REG - Resolute Mining Ltd - March 2026 Quarterly Activities Report
Today 07:00
For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20260423:nRSW6090Ba&default-theme=true
RNS Number : 6090B Resolute Mining Limited 23 April 2026
23 April 2026
Q1 2026 Activities Report
For the Quarter ending 31 March 2026 ('Q1', 'March Quarter' or 'the Quarter')
Quarterly Highlights
• Total Recordable Injury Frequency Rate (TRIFR) of 0.43 with only one
recordable injury during Q1
• Group gold production of 59,603 ounces (oz) (Q4 2025: 65,918oz) in
line with expectations at both Mako (Senegal) and Syama (Mali)
• All-In Sustaining Costs (AISC) of $2,210/oz (Q4 2025: $1,877/oz) in
line with guidance as cost reductions partially offset higher royalty payments
due to record average realised gold prices
• Capital expenditure of $33.4 million (Q4 2025: $28.7 million)
consisting of $14.3 million non-sustaining, $6.9 million of sustaining, $5.1
million exploration capital spend, $7.1 million at Doropo and Mako Life
Extension Project (MLEP). Remains on track with guidance ($310 - 360 million)
• Operating cash flow generation of $119.8 million (Q4 2025: $85.7
million) (operating cash flow before capital expenditure, exploration and
working capital)
• EBITDA of $202.9 million (Q4 2025: $104.9 million); $337.6 million
revenue (Q4 2025: $201.5 million)
• Net cash of $315.4 million (Q4 2025: $209.0 million), including
cash, cash equivalents and bullion of $327.6 million. Drawn overdraft balances
and equipment financing were $12.2 million
• Proceeds of $31.9 million received from the sale of Resolute's stake
in Loncor Gold
• Key milestones reached at the Doropo Project (Côte d'Ivoire)
including receipt of the mining permit and formal approval of Final Investment
Decision (FID)
• Strategic Memorandum of Understanding (MoU) signed with Nimba Mining
Company regarding the potential co-development of gold projects in Guinea
• Ore Reserves and Mineral Resource Statement for 31 December 2025
published:
• Total Mineral Resources increased by 60% to 17.6 Moz Au with the
acquisition of the Doropo and ABC projects and exploration success at Bantaco
and La Debo
• Total Ore Reserves increased by 55% to 6.8 Moz Au with the
addition of Ore Reserves at Doropo and Tomboronkoto offsetting mining
depletion in Mako and Syama
• Promising drill results at ABC Project (Côte d'Ivoire) including 73m
at 0.8 g/t Au from 2m along strike of the existing MRE at Kona South
• Scoping Study for the ABC Project remains on track for completion in
Q2 2026
• On track to meet production guidance of 250 - 275 koz. Group AISC of
$2,000 - 2,200/oz is maintained, however is subject to change at current
elevated gold prices and higher fuel costs
Note: Unless otherwise stated, all dollar figures are United States dollars
($). AISC guidance is based on $4,000/oz gold price.
Resolute Mining Limited (Resolute, the Company or the Group) (ASX/LSE: RSG),
the West Africa-focused gold miner, is pleased to present its Quarterly
Activities Report for the period ended 31 March 2026.
Chris Eger, Chief Executive Officer, commented,
"It has been a positive start to 2026 at both our operations and at our
development and exploration projects.
Our operations continued to perform in line with expectations and generated
$119.8 million of operating cash flows helping boost our net cash position to
$315.4 million. We remain on track with production guidance which is weighted
to H2 as the Syama Sulphide Conversion Project is commissioned and ramps up.
In Cote d'Ivoire we have had a very successful Quarter at ABC and Doropo. At
ABC we have been focusing on strike extensions of the Kona South and Central
deposits that have an existing MRE of 2.2 Moz. With the success we have been
seeing at ABC, including an intercept from surface of 73 m grading 0.8 g/t, we
will continue drilling in order to further expand resources. During Q1 we
started a scoping study for ABC, based on the existing MRE, which we expect to
release in Q2. At Doropo we achieved two major milestones: receipt of our
mining permit and formal approval of FID. In April ground clearance activities
started and we remain on track for first gold in H2 2028.
In Senegal, stockpile processing at Mako continued to perform extremely well.
Additionally, strong progress was made on technical and permitting workstreams
for the MLEP. Internal technical studies currently indicate annual gold
production levels of 75 - 85 koz over seven years from the Tomboronkoto and
Bantaco deposits at a capital cost of between $125 - 150 million. We are
continuing with optimizations and are confident of further improvements to the
project.
During the Quarter we also signed a strategic MoU with Nimba Mining Company to
evaluate projects in Guinea. This aligns with Resolute's strategy of building
a pipeline of high-quality growth opportunities in established West African
gold jurisdictions and complements our other activities in Guinea.
While the ongoing situation in the Middle East has not resulted in any direct
disruptions to our supply chain, we are closely monitoring developments. There
is a potential for increased AISC due to rising fuel prices, which could
impact our operational costs in the coming quarters. At this stage, we are
proactively managing these risks and, where possible, minimizing any impacts.
Overall, I am pleased with the Group's activities and financials in Q1. We
remain confident in delivering against our guidance, supported by a robust
balance sheet and experienced teams, that are well placed to continue
performing across the business as we move into Q2."
Webcast and Conference Call
Resolute will host a conference call for investors, analysts, and media on 23
April 2026, to discuss the Company's Quarterly Activities Report for the
period ending 31 March 2026. This call will conclude with a
question-and-answer session.
Conference Call: 6:00pm (AEST, Sydney) / 9:00am (BST, London)
Webcast registration link:
https://sparklive.lseg.com/ResoluteMiningLtdAustralia/events/c3dd5dd8-30b9-42d2-ae18-47b19e044b88/resolute-mining-ltd-q1-2026-conference-call
(https://sparklive.lseg.com/ResoluteMiningLtdAustralia/events/c3dd5dd8-30b9-42d2-ae18-47b19e044b88/resolute-mining-ltd-q1-2026-conference-call)
Written questions can be submitted using the 'Ask a Question' button on the
webcast page. Those wishing to ask questions as part of the Q&A should use
the conference call facility (please join five minutes before the start time).
Conference call registration link:
https://registrations.events/direct/LON34665289
(https://registrations.events/direct/LON34665289)
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 March December % Change March
2026 2025 2025
Quarter Quarter Quarter
Mining
Ore Mined t 794,436 858,470 (7)% 1,345,796
Mined Grade g/t 2.21 2.14 3% 1.97
Processing
Ore Processed t 1,633,013 1,581,115 3% 1,550,187
Processed Grade g/t 1.40 1.51 (7)% 1.79
Recovery % 81 84 (4)% 84
Gold Poured oz 59,603 65,918 (10)% 75,497
Sales
Gold Sold oz 69,352 49,941 39% 64,322
Average Realised Price $/oz 4,858 4,023 21% 2,840
Financials
Total Capital Expenditure $m 33.4 28.7 16% 29.4
Net Cash $m 315 209 51% 100
AISC $/oz 2,210 1,877 18% 1,708
Table 1: Resolute Group Operational Performance Summary
During the Quarter, Resolute processed over 1.63 Mt across Syama (Mali) and
Mako (Senegal) at an average milled head grade of 1.40 g/t. In Q1 the Group
produced 59,603 oz of gold at an AISC of $2,210/oz.
Environmental and Social Update
Resolute's year-to-date (and quarterly) TRIFR as of 31 March 2026 improved to
0.43 (full-year 2025: 1.87) with one recordable injury during the Quarter.
This is a significant decrease on previous quarters with improvements to
preventive safety measures and leading indicators during H2 2025.
In Q1, Resolute recorded no significant environmental incidents, regulatory
non-compliances, and no reportable community grievances.
During the Quarter, Resolute published its 2025 Sustainability Report, Climate
Report and Greenhouse Gas Emissions Calculation Method Statement. These
climate-related disclosures were prepared in accordance with the Australian
Sustainability Reporting Standards (ASRS).
Resolute is undergoing external assurance against the Responsible Gold Mining
Principles and Conflict Free Gold Standard with assurance reports expected in
Q2. In addition, Resolute will be audited against the Responsible Gold
Guidance in Q2. ISO14001 Environmental Management and 45001 OHS Management
audits at Syama are now expected in Q4.
In Senegal, the focus has been on the Mako Life Extension Project, comprising
technical studies in support of the Tomborokoto and Bantaco satellite
deposits, and expansion of the existing Mako Mine process plant. For the
Tomboronkoto Satellite Deposit, the Environmental & Social Impact
Assessment (ESIA) report was validated by the environmental regulator in
advance of ministerial approval. Consultation is ongoing with potentially
affected persons for the resettlement of Tomboronkoto village, who have
selected their preferred site for detailed resettlement planning. In parallel,
formal ESIA studies are ongoing for (i) the expansion of the Mako Mine process
plant, including a new Tailings Storage Facility, and (ii) the Bantaco
Satellite Deposit. Draft ESIA reports for these two project components are
scheduled for submission to the environmental regulator in Q2.
At the Doropo Project, Côte d'Ivoire, the first phase of land acquisition is
nearing completion in preparation for the commencement of early works
construction activities in Q2 2026. Strategies have also been developed in
consultation with project affected communities to enhance local economic
participation through project-related employment and procurement
opportunities.
At Syama, Mali, a detailed feasibility study and accompanying ESIA were
initiated for the development of a third Tailings Storage Facility. This
follows satisfactory results from the completion of multi-criteria
alternatives analysis for tailings management and conceptual design studies on
the preferred design option.
Mali
Syama Operations
Syama gold production for the Quarter was 43,802oz at an AISC of $2,227/oz.
The operational performance is set out in the table below.
