June 2026 Quarterly Activities Report
Summary by AI BETAClose X
30 July 2026
Q2 2026 Activities Report
For the Quarter ending 30 June 2026 ('Q2', 'June Quarter' or 'the Quarter')
• Total Recordable Injury Frequency Rate (TRIFR) year-to-date was 0.59 with two recordable injuries during the Quarter
• Group gold production of 45,192 ounces (oz) (Q1 2026: 59,603oz) with operating performance meeting expectations noted on 5 June 2026
• All-In Sustaining Costs (AISC) of $2,484/oz (Q1 2026: $2,210/oz) is as expected due to lower production at Syama and higher royalty payments from elevated average realised gold prices
• Q2 capital expenditure of $63.5 million (Q1 2026: $33.4 million) consisting of $15.6 million at Syama, $1.9 million at Mako, $9.3 million exploration capital spend, $36.7 million at Doropo
• Q2 operating cash flow generation of $77.4 million (Q1 2026: $119.8 million) (operating cash flow before capital expenditure, exploration, and working capital) driven by the continued favorable gold prices in the quarter
• Q2 EBITDA of $128.5 million (Q1 2026: $202.9 million) from $247.1 million of revenue (Q1 2026: $337.6 million)
• Net cash of $317.4 million (Q1 2026: $315.4 million), including cash, cash equivalents and bullion of $332.7 million. Drawn overdraft balances and equipment financing were $15.2 million
• Ravenswood sale proceeds of $53.9 million received from the repayment of the Vendor Financing Promissory Note
• Syama Sulphide Conversion Project (SSCP) commenced stage 1 commissioning and remains on track for ramp up through 2026
• Doropo construction on track and on budget (Côte d'Ivoire):
o Earthworks progressing on key Project areas, continued mobilisation of contractors and key long lead items awarded
o Doropo financing progressing with $155.0 million of local bank financing in Côte d'Ivoire secured with a further $105.0 million expected to be secured in Q3
• Key updates at the ABC Project (Côte d'Ivoire):
o Expanded Mineral Resource Estimate (MRE) of 133 Mt grading 0.71 g/t for 3.0 Moz of contained gold (at 0.3 g/t cut-off, $3,250/oz Au optimised pit shell)
o Planned $15-25 million work programme to drill out deposits and to progress feasibility studies and mining application by the end of 2027
• Group production guidance on track to be around the lower end of the 250 - 275 koz guidance range. Group AISC of $2,000 - 2,200/oz is maintained, however is subject to change with elevated gold prices and higher fuel costs
• Capital expenditure guidance remains on track ($310 - 360 million)
Note: Unless otherwise stated, all dollar figures are United States dollars ($). AISC guidance is based on $4,000/oz gold price.
Resolute Mining Limited (Resolute, the Company or the Group) (ASX/LSE: RSG), the West Africa-focused gold miner, is pleased to present its Quarterly Activities Report for the period ended 30 June 2026.
Chris Eger, Chief Executive Officer, commented,
"During the June Quarter, Resolute continued to advance its operating, development and exploration priorities while maintaining a strong balance sheet.
The Group ended the Quarter with net cash of $317.4 million, supported by operating cash flow generation and the receipt of proceeds from the Ravenswood vendor financing repayment.
Group production for the Quarter was 45,192 ounces, with Mako continuing to perform well and Syama delivering in line with the operational update provided in June. Production at Syama was impacted by the planned roaster shutdown and slower mobilisation of equipment at the A21 open pit, with activity improving toward the end of the Quarter. We remain focused on lifting production through the second half as the Syama Sulphide Conversion Project is progressively commissioned and ramped up.
At Doropo, the Project moved from final investment decision into active execution. Early works advanced during the Quarter with construction remaining on track and on budget. Post-quarter end we secured $155 million of local bank financing with further $105 million expected to be finalised in Q3. Local bank financing together with existing cash and future operating cashflows are expected to provide sufficient liquidity to finance the construction capex for Doropo under current market and regulatory conditions.
At ABC, in July we announced an expanded Inferred Mineral Resource of 3.0 Moz, reinforcing the scale of the project which we hope will eventually become the Company's second mine in Côte d'Ivoire. The approved work programme is now focused on infill drilling, technical studies, environmental and social baseline work and permitting, with the objective of advancing the project through feasibility studies and mining application workstreams by the end of 2027.
Mako continued to perform strongly from stockpile processing during the Quarter, while work on the Mako Life Extension Project progressed across technical, permitting and environmental and social workstreams. In Guinea, work also advanced on the establishment of the joint venture with Nimba Mining Company and related licence applications.
Overall, Resolute enters the second half of the year with clear priorities: progressing Doropo construction, safely increasing production at Syama, progressing the Mako Life Extension Project, advancing ABC through its next phase of studies and drilling, and maintaining discipline across costs, capital and balance sheet management."
Webcast and Conference Call
Resolute will host a conference call for investors, analysts, and media on 30 July 2026, to discuss the Company's Quarterly Activities Report for the period ending 30 June 2026. This call will conclude with a question-and-answer session.
