Resolute Mining Limited — Annual Report 2009

Aug 26, 2009

APPENDIX 4E:

PRELIMINARY FINAL REPORT

A.C.N. 097 088 689

1

HIGHLIGHTS

• Strong underlying profit after tax of $27.4m

• Total gold production of over 300,000 ounces

• Syama construction complete with operation ramp up underway

• Cash and bullion of $13.0m at 30 June 2009

• Forecast group production of 400,000 ounces for 2009/10

RESULTS

• Revenues from continuing operations increased by 28% to $301.3m (2008: $235.4m).

• Profit before unrealised treasury and tax was $28.1m (2008: $8.6m loss). This result includes $11.5m (2008: $12.1m) of exploration costs charged directly to the income statement as a result of changes in the accounting policy for exploration expenditure, $16.5m (2008: $5.6m) of non-cash impairment charges and a $10.0m profit on the sale of the Challenger royalty stream.

• Profit after tax of $27.4m (2008: $56.7m loss) includes unrealised treasury gains of $1.1m (2008: $38.4m losses).

OPERATIONS

• The Group gold production for the year was 303,722 ounces (2008: 293,057oz) of gold at an average cash cost of A$714/oz (2008: A$617/oz).

• Golden Pride gold mine in Tanzania, Africa, produced 127,047oz (2008: 150,224oz) at a cash cost of A$656/oz (or US$486/oz) (2008: A$497/oz or US$449/oz).

• Ravenswood gold mine in Queensland, Australia, produced 151,913oz (2008: 142,833oz) at a cash cost of A$763/oz (2008: A$743/oz).

• Syama gold mine, although still in ramp-up phase at 30 June 2009, produced 24,762oz. Production costs and gold sale proceeds have been capitalised.

DEVELOPMENT

Syama:

• Work on the re-development of the Syama gold mine in Mali was completed during the year and the project is at the plant ramp-up and optimisation phase, with all process areas operating. The majority of construction punchlist items have been completed with only minor items remaining outstanding.

• Forecast total capital cost of the redevelopment has been revised down to US$186M. At 30 June 2009, US$3.0m of this is due for payment and US$7.5m is still to be resolved.

• Syama pre-production operating costs and inventory build-up, net of pre-production gold sales were A$77.6m.

• Feasibility study of Syama upgrade for free milling ore well advanced and supported by 190,000oz reserve defined at A21, Mali, and 605,000oz resource established at Finkolo, Mali.

EXPLORATION

• Exploration continued at regional and near mine prospects in Mali, Tanzania and Queensland.

• Exceptional economic intercepts including 18m @ 35.0g/t Au, 10m @ 12.7g/t Au, 5m @ 24.7g/t Au, 8m @ 10.3g/t Au, and 16m @ 5.1g/t Au have been received from a continuous zone of gold mineralisation with a strike length of more than 2km at the Tellem prospect (10km SW of Syama – Mali). Additional drilling at depth and along strike to the north and south is planned prior to conducting resource estimations.

• Drilling at Kavsav (8km NE of Golden Pride – Tanzania) returned some excellent intercepts including 10m @ 3.8g/t Au, 32m @ 1.4g/t Au, 8m @ 4.9g/t Au, 19m @ 2.7g/t Au, 44m @ 1.4g/t Au, 16m @ 1.9g/t Au, and 12m @ 2.5g/t Au from a mineralised zone with a strike length of more than 1.6km. Further drilling is planned prior to an initial resource estimate.

• Exploration expenditure and activity was reduced during the year with only committed and key programs completed.

The information in this report that relates to the Mineral Resources and Ore Reserves is based on information compiled by Mr TH Brown and R Bray (full time employees of Resolute Mining Ltd) who are members of the Australian Institute of Mining and Metallurgy. Mr TH Brown and R Bray have more than 5 years experience relevant to the styles of mineralisation and type of deposit under consideration and to the activity which they are undertaking to qualify as Competent Persons as defined in the 2004 Edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves". Mr TH Brown and R Bray have consented to the inclusion of the matters in this report based on their information in the form and context in which it appears.

2

CASH & BORROWINGS

• Group cash and bullion at 30 June 2009 was $13.0m (2009: $30.0m).

