REG - Resolute Mining Ltd - September 2025 Quarterly Activities Report
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RNS Number : 0428F Resolute Mining Limited 28 October 2025
28 October 2025
Q3 2025 Activities Report
For the Quarter ending 30 September 2025 ('Q3', 'September Quarter' or 'the
Quarter')
Highlights
● Total Recordable Injury Frequency Rate (TRIFR) decrease to 1.95 from
2.02 at the end of September 2025 with five recordable injuries during the
Quarter
● Group gold production of 59,857 ounces (oz) (Q2 2025: 75,962oz) as
expected due to first full Quarter of stockpile processing at Mako and the
impact of rainy season at both sites
● All-In Sustaining Costs (AISC) of $2,205/oz (Q2 2025: $1,668/oz) due
to the combined impact of lower gold production and increased government
royalties on higher realised gold prices
● Quarterly gold sales of 63,483oz at an average realised price of
$3,404/oz (Q2 2025: 80,797oz at $3,261/oz)
● Quarterly capital expenditure (excluding exploration) of $26.5
million (Q2 2025: $17.6 million) in line with expectations consisting of $18.8
million non-sustaining and $7.7 million of sustaining capital
● Quarterly operating cash flow generation of $67.8 million (Q2 2025:
$84.6 million) (operating cash flow before capital expenditure, exploration
and working capital) with higher realised gold prices offsetting lower gold
sales
● Net cash of $136.6 million (Q2 2025: $110.4 million), including cash
and bullion of $168.2 million and drawn overdraft balances of $31.6 million;
Group available liquidity of $244.5 million
● Unaudited EBITDA of $292.8 million for the nine months ending 30
September 2025
● Further progress at Bantaco with infill-drilling at Bantaco South
Prospect confirming the continuity of the mineralisation along strike and down
dip
● Updated Mineral Resource Estimate (MRE) at the Doropo Project of
114.2 Mt grading 1.19g/t for 4.36 Moz of contained gold (vs previous MRE of
84.2 Mt grading 1.25g/t for 3.40 Moz)
● Positive government engagement in Bamako in October with the
Resolute delegation, led by CEO Chris Eger, meeting the Prime Minister of Mali
and the Minister of Mines
● Group production in line with original guidance, at lower end.
Year-end guidance narrowed to 275-285 koz from 275-300 koz reflecting a
combination of increased guidance at Mako and lower guidance at Syama; Group
AISC revised to $1,750 - 1,850/oz (from $1,650 - 1,750/oz) due to impact of
higher royalties and lower production at Syama
o Syama production guidance revised to 177-183 koz (from 195-210 koz)
consisting of 37-40 koz oxide and 140-143 koz sulphide; Syama AISC revised to
$1,900-2,050/oz (from $1,700-1,800/oz) due to higher royalties that,
year-to-date, have added approximately $125/oz
o Mako guidance increased to 98-102 koz (from 80-90 koz), Mako AISC is
maintained at $1,300-1,400/oz with stronger production offsetting higher
royalties
● 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 September 2025.
Chris Eger, Chief Executive Officer, commented,
"2025 continues to be a transformational year across the business as we
optimize our producing assets and execute on building a diverse Africa-focused
gold producer.
In Mali we have made key management changes at both Syama and in Bamako. Our
new COO, Gavin Harris, has spent considerable time on site at Syama leading
operational initiatives which are already delivering value. Earlier this
month, I was in Mali to meet the Prime Minister and Minister of Mines to help
establish a stronger line of communication and to discuss the supply chain
challenges facing the industry which have continued to impact performance at
Syama. We have made considerable progress on the Syama Sulphide Conversion
Project which remains on budget and on track for commissioning in mid-2026.
During the Quarter, the CCIL tanks were commissioned, and the pebble crusher
is due to be commissioned shortly. Both will immediately add operational
flexibility to the current operation. The flotation circuit will be
commissioned in January 2026 when we plan to start treating high-grade
sulphide material. The last components of the project are the secondary
crushing circuit, ball mill and the roaster upgrades all of which are due to
be completed and commissioned by the end of Q2 next year. From this point on
we will be ramping up to process 100% sulphide material at Syama. Once
operational, this will create a strong foundation where annual production is
expected to be in excess of that originally guided for 2025.
Elsewhere in the Company we have made great progress on the Mako Life
Extension Project in Senegal. Drilling and technical work has further
increased our confidence in two key satellite deposits, Tomboronkoto and
Bantaco. We believe they will provide a meaningful extension to the Mako
operation within the next two to three years. The other major achievement this
year was the acquisition of the Doropo and ABC projects in Côte d'Ivoire.
The development of Doropo remains on track with the next key milestone being
the updated DFS in Q4 this year. During the Quarter we increased community
engagement activities which are being well received and in September, an
update of the Doropo MRE was announced showing an increase of over 1 Moz to
4.4 Moz, a 28% increase in contained gold with only a 5% reduction in grade.
These high-quality projects represent the next phases of organic growth for
Resolute. Our focus is on progressing Doropo towards construction and it
becoming the Company's newest mine.
