REG - Resolute Mining Ltd - June 2025 Quarterly Activities Report
29/07/2025 07:00
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RNS Number : 8916S Resolute Mining Limited 29 July 2025
29 July 2025
Q2 2025 Activities Report
For the Quarter ending 30 June 2025 ('Q2', 'June Quarter' or 'the Quarter')
Highlights
· Total Recordable Injury Frequency Rate (TRIFR) increased to 2.02 from
1.86 at the end of June 2025 with six recordable injuries during the Quarter
· Appointment of Gavin Harris as Chief Operating Officer effective from
1 July 2025 and Rob Cicchini as Project Director of the Doropo Project
effective from 15 July 2025
· Group gold production of 75,962 ounces (oz) (Q1 2025: 75,497oz)
similar to Q1 with strong performance at Mako offsetting lower production at
Syama
· All-In Sustaining Costs (AISC) of $1,668/oz (Q1 2025: $1,708/oz) in
line with Group guidance
· Quarterly gold sales of 80,797oz at an average realised price of
$3,261/oz (Q1 2025: 64,322oz at $2,840/oz)
· Quarterly Capital Expenditure (excluding exploration) of $17.6
million (Q1 2025: $24.9 million) in line with expectations consisting of $9.6
million non-sustaining $8.0 million sustaining capital
· Quarterly operating cash flow generation of $84.6 million (Q1 2025:
$75.4 million) (operating cash flow, before capital expenditure, exploration
and working capital) due to higher realised gold price and gold ounces sold
· Net cash of $110.4 million (Q1 2025: $100.3 million), including cash
and bullion of $157.3 million and drawn overdraft balances of $47.0 million;
Group available liquidity of $212.4 million following $25.0 million payment
for acquisition of Doropo and ABC Projects on 1 May 2025
· Unaudited H1 2025 EBITDA of approximately $211.2 million and cash
generation of $97.9 million before interest and debt payments and working
capital movements
· Continued progress in Senegal to extend the Mako Mine with
exploration success at adjacent Tomboronkoto and Bantaco Projects
· 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
· Initial Mineral Resource Estimate (MRE) at Bantaco Project totalling
approximately 266koz of contained gold comprising Bantaco West prospect of
5.8Mt grading 0.97 g/t Au for 179koz, and Bantaco South prospect of 2.2Mt
grading 1.2g/t Au for 87koz
· Remain on track for 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),
the Africa-focused gold miner, is pleased to present its Quarterly Activities
Report for the period ended 30 June 2025.
Chris Eger, Chief Executive Officer, commented,
"I am pleased to report that Resolute has continued to deliver in Q2,
including advancing our strategic growth initiatives at both Syama and Mako,
diversifying the asset base with the acquisition of Doropo and generating
robust operating results at our operations, thereby generating strong cash
flow with an increase in the net cash position to over $110 million.
I am very happy with our operating results at Mako in Senegal which continues
to exceed expectations in terms of operations and progress on life extension
initiatives. In Mali we continue to see supply chain disruptions as a result
of a complicated political landscape which impacted gold production. Both
sites have demonstrated good cost discipline, and we are continuing our work
on further cost efficiencies in a number of areas including working capital.
As a result, we remain on target for Group production and cost guidance.
During the Quarter we closed the acquisition of the both the Doropo and ABC
Projects from AngloGold Ashanti marking the beginning of a new chapter for
Resolute. These high-quality assets provide a foundation for significant
future growth as well as further diversification into Côte d'Ivoire, a
well-regarded and established mining jurisdiction that leverages our existing
presence in the region. The licensing process is underway, and our discussions
with the local government and Prime Minister have been constructive and
engaging, including how the development of Doropo can meaningfully contribute
to the socioeconomic advancement of the region. We look forward to continuing
these discussions with the aim of delivering value for all stakeholders.
Another key development to highlight is the initial MRE at the Bantaco Project
in Senegal where over 266koz of Inferred gold resources have been estimated
across both the Bantaco West and South Prospects. This is a crucial step in
the potential extension of the Mako operations. It creates additional
optionality and flexibility for Resolute with favourable development
conditions including our established stakeholder relationships in the region
and proximity to existing mining infrastructure.
Finally, this Quarter saw a small increase in our Total Recordable Injury
Frequency Rate (TRIFR). Safety remains an upmost priority, and we will
continue to learn from incidents to implement more robust controls to push the
Company above industry standards."
Webcast and Conference Call
Resolute will host a conference call for investors, analysts, and media on 29
July 2025, to discuss the Company's Quarterly Activities Report for the period
ending 30 June 2025. This call will conclude with a question-and-answer
session.
Conference Call: 6:00pm (AEST, Sydney) / 9:00am (BST, London)
Webcast registration link: https://brrmedia.news/RSG_Q2_2025
(https://brrmedia.news/RSG_Q2_2025)
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) USA Toll Free: 866 580 3963
Sydney: +61 (0) 2 8014 9383
South Africa Toll Free: 0 800 980 512
UK-Wide: +44 (0) 33 0551 0200
UK Toll Free: 0808 109 0700
Password (if prompted) Quote Resolute Mining Q2 2025 when prompted by the operator
A presentation, to accompany the call, will be available for download on the
Company's website: https://www.rml.com.au/investors/presentations/
(https://www.rml.com.au/investors/presentations/) .
Operations Overview
Group Summary Units June March H1 H1
2025
2025
Quarter
Quarter 2025 2024
YTD YTD
Mining
Ore Mined t 1,374,517 1,345,796 2,720,313 3,322,848
Mined Grade g/t 2.03 1.97 2.00 2.08
Processing
Ore Processed t 1,557,787 1,550,187 3,107,974 2,976,436
Processed Grade g/t 1.82 1.79 1.80 2.07
Recovery % 84 84 84 86
Gold Poured oz 75,962 75,497 151,460 167,140
Sales
Gold Sold oz 80,797 64,322 145,120 157,321
Average Realised Price $/oz 3,261 2,840 3,076 2,170
Financials
Total Capital Expenditure $m 17.6 24.9 42.4 44.3
Net Cash $m (110.4) (100.3) (110.4) (96.9)
AISC $/oz 1,668 1,708 1,688 1,442
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 1.82g/t. In Q2 the Group
produced 75,962oz of gold which was in line with the prior quarter.