• Net operating cash inflows during the year were $65.7m (2008: $22.1m).

• Net investing cash outflows of $171.2m (2008: $173.1m) include expenditure on exploration and development areas of $161.2m (2008: $181.5m) and full year proceeds of $13.2m from the Challenger gold royalty.

• Fund raising activities during the year, by way of issuing shares and convertible notes, provided gross proceeds of $89.0m. Costs associated with the fund raisings were $5.1m.

• At 30 June 2009, Resolute’s total borrowings were A$137.3m (2008: A$69.4m) and comprised US$44.0m (or A$54.0m) owing on the Barclays senior debt facility, US$8.1m (or A$9.9m) of loans from Barclays used to purchase gold put options, A$10m owing to the provider of a credit facility drawn down during the financial year, A$51.7m owing to holders of Resolute Convertible Notes, hire purchase / finance leases totalling A$6.1m, and a A$5.6m bank overdraft facility. The borrowings amounts stated here differ to those shown on the balance sheet as these amounts exclude sunk-cost establishment fees and apportionments between debt and equity as required by accounting standards.

• At 30 June 2009, the weighted average interest rate payable on the borrowings at that date was 7.2%.

• Repayments of borrowings during the period totalled $27.6m (2008: $4.7m).

• Interest of A$3.1m owing on the Resolute Convertible Notes for the 6 months ended 30 June 2009 was paid on 30 June by way of an issue of Resolute ordinary shares.

• The quantity of hedging commitments decreased during the year by 65,488 ounces of gold, and as at 30 June 2009, approximately 12% of Resolute’s attributable gold reserve is committed to hedging contracts.

• The average cash price received per ounce of gold sold during the year was A$1,051/oz (2008: A$775/oz).

• The speed of the ramp up of the Syama Project to feasibility study levels will directly impact whether further funding or financial accommodation is required to ensure the group’s planned expenditure programs can be committed to in an orderly fashion. Short term forecasts indicate cash will need to be managed carefully, whilst long term cash flow forecasts continue to look robust.

OUTLOOK

Forecast gold production for the Group for the year ending 30 June 2010 is 400,000 ounces at a cash cost of approximately A$790 per ounce. This forecast is sensitive to the timing of the ramp up of the Syama project and the USD/AUD exchange rate.

Golden Pride:

Mining for the coming year will focus mainly on the main ore zone in the central pit.

The processing plant throughput will decrease over the next year as the harder fresh ore being fed into the circuit increases. This reduction in throughput will be offset by the expected improved head grade of the ore to be processed. Overall gold production is expected to be unchanged. Costs per ounce are expected to increase due to the cost of mining and treating the harder sulphide ore from deeper in the pit.

Ravenswood:

Sarsfield low grade ore stockpiles will continue to be treated with Mt Wright ore for all of the 2009/10 year. The head grade of the ore to be processed in the coming year is expected to be significantly less than that achieved in 2008/09 due to an increase in the portion of the mill feed to be sourced from the remaining low grade stockpiles. Mt Wright’s contribution to the project will continue to gradually increase as capital expenditure on the development of the decline and orebody continues. Ravenswood’s gold production is expected to be lower over the next year as a result of the projected lower head grade, with costs per ounce steady as a result of the nil accounting value placed on the low grade stockpiles, offset by the lower head grade.

Syama:

Plant performance and gold production is expected to continue to improve from levels seen in July. The timing of the ramp up and optimisation phase will have a direct impact on projected gold production and cash costs per ounce for the coming year. Specific guidance on Syama’s gold production and cash costs for the coming year will be provided when further operational experience is gained.

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PR SULLIVAN

Chief Executive Officer 27 August 2009

RESOLUTE MINING LIMITED APPENDIX 4E YEAR ENDED 30 JUNE 2009

A.C.N: 097 088 689

RESOLUTE MINING LIMITED APPENDIX 4E For the year ended 30 June 2009

TABLE OF CONTENTS

	Page
Appendix 4E	5
Consolidated Income Statement	6
Consolidated Balance Sheet	7
Consolidated Statement of Changes in Equity	8
Consolidated Cash Flow Statement	9
Notes to the Financial Statements	10

RESOLUTE MINING LIMITED APPENDIX 4E For the year ended 30 June 2009

REPORTING PERIOD

The reporting period is the year ended 30 June 2009 with the corresponding reporting period being for the year ended 30 June 2008.

