Annonce • Apr 25
Resolute Mining Limited Reiterates Production Guidance for the Year 2026 Resolute Mining Limited reiterated production guidance for the year 2026. For the year, the company expects Group production of 250,000 oz - 275,000 oz at a Group AISC of $2,000/oz - 2,200/oz. Annonce • Apr 11
Resolute Mining Limited Announces Board Changes, Effective May 20, 2026 Resolute Mining Limited announced the appointment of Gina Jardine as a Non-Executive Director of the Company, effective from the conclusion of the Annual General Meeting (AGM) on May 20, 2026. Ms Jardine brings over 30 years of global experience in capital-intensive, operationally complex and highly regulated industries. She has held Chief People Officer roles in FTSE 100 Index and TSX 50 organisations, with accountability spanning people and culture, as well as safety, sustainability and community. Her career began in the automotive, telecommunications and logistics sectors before she joined Rio Tinto Plc in Australia, where she held a series of increasingly senior HR roles. Ms Jardine subsequently became Chief HR Officer at Kinross Gold Corporation, gaining extensive experience across multiple jurisdictions, including several in Africa, and across large-scale mining operations. She later joined CRH plc as Chief HR Officer, a global leader in building materials with revenues exceeding £35 billion and a workforce of over 70,000 employees. In this role, she oversaw succession planning, leadership assessment and cultural alignment, ensuring leadership capabilities were closely matched to the company's strategic goals. Ms Jardine holds a bachelor's degree in psychology from Monash University and an MBA from Melbourne Business School. She is a Non-Executive Director of FTSE-listed Forterra plc and is also Chair of Women in Mining UK, a not-for-profit organisation focused on the attraction, development and retention of women in mining. Ms Jardine will join as a member of the Sustainability and Audit Committees. Resolute also announces that Mr. Adrian Reynolds, a Non-Executive Director of the Company since 2021, has announced his retirement and will step down from the Resolute Board, effective May 20, 2026 after the scheduled AGM. Annonce • Apr 09
Resolute Mining Limited, Annual General Meeting, May 20, 2026 Resolute Mining Limited, Annual General Meeting, May 20, 2026. Reported Earnings • Mar 02
Full year 2025 earnings released: EPS: US$0.052 (vs US$0.013 loss in FY 2024) Full year 2025 results: EPS: US$0.052 (up from US$0.013 loss in FY 2024). Revenue: US$865.6m (up 8.1% from FY 2024). Net income: US$110.4m (up US$138.7m from FY 2024). Profit margin: 13% (up from net loss in FY 2024). The move to profitability was primarily driven by lower expenses. Revenue is forecast to grow 17% p.a. on average during the next 3 years, compared to a 5.4% growth forecast for the Metals and Mining industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has increased by 74% per year, which means it is tracking significantly ahead of earnings growth. Annonce • Feb 11
Chengtun Gold Ontario Inc. completed the acquisition of Loncor Gold Inc. (TSX:LN) from Resolute Mining Limited (ASX:RSG) and Arnold Kondrat. Chengtun Gold Ontario Inc. entered into an arrangement agreement to acquire Loncor Gold Inc. (TSX:LN) from Resolute Mining Limited (ASX:RSG) and Arnold Kondrat for approximately CAD 250 million on October 14, 2025. Under the terms of the acquisition, Chengtun Gold Ontario Inc will pay a cash consideration of CAD 1.38 per share. As part of the Transaction, Resolute Mining Ltd, and Arnold Kondrat (Executive Chairman of Loncor), who own approximately 18% and 17%, respectively, of the issued and outstanding Loncor Shares, have entered into a voting support agreement with Chengtun Mining pursuant to which they have agreed to vote their respective Loncor Shares in favor of the Transaction at the Loncor Meeting. Upon completion, Chengtun Gold Ontario Inc. will own 100% stake in Loncor Gold Inc. and Loncor Shares are expected to be de-listed from the TSX. In case of termination of transaction, Chengtun Gold Ontario Inc. will pay a termination fee of CAD 10 million and Loncor Gold Inc will pay a termination fee of CAD 10 million.
The transaction is subject to the approval at a special meeting of Loncor shareholders, approval of the Ontario Superior Court, requisite regulatory approvals and other standard conditions of closing for a transaction of this nature. The board of directors of Loncor Gold Inc. has formed a Special Committee and has unanimously recommends the shareholders to vote in the favor of the transaction. The transaction is expected to close not later than Q1 2026. On December 11, 2025, the shareholders of Loncor Gold Inc. approved the transaction. Closing of the transaction remains subject to the receipt of a final order in respect of the
Arrangement from the the Ontario Superior Court of Justice (Commercial List).
Stifel Nicolaus Canada Inc. acted as fairness opinion provider and financial advisor to Loncor Gold Inc and its special committee board members. EB Capital, LLC acted as financial advisor to Loncor Gold Inc and its special committee board members. Dickinson Wright LLP acted as legal advisor and TSX Trust Company acted as depositary bank to Loncor Gold Inc. Baker & McKenzie FenXun (FTZ) acted as legal advisor to Chengtun Gold Ontario Inc. Geoffrey Farr of Dentons Canada LLP acted as legal advisor to Chengtun Gold Ontario Inc. Fortuna Capital Hong Kong acts as an advisor to Loncor Gold.
