Appendix 4E & Preliminary Final Report
Results for Announcement to Market
The reporting period is the year ended 31 December 2023 with the corresponding reporting period being for the year ended 31 December 2022. Unless otherwise stated, all dollar figures are United States dollars ($).
|
|
|
|
|
12 months ended 31 December 2023 |
12 months ended 31 December 2022 |
|
|
|
|
|
|
|
||
|
|
|
|
|
$'000 |
$'000 |
|
|
Revenue from ordinary activities |
Down Up Up |
3% 427% 328% |
to to to |
631,074 182,719 145,813 |
651,129 |
|
|
Profit/(Loss) for the period |
(34,665) (34,083) |
|||||
|
Profit/(Loss) after tax attributable to members |
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amount per security |
Franked amount per security |
||||
|
Dividends |
||||||
|
Final dividend (per share) |
N/A |
N/A |
||||
|
Record date for determining entitlements to the final dividend |
N/A |
N/A |
||||
|
Payment date for the final dividend |
N/A |
N/A |
||||
|
Franking |
0% franked |
|||||
|
It is not proposed to pay any dividends |
||||||
|
|
12 months ended 31 December 2023 |
12 months ended 31 December 2022 |
|
|
$'000 |
$'000 |
|
|
|
|
|
Net tangible assets backing (per share)1 |
0.26 |
0.22 |
|
|
|
|
1. Net tangible assets excludes right of use assets from the reported net assets in the statement of financial position.
The financial statements are in the process of being audited. The statutory accounts for the year ended 31 December 2023 are expected to be finalised on the basis of the financial information presented by the Directors in this preliminary announcement and signed following approval by the Board of Directors. The financial information contained in this announcement does not constitute statutory accounts for the year ended 31 December 2023.
29 February 2024
2023 Preliminary Financial Results
Resolute Mining Limited (Resolute, the Company or the Group) (ASX/LSE: RSG), is pleased to present its Preliminary Financial Results for the year ended 31 December 2023.
 |
Highlights
· Group 2023 revenue of $631.1 million ($651.1 million in 2022) from gold sales of 329,061 oz sold at an average price of approximately $1,920/oz (2022: $1,819/oz).
· Group 2023 EBITDA1 of $161.6 million ($148.1 million in 2022) driven by higher gold price and lower costs with a Group All-In Sustaining Cost1 (AISC) of $1,470/oz (2022: $1,498/oz).
· Net Cash1 of $14.0 million (up from net debt of $31.6 million at the end of 2022).
· 2024 Group production guidance remains between 345,000 - 365,000 oz at an AISC of $1,300 -1,400/oz as per the January 31st announcement.
· 2024 Group capital expenditure guidance remains between $115-145 million split between Syama, Mako and Exploration of $90-110 million, $15-20 million, and $10-15 million respectively, as per the January 31st announcement.
Note: Unless otherwise stated, all dollar figures are United States dollars ($).
1 This is a non-GAAP measure with no standard meaning under IFRS.
Terry Holohan, CEO and Managing Director, commented,
"In 2023 we returned to profitability showing the results of our ongoing business turnaround. During the year we became cash positive, declared a maiden Ore Reserve at Syama North and approved the first phase of expansion at Syama.
Resolute achieved an EBITDA of $161.6 million, 9% higher than in 2022, driven by higher gold prices and lower operating costs across both sites thanks to our ongoing cost saving initiatives. We also managed to continue strengthening the balance sheet with net debt being reduced by $45.6 million resulting in a net cash position of $14.0 million by the end of 2023.
Our key focus for 2024 is to continue the sustainable reduction in costs across the Group, deliver the Syama Phase I Expansion and progress a near-mine satellite resource to extend the Mako mine beyond 2026."
Resolute will be releasing full year audited financial results by the end of the first quarter according to reporting standards. The audited financial results with be released alongside our 2023 Annual Report.
