Can Resolute Overcome Syama Disruptions and Regulatory Risks to Deliver Growth?
Resolute Mining reported a strong H1 2025 with revenue up 31% driven by soaring gold prices, even as production dipped due to operational challenges. The company advances key projects and maintains full-year guidance amid strategic acquisitions.
- 31% revenue increase to $447.5 million despite 8% lower gold sales
- EBITDA surges 81% to $211.1 million on higher gold prices and cost cuts
- Gold production down to 151,460 oz, impacted by Syama supply disruptions
- Acquisition of Doropo and ABC projects in Côte d’Ivoire progressing
- Full-year 2025 production and cost guidance maintained
Financial Performance Highlights
Resolute Mining Limited has delivered a robust first half for 2025, with revenue climbing 31% to US$447.5 million, buoyed by a 42% rise in the average realised gold price to US$3,076 per ounce. This strong pricing environment helped offset an 8% decline in gold ounces sold, resulting in an 81% jump in EBITDA to US$211.1 million and net income doubling to US$71 million. The company’s disciplined cost management, including a 10% reduction in operating costs, played a key role in these results despite higher royalties driven by elevated gold prices.
Operational Challenges and Recovery
Gold production fell to 151,460 ounces from 167,140 ounces in the prior year period, primarily due to supply disruptions at the Syama underground mine in Mali. Explosives supply issues impacted ore production and grades, though Resolute expects a recovery in the second half as new suppliers stabilize operations. Meanwhile, the Mako mine in Senegal maintained stable output, offsetting some of the Syama shortfall. The company remains on track to meet its full-year production guidance of 275,000 to 300,000 ounces, with an all-in sustaining cost (AISC) forecast between US$1,650 and US$1,750 per ounce.
Strategic Growth and Project Development
Resolute continues to advance its strategic growth agenda, highlighted by the acquisition of the Doropo and ABC projects in Côte d’Ivoire. Integration efforts are progressing smoothly, with community engagement and permitting activities underway. The company anticipates Exploitation Permit approval for Doropo in the coming months, though political events such as the October 2025 presidential elections could affect timelines. An updated Definitive Feasibility Study (DFS) for Doropo is targeted for release in Q4 2025, incorporating higher gold price assumptions and additional reserves.
Operational and Management Updates
Significant progress is also being made on the Syama Sulphide Conversion Project, which will increase sulphide processing capacity and is on track for completion by mid-2026. New appointments to the leadership team, including COO Gavin Harris and Doropo Project Director Rob Cicchini, bring deep mining expertise to support operational excellence and project delivery. Resolute is also actively engaging with governments in Mali and Guinea to resolve permit issues and ensure regulatory compliance.
Sustainability and Future Outlook
On the environmental front, Resolute reported no significant incidents and is preparing for new mandatory climate-related disclosures. The company is enhancing tailings management practices in line with global standards and advancing environmental and social impact assessments for key projects. With a strong net cash position of nearly US$110 million and liquidity exceeding US$212 million, Resolute is well positioned to fund its growth initiatives and navigate the evolving regulatory landscape.
Bottom Line?
Resolute’s strong financial footing and strategic project pipeline set the stage for growth, but operational recovery and regulatory approvals will be critical to watch.
Questions in the middle?
- Will Syama’s underground production fully recover in H2 2025 as planned?
- How will the timing of Côte d’Ivoire’s Doropo Exploitation Permit impact project development?
- What financing structure will Resolute adopt for Doropo’s construction phase?