Elsewhere in Côte d'Ivoire, exploration activities at the ABC Project started
with targets outlined on the Farako-Nafana permit. A 10,000m drill program to
test these targets is due to start next month. At our other advanced
exploration project, La Debo, we are updating the Mineral Resource Estimate
and expect to release this before the end of 2025.
It has been a stable Quarter on the operational front; the lower production is
in line with management expectations reflecting the rainy season and the
transition to stockpile processing at Mako. Mako has continued to show strong
performance with the first full Quarter of stockpile processing exceeding
expectations. At Syama we continued to experience supply chain issues which
have had a meaningful impact on gold production so far in 2025. While we are
cautiously optimistic that we are addressing these issues, at this stage the
situation in Mali continues to be unpredictable.
Following the performance this quarter, we have updated guidance for both
assets while maintaining our original Group production guidance, narrowed to
275-285 koz - we currently expect to be at the lower end of this range. At
Mako, we have increased guidance to 98-102koz (from 80-90 koz). At Syama, we
have revised guidance to 177-183 koz (from 195-210 koz).
Although Mako and Syama continue to demonstrate strong cost discipline, we
have revised Group AISC to $1,750-1,850/oz. This increase is primarily driven
by higher royalties resulting from the year-to-date rise in gold prices, which
has added approximately $100/oz at the Group level.
I remain very pleased with the strong cash flow generation across the business
with the net cash position increasing by $26 million over the Quarter to $136
million. The strengthening of our balance sheet and solid liquidity position
provides a credible platform to advance our organic growth initiatives
including the Mako Life Extension Project in Senegal, the Syama Sulphide
Conversion Project in Mali and our new Doropo project in Côte d'Ivoire.
Moving into final quarter of 2025, I am confident of a stable end to the year
and that the Company is well-positioned for positive performance in 2026. The
Company's strong cash flow will be used to drive key strategic initiatives
that ultimately create value for all stakeholders."
Webcast and Conference Call
Resolute will host a conference call for investors, analysts, and media on 28
October 2025, to discuss the Company's Quarterly Activities Report for the
period ending 30 September 2025. This call will conclude with a
question-and-answer session.
Conference Call: 8:00pm (AEDT, Sydney) / 9:00am (GMT, London)
Webcast registration link: https://brrmedia.news/RSGQ3_2025
(https://brrmedia.news/RSGQ3_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) UK-Wide: +44 (0) 33 0551 0200
UK Toll Free: 0808 109 0700
Australia Toll Free: 1 800 681 584
USA Toll Free: 866 580 3963
South Africa Toll Free: 0 800 980 512
Password (if prompted) Quote Resolute Mining Q3 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/) .
Group Operations Overview
Group Summary Units September June September Nine Months Nine Months
2025
2025
2024
2025
2024
Quarter
Quarter
Quarter
YTD
YTD
Mining
Ore Mined t 672,177 1,374,517 1,368,297 3,392,489 4,691,145
Mined Grade g/t 2.10 2.03 2.06 2.02 2.10
Processing
Ore Processed t 1,520,742 1,557,787 1,529,134 4,628,717 4,505,571
Processed Grade g/t 1.48 1.82 2.00 1.70 2.05
Recovery % 82 84 85 83 86
Gold Poured oz 59,857 75,962 85,043 211,318 252,182
Sales
Gold Sold oz 63,483 80,797 95,242 208,603 252,563
Average Realised Price $/oz 3,404 3,261 2,493 3,175 2,292
Financials
Total Capital Expenditure $m 26.6 17.6 26.6 68.9 71.0
Net (Cash)/Debt $m (136.6) (110.4) (145.6) (136.6) (145.6)
AISC $/oz 2,205 1,668 1,452 1,834 1,444
Table 1: Resolute Group Operational Performance Summary
During the Quarter, Resolute processed over 1.52Mt across Syama (Mali) and
Mako (Senegal) at an average milled head grade of 1.48g/t. In Q3 the Group
produced 59,857 oz of gold at an AISC of $2,205/oz. As expected, ore mined
(0.67Mt) was lower than the prior Quarter as mining at Mako has ceased with
the operation now processing stockpile material.
Environmental and Social Update
Resolute's TRIFR as of 30 September 2025 was 1.95 (Q2 2025: 2.02) with five
recordable injuries during the Quarter. In Q3, Resolute recorded no
significant environmental incidents, regulatory non-compliances, nor
reportable community grievances.
During the Quarter, Resolute advanced preparations for new mandatory
climate-related disclosures in accordance with the Australian Sustainability
Reporting Standards (ASRS), which includes the drafting of its inaugural FY25
Climate Report. Resolute's climate-related disclosures and GHG emissions
inventory will be subject to independent limited 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. In Q3 Resolute's
nominated Senior Independent Technical Reviewer (SITR) returned to Syama for
the conduct of their annual safety inspection of the company's existing
tailings storage facilities, including the review of plans for a new facility.
In Q4 the SITR is scheduled to visit Mako.
Mali
Syama Operations
Syama gold production for the Quarter was 39,918oz at an AISC of $2,358/oz.
The operational performance is set out in the table below.