Summary Units March December % Change March
2026 2025 2025
Quarter Quarter Quarter
Mining Sulphide
Ore Mined t 711,718 711,984 - % 512,485
Mined Grade g/t 2.23 2.20 1 % 2.45
Oxide
Ore Mined t 82,718 146,486 (86) % 221,846
Mined Grade g/t 2.06 1.83 20 % 1.41
Processing Sulphide
Ore Processed t 627,706 582,931 8 % 587,009
Processed Grade g/t 2.36 2.34 1 % 2.35
Recovery % 76 78 (2) % 77
Gold Poured oz 36,682 35,998 2 % 36,143
Gold Sold oz 47,070 18,861 150 % 30,733
Oxide
Ore Processed t 431,768 394,486 9 % 429,183
Processed Grade g/t 0.64 1.02 (37) % 1.03
Recovery % 76 81 (6) % 84
Gold Poured oz 7,120 11,165 (36) % 12,091
Gold Sold oz 7,120 11,165 (36) % 12,091
Cost Syama combined
Capital Expenditure $m 20.6 18.1 14 % 23.8
AISC $/oz 2,227 1,779 25 % 1,835
Table 2: Syama Production and Cost Summary
At Syama, production delivered a strong start to the year, with 43,802 oz of
gold poured in Q1 across both sulphide and oxide operations, in line with the
Company's plan. Operational performance remained robust, with both processing
plants achieving consistently high utilisation and availability, supporting
total ore throughput of approximately 1.06 Mt for period.
As expected, oxide mining was lower than the prior Quarter with material
primarily sourced from the A21 (Syama North) open pit. Oxide mining is
expected to continue in Q2 to build stockpiles for processing later in the
year. In Q1, the primary source of oxide feed was previously stockpiled
material, delivering a consistent and reliable average head grade of 0.64 g/t,
demonstrating the strength and flexibility of the operation's stockpile
management system.
During Q2, Stage 1 of the Syama Sulphide Conversion Project (SSCP)
commissioning will move to processing a blended sulphide feed sourced from A21
fresh rock, underground sulphide ore, and sulphide stockpiles.
At the sulphide operation, underground ore tonnes were above target with
additional low grade draw points accelerated, resulting in slightly lower
mined grade of 2.23 g/t from the sub-level cave. These low grade ore tonnes
have been stockpiled for SSCP commissioning in Q2.
The sulphide head grade averaged 2.36 g/t as higher grade run of mine ore was
processed through Process Plant 1 (PP1 - historically the sulphide plant).
Feed grades are expected to increase slightly to between 2.4 - 2.5 g/t from
the underground production in Q2.
In Q2 sulphide processing activities will undergo a transition with a focus on
commissioning of the flotation plant on Process Plant 2 (PP2 - historically
the oxide plant which has been converted to dual purpose through the SSCP). As
expected, sulphide production in Q2 is expected to be lower than Q1 due to a
planned plant shutdown to tie in the SSCP and upgrade the roaster. As per
Figure 1, Syama remains on track for full-year production guidance of 195 -
210 koz with production weighted to the second half of the year.
Figure 1: 2026 Syama actual gold production (koz) and guidance
During Q1 capital expenditure was $20.6 million split $6.3 million and $14.3
million between sustaining and non-sustaining capital respectively.
Expenditure for the Quarter includes Underground production mobile machinery,
and Tailings Storage Facility lift, with $8.0 million spent on the SSCP and
Roaster upgrade as well as $5.7 million of sustaining waste capital. Syama
remains on track for its capital expenditure guidance of $110 - 125 million.
Disruption in the Middle East has affected global logistics, supply chains and
cost of materials. In response, Resolute has increased procurement activity
and on‑site inventory levels for selected critical consumables as a risk
mitigation measure, with the objective of supporting continuity of operations.
At this stage, the business has not been materially impacted by consumable
shortages, and supply disruptions have been successfully managed. However, the
company is experiencing elevated costs for some inputs, including fuel and key
reagents, which may impact overall operating costs if these price trends
persist. Management continues to closely monitor market conditions and
maintain contingency plans to minimize potential adverse effects on production
and costs.
At Syama, storage capacity has been increased for both light fuel oil (LFO),
used for mobile equipment, and heavy fuel oil (HFO), used for power
generation. LFO storage on site is currently approximately 77% of total
capacity equating to over 50 days of operational coverage at current
consumption rates. HFO storage capacity approximately 90%, providing over 40
days of power generation coverage. For both LFO and HFO, deliveries have
continued largely as scheduled, however unit costs have increased. Fuel prices
in Mali are regulated by the government and in April LFO prices increased by
approximately 50%. If the current prices for fuel are maintained for the
remainder of the year, we expect an increase to AISC of approximately $75/oz
for the full-year.
Key processing reagents, including cyanide, PAX and Sasol products, currently
exceed three months of on‑site inventory. Other consumables remain in
transit, with some experiencing minor delays, although no material operational
impacts have been reported to date.
Explosive inventories at Syama continue to fluctuate in line with supply
conditions. Current on‑site inventories provide more than one month of
operational coverage. The Company has continued progress toward securing a
modular emulsion manufacturing facility at Syama. Engagement with Malian
authorities regarding permitting is ongoing, and subject to regulatory
approvals, construction and commissioning are expected to occur in H2.
In Q1 the AISC was slightly above guidance $2,227/oz due to higher royalty
payments. Royalty payments were driven by an average realised gold price
during the quarter. The impact of high gold prices on AISC was approximately
$135/oz above the level expected for guidance. Syama remains on track for
full-year AISC guidance of $1,950 - 2,150/oz (at a gold price assumption of
$4,000/oz) subject to ongoing fuel cost pressures.
Syama Sulphide Conversion Project (SSCP)
The project remains on track and on budget with no lost time injuries (LTIs)
after approximately 1.06 million person-hours worked until the end of March
2026.
During the March 2026 quarter, construction of the flotation circuit was
successfully completed, marking a major milestone for the SSCP and
significantly advancing the project towards completion. Commissioning has now
commenced, with activities progressing through Q2, positioning the operation
for a strong ramp-up phase.
Capital expenditure on the SSCP in Q1 was $8.0 million and in line with the
full-year guidance for capital spend of $40 million.
With flotation plant construction substantially complete, focus in Q1 shifted
to advancing other critical components, particularly the secondary crusher and
ball mill circuits. Strong progress was achieved across these areas during Q1,
positioning SSCP well for Stage 2 commissioning in Q3.
Looking ahead to Q2, commissioning activities for the flotation plant are on
schedule. In April, sulphide ore feed is planned to commence with handover to
operations anticipated toward the end of the month. Construction activities in
the secondary crusher and ball mill areas are expected to continue throughout
Q2.
Figure 2: Construction of the Electrostatic Precipitator (ESP), a key
component of Roaster Upgrade
Figure 3: Flotation Circuit
The project remains on track and on budget. As per Figure 4, full
commissioning is expected in Q3 2026 followed by a ramp-up throughout Q4 2026.
Figure 4: SSCP Timeline
Senegal
Mako Operations
Mako gold production for the Quarter was 15,801oz at an AISC of $1,669/oz. The
operational performance for Mako is set out in the table below.
Summary Units March December % Change March
2026 2025 2025
Quarter Quarter Quarter
Mining
Ore Mined t - - - 611,465
Mined Grade g/t - - - 1.76
Processing
Ore Processed t 573,539 603,698 -5% 533,995
Processed Grade g/t 0.93 1.04 -11% 1.78
Recovery % 90 91 -1% 92
Gold Poured oz 15,801 18,755 -16% 27,263
Gold Sold oz 15,162 19,915 -24% 21,498
Financials 0
Capital Expenditure $m 0.6 0.3 95% 1.0
AISC $/oz 1,669 1,666 0% 1,274
Table 3: Mako Production and Cost Summary
At Mako, the operation delivered a solid Q1 performance in line with
expectations. During the quarter, the plant processed over 574 kt of
stockpiled material at an average gold head grade of 0.93 g/t, producing
15,801 oz of gold. As per Figure 5, Mako remains on track for full-year
production guidance of 55 - 65 koz with steady Quarterly production levels
expected.
Figure 5: 2026 Mako actual gold production (koz) and guidance
During the Quarter the AISC was $1,669/oz in line with expectations reflecting
continued cost discipline and operational control. Mako remains on track with
full-year AISC guidance of $1,600 - 1,800/oz, supporting resilient margins and
consistent cash flow generation.
Capital expenditure in Q1 was $0.6 million (Q4 2025: $0.3 million) and
consisted of replacement parts for the processing plant.
No material supply disruptions have been experienced in Senegal during Q1. At
Mako, which relies on LFO for both mobile equipment and power generation, fuel
storage capacity is maintained at greater than 94%, representing approximately
27 days of operational coverage. Inventories of other consumables and key
reagents generally exceed one month, with the majority exceeding two months.
If the current prices for fuel, approximately 30% higher than originally
anticipated, are maintained for the remainder of the year we expect there to
be an increase to AISC of approximately $50/oz for the full-year.
Mako Life Extension Project (MLEP)
MLEP represents a compelling growth opportunity, centered on the potential
development of the Tomboronkoto and Bantaco satellite deposits. Advancing
these deposits is expected to extend the mine life of the Mako Gold Mine and
further enhance the long-term value of the operation.
The current combined Mineral Resource Estimates of Tomboronkoto and Bantaco
contain over 800 koz of gold, with possibilities of expansion based on ongoing
exploration. There is significant potential at Tomboronkoto with the orebody
remaining open along strike to the west and at depth.
Following internal technical studies, an initial Ore Reserve of 348 koz oz at
1.2g/t Au is at a gold price assumption of $2,500/oz was declared at
Tomboronkoto.
In Q1 $2.9 million was spent on the MLEP, consisting of technical and
metallurgical studies and Relocation Action Plan (RAP) development. The MLEP
remains on track and on budget as per Figure 6.
Figure 6: Approximate Timeline for the MLEP
Detailed Operating Plan
Technical studies have been carried out that consolidate historical
exploration results, updated Mineral Resource Estimates as at December 2025,
mine design, scheduling and metallurgical test work to a level of confidence
considered appropriate for internal planning purposes.
Mining and processing studies support a conventional open pit operation with
ore being processed through the existing Mako plant, subject to targeted plant
upgrades. Internal scheduling work indicates Bantaco is expected to provide
initial satellite mill feed ahead of Tomboronkoto (Figure 7), reflecting
permitting and resettlement sequencing, with Tomboronkoto providing the
majority of higher‑grade feed once mining commences.
Bantaco oxide ore properties are consistent with Mako oxides so processing
plant upgrades are only required prior to processing Tomboronkoto oxides which
have a higher clay content.
Figure 7: Annual mill feed (in tonnes) schedule by source
Based on current schedules, indicatively, the combined MLEP is assessed as
capable of supporting annual gold production of approximately 75 - 85 koz over
seven years with indicative gold production from satellite sources commencing
following depletion of existing stockpiles and continuing over the subsequent
mine life, subject to refinement through ongoing optimisation and permitting
outcomes.
