Resolute Mining Limited — Capital/Financing Update 2005

Jun 1, 2005

ASX ANNOUNCEMENT

QUOTED OPTION EXERCISE COMMITMENT AND UNDERWRITING

Resolute Mining Limited is pleased to announce that its maior shareholder and optionholder. Alliance Life Common Fund Ltd, has committed to exercise all (approximately 18 million) of the quoted options (ASX Code: RSGO) held by it to subscribe for fully paid ordinary shares in Resolute at 80 cents each by the expiry date of 11 June 2005. These quoted options were issued to Alliance under the pro rata bonus issue of options made to all Resolute shareholders in June 2002.

Subject to the law and applicable regulatory reguirements. Alliance will also underwrite the exercise of any quoted options not exercised by other optionholders by subscribing or procuring subscriptions for a maximum of a further 5 million fully paid ordinary shares in Resolute at a price of 80 cents per share. No fee or commission is payable by Resolute to Alliance for this underwriting.

If Alliance exercises all of its quoted options and all other quoted options are exercised. Alliance will hold approximately 37% of the total issued shares of Resolute.

This support from Alliance is welcomed by the directors of Resolute and will ensure that, in conjunction with the funds already raised from the exercise of quoted options, at least $20 million in new capital is raised from the exercise of the quoted options.

Queries on the exercise of guoted options should be directed to Resolute's Share Registry on telephone (08) 9315 2333, fax (08) 9315 2233 or email to registrar@securitytransfer.com.au.

PETER SULLIVAN Chief Executive Officer

2 June 2005