Conference Call: 6:00pm (AEST, Sydney) / 9:00am (BST, London)
Webcast registration link: https://sparklive.lseg.com/ResoluteMiningLtdAustralia/events/13ee3dbb-cbe3-4199-816c-6a86ac16f61d/resolute-mining-ltd-q2-2026-conference-call
Written questions can be submitted using the 'Ask a Question' button on the webcast page. Those wishing to ask questions as part of the Q&A should use the conference call facility (please join five minutes prior to the start time).
Conference call registration link: https://registrations.events/direct/LON34665928
A presentation, to accompany the call, will be available for download on the Company's website: https://www.rml.com.au/investors/presentations/.
Group Operations Overview
|
Group Summary |
Units |
June 2026 Quarter |
March 2026 Quarter |
H1 2026 YTD |
H1 2025 YTD |
|
Mining |
|
|
|
|
|
|
Ore Mined |
t |
696,506 |
794,436 |
1,490,942 |
2,720,313 |
|
Mined Grade |
g/t |
1.87 |
2.21 |
2.05 |
2.00 |
|
Processing |
|
|
|
|
|
|
Ore Processed |
t |
1,385,172 |
1,633,013 |
3,018,185 |
3,107,974 |
|
Processed Grade |
g/t |
1.26 |
1.40 |
1.34 |
1.80 |
|
Recovery |
% |
78 |
81 |
80 |
84 |
|
Gold Poured |
oz |
45,192 |
59,603 |
104,795 |
151,460 |
|
Sales |
|
|
|
|
|
|
Gold Sold |
oz |
54,599 |
69,352 |
126,669 |
145,119 |
|
Average Realised Price |
$/oz |
4,526 |
4,858 |
4,712 |
3,076 |
|
Financials |
|
|
|
|
|
|
Capital & Expl. Expenditure |
$m |
63.5 |
33.4 |
96.9 |
42.4 |
|
Net Cash |
$m |
317 |
315 |
317 |
110 |
|
AISC |
$/oz |
2,484 |
2,210 |
2,327 |
1,688 |
Table 1: Resolute Group Operational Performance Summary
During the Quarter, Resolute processed over 1.39 Mt across Syama (Mali) and Mako (Senegal) at an average milled head grade of 1.26 g/t. In Q2 the Group produced 45,192 oz of gold at an AISC of $2,484/oz.
Environmental and Social Update
Resolute's year-to-date Total Recordable Injury Frequency Rate (TRIFR) as of 30 June 2026 was 0.59, with a Q2 TRIFR of 0.72 and two recordable injuries during the quarter. Year-to-date performance remains significantly better than the full-year 2025 TRIFR of 1.87, reflecting continued improvements in preventive safety measures and leading safety indicators.
In Q2, Resolute recorded no significant environmental incidents, regulatory non-compliances, and no reportable community grievances.
During the Quarter, Resolute published its 2025 Modern Slavery Statement which was also uploaded to the Australian government Modern Slavery Register and is available on the Company's website.
Resolute underwent external assurance against the Responsible Gold Mining Principles and Conflict Free Gold Standard with assurance reports available on the Company's website. In addition, Resolute underwent audit against the Responsible Gold Guidance.
In Senegal, the focus continues to be on the Mako Life Extension Project (MLEP). The Environmental & Social Impact Assessment (ESIA) for Tomboronkoto has been fully validated by the technical authorities and awaits ministerial approval.
At the Doropo Project, Côte d'Ivoire, the first phase of land acquisition was completed which enabled the commencement of early works construction activities during the period. The second phase of the land acquisition programme was initiated for the broader area needed for Project start-up and is scheduled to continue until the end of 2026. Environmental and social plans and procedures continued to be reinforced in support of construction ramp-up, prioritising opportunities to enhance local economic participation through project-related employment and procurement.
At Syama, Mali, a detailed feasibility study and accompanying ESIA is ongoing for the development of a third Tailings Storage Facility (TSF). The current focus is on detailed biophysical and socioeconomic baseline studies.
Côte d'Ivoire
Doropo Project
The Doropo Project is located in north eastern Côte d'Ivoire approximately 480km north of Abidjan. The Project is in construction and once commissioned will be Resolute's third mine and its first in Côte d'Ivoire.
During Q2, Doropo advanced from final investment decision into active project execution. Construction activities ramped up with ground broken on the site for the processing plant and other key bulk earthworks advancing to plan.
During the Quarter capital expenditure on Doropo was $36.7 million. This remains in line with full-year guidance of $170 - 190 million. Overall, Doropo remains on track and on budget (as per Figure 1) with first gold expected in H2 2028.
Figure 1: Doropo Project Timeline
Quarterly Activities
A number of activities were advanced during Q2 including the award and mobilisation of major contractors, commencement of detailed design, progression of long-lead equipment packages and continued strengthening of the owner's team.
Procurement
Key procurement activities involved design reviews, tendering and the awarding of several key contracts. These included awards for structural steel and platework supply, transport and logistics contract and mechanical and electrical supply packages.
Additionally during Q2 contracts for structural, mechanical, piping, electrical and instrumentation installation were prepared, tendered and awarded.
During Q2 several major long-lead equipment packages were awarded including:
• SAG and ball mill, jaw crusher, high-rate thickener (Metso)
• CIL tanks (CST)
• CIL agitators (SPX)
• Electrowinning cells and intertank screens (Pod Equipment Co)
• Oxygen plant (Cangas)
Site Preparation and Early Works
Early site works advanced during the quarter, including contractor mobilisation (De Simone and Wacom) with over 40 heavy vehicles now on site. Approximately 20km of access roads have been cleared and works have started on the construction camp and mine village areas, and the process plant area where 74 hectares have been cleared.