Summary Units September June September Nine Months Nine Months
2025
2025
2024
2025
2024
Quarter
Quarter
Quarter
YTD
YTD
Mining Sulphide
Ore Mined t 490,154 447,538 554,221 1,450,177 1,837,719
Mined Grade g/t 2.25 2.44 2.50 2.38 2.58
Oxide
Ore Mined t 182,023 286,431 111,098 700,299 557,954
Mined Grade g/t 1.70 1.35 1.40 1.46 1.58
Processing Sulphide
Ore Processed t 614,262 576,049 622,620 1,777,320 1,743,624
Processed Grade g/t 2.08 2.22 2.63 2.22 2.68
Recovery % 75 76 78 76 79
Gold Poured oz 31,833 31,461 42,878 99,438 119,515
Gold Sold oz 37,419 32,767 47,776 100,919 119,784
Oxide
Ore Processed t 349,494 395,432 352,933 1,174,109 1,105,208
Processed Grade g/t 0.91 0.95 1.06 0.97 1.23
Recovery % 79 81 84 82 84
Gold Poured oz 8,085 9,563 10,113 29,740 37,535
Gold Sold oz 8,085 9,563 10,113 29,740 37,535
Cost Syama combined
Total Capital Expenditure $m 26.0 16.6 22.6 42.5 39.6
AISC $/oz 2,358 2,134 1,533 2,092 1,487
Table 2: Syama Production and Cost Summary
At the Syama sulphide operation, while underground ore production improved
from the previous Quarter despite continuing explosives supply chain
disruption, overall production was lower than expected targets considering the
rainy season impact. During the Quarter additional explosives suppliers,
products and new supply routes have been established to continue to reduce the
impact on production in Q4. Mined grades were lower than expected as
lower-grade upper levels were mined to realign the cave in the future and
maximise ore recovery on lower levels.
The head grade for Q3 was lower than expected due to the lower ore grades from
the underground. Blending of lower-grade stockpiles was required to offset
lower production during the Quarter but saw a strong finish with consistent
improvement in daily ore production. In Q4, head grades and mined tonnes are
expected to increase benefitting from operational changes made during the
Quarter as well as increased stocks of explosives.
Oxide mining and production was lower than the prior Quarter as head grades
continue to be driven by processing lower grade stockpiles. This is expected
to continue for the remainder of the year with high grades from the Tabakoroni
pit blended into the oxide plant.
With explosive supply chain issues easing, Q4 production is expected to be
higher than Q3 driven by higher grades from the underground mine offset by a
scheduled eight-day mill and roaster maintenance shutdown. Due to the
continued impact of explosives on mining in Q3, guidance has been revised at
Syama across both the sulphide and oxide operations. Syama production guidance
has been revised lower to 177-183 koz (from 195-210 koz) consisting of 37-40
koz at the oxide operation and 140-143 koz at the sulphide operation. We
expect a stronger end to the year on the back of an operational restructure
that took place during the Quarter to expedite delivery of efficiency
improvements and further cost reductions.
In Q3 the AISC increased slightly to $2,358/oz due to the lower production
levels and higher royalties in the stronger gold price environment. We expect
AISC to be lower in Q4 on higher production. Due to the combination of higher
royalties (impact of c. $150/oz) as well as lower gold production the combined
Syama AISC for 2025 has been revised upwards to $1,900-2,050/oz (from
$1,700-1,800/oz).
Capital expenditure was $26.0 million for the Quarter split $7.1 million and
$18.8 million between sustaining and non-sustaining capital, respectively.
Expenditure for the Quarter includes the replacement of underground loaders to
enhance operations, scheduled PCR major component changeout, additional cost
for the Beta Tailings Storage Facility lift to increase capacity, the SSCP
($7.0 million) as well as $5.4 million of sustaining waste capital.
Syama Sulphide Conversion Project
The SSCP is progressing on time and budget with certain sections accelerated
to realise early benefits to operations. The project has no lost time injuries
(LTIs) after approximately 921,000 person-hours worked until the end of
September 2025.
The capital expenditure on the SSCP in Q3 was $7.0 million (YTD: $20.7
million) and in line with the full-year guidance for capital spend of $30
million. In 2026 the remaining $35 million of capital expenditure is forecast.
In Q3 two additional tanks in the existing CCIL circuit were commissioned and
are in operation. These have increased the CCIL residence time and will
provide a beneficial uplift to recoveries in the sulphide CCIL circuit. The
pebble crushing circuit was completed during the Quarter with commissioning
underway in Q4. Once commissioned the pebble crusher will improve operational
flexibility to the oxide circuit and, once the SSCP is fully commissioned,
increased efficiency to sulphide milling.
Construction of the flotation circuit is nearing completion. Commissioning has
been rescheduled to January 2026 to align with availability of high-grade
sulphide ore from the Syama North (A21) pits. Once operational, sulphide
material will be able to be processed through the SSCP circuit at 50% of
its design capacity (stage 1) until the secondary crushing circuit and ball
mill are commissioned (stage 2).
Figure 1: (L) CCIL circuit, (R) Pebble Crusher
By the end of Q2 2026 stage 2 - the ball mill, Secondary Crushing circuit and
roaster upgrade - will be completed and commissioned. From this point onwards
100% of sulphide material (c. 1.6-1.8 Mtpa) will be able to be processed
through the SSCP circuit.
