Resolute Mining Limited — Capital/Financing Update 2017

Nov 23, 2017

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24 November 2017

Resolute implements A$ gold hedge 72,000 ounces forward sold at A$1,715/oz

Resolute Mining Limited (Resolute or the Company) (ASX: RSG) is pleased to report that it has forward sold 72,000 ounces of gold at an average price of A$1,715 per ounce with scheduled monthly deliveries of 4,000 ounces between December 2017 and May 2019. The average gold price received in the forward sales contracts of A$1,715 per ounce is a significant premium above Resolute’s budgeted gold price of A$1,600 per ounce.

Resolute has taken advantage of the recent strength in the A$ gold price to establish a gold hedge position to support the Ravenswood Expansion Project. The objective of the hedge is to protect project returns during the development phase of the 13 year mine life of the Ravenswood Expansion Project. Resolute is currently in a transition phase at Ravenswood as underground mining at Mt Wright comes to an end and the operation returns to large scale open pit mining.

The new A$ hedging is in addition to the remaining forward sales program of 84,000 ounces at an average price of US$1,330 per ounce which was established to support the Syama Underground Mine development program (refer to ASX announcement dated 1 September 2017).

Combined with Resolute’s existing US$ forward contracts, the group’s total hedged position represents approximately 30% of expected gold production over the next 18 months. Managing Director and CEO, Mr John Welborn, was pleased to maintain Resolute’s policy of responsible hedging of future gold revenues:

“Our development plans at Ravenswood are supported by A$ revenue and exposed to A$ costs. Establishing a forward A$ gold price for a portion of our production during the capital intensive development phase at levels significantly above our budgeted gold price provides additional certainly to the Company’s future cash flows and project returns.

“Resolute remains strongly leveraged to future upside in gold prices with the Company’s current hedge book representing only 30% of expected gold production to May 2019 and less than 5% of Group Ore Reserves.”

For further information, contact:

John Welborn Managing Director & CEO Resolute Mining Limited T: +61 8 9261 6100 E: contact@rml.com.au

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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. Resolute 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 FY18 guidance of 300,000 ounces of gold production at All-In Sustaining Costs of A$1,280/oz (US$960/oz).

Resolute’s flagship Syama Gold Mine in Mali is a robust long life asset comprising parallel sulphide and oxide processing plants. The move to underground mining is expected to extend the mine life beyond 2028.

The Ravenswood Gold Mine in Queensland demonstrates Resolute’s significant underground expertise in successfully mining the Mt Wright ore body, where operations are expected to cease in FY18. The Company’s next stage of development in Queensland is the return to large scale open pit mining at the Ravenswood Expansion Project which will extend the Company’s local operations for a further 13 years to at least 2029.

In Ghana, the Company has completed a feasibility study on the Bibiani Gold Project focused on the development of an underground operation requiring modest capital and using existing plant infrastructure. Resolute is also exploring over 6,600km[2] of potential world class tenure in West Africa and Australia with active drilling programs in Mali, Ghana, Cote d’Ivoire and Queensland, Australia. The Company is focused on growth through exploration and development and is active in reviewing new opportunities to build shareholder value.

ASX:RSG Capital Summary

Fully Paid Ordinary Shares: 741,477,595 Current Share Price: A$1.02, 23 November, 2017 Market Capitalisation: A$758 Million FY18 Guidance: 300,000oz @ AISC A$1,280/oz

Board of Directors

Mr Martin Botha Non-Executive Chairman Mr John Welborn Managing Director & CEO Mr Peter Sullivan Non-Executive Director Mr Mark Potts Non-Executive Director Mr Bill Price Non-Executive Director Ms Yasmin Broughton Non-Executive Director

Contact

John Welborn Managing Director & CEO Level 2, Australia Place | 15-17 William St Perth, Western Australia 6000 T: +61 8 9261 6100 | F: +61 8 9322 7597 E: contact@rml.com.au

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