Resolute Mining Limited — AGM Information 2013

Nov 25, 2013

01

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ASX ANNOUNCEMENT
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26[th] November 2013

CHIEF EXECUTIVE OFFICER’S PRESENTATION AT AGM

Attached is a copy of the Chief Executive Officer’s presentation 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

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GREG FITZGERALD Company Secretary

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ANNUAL GENERAL MEETING PERTH CHIEF EXECUTIVE OFFICER PETER SULLIVAN 26 NOVEMBER 2013

FY2013: STRONG PERFORMANCE THROUGH GOLD CYCLE

Gold production up 9% to 435,855oz at A$811/oz

Revenue increased 7% to $619M at average gold price received of A$1,562/oz (FY12: A$1,627/oz)

Reported NPAT of $85M, after non-cash impairment charges of $79M

Strong positive cash flow from operations of $154M including ~$17M exploration spend

Share buyback scheme returned $11m to shareholders during FY2013

Conservative balance sheet – flexibility for capital management and to pursue growth

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Gold production Cash cost / ounce
500,000 1,000
900
400,000 800
700
300,000 600
500
200,000 400
300
100,000 200
100
0 0
09 10 11 12 13 09 10 11 12 13
Revenue Operating cashflow
700 200
600 175
150
500
125
400
100
300
75
200
50
100 25
0 0
09 10 11 12 13 09 10 11 12 13
$A
ounces
$A million
$A million
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FY2014: FOCUS ON CASH OPTIMISING THE BUSINESS

Operating versatility and cash generating for wide range of gold price movements FY2014 guidance of 345,000oz at A$890/oz and All-In-Sustaining Cost of A$1,175/oz

Solid first quarter - 84,274oz at A$970/oz

Modified mine plan for Syama with reduced capital expenditure

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Ongoing drive to reduce operating cost base

Senior management pay freeze implemented

“The resources super cycle is not over but in a readjustment phase – albeit this has been a vicious correction”

Ongoing commitment to capital management ensuring strong financial position retained

Marcus Grubb, World Gold Council Managing Director of Investment.

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AUSTRALIAN GOLD COMPANY WITH AFRICAN FOCUS

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PRODUCING GOLD FOR 25 YEARS LONG TERM PRESENCE IN AFRICA

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FY13 435Koz at
Producing gold A$811/oz Ahead of
500,000 in Africa since guidance
96/97
450,000
400,000 Consistent
350,000 gold producer
since 1989
300,000
250,000
200,000
150,000
100,000
50,000
0
Australia Africa
ounces
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+ 6.5Moz gold production to date …

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SYAMA - A PROFITABLE LONG LIFE PROJECT

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Gold Production

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250,000
200,000
150,000
100,000
50,000
0
ounces
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Key Statistics RSG Ownership 80% Commissioned 2009 Production (FY13) 196,182 oz Production Grade 3.65 g/t Cash Costs (FY13) A$796/oz Mine Life (30 Jun 13) 10+ years Total Reserves 2.4 Moz Reserve Grade 2.6 g/t Total Resources 4.7 Moz Resource Grade 2.4 g/t

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RESETTING SYAMA - EXPANSION REMAINING ROBUST AT CURRENT GOLD PRICE

• Major expansion approved June 2012

• Expansion of open pit

• Establishment of oxide circuit

• Infrastructure including grid power connection

• Production increases to average 270,000ozpa

• Stage 3 of open pit expansion removed

• Resetting reserves

• Underground inventory (+8,000ozs/vm) subject to prefeasibility

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• Capex savings to be determined

• Total capital cost of US$266M under review

• Expansion project 51% complete at Sept 2013

• ‒ US$61m for FY14 and US$113M currently deferred to FY15

“A major expansion of Syama is underway and scheduled to be completed in mid 2015.”

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RAVENSWOOD – STABLE, LONG -TERM PRODUCTION

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Gold Production
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150,000
125,000
100,000
75,000
50,000
25,000
0
ounces
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Key Statistics RSG Ownership 100% Commissioned 2004 Production (FY13) 141,846 oz Production Grade 2.9 g/t Cash Costs (FY13) A$760/oz Mine Life (30 Jun 13) 10+ years Total Reserves 1.5 Moz Reserve Grade 0.9 g/t Total Resources 1.7 Moz Resource Grade 0.8 g/t

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MT WRIGHT DELIVERING

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• Ore production consistent 1.4mtpa from sub level shrinkage

• Grade dilution well within expectation

• Decline completed to design depth

• Assessment underway for potential to extend mining below 600RL base

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RE-OPENING OF SARSFIELD UNDER ASSESSMENT

• Potential to extend Ravenswood life and increase production by reopening Sarsfield pit

• Reserve/Resources of 2.5Moz

• Additional 110kozpa output

• Mine life extended by 9 years

• Feasibility Study estimated capital cost of $123M and LOM average cash costs of $1106/oz