Figure 2: Secondary Crushing and Ball Mill Areas
As per Figure 3, overall completion of the SSCP remains on track and on
budget. Full commissioning is due by end of Q2 2026 followed by a ramp-up from
Q3 2026.
Figure 3: SSCP Timeline
As the SSCP ramps up from Q3 2026 the expectation is for Syama gold production
to increase to an annual run rate in excess of that originally guided for
2025. Based on current operating models, production levels would remain in
this range as processing of high-grade material from Syama North (A21) pits is
partially offset by decreasing grades forecasted in the existing underground
operations. Additional studies are ongoing to review alternative scenarios
that could increase the value and scale of the overall Syama operation in the
medium to long term.
Mali Exploration
The focus of exploration activities at Syama in 2025 has been to drill-test
priority oxide targets within the granted Exploitation Permits to determine
viability for feeding the oxide plant in the near-future.
Drilling has commenced on the Zozani prospect which was identified in 2024.
The strong gold price now makes this prospect more attractive and additional
drilling will be undertaken to increase the outlined resources and update the
mining studies.
Government Update
Resolute continues to engage with the Government of Mali on implementation of
the 2023 Mining Code at Syama. At the start of October Resolute's Chief
Executive Officer, Chris Eger, had positive meetings with the Prime Minister
and Minister of Mines in Bamako to address the challenges faced to date while
discussing the potential at Syama.
Resolute remains committed to working constructively with the Malian
Government to create long-term value at Syama for all stakeholders.
Senegal
Mako Operations
Mako gold production for the Quarter was 19,939 oz at an AISC of $1,415/oz.
The operational performance for Mako is set out in the table below.
Summary Units September June September Nine Months Nine Months
2025
2025
2024
2025
2024
Quarter
Quarter
Quarter
YTD
YTD
Mining
Ore Mined t - 630,549 702,978 1,242,013 2,295,472
Mined Grade g/t - 2.05 1.82 1.91 1.85
Processing
Ore Processed t 556,986 586,307 553,581 1,677,288 1,656,739
Processed Grade g/t 1.18 2.00 1.89 1.66 1.92
Recovery % 91 93 93 92 93
Gold Poured oz 19,939 34,938 32,052 82,140 95,132
Gold Sold oz 17,979 38,467 37,353 77,944 95,244
Financials
Total Capital Expenditure $m 0.6 1.0 4.0 2.6 12.4
AISC $/oz 1,415 972 1,125 1,180 1,212
Table 3: Mako Production and Cost Summary
Q3 was the first full Quarter of stockpile processing at Mako. Gold production
of 19,939 oz exceeded expectations and was driven by stockpile grades that
were higher than anticipated. As year-to-date performance at Mako has been
better than expected we have revised full-year production guidance to 98-102
koz.
Stockpile processing will continue to the end of 2027. The target is for ore
to be available before the end of 2027 from either the Bantaco or Tomboronkoto
deposits.
As expected, AISC increased to $1,415/oz in Q4 due to lower gold production
from stockpile processing and higher royalties due to the gold price
environment. Included in the AISC in the quarter is approximately $125/oz of
non-cash stockpile movements. Mako is on track for original guidance of $1,300
- 1,400/oz with higher royalties offset by stronger gold production.
Capital expenditure for the Quarter of $0.6 million (vs Q2 2025: $1.0 million)
consisted of on-going activities for the final Tailings Management Facility
raise as well as replacement parts for the processing plant.
Mako Life Extension Project
Tomboronkoto and Bantaco are two potential satellite deposits that Resolute is
advancing in order to extend the life of the Mako Mine. These are collectively
referred to as the Mako Life Extension Project ("MLEP").
The current combined Mineral Resource Estimates of Tomboronkoto and Bantaco
contain over 600koz of gold, with possibilities of expansion based on ongoing
exploration results. At this stage Resolute believes the MLEP has the
potential to provide another five to 10 years of mining activities in Senegal.
Tomboronkoto
During Q3 the ESIA report for the Tomboronkoto Project was lodged with the
government for regulatory approval. Assuming no major revisions, Resolute is
targeting the issuance of an Environmental Permit by Q1 2026. This will be
followed by the application for a Mining Permit which is targeted to be
submitted in Q1 2026 and received in Q3 2026.
Community engagement activities and detailed survey activities commenced in
relation to the resettlement of Tomboronkoto village. In parallel, formal EIA
studies are in progress for the expansion of the existing Mako Mine process
plant including a new Tailings Storage Facility.
Resolute is confident of the potential to mine the Tomboronkoto satellite
deposit from 2028 but notes the dependence on permitting and government
approvals.
Figure 4: Approximate Timeline for Tomboronkoto
Bantaco
The Bantaco Project consists of five prospect areas (Baisso, Bantaco West,
Bantaco Central, Bantaco Main and Bantaco South) within the permit area
(Figure 5). The Project is located 20km from the Mako Plant and creates
additional optionality and flexibility for the MLEP.
Figure 5: Bantaco Prospect Locations
The Bantaco Project has the possibility to be developed ahead of the
Tomboronkoto Project due to more favourable development conditions in the
prospect areas.
In Q3 the main activities included infill drilling at the Bantaco South
prospect, progression of technical studies and community engagement
activities. Permitting is expected to commence in H1 2026 and the project
remains on track for mining activities to commence prior to the end of 2027.
