Resolute Mining Limited — Capital/Financing Update 2022

Aug 29, 2022

30 August 2022

Two Million Ounce Mineral Resource at Syama North

20 million tonnes @ 3.1 g/t Au for 2 million ounces

Highlights

• Updated Mineral Resource Estimate for Syama North increases 40% to two million ounces of gold at a cut-off grade of 1g/t Au and remains open at depth
• Mineral Resource now totals 20 million tonnes at 3.1g/t Au for 2 million ounces to a nominal depth of 150m below surface
• Exploration drilling at Syama North returning consistent ore-grade intersections continuing from previous results announced in June 2022, better results are as follows:

QVRD557 - 20m @ 9.80g/t from 133m BARD261 - 5m @ 30.02g/t from 134m QVRC540 - 22m @ 2.81g/t from 94m QVRC559 - 5m @ 18.38g/t from 97m QVRC560 - 17m @ 4.10g/t from 137m QVRC561 - 14m @ 5.56g/t from 111m QVRC562 - 12m @ 4.40g/t from 43m QVRC573 - 9m @ 16.00g/t from 123m QVRD530 - 17m @ 5.22g/t from 189m QVRD538 - 46m @ 1.83g/t from 143m QVRD538 - 30m @ 3.88g/t from 202m QVRD566 - 30m @ 3.84g/t from 183m QVRD568 - 19m @ 8.22g/t from 140m

• Wide mineralised intervals in QVRD538 and QVRD566 support the suitability for open pit mining of sulphide mineralisation
• Diamond drilling continues with new intersections outside of the updated resource
• Engineering studies have commenced to assess the economics of the gold deposit

Resolute Mining Limited ("Resolute" or "the Company") (ASX/LSE: RSG) is pleased to announce an updated Mineral Resource Estimate from Syama North and continued positive exploration drilling results. These results confirm the potential for a new open pit operation adjacent to the Syama processing complex.

Resolute's Chief Executive Officer, Mr Terry Holohan, commented*:* "Given the strong performance of the Sulphide processing circuit post the planned major shutdown, we are now confident with our ability to process sulphides. The focus has thus shifted to exploring for more sulphide close to the processing complex. Assuming significant amounts of this convert to ore reserves, this will give us a huge amount of flexibility for our present expansion plans, processing options and debottlenecking initiatives in place.

As a result, we have recently commenced a pre-feasibility study into low capital expansion options to further expand the sulphide operations with the results expected in early 2023."

Syama North Exploration Program

The exploration drilling program at Syama North, initiated in 2021, recorded significant oxide and sulphide gold mineralisation intersections in and around the originally mined-out oxide pits of A21 and Beta/BA-01 located within 4-8 km of the main Syama mining and processing complex.

Diamond and RC drilling has continued throughout 2022 with two rigs targeting mineralisation extensions at both the A21 and Beta pits. The drilling was highly successful with all the holes intersecting gold mineralisation and the majority returning significant intersections. These excellent drill results were reported to the market in June 2022 (see ASX announcement 16 June 2022).

Since the June announcement drilling has continued and results have been consistently positive with ore grade intervals seen in most holes. Drillhole locations are shown on Figure 1.

Better results received since the previous ASX announcement are shown below, with a table of the intersections attached as Appendix I.

QVRD557 - 20m @ 9.80g/t from 133m BARD261 - 5m @ 30.02g/t from 134m QVRC540 - 22m @ 2.81g/t from 94m QVRC559 - 5m @ 18.38g/t from 97m QVRC560 - 17m @ 4.10g/t from 137m QVRC561 - 14m @ 5.56g/t from 111m QVRC562 - 12m @ 4.40g/t from 43m QVRC573 - 9m @ 16.00g/t from 123m QVRD530 - 17m @ 5.22g/t from 189m QVRD538 - 46m @ 1.83g/t from 143m QVRD538 - 30m @ 3.88g/t from 202m QVRD566 - 30m @ 3.84g/t from 183m QVRD568 - 19m @ 8.22g/t from 140m

Of particular interest is the very wide mineralised zone in QVRD538 which appears to be a zone of coalesced mineralised shears producing two excellent intersections of 46m @ 1.83g/t Au from 143m and 30m @ 3.84g/t Au from 202m (See Figure 2). The mineralised interval including internal dilution is 89m @ 2.41g/t over the entire zone.

Subsequently an up-dip hole was completed and this hole QVRD566, confirmed and expanded the wide mineralised zone with intersections of 30m @ 3.84g/t and 9m @ 3.67g/t Au.

Diamond drilling is now concentrating on further expanding this wide zone with 50m spaced holes in a pattern around QVRD538.