Environmental and Social Update
In Q2, Resolute recorded no significant environmental incidents, regulatory
non-compliances, or reportable community grievances. Resolute's TRIFR as of 30
June 2025 was 2.02 (Q1 2025: 1.86) with six recordable injuries during the
Quarter.
During the Quarter, Resolute published its 2024 Sustainability Report for the
year ended 31 December 2024 as well as its 2024 Modern Slavery Statement (both
available on the Company's website).
In Q2, Resolute initiated preparations for new mandatory climate-related
disclosures in accordance with the Australian Sustainability Reporting
Standards (ASRS), commencing FY2025 and which will be subject to third-party
management assurance.
Resolute continues to strengthen its conformance to the Global Industry
Standard on Tailings Management (GISTM) with the preparation of a costed work
plan to achieve full conformance at each of its operations. At Syama and Mako,
multi-criteria alternative analysis has been applied to the assessment of
options and strategies for future tailings management and the siting of a new
facility. At the Mako Mine, the Dam Breach Assessment for the final stage lift
of the tailings storage facility has been updated; and the annual Dam Safety
Inspection was performed by the Company's nominated Engineer of Record.
With the onset of the wet season in both Mali and Senegal in Q3, the Syama and
Mako operations reviewed their operational preparedness to mitigate the risk
of extreme rainfall events.
In Senegal, the focus has been on the Tomboronkoto and Bantaco projects. The
Environmental & Social Impact Assessment (ESIA) for the Tomboronkoto
Project is in progress with submission of the draft ESIA report to the
regulator scheduled for H2 2025. In Q2, preliminary studies were initiated on
the Bantaco Project ESIA and scoping studies for the expansion of facilities
at the Mako Mine, including a new Tailings Storage Facility.
In Côte d'Ivoire, preparations are underway for the Doropo Project land
acquisition program to commence once the Exploitation Permit has been awarded.
Syama, Mali
Syama gold production for the Quarter was 41,024oz at an AISC of $2,134/oz.
The operational performance is set out in the table below.
Summary Units June March H1 H1
2025
2025
2025 2024
Quarter Quarter
YTD YTD
Mining Sulphide
Ore Mined t 447,538 512,485 960,023 1,283.498
Mined Grade g/t 2.44 2.45 2.45 2.62
Oxide
Ore Mined t 286,431 221,846 518,277 446,856
Mined Grade g/t 1.35 1.41 1.38 1.62
Processing Sulphide
Ore Processed t 576,049 587,009 1,163,058 1,121,004
Processed Grade g/t 2.22 2.35 2.29 2.71
Recovery % 76 77 76 79
Gold Poured oz 31,461 36,143 67,605 76,637
Gold Sold oz 32,767 30,733 63,500 72,008
Oxide
Ore Processed t 395,432 429,183 824,614 752,275
Processed Grade g/t 0.95 1.03 1.00 1.32
Recovery % 81 84 83 85
Gold Poured oz 9,563 12,091 21,654 27,422
Gold Sold oz 9,563 12,091 21,654 27,422
Cost Combined
Total Capital Expenditure $m 16.6 23.8 40.4 36.0
AISC $/oz 2,134 1,835 1,972 1,463
Table 2: Syama Production and Cost Summary
At the Syama sulphide operation, ore production was lower than expected due to
explosive supply disruptions that returned during the Quarter. This impacted
ore production from the underground mine as well as mined grades as the mine
schedule was adjusted. Working closely with our new explosives' supplier, we
expect to minimise further disruption, and underground ore production is
anticipated to recover throughout the remainder of the year.
The head grade for Q2 was slightly lower than expected mainly due to continued
blending of lower-grade stockpiles. Assuming stabilisation in explosives
supply during the second half of the year, head grades are expected to
increase as production from the underground recovers.
Oxide mining remained in line with expectation and head grades in the oxide
plant in Q2 continued to be driven by lower grade stockpiles which will
continue for the remainder of the year. Exploration at Syama continues to
focus on oxide targets within the granted Exploitation Permits.
Given the impact of explosives on mining in H1 and targeted return to
stabilisation of production from the underground in H2 we expect to be at the
lower end of production guidance at Syama across both the sulphide and oxide
operations. Production in Q3 is expected to be in line with Q2 due to the
seasonal impact of the rainy season. A stronger Q4 is expected post-rainy
season combined with the commissioning of the expanded flotation circuit for
the Syama Sulphide Conversion Project (SSCP) that will enable higher grade
sulphide ore from Syama North to be processed and fed into the roaster.
Capital expenditure was $16.6 million for the Quarter split $7.0 million and
$9.6 million between sustaining and non-sustaining capital respectively.
Expenditure for the Quarter includes Roaster upgrade, dredging equipment for
the Syama Reclamation Pond, additional cost for the Beta Tailings Storage
Facility lift to increase capacity, the SSCP ($4.1 million) as well as $5.4
million of sustaining waste capital cost.
In Q2 the AISC increased to $2,134/oz mainly due to the lower production
levels. We expect AISC to be lower over H2 with the increase in expected
production levels, particularly in Q4.
Mako, Senegal
Mako gold production for the Quarter was 34,938 oz at an AISC of $972/oz. The
operational performance for Mako is set out in the table below.