The installation of the exploration camp expansion commenced and water bore drilling continued. Internet and temporary communication infrastructure were established with VHF infrastructure being installed and commissioned.
Figure 2: Site of Processing Plant
Figure 3: Contractor Laydown and Resolute Construction Offices
Land Access and Community Engagement
Land compensation and acquisition for project infrastructure areas was completed during the period, with access granted for early works areas. Land surveys for mining areas commenced and remained ongoing at period end.
Owner's Team, Mining and Power
The owner's team was strengthened during the quarter with the appointment of a Health and Safety Manager, Site Administration Manager, Security Manager and various supervisory roles.
Grid power workstreams progressed with contracts awarded for the substations, 90/11 kV transformers and 90kV HV Transmission Line.
Planned Activities
Throughout the remainder of 2026 activities focus on design and procurement readiness into construction execution. A number of key workstreams include:
• Complete and upgrade key site access and accommodation infrastructure, including construction access roads, the Danoa exploration camp, construction camp services/buildings and preparation for mine village operations
• Progress critical water infrastructure, including equipping construction water bores, commencing the water harvesting dam and starting construction of the water storage dam
• Commence major civil and concrete works, including CIL ring beam concrete, mill area concrete and crushing area concrete works
• Advance logistics and site-enabling infrastructure, including the main access road, Doropo airstrip, Bouna airstrip upgrade and mobilisation of plant, equipment and HDPE lining materials.
• Commence power infrastructure works, including clearing the HV powerline corridor, HV overhead powerline installation and switchyard works
• Start key construction packages, including the TSF, CIL bolted tank installation contractor mobilisation and other specialist contractor activities
• Advance site infrastructure design packages including TSF, water storage dam, water harvesting dam, Doropo airstrip and main access road design
• Progress procurement of long-lead and bulk items, including mechanical equipment, piping bulks, electrical bulks, manual valves, actuated valves and the HV power transformer.
• Award and mobilise key execution contracts, including dry plant and wet plant SMP installation contracts, shipping logistics and magazine/emulsion plant works
• Commence offsite fabrication and manufacturing activities, including plant structural steel and platework manufacture
Figure 4: Construction Camp and Mine Village area
ABC Project
The ABC Project is a greenfield exploration project located in northwestern Côte d'Ivoire. Resolute has four exploration permits granted around the ABC Project with two further permit applications.
Figure 5: Permit and Prospect Locations at the ABC Project
Expanded Mineral Resource Estimate
On 22 July 2026, an expanded Inferred MRE of 133 Mt grading 0.71 g/t Au for 3.0 Moz (at 0.3 g/t cut off, $3,250/oz Au pit shell) was announced at the ABC Project. The MRE incorporated over 31,000m of drilling completed by Resolute since the start of 2026.
The MRE is over the Kona South and Kona Central deposits. The deposits are approximately 3km apart and are in the southern area of the Kona exploration permit. A third prospect, Moya, is located 8km north of Kona Central and represents a new growth target within the Kona permit.
Figure 6: Prospect Areas at the ABC Project
Drilling on the Kona permit commenced in February 2026 with the strategy to expand the mineralised footprint of the Kona South and Kona Central prospects. RC and diamond drilling has been undertaken to test the extensions of the mineralised zones to the north and south and down dip.
The programme was successful with significant intersections returned along strike at both Kona South and Kona Central, further demonstrating the continuity and growth potential of the mineralised system. Recent diamond drilling at Kona South also identified extensions to mineralisation at depth (Figure 7), highlighting additional opportunities to expand the resource footprint.
Figure 7: Kona South Long Section
The Inferred Mineral Resource for the ABC Project is constrained within an optimised pit shell assuming a gold price of $3,250/oz and quoted above a cut-off of 0.3g/t Au (Table 2).
|
|
|
Constrained ABC Inferred MRE |
||
|
Prospect |
|
Mt |
Grade (g/t Au) |
Moz (Au) |
|
Kona Central |
|
64.6 |
0.62 |
1.29 |
|
Kona South |
|
68.1 |
0.79 |
1.72 |
|
Total |
|
132.7 |
0.71 |
3.02 |
Table 2: ABC Mineral Resource Estimate (at 0.3 g/t cut-off, July 2026)
The majority of the updated Mineral Resource is within 250m of surface and both Kona South and Kona Central deposits remain open along strike and at depth, supporting further resource growth potential.
Planned Work Programme
The work programme over the next twelve to eighteen months is focused on infill drilling, technical studies, environmental and social baseline work, metallurgical testwork and site infrastructure upgrades.
The approved work programme, expected to cost approximately $15-25 million, is designed to advance through feasibility studies. This includes a major infill drill campaign of more than 80,000 m focusing on converting Inferred Mineral Resources to the Indicated category. The drill programme commenced in Q2 2026 with seven rigs on site. This is set to increase to eleven rigs in August as the drill programme ramps up. In parallel, permitting, environmental and technical workstreams will be progressed.