Figure 6: Approximate Timeline for Bantaco
Senegal Exploration
During Q3, the focus was infill drilling at Bantaco South and West Prospects,
which along with Tomboronkoto, make up the key satellite deposits that could
extend the mine life at Mako.
To date drilling activities have concentrated on the Bantaco West and Bantaco
South prospects which have Inferred Mineral Resource Estimates of 5.8Mt
grading 0.97 g/t Au for 179koz, and 2.2Mt grading 1.2g/t Au for 87koz both (at
0.5g/t cut-off grade) respectively.
In Q3 infill drilling at Bantaco South was aimed at upgrading the Inferred
Mineral Resources to the Indicated category. A total of 5,180m of diamond
drilling and 10,957m of RC drilling was completed at Bantaco South.
The infill drilling at 25m spacing has been successful in confirming the
continuity of the mineralisation along strike and down dip. Select results
from the infill drilling are as follows;
BADD0024 - 32m @ 2.79g/t from 22.00m
BADD0031 - 44m @ 1.49g/t from 24.00m
BADD0045 - 30m @ 1.96g/t from 109.00m
BADD0057 - 16m @ 3.79g/t from 123.00m
BARC00501 - 35m @ 2.29g/t from 86.00m
BARC00503 - 27m @ 2.50g/t from 79.00m
BARC00512 - 37m @ 2.76g/t from 41.00m
BARC00525 - 35m @ 2.21g/t from 109.00m
BARC00526 - 33m @ 1.41g/t from 30.00m
BARC00534 - 42m @ 1.32g/t from 51.00m
After the drilling program at Bantaco South was completed the drill rigs moved
to Bantaco West to upgrade and extend the Mineral Resources announced on 24
July. During Q3 a total of 1,960m of diamond drilling and 7,695m of RC
drilling was completed at Bantaco West.
Early results from Bantaco West are encouraging with better results including;
BARC00600 - 32m @ 1.89g/t from 32.00m
BARC00623 - 12m @ 4.13g/t from 20.00m
A full list of the significant intersections from Bantaco South since those
published on 24 July 2025 is attached as Appendix 2.
Figure 7: Bantaco South drill location plan
Exploration for Q4 at Bantaco will focus on continuing the infill and
extensional drilling at Bantaco West. Resolute believes the Bantaco West
prospect has strong potential to increase the current inferred Mineral
Resource of 179 koz which was announced on 24 July 2025.
The drilling will test for extensions down dip and along strike to the
north-east across the highway shown on Figure 8.
An updated MRE for Bantaco South and Bantaco West is targeted for Q1 2026.
Figure 8: Bantaco West drill location plan
Côte d'Ivoire
Doropo Project
The government maintains strong commitment to execution of the Doropo Project
and the award of the Exploitation Permit.
Work on updating the DFS continued during the Quarter led by Lycopodium. These
workstreams include:
● Optimising pit designs at a gold price assumption of $1,950/oz
(versus $1,450/oz in the 2024 DFS)
● Review and finalisation of the processing circuit to accommodate
the revised mine schedule
● Refresh of capital and operating cost estimates
● Study on incorporation of back-up power supply to complement grid
power
● Key environmental and social work streams including government
engagement, community consultation and land acquisition planning.
All workstreams for Doropo are on track as per Figure 9. The updated DFS, is
targeted for Q4 this year along with an updated Ore Reserve. Consultants have
been engaged for the preparatory planning phase for RAP work. Resolute has
been involved in numerous community engagement meetings which have been well
received.
Figure 9: Doropo Project Timeline
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.
Doropo Permit Update
Presidential election activities have slowed the processing of our application
and Resolute continues to await approval of the Exploitation Permit by the
Interministerial Commission which is followed by signing of the Presidential
Decree. In November, once election activities have subsided, Resolute expects
progress to resume.
Doropo Mineral Resource Update
During the Quarter optimisations of the Resource were completed, increasing
the Doropo MRE to 4.4 Moz of contained gold with 84% of contained ounces in
the Measured and Indicated resource category. Most of the Mineral Resources
are within 150m of surface and the larger deposits (Kilosegui and Souwa)
remain open along strike and at depth.
Doropo Mineral Resource Estimate
September 2025 October 2023
(0.3g/t Au cut-off, $3,000/oz pit shell, JORC 2012) (0.3g/t Au cut-off, $2,000/oz pit shell, CIM 2014)
Classification Tonnes Grade (g/t Au) Ounces (Au) Tonnes Grade (g/t Au) Ounces (Au)
Measured 1,550,000 1.57 78,000 1,510,000 1.60 77,000
Indicated 95,200,000 1.18 3,601,000 75,340,000 1.25 3,027,000
Inferred 17,440,000 1.21 680,000 7,370,000 1.23 292,000
Total 114,190,000 1.19 4,360,000 84,220,000 1.25 3,396,000
Table 4: Doropo Mineral Resource Estimate Comparison
Resolute anticipates that, based on the plant capacity outlined in the 2024
DFS, the increase in Mineral Resources will extend the mine life by at least
five years beyond the original 10-year plan.