Summary Financial Performance Overview
The reporting period is the year ended 31 December 2023 with the corresponding reporting period being for the year ended 31 December 2022. Unless otherwise stated, all dollar figures are United States dollars ($).
The financial performance of Resolute for the year ended 31 December 2023 is summarised below:
|
$'000 |
2023 Group |
2022 Group |
|
Revenue |
631,074 |
651,129 |
|
Cost of sales excluding depreciation and amortisation |
(399,353) |
(433,924) |
|
Royalties and other operating expenses |
(36,313) |
(39,574) |
|
Administration and other corporate expenses |
(19,055) |
(14,393) |
|
Exploration expenses |
(14,720) |
(14,615) |
|
EBITDA |
161,633 |
148,166 |
|
Depreciation and amortisation |
(76,345) |
(85,894) |
|
Net interest and finance costs |
(11,176) |
(15,273) |
|
Inventories NRV movements and obsolete consumables |
7,611 |
(36,077) |
|
Fair value movements and treasury transactions |
83,711 |
(14,822) |
|
Other income/(expense) |
22,555 |
(10,662) |
|
Net profit before tax |
187,989 |
(14,105) |
|
Income tax expense |
(5,270) |
(20,560) |
|
Reported net profit after tax |
182,719 |
(34,665) |
Amounts presented above are aggregate balances of certain line items presented in the Consolidated Statement of Comprehensive Income.
1 This is a non-GAAP measure with no standard meaning under IFRS.
Group Revenue of $631.1 million in 2023 was 3% lower than the comparative period as the increase in the average realised gold price of $1,920/oz (2022: $1,819/oz) was offset by an expected decrease in gold sales of 329,061oz compared to prior year (357,447oz).
Cost of sales excluding depreciation and amortisation decreased to $399.4 million compared to $433.9 million in 2022. This is due to our ongoing cost reduction initiatives as well as the reversal of historic provisions related to the tax exoneration timing dispute in Senegal resulting in a onetime non-cash benefit of $16.4 million.
Administration and other corporate expenses were higher in 2023 due to one-off expenses because of the relocation of select back-office support functions from Perth, Australia to London, United Kingdom to align time zones with operations.
Group EBITDA of $161.6 million in 2023 was a 9% improvement on the comparative period driven by a significant decrease in cost of sales as well as the one-time non-cash benefit of $16.4 million relating to the reversal of historic tax provisions in Senegal. The EBITDA of $161.6 million is lower than the reported EBITDA from January 31st announcement by approximately $3.4 million as a result of refinement of inventory calculations.
Net interest and finance expenses decreased in 2023 to $11.2 million (2022: $15.3 million) due to reduced debt levels relative to 2022. During 2023 Resolute made $55.0 million in principal repayments ($30.0 million and $25.0 million in Q1 and Q3 respectively). $25.0 million remains outstanding on the Term Loan portion of the Syndicated Facility Agreement and is due to be paid in March 2024.
Other income of $22.5 million has increased from a $10.6 million expense in 2022 due to an $23.5 million increase due to related to the deferred contingent consideration receivable relating to the sale of Ravenswood, as all related performance hurdles are expected to be met prior to the milestone period.
Fair value movements and treasury transactions were $83.7 million in 2023 mainly due to unrealised foreign exchange gains associated with intercompany loans.
Liquidity Summary
Net cash at 31 December 2023 of $14.0 million. This represents a $45.6 million reduction from the $31.6 million net debt position at the end of 2022.
Available liquidity of $165.2 ($158.0 million in the prior quarter) includes cash and gold sales receivable of $67.6 million, bullion of $17.6 million, and the undrawn RCF of $80.0 million. Total borrowings at 31 December 2023 were $71.2 million, comprising $25.0 million on the Term Loan Facility and $46.2 million on the overdraft facilities in Mali.
2023 Operational Review
In 2023, a total of 330,994 ounces (oz) of gold were produced (poured) at an AISC of $1,469/oz with total gold sales of 329,061oz at an average realised price of $1,920/oz. Further details by operation are provided below.
