How Resolute Mining’s Q2 Push Advances West Africa Gold Ambitions
Resolute Mining reported solid Q2 2025 gold production of 75,962 ounces and maintained its full-year guidance, supported by strategic project acquisitions and steady progress across key West African assets.
- Q2 gold production of 75,962 ounces at group AISC of $1,668/oz
- Net cash position strengthened to $110.4 million
- Doropo and ABC projects acquired, with strong government engagement in Côte d’Ivoire
- Syama Sulphide Conversion Project on track for 2025 commissioning
- Full-year production guidance of 275,000-300,000 ounces reaffirmed
Robust Production and Financial Health
Resolute Mining Limited delivered a steady operational performance in the second quarter of 2025, pouring 75,962 ounces of gold at a group all-in sustaining cost (AISC) of $1,668 per ounce. This output aligns well with the company’s full-year guidance of 275,000 to 300,000 ounces at an AISC range of $1,650 to $1,750 per ounce. Financially, Resolute’s net cash position improved to $110.4 million, underpinning its capacity to fund ongoing projects and exploration activities.
Strategic Acquisitions and Leadership Changes
During the quarter, Resolute completed the acquisition of the Doropo and ABC projects in Côte d’Ivoire, signaling a clear commitment to geographical diversification and growth in West Africa. The company also appointed Gavin Harris as Chief Operating Officer, a move that may enhance operational oversight as Resolute advances its development pipeline.
Project Progress Across Key Jurisdictions
At the Syama Mine in Mali, the Sulphide Conversion Project remains on schedule for commissioning in the second half of 2025, with significant civil works and equipment installations underway. Despite supply chain challenges affecting underground production, Syama is trending towards the lower end of its 2025 production guidance. Meanwhile, the Mako Mine in Senegal concluded open pit mining in June but exceeded expectations in Q1 with strong grades, supporting an optimistic outlook for the remainder of the year.
In Côte d’Ivoire, the Doropo Project benefits from strong government engagement, with the exploitation permit expected soon, although the upcoming October presidential elections could introduce some uncertainty. The Bantaco Project in Senegal reported an initial mineral resource estimate of 266,000 ounces, enhancing the company’s optionality and flexibility for future development.
Exploration and Growth Outlook
Exploration efforts continue across Mali, Senegal, and Côte d’Ivoire, with targeted drilling programs and resource updates planned through 2025 and into 2026. Resolute aims to leverage these activities to expand its resource base and support its ambition of surpassing 500,000 ounces of annual production by 2028.
Financial Discipline Supports Growth Strategy
Resolute’s half-year EBITDA reached $211.2 million, with operating cash flow of $160 million, reflecting disciplined capital expenditure and exploration spending within guidance. The company’s strong cash flow generation and balance sheet position provide a solid foundation for advancing its strategic initiatives and navigating the complexities of operating in multiple West African jurisdictions.
Bottom Line?
Resolute’s steady Q2 results and strategic moves set the stage for growth, but upcoming permitting and geopolitical factors warrant close investor attention.
Questions in the middle?
- How will Côte d’Ivoire’s October elections impact the Doropo Project’s permitting timeline?
- What operational adjustments will Resolute make if Syama’s production trends lower than guidance?
- Can Resolute accelerate resource conversion and mine development at Bantaco to meet 2028 production targets?