Resolute Mining, the Africa-focused gold miner, has presented its Quarterly Activities Report for the period ended 30 June 2025.
Highlights
- Total Recordable Injury Frequency Rate (TRIFR) increased to 2.02 from 1.86 at the end of June 2025 with six recordable injuries during the Quarter
- Appointment of Gavin Harris as Chief Operating Officer effective from 1 July 2025 and Rob Cicchini as Project Director of the Doropo Project effective from 15 July 2025
- Group gold production of 75,962 ounces (oz) (Q1 2025: 75,497oz) similar to Q1 with strong performance at Mako offsetting lower production at Syama
- All-In Sustaining Costs (AISC) of $1,668/oz (Q1 2025: $1,708/oz) in line with Group guidance
- Quarterly gold sales of 80,797oz at an average realised price of $3,261/oz (Q1 2025: 64,322oz at $2,840/oz)
- Quarterly Capital Expenditure (excluding exploration) of $17.6 million (Q1 2025: $24.9 million) in line with expectations consisting of $9.6 million non-sustaining $8.0 million sustaining capital
- Quarterly operating cash flow generation of $84.6 million (Q1 2025: $75.4 million) (operating cash flow, before capital expenditure, exploration and working capital) due to higher realised gold price and gold ounces sold
- Net cash of $110.4 million (Q1 2025: $100.3 million), including cash and bullion of $157.3 million and drawn overdraft balances of $47.0 million; Group available liquidity of $212.4 million following $25.0 million payment for acquisition of Doropo and ABC Projects on 1 May 2025
- Unaudited H1 2025 EBITDA of approximately $211.2 million and cash generation of $97.9 million before interest and debt payments and working capital movements
- Continued progress in Senegal to extend the Mako Mine with exploration success at adjacent Tomboronkoto and Bantaco Projects
- Acquisition of development-stage Doropo Gold Project and exploration-stage ABC Project in Côte d'Ivoire from AngloGold Ashanti Plc which closed on 1 May 2025
- Initial Mineral Resource Estimate (MRE) at Bantaco Project totalling approximately 266koz of contained gold comprising Bantaco West prospect of 5.8Mt grading 0.97 g/t Au for 179koz, and Bantaco South prospect of 2.2Mt grading 1.2g/t Au for 87koz
- Remain on track for production guidance of 275-300 koz at a Group AISC of $1,650 - 1,750/oz
- Capital expenditure guidance ($109 - 126 million) is on track
Chris Eger, Chief Executive Officer, commented, "I am pleased to report that Resolute has continued to deliver in Q2, including advancing our strategic growth initiatives at both Syama and Mako, diversifying the asset base with the acquisition of Doropo and generating robust operating results at our operations, thereby generating strong cash flow with an increase in the net cash position to over $110 million. I am very happy with our operating results at Mako in Senegal which continues to exceed expectations in terms of operations and progress on life extension initiatives. In Mali we continue to see supply chain disruptions as a result of a complicated political landscape which impacted gold production. Both sites have demonstrated good cost discipline, and we are continuing our work on further cost efficiencies in a number of areas including working capital. As a result, we remain on target for Group production and cost guidance. During the Quarter we closed the acquisition of the both the Doropo and ABC Projects from AngloGold Ashanti marking the beginning of a new chapter for Resolute. These high-quality assets provide a foundation for significant future growth as well as further diversification into Côte d'Ivoire, a well-regarded and established mining jurisdiction that leverages our existing presence in the region. The licensing process is underway, and our discussions with the local government and Prime Minister have been constructive and engaging, including how the development of Doropo can meaningfully contribute to the socioeconomic advancement of the region. We look forward to continuing these discussions with the aim of delivering value for all stakeholders. Another key development to highlight is the initial MRE at the Bantaco Project in Senegal where over 266koz of Inferred gold resources have been estimated across both the Bantaco West and South Prospects. This is a crucial step in the potential extension of the Mako operations. It creates additional optionality and flexibility for Resolute with favourable development conditions including our established stakeholder relationships in the region and proximity to existing mining infrastructure. Finally, this Quarter saw a small increase in our Total Recordable Injury Frequency Rate (TRIFR). Safety remains an upmost priority, and we will continue to learn from incidents to implement more robust controls to push the company above industry standards."
