Resolute Mining Limited — Annual Report 2016

Aug 30, 2016

Full Year Results

For the year ending 30 June 2016

Forward Looking Statement

This presentation includes certain statements, estimates and projections with respect to the future performances of Resolute. Such statements, estimates and projections reflect various assumptions concerning anticipated results, which assumptions may prove not to be correct. The projections are merely estimates by Resolute, of the anticipated future performance of Resolute's business based on interpretations of existing circumstances, and factual information and certain assumptions of economic results, which may prove to be incorrect. Such projections and estimates are not necessarily indicative of future performance, which may be significantly less favourable than as reflected herein. Accordingly, no representations are made as to the fairness, accuracy, correctness or completeness of the information contained in this presentation including estimates or projections and such statements, estimates and projections should not be relied upon as indicative of future value, or as a guarantee of value of future results. This presentation does not constitute an offer, invitation or recommendation to subscribe for or purchase securities in Resolute Mining Limited.

The information in this report that relates to the Exploration Results, Mineral Resources and Ore Reserves is based on information compiled by Mr Richard Bray who is a Registered Professional Geologist with the Australian Institute of Geoscientists and Mr Andrew Goode, a member of The Australasian Institute of Mining and Metallurgy. Mr Richard Bray and Mr Andrew Goode both 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 a Competent Person, as defined in the 2012 Edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves". Mr Richard Bray and Mr Andrew Goode are full time employees of Resolute Mining Limited Group and each hold equity securities in the Company. They have consented to the inclusion of the matters in this report based on their information in the form and context in which it appears. This information was prepared and first disclosed under the JORC Code 2004. Except where noted, it has not been updated since to comply with the JORC Code 2012 on the basis that the information has not materially changed since it was last reported.

In providing this presentation, Resolute has not considered the objectives, financial position or the needs of the recipient. The recipient should obtain and rely on its own financial advice from its tax legal accounting and other professional advisers in respect of the recipients objectives financial position and needs. To the maximum extent permitted by law neither Resolute nor its related corporations ,directors, employees or agents nor any other person accepts liability for any loss arising from the use of this presentation or its contents or otherwise arising in connection with it. You represent and confirm by attending and or retaining this presentation that you accept the above conditions.

Resolute is a global gold producer, explorer, developer and innovator.

FY16: A Transformational Year

Developing long mine life operations at our existing projects

Applying our operational expertise globally

FY16 Highlights Outstanding Transformational Performance

FinancialPerformance		OperatingPerformance		Balance Sheet
A$213m	FY16 net profit after tax	340,540oz	Total gold sold for FY16	A$102m	Total Cash and bullion atmarket value
A$555m	Revenue from gold andsilver sales up 20%	A$1,624/oz	Average price for total goldsold (US$1,184/oz)	A$91m	Debt reduction
A$167m	Record gross profit fromoperations up 135%	315,169oz	Total annual goldproduction for FY16	A$75m	Net Cash, bullion/(debt)
129%	Return on equity	A$1,200/oz	All-in-Sustaining Cost(US$874/oz)	A$193m	Net Operating Cash Flows
27.6c	Diluted earnings per share

Dividend announced of 1.7c per share

Financial performance

	2016
Revenue from Gold and Silver Sales	A$555m
Gross Profit from Operations	A$167m
Net Profit After Tax	A$213m
Return on Equity	129%
Diluted Earnings per Share	27.6cents

Operating performance

Total Gold Sold 2016 A$1,624/oz (US$1,184/oz) Total Gold Sold Average Price Total Annual Gold Production 315,169oz 340,540oz

All-in-Sustaining Cost

A$1,200/oz (US$874/oz)

Balance sheet and cash flow

Resolute gold dividend

Resolute has partnered with The Perth Mint to provide shareholders with the unique opportunity to receive dividend payments in gold.

See ASX Announcement dated 30 August 2016 for dividend details.

Mr John Welborn, Managing Director & CEO and Mr Richard Hayes, CEO of The Perth Mint with approximately 50% of the Resolute Dividend Payment in gold bullion

Transformation ASX: RSG

Market Cap 2016 $1.2Bn 2015 $154m

Financial highlights FY16

Strong cash flow

Quarterly Cash & Bullion

Investment Highlights

• Two high margin operating gold mines and a longer term development project

• Currently operating the 250koz Syama Gold Mine in Mali and the 100koz+ Ravenswood Gold Mine in Queensland, Australia
• Bibiani Gold Project in Ghana provides longer term growth option
• Extensive exploration footprint along the highly prospective Syama Shear and greenstone belts in Mali and Cote d'Ivoire