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 had over 60,000m of drilling by Centamin since 2017. Resolute has
four exploration permits granted around the ABC Project with two further
permit applications - see Figure 10.
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 contained within the Kona permit.
Figure 10: Permit and Prospect Locations at the ABC Project
During the Q3 geochemical surveys were undertaken on the Kona Permit and the
Farako-Nafana Permit to refine the gold targets outlined previously.
The Farako-Nafana permit is located along strike to the south from the
recently discovered high grade gold prospects at the Awale-Newmont 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 any previous company. A first stage RC program of 10,000m
has been proposed to cover the four best gold targets on the permit. A
drilling company has been engaged, and the program is planned to commence in
early November 2025.
Surface geochemistry and mapping is underway on the Kona permit to identify
additional resources to add to the two Kona resources which are wholly located
on the Kona Permit. Drilling targets have been generated and there is
proposals for 15,000m of RC and diamond drilling on the Kona Permit and the
Windou permit to the south. This proposed program is due to commence in early
January 2026.
The drill programs on Kona and Windou are planned to add ounces to the current
Mineral Resource inventory at Kona of 2 Moz at 0.9 g/t Au
La Debo Project
The La Debo project is in the south of Côte d'Ivoire, approximately 280 km
west of Abidjan.
In 2016, an initial Preliminary Economic Assessment established a NI 43-101
compliant Inferred Mineral Resource of 400 koz at a grade of 1.3 g/t Au (at
0.3 g/t cut-off). After subsequent deeper 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 2025 with a total of 10,037m of RC drilling and
6,600m diamond drilling completed by Resolute to date. The drilling program
was completed in June 2025 and an updated MRE is underway and will be
published in Q4 2025.
The drilling from the G3S prospect was very encouraging with excellent down
dip intersections along the entire strike length of the deposit.
An extensive auger drilling program has been completed over the south-western
half of the La Debo permit to define targets where surface geochemistry is
erratic. This program has confirmed a strong gold anomaly at the G1 prospect
area which will be RC drill tested in late 2025.
Figure 11: Resolute's Projects in Cote d'Ivoire
Figure 12: The La Debo Project
In October Resolute was granted two additional exploration permits, Gagnoa and
Soubre, situated to the south of the La Debo Project.
Financial Highlights and Balance Sheet Activities
Year-to-Date Cash and Bullion Movements (US$ million)
(*Included in Operating Cash flows are $61.4 million of royalties)
Figure 13: YTD 2025 Cash and Bullion Movements
Quarterly Cash and Bullion Movements (US$ million)
(*Included in Operating Cash flows are $17.5 million of royalties)
Figure 14: Q3 2025 Cash and Bullion Movements
In Q3 gold sales of 63,482 oz were achieved at an average realised gold price
of $3,404/oz (Q2: $3,261/oz), with all gold being sold at spot prices. The
strong gold price environment helped the Company generate an operating
cashflow of $67.8 million in Q3.
The VAT paid in Q3 in Mali and Senegal was $20.1 million. During the quarter
$5.6 million of VAT mandates were issued by the Senegalese tax authorities and
they were used to settle payables. Resolute continues to engage with local
governments to settle these amounts. The working capital outflow of $5.2
million was attributable to the timing of supplier payments settled in the
normal course of business.
Unaudited EBITDA for the nine months ending 30 September 2025 was a robust
$292.8 million with $664.1 million of revenue, driven by the increase in the
gold price.
Exploration Expenditure
Total Group exploration spend in Q3 was $8.8 million (Q2 2025: $8.6 million),
with drilling programs continuing in Senegal, Mali and Côte d'Ivoire
throughout the Quarter. This included $8.4 million of capital consisting
mainly of drilling oxides on the Finkolo Permit in Mali ($0.7 million),
Tomboronkoto studies and Bantaco drilling in Senegal ($4.8 million) and
drilling at La Debo in Côte d'Ivoire ($0.6 million). There was $0.4 million
of exploration expenses across all sites.
Exploration spend year-to-date is $21.6 million and remains in line with
full-year guidance of $20-25 million
Net Cash Summary
Net cash at 30 September 2025 was $136.6 million, increasing from the $110.4
million net cash position at 30 June 2025.
Total borrowings at 30 September 2025 were $31.6 million (Q2 2025: $47.0
million) which are from in-country overdraft facilities in Mali and are used
to optimise working capital. Cash and bullion increased by $11.0 million in
the Quarter to $168.2 million (Q2: $157.2 million). The Company has available
liquidity of over $244.5 million (including $58.2 million bullion on hand) as
at 30 September 2025.
Resolute continues to explore various options with respect to the financing of
the development of the Doropo Project. Upon completion of the updated DFS in
Q4 2025, financing discussions will be progressed more thoroughly in H1 2026.
Post-Quarter Activities
As noted on 15 October 2025, Loncor Gold (TSX: LN) entered a sale agreement
whereby, subject to certain conditions, Chengtun Mining will acquire all the
outstanding common shares of Loncor, in exchange for C$1.38 per Loncor Share
in an all-cash transaction.
Resolute holds 31,450,000 common shares in Loncor that are valued at
approximately US$31 million (C$43.4 million) at the current exchange rate and
has entered into a voting support agreement pursuant to which it has agreed,
among other things, to vote those shares in favour of the transaction. The
transaction is expected to close not later than Q1 2026. Resolute expects no
tax impact on its proceeds.
