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1 Q4 2024 and FY 2024 Activities Report ASX/LSE - RSG 30 January 2025
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2 Disclaimer This presentation contains information about Resolute Mining Limited (Resolute or the Company) and its activities that is current as at the date of this presentation unless otherwise stated. The information in this presentation remains subject to change without notice. This presentation has been prepared by Resolute and no party other than Resolute has authorised or caused the issue, lodgement, submission, despatch or provision of this presentation. The information in this presentation is general in nature and does not purport to be complete. This presentation is not a prospectus, disclosure document or other offering document under Australian law or under the laws of any other jurisdiction. This presentation is provided for information purposes and does not constitute an offer, invitation, inducement or recommendation to subscribe for or purchase securities in Resolute in any jurisdiction. The information contained in this presentation has been prepared in good faith by Resolute, however no guarantee, representation or warranty expressed or implied is or will be made by any person (including Resolute and its affiliates and their directors, officers, employees, associates, advisers and agents) as to the accuracy, reliability, correctness, completeness or adequacy of any statements, estimates, options, conclusions or other information contained in this presentation. To the maximum extent permitted by law, Resolute and its affiliates and their directors, officers, employees, associates, advisers and agents each expressly disclaims any and all liability, including, without limitation, any liability arising out of fault or negligence, for any loss or damage suffered by any person relating in any way to the use of or reliance on information contained in this presentation including, without limitation: from representations or warranties or in relation to the accuracy or completeness of the information contained within this presentation; from statements, opinions, forecasts, reports or other matters, express or implied, contained in, arising out of or derived from this presentation; or for omissions from this presentation including, without limitation, any financial information, any estimates, forecasts, or projections and any other financial information derived therefrom. This presentation does not constitute financial product advice, investment, legal, taxation or other advice and is not intended to be used or relied upon as the basis for making an investment decision. This presentation is not a recommendation to acquire Resolute securities and has been prepared without taking into account the investment objectives, taxation situation, financial situation or needs of individuals. Before making any investment decision in connection with any acquisition of Resolute securities, prospective investors should consider the appropriateness of the information having regard to their own objectives, tax situation, financial situation and needs and seek financial, legal and taxation advice appropriate to their jurisdiction. Past performance information given in this presentation is for illustrative purposes only and should not be relied upon as an indication of future performance. This presentation includes 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. Words such as ‘project’, ‘foresee’, ‘plan’, ‘expect’, ‘aim’, ‘intend’, ‘anticipate’, ‘believe’, ‘estimate’, ‘may’, ‘should’, ‘will’ and similar expressions are intended to identify forward-looking statements. Indications of, and guidance on, future earnings and financial position and performance are also forward- looking statements. Forward-looking statements are provided as a general guide only and should not be relied upon as an indication or guarantee of future performance. These statements are based upon a number of estimates and assumptions that, while considered reasonable by Resolute, are inherently subject to significant uncertainties and contingencies, many of which are outside the control of Resolute, involve known and unknown risks and uncertainties that could cause actual events or results to differ materially from estimated or anticipated events or results reflected in such forward looking statements on certain assumptions, which may prove to be incorrect. Actual results, performance, actions and developments of Resolute may differ materially from those expressed or