Resolute Mining Limited — Capital/Financing Update 2016

Jun 29, 2016

30 June 2016

Syama DFS delivers long life mine with strong margins

Development to commence immediately

Highlights

• Life of Mine All-in-Sustaining-Costs of US$881 per ounce and strong Life of Mine margins
• Initial operating life of more than 12 years
• Total Syama Gold Mine production will grow to 250,000 ounces per annum
• Pre-production capital of US$95 million which will be fully funded from current balance sheet and future operating cash flows
• Processing innovation will continue to enhance project economics
• Underground development to commence immediately with first ore expected to be delivered to the mill in December 2016 which allows for continuous production from Syama to be maintained
• Resolute's successful Mt Wright underground experience to deliver efficiency and productivity gains at Syama underground mine
• Substantial upside with opportunities to extend mine life, increase mining recovery and further reduce All-In-Sustaining Costs

Resolute Mining ("Resolute" or "the Company") is pleased to advise that it has completed a positive Definitive Feasibility Study ("DFS") for an underground mine ("Syama UG") at its 80% owned Syama Gold Mine ("Syama") in Mali. The DFS confirms Syama UG as a long life, low cost mine which will continue to deliver strong operating margins for the Company for more than a decade.

Resolute's Board of Directors has resolved to approve the immediate development of the Syama UG based on the completed DFS. Excavation of the decline will commence in the September quarter, following mobilisation of a mining contractor to site in July 2016. First development ore is expected to be delivered in December 2016, with stoping commencing in December 2017. This timing will allow continuous production to be maintained from Syama from the current stockpiled sulphide material and ongoing satellite open pit oxide deposits.

Once in full production Syama UG will be a consistent, large scale underground operation. Resolute intends to create a mine that employs the most advanced extraction and haulage technologies available to ensure a safe, productive and global best practice mine. This approach was adopted by the Company in its development of the Mt Wright underground deposit at its Ravenswood Operations in Queensland, where a unique mining solution was devised to ensure highly profitable extraction of a far smaller deposit.

The current Ore Reserve establishes an operating life for Syama of more than 12 years. Despite this there is strong potential for ongoing mine life extensions. The DFS mine plan is designed to a depth of only ~600m below surface. As previously reported (see ASX announcement dated 16 March 2016) deep drilling is currently testing below this level and is demonstrating very positive initial results. In addition, a program of infill drilling undertaken in late 2015

returned a number of intersections that both confirmed and enhanced the resource geometry and grade in the upper levels of the Syama UG mine. The Resource excludes drilling undertaken since June 2015 and further increases in Resources and Reserves are anticipated which will inform future mine plan enhancements.

Resolute's Managing Director and CEO John Welborn commented: "We have a world-class ore body at Syama and the completed DFS demonstrates that we will build a world-class underground mine. Syama will remain Resolute's flagship mine and will achieve our ambition of it becoming a 250,000 ounce per annum producer in its own right. The completion of the DFS and the decision by the Board to immediately commence underground development at Syama is a significant step in the ongoing transformation of Resolute. Having rapidly strengthened our balance sheet in the current financial year, we can now proceed with confidence at Syama. In the 12 months since the underground prefeasibility study was completed we have reviewed every aspect of the proposed operation and identified improvements in decline and stope design, haulage systems and innovations in ore processing technology. These enhancements and a focus on continuous improvement will help us transform an outstanding orebody into a great business for both our shareholders and our partners, the Government of Mali".

Key outcomes from the DFS are summarised below. The estimates below reflect all of the costs associated with the development and operation of the underground mine, as well as auxiliary capital such as tailing storage facility expansions and processing plant maintenance necessary to sustain operations.

Underground Development	Units	Value
Decline development	m	8,594
Vertical development	m	3,554
Level Development	m	62,717
Total development	m	74,865
Ore production
Development ore	kt	4,195
Stoping ore	kt	20,954
Total ore	kt	25,150
Metal grade (ROM)	g/t	2.81
Metal contained (ROM)	koz	2,271
Metal recovery
Processing recovery	%	89.4%
Metal (recovered)	koz	2,030
Operating unit cost (including pre-production)
Mining	US$/t	25.2
Processing	US$/t	25.0
G&A	US$/t	4.9
Royalty, refining costs & silver credits	US$/t	5.8
Ore
Mine life (incl. pre-production)	years	13.0
Costs
Pre-production capital	US$M	95
Pre-production operating	US$M	13
Sustaining capital	US$M	270
Operating cost (including royalties)	US$M	1,519
All-in-Sustaining Costs	US$/oz	881

Table 1: Summary output

Resolute Conference Call

Resolute advises that Managing Director and CEO John Welborn will host a Conference Call for investors and media at 09h00 AWST / 11h00 AEST on Thursday, 30 June 2016 to discuss the Syama DFS announcement followed by a question and answer session.

Teleconference details:

Toll-free local participant dial-in number: 1800 123 296

List of toll-free international participant dial-in numbers:

Canada	1855 5616 766	New Zealand	0800 452 782
China	4001 203 085	Singapore	800 616 2288
	8008 702 411
Hong Kong	800 908 865	United Kingdom	0808 234 0757
India	1800 3010 6141	United States	1855 293 1544
Japan	0120 477 087

For other countries use international participant toll number: +61 2 8038 5221

Conference ID: 4327 5659

Please dial in five minutes prior to the conference start time and provide the operator with your name and the Conference ID as shown above. To ask a question, please dial "*1" (star, 1) on your telephone keypad.

Alternatively, the Resolute teleconference will be streamed live at: http://www.openbriefing.com/OB/2180.aspx

For further information, contact:

John Welborn

Managing Director and CEO Resolute Mining Limited contact@rml.com.au T: +61 8 9261 6100

A$859m A$1.31 as at 29 June, 2016 315,000oz @AISC A$1,220/oz 655,632,994

Background and study details

Location

Syama is located in south-eastern Mali in West Africa and is 280km from the capital, Bamako. The Project is 350km by road from Bamako and one hour by air. Access to site is via the sealed Côte d'Ivoire road to Sikasso and formed gravel road through Kadiola and Fourou. Deliveries of consumables and supplies use this route as it can be approached either from Côte d'Ivoire through the border post at Zegoua or alternatively from Burkina Faso through Sikasso.

Major towns in the area include Fourou, Kadiola and the provincial centre of Sikasso which is the second largest city in Mali and a major connection route through to Burkina Faso and Togo.

Syama is located in the rural commune of Fourou which is made up of 23 villages. This area has a mild sub-humid climate like much of equatorial Africa with two main seasons. The dry season extends from November to June, and the rainy season covers the remainder of the year. Annual rainfall is about 1,000mm while temperatures range from 21°C to 42°C, with an average annual temperature of 27°C.

Figure 1: Syama location map

History

Syama's mining history dates back to 1994 when BHP established a processing facility to treat oxide mineralisation that had been outlined through earlier years of exploration. The plant was later modified to treat primary feed to exploit the extensive sulphide material within the open pit area. BHP maintained the operation until 1996 when it was purchased by the emerging company Randgold Resources ("Randgold"). Low gold prices during 2001 stopped operations and the mine was placed into care and maintenance.

Resolute acquired its interest in the project in June 2004. A feasibility study on the redevelopment of Syama was completed in April 2005 and the redevelopment of the plant commenced in July 2006 using a combination of old and new equipment. A major difference in the Resolute approach to processing has been the use of sulphide flotation to provide an energy rich feed for the roaster. Previous operators used processing methods including whole of ore roasting which required additional energy to achieve efficient roasting and proved uneconomic.

The existing 2.2 million tonnes per annum ("Mtpa") sulphide process plant, the capacity of which will be increased to 2.4Mtpa over the next two years, is the refurbished form of the original BHP facility constructed in the mid-1990's and subsequently modified and operated by Randgold in the early 2000's.

In early 2015 Resolute completed further modifications to the processing facilities to include a parallel oxide processing train with nameplate capacity of 1.0Mtpa to exploit ore from the nearby satellite deposits. This plant has typically operated at a rate of 1.3Mtpa and is considered capable of running at 1.5Mtpa.

Resolute holds an 80% interest through its equity in Sociêtê des Mines de Syama S.A. ("SOMISY"). Its partner is the Mali Government which holds 20%.

Geology

The Syama gold deposit lies on the northern margin of the Archaean-Proterozoic Leo Shield which forms the southern half of the West African Craton. The Syama tenements straddle the regional boundary between interbedded basalt and argillite of the Kadiana–Madinani terrain with polymict conglomerate and sediments of the Kadiolo terrain.

The mine stratigraphy in the region of the Syama open pit was originally established by Randgold and has subsequently been refined as mining has provided an extensive exposure for geological mapping and structural evaluation. The most significant geological work was conducted in 2007 by geological consultants Jigsaw Geoscience Pty Ltd who completed a comprehensive review and re-interpretation of all previous geological data to establish a definitive mine stratigraphy.

From west to east the stratigraphy contains an un-mineralised hangingwall zone consisting principally of basalt and andesite, a 200m to 300m thick mineralised sequence of altered and pyritic basalt, greywacke and intrusive rocks. On the footwall side polymict andesitic conglomerate forms the eastern boundary of the sequence. The Syama Bananso Fault Zone is an extensive regional structure located on the sharp contact with the conglomerate. While the mine stratigraphy dips at 600toward the west it is in an overturned position with younger rocks toward the east. The spatial distribution, geometry and character of lamprophyre units intruding the sequence is considered an important factor in the mineralising event as they display an intimate geometric relationship with alteration and mineralisation.

Within the mineralised zone pyrite is the dominant sulphide mineral accompanying gold. It is found as disseminations in highly altered basalt and sediment, within breccia matrix and in sheeted quartz veinlets. The pyrite content can be up to 15% but generally represents less than 5% of the rock mass. Gold occurs in three forms comprising native gold, electrum and solid solution gold in pyrite. The majority of gold present is refractory while the reduced amount of free gold observed is up to 300μm in size but predominantly fine grained.

Mining

Through the various stages of mining evaluation, it was determined that Sub Level Caving ("SLC") represented the optimal mining method to develop the extensive sulphide orebody beneath the open pit (refer to Figure 2). This mining method will provide controlled, high-productivity ore delivery from the deposit.

Industry experts from Snowden Mining Industry Consultants outlined the following advantages of SLC at Syama:

• SLC is highly mechanised, well understood and used in many locations around the world and is able to deliver the required production rate to replace open pit production at a comparable cost.
• The orebody geometry and geotechnical conditions are suited to SLC.
• The subsidence zone will not affect critical infrastructure.

• Geotechnical conditions are unfavourable for more traditional open stoping methods, which would deliver lower production rates and higher costs.
• Resolute successfully uses a similar method at its Mt Wright underground mine at Ravenswood.
• It allows the Company to fully exploit the Resource without leaving a crown pillar below the open pit.

SLC therefore represents a method which suits the large Syama orebody footprint and provides sufficient productivity to replace the open pit operation without significant modification to the process plant.