RESULTS FOR ANNOUNCEMENT TO THE MARKET

Results Revenues from continuing operations (Loss in the prior year) Profit from continuing activities after income tax attributable to members (Loss in the prior year) Net Profit attributable to members (Loss in the prior year) Profit before unrealised treasury and tax	A$'000 up 28% to 301,346 up n/a to 28,060 up n/a to 27,438 up n/a to 27,438	A$'000 up 28% to 301,346 up n/a to 28,060 up n/a to 27,438 up n/a to 27,438
Dividends Final dividend - no final dividend is proposed Interim dividend Record date for determining entitlements to the dividend	security Amount per	persecurity Franked amount
	n/a n/a	n/a n/a
	n/a

The above results should be read in conjunction with the notes and commentary contained within this report.

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RESOLUTE MINING LIMITED APPENDIX 4E For the year ended 30 June 2009

CONSOLIDATED INCOME STATEMENT

Note Continuing operations Revenue from gold sales 3a Other revenue 3b Cost of sales 3c Gross profit Other income 3d Other expenses 3e Profit/(loss) from continuing operations before unrealised treasury, tax and finance costs Borrowing costs 3f Profit/(loss) before unrealised treasury and tax Treasury - unrealised gains/(losses) 3g Profit/(loss) before tax Income tax expense Profit/(loss) from continuing operations after income tax Attributable to: Members of the parent Earnings per share for profit/(loss) from continuing operations attributable to ordinary equity shareholders of the Company: Basic earnings per share for profit/(loss) for the year (cents per share) 7 Diluted earnings per share for profit/(loss) for the year (cents per share) 7	2009 2008 $'000 $'000 299,713 231,501 1,633 3,933 (240,827) (204,963) Consolidated
	60,519 30,471
	10,858 1,390 (39,248) (38,580)
	32,129 (6,719)
	(4,069) (1,835)
	28,060 (8,554)
	1,141 (38,448)
	29,201 (47,002)
	(1,763) (9,720)
	27,438 (56,722)
	27,438 (56,722)
	the 9.21 (21.61) 8.71 (21.61)

The above income statement should be read in conjunction with the accompanying notes.

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RESOLUTE MINING LIMITED APPENDIX 4E For the year ended 30 June 2009

CONSOLIDATED BALANCE SHEET

Note Current assets Cash 5 Receivables 6 Inventories 7 Available for sale financial assets 8 Financial derivative assets 9 Other 10 Total current assets Non current assets Receivables 6 Financial derivative assets 9 Evaluation expenditure 11 Development expenditure 12 Property, plant and equipment 13 Deferred expenditure 14 Other 10 Total non current assets Total assets Current liabilities Payables 15 Interest bearing liabilities 16 Tax liabilities 17 Financial derivative liabilities 18 Provisions 19 Total current liabilities Non current liabilities Interest bearing liabilities 16 Financial derivative liabilities 18 Provisions 19 Other liabilities 20 Total non current liabilities Total liabilities Net assets Equity Contributed equity 21 Reserves 22 Retained earnings 23 Total equity	2009 2008 $'000 $'000 12,701 29,731 4,653 14,216 75,265 43,209 1,107 4,708 - 9 6,258 3,629 Consolidated
	99,984 95,502
	5,557 - 6,457 8,951 8,928 15,406 396,534 253,725 103,017 95,438 17,188 15,073 1,408 2,733
	539,089 391,326
	639,073 486,828
	56,135 39,514 24,277 12,562 2,160 2,160 52,949 31,602 6,936 5,289
	142,457 91,127
	100,738 55,194 62,358 93,032 30,021 26,298 193 324
	193,310 174,848
	335,767 265,975
	303,306 220,853
	209,680 171,867 18,633 1,431 74,993 47,555
	303,306 220,853

The above balance sheet should be read in conjunction with the accompanying notes.