Chengtun Gold Ontario Inc. completed the acquisition of Loncor Gold Inc. (TSX:LN) from Resolute Mining Limited (ASX:RSG) and Arnold Kondrat on February 11, 2026. In connection with the closing of the Transaction, the Shares will be delisted from the TSX and the Frankfurt Stock Exchange and will no longer be quoted on the OTCQX Market of the OTC Markets Group Inc. Further, Loncor Gold has applied to cease to be a reporting issuer in each of the applicable jurisdictions in Canada. Price Target Changed • Feb 05
Price target increased by 22% to UK£0.89 Up from UK£0.73, the current price target is an average from 5 analysts. New target price is 37% above last closing price of UK£0.65. Stock is up 255% over the past year. The company is forecast to post earnings per share of US$0.066 next year compared to a net loss per share of US$0.013 last year. Annonce • Jan 22
Resolute Mining Limited Provides Production Guidance for the Year 2026 Resolute Mining Limited provided production guidance for the year 2026. For the year, the company expects Group production of 250,000 oz - 275,000 oz at a Group AISC of $2,000/oz - 2,200/oz. Price Target Changed • Dec 17
Price target increased by 11% to UK£0.73 Up from UK£0.66, the current price target is an average from 5 analysts. New target price is 28% above last closing price of UK£0.57. Stock is up 185% over the past year. The company is forecast to post earnings per share of US$0.081 next year compared to a net loss per share of US$0.013 last year. Price Target Changed • Dec 16
Price target increased by 8.8% to UK£0.68 Up from UK£0.63, the current price target is an average from 5 analysts. New target price is 27% above last closing price of UK£0.54. Stock is up 174% over the past year. The company is forecast to post earnings per share of US$0.081 next year compared to a net loss per share of US$0.013 last year. Annonce • Dec 16
Resolute Mining Limited Announces Results of the Updated Definitive Feasibility Study for the Doropo Gold Project in Côte D'ivoire Resolute Mining Limited announced results of the updated Definitive Feasibility Study ("DFS") for the Doropo Gold Project ("Doropo" or the "Project") in Cote d'Ivoire. The base case result for the Project is highlighted in bold. The principal update has been optimising the pit shells at a higher, but still conservative, reserve gold price assumption of USD 1,950/oz (2024 DFS: USD 1,450/oz). Resolute is planning to evaluate adding a solar and battery lease option which is expected to improve power costs and enhance sustainability credentials. Increased capital costs (c. $142 million) due to increase in plant capacity ($80 million), general cost inflation ($14 million), capital costs that were underestimated or omitted in the 2024 DFS ($35 million) and additional contingency ($13 million). Increase in the size of the water storage dam (WSD) to approximately 6 Mm 3 capacity to ensure that the processing facility has ample water reserve. Land acquisition and compensation in line with a larger project development area (PDA) and larger pits. Tailing Storage Facility (TSF) sized for larger volume based on 60Mt vs 40Mt in 2024 DFS. Site security bolstered significantly. Operating costs updated with current market pricing. Complete lists of drill collars, including northing, easting, elevation, azimuth, dip, and total depth, are included in appendices of the technical report for all holes used in Resource estimation. Significant exploration results and Mineral Resource drill intersections are re-ported systematically, with true thickness considerations discussed where relevant. The database includes 5,794 drillholes for a total of 547,805 m of drilling. The report also provides detailed composite intercept tables for representative drilling results across all principal deposits (Souwa, Chegue, Krakara, etc.), including downhole depth intervals, gold grades, and sample lengths. Exploration results and Mineral Resource drill intercepts are reported based on compositing of contiguous mineralised intervals. Assay results were compo-sited to ensure that sample length variability did not introduce bias. Resource estimation was based on all available drilling data, not just high-grade intervals. Other substantive exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples - size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances. The process of validation, the checking process used, the comparison of model data to drill hole data, and use of reconciliation data if available. Software used for the Mineral Resource estimate included Geoaccess Professional, Leapfrog Geo, Surpac and Isatis v2018.5. The Mineral Resource estimate for the Doropo Project was estimated using Ordinary Mineral Resource estimate. The Mineral Resource estimate was estimated using Ordinary Mineral Mineral Resource estimate. Annonce • Nov 19
Resolute Mining Limited Announces Initial Mineral Resource Estimate At La Debo Project, Cote D'ivoire Resolute Mining Limited announced an initial Mineral Resource Estimate ("MRE") at the La Debo Project in Cote d'Ivoire - a strategically important jurisdiction for Resolute. Resolute plans to start exploration across these permits in 2026 and sees potential for the resources at the La Debo project to expand further. Depending on results, the MRE may be updated in late 2026. The Company's ongoing exploration programs are designed to expand resource potential, extend mine life, and unlock new opportunities across its portfolio. In addition to the active exploration campaigns in Cote d-Ivoire, the Company expects to announce updates on its exploration and mine extension activities in Senegal before year-end, reinforcing its commitment to sustained value creation through discovery and development. Inferred Mineral Resource Estimate for La Debo (G3N and G3S prospects) of 17.6Mt grading 1.14 g/t Au for 643 koz of contained gold at 0.5g/t cut-off grade versus the historic resource of 400koz grading 1.3 g/t at 0.3 g/t cut-off. The gold mineralisation at G3N and G3S is from surface with consistent along strike and downdip grade continuity. The Mineral Resources at the G3N and G3 S prospects remain open down dip with grades encountered so far increasing at depth at G3S; Future exploration will focus on extending mineralisation at depth at G3S as well as testing the strong gold anomaly at the G1 prospect area to the southwest. On the Kona and Windou permits 15,000m of RC and diamond drilling has commenced. Resolute commenced exploration at La Debo in December 2024 with an RC and diamond drilling program to confirm and expand the resources over the two main prospect areas at G3N and G 3S. Drilling continued throughout 2025 with a total of 10,037m of RC drilling and 6,600m diamond drilling completed by Resolute to date. In parallel with the drilling program at G3N and G2S, an extensive auger drilling program has been completed over the south-western half of the La Debo permit to define targets where surface geochemistry is inconsistent. This program has confirmed a strong gold anomaly at the G 1 prospect area which will be drill tested in early 2026. The company plan to commence drilling in the first half of 2026 to test the G3S extensions. Depending on results, theMRE at La Debo may be updated in late 20 26. An extensive auger drilling program has be completed over the south-western Half of the La Debo permit To define targets where surface geochemistry are inconsistent. This has confirmed a strong gold anomaly At the G1 prospect area which will be drill test in early 2026. Depending on results, the m23S extensions. The company plans to commence drilling in the first Half of 2026 to test theG3S extensions. Depending on Results, the MRE at La Debo may been updated in late 2026. An extensive auger drilling programs has been completed over the south -western half of the LaDebo permit to define targets wheresurface geochemistry is erratic. This has confirmed a strong Gold anomaly at the G1 prospect areas where surface geochemistry is erratic. 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 5 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). Annonce • Oct 28
Resolute Mining Limited Revises Group Production Guidance for the Year 2025 Resolute Mining Limited revised group production guidance for the year 2025. Group production in line with original guidance, at lower end. Year-end guidance narrowed to 275-285 koz from 275-300 koz reflecting a combination of increased guidance at Mako and lower guidance at Syama; Group AISC revised to $1,750 - 1,850/oz (from $1,650 - 1,750/oz) due to impact of higher royalties and lower production at Syama. Annonce • Oct 14
Chengtun Gold Ontario Inc. entered into an arrangement agreement to acquire Loncor Gold Inc. (TSX:LN) from Resolute Mining Limited (ASX:RSG) and Arnold Kondrat for approximately CAD 240 million. Chengtun Gold Ontario Inc. entered into an arrangement agreement to acquire Loncor Gold Inc. (TSX:LN) from Resolute Mining Limited (ASX:RSG) and Arnold Kondrat for approximately CAD 240 million on October 14, 2025. Under the terms of the acquisition, Chengtun Gold Ontario Inc will pay a cash consideration of CAD 1.38 per share. As part of the Transaction, Resolute Mining Ltd, and Arnold Kondrat (Executive Chairman of Loncor), who own approximately 18% and 17%, respectively, of the issued and outstanding Loncor Shares, have entered into a voting support agreement with Chengtun Mining pursuant to which they have agreed to vote their respective Loncor Shares in favor of the Transaction at the Loncor Meeting. Upon completion, Chengtun Gold Ontario Inc. will own 100% stake in Loncor Gold Inc. and Loncor Shares are expected to be de-listed from the TSX. In case of termination of transaction, Chengtun Gold Ontario Inc. will pay a termination fee of CAD 10 million and Loncor Gold Inc will pay a termination fee of CAD 10 million.
