RNS Number : 3639W
Resolute Mining Limited
22 August 2025
22 August 2025
Appendix 4D
Half Year Report for the six months ended 30 June 2025
Reporting Period
The reporting period is for the half year ended 30 June 2025 with the corresponding reporting period being for the six months ended 30 June 2024.
Results for Announcement to the Market
30 June 2025
30 June 2024
Movement
Movement
$'000
$'000
$'000
%
Revenues from ordinary activities
447,514
341,503
106,011
31 %
Earnings before interest, tax, depreciation and amortisation (EBITDA)
211,055
116,388
94,667
81 %
Profit after income tax
71,001
33,401
37,600
113 %
Profit from ordinary activities after income tax attributable to members/net profit for the year
58,765
20,947
37,818
181 %
Dividend Information
Amount per share
Franked amount per share
$
$
Interim dividend for the half-year ended 30 June 2025
nil
nil
Net Tangible Assets
30 June 2025
30 June 2024
$
$
Net tangible assets per share
0.28
0.26
This half year report should be read in conjunction with the most recent annual financial report for the year ended 31 December 2024. All dollar figures are United States dollars ($) currency unless otherwise stated.
Corporate Directory
Directors
Share Registry
Managing Director & CEO
Chris Eger
Computershare Investor Services Pty Limited
Non-Executive Chairman
Andrew Wray
Level 11, 172 St Georges Terrace
Non-Executive Director
Simon Jackson
Perth, Western Australia 6000
Non-Executive Director
Sabina Shugg
Non-Executive Director
Adrian Reynolds
Non-Executive Director
Keith Marshall
Home Exchange
Non-Executive Director
Adrienne Parker
Australian Securities Exchange
Level 40, Central Park
152 St Georges Terrace
Perth, Western Australia 6000
Company Secretaries
Quoted on the official lists of the
Sam Wright
Australian Securities Exchange (ASX) and the London Stock Exchange (LSE)
Thomas May
ASX/LSE Ordinary Share Code: "RSG"
Registered Office
Securities on Issue (30/06/2025)
Level 17
Ordinary Shares
2,129,050,013
2 Esplanade
Performance Rights
15,741,909
Perth, Western Australia 6000
PO Box 7232 Cloisters Square
Auditor
Perth, Western Australia 6850
Ernst & Young
Telephone: +61 8 9261 6100
9 The Esplanade
Email: contact@rml.com.au
Perth, Western Australia 6000
Australian Business Number
ABN 39 097 088 689
Shareholders wishing to receive copies of Resolute's ASX announcements by e-mail should register their interest by contacting the Company at contact@rml.com.au
Website
Resolute Mining Limited maintains a website where all announcements are available:www.rml.com.au
Table of Contents
Director's report
Auditor's Independence Declaration
Consolidated Statement of Comprehensive Income
Consolidated Statement of Financial Position
Consolidated Statement of Changes in Equity
Consolidated Cash Flow Statement
Notes to the Financial Statements
Director's Declaration
Auditor's Report
Directors' Report
Your directors present their half year report on the consolidated entity (referred to hereafter as the "Group" or "Resolute") consisting of Resolute Mining Limited and the entities it controlled at the end of or during the half year ended 30 June 2025 (H1 2025).
Corporate Information
Resolute Mining Limited ("Resolute" or "the Company") is a company limited by shares that is incorporated and domiciled in Australia.
Directors
The names of the Company's directors in office during the entire half year period and until the date of this report are set out below. Directors were in office for this entire period unless otherwise stated.
Chris Eger Managing Director & CEO (appointed February 2025)
Andrew Wray Non-Executive Chairman
Simon Jackson Non-Executive Director
Sabina Shugg Non-Executive Director
Adrian Reynolds Non-Executive Director
Keith Marshall Non-Executive Director
Adrienne Parker Non-Executive Director
Terence Holohan Managing Director & CEO (resigned February 2025)
Company Secretaries
Thomas May
Sam Wright
Operational Highlights
Key highlights for half year ended 30 June 2025 include:
▪ Production (gold poured) for H1 of 151,460 ounces (oz) compared to 167,140oz in H1 2024.
