Resolute Mining Limited — AGM Information 2003

Nov 25, 2003

ASX ANNOUNCEMENT

ANNUAL GENERAL MEETING 26 NOVEMBER 2003

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 2003

ANNUAL GENERAL MEETING 26 NOVEMBER 2003

CHIEF EXECUTIVE OFFICER ADDRESS

Good morning Ladies and Gentlemen

Welcome to the 2003 Annual General Meeting of Resolute Mining Limited.

We can report on a very positive year for Resolute. Essentially we continued to build on the fundamental business strengths of the Company through re-investment in operations, acquisitions and exploration. This approach coupled with the changed outlook for gold has seen considerable value added to the group.

Importantly this year:

We have commissioned and ramped up to rated throughput the plant upgrade at Golden Pride

We advanced our exploration activities particularly in Tanzania at Nyakafuru and Golden Pride.

We have significantly increased our underlying exposure to ounces of gold through our option to acquire the Syama gold project.

We have continued to rationalise and refocus our activities as opportunities have arisen.

We have continued to market the group's activities in the Australian and international investment community.

The increase in the US$ gold price over the last year has been very welcome. Our production has a predominantly US$ cost base and the rising US$ gold price improves our profitability. This distinguishes us from many other gold producers that have seen very little improvement in their margins due to the increase in value of their home currency against the US$.

At Golden Pride there has been a smooth adjustment to the increased mining and milling activity and the performance of the site has been outstanding. With the completion test for the bank now successfully passed, we will look to optimise the plant throughput rate over the rest of this year to ensure we keep our unit costs at a minimum. This is going to be particularly important as we move through the lower grade material from the pit.

At Obotan the closure plan is well advanced. Rehabilitation of key areas is progressing as planned with only the plant and ROM pad areas to be completed. The plant is currently being dismantled and moved which should allow us to finalise the bulk of the rehabilitation requirement by the end of this financial year. The site closure planning and its implementation, the quality of work and standard of rehabilitation at Obotan is first class and is a credit to all people involved and ultimately the Company.

One of the most significant opportunities taken during the year was the option we entered into with Randgold Resources to acquire the Syama gold project. The project involves a large gold resource and perhaps the best part of it is the leverage it gives us to a rising gold price. We are well advanced with the pre-feasibility work. The metallurgical process required to treat the ore means that it will be a relatively high cost operation, but work to date has been encouraging. This has real prospects of becoming a second operation for us and we should be in a position to be more specific about it early in the new year.

Our recently announced option with Etruscan Resources to joint venture the Finkolo project immediately to the south of Syama provides us with further opportunity to improve the outlook for the Syama gold project. Etruscan are about to commence a 3,000 metre RC drill program on a number of advanced targets at Finkolo with results expected in January.

This year we have budgeted to spend up to $10 million on exploration and development. Apart from Syama, the bulk of this will be spent in Tanzania on advancing the Nyakafuru project and prospects at and around Golden Pride.

At Nyakafuru, work to date has discovered a large mineralised system incorporating numerous prospects on tenements to the south west of the main Nyakafuru resource. Drilling over the rest of this year will be aimed at defining the controls on the higher grade mineralisation there and quantifying the resources that might be present.

There have been two very encouraging discoveries at Golden Pride both of which are in our mining lease. The discovery of the Eastern Footwall Zone adjacent to the pit earlier in the year has now lead to the identification of the Golden Pride East prospect further along the Golden Pride shear. We will be quickly following up these discoveries to determine their significance.

It is also pleasing to report a significant increase in access to the tenure around Golden Pride through agreements with tenement owners. Little recent exploration has been conducted on numerous of the prospects we have gained access to, but activities from earlier times indicate there is considerable potential for us to find additional ounces in this area

The increase in the US$ gold price over the last 12 months has seen considerable increases in the value of gold assets and so it has been a good time to realise on assets where we consider there is little room for us to add value to. The sale of the Obotan plant and our Red Back Mining and Gallery Gold shares and the potential sale of our AGR holding have underwritten a large component of the profit for the first half of this vear and could see our overall cash position rise to $50 million. We will maintain our efforts to ensure that new opportunities we take up add value for shareholders.

We have promoted the merits of Resolute in Australia and internationally. The rationalisation of the global gold mining industry over recent years has meant investors now seeking gold investments have a much smaller choice and in the current climate there is considerable interest in our activities from all investors. On most valuation measures a considerable premium exists between the North American and European listed gold producers and us. We do see a number of methods where we can capture some of that premium and we will look to progress these in the coming year.

With the operation at Golden Pride, development potential with Syama and Nyakafuru, investments in Northern Mining Exploration, Etruscan Resources and Bullion Minerals and a number of advanced exploration projects we have a balanced portfolio of assets that provide exposure to a considerable number of ounces with minimal risk. Our strong cash position means we have adequate funds to pursue these positions, whilst still being well placed to take up any new opportunities that arise.

Thank you for your attendance and support today and we look forward to the year ahead.

Peter Sullivan Chief Executive Officer