implied by the forward-looking statements in this presentation. As an Australian company listed on the Australian Securities Exchange (ASX), Resolute is required to report Ore Reserves and Mineral Resources in Australia in accordance with the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code). Recipients should note that while Resolute’s Mineral Resource and Ore Reserve estimates comply with the JORC Code, they may not comply with relevant guidelines in other countries. For details of the Ore Reserves used in this announcement, please refer to the ASX announcement dated 8 March 2024 titled “Ore Reserves and Mineral Resource Statement”. The Company is not aware of any new information or data that materially affects the Mineral Resources and Ore Reserves as reported in those ASX The information in this announcement that relates to production targets of Resolute has been extracted from the report entitled ‘December 2023 Quarterly Activities Report and 2024 Guidance' announced on 31 January 2024 and are available to view on the Company’s website (www.rml.com.au) and www.asx.com (Resolute Production Announcement). For the purposes of ASX Listing Rule 5.19, Resolute confirms that all material assumptions underpinning the production target, or the forecast financial information derived from the production target, in the Resolute Production Announcement continue to apply and have not materially changed. This announcement contains estimates of Resolute’s mineral resources. The information in this Quarterly that relates to the mineral resources of Resolute has been extracted from reports entitled: ‘Ore Reserves and Mineral Resource Statement’ announced on 8 March 2024 and is available to view on Resolute’s website (www.rml.com.au) and www.asx.com (Resolute Announcement). ‘Maiden Mineral Resource at Tomboronkoto’ announced on 24 January 2024 and is available to view on Resolute’s website (www.rml.com.au) and www.asx.com. 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. Announcements and confirms that all material assumptions and technical parameters underpinning the estimates in those ASX Announcements continue to apply and have not materially changed. The form and context in which the Competent Persons’ findings are presented have not been materially modified from those ASX Announcements. All in Sustaining Cost (AISC) per ounce of gold produced are calculated in accordance with World Gold Council guidelines. These measures are included to assist investors to better understand the performance of the business. Cash cost per ounce of gold produced and AISC are non‐International Financial Reporting Standards financial information. An investment in Resolute is subject to known and unknown risks, some of which are beyond the control of Resolute, including possible loss of income and principal invested. Resolute does not guarantee any particular rate of return or the performance of Resolute, nor does it guarantee any particular tax treatment. Investors should have regard (amongst other things) to the risk factors outlined in this Presentation when making their investment decision. See the “Key Risks" section of this presentation for certain risks relating to an investment in Resolute. This presentation includes pro-forma financial information which is provided for illustrative purposes only and is not represented as being indicative of Resolute (or anyone else's) views on Resolute's future financial position or performance. A number of figures, amounts, percentages, estimates, calculations of value and fractions in this presentation are subject to the effect of rounding. Accordingly, the actual calculation of these figures may differ from the figures set out in this presentation. Resolute’s production guidance for 2025 is 275,000-300,000 oz at an All-in Sustaining Cost (AISC) of $1,650-1,750/oz. All dollar values are in United States dollars ($) unless otherwise stated. This presentation has been authorised for release by Acting Chief Executive Officer, Mr. Chris Eger.
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3 Key Investment Highlights › Established Multi-Asset Gold Producer › High-Quality Portfolio with Growth Potential Up to 300koz of annual production from two existing mines in multiple jurisdictions generating robust cash flows › Exciting Exploration Pipeline Syama’s resource base has potential to underpin a higher production level in addition to mine life extension at Mako › Compelling Valuation Metrics Interesting value proposition. Healthy cash flow yield and attractive EV/EBITDA and P/NAV metrics Material resource expansion demonstrated in Senegal and Guinea with further growth opportunities in Ivory Coast › Solid Balance Sheet Net liquidity over $100 million to invest in organic growth projects and M&A Positive free cashflow projected over next few years 3
