Resolute Mining Limited
20 August 2026
20 August 2026
2026 Half Year Financial Results
• Half-Year Total Recordable Injury Frequency Rate (TRIFR) at 30 June 2026 was 0.59, significantly below the Full-Year TRIFR of 1.87 in 2025
• Gold production of 104,795 ounces (oz) (H1 2025: 151,460 oz) with strong stockpile processing performance at Mako and stabilising operations at Syama
• Revenue of $584.7 million, an increase of 31% from the same period last year (H1 2025: $447.5 million), from gold sales of 123,951 oz at an average realised price of $4,712/oz
• Earnings before interest, tax, depreciation, and amortisation (EBITDA) of $323.9 million, an increase of 42% from same period last year (H1 2025: $228.8 million)
• Net income after tax of $162.6 million (H1 2025: $71.0 million) including a $74.9 million tax expense
• All-In Sustaining Cost (AISC) of $2,327/oz, 38% higher than H1 2025 ($1,688/oz) primarily driven by higher royalties in a higher gold price environment and lower gold production
• Capital expenditure including exploration of $96.9 million (H1 2025: $57.8 million), with spend in line with full-year guidance of $310-360 million
• Net cash increasing to $317.4 million (H1 2025 net cash of $111.3 million) with cash and bullion at 30 June 2026 of $332.7 million
• Received proceeds of $31.9 million from the sale of Resolute's stake in Loncor Gold and $53.9 million from the repayment of the Ravenswood Vendor Financing Promissory Note
• In Côte d'Ivoire $155.0 million of local bank financing in has been secured with a further $105.0 million expected to be secured in Q3 2026
• At the Doropo Project, all key approvals were secured, including the issuance of the mining permit, signing of the Mining Decree and final investment decision; construction activities ramped up in Q2 2026
• At the ABC Project, an expanded inferred Mineral Resource Estimate of 133 Mt grading 0.71 g/t for 3.0 Moz of contained gold (at 0.3 g/t cut-off, $3,250/oz Au optimised pit shell) was announced
• Group production guidance on track to be around the lower end of the 250 - 275 koz guidance range. Group AISC of $2,000 - 2,200/oz is maintained, however it is subject to change with elevated gold prices and higher fuel costs
Note: Unless otherwise stated, all dollar figures are United States dollars (US$).
Resolute Mining Limited (Resolute, Group or the Company) (ASX/LSE: RSG) is pleased to announce the Company's half year financial results for the half year ended 30 June 2026 (H1 2026).
Resolute's Chief Executive Officer, Mr Chris Eger, commented:
"Resolute has delivered a strong first half of 2026, generating significant operating cash flow and ending the period with a net cash position of $317.4 million. This performance was underpinned by continued strength in the gold price, disciplined cost management and the resilience of both Syama and Mako.
During the period we continued to advance our key growth initiatives. At Doropo, the project progressed from final investment decision into active construction, with early works advancing and financing progressing. At ABC, the updated 3.0 Moz Inferred Mineral Resource highlighted the scale of the opportunity and supports our objective of advancing the project through studies and permitting over the coming years.
Operationally, Mako continued to perform strongly while Syama was impacted by the planned roaster
shutdown, explosive supply constraints and slower mobilisation at A21. We remain focused on increasing production through the second half as the Syama Sulphide Conversion Project is progressively commissioned and ramped up."
Environment and Social Governance
Year-to-date Total Recordable Injury Frequency Rate (TRIFR) at 30 June 2026 was 0.59, significantly below the FY 2025 TRIFR of 1.87, reflecting continued improvement in preventive safety measures and leading safety indicators. No significant environmental incidents, regulatory non-compliances or reportable community grievances were recorded during H1 2026.
During H1, Resolute published its 2025 Modern Slavery Statement which was also uploaded to the Australian government Modern Slavery Register. Resolute underwent external assurance against the Responsible Gold Mining Principles and Conflict Free Gold Standard with assurance reports available on the Company's website. In addition, Resolute underwent audit against the Responsible Gold Guidance.
In Senegal, the focus continued to be on the Mako Life Extension Project (MLEP). The Environmental & Social Impact Assessment (ESIA) for Tomboronkoto has been fully validated by the technical authorities and awaits ministerial approval.