• Opportunities to improve returns being examined, including:

• Tailings storage facility design

• Owner Mining

• Buck Reef West and Nolan’s East drill targets

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GOLDEN PRIDE – NEAR END OF LONG MINE LIFE

• Closure of Golden Pride end of 2013 after 15 years in production

• Rehabilitation well advanced as progressively undertaken since commencement

• Cost provision of ~$10M

• Plant options being considered

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Ke Statistics y RSG Ownership 100% Commissioned 1999 Production (FY13) 97,827 oz Production Grade 1.46 g/t Cash Costs (FY13F) A$915/oz Mine Life (30 Jun 13) 0.5 year Total Reserves 0.1 Moz Reserve Grade 1.2 g/t Total Resources 1.4 Moz Resource Grade 1.8 g/t

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POTENTIAL TO LEVERAGE EXPERIENCE IN TANZANIA

• Nyakafuru located 120km NW of Golden Pride

• Recently announced 388,000oz Reserve and 900,000oz in Resources

• RC/diamond drilling along Kanegele shear continues to deliver very good results over a 5km strike

• Studies continue to evaluate future development at Nyakafuru

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HIGH VALUE EXPLORATION PORTFOLIO

• Highly prospective, underexplored tenure spread across Mali, Cote d’Ivoire, Tanzania and Australia

• Strong balance sheet enables renewed exploration focus to unlock value and add exploration premium

• Exploration budget for FY14 US$15M

• Multiple high quality targets close to existing infrastructure at Syama in Mali and Ravenswood in Queensland

• US$17 million paid to partner Endeavour Mining to settle acquisition of the Finkolo tenure, 40 km south of Syama

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“Resolute is exploring
13,590 km [2] of prospective
tenure across three
countries in Africa.”
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• Drilling currently ongoing in Tanzania, Mali and Australia

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NOBLE MINERAL RESOURCES ADVANCED GHANA GOLD PROJECT

• Resolute acquired a ~20% stake in Noble and backed an A$85M financing package in Nov 2012

• Noble owns the Bibiani gold mine in Ghana

• 2.8Moz Mineral Resources, 3Mtpa CIL processing facility and +4Moz of gold produced to date

• Noble entered Voluntary Administration in Sep 2013

• Resolute proposed Deed of Company Arrangement

• Resolute to become 100% owner and operator of Bibiani following satisfaction of various conditions precedent

• Removes uncertainty regarding future ownership and operation of Bibiani

• Provides greater return to Noble’s creditors than would otherwise be available in liquidation scenario

• Positive opportunity giving Resolute access to an advanced West African gold project

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CORPORATE OVERVIEW

Key Information ASX Code RSG Shares 641M Last Share Price[1] $0.475 Market Cap[1] A$304M Daily Turnover[2] 4.7M shares Cash/Bullion/Liq Inv[3] A$59M Debt[3] A$94M Hedging NIL Key Shareholders ICM 34.2%

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1. At 25 Nov 2013

2. Average 12 month period to 30 Sep 2013

3. At 30 Sep 2013 – Cash/Bullion/Liq Inv excludes Noble investment

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RESERVES AND RESOURCES UPDATE: 30 JUNE 2013

• Total Reserves and Resources up 13%

• Reflecting modified Syama mine plan and drilling success across Queensland, Mali and Tanzania

• Reserves at 4.3Moz of gold

• Impacted by removal of Stage 3 cut back (1.2Moz reduction)

• Redesigned Syama open pit driving lower cash costs and strong cash flow for next 8 years

• 50% increase in Reserves at A21 Mali

• First reserve at Nyakafuru Tanzania

Total Mineral Resource and Ore Reserve

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14
12
10
4.30
8
5.25
6
4
2
6.17 8.62
0
30 June 2012 30 June 2013
Mineral Resource Ore Reserve
Gold contained ounces (Moz)
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• Resources increase 40% to 8.6Moz of gold

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A SUSTAINABLE GOLD PRODUCER

One of the largest gold producers listed on the ASX

Long term operator in Africa and Australia

• FY2014 guidance of 345,000oz at A$890/oz

• 100% unhedged – strong leverage to gold price

Cash generating over wide range of gold prices

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Lightly geared balance sheet provides flexibility for capital management and future growth Pursuing new growth opportunities in receptive gold price and equities market

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rml.com.au

JORC RESERVES

RESOLUTE GROUP RESERVES and RESOURCES

Reserves and Resources comply with the Australian code for reporting of Mineral Resources and Reserves (The JORC Code 2004)