▪ All-In Sustaining Cost (AISC) of $1,688/oz when compared to H1 2024 ($1,442/oz) due to lower production at the Syama operations which was impacted by explosive supply challenges.
▪ H1 gold sales of 145,120oz at an average realised gold price of $3,076/oz compared to 157,321oz at an average realised gold price of $2,170/oz in H1 2024.
▪ Operating cash flow of $113.4 million (30 June 2024: $100.4 million).
▪ Net cash and bullion[1] of $109.9 million (30 June 2024: $96.6 million).
▪ Acquisition of development-stage Doropo Gold Project and exploration-stage ABC Project in Côte d'Ivoire from AngloGold Ashanti Plc which closed on 1 May 2025.
Directors' Report
Financial Overview
Revenue
447,514
341,503
Cost of production
(174,970)
(193,509)
Royalties
(48,949)
(19,639)
Administration and other corporate expenses
(10,260)
(6,627)
Exploration expense
(2,280)
(5,340)
EBITDA
211,055
116,388
Depreciation and amortisation
(66,265)
(53,162)
Net interest and finance costs
(3,178)
(3,766)
Inventories net realisable value movements and obsolete consumables
(5,327)
14,724
Fair value movements and treasury transactions
3,373
(5,292)
Other
(15,553)
(15,514)
Net profit before tax
124,105
53,377
Income tax expense
(53,104)
(19,976)
Net profit after tax
71,001
33,401
Financial Performance
Revenue for H1 2025 was $447.5 million, from gold sales of 145,120oz at an average realised price of $3,076/oz. EBITDA was $211.1 million which is a 81.3% improvement on the comparative period driven by higher gold prices realised and lower cost of production. Resolute reported a net profit after tax of $71.0 million.
Directors' Report
Financial Position
As at 30 June 2025, Resolute had cash of $96.2 million and bullion with a market value of $62.5 million. The Group's net cash was $109.9 million at 30 June 2025 which is an increase of 13.8% from H1 2024's net cash position of $96.6 million. Total borrowings as at 30 June 2025 were $47.8 million (31 December 2024: $34.2 million) which are from in-country overdraft facilities in Mali and Senegal.
Significant Events After Balance Date
Since the end of the period and to the date of this report, no matter or circumstance has arisen that has significantly affected, or may significantly affect, the operations of the Group, the results of operation or the state of affairs of the consolidated group in subsequent periods.
Auditor's Independence
Refer to page for a copy of the Auditor's Independence Declaration to the Directors of Resolute Mining Limited.
Rounding
Resolute is a company of the kind specified in Australian Securities and Investments Commission Corporations (Rounding in Financial Directors' Reports) Instrument 2016/191. In accordance with that Instrument, amounts in the financial report and the Directors' Report are rounded to the nearest thousand dollars unless specifically stated to be otherwise.
Signed in accordance with a resolution of the directors.
Chris Eger
Managing Director & CEO
Perth, Western Australia
22 August 2025
Auditor's independence declaration to the directors of Resolute Mining Limited
As lead auditor for the review of the half-year financial report of Resolute Mining Limited for the half-year ended 30 June 2025, I declare to the best of my knowledge and belief, there have been:
a. no contraventions of the auditor independence requirements of the Corporations Act 2001 in relation to the review; and
b. no contraventions of any applicable code of professional conduct in relation to the review; and
c. No non-audit services provided that contravene any applicable code of professional conduct in relation to the review.
This declaration is in respect of Resolute Mining Limited and the entities it controlled during the financial period.
