Resolute Mining reported solid 2025 production and financial results, underpinned by strategic project developments in West Africa. The company’s updated Doropo feasibility study and robust cash position set the stage for significant growth in 2026.
- Q4 gold production of 65,918 oz with improved safety metrics
- Updated Doropo DFS projects 13-year mine life and $1.46bn post-tax NPV
- 2026 guidance, 250,000–275,000 oz gold at $2,000–2,200/oz AISC
- Strong net cash position of $209.1 million and liquidity of $322.3 million
- Exploration success at ABC and La Debo projects in Côte d’Ivoire
Robust Operational Performance in Q4 and Full Year 2025
Resolute Mining Limited closed out 2025 with a solid quarter, producing 65,918 ounces of gold, up from 59,857 ounces in Q3. This increase was driven by continued stockpile processing at Mako in Senegal and improved underground output at Syama in Mali. The company also reported a decrease in its Total Recordable Injury Frequency Rate (TRIFR) to 1.87, reflecting ongoing improvements in workplace safety.
For the full year, Resolute delivered 277,236 ounces of gold, aligning with guidance despite operational challenges such as supply chain disruptions in Mali and the transition to stockpile processing at Mako. The All-In Sustaining Cost (AISC) rose to $1,843 per ounce, influenced by higher royalty payments amid a strong gold price environment.
Doropo Project – A Transformational Growth Catalyst
A highlight of the quarter was the updated Definitive Feasibility Study (DFS) for the Doropo Project in Côte d’Ivoire. The study outlines a significantly larger and longer-life operation, with a 13-year mine life and average annual production of approximately 170,000 ounces. Financially, the project boasts a post-tax net present value (NPV) of US$1.46 billion and an internal rate of return (IRR) of 49% at a gold price of $3,000 per ounce.
Construction is slated to commence in the first half of 2026, pending receipt of permits and final investment decision (FID). With upfront capital costs estimated at $516 million, Doropo is positioned to materially expand Resolute’s production base, supporting the company’s ambition to exceed 500,000 ounces of annual gold production by the end of 2028.
Strategic Developments and Exploration Success
Alongside Doropo, Resolute is advancing the Syama Sulphide Conversion Project (SSCP) in Mali, aiming to increase sulphide processing capacity by over 60%. The SSCP is expected to be commissioned in stages throughout 2026, enhancing operational flexibility and supporting longer-term production sustainability as the mine transitions from oxide to sulphide ore.
Exploration efforts in Côte d’Ivoire have yielded encouraging results at the ABC and La Debo projects. The ABC Project drilling intersected significant gold mineralisation, prompting plans for a scoping study in the second half of 2026. Similarly, La Debo’s updated Mineral Resource Estimate revealed a 60% increase over historical figures, with further drilling and a scoping study planned to unlock its potential.
Financial Strength and 2026 Outlook
Resolute’s financial position remains robust, with net cash increasing to $209.1 million at year-end and available liquidity exceeding $322 million. Operating cash flow generation was strong, particularly in Q4, benefiting from elevated gold prices that averaged $4,023 per ounce during the quarter.
Looking ahead, the company projects 2026 gold production between 250,000 and 275,000 ounces at an AISC of $2,000 to $2,200 per ounce. Capital expenditure is expected to rise significantly to between $310 million and $360 million, reflecting investments in Doropo construction, exploration, and ongoing projects like SSCP and the Mako Life Extension Project.
Resolute’s CEO, Chris Eger, emphasised the company’s strategic focus on diversification and growth across multiple West African jurisdictions, underpinned by disciplined capital management and operational optimisation.
Bottom Line?
With Doropo’s construction imminent and key projects progressing, Resolute is poised for a pivotal growth phase in 2026 amid a dynamic gold market.
Questions in the middle?
- Will Doropo secure all necessary permits and achieve FID on schedule in H1 2026?
- How will the commissioning of the SSCP impact Syama’s production and cost profile in the medium term?
- What exploration results can be expected from ABC and La Debo to further extend Resolute’s resource base?