The transaction is subject to the approval at a special meeting of Loncor shareholders, approval of the Ontario Superior Court, requisite regulatory approvals and other standard conditions of closing for a transaction of this nature. The board of directors of Loncor Gold Inc. has formed a Special Committee and has unanimously recommends the shareholders to vote in the favor of the transaction. The transaction is expected to close not later than Q1 2026.
Stifel Nicolaus Canada Inc. acted as fairness opinion provider and financial advisor to Loncor Gold Inc and its special committee board members. EB Capital, LLC acted as financial advisor to Loncor Gold Inc and its special committee board members. Dickinson Wright LLP acted as legal advisor to Loncor Gold Inc. Baker & McKenzie FenXun (FTZ) acted as legal advisor to Chengtun Gold Ontario Inc. Dentons Canada LLP acted as legal advisor to Chengtun Gold Ontario Inc. Price Target Changed • Oct 02
Price target increased by 14% to UK£0.47 Up from UK£0.41, the current price target is an average from 5 analysts. New target price is 7.2% below last closing price of UK£0.51. Stock is up 40% over the past year. The company is forecast to post earnings per share of US$0.078 next year compared to a net loss per share of US$0.013 last year. Reported Earnings • Aug 22
First half 2025 earnings released: EPS: US$0.029 (vs US$0.01 in 1H 2024) First half 2025 results: EPS: US$0.029 (up from US$0.01 in 1H 2024). Revenue: US$447.5m (up 31% from 1H 2024). Net income: US$58.8m (up 181% from 1H 2024). Profit margin: 13% (up from 6.1% in 1H 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 6.8% p.a. on average during the next 3 years, compared to a 1.8% growth forecast for the Metals and Mining industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 84% per year but the company’s share price has only increased by 27% per year, which means it is significantly lagging earnings growth. Buy Or Sell Opportunity • Aug 22
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 22% to UK£0.36. The fair value is estimated to be UK£0.30, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to decline by 4.3% in 2 years. Earnings are forecast to grow by 2,319% in the next 2 years. Annonce • Jul 31
Resolute Mining Limited Reaffirms Production Guidance for the Year 2025 Resolute Mining Limited reaffirmed production guidance for the year 2025. For the year, the company remain on track for production guidance of 275-300 koz at a Group AISC of $1,650 - 1,750/oz. Price Target Changed • Jun 27
Price target increased by 13% to UK£0.39 Up from UK£0.34, the current price target is an average from 5 analysts. New target price is 30% above last closing price of UK£0.30. Stock is up 7.6% over the past year. The company is forecast to post earnings per share of US$0.08 next year compared to a net loss per share of US$0.013 last year. Annonce • Jun 12
Resolute Mining Limited Announces Chief Operating Officer Changes Resolute Mining Limited announced that it has appointed Mr. Gavin Harris as Chief Operating Officer (COO) from 1 July 2025 following the decision by Mr. Geoff Montgomery to step down as COO. Geoff will remain with Resolute as a senior technical adviser and will continue to provide his expertise and guidance across the Company's portfolio of operations and projects. Gavin is a Chartered Mining Engineer (CEng) with over 20 years of experience in surface and underground mining, having previously worked in West Africa, Australia, Middle East and the United Kingdom across gold, nickel and copper operations. He has worked on both development projects and producing operations, having worked for companies such as Barrick, BHP, and Teranga Gold. His most recent role was at the Tier-1 Sukari Gold Mine in Egypt for AngloGold Ashanti (formerly Centamin Plc) where he spent six years in senior management roles, most recently as the General Manager. Whilst at the Sukari Gold Mine Gavin was instrumental in delivering the highest gold production for six years in 2024 (481 koz Au) at lower than budgeted costs and with record safety performance. Additionally, he was responsible for developing and executing several projects at Sukari including the transition from contract mining to owner operated mining in the underground mine and increasing efficiencies in the open pit mining operations both of which led to major cost reductions. Furthermore, Gavin has been involved in the development of the satellite mines in Senegal at Teranga Gold as the Project Manager of Mine Development as well as development of Cliffs Nickel Project in Western Australia. Gavin has also held senior operational roles at the Leinster Nickel Operations, Western Australia and Henty Gold Mine in Tasmania. Annonce • May 01
Resolute Mining Limited (ASX:RSG) acquired Doropo and ABC gold projects in Côte d’Ivoire from AngloGold Ashanti plc (NYSE:AU) for $150 million. Resolute Mining Limited (ASX:RSG) signed an agreement to acquire Doropo and ABC gold projects in Côte d’Ivoire from AngloGold Ashanti plc (NYSE:AU) for $150 million on April 30, 2025. A cash consideration of $25 million will be paid by Resolute Mining Limited. Resolute Mining Limited will pay an earnout/contingent payment of $125 million cash. The upfront cash consideration will be funded from existing liquidity sources and deferred cash consideration is expected to be funded from cash flows generated from the Resolute Mining’s operations at Syama and Mako. There are no conditions to completion of the Sale, which is scheduled to occur on May 1, 2025.
Resolute Mining Limited (ASX:RSG) completed the acquisition of Doropo and ABC gold projects in Côte d’Ivoire from AngloGold Ashanti plc (NYSE:AU) on May 1, 2025. Jennifer Lee of Berenberg and Tom Rider and BMO Capital Markets brokered Resolute Mining Limited for the transaction. Annonce • Apr 12
Resolute Mining Limited, Annual General Meeting, May 15, 2025 Resolute Mining Limited, Annual General Meeting, May 15, 2025. Location: at flame tree boardroom, liberty westralia square 2, perth western australia Australia Price Target Changed • Mar 14
Price target increased by 10% to UK£0.28 Up from UK£0.25, the current price target is an average from 5 analysts. New target price is 35% above last closing price of UK£0.20. Stock is up 5.5% over the past year. The company is forecast to post earnings per share of US$0.046 next year compared to a net loss per share of US$0.01 last year. Reported Earnings • Feb 28
Full year 2024 earnings released: US$0.01 loss per share (vs US$0.031 profit in FY 2023) Full year 2024 results: US$0.01 loss per share (down from US$0.031 profit in FY 2023). Revenue: US$801.0m (up 27% from FY 2023). Net loss: US$21.5m (down 133% from profit in FY 2023). Revenue is expected to decline by 1.3% p.a. on average during the next 3 years, while revenues in the Metals and Mining industry in the United Kingdom are expected to grow by 1.8%. Over the last 3 years on average, earnings per share has increased by 119% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. Annonce • Jan 30
Resolute Mining Limited Provides Production Guidance for the Full Year of 2025 Resolute Mining Limited provides production guidance for the full year of 2025. For the period, the company expects production of gold to be 275,000 oz to 300,000 oz at a Group AISC of $1,650/oz to $1,750/oz. Price Target Changed • Jan 09
Price target decreased by 7.6% to UK£0.30 Down from UK£0.33, the current price target is an average from 5 analysts. New target price is 50% above last closing price of UK£0.20. Stock is down 5.6% over the past year. The company is forecast to post earnings per share of US$0.049 for next year compared to US$0.031 last year. Price Target Changed • Nov 18
Price target decreased by 27% to UK£0.32 Down from UK£0.44, the current price target is an average from 5 analysts. New target price is 62% above last closing price of UK£0.20. Stock is up 4.2% over the past year. The company posted earnings per share of US$0.031 last year. Annonce • Oct 30