The high-grade results at the southern end of the A21 deposit reported in the June announcement (QVRC533 – 27m @ 6.62g/t Au) have been supported with excellent very high-grade results in QVRD557 (20m @ 9.80g/t Au), QVRC559 (5m @ 18.38g/t Au), and QVRD568 (19m @ 8.22g/t Au). A cross section example is shown on Figure 3.

The gold grades in this southern zone are sufficiently high to allow for underground operations if strip ratios preclude open pit mining.

Figure 1. Interpreted Geology, Satellite Imagery and Drillhole Locations

Figure 2. Cross Section at 1208100N showing drillholes and results

Figure 3. Cross Section at 1200850N showing drillholes and results

Mineral Resource Estimate

Mineral Resource Estimation (MRE) at Syama North has been undertaken using a variety of estimation methods. Previous published estimates at Syama North were undertaken using Multiple Indicator Kriging (MIK) methodology which produces a result to emulate a recoverable resource.

Reflecting the high-grade constrained style of mineralisation at Syama North it was decided to accurately model the gold mineralisation and use wireframe constrained Ordinary Kriged (OK) estimation methodology. Detailed MRE methodology is attached as Section 3 of the JORC Appendix.

The Global Mineral Resources at Syama North is now estimated at 20 million tonnes at 3.1g/t Au for 2.0 million ounces at a cut-off grade of 1g/t Au. Resource classification and material types are shown below in Tables 1 and 2.

The grade of this MRE is higher grade than previous published MIK estimates due to the selective nature of the wireframe modelling OK methods. Both MIK and OK estimation methods produce identical total resource ounces.

Using a 1g/t Au cut-off this new resource constitutes a 40% increase in total resource ounces from the previous estimate quoted in the 31 December Reserve and Resource Statement.

Syama North Satellite Deposits Mineral Resource (>1g/t)
Oxidation	Tonnes	Grade	Ounces
Oxide	2,054,000	2.9	188,000
Transitional	1,293,000	3.1	127,000
Sub-Total	3,347,000	3.0	315,000
Primary (sulphide)	16,691,000	3.2	1,697,000
Total	20,038,000	3.1	2,011,000

Table 1: Syama North Mineral Resources at 30 July 2022 (1g/t cut off)

Syama North Satellite Deposits Mineral Resource (>1g/t)
Classification	Tonnes	Grade	Ounces
Measured	700,000	3.5	81,000
Indicated	8,765,0003.0		836,000
M and I Sub-Total	9,465,000	3.0	917,000
Inferred	10,573,000	3.2	1,094,000
Total	20,038,000	3.1	2,011,000

Table 1: Syama North Mineral Resources at 30 July 2022 (1g/t cut off)

Future Exploration

The drilling program at Syama North is ongoing and is expected to extend throughout 2022 as results continue to expand the Mineral Resources. The sulphide mineralisation remains open at depth and appears to be contiguous along the entire strike length of the Beta and A21 deposits.

Infill drilling will also be undertaken as half the Mineral Resources are classified as Inferred and will require to be upgraded to Indicated category to be included in Ore Reserve calculations.

At this stage exploration drilling will be restricted to zones within 150m of the surface to concentrate on identifying open pit extractable Mineral Resources. The potential of an open pit operation at Syama North is high with engineering studies commencing to evaluate the project.

An open pit sulphide mining operation will complement the Syama Underground Mine and add 'flexibility' to the processing complex.

A new low-level, high definition heliborne aeromagnetic survey commenced in July to improve on the historical wide-spaced aeromagnetic coverage. The survey will cover the whole 85 km length of the Greenstone Belt held under license in an effort to delineate more sulphide resources which are the long-term future of the mining operation.

Contact

Resolute James Virgo, GM Finance, and Investor Relations contact@rml.com.au +61 8 9261 6100

Media

Cameron Morse, FTI Consulting cameron.morse@fticonsulting.com +61 433 886 871

Public Relations

Jos Simson / Emily Moss, Tavistock resolute@tavistock.co.uk +44 207 920 3150 / +44 7788 554 035

Corporate Broker

Matthew Armitt / Jennifer Lee, Berenberg +44 20 3207 7800

Authorised by Mr Terry Holohan, Managing Director and Chief Executive Officer

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 Bruce Mowat, a member of The Australian Institute of Geoscientists. Mr Bruce Mowat has more than 5 years' experience relevant to the styles of mineralisation and type of deposit under consideration and to the activity which he is 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" (the JORC Code). Mr Bruce Mowat is a full-time employee of the Resolute Mining Limited Group and holds equity securities in the Company. He has consented to the inclusion of the matters in this report based on his 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.

The information in this announcement that relates to the Mineral Resource estimate has been based on information and supporting documents prepared by Mr Patrick Smillie, a Competent Person who is a Registered Member of the Society for Mining, Metallurgy, and Exploration (SME). Mr Smillie is a fulltime employee Resolute Mining Limited Group and has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity which has been undertaken to qualify as a Competent Person. Mr Smillie confirms that the Mineral Resource estimate is based on information in the supporting documents and consents to the inclusion in the report of the Mineral Resource estimate and related content based on the information in the form and context in which it appears.