Summary Units June March H1 H1
2025
2025
Quarter 2025 2024
Quarter
YTD YTD
Mining
Ore Mined t 630,549 611,465 1,242,013 1,592,494
Mined Grade g/t 2.05 1.76 1.91 1.87
Processing
Ore Processed t 586,307 533,995 1,120,302 1,103,157
Processed Grade g/t 2.00 1.78 1.89 1.91
Recovery % 93 92 92 93
Gold Poured oz 34,938 27,263 62,201 63,081
Gold Sold oz 38,467 21,498 59,965 57,891
Financials
Total Capital Expenditure $m 1.0 1.0 2.0 8.4
AISC $/oz 972 1,274 1,104 1,256
Table 3: Mako Production and Cost Summary
Mako performed strongly in Q2 with gold production of 34,938oz due to higher
than expected ore grades in the final part of the pit. In June, as per
schedule ahead of the rainy season, mining activities within the main pit
ended and stockpile processing has commenced as planned. Stockpile processing
will continue until the end of 2027, by which time we plan to have ore
available from either the Bantaco or Tomboronkoto deposits in order to
continue production from Mako.
The ore grades mined resulted in higher head grades at the plant and gold
production that was over 25% higher than the prior quarter. As stockpile
processing is underway production is expected to decrease to between 4-5koz
per month until end of 2027. Mako is on track for its full year production
guidance of 80-90koz and is tracking to the upper end.
Capital expenditure for the Quarter of $1.0 million (vs Q1 2025: $1.0 million)
consisted of on-going activities for the final Tailings Management Facility
raise.
AISC decreased from $1,274/oz in the previous quarter to $972/oz driven by
higher ounces produced. As previously communicated, AISC is expected to
increase in H2 on lower gold production levels as stockpiles are processed.
Mako remains on track to meet its full-year AISC guidance of $1,300 -
1,400/oz.
Doropo, Côte d'Ivoire
Post-acquisition business and team integration has progressed smoothly during
Q2. On site, community work has continued including preparations underway for
the commencement of a land acquisition program that will follow once the
Exploitation Permit has been awarded. During the Quarter a strong foundation
has been built with Rob Cicchini joining as Project Director. Rob has over 30
years' experience in the resources sector, most recently as Project Director
with Azumah Resources on the Black Volta Gold project in Ghana.
The Exploitation Permit continues to be processed with Resolute awaiting
approval of the Permit by the Interministerial Commission followed by signing
of the Presidential Decree. This is expected to be approved in the coming
months however we cautiously note the possibility of timelines potentially
being impacted by upcoming presidential elections in October 2025.
In June, Resolute's CEO, Chris Eger, led a delegation to Abidjan to meet the
Prime Minister, Minister of Mines and Director General of Mines and Geology as
well as other key technical advisers to the Ministers. The visit was highly
constructive with the Government expressing strong support for Resolute's
development of Doropo.
During the Quarter pit optimisations with Definitive Feasibility Study (DFS)
parameters were performed at the Group reserve price assumption of $1,950/oz
versus the original price of $1,450/oz. This has shown the potential for
mineable ounces to substantially increase from the DFS without changing the
near-term production profile. Resolute is targeting to update the JORC Reserve
of Doropo in H2 to reflect the additional gold ounces.
Moreover, work is well underway on the optimisation of the original DFS in
relation to updating the DFS for additional ounces, current costs, a more
conservative community engagement strategy and diesel back-up power. The
Company is targeting to release an updated DFS in Q4 this year.
Financing discussions are ongoing with various options being explored
including traditional project finance, bank finance and alternative funding
options. We expect this process to accelerate upon the completion of the
optimised DFS, and receipt of the exploitation permits.
The project timeline remains on track (see Figure 1) with permitting remaining
the key driver.
Figure 1: Doropo Project Timeline
Guinea Permits Update
Following discussions with Guinean Government officials Resolute understands
that its exploration permits were included in the group of over 100 permits
nationwide that were revoked by the Ministry of Mines and Geology. However, to
date, Resolute has not received any official communication from the Government
regarding the status of our permits. Irrespective of this, the Company is in
constructive dialogue with the Government to seek further information and
resolution on any potential permit issues.
Resolute has three exploration permits in Guinea (Niagassola, Doko and
Siguiri-Kouroussa) with an Initial Inferred Mineral Resource Estimate of the
Mansala Prospect of 8.4 Mt grading 1.3 g/t Au for 357 koz of contained gold
which was announced in 2024 following a two-year drilling program.
As announced on 1 May 2025 as part of the Doropo acquisition, Resolute has
agreed to transfer these exploration permits to AngloGold Ashanti (which is
subject to Government approval). The transaction has closed and is not
contingent on the transfer of the permits. If the transfer is not completed
within 18 months (or such longer date as Resolute and AngloGold Ashanti may
agree) then Resolute will pay $25.0 million to AngloGold Ashanti in place of
the transfer.
Exploration
Total Group exploration spend in Q2 was $8.6 million (Q1 2025: $3.8 million),
with drilling programs continuing in Senegal, Mali and Côte d'Ivoire
throughout the Quarter. This included $8.1 million of capital consisting of
drilling oxides on the Finkolo Permit in Mali ($1.3 million), Tomboronkoto
studies and Bantaco drilling in Senegal ($3.9 million) and drilling at La Debo
in Côte d'Ivoire ($2.9 million). There was $0.5 million of exploration
expenses across all sites.
H1 exploration spend was $12.4 million and in line with full-year guidance of
$20-25 million.
Senegal Exploration
In Q2, the focus remained on the Tomboronkoto and Bantaco projects that have
the potential to extend the life of the Mako Mine. Exploration to date has
delivered initial Mineral Resource Estimates at both Tomboronkoto and Bantaco.
Tomboronkoto
Drilling at Tomboronkoto in Q2 was primarily sterilisation drilling programs
over areas planned for infrastructure and waste dumps.
The ESIA for the Tomboronkoto Project is in progress with submission of the
draft ESIA report to the regulator scheduled for H2 2025. Assuming no major
revisions, Resolute anticipates issuance of an Environmental Permit by the end
of 2025. This will be followed by the application for a Mining Permit which is
targeted to be received in H2 2026.
Resolute remains on track and confident of the potential to mine the
Tomboronkoto satellite deposit in Q1 2028 but notes the dependence on
permitting and government approvals.