Figure 8: Annual recovered gold ounces (oz) by source
Capital and operating cost estimates were prepared on a combined MLEP basis
during the quarter using detailed cost frameworks at Tomboronkoto,
supplemented by high‑level estimates for Bantaco pending further study. On
this basis, total pre‑production costs for the combined MLEP is estimated at
approximately $125 - 150 million, reflecting process plant modifications,
tailings infrastructure, resettlement and enabling works, road construction
and mining establishment costs. The majority of this is expected in the second
half of 2027. Operating cost estimates are expected to be similar to those at
the Mako Mine with the addition of haulage and will continue to be refined as
an integrated life‑of‑mine plan is progressed. All capital, cost and
production parameters remain subject to further optimisation, permitting
approvals and execution planning.
Tomboronkoto
During Q1 2026, key development milestones were successfully achieved at
Tomboronkoto, with the final Environmental & Social Impact Assessment
validated by the authorities and the feasibility study completed. These
achievements significantly de-risk the project and position it strongly to
support the forthcoming mining permit application that is being submitted in
Q2 2026.
Planning and stakeholder engagement activities to inform the development of
the RAP are well underway and remain ongoing while all required surveys are
being finalised. Receipt of the mining permit will provide the necessary
authority to implement the RAP, including the initiation of village relocation
once agreement has been reached with the affected parties. This approach
underscores our commitment to regulatory compliance, transparent community
consultation, and responsible project execution.
During Q1 2026, the village relocation site was pre-selected and validated
with all stakeholders, including village and state representatives. In Q2
2026, this site selection process will be finalised following the completion
of all required field investigations, including geophysical surveys to
identify groundwater availability, geotechnical characteristics, and
sterilisation requirements. Individual household asset surveys, the relocation
entitlement matrix, and public infrastructure designs will also be validated
during Q2 2026.
Formal ESIA studies for the expansion of the existing Mako Mine Process Plant,
including a new TSF and Ore Transport Road between Tomboronkoto and the Mako
plant, progressed as planned during Q1 2026. The TSF technical study and
detailed engineering commenced during the Quarter and is expected to be
completed by Q3 2026. Detailed engineering for the Mako processing facility is
expected to commence in Q2 2026.
Bantaco
During Q1, strong progress was made across key workstreams, including ongoing
metallurgical test work and technical studies, which remain on track for
completion in Q2 2026. Environmental permitting activities also advanced well,
with the ESIA progressing towards submission.
Community engagement activities with the affected communities are also ongoing
as part of the development of a Livelihood Restoration Plan.
Next Steps
Key next steps for the MLEP include:
• Submission of the Tomboronkoto mining permit application in Q2
and, assuming no major revisions are required, approval is anticipated in 2027
• Submission of the ESIA for the Mako plant upgrades, Gambia river
bridge and ore transport route in April 2026 with approval anticipated during
Q4 2026
• Finalisation of Bantaco technical studies are expected towards the
end of Q2 2026
• Submission of Bantaco ESIA in Q2 2026 and validation anticipated
in Q3 2026
• Preparation of all documentation for submission of the Bantaco
Mining Permit application in Q3 2026
Côte d'Ivoire
Doropo Project
Doropo continues to track strongly towards first gold which is expected in H2
2028. Key milestones were delivered during Q1, as construction activities are
set to accelerate in Q2 2026, positioning the project for a well-executed
build and long-term value creation.
Permitting and Investment Milestones
During Q1, material progress was achieved at the Doropo Project. All key
approvals were secured during the quarter, including issuance of the mining
permit in February 2026, signing of the Mining Decree in March 2026 and
announcement of FID on 12 March 2026.
The mining permit is valid for 14 years with the ability to extend. The permit
covers a substantial area of 400km², encompassing the main Doropo deposits
and several drill-tested mineralised trends.
Contracts and Procurement
During Q1 bids for the EPCM contract were evaluated and post-quarter end
Lycopodium Limited were awarded the EPCM contract.
Key long-lead procurement packages were tendered during FEED, including mills,
crushers, oxygen plant, CIL tanks, thickeners and associated processing
equipment, with adjudication substantially complete and major equipment awards
anticipated in Q2 2026.
Early construction-related packages covering camp facilities and the Doropo
village were tendered and progressed to evaluation.
Site Preparation
Site preparation and engineering activities advanced, including completion of
geotechnical investigations and early engineering design for the tailings
storage facility, water infrastructure, access roads and airstrip.
Major earthworks contracts were adjudicated, with early pioneer earthworks
awarded and mobilisation scheduled for April 2026. Water bore drilling
contracts were also awarded during the quarter.
Project Team & Organisational Build-Out
Owner's team was strengthened with the appointment of senior personnel across
construction, procurement, cost control and mining engineering functions.
Land Access & Community Engagement
Land access and compensation activities continued, with land surveys
completed, compensation tariffs agreed and payment mechanisms established.
Post-quarter end the compensation payments for early works areas were
substantially completed.
Figure 9: Land compensation activities
Planned Activities
During Q2 activities are expected to focus on placing orders for major
long-lead items, commencing bulk earthworks and camp construction, expanding
site infrastructure, advancing HV power supply arrangements and progressing
full-scale site development. Upcoming activities include:
Owner's Team and Studies
• Continue buildup of the owner's team
• Appoint HV power engineer and start HV power supply engineering
and early work
Land Access, Acquisition and Crop Compensation
• Complete compensation for all identified early works areas within
the project development footprint in early April 2026
• Continue compensation activities for areas outside the early works
footprint
Procurement and Fabrication Packages
• Place orders for long lead items (Mills, Jaw crusher, Apron
feeders, CIL tanks and agitators, Thickener, Oxygen plant, Cyclones, Sewage
treatment plant, Cranes and hoists)
• Commence tender process for remaining equipment (mechanical,
electrical, piping and valves) and steelwork and fabrication packages
• Commence procurement and hire of site vehicles and mobile
equipment
Site Works and Early Construction
• Commence temporary construction camp upgrade and award contracts
for permanent camp construction
• Commence site earthworks, including access, plant side,
construction camp and water infrastructure in April 2026
• Commence drilling and equipping of water bores
Figure 10: Groundbreaking starting on site
Figure 11: Ground clearance activities
The Doropo project remains on track with the timeline in Figure 12 with first
gold expected in H2 2028.
Figure 12 : Doropo Project Timeline
Côte d'Ivoire Exploration
ABC Project
The ABC Project is a greenfield exploration project located in western Cote
d'Ivoire. Resolute has four exploration permits granted around the ABC Project
with two further permit applications.
Over Kona Central 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 13: Permit and Prospect Locations at the ABC Project
Exploration activity during Q1 focused on drilling programs planned to expand
the Mineral Resources at the Kona deposits. Furthermore, a scoping study on
the ABC Project, based on the existing MRE, was advanced during the period and
is expected in Q2 2026.
Drilling successfully advanced efforts to extend known mineralisation at both
Kona South and Kona Central, along strike to the north and south of the
deposits. A total of 64 RC holes for 11,000m were completed during the March
quarter with drilling at both areas reinforcing the scale and continuity of
the mineralised system.
Drilling progressed strongly during the quarter, where activity ramped up to
five rigs toward period end to accelerate delineation and rapidly expand the
mineralised footprint, positioning the project for continued resource growth.
Results from the first 40 holes demonstrate wide intervals of gold
mineralisation across the majority of drilling completed to date, reinforcing
the scale and continuity of the system. Key standout intersections include:
• KNRC0499 - 73m @ 0.8g/t Au from 2m
• KNRC0500 - 80m @ 0.4g/t Au from 88m
• KNRC0501 - 23m @ 1g/t Au from 6m
• KNRC0506R - 35m @ 0.9 and 21m @ 1.2g/t
• KNRC0508 - 10m @ 1.9g/t Au from 217m
• KNRC0512 - 31m @ 1g/t from 151m
The majority of the results returned to date are from Kona South which is
higher grade than Kona Central. The drill intersections clearly confirm the
along strike extensions of the gold mineralisation to the north and south of
Kona South.
All reported drill intersections are located outside the current Mineral
Resource block models, highlighting clear potential for a meaningful increase
in the existing resource base and underpinning a compelling growth
opportunity.
Figure 14: Kona South Plan with drillhole locations
New drilling north of Kona South has delivered wide zones of mineralisation,
extending the zones by 500m to the north, highlighting potential continued
resource expansion.
Figure 15: Kona South cross section at 967950N
The accelerated drilling program will continue throughout 2026 to build the
Mineral Resource Inventory of the ABC Project. An updated Mineral Resource
Estimate is planned to be announced in H2 2026.
A scoping study is underway on the existing Kona MRE, with results due for
release in Q2 2026, marking an important step in advancing the project's
development pathway.
La Debo Project
The La Debo Project, located in southern Côte d'Ivoire approximately 280 km
west of Abidjan, hosts an Inferred Mineral Resource of 17.6Mt at 1.14 g/t Au
for 643 koz of contained gold (0.5 g/t cut-off) across the G3S and G3N
prospects, providing a strong foundation for future growth.
A diamond drilling program commenced in March 2026 at G3S, aimed at expanding
the existing Mineral Resource. Drilling last year identified a coherent linear
zone of high-grade mineralisation at the deepest levels of G3S highlighting
compelling potential for the development of a future underground operation.
This drilling program aims to drill out a panel of gold mineralisation over a
strike length of 600m which may form the basis of an underground operation.
Drilling is progressing well, with results expected to be released in the
second half of 2026, providing near-term catalysts for resource growth and
project advancement. 13,000m of drilling is planned for the remainder of 2026.
Figure 16: La Debo Project Permits and Prospect Locations
Subject to positive drilling results at depth at G3S, La Debo has the
potential to advance its development stage, with further technical and
strategic updates planned for the second half of 2026. This work will support
a comprehensive assessment of the project's potential and help identify
broader growth opportunities in the region.
Doropo Exploration
Exploration drilling within the Doropo Mining Permit is set to commence in Q2
2026 targeting both the Vako area and Kilosegui - see Figure 17.
Kilosegui represents a potential mineral resource expansion opportunity, with
a 6km strike length and mineralisation remaining open at depth along its
entire strike length. The initial strategy is to expand the Kilosegui Mineral
Resources at depth but within the top 200m.
Historical exploration by Centamin identified a broad, high-grade gold-in-soil
anomaly along the Vako Shear Zone, with initial follow-up drilling returning
encouraging early-stage results. However, there was no further work carried
out at the Vako Shear Zone.
