Resolute Mining Limited — AGM Information 2002

Nov 25, 2002

ASX ANNOUNCEMENT

ANNUAL GENERAL MEETING 26 NOVEMBER 2002

CHIEF EXECUTIVE OFFICER ADDRESS

Attached is a copy of the Chief Executive Officer's address to be given at the Company's

Annual General Meeting today at 10.00 a.m. (Western Standard Time).

For and on behalf of the Board

GREG FITZGERALD Company Secretary

26 November 2002

ANNUAL GENERAL MEETING 26 NOVEMBER 2002

CHIEF EXECUTIVE OFFICER ADDRESS

Good morning Ladies and Gentlemen

Welcome to the 2002 Annual General Meeting of Resolute Mining Limited.

Last year I outlined a number of initiatives we intended to pursue to add value for shareholders. I can report to you that our activities for the past year have seen these. and several others, implemented and we have advanced our prospects substantially.

We have completed the US$10.6 million plant upgrade at Golden Pride, on time, under budget and with minimal disruption to our operations at the site.

We increased our exploration activities on our own tenure and through a number of farmin joint ventures in Tanzania and Ghana.

We have made a number of investments totalling $9.6 million in junior companies with advanced projects in Africa that are of interest to us.

We have established a share price that better reflects the group's value through increased promotion of the Company in the Australian and international investment community.

We have looked to use our capital efficiently with the return of surplus funds to shareholders and the use of debt funds where appropriate.

Each of the initiatives we have taken has delivered value to shareholders and importantly established the fundamentals to continue to deliver value.

Looking in more detail at our business, the gold operations have continued to maintain their high standards and delivered an after tax profit of $14.1 million in what was a difficult year. The performance in producing 246,000 ounces at a cash cost of US$203 per ounce was a credit to the operating teams at both sites.

At Golden Pride the upgrade to the plant was completed in early October and we have now successfully ramped up to the targeted 2.6 million tonnes per annum throughput. At this stage we are on track to meet our forecast for Golden Pride. We are beginning to move into the lower grade area of the ore body and throughput, over the next two years. will be the key to our profitability. Once we gain access back to the high grade areas of the pit in the later years of the mine life, we can expect profits to increase significantly.

At Obotan the treatment of ore is due to be completed within the next two weeks. Production from Obotan during this first half will be slightly above our forecasts. Pleasingly, the grades have been higher than expected and costs per ounce will be quite a bit lower than forecast.

The site will then be placed on to care and maintenance. The rehabilitation program is underway and the major part of this work should be complete by the end of this financial year. We are currently negotiating a co-existence arrangement with the Ghanaian Defence Forces whereby they would utilise our facilities as a base. If completed this will assist in minimising the care and maintenance costs.

We continue to examine all options to acquire a new project to replace Obotan.

Our exploration activities are beginning to show a lot of promise.

The Nyakafuru joint venture with Spinifex Gold in Tanzania is proving the most exciting with our initial programs identifying a number of prospective targets. Recent drilling at the Kanegele prospect encountered good mineralisation with one hole returning 60m @2.8 a/t. Our strong campaign there will continue for the rest of the financial year.

We have also had some early success from our increased activity around Golden Pride and we will be following up on that work this quarter.

Our Akoase and Weststar projects in Ghana have generated a number of extremely promising targets and we await with interest the next round of results from these projects.

The gold industry over recent years has faced difficult times and generally returns for gold investors have been poor. But there are two important factors are at work in the gold industry at the moment which will work positively for us as we proceed.

The first is rationalisation.

The gold industry is going through significant structural change. Rationalisation has occurred amongst the major companies and it will continue through the medium to small companies. This will produce numerous project and corporate opportunities and as one of the few producers remaining we are well placed to take advantage of this.

The second is the gold price in US$ terms.

Gold has over the past year moved to significantly higher prices and the key drivers for gold indicate that the prospects for it moving to higher levels are very good. Our strong reserve and production base mean we will be an early beneficiary of any lift in the gold price.

With regard to new project and corporate opportunities we continue to review and progress proposals where appropriate. We will however only pursue those that we believe offer value for shareholders

Of course hedging is important, particularly with the potential for an improving gold price. We have a modest hedge book and are actively working to increase our exposure to gold upside by replacing forward sales with put options. We currently have put options for around 80,000 ounces which allows us to close out a similar amount of forward sales on dips in the gold price.

Our assets are virtually all in Africa and we intend to continue to pursue opportunities in that continent. The Australian operating base does have its advantages for operating in Africa, however, there is strong evidence that we are disadvantaged in restricting ourselves to capital from the Australian capital markets relative to other markets. We will examine opportunities to reduce our cost of capital and broaden our capital base through listings in international capital markets.

In addition we will shortly lodge notices to facilitate the on market buy back of our shares. We will take the opportunity to purchase our shares where we consider the price is well below the underlying value.

The year ahead holds a lot for us. We have a large number of prospective opportunities and we will be working hard to ensure that we make the most of them.

Peter Sullivan Chief Executive Officer

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