The Company's operating history at the owner operated sub-level cave at Mt Wright has provided significant learnings and in-house expertise which delivered important enhancements to the DFS outcomes.

Figure 2: Longsection of Syama showing footwall development and stoping blocks within orebody outline

A key determinant of successful caving is achieving routine and predictable production from stoping. Therefore, stope design was used as the major consideration for the level layout (refer to Figure 4) with the design also addressing ventilation, drainage, geotechnical considerations, cost and timing. When the infrastructure requirements were established the level was then linked to the decline access design.

With a targeted ore production rate of 2.4Mtpa plus development waste the mine haulage system was an important consideration for the project and crucial for sustaining projected cash flows. The earlier 2015 PFS considered a 2.0Mtpa production rate using a single decline with truck haulage and direct truck loading. Industry experience suggests that production rates higher than 2.0Mtpa may be compromised by a single decline and this DFS uses a twin decline truck option and internal ore passes for more efficient loading.

The incorporation of a second decline provides distinct advantages for efficient trucking with separate traffic directions to minimise congestion, allowing improved spatial layout for ore passes, better ventilation and a second means of egress.

While the DFS has been based on the twin decline truck option, there is sufficient flexibility in the design and timing to more comprehensively assess the option to include conveyor haulage as an alternative to trucks. The twin access also allows Resolute to consider expansions in mine production rates in the future.

Some extensive pods of mineralization with grades over 2.5 grams per tonne ("g/t") were identified external to the SLC footprint. Much of this material was considered amenable to long hole open stoping therefore an additional 1.5 million tonnes ("Mt") has been included in the mining schedule.

Figure 3: Surface projection of mining layout

A significant difference from the 2015 PFS was related to the location of surface infrastructure connections external to the pit. The proposed access locations for the fresh air and return airway portals have been located inside the pit which has provided an improved timing advantage (refer to Figure 3). In particular, there are significant cost savings associated with portal airway connections in contrast with shafts external to the pit which must be advanced through the surface oxide profile.

Ore Reserves and Remaining Resources

Based on the parameters outlined in the DFS the following Ore Reserves have been outlined for the underground mine.

Syama Underground Ore Reserves (includes mining parameters)
Category	Tonnes Mt	Grade g/t	Ounces Moz
Probable	23.9	2.8	2.2

Table 2: Syama Underground Ore Reserves

Mineral Resources have been adjusted to account for the estimation of Reserves.

Mineral Resources (1.0g/t cut-off) excluding Ore Reserves
Category	Tonnes Mt	Grade g/t	Ounces Moz
Indicated	17.0	2.9	1.6
Inferred	3.0	2.2	0.2
Total	20.0	2.8	1.8

Table 3: Syama Underground Mineral Resources

Processing

There is a well-established sulphide treatment plant at Syama that the Company has been operating successfully for the last seven years. Additional metallurgical testwork was developed to confirm gold extraction characteristics of future underground ore to ensure it was able to be processed through the current flowsheet. The current processing plant is designed to treat the primary Syama ore where the gold is dominantly refractory and located within sulphides. The sulphides require roasting to oxidise and release the gold ahead of the routine carbon in leach ("CIL") process. The product from roasting, the calcine, is then fed to the CIL circuit. The roasting process also oxidises the majority of the organic carbon which would otherwise cause preg-robbing in the cyanide leach train.

Components of the testwork program included the following:

• comminution testwork;
• QEMScan mineralogy on flotation concentrates;
• direct cyanidation and direct cyanidation tailings diagnostics;
• batch rougher flotation and CIL cyanidation of the flotation tail;
• diagnostic tests on the leach and flotation tailings streams; and
• CIL testing of calcined flotation concentrate.

ALS Metallurgy ("ALS") performed test work on selected ore variability composites collected from NQ and HQ diamond drill cores through the planned future underground mining area.

Observations gained from the test work program included the following:

• The Syama underground ore remains double refractory and can be treated effectively with the existing Syama flowsheet.
• The underground ore exhibited the same comminution characteristics as the open pit ore and was very consistent in all samples tested showing uniform characteristics.
• The underground ore continues to respond well to flotation.
• The underground dilution rock exhibited softer comminution characteristics than the ore and does not affect flotation performance.

Consultants from WorleyParsons were engaged to conduct a tailings strategy study that determined the optimal storage from the existing tailings facility adjacent to the process plant. The DFS confirmed that there is adequate storage for the current reserves. For future extension of mine life beyond the current reserves, other tailings storage options have been investigated, including backfilling of satellite open pits.

Figure 5: Current Sulphide processing plant flowsheet

Processing Enhancements

Resolute is implementing a series of process upgrades with the main objective of increasing the sulphide gold recovery from 78% to 85% ("Project 85"). These upgrades have been confirmed by test work conducted by ALS and the flowsheet is shown in Figure 6. The process upgrades will consist of the following units:

• 1. Flotation Tails CIL: the current calcine CIL circuit will be repurposed to treat the flotation tails
• 1. New Calcine CIL: a new dedicated calcine CIL circuit will be designed and installed.
• 1. Regrind: the coarse calcine product will now be reground prior to CIL
• 1. Upgrade of current flotation circuit: the current flotation circuit will have a series of minor upgrades to improve the operational performance.

These enhancements are expected to be commissioned by October 2017. In addition, minor modifications to the crashing and grinding circuits will lift mill capacity to 2.4Mtpa

Resolute is also working with Outotec, the manufacturer of the roaster, in developing a new roaster technology that will produce a low carbon calcine to further improving CIL recovery. This new technology will allow Resolute to modify the current single stage Circulating Fluidized Bed roaster into a Low Carbon Roaster ("LCR"). Through a series of improvements, the roaster has recently been running above nameplate capacity at 25t/h. The LCR will allow this to be increased further to 33t/h.

By significantly reducing the carbon in the calcine being fed to the calcine CIL circuit, the LCR will contribute to an increase in the overall sulphide gold recovery above the benefits already mentioned in Project 85. Consequently, Life of Mine recovery will be 89%.

Figure 6: Project 85 Flowsheet Amendment

Processing Schedule

The sulphide processing schedule shows a gradual transition from treatment of Syama open pit stockpiles to underground ore over the next two years. During this period existing stockpiles are supplemented by development ore form Syama UG and a component of sulphide ore from satellite pits.

Figure 7: Sulphide processing schedule

Capital and Operating Costs

The decline development cost is based on agreed contractor rates for the first three years with owner operator mining costs being developed from first principles for subsequent ore production.

The Syama UG cost profile shows elevated mining costs in the first two years associated with the initial establishment of the mine after which the capital development rate reduces to a more consistent level driven by ore production including remote operation of loading equipment.

Mining operating costs were calculated from first principles with usage rate based on the schedule, productivities based on equipment manufacturer specifications moderated by industry experience and direct prices from supply companies. Estimates for maintenance cost and fuel burn were received from Atlas Copco, Caterpillar and Sandvik combined with direct operational experience from Mt Wright to establish routine operating costs for items of major mobile equipment.

Unit costs for materials and consumables are based on quotations and estimates from major equipment suppliers while usage rates are based on design, equipment manufacturers and industry experience.

Mining costs include management and supervision, geology, planning, survey and haulage which are apportioned on a per tonne basis.

Processing and administration costs are derived from historical performance of the sulphide plant.

Operating unit cost (including pre-production)
Mining	US$/t	25.2
Processing	US$/t	25.0
G&A	US$/t	4.9
Royalty, refining costs & silver credits	US$/t	5.8

Description	TotalExpenditure(US$M)	Capital (US$/t)
Pre - production
Underground Development	61.6	2.45
UG fixed equipment	24.4	0.97
UG mobile equipment	7.3	0.29
UG capital - infrastructure	1.6	0.07
Pre - production operating	12.6	0.50
Subtotal	107.5	4.27
Sustaining
Underground Development	107.4	4.27
Long term sustaining capex	30.0	1.19
TSF	16.4	0.65
UG fixed equipment	12.6	0.50
UG mobile equipment	101.9	4.05
UG capital - infrastructure	2.1	0.08
Subtotal	270.3	10.75
Total	377.8	15.02

Table 4: Syama Underground Operating Costs

	Table 5: Syama Underground Capital Costs

Life of Mine capital expenditure has increased relative to the PFS due to number of factors, including:

• decision to undertake owner operated mining and consequent requirement to purchase a mining fleet;
• addition of second decline; and
• inclusion of tailings storage facility lifts and process plant sustaining capital in project capital estimates.

Infrastructure

The existing infrastructure at Syama has sufficient provision for future requirements for water supply, administration and camp accommodation needs. Power generation on site is provided by diesel generators which supply a central power distribution network with a total capacity of 27.2MW. There is future provision to connect the mine to the national grid system which will supply 33kV and enough capacity to supply the total site including underground requirements.

Study Outcomes

Key outcomes from the DFS are summarised below. The estimates below reflect all of the costs associated with the development and operation of the underground mine, as well as auxiliary capital such as tailing storage facility expansions and processing plant maintenance capital necessary to sustain operations. Planned production from the mine marginally exceeds Ore Reserves due to the need to extract a small volume of lower grade material from both the stopes and development drives.

Underground Development	Units	Value
Decline development	m	8,594
Vertical development	m	3,554
Level Development	m	62,717
Total development	m	74,865
Ore production
Development ore	kt	4,195
Stoping ore	kt	20,954
Total ore	kt	25,150
Metal grade (ROM)	g/t	2.81
Metal contained (ROM)	koz	2,271
Metal recovery
Processing recovery	%	89.4%
Metal (recovered)	koz	2,030
Operating unit cost (including pre-production)
Mining	US$/t	25.2
Processing	US$/t	25.0
G&A	US$/t	4.9
Royalty, refining costs & silver credits	US$/t	5.8
Ore
Mine life (incl. pre-production)	years	13.0
Costs
Pre-production capital	US$M	95
Pre-production operating	US$M	13
Sustaining capital	US$M	270
Operating cost (including royalties)	US$M	1,519
All-in-Sustaining Costs	US$/oz	881

Table 6: Syama UG DFS Outcomes

Mt Wright vs Syama

The production rates from Syama UG are well within the capabilities of the deposit. Syama enjoys significantly higher tonnes and ounces per vertical metre than the Mt Wright operation, and will be advanced at a slower vertical rate. With the adoption of the twin decline design it offers the option of increased mining rates in the future. Figure 8 shows the relative dimensions of the two deposits in plan-view.

Figure 8: Comparison Mt Wright and Syama Deposits

Characteristics	Mt Wright	Syama UG
Mine life	11 yrs from start, 7.5yrs as SLS	12 yrs from start, 10yrs as SLC
Design depth	850m below surface	600m below surface
Vertical advance per year	51m/yr average	39m/yr average
Oz/vertical metre	2,400oz/m	6,300oz/m
Tonne of stope ore/metre ofdevelopment	318t/m of development	343t/m of total development
Grade	2.73g/t	2.81g/t
Steady state production rate	1.5Mtpa	2.4Mtpa

	Table 7: Key characteristics – Mt Wright v Syama UG
--	-----------------------------------------------------	--	--

Innovation and Future Technology Application

The Syama UG development has been designed to ensure it is able to accommodate the best available technology for mining, haulage and processing.

