Resolute Mining Limited — AGM Information 2020

May 20, 2020

Mine Gold. Create Value.

2020 Annual General Meeting Corporate Presentation | 21 May 2020

Important Notices and Disclaimers

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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 Mineral Resources and Ore Reserves used in this presentation, please refer to ASX Announcement dated 18 February 2020 titled “Annual Ore Reserve and Mineral Resource Statement as at 31 December 2019”,The Company is not aware of any new information or data that materially affects the Mineral Resources and Ore Reserves as reported in this ASX Announcement and confirms that all material assumptions and technical parameters underpinning this plan continue to apply and have not materially changed. The form and context in which the Competent Persons’ findings are presented have not been materially modified.

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. All dollar values are in United States dollars ($ or USD) unless otherwise stated. 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 has maintained its production guidance of 430,000oz at US$980/oz. Resolute does however continue to assess developments and update the Company’s response to COVID-19 while placing the highest priority on the safety and wellbeing of its employees, contractors and stakeholders. Further escalation of COVID-19, and the implementation of further government-regulated restrictions or extended periods of supply chain disruption, has the potential to negatively impact gold production, earnings, cash flow and the Company’s balance sheet.

This presentation has been authorised for released by Managing Director and CEO, Mr John Welborn.

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Mako
Senegal
Syama
Mali
Bibiani
Ghana
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Bibiani
Ghana
Strategic Review Ongoing
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2020 Guidance 430koz at US$980/oz AISC

Ore Reserves Market Capitalisation 4.7Moz A$1.3Bn £678m | US$830m

Mineral Resources

13.3Moz

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Note: Market capitalisation as at 20 May 2020. Mineral Resources and Ore Reserves are as at 31 December 2019 and stated exclusive of Ravenswood. 2020 guidance has been also updated to reflect the sale of Ravenswood which completed on 31 March 2020.

Resolute’s COVID-19 Response

• The health and safety of our people is a Resolute priority

• Comprehensive companywide response to the Covid-19 pandemic has been implemented

• Keeping our mines running is important for employees, local communities, national economies

• Resolute actions to ensure impact of COVID-19 mitigated across all aspects of operations

• Gold production not affected - mining and processing continuing at Syama and Mako

• No changes to FY20 production or cost guidance at Syama or Mako

• Resolute has regional experience, secure supply lines, and robust relationships

• Challenges presented by COVID-19 continue to change on a daily basis

• Resolute will adapt to keep our people safe and keep our mines producing

• US$1 million committed to support Mali and Senegal in their response efforts

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Social distancing at the Mess, Mako
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Donations of medical equipment, Mako
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Photo: Hand Washing Facilities at Syama. 3

Commitment to Sustainability

Key Sustainability Pillars

Economic Health, Safety Environmental Development and Security Responsibility

People

Social Responsibility

2.09

Total Recordable Injury Frequency Rate

ZERO

Major Environmental Incidents or Regulatory NonCompliance

$814m

Total Economic Value Distributed

Award Winning

Malian Talent and Development Program

ZERO

Lost Time Injuries at Mako

Proactive

Approach to Tailings Dam Management

90% National Employment

Conservation Partners

Mobilised to Support Biodiversity No Net Loss Commitments

Photo: Market Gardens, Mako Gold Mine 4

Responsible Gold Mining Resolute is committed to the World Gold Council’s Responsible Gold Mining Principles

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Resolute’s Sustainability Performance Framework includes a set of principles and commitments aligned with the Responsible Gold Mining Principles

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Photo: Revegetation activities, Mako Gold Mine

2019 Year in Review

Improved safety performance; TRIFR down to 2.09 at 31 December 2019 (from 2.77 at 30 June 2019)

Value accretive acquisition of Toro Gold adds high quality Mako Gold Mine to portfolio

Syama Underground Mine fully commissioned and Syama roaster returned to full capacity

