Resolute Mining Limited — Capital/Financing Update 2008

Nov 17, 2008

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ASX ANNOUNCEMENT

CAPITAL RAISING

Resolute Mining Limited ( ASX: RSG ) is pleased to announce it has finalised the details of its proposed capital raising, which supersedes that originally announced on 9 October 2008.

The Company proposes to raise a total of up to $72.5 million and commitments have already been received from a number of the Company’s major shareholders and sophisticated investor clients of Patersons Securities Limited to subscribe for $50 million of this amount. All Resolute shareholders will be offered the opportunity to participate in the capital raising.

The proceeds of the capital raising will be used to complete the re-development and ramp up of the Syama gold project in Mali and maintain the Company’s other development activities.

Resolute Chief Executive Officer Peter Sullivan welcomed the strong commitment by major shareholders as a vote of confidence in Syama and the Company.

First gold production from the Syama oxide circuit is imminent, with commissioning of the sulphide plant anticipated in the first quarter of 2009.

The capital raising will comprise of the following:

1. Convertible Note Issue for up to $60 million by way of a placement of Convertible Notes to Shareholders, clients of Patersons and the general public. Up to $10 million of the Convertible Notes will be offered to Shareholders of the Company on a priority basis. The Company will also issue 1 free attaching Option for every 3 Convertible Notes placed under the Issue. All of the Convertible Notes will be listed, have a face value of $0.50, an interest rate of 12%, convert into one share at the election of the holder and be for a four year term. The Convertible Note Issue will be made under a prospectus which will be sent in due course.

2. Up to $12.5 million by way of a non-renounceable Pro Rata Offer to Shareholders of 1 Share for every 9 Shares held at the record date where each Share is offered at an issue price of $0.40. The Company will also issue 1 free attaching Option for every 3 Shares subscribed for under the Pro Rata Offer. The Pro Rata Offer will be made under a prospectus which will be sent in due course.

All of the options will have an exercise price of 60 cents, three year term and be listed.

Patersons has been appointed as Lead Manager of the capital raising.

Patersons will continue to build commitments from sophisticated investors to the issues in excess of the $50 million of support received to date.

RESOLUTE MINING LIMITED A.C.N. 097 088 689 A.B.N. 39 097 088 689 4[th] Floor, The BGC Centre, 28 The Esplanade, Perth, Western Australia 6000. PO Box 7232 Cloisters Square, Perth, Western Australia 6850. Telephone +61 8 9261 6100 Facsimile +61 8 9322 7541 Email : contact@resolute-ltd.com.au

Eligible investors who provide a firm commitment to subscribe to the issues prior to the lodgement of the prospectuses will be granted 1 Option for every 3 Convertible Notes or every 3 Shares committed to. This Option is in addition to the attached Option under the Convertible Note Issue and Pro Rata Offer respectively.

Resolute is preparing a notice of general meeting and explanatory memorandum to seek the appropriate shareholder approvals for the capital raising. A timetable for the Pro Rata Offer will be announced in due course.

Resolute has resolved to keep the current voluntary suspension from trading in place while it seeks to successfully complete the capital raising process.

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PETER SULLIVAN Chief Executive Officer 18 November 2008

RESOLUTE MINING LIMITED A.C.N. 097 088 689 A.B.N. 39 097 088 689 4[th] Floor, The BGC Centre, 28 The Esplanade, Perth, Western Australia 6000. PO Box 7232 Cloisters Square, Perth, Western Australia 6850. Telephone +61 8 9261 6100 Facsimile +61 8 9322 7541 Email : contact@resolute-ltd.com.au