		Reserves and Resources Statement as at end of June	Reserves and Resources Statement as at end of June	Reserves and Resources Statement as at end of June	2013
Gold Reserves (includes stockpiles)		Project Tonnes	Gold grade (g/t)	Project Contained Ounces Gold	Resolute Group Share %	Resolute Group Share ounces
RESERVES
Reserves ( Proved) Australia Mt Wright (insitu)3 Sarsfield (insitu)2 Mali Syama (insitu) Stockpiles Syama Satellites (insitu) Finkolo-Etruscan JV (insitu)		3,271,000 28,450,000 11,191,000 249,000 3,122,000 1,335,000	2.8 0.8 3.0 2.6 2.2 3.1	290,000 747,000 1,077,000 21,000 223,930 133,000	100% 100% 80% 80% 80% 51%	290,000 747,000 861,000 17,000 179,000 68,000
Total Proved		47,618,000	1.6	2,491,930		2,162,000
Reserves ( Probable) Australia Mt Wright Stockpiles3 Sarsfield (insitu)2 Mali Syama (insitu) Stockpiles Syama Satellites (insitu) Finkolo-Etruscan JV (insitu) Tanzania Nyakafuru JV (insitu)2 Golden Pride (insitu) Golden Pride Stockpiles		60,000 18,640,000 3,439,000 2,199,000 4,986,000 1,821,000 7,360,000 480,000 1,264,000	2.9 0.7 2.6 1.9 2.1 2.8 1.6 2.0 0.9	6,000 423,000 288,000 136,000 337,000 163,000 388,000 30,000 37,000	100% 100% 80% 80% 80% 51% 98% 100% 100%	6,000 423,000 230,000 108,000 270,000 83,000 380,000 30,000 37,000
Total(Probable)		40,249,000	1.4	1,808,000		1,567,000
Total Reserves (Proved and Probable)		87,867,000	1.5	4,299,930		3,729,000

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JORC MEASURED & INDICATED RESOURCES

Gold Resources1	Gold Resources1			Project	Resolute Group	Resolute Group
(includes stockpiles)		Project	Gold grade	Contained	Share	Share
		Tonnes	(g/t)	Ounces Gold	%	ounces
RESOURCES1
Resources (Measured)
Australia
	Sarsfield (insitu)2	16,185,000	0.8	393,000	100%	393,000
Mali
	Syama (insitu)	14,769,000	2.6	1,256,000	80%	1,005,000
	Syama Satellites (insitu)	1,051,000	1.6	56,000	80%	45,000
	Finkolo-Etruscan JV (insitu)	996,000	2.7	87,000	60%	52,000
Tanzania
	Golden Pride (insitu)	3,786,000	2.0	238,000	100%	238,000
Total (Measured)		36,787,000	1.7	2,030,000		1,733,000
Resources (Indicated)
Australia
	Mt Wright (insitu)3	604,000	3.2	63,000	100%	63,000
	Sarsfield (insitu)2	20,384,000	0.7	444,000	100%	444,000
Mali
	Syama (insitu)	19,285,000	2.6	1,595,000	80%	1,276,000
	Stockpiles	3,774,000	1.3	164,000	80%	131,000
	Syama Satellites (insitu)	4,840,000	1.9	288,000	80%	231,000
	Finkolo-Etruscan JV (insitu)	2,674,000	2.6	224,000	60%	134,000
Tanzania
	Golden Pride (insitu)	6,744,000	1.8	401,000	100%	401,000
	Nyakafuru JV (insitu)2	19,067,000	1.1	672,000	95%	638,000
Total(Indicated)		77,372,000	1.5	3,851,000		3,318,000
Total Measured and Indicated		114,159,000	1.6	5,881,000		5,051,000

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JORC INFERRED RESOURCES

Gold Resources1	Gold Resources1			Project	Resolute Group	Resolute Group	Resolute Group
(includes stockpiles)		Project	Gold grade	Contained	Share	Share
		Tonnes	(g/t)	Ounces Gold	%	ounces
Resources (Inferred)
Australia
	Mt Wright (insitu)3	1,090,000	3.1	108,000	100%		108,000
	Sarsfield (insitu)2	22,192,000	0.7	521,000	100%		521,000
	Welcome Breccia (insitu)	2,040,000	3.2	210,000	100%		210,000
Mali
	Syama (insitu)	3,800,000	2.4	293,000	80%		234,000
	Syama Satellites (insitu)	6,946,000	2.1	479,000	80%		383,000
	Finkolo-Etruscan JV (insitu)	3,100,000	2.2	219,000	60%		131,000
Tanzania
	Golden Pride (insitu)	12,945,000	1.7	724,000	100%		724,000
	Nyakafuru JV (insitu)2	6,312,000	1.1	227,000	90%		204,000
Total (Inferred)		58,425,000	1.5	2,781,000		2,515,000
Total Resources		172,584,000	1.6	8,662,000		7,566,000

Note :

• 1) Mineral resources are exclusive of the Reserves - differences may occur due to rounding.

• 2) All Resources and Reserves are reported above 1 g/t cut-off except Sarsfield above 0.4 g/t cut off and Nyakafuru above 0.5 g/t cut off.

• 3) Mt Wright Reserves are reported at 2.3 g/t cut off and Resources above 1.8 g/t cut off

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