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ASX/LSE - RSG28 October 2025 Q3 2025 Activities Report For personal use only
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2 This presentation contains information about Resolute Mining Limited (Resolute or the Company) and its activities that is current as at the date of this presentation unless otherwise stated. The information in this presentation remains subject to change without notice. This presentation has been prepared by Resolute and no party other than Resolute has authorised or caused the issue, lodgement, submission, despatch or provision of this presentation. The information in this presentation is general in nature and does not purport to be complete. This presentation is not a prospectus, disclosure document or other offering document under Australian law or under the laws of any other jurisdiction. This presentation is provided for information purposes and does not constitute an offer, invitation, inducement or recommendation to subscribe for or purchase securities in Resolute in any jurisdiction. The information contained in this presentation has been prepared in good faith by Resolute, however no guarantee, representation or warranty expressed or implied is or will be made by any person (including Resolute and its affiliates and their directors, officers, employees, associates, advisers and agents) as to the accuracy, reliability, correctness, completeness or adequacy of any statements, estimates, options, conclusions or other information contained in this presentation. To the maximum extent permitted by law, Resolute and its affiliates and their directors, officers, employees, associates, advisers and agents each expressly disclaims any and all liability, including, without limitation, any liability arising out of fault or negligence, for any loss or damage suffered by any person relating in any way to the use of or reliance on information contained in this presentation including, without limitation: • from representations or warranties or in relation to the accuracy or completeness of the information contained within this presentation; • from statements, opinions, forecasts, reports or other matters, express or implied, contained in, arising out of or derived from this presentation; or • for omissions from this presentation including, without limitation, any financial information, any estimates, forecasts, or projections and any other financial information derived therefrom. This presentation does not constitute financial product advice, investment, legal, taxation or other advice and is not intended to be used or relied upon as the basis for making an investment decision. This presentation is not a recommendation to acquire Resolute securities and has been prepared without taking into account the investment objectives, taxation situation, financial situation or needs of individuals. Before making any investment decision in connection with any acquisition of Resolute securities, prospective investors should consider the appropriateness of the information having regard to their own objectives, tax situation, financial situation and needs and seek financial, legal and taxation advice appropriate to their jurisdiction. Past performance information given in this presentation is for illustrative purposes only and should not be relied upon as an indication of future performance. This presentation includes certain forward-looking statements, including statements regarding our intent, belief or current expectations with respect to Resolute’s business and operations, market conditions, results of operations and financial condition, and risk- management practices. Words such as ‘project’, ‘foresee’, ‘plan’, ‘expect’, ‘aim’, ‘intend’, ‘anticipate’, ‘believe’, ‘estimate’, ‘may’, ‘should’, ‘will’ and similar expressions are intended to identify forward-looking statements. Indications of, and guidance on, future earnings and financial position and performance are also forward-looking statements. Forward-looking statements are provided as a general guide only and should not be relied upon as an indication or guarantee of future performance. These statements are based upon a number of estimates and assumptions that, while considered reasonable by Resolute, are inherently subject to significant uncertainties and contingencies, many of which are outside the control of Resolute, involve known and unknown risks and uncertainties that could cause actual events or results to differ materially from estimated or anticipated events or results reflected in such forward looking statements on certain assumptions, which may prove to be incorrect. Actual results, performance, actions and developments of Resolute may differ materially from those expressed or implied by the forward-looking statements in this presentation. As an Australian company listed on the Australian Securities Exchange (ASX), Resolute is required to report Ore Reserves and Mineral Resources in Australia in accordance with the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code). Recipients should note that while Resolute’s Mineral Resource and Ore Reserve estimates comply with the JORC Code, they may not comply with relevant guidelines in other countries. For details of the Ore Reserves used in this announcement, please