
CRITERIA JORC CODE
EXPLANATION
COMMENTARY
widths and • If the geometry of the mineralisation with respect to the drill All drill results are downhole intervals only due to the variable
hole angle is known, its nature should be reported.
intercept lengths
orientation of the mineralisation.
• If it is not known and only the down hole lengths are reported,
there should be a clear statement to this effect (e.g. 'down hole length, true
width not known').
Diagrams • Appropriate maps and sections (with scales) and tabulations of A plan view is contained within this document. A table of intercepts is also
intercepts should be included for any significant discovery being reported included in this document.
These should include, but not be limited to a plan view of drill hole collar
locations and appropriate sectional views.
Balanced reporting • Where comprehensive reporting of all Exploration Results is not All significant assay results from Resolute work are provided in this report.
practicable, representative reporting of both low and high grades and/or
widths should be practiced to avoid misleading reporting of Exploration The report is considered balanced and provided in context.
Results.
Other substantive exploration data • Other exploration data, if meaningful and material, should be No other exploration data is considered meaningful and material to this
reported including (but not limited to): geological observations; geophysical document.
survey results; geochemical survey results; bulk samples - size and method of
treatment; metallurgical test results; bulk density, groundwater, geotechnical
and rock characteristics; potential deleterious or contaminating substances.
Further work • The nature and scale of planned further work (e.g. tests for Future exploration may involve the drilling of more drillholes, both diamond
lateral extensions or depth extensions or large-scale step- out drilling). core and reverse circulation, to further extend the mineralised zones and to
collect additional detailed data on known mineralized zones. Geophysical
• Diagrams clearly highlighting the areas of possible extensions, exploration is also planned as part of the future exploration of the permit.
including the main geological interpretations and future drilling areas,
provided this information is not commercially sensitive.
Authorised by Mr Chris Eger, Chief Executive Officer
Contact
Resolute Public Relations
Matthias O'Toole Howes, Jos Simson, Tavistock resolute@tavistock.co.uk
(mailto:resolute@tavistock.co.uk)
Corporate Development and Investor Relations Manager
+44 207 920 3150
Matthias.otoolehowes@resolutemining.com
(mailto:Matthias.otoolehowes@resolutemining.com)
+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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