At the Doropo Project, Côte d'Ivoire, the first phase of land acquisition was completed which enabled the commencement of early works construction activities during the period. The second phase of the land acquisition programme was initiated for the broader area needed for Project start-up and is scheduled to continue until the end of 2026. Environmental and social plans and procedures continued to be reinforced in support of construction ramp-up, prioritising opportunities to enhance local economic participation through project-related employment and procurement.
At Syama, Mali, a detailed feasibility study and accompanying ESIA is ongoing for the development of a third Tailings Storage Facility (TSF). The current focus is on detailed biophysical and socioeconomic baseline studies.
Exploration & Resources
Exploration expenditure in H1 was $15.7 million and in line with full-year guidance of $20-25 million.
In Senegal, the focus remained on the Tomboronkoto and Bantaco projects that have the potential to extend the life of the Mako Mine. The current combined Mineral Resource Estimates of Tomboronkoto
and Bantaco contain over 800 koz of gold, with possibilities of expansion based on ongoing exploration. There is significant potential at Tomboronkoto with the orebody remaining open along strike to the west and at depth.
In Guinea, Resolute signed an MoU with the state-owned company Nimba Mining Company (NMC). The partnership is focused on jointly assessing mineral resources, conducting comprehensive geological studies, and developing strategic frameworks for potential large-scale gold production operations. Throughout H1 discussions with NMC and the Government progressed with the drafting of all required documents for the incorporation on the joint venture and the filing of licence applications.
In July, Resolute announced an expanded Inferred Mineral Resource Estimate of 133 Mt at 0.71 g/t Au
for 3.0 Moz of contained gold at the ABC Project, in Côte d'Ivoire. The updated resource incorporated more than 31,000 m of drilling completed in 2026 and reinforces the scale potential of the project. The approved $15-25 million work programme is focused on infill drilling, technical studies, permitting and environmental workstreams with the objective of advancing the project through feasibility studies and mining application work by the end of 2027.
Doropo, Côte d'Ivoire
During H1 2026, all key approvals were secured, including issuance of the mining permit, signing of the Mining Decree and final investment decision.
The Project has now progressed into active execution. Construction activities ramped up with early works, site infrastructure and procurement packages advancing in line with plan. In H1 $41.0 million of capital expenditure was incurred. The Project remains on track and on budget with first gold targeted in H2 2028.
During H1, key contracts were awarded across processing plant, infrastructure, and power workstreams, while a number of major long-lead equipment packages were ordered. Early works activities included access road construction, clearing of key project areas, expansion of site facilities and continued development of water, communications, and accommodation infrastructure.
Land acquisition and community engagement activities continued throughout the period. Access was secured for project development areas required for early works activities, while broader land acquisition and compensation programmes advanced alongside ongoing stakeholder engagement initiatives. Environmental and social management processes continued to be strengthened in preparation for increased construction activity.
Financing activities also progressed during the period and in July, $155.0 million of credit facilities were secured from Bank of Africa, AFG, NSIA Banque and Bridge Bank. A further $105.0 million of credit facilities is expected to be finalised by the end of Q3 2026 from a number of other local banks. All facilities have attractive terms including minimal security commitments and no financial covenants. Funds are expected to be gradually drawn over 2026 and 2027, in line with increased capital spend at Doropo.
Syama Gold Mine, Mali
At Syama, gold production in H1 was impacted by explosive supply constraints, slower mobilisation of equipment at the A21 open pit and the planned roaster shutdown during the June quarter. These factors resulted in lower underground mining rates, reduced head grades, and increased reliance on lower grade stockpiles during the period. Management continued to implement mitigation measures during
H1, including supplier diversification and progressing the construction of an emulsion manufacturing plant at site.
The Syama Sulphide Conversion Project (SSCP) continued to make significant progress during H1. No lost time injuries were recorded during the period, with approximately 1.25 million person-hours worked to 30 June 2026. During H1, construction of the flotation circuit was completed and commissioned representing a major milestone for the project and positioning the operation for ramp-up through the second half of 2026. Progress also continued on the secondary crusher and ball mill circuits, which are scheduled to be commissioned throughout the remainder of the year.