Underground development costs include provision for a high capacity fibre optic system, which will be installed throughout the mine. This will allow the operation to install sophisticated mobile equipment monitoring and guidance systems, which will in turn improve safety and productivity in the mine. The design of underground loading points and ore passes has also been influenced by current trends in mobile equipment operation and automation technology. As these technologies develop their use will be progressively incorporated into the operation of the mine.

The twin decline design has been specifically adopted to ensure future flexibility and allow Resolute to critically examine alterative haulage technologies. In particular conveyer haulage offers potential for improved productivity and lower operating costs.

Potential Upside

The deposit at Syama remains open at depth and the Company will maintain an active drilling program with the aim of extending Resources and Reserves. Since the completion of the June 2015 Reserve Estimate, drilling has been conducted around the interface between the open pit and the underground, and below the base of the Resource.

Results of the 18 holes drilled around the base of the pit returned a number of intersections that both confirmed and enhanced the resource geometry and grade in the upper levels of the Syama UG (see ASX Announcements 8 February 2016 and 16 March 2016). The drill hole plan in Figure 9 displays the location of the infill drilling program relative to the Syama open pit mine.

Figure 9: Syama Infill Drilling Program drill hole plan (from ASX Announcement 08 February 2016)

Figure 10: Cross Section 23525mE (from ASX Announcement 9 March 2016)

In addition, a 10,000m diamond drilling program to test down dip extension of the Resource is underway. The deep drilling program is being conducted using two diamond rigs operating from surface locations along the western margin of the Syama open pit and is expected to continue to run throughout 2016. Initial results are highly encouraging.

Figure 11: Cross Section 23600mE (from ASX Announcement 9 March 2016)

Figure 12: Cross Section 22900mE (from ASX Announcement 9 March 2016)

The current Ore Reserve establishes an operating life for Syama of more than 12 years. Despite this substantial mine life there is strong potential for ongoing mine life extensions. Further increases in Resources and Reserves are anticipated which will inform future mine plan enhancements.

About Resolute

Resolute is a successful gold miner with more than 25 years of continuous production. The Company is an experienced explorer, developer, and operator having operated nine gold mines across Australia and Africa which have produced in excess of 7 million ounces of gold. The Company currently operates two mines, the Syama gold mine in Africa and the Ravenswood gold mine in Australia, and is one of the largest gold producers listed on the Australian Securities Exchange with FY16 guidance of 315,000oz of gold production at a cash cost of A$915/oz and All-in-Sustaining-Costs of A$1,220/oz.

Resolute's flagship Syama Gold Mine in Mali is a robust long life asset benefitting from fully operational parallel sulphide and oxide processing plants. The move to underground mining will continue the asset's history of strong cash generation and extend the mine life to out beyond 2028. The Ravenswood Gold Mine in Queensland demonstrates Resolute's significant underground expertise in the ongoing success in mining the Mt Wright ore body. In Ghana, the Company has completed a feasibility study on the Bibiani Gold Project focused on the development of an underground operation requiring very low capital and using existing plant infrastructure. Resolute also controls an extensive exploration footprint along the highly prospective Syama Shear and greenstone belts in Mali and Cote d'Ivoire and is active in reviewing new opportunities to build shareholder value.

Competent Persons Statement

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 disclosed under the JORC code 2012 except where otherwise noted. Particular Reserves and Resources remain 2004 JORC compliant and not updated to JORC code 2012 on the basis that information has not materially changed since it was last reported.

Cautionary Statement about Forward Looking Statements

This announcement 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 announcement 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 announcement does not constitute an offer, invitation or recommendation to subscribe for or purchase securities in Resolute Mining Limited (ASX:RSG).

A$859m A$1.31 as at 29 June, 2016 315,000oz @AISC A$1,220/oz 655,632,994

SYAMA GOLD MINE MALI

JORC Code, 2012 Edition – Table 1 report

Section 1 Sampling Techniques and Data

Criteria	JORCCodeExplanation	Commentary
Samplingtechniques	Natureandqualityof sampling(e.g.cutchannels, randomchips, orspecificspecialisedindustrystandardmeasurement toolsappropriate to themineralsunderinvestigation,suchasdownholegammasondes, orhandheldXRF instruments,etc.).Theseexamplesshouldnot be takenaslimitingthebroadmeaningof sampling.Includereference tomeasures takentoensuresamplerepresentivityand theappropriatecalibrationof anymeasurementtoolsorsystemsused.Aspectsof thedeterminationof mineralisationthat areMaterial tothePublicReport.Incaseswhere'industrystandard'workhasbeendone thiswouldberelativelysimple(e.g.'reversecirculationdrillingwasused toobtain1msamplesfromwhich3kgwaspulverisedtoproducea30gchargefor fireassay'). Inothercasesmoreexplanationmayberequired, suchaswhere thereiscoarsegoldthat hasinherent samplingproblems. Unusualcommoditiesormineralisation types(e.g.submarinenodules)maywarrantdisclosureof	Mineralresourceestimatebasedondatacollectedfromreversecirculation(RC)anddiamondcore(DD)drillholes.DiamondDrillCorewassampledat 1mintervalsandcutinhalf, toprovidea2-4kgsample,whichwassent to thelaboratoryforcrushing, splittingandpulverising,toprovidea30gchargeforanalysis.RC1mintervalsaresampledviaacycloneandthreetiersplitter,toobtaina2-4kgsample,whichissent to thelaboratoryforpulverisingtoprovidea30gchargeforanalysis.Samplingandsamplepreparationprotocolsareindustrystandardandaredeemedappropriateby theCompetentPerson.
	detailedinformation.
Drillingtechniques	Drill type(e.g.core, reversecirculation, openholehammer, rotaryairblast,auger, Bangka,	Drill typesusedincludeRCanddiamondcoreof HQandNQ sizes.
	sonic, etc.)anddetails(e.g. corediameter,	Coreisorientedat 3mdownholeintervalsusingaReflexActIIRD OrientationTool.
	tripleorstandard tube,depthof diamond tails,face-samplingbit orothertype,whethercoreis
	orientedandif so, bywhat method, etc.).

Criteria	JORCCodeExplanation	Commentary
Drillsamplerecovery	Methodof recordingandassessingcoreandchipsamplerecoveriesandresultsassessed.Measures taken tomaximisesamplerecoveryandensurerepresentativenatureofthesamples.Whetherarelationshipexistsbetweensamplerecoveryandgradeandwhethersamplebiasmayhaveoccurreddue topreferentialloss/gainof fine/coarsematerial.	Drillcoreintervalrecoveriesaremeasuredfromcoreblock tocoreblockusinga tapemeasure.Appropriatemeasuresaretakentomaximisesamplerecoveryandensurerepresentativenatureofthesamples.Noapparent relationshipisseenbetweensamplerecoveryandgrade.
Logging	Whethercoreandchipsampleshavebeengeologicallyandgeotechnicallylogged toalevelof detail tosupport appropriateMineralResourceestimation, miningstudiesandmetallurgicalstudies.Whetherloggingisqualitativeorquantitativeinnature. Core(orcostean, channel, etc.)photography.The totallengthandpercentageof therelevantintersectionslogged.	Drillholesweregeologicallyloggedbygeologistsforcolour,grainsize,lithology,minerals,alterationandweatheringongeologicallydomainedintervals.Geotechnicalandstructureorientationdatawasmeasuredandloggedforalldiamondcoreintervals.Diamondcorewasphotographed(wet anddry).DiamondcorewereloggedintoExcelspreadsheets,thenvalidatedandimportedintothedigitaldrillholedatabase.Holeswereloggedin theirentirety(100%)and thisloggingwasconsideredreliableandappropriate.
Subsamplingtechniquesandsamplepreparation	If core,whethercut orsawnandwhetherquarter, half orallcore taken.If non-core,whetherriffled, tubesampled,rotarysplit,etc. andwhethersampledwetordry.Forallsample types,thenature, qualityandappropriatenessof thesamplepreparationtechnique.Qualitycontrolproceduresadopted forallsubsamplingstages tomaximiserepresentivityofsamples.Measures taken toensure that thesamplingisrepresentativeoftheinsitumaterialcollected,including forinstanceresults for fieldduplicate/second-half sampling.Whethersamplesizesareappropriate to thegrainsizeof thematerialbeingsampled.	Coreweresampledat1mintervalsandcutinhalftoobtaina2-4kgsamplewhichwassenttothelaboratoryforcrushing, splittingandpulverising.CoresamplesweresubmittedtoALSBamakolaboratoryforsamplepreparationandanalysis. Samplepreparationincludesovendrying,crushingto10mmandsplitting,pulverisingto85%passing-75microns.Thesepreparationtechniquesaredeemedtobeappropriatetothematerialandelementbeingsampled.ALSInspectionhastheQMsframeworkeitherCertifiedtoISO9001:2008orAccreditedtoISO17025:2005inallof itslocations.Drillcorecoarseduplicatesweresplitbythelaboratoryaftercrushingatarateof1:20samples.Sampling,samplepreparationandqualitycontrolprotocolsareofindustrystandardandallattemptsweremadetoensureanunbiasedrepresentativesamplewascollected. Themethodsappliedinthisprocessweredeemedappropriateby theCompetentPerson.

Criteria	JORCCodeExplanation	Commentary
Qualityofassaydata	Thenature, qualityandappropriatenessof theassayingandlaboratoryproceduresusedand	CoresampleswereanalysedforgoldbyALSBamakoAu-AA25method,whichisa30gfireassayfusionwithAASinstrumentfinish.Theanalyticalmethodwasappropriateforthestyleofmineralisation.
andlaboratory	whetherthe techniqueisconsideredpartialortotal.	Nogeophysical toolswereused todetermineelementalconcentrations.
tests	Forgeophysical tools, spectrometers,handheldXRF instruments,etc.,the	Qualitycontrol(QC)proceduresincludedtheuseofcertifiedstandardsandblanks(1:20),non-certifiedsandblanks(1:20), coarseduplicates(1:20).
	parametersusedindetermining theanalysisincludinginstrument makeandmodel, readingtimes, calibrations factorsappliedand their	Laboratoryqualitycontroldata,includinglaboratorystandards,blanks,duplicates,repeatsandgrindsizeresultswerealsocapturedinto thedigitaldatabaseandanalysedforaccuracyandprecision.
	derivation, etc.Natureof qualitycontrolproceduresadopted(e.g. standards, blanks, duplicates,externallaboratorychecks)andwhetheracceptablelevelsof accuracy(i.e. lackof bias)andprecisionhavebeenestablished.	Analysisof theQCsampleassayresultsindicatesthatanacceptablelevelof accuracyandprecisionhasbeenachieved.
Verificationof sampling	Theverificationofsignificant intersectionsbyeitherindependent oralternativecompany	Verificationofsignificantintersectionshavebeencompletedbycompanypersonnelandthecompetentperson.
andassaying	personnel.	Nodrillholeswithin theresourceareawere twinned.
	Theuseoftwinnedholes.Documentationof primarydata, dataentryprocedures, dataverification, datastorage(physicalandelectronic)protocols.Discussanyadjustmenttoassaydata.	DrillholeswereloggedontopapertemplatesorExcel templateswithlookupcodes,validatedandthencompiledintoarelationalSQL2010databaseusingDataSheddatamanagementsoftware.Thedatabasehasavarietyofverificationprotocolswhichareusedtovalidatethedataentry. Thedrillholedatabaseisbackeduponadailybasis to theheadofficeserver.
		AssayresultfileswerereportedbythelaboratoryinCSVformatandwereimportedintotheSQLdatabasewithout adjustment ormodification.
Locationofdatapoints	Accuracyandqualityofsurveysused tolocatedrillholes(collaranddown-holesurveys),trenches, mineworkingsandotherlocationsusedinMineralResourceestimation.Specificationof thegridsystemused.Qualityandadequacyoftopographiccontrol.	CollarcoordinateswerepickedupinUTM(WGS84)bystaffsurveyorsusinganRTKDGPSwithanexpectedaccuracyof ±0.05m; elevationswereheight aboveEGM96geoid.
		Downholesurveyswerecollectedevery6musingReflexEZTRACmagneticmultishot instrument.Atime-dependent declinationwasapplied tothemagneticreadings todetermineUTMazimuth.
		CoordinatesandazimutharereportedinUTMWGS84Zone29Northinthisrelease.
		Coordinateswere translated tolocalminegridwhereappropriate.
		Local topographiccontrolisviasatellitephotographyanddroneUAVAerialSurvey.