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RESOLUTE MINING LIMITED APPENDIX 4E For the year ended 30 June 2009

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

Total equity at the beginning of the year Exchange differences on translation of foreign operations Cash flow hedges: Transfer to income statement Changes in the fair value of available for sale financial assets, net of tax and impairment Net income/(expense) recognised directly in equity Profit/(loss) for the year Total recognised income and expense for the year Transactions with equity holders in their capacity as equity holders: Contributions of equity, net of transaction costs Equity portion of compound financial instruments Share based payments Total equity at the end of the year Total recognised income and expense for the year is attributable to: Equity holders of Resolute Mining Limited Effect of a change in accounting policy: Total equity at the beginning of the financial year - as previously reported Adjustment for change in accounting policy, net of tax, to: - Reserves - Retained earnings - Minority interest Restated total equity at the beginning of the financial year	2009 2008 $'000 $'000 220,853 223,925 Consolidated	2009 2008 $'000 $'000 220,853 223,925 Consolidated
	9,816 4,246 (4,105) (3,486) 301 (5,536)
	6,012 27,438	(4,776) (56,722)
	33,450	(61,498)
	37,813 10,794 396	57,950 - 476
	49,003	58,426
	303,306	220,853
	33,450	(61,498)
	33,450	(61,498)
		264,636 6,435 (44,730) (2,416)
		223,925

The above statement of recognised income and expense should be read in conjunction with the accompanying notes.

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RESOLUTE MINING LIMITED APPENDIX 4E For the year ended 30 June 2009

CONSOLIDATED CASH FLOW STATEMENT

Note Cash Flows from Operating Activities Receipts from customers Payments to suppliers and employees Payments for purchases of put options Proceeds from the sale of gold call options Interest received Interest and other costs of finance paid Net operating cash flows 26 Cash Flows from Investing Activities Expenditure on exploration, evaluation and development areas Payment for property, plant and equipment Proceeds from sale of property, plant and equipment Royalties received Proceeds from sale of available for sale financial assets Proceeds from the reimbursement for the Syama mining fleet Proceeds from the sale of the Challenger royalty Net investing cash flows Cash Flows from Financing Activities Proceeds from issues of securities Proceeds from issues of convertible notes Cost of issuing securities and convertible notes Proceeds from borrowings Repayment of borrowings Repayment of lease liability Net financing cash flows Net decrease in cash held Cash assets held at the beginning of the year Exchange rate adjustment Cash assets held at the end of the year 5	2009 2008 $'000 $'000 294,106 224,275 (226,651) (193,732) - (7,923) 1,569 - 425 1,895 (3,776) (2,416) Consolidated
	65,673 22,099
	(161,150) (181,497) (24,377) (31,265) 307 7,823 3,234 2,164 802 1,529 - 28,137 10,033 -
	(171,151) (173,109)
	37,308 51,591 51,722 - (5,052) (104) 30,799 66,598 (24,862) (3,138) (2,707) (1,568)
	87,208 113,379
	(18,270) (37,631) 29,731 67,661 1,240 (299)
	12,701 29,731

The above cash flow statement should be read in conjunction with the accompanying notes.

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RESOLUTE MINING LIMITED APPENDIX 4E For the year ended 30 June 2009

NOTES TO THE FINANCIAL STATEMENTS

NOTE 1: BASIS OF PREPARATION OF PRELIMINARY FINAL REPORT

a) Corporate information

The preliminary financial report of Resolute Mining Limited and its subsidiaries (“Resolute” or the “Group”) for the full year ended 30 June 2009 was authorised for issue in accordance with a resolution of directors.

Resolute Mining Limited (“RML”) is a company incorporated in Australia and limited by shares, which are publicly traded on the Australian Stock Exchange.

b) Basis of preparation

This preliminary financial report has been prepared in accordance with Australian Accounting Standards, other Australian Accounting Standards Board authoritative pronouncements, Urgent Issues Group Interpretations and the Corporations Act 2001 .

This report is based on accounts that are in the process of being audited.

This report does not include all notes normally included in an annual financial report. Accordingly this report is to be read in conjunction with the financial report for the year ended 30 June 2008 and any public announcements made by RML during the reporting period in accordance with the continuous disclosure requirements of the Corporations Act 2001 .

c) Change in accounting policy – Exploration expenditure

The policy for accounting for exploration expenditure has changed from the policy applied in the prior year.