Exploration success at Tabakoroni underpins future high grade underground mine

Ravenswood Strategic Review concludes with project sale for up to A$300 million

Bibiani Strategic Review initiated in response to inbound interest

Dual-listing on the London Stock Exchange completed with first trading in June 2019

Photo: Tabakoroni Open Pit Mine 6

Operational Performance

384,731oz Total Gold Production 394,920oz Total Gold Sold

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US$1,090/oz All-In Sustaining Cost (A$1,577/oz) US$1,344/oz Ave Price Received (A$1,933/oz)

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2019 Production of 384,731oz

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Multi-Asset Production Base

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208,494oz
176,237oz
25,929oz 87,188oz
141,437oz
129,199oz
46,760oz
35,890oz
28,557oz
150,307oz
94,677oz 93,309oz 92,749oz
H1 18 H2 18 H1 19 H2 19
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Note: H1 is the six month period to 30 June and H2 is the six month period to 31 December.

Financial Performance

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A$770m A$149m Revenue Operating Cash Flow A$208m A$21m Underlying EBITDA Underlying Net Profit After Tax A$132m A$113m EBITDA Net Loss After Tax

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Note: Refer to page 10 and the notes contained in the 2019 Annual Report for further details. All numbers are for the Group and include both continuing and discontinued operations.

2019 All-In Sustaining Cost of US$1,090/oz All-In Sustaining Cost by Asset (US$/oz)

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(1)
1,843
1,482
1,341
1,242
1,070
933
901
682 687
H1 18 H1 18 H2 18 H2 18 H1 19 H1 19 H2 19H2 19
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Syama Ravenswood

Mako

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Note: H1 is the six month period to 30 June and H2 is the six month period to 31 December. (1) A significant portion of the increase relative to H1 19 reflects the roaster shut down which occurred during the December 2019 Quarter.

Group Earnings Profile Revenue (A$m)

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446
324
243
223
H1 18 H2 18 H1 19 H2 19
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Increased revenue in H2 19 driven by increased production following the acquisition of Mako and a stronger gold price environment

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EBITDA (A$m)
EBITDA Margin
12% 10% 24% 12%
78
54
29
22
H1 18 H2 18 H1 19 H2 19
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The erosion in EBITDA H2 19 relative to H1 19 was driven by the Syama sulphide roaster being offline for the majority of the December Quarter

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Note 1: H1 is the six month period to 30 June and H2 is the six month period to 31 December. Refer to the 2019 Annual Report for further details.

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Cash Flow Analysis
Cash Flow (A$m)
229 (205)
158 (191)
26 151
125
97 (2)
39
Cash Operating Net Borrowings Capital Expenditure Toro Cash Toro Acquired Cash Other Cash Bullion Cash and Bullion
31 Dec 2018 Cash Flow Consideration 31 Dec 2019 31 Dec 2019 31 Dec 2019
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Note: Refer to the 2019 Annual Report for further details.

2020 Update and Outlook

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2020 Update

Production

March 2020 Quarter: 110,763oz at an AISC of US$1,007/oz

Development

Tabakoroni Underground PFS underway

Exploration

Positive drilling supports Syama oxide life extension potential

Portfolio Comprehensive companywide response implemented Balance Sheet Debt refinancing and equity raising completed Guidance 430,000oz at an AISC of US$980/oz affirmed despite COVID-19

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Syama Gold Mine: Mali 2020 Guidance: 260,000oz at an AISC of US$960/oz

2020 Focus Areas

Improved recoveries from sulphide processing circuit; +80% delivered Syama Underground Mine operating at full capacity

Continuing high margin oxide operations

Define mine plan for future Tabakoroni Underground Mine

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Syama Oxide Exploration Near surface drilling programs at satellites are returning significant high-grade oxide gold intersections

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Tabakoroni area drillhole locations on geology and satellite imagery

Photo: Exploration Drilling at Tabakoroni 16

Tabakoroni Underground Mine Pre-Feasibility Study Commenced

• Pre-Feasibility Study (PFS) initiated in the March 2020 Quarter following positive outcomes from internal Concept Study completed in 2019