Criteria	JORCCodeExplanation	Commentary
Dataspacinganddistribution	Dataspacing forreportingofExplorationResults.Whether thedataspacinganddistributionissufficient toestablish thedegreeofgeologicalandgradecontinuityappropriate for theMineralResourceand OreReserveestimationprocedure(s)andclassificationsapplied.Whethersamplecompositinghasbeenapplied.	DrillholespacingwassufficienttodemonstrategeologicalandgradecontinuityappropriateforaMineralResourceandtheclassificationsappliedunderthe2012JORCCode.However,nomineralresourcewasdisclosedin thisrelease.Theappropriatenessofthedrillspacingwasreviewedbythegeologicaltechnicalteam,bothonsiteandheadoffice. Thiswasalsoreviewedby theCompetent Person.Coresampleswerecollectedon1mintervals; nosamplecompositingisappliedduringsampling.
Orientationof datainrelation togeologicalstructure	Whether theorientationof samplingachievesunbiasedsamplingof possiblestructuresandtheextenttowhich thisisknown,consideringthedeposit type.If therelationshipbetween thedrillingorientationand theorientationof keymineralisedstructuresisconsidered tohaveintroducedasamplingbias, thisshouldbeassessedandreportedif material.	Holesweredrilledpredominantlyperpendicular tomineraliseddomainswherepossible.Noorientationbasedsamplingbiashasbeenidentifiedinthedata.
Samplesecurity	Themeasurestaken toensuresamplesecurity.	Coresampleswerecollectedfromthedrillsiteandstoredonsite,thensecurelydispatchedtothelaboratories.
		Allaspectsof samplingprocessweresupervisedbySOMISYpersonnelandverylimitedopportunitiesexistfor tamperingwithsamples.
Auditsorreviews	Theresultsof anyauditsorreviewsofsampling techniquesanddata.	Externalauditsof proceduresindicateprotocolsarewithinindustrystandards.

Section 2 Reporting of Exploration Results

Criteria	JORCCodeExplanation	Commentary
Mineral	Type, referencename/number, locationand	DrillingwasconductedwithintheMalianExploitationConcessionPermitPE93/003whichcoversan
tenement and	ownershipincludingagreementsormaterial	Km2areaof 200.6
land tenurestatus	issueswith thirdpartiessuchasjoint ventures,partnerships, overridingroyalties, native titleinterests, historicalsites, wildernessornationalparkandenvironmentalsettings.Thesecurityofthe tenureheldatthe timeof	ResoluteMiningLimitedhasan80%interestintheSyamaprojectandtheExploitationPermitPE—93/003,onwhichitisbased,throughitsMaliansubsidiary,SociêtêdesMinesdeSyamaSA(SOMISY).TheMalianGovernmentholdsafreecarried20%interest inSOMISY.

Criteria	JORCCodeExplanation	Commentary
	reportingalongwithanyknownimpedimentstoobtainingalicence tooperatein thearea.	ThePermitisheldingoodstanding.MalianmininglawprovidesthatallmineralresourcesareadministeredbyDNGM(DirectionNationaledelaGéologieetdesMines)orNationalDirectorateofGeologyandMinesunder theMinistryofMines, EnergyandHydrology.
Explorationdonebyotherparties	Acknowledgment andappraisalof explorationbyotherparties.	TheSyamadepositwasoriginallydiscoveredbyaregionalgeochemicalsurveyundertakenbytheDirectionNationaldeGéologieetdesMines(DNGM)withassistancefromtheUnitedNationsDevelopmentProgram(UNDP)in1985.Therehadalsobeenalonghistoryofartisanalactivitiesonthehillwhereanoutcroppingcherthorizonoriginallymarked thepresent daypositionof theopenpit.
		BHPduring1987-1996sampledpits,trenches,auger,RCanddiamonddrillholesacrossSyamaprospects.
		RandgoldResourcesLtdduring1996-2000sampledpits, trenches, auger, RAB,RCanddiamonddrillholesacrossSyamaprospects.
Geology	Deposit type, geologicalsettingandstyleofmineralisation.	TheSyamaProjectisfoundonthenorthernmarginoftheAchaean-ProterozoicLeoShieldwhichformsthesouthernhalfoftheWestAfricanCraton.TheprojectareastraddlestheboundarybetweentheKadiana–MadinaniterraneandtheKadioloterrane.TheKadiana-Madinaniterraneisdominatedbygreywackesandanarrowbeltofinterbeddedbasaltandargillite. TheKadioloterranecomprisespolymicticconglomerateandsandstonethatweresourcedfromtheKadiana-Madinaniterraneanddepositedinalate-tosyntectonicbasin.
		ProspectsarecentredontheNNEstriking,westdipping,Syama-BanansoFaultZoneandBirimianvolcano-sedimentaryunitsoftheSyamaFormation. Themajorcommoditybeingsought isgold.

Criteria	JORCCodeExplanation	Commentary
DrillholeInformation	Asummaryof allinformationmaterial totheunderstandingof theexplorationresultsincludinga tabulationof the followinginformation forallMaterialdrillholes:eastingandnorthingof thedrillholecollaroelevationorRL(ReducedLevel–elevationoabovesealevelinmetres)of thedrillhole	Allinformationincludingeasting,northing,elevation,dip, azimuth,coordinatesystem, drillholelength,interceptlengthanddepthweremeasuredandrecordedinUTMZone29WGS84.TheSyamabeltismostlylocatedonthe Tengrela1/200,000 toposheet (Sheet NC29-XVIII).TheSyamalocalgridhasbeen tiedto theUTM Zone29WGS84co-ordinatesystem.

Criteria	JORCCodeExplanation	Commentary
	collardipandazimuthof theholeodownholelengthandinterceptiondepthoWholelength.oIf theexclusionofthisinformationisjustifiedon thebasis that theinformationisnotMaterialand thisexclusiondoesnot detractfromtheunderstandingof thereport,theCompetent Personshouldclearlyexplainwhythisis thecase.	SpectrumSurvey&MappingfromAustraliaestablishedsurveycontrolat SyamausingAusPosonlineprocessingtoobtainanaccurateUTMZone29(WGS84)and'abovegeoid'RLfortheoriginofthesurveycontrolpoints.Accuracyof thesurveymeasurementsisconsidered tomeetacceptableindustrystandards.Forcompleteness thefollowinginformationabout thediamonddrillingisprovided:Easting, NorthingandRLof thedrillholecollarsweremeasuredandrecordedinUTMZone29(WGS84).-600Dipis theinclinationof thedrillholefromhorizontal.Forexample, adrillholedrilledatis600fromthehorizontal.Downholelengthis thedistancedown theinclinationof theholeandwasmeasuredas thedistancefromthehorizontal toendof hole.Intercept depthis thedistancefrom thestartoftheholedown theinclinationof thehole tothedepthofinterest orassayedintervalofinterest.TheCompetent Personsdonotbelievethelistingoftheentiredrillholedatabaseusedtocalculatetheresourceisrelevant for thisrelease.
Dataaggregationmethods	InreportingExplorationResults,weightingaveraging techniques, maximumand/orminimumgrade truncations(e.g. cuttingofhighgrades)andcut-off gradesareusuallyMaterialandshouldbestated.Whereaggregateinterceptsincorporateshortlengthsof highgraderesultsandlongerlengthsof lowgraderesults, theprocedureused forsuchaggregationshouldbestatedandsome typicalexamplesofsuchaggregationsshouldbeshownindetail.Theassumptionsusedforanyreportingofmetalequivalent valuesshouldbeclearlystated.	Explorationresultsreportedin thisannouncement aretabulatedusing thefollowingparameters:GridcoordinatesareWGS84 Zone29North.•IntervalsareNQ orHQ diamondcoresampledevery1mbycutting thecoreinhalf toprovidea2-•4kgsample.•Cut-offgradeforreportingofinterceptsis>1g/tAuwithamaximumof3mconsecutiveinternaldilutionincludedwithin theintercept; onlyintercepts>=3marereported.No topcutofindividualassaysprior tolengthweightedcompositingof thereportedintercept has•beenapplied.•SamplesareanalysedforgoldbyAu-AA25methodwhichisa30gfireassayfusionwithAASinstrumentfinish
Relationshipbetweenmineralisation	Theserelationshipsareparticularlyimportantin thereportingof ExplorationResults.If thegeometryofthemineralisationwith	600Themineralisationissteeplydippingatapproximatelyfromthehorizontal.