Resolute plans to carry out a systematic work program at Doropo, commencing
with auger drilling to identify the source of the gold anomalies, followed by
a focused RC drilling campaign to test and delineate the underlying
mineralisation. Detailed exploration planning is underway with up to 30,000m
of drilling potentially planned.
Figure 17: Map of deposits and prospects at Doropo
Guinea
Strategic Partnership with Nimba Mining Company
In March the Company signed an MoU with the state-owned company Nimba Mining
Company (NMC). This strategic partnership demonstrates the Government's
recognition of and the support for Resolute's growth plans in Guinea.
The partnership will focus on jointly assessing mineral resources, conducting
comprehensive geological studies, and developing strategic frameworks for
potential large-scale gold production operations. The MoU aligns with
Resolute's strategy of building a pipeline of high-quality growth
opportunities in established West African gold jurisdictions. Moreover, it
complements Resolute's other exploration activities in Guinea including a
reconnaissance authorisation covering 83 km(2) within the Siguiri Basin.
The next steps of the MoU involve Resolute and NMC completing a preliminary
assessment of areas of interest and forming a joint team to review these,
within the next 90 days following signing.
Planned Activities
At Barama, initial soil geochemistry results from the reconnaissance
authorisation are expected in Q2 2026. Subject to results, the Company plans
to undertake tighter-spaced (infill) soil sampling to refine and prioritise
identified anomalies for follow-up.
In parallel, Resolute will continue to assess additional licence opportunities
and advance its business development activities throughout Q2 2026.
Mineral Resources and Ore Reserves Statement
During the Quarter Resolute released its Mineral Resources and Ore Reserves
statement as of 31 December 2025.
Ore Reserves
Total Ore Reserves increased by 55% to 6.8 Moz Au with the addition of Ore
Reserves at Doropo (Côte d'Ivoire) and Tomboronkoto (Senegal) offsetting
mining depletion in Mali and Senegal.
Proved Probable Total Reserves
As at December 2025 Tonnes g/t Au oz Tonnes g/t Au oz Tonnes g/t Au oz
(000s) (000s) (000s) (000s) (000s) (000s)
Mali 808 1.50 39 49,315 2.40 3,847 50,123 2.40 3,885
Senegal 3,896 0.90 118 9,076 1.20 348 12,972 1.10 467
Côte d'Ivoire 1,400 1.60 73 57,700 1.30 2,424 59,100 1.30 2,497
Managed Ore Reserves 6,105 1.20 230 116,091 1.80 6,619 122,196 1.70 6,849
Table 4: Ore Reserves (100% Basis)
Mali
At Syama, Underground Ore Reserves decreased by 235 koz Au, consistent with
expectations, reflecting mining depletion and updated modifying factors based
on a $2,300/oz gold price assumption. Stockpile Ore Reserves declined as
material was processed, with higher sulphide depletion in 2025 due to
underground mining disruptions, while oxide stockpiles reduced broadly in line
with expectations; further oxide depletion is anticipated ahead of
commissioning of the SSCP in H2 2026.
Ore Reserves at Tabakoroni Underground were unchanged. Ore Reserves at the
Syama Satellite Deposits increased by 83 koz to 1.6 Moz Au following
completion of a new pit optimisation, with Syama North underpinning the SSCP
and the long‑term future of the Syama operation.
Senegal
At Mako, Ore Reserves decreased by 108 koz Au due to mining depletion,
following the completion of open pit mining in June 2025 and the commencement
of stockpile processing in H2 2025. Remaining Proven Ore Reserves total 108
koz Au at 0.9 g/t Au, with stockpile processing expected to continue until the
end of 2027.
An initial Ore Reserve of 348 koz Au at 1.2 g/t Au has been declared for
Tomboronkoto based on a $2,500/oz gold price assumption. Further optimisation
studies at Tomboronkoto and Bantaco are planned as part of the Mako Life
Extension Project.
Cote d'Ivoire
Following the updated DFS completed in 2025 the Doropo Ore Reserves total 2.5
Moz Au grading 1.3 g/t using a gold price assumption of $1,950/oz.
Mineral Resources
Total Mineral Resources increased by 60% to 17.6 million gold (Au) ounces
(Moz) with the acquisition of the Doropo and ABC projects (Côte d'Ivoire) and
exploration success at Bantaco (Senegal) and La Debo (Côte d'Ivoire).
Measured Indicated Inferred Total Resources
As at December 2025 Tonnes g/t Au oz Tonnes g/t Au oz Tonnes g/t Au oz Tonnes g/t Au oz
(000s) (000s) (000s) (000s) (000s) (000s) (000s) (000s)
Mali 29,227 2.90 2,683 48,398 3.10 4,751 31,291 1.70 1,668 108,916 2.60 9,101
Senegal 3,947 0.90 120 16,894 1.30 687 6,869 1.00 224 27,709 1.20 1,031
Côte d'Ivoire 1,550 1.60 78 95,200 1.20 3,601 106,999 1.20 3,483 203,749 1.20 7,162
Guinea 0 0.00 0 0 0.00 0 6,625 0.90 343 6,625 0.90 343
Managed Mineral Resources 34,724 2.60 2,881 160,492 1.80 9,038 151,784 1.20 5,718 347,000 1.60 17,637
Table 5: Mineral Resources (100% Basis)
Mali
Mineral Resources at the Syama Underground mine decreased by approximately 680
koz Au, reflecting mining depletion, an updated resource estimate and revised
RPEEE (Reasonable Prospects For Eventual Economic Extraction) inputs. The
Syama North Mineral Resource decreased by approximately 50 koz to 3.3 Moz Au
due to mining depletion and revised RPEEE inputs. Mineral Resources at
Tabakoroni Underground were unchanged.
Senegal
Mineral Resources at Mako, including stockpiles, decreased by approximately
130 koz Au in line with mining depletion, with no further additions expected
following completion of open pit mining and the commencement of stockpile
processing.
Mineral Resources at Tomboronkoto increased in 2025 due to reporting at a
lower cut‑off grade of 0.5 g/t Au within a $2,950/oz optimised pit shell,
increasing to 444 koz Au at 1.3 g/t Au (2024: 377 koz at 1.7 g/t Au). At
Bantaco the Mineral Resource was updated to 365 koz Au at 1.0 g/t Au.
Cote d'Ivoire
Mineral Resource additions reflect the acquisition of the Doropo and ABC
projects and the declaration of an initial Mineral Resource at La Debo.
At Doropo, an updated Mineral Resource Estimate released in September 2025,
based on a $3,000/oz gold price assumption, increased total Mineral Resources
to 4.4 Moz Au, a 1 Moz Au increase from 2023, with approximately 84%
classified as Measured and Indicated.
At the ABC Project, Mineral Resources total 2.2 Moz Au at the Kona Central and
South deposits, with further exploration and a Scoping Study planned during
2026.
An initial Mineral Resource was declared at La Debo in November 2025 of 643
koz Au at 1.14 g/t Au, with further drilling planned during 2026.
Financial Highlights and Balance Sheet Activities
Quarterly Net Cash Movements (US$ million)
(*Included in Operating Cash flows are $26.9 million of royalties)
Figure 18: Q1 2026 Net Cash Movements
In Q1 gold sales of 69,352 oz were achieved at an average realised gold price
of $4,858/oz (Q4: $4,023/oz), with all gold being sold at spot prices. The
strong gold price environment helped the Company generate an operating
cashflow of $119.8 million in Q1.
For Q1 there was a working capital outflow of $3.1 million (Q4 2025: $29.0
million inflow) The working capital outflow was due to a reduction in payables
that were settled in the normal course of business.
The VAT paid in Q1 in Mali and Senegal was $8.7 million (Q4 2025: $12.3
million). During the Quarter $4.3 million of VAT mandates were approved by the
Senegalese tax authorities and will be used to settle payables in Q2. Resolute
continues to engage with local governments to settle these amounts. In Q2
Resolute expects considerable income tax payments in Mali and Senegal of
approximately $50 million.
EBITDA for the three months ending 31 March 2026 was $202.9 million (Q4 2025:
$104.9 million) reflecting $337.6 million of revenue (Q4 2025: $201.5 million)
driven by the significant increase in gold prices in the quarter as well the
impact of the increase of gold sales in the quarter.
Exploration Expenditure
Total Group exploration spend, including capital and operating expenditure, in
Q1 was $5.3 million (Q4 2025: $5.6 million), with drilling programs continuing
in Senegal ($1.1 million), Côte d'Ivoire ($3.7 million) and Mali ($0.5
million). Exploration spend remains on track with guidance ($15 - 25 million).
Net Cash Summary
Net cash (including bullion) at 31 March 2026 was $315.4 million, increasing
from the $209.0 million net cash position at 31 December 2025.
Total borrowings at 31 March 2026 were $12.2 million (Q4 2025: $57.0 million)
which includes in-country overdraft facilities in Senegal of $2.2 million,
used to optimise working capital, as well as $10.0 million for in-country
equipment financing. Cash, cash equivalents and bullion increased by $106.4
million in the Quarter to $315.4 million (Q4 2025: $209.0 million) including
$31.4 million that was received from the sale of Resolute's stake in Loncor
Gold. The Company has available liquidity of approximately $425.0 million
(including $99.6 million bullion on hand) as at 31 March 2026.
As at 31 March 2026 the receivable for the Ravenswood promissory note was
approximately $52 million. The promissory note has an annual coupon of 12%
with interest being capitalised and is to be paid to Resolute upon maturity.
The promissory note maturity is 31 December 2027 but may be repaid early on
future Ravenswood financings, liquidity event(s), or excess cash from
Ravenswood.
Financing Updates
Resolute intends to use its existing balance sheet and operating cash flows to
progress Doropo into construction. The Company continues to consider a range
of funding options to support the construction of the Doropo project.
Guidance
Resolute remains on track for its full-year production guidance of 250,000 -
275,000 oz.
Group AISC of $2,000 - 2,200/oz (at a gold price assumption of $4,000/oz) is
maintained however is subject to change at current elevated gold prices and
higher fuel costs. For every $100/oz increase in gold price we anticipate a
$20/oz increase in Group AISC. If prices for fuel persist at current levels we
expect an impact to the Group's full-year AISC.