Resolute Mining Limited Revises Production Guidance for the Year 2024 Resolute Mining Limited revised production guidance for the year 2024. For the year, the company expects production at or below lower-end (345 - 365 koz) and AISC at the upper end ($1,300-1,400/oz) due to lower Mako production and the impact of a higher royalty rate (c. $70/oz higher) in Mali as a result of the higher gold price environment. Annonce • Oct 23
Resolute Mining Limited Announces Company Secretary Changes Resolute Mining Limited advised that Thomas May has been appointed as Joint Company Secretary, effective immediately. Mr. May is an accomplished finance professional with experience in corporate governance and financial management. He is an Associate at Western Australia based corporate advisory firm Straight Lines Consultancy, specialising in the provision of corporate services to listed companies. Mr. May serves as Company Secretary for ASX listed mining services company, Dynamic Group Holdings and holds a Bachelor of Commerce in Finance and Accounting from The University of Western Australia, as well as a governance qualification from the Governance Institute of Australia. Following the appointment, both Thomas May and Sam Wright will serve as Joint Company Secretaries. Tim Whyte has resigned as Joint Company Secretary. Both Messrs May and Wright will be responsible for communications with ASX in relation to Listing Rule matters under ASX Listing Rule 12.6. Annonce • Sep 12
Resolute Mining Limited Provides an Update on Exploration in Senegal and Guinea Resolute Mining Limited provided an update on exploration in Senegal and Guinea. In Senegal, Resolute has been focusing on three potential satellite deposits - Tomboronkoto, Bantaco and Laminia - that could extend the life of the Mako mine. Tomboronkoto is the most advanced prospect with an Indicated and Inferred Mineral Resource Estimate (MRE). The other satellite deposit which has drilling ongoing is Bantacowhich has extensive artisanal workings; an update is expected in fourth quarter 2024. In parallel, Resolute has been undertaking 'Greenfields' exploration on projects located within the Siguiri Basin in Guinea. The most advanced Prospect is Mansala which has an initial Inferred MRE and remains the focus for the Company in Guinea. Highlights: Senegal, Tomboronkoto: Total contained gold at Tomboronkoto has increased by at least 30% from the initial MRE announced in January to over 343 koz (initial MRE: 264 koz) grading 2.1g/t Au at 1g/t cut off or 571 koz (initial MRE: 403 koz) grading 1.1 g/t at 0.5 g/t cut-off, Infill drilling program down to 150m was highly successful with 87% of the updated Mineral Resource classified in the Indicated category, Mineralisation remains open down dip and along strike to the southwest, Preliminary metallurgical test-work performed by Resolute on samples from Tomboronkoto show the mineralisation is free millingwith recoveries exceeding 90% from both weathered and fresh material, Drilling is ongoing and the focus over the remainder of 2024 will be to complete an additional 7,000m of diamond drilling aiming to further expand the Tomboronkoto Mineral Resource, A more accurate timeline on the potential development of Tomboronkoto is expected in First Quarter 2025 together with an update from the drilling over the remainder of 2024. Senegal, Bantaco: RC drilling is ongoing at the Bantaco Joint Venture which was signed by Resolute in early 2024, An update on the program of wide spaced drilling to traverse the outcropping gold mineralisation and coincident geochemical anomalies is expected in Fourth Quarter 2024. Guinea, Mansala: Drilling to date has outlined a gold mineralised shear zone over 1.5km long and an Inferred Mineral Resource of 6.6Mt grading 1.6 g/t Au for 343 koz at a cut-off of 1 g/t, The Mansala Mineral Resource remains open along strike and down dip and future work will focus on expanding this resource, Pending future drilling results Resolute will assess how the Mansala Prospect fits into the Company's organic growth strategy. Tomboronkoto is located 16km east of the Mako Processing Plant. It is approximately 20km by road and, therefore pending studies, we are confident of the opportunity for hauling material to the existing Plant. Tomboronkoto is the most advanced of the three potential satellite deposits that could result in an extension to the Mako mine. Drilling is continuing at Tomboronkoto to further expand the resource with a more accurate timeline on development of the prospect expected in first quarter 2025. Resolute continued the drilling program at Tomboronkoto throughout 2024 with a combination of Reverse Circulation (RC) and diamond drilling using multiple drill rigs. For the year to date a total of 26 diamond holes for 6,000 metres and 66 RC holes for 10,263m of drilling has been completed. The drilling program in 2024 has been focused on upgrading the classification of the Initial Mineral Resource reported to the ASX on 24 January 2024 which was 100% in the Inferred category. As of the latest updated MRE in August 2024 a total of 87% of the current Mineral Resource is classified as Indicated category. The Resource conversion to Indicated category is required to allow declaration of Ore Reserves following mining and geotechnical studies. Gold mineralisation at Tomboronkoto is hosted within a north-east striking shear zone in a granodiorite intrusive. Increasing gold grade appears to correlate with the intensity of pyrite development and exhibits good lateral and vertical continuity through the mineralised zone. Mineralisation has a relatively simple geometry comprising a zone that varies from 30 to 60m in width, along the 1,700m strike length drilled to date. The zone dips approximately 70° to the south-southeast - a cross-section representative of the typical mineralisation shape. The Tomboronkoto MRE was re-estimated in August 2024 using wireframe constrained Ordinary Kriged estimation methodology, within two nested Leapfrog Indicator wireframes at 0.2 g/t Au and 0.75g/t Au. A Global Mineral Resource Estimate of 15.5Mt grading 1.1g/t Au for 571,000oz was estimated at a cut-off of 0.5g/t (in-line with the current cut-off grade used to define Mako's Mineral Resources). At a higher 1g/t cut off the grade increases to 2.1g/t with a total of 343,000oz Au. Further cost analysis is required to determine the appropriate cut-off grade for Tomboronkoto. Resource definition infill drilling at Tomboronkoto was very successful with 100% conversion of the all the previously reported Inferred Mineral Resources quoted in January 2024 to the Indicated category in the August 2024 MRE update. A total of 87% of the current Mineral Resource is classified as Indicated category which will underpin the upcoming studies to declare an Ore Reserve at Tomboronkoto. To date the Tomboronkoto deposit is only drilled to 150m below surface and is open down dip. Drilling is currently targeting the extensions of the resource between 150m and 200m below surface. Preliminary results suggest that the mineralisation is continuous down dip. Drilling at Tomboronkoto will concentrate on open pit extractable Mineral Resources with the expectation that it will provide mill feed for the Mako treatment facility. Preliminary metallurgical test work was undertaken by Resolute on Reverse Circulation samples from the recent drilling campaign conducted at Tomboronkoto. Thisshowed the mineralisation is free millingwith recoveries exceeding 90% from both weathered and fresh material. Drilling is ongoing and the focus over the remainder of 2024 will be to complete an additional 7,000m of diamond drilling with the aim of further expanding the Tomboronkoto Mineral Resource. Resolute is in a Joint Venture with SNEPAC, a local Senegalese company, to earn into the Bantaco prospect located approximately 20km east of Mako. The Bantaco project presents an opportunity in the short term to find an economically exploitable gold resource to extend the life of Mako. The project area has extensive artisanal workings in two main locations, Baisso in the southwest and Bantaco in the northeast of the permit. Drilling commenced in June 2024 and is ongoing. An update on the program of wide spaced drilling to traverse the outcropping gold mineralisation and coincident geochemical anomalies is expected in Fourth Quarter 2024. Reported Earnings • Aug 30