Ernst & Young
Philip Teale
Partner
22 August 2025
Consolidated Statement of Comprehensive Income
For the half year ended 30 June 2025
For the half year ended 30 June 2024
Note
$'000
$'000
Revenue from gold and silver sales
3
447,514
341,503
Costs of production
3
(174,970)
(193,509)
Gross profit
272,544
147,994
Depreciation and amortisation
3
(66,265)
(53,162)
Royalties
3
(48,949)
(19,639)
Gross profit from operations
157,330
75,193
Interest Income
3
2,630
1,448
Other (expense)/income
3
(7,890)
859
Exploration expense
3
(2,280)
(5,340)
Administration and other corporate expenses
3
(10,260)
(6,627)
Share based payment expense
(645)
(160)
Fair value movements and treasury transactions
3
3,373
(5,292)
Inventories net realisable value movements and obsolete consumables
3
(5,327)
14,724
Finance costs
3
(5,808)
(5,214)
Indirect tax expense
3
(7,018)
(16,214)
Profit before tax
124,105
53,377
Income tax expense
3&5
(53,104)
(19,976)
Profit for the period
71,001
33,401
Profit attributable to:
Members of the parent
58,765
20,947
Non-controlling interest
12,237
12,454
Profit for the period
71,001
33,401
Consolidated Statement of Comprehensive Income (continued)
For the half year ended
For the half year ended
30 June 2025
30 June 2024
Note
$'000
$'000
Profit for the period (brought forward)
71,001
33,401
Other comprehensive income/(loss)
Items that may be reclassified subsequently to profit or loss
Exchange differences on translation of foreign operations:
- Members of the parent
32,310
(16,293)
- Non-controlling interest
3,103
1,606
Other comprehensive loss for the period, net of tax
35,413
(14,687)
Total comprehensive income for the period
106,414
18,714
Total comprehensive income attributable to:
Members of the parent
91,074
4,654
Non-controlling interest
15,339
14,060
Total comprehensive income for the period
106,414
18,714
Profit per share for net profit attributable for operations to the ordinary equity holders of the parent:
$
$
Basic earnings per share
2.89 cents
0.98 cents
Diluted earnings per share
2.89 cents
0.98 cents
Consolidated Statement of Financial Position
30 June 2025
31 December 2024
Note
$'000
$'000
Current assets
Cash
96,222
69,269
Other financial assets - restricted cash
3,325
1,465
Receivables
6
17,359
30,619
Inventories
7
149,308
128,593
Prepayments and other assets
14,513
12,361
Income tax asset
-
1,703
Total current assets
280,727
244,010
Non current assets
Receivables
6
102,888
80,200
Inventories
7
44,734
42,622
Exploration assets
8
180,362
13,966
Development assets
9
221,389
232,459
Property, plant and equipment
9
232,119
199,319
Right of use asset
5,826
6,980
Total non current assets
787,318
575,546
Total assets
1,068,045
819,556
Current liabilities
Payables
122,442
119,374
Financial liabilities
10
47,842
34,415
Provisions
11
26,079
20,855
Current tax liability
48,888
59,920
Lease liabilities
2,508
3,144
Total current liabilities
247,759
237,708
Non current liabilities
Financial liabilities
10
132,197
-
Provisions
11
98,518
92,399
Lease liabilities
5,895
6,235
Total non current liabilities
236,610
98,634
Total liabilities
484,369
336,342
Net assets
583,676
483,214
Consolidated Statement of Financial Position (continued)
30 June 2025
31 December 2024
Note
$'000
$'000
Equity attributable to equity holders of the parent
Contributed equity
882,731
882,731
Reserves
(31,949)
(64,904)
Accumulated losses
(221,297)
(280,062)
Total equity attributable to equity holders of the parent
629,485
537,766
Non-controlling interest
(45,809)
(54,552)
Total equity
583,676
483,214
Consolidated Statement of Changes in Equity
Contributed equity
Net unrealised loss reserve
Other reserves
Non-controlling interests reserve
Employee equity benefits reserve
Foreign currency translation reserve
Retained earnings/ accumulated losses
Non-controlling interest
Total
At 1 January 2025
882,731
(9,745)
4,321
(636)
23,315
(82,158)
(280,062)
(54,552)
483,214
Profit for the period
-
-
-
-
-
58,765
12,237
71,001
Other comprehensive profit, net of tax
-
-
-
-
-
32,310
-
3,103
35,413
Total comprehensive income for the period, net of tax
-
-
-
-
-
32,310
58,765
15,339
106,414
Dividends declared and withholding tax
-
-
-
-
-
-
-
(6,597)
(6,597)
Share based payments to employees
-
-
-
-
645
-
-
-
645
At 30 June 2025
882,731
(9,745)
4,321
(636)
23,960
(49,849)