• Organic production growth to >450kozpa

• Syama Underground Mine a long life low cost opportunity
• Ravenswood Extension Project the future beyond Mt Wright
• Bibiani Gold Project large scale gold deposit with infrastructure in place

• Large reserve and resource inventory

• Gold reserves of 5.3Moz
• Gold resources of 14.3Moz
• Proven track record of replenishing reserves

• Strong balance sheet and ongoing operational cashflow generation

• Significant cash balance and bullion reserves of A$102 million
• No senior secured or corporate debt
• Balance sheet flexibility and strength
• New management team
  • High calibre personnel with operational expertise
  • Global experience across all phases of the mining cycle (operator developer explorer)
  • Expertise to drive operational innovation and performance excellence 13

FY17: Transformation Continues

Prioritising sustainable dividends

Diversifying our production base

Reducing All-in-Sustaining Costs (AISC) through innovation

Appendix

Key financial performance indicators

		30 June 2016	30 June 2015	Improvement
Revenue from gold and silver sales	A$M	555	462	93	20%
Gross profit from operations	A$M	167	71	96	135%
Net profit/(loss) after tax	A$M	213	(569)	782	N/A
Diluted earnings/(loss) per share	A$	0.276	(0.784)	1.06	N/A
Gold shipped	Oz	324,333	323,508	825	0%
Gold sold	Oz	340,540	313,100	27,440	9%
Realised cash price received per ounce	A$/oz	1,624	1,467	157	11%
Cash & Bullion	A$M	102	54	48	89%
Debt
Secured debt	A$M	0	74	74	100%
Unsecured debt	A$M	27	44	18	40%
Total debt	A$M	27	118	91	77%
Net cash, bullion/(debt)	A$M	75	(64)	139	N/A

Key operating performance indicators

	Units	SyamaSulphide2016	SyamaOxide 2016	Syama Total2016	Ravenswood2016	GROUPTotal 2016	GROUPTotal 2015
UG lateral development -capital	m	-	-	-	456	456	958
UG lateral development -operating	m	-	-	-	1,351	1,351	2,020
Total UG lateral development	m	-	-	-	1,807	1,807	2,978
UG ore mined	t	-	-	-	1,305,585	1,305,585	1,481,435
UG grade mined	g/t	-	-	-	2.38	2.38	2.40
OP operating waste	BCM	235,621	4,272,758	4,508,379	-	4,508,379	5,524,558
OP ore mined	BCM	150,322	599,345	749,667	-	749,667	1,680,036
OP grade mined	g/t	2.29	2.21	2.22	-	2.22	3.17
Total ore mined	t	413,038	1,132,468	1,545,506	1,305,585	2,851,091	5,568,162
Total tonnes processed	t	1,497,103	1,257,948	2,755,051	1,700,386	4,455,437	3,965,662
Grade processed	g/t	3.53	2.30	2.97	2.05	2.61	3.11
Recovery	%	76.3	86.2	79.8	94.3	84.1	82.9
Gold produced	oz	129,585	80,032	209,617	105,552	315,169	328,684
Gold in circuit drawdown/(addition)	oz	8,795	(1,275)	7,520	1,644	9,164	(5,176)
Gold shipped	oz	138,380	78,757	217,137	107,196	324,333	323,508
Gold bullion in metal account decrease/(increase)	oz	4,847	6,666	11,513	4,695	16,208	(10,408)
Gold sold	oz	143,227	85,423	228,650	111,890	340,540	313,100
Achieved gold price	A$/oz	1,632	1,632	1,632	1,608	1,624	1,467
	US$/oz	1,190	1,190	1,190	1,172	1,184	1,228
Cash Cost	A$/oz	710	1,026	830	1,033	898	845
	US$/oz	517	747	605	752	654	707
All-in Sustaining Cost	A$/oz	917	1,561	1,163	1,225	1,200	1,094
	US$/oz	669	1,137	848	892	874	915

Going underground at Syama: developing a robust, long life flagship gold mine.

18

Life of U/G Mine All-in-Sustaining-Cost US$881 per ounce

Initial12 year Operating life

Pre-production capital of US$95 million fully funded

Ravenswood Extension Project: a strong future beyond Mt Wright.

Sarsfield 1.2Moz Reserve & 1.3Moz Resource

Buck Reef West 1.2Moz Resource

Targeting a 10+ year Extension Project

Nolans East 71koz Reserve

19

Bibiani: Feasibility Study confirms viable pathway to production.

Life of Mine All-in-Sustaining-Cost US$858/oz per ounce

Pre-production capital of US$72 million

Initial Ore Reserve of 5.4Mt @ 3.7g/t containing 640,000oz of gold

9 month timeline to production

ASX:RSG | www.rml.com.au