Resolute Mining delivered 44,398 ounces of gold in the September quarter, while elevated costs and weaker shipments reduced EBITDA and net cash. Doropo construction and exploration advanced, but Syama’s recovery and the company’s full-year guidance now hinge on a stronger final quarter.
- Q3 gold production of 44,398oz at AISC of US$2,506/oz
- Syama produced 31,777oz after mining, explosives and plant interruptions
- Doropo remains on schedule and budget, with US$315m of capital committed
- La Debo resource increased to 927,000oz, all classified as Inferred
- Full-year guidance remains 205,000-225,000oz at AISC of US$2,250-$2,350/oz
Syama disruption leaves Resolute relying on Q4 recovery
Resolute Mining Limited (ASX:RSG) enters the final quarter with its production target intact but little room for operational slippage after Syama’s problems dragged on quarterly output. Group gold production fell to 44,398 ounces from 45,192oz in Q2, while all-in sustaining costs rose to US$2,506/oz.
The Mali operation produced 31,777oz at an AISC of US$2,596/oz. Resolute cited slower-than-planned open-pit mining at A21, intermittent underground explosives supply, plant downtime and delays to the roaster upgrade. September production recovered to approximately 15,500oz after additional contractor equipment arrived and underground emulsion deliveries resumed, offering a more constructive exit rate than the quarter’s headline figure. The company had previously reported Syama output setbacks linked to disruption in Mali.
Commissioning of the Syama Sulphide Conversion Project is nearing completion. Roaster circuit upgrades have been commissioned, while the secondary crusher and ball mill circuits are due to follow in the coming months. Resolute expects the on-site emulsion plant, which is being commissioned, to support underground mining in Q4. Syama’s full-year guidance is 150,000-160,000oz at an AISC of US$2,300-$2,400/oz.
Doropo construction moves into heavier spending phase
Doropo remains the report’s clearest execution story. The Côte d’Ivoire project stayed on track and on budget, with US$52.9 million spent during Q3 and approximately US$315 million, or 61% of total project capital, committed against a US$516 million plan. Earthworks design was completed, concrete works began and contracts were awarded across power, logistics, structural fabrication and process equipment. Earlier coverage had detailed Doropo construction progress, but the project has now moved further into physical execution.
Resolute said first gold remains expected in the first half of 2028, with pre-stripping planned for Q2 2027. The company also secured US$260 million of local credit facilities after quarter-end; US$29.4 million had been drawn by 30 September, contributing to total borrowings of US$54.2 million. That financing supports the build, but it also helps explain why net cash declined to US$276.1 million from US$317.4 million in Q2 as capital expenditure rose to US$85.3 million.
Exploration pipeline adds ounces but not yet mine-ready certainty
At La Debo, an updated resource increased the project’s total Mineral Resource to 23.5 million tonnes at 1.23 grams per tonne for 927,000 ounces of contained gold. The G3 South resource rose 75% to 668,000oz, including a higher-grade core of 4.2Mt at 2.9g/t for 397,000oz. The entire estimate is classified as Inferred, with only basic metallurgical work completed and no mining modifying factors applied, so the increase is an exploration milestone rather than a development decision.
ABC remains the larger growth option. Resolute completed 23,900 metres of infill drilling during the quarter, with a further 33,000m planned in Q4 and an updated resource targeted for Q1 2027. The current ABC resource stands at 3.0 million ounces, following the earlier ABC resource expansion. The company is also progressing environmental, metallurgical and technical studies aimed at moving ABC towards feasibility work by the end of 2027.
Gold prices cushion weaker shipments and lower EBITDA
Resolute sold 33,035oz in Q3 at an average realised price of US$4,325/oz, compared with 54,599oz at US$4,526/oz in the previous quarter. The company said the lower sales volume reflected the timing of gold shipments. EBITDA consequently fell to US$64.0 million from US$128.5 million, while operating cash flow before capital expenditure, exploration and working capital declined to US$55.8 million from US$77.4 million.
Mako provided a steadier contribution, producing 12,621oz at an AISC of US$1,516/oz despite ten days of mill downtime. Its life-extension project remains dependent on permit transfers, environmental approvals and community relocation agreements, with exploration permit transfers expected in Q4 and exploitation permits targeted for the first half of 2027.
Q4 milestones now carry the production test
Resolute has retained group guidance of 205,000-225,000oz at an AISC of US$2,250-$2,350/oz. Achieving that range will depend chiefly on whether September’s improvement at Syama translates into sustained quarterly performance, while Doropo’s construction spend and financing drawdowns will test the balance between growth and liquidity. The company also expects to spend about US$10 million on exploration in Q4, including ABC infill drilling and Kilosegui extension work.
Bottom Line?
The final quarter is less about a new target than proving that Syama’s September recovery can hold while Doropo absorbs its planned construction spend.
Questions in the middle?
- Can Syama sustain the September production recovery once the sulphide conversion circuits are fully commissioned?
- Will Doropo’s construction commitments continue to track budget as major mechanical, electrical and mining packages are awarded?
- How much of ABC’s Inferred resource can the 2026 drilling campaign convert into higher-confidence categories in the planned Q1 2027 update?