Year to Date Guidance
Gold Production (oz) AISC ($/oz) Gold Production (oz) AISC ($/oz)
Syama 43,802 2,227 195,000 - 210,000 1,950 - 2,150
Mako 15,801 1,669 55,000 - 65,000 1,600 - 1,800
Total Group 59,603 2,210 250,000 - 275,000 2,000 - 2,200
Total group AISC includes corporate costs
Table 6: Summary of year-to-date performance and full-year production and cost
guidance
Total Group capital expenditure, inclusive of Doropo and exploration, is
expected to be between $310 - 360 million in 2026. Administration and other
corporate expenditure is expected to be approximately $25 million.
Doropo capital expenditure is expected to be weighted 75% to the second half
of 2026.
(US$ million) Year to Date Spend Guidance
Syama 12.6 70 - 85
SSCP 8.0 40
Mako 0.6 5
MLEP 2.9 10 - 15
Doropo 4.2 170 - 190
Exploration 5.1 15 - 25
Total 33.4 310 - 360
Table 7: Summary of 2026 capital expenditure guidance
Contact
Resolute Public Relations
Matthias O'Toole Howes, Jos Simson, Tavistock
Corporate Development and Investor Relations Manager resolute@tavistock.co.uk (mailto:resolute@tavistock.co.uk)
Matthias.otoolehowes@resolutemining.com +44 207 920 3150
(mailto:Matthias.otoolehowes@resolutemining.com)
+44 203 3017 620
Corporate Brokers
Jennifer Lee, Berenberg
+44 20 3753 3040
Tom Rider, BMO Capital Markets
+44 20 7236 1010
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.
Appendix 1
Q1 Production and Costs (unaudited)
March 2026 - Quarter to date Units Syama Sulphide Syama Oxide Syama Mako Group
Total
UG Lateral Development m 608 - 608 - 608
UG Vertical Development m - - - - -
Total UG Development m 608 - 608 - 608
UG Ore Mined t 711,718 - 711,718 - 711,718
UG Grade Mined g/t 2.23 - 2.23 - 2.23
OP Operating Waste BCM 136,025 230,979 367,004 - 367,004
OP Ore Mined BCM 21,982 9,035 31,017 - 31,017
OP Grade Mined g/t 2.01 2.19 2.06 - 2.06
Total Ore Mined t 773,288 21,148 794,436 - 794,436
Total Tonnes Processed t 627,706 431,768 1,059,474 573,539 1,633,012
Grade Processed g/t 2.36 0.64 1.66 0.93 1.40
Recovery % 76 76 76 90 81
Gold Recovered oz 36,314 6,790 43,104 15,614 58,718
Gold in Circuit Drawdown/(Addition) oz 368 330 698 187 885
Gold Produced (Poured) oz 36,682 7,120 43,802 15,801 59,603
Gold Bullion in Metal Account Movement (Increase)/Decrease oz 10,388 - 10,388 (639) 9,749
Gold Sold oz 47,070 7,120 54,190 15,162 69,352
Achieved Gold Price $/oz - - - - 4,858
Cost Summary
Mining $/oz 534 14 449 229 391
Processing $/oz 554 1,484 706 849 744
Site Administration $/oz 121 570 194 270 214
Site Operating Costs $/oz 1,209 2,068 1,349 1,348 1,349
Royalties $/oz 700 450 659 268 555
By-Product Credits $/oz (10) (9) (9) - (7)
Total Cash Operating Costs $/oz 1,899 2,509 1,999 1,616 1,897
Sustaining Capital $/oz 52 618 144 37 247
Inventory Adjustments $/oz 7 476 84 16 66
All-In Sustaining Cost (AISC) $/oz 1,958 3,603 2,227 1,669 2,210
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 5 March 2026, and are 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 5.8 and 5.9 Ore Reserves
This announcement contains information relating to Resolute's Ore Reserves
which has been previously disclosed in the announcement titled "Ore Reserves
and Mineral Resource Statement" lodged with ASX on 5 March 2026 (Resolute
Announcement).
Resolute confirms that it is not aware of any new information or data that
materially affects the information included in the Resolute Announcement and
that all material assumptions and technical parameters underpinning the Ore
Reserve estimates continue to apply and have not materially changed. The form
and context in which the Competent Person's findings are presented have not
been materially modified from the Resolute 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 2025 Activities
Report and 2026 Guidance' announced on 22 January 2026 and are available to
view on the Company's website (www.rml.com.au) and www.asx.com.
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 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
HoleID East (WGS) North (WGS) RL EOH(m) AZI (WGS) DIP From (m) To (m) Width (m) Au g/t Gram meter
KNRC0520 678187 967725 383.03 150 90 -55 100 125 25 0.871 21.8
KNRC0526 678180 968029 382.36 110 90 -55 28 56 28 0.645 18.1
KNRC0531 678424 966323 390.55 133 90 -55 65 79 14 1.108 15.5
KNRC0540 677724 972191 393.4 288 90 -55 19 28 9 4.994 44.9
KNRC0521 678107 967727 382.5 228 90 -55 143 169 26 1.173 30.9
KNRC0547 677774 972403 401 200 90 -55 166 188 22 1.131 24.9
KNRC0524 678195 967936 378.4 125 90 -55 2 29 27 0.801 21.7
KNRC0524 678195 967936 378.4 125 90 -55 33 73 40 0.768 30.7
KNRC0572 677546 973993 419.3 115 90 -55 18 42 24 1.111 26.7
KNRC0525 678118 967933 381.4 223 90 -55 86 139 53 0.962 51
KNRC0549 677690 972503 399.8 258 90 -55 138 164 26 0.816 21.2
KNRC0549 677690 972503 399.8 258 90 -55 233 258 25 0.89 22.3
KNRC0573 677494 973994 417.3 195 90 -55 45 62 17 1.33 22.6
KNRC0573 677494 973994 417.3 195 90 -55 102 108 6 2.6 15.6
Notes to Accompany Table:
• Grid coordinates are WGS84 Zone 29 North
• RC intervals are sampled every 1m by dry riffle splitting or scoop to
provide a 2-3kg 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
• Recent drill samples are analysed for gold by MSA Labs CPA-Au1 500g sample
gamma ray analysis by photon assay instrument
JORC Code, 2012 Edition - Table 1 report
Section 1 Sampling Techniques and Data
ABC Project
Criteria JORC Code explanation Commentary
Sampling techniques • Nature and quality of sampling (eg cut channels, random chips, • The sampling was conducted using multiple techniques
or specific specialised industry standard measurement tools appropriate to the tailored to the project's geological and surface conditions. A systematic rock
minerals under investigation, such as down hole gamma sondes, or handheld XRF sampling program was caried out in 2017 to fully characterise the surface
instruments, etc). These examples should not be taken as limiting the broad expression of the mineralisation. A total of 788 rock samples were collected
meaning of sampling. in 2017 and 205 rock samples in 2019/2020.
• Include reference to measures taken to ensure sample • Auger drilling was employed extensively over the
representivity and the appropriate calibration of any measurement tools or mineralised corridor to adequately characterise the underlying rocks. Auger
systems used. drilling recovered material systematically for gold analysis and geochemical
interpretation. As with the rock chips, auger samples were analysed for Au by
• Aspects of the determination of mineralisation that are fire assay with AAS finish at Bureau Veritas in Abidjan. Multi-element
Material to the Public Report. analyses were completed by four-acid digest with ICP-AES and ICP-MS finish at
ACME Laboratories in Vancouver. A total of 2,843 samples were collected at the
• In cases where 'industry standard' work has been done this end of 2020 from 22,219m drilled.
would be relatively simple (eg 'reverse circulation drilling was used to
obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for • Reverse Circulation (RC) and Diamond Core (DD) drilling
fire assay'). In other cases more explanation may be required, such as where were the principal methods used for delineating Mineral Resources. RC drilling
there is coarse gold that has inherent sampling problems. Unusual commodities was conducted using 5¼ to 5¾ inch diameter face-sampling hammers to recover
or mineralisation types (eg submarine nodules) may warrant disclosure of one-metre interval samples, typically dry unless groundwater was encountered.
detailed information. Diamond drilling employed HQ and NQ diameter core, with triple tube techniques
for improving recovery in broken ground. RC samples were riffle split on site,
• and core samples were sawn to produce half-core for analysis. Sampling
procedures incorporated QAQC measures, including the insertion of blanks,
standards, and duplicates to ensure sample representivity. Assay protocols
utilised 50 g fire assay (AAS finish) for gold, and multi-element analysis was
performed where applicable.
Drilling techniques Drill type (eg core, reverse circulation, open-hole hammer, rotary air blast, • Drilling methods involved a combination of Reverse
auger, Bangka, sonic, etc) and details (eg core diameter, triple or standard Circulation (RC), Diamond Core (DD), and auger drilling methods. RC drilling
tube, depth of diamond tails, face-sampling bit or other type, whether core is was primarily used for delineating near-surface mineralisation and preliminary
oriented and if so, by what method, etc). resource definition. RC drilling employed face-sampling hammers with bit sizes
ranging from 5¼ to 5¾ inches. Dry drilling was the standard procedure, with
drilling halted at the water table to prevent contamination from wet samples;
below groundwater, diamond drilling methods were applied.
• Diamond core drilling used HQ and NQ diameter core.
Triple-tube systems were implemented in highly broken ground to maximise core
recovery, while standard double-tube setups were used elsewhere. Downhole
surveys are taken every 30m with a single shot Reflex EZ shot system.
Orientation of diamond core was conducted selectively using Reflex ACT II core
orientation devices to facilitate structural logging. Auger drilling was
utilised for shallow exploration across the entire area. All drill methods
were executed to a high standard with contractors experienced in gold
exploration in West Africa.
•
Drill sample recovery • Method of recording and assessing core and chip sample • Drill sample recovery was systematically monitored during
recoveries and results assessed. both RC and diamond drilling programs. RC samples were weighed regularly, to
monitor sample size consistency and ensure the representativeness of samples.
• Measures taken to maximise sample recovery and ensure Analysis of sample weights of 47,562 RC samples from Kona South and 47,464 RC
representative nature of the samples. samples showed a consistent recovery trend stabilizing between 30-40 kg per
metre after clearing the uppermost weathered horizons. Minor variations in
• Whether a relationship exists between sample recovery and sample weight were observed at shallow depths and in softer materials;
grade and whether sample bias may have occurred due to preferential loss/gain however, statistical checks confirmed no significant bias in gold grade
of fine/coarse material. associated with sample mass.
