Resolute Mining Limited — Capital/Financing Update 2018

Jun 26, 2018

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27 June 2018

Resolute completes investment in Loncor Resources

Resolute Mining Limited (Resolute or the Company) (ASX:RSG) is pleased to advise that following completion of due diligence, the Company has completed the acquisition of a 27% interest in Loncor Resources Inc (Loncor) (TSX:LN). Resolute is now the owner of 51,000,000 common shares in Loncor which have been acquired via a CAD $2.6 million subscription for 26,000,000 shares in a placement of new Loncor shares and a ‘share swap’ of CAD $2.5 million of Resolute shares for 25,000,000 existing Loncor shares (refer ASX Announcement dated 4 April 2018).

Loncor is a Canadian gold exploration and development company listed on the Toronto Stock Exchange (TSX) under the symbol code LN. Loncor holds gold prospects and resources in north-eastern Democratic Republic of Congo (DRC) which include exclusive gold rights to an area covering 1,696km[2] located along the Ngayu Archaean greenstone belt in the Orientale province. The Ngayu Archaean greenstone belt is the north-western extension of the Lake Victoria greenstone belt terrain which hosts a number of world class gold deposits, including Geita, North Mara, and Bulyanhulu. This belt also contains the Golden Pride mine which was developed, owned, and operated by Resolute and produced more than 2 million ounces (oz) of gold between 1998 and 2014.

Loncor’s key DRC interests include:

• The 100% owned Makapela and Yindi prospects. The Makapela Project hosts a NI 43-101 compliant Indicated Resource of 614,200oz for 2.2 million tonnes (Mt) at 8.7 grams per tonne (g/t) and an Inferred Resource of 549,600oz (3.2Mt @ 5.3g/t) at a cut-off grade of 2.75g/t. Further details on the Makapela Project Resource Estimate, and additional information with respect to Loncor's projects, can be found on the company’s website at www.loncor.com .

• A joint venture with Randgold Resources (DRC) Limited (Randgold), covering all of the exploration permit areas comprising Loncor's Ngayu project, other than certain parcels of land surrounding and including the Makapela and Yindi prospects. Randgold manages and funds all exploration of the permit areas and has the right to earn up to 65% of the joint venture vehicle.

Resolute has established a strategic position in the north-eastern DRC with investments in Loncor and in Kilo Goldmines Limited (Kilo) (TSXV:KGL) (see ASX announcements dated 29 August 2016 and 26 October 2016). Collectively, Loncor and Kilo control a large landholding in the region which are split between 100% owned prospects and projects under joint venture with Randgold. Both Loncor and Kilo have discovered and delineated ore bodies with existing gold resources. Resolute’s ambition is to participate in the development of a major new gold mining district consistent with Resolute’s Golden Pride legacy as a successful pioneer of the gold mining industry in East Africa.

Resolute looks forward to working collaboratively with Loncor in the ongoing exploration and development of the highly prospective gold tenements in the DRC’s Ngayu Archaean greenstone belt.

For further information, contact:

John Welborn Managing Director & CEO 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 8 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 280,000 ounces of gold production at an All-In Sustaining Cost of A$1,360/oz (US$1,020/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 Mine 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

Board of Directors

Fully Paid Ordinary Shares: 741,477,595 Mr Martin Botha Non-Executive Chairman Current Share Price: Mr John Welborn Managing Director & CEO A$1.27, 26 June, 2018 Mr Peter Sullivan Non-Executive Director Market Capitalisation: Mr Mark Potts Non-Executive Director A$947 million Mr Bill Price Non-Executive Director FY18 Guidance: Ms Yasmin Broughton Non-Executive Director 280,000oz @ AISC A$1,360/oz

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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