ASX-listed Resolute Mining, the West Africa-focused gold miner, has released its Quarterly Activities Report for the period ended 31 March 2026.
Quarterly Highlights
- Total Recordable Injury Frequency Rate (TRIFR)of 0.43 with only one recordable injury during Q1
- Group gold production of 59,603 ounces (oz)(Q4 2025: 65,918oz) in line with expectations at both Mako (Senegal) and Syama (Mali)
- All-In Sustaining Costs (AISC) of $2,210/oz(Q4 2025: $1,877/oz) in line with guidance as cost reductions partially offset higher royalty payments due to record average realised gold prices
- Capital expenditure of $33.4 million (Q4 2025:$28.7 million) consisting of $14.3 million non-sustaining, $6.9 million of sustaining, $5.1 million exploration capital spend, $7.1 million at Doropo and Mako Life Extension Project (MLEP). Remains on track with guidance ($310 - 360 million)
- Operating cash flow generation of $119.8 million(Q4 2025: $85.7 million) (operating cash flow before capital expenditure, exploration and working capital)
- EBITDA of $202.9 million(Q4 2025: $104.9 million); $337.6 million revenue (Q4 2025: $201.5 million)
- Net cash of $315.4 million(Q4 2025: $209.0 million), including cash, cash equivalents and bullion of $327.6 million. Drawn overdraft balances and equipment financing were $12.2 million
- Proceeds of $31.9 million receivedfrom the sale of Resolute's stake in Loncor Gold
- Key milestones reached at the Doropo Project (Côte d'Ivoire)including receipt of the mining permit and formal approval of Final Investment Decision (FID)
- Strategic Memorandum of Understanding (MoU) signed with Nimba Mining Companyregarding the potential co-development of gold projects in Guinea
- Ore Reserves and Mineral Resource Statement for 31 December 2025 published:
- Total Mineral Resources increased by 60% to 17.6 Moz Au with the acquisition of the Doropo and ABC projects and exploration success at Bantaco and La Debo
- Total Ore Reserves increased by 55% to 6.8 Moz Au with the addition of Ore Reserves at Doropo and Tomboronkoto offsetting mining depletion in Mako and Syama
- Promising drill results at ABC Project (Côte d'Ivoire)including 73m at 0.8 g/t Au from 2m along strike of the existing MRE at Kona South
- Scoping Study for the ABC Projectremains on track for completion in Q2 2026
- On track to meet production guidance of 250 - 275 koz. Group AISC of $2,000 - 2,200/oz is maintained, however is subject to change at current elevated gold prices and higher fuel costs
Chris Eger, Chief Executive Officer, commented, "It has been a positive start to 2026 at both our operations and at our development and exploration projects.
Our operations continued to perform in line with expectations and generated $119.8 million of operating cash flows helping boost our net cash position to $315.4 million. We remain on track with production guidance which is weighted to H2 as the Syama Sulphide Conversion Project is commissioned and ramps up.
In Cote d'Ivoire we have had a very successful Quarter at ABC and Doropo. At ABC we have been focusing on strike extensions of the Kona South and Central deposits that have an existing MRE of 2.2 Moz. With the success we have been seeing at ABC, including an intercept from surface of 73 m grading 0.8 g/t, we will continue drilling in order to further expand resources. During Q1 we started a scoping study for ABC, based on the existing MRE, which we expect to release in Q2. At Doropo we achieved two major milestones: receipt of our mining permit and formal approval of FID. In April ground clearance activities started and we remain on track for first gold in H2 2028.
In Senegal, stockpile processing at Mako continued to perform extremely well. Additionally, strong progress was made on technical and permitting workstreams for the MLEP. Internal technical studies currently indicate annual gold production levels of 75 - 85 koz over seven years from the Tomboronkoto and Bantaco deposits at a capital cost of between $125 - 150 million. We are continuing with optimizations and are confident of further improvements to the project.
During the Quarter we also signed a strategic MoU with Nimba Mining Company to evaluate projects in Guinea. This aligns with Resolute's strategy of building a pipeline of high-quality growth opportunities in established West African gold jurisdictions and complements our other activities in Guinea.
While the ongoing situation in the Middle East has not resulted in any direct disruptions to our supply chain, we are closely monitoring developments. There is a potential for increased AISC due to rising fuel prices, which could impact our operational costs in the coming quarters. At this stage, we are proactively managing these risks and, where possible, minimizing any impacts.
Overall, I am pleased with the Group's activities and financials in Q1. We remain confident in delivering against our guidance, supported by a robust balance sheet and experienced teams, that are well placed to continue performing across the business as we move into Q2."