First half 2024 earnings released: EPS: US$0.01 (vs US$0.035 in 1H 2023) First half 2024 results: EPS: US$0.01 (down from US$0.035 in 1H 2023). Revenue: US$341.5m (up 3.6% from 1H 2023). Net income: US$20.9m (down 72% from 1H 2023). Profit margin: 6.1% (down from 22% in 1H 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 5.6% p.a. on average during the next 3 years, compared to a 1.3% growth forecast for the Metals and Mining industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 117% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth. Price Target Changed • Jul 09
Price target increased by 9.9% to UK£0.37 Up from UK£0.34, the current price target is an average from 5 analysts. New target price is 17% above last closing price of UK£0.32. Stock is up 44% over the past year. The company is forecast to post earnings per share of US$0.045 for next year compared to US$0.031 last year. Price Target Changed • Jun 21
Price target increased by 8.1% to UK£0.36 Up from UK£0.33, the current price target is an average from 5 analysts. New target price is 29% above last closing price of UK£0.28. Stock is up 37% over the past year. The company is forecast to post earnings per share of US$0.035 for next year compared to US$0.031 last year. Price Target Changed • Jun 04
Price target increased by 7.4% to UK£0.34 Up from UK£0.31, the current price target is an average from 5 analysts. New target price is 23% above last closing price of UK£0.27. Stock is up 5.4% over the past year. The company is forecast to post earnings per share of US$0.035 for next year compared to US$0.031 last year. Board Change • Jun 04
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Non-Executive Director Andrew Wray was the last director to join the board, commencing their role in 2024. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Price Target Changed • May 21
Price target increased by 8.8% to UK£0.33 Up from UK£0.30, the current price target is an average from 5 analysts. New target price is 23% above last closing price of UK£0.27. Stock is up 11% over the past year. The company is forecast to post earnings per share of US$0.044 for next year compared to US$0.031 last year. Board Change • Apr 01
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Non-Executive Director Adrienne Parker was the last director to join the board, commencing their role in 2024. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Annonce • Mar 26
Resolute Mining Limited, Annual General Meeting, May 23, 2024 Resolute Mining Limited, Annual General Meeting, May 23, 2024. Agenda: to consider The re-election of directors of the Company; and to discuss other matters. Annonce • Mar 21
Resolute Mining Limited Announces Director Changes Resolute Mining Limited announce the appointment of Ms Adrienne Parker as a Non-Executive Director of the Company. Ms Parker is a lawyer with over 25 years' experience in the resources, energy, and infrastructure sectors, with an additional emphasis on major projects as well as running complex disputes. Adrienne was most recently Partner and Head of the Perth office at global law firm Pinsent Masons, where she advised in connection with the procurement and delivery of infrastructure in the mining, oil and gas and renewables sectors, including rail, roads, ports and airports. Her experience in the resources and energy sector includes major projects in Australia, Papua New Guinea and Africa. This has included advice on risk assessment and management, procurement models and strategy, the preparation and negotiation of mining services and supply agreements, as well as EPC and EPCM contracts. Ms Parker has also acted in large-scale disputes in many jurisdictions. With a law degree from the University of Western Australia, Adrienne currently serves on the Boards of Liontown Resources Limited, where she Chairs the Sustainability and Risk Committee, and Fleetwood Limited, where she Chairs the Nominations and Diversity Committee. Ms Parker has also been appointed as a member of both the Audit & Risk and Remuneration Committees. Resolute also announces that Mark Potts, a Non-Executive Director of the Company, has given notice and will resign from the Resolute Board, effective 20th March 2024 to concentrate on his growing portfolio of technology-related directorships. Following Mr. Potts's retirement, Keith Marshall will take over as Chair of the Remuneration Committee. New Risk • Mar 01
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 17% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. This is currently the only risk that has been identified for the company. Reported Earnings • Mar 01
Full year 2023 earnings released: EPS: US$0.068 (vs US$0.028 loss in FY 2022) Full year 2023 results: EPS: US$0.068 (up from US$0.028 loss in FY 2022). Revenue: US$631.1m (down 3.1% from FY 2022). Net income: US$145.8m (up US$179.9m from FY 2022). Profit margin: 23% (up from net loss in FY 2022). The move to profitability was driven by lower expenses. Production and reserves: Gold Production: 330.99 troy koz (353.07 troy koz in FY 2022) Number of mines: 2 (4 in FY 2022) Revenue is forecast to grow 3.8% p.a. on average during the next 3 years, while revenues in the Metals and Mining industry in the United Kingdom are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 72% per year but the company’s share price has fallen by 19% per year, which means it is significantly lagging earnings. Annonce • Jan 31
Resolute Mining Limited Provides Production Guidance for the Year 2024 Resolute Mining Limited provided production guidance for the year 2024. For 2024 Group production guidance of 345,000 oz - 365,000 oz at an AISC of $1,300/oz -1,400/oz. Annonce • Jan 24
Resolute Mining Limited Announces Maiden Mineral Resource at Tomboronkoto Resolute Mining Limited provided an update on Senegal exploration prospects, including a maiden Inferred Mineral Resource Estimate at the Tomboronkoto ("Tombo") project. Highlights Tomboronkoto: Maiden Inferred Mineral Resource Estimate (MRE) for the Tomboronkoto prospect of 3.4Mt grading 2.2g/t Au for 264 koz at 1g/t cut-off or 10.2Mt grading 1.2 g/t Au for 403 koz at 0.5 g/t cut-off; Tomboronkoto is located 20km by road from the Mako Processing Plant; The MRE is based on shallow drilling completed to date with the majority of the current resource located in the top 100m and remains open along strike to the west and down dip; Preliminary metallurgical test-work on samples from Tomboronkoto show the mineralisation is free milling with recoveries exceeding 90% from fresh and weathered gold mineralised materials; The focus over the remainder of 2024 will be on both infill drilling to convert Inferred resources to the Indicated category and further drilling to expand the resource Bantaco. Resolute has signed a Joint Venture on the Laminia Project which is located east and contiguous with the Bantaco JV area; The Laminia Project covers the southern extensions of the Massawa Shear zone which controls the gold mineralisation hosted in the Massawa Deposits held by Endeavour Mining Corporation. Drilling Program: Resolute commenced its first Reverse Circulation drilling campaign at Tomboronkoto in mid-2023. A total of 54 holes for 8,900 metres was completed with the program ending in October 2023. This was the first program completed by Resolute on the prospect and was focused on better defining the gold mineralisation zone identified by previous explorers including Randgold Resources. The drilling program achieved the goals as set out with assay results confirming the target zone with broad intersections of medium to high-grade gold