Resolute Mining Limited — Capital/Financing Update 2008

Oct 12, 2008

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ASX ANNOUNCEMENT

RENOUNCEABLE RIGHTS ISSUE

Resolute Mining Limited advises that the attached letter relating to a renounceable rights issue is being posted to shareholders today.

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PETER SULLIVAN Chief Executive Officer

13 October 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

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13 October 2008

Dear Shareholder

Notice to shareholders of pro rata offer

We write to you as the registered holder of Resolute Mining Limited shares (ASX code RSG) as at today’s date.

The Company is undertaking a pro rata offer of shares to shareholders to raise $51 million. The pro rata offer is on the basis of 1 share for every 3 shares held at the Record Date at an issue price of $0.55 each.

The funds raised by the Company will be used to complete the re-development and ramp up of Syama and maintain its other development activities.

This funding has become necessary due to a number of factors. We have since April seen the capital estimate for Syama increase from US$151 million to US$174 million. As well there has been construction and commissioning delays that have required us to continue to fund our mining activities there without the benefit of the expected revenue from production.

In normal circumstance these changes could have been managed through capital markets without necessarily going to shareholders however current market conditions mean this is the best alternative.

On a more positive note, the Syama Project is scheduled to pour its first gold during this month from oxide material as production commences ahead of the completion and commissioning of the sulphide circuit expected in the December/January period.

Group forecast production for financial year 2009 is 400,000 ozs at a cash cost of A$700. At current record gold prices of around A$1,300 per ounce and this implies a very healthy prospective gross operating margin and a positive impact on the intrinsic value of the Company.

This issue is renounceable and is available to all eligible Resolute Mining Limited shareholders registered on the Record Date as shown in the timetable below. Please note that shareholders at the Record Date that have an address registered outside Australia or New Zealand (“Foreign Shareholders”) will not be eligible to participate in the pro-rata offer. The Company will appoint the Lead Manager, Patersons Securities Limited, as nominee to sell the Foreign Shareholders rights, and in due course, forward the resulting proceeds to the relevant Foreign Shareholders.

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

The pro rata offer is being made without a prospectus, but if you remain as an eligible registered shareholder of Resolute Mining at the Record Date, a Rights Issue Offer document containing your entitlement will be sent to you on the date referred to in the timetable below.

The offer will allow eligible registered shareholders to apply for shares in excess of their entitlement with such applications being satisfied to the extent there are available shares from entitlements not taken up by shareholders (shortfall). The Directors of Resolute reserve the right in consultation with the Lead Manager to place the shortfall at their discretion.

Please note that where the determination of an eligible shareholder’s entitlement results in a fraction of a share, such fraction shall be rounded down to the nearest whole share.

There will be no deferred settlement of the sale of shares offered under the pro-rata offer. Trading in shares will commence on the first business day following the dispatch of the holding statements.

The Directors of Resolute Mining Limited recommend that if in doubt as to the value of the above pro rata issue, you should contact your financial adviser.

10 October 2008 Lodgement of Appendix 3B with ASX Notice of pro rata offer sent to all shareholders 13 October 2008 Existing Shares quoted on "ex" basis and rights trading commences 14 October 2008 Record Date for determining entitlements 20 October 2008 Rights Issue Offer Document and Entitlement and Acceptance Form 24 October 2008 despatched to Eligible Shareholders Rights Trading ends 10 November 2008 Closing Date 17 November 2008 Notify ASX of shortfall 20 November 2008 25 November 2008

Anticipated date for the issue of the New Shares and dispatch of holding statements

Commencement of trading of the New Shares

26 November 2008

Yours sincerely

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PETER SULLIVAN Chief Executive Officer Resolute Mining Limited

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