• Diamond core recovery was measured, with an overall
average recovery of approximately 96% across the project. Recovery rates
improved with depth, with 81% core recovery in oxide, 91% recovery in
transitional and 99% in fresh. Core recovery measurements were recorded in the
database for each run. The use of triple-tube drilling in broken ground
contributed to maintaining high recovery standards. The overall conclusion,
supported by quality control reviews, was that there is no significant
sampling bias attributable to differential recovery.
Logging • Whether core and chip samples have been geologically and • Comprehensive geological and geotechnical logging was
geotechnically logged to a level of detail to support appropriate Mineral undertaken for all drillholes including RC and DD. Drillholes were logged
Resource estimation, mining studies and metallurgical studies. systematically for a range of key geological attributes: lithology,
alteration, mineralisation, texture, structure, weathering, and rock quality
• Whether logging is qualitative or quantitative in nature. designation (RQD). RC samples were logged visually on site, with geological
Core (or costean, channel, etc) photography. observations recorded both digitally and on physical log sheets where
applicable. Diamond core was logged in greater detail, particularly for
• The total length and percentage of the relevant structural geology, alteration styles, mineral assemblages, and vein
intersections logged. relationships, providing critical inputs for 3D geological modelling.
• Photographic records were maintained for all diamond drill
core - photographed both wet and dry - before sampling. Logging captured
sufficient detail to support resource estimation, mining studies, and
metallurgical investigations. Logging procedures included the use of a
standardised lithological and alteration coding scheme to ensure consistency
across the drilling campaigns. Digital capture of logging data into a
centralised database with validation rules also enhanced data reliability.
Sub-sampling techniques and sample preparation • If core, whether cut or sawn and whether quarter, half or • Systematic sub-sampling and sample preparation protocols
all core taken. were employed to ensure that samples remained representative of in situ
mineralisation. For RC drilling, 1 m samples were split on site using a
• If non-core, whether riffled, tube sampled, rotary split, three-tier riffle splitter to achieve a target sample size of approximately 2
etc and whether sampled wet or dry. to 3 kg for laboratory submission. Wet samples encountered in shallow zones
were left to dry naturally prior to splitting where possible. For diamond
• For all sample types, the nature, quality and drilling, core was cut lengthwise using diamond-bladed core saws; half-core
appropriateness of the sample preparation technique. samples were collected for routine assay, while the other half was preserved
for reference and potential future re-assay.
• Quality control procedures adopted for all sub-sampling
stages to maximise representivity of samples. • Sample preparation at the laboratory followed industry
best practices. Samples were oven dried, crushed to 70 to 85% passing 2 mm,
• Measures taken to ensure that the sampling is then riffle split to produce a subsample for pulverisation. The pulverised
representative of the in situ material collected, including for instance material was milled to achieve at least 85% passing 75 microns, producing a
results for field duplicate/second-half sampling. pulp of approximately 150 to 250 g for fire assay analysis. Quality assurance
measures were built into preparation workflows, including the regular
• Whether sample sizes are appropriate to the grain size of inclusion of duplicate splits and check samples. Laboratory facilities used
the material being sampled. (primarily Bureau Veritas Abidjan, SGS Ouagadougou) operated to ISO 17025
standards, and internal laboratory QAQC reviews were conducted regularly.
More recent Au analyses were conducted by Chrysos Photon assay at MSA labs in
Yamoussoukro. Laboratory and assay procedures are appropriate for Mineral
Resource estimation
Quality of assay data and laboratory tests • The nature, quality and appropriateness of the assaying • Assay methodologies were based on internationally
and laboratory procedures used and whether the technique is considered partial recognised standards and utilised reputable laboratories. All drill samples
or total. were primarily analysed for gold using 50 g fire assay with atomic absorption
spectroscopy (AAS) or inductively coupled plasma atomic emission spectroscopy
• For geophysical tools, spectrometers, handheld XRF (ICP-AES) finish. In cases where assays exceeded 10 g/t Au, samples were
instruments, etc, the parameters used in determining the analysis including re-analysed using a gravimetric finish to improve accuracy. For some RC and
instrument make and model, reading times, calibrations factors applied and trench samples, particularly those with coarse gold.
their derivation, etc.
• Quality control procedures were rigorous. Certified
• Nature of quality control procedures adopted (eg standards, reference materials (standards), field blanks, and field duplicates were
blanks, duplicates, external laboratory checks) and whether acceptable levels inserted into the sample stream at regular intervals - approximately one QAQC
of accuracy (ie lack of bias) and precision have been established. sample every 20 to 30 samples. Laboratory duplicates, internal standards, and
blanks were also monitored. QAQC data were routinely reviewed to ensure
• analytical accuracy and precision. Failures (e.g., a standard outside 3
standard deviations) triggered immediate re-assay of sample batches. No
significant long-term bias or drift was observed across the assay dataset.
Laboratories involved (Bureau Veritas, Abidjan; MSA Yamoussoukro; and SGS,
Ouagadougou) are ISO/IEC 17025 accredited, ensuring laboratory practices are
consistent with industry best practice.
Verification of sampling and assaying • The verification of significant intersections by either • Verification of sampling and assaying was undertaken
independent or alternative company personnel. through a combination of internal reviews, duplicate analyses, and independent
data validation exercises. Field duplicates were collected regularly from RC
• The use of twinned holes. drilling to monitor sampling precision, with results demonstrating
satisfactory repeatability of gold grades. CRMs and blanks were inserted at
• Documentation of primary data, data entry procedures, data regular intervals to monitor assay accuracy and contamination. QAQC charts
verification, data storage (physical and electronic) protocols. were reviewed continuously by project geologists and external consultants
during key drilling campaigns.
Discuss any adjustment to assay data.
• The primary assay laboratories (Bureau Veritas and SGS)
conducted their own internal QC programs, which were also monitored. Limited
twin drilling was conducted, with twin RC holes and DD holes used to verify
mineralisation continuity, grade reproducibility, and geological
interpretation; results confirmed good spatial reproducibility. While external
umpire (secondary lab) assay programs were not routinely undertaken, the
performance of primary laboratories and internal QAQC programs were considered
satisfactory for the reporting of Mineral Resources. Assay data and logging
data were entered digitally into validated databases, and independent audits
of the database have been performed during resource estimation reviews.
Location of data points • Accuracy and quality of surveys used to locate drill holes • Drillhole collar locations were surveyed using a
(collar and down-hole surveys), trenches, mine workings and other locations combination of differential GPS (DGPS) systems and total station surveying
used in Mineral Resource estimation. where higher precision was required. The DGPS surveys were conducted by
trained field surveyors to ensure location accuracy suitable for Mineral
• Specification of the grid system used. Resource estimation, with horizontal and vertical accuracy generally within
±0.2 m. In areas of rugged topography or logistical difficulty, survey-grade
• Quality and adequacy of topographic control. handheld GPS units were temporarily used during initial exploration stages
(rock sampling, auger drilling), but were later replaced with DGPS surveys for
all critical drill collars.
• Elevation data were tied into the Nivellement Général de
Côte d'Ivoire (NGCI) vertical datum. A topographic digital terrain model
(DTM) was produced using high-resolution satellite imagery and
ground-truthing, which was used for resource modelling. Grid systems used were
WGS84, Zone 29N for initial exploration and UTM Zone 29N (WGS84 projection)
for final resource definition.
Data spacing and distribution • Data spacing for reporting of Exploration Results. • Drilling was conducted on nominal grid spacings
appropriate for the level of confidence required for resource estimation. In
• Whether the data spacing and distribution is sufficient to the main mineralised zones at Kona South and Kona Central RC and diamond
establish the degree of geological and grade continuity appropriate for the drilling was performed on approximately 50 m x 50 m grids with some areas of
Mineral Resource and Ore Reserve estimation procedure(s) and classifications wider spacing of 50m x 100m.
applied.
• Outside the main resource areas, reconnaissance and
• Whether sample compositing has been applied. exploration drilling was more broadly spaced at 50 m x 200 m intervals,
appropriate for early-stage resource targeting. Data spacing was assessed
during Mineral Resource Estimation and was found sufficient to establish
geological and grade continuity for inferred classification. No sample
compositing was applied prior to resource estimation; raw assay intervals were
used directly in estimation procedures.
Orientation of data in relation to geological structure • Whether the orientation of sampling achieves unbiased • Drilling programs were designed to target mineralised
sampling of possible structures and the extent to which this is known, structures as close to perpendicular as possible to the interpreted dip of
considering the deposit type. mineralisation at each deposit. All drillholes were oriented towards the east
with an inclination of -50° to -60°, depending on the local structural
• If the relationship between the drilling orientation and orientation of gold-bearing zones. The mineralisation is generally hosted in
the orientation of key mineralised structures is considered to have introduced north trending structures dipping moderately to steeply to the west, making
a sampling bias, this should be assessed and reported if material. these drill orientations appropriate to intersect mineralised zones at
reasonable angles and to minimise bias in the intercept lengths.
• Geological interpretations and cross sections confirm that
drilling achieved reasonably representative intersections of mineralisation.
No significant sampling bias related to drilling orientation was observed
during resource modelling and estimation.
Sample security • The measures taken to ensure sample security. • Sample security protocols were implemented to ensure the
integrity of all collected samples from the point of collection through to
laboratory delivery. After collection, samples were placed into pre-numbered,
durable plastic bags and securely sealed. Multiple samples were then packed
into larger polyweave sacks for easier handling and protection during
transport. Samples were stored in a secure, supervised facility at the
exploration camp before transportation.
• Transport to the assay laboratories (Bureau Veritas in
Abidjan and SGS in Ouagadougou) was carried out either by company personnel or
trusted, contracted couriers. Chain-of-custody forms were maintained
throughout the transfer process, and receipt of samples was acknowledged in
writing by laboratory staff. While rigorous internal controls were observed,
there is no specific mention of external audits or independent oversight of
sample security protocols. However, no incidents of sample loss, tampering, or
contamination have been reported, and laboratory reconciliation of received
samples consistently matched dispatch records.
Audits or reviews • The results of any audits or reviews of sampling • Audits and reviews of sampling techniques, assay data, and
techniques and data. database integrity have been carried out periodically. Internal technical
reviews were performed by Centamin's in-house geology and resource teams
throughout the exploration and resource evaluation phases. These reviews
covered sampling practices, QAQC data performance, logging standards, and
database quality, ensuring consistent application of protocols and identifying
areas for procedural improvement where necessary.