mineralisation in most holes drilled during the program. The results from the leach test work demonstrate that the Tomboronkoto ore body is free milling, with recoveries exceeding 90% of fresh and weathered gold mineralized material. The eastern part of the permit covers the southern extension of the Makosa (Thor Exploration) and Makabingui (Bishop Resources) shears. Gold in soil results highlighted two long anomalies along the shears which will be tested by auger drilling. Classification criteria Mineral Resources were classified in accordance with the Australasian Code for the Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC, 2012). All aspects of the sampling, assay procedures and QA/QC program have been reviewed and were judged to be suitable for use in the estimation of Mineral Resources. Drill hole assay result data has been checked against the original hardcopy laboratory assay reports for a representative number of holes. This spacing is adequate to determine the geological and grade continuity for reporting of an Inferred Mineral Resources. Drill samples were composited to 1m for use in the use in the estimation of Mineral resources. Drill samples were composited To 1m for use in the mineralisation. Annonce • Jan 11
Resolute Mining Limited Announces Change of Company Secretary Resolute Mining Limited announced that Richard Steenhof has resigned as Company Secretary with effect from 19 January 2024. The Board would like to take this opportunity to acknowledge and thank Mr. Steenhof for his service and contribution to the Company. The company announced the appointment of Sam Wright and Tim Whyte as Joint Company Secretaries with effect from 19 January 2024. Messrs. Wright and Whyte are professional company secretaries at Straight Lines Consultancy, with extensive ASX listed company corporate governance experience gained over a combined 35 years. New Risk • Nov 02
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 1.2% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Earnings are forecast to decline by an average of 1.2% per year for the foreseeable future. Shareholders have been substantially diluted in the past year (93% increase in shares outstanding). Minor Risk Share price has been volatile over the past 3 months (8.1% average weekly change). New Risk • Oct 31
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 5.0% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Earnings are forecast to decline by an average of 5.0% per year for the foreseeable future. Shareholders have been substantially diluted in the past year (93% increase in shares outstanding). Minor Risk Share price has been volatile over the past 3 months (8.3% average weekly change). New Risk • Oct 16
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 2.3% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Earnings are forecast to decline by an average of 2.3% per year for the foreseeable future. Shareholders have been substantially diluted in the past year (93% increase in shares outstanding). Minor Risk Share price has been volatile over the past 3 months (8.3% average weekly change). Annonce • Oct 14
Resolute Mining Limited Revises Production Guidance for the Year 2023 and Provides Production Guidance for the Year 2024, 2025 and 2026 Resolute Mining Limited revised production guidance for the year 2023 and provided production guidance for the year 2024, 2025 and 2026. For the 2023, the company group gold production guidance revised to 330,000-340,000 oz, down from 350,000 oz, due to lower production from Syama with oxide operations requiring treatment of lower grade ores leading to Syama gold production for 2023 being revised down from 233,000 oz to 215,000-225,000 oz.For the year 2024, the company expects group gold production of 355,000 Oz to 375,000 Oz.For the year 2025, the company expects group gold production of 355,000 Oz to 375,000 Oz.For the year 2026, the company expects group gold production of 315,000 Oz to 335,000 Oz. Annonce • Sep 05
Resolute Mining Limited Announce an Updated Mineral Resource Estimate from Syama North Resolute Mining Limited announced the Global Mineral Resource Estimate (MRE) for Syama North has increased to 37.9 million tonnes, at an unchanged grade of 2.9g/t, for 3.53 million ounces of gold representing an increase of 11%. Preliminary metallurgical test-work on samples from Syama North show similar characteristics to the ore processed at the original Syama open pit and will be treated through the existing oxide and sulphide circuits. A Syama North Ore Reserve update will be completed in September/October which will further optimise the mine plan at Syama. The deposit remains open down-dip over the entire 6km strike length with 'step-out' drilling resuming in the second half of 2023 with further increases in the Global Mineral Resource expected. Drilling from the Quartz Vein Hill area continued to return high grade intersections which would be sufficient tenor for underground mining following the initial open pit operation. Syama North is key to underpinning the 250,000 ounces per annum Phase I Expansion at Syama with high-grade open pit ore. Syama is a world class asset with a Total M&I Resource, now standing at 9.1 million ounces2 which believe can support an operation even larger than the Phase I Expansion currently going ahead. Syama North Drilling Program Since the Syama North Mineral Resource update ASX announcement on 19 January this year, diamond and RC drilling has continued throughout the first half of 2023 with two drill rigs concentrating on converting the large proportion of Inferred Resources to the Indicated category. The January 2023 MRE contained 1.3 million ounces of Inferred Resources which require upgrading prior to be included into Ore Reserve calculations. As part of the drilling program additional deeper diamond drillholes were also completed to extend the three north plunging mineralised shoots. Drillholes completed this year. Mineral Resources were classified in accordance with the Australasian Code for the Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC, 2012). Exploration for oxide Mineral Resources continues in parallel with the sulphide exploration program with recent success identifying new prospects on the Finkolo Exploitation Permit. Reported Earnings • Aug 23
First half 2023 earnings released: EPS: US$0.043 (vs US$0.022 loss in 1H 2022) First half 2023 results: EPS: US$0.043 (up from US$0.022 loss in 1H 2022). Revenue: US$329.5m (up 3.7% from 1H 2022). Net income: US$73.8m (up US$98.1m from 1H 2022). Profit margin: 22% (up from net loss in 1H 2022). The move to profitability was primarily driven by lower expenses. Revenue is forecast to stay flat during the next 3 years, in line with the revenue forecast for the Metals and Mining industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 35% per year but the company’s share price has fallen by 33% per year, which means it is significantly lagging earnings. Annonce • Jul 28
Resolute Mining Limited Provides Production Guidance for the Full Year 2023 Resolute Mining Limited provided production guidance for the full year 2023. For the period, the company expects production of 350,000 oz at an AISC of $1,480/oz. Price Target Changed • Jul 28
Price target increased by 9.3% to UK£0.29 Up from UK£0.27, the current price target is an average from 5 analysts. New target price is 50% above last closing price of UK£0.20. Stock is up 23% over the past year. The company is forecast to post earnings per share of US$0.013 next year compared to a net loss per share of US$0.028 last year. Annonce • Jun 19
