Resolute Mining Sets 2026 Gold Target, Eyes 500koz Annual Output by 2028

Resolute’s 2026 Outlook

Resolute Mining Limited has presented its production guidance and strategic growth plans for 2026 at the BMO Global Metals, Mining & Critical Minerals Conference. The company forecasts gold production between 250,000 and 275,000 ounces for the year, with an All-in Sustaining Cost (AISC) range of US$2,000 to US$2,200 per ounce. This guidance reflects a slight moderation from the 277,000 ounces produced in 2025 but remains consistent with Resolute’s disciplined approach to cost management and operational efficiency.

Looking beyond 2026, Resolute is targeting a significant scale-up to over 500,000 ounces annually by 2028. This ambitious growth is underpinned by organic expansions at its flagship Syama mine in Mali and the Doropo development project in Côte d’Ivoire, alongside ongoing exploration and development of satellite deposits.

Key Projects Driving Growth

The Doropo project stands out as a cornerstone of Resolute’s expansion strategy. Acquired from AngloGold Ashanti in mid-2025, Doropo boasts a 13-year mine life with updated mineral resources showing a 28% increase. The Definitive Feasibility Study (DFS) outlines a larger operation with a construction cost of approximately US$516 million and an average life-of-mine AISC of US$1,471 per ounce. The project received its mining permit in February 2026, with first gold production expected to commence following construction ramp-up later this year.

Meanwhile, the Syama mine continues to deliver steady production, with 176,300 ounces produced in 2025 at an AISC of US$2,008 per ounce. The ongoing Sulphide Sulphide Circuit Project (SSCP) is progressing well, with commissioning expected to reach full capacity by Q3 2026. Post-2026, Resolute anticipates production at Syama to increase by 5-10%, driven by a transition from oxide to sulphide ore processing and further technical studies to unlock the mine’s 10 million ounce resource base.

Exploration and Regional Footprint

Resolute’s footprint spans multiple West African countries, including Côte d’Ivoire, Mali, Senegal, and Guinea. Exploration remains a key pillar of growth, with a $15-25 million budget for 2026 focused on advancing projects such as the ABC and La Debo permits in Côte d’Ivoire, and satellite deposits near the Mako mine in Senegal. Notably, drilling at the ABC project has already yielded promising results, including intercepts grading 2.4 grams per tonne gold over significant intervals.

The company is also advancing permitting and technical studies for satellite deposits like Tomboronkoto and Bantaco in Senegal, aiming to extend mine life and production capacity. Resolute’s strong government relations, highlighted by recent meetings with regional leaders, support its operational stability and project approvals across the region.

Financial Strength and Strategic Delivery

Resolute closed 2025 with robust financial metrics, generating $140 million in free cash flow and maintaining liquidity of $322 million. EBITDA reached $383 million, underscoring the company’s operational resilience amid volatile commodity markets. The company’s strategic initiatives for 2025 were fully delivered, setting a solid foundation for the next phase of growth.

Capital expenditure for 2026 is forecast between $310 million and $360 million, reflecting investments in project construction, exploration, and sustaining operations. This disciplined capital allocation supports Resolute’s pathway to doubling production by 2028 while maintaining a strong balance sheet.

Looking Ahead

Resolute’s clear roadmap includes commissioning Doropo, ramping up sulphide processing at Syama, and advancing exploration-driven growth. The company’s multi-asset, geographically diversified portfolio positions it well to navigate regional risks and capitalise on rising gold demand. However, execution on project timelines and geopolitical stability in West Africa will be critical to delivering on these ambitious targets.