• The PFS is investigating various underground mining methods and rates and will review suitable processing options maximising utilisation of the nearby Syama processing plant infrastructure

• The PFS aims to sufficiently advance study work to progress to full Feasibility Studies during the September 2020 Quarter

• Early underground access works to commence during the March 2021 Quarter , pending Board approval and environmental and social permitting

• Deposit remains largely open both at depth and along strike

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Syama Power Upgrade Project Construction of new solar hybrid modular power underway

• Early works comprising mobilisation of the earthworks contractor, bulk earthworks and relocation of existing hire power units undertaken; detailed earthworks commenced

• The new power station will deliver cost effective, environmentally friendly, capital efficient power and long-term electricity cost savings of up to 40% while reducing carbon emissions by approximately 20%

Photo: Syama Solar Hybrid Power Plant Site 18

Mako Gold Mine: Senegal

Maintain high productivity, strongly cash flow generative operations

Optimise mine plan to support lower cost, longer life production

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Resolute Portfolio

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Syama Mako

Syama Complex comprises the Syama Underground Mine, a world class, fully automated sublevel cave, and the Tabakoroni Open Pit Mine

Mako is a high quality, low-cost producing asset with attractive scale, located in the stable, mining friendly jurisdiction of Senegal

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Mine Life 14 years
Mineral Ore
Resources 8.3 Moz 3.3 Moz Reserves
US$
2020 260 2020
AISC 960 /oz koz Production
Plant Capacity 4 Mtpa
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Mine Life 7 years
Mineral Resources 1.1 Moz 0.7 Moz ReservesOre
US$
2020 160 2020
AISC 800 /oz koz Production
Plant Capacity 2.3 Mtpa
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SALE COMPLETED 31 MARCH 2020 Bibiani Ravenswood

A$100 million of upfront proceeds received (A$50 million cash and A$50 million notes with a 6% coupon); additional notes valued at up to A$200 million received

Bibiani is a potential long life, high margin operation which offers significant optionality for Resolute; currently subject to a strategic review

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Mine Life 10 years
Mineral Ore
Resources 2.5 Moz 0.7 Moz Reserves
US$
Target 100 Target Annual
AISC 764 /oz koz Production
Plant Capacity 3 Mtpa
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Mine Life +10 years
Mineral Resources 5.9 Moz 2.7 Moz ReservesOre
US$
2020 80 2020
AISC Production
1 200 /oz koz
,
Plant Capacity 5 Mtpa
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Note: Mineral Resources are inclusive of Ore Reserves and is as at 31 December 2019. Production and AISC numbers are based on 2020 guidance except for Bibiani which is based on the Company’s latest study. Numbers subject to rounding.

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Cor orate Summar (ASX / LSE : RSG) p y

Capitalisation	A$	£	US$
Share Price	$1.15	£0.61	$0.75
Shares on Issue	1,103m
Market Capitalisation	$1,268m	£678m	$830m

ASX Price Performance

Capitalisation

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Top 10 Shareholders

2020 Guidance at 430,000oz US$980/oz AISC

1 ICM Limited	13.3%	Trading Statistics 430,000ozat US$980/ozAISC LTM Average Daily Trading Volume: 12.2m Value: A$15.0m
2 Van Eck Associates Corporation	8.2%
3 L1 Capital	6.3%
4 Baker Steel Capital Managers	4.5%
5 The Vanguard Group	4.4%
6 QG Investments Africa	3.8%
7 Dimensional Fund Advisors	3.4%
8 BlackRock	3.1%
9 FMR	2.7%
10 Ninety One Group (Investec)	2.2%

Volume Share Price

Note: Market data as at 20 May 2020. Top 10 Shareholders as at 30 April 2020 (prior to issuance of the final Tranche 2 shares as part of Resolute’s equity raising which was launched in January 2020).

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Contact
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Follow Us

John Welborn Managing Director & CEO EMAIL | contact@rml.com.au PHONE | +61 8 9261 6100

WEB | www.rml.com.au