Resolute Mining Limited

Thank you very much. So I’m Chris Eger, the CEO of Resolute Mining. So look, Resolute Mining today, we’re a well-diversified player in West Africa with over 19 million ounces of gold in the ground. We’re focused on West Africa as our main jurisdiction. The corporate offices are based in London with the listing on the ASX as well as the LSE. What I’m excited about Resolute is the fact that we’re a healthy producer these days with assets in both Mali and Senegal generating good cash flows. Most importantly, we’re developing two other assets in Côte d’Ivoire, which will firmly take the business to 500,000 ounces from 2028. The construction at Doropo is on track, on budget, fully funded. The business is generating a good amount of cash. We have over $300 million of cash on the balance sheet today with $260 million of financing facilities, so the company is well-funded for its organic growth profile.

Just a brief recap of the metrics. So look, our market cap today is about $1.9 billion. It’s probably a little bit less than that with the drop in the gold price. Our enterprise value is about $1.7 billion, so we think we’re very undervalued considering the growth profile we have. We recognize that we operate in a very difficult jurisdiction in Mali, but we are making progress, and we’re working closely with the government in rebuilding the relationship. Our asset in Senegal, Mako asset, actually generates a tremendous amount of cash flows, over $150 million of fresh cash, and it’s been the real generator of cash for the business historically.

So this year, we’re guiding production between 205 and 225 with an AISC at 2,200, 2,200, 200 and 300 dollars per ounce. A lot of that is because the price to operate in Mali is very high considering the considerable fiscal payments that we have to make because of the mining code. But the key point of this page is that the value proposition of the business is very much shifting away from Mali into Côte d’Ivoire. And as we continue to develop Doropo and ABC, we think that’s only gonna continue to grow.

This is probably the key slide with regards to the investment thesis of the business. Last year, we did 277,000 ounces. This year, like I said, we’re on track for about 210 to 215. Next year, we’re anticipating to be back up to 250 to 275. But with Doropo coming online in the beginning of ’28, we’ll firmly be on track to be a 500,000 ounce producer from 2028. Like I said, the growth in that project is fully funded and right now the construction is on track and on budget. So in the next couple of years, we’ll diversify away from Mali. And then the other key attribute to the business is the ABC project, which I anticipate to be our fourth mine, which hopefully will bring 200,000 ounces in around the 2030 timeframe. So all said and told, with the existing assets that we have in place today, I really believe the business can generate over 800,000 ounces of gold by the end of the decade.

A lot has happened in the Resolute history. Back in 2024, we had a mass event whereby the former CEO was detained. You can see that in the drop in the share price. I then took over as CEO in December of ’24. But probably most notably last year was the acquisition of Doropo and ABC from AngloGold Ashanti, which we closed in May of 2025, which transformed the business dramatically. And look, because of the cash flow from the operations, it’s allowed for the ability to organically grow the business without the need of a capital raise.

Again, a couple of, I would say, self-promoting pages on how cheap we think we are relative to the peers. We have, like I said, 19 million ounces of gold in the ground on resource and over 8 million ounces on reserves, recognizing half of that are in Mali. But we believe that there’s still a lot of growth.

This is a key page for me with regards to how I think about value in the business. And look, we’ve went through and looked at how brokers provide value on each of our assets, and I think about the four assets. So there’s Syama in Mali, obviously Doropo, ABC, and then our Mako asset. The Syama asset is worth anywhere from $1 to $2 billion. You can actually drive a truck through it because you really have to come up with your own view of what you think the Mali risk profile is like. The asset is a good asset with over 9 million ounces of gold. Gold’s not the problem. The grades are 2.5 grams per ton. It’s just a very difficult operating environment that we exist today. But they are committed to try and rebuilding the country.

But the other three assets is where I see that the market has it absolutely wrong. Maybe starting with Doropo, which you see $1.1 billion. Look, the DFS has that asset valued at over $2.5 billion. And as we’re on budget and on track for construction and there’s growth opportunities, that asset’s worth well over $3 billion. Same thing with ABC. Look, it’s an earlier stage development project with over 3 million ounces at 0.7 grams per ton. Last year, this asset had zero value in our books. Today, we’ve got some value, but I think this asset will also be worth several billion dollars once we continue to progress it. Our Mako asset in Senegal is going through a transition, so the value is quite depressed, because we are processing stockpiles at this stage, but we’re very advanced in developing two satellite deposits that will extend the mine life by another eight years. So over time, by just building Doropo and continuing development of our existing assets, all the NAVs of these should go up with the exception of what we see in Mali.

But I just wanna spend a bit more time to go through each country and talk about each of our assets. So starting with our flagship activities is in Côte d’Ivoire. So Doropo’s in the northeast, like I said, in construction. Our ABC project in the far west has over 3 million ounces at 0.7 grams a ton. And then we have a smaller exploration project called Adabo, which is in the southwest that today has about 600,000 ounces at one point grams per ton.