In prior years, the costs incurred in connection with exploration of areas with current rights of tenure were capitalised to the balance sheet. The criteria for carrying forward the costs were:

• such costs were expected to be recouped through successful development and exploitation of the area of interest, or alternatively by its sale; or

• exploration activities in the area of interest had not yet reached a state which permitted a reasonable assessment of the existence or otherwise of economically recoverable reserves, and active and significant operations in, or in relation to, the area was continuing.

Costs carried forward in respect of an area of interest that was abandoned were written off in the year in which the decision to abandon was made.

The policy has since changed, and the new policy has been applied retrospectively (with comparative information being restated accordingly). Under the new policy, except as noted below, exploration expenditure is expensed to the income statement as and when it is incurred. Exploration costs are only capitalised to the balance sheet if they result from an acquisition.

Evaluation costs (costs incurred once the project moves to the “Evaluation” phase, and onward from there into “Development”) continues to be accounted for under the same policy which has been applied in previous reporting periods. Evaluation is deemed to be activities undertaken from the beginning of the pre-feasibility study conducted to assess the technical and commercial viability of extracting a mineral resource, before moving into the Development phase.

The previous accounting policy of the Group is common for exploration companies as a result of this expenditure representing their main assets. The new accounting policy is common for larger mining companies as this expenditure does not represent the main activities and is viewed as an expense of discovery. Management judges that the new policy provides reliable and more relevant information because it results in a more transparent treatment of exploration costs and is consistent with industry practice for larger mining companies, making RML’s financial statements more comparable.

Comparative financial information included in this report has been re-stated accordingly.

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RESOLUTE MINING LIMITED APPENDIX 4E For the year ended 30 June 2009

NOTES TO THE FINANCIAL STATEMENTS

NOTE 2: ANNUAL GENERAL MEETING

The annual general meeting will be held as follows:

Place: To be advised Date: To be advised Time: To be advised Approximate date the annual report will be available: Late October 2009

NOTE 3: PROFIT/(LOSS) FROM CONTINUING OPERATIONS

(a) Revenue from gold sales Gold sales at spot price Realised loss on gold forward contracts Amortisation of the gold forward contract hedge reserve (b) Other revenue Interest income - other persons/corporations Royalty income (c) Cost of sales Cost of production Amortisation of evaluation, development & rehabilitation costs Depreciation of mine site properties, plant & equipment Royalty expense Operational support costs (d) Other income Rehabilitation provision adjustment from non operating mine sites Profit on sale of the Challenger Royalty Profit on sale of available for sale financial assets Other	2009 2008 $'000 $'000 Consolidated 329,587 265,980 (35,859) (41,820)
	293,728 224,160 5,985 7,341
	299,713 231,501
	425 1,826 1,208 2,107
	1,633 3,933
	200,589 177,140 13,134 9,292 14,444 9,509 9,306 7,453 3,354 1,569
	240,827 204,963
	- 931 10,033 - - 204 825 255
	10,858 1,390

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RESOLUTE MINING LIMITED APPENDIX 4E For the year ended 30 June 2009

NOTES TO THE FINANCIAL STATEMENTS

NOTE 3: PROFIT/(LOSS) FROM CONTINUING OPERATIONS (continued)

(e) Other expenses Other management and administration expenses Insurance costs Operating lease expense Share based payments expense Loss on sale of property, plant and equipment Loss on sale of available for sale financial assets Mineral exploration and development costs Rehabilitation provision adjustment from non operating mine sites Depreciation of non mine site assets Realised loss on gold loan Realised loss on gold options Realised foreign exchange loss Impairment of accounts receivable Impairment of available for sale financial assets (i) Impairment of acquired exploration assets (ii) Impairment of development assets Other

2009 2008 $'000 $'000 Consolidated 3,768 3,316 1,331 475 586 533 396 209 134 204 436 - 11,543 12,149 217 - 183 140 - 1,377 2,397 8,313 1,765 6,154 3,180 5,546 3,140 - 8,632 - 1,540 34 - 130

39,248 38,580

(i) The amounts previously charged to the reserve relating to available for sale financial assets have been impaired in the current year and recognised in the income statement.