(221,297)
(45,809)
583,676
Contributed equity
Net unrealised loss reserve
Other reserves
Non-controlling interests reserve
Employee equity benefits reserve
Foreign currency translation reserve
Retained earnings/ accumulated losses
Non-controlling interest
Total
At 1 January 2024
882,731
(9,745)
4,321
(636)
22,210
(56,971)
(251,764)
(47,973)
542,173
Profit for the period
-
-
-
-
-
-
20,947
12,454
33,401
Other comprehensive loss, net of tax
-
-
-
-
-
(16,293)
-
1,606
(14,687)
Total comprehensive (loss)/income for the period, net of tax
-
-
-
-
-
(16,293)
20,947
14,060
18,714
Dividends declared
-
-
-
-
-
-
-
(12,373)
(12,373)
Share based payments to employees
-
-
-
-
160
-
-
-
160
At 30 June 2024
882,731
(9,745)
4,321
(636)
22,370
(73,264)
(230,817)
(46,286)
548,674
Consolidated Cash Flow Statement
For the half year ended
30 June 2025
$'000
For the half year ended
30 June 2024
$'000
Cash flows from operating activities
Receipts from customers
447,514
341,503
Payments to suppliers, employees and others
(277,959)
(220,540)
Exploration expenditure
(974)
(5,340)
Interest paid
(4,596)
(2,231)
Interest received
2,630
-
Indirect tax payments
(8,165)
-
Income tax paid
(45,073)
(13,025)
Cash flows from operating activities
113,377
100,367
Cash flows used in investing activities
Payments for property, plant & equipment
(31,108)
(28,545)
Payments for development activities
(15,286)
(15,867)
Payments for evaluation activities
(11,399)
(6,234)
Doropo Acquisition
(27,430)
-
Deferred consideration from sale of Ravenswood mine
-
20,012
Extension fee on Ravenswood promissory note
-
849
Other investing activities
(448)
(416)
Cash flows used in investing activities
(85,671)
(30,201)
Cash flows used in financing activities
Repayment of borrowings
-
(25,000)
Finance cost
(1,997)
(976)
Dividend paid
-
(1,239)
Repayment of principal portion of lease liability
(1,069)
(1,841)
Drawdown from short term finance facilities
-
(925)
Cash flows used in financing activities
(3,066)
(29,981)
Increase in cash and cash equivalents
24,640
40,185
Cash and cash equivalents at the beginning of the period
69,268
59,769
Exchange rate adjustment
2,314
1,483
Cash and cash equivalents at the end of the period
96,222
101,437
Notes to the Financial Statements
Note 1: Corporate Information
The financial report of Resolute Mining Limited and its controlled entities for the half year ended 30 June 2025 was authorised for issue in accordance with a resolution of directors for release on 22 August 2025.
Resolute (the parent) is a for profit company limited by shares incorporated and domiciled in Australia whose shares are publicly traded on the Australian Securities Exchange and the London Stock Exchange.
The principal activities of entities within the consolidated entity during the half year were:
• gold mining; and,
• prospecting and exploration for minerals.
There has been no significant change in the nature of those activities during the half year ended 30 June 2025.
Where appropriate in the financial report, comparative information has been reclassified to align to changes in presentation in the current period to reflect more reliable and relevant information.
Note 2: Basis of Preparation and Summary of Significant Accounting Practices
a) Basis of Preparation
This interim financial report for the half year ended 30 June 2025 has been prepared in accordance with AASB 134 Interim Financial Reporting and the Corporations Act 2001.
The half year financial report does not include all notes of the type normally included within the annual financial report and therefore cannot be expected to provide as full an understanding of the financial performance, financial position and financing and investing activities of the Group as the full financial report.
It is recommended that the half year financial report be read in conjunction with the Annual Report for the year ended 31 December 2024 and considered together with any public announcements made by Resolute Mining Limited during the half year ended 30 June 2025 in accordance with the continuous disclosure obligations of the Australian Securities Exchange listing rules and London Stock Exchange rules. The consolidated financial report is presented in United States dollars ("$") rounded to the nearest thousand dollars, unless otherwise stated.