refer to the ASX announcement dated 11 March 2025 titled “Ore Reserves and Mineral Resource Statement”. The Company is not aware of any new information or data that materially affects the Mineral Resources and Ore Reserves as reported in those ASX The information in this announcement that relates to production targets of Resolute has been extracted from the report entitled ‘Q4 2024 Activities Report and 2025 Guidance' announced on 30 January 2025 and are available to view on the Company’s website (www.rml.com.au) and www.asx.com (Resolute Production Announcement). For the purposes of ASX Listing Rule 5.19, Resolute confirms that all material assumptions underpinning the production target, or the forecast financial information derived from the production target, in the Resolute Production Announcement continue to apply and have not materially changed. This announcement contains estimates of Resolute’s mineral resources. The information in this Quarterly that relates to the mineral resources of Resolute has been extracted from reports entitled ‘Ore Reserves and Mineral Resource Statement’ announced on 11 March 2025 and is available to view on Resolute’s website (www.rml.com.au) and www.asx.com (Resolute Announcement). JORC tables associated with the Bantaco drill results in this presentation are in the announcement titled ’Q1 2025 Activities Report’ released on 24 April 2025 and is available to view on Resolute’s website (www.rml.com.au) and www.asx.com. For the purposes of ASX Listing Rule 5.23, Resolute confirms that it is not aware of any new information or data that materially affects the information included in the Resolute Announcement and, in relation to the estimates of Resolute's ore reserves and mineral resources, that all material assumptions and technical parameters underpinning the estimates in the Resolute Announcement continue to apply and have not materially changed. Resolute confirms that the form and context in which the Competent Person's findings are presented have not been materially modified from that announcement. All in Sustaining Cost (AISC) per ounce of gold produced are calculated in accordance with World Gold Council guidelines. These measures are included to assist investors to better understand the performance of the business. Cash cost per ounce of gold produced and AISC are non‐International Financial Reporting Standards financial information. An investment in Resolute is subject to known and unknown risks, some of which are beyond the control of Resolute, including possible loss of income and principal invested. Resolute does not guarantee any particular rate of return or the performance of Resolute, nor does it guarantee any particular tax treatment. Investors should have regard (amongst other things) to the risk factors outlined in this Presentation when making their investment decision. See the “Key Risks" section of this presentation for certain risks relating to an investment in Resolute. This presentation includes pro-forma financial information which is provided for illustrative purposes only and is not represented as being indicative of Resolute (or anyone else's) views on Resolute's future financial position or performance. A number of figures, amounts, percentages, estimates, calculations of value and fractions in this presentation are subject to the effect of rounding. Accordingly, the actual calculation of these figures may differ from the figures set out in this presentation. Resolute’s production guidance for 2025 is 275,000-300,000 oz at an All-in Sustaining Cost (AISC) of $1,650-1,750/oz. All dollar values are in United States dollars ($) unless otherwise stated. This presentation has been authorised for release by Chief Executive Officer, Mr. Chris Eger. Disclaimer For personal use only
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Syama Mako Doropo La Debo ABC Mansala1 Mali Côte d’Ivoire Guinea Senegal 3 Quarterly Highlights Strong progress across all growth projects 59,857 oz Gold Poured $3,404/oz Avg. sales price $2,205/oz Group AISC $136.6 m Net Cash 4.4 Moz Updated Doropo MRE 1.95 TRIFR reduction Group Guidance Original 2025 Updated Production 275 – 300 koz 275 – 285 koz AISC $1,650 –1,750/oz $1,750 –1,850/oz For personal use only
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Organic Growth Profile1 On pathway to grow annual production to over 500koz from 2028 44 0 100 200 300 400 500 600 700 2025 2026 2027 2028 2029 Beyond 2030 Mali Senegal Cote d'Ivoire Potential Future Growth Updated Guidance 275-285koz Near-Term Perspectives 260-300koz Targeted growth with Doropo >500koz Areas for potential further growth: • Existing Exploration Portfolio (ABC Project, Le Debo) • Optimising Mali Footprint 500koz pa 1. Illustrative in nature. 2025-2027 figures based on guidance and near-term perspective provided in the Q4 2024 Activities Report. Future production scenarios are conceptual in nature and assume Mako mine extension reaching a production in excess of 110koz pa and first production at Doropo in 2028 Doropo adds tangible near- term production growth in Cote d’Ivoire Reduction of Group cost- base once Doropo reaches production Asset-base provides foundation for further growth in new jurisdictions For personal use only
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Mali 55 For personal use only