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.
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
September 2025 Quarter Production and Costs (unaudited)
September 2025 - Quarter to date Units Syama Sulphide Syama Oxide Syama Mako Group
Total
UG Lateral Development m 580 - 580 - 580
UG Vertical Development m 17 - 17 - 17
Total UG Development m 597 - 597 - 597
UG Ore Mined t 490,154 - 490,154 - 490,154
UG Grade Mined g/t 2.25 - 2.25 - 2.25
OP Operating Waste BCM - 1,301,480 1,301,480 - 1,301,480
OP Ore Mined BCM - 88,327 88,327 - 88,327
OP Grade Mined g/t - 1.70 2.10 - 2.10
Total Ore Mined t 490,154 182,023 672,177 - 672,177
Total Tonnes Processed t 614,262 349,494 963,756 556,986 1,520,742
Grade Processed g/t 2.08 0.91 1.66 1.18 1.48
Recovery % 75 79 76 91 82
Gold Recovered oz 30,915 8,042 38,957 19,256 58,213
Gold in Circuit Drawdown/(Addition) oz 918 43 961 683 1,644
Gold Produced (Poured) oz 31,833 8,085 39,918 19,939 59,857
Gold Bullion in Metal Account Movement (Increase)/Decrease oz 5,586 - 5,586 (1,960) 3,626
Gold Sold oz 37,419 8,085 45,504 17,979 63,483
Achieved Gold Price $/oz - - - - 3,404
Cost Summary
Mining $/oz 466 1,041 583 194 453
Processing $/oz 711 1,335 838 705 794
Site Administration $/oz 211 464 262 184 236
Site Operating Costs $/oz 1,388 2,840 1,682 1,083 1,483
Royalties $/oz 464 476 466 170 370
By-Product Credits + Corp Admin $/oz (4) (4) (4) - 155
Total Cash Operating Costs $/oz 1,848 3,312 2,145 1,253 2,008
Sustaining Capital + Others $/oz 212 46 179 29 129
Inventory Adjustments $/oz 243 (782) 35 134 68
All-In Sustaining Cost (AISC) $/oz 2,303 2,576 2,358 1,415 2,205
AISC is calculated on gold produced (poured)
Appendix
Year-to-date 2025 Production and Costs (unaudited)
September 2025 - Year to date Units Syama Sulphide Syama Oxide Syama Total Mako Group
Total
UG Lateral Development m 3,080 - 3,080 - 3,080
UG Vertical Development m 73 - 73 - 73
Total UG Development m 3,153 - 3,153 - 3,153
UG Ore Mined t 1,450,177 - 1,450,177 - 1,450,177
UG Grade Mined g/t 2.38 - 2.38 - 2.38
OP Operating Waste BCM - 4,415,307 4,415,307 566,066 4,981,373
OP Ore Mined BCM - 374,067 374,067 448,893 822,960
OP Grade Mined g/t - 1.46 1.46 1.91 1.70
Total Ore Mined t 1,450,177 700,299 2,150,476 1,242,013 3,392,489
Total Tonnes Processed t 1,777,320 1,174,109 2,951,429 1,677,288 4,628,717
Grade Processed g/t 2.22 0.97 1.72 1.66 1.70
Recovery % 76 82 78 92 83
Gold Recovered oz 96,183 29,920 126,103 82,305 208,408
Gold in Circuit Drawdown/(Addition) oz 3,255 (180) 3,075 (165) 2,910
Gold Produced (Poured) oz 99,438 29,740 129,178 82,140 211,318
Gold Bullion in Metal Account Movement (Increase)/Decrease oz 1,481 - 1,481 (4,196) (2,715)
Gold Sold oz 100,919 29,740 130,659 77,944 208,603
Achieved Gold Price $/oz - - - - 3,175
Cost Summary
Mining $/oz 509 710 556 256 439
Processing $/oz 658 1,066 752 481 647
Site Administration $/oz 179 369 222 144 192
Site Operating Costs $/oz 1,346 2,145 1,530 881 1,278
Royalties $/oz 373 365 371 169 295
By-Product Credits + Corp Admin $/oz (4) (4) (4) - 93
Total Cash Operating Costs $/oz 1,715 2,506 1,897 1,050 1,666
Sustaining Capital + Others $/oz 146 371 198 32 133
Inventory Adjustments $/oz 99 (345) (3) 98 35
All-In Sustaining Cost (AISC) $/oz 1,960 2,532 2,092 1,180 1,834
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.
