REG - Resolute Mining Ltd - Half Year Financial Results and Accounts
22/08/2025 07:00
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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 58,765 20,947 37,818 181 %
profit for the year
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 (https://www.rml.com.au/)
Table of Contents
Director's report (#bookmark=id.uzikulka36zw)
Auditor's Independence Declaration (#bookmark=id.nqfksu4luyjf)
Consolidated Statement of Comprehensive Income (#bookmark=id.smck7dm8yz1a)
Consolidated Statement of Financial Position (#bookmark=id.avn1ih5bix5o)
Consolidated Statement of Changes in Equity (#bookmark=id.r6bi43j0gesu)
Consolidated Cash Flow Statement (#bookmark=id.nh3leqirlhfi)
Notes to the Financial Statements (#bookmark=id.4jcc3mmhixta)
Director's Declaration (#bookmark=id.7u4nonmyuybh)
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 (#_ftn1) )) 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 For the half year ended
30 June 2025 30 June 2024
$'000 $'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
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 3,160 -
11,564 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 liabilities(1)
For the half year ended 30 June 2025 Syama Mako Corp/ Other Total
(Mali) (Senegal)
$'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 Mako Corp/ Other Total
(Mali) (Senegal)
$'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 considerarion(1) 109,275 -
Contingent consideration(1) 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 (#_ftnref1) 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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