Syama Gold Mine, Mali
From the sulphide operation 151,256 oz of gold was poured in 2023 which was 6% lower than the prior year despite the similar mining and milling metrics. Gold production in 2022 was positively impacted by over 21koz of residual gold (GIC) processed from legacy ponds containing high-grade sulphide concentrate material which had been largely exhausted by Q2 2023. The approximate AISC at the Syama Sulphide of $1,390/oz for 2023 was 1% lower than in 2022 ($1,410/oz) despite 10koz fewer ounces being produced and 21 koz being released from GIC in 2022. The decrease in AISC in 2023 is attributed to the ongoing cost saving initiatives.
From the oxide operation in 2023 59,891 oz of gold was poured, marginally below what was achieved in 2022 (62,165oz). In 2023 the oxide operation saw an increase in tonnes processed due to improvements in the crushing and milling circuits and the softer nature of the material processed. The decreased oxide recovery from 2022 was due to pockets of 'transitional' ores being processed in Q2 2023 from the final cuts in the Tabakoroni pits containing marginally higher levels of organic carbon. The approximate AISC for Syama Oxide in 2023 of $1,631/oz was 9% lower than in 2022 ($1,801/oz), despite lower ounces produced, due to the ongoing cost saving initiatives.
Mako Gold Mine, Senegal
Production of 119,847oz was above the 117,000 oz guidance. Lower gold production was expected in 2023 due to the major focus on waste stripping. Stage 6 was completed in Q4 and mining of higher-grade Stage 7 ore commenced in Q4 as did in-pit dumping of waste approximately three months ahead of schedule, having a positive impact on costs going forward. The approximate 2023 AISC of $1,373/oz was below guidance of $1,470/oz due to cost improvements.
Consolidated Statement of Comprehensive Income
for the year ended 31 December 2023
|
$'000 |
Note |
2023 |
2022 |
|
|
|
|
|
|
Revenue from contracts with customers for gold and silver sales |
1 |
631,074 |
651,129 |
|
Costs of production |
1 |
(399,353) |
(433,924) |
|
Gross profit |
|
231,721 |
217,205 |
|
|
|
|
|
|
Depreciation and amortisation |
1 |
(76,345) |
(85,894) |
|
Royalties |
1 |
(36,313) |
(39,574) |
|
Gross profit from operations |
|
119,063 |
91,737 |
|
|
|
|
|
|
Interest income |
1 |
1,988 |
5,513 |
|
Other income |
1 |
23,527 |
4,549 |
|
Exploration expense |
1 |
(14,720) |
(14,615) |
|
Administration and other corporate expenses |
1 |
(19,055) |
(14,393) |
|
Share based payments expense |
1 |
(605) |
(457) |
|
Fair value movements and treasury transactions |
1 |
83,711 |
(14,822) |
|
Inventories net realisable value movements and obsolete consumables |
1 |
7,611 |
(36,077) |
|
Finance costs |
1 |
(13,164) |
(20,786) |
|
Share of associates' gain/losses |
1 |
- |
(1,305) |
|
Indirect tax expense |
1 |
(367) |
(13,449) |
|
Profit/(loss) before tax from operations |
|
187,989 |
(14,105) |
|
|
|
|
|
|
Tax expense |
1 |
(5,270) |
(20,560) |
|
Profit/(loss) for the year from operations |
|
182,719 |
(34,665) |
|
|
|
|
|
|
Gain/(loss) attributable to: |
|
|
|
|
Members of the parent |
|