(ii) The acquired exploration asset resulting from the acquisition of Carpentaria Gold Pty Ltd (a 100% owned subsidiary of RML) has been impaired in the current year and recognised in the income statement, as the foreseeable exploration expenditure program in that area of interest has reduced.

(f) Borrowing costs

Interest and fees paid/payable to other entities Rehabilitation provision discount adjustment (g) Treasury - unrealised gains/(losses) Unrealised gain/(loss) on gold forward contracts Unrealised (loss)/gain on gold put options Unrealised gain on gold call options Unrealised gain on gold loan Unrealised foreign exchange (loss)/gain	3,070 1,049 999 786
	4,069 1,835
	12,140 (54,190) (118) 7,990 1,393 - - 621 (12,274) 7,131
	1,141 (38,448)

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RESOLUTE MINING LIMITED APPENDIX 4E For the year ended 30 June 2009

NOTES TO THE FINANCIAL STATEMENTS

NOTE 4: SEGMENT INFORMATION

2009 Geographical Segments Tanzania Ghana Mali Australia Consolidated $'000 $'000 $'000 $'000 $'000 Revenue Sales 140,369 - - 159,344 299,713 Other revenue 36 - 10 1,587 1,633 Segment revenue 140,405 - 10 160,931 301,346 Results Segment results from continuing operations 43,601 (1,353) (6,414) (6,633) 29,201 Consolidated entity profit from continuing operations before income tax expense 29,201 Income tax expense (1,763) Consolidated entity profit from continuing operations after income tax expense 27,438 Assets Segment assets 81,111 1,062 422,169 134,731 639,073 Liabilities Segment liabilities 21,097 168 45,184 269,318 335,767 Other Segment Information Depreciation and amortisation 7,653 - - 20,108 27,761 - - - 10,172 10,172 Impairment of mineral exploration and development expenditure	Tanzania Ghana Mali Australia Consolidated $'000 $'000 $'000 $'000 $'000 140,369 - - 159,344 299,713 36 - 10 1,587 1,633	Tanzania Ghana Mali Australia Consolidated $'000 $'000 $'000 $'000 $'000 140,369 - - 159,344 299,713 36 - 10 1,587 1,633
	140,405 - 10 160,931 301,346
	43,601 (1,353) (6,414) (6,633) 29,201
		29,201 (1,763)
		27,438
		639,073
	21,097 168 45,184 269,318	335,767
	7,653 - - 20,108	27,761
	- - - 10,172	10,172

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RESOLUTE MINING LIMITED APPENDIX 4E For the year ended 30 June 2009

NOTES TO THE FINANCIAL STATEMENTS

NOTE 4: SEGMENT INFORMATION (continued)

2008 Geographical Segments Tanzania Ghana $'000 $'000 Revenue Sales 122,171 - Other revenue 83 - Segment revenue 122,254 - Results Segment results from continuing operations 23,789 (1,215) Consolidated entity loss from continuing operations before income tax expense Income tax expense Consolidated entity loss from continuing operations after income tax expense Assets Segment assets 74,481 120 Liabilities Segment liabilities 29,987 72 Other Segment Information Depreciation and amortisation 3,699 - - - Impairment of mineral exploration and development expenditure NOTE 5: DIVIDENDS PAID OR PROVIDED FOR The amount of franking credits available for the subsequent financial year is as follows. The amount has been determined using a tax rate of 30%. There were no dividends paid or provided for during the year. NOTE 6: NET TANGIBLE ASSETS Net tangible assets per ordinary security is:	Tanzania Ghana $'000 $'000 122,171 - 83 -	Mali Australia Consolidated $'000 $'000 $'000 - 109,330 231,501 - 3,850 3,933	Mali Australia Consolidated $'000 $'000 $'000 - 109,330 231,501 - 3,850 3,933
	122,254 -	- 113,180 235,434
	23,789 (1,215)	(5,041) (64,535) (47,002)
		250,981 161,246	(47,002) (9,720)
			(56,722)
			486,828
	29,987 72	24,219 211,697	265,975
	3,699 -	- 15,242	18,941
	- -	- 34	34
		Consolidated 2009 2008 $’000 $’000 5,453 5,453 $ $ 0.86 0.79