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4 Q4 2024 and Full-Year 2024 Highlights Notable full year operating cash flow generation Healthy FY 2024 gold production of 340 koz at AISC of $1,476/oz 1. Unaudited financial figures 34,707 41,930 42,878 43,863 13,752 13,669 10,113 15,021 27,892 35,188 32,052 28,803 76,351 90,787 85,043 87,687 - 200 400 600 800 1,000 1,200 1,400 1,600 1,800 - 20,000 40,000 60,000 80,000 100,000 Q1 2024 Q2 2024 Q3 2024 Q4 2024 AISC $/ozOunces Syama Sulphide Syama Oxide Mako AISC FY 2024 operating cash flow of approximately $250 million and EBITDA1 of $310 million Net cash position of $66.3 million at 31 December 2024 with liquidity over $100 million Impressive TRIFR of 2.11 at end of 2024 compared to ICMM average of 2.6 Production (koz) Group AISC ($/oz) Capital Expenditure (excl. exploration, $m) 340 345 365 2024 Guidance Range 1,4761,300 1,400 96 105 130
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5 Operational Overview
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6 Syama Operational Highlights Produced 8% more gold (163.4 koz) than prior year due to 6% higher milled tonnage Sulphide mill circuit availability increased from 86% in H1 to 95% in H2 Sulphide Operation FY 2024 AISC at Syama of $1,497/oz and within guidance ($1,400-1,500/oz) despite c. $70/oz impact of new royalty regime Total 2024 capital expenditure of $81 million (below guidance $90-110 million) consisting of $55.5 million and $25.5 million of non-sustaining and sustaining capital In 2024 Syama performed extremely well producing 216koz and exceeding guidance (205-215koz) 13,752 13,669 10,113 15,021 1.31 1.32 1.06 1.27 - 0.20 0.40 0.60 0.80 1.00 1.20 1.40 - 2,000 4,000 6,000 8,000 10,000 12,000 14,000 16,000 18,000 20,000 Q1 Actual Q2 Actual Q3 Actual Q4 Actual Oxide Gold Poured (oz) Gold Production Head Grade 34,707 41,930 42,878 43,863 2.65 2.75 2.63 2.55 2.00 2.10 2.20 2.30 2.40 2.50 2.60 2.70 2.80 - 10,000 20,000 30,000 40,000 50,000 60,000 70,000 Q1 Actual Q2 Actual Q3 Actual Q4 Actual Sulphide Gold Poured (oz) Gold Production Head Grade Oxide Operation Produced 12% less gold (52.6 koz) than prior year due to lower head grade Strong Q4 production due to higher mined grades from the Samogo and Tellem pits that were accessed after the rainy season
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7 Mali Overview Resolute remains committed to Mali and all its stakeholders o Signed Protocol in Q4 o Protocol sets framework for continued discussions with the Malian Government and provides that all outstanding claims prior to 31 December 2023 are settled o Resolute made settlement payments totalling $160 million to the Government o Due to these developments mine sequencing at Syama has been optimised for near and medium- term cash generation o Signing of protocol allows Resolute to rebuild relationship and continue to receive VAT refunds o Overall impact of the 2023 Mining Code is expected to increase AISC by approximately $250/oz from historical targeted AISC levels of $1,450/oz
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8 Syama Sulphide Conversion Project Update Major progress made on the SSCP during 2024 Project to increase overall sulphide processing capacity from 2.4Mtpa to 4.0Mtpa Supports long-term future of Syama as oxide resources deplete and the ore sources become predominantly sulphide Retains ability to switch processing plant back to treat oxide ore Secondary crusher and sulphide stockpile feed conveyor areas Ball mill and flotation areas under construction Project has no LTIs after approximately 453,000 person-hours worked until the end of 2024 $31.9 million of capital expenditure in 2024 with key activities including: Key procurement and civils effectively completed as well as installation of both crushers Long lead items delivered to site including the ball mills and flotation cell