145,813 36,906 |
(34,083) (582) |
|
Non-controlling interest |
|
||
|
|
|
182,719 |
(34,665) |
Consolidated Statement of Comprehensive Income (continued)
for the year ended 31 December 2023
|
$'000 |
Note |
2023 |
2022 |
|
Profit/(loss) for the year (brought forward) |
|
182,719 |
(21,333) |
|
Other comprehensive income/(loss) |
|
|
|
|
Exchange differences on translation of foreign operations:
- Members of the parent - Non-controlling interest |
|
|
|
|
|
(64,942) (16,321) |
(18,167) 4,507 |
|
|
|
|||
|
Changes in the fair value/realisation of financial assets at fair value through other comprehensive income, net of tax |
|
(397) |
(717) |
|
Other comprehensive loss for the year, net of tax |
|
(81,660) |
(14,377) |
|
|
|
|
|
|
Total comprehensive income/(loss) for the year |
|
101,059 |
(35,710) |
|
Total comprehensive (loss)/gain attributable to: |
|
|
|
|
Members of the parent |
|
80,754 |
(52,967) |
|
Non-controlling interest |
|
20,305 |
3,925 |
|
|
|
101,059 |
(49,042) |
|
Loss per share for net loss attributable for continuing operations to the ordinary equity holders of the parent: |
|
cents |
cents |
|
Basic loss per share |
3 |
6.85 |
(2.85) |
|
Diluted loss per share |
3 |
6.85 |
(2.85) |
Consolidated Statement of Financial Position
for the year ended 31 December 2023
|
$'000 |
Note |
2023 |
2022 |
|
Current assets |
|
|
|
|
Cash |
4 |
59,769 |
80,873 |
|
Other financial assets - restricted cash |
|
1,412 |
1,406 |
|
Receivables |
5 |
85,254 |
48,793 |
|
Inventories |
8 |
147,438 |
146,430 |
|
Income tax asset |
|
7,317 |
- |
|
Prepayments and other assets |
|
12,433 |
11,141 |
|
Total current assets |
|
313,623 |
288,643 |
|
Non-current assets |
|
|
|
|
Income tax asset |
|
1,810 |
10,545 |
|
Inventories |
8 |
50,767 |
42,434 |
|
Evaluation and development assets |
|
197,699 |
225,606 |
|
Property, plant and equipment |
|
254,460 |
234,461 |
|
Other financial assets |
|
34,089 |
53,651 |
|
Right of use assets |
|
10,096 |
13,453 |
|
Total non current assets |
|
548,921 |
580,150 |
|
Total assets |
|
862,544 |
868,793 |
|
Current liabilities |
|
|
|
|
Payables |
|
58,722 |
63,700 |
|
Financial liabilities |
6 |
73,866
|
97,180 |
|
Provisions |
9 |
58,529 |
100,377 |
|
Lease liabilities |
|
3,069 |
3,373 |
|
Current tax liabilities |
|
5,233 |
19,107 |
|
Total current liabilities |
|
199,419 |
283,793 |
|
Non current liabilities |
|
|
|
|
Provisions Financial liabilities Lease liabilities |
9 |
82,710 - 9,625 |
71,544 29,482 12,536 |
|
|
|||
|
|
|||
|
Total non current liabilities |
|
92,335 |
113,562 |
|
Total liabilities |
|
291,754 |
397,299 |
|
Net assets |
|
570,790 |
471,494 |
|
|
|
|
|
|
Equity attributable to equity holders of the parent |
|
|
|
|
Contributed equity |
|
882,731 |
882,731 |
|
Reserves |
|
(89,059) |
(21,956) |
|
Retained earnings |
|
(171,528) |
(317,341) |
|
Total equity attributable to equity holders of the parent |
|
622,144 |
543,434 |
|
Non-controlling interest |
|
(51,354) |
(71,940) |
|
Total equity |
|
570,790 |
471,494 |
The above consolidated statement of financial position should be read in conjunction with the accompanying notes.