The accounting policies and methods of computation are the same as those adopted in the most recent annual financial report. New accounting standards issued but not yet effective have not been early adopted.
Notes to the Financial Statements
Note 3 (a): Segment revenue and expenses
For the half year ended 30 June 2025
Syama (Mali)
Mako (Senegal)
Corp/Other (b)
Total
$'000
$'000
$'000
$'000
Revenue from gold and silver sales (a)
260,427
187,087
-
447,514
Costs of production
(120,604)
(54,365)
-
(174,970)
Segment gross profit
139,823
132,722
-
272,545
Depreciation and amortisation
(28,726)
(37,258)
(282)
(66,266)
Royalties
(39,256)
(9,354)
(338)
(48,948)
Segment gross profit from operations
71,842
86,110
(620)
157,330
Interest Income
26
45
2,559
2,630
Other expense
(5,605)
(257)
(2,028)
(7,890)
Exploration expense
-
(1,505)
(776)
(2,281)
Administration and other corporate expenses
-
-
(10,260)
(10,260)
Share based payment expense
-
-
(645)
(645)
Fair value movements and treasury transactions
(8,544)
3,644
8,273
3,373
Inventories net realisable value movements and obsolete consumables
(5,218)
(109)
-
(5,327)
Finance costs
(3,083)
(2,722)
(3)
(5,808)
Indirect tax expense
(5,833)
(1,125)
(59)
(7,017)
Profit before tax from operations
43,585
84,081
(3,560)
124,105
Income tax expense
(4,968)
(48,136)
-
(53,104)
Profit/(loss) for the period
38,617
35,945
(3,560)
71,001
(a) Revenue from external sales for each reportable segment is derived from several customers.
(b) This information does not represent an operating segment as defined by AASB 8 'Operating Segments' and forms part of the reconciliation of the results and positions of the operating segments to the financial statements.
Notes to the Financial Statements
Note 3 (a): Segment revenue and expenses (continued)
For the half year ended 30 June 2024
Syama (Mali)
Mako (Senegal)
Corp/Other (b)
Total
$'000
$'000
$'000
$'000
Revenue from gold and silver sales (a)
215,840
125,663
-
341,503
Costs of production
(124,637)
(68,872)
-
(193,509)
Segment gross profit
91,203
56,791
-
147,994
Depreciation and amortisation
(25,505)
(27,105)
(552)
(53,162)
Royalties
(12,938)
(6,283)
(417)
(19,638)
Segment gross profit from operations
52,759
23,403
(969)
75,193
Interest Income
-
-
1,448
1,448
Other income
9
-
849
858
Exploration expense
(2,568)
(2,297)
(475)
(5,340)
Administration and other corporate expenses
-
-
(6,627)
(6,627)
Share based payment expense
-
-
(160)
(160)
Fair value movements and treasury transactions
(2,628)
(4,358)
1,694
(5,292)
Inventories net realisable value movements and obsolete consumables
11,564
3,160
-
14,724
Finance costs
(3,263)
(928)
(1,022)
(5,213)
Indirect tax expense
(933)
(15,281)
-
(16,214)
Profit before tax from operations
54,940
3,699
(5,261)
53,377
Income tax expense
(2,156)
(17,894)
74
(19,976)
Profit/(loss) for the period
52,784
(14,195)
(5,187)
33,401
(a) Revenue from external sales for each reportable segment is derived from several customers.
(b) This information does not represent an operating segment as defined by AASB 8 'Operating Segments' and forms part of the reconciliation of the results and positions of the operating segments to the financial statements.
Note 3 (b): Segment assets and liabilities1
For the half year ended 30 June 2025
Syama (Mali)
Mako (Senegal)
Corp/ Other
Total
$'000
$'000
$'000
$'000
Segment assets
613,008
105,251
349,786
1,068,045
Segment liabilities
(217,737)
(84,743)
(181,889)
(484,369)
Net assets
395,271
20,508
167,897
583,676
1 This information does not represent an operating segment as defined by AASB 8 'Operating Segments' and forms part of the reconciliation of the results and positions of the operating segments to the financial statements.