• Independent reviews of the Resource models and supporting
exploration data were conducted as part of the NI 43-101 technical report
preparation. Qualified Persons (QPs) signed off on the Mineral Resource
estimates after assessing the drilling, sampling, and QAQC procedures.
•
Section 2 Reporting of Exploration Results
Criteria JORC Code explanation Commentary
Mineral tenement and land tenure status • Type, reference name/number, location and ownership including • The Kona South and Kona Central deposits are the most
agreements or material issues with third parties such as joint ventures, advanced prospects in Resolute's ABC Kona Project, which is located in the
partnerships, overriding royalties, native title interests, historical sites, Kabadougou Region of the Denguélé District, in the northwest of Cote
wilderness or national park and environmental settings. D'Ivoire. The Kona permit occurs approximately 600 km west of Resolute's
Doropo Project and 540 km north-west of the capital city of Abidjan. The Kona
• The security of the tenure held at the time of reporting permit is 100% owned by Centamin Cote d'Ivoire SARL, which is a 100% owned
along with any known impediments to obtaining a licence to operate in the Ivoirian subsidiary of Centamin and covers an area of 382.9 km2.
area.
• All permits (Kona PR658, Windou PR877 and Farako Nafana)
are held in good standing with the Côte d'Ivoire Ministry of Mines and have
been maintained in accordance with local legal requirements. There are no
known outstanding disputes affecting the licences and no known risks or
environmental liabilities that could adversely affect or result in the loss of
ownership of the Resource or permits.
Exploration done by other parties • Acknowledgment and appraisal of exploration by other • Newmont are believed to be the first exploration company
parties. to explore the area in 2010. They conducted regional drainage sampling,
mapping and prospecting across the entire district. This work highlighted the
Kona area as one of their highest ranked targets. Local exploration companies,
including Golden Oriole and Sani Resources, applied for exploration permits on
the back of the Newmont reconnaissance licences but never raised the finance
to conduct any significant work and subsequently had their permits revoked.
• Centamin acquired the exploration permits from the
government in 2015 to 2016. The 2018 Kona South Mineral Resource is the first
defined in the area. There is no evidence of any illegal artisanal mining in
the permit area.
Geology • Deposit type, geological setting and style of • The ABC Kona project is situated along the main
mineralisation. Archean-Birimian Cratonic suture zone in western Côte d'Ivoire, specifically
associated with the Sassandra Fault Zone.
• The principal mineralised feature identified through
mapping and sampling is the Lolosso structure, a north-south striking
mineralised zone interpreted as a western splay off the major transcurrent
Sassandra Fault. The geological setting includes a narrow keel of later
Birimian volcano-sediments entrapped within earlier Archean thrusted granite
and gneissic sheets, providing a complex structural and lithological host for
mineralisation.
• At Kona South, gold is predominantly hosted in psammitic
units (north-south striking) dipping approximately 70° west. This unit is
sandwiched between a calc-silicate hanging wall to the west and a paragneiss
footwall to the east. An additional mafic volcanic unit lies west of the
calc-silicate layer, completing the local stratigraphy.
• The style of mineralisation is structurally controlled and
shows a strong spatial association with arsenopyrite. Arsenopyrite occurs as
disseminations and aggregates aligned with the foliation of the psammitic
host. Strong silicification is evident within mineralised zones, though quartz
veining is rare and does not appear to play a significant role in gold
control.
Drill hole Information • A summary of all information material to the understanding • The NI 43-101 Technical Report provides comprehensive
of the exploration results including a tabulation of the following information drillhole information, covering collar locations, drill hole depths, azimuths,
for all Material drill holes: dips, and key intersections. Drillhole collars were initially surveyed using a
handheld GPS, then independently surveyed using differential GPS (DGPS) or
◦ easting and northing of the drill hole collar total station equipment. The collars are in the UTM Zone 29 North, WGS84
datum. The QP considered a drill plan and representative examples of drill
◦ elevation or RL (Reduced Level - elevation above sea sections through Kona South and Kona Central would be more informative than a
level in metres) of the drill hole collar tabulation of mineralised intercepts. Sections are provided in the report.
◦ dip and azimuth of the hole • The database includes 388 drillholes for a total of 57,344
m of drilling.
◦ down hole length and interception depth
◦ hole length.
• 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 • In reporting Exploration Results, weighting averaging • Exploration results and Mineral Resource drill intercepts
techniques, maximum and/or minimum grade truncations (eg cutting of high are reported based on compositing of contiguous mineralised intervals. Assay
grades) and cut-off grades are usually Material and should be stated. results were composited to 1m to ensure that sample length variability did not
introduce bias. The average sample interval is 0.998m.
• Where aggregate intercepts incorporate short lengths of high
grade results and longer lengths of low grade results, the procedure used for • No metal equivalent values have been reported.
such aggregation should be stated and some typical examples of such
aggregations should be shown in detail. • No top-cutting (grade capping) was applied when presenting
raw exploration results; however, top-cutting was considered and applied
• The assumptions used for any reporting of metal equivalent during Mineral Resource estimation to control the influence of extreme outlier
values should be clearly stated. grades. Composites used downhole lengths of 1 m, reflecting the RC and DD
sampling intervals.
Relationship between mineralisation widths and intercept lengths • These relationships are particularly important in the • The Kona Project drilling program was designed to optimise
reporting of Exploration Results. intersection angles relative to the interpreted orientation of gold
mineralisation. Mineralisation typically occurs within steeply dipping shear
• If the geometry of the mineralisation with respect to the zones striking north - south, dipping steeply ~70⁰ to the west. To account
drill hole angle is known, its nature should be reported. for this geometry, most drillholes were inclined at approximately -55° to
-60° and drilled toward the east. This does result in intersections of the
• If it is not known and only the down hole lengths are mineralisation at a high angle, and in general, true thickness is 80% of the
reported, there should be a clear statement to this effect (eg 'down hole sample length.
length, true width not known').
Diagrams • Appropriate maps and sections (with scales) and • The NI 43-101 Technical Report provides a variety of
tabulations of intercepts should be included for any significant discovery diagrams that illustrate the distribution of mineralisation, drill coverage
being reported These should include, but not be limited to a plan view of and geological interpretation. These include:
drill hole collar locations and appropriate sectional views.
• Plan view maps showing drill hole collar locations and
surface projections of the mineralised zones.
• Cross sections and long sections through the deposits
depicting lithological units, interpreted mineralisation wireframes, and drill
intercepts.
• Regional geological maps.
Balanced reporting • Where comprehensive reporting of all Exploration Results • Exploration results are presented in a manner that is
is not practicable, representative reporting of both low and high grades consistent with balanced reporting principles. Both positive results
and/or widths should be practiced to avoid misleading reporting of Exploration (significant gold intersections) and lower-grade or barren drilling outcomes
Results. are discussed in the report narrative.
• Resource estimation was based on all available drilling
data, not just high-grade intervals.
Other substantive exploration data • Other exploration data, if meaningful and material, should • The ABC Kona project has benefited from a broad range of
be reported including (but not limited to): geological observations; exploration activities in addition to drilling. Centamin's exploration
geophysical survey results; geochemical survey results; bulk samples - size campaign included reconnaissance mapping and systematic rock chip sampling,
and method of treatment; metallurgical test results; bulk density, auger sampling, ground geophysical survey, an airborne Magnetic and
groundwater, geotechnical and rock characteristics; potential deleterious or Radiometric survey as well as reverse circulation (RC) and diamond drilling.
contaminating substances. All the exploration work was conducted by Centamin personnel, or under their
direct management, when carried out by contractors.
• Preliminary, metallurgical test work has been carried out
by Centamin, summarised in the report.
• Bulk densities have been measured from drill core.
• There are no known deleterious elements.
Further work • The nature and scale of planned further work (eg tests for • Further work has been identified to support future
lateral extensions or depth extensions or large-scale step-out drilling). exploration, evaluation, and potential development. Recommended activities
include additional infill and extensional drilling aimed at converting
• Diagrams clearly highlighting the areas of possible Inferred Resources to Indicated and Measured categories, as well as to test
extensions, including the main geological interpretations and future drilling mineralised structures beyond the current limits of resource models. Trenching
areas, provided this information is not commercially sensitive. to test new soil anomalies to identify additional targets.
• More density testwork is required, specifically for the
weathered portions of the Kona deposit to generate reliable density data.
Section 3 Estimation and Reporting of Mineral Resources
(Criteria listed in section 1, and where relevant in section 2, also apply to
this section.)
JORC Code explanation Commentary
Criteria
Database integrity • Measures taken to ensure that data has not been corrupted by, • The drillhole database supporting the ABC Kona Resource
for example, transcription or keying errors, between its initial collection estimate underwent a comprehensive validation process. Detailed checks were
and its use for Mineral Resource estimation purposes. performed on collar coordinates, downhole survey measurements, lithology logs,
and assay entries to ensure consistency and accuracy. QA/QC protocols were
• Data validation procedures used. applied throughout the data collection and entry stages.
• Only RC and DD were used for the Mineral Resource
estimate.
• The QP reviewed the validation and found no significant
issues or errors that would materially affect the confidence in the database
or the subsequent resource estimate.
Site visits • Comment on any site visits undertaken by the Competent • A formal site visit was conducted by the QP who undertook
Person and the outcome of those visits. the MRE, on 29-30 August 2021, as part of the data verification program. The
QP observed selected drill core, discussed geological framework and
• If no site visits have been undertaken indicate why this mineralisation controls, toured the camp facility, visited outcrops and
is the case. checked several drill collar positions. He discussed data capture, storage and
management. Particular attention was given to verifying geological logging,
collar locations, sampling methods, and database integrity through comparison
with field observations and logs.
Geological interpretation • Confidence in (or conversely, the uncertainty of ) the • The geological interpretation is based on geological
geological interpretation of the mineral deposit. mapping, drilling data (both RC and diamond core), assay results, and
geophysical data.
• Nature of the data used and of any assumptions made.
• The project area is located along the main
• The effect, if any, of alternative interpretations on Archean-Birimian Cratonic suture zone, the Sassandra Fault zone and hosts
Mineral Resource estimation. structurally controlled gold mineralisation. The geological model interprets
mineralised zones as steeply dipping shear-hosted lodes, which are consistent
• The use of geology in guiding and controlling Mineral with regional structural trends observed in comparable deposits throughout the
Resource estimation. belt.