Consolidated Statement of Changes in Equity
for the year ended 31 December 2023
|
$'000 |
Contributed equity |
Net unrealised gain/(loss) reserve |
Convertible notes/ Share options equity reserve |
Non-controlling interests reserve |
Employee equity benefits reserve |
Foreign currency translation reserve |
Retained earnings/ (accumulated losses)
|
Non-controlling interest |
Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At 1 January 2023 |
882,731 |
(9,348) |
4,876 |
(724) |
20,477 |
(37,207) |
(317,341) |
(71,940) |
471,494 |
|
|
Profit for the year |
- |
- |
- |
- |
- |
- |
145,813 |
36,906 |
182,719 |
|
|
Other comprehensive (loss)/income, net of tax |
- |
(398) |
(555) |
88 |
- |
(64,475) |
- |
(16,321) |
(81,661) |
|
|
Total comprehensive (loss) |
- |
(398) |
(555) |
88 |
- |
(64,475)
|
145,813
|
20,586
|
572,553
|
|
|
/Income for the year, net of tax |
||||||||||
|
Shares issued (net of cost) |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
|
Dividends paid |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
|
Share based payments expense |
- |
- |
- |
- |
(1,763) |
- |
- |
- |
(1,763) |
|
|
At 31 December 2023 |
882,731 |
(9,745) |
4,321 |
(636) |
18,684 |
(101,682) |
(171,528) |
(51,534) |
570,790 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At 1 January 2022 |
777,021 |
(8,631) |
4,876 |
(724) |
19,813 |
(19,040) |
(283,258) |
(71,467) |
418,590 |
|
|
Loss for the year |
- |
- |
- |
- |
- |
- |
(34,083) |
(582) |
(34,665) |
|
|
Other comprehensive (loss)/income, net of tax |
- |
(717) |
- |
- |
- |
(18,167) |
- |
4,507 |
(13,508) |
|
|
Total comprehensive (loss) |
- |
(717) |
- |
- |
- |
(18,167) |
(34,083) |
3,925 |
(48,173) |
|
|
/income for the year, net of tax |
||||||||||
|
Shares issued (net of cost) |
105,710 |
- |
- |
- |
- |
- |
- |
- |
105,710 |
|
|
Dividends paid |
- |
- |
- |
- |
- |
- |
- |
(4,398) |
(4,398) |
|
|
Share based payments expense |
- |
- |
- |
- |
634 |
- |
- |
- |
(235) |
|
|
At 31 December 2022 |
882,731 |
(9,348) |
4,876 |
(724) |
20,447 |
(37,207) |
(317,341) |
(71,940) |
471,494 |
Consolidated Cash Flow Statement
for the year ended 31 December 2023
|
$'000 |
Note |
2023 |
2022 |
|
Cash flows from operating activities |
|
|
|
|
Receipts from customers |
|
632,444 |
650,591 |
|
Payments to suppliers, employees and others |
|
(483,689) |
(524,706) |
|
Exploration expenditure |
|
(4,650) |
(10,745) |
|
Interest paid |
|
(12,279) |
(16,619) |
|
Interest received |
|
519 |
214 |
|
Indirect tax receipts/ (payments) |
|
(374) |
164 |
|
Income tax paid |
|
(9,285) |
(7,994) |
|
Net cash flows from operating activities |
|
122,686 |
90,906 |
|
Cash flows used in investing activities |
|
|
|
|
Payments for property, plant & equipment |
|
(27,264) |
(35,811) |
|
Payments for development activities |
|
(40,299) |
(27,602) |
|
Payments for evaluation activities |
|
(4,234) |
(4,372) |
|
Proceeds from sale of asset |
|
3,621 |
19,148 |
|
Proceeds relating to asset held for sale |
|
- |
60,000 |
|
Proceeds from investment in associate |
|
- |
4,534 |
|
Other investing activities |
|
(725) |
(725) |
|
Net cash flows from/(used in) investing activities |
(68,901) |
15,172 |
|
|
Cash flows from financing activities |
|
|
|
|
Repayment of borrowings |
|
(55,000) |
(195,000) |
|
Proceeds from issuing ordinary shares |
|
- |
110,289 |
|