Figure 2: Approximate Timeline for Tomboronkoto
Bantaco
During the Quarter, preliminary studies were initiated on the Bantaco Project
ESIA and scoping studies for the expansion of facilities at the Mako Mine,
including a new Tailings Storage Facility.
Resolute commenced exploration on the Bantaco permit in mid-2024 with initial
drill programs concentrating on identified gold in soil geochemical anomalies.
RC and diamond drilling has been carried out over five main prospect areas,
Baisso, Bantaco West, Bantaco Central, Bantaco Main and Bantaco South (Figure
3). Drilling programs have continued throughout 2025 with a total of 8,000m of
diamond drilling and 64,700m of RC drilling completed by Resolute to date.
Coherent mineralised zones have been identified at Bantaco West and Bantaco
South and drilling activities have concentrated on these two prospects to
outline resources amenable to open pit mining.
Previous exploration drilling results from Bantaco have been published in the
March 2025 Quarterly Activities report. Drilling has continued and further
significant intersections have been returned from the Bantaco West and Bantaco
South prospects.
Figure 3: Tomboronkoto and Bantaco Locations
Mineral Resource Estimate
On 24 July 2025 initial Mineral Resource Estimates (MRE) for the Bantaco West
and Bantaco South prospect areas were published.
The initial Inferred MRE for the Bantaco West prospect is 5.8Mt grading 0.97
g/t Au for 179koz, and for the Bantaco South prospect it is 2.2Mt grading
1.2g/t Au for 87koz (both at 0.5g/t cut-off) for a total of approximately
266koz of contained gold. The MRE is based on shallow drilling completed to
date with much of the current resource within the top 100m.
At Bantaco South gold mineralisation varies from approximately 10 to 35m in
thickness (measured across the zone from hanging wall to footwall) along
approximately 350m strike length of defined mineralisation.
At Bantaco West gold mineralisation is up to approximately 40m thick (measured
across the zone from hanging wall to footwall) along a defined mineralised
zone of approximately 2km strike length. At both prospects, mineralisation is
encountered from surface.
Bantaco West MRE
Classification Tonnes Grade (g/t Au) Ounces (Au)
North Domain (Inferred) 3,233,000 0.94 98,000
South Domain (Inferred) 2,525,000 1.00 81,000
Total 5,758,000 0.97 179,000
Table 4: Bantaco West Mineral Resources at July 2025 (0.5g/t cut off)
Bantaco South MRE
Classification Tonnes Grade (g/t Au) Ounces (Au)
Inferred 2,225,000 1.22 87,000
Total 2,225,000 1.22 87,000
Table 5: Bantaco South Mineral Resources at July 2025 (0.5g/t cut off)
The deposits remain open at depth. Bantaco West shows potential for improved
continuity and increase in mineralisation volume along the known strike length
and may offer potential for extension to the south. Bantaco South shows
potential for growth to both the north and south.
The global Mineral Resource is quoted above a cut-off of 0.5g/t which is
in-line with the definition of the Mako Mineral Resources. Further cost
analysis will determine if a different cut-off grade is appropriate for the
Bantaco Mineral Resources.
Future exploration at Bantaco in 2025 will be focused on both infill drilling
to convert Inferred Mineral Resources to Indicated category and further
drilling to expand the resource. An updated MRE for the Bantaco Project is
targeted for Q1 2026.
Based on current development and continued government support the target is to
receive the Environmental and Social Impact Assessment (ESIA) Certificate of
approval by the end of Q2 2026 and after receipt of this the Mining License
application will be submitted. Depending on permitting timelines, commencement
of mining at Bantaco is targeted for H2 2027 coinciding with the end of Mako
stockpile processing.
Figure 4: Approximate Timeline for Bantaco
Mali Exploration
The focus of exploration activities at Syama in 2025 is to drill-test priority
oxide targets within the granted Exploitation Permits to determine viability
for feeding the oxide plant in the near-future.
Close-spaced RC drilling has been undertaken at four targets within the Zekere
prospect area in a series of programs which were completed in Q2.
Results to date have confirmed the potential for economic gold mineralization
at Zekere South and Zekere Central and an initial MRE is underway on these two
prospects.
Côte d'Ivoire Exploration
ABC Project
Resolute acquired the ABC Project along with the Doropo Project from AngloGold
Ashanti on 1 May 2025. The ABC Project is a greenfield exploration project
that has over 60,000m of drilling by Centamin since 2017. Over Kona North and
South deposits there is a NI 43-101-compliant Inferred MRE of 2.16 Moz grading
0.9 g/t Au.
During the Quarter, the geological team has outlined drill targets in the
northern permits, Farako-Nafana, which is located along strike to the south
from the recently discovered high grade gold prospects at the Awale-Newmont
Joint Venture (JV). Resolute sees potential for similar high-grade gold
targets on the 100% held Farako-Nafana permit.
The Farako-Nafana permit is completely untested. Drilling has not been
conducted here by an previous company. Resolute is keen to complete the first
drilling program on this area and an initial RC program of 5,000m has been
designed and will commence after the wet season.
La Debo Project
In Q4 2024, Resolute signed a JV agreement with a local Ivorian company for
the La Debo project located in southwestern Ivory Coast, approximately 280 km
west of Abidjan. The JV structure is a standard multi-stage earn-in with
Resolute being able to earn up to 100% of the project.
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 Diamond 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.
Drilling continued throughout the first half of 2025 with a total of 10,000m
of RC drilling and 6,600m completed by Resolute to date. Results have been
received and an updated MRE is underway and targeted for H2 2025.
Syama Sulphide Conversion Project
The SSCP is progressing on time and budget. The project has no lost time
injuries (LTIs) after approximately 720,000 person-hours worked until the end
of June 2025.
Key activities in Q2 included:
- Earth and civil work completed
- SMPP and EC&I installation 50% and 25% complete respectively
- CCIL and Flotation circuit construction
Figure 5: Ball mill and flotation areas
Figure 6: Plan view of SSCP area
The capital expenditure on the SSCP in Q2 was $5.3 million (H1: $13.7 million)
and in line with the full-year guidance capital spend of $30 million. In 2026
the remaining $35 million of capital expenditure is forecast.