Cautionary Statement about Forward-Looking Statements

This announcement contains certain "forward-looking statements" including statements regarding our intent, belief or current expectations with respect to Resolute's business and operations, market conditions, results of operations and financial condition, and risk management practices. The words "likely", "expect", "aim", "should", "could", "may", "anticipate", "predict", "believe", "plan", "forecast" and other similar expressions are intended to identify forward-looking statements. Indications of, and guidance on, future earnings, anticipated production, life of mine and financial position and performance are also forward-looking statements. These forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause Resolute's actual results, performance and achievements or industry results to differ materially from any future results, performance or achievements, or industry results, expressed or implied by these forward-looking statements. Relevant factors may include (but are not limited to) changes in commodity prices, foreign exchange fluctuations and general economic conditions, increased costs and demand for production inputs, the speculative nature of exploration and project development, including the risks of obtaining necessary licences and permits and diminishing quantities or grades of reserves, political and social risks, changes to the regulatory framework within which Resolute operates or may in the future operate, environmental conditions including extreme weather conditions, recruitment and retention of personnel, industrial relations issues and litigation.

Forward-looking statements are based on Resolute's good faith assumptions as to the financial, market, regulatory and other relevant environments that will exist and affect Resolute's business and operations in the future. Resolute does not give any assurance that the assumptions will prove to be correct. There may be other factors that could cause actual results or events not to be as anticipated, and many events

are beyond the reasonable control of Resolute. Readers are cautioned not to place undue reliance on forward-looking statements, particularly in the current economic climate with the significant volatility, uncertainty and disruption caused by the COVID-19 pandemic. Forward-looking statements in this document speak only at the date of issue. Except as required by applicable laws or regulations, Resolute does not undertake any obligation to publicly update or revise any of the forward-looking statements or to advise of any change in assumptions on which any such statement is based. Except for statutory liability which cannot be excluded, each of Resolute, its officers, employees and advisors expressly disclaim any responsibility for the accuracy or completeness of the material contained in these forward-looking statements and excludes all liability whatsoever (including in negligence) for any loss or damage which may be suffered by any person as a consequence of any information in forwardlooking statements or any error or omission.

Appendix 1: Recent Drilling Results

Syama North

Syama North

Hole_ID	North (WGS)	East (WGS)	RL(m)	Dip	Azi(WGS)	EOH(m)	From(m)	To(m)	Width(m)	Au(g/t)
BARD261	1198407	821757	371	-65	102	240	134	139	5	30.02
QVRC534	1201255	822411	374	-58	87	196	162	171	9	3.26
QVRC539	1202350	822980	346	-55	93	150	92	103	11	3.59
QVRC540	1202448	823023	344	-55	90	150	94	116	22	2.81
QVRC542	1202297	822876	347	-55	92	180	168	180	12	3.01
QVRC544	1202599	823099	341	-61	92	165	108	115	7	4.52
QVRC559	1201400	822485	370	-50	89	168	97	102	5	18.38
QVRC560	1201500	822490	371	-51	89	222	137	154	17	4.1
QVRC561	1200800	822420	387	-81	93	160	111	125	14	5.56
QVRC562	1200600	822444	399	-89	0	150	43	55	12	4.4
QVRC569	1201350	822395	371	-56	93	181	70	72	2	10.69
QVRC573	1202450	822975	344	-61	91	180	123	132	9	16
QVRD530	1200950	822365	383	-57	88	210.1	189	206	17	5.22
QVRD536	1201699	822523	381	-56	87	275.5	178	185	7	5.42
QVRD538	1201800	822578	377	-57	93	290.9	143	189	46	1.83
QVRD538	and						202	232	30	3.88
QVRD546	1201653	822441	365	-55	85	308.3	169	183	14	1.73
QVRD548	1201555	822436	375	-60	88	267	199	206	7	3.97
QVRD557	1200850	822387	387	-60	88	225	133	153	20	9.8
QVRD566	1201800	822635	376	-58	89	251.6	76	79	3	6.85
QVRD566	and						183	213	30	3.84
QVRD566	and						219	228	9	3.67
QVRD568	1200900	822400	384	-57	86	207.1	140	159	19	8.22
QVRD568	and						173	178	5	4.18
QVRD568	and						193	199	6	6.27

Notes to Accompany Table:

• Grid coordinates are WGS84 Zone 29 North
• RC intervals are sampled every 1m by dry riffle splitting or scoop to provide a 1-3kg sample
• Diamond cores are sampled every 1m by cutting the core in half to provide a 2-4kg sample
• Cut-off grade for reporting of intercepts is >1g/t Au with a maximum of 3m consecutive internal dilution included within the intercept; only intercepts >=2m and >20 gram x metres are reported
• Samples are analysed for gold by 30g fire assay fusion with AAS instrument finish; over-range results are reanalysed by 30g fire assay fusion with gravimetric finish