Criteria	JORCCodeExplanation	Commentary
widthsandinterceptlengths	respect tothedrillholeangleisknown,itsnatureshouldbereported.If it isnotknownandonly thedownholelengthsarereported, thereshouldbeaclearstatementtothiseffect (e.g. 'downholelength,truewidthnot known').	0900 at-600 eastThemajorityofthedrillholesareplannedatlocalgridageneralinclinationoftoachieveasclose toperpendicularto theorezoneaspossible.At theangleofthedrillholesand thedipoftheorezones, thereportedinterceptswillbeslightlymorethan truewidth.
Diagrams	Appropriatemapsandsections(withscales)and tabulationsof interceptsshouldbeincluded foranysignificant discoverybeingreported Theseshouldinclude, but not belimited toaplanviewof drillholecollarlocationsandappropriatesectionalviews.	Relevantmaps, diagramsand tabulationsareincludedin thebodyoftext.
Balancedreporting	Wherecomprehensivereportingof allExplorationResultsisnot practicable,representativereportingof bothlowandhighgradesand/orwidthsshouldbepracticed toavoidmisleadingreportingof ExplorationResults.	ExplorationresultsandinfilldrillingresultsarebeingreportedinthisannouncementandtabulatedinAppendix1.TheresultsarereportedtoshowthepotentialtoexpandtheUndergroundResourcepreviouslyreleased.
Othersubstantiveexplorationdata	Otherexplorationdata,ifmeaningfulandmaterial, shouldbereportedincluding(but notlimited to): geologicalobservations;geophysicalsurveyresults; geochemicalsurveyresults;bulksamples–sizeandmethodoftreatment; metallurgical test results;bulkdensity, groundwater, geotechnicalandrockcharacteristics; potentialdeleteriousorcontaminatingsubstances.	Nogeophysicalandgeochemicaldataandanyadditionalexplorationinformationhasbeenreportedinthisrelease, as theyarenotdeemedrelevant totherelease.
Furtherwork	Thenatureandscaleofplanned furtherwork(e.g. tests forlateralextensionsordepthextensionsorlarge-scalestep-out drilling).Diagramsclearlyhighlighting theareasofpossibleextensions, including themaingeologicalinterpretationsand futuredrillingareas, provided thisinformationisnotcommerciallysensitive.	Depthextensiondrillingisplannedtotestthedown-dippotentialof theSyamaorebodyatdepth,andbeneath thecurrentlimit of drilling.Relevantmapsanddiagramsareincludedin thebodyof text.

Section 3 Estimation and Reporting of Mineral Resources

Criteria	JORCCodeexplanation	Commentary
Databaseintegrity	Measures taken toensure thatdatahasnotbeencorruptedby, forexample,transcriptionorkeyingerrors, betweenitsinitialcollectionanditsuse forMineralResourceestimationpurposes.	DatahavebeencompiledintoarelationalSQLdatabase;thesetupofthisdatabaseprecludestheloadingofdatawhichdonotmeettherequiredvalidationprotocols.ThedataismanagedusingDataShed©drillholemanagementsoftwareusingSQLdatabasetechniques.ValidationchecksareconductedusingSQLandDataShed©relationaldatabasestandards. Datahasalsobeencheckedagainstoriginalhardcopiesfor100%ofthedata,andwherepossible,loadedfromoriginaldatasources.
	Datavalidationproceduresused.	Resolutecarriedoutthefollowingbasicvalidationchecksonthedatasuppliedpriortoresourceestimation:
		ØDrillholeswithoverlappingsampleintervals.ØSampleintervalswithnoassaydata. Duplicaterecords.ØAssaygraderanges.ØCollarcoordinateranges.ØValidholeorientationdata
		Therearenosignificantissuesidentifiedwiththedata.
Sitevisits	Comment onanysitevisitsundertakenbytheCompetent Personand theoutcomeofthosevisits.	MrRichardBrayisaRegisteredProfessionalGeologistwiththeAustralianInstituteofGeoscientistsandMrAndrewGoode,amemberoftheAustralasianInstituteofMiningandMetallurgyaretheCompetentPersonswhohavebothvisited thissiteonnumerousoccasions.
	If nositevisitshavebeenundertakenindicatewhythisisthecase.	Allaspectsof drilling,samplingandminingareconsideredbytheCompetent Personstobeof ahighindustrystandard.
Geologicalinterpretation	Confidencein(orconversely, theuncertaintyof) thegeologicalinterpretationof themineraldeposit.	ThedigitaldatabaseusedfortheinterpretationincludedloggedintervalsforthekeystratigraphiczonesofSyama.Detailedgeologicallogswereavailableinhardcopyanddigitalandreviewedwherenecessary.
	Natureof thedatausedandofanyassumptionsmade.Theeffect,if any,ofalternativeinterpretationsonMineralResourceestimation.	Drilldensity(15mby50m)forthemajorityoftheSyamaareaallowsforconfidentinterpretationofthegeologyandmineralizeddomains. Morerecentinfill/verificationdrillingofselectedmorestructurallycomplicatedareas,confirmsthepositionsofmineralizedzones.Geologicalandstructuralcontrolssupportmodelledmineralizedzones.
	TheuseofgeologyinguidingandcontrollingMineralResourceestimation.The factorsaffectingcontinuitybothof grade	Continuityof mineralizationisaffectedbyproximitytostructuralconduits(allowing flowof mineralizedfluids), stratigraphicposition,lithologyof keystratigraphicunitsandporosityof host lithologies.

Criteria	JORCCodeexplanation	Commentary
	andgeology.	Theinterpretationsfortheweatheringsurfaceshavebeencompiledbysitegeologicalpersonnelusingthedrillholedatabaseand thelogsidentifying Oxide, Transitionaland Freshmaterial.
Dimensions	Theextentandvariabilityof theMineralResourceexpressedaslength(alongstrikeorotherwise), planwidth, anddepthbelowsurface totheupperandlowerlimitsof theMineralResource.	TheSyamafeasibilitystudyareaextendsforapproximately1,000metresinstrikeandthewestdippinggoldmineralisedzoneisbetween100-200metresinhorizontalwidth,narrowingatitssouthernandnorthernlimits.TheMineralResourceislimitedindepthbydrilling,whichextends fromsurfacetoamaximumdepthof approximately800metresvertically.
Estimationandmodellingtechniques	Thenatureandappropriatenessoftheestimation technique(s)appliedandkeyassumptions, including treatment of extremegradevalues, domaining, interpolationparametersandmaximumdistanceofextrapolation fromdatapoints. If acomputerassistedestimationmethodwaschosenincludeadescriptionof computersoftwareandparametersused.Theavailabilityof checkestimates,previousestimatesand/ormineproductionrecordsandwhethertheMineralResourceestimatetakesappropriateaccount ofsuchdata.Theassumptionsmaderegardingrecoveryofby-products.Estimationofdeleteriouselementsorothernon-gradevariablesof economicsignificance(e.g. sulphur foracidminedrainagecharacterization).	ThemethodofMultipleIndicatorKriging(MIK)wasusedtoestimategold.MIKofgoldgradesuseindicatorvariographybasedontheresourcecompositesamplegradeswithindistinctmineralisedpopulationsdefinedbywire-frames.Withineachdomaingoldgradecontinuitywascharacterisedbyindicatorvariogramsat 14indicator thresholdsspanning theglobalrangeof grades.
		Dataviewing,compositingandwire-framingwereperformedusingMicromine©software.Exploratorydataanalysis,variogramcalculationandmodelling,andresourceestimationhavebeenperformedusingSupervisor©, MP©andMicromine©softwarepackages.
		MIKwasusedasthepreferredmethodforestimationofgoldatSyamaastheapproachhasbeendemonstratedtoworkwellinalargenumberofdepositsofdiversegeologicalstyles. MIKhasbeenusedsuccessfullyin theopencut estimation. Thegoldmineralisationseenat Syamais typicalofthatseeninmoststructurallycontrolledgolddepositsandwheretheMIKmethodhasbeenfoundtobeofmost benefit.
		ExtensiveopenpitmininghasoccurredatSyamabySOMISY(ResoluteMiningLtd)andpreviousownersoftheproject.Thecurrentresourceestimatehasbeenreconciledtorecentproductionandshowsgoodagreement.
		TheresourcemodelalsoestimatessulphideandorganiccarbonusingOrdinaryKrigingformetallurgicalcharacterization. Theestimateoftheseelementsareusedforoptimisingthemetallurgicalprocesses, suchas floatationandroastingof theore.
		Nodeleteriouselementswerefoundintheore.
		Blockdimensionsusedwere5mEby12.5mNby5mRLandchosenduetothisdimensionapproximating theaveragedimensionsof theundergroundextractionmethodsreviewed.
	In thecaseof blockmodelinterpolation, the	Goldis theonlyeconomicmetalestimatedin thecurrentmodel.
	blocksizeinrelation to theaveragesamplespacingand thesearchemployed.	Mineraliseddomainwire-framesdevelopedatnominalcutoff intervalstogenerateshellsandusedtoflagresourcecompositesandcodedomainproportionstotheblockmodel. Thesedomainshellswere

Criteria	JORCCodeexplanation	Commentary
	Anyassumptionsbehindmodellingofselectiveminingunits.Anyassumptionsaboutcorrelationbetweenvariables.	generatedusingLeapfrog©implicitmodellingsoftwareat0.5g/t,1.0g/t,1.5g/t,2.0g/tand3.0g/tcutoffs.Afurtherdivisionofthemodeldomainsintooxideandfreshrockisappliedbytriangulatedsurfacesinterpretedfromtheloggingof thedrillsamples.
	Descriptionof how thegeologicalinterpretationwasused tocontrol theresourceestimates.Discussionof basis forusingornot usinggradecuttingorcapping.Theprocessofvalidation, thecheckingprocessused, thecomparisonofmodeldatatodrillholedata, anduseofreconciliationdataif available.	Statisticalanalysisshowedthegoldpopulationineachdomainshell,tobelognormalorclosetolognormalindistribution. Eachdatasetwithineachshellhasamoderatetolowcoefficientofvariation.Selectionofthemedianastheaveragegradeofthehighestindicatorthresholdusedtoreducetheinfluenceofextremecompositegradeson themodelgoldestimates.
		Visualvalidationofgradetrendsandgolddistributionswascarriedout.Reconciliationwithrecentproductionshowsgoodagreement between thepredictedresourceestimatesandminingoutcomes.
Moisture	Whether thetonnagesareestimatedonadrybasisorwithnaturalmoisture, and themethodof determinationof themoisturecontent.	Alltonnagesareestimatedonadrybasis.
Cut-offparameters	Thebasisoftheadoptedcut-off grade(s)orqualityparametersapplied.	MineralResourcesreportedata1.0g/tAugradecut-offforthisundergroundmodel.Thisisaneconomiccut-offwhichwasconsideredinthe2015 FeasibilityStudyontheSyamaUndergroundandin thecurrent DefinitiveFeasibilityStudy.
Mining	Assumptionsmaderegardingpossible	TheanticipatedminingmethodforUndergroundexploitationwillbeSub-LevelCaving(SLC).
factorsorassumptions	miningmethods, minimumminingdimensionsandinternal(or, if applicable,external)miningdilution. It isalwaysnecessaryaspartoftheprocessofdeterminingreasonableprospects foreventualeconomicextraction toconsiderpotentialminingmethods, buttheassumptionsmaderegardingminingmethodsandparameterswhenestimatingMineralResourcesmaynot alwaysberigorous. Where thisis thecase,thisshouldbereportedwithanexplanationof thebasis	TheUndergroundmodelwasgeneratedfromthe1250mRLto the600mRL. Openpit methodswereusedbyResolutetothe1120mRL.Thereconciliation,geologicalcontinuity,structuraltrendsandmetallurgicalfactorsexperiencedwithintheopenpit areassumed toapplyto theunderground.

