Resolute Mining Limited — AGM Information 2004

Nov 22, 2004

ASX ANNOUNCEMENT

ANNUAL GENERAL MEETING 23 NOVEMBER 2004

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 9.30 a.m. (Western Standard Time).

For and on behalf of the Board

GREG FITZGERALD Company Secretary

23 November 2004

ANNUAL GENERAL MEETING 23 NOVEMBER 2004

CHIEF EXECUTIVE OFFICER ADDRESS

Good morning Ladies and Gentlemen

Welcome to the 2004 Annual General Meeting of Resolute Mining Limited.

The past twelve months has been a very important period for the Company. The substantial production and development ounces we have added to our gold base during this time has significantly changed the outlook for the company. It now sees us with:

• Annual gold production doubled to average around 340,000 ounces per annum; $\bullet$
• Our reserve base quadrupled to over 3.0 million ounces of gold; $\bullet$
• A significant development project to deliver further production growth: $\bullet$
• A more diversified asset base with key assets in Tanzania and Mali in Africa and Queensland in Australia: and
• Very prospective and extensive brownfields exploration tenure giving high organic growth potential.

We are a much stronger gold company with a very good mix of production, development and exploration assets to work with. The challenge for the Board and the management over the next couple of years is to bring out the considerable value that is still to emerge from these positions.

To do this is going to require a significant investment back in the business, principally through project development and exploration. The Company has a very experienced team of people with the skills to meet these challenges and we are well underway with the task.

At Golden Pride the benefits of the plant expansion completed there in 2002 are now coming to the fore as we move through the lower grade material in the central part of the pit. Mining and milling is tracking to plan and by this time next year we should have completed the cut backs and be accessing the higher grade material in the western end of the pit.

After a period of inactivity due to lack of drill rigs, we are pleased to advise that exploration activities have stepped up this quarter with the arrival of some rigs and we are looking forward to the results from drilling around Golden Pride.

Activity has also increased at the Nyakafuru project and we expect to complete our initial earn in phase there early in the new year.

Our plans for Ravenswood have to date progressed smoothly. A considerable effort from our operations group has gone into lowering costs and developing a sustainable operation there. This has involved a number of changes in site management, adoption of a new operating plan and continued improvement to the plant to overcome reliability and processing issues. Overall we have implemented the major part of the rejuvenation program we set for the site with the balance to be completed this quarter and next quarter.

Production from Ravenswood is running below expectations, primarily as a result of lower grades than expected in the in the stringer zone of the western cut back. This will hamper us in our efforts to reach our targeted cost level of $425 per ounce over the next two quarters, but its effect will quickly diminish as new mining areas in the pit are opened up.

A Feasibility Study into the development of the Mt Wright underground deposit at Ravenswood was yesterday approved by the Board. Mt Wright has total resources of over 950,000 ounces and recent base line metallurgical test work has shown encouraging results with consistent recovery and acceptable reagent consumption. The Study is expected to be complete by end of June 2005 and could lead to a significant addition to the Ravenswood mine plan.

Broader exploration on the extensive tenure at Ravenswood has also commenced. There has been some encouragement from our drilling at Location 21, a Mt Wright look alike, and from further testing of high grade underground resources near the Sarsfield pit. We will follow up quickly on these as well as advance the numerous other targets nearby to the Plant.

Perhaps the biggest challenge looming for the company is the redevelopment of the Svama gold mine. This project is based on a substantial ore body and presents the Company with an opportunity to add a new long life mine to its operations.

The Feasibility Study remains on track with a report expected to be delivered by the end of the year. It is well known that Syama has had a difficult history. We have put considerable technical effort into our plans to mine and treat this ore body and we are confident we understand and can overcome the problems of the past.

Proposed amendments to the fiscal conditions for Syama have been submitted to the Government of Mali and we aim to conclude negotiations on these over the next few months.

We anticipate the results of the Feasibility Study being put to the Board for consideration early in the new year.

As mentioned earlier, we are in a strong development and growth phase. Our African assets have a predominantly US$ cost base and the improving US$ gold price, coupled with our relatively modest level of hedging, provides real assistance to us as we move forward.

While our operations are each able to meet their own associated exploration and development costs, the redevelopment of Syama will be a major investment and require a separate fund raising exercise.

Preliminary discussions have been held with various debt and equity market participants with regard to the funding of Syama and indications are that at current gold prices we would be able to arrange a favourable financing package. This would be embarked upon following a Board decision to advance the project and would likely include a plan for early access to funds expected from the exercise of the listed options, due to expire in $\frac{1}{2}$ June 2005

In summary then, our expanded and diversified gold base provides considerable potential for further value to be added for shareholders and we are only in the early days of that process. We have an experienced and focused team that is busy pushing forward on all aspects of the business to ensure we make the most of our position.

Thank You

Peter Sullivan Chief Executive Officer