Resolute Mining Revises 2025 Guidance to 275-285koz with AISC at $1,750-$1,850/oz
Resolute Mining Limited reports solid Q3 2025 results with gold production nearing 60,000 ounces and updates its 2025 guidance reflecting higher costs. The company advances key projects across West Africa, aiming to double production by 2028.
- Q3 gold production of 59,857 ounces at $2,205/oz AISC
- 2025 production guidance revised to 275,000–285,000 ounces with higher cost outlook
- Doropo project in Côte d’Ivoire mineral resource increased to 4.4 million ounces
- Syama operations in Mali face higher royalties, adjusting full-year guidance
- Mako operations in Senegal exceed production expectations, supporting growth
Q3 Performance and Revised Guidance
Resolute Mining Limited delivered a robust third quarter in 2025, pouring nearly 60,000 ounces of gold with a group all-in sustaining cost (AISC) of $2,205 per ounce. Despite this solid output, the company has adjusted its full-year production guidance to a narrower range of 275,000 to 285,000 ounces, upholding a higher AISC forecast of $1,750 to $1,850 per ounce. This revision reflects cost pressures, notably increased royalties impacting the Mali operations.
Operational Highlights Across Key Assets
At Syama in Mali, underground production showed improvement despite supply chain disruptions, but the processing of lower-grade stockpiles and higher royalties have led to a revised full-year production target of 177,000 to 183,000 ounces and an AISC range of $1,900 to $2,050 per ounce. Meanwhile, Mako in Senegal exceeded expectations in its first full quarter of stockpile processing, prompting an upward revision of its annual production guidance to 98,000 to 102,000 ounces while maintaining AISC guidance.
Growth Projects and Exploration Momentum
Resolute’s growth trajectory is anchored by the Doropo project in Côte d’Ivoire, where an updated mineral resource estimate has added 1 million ounces, bringing the total to 4.4 million ounces. The project is awaiting exploitation permit approval, delayed by recent presidential elections, with a definitive feasibility study update expected soon. Financing discussions are anticipated to accelerate in early 2026, setting the stage for a final investment decision.
Exploration continues actively at the ABC and La Debo projects, with significant drilling programs underway to expand resources. In Senegal, the Mako Life Extension Project is progressing well, with infill drilling confirming mineralisation continuity and permitting activities on track for mining to commence in the second half of 2027.
Financial Position and Outlook
Financially, Resolute remains strong with a net cash position exceeding $136 million and operating cash flows of $227.8 million year-to-date. Capital expenditure is on track with full-year guidance between $109 million and $126 million. The company is committed to geographical diversification and advancing its portfolio across Mali, Côte d’Ivoire, and Senegal, aiming to grow annual production beyond 500,000 ounces by 2028.
While the near-term cost pressures and permitting delays present challenges, Resolute’s strategic initiatives and exploration success underpin a confident outlook for sustainable growth and value creation.
Bottom Line?
Resolute’s revised guidance and project advances set the stage for a pivotal growth phase, but cost and permitting hurdles warrant close investor attention.
Questions in the middle?
- How will Doropo’s permitting delays impact the timing of production ramp-up?
- What strategies is Resolute deploying to manage rising royalties and operational costs at Syama?
- Can exploration success at ABC and La Debo translate into meaningful resource upgrades soon?