Criteria	JORCCodeexplanation	Commentary
	of theminingassumptionsmade.
Metallurgicalfactorsorassumptions	Thebasis forassumptionsorpredictionsregardingmetallurgicalamenability. It isalwaysnecessaryaspartoftheprocessofdeterminingreasonableprospects foreventualeconomicextraction toconsiderpotentialmetallurgicalmethods, but theassumptionsregardingmetallurgicaltreatment processesandparametersmadewhenreportingMineralResourcesmaynotalwaysberigorous. Wherethisisthecase,thisshouldbereportedwithanexplanationofthebasisofthemetallurgicalassumptionsmade.	Extensivemetallurgicalinvestigationsandreportinghavebeencompletedprior to thecommencementofminingandmillingatSyama.Theprocessingmethodinvolvescrushing,milling,flotationandroasting,followedbyconventionalCILrecovery.TheSyamaplantinitscurrentformhasbeeninsuccessfuloperationsince2007.Thereisnoevidencetosuggestthatthemetallurgicalcharacteristicsoforeextractedfromundergroundwillchangefromthat encounteredtodatewithintheopenpitoperations.
Environmental factorsorassumptions	Assumptionsmaderegardingpossiblewasteandprocessresiduedisposaloptions. It isalwaysnecessaryaspartoftheprocessofdeterminingreasonableprospects foreventualeconomicextraction toconsider thepotentialenvironmentalimpactsoftheminingandprocessingoperation. Whileat thisstagethedeterminationof potentialenvironmentalimpacts, particularly foragreenfieldsproject,maynot alwaysbewelladvanced,thestatusof earlyconsiderationofthesepotentialenvironmentalimpactsshouldbereported.Where theseaspectshavenotbeenconsidered thisshouldbereportedwithanexplanationof theenvironmentalassumptionsmade.	ItisarequirementofDecreeNo.03-594/P-RMof31December2003ofMalianlawthatanEnvironmentalandSocialImpactStudy(Étuded'ImpactEnvironmentaletSocial–EIES)mustbeundertakentoupdatethepotentialenvironmentalandsocialimpactsof themine'sredevelopment.InNovember2007theEIESfortheSyamaGoldMinewasapprovedandanEnvironmentPermit(07-0054/MEA–SG)issuedby theMinistryof EnvironmentandSanitationon the22November2007.At Syama therearethreekeypracticesfordisposalofwastesandresiduesnamely, stackingofwasterockfromopenpitmining;storageoftailingsfrommineralprocesses;and"tall-stackdispersion"ofsulphurdioxidefromtheroastingof goldbearingconcentrate.
		TheEnvironmental&SocialImpactStudy–"SociétédesMinesdeSyama,SyamaGoldMine,Mali,dated2007,found"aminimalpotentialforaciddrainagefromwasterock,ashistoricalanalysisindicatesthatthehighcarbonatecontentofthematerialwillsuppressanypotentialacidgeneration."Progressiverehabilitationof wasterocklandformshasbegunandamanagementplanforwasterockdumpingis thesubjectof ongoingdevelopment.
		Thelandformoftailingsimpoundmentsdoesnothaveanetacidgeneratingpotential.Thelargestvolumeisflotationtailingswherethesulphidemineralshavealreadybeenremovedfromthehostrock.Itsmineralogyincludescarbonateswhichfurtherbufferanyacid-formationpotentialfromsulphidesthatmayalsobepresent.
		Cyanidelevelsintheleached-calcinetailingsaretypicallylessthan50ppmintheweakaciddissociableform. Groundwaterawayfromthe tailingslandformisinterceptedbytrenchesandsumppumps.

Criteria	JORCCodeexplanation	Commentary
		Sulphurdioxideisgenerated fromtheroastingofgoldconcentratesothatgoldcanbeextractedandrefined.Tall-Stack"dispersion"ofthesulphurdioxideemissionismonitoredcontinuously.PrevailingweatheranddissipationofthesulphurdioxideismodelleddailytopredicttheneedtopausetheroastingprocessinordertomeettheairqualitycriteriasetoutintheEnvironmental&SocialImpactStudy.
Bulkdensity	Whetherassumedordetermined. Ifassumed, thebasisfortheassumptions.Ifdetermined, themethodused, whetherwetordry, thefrequencyof themeasurements,thenature, sizeandrepresentativenessof thesamples.Thebulkdensity forbulkmaterialmust havebeenmeasuredbymethods thatadequatelyaccount forvoidspaces(vugs,porosity,etc),moistureanddifferencesbetweenrockandalterationzoneswithin thedeposit.Discussassumptionsforbulkdensityestimatesusedintheevaluationprocessofthedifferentmaterials.	SitepersonnelhavecompletednumerousSGestimatesonHQdrillcoretoassessthevariabilityusingtheArchimedesmethodofdryweightversusweight inwater.OthertestswerecompletedbySGSusing thepycnometermethod.On thebasisofthedatacollected thefollowingSG estimateswereapplied to themodel:a)HangingWallBasalt2.80b)MainLode2.75c)FootWallZone2.75d)ULP–Lamprophyre2.78e)SikoroFormation2.78f)Conglomerate2.73g)All Oxides1.80

Criteria	JORCCodeexplanation	Commentary
		SikoroSedsULPHangingwallConglomerateMainZoneFootwall
Classification	Thebasis for theclassificationof theMineralResourcesintovaryingconfidencecategories.Whetherappropriateaccount hasbeentakenof allrelevant factors(i.e. relativeconfidencein tonnage/gradeestimations, reliabilityofinput data, confidenceincontinuityofgeologyandmetalvalues, quality, quantityanddistributionof thedata).Whether theresult appropriatelyreflects the	Thegoldestimateswithineachblockhavebeeninitiallyclassifiedaccordingtothedistributionofsamplingin thekrigingneighbourhood. Thisclassificationschemetakesintoaccounttheuncertaintyin theestimatesrelated totheproximityanddistributionoftheinformingcomposites.Aprogressivelylessstringentthreepasssearchstrategyproducestheinitialthreecategoriesofconfidence.Thehighestconfidentestimateusesasearchellipseofapproximatelythesamedimensionoftheblockdimensionandasignificantnumberofresourcecompositesselectedfromwithinanoctantconstraint.Thesearchradiiareexpandedandsamplecriteriarelaxedforthesecondandthirdcategories.

Criteria	JORCCodeexplanation	Commentary
	Competent Person'sviewof thedeposit.
Auditsorreviews	Theresultsof anyauditsorreviewsofMineralResourceestimates.	AnexternalauditcompletedbyMrLWidenbarofWidenbarandAssociatesPtyLtdfoundthatthemodellingmethodologyappliedwasappropriatefor theminingmethodsproposed.
		Resolutebelievesthatthereisadequateproduction,metallurgicalandgradecontrolreconciliationdatafromthecurrent operation, toprovideconfidencein theestimates.
Discussionofrelative	Whereappropriateastatement of therelativeaccuracyandconfidencelevelin theMineral	TherelativeaccuracyoftheMineralResourceestimateisreflectedinthereportingofMeasured,IndicatedandInferredasper theguidelinesof the2012JORCCode.
confidence	accuracy/Resourceestimateusinganapproachorproceduredeemedappropriateby theCompetent Person.Forexample, theapplicationof statisticalorgeostatistical	Inaddition,reconciliationwithrecentopenpitproductionshowsthepredictedresourceintheMeasuredandIndicatedcategoriescomparewithinacceptablelimits(<10%)tomineproductionresultsbymonth,quarterandannually.
	procedures toquantifytherelativeaccuracyof theresourcewithinstatedconfidencelimits, or,ifsuchanapproachisnot deemedappropriate, aqualitativediscussionof thefactorsthatcouldaffect therelativeaccuracyandconfidenceof theestimate.Thestatement shouldspecifywhetheritrelates toglobalorlocalestimates, and, iflocal, statetherelevant tonnages,whichshouldberelevant to technicalandeconomicevaluation. Documentationshouldincludeassumptionsmadeand theproceduresused.Thesestatementsof relativeaccuracyandconfidenceof theestimateshouldbecomparedwithproductiondata,whereavailable.	ThegeostatisticaltechniquesappliedtoestimatetheundergroundresourceatSyama,aredeemedappropriatetotheestimationofSubLevelCaving(SLC)miningmethodandhenceapplicableforreserveestimation.

Section 4 Estimation and Reporting of Ore Reserves

Criteria	JORCCodeexplanation	Commentary
MineralResourceestimate forconversion to OreReserves	Descriptionof theMineralResourceestimateusedasabasis for theconversion toan OreReserve.Clearstatement as towhethertheMineralResourcesarereportedadditional to, orinclusiveof,the OreReserves.	The OreReservesarebasedonaMineralResourceestimatedbyResoluteusingMultiple IndicatorKriging(MIK) tomodelgradesintocells5.0mEby12.5mNby5mZ. ThesecellsizesareappropriateforthebulkundergroundminingmethodsconsideredforSyama.OnlyMineralResourcesbelow thebaseof thefinalopenpit, below1250mRL, havebeenconsideredin theminingstudies. Thehighest tonnes, gradeandmetalcontent arefromimmediatelybelow thebaseof theopenpit atabout 1120mRLtoabout 1000mRL. Below1000mRL, thetonnage, gradeandmetalcontentdecreasesrapidly, whichmayreflectlowerdrilldensitiesat depth.Resourcesat Syamaarereportedabovea1.0g/t cut-off.Thisiscalculatedasamarginalandgeologicalcutoff. Materialbelow thiscut-offisnot consideredin theresource.OreReservesare thematerialreportedasasub-set oftheresource, whichcanbeextractedfrom themineandprocessedwithaneconomicallyacceptableoutcome. TheOreReserveshavebeencalculatedbymeansof aneconomicassessment, whichresultsinaLifeOfMinePlan. ReportedOreReservesareexclusive totheResources.
Sitevisits	Comment onanysitevisitsundertakenby theCompetent Personand theoutcomeofthosevisits.If nositevisitshavebeenundertakenindicatewhythisis thecase.	MrRichardBraywhoisaRegisteredProfessionalGeologistwiththeAustralianInstituteof GeoscientistsandMrAndrewGoode,amemberofTheAustralasianInstituteofMiningandMetallurgyaretheCompetentPersons.Bothhaveconductedregularsitevisits to theproject location.
Studystatus	The typeandlevelofstudyundertaken toenableMineralResources tobeconverted toOreReserves.	TheSyamaopenpitrecentlycompletedwassuccessfullyoperatedandwellestablished. Thisstudyconsidered thepotentialundergroundoperationbelowtheopenpittoaDefinitiveFeasibilityStudylevel.Theplantisoperatingonstockpiledmaterialandsatelliteminingmaterialuntilundergroundoperationscommence.Afullprogramofstudiesleadingthe2016FeasibilityStudyhasbeencompletedontheUndergroundMinepotentialsince2007andinclude:
	TheCoderequires that a	SyamaUndergroundMinePost-FeasibilityDesignUpdatebyRML,August 2007SyamaUndergroundPre-FeasibilityStudyProject No.AU427bySnowden, 8March2014