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9 Mako Operational Highlights Produced 124koz and was impacted by lower-than-expected grades and heavy rains 27,892 35,188 32,052 28,803 1.73 2.15 1.89 1.69 - 0.50 1.00 1.50 2.00 2.50 - 5,000 10,000 15,000 20,000 25,000 30,000 35,000 40,000 45,000 50,000 Q1 Actual Q2 Actual Q3 Actual Q4 Actual Mako Gold Poured (oz) Gold Production Head Grade Production of 124 koz was under guidance (140-150koz) due to lower-than-expected grades and impacts of heavy rainy reason Strong mill availability throughout 2024 increasing from 93% in H1 to 97% in H2 Q4 operations continued to be impacted by the heavy rain experienced in Q3 AISC of $1,244/oz in 2024 was above guidance ($1,100 - 1,200/oz) due to lower production levels 2024 capital expenditure of $15.2 million (in-line with $15-20 million guidance), consisting of $11.5 million and $3.7 million of non-sustaining and sustaining capital respectively View of the Mako open pit with backfilling in progress
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10 2024 Exploration Summary Exploration expenditure of $20 million exceeded guidance ($16-18 million) as Tomboronkoto and Bantaco drilling was expedited Signed Joint Ventures over Bantaco (located 20km from Mako plant) in Senegal and La Debo in Ivory Coast New Resources in Senegal, Guinea and Ivory Coast Mansala Initial MRE • Resolute’s first resource in Guinea • Inferred MRE of 6.6Mt grading 1.6 g/t Au for 343 koz (1 g/t cut-off) Ivory Coast JV • Project has a historic NI 43-101 compliant Inferred MRE of 400 koz at 1.3 g/t Au (0.3 g/t cut-off)
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11 Tomboronkoto Located 20km from the Mako and has potential to extend the mine life $4.5 million spent in 2024 on expansion and infill drilling programs that converted Updated Mineral Resource of over 570 koz of which 87% is classified in the Indicated category Key satellite deposit to extend the Mako mine Tomboronkoto Mineral Resource (0.5g/t Au cut-off) At December 2023 At August 2024 Tonnes (Mt) Grade (g/t Au) Ounces (Koz Au) Tonnes (Mt) Grade (g/t Au) Ounces (Koz Au) Inferred 10.2 1.2 403 2.3 1.0 75 Indicated - - - 13.2 1.2 496 Total 10.2 1.2 403 15.5 1.1 571 Drilling will continue in 2025 to support studies
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12 Financials
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13 149 161 311 651 631 800 0 100 200 300 400 500 600 700 800 900 2022 2023 2024 EBITDA Revenue Financial Results Annual Revenues and EBITDA ($m) A strong year both operationally and financially Gold Sales (oz) and Price Financial Highlights 43,100 56,330 57,889 57,268 25,900 31,991 37,353 25,877 $1,950/oz $2,342/oz $2,493/oz $2,659/oz $1, 000/ oz $2, 000/ oz - 20,000 40,000 60,000 80,000 100,000 120,000 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Syama Mako Average Realised Price QUARTER ENDED FULL YEAR ENDED Unit 31 Dec 2024 30 Sept 2024 % Change 31 Dec 2024 31 Dec 2023 % Change Gold production oz 88 85 + 3% 340 331 + 3% Gold sales oz 83 95 - 13% 336 329 + 2% Realised gold price $/oz 2,659 2,493 + 7% 2,383 1,920 + 24% Gold Revenue $'m 221 237 - 7% 800 631 + 27% All-in Sustaining cost $/oz 1,568 1,452 + 8% 1,476 1,470 + 0% EBITDA $'m 86 108 - 20% 311 161 + 93% Operating cash flow $'m 61 61 - 0% 249 144 + 73% Capital Expenditure $'m 25 27 - 5% 96 64 + 50%
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14 Financial Highlights Exceptional cash flow generation in 2024 Full-year 2024 Highlights1: Operating cash flow of approximately $250 million in 2024 Capital and exploration expenditure of $117 million at low end of guidance ($115-145 million) due to deferral of $24 million SSCP expenditure Working capital cash inflow of $37 million due to ongoing initiatives Cash and bullion of $101 million at 31 December 2024 Balance sheet remains healthy available liquidity of over $100 million 1 Unaudited 85 249 (117) 37 (26) 34 (160) 101 Cash & Bullion 1 Jan 24 Operating Cash Flows Capex & Exploration Spend Working Capital Debt Repayments Ravenswood payment Mali settlement Cash & Bullion 31 Dec 24 2024 Cashflows ($m)
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15 2025 Guidance
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16 2025 Perspectives Syama production guidance of 195-210koz at an AISC of $1,700-1,800/oz impacted by the 2023 Mining Code adding approx. $250/oz of additional costs $85-95 million of total capital expenditure including $30 million of non-sustaining capital expenditure expected on the SSCP Medium Term Perspectives SSCP completion in H1 2026 once oxides are depleted Gold production expected to be at similar levels as processing of high-grade ore from Syama North is offset by decreasing grades forecasted in the sub-level cave Operating costs expected to remain at higher levels due to Mining Code Syama Guidance Revised SSCP schedule to maximise near to medium-term cash flows 2025 Production (koz) 0 50 100 150 200 250 300 350 400 450 Sulphide Oxide Total 150 – 160 45 – 50 195 – 210 0 20 40 60 80 100 120 140 160 180 200 Non-Sustaining Sustaining Total 2025 Capital Expenditure ($m) 40 - 45 85 - 95 45 - 50
