Resolute Mining capped 2025 with robust gold production and a strong cash position, unveiling a major update to its Doropo project that underpins ambitious growth plans targeting over 500,000 ounces annually by 2028.
- 277,236 ounces gold produced in 2025 at $1,843/oz AISC
- Doropo DFS reveals $2.5 billion NPV and 13-year mine life
- 2026 guidance, 250,000–275,000 ounces at $2,000–2,200/oz AISC
- Net cash position of $209 million supports $310–360 million capex
- Strategic growth projects advancing in Mali, Côte d’Ivoire, Senegal
Strong Finish to 2025 Sets Stage for Growth
Resolute Mining Limited delivered a solid operational and financial performance in 2025, producing 277,236 ounces of gold at a competitive all-in sustaining cost (AISC) of $1,843 per ounce. The company successfully navigated supply chain challenges, particularly at its flagship Syama operation in Mali, while maintaining production and cost guidance across its portfolio.
Resolute’s net cash position of $209.1 million and available liquidity of $322 million provide a robust financial foundation as it embarks on an ambitious growth trajectory. The company generated $314 million in operating cash flow and $383 million in EBITDA for the year, underscoring strong cash flow generation despite a complex operating environment.
Doropo Project Update, A Game Changer
The highlight of the recent update is the definitive feasibility study (DFS) for the Doropo project in Côte d’Ivoire, acquired in 2025. The DFS outlines a larger-scale, longer-life operation with a 13-year mine life and average annual production of approximately 170,000 ounces. At a gold price assumption of $4,000 per ounce, the project boasts a post-tax net present value (NPV) of $2.5 billion and a capital expenditure requirement of $516 million.
This project is expected to be a significant contributor to Resolute’s future production profile, with first gold targeted in 2028 following anticipated mining permit approval and final investment decision (FID) in early 2026. The company plans substantial capital investment of $170–190 million in 2026 to advance construction and related activities at Doropo.
Operational Highlights and Growth Projects
At Syama, Resolute is progressing the Sulphide Conversion Project (SSCP), aiming to transition to sulphide ore processing with commissioning phases scheduled through 2026. The Mako operation in Senegal continues to perform well, with stockpile processing exceeding expectations and life extension studies underway. Both projects are critical pillars supporting Resolute’s medium-term production targets.
Exploration remains a key focus, with active drilling and resource updates across multiple jurisdictions including Côte d’Ivoire’s ABC and La Debo projects, Senegal’s Bantaco and Tomboronkoto, and renewed efforts in Guinea. These initiatives underpin the company’s strategy to diversify its asset base and sustain growth beyond 2028.
2026 Guidance and Outlook
For 2026, Resolute forecasts 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 $310–360 million, reflecting the ramp-up of Doropo and ongoing development projects. The company’s clear pathway aims to more than double production to over 500,000 ounces annually by the end of 2028, driven by organic growth and new mine developments.
Resolute’s management team, led by CEO Chris Eger, remains focused on operational excellence, strategic project delivery, and strengthening government relations across its operating jurisdictions. The company’s diversified portfolio and disciplined capital allocation position it well to navigate market uncertainties and capitalise on gold’s enduring appeal.
Bottom Line?
Resolute’s disciplined execution and Doropo’s transformative potential set the stage for a new era of growth, but timely permitting and project delivery remain critical to watch.
Questions in the middle?
- Will Doropo secure its mining permit and FID on schedule in early 2026?
- How will supply chain challenges evolve and impact cost control at Syama and other sites?
- What exploration results from ABC and La Debo projects could further extend the growth runway?