Appendix 2.Recent drilling results
Bantaco, Senegal
Hole_ID North (WGS) East (WGS) RL Dip Azi EOH From To Width Au
(m) (WGS) (m) (m) (m) (m) (g/t)
BADD0022 1415324 794256 118 -51 134 290 232 245 13 1.57
BADD0024 1410778 799985 140 -51 123 111 22 54 32 2.79
BADD0026 1410734 799915 133 -52 120 178 78 97 19 0.95
BADD0028 1410682 799908 132 -51 125 161 84 96 12 1.97
BADD0030 1410793 800141 128 -51 127 224 36 46 10 4.56
BADD0031 1410857 799972 141 -53 125 311 24 68 44 1.49
BADD0032 1410893 800015 136 -53 127 238 177 180 3 11.03
BADD0038 1410746 799859 139 -50 122 182 72 82 10 1.67
BADD0038 1410746 799859 139 -50 122 182 95 107 12 1.82
BADD0041 1410878 799910 145 -51 123 157 101 123 22 1.8
BADD0042 1410763 799915 144 -52 124 140 79 95 16 1.18
BADD0043 1410846 799995 141 -51 128 158 1 13 12 1.49
BADD0043 1410846 799995 141 -51 128 158 18 29 11 1.38
BADD0044 1410880 799985 137 -50 124 153 19 32 13 2.1
BADD0045 1410678 799874 134 -52 123 188 109 139 30 1.96
BADD0050 1410827 799860 148 -52 125 240 117 130 13 2.4
BADD0051 1410788 799830 150 -52 124 245 49 52 3 5.51
BADD0051 1410788 799830 150 -52 124 245 151 173 22 0.9
BADD0053 1410743 799820 143 -53 120 239 146 169 23 1
BADD0055 1410787 799849 149 -50 124 205 136 152 16 1.69
BADD0057 1410834 800088 128 -51 118 176 123 139 16 3.79
BARC00484 1410613 799870 135 -50 125 186 69 84 15 1.8
BARC00494 1410579 800022 132 -49 125 147 49 52 3 6.52
BARC00501 1410845 799907 147 -51 125 144 86 121 35 2.29
BARC00503 1410692 800107 129 -52 125 204 79 106 27 2.5
BARC00503 1410692 800107 129 -52 125 204 117 129 12 1.3
BARC00507 1410665 799896 132 -50 125 156 83 100 17 1.63
BARC00510 1410869 800005 139 -49 125 160 10 26 16 1.43
BARC00512 1410745 799953 142 -50 125 114 41 78 37 2.76
BARC00514 1410706 799864 136 -51 125 174 148 157 9 2.88
BARC00515 1410829 800101 126 -48 125 150 101 118 17 1.54
BARC00516 1410724 799805 142 -52 124 173 157 173 16 2.05
BARC00525 1410814 799888 148 -51 125 170 87 103 16 1.66
BARC00525 1410814 799888 148 -51 125 170 109 144 35 2.21
BARC00526 1410745 799984 137 -49 125 102 30 63 33 1.41
BARC00527 1410802 799907 150 -50 125 94 65 76 11 2.47
BARC00527 1410802 799907 150 -50 125 94 82 94 12 1.89
BARC00527A 1410800 799907 147 -51 125 162 97 112 15 1.98
BARC00534 1410783 799931 146 -48 126 138 51 93 42 1.32
BARC00538 1410876 799948 144 -50 125 120 66 89 23 1.18
BARC00539 1410898 799924 144 -50 125 132 76 90 14 2.39
BARC00539 1410898 799924 144 -50 125 132 94 111 17 1.64
BARC00543 1410859 799890 147 -51 125 144 124 133 9 2.92
BARC00544 1410798 800146 128 -49 126 150 21 38 17 1.78
BARC00545 1410829 799976 142 -51 125 120 28 43 15 1.81
BARC00548 1410755 800008 139 -52 125 80 1 19 18 2.5
BARC00550 1410826 800020 141 -52 125 60 27 36 9 2.22
BARC00554 1410795 800103 125 -49 125 132 77 86 9 2.87
BARC00557 1410740 799997 137 -50 125 156 47 76 29 1.6
BARC00558 1410766 799952 143 -52 125 150 41 70 29 1.58
BARC00573 1414174 792865 106 -52 130 114 1 13 12 1.52
BARC00573 1414174 792865 106 -52 130 114 64 72 8 2.78
BARC00575 1414200 792876 109 -50 130 126 56 68 12 1.86
BARC00578 1414263 792854 110 -50 130 126 71 105 34 1.16
BARC00581 1414266 792883 111 -50 130 132 44 62 18 1.41
BARC00582 1414234 792794 108 -50 130 187 135 141 6 3.03
BARC00585 1414165 792853 105 -50 130 108 2 17 15 1.28
BARC00585 1414165 792853 105 -50 130 108 72 93 21 1.11
BARC00600 1415035 794300 131 -50 130 84 32 64 32 1.89
BARC00604 1415123 794312 131 -51 130 90 28 51 23 0.7
BARC00611 1414970 794294 131 -52 130 72 8 19 11 2.22
BARC00614 1414892 794192 135 -51 130 114 47 64 17 1.24
BARC00618 1414882 794178 136 -50 130 120 57 78 21 1.15
BARC00620 1414706 794112 164 -51 130 84 18 33 15 1.08
BARC00623 1414732 794113 168 -53 130 120 20 32 12 4.13
BARC00640 1414816 794162 157 -51 130 114 38 50 12 1.48
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 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, rotary marked and oriented.
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 type, Reverse Circulation drilling with 4" or 4.5" hammer and 4" rod string to
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 representative and depth noted.
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 the Generally, one of each of the two control samples (blank or CRM standard) is
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 lateral collect additional detailed data on known mineralized zones. Geophysical
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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