The CCIL circuit commissioning and full ramp-up is expected in Q3 2025, and
the construction of the flotation circuit is being accelerated and expected to
be completed in Q4 2025. This will bring forward some of the benefits of the
SSCP by allowing for increased sulphide processing at 50% of the CCIL design
capacity and the processing of scats through the pebble crusher circuit (stage
1).
The remaining ball mill installation and completion of the secondary crusher
circuit is planned for H1 2026 along with the roaster upgrades. The completion
of the SSCP remains on track for Q2 2026 and ramp-up from Q3 2026.
Figure 7: SSCP Timeline
Mali Government Update
Resolute continues to engage with the Government of Mali on implementation of
the 2023 Mining Code at Syama. The discussions remain positive and Resolute
remains committed to working collaboratively with the Malian Government to
create long-term value at Syama for all stakeholders.
Management Update
On 12 June 2025 Resolute announced that Gavin Harris would join the Company as
Chief Operating Officer (COO) effective from 1 July 2025.
Gavin is a Chartered Mining Engineer (CEng) with over 20 years of experience
in surface and underground mining. His most recent role was at the Tier-1
Sukari Gold Mine in Egypt for AngloGold Ashanti Plc (formerly Centamin Plc)
where he spent six years in senior management roles, most recently as the
General Manager.
Since joining, Gavin has spent three weeks on site at Syama in Mali
integrating with the team and understanding the operation and is currently in
Senegal at the Mako operation.
Post Quarter end, Rob Cicchini joined as Project Director of the Doropo
Project. Rob has over 30 years' experience in the resources sector, most
recently as Project Director with Azumah Resources on the Black Volta Gold
project in Ghana.
Financial Highlights and Balance Sheet Activities
Half Year Cash and Bullion Movements (US$ million)
(*Included in Operating Cash flows are $43.9 million of royalties)
Figure 8: H1 2025 Cash and Bullion Movements
Gold sales of 80,797oz were achieved at an average realised gold price of
$3,261/oz (Q1: $2,840/oz) in Q2, with all gold being sold at spot prices.
During the Quarter Resolute achieved its highest ever sales price of
$3,413/oz.
In H1 2025, the Company generated strong operating cashflow of $160.0 million
which was mainly due to the higher gold price realised.
The VAT paid in H1 2025 in Mali and Senegal was $32.4 million, with the total
combined VAT receivable for Mali and Senegal as at 30 June 2025 being $82.6
million. Resolute continues to engage with local governments to settle these
amounts. The working capital inflow of $10.6 million was mainly attributable
to a decrease in stockpile balances.
Unaudited EBITDA for H1 was a robust $211.0 million driven by $447.5 million
of revenue which is attributed to the increase in gold price, as well as a
reduction in operating costs at both Syama and Mako.
Net Cash Summary
Net cash at 30 June 2025 was $110.4 million, increasing from the $100.3
million net cash position at 31 March 2025. This is despite payment of $25.0
million for the acquisition of Doropo as well as $46.2 million paid in income
taxes in Mali and Senegal.
Total borrowings at 30 June 2025 were $47.0 million (Q1 2025: $21.9 million)
which are from in-country overdraft facilities in Mali and Senegal in order to
optimise working capital. Cash and bullion increased by $34.9 million in the
Quarter to $157.2 million (Q1: $122.3 million).
Resolute continues to explore various options with respect to the financing of
the development of the Doropo Project. The Company expects to be able to
progress financing discussion more thoroughly in H2 2025 on completion of
permitting and optimisation of the DFS. The Company has available liquidity of
over $212.4 million (including $61.5 million bullion on hand) as at 30 June
2025.
During Q2 Resolute was informed by the owners of the Ravenswood Mine of the
termination of the current sale process. Resolute continues to engage and
support the owners of Ravenswood.
Resolute still retains the following future payments with respect to
Ravenswood:
· Vendor Financing Promissory Note (VFPN) - principal of
approximately A$68 million as of 30 June 2025, maturity on 31 December 2027
· up to A$150 million Upside Sharing Promissory Note
Authorised by Mr Chris Eger, Chief Executive Officer
Contact
Resolute Public Relations
Matthias O'Toole Howes, Jos Simson, Tavistock
Corporate Development and Investor Relations Manager resolute@tavistock.co.uk
Matthias.otoolehowes@resolutemining.com +44 207 920 3150
+44 203 3017 620
Corporate Brokers
Jennifer Lee, Berenberg
+44 20 3753 3040
Tom Rider, BMO Capital Markets
+44 20 7236 1010
About Resolute
Resolute is an African-focused gold miner with more than 30 years of
experience as an explorer, developer and operator. Throughout its history the
Company has produced more than 9 million ounces of gold from ten gold mines.