Criteria	JORCCodeexplanation	Commentary
		oPitwallstabilityassessmentsInfrastructurelocation/support designoStopingdevelopmentlayout/support designoFragmentationoRiskassessment –mud-rush/rock-burst etc.oGeotechnicalparametershavebeenderivedfromgeotechnicalcorelogging,materials testingandapplicationof standardindustrymethods. DetailedgeotechnicalstudieswerecompletedbySnowdenongeomechanical
		laboratorytestingsuchas, UCS tests, rockstrength,insitustressmeasurements, stability testsandrockmassclassification.
		OrelossanddilutionestimateshavebeenestimatedfromsimilaroperationsandSnowden'sexperience.Industrybest-practicesoftware(GEOVIA©PCSLC)wasused tomodeltheinteractivematerialflowsexpectedinaSLCoperation.
		Mineoperatingcostswerecalculatedfromfirst-principlesusinglocalrates,andbenchmarkproductivities,adjustedtoreflectlocaloperatingconditions.Processingandsitecosts,andrecoveriesarebasedonthecurrentoperationsat Syama.
		TheSyama2016DFSminingstudyprogram:

Criteria	JORCCodeexplanation	Commentary
		Item	Units	Value	Comments
		Stopeminerecovery	%	100.0%	Incorporatedindesign
		Dilution–unplanned	%	0.0%	Incorporatedindesign
		Miningcost	$/tore	$ 28.50	PFScosts
		Processingcost	$/tore	$ 23.37	LoMPlan15/16
		Metallurgicalrecovery	%	83.0%	2015PFS
		GeneralandAdministration	$/tore	$ 7.31	LoMPlan15/16
		Other(Selling,refining,royalties,etc)	%sold	6.0%	2016FS
		Contractermark-up	%onminingopex	0.0%	2015PFS
		Goldprices	$/ozUSD	$ 1,150
		Goldgrademined	g/t	1.00
		Metalminedafterminingdilutionandloss	ozAu/(g/t)	1.00
		Metalrecoveredafterplant	ozAu/(g/t)	0.83
		Metalvalueafterplant(Metalproduced)	$/(g/tAu)	$ 30.69
		Royalties,sales,refining,etccosts		$ 1.84
		Metalvaluesoldlessroyalties,sales,refining,etccosts	$/(g/tAu)	$ 28.85
		Metalvaluesoldlesscostandcontractermark-up	$/(g/tAu)	$ 28.85
		OpexCost	$/tore	$ 59.18	$NSR60/tclosest
		COG	g/tAu	1.93
		ThisisrelatedtotheoverdrawmaterialestimatedmodelledusingPCSLC©softwarewithinputnature. Theresultsofthemodellingprovidedaoverdrawscenarioin thelowerlevels.	oncurrentoverdrawparametersbasedonbasisforestimating	currenttonnes	performance.Dilutionandoverdrawandhistoricoperationsofandgradeassociated	wasasimilarwiththe
Mining factorsorassumptions	Themethodandassumptionsusedasreportedin thePreFeasibilityor FeasibilityStudy toconverttheMineralResource toanOreReserve(i.e. eitherby	Snowden'sgeotechnicalstudyconfirmedthattheminingmethod. SLCisahighlymechanized,bulkminingmethodisusedsuccessfullyat Resolute'sisextractedthesurroundingrockisallowed tocaveadvantagesof highproductivitiesandlowerminingasopenstoping.	depositisamenable tominingmethodMtWrightminenaturally; backfillingcostscompared	usediniswithmore	caving, makingSLCtheoperationsworld-wide. Ain Queensland. Theoreisblastednot required.SLCoffers theselectiveminingmethods	preferredsimilarandasitsuch

Criteria	JORCCodeexplanation	Commentary
	applicationof appropriatefactorsbyoptimizationorbypreliminaryordetaileddesign).Thechoice, natureandappropriatenessof theselectedminingmethod(s)andotherminingparametersincludingassociateddesignissuessuchaspre-strip,access,etc.Theassumptionsmaderegardinggeotechnicalparameters(e.g.pitslopes, stopesizes, etc.),
	gradecontrolandpreproductiondrilling.
	ThemajorassumptionsmadeandMineralResourcemodelused forpit andstopeoptimization(if appropriate).	Theorebodyissteeplydippingwithacompetentfootwallconglomerateandorebodyamenabletocaving(LaubscherRMRof45to60).Thechosenminingmethodwasselectedbyexcludingotherpotentialminingmethodsbasedon technicaland/oreconomicalrisk. Cavingwasidentifiedas theonlypotentialminingmethodallowingformaximumextractionof thedefinedResource. Thecompetent footwallhasanUCSof133MPa, while theorebodyis typically75to100MPa. Thehangingwallisin theorderof100MPa. Thecompetencycontrastisfavourableto theminingmethod.
	Theminingdilution factorsused.Theminingrecoveryfactorsused.	Theorebodyoutlinewasdesignedusingacut-off gradeof1.9g/t Aubasedoncurrent overheadandtreatmentcostsandrecoveryfromtheopenpit,combinedwithPFSlevelestimatesfor theundergroundcomponent of themine.

Criteria	JORCCodeexplanation	Commentary
	Anyminimumminingwidthsused.ThemannerinwhichInferredMineralResources	Assumptionsformininganddilutionfactors:
		Development ore–100% tonnesat blockmodelgrade. Nooverbreakisincludedfordevelopment oreasthiswouldrequireacorrespondingreductioninproductionore toavoiddouble-accounting. Thisdoesnothaveamaterialimpact ontheoverallresult.
		Productionringsattributedbylevelanddrawpoint– determinedbyoutcomeofPCSLCcavemodelling.Ringswereminedtoaneconomicshutoffgradeof1.9g/tAu,notexceedingthemaximumdrawpercentageslistedbelow:
	areutilizedinminingstudiesand thesensitivity	firstlevelbelowpit –60% tonnes
	of theoutcome to their	secondlevelbelowpit–80%tonnes
	inclusion.	thirdlevelbelowpit–100%tonnes
		fourthandconsecutivelevels–125%tonnes
	Theinfrastructurerequirementsof the	bottomtwooverdrawlevels–150% tonnes
	selectedminingmethods.	OverdrawwasmodeledinPCSLCandwasderivedfrommaterialhigherin thecolumnandfromexternaldilution. Externaldilutionpropertieswere taken fromtheblockmodelwhere thematerialoriginatesfrom,whichprovidesamoreaccurateestimatethanapplyinguniversalmodifyingfactors. Theminedesignwasbasedon thefollowingdesigncriteria:
		Drawpointspacingof14mandlevelspacingof25m.
		Atransverselayoutwasdesignedforthemajorityofthedeposit.Thenorthernsectioniswiderandwillbeusedtoinitiatecaving. Thesouthernsectionisnarrowerand thecavewasterminatedwherethecontinuouseconomicwidthreducesbelow30m.
		Hydraulicradiusof 12(ore)to17(hangingwall)wascalculated toinitiatecaving.
		Theminewillbeaccessedviaahaulagedeclinethatislocatedtotheeastoftheorebodyinthecompetentfootwallconglomerate,approximatelycentral to themassoforealongstrike.Eachlevelrequiresinfrastructureforventilation,secondmeansofegress,anddrainage.
		Asmallcomponent(<1%)ofInferredResourcesisincludedinthelastyearsofthelifeofmineplanorOreReserves, aspart of thecavedilutioninventory.Thisdoesnot materiallyimpact theoutcomeofthestudy.

Criteria	JORCCodeexplanation	Commentary
Metallurgical factorsorassumptions	Themetallurgicalprocessproposedand theappropriatenessof thatprocess tothestyleofmineralization.Whether themetallurgicalprocessiswell-testedtechnologyornovelinnature.Thenature, amountandrepresentativenessofmetallurgical testworkundertaken, thenatureofthemetallurgicaldomainingappliedand thecorrespondingmetallurgicalrecoveryfactorsapplied.Anyassumptionsorallowancesmade fordeleteriouselements.Theexistenceofanybulksampleorpilot scale testworkandthedegree towhichsuchsamplesareconsideredrepresentativeof theorebodyasawhole.Forminerals thataredefinedbyaspecification,has theorereserveestimationbeenbasedontheappropriatemineralogytomeetthespecifications?	Experiencefromthecurrent openpitshows that theorefromtheSyamadeposit canbehighlyrefractoryduetolockingof goldwithin thesulphideand/orvariableamountsofreactivenaturalcarbon,whichrobscyanideleachsolutionsof dissolvedgold.Processingof theorewillbeviathefollowingstages:Crushingandgrinding.Flotationtoproduceasulphiderichconcentrate.Concentrate thickening.Roasting,followedbycalcinequenchandwash.CIL.Tailingsdisposaldam.Thecrushing,grindingandflotationcircuithasadesignedcapacityof2.4Mtpaandtheroasterwillprocess196,000t ofconcentrateperannum. TheCILcircuithasadesignedcapacityof2.0Mtpa.
Environmental	Thestatusofstudiesofpotentialenvironmentalimpactsof theminingand	TheSyamaGoldMineoperatesinaccordancewiththeEnvironmental&SocialImpactStudy–"SociétédesMinesdeSyama,SyamaGoldMine,Mali,dated2007. Wasterockcharacterisationhasbeenthesubjectof

Criteria	JORCCodeexplanation	Commentary
	processingoperation.Detailsofwasterockcharacterizationand theconsiderationof potentialsites, statusof designoptionsconsideredand,whereapplicable, thestatusof approvals forprocessresiduestorageandwastedumpsshouldbereported.	priorstudiesforthisEnvironmental&SocialImpactStudy. Workisongoingtooptimisetheminingoperationandenvironmentalmanagementbywayof:drillingmineralogicalassayofdrillcoreroutine testingofrockforacidgeneratingpropertiessequence, rateanddesignoptimizationoftheopen-pit minewalls,rampsandwasterockdumplandform.Theoutcomesofthisworkarepartofacontinuingimprovementprogrammeandcontributetothewasterockdumpmanagementplan,annualreportingandconsultation-committeemeetingswithgovernmentandcommunityrepresentatives.
		Tailingsstoragefor thelifeofmineisforecast tobeimpoundedover theexistingfootprint areaapprovedin theEnvironmental&SocialImpactStudy. Progressiveraisingofthetailingsimpoundmentswilloccurtocontainlife-of-minestoragecapacity. Routineprogressonthemonitoringisreportedtogovernmentandatstakeholdermeetingsinconcert withroutineinspectionsby the Government.
		TheSyamaProjectisinamaturephaseof itsoperatinglife.ItsenvironmentalmanagementispermittedbyanEnvironmentalAuthorityandsupportedbyanEnvironmentalManagementPlan.Itisexpectedthatanyrelevantapprovalswillbeobtainedfor theundergroundmine.
Infrastructure	Theexistenceofappropriateinfrastructure:availabilityof land forplantdevelopment, power,water, transportation(particularly forbulkcommodities), labour,accommodation; ortheeasewithwhichtheinfrastructurecanbeprovided, oraccessed.	Thesiteislocatednear twomajor towns, KadiolaandSikasso. Kadiola, 55kmsoutheast, is theregionalcapitalwhileSikasso, approximately85km tothenortheast, is thesecondlargest cityinMaliandlocatedclose to theborderwithBurkina Faso.Accessisviaformedgravelroadoff thesealedSikasso toCôted'Ivoirehighway throughKadiola, andthenfromFourou tosite.Most consumablesandsuppliesuse thisrouteasitcanbeapproachedeitherfromCôted'Ivoirethrough theborderpost atZegouaoralternativelyfromBurkinaFasoand Togo throughSikasso. Theroadnorth throughBananso to Farakala, onthemainhighwayfromBamakotoSikasso, providesanalternateandshorterroute toBamako.Thisroadisgenerallyimpassableduring thewet seasonwhen thelowlevel"bridge"atBanansoiscoveredwithwater.
		Supportinginfrastructurefor thecurrent operationshasincludedupgradingofthe70kmsectionof roadfromKadiolatothesite,refurbishment of administrationbuildings, plant sitebuildingsandaccommodationforhousingexpatriateandseniornationalstaff. Thisinfrastructurewillalsobeusedby theundergroundoperations, withadditionalallowancemadeinthestudyforundergroundspecificinfrastructureonsurface,