Resolute Mining Limited Appoints Keith Marshall as Non-Executive Director Resolute Mining Limited announced the appointment of Mr. Keith Marshall as a Non-Executive Director of the Company. Mr. Marshall is a mining engineer with a wealth of technical and managerial expertise gained over 40 years in the sector, with the last fifteen years spent in senior mine leadership roles. His experience in underground mining and caving is particularly relevant. Mr. Marshall’s last two operational roles were both with Rio Tinto, with whom he has worked for 22 years, as Managing Director of the Phalabora Mining Company in South Africa and as President of the Oyu Tolgoi Project in Mongolia. Mr. Marshall holds a mining engineering degree from the Royal School of Mines at Imperial College London, and currently serves on the Board of Shanta Gold Ltd. as a Non-Executive Director where he Chairs the Remuneration Committee. Mr. Marshall’s appointment is subject to completion of standard checks and he will join as a member of both the Audit & Risk as well as Remuneration Committees. Price Target Changed • Mar 31
Price target increased by 8.9% to UK£0.24 Up from UK£0.23, the current price target is an average from 5 analysts. New target price is 20% above last closing price of UK£0.20. Stock is up 8.5% over the past year. The company is forecast to post earnings per share of US$0.027 next year compared to a net loss per share of US$0.028 last year. Reported Earnings • Mar 29
Full year 2022 earnings released: US$0.028 loss per share (vs US$0.29 loss in FY 2021) Full year 2022 results: US$0.028 loss per share (improved from US$0.29 loss in FY 2021). Revenue: US$651.1m (up 19% from FY 2021). Net loss: US$34.1m (loss narrowed 89% from FY 2021). Production and reserves: Gold Production: 353.61 troy koz (319.27 troy koz in FY 2021) Revenue is forecast to stay flat during the next 3 years compared to a 1.2% decline forecast for the Metals and Mining industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 11% per year but the company’s share price has fallen by 20% per year, which means it is performing significantly worse than earnings. Price Target Changed • Mar 29
Price target increased by 9.1% to UK£0.24 Up from UK£0.22, the current price target is an average from 5 analysts. New target price is 17% above last closing price of UK£0.21. Stock is up 9.5% over the past year. The company is forecast to post earnings per share of US$0.021 next year compared to a net loss per share of US$0.028 last year. Reported Earnings • Feb 25
Full year 2022 earnings released: US$0.028 loss per share (vs US$0.29 loss in FY 2021) Full year 2022 results: US$0.028 loss per share (improved from US$0.29 loss in FY 2021). Revenue: US$651.1m (up 19% from FY 2021). Net loss: US$34.1m (loss narrowed 89% from FY 2021). Revenue is forecast to decline by 1.9% p.a. on average during the next 3 years, while revenues in the Metals and Mining industry in the United Kingdom are expected to remain flat. Over the last 3 years on average, earnings per share has fallen by 11% per year but the company’s share price has fallen by 34% per year, which means it is performing significantly worse than earnings. Annonce • Feb 03
Resolute Mining Limited Announces Chief Financial Officer Changes Resolute Mining Limited announced the appointment of Chris Eger as its new Chief Financial Officer. With the decision to move the CFO position to London, Chris replaces Doug Warden who has decided not to relocate. Chris will commence on 27 February 2023 and Doug will remain with the Company until 31 March 2023 to ensure an orderly handover. During his 25 year career, Chris has held a number of senior financial, commercial and leadership roles in the resources and investment banking sectors. Most recently he was the CFO of Chaarat Gold Plc and was previously CFO of Nyrstar NV and the M&A Director at Trafigura AG. He commenced his career in private equity and investment banking with BP Capital Management, BMO Capital Markets and Bank of America Merrill Lynch. Chris has extensive experience in North America, Europe and the UK. Chris is fluent in French and English and holds a Masters of Business Administration from Kellogg School of Management and a BA in Physics & Economics from Colgate University. Price Target Changed • Feb 01
Price target decreased by 8.3% to UK£0.22 Down from UK£0.24, the current price target is an average from 5 analysts. New target price is 40% above last closing price of UK£0.16. Stock is up 2.8% over the past year. The company is forecast to post a net loss per share of US$0.03 next year compared to a net loss per share of US$0.29 last year. Annonce • Feb 01
Resolute Mining Limited Provides Production Guidance for the Full Year 2023 Resolute Mining Limited provided production guidance for the full year 2023. For the year, the company is forecasting total gold production of 350,000 oz at an AISC of $1,480/oz. Annonce • Jan 19
Resolute Mining Limited Announces an Update Mineral Resource Estimate from Syama North Resolute Mining Limited announced an updated Mineral Resource Estimate from Syama North with continued positive exploration drilling results. These results confirm the potential for a new open pit operation adjacent to the Syama processing complex. Syama North Exploration Program: Diamond and RC drilling has continued throughout 2022 with two drill rigs targeting mineralization extensions over the entire length of the Syama North Project from Alpha in the South to A21 in the North. The drilling was highly successful with excellent drill results reported to the market in June 2022 and in August 2022. A major upgraded Mineral Resource Estimate was announced in August 2022 with a Global Mineral Resource of 20Mt at 3.1g/t Au for 2 million ounces of gold. Since the August announcement, drilling has focussed on improving the confidence and classification of the Mineral Resource. The majority of the drilling since the last announcement was infill drilling to achieve a nominal 50 x 50m pattern required for Indicated classification. There was also extensional drilling completed in areas of wide zones of mineralisation. Results from this drilling campaign were above expectations with ore grade intervals seen in most holes. Better results received since the previous ASX announcement. QVRC598 - 17m at 5.33g/t Au from 53m; QVRC615 - 22m at 4.74 g/t Au from 118m; QVRC631 - 36m at 3.03 g/t Au from 57m; QVRD587 - 18m at 70.40g/t Au from 198m; QVRD592 - 18m at 5.04g/t Au from 173m; QVRD603 - 57m at 3.63g/t Au from 150m; QVRD604 - 73m at 3.97g/t Au from 168m; QVRD609 - 21m at 12.73g/t Au from 156m; QVRD609 - 10m at 11.89g/t Au from 191m; QVRD610 - 52m at 3.73g/t Au from 171m; QVRD618 - 20m at 4.72g/t Au from 191m. The wide zone of gold mineralisation discovered in QVRD538 (46m at 1.83g/t Au from 143m and 30m at 3.88g/t Au from 202m), which was reported in August 2022 was the main focus for infill drilling since the last announcement. Infill drilling has confirmed and expanded this wide zone with excellent intersections in QVRD603 (57m at 3.63g/t), QVRD604 (73m at 3.97g/t), QVRD609 (21m at 12.73g/t) and QVRD610 (52m at 3.73g/t). These results have underpinned a large increase in the volume of gold mineralisation. The high-grade zones of mineralisation at Quartz Vein Hill located at the south of the A21 were reported in the June and August announcements 2022. Infill and extensional drilling was carried out using mainly RC drilling due to the shallow depths of the mineralisation. Results from this drilling continued the success of previous programs with excellent intersections in many holes. Notably very high-grade results were seen in QVRD587 (18m at 70.4g/t), QVRD592 (18m at 5.04g/t), QVRC598 (17m at 5.33g/t) and QVRC615 22m at 4.74g/t) which have extended the mineralisation in the Quartz Vein Hill area. The gold grades and widths in this southern zone are sufficient to allow for underground operations if strip ratios preclude open pit mining. The Syama North gold deposit remains open down-dip over the entire 6km strike length. Diamond drilling is ongoing and expected to continue throughout 2023 to extend and increase Mineral Resource confidence in the deposit. Price Target Changed • Nov 16