Production in the second half of the year is expected to benefit from increased mining activity at A21, improved access to sulphide ore sources and the ongoing commissioning and ramp-up of the Syama Sulphide Conversion Project. Consistent with previous guidance, Syama is expected to be towards the lower end of its production guidance range for 2026.
|
Summary |
Units |
June 2026 Quarter |
March 2026 Quarter |
H1 2026 YTD |
H1 2025 YTD |
|
|
Mining |
Sulphide |
|||||
|
Ore Mined |
t |
542,483 |
711,718 |
1,254,201 |
960,023 |
|
|
Mined Grade |
g/t |
1.90 |
2.23 |
2.09 |
2.45 |
|
|
Oxide |
||||||
|
Ore Mined |
t |
154,023 |
82,718 |
236,741 |
518,277 |
|
|
Mined Grade |
g/t |
1.78 |
2.06 |
1.88 |
1.38 |
|
|
Processing |
Sulphide |
|||||
|
Ore Processed |
t |
486,231 |
627,706 |
1,113,937 |
1,163,058 |
|
|
Processed Grade |
g/t |
1.95 |
2.36 |
2.18 |
2.29 |
|
|
Recovery |
% |
75 |
76 |
76 |
76 |
|
|
Gold Poured |
oz |
23,460 |
36,682 |
60,142 |
67,605 |
|
|
Gold Sold |
oz |
27,457 |
47,070 |
74,527 |
63,500 |
|
|
Oxide |
||||||
|
Ore Processed |
t |
272,632 |
431,768 |
704,400 |
824,614 |
|
|
Processed Grade |
g/t |
0.82 |
0.64 |
0.70 |
1.00 |
|
|
Recovery |
% |
73 |
76 |
76 |
83 |
|
|
Gold Poured |
oz |
6,421 |
7,120 |
13,541 |
21,654 |
|
|
Gold Sold |
oz |
6,421 |
7,120 |
13,541 |
21,654 |
|
|
Cost |
Syama combined |
|||||
|
Capital Expenditure |
$m |
15.6 |
20.6 |
36.2 |
40.4 |
|
|
AISC |
$/oz |
2,654 |
2,227 |
2,399 |
1,972 |
|
Table 1: Syama Production and Cost Summary
Mako Gold Mine, Senegal
H1 2026 production was 31,112oz at an AISC of $1,605/oz. Processing performance remained consistent during the period, with 1.2Mt of stockpiled material processed at an average head grade of 0.88g/t and recovery of 90%. Gold production was lower than the prior corresponding period, reflecting the planned transition to stockpile processing following completion of open pit mining in 2025.
Stockpile processing continued during H1 as planned and is expected to continue through to the end of 2027. In parallel, technical, permitting, environmental and social workstreams continued to advance at the Mako Life Extension Project, which is focused on the potential development of the Bantaco and Tomboronkoto satellite deposits.
The Mako Life Extension Project continued to advance during H1 2026, with ongoing technical studies, permitting activities and environmental and social workstreams focused on the potential development of the Bantaco and Tomboronkoto satellite deposits in Senegal. The Project is intended to leverage the existing Mako processing infrastructure and extend the operating life of the Mako Gold Mine.
During the period, environmental, and social approval processes continued to progress. The Environmental and Social Impact Assessment (ESIA) for the Tomboronkoto Project was validated by the relevant technical authorities and is awaiting ministerial approval, while environmental studies for Bantaco and associated infrastructure continued.