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17 Syama Sulphide Conversion Project Revised schedule to optimise near-term cash flows by processing the remaining oxides throughout 2025 2025 Plan ($30m capital expenditure): Complete all civil works for the entire SSCP and roaster circuit Commence construction of the remaining parts of the SSCP plant (ball mill, secondary crusher, CCIL tanks, stockpile tunnel, conveyors, roaster upgrades) 2026 Plan ($35m capital expenditure): The ball mill installation and completion of the secondary crusher circuit and stockpile area is planned for H1 2026 Throughput of sulphide ore will be ramped up from Q2 2026 Aerial view of the SSCP construction area Construction to continue throughout 2025 Ball mill and flotation area Crushing and stockpile area
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18 0 2 4 6 8 10 12 Non-Sustaining Sustaining Total 0 20 40 60 80 100 120 140 160 180 H1 H2 Total Mako Guidance Open pit mining operations to end mid-2025 50 – 55 30 – 35 80 – 90 2025 Production (koz) 2025 Capital Expenditure ($m) 0 4 - 6 4 - 6 2025 Perspectives Forecast production of 80-90 koz at an AISC of $1,300-1,400/oz Open pit mining to cease in June and lower production expected in H2 as stockpile processing commences from July Medium Term Perspectives From Q1 2026 to H2 2027 Mako is forecast to produce approximately 4-5 koz per month, as 0.9g/t stockpile material is processed With no associated mining costs AISC levels expected to be stable from 2025 until end of 2027 Resolute is working towards extending the life at Mako through the development of the Tomboronkoto and Bantaco satellite deposits
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19 Administration and other corporate expenditure of $25 million (equivalent to c. $90/oz AISC) 2025 exploration budget of $20-25 million split approximately $9 million, $3 million and $3 million for Senegal, Ivory Coast and Mali respectively In Senegal approx. $5 million has been allocated to Bantaco exploration Planned Updates in 2025 Updated Reserves and Resources Statement in Q1 Bantaco and La Debo Resource updates in Q3 Exploration & Corporate Guidance Resolute continues to invest heavily in its exploration pipeline
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20 In 2025 $4-6 million allocated for completing necessary studies including village relocation, TSF design and technical studies Current estimate for development capital expenditure for the Project is between $80-100 million primarily consisting of village relocation/resettlement, road diversion, new TSF construction and plant modifications Proposed Tomboronkoto Timeline: Tomboronkoto Plan Progressing Tomboronkoto is key for mine-life extension at Mako Oct-24 Jan-25 Apr-25 Jul-25 Sep-25 Dec-25 Mar-26 Jun-26 Sep-26 Dec-26 Mar-27 Jun-27 Sep-27 Dec-27 Technical Studies FEED Permitting and Licensing Relocation and Road Diversion Tomboronkoto Mining Mako Mining Mako Stockpile Processing
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21 0 50 100 150 200 250 Syama Mako Exploration Group 0 500 1000 1500 2000 2500 3000 3500 4000 Syama Mako Group 0 100 200 300 400 500 600 700 Syama Mako Group Group production of 275-300koz at AISC $1,650-1,750/oz anticipated to generate in excess of $100m of cash flow in the current gold price environment Group AISC c. $250/oz higher than 2024 due to Mining Code impact at Syama 2025 exploration budget is focused on resource definition at Bantaco (Senegal) and resource expansion La Debo (Ivory Coast) Group Guidance Strong cash generation expected despite lower production ounces in 2025 195 – 210 80 – 90 275 – 300 2025 Production (koz) 2025 AISC ($/oz) 2025 Capital Expenditure ($m) 1,700 – 1,800 1,300 – 1,400 1,650 – 1,750 85 - 95 4 - 6 20 - 25 109 - 126
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22 Key Resolute Highlights • A multi-asset producer with attractive growth profile across all assets • Portfolio of high-quality gold assets in four jurisdictions across West Africa • Strong net cash position and liquidity profile to fund opportunistic growth propositions • Impressive free cash flow generation • Stabilising relationship with Government in Mali providing foundation to build value at Syama • Compelling valuation metrics providing a platform for shareholder returns
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23 www.rml.com.au