Payments for share issue costs |
|
- |
(4,579) |
|
Dividends paid to non-controlling interest |
|
- |
(5,089) |
|
Repayment of principal portion of lease liability |
|
(2,354) |
(3,457) |
|
Net cash flows used in financing activities |
(57,354) |
(97,837) |
|
|
|
|
|
|
|
Net increase/(decrease) in cash and cash equivalents |
(3,569) |
8,240 |
|
|
Cash and cash equivalents at the beginning of the year |
|
35,459 |
55,226 |
|
Exchange rate adjustment |
|
(2,198) |
(542) |
|
Cash and cash equivalents at the end of the year |
29,692 |
35,459 |
|
|
Cash and cash equivalents comprise the following: |
|
|
|
|
Cash at bank and on hand |
4 |
59,769 |
80,873 |
|
Bank overdraft |
4 |
(30,077) |
(45,414) |
|
Cash and cash equivalents at the end of the year |
29,692 |
35,459 |
|
The above consolidated cash flow statement should be read in conjunction with the accompanying notes
About this Report
The preliminary final report of Resolute Mining Limited and its subsidiaries ("Resolute" or the "Group") for the year ended 31 December 2023 was authorised for issue in accordance with a resolution of directors.
Resolute Mining Limited (the parent) is a for profit company limited by shares incorporated and domiciled in Australia whose shares are publicly traded on the Australian Securities Exchange and the London Stock Exchange.
Basis of Preparation
This report is based on accounts that are in the process of being audited.
This report does not include all the notes normally included in an Annual Financial Report. Accordingly, this report is to be read in conjunction with the financial report for the year ended 31 December 2022 and any public announcements made by Resolute during the reporting period in accordance with the continuous disclosure requirements of the Corporations Act 2001.
Presentation Currency and Rounding of Amounts
The Financial Report has been prepared in United States dollars and all values are rounded to the nearest thousand dollars ($'000) unless otherwise stated.
1 Segment revenues and expenses
|
31 December 2023 $'000 |
Mako (Senegal) |
Syama (Mali) |
Corporate/ Other (b) |
Total |
|
|
|
Revenue |
|
|
|
|
|
|
|
Gold and silver sales at spot to external customers (a) |
229,505 |
401,568 |
- |
631,074 |
|
|
|
Costs of production |
(136,519) |
(261,163) |
(1,671) |
(399,353) |
|
|
|
Segment gross profit |
92,986 |
140,405 |
(1,671) |
231,721 |
|
|
|
Depreciation and amortisation |
(41,125) |
(32,788) |
(2,432) |
(76,345) |
|
|
|
Royalties |
(11,475) |
(24,066) |
(772) |
(36,313) |
|
|
|
Segment gross profit from operations |
40,386 |
83,551 |
(4,875) |
119,063 |
|
|
|
Interest income |
2,384 |
22 |
(418) |
1,988 |
|
|
|
Other (expense)/income |
(24) |
(140) |
23,691 |
23,527 |
|
|
|
Exploration expense |
(4,455) |
(7,832) |
(2,433) |
(14,720) |
|
|
|
Administration and corporate expenses |
- |
- |
(19,055) |
(19,055) |
|
|
|
Share based payment expenses |
- |
- |
(605) |
(605) |
|
|
|
Fair value movements and treasury transactions |
(1,968) |
90,682 |
(5,003) |
83,711 |
|
|
|
Inventories net realisable value movements and obsolete consumables |
3 |
7,608 |
- |
7,611 |
|
|
|
Finance costs |
(6,727) |
(5,062) |
(1,375) |
(13,164) |
|
|
|
Indirect tax expense |
- |
(363) |
(4) |
(367) |
|
|
|
Segment profit/(loss) before tax from operations |
29,599 |
168,466 |
(10,077) |
187,989 |
|
|
|