Notes to the Financial Statements
Note 3 (b): Segment assets and liabilities (continued)
For the year ended 31 December 2024
Syama (Mali)
Mako (Senegal)
Corp/ Other
Total
$'000
$'000
$'000
$'000
Segment assets
531,872
183,666
104,019
819,557
Segment liabilities
(201,226)
(126,033)
(9,084)
(336,343)
Net assets
330,646
57,633
94,935
483,214
Note 4: Dividend
There were no interim dividends paid or declared for Resolute Mining Limited during the half year end up to the date of this report (half year ended 30 June 2024: $nil). In June 2025, a subsidiary of the Group declared a dividend of $66.0 million of which $6.6 million will be distributed to its minority shareholders.
As outlined in the significant state of affairs within the 31 December 2024 annual report, Resolute continues to work with the Malian Government to implement the requirements of the 2023 mining code, including the non-diluting priority dividend rights.
Note 5: Taxes
At 30 June 2025, the Group recognised an income tax expense of $53.1 million (30 June 2024: tax expense of $19.98 million). The increase in the income tax expense is primarily due to the expiration of the Mako tax exoneration and the utilisation of prior period tax losses at Syama in 2024.
Note 6: Receivables
Included in the total receivables balance of $120.2 million are indirect tax receivables of $71.8 million as of 30 June 2025 (31 December 2024: $48.3 million). This primarily relates to indirect taxes owing to the Group from the Republic of Mali and Senegal. The remaining receivables are primarily from the sale of the Ravenswood mine.
Note 7: Inventories
30 June 2025
31 December 2024
$'000
$'000
Doré bars
30,085
17,405
Gold in circuit
52,711
47,808
Ore stockpiles
52,295
53,376
Consumables, spare parts and supplies
58,951
52,625
Total inventories
194,042
171,214
Less: Non-current metal inventories
(44,734)
(42,622)
Current portion of inventories
149,308
128,593
Notes to the Financial Statements
Note 8: Exploration assets
At 30 June 2025, the Group's exploration assets amount to $180.4 million (31 December 2024: $14.0 million ). During the six-month period to 30 June 2025, additions were primarily due to the acquisition of Doropo and ABC Projects of $156.1 million.
On 1 May 2025, Resolute Mining Limited acquired Centamin West African Holdings Limited and its' development-stage Doropo Gold Project along with its ABC project in Côte d'Ivoire from AngloGold Ashanti. This was for $150.0 million, comprising a $25.0 million upfront cash consideration on closing and deferred and contingent consideration consisting of the following:
▪ $50.0 million paid 18 months after closing;
▪ $75.0 million paid 30 months after closing;
▪ The transfer all of Resolute's exploration permits in Guinea to AngloGold (which is subject to government approval); should the transfer not be completed within 18 months from signing Resolute will pay $25.0 million to AngloGold in lieu of the transfer, and
▪ The deferred consideration also includes a 2% royalty over the ABC Project and $10.0 million contingent payment due upon the release of a Feasibility Study over the ABC Project that outlines a Mineral Reserve (JORC 2012) exceeding 1Moz of gold.
Note 9: Development assets and property, plant and equipment
At 30 June 2025, the Group's mine properties amount to $453.5 million (31 December 2024: $431.8 million). During the six-month period to 30 June 2025, further additions for development activities were made of $15.3 million.
Note 10: Financial liabilities
30 June 2025
31 December 2024
$'000
$'000
Financial liabilities (current)
Bank overdraft
47,746
34,202
Borrowings
96
213
Total current liabilities
47,842
34,415
Financial liabilities (non current)
Deferred considerarion1
109,275
-
Contingent consideration1
22,766
-
Other liabilities
155
Total liabilities
180,038
34,415
1 Other liabilities relate to the deferred consideration and contingent consideration for the acquisition of the Doropo and ABC projects. The present value of the deferred consideration and contingent consideration amounts have been determined using a discount rate representing the Group's cost of debt.