The Company is now entering a growth phase through the development of the
Doropo project in Côte d'Ivoire which will supplement the existing
production from the Syama mine in Mali and Mako 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
June 2025 Quarter Production and Costs (unaudited)
June 2025 - Quarter to date Units Syama Sulphide Syama Oxide Syama Mako Group
Total
UG Lateral Development m 968 - 968 - 968
UG Vertical Development m 57 - 57 - 57
Total UG Development m 1,025 - 1,025 - 1,025
UG Ore Mined t 447,538 - 447,538 - 447,538
UG Grade Mined g/t 2.44 - 2.44 - 2.44
OP Operating Waste BCM - 1,218,046 1,218,046 85,018 1,303,064
OP Ore Mined BCM - 164,882 164,882 229,365 393,247
OP Grade Mined g/t - 1.35 2.01 2.05 2.03
Total Ore Mined t 447,538 296,431 743,969 630,549 1,374,518
Total Tonnes Processed t 576,049 395,432 971,481 586,307 1,557,788
Grade Processed g/t 2.22 0.95 1.70 2.00 1.82
Recovery % 76 81 78 93 84
Gold Recovered oz 31,174 9,883 41,057 34,857 75,914
Gold in Circuit Drawdown/(Addition) oz 287 (320) (33) 81 48
Gold Produced (Poured) oz 31,461 9,563 41,024 34,938 75,962
Gold Bullion in Metal Account Movement (Increase)/Decrease oz 1,306 - 1,306 3,529 4,835
Gold Sold Oz 32,767 9,563 42,330 38,467 80,797
Achieved Gold Price $/oz - - - - 3,261
Cost Summary
Mining $/oz 578 724 612 192 419
Processing $/oz 693 1,114 792 367 596
Site Administration $/oz 193 387 238 117 182
Site Operating Costs $/oz 1,464 2,225 1,642 676 1,197
Royalties $/oz 388 388 388 203 305
By-Product Credits + Corp Admin $/oz (3) (3) (3) - 64
Total Cash Operating Costs $/oz 1,849 2,610 2,027 879 1,566
Sustaining Capital + Others $/oz 100 402 170 30 106
Inventory Adjustments $/oz (13) (227) (63) 63 (4)
All-In Sustaining Cost (AISC) $/oz 1,936 2,785 2,134 972 1,668
AISC is calculated on gold produced (poured)
Appendix
Year-to-date 2025 Production and Costs (unaudited)
June 2025 - Year to date Units Syama Sulphide Syama Oxide Syama Mako Group
Total
UG Lateral Development m 2,499 - 2,499 - 2,499
UG Vertical Development m 57 - 57 - 57
Total UG Development m 2,556 - 2,556 - 2,556
UG Ore Mined t 960,023 - 960,023 - 960,023
UG Grade Mined g/t 2.45 - 2.45 - 2.45
OP Operating Waste BCM - 3,113,827 3,113,827 566,066 3,679,893
OP Ore Mined BCM - 285,740 285,740 448,893 734,633
OP Grade Mined g/t - 1.38 1.38 1.91 1.70
Total Ore Mined t 960,023 518,277 1,478,300 1,242,013 2,720,313
Total Tonnes Processed t 1,163,058 824,614 1,987,672 1,120,302 3,107,974
Grade Processed g/t 2.29 1.00 1.75 1.89 1.80
Recovery % 76 83 79 93 84
Gold Recovered oz 65,268 21,878 87,146 63,049 150,195
Gold in Circuit Drawdown/(Addition) oz 2,337 (224) 2,113 (848) 1,265
Gold Produced (Poured) oz 67,605 21,654 89,259 62,201 151,460
Gold Bullion in Metal Account Movement (Increase)/Decrease oz (4,105) - (4,105) (2,236) (6,341)
Gold Sold Oz 63,500 21,654 85,155 59,965 145,119
Achieved Gold Price $/oz 3,076
Cost Summary
Mining $/oz 530 587 544 275 433
Processing $/oz 633 965 714 409 589
Site Administration $/oz 163 334 205 131 174
Site Operating Costs $/oz 1,326 1,886 1,463 815 1,196
Royalties $/oz 330 324 329 169 266
By-Product Credits + Corp Admin $/oz (3) (3) (3) - 68
Total Cash Operating Costs $/oz 1,653 2,207 1,789 984 1,530
Sustaining Capital + Others $/oz 115 492 206 34 135
Inventory Adjustments $/oz 30 (183) (23) 86 23
All-In Sustaining Cost (AISC) $/oz 1,798 2,516 1,972 1,104 1,688
AISC is calculated on gold produced (poured)
ASX Listing Rule 5.23 Mineral Resources
This announcement contains estimates of Resolute's mineral resources. The
information in this Quarterly report 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) and www.asx.com (Resolute Announcement).
For the purposes of ASX Listing Rule 5.23, Resolute confirms that it is not
aware of any new information or data that materially affects the information
included in the Resolute Announcement and, in relation to the estimates of
Resolute's ore reserves and mineral resources, that all material assumptions
and technical parameters underpinning the estimates in the Resolute
Announcement continue to apply and have not materially changed. Resolute
confirms that the form and context in which the Competent Person's findings
are presented have not been materially modified from that announcement.
ASX Listing Rule 5.19 Production Targets
The information in this announcement that relates to production targets of
Resolute has been extracted from the report entitled '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) and www.asx.com (Resolute
Production Announcement).
For the purposes of ASX Listing Rule 5.19, Resolute confirms that all material
assumptions underpinning the production target, or the forecast financial
information derived from the production target, in the Resolute Production
Announcement continue to apply and have not materially changed.
Cautionary Statement about Forward-Looking Statements
This announcement contains certain "forward-looking statements" including
statements regarding our intent, belief, or current expectations with respect
to Resolute's business and operations, market conditions, results of
operations and financial condition, and risk management practices. The words
"likely", "expect", "aim", "should", "could", "may", "anticipate", "predict",
"believe", "plan", "forecast" and other similar expressions are intended to
identify forward-looking statements. Indications of, and guidance on, future
earnings, anticipated production, life of mine and financial position and
performance are also forward-looking statements. These forward-looking
statements involve known and unknown risks, uncertainties and other factors
that may cause Resolute's actual results, performance and achievements or
industry results to differ materially from any future results, performance or
achievements, or industry results, expressed or implied by these
forward-looking statements. Relevant factors may include (but are not limited
to) changes in commodity prices, foreign exchange fluctuations and general
economic conditions, increased costs and demand for production inputs, the
speculative nature of exploration and project development, including the risks
of obtaining necessary licences and permits and diminishing quantities or
grades of reserves, political and social risks, changes to the regulatory
framework within which Resolute operates or may in the future operate,
environmental conditions including extreme weather conditions, recruitment and
retention of personnel, industrial relations issues and litigation.
Forward-looking statements are based on Resolute's good faith assumptions as
to the financial, market, regulatory and other relevant environments that will
exist and affect Resolute's business and operations in the future. Resolute
does not give any assurance that the assumptions will prove to be correct.
There may be other factors that could cause actual results or events not to be
as anticipated, and many events are beyond the reasonable control of Resolute.