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6 Syama Operations UG production improved despite supply chain disruption Additional explosives suppliers, products and new supply routes established Sulphide grades driven by mining of lower-grade upper levels to realign the sub-level cave Oxide production reduced due to processing of lower-grade stockpiles Full-year production guidance revised to 177-183 koz Full-year AISC revised to $1,900- 2,050/oz due to impact of higher royalties (c. $150/oz) 39,918 oz Gold Poured $2,358/oz AISC $26.0 m Capital Expenditure 6 For personal use only
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Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Q4 2026 CCIL Construction & Commissioning Pebble Crusher Construction & Commissioning Flotation Construction & Commissioning Start Processing Sulphide Ore (Stage 1) Secondary Crusher and Ball Mill Construction and Commissioning Roaster Upgrade Construction & Commissioning SSCP Ramp Up (Stage 2) Syama Sulphide Conversion Project 7 Additional tanks in CCIL circuit and Pebble Crusher circuit • No lost time injuries after approximately 921,000 person-hours worked until the end of September 2025 • Progressing on time and budget with YTD capital expenditure of $20.7 million in line with $30 million full-year guidance • Plan to start treating sulphide ore at half throughput (stage 1) once flotation circuit commissioned in Q1 2026 • Full ramp up from Q3 2026 with annual gold production expected to exceed that originally guided in 2025 Secondary Crusher circuit and Ball Mill areas For personal use only
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Other Mali Activities 8 Government Update • In October, Resolute’s CEO, Chris Eger, had positive meetings with the Prime Minister and Minister of Mines in Bamako • Resolute remains committed to working constructively with the Malian Government Meeting with the Prime Minister of Mali Exploration • Focus in Q3 remained on outlining and testing near-mine oxide targets at Syama • Drilling commenced on the Zozani prospect with the aim of expanding its oxide resources For personal use only
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Senegal 99 For personal use only
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10 Mako Operations First full quarter of processing stockpiles Gold production exceeded expectations as stockpile grades higher than anticipated Full-year production guidance revised to 98-102 koz AISC in line with expectations as stronger production partially offset by higher royalties Full-year AISC guidance remains unchanged at $1,300- 1,400/oz Capital expenditure was $0.6 million for ongoing TSF raise and plant maintenance 19,939 oz Gold Poured $1,415/oz AISC 8 $0.6 m Capital Expenditure For personal use only
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11 • Tomboronkoto and Bantaco Projects, collectively referred to as the Mako Life Extension Project, are c. 20km from the Mako Processing Plant • Current MLEP Mineral Resource Estimate of over 600 koz (Tomboronkoto - 377 koz, Bantaco West - 179 koz and Bantaco South - 87 koz) • Currently timelines indicate Bantaco deposits are likely to be mined ahead of Tomboronkoto • Resolute believes the MLEP has the potential to provide another five to 10 years of mining activities in Senegal Mako Life Extension Project (MLEP) Major progress made at Tomboronkoto and Bantaco during the Quarter Locations of key prospects over the Tomboronkoto and Bantaco Permits Tomboronkoto Permit Bantaco Permit 2km For personal use only
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Tomboronkoto Update 12 • ESIA report lodged with the government and, assuming no major revisions, Resolute expects the Environmental Permit to be issued by Q1 2026 • Commencement of community engagement activities and detailed survey activities in relation to the resettlement of Tomboronkoto village • Resolute is confident of the timeline below but notes the dependence on permitting and government approvals Community meetings and engagement activities Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Q4 2026 Q1 2027 Q2 2027 Q3 2027 Q4 2027 Q1 2028 Q2 2028 Q3 2028 Q4 2028 Technical Studies Permitting and licensing Plant Modifications Relocation and Road Diversion Mako Stockpile Processing Tomboronkoto Mining For personal use only
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Bantaco Update 13 • In Q3 infill drilling at the Bantaco South, aimed at upgrading inferred Resources, was successful in confirming the continuity of the mineralisation along strike and down dip • Exploration in Q4 will focus on infill drilling and extensional drilling at Bantaco West; an updated MRE for the Bantaco Project is targeted for Q1 2026 • Permitting is expected to commence in H1 2026, and the project remains on track for mining activities to commence in the second half of 2027 (L) Drill plan and intersections at Bantaco South which has defined mineralisation over 350m strike length Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Q4 2026 Q1 2027 Q2 2027 Q3 2027 Q4 2027 Q1 2028 Q2 2028 Technical Studies Exploration and Infill Drilling Permitting and Licensing Mako Stockpile Processing Bantaco Mining (R) Drill plan at Bantaco West For personal use only