Notes to the Financial Statements
Note 11: Provisions
30 June 2025
31 December 2024
$'000
$'000
Current
Site restoration
2,405
2,215
Employee entitlements
6,825
10,639
Dividend payable
11,733
5,567
Other provisions
5,116
2,434
Total provisions (current)
26,079
20,855
Non Current
Site restoration
98,518
92,204
Employee entitlements
-
195
Total provisions (non current)
98,518
92,399
Note 12: Events occurring after the balance sheet date
There were no subsequent events post the balance sheet date.
Directors' Declaration
In the opinion of the directors:
1) the financial statements and notes are in accordance with the Corporations Act 2001, including:
(a) complying with Accounting Standard AASB 134 Interim Financial Reporting, the Corporations Regulations 2001; and
(b) giving a true and fair view of the Group's financial position as at 30 June 2025 and of its performance, as required by Accounting Standards, for the half year ended on that date.
2) there are reasonable grounds to believe that the Group will be able to pay its debts as and when they become due and payable.
This declaration has been made in accordance with a resolution of the directors.
Chris Eger
Managing Director & CEO
Perth, Western Australia
22 August 2025
Ernst & Young
9 The Esplanade
Perth WA 6000 Australia
GPO Box M939 Perth WA 6843
Tel: +61 8 9429 2222
Fax: +61 8 9429 2436
ey.com/au
Independent auditor's review report to the members of Resolute Mining Limited
Conclusion
We have reviewed the accompanying half‑year financial report of Resolute Mining Limited (the Company) and its subsidiaries (collectively the Group), which comprises the consolidated statement of financial position as at 30 June 2025, the consolidated statement of comprehensive income, consolidated statement of changes in equity and the consolidated cash flow statement for the half‑year ended on that date, notes comprising a statement of accounting policies and other explanatory information, and the directors' declaration.
Based on our review, which is not an audit, we have not become aware of any matter that makes us believe that the half‑year financial report of the Group does not comply with the Corporations Act 2001, including:
(a) Giving a true and fair view of the consolidated financial position of the Group as at 30 June 2025 and of its consolidated financial performance for the half‑year ended on that date; and
(b) Complying with Accounting Standard AASB 134 Interim Financial Reporting and the Corporations Regulations 2001.
Basis for conclusion
We conducted our review in accordance with ASRE 2410 Review of a Financial Report Performed by the Independent Auditor of the Entity (ASRE 2410) and ISRE 2410 Review of Interim Financial Information Performed by the Independent Auditor of the Entity (ISRE 2410). Our responsibilities are further described in the Auditor's responsibilities for the review of the half-year financial report section of our report. We are independent of the Group in accordance with the auditor independence requirements of the Corporations Act 2001 and the ethical requirements of the Accounting Professional and Ethical Standards Board's APES 110 Code of Ethics for Professional Accountants (including Independence Standards) (the Code) that are relevant to our audit of the annual financial report in Australia. We have also fulfilled our other ethical responsibilities in accordance with the Code.
Directors' responsibilities for the half-year financial report
The directors of the Company are responsible for the preparation of the half‑year financial report that gives a true and fair view in accordance with Australian Accounting Standards and the Corporations Act 2001 and for such internal control as the directors determine is necessary to enable the preparation of the half‑year financial report that gives a true and fair view and is free from material misstatement, whether due to fraud or error.
Auditor's responsibilities for the review of the half-year financial report
Our responsibility is to express a conclusion on the half‑year financial report based on our review. ASRE 2410 and ISRE 2410 require us to conclude whether we have become aware of any matter that makes us believe that the half‑year financial report is not in accordance with the Corporations Act 2001 including giving a true and fair view of the Group's financial position as at 30 June 2025 and its performance for the half‑year ended on that date, and complying with Accounting Standard AASB 134 Interim Financial Reporting and the Corporations Regulations 2001.
A review of a half‑year financial report consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Australian Auditing Standards or International Standards on Auditing issued by the International Auditing and Assurance Standards Board and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
Ernst & Young
Philip Teale
Partner Perth
22 August 2025
[1] Net cash and bullion is made up of cash of $96.2 million plus bullion of $61.5 million at fair value less gross debt of $47.8 million.
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