Criteria	JORCCodeexplanation	Commentary
		suchasprimaryventilationfaninstallations, additionalworkshopsandofficesandchangeroomsforundergroundworkers.
		Thesiteisservicedbytwo Internet andmobile telecommunicationsproviders(Sotelma& Orange),plusapointtopointsatelliteconnection(SpeedCast) toPerth.
		Thecurrent operationhasapeakcontinuouspowerdemandofapproximately17.7MWwithaninstalledpowercapacityof24MW.Poweriscurrentlysuppliedfromadieselfiredpowerstation. Supplyofpowerfromthenationalgridislikelyin thenearfutureandwasassumedfor theunderground.
Costs	Thederivationof,orassumptionsmade,regardingprojectedcapitalcostsinthestudy.Themethodologyused to	estimated to ±15%Miningcostswereaccuracy, typicalof aDFScostmodel. Thestudyassumeskeycapitalitemssuchasventilationfans, powersupplyandofficesandworkshopswillbepurchasedbyResoluteandmobileequipmentandminingplant willbepurchasedby theminingcontractorandamortizedover theoperationallifespanof theitems.
	estimateoperatingcosts.Allowancesmade for thecontent of deleteriouselements.	Theundergroundminedevelopmentcontract hasbeenawarded toByrnecut Offshoreandcost assumptionshavecomefrom thatcontract.
	Thederivationofassumptionsmadeofmetalorcommodityprice(s), for theprincipalmineralsandco-products.	Mineoperatingcostsarecalculatedfromfirst-principlesusingfixedandvariablecomponentsandassumecontractormining.Allowancesweremadeforregionalefficiencies, supervisionandtraining.Currentprocessingandadministrationcostswereapplied. Theaverageminingcost (includingdeclinedevelopment,raisesandcontractormargin)is$25/t. Owner'sinfrastructurecapitalcostsareestimated tobe$117M.
	Thesourceofexchangeratesusedin thestudy.	Assumedgoldpriceshavebeenderivedbyreference torecent USDspot goldprices.
	Derivationof transportationcharges.	Allrevenueandcost estimateshavebeenmadeinUSD, thusnoexchangerateswererequired.
	Thebasis for forecastingorsourceoftreatmentandrefiningcharges, penalties	Treatmentandrefiningchargeshavebeenderivedfromcurrent operatingcosts.
	for failure tomeetspecification, etc.Theallowancesmadefor	Royaltiesequal to7%(6%government and1%smelter)ofsalesproceedsareincludedin thecostmodelandisbasedoncurrent royaltiespaid.
	royaltiespayable, bothGovernment andprivate.	NootherroyaltiesorJointVentureagreementsareexpected.

Criteria	JORCCodeexplanation	Commentary
Revenue factors	Thederivationof,orassumptionsmaderegardingrevenue factorsincludingheadgrade,metalorcommodityprice(s)exchangerates,transportationandtreatmentcharges,penalties, net smelterreturns, etc.hederivationofassumptionsmadeofmetalorcommodityprice(s), for theprincipalmetals, mineralsandcoproducts.	It hasbeenassumed thatgoldwillbesoldat theprevailingspot goldprice.Allrevenueandcost estimateshavebeenmadeinUSD, soexchangerateassumptionshavenot beennecessary.AssumedgoldpriceofUS$1,200perouncehasbeenderivedbyreference torecent USDspot goldprices
Market assessment	Thedemand, supplyandstocksituation fortheparticularcommodity,consumption trendsandfactorslikelytoaffectsupplyanddemandintothe future.Acustomerandcompetitoranalysisalongwith theidentificationof likelymarketwindows for theproduct.Priceandvolume forecastsand thebasis fortheseforecasts.Forindustrialminerals thecustomerspecification,testingandacceptancerequirementsprior toa	Thereisatransparent quotedmarketfor thesaleof gold.Theminelifeof theprojectandprocessingforecastsarebasedonLifeOf MinePlans.Noindustrialmineralshavebeenconsideredhere.

Criteria	JORCCodeexplanation	Commentary
	supplycontract.
Economic	Theinputs to theeconomicanalysis toproduce thenetpresent value(NPV)inthestudy,thesourceandconfidenceof theseeconomicinputsincludingestimatedinflation,discount rate, etc.NPVrangesandsensitivitytovariationsin thesignificant assumptionsandinputs.	Avarietyofgoldpricepointsanddiscountrateswereusedtoassesstherobustnessoftheproject,likelypaybackperiods, thebreakevenpointand theprojectedinternalrateofreturn.In theestimate,agoldpriceofUS$1,200perouncewasassumed.
Social	Thestatusofagreementswithkeystakeholdersandmattersleading tosociallicense tooperate.	ResoluteassumedmanagementofSociétédesMinesdeSyamainMay2004. Therecentlycompletedopenpit operatedunderthe1993PermitSyama(No.PE-93/003)and theproposedundergroundwilldo thesame.Itisanticipated thattransferrableskillsfromthecurrent operationwillbeutilizedfor theundergroundoperationand that existingemployeeswillbeupskilledwherepossible.Initiallyselectedpostsrequiringspecificskillsorexperiencewillmostlikelybefilledbyexpatriates. Inadditiontoperforming theirjobfunction, expatriatepersonnelwillbeexpectedtotransferknowledgeandexpertiseinorder todevelopthecapabilitiesof theirMalianstaff. In thelonger termitisanticipated thatMaliannationalswillfillmost operatingandmanagementpositionswithin thecompany.Itistheintentiontoencourageeconomicdevelopmentwithinthelocalcommunity. Localcontractstherefore,arelet whereverpossibleandthecompanyworksactivelywithexistingandemergingcompaniestoachievethisaim.AMineCommunityConsultativeCommitteewasestablishedinFebruary2001withrepresentativesfromlocalvillages,theMalianGovernmentandSOMISY.SinceSOMISYtookovermanagementcontrolofSyamainApril2004,SOMISYhasmetregularlywiththeCommitteeandusesitasaforumtoinformandtoaddresscommunityconcernsandcommunityprojectproposals.
Other	To theextent relevant, theimpact ofthe followingontheproject and/oronthe	Highseasonalrainfalleventspresent ariskfortheundergroundoperations.Furtherdrillingandloggingof drillholesisunderway toextendtheundergroundreserves.

Criteria	JORCCodeexplanation	Commentary
	estimationandclassificationof theOreReserves:Anyidentifiedmaterialnaturallyoccurringrisks.Thestatusofmateriallegalagreementsandmarketingarrangements.Thestatusofgovernmentalagreementsandapprovalscritical totheviabilityof theproject,suchasmineral tenementstatus,andgovernmentandstatutoryapprovals.Theremustbereasonablegrounds toexpectthat allnecessary Governmentapprovalswillbereceivedwithin thetimeframesanticipatedin thePreFeasibilityor Feasibilitystudy. Highlight anddiscuss thematerialityofanyunresolvedmatterthatisdependent ona thirdpartyonwhichextractionof thereserveiscontingent.	Allcurrentgovernmentagreementsandapprovalsareingoodstandingandnoanticipatedchangesareexpected.
Classification	Thebasis for theclassificationof theOreReservesintovarying	AllMeasuredand IndicatedResourceswereconverted toProbableReserves.
	confidencecategories.

Criteria	JORCCodeexplanation	Commentary
	Whether theresultappropriatelyreflects theCompetent Person'sviewof thedeposit.Theproportionof ProbableOreReservesthat havebeenderived fromMeasuredMineralResources(if any).	About 51%oftheOreReservemetalisderivedfromaMeasuredResourceandclassifiedasaProbable OreReservebecausesomemodifyingfactorsareonlyat aPFS (±25%)levelofconfidence.Asmallcomponent(1%)ofInferredResourcesisincludedintheOreReserves,butdoesnotmateriallyaffecttheoutcome.
Auditsorreviews	Theresultsof anyauditsorreviewsofOreReserveestimates.	SnowdenMiningIndustryConsultantscompletedtheSyamaUndergroundPreFeasibilitystudyin2015andthencontributed todetaileddesignsdiscussedin thisrelease.Nootherexternalauditsof reserveswereundertaken.
Discussionof relativeaccuracy/ confidence	Whereappropriateastatement oftherelativeaccuracyandconfidencelevelin the OreReserveestimateusinganapproachorproceduredeemedappropriateby theCompetent Person.Forexample, theapplicationofstatisticalorgeostatisticalprocedures toquantifytherelativeaccuracyof thereservewithinstatedconfidencelimits, or,ifsuchanapproachisnotdeemedappropriate, aqualitativediscussionofthe factorswhichcouldaffect therelativeaccuracyandconfidenceof theestimate.Thestatement shouldspecifywhetheritrelates	Treatmentcostsandrecoveriesarebasedonactualperformancein theopenpitoperationsandprovideahighlevelof confidence.Resolutehasextensiveexperiencewithsimilarundergroundoperationsat theirMtWright mineinAustralia.Thisexperiencewascombinedwithindustryaverageassumptions, whererequired,toprovidealevelofaccuracyandconfidence thatfallswellwithintherequiredstandardforaDefinitive FeasibilityStudy.Alltheparametersassumedandadoptedalongwithfinancialmodellingandanalysishavebeensubjecttointernalpeerreview.

Criteria	JORC Code explanation	Commentary
	to global or localestimates, and, if local,state the relevanttonnages, which should berelevant to technical andeconomic evaluation.Documentation shouldinclude assumptions madeand the procedures used.Accuracy and confidencediscussions should extendto specific discussions ofany applied ModifyingFactors that may have amaterial impact on OreReserve viability, or forwhich there are remainingareas of uncertainty at thecurrent study stage.It is recognized that thismay not be possible orappropriate in allcircumstances. Thesestatements of relativeaccuracy and confidenceof the estimate should becompared with productiondata, where available.