Readers are cautioned not to place undue reliance on forward-looking
statements, particularly in the significantly volatile and uncertain current
economic climate. Forward-looking statements in this document speak only at
the date of issue. Except as required by applicable laws or regulations,
Resolute does not undertake any obligation to publicly update or revise any of
the forward-looking statements or to advise of any change in assumptions on
which any such statement is based. Except for statutory liability which cannot
be excluded, each of Resolute, its officers, employees and advisors expressly
disclaim any responsibility for the accuracy or completeness of the material
contained in these forward-looking statements and excludes all liability
whatsoever (including in negligence) for any loss or damage which may be
suffered by any person as a consequence of any information in forward-looking
statements or any error or omission.
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 EOH From To Width Au
(m) (WGS) (m) (m) (m) (m) (g/t)
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
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 Sampling has been by diamond drill coring and reverse circulation chip.
· Nature and quality of sampling (e.g. cut channels, random chips, or Diamond core has been geologically logged and sampled to geological contacts
specific specialised industry standard measurement tools appropriate to the with nominal sample lengths between 0.3m and 4.5m (most commonly 1m). Core
minerals under investigation, such as down hole gamma sondes, or handheld XRF selected for assay is systematically cut lengthwise into half core by diamond
instruments, etc.). These examples should not be taken as limiting the broad blade rock saw, numbered and bagged before dispatch to the laboratory for
meaning of sampling. analysis.
· Include reference to measures taken to ensure sample representivity All core is photographed, wet and dry.
and the appropriate calibration of any measurement tools or systems used.
Reverse circulation chips are geologically logged and sampled on regular
· Aspects of the determination of mineralisation that are Material to lengths of 1m. Chip material selected for assay is systematically divided to a
the Public Report. 1/8 proportion using a rotary splitter attached to the cyclone sample recovery
system, numbered and bagged before dispatch to the laboratory for analysis.
· In cases where 'industry standard' work has been done this would 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 Diamond core drilling with standard inner tubes. NTW diameter (57.1 mm) to
target depth where possible with some smaller NQ2 intervals as tails. Core is
· Drill type (e.g. core, reverse circulation, open-hole hammer, marked and oriented.
rotary air blast, auger, Bangka, sonic, etc.) and details (e.g. core diameter,
triple or standard tube, depth of diamond tails, face-sampling bit or other Reverse Circulation drilling with 4" or 4.5" hammer and 4" rod string to
type, whether core is oriented and if so, by what method, etc.). target depth.
Drill sample recovery Diamond core recoveries are measured in the core trays and recorded as
recovered metres and recovered % as part of the geological logging process.
· Method of recording and assessing core and chip sample recoveries
and results assessed. RC recoveries are monitored by chip sample weight recording. Sample weights
have been analysed for cyclicity with no relationship between sample weight
· Measures taken to maximise sample recovery and ensure and depth noted.
representative nature of the samples.
· 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 Diamond core has been geologically and geotechnically logged to a level of
detail to support appropriate classification and reporting of a Mineral
· Whether core and chip samples have been geologically and Resource.
geotechnically logged to a level of detail to support appropriate Mineral
Resource estimation, mining studies and metallurgical studies. Reverse circulation chip samples have been geologically logged to a level of
detail to support appropriate classification and reporting of a Mineral
· Whether logging is qualitative or quantitative in nature. Core (or Resource.
costean, channel, etc.) photography.
Total length of DD logged is 2,100m. Total length of RC logged is 37,360m.
· The total length and percentage of the relevant intersections
logged.
Sub-sampling techniques and sample preparation Historic core has been systematically cut lengthwise into half core with a
diamond saw.
· If core, whether cut or sawn and whether quarter, half or all core
taken. RC samples representing a 1/8 split are taken directly from the rig mounted
cyclone by rotary splitter, sample weight is recorded, sample is bagged in pre
· If non-core, whether riffled, tube sampled, rotary split, etc. and numbered plastic and sample tickets are inserted and bag is sealed for
whether sampled wet or dry. transport to preparation facility.
· For all sample types, the nature, quality and appropriateness of Generally, one of each of the two control samples (blank or CRM standard) is
the sample preparation technique. inserted into the sample stream every tenth sample. An industry standard,
documented process of sample mark-up, core splitting, bagging and ticketing
· Quality control procedures adopted for all sub-sampling stages to and recording is in place at the Mako site.
maximise representivity of samples.
All samples were submitted to external certified analytical laboratory, MSA
· Measures taken to ensure that the sampling is representative of the Bamako. The 3kg sample were considered appropriate sample size for PhotonAssay
in situ material collected, including for instance results for field analysis.
duplicate/second-half sampling.
MSA prepares the sample by weighing, drying, and crushing the entire sample to
· Whether sample sizes are appropriate to the grain size of the >70% passing 2mm, then into jarred up for PhotonAssay.
material being sampled.
Quality of assay data and laboratory tests Au assays are determined by Chrysos Photon assay at MSA labs in Bamako.
Laboratory and assay procedures are appropriate for Mineral Resource
· The nature, quality and appropriateness of the assaying and estimation.
laboratory procedures used and whether the technique is considered partial or
total. QAQC consisted of standards, blanks and laboratory duplicates (both coarse and
pulp). The QAQC sample results showed acceptable levels of accuracy and
· For geophysical tools, spectrometers, handheld XRF instruments, precision.
etc., the parameters used in determining the analysis including instrument
make and model, reading times, calibrations factors applied and their The assay data is considered to be suitable for Mineral Resource estimation.
derivation, etc.
· 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 All aspects of the core sampling, assay procedures and QA/QC program have been
reviewed and were judged to be suitable for use in the estimation of Mineral
· The verification of significant intersections by either independent Resources.
or alternative company personnel.
Drill hole assay result data has been checked against the original hardcopy
· The use of twinned holes. laboratory assay reports for a representative number of holes.
· Documentation of primary data, data entry procedures, data Below detection limit values (negatives) have been replaced by background
verification, data storage (physical and electronic) protocols. values.