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RESOLUTE MINING LIMITED APPENDIX 4E For the year ended 30 June 2009

NOTES TO THE FINANCIAL STATEMENTS

NOTE 7: EARNINGS PER SHARE

Basic earnings per share Profit/(loss) used in calculation of basic EPS ($'000) Weighted average number of ordinary shares outstanding during the period used in the calculation of basic EPS Basic EPS (cents per share) Diluted earnings per share Profit/(loss) used in calculation of dilutive EPS ($'000) Weighted average number of ordinary shares outstanding during the period used in the calculation of basic EPS Weighted average of notional shares used in determining diluted EPS Weighted average number of ordinary shares outstanding during the period used in the calculation of diluted EPS Number of potential ordinary shares that are not dilutive and hence not included in calculation of diluted EPS Diluted EPS (cents per share)

2009 2008 27,438 (56,722) 297,921,013 262,465,888 9.21 (21.61) 27,438 (56,722) 297,921,013 262,465,888 17,103,396 n/a 315,024,409 262,465,888 2,900,000 471,000 8.71 (21.61) Consolidated

NOTE 8: ISSUED & CONTRIBUTED EQUITY

	Total	Number	Issue Price	Amount Paid
	Number	Quoted	Per Security	Up Per Security
Ordinary securities
As at 30 June 2009	352,313,556	352,313,556
Changes during current period
Increases through exercise of unlisted options	150,000	-	$1.42	$1.42
Increases through exercise of unlisted options	55,000	-	$1.13	$1.13
Increases through subscription of rights issue	30,072,231	-	$0.40	$0.40
Increases through placement of shares to sophisticated investors	35,720,000	-	$0.70	$0.70
Increases through exercise of listed options	951	-	$0.60	$0.60
Increases through issue of shares to convertible note holders for
interest owing	5,485,649	-	$0.57	$0.57

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RESOLUTE MINING LIMITED APPENDIX 4E For the year ended 30 June 2009

NOTES TO THE FINANCIAL STATEMENTS

NOTE 8: ISSUED & CONTRIBUTED EQUITY (continued)

	Total	Number	Exercise	Expiry
	Number	Quoted	Price	Date
Options on issue
As at 30 June 2009	40,000	-	$1.41	21/12/09
	55,000	-	$1.12	23/03/11
	335,000	-	$1.32	24/10/11
	237,000	-	$2.12	22/05/13
	99,000	-	$1.62	28/08/13
	1,250,000	-	$1.63	1/10/011
	1,805,000	-	$0.42	31/01/14
	500,000	-	$1.00	31/03/12
	500,000	-	$0.74	30/06/12
	79,986,074	79,986,074	$0.60	31/12/11
Changes during current period
Exercise of unlisted options	150,000	-	$1.42	21/12/09
Exercise of unlisted options	55,000	-	$1.13	23/03/11
Lapsing of unlisted options	174,000	-	$2.13	22/05/13
Lapsing of unlisted options	60,000	-	$2.12	22/05/13
Lapsing of unlisted options	65,000	-	$1.13	23/03/11
Lapsing of unlisted options	75,000	-	$1.41	21/12/09
Lapsing of unlisted options	6,000	-	$1.62	28/08/13
Lapsing of unlisted options	75,000	-	$0.41	31/01/14
Issue of unlisted options	105,000	-	$1.62	28/08/13
Issue of unlisted options	1,250,000	-	$1.63	1/10/11
Issue of listed options	79,027,985	79,027,985	$0.60	31/12/11
Exercise of listed options	951	951	$0.60	31/12/11
Issue of unlisted options	1,880,000	-	$0.42	31/01/14
Issue of unlisted options	500,000	-	$1.00	31/03/12
Issue of unlisted options	500,000	-	$0.74	30/06/12
Convertible notes on issue
As at 30 June 2009	103,443,677	103,443,677	$0.50	31/12/12
Changes during current period
Issue of notes pursuant to a prospectus	103,443,677	103,443,677	$0.50	31/12/12

Signed in accordance with a resolution of directors.

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P.R. Sullivan Director Perth, Western Australia 27 August 2009

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