Mali
Syama gold production for the Quarter was 29,881oz at an AISC of $2,654/oz. The operational performance is set out in the table below.
|
Summary |
Units |
June 2026 Quarter |
March 2026 Quarter |
H1 2026 YTD |
H1 2025 YTD |
|
|
Mining |
Sulphide |
|
|
|
|
|
|
Ore Mined |
t |
542,483 |
711,718 |
1,254,201 |
960,023 |
|
|
Mined Grade |
g/t |
1.90 |
2.23 |
2.09 |
2.45 |
|
|
Oxide |
|
|
|
|
|
|
|
Ore Mined |
t |
154,023 |
82,718 |
236,741 |
518,277 |
|
|
Mined Grade |
g/t |
1.78 |
2.06 |
1.88 |
1.38 |
|
|
Processing |
Sulphide |
|
|
|
|
|
|
Ore Processed |
t |
486,231 |
627,706 |
1,113,937 |
1,163,058 |
|
|
Processed Grade |
g/t |
1.95 |
2.36 |
2.18 |
2.29 |
|
|
Recovery |
% |
75 |
76 |
76 |
76 |
|
|
Gold Poured |
oz |
23,460 |
36,682 |
60,142 |
67,605 |
|
|
Gold Sold |
oz |
30,175 |
47,070 |
77,245 |
63,500 |
|
|
Oxide |
|
|
|
|
|
|
|
Ore Processed |
t |
272,632 |
431,768 |
704,400 |
824,614 |
|
|
Processed Grade |
g/t |
0.82 |
0.64 |
0.70 |
1.00 |
|
|
Recovery |
% |
73 |
76 |
76 |
83 |
|
|
Gold Poured |
oz |
6,421 |
7,120 |
13,541 |
21,654 |
|
|
Gold Sold |
oz |
6,421 |
7,120 |
13,541 |
21,654 |
|
|
Cost |
Syama combined |
|
|
|
|
|
|
Capital Expenditure |
$m |
15.6 |
20.6 |
35.9 |
40.4 |
|
|
AISC |
$/oz |
2,654 |
2,226 |
2,399 |
1,972 |
|
Table 3: Syama Production and Cost Summary
Production during Q2 of 29.9 koz was in line with the operational update provided on 5 June 2026. As noted production was impacted by slow mobilisation of equipment required for mining the A21 open pit as well as the planned roaster shutdown. However, towards the end of the quarter mobilisation at A21 progressed and open pit activities are ramping up.
Underground mining performance was impacted by explosive supply chain issues with tonnage and grade lower than Q1. Logistics and supply chain conditions remain broadly consistent with those reported in June. These are contributing to slower mobilization of labour and equipment as well as elevated costs for selected inputs, including fuel and key reagents. While progress has been made in mitigating supply chain impacts there remains a risk to operations. Management continue to maintain contingency plans to minimise potential adverse effects on production including the construction of an emulsion plant and further supplier diversification.
Ahead of the plant shutdown 0.5 Mt of sulphide material was processed consisting of underground run of mine (ROM) material and stockpiles. For the remainder of the year a blended sulphide feed sourced from A21 sulphide ore, underground sulphide ore, and sulphide stockpiles is planned to support plant and circuit optimisation as the Syama Sulphide Conversion Project (SSCP) is commissioned and ramped up.
In Q2 0.27 Mt of oxide material was processed. Processing during the shutdown period comprised oxide stockpiles and oxide scats following commissioning of the pebble crusher. Oxide mining is expected to continue to build stockpiles for processing later in the year from A21 and Folona open pits.
Towards the end of the Quarter, the sulphide plant and roaster underwent maintenance as part of the planned extended shutdown. This ended in mid-July despite challenges with contractor mobilization. Key workstreams included refractory works, mill relines, grinding, as well as SSCP activity. In H2, the SSCP flotation will be used to maximise feed and throughput ahead of ball mill commissioning.
Assuming a stable operating environment (supply chain, personnel movement and security situation) and strong ramp up of the SSCP it is anticipated that Syama will be around the lower end of full-year production guidance.
During Q2 capital expenditure was $15.6 million. Expenditure for the Quarter includes underground production mobile machinery, and TSF lift, with $7.5 million spent on the SSCP and Roaster upgrade as well as $1.1 million of sustaining waste capital. Syama, including SSCP, remains on track for its capital expenditure guidance of $110 - 125 million.
In Q2 the AISC of $2,654/oz was higher than guidance to lower production, higher fuel costs and higher royalty payments. The AISC is expected to reduce in H2 on higher production from Syama and, subject to a stable operating environment as well as realized gold prices the operation remains on track for full-year AISC guidance of $1,950 - 2,150/oz.
Syama Sulphide Conversion Project (SSCP)
The project remains on track and on budget with no lost time injuries (LTIs) after approximately 1.25 million person-hours worked until the end of June 2026.
In Q2 capital expenditure on the SSCP was $7.5 million. The remaining capex is now expected to be spent during the remainder of the year and remains in line with the full-year guidance for capital spend of $40 million.
During Q2, commissioning of the flotation circuit was successfully completed positioning the operation for a strong ramp-up phase. Work continued on the secondary crusher and ball mill which are due to be commissioned through 2026.