· Discuss any adjustment to assay data. 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 Drill holes have been surveyed by Mako Mine staff surveyors using a Leica
GS14, GS15, and GS18 dGPS.
· Accuracy and quality of surveys used to locate drill holes (collar
and down-hole surveys), trenches, mine workings and other locations used in Downhole surveys were undertaken by the drilling contractor using a Reflex
Mineral Resource estimation. DeviGyro tool with a reading taken every 3m downhole.
· Specification of the grid system used. 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
· Quality and adequacy of topographic control. (i.e. msl).
A topographic surface with 1m resolution has been generated from a Lidar
survey of the area.
Data spacing and distribution There is no Resource estimate on the various prospects to date
· 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 Geological structures are interpreted to be steeply-dipping to the north-west.
Drilling intersects structures from the north west, generally dipping -60⁰
· Whether the orientation of sampling achieves unbiased sampling of below horizontal.
possible structures and the extent to which this is known, considering the
deposit type. Drilling primarily targeted shears within volcanics and metasediments.
· If the relationship between the drilling orientation and the The drilling orientation is adequate for a non-biased assessment of the
orientation of key mineralised structures is considered to have introduced a orebody with respect to interpreted structures and interpreted controls on
sampling bias, this should be assessed and reported if material. mineralisation.
Sample security Labelling and submission of samples complies with industry standard.
· The measures taken to ensure sample security.
Audits or reviews The competent person audited the sample preparation laboratory in 2024. No
material issues were found.
· The results of any audits or reviews of sampling techniques and
data.
Section 2 Reporting of Exploration Results
CRITERIA JORC CODE EXPLANATION COMMENTARY
Mineral tenement and land tenure status The Bantaco Permit is held by SNEPAC SARL. Toro Gold Limited is in a joint
Venture with SNEPAC with Toro being the manager and sole funder of the joint
· Type, reference name/number, location and ownership including Venture. Toro Gold Limited is a company controlled by Resolute Limited. The
agreements or material issues with third parties such as joint ventures, permit is in good standing.
partnerships, overriding royalties, native title interests, historical sites,
wilderness or national park and environmental settings.
· 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 Past exploration has been performed by Ashanti Gold, and Randgold Resources on
a previously held Research Permit which was relinquished prior to being held
· Acknowledgment and appraisal of exploration by other parties. 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 Mineralisation is currently interpreted to be a standard Birimian orogenic
gold deposit style. Gold is related to shears within volcanics and
· Deposit type, geological setting and style of mineralisation. 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 Easting, Northing and RL of the drill hole collars are based on the UTM28N
grid on the WGS84 ellipsoid. Survey heights are based on PRS097 (with
· A summary of all information material to the understanding of the independent checks on AusPos) and are orthometric (i.e. msl).
exploration results including a tabulation of the following information for
all Material drill holes: .
o easting and northing of the drill hole collar Dip is the inclination of the hole from the horizontal. For example, a
vertically down drilled hole from the surface is -90°. Azimuth is reported in
o elevation or RL (Reduced Level - elevation above sea level in metres) of degrees as the grid direction toward which the hole is drilled.
the drill hole collar
Down hole length of the hole is the distance from the surface to the end of
o dip and azimuth of the hole the hole, as measured along the drill trace. Intersection depth is the
distance down the hole as measured along the drill trace. Intersection width
o down hole length and interception depth is the downhole distance of an intersection as measured along the drill trace.
o Whole length. Drill hole length is the distance from the surface to the end of the hole, as
measured along the drill trace.
· If the exclusion of this information is justified on the basis that
the information is not Material and this exclusion does not detract from the
understanding of the report, the Competent Person should clearly explain why
this is
the case.
Data aggregation methods Sample intervals in this document are all 1m and are not composited in the
drill intersections
· In reporting Exploration Results, weighting averaging techniques,
maximum and/or minimum grade truncations (e.g. cutting of high grades) and Top-cuts have not been used in the drill intersections.
cut-off grades are usually Material and should be stated.
· Where aggregate intercepts incorporate short lengths of high grade
results and longer lengths of low grade results, the procedure used for such The assay intervals are reported as down hole length as the true width
aggregation should be stated and some typical examples of such aggregations variable is not known.
should be shown in detail.
Gold assays are rounded to two decimal places.
· The assumptions used for any reporting of metal equivalent values
should be clearly stated. No metal equivalent reporting is used or applied.
Relationship between mineralisation widths and intercept lengths The intersection width is measured down the hole trace and may not be the true
width.
· These relationships are particularly important in the reporting of
Exploration Results. All drill results are downhole intervals only due to the variable orientation
of the mineralisation.
· If the geometry of the mineralisation with respect to the drill
hole angle is known, its nature should be reported.
· 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 A plan view is contained within this document. A table of intercepts is also
included in this document.
· Appropriate maps and sections (with scales) and tabulations of
intercepts should be included for any significant discovery being reported
These should include, but not be limited to a plan view of drill hole collar
locations and appropriate sectional views.
Balanced reporting All significant assay results from Resolute work are provided in this report.
· Where comprehensive reporting of all Exploration Results is not The report is considered balanced and provided in context.
practicable, representative reporting of both low and high grades and/or
widths should be practiced to avoid misleading reporting of Exploration
Results.
Other substantive exploration data No other exploration data is considered meaningful and material to this
document.
· Other exploration data, if meaningful and material, should be
reported including (but not limited to): geological observations; geophysical
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 Future exploration may involve the drilling of more drillholes, both diamond
core and reverse circulation, to further extend the mineralised zones and to
· The nature and scale of planned further work (e.g. tests for collect additional detailed data on known mineralised zones. Geophysical
lateral extensions or depth extensions or large-scale step-out drilling). exploration is also planned as part of the future exploration of the permit.
· Diagrams clearly highlighting the areas of possible extensions,
including the main geological interpretations and future drilling areas,
provided this information is not commercially sensitive.
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. END DRLDBGDRSUDDGUIRecent news on Resolute Mining
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