Resolute Mining

Resolute Mining Limited (ASX/LSE: RSG) is a multi-asset, Africa-focused gold producer with a strong track record of operational excellence and value creation. With two flagship mines—Syama in Mali and Mako in Senegal—Resolute has established itself as a significant mid-tier gold producer, achieving an annual gold production of 340,000 ounces in 2024. The company operates in multiple jurisdictions, ensuring geographical diversification and resilience in the global gold market.

Syama, a world-class mining complex, is undergoing a Sulphide Conversion Project (SSCP) that will expand processing capacity and extend mine life, securing Resolute’s long-term production profile. Meanwhile, Mako continues to deliver strong operational cash flows, with strategic initiatives underway to extend its life through exploration at nearby satellite deposits.

With a net liquidity position exceeding $100 million, a commitment to sustainability, and a disciplined approach to capital allocation, Resolute is focused on sustainable growth and shareholder value. The company continues to invest in organic expansion, exploration, and potential M&A opportunities, solidifying its position as a leader in the African gold mining sector.

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Resolute Mining presents a compelling investment opportunity as a low-cost, multi-asset gold producer with strong cash flow generation and significant upside potential. In 2024, the company achieved $311 million EBITDA and an operating cash flow of $250 million, reflecting its robust financial performance. The company’s 2025 guidance forecasts gold production of 275,000–300,000 ounces at an All-in Sustaining Cost (AISC) of $1,650–$1,750 per ounce, driven by optimization at Syama and the transition to stockpile processing at Mako.

Resolute’s growth strategy is underpinned by the Syama Sulphide Conversion Project (SSCP), which will increase sulphide processing capacity from 2.4Mtpa to 4.0Mtpa. This project is expected to enhance production efficiency and cash flows, further strengthening Resolute’s long-term financial outlook. Additionally, exploration success in Senegal, Guinea, and Côte d'Ivoire highlights the company’s potential to expand its mineral resource base and extend mine life at existing operations.

With a solid balance sheet, ongoing cost discipline, and strategic initiatives to maximize value, Resolute Mining is well-positioned to capitalize on rising gold prices, emerging exploration opportunities, and increasing investor demand for sustainable mining operations.

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Resolute Mining Limited is led by a highly experienced management team with deep expertise in gold mining, project development, and corporate finance.

At the helm is Chris Eger, Chief Executive Officer, he was appointed as CEO on 1 February 2025. Prior to this Chris was Resolute’s Chief Financial Officer who joined in February 2023, bringing with him over 25 years of experience leading the financial, strategic and commercial functions of businesses in the natural resources and financial sectors.

Dave Jackson, Chief Financial Officer, was also appointed on 1 February 2025. Prior to this Dave was Resolute’s Group Financial Controller who joined the Company in April 2023.Dave is a Canadian Chartered Accountant who has spent the last twelve years working in the mining industry. 

Geoff Montgomery, Chief Operating Officer, joined Resolute as General Manager Technical Services and is currently Resolute’ s Chief Operating Officer. Mr Montgomery has 35 years experience in operations management, engineering design, projects, and corporate management in the hard-rock mining and engineering support services.

With a proven leadership team, strong governance, and a clear strategic vision, Resolute is well-positioned to execute its long-term growth plans and maximize value for shareholders.

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Resolute Mining Limited is executing a comprehensive growth strategy focused on expanding production, optimizing operations, and advancing exploration initiatives to enhance long-term value. The company is committed to sustainable mining practices and financial discipline, ensuring profitability while maintaining its strong ESG principles.

A key pillar of Resolute’s growth is the Syama Sulphide Conversion Project (SSCP), which will increase sulphide processing capacity from 2.4Mtpa to 4.0Mtpa, securing the long-term future of the Syama mine. With $30 million allocated for SSCP capital expenditure in 2025, the project remains on track for completion in H1 2026, unlocking higher production volumes and cash flow generation.

In Senegal, Mako’s operational life is being extended through exploration at Tomboronkoto and Bantaco, two high-potential satellite deposits. The company is actively drilling in Senegal, Guinea, and Côte d'Ivoire, aiming to expand its resource base and discover new high-grade gold deposits.

Financial strength is a cornerstone of Resolute’s strategy. With a net liquidity position of over $100 million, the company is well-capitalized to invest in organic growth projects and potential M&A opportunities. Resolute is also actively reducing costs and optimizing asset performance, ensuring strong free cash flow generation even in a volatile gold price environment.

Beyond operational growth, Resolute is deeply committed to sustainability and ESG leadership. The company is integrating renewable energy solutions, enhancing water conservation efforts, and fostering strong partnerships with local communities, positioning itself as a responsible and future-focused mining operator.

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Resolute Mining Limited maintains a strong financial position, underpinned by robust operating cash flows, disciplined capital allocation, and a well-managed balance sheet. The company generated $800 million in revenue in 2024, driven by gold sales of 336,000 ounces at an average realized gold price of $2,383/oz.

With an EBITDA of $311 million and operating cash flow of $250 million, Resolute continues to demonstrate financial resilience and efficiency in a dynamic market environment. The company ended 2024 with a net cash position of $66.3 million and total liquidity exceeding $100 million, reinforcing its ability to fund growth initiatives while maintaining financial flexibility.

Capital expenditure for 2024 totaled $96 million, with $81 million allocated to Syama’s ongoing development, including the Sulphide Conversion Project (SSCP). Additionally, exploration spending reached $20 million, highlighting Resolute’s commitment to expanding its resource base and extending mine life.

For 2025, the company is guiding 275,000–300,000 ounces of gold production at an AISC of $1,650–$1,750/oz, reflecting cost adjustments due to new mining regulations in Mali. Resolute has budgeted $109–$126 million in capital expenditures, with a focus on completing SSCP, sustaining capital, and exploration drilling at key growth assets in Senegal and Côte d’Ivoire.

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Resolute Mining Limited stands as a leading African gold producer, leveraging its multi-asset portfolio, operational expertise, and disciplined financial strategy to drive long-term value creation. With strong production from Syama and Mako, a well-defined growth strategy, and a commitment to sustainability, Resolute is positioned for continued success in the global gold market.

The company’s strategic investments in the Syama Sulphide Conversion Project (SSCP), exploration programs, and cost optimization initiatives ensure sustained growth and profitability. Despite challenges such as gold price volatility and regulatory changes, Resolute’s proactive risk management, strong liquidity position, and operational efficiency provide a solid foundation for future expansion.

With a clear pathway to increasing production, expanding resources, and enhancing shareholder value, Resolute offers a compelling investment opportunity. As the company advances through key milestones, from mine development to exploration success, it remains committed to responsible mining, financial discipline, and long-term sustainability.

For investors seeking exposure to a growing, well-managed gold producer with strong cash flow generation and a robust development pipeline, Resolute Mining Limited represents a strategic and attractive opportunity in the gold sector.

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