Figure 8: New Electrostatic Precipitator being tied in
Figure 9: Secondary Crusher Circuit to be commissioned in Q3 2026
The project remains on track and on budget as per Figure 10, with ramp-up throughout Q4 2026.
Figure 10: SSCP Timeline
Senegal
Mako gold production for the Quarter was 15,311oz at an AISC of $1,538/oz. The operational performance for Mako is set out in the table below.
|
Summary |
Units |
June 2026 Quarter |
March 2026 Quarter |
H1 2026 YTD |
H1 2025 YTD |
|
Mining |
|
|
|
|
|
|
Ore Mined |
t |
- |
- |
- |
1,242,013 |
|
Mined Grade |
g/t |
- |
- |
- |
1.91 |
|
Processing |
|
|
|
|
|
|
Ore Processed |
t |
626,309 |
573,539 |
1,199,848 |
1,120,302 |
|
Processed Grade |
g/t |
0.83 |
0.93 |
0.88 |
1.89 |
|
Recovery |
% |
91 |
90 |
90 |
92 |
|
Gold Poured |
oz |
15,311 |
15,801 |
31,112 |
62,201 |
|
Gold Sold |
oz |
20,720 |
15,162 |
35,883 |
59,965 |
|
Financials |
|
|
|
|
|
|
Capital Expenditure |
$m |
1.9 |
0.6 |
0.6 |
2.0 |
|
AISC |
$/oz |
1,538 |
1,669 |
1,605 |
1,104 |
Table 4: Mako Production and Cost Summary
At Mako, the Q2 performance was strong and in line with expectations. During the quarter, the plant processed over 626 kt of stockpiled material at an average gold head grade of 0.83 g/t, producing 15,311 oz of gold. Based on H1 production of 31,112 koz, Mako remains on track for full-year production guidance of 55 - 65 koz.
During the Quarter the AISC was $1,538/oz beating the lower end of guidance despite higher royalties from the elevated realised gold price for the Quarter. With various cost reduction initiatives including haul distance optimisation and sourcing of alternative reagents we expect to continue to offset external cost pressures. Mako remains on track with full-year AISC guidance of $1,600 - 1,800/oz.
No sustaining capital expenditure was incurred at Mako operations during the Quarter, reflecting the timing of the sustaining capital programme, which is scheduled to coincide with planned plant maintenance shutdowns. Capital expenditure remains within full-year guidance of $5 million.
Mako Life Extension Project (MLEP)
The MLEP involves the development of the Tomboronkoto and Bantaco satellite deposits in order to extend the mine life of the Mako mine.
During the period, the mine plan was optimised through an improved mining sequence that delivers an optimum blend and grade ratio, together with pit-stage and overall design improvements. Mine plan optimisation, cost reduction and reserve expansion will continue in H2 2026, further enhancing the long-term value of the project.
Additionally, pre-validation of the three sectoral ESIAs by the government Technical Committee was achieved. These include the upgrade of the existing Mako Mine Process Plant including a new TSF; the Ore Transport Road between Tomboronkoto and the Mako plant, including the Gambia River bridge crossing; and the Bantaco mining project. Public hearings for these ESIAs will be held in Q3 2026.
In Q2, $1.9 million was spent on the MLEP primarily consisting of drilling at Bantaco, advancing technical studies and Relocation Action Plan (RAP) development. The MLEP remains on track and on budget as per Figure 11.
Figure 11: Approximate Timeline for the MLEP
Tomboronkoto
Following the validation of the final ESIA and the completion of the feasibility study, the focus during the period has been on progressing the transfer of the Tomboronkoto exploration permit to Resolute's Senegal entity, ahead of lodging the exploitation permit application. All documentation required for the exploitation permit application, including the DFS and ESIA validation, is prepared and ready for immediate lodgement upon receipt of the transfer order and finalisation of the joint venture milestone expected during H2 2026.
During Q2 2026, significant progress was achieved in planning and stakeholder engagement activities to inform the development of the RAP, including sign-off from 99% of individual households on the survey records. Upon receipt of the mining permit the second phase of RAP will commence, including the initiation of village relocation once agreement has been reached with the affected parties.
The village relocation site pre-selected in the prior quarter and validated with all stakeholders, including village and state representatives, was refined in Q2 with the on-going discussion on the RN7 diversion path. Sterilisation drilling was completed and once the final road diversion alignment is decided by the Senegalese Roads Agency, urban planning and allotment will be initiated as well as geophysical surveys to identify groundwater availability, and geotechnical characteristics.
Bantaco
Following submission and pre-validation of the Bantaco ESIA, community engagement activities with the affected communities were intensified in Q2 with the census of impacted communities and design of a livelihood restoration strategy.
Next Steps
Key next steps for the MLEP include:
• Submission of the Tomboronkoto mining permit application in H2 and, assuming no major revisions are required, approval is anticipated in 2027
• Agreement on relocation package including house and public infrastructure design, entitlement matrix, and compensation rates for the Tomboronkoto RAP and Bantaco Livelihood restoration approach
• Validation of the Bantaco ESIA following the public hearing, anticipated in Q3 2026, enabling the Mining Permit application
Guinea
Discussions with Nimba Mining Company (NMC) and the Government have been progressed with the drafting of all required documents for the incorporation on the joint venture and the filing of licence applications. The completion of these formalities is expected in Q3 2026.