Income tax recovery/(expense) |
12,454 |
(17,718) |
(6) |
(5,270) |
|
|
|
Profit/(loss) for the 12 months to 31 December 2022 |
42,053 |
150,748 |
(10,083) |
182,719 |
|
|
1 Segment revenues and expenses (continued)
|
31 December 2022 $'000 |
Mako (Senegal) |
Syama (Mali) |
Corporate/ Other |
Total |
|
|||
|
Revenue |
|
|
|
|
|
|||
|
Gold and silver sales at spot to external customers (a) |
236,760 |
414,369 |
- |
651,129 |
|
|||
|
Costs of production |
(148,017) |
(285,907) |
- |
(433,924) |
|
|||
|
Segment gross profit |
88,743 |
128,462 |
- |
217,205 |
|
|||
|
Depreciation and amortization |
(42,673) |
(19,707) |
(2,013) |
(85,894) |
|
|||
|
Royalties |
(11,838) |
(27,736) |
- |
(39,574) |
|
|||
|
Segment gross profit from operations |
52,282 |
107,540 |
(2,013) |
91,737 |
|
|||
|
Interest income |
7 |
24 |
5,482 |
5,513 |
|
|||
|
Other income |
- |
14 |
4,535 |
4,549 |
|
|||
|
Exploration expense |
(4,018) |
(9,578) |
(1,019) |
(14,615) |
|
|||
|
Administration and corporate expenses |
(4,777) |
(1,160) |
(8,546) |
(14,393) |
|
|||
|
Share based payment expenses |
- |
- |
(457) |
(457) |
|
|||
|
Fair value movements and treasury transactions |
(163) |
879 |
(15,384) |
(14,822) |
|
|||
|
Inventories net realisable value movements and obsolete consumables |
(7,004) |
(29,073) |
- |
(36,077) |
|
|||
|
Finance costs |
(839) |
(5,076) |
(14,871) |
(20,786) |
|
|||
|
Share of associates' losses |
- |
- |
(1,305) |
(1,305) |
|
|||
|
Indirect tax expense |
(62) |
(13,387) |
- |
(13,449) |
|
|||
|
Segment profit/(loss) before tax from operations |
17,376 |
23,662 |
(33,642) |
(14,105) |
|
|||
|
Income tax expense |
(13,411) |
(4,178) |
(2,971) |
(20,560) |
|
|||
|
Profit/(Loss) for the 12 months to 31 December 2022 |
3,965 |
19,484 |
(36,613) |
(34,665) |
|
|||
2 Dividends paid or proposed
The company's dividend policy is, subject to board discretion, to pay a minimum of 2% of gold sales revenue as a dividend. A dividend has not been declared for the year ended 31 December 2023.
3 Earnings/(loss) per share
|
|
31 December 2023 |
31 December 2022 |
|
Basic earnings/(loss) per share |
|
|
|
Profit/(loss) attributable to ordinary equity holders for operations of the parent for basic loss per share ($'000) |
145,813 |
(34,083) |
|
Weighted average number of ordinary shares outstanding during the year used in the calculation of basic EPS and diluted EPS |
2,129,006,806 |
1,196,856,518 |
|
|
cents |
cents |
|
Basic earnings/(loss) per share from operations (cents per share) |
6.85 |
(2.85) |
|
|
|
|
|
Diluted earnings/(loss) per share from operations (cents per share) |
6.85 |
(2.85) |
4 Cash
|
|
31 December 2023 |
31 December 2022 |
|
|
$'000 |
$'000 |
|
Cash at bank and on hand |
59,769 |
80,873 |
|
For the purpose of the cash flow statement, cash and cash equivalents comprise the following at the end of each year: |
|
|
|
Cash at bank and on hand Bank overdraft |
59,769 (30,077) |
80,873 (45,414) |
|
Total |
29,692 |
35,459 |
5 Receivables
|
|
31 December 2023 |
31 December 2022 |
|
|
$'000 |
$'000 |
|
Trade and other receivables |
8,744 |
37 |
|
Promissory note receivable |
42,377 |
- |
|
Taxation receivables |
34,133 |
48,756 |
|
Total receivables |
85,254 |
48,793 |
Trade and other receivables for $8.7 million relates to gold sold for which funds have not been received at 31 December 2023.