• The factors affecting continuity both of grade and • At Kona South the gold is hosted almost entirely in the
geology. north-south striking psammite unit, dipping approximately 70° to the west.
This unit is sandwiched between a calc-silicate unit to the west (hanging
wall) and a paragneiss unit to the east (footwall). A further mafic volcanic
unit abuts the hanging wall calc-silicate to the west, completing the Birimian
inlier stratigraphy.
• The interpretation of geology and mineralisation has been
used to control the definition of wireframe solids for the mineralised
wireframes, with mineralisation generally limited to the psammite units.
• Mineralisation wireframes were modelled in Leapfrog using
the Economic compositing function with the grade threshold of 0.2 to 0.3 g/t
Au. 5 mineralised lodes were modelled in Kona South.
• For Kona Central, numerous lodes were initially modelled
and multiple interpretations considered. Ultimately a single bulk domain was
modelled which captured all possible domain interpretations. An indicator
kriging approach was undertaken to define the mineralised and unmineralised
lodes, with a threshold applied at 0.25 g/t gold.
Dimensions • The extent and variability of the Mineral Resource • For Kona South, 5 lodes were modelled over a strike length
expressed as length (along strike or otherwise), plan width, and depth below of 3km trending towards NNW with a steep dip of 70⁰ towards the west. The
surface to the upper and lower limits of the Mineral Resource. major domains have a maximum extension down dip of 400 m to 0 mRL.
• For Kona Central, the mineralised domain has a strike
length of 2.4 km, with a maximum extension down dip of 400 m, to 0 mRL.
• The plan width of the mineralisation ranges between 5 m
and 40 m, depending on the domain and the density of drilling data.
Estimation and modelling techniques • The nature and appropriateness of the estimation • Software used for the Mineral Resource estimate included
technique(s) applied and key assumptions, including treatment of extreme grade Leapfrog Geo, Surpac, Supervisor and Isatis.
values, domaining, interpolation parameters and maximum distance of
extrapolation from data points. If a computer assisted estimation method was • The Mineral Resource estimation for Kona South used
chosen include a description of computer software and parameters used. Ordinary Kriging (OK) followed by Uniform Conditioning (UC) and Localisation
on SMU support (LUC). For Kona Central, Indicator kriging was performed to
• The availability of check estimates, previous estimates and/or separate mineralisation from unmineralised material. Once domained, the
mine production records and whether the Mineral Resource estimate takes estimation methods of OK into large panels (20 m x 20 m x 5 m), followed by UC
appropriate account of such data. and LUC into assumed SMU sized (5 m x 5 x 2.5 m) blocks.
• The assumptions made regarding recovery of by-products. • Estimation domains were defined based on geological
interpretations, including lithological and structural controls. Drillhole
• Estimation of deleterious elements or other non-grade data was composited to 1 m intervals prior to estimation. Top-cuts were
variables of economic significance (eg sulphur for acid mine drainage assessed and applied to 2 domains to mitigate the influence of high-grade
characterisation). outliers. In some areas a distance limiting constraint was applied.
Variogram analysis was undertaken on normal scores transformed gold composites
• In the case of block model interpolation, the block size in for each individual domain in both deposits.
relation to the average sample spacing and the search employed.
• The block models were constructed for each deposit with a
• Any assumptions behind modelling of selective mining units. parent block size of 5 m x 5 m x 2.5 m - the assumed SMU block size. The OK
interpolation was undertaken into relatively large panel blocks -
• Any assumptions about correlation between variables. predominantly 20 m x 20 m x 5 m.
• Description of how the geological interpretation was used to • A two pass search strategy was employed, with increasing
control the resource estimates. search radii and decreasing data requirements.
• Discussion of basis for using or not using grade cutting or • Grade control drill spacing and SMU block size were
capping. assumed for the process.
• The process of validation, the checking process used, the • No production data exists to validate the estimate due to
comparison of model data to drill hole data, and use of reconciliation data if the project's exploration stage.
available.
• No by-products or deleterious elements were modelled.
• Validation steps included visual comparison of block and
composite grades, swath plots, and global statistical comparisons.
Moisture • Whether the tonnages are estimated on a dry basis or with • Tonnages have been estimated on a dry basis.
natural moisture, and the method of determination of the moisture content.
Cut-off parameters • The basis of the adopted cut-off grade(s) or quality • The Mineral Resource estimates for the ABC Kona Project
parameters applied. were reported using a 0.5 g/t Au cut-off grade. This cut-off was selected
based on assumptions that reflect open pit mining methods, anticipated
processing costs, metallurgical recoveries, and a long-term gold price
assumption.
Mining factors or assumptions • Assumptions made regarding possible mining methods, • Mining factors and assumptions are based on the
minimum mining dimensions and internal (or, if applicable, external) mining expectation of open pit mining methods using conventional truck and shovel
dilution. It is always necessary as part of the process of determining operations.
reasonable prospects for eventual economic extraction to consider potential
mining methods, but the assumptions made regarding mining methods and • The Mineral Resource has been reported to a maximum depth
parameters when estimating Mineral Resources may not always be rigorous. Where of 250 m below surface.
this is the case, this should be reported with an explanation of the basis of
the mining assumptions made.
Metallurgical factors or assumptions • The basis for assumptions or predictions regarding • Only limited metallurgical testwork has been conducted for
metallurgical amenability. It is always necessary as part of the process of the ABC Kona Project. A fresh sample composite of the Kona South was analysed
determining reasonable prospects for eventual economic extraction to consider by ALS Metallurgy Services in Augus 2018. The results indicate the Kona South
potential metallurgical methods, but the assumptions regarding metallurgical material is hard, abrasive and non-refractory with an 88.9% overall
treatment processes and parameters made when reporting Mineral Resources may Gravity-CIL gold recovery at P80 passing 75µm.
not always be rigorous. Where this is the case, this should be reported with
an explanation of the basis of the metallurgical assumptions made. • The mineralisation of Kona Central is analogous to Kona
South and the metallurgical response is anticipated to be similar. Further
test work is required.
Environmental factors or assumptions • Assumptions made regarding possible waste and process • No significant environmental issues are currently known.
residue disposal options. It is always necessary as part of the process of
determining reasonable prospects for eventual economic extraction to consider
the potential environmental impacts of the mining and processing operation.
While at this stage the determination of potential environmental impacts,
particularly for a greenfields project, may not always be well advanced, the
status of early consideration of these potential environmental impacts should
be reported. Where these aspects have not been considered this should be
reported with an explanation of the environmental assumptions made.
Bulk density • Whether assumed or determined. If assumed, the basis for • Bulk density measurements were taken on drill core samples
the assumptions. If determined, the method used, whether wet or dry, the using water displacement methods to ensure accurate volume and mass
frequency of the measurements, the nature, size and representativeness of the measurements, accounting for any voids and porosity. Samples were taken from
samples. diamond drill core across lithologies and weathering profiles, although these
were predominantly from fresh rock. Very little to no measured density values
• The bulk density for bulk material must have been measured by were available from transported, saprolite and partially oxidised zones.
methods that adequately account for void spaces (vugs, porosity, etc),
moisture and differences between rock and alteration zones within the deposit. • 2,028 bulk density measurements were collected and
statistically analysed. Density values were assigned to different oxidation
• Discuss assumptions for bulk density estimates used in the domains based on the average density value.
evaluation process of the different materials.
• The bulk density values assigned in the model are
2.01 g/cm³ for transported, 2.05 g/cm³ for oxide, 2.73 g/cm³ for
saprolite, and 2.8 g/cm³ for fresh rock.
Classification • The basis for the classification of the Mineral Resources • The Mineral Resource has been classified and reported in
into varying confidence categories. accordance with the CIM Definition Standards. Resources were classified as the
Inferred category based on a combination of drilling density, geological
• Whether appropriate account has been taken of all relevant confidence, continuity of mineralisation, and data quality.
factors (ie relative confidence in tonnage/grade estimations, reliability of
input data, confidence in continuity of geology and metal values, quality, • The drill spacing across the deposit is 40 m to 50 m. The
quantity and distribution of the data). QP states that the quality and veracity of the supporting data are of industry
standard and the geological controls and continuity are reasonably well
• Whether the result appropriately reflects the Competent understood. However, the QP does not consider the current sample spacing
Person's view of the deposit sufficient to support confidence in the mineralised volume or grade continuity
to classify with any greater confidence than Inferred.
• The classification reflects the Qualified Person's view of
the deposit.
Audits or reviews • The results of any audits or reviews of Mineral Resource • No independent audit has been completed on the ABC Korona
estimates. Mineral Resource Estimate.
• Cube undertook regular internal peer reviews during the
course of the MRE work.
Discussion of relative accuracy/ confidence • Where appropriate a statement of the relative accuracy and • The relative accuracy and confidence of the ABC Kona
confidence level in the Mineral Resource estimate using an approach or Mineral Resource estimates are considered appropriate for the classification
procedure deemed appropriate by the Competent Person. For example, the level assigned.
application of statistical or geostatistical procedures to quantify the
relative accuracy of the resource within stated confidence limits, or, if such • No production data is available for direct reconciliation,
an approach is not deemed appropriate, a qualitative discussion of the factors as the project is still in the exploration and development phase.
that could affect the relative accuracy and confidence of the estimate.
• At the global scale, the Mineral Resource estimate is
• The statement should specify whether it relates to global or considered to have an accuracy commensurate with industry expectations for a
local estimates, and, if local, state the relevant tonnages, which should be project at the advanced exploration stage.
relevant to technical and economic evaluation. Documentation should include
assumptions made and the procedures used.
• These statements of relative accuracy and confidence of the
estimate should be compared with production data, where available.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
or visit
www.rns.com (http://www.rns.com/)
.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
. END DRLKZGZDZFVGVZG
Copyright 2019 Regulatory News Service, all rights reservedRecent news on Resolute Mining
See all newsREG - Resolute Mining Ltd - March 2026 Quarterly Activities Report
AnnouncementREG - Resolute Mining Ltd - March 2026 Quarterly Presentation
AnnouncementREG - Resolute Mining Ltd - Quarterly Conference Call Details
AnnouncementREG - Resolute Mining Ltd - Notice of Annual General Meeting
AnnouncementREG - Resolute Mining Ltd - Appointment of Non-Executive Director
Announcement