Other permit applications are still in process and pending results interpretation of the soil programme at the Barana reconnaissance permit will dictate the merits of a new application filing covering this property.
Financial Highlights and Balance Sheet Activities
Quarterly Net Cash Movements ($ million)
*Included in Operating Cash flows are $26.9 million of royalties
Figure 12: Q2 2026 Net Cash Movements
In Q2 gold sales of 54,599 oz (Q1 2026: 69,352 oz) were achieved at an average realised gold price of $4,526/oz (Q1: $4,858/oz), with all gold being sold at spot prices. The strong gold price environment helped the Company generate an operating cashflow of $77.4 million in Q2.
For Q2 there was a working capital outflow of $2.2 million (Q1 2026: $3.1 million outflow). The working capital outflow was due to an increase in consumables along with a decrease in accrued expenses that were settled in the normal course of business.
The VAT paid in Q2 in Mali and Senegal was $15.3 million (Q1 2026: $8.7 million). During the Quarter $10.2 million of VAT mandates that were approved by the Senegalese tax authorities were used to settle payables. In Mali, Resolute has preliminary approval to receive VAT mandates of approximately $17.0 million. As expected, in Q2 $48.3 million of income tax related payments were made to the Malian and Senegalese tax authorities.
EBITDA for Q2 was $128.5 million (Q1 2026: $202.9 million) reflecting $247.1 million of revenue (Q1 2026: $337.6 million) primarily driven by the decrease in production and sales during the quarter.
Exploration Expenditure
Total Group exploration spend, including capital and operating expenditure, in Q2 was $10.1 million (Q1 2026: $5.3 million), with drilling programs continuing in Senegal ($1.6 million), Côte d'Ivoire ($7.4 million) and Mali ($1.1 million).
Net Cash Summary
Net cash (including fixed term deposits and bullion, less drawn overdraft and borrowings) at 30 June 2026 was $317.4 million, increasing from $209.1 million at 31 December 2025. The Company has available liquidity of approximately $425.6 million (including $47.3 million bullion on hand) as at 30 June 2026.
Total borrowings at 30 June 2026 were $15.2 million (Q1 2026: $12.2 million) which includes in-country overdraft facilities in Senegal of $1.9 million and Mali of $4.3 million, used to optimise working capital, as well as $9.0 million for in-country equipment financing in Mali. Cash, cash equivalents and bullion increased by $5.1 million in the Quarter to $332.7 million (Q1 2026: $327.6 million) including $53.9 million that was received from Ravenswood for the final payment in relation to the Vendor Financing Promissory Note (VFPN).
On 20 June 2026, full settlement of the VFPN was made by Ravenswood, with Resolute receiving $53.9 million (A$78.1 million including an amendment fee of A$1.5 million). The VFPN formed part of the consideration arrangements agreed in connection with Resolute's sale of Ravenswood in 2020. The repayment was in addition to the previously agreed Gold Price Contingent Promissory Note of A$50M received in 2024 under the restructured Ravenswood arrangements. The Upside Sharing Promissory Note linked to the investment outcomes of Ravenswood for EMR Capital remains unchanged.
Financing Updates
Post Quarter-End, Resolute secured $155.0 million of credit facilities from Bank of Africa, AFG, NSIA Banque and Bridge Bank. A further $105.0 million of credit facilities is expected to be finalised by the end of Q3 from a number of other local banks. All facilities have attractive terms including minimal security commitments and no financial covenants. Funds are expected to be gradually drawn over 2026 and 2027, in line with increased capital spend at Doropo.
The local bank facilities along with Resolute's existing balance sheet and operating cash flow provides sufficient liquidity to finance the development of the Doropo Project under current market and regulatory conditions.
Guidance
Resolute remains on track for its full-year gold production guidance of 250,000 - 275,000 oz subject to the planned ramp-up at Syama over the second half of the year.
Group AISC of $2,000 - 2,200/oz (at a gold price assumption of $4,000/oz) is maintained however is subject to change at current elevated gold prices and higher fuel costs. For every $100/oz increase in gold price we anticipate a $20/oz increase in Group AISC. If prices for fuel persist at current levels we expect an impact to the Group's full-year AISC.
|
|
Year to Date |
Guidance |
||
|
|
Gold Production (oz) |
AISC ($/oz) |
Gold Production (oz) |
AISC ($/oz) |
|
Syama |
73,683 |
2,399 |
195,000 - 210,000 |
1,950 - 2,150 |
|
Mako |
31,112 |
1,605 |
55,000 - 65,000 |
1,600 - 1,800 |
|
Total Group |
104,795 |
2,327 |
250,000 - 275,000 |
2,000 - 2,200 |
Total group AISC includes corporate costs
Table 5: Summary of year-to-date performance and full-year production and cost guidance
Total Group capital expenditure, inclusive of Doropo and exploration, is expected to be between $310 - 360 million in 2026. Administration and other corporate expenditure is expected to be approximately $25 million.