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Côte d’Ivoire 1414 For personal use only
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Doropo Project – On Track 15 Project Update • Updated Doropo Mineral Resource announcement in September showing 1 Moz increase in MRE to 4.4 Moz • Various workstreams on DFS update continued during Q3 led by Lycopodium; updated DFS expected in Q4 2025 • Resolute has been involved in numerous community engagement meetings which have been well received • FID anticipated upon permit receipt and updated DFS Permitting • Awaiting approval of the Exploitation Permit which has been slowed by Presidential elections • Once election activities have subsided, Resolute expects progress to resume in Q4 Financing • Financing discussions expected to accelerate in H1 2026 upon the completion of the optimised DFS, and receipt of the exploitation permits Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Q4 2026 Q1 2027 Q2 2027 Q3 2027 Q4 2027 Q1 2028 Q2 2028 Q3 2028 Q4 2028 Optimisation of DFS Project Financing Permitting FID Early Works Long lead item procurement Construction Commissioning First Gold Ramp Up Doropo Mineral Resource Estimate1 Classification Tonnes Grade (g/t Au) Ounces (Au) Measured 1,550,000 1.57 78,000 Indicated 95,200,000 1.18 3,601,000 Inferred 17,440,000 1.21 680,000 Total 114,190,000 1.19 4,360,000 1. Mineral Resources at 0.3g/t Au cut-off, $3,000/oz pit shell, JORC 2012 For personal use only
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ABC Project 16 Project Summary • The ABC Project is a greenfield exploration project that has over 60,000m of drilling by Centamin since 2017 • Over Kona North and South deposits there is a NI 43-101- compliant Inferred MRE of 2.16 Moz grading 0.9 g/t Au contained within the Kona permit • Resolute has four exploration permits granted around the ABC Project with two further permit applications Future Work • In Q3 gold targets were outlined on the Farako-Nafana permit which is along strike from the high-grade gold prospects at the Awale-Newmont Joint Venture • The Farako-Nafana permit is completely untested. A first stage RC program of 10,000m will commence in early November 2025 to test the gold targets • At Kona permit surface geochemistry and mapping is underway on to identify additional resources. Drilling targets have been generated and targeting 15,000m of RC and diamond drilling on the Kona and the Windou permits to the south Kona N&S 2.2Moz Inferred Resource Guinea Cote d’Ivoire Kona Trend 100 km long gold anomaly Mineralisation trend Resolute Permit Resolute Permit Application Prospects 20km N Kato Permit Awale-Newmont JV Gouramba Permit Gbemanzo Permit Windou Permit Kona Permit Farako-Nafana Permit 16 For personal use only
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La Debo Project • To date Resolute has completed a total of 10,037m of RC drilling and 6,600m diamond drilling • The drilling program was completed in mid-2025 and an updated MRE is underway and is targeted for Q4 2025 • In October Resolute was granted two additional exploration permits, Gagnoa and Soubre, situated to the south of the La Debo Project Resolute Permit Application Existing Resources are at G3N and G3S Prospects (L) La Debo has an existing 2016 PEA with a NI 43-101 compliant Inferred Mineral Resource of 400 koz at a grade of 1.3 g/t Au (at 0.3 g/t cut-off) (R) The project is in the south of Côte d’Ivoire, approximately 280 km west of Abidjan 17 For personal use only
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$136.6 million Net Cash $227.8 million Operating Cash Flows 18 Financial Highlights Increase in net cash position by $26 million during Quarter $292.8 1 million EBITDA YTD $664.1 million Revenue YTD 1. Unaudited $1,834/oz YTD Group AISC $2,205/oz Q3 Group AISC For personal use only
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67.8 (31.5) (20.1) (5.2) 168.2 Cash & Bullion 1 Jul 25 Operating Cash Flows Capex & Exploration Spend VAT Paid Working Capital Cash & Bullion 30 Sept 25 19 Cash Flow Summary Balance sheet continues to strengthen • On track for full-year guidance for capital expenditure ($109-126 million) • Total VAT paid in Q3 of $20.1 million • $5.2 million working capital outflow in Q3 attributable to timing of supplier payments • Cash and bullion increased by $11.0 million in the Quarter to $168.2 million • Potential $31 million inflow in H1 2026 from Loncor Gold Inc. (TSX: LN) Shareholding Q3 Cash and Bullion Movements YTD Cash and Bullion Movements 101.3 (88.8) (25.0) (52.5) 5.4 168.2 Cash & Bullion 1 Jan 25 Operating Cash Flows Capex & Exploration Spend Doropo Acquisition VAT Paid Working Capital Cash & Bullion 30 Sept 25 Chart Title227.8 157.2 For personal use only
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20 Resolute Summary On track for full-year Group production of 275-285 koz Net cash position of over $136 million and strong free cash flow generation Committed to geographical diversification and further operating mines in new jurisdictions Advancing strategic initiatives across Côte d’Ivoire, Mali and Senegal On growth pathway to deliver targeted annual production of over 500koz from 2028 14 For personal use only
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21 www.rml.com.au For personal use only