|
Summary |
Units |
June 2026 Quarter |
March 2026 Quarter |
H1 2026 YTD |
H1 2025 YTD |
|
Mining |
|||||
|
Ore Mined |
t |
- |
- |
- |
1,242,013 |
|
Mined Grade |
g/t |
- |
- |
- |
1.9 |
|
Processing |
|||||
|
Ore Processed |
t |
626,309 |
573,539 |
1,199,848 |
1,120,302 |
|
Processed Grade |
g/t |
0.83 |
0.93 |
0.88 |
1.89 |
|
Recovery |
% |
91 |
90 |
90 |
92 |
|
Gold Poured |
oz |
15,311 |
15,801 |
31,112 |
62,201 |
|
Gold Sold |
oz |
20,720 |
15,162 |
35,883 |
59,965 |
|
Financials |
|||||
|
Capital Expenditure |
$m |
1.9 |
0.6 |
2.5 |
2.0 |
|
AISC |
$/oz |
1,538 |
1,669 |
1,605 |
1,104 |
Table 2: Mako Production and Cost Summary
Financial Performance
Gold sales for H1 were 123,951oz at an average realised gold price of $4,712/oz, generating revenue of $584.7 million. All gold sales were completed at prevailing spot market prices. Operating cash flow generation remained strong during the period, supported by higher realised gold prices and continued 30 June 2026 cash generation from both Syama and Mako.
EBITDA for H1 2026 was $323.9 million, reflecting revenue growth driven by higher realised gold prices. This was partially offset by lower gold production, increased royalty payments associated with elevated gold prices, and higher operating costs at Syama.
|
Profit and Loss Analysis |
H1 2026 |
H1 2025 |
|
$m |
Group |
Group |
|
Revenue |
584.7 |
447.5 |
|
Cost of production |
(188.8) |
(175.0) |
|
Royalties |
(52.3) |
(31.2) |
|
Administration and other corporate expenses |
(15.4) |
(10.3) |
|
Exploration expense |
(4.3) |
(2.3) |
|
EBITDA |
323.9 |
228.8 |
|
Depreciation and amortisation |
(53.5) |
(66.3) |
|
Net interest and finance costs |
0.8 |
(3.2) |
|
Inventories net realisable value movements and obsolete consumables |
(8.9) |
(5.3) |
|
Fair value movements and treasury transactions |
(26.1) |
3.4 |
|
Other |
1.3 |
(33.3) |
|
Net profit before tax |
237.5 |
124.1 |
|
Income tax expense |
(74.9) |
(53.1) |
|
Net profit after tax |
162.6 |
71.0 |
Table 3: Half year Profit and Loss
Cashflow
In H1 2026 operating cash flows were $277.6 million, 110% higher than the prior year (H1 2025: $111.3 million) driven by favorable gold prices. Due to increased profits in both Mali and Senegal, indirect and income taxes paid in H1 2026 were $92.2 million compared to $71.8 million in H1 2025.
Investing cash outflows in H1 were $116.3 million (H1 2025: $85.6 million) which included of $96.9 million of capital expenditure and $15.7 million of exploration expenditure. During H1 2026 the company also received Ravenswood sale proceeds of $53.9 million from the repayment of the Vendor Financing Promissory Note along with $31.9 million from the sale of it's shareholding in Loncor Gold Inc.
Net cash at 30 June 2026 was $317.4 million, which was a $108 million increase from 31 December 2025 ($209.1 million). The Group continued to generate strong operating cash flow during the period despite increased capital expenditure associated with the development of the Doropo Project and the payment of government royalties and taxation obligations.
Cash, cash equivalents and bullion increased to $332.7 million at 30 June 2026, while drawn overdraft balances and equipment financing totalled $15.2 million. During the period, $31.9 million was received from the sale of Resolute's stake in Loncor Gold and $53.9 million received from the repayment of the Vendor Financing Promissory Note associated with the Ravenswood transaction.
During the June quarter, financing activities for the Doropo Project continued to advance. Subsequent to period end, Resolute secured US$155.0 million of local bank financing in Côte d'Ivoire, with a further US$105.0 million expected to be finalised during Q3 2026. The Company believes that local bank financing, together with existing cash balances and future operating cash flows, provides a pathway to funding construction of the Doropo Project under current market and regulatory conditions.
Contact
|
Resolute Matthias O'Toole-Howes, Corporate Development and Investor Relations Manager motoolehowes@resolutemining.com +44 203 3017 620 |
Public Relations Jos Simson, Tavistock +44 207 920 3150 Corporate Brokers Jennifer Lee, Berenberg +44 20 3753 3040 Tom Rider, BMO Capital Markets +44 20 7236 1010 |
Authorised by Mr Chris Eger, Managing Director and Chief Executive Officer
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