Price target decreased to UK£0.13 Down from UK£0.33, the current price target is an average from 3 analysts. New target price is 17% above last closing price of UK£0.11. Stock is down 52% over the past year. The company is forecast to post a net loss per share of US$0.03 next year compared to a net loss per share of US$0.29 last year. Price Target Changed • Oct 28
Price target decreased to UK£0.28 Down from UK£0.34, the current price target is an average from 4 analysts. New target price is 148% above last closing price of UK£0.11. Stock is down 51% over the past year. The company is forecast to post a net loss per share of US$0.029 next year compared to a net loss per share of US$0.29 last year. Breakeven Date Change • Oct 14
Forecast breakeven date moved forward to 2023 The 4 analysts covering Resolute Mining previously expected the company to break even in 2024. New consensus forecast suggests losses will reduce by 90% to 2022. The company is expected to make a profit of US$1.69m in 2023. Average annual earnings growth of 103% is required to achieve expected profit on schedule. Breakeven Date Change • Aug 26
Forecast breakeven date pushed back to 2024 The 3 analysts covering Resolute Mining previously expected the company to break even in 2022. New consensus forecast suggests losses will reduce by 60% per year to 2023. The company is expected to make a profit of US$32.0m in 2024. Average annual earnings growth of 99% is required to achieve expected profit on schedule. Reported Earnings • Aug 25
First half 2022 earnings released First half 2022 results: Revenue: US$317.7m (up 22% from 1H 2021). Net loss: US$24.1m (loss narrowed 87% from 1H 2021). Over the next year, revenue is forecast to stay flat compared to a 7.2% growth forecast for the Metals and Mining industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 56% per year but the company’s share price has only fallen by 43% per year, which means it has not declined as severely as earnings. Breakeven Date Change • Jul 08
Forecast breakeven date pushed back to 2023 The 3 analysts covering Resolute Mining previously expected the company to break even in 2022. New consensus forecast suggests losses will reduce by 99% to 2022. The company is expected to make a profit of US$3.32m in 2023. Average annual earnings growth of 98% is required to achieve expected profit on schedule. Reported Earnings • Mar 30
Full year 2021 earnings released: US$0.29 loss per share (vs US$0.026 loss in FY 2020) Full year 2021 results: US$0.29 loss per share (down from US$0.026 loss in FY 2020). Revenue: US$549.2m (down 8.9% from FY 2020). Net loss: US$319.2m (loss widened US$293.7m from FY 2020). Production and reserves: Gold Proved and probable reserves (ore): 52.5 Mt (57.3 Mt in FY 2020) Over the next year, revenue is forecast to grow 15%, compared to a 4.3% growth forecast for the mining industry in the United Kingdom. Price Target Changed • Feb 28
Price target decreased to UK£0.29 Down from UK£0.32, the current price target is an average from 4 analysts. New target price is 107% above last closing price of UK£0.14. Stock is down 60% over the past year. The company posted a net loss per share of US$0.29 last year. Breakeven Date Change • Feb 25
Forecast to breakeven in 2024 The 4 analysts covering Resolute Mining expect the company to break even for the first time. New consensus forecast suggests losses will reduce by 72% per year to 2023. The company is expected to make a profit of US$35.0m in 2024. Average annual earnings growth of 104% is required to achieve expected profit on schedule. Price Target Changed • Jan 07
Price target decreased to UK£0.39 Down from UK£0.45, the current price target is an average from 4 analysts. New target price is 114% above last closing price of UK£0.18. Stock is down 60% over the past year. The company is forecast to post a net loss per share of US$0.17 next year compared to a net loss per share of US$0.026 last year. Reported Earnings • Aug 28
First half 2021 earnings released: US$0.17 loss per share (vs US$0.007 loss in 1H 2020) The company reported a poor first half result with increased losses, weaker revenues and weaker control over costs. First half 2021 results: Revenue: US$261.3m (down 9.9% from 1H 2020). Net loss: US$183.9m (loss widened US$176.6m from 1H 2020). Executive Departure • Jul 28
General Counsel & Company Secretary Amber Stanton has left the company On the 23rd of July, Amber Stanton's tenure as General Counsel & Company Secretary ended after 4.0 years in the role. We don't have any record of a personal shareholding under Amber's name. A total of 3 executives have left over the last 12 months. The current median tenure of the management team is less than a year, which is considered inexperienced in the Simply Wall St Risk Model. Price Target Changed • Mar 26
Price target decreased to UK£0.56 Down from UK£0.67, the current price target is an average from 5 analysts. New target price is 107% above last closing price of UK£0.27. Stock is down 44% over the past year. Reported Earnings • Feb 27
Full year 2020 earnings released: US$0.026 loss per share (vs US$0.081 loss in FY 2019) The company reported a solid full year result with reduced losses, improved revenues and improved control over expenses. Full year 2020 results: Revenue: US$603.0m (up 31% from FY 2019). Net loss: US$25.5m (loss narrowed 61% from FY 2019). Production and reserves: Gold Production: 384.09 troy koz (270.29 troy koz in FY 2019) Analyst Estimate Surprise Post Earnings • Feb 27
Revenue beats expectations Revenue exceeded analyst estimates by 8.3%. Over the next year, revenue is forecast to grow 4.1%, compared to a 23% growth forecast for the Metals and Mining industry in the United Kingdom. Is New 90 Day High Low • Feb 26
New 90-day low: UK£0.36 The company is down 17% from its price of UK£0.43 on 27 November 2020. The British market is up 6.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Metals and Mining industry, which is up 26% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is UK£0.33 per share. Is New 90 Day High Low • Feb 04
New 90-day low: UK£0.39 The company is down 15% from its price of UK£0.46 on 06 November 2020. The British market is up 12% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Metals and Mining industry, which is up 27% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is UK£0.38 per share. Is New 90 Day High Low • Jan 18
New 90-day low: UK£0.40 The company is down 22% from its price of UK£0.51 on 20 October 2020. The British market is up 15% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Metals and Mining industry, which is up 31% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is UK£0.39 per share. Is New 90 Day High Low • Nov 24
New 90-day low: UK£0.42 The company is down 31% from its price of UK£0.61 on 25 August 2020. The British market is up 5.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Metals and Mining industry, which is up 5.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is UK£0.23 per share. Price Target Changed • Nov 19
Price target lowered to UK£0.77 Down from UK£0.90, the current price target is an average from 7 analysts. The new target price is 69% above the current share price of UK£0.45. As of last close, the stock is down 22% over the past year. Price Target Changed • Oct 30
Price target lowered to UK£0.84 Down from UK£0.90, the current price target is an average from 7 analysts. The new target price is 95% above the current share price of UK£0.43. As of last close, the stock is down 34% over the past year. Is New 90 Day High Low • Oct 24
New 90-day low: UK£0.47 The company is down 38% from its price of UK£0.77 on 24 July 2020. The British market is down 2.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Metals and Mining industry, which is flat over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is UK£0.18 per share. Is New 90 Day High Low • Sep 22
New 90-day low: UK£0.53 The company is down 19% from its price of UK£0.65 on 24 June 2020. The British market is down 3.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Metals and Mining industry, which is up 7.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is UK£0.95 per share. 