So Doropo, we, like I said, acquired in May of last year. Last year, we were committed to implementing the project team to start construction. We also updated the DFS, which was published in December of ’25. Once we received our permits in February of this year, we moved into straight full construction. Lycopodium out of Perth is the EPCM and procurement contractor. To date, we’ve spent actually probably over $60 million of capital, but we’ve committed close to $300 million of the budgeted CapEx, which is $515 million, with again, first gold pour happening in the beginning of 2028.

You can see the metrics on the page that it’s a 13-year mine life, but I think what’s important here is the reserves are 2.5 million ounces at 1.3 grams per ton. But all the pit shell designs were done at 1,950, and that was needed to be done at those prices because that was what the permits were put in place. When you start to run the pit shells at 3,000 or 3,500, a lot more of that resource gets converted into reserves. So what does this mean? It means that the mine life will be much longer, but also provides the ability to actually increase the plant capacity or build a second plant to really capitalize on the amount of reserves that exist on this deposit.

Look, a few pictures around the construction activities, which isn’t that great at this point. It’s been a lot of earth moving works as well as building of roads. That’s mostly complete, and we’re about to start pouring concrete in the next couple of weeks with the CIL ring beams coming in on October 6th. We have well over 600 people today. We’ve employing quite a few community folks. We’ve had no community issues, and actually the project is going really well. I’m actually very pleased with Lycopodium and the works that they’ve done. We’ve actually hired our general manager today to start the operational readiness. He’s ex Perseus. And now we’re actually moving into full scales concrete works with an assembly of material that’s arriving at the end of this year. And then look, next year, the main activities will start pre-stripping in April and May with assembly of all the different items that are coming into the plant.

But what we’re doing in addition to building the site, which like I said, is on budget and on track and fully funded, is we’re looking to make it bigger. So look, Doropo has a positive and a negative. The Doropo plant will be fed by eight pits over time. The majority of those are in the north, actually seven of them, with Kilisegi in the southwest. But most of these properties were stopped drilling back in 2020 under the sentiment umbrella when they were happy with the resources and reserves that they accomplished for their DFS. What we see is that there’s extensions at depth and at strike. So not only do we know the reserves will increase based off a higher gold price environment, but we also know that with drilling, we will be able to make the resource much bigger at Doropo over time.

And we’ve committed to a scoping study that we’re launching now that we’ll publish in the first half of next year for phase growth option for Doropo. Like I said, most likely building a second plant down in the southwest at Kilisegi in order to mine all the ore from Kilisegi into one plant. So I process all the material from Kilisegi in one plant, and the existing plant will effectively get fed by all the pits in the northeast.

The other key project that, again, very excited about is our ABC project in Côte d’Ivoire. We did 30,000 meters of drilling in the first half of this year, increased the resource to 3 million ounces at 0.7 grams per ton. Most of mineralization for ABC sits in the central permit, which is the Kona permit, whereby we have the mineralization in Kona Central and South. What I’m very excited about this deposit is that the mineralization runs consistently in long stripe and at depth. It doesn’t really host any soft oxide material. It’s all sulfide fresh rock. So we don’t have any artisanal miners. We are drilling like mad right now to convert the inferred into indicated. This will be our fourth asset.

We actually in May of this year published a scoping study for the economics of this project because it would probably require a 7 million ton per annum plant. So right now the focus is to get the feasibility study completed by the middle of next year and file for mining permits at that time. We will publish exploration updates throughout the year and also an MRE update. But this is a fabulous project that people are familiar with. Montage has lots of similarities. Today, the resource is over 3 million ounces, but very confident it’s gonna get to 4 to 5 million ounces, and we’re targeting an initial reserve at around 2.5 million ounces.

Skip this and moving to Syama. So look, Syama, a big deposit. Look, we have 80 kilometers of strike, over 9 million ounces of resource. This asset’s been in operations for well over 30 years. It’s a fabulous ore body. The challenge is Mali itself as a jurisdiction. We benefit from the fact we’re in the southeast of the country, but people that follow us will have seen that throughout the year and even last year, we’ve been plagued with supply chain issues. We’ve had significant problems importing and transporting of explosives, which has impacted the sub-level cave development of the ore, as well as mining our new open pit at A21.

It’s a shame because there’s enormous amount of potential in this asset. It has historically produced around 200,000 ounces of gold. This year we’re probably around 160. But we just completed a massive capital program to modernize the plant. So today the plant has the ability to process 4 million tons of sulfides through its existing capacity and should generate between 224 to, 200 to 240,000 ounces. We make good money out of Syama. This year will be about $100 to $150 million, which we’re able to extract from the country. It just should do a lot better.

So look, my commitment to the business is to continue building relationships with the government. I go to Mali fairly frequently. I was there back in July. I’ll be there in November. And I will say that since the antics of 2024, the government’s been behaving a lot better, but it’s still slow-moving. And frankly, the security dynamics in country make it difficult to transport our supplies, including explosives. We’ve also had issues with our mining contractors through, again, issues transporting equipment and people.