Doropo capital expenditure is expected to be weighted 75% to the second half of 2026.
|
($ million) |
Year to Date Capex Spend |
Guidance |
|
Syama |
20.4 |
70 - 85 |
|
SSCP |
15.5 |
40 |
|
Mako |
0.9 |
5 |
|
MLEP |
4.6 |
10 - 15 |
|
Doropo |
41.0 |
170 - 190 |
|
Exploration |
14.5 |
15 - 25 |
|
Total |
96.9 |
310 - 360 |
Table 6: Summary of 2026 capital expenditure guidance
Contact
|
Resolute Matthias O'Toole Howes, Corporate Development and Investor Relations Manager Matthias.otoolehowes@resolutemining.com +44 203 3017 620 |
Public Relations Jos Simson, Tavistock +44 207 920 3150
Corporate Brokers Jennifer Lee, Berenberg +44 20 3753 3040
Tom Rider, BMO Capital Markets +44 20 7236 1010 |
|
|
About Resolute
Resolute is an African-focused gold miner with more than 30 years of experience as an explorer, developer and operator. Throughout its history the Company has produced more than 9 million ounces of gold from ten gold mines. The Company is now entering a growth phase through the development of the Doropo project in Côte d'Ivoire which will supplement the existing production from the Syama mine in Mali and Mako mine in Senegal.
Through all its activities, sustainability is the core value at Resolute. This means that protecting the environment, providing a safe and productive working environment for employees, uplifting host communities, and practicing good corporate governance are non-negotiable priorities. Resolute's commitment to sustainability and good corporate citizenship has been cemented through its adoption of and adherence to the Responsible Gold Mining Principles (RGMPs). This framework, which sets out clear expectations for consumers, investors, and the gold supply chain as to what constitutes responsible gold mining, is an initiative of the World Gold Council of which Resolute has been a full member since 2017.
Appendix 1
Q2 Production and Costs (unaudited)
|
June 2026 - Quarter to date |
Units |
Syama |
Mako |
Group Total |
|
|
UG Lateral Development |
m |
972 |
- |
972 |
|
|
UG Vertical Development |
m |
- |
- |
- |
|
|
Total UG Development |
m |
972 |
- |
972 |
|
|
UG Ore Mined |
t |
542,483 |
- |
542,483 |
|
|
UG Grade Mined |
g/t |
1.90 |
- |
1.90 |
|
|
OP Operating Waste |
BCM |
453,155 |
- |
453,155 |
|
|
OP Ore Mined |
BCM |
57,250 |
- |
57,250 |
|
|
OP Grade Mined |
g/t |
1.78 |
- |
1.78 |
|
|
Total Ore Mined |
t |
696,506 |
- |
696,506 |
|
|
Total Tonnes Processed |
t |
758,863 |
626,309 |
1,385,172 |
|
|
Grade Processed |
g/t |
1.62 |
0.83 |
1.26 |
|
|
Recovery |
% |
67 |
91 |
78 |
|
|
Gold Recovered |
oz |
26,680 |
15,273 |
41,952 |
|
|
Gold in Circuit Drawdown/(Addition) |
oz |
3,201 |
38 |
3,240 |
|
|
Gold Produced (Poured) |
oz |
29,881 |
15,311 |
45,192 |
|
|
Gold Bullion in Metal Account Movement (Increase)/Decrease |
oz |
6,715 |
5,410 |
12,125 |
|
|
Gold Sold |
oz |
36,596 |
20,720 |
57,317 |
|
|
Achieved Gold Price |
$/oz |
- |
- |
4,526 |
|
|
Cost Summary |
|
|
|
|
|
|
Mining |
$/oz |
958 |
145 |
683 |
|
|
Processing |
$/oz |
1,228 |
706 |
1,051 |
|
|
Site Administration |
$/oz |
361 |
310 |
344 |
|
|
Site Operating Costs |
$/oz |
2,547 |
1,161 |
2,078 |
|
|
Royalties |
$/oz |
502 |
338 |
447 |
|
|
By-Product Credits |
$/oz |
(10) |
- |
(7) |
|
|
Total Cash Operating Costs |
$/oz |
3,039 |
1,499 |
2,518 |
|
|
Sustaining Capital |
$/oz |
78 |
- |
260 |
|
|
Inventory Adjustments |
$/oz |
(463) |
39 |
(294) |
|
|
All-In Sustaining Cost (AISC) AISC is calculated on gold produced (poured) |
$/oz |
2,654 |
1,538 |
2,484 |
|
Year-to-date 2026 Production and Costs (unaudited)
|
June 2026 - Year to date |
Units |
Syama |
Mako |
Group Total |
|
|
UG Lateral Development |
m |
1,580 |
- |
1,580 |
|
|
UG Vertical Development |
m |
- |
- |
- |
|
|
Total UG Development |
m |
1,580 |
- |
1,580 |
|
|
UG Ore Mined |
t |
1,254,201 |
- |
1,254,201 |
|
|
UG Grade Mined |
g/t |
2.09 |
- |
2.09 |
|
|
OP Operating Waste |
BCM |
820,159 |
- |
820,159 |
|
|
OP Ore Mined |
BCM |
88,267 |
- |
88,267 |
|
|
OP Grade Mined |
g/t |
1.88 |
- |
1.88 |
|
|
Total Ore Mined |
t |
1,490,942 |
- |
1,490,942 |
|
|
Total Tonnes Processed |
t |
1,818,337 |
1,199,848 |
3,018,184 |
|
|
Grade Processed |
g/t |
1.64 |
0.88 |
1.34 |
|
|
Recovery |
% |
72 |
90 |
80 |
|
|
Gold Recovered |
oz |
69,784 |
30,887 |
100,670 |
|
|
Gold in Circuit Drawdown/(Addition) |
oz |
3,899 |
225 |
4,125 |
|
|
Gold Produced (Poured) |
oz |
73,683 |
31,112 |
104,795 |
|
|
Gold Bullion in Metal Account Movement (Increase)/Decrease |
oz |
17,103 |
4,771 |
21,874 |
|
|
Gold Sold |
oz |
90,786 |
35,883 |
126,669 |
|
|
Achieved Gold Price |
$/oz |
- |
- |
4,712 |
|
|
Cost Summary |
|
|
|
|
|
|
Mining |
$/oz |
656 |
188 |
517 |
|
|
Processing |
$/oz |
917 |
779 |
876 |
|
|
Site Administration |
$/oz |
262 |
290 |
270 |
|
|
Site Operating Costs |
$/oz |
1,835 |
1,257 |
1,663 |
|
|
Royalties |
$/oz |
595 |
302 |
508 |
|
|
By-Product Credits |
$/oz |
(10) |
- |
(7) |
|
|
Total Cash Operating Costs |
$/oz |
2,420 |
1,559 |
2,164 |
|
|
Sustaining Capital + Others |
$/oz |
117 |
19 |
252 |
|
|
Inventory Adjustments |
$/oz |
(138) |
27 |
(89) |
|
|
All-In Sustaining Cost (AISC) per ounce poured |
$/oz |
2,399 |
1,605 |
2,327 |
Cautionary Statement about Forward-Looking Statements