The tax receivable balance includes a VAT receivable of $24.1 million (31 December 2022 $12.1 million) relating to the Syama operation and a VAT receivable of $9.8 million (31 December 2022 $34.9 million) due to the Mako's operations post exoneration. During 2023 the Company settled the outstanding dispute relating to the Mako operation exoneration resulting in the release of a $34.9m provision. Resolute continues to work with its advisors and the Malian and Senegalese Authorities on the timely release of VAT refunds. Refer to Note 9.
Promissory note receivable has increased to $42.4 million from $nil in 2022. This relates to the notes receivable relating to the sale of the Ravenswood mine.
6 Financial Liabilities
|
|
31 December 2023 |
31 December 2022 |
|
|
$'000 |
$'000 |
|
Financial liabilities |
|
|
|
Interest bearing liabilities |
71,414 |
95,634 |
|
Financial derivative liabilities |
2,472 |
1,546 |
|
Total financial liabilities |
73,866 |
97,180 |
7 Interest bearing iabilities
|
|
31 December 2023 |
31 December 2022 |
|
|
$'000 |
$'000 |
|
Interest bearing liabilities (current) |
|
|
|
Bank overdraft |
30,077 |
45,414 |
|
Insurance premium funding |
179 |
- |
|
Bank borrowings |
71,414 |
50,330 |
|
Total Interest bearing liabilities (current) |
101,670 |
95,634 |
|
Interest bearing liabilities (non current) |
|
|
|
Bank borrowings |
- |
29,482 |
|
Total Interest bearing liabilities (non current) |
- |
29,482 |
|
|
|
|
|
Total |
101,670 |
125,116 |
8 Inventories
|
|
31 December 2023 |
31 December 2022 |
|
|
$'000 |
$'000 |
|
Doré bars |
13,242 |
10,276 |
|
Gold in circuit |
51,146 |
41,755 |
|
Ore stockpiles |
67,649 |
60,747 |
|
Consumables, spare parts and supplies |
66,168 |
76,086 |
|
Total inventories |
198,205 |
188,864 |
|
Less: Non-current metal inventories |
(50,767) |
(42,434) |
|
Current portion of inventories |
147,438 |
146,430 |
9 Provisions
|
|
31 December 2023 |
31 December 2022 |
|
|
$'000 |
$'000 |
|
Current |
|
|
|
Site restoration |
527 |
1,220 |
|
Employee entitlements |
5,744 |
4,336 |
|
Dividend payable |
136 |
136 |
|
Provision for indirect taxes |
49,461 |
92,936 |
|
Other provisions |
2,661 |
1,749 |
|
Total provisions (current) |
58,529 |
100,377 |
|
Non Current |
|
|
|
Site restoration |
82,488 |
70,874 |
|
Employee entitlements |
22 |
670 |
|
Total provisions (non current) |
82,710 |
71,544 |
Resolute's subsidiaries in Mali have received demands for payment to the Local Tax Authorities in relation to Income Tax and indirect taxes for the years ended 31 December 2015 to 2022.
At 31 December 2023, the total net provision for taxes decreased from $92.9 million to $49.5 million. This is largely due to a VAT receivable offset of $55.2 million being applied to the Malian tax provisions of $105.0 million. Resolute and its advisors continue to work with the Malian authorities to resolve years under assessment.
10 Subsequent events
There were no subsequent events to report post the balance sheet date.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
Latest directors dealings
- 6 hours ago Luceco
- 6 hours ago Helios Towers
- 7 hours ago Wise Class A
- 7 hours ago EDX Medical Group Plc
- 7 hours ago Naked Wines