It’s worth touching upon our asset in Senegal called Mako. The Mako operation has generated an enormous amount of cash flows to the business over the years. It is today going through a transition whereby we’re processing stockpiles through the existing plant, which is a 2.1 million ton per annum plant that was also constructed by Lycopodium back in 2017. We will complete the processing stockpiles by end next year, but at which point in time we will be well into mining our satellite deposits at both Tombo and Bentako.

To give a bit more context, Tombo and Bentako today have reserves of over 600,000 ounces. We anticipate they will file for mining permits in the next month. We’d receive those permits early next year, but the plan is to start mining from Bentako at the end of next year and then Tombo and Koto at the end of 2028. Look, Mako is not gonna be huge operations for the business, only 80,000 ounces once we’re mining from the satellite deposits. But like I said, it’s a very attractive cash cost at around $1,600, therefore will produce a very healthy amount of cash of around $150 to $200 million in today’s gold price environment. So a smaller asset but has been a very strong cash flow contribution to the business, which has allowed us to be fully funded for our expansion into Côte d’Ivoire.

Look, very briefly, we also have limited exploration activities in Guinea. Resolute historically has had permits in Guinea. They were partially revoked last year. One of the areas of contribution that we’ve tried to progress on is we are now working with a state-owned entity called NIMBA. We set up a joint venture entity between NIMBA and ourselves to explore new properties, but we’re waiting on permits, and once we get the permits from the government, we’ll look to jointly explore. It acts as the fifth leg of growth within the business. I’m not sure honestly if it’s gonna work or not because Guinea is obviously a bit tricky with regards to the permitting situation. But geologically, it’s a very rich country, and look, I am very positive on the potential to have assets in Guinea, but we’ll see how it goes with this government.

Just look, finally, the business produced a healthy amount of EBITDA and cash flows in the first half of the year, 220 million of operating cash flow. We’re sitting on lots of liquidity of over $470 million, which is also complemented by $260 million of financing facilities. This is why the business is fully funded for its growth aspirations in the next couple of years.

And finally, look, we have a lot on the go. It’s complicated, but we do have a number of milestones in the pipeline. So specifically with the Doropo, every month we provide construction updates on our website to show the progress in the development of that asset. Secondly, we will provide exploration updates at our ABC project in Côte d’Ivoire. We are also in Mali commissioning the very last of the modernization of the plant, the ball mill, and that’ll be complete in October. And look, we just wanna get back to our guidance levels of around 200,000 dollars... Sorry, 200,000 ounces per year. We hope to receive our permits in Guinea, and most importantly in Senegal. We will be looking to file our exploitation permits with the government so we can advance on the satellite deposits.

So what does this mean in conclusion? Is that, look, the business is well-funded to achieve its 500,000 ounce target by 2028. All of our projects are organic. We’re moving along the lines of progressing each of them. We’re continuing to build the relationships with each of the governments where we operate today. We know it’s complicated, but Resolute is focused on continuing to operate in West Africa. Like I said, we have a very small team of corporate officers based in London, whereas everybody else is based in West Africa. So with that, thank you very much. I’ll open it up to questions.

Any questions from our audience? Chris, Mali obviously has been a tough jurisdiction more recently. Can you just maybe talk about getting cash out of Mali and if there’s any impediments to that for your reinvestment program in Côte d’Ivoire?

No, it’s a good question. Look, one thing that people should note is the banking sector in Mali works very well because Mali is on the CFA. So in order to get cash out, we need quarterly board meetings, whereby effectively the financial accounts are approved by our board, and we control the board. Then we submit the paperwork to the banks, then we get our cash out. So it requires a few bureaucratic hoops to jump through, but we have not had any issues in getting cash out of the country.

And maybe with regard to your company, you’re in quite a number of jurisdictions in West Africa. Can you maybe talk about what’s favorable or not at different jurisdictions you’re working in and how being across multiple might help?

Yeah, look, we’re also focused on Francophone jurisdictions because there’s a lot of overlap, and you wouldn’t tell from my accent, but I speak fluent French as I grew up in France and my parents are Swiss. I would say what I look for is interaction with the governments and dialogue. There was a period of time in Mali where you just did not have a counterparty to speak to after the issues back in ’24. So I would say, look, whilst security is difficult in Mali, I am more positive on ability to get things done. Look, mining permits are starting to get issued, VAT is starting to be refunded.

So I would say my favorite obviously is Côte d’Ivoire. By far and away the best, they very much favor international mining companies. Senegal is tricky, but I would say the second best probably would favor Mali over Guinea from just my ability to interact with the government. But security is obviously a lot more complicated in Mali versus Guinea. But I think for us, we’re happy with those four. They have their pros and cons, but also they change over time, as we’ve seen. So we’ll have to continue to work it.

At this stage, I’d like to thank Chris for joining us. Thank you so much, Chris. Great. Thank you very much. Thank you. [applause]