This announcement contains certain "forward-looking statements" including statements regarding our intent, belief, or current expectations with respect to Resolute's business and operations, market conditions, results of operations and financial condition, and risk management practices. The words "likely", "expect", "aim", "should", "could", "may", "anticipate", "predict", "believe", "plan", "forecast" and other similar expressions are intended to identify forward-looking statements. Indications of, and guidance on, future earnings, anticipated production, life of mine and financial position and performance are also forward-looking statements. These forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause Resolute's actual results, performance and achievements or industry results to differ materially from any future results, performance or achievements, or industry results, expressed or implied by these forward-looking statements. Relevant factors may include (but are not limited to) changes in commodity prices, foreign exchange fluctuations and general economic conditions, increased costs and demand for production inputs, the speculative nature of exploration and project development, including the risks of obtaining necessary licences and permits and diminishing quantities or grades of reserves, political and social risks, changes to the regulatory framework within which Resolute operates or may in the future operate, environmental conditions including extreme weather conditions, recruitment and retention of personnel, industrial relations issues and litigation.
Forward-looking statements are based on Resolute's good faith assumptions as to the financial, market, regulatory and other relevant environments that will exist and affect Resolute's business and operations in the future. Resolute does not give any assurance that the assumptions will prove to be correct. There may be other factors that could cause actual results or events not to be as anticipated, and many events are beyond the reasonable control of Resolute. Readers are cautioned not to place undue reliance on forward-looking statements, particularly in the significantly volatile and uncertain current economic climate. Forward-looking statements in this document speak only at the date of issue. Except as required by applicable laws or regulations, Resolute does not undertake any obligation to publicly update or revise any of the forward-looking statements or to advise of any change in assumptions on which any such statement is based. Except for statutory liability which cannot be excluded, each of Resolute, its officers, employees and advisors expressly disclaim any responsibility for the accuracy or completeness of the material contained in these forward-looking statements and excludes all liability whatsoever (including in negligence) for any loss or damage which may be suffered by any person as a consequence of any information in forward-looking statements or any error or omission.
Competent Persons Statement
The information in this report that relates to the Exploration Results is based on information compiled by Mr Bruce Mowat, a member of The Australian Institute of Geoscientists. Mr Bruce Mowat has more than 20 years' experience relevant to the styles of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person, as defined in the 2012 Edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves" (the JORC Code). Mr Bruce Mowat is a full-time employee of the Resolute Mining Limited Group and holds equity securities in the Company. He has consented to the inclusion of the matters in this report based on his information in the form and context in which it appears. This information was prepared and disclosed under the JORC Code 2012 except where otherwise noted.
The information in this announcement that relates to the Mineral Resource estimate has been based on information and supporting documents prepared by Mr James Woodward, a Competent Person who is a member of The Australasian Institute of Mining and Metallurgy. Mr Woodward is a full-time employee of Resolute Mining Limited Group and has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity which has been undertaken to qualify as a Competent Person. Mr Woodward confirms that the Mineral Resource estimate is based on information in the supporting documents and consents to the inclusion in the report of the Mineral Resource estimate and related content based on the information in the form and context in which it appears.
ASX Listing Rule 5.23
The information in this report that relates to the Mineral Resource estimate for the ABC Project was first reported by the Company in its ASX and LSE announcement dated 22 July 2026, 'Expanded Mineral Resource Estimate at the ABC Project'. The Company confirms that it is not aware of any new information or data that materially affects the information included in that announcement and that all material assumptions and technical parameters underpinning the estimate in that announcement continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Person's findings are presented have not been materially modified from the original announcement.
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