Resolute Mining Limited — Capital/Financing Update 2005

Jun 14, 2005

ASX ANNOUNCEMENT

CAPITAL RAISING FROM EXERCISE OF OPTIONS

Resolute Mining Limited issued 51,269,059 free options, pro rata, to its ordinary shareholders in June 2002. These options entitled the holders to subscribe for a Resolute Mining Limited ordinary shares at a price of 80 cents each up until the option expiry date of 11 June 2005.

The directors are pleased to advise that 49,549,848 options were exercised by option holders. This represents a 97% take up and leaves a shortfall of 1.719.211 options. Pursuant to the underwriting agreement outlined in the announcement by the Company to the ASX on 2 June 2005, the shortfall will be allotted to Alliance Life Common Fund Ltd at a price of 80 cents each.

The total capital raised is $41.0 million and this will be used by the Company to augment working capital and assist in funding its numerous growth opportunities.

PETER SULLIVAN Chief Executive Officer

15 June 2005