Resolute Mining Reports 59,857oz Gold Production with $2,205/oz Costs in Q3

Operational Performance and Cost Dynamics

Resolute Mining Limited’s third quarter of 2025 delivered a mixed operational performance, with group gold production of 59,857 ounces falling from the previous quarter’s 75,962 ounces. This decline was anticipated due to the transition to stockpile processing at the Mako mine in Senegal and the impact of the rainy season affecting both Mako and Syama operations. Despite lower production, the company benefited from a higher average realised gold price of $3,404 per ounce, up from $3,261 in Q2.

However, these positive price effects were offset by rising All-In Sustaining Costs (AISC), which climbed to $2,205 per ounce from $1,668 in the prior quarter. The increase reflects the combined effects of reduced output and higher government royalties linked to elevated gold prices, with royalties adding approximately $100 per ounce at the group level. Resolute has accordingly revised its full-year AISC guidance upward to a range of $1,750 to $1,850 per ounce.

Project Development Progress

Key development projects remain on track and are central to Resolute’s growth strategy. The Syama Sulphide Conversion Project (SSCP) in Mali continues to advance on schedule and budget, with commissioning activities phased through mid-2026. Recent milestones include commissioning of additional CCIL tanks and the pebble crusher, which will enhance operational flexibility. The flotation circuit is slated for commissioning in January 2026, enabling treatment of high-grade sulphide ore. Full commissioning of the secondary crushing circuit, ball mill, and roaster upgrades is expected by the end of Q2 2026, after which Syama aims to process 100% sulphide material, potentially lifting annual production beyond 2025 guidance.

In Senegal, the Mako Life Extension Project (MLEP) is progressing well, with infill drilling at the Bantaco South prospect confirming mineralisation continuity along strike and at depth. The combined satellite deposits of Bantaco and Tomboronkoto now hold over 600,000 ounces of gold, supporting a potential mine life extension of five to ten years. Environmental permitting and community engagement are advancing, with mining activities targeted to commence before the end of 2027.

Meanwhile, the Doropo Project in Côte d’Ivoire has seen its Mineral Resource Estimate increase by over one million ounces to 4.36 million ounces of contained gold. The updated Definitive Feasibility Study (DFS) is on track for release in Q4 2025, incorporating optimised pit designs and cost estimates based on a higher gold price assumption. Government engagement remains positive, although the awarding of the Exploitation Permit is pending due to recent presidential election activities. Financing discussions for Doropo’s development are expected to accelerate in early 2026.

Financial Strength and Exploration Outlook

Financially, Resolute demonstrated robust cash flow generation with $67.8 million in operating cash flow during the quarter, supported by strong gold prices despite lower sales volumes. The company’s net cash position improved to $136.6 million, bolstered by disciplined capital expenditure of $26.5 million aligned with guidance. Exploration expenditure of $8.8 million in Q3 continued across Mali, Senegal, and Côte d’Ivoire, underpinning resource growth and project pipeline expansion.

Exploration highlights include ongoing drilling at the Bantaco West prospect, with promising assay results that may further increase resource estimates. In Côte d’Ivoire, Resolute is preparing to commence a 10,000-meter drill program at the ABC Project’s Farako-Nafana permit, targeting untested high-grade gold zones. Additionally, an updated Mineral Resource Estimate for the La Debo Project is expected before year-end, following extensive drilling campaigns.

Governance, Safety, and Community Engagement

Resolute reported a slight improvement in safety metrics, with the Total Recordable Injury Frequency Rate (TRIFR) decreasing to 1.95. The company recorded no significant environmental incidents or community grievances during the quarter. It continues to enhance compliance with global tailings management standards and is preparing its inaugural climate report in line with Australian Sustainability Reporting Standards.

Importantly, Resolute’s leadership engaged directly with the Malian government, including meetings with the Prime Minister and Minister of Mines, to strengthen communication and address operational challenges, particularly supply chain disruptions impacting Syama. These dialogues underscore Resolute’s commitment to constructive government relations and sustainable value creation for all stakeholders.