Table 1 - Section 1: Syama North Sampling Techniques and Data

Criteria	JORC Code Explanation	Commentary
Samplingtechniques	•Nature and quality of sampling (e.g. cut channels, random chips,or specific specialised industry standard measurement toolsappropriate to the minerals under investigation, such as down holegamma sondes, or handheld XRF instruments, etc.). Theseexamples should not be taken as limiting the broad meaning ofsampling.•Include reference to measures taken to ensure samplerepresentivity and the appropriate calibration of any measurementtools or systems used.•Aspects of the determination of mineralisation that are Material tothe Public Report.•In cases where 'industry standard' work has been done this wouldbe relatively simple (e.g. 'reverse circulation drilling was used toobtain 1 m samples from which 3 kg was pulverised to produce a30 g charge for fire assay'). In other cases, more explanation maybe required, such as where there is coarse gold that has inherent	The samples were collected from reverse circulation (RC) and diamond drill holes.RC samples were collected on 1m intervals by riffle split (dry) or by scoop (wet), to obtain a 1-3kgsample which was sent to the laboratory for crushing, splitting and pulverising to provide a 30g chargefor analysis. Following splitting adjacent to the bottom-of-hole orientation line, the right-hand side of thecore is sampled in 1m intervalsSampling and sample preparation protocols are industry standard and are deemed appropriate by theCompetent Person.
	sampling problems. Unusual commodities or mineralisation types(e.g. submarine nodules) may warrant disclosure of detailedinformation.
Drillingtechniques	•Drill type (e.g. core, reverse circulation, open-hole hammer, rotaryair blast, auger, Bangka, sonic, etc.) and details (e.g. corediameter, triple or standard tube, depth of diamond tails, facesampling bit or other type, whether core is oriented and if so, bywhat method, etc.).	Drill types used include reverse circulation with face sampling bit and core drilling using PQ and HQsized bits. A digital core orientation system is used to define the bottom of the hole which is transferredto the drilled core

	•	Method of recording and assessing core and chip samplerecoveries and results assessed.	Appropriate measures are taken to maximise sample recovery and ensure the representative nature ofthe samples.
Drillsamplerecovery	•	Measures taken to maximise sample recovery and ensurerepresentative nature of the samples.	No apparent relationship is noted between sample recovery and grade.
	•	Whether a relationship exists between sample recovery and gradeand whether sample bias may have occurred due to preferentialloss/gain of fine/coarse material.
	•	Whether core and chip samples have been geologically andgeotechnically logged to a level of detail to support appropriate	Drill holes were geologically logged by geologists for colour, grainsize, lithology, minerals, alterationand weathering on geologically-domained intervals.
		Mineral Resource estimation, mining studies and metallurgicalstudies.	Holes were logged in their entirety (100%) and this logging was considered reliable and appropriate.
Logging	•	Whether logging is qualitative or quantitative in nature. Core (orcostean, channel, etc.) photography.
	•	The total length and percentage of the relevant intersectionslogged.
	•	If core, whether cut or sawn and whether quarter, half or all coretaken.	Reverse circulation samples were collected on 1m intervals by riffle split (dry) or by scoop (wet) toobtain a 1-3kg sample. Core samples were sawn using a diamond saw blade with half of the core sentfor analysis.
Sub	•	If non-core, whether riffled, tube sampled, rotary split, etc. andwhether sampled wet or dry.	Sample preparation includes oven drying, crushing to 10mm, splitting and pulverising to 85% passing -75µm. These preparation techniques are deemed to be appropriate to the material being sampled.
sampling	•	For all sample types, the nature, quality and appropriateness ofthe sample preparation technique.	Reverse circulation and core field duplicates were collected by the company at a rate of 1:20 samples.
techniquesandsamplepreparation	•	Quality control procedures adopted for all sub-sampling stages tomaximise representivity of samples.	Sampling, sample preparation and quality control protocols are of industry standard and all attemptswere made to ensure an unbiased representative sample was collected.The methods applied in thisprocess were deemed appropriate by the Competent Person.
	•	Measures taken to ensure that the sampling is representative ofthe in-situ material collected, including for instance results for fieldduplicate/second-half sampling.
	•	Whether sample sizes are appropriate to the grain size of thematerial being sampled.

	•	The nature, quality and appropriateness of the assaying andlaboratory procedures used and whether the technique isconsidered partial or total.	All samples were dispatched to ALS Bamako for gold analysis by 30g fire assay fusion with AASinstrument finish (method code Au-AA25). Over-range results were re-analysed and reported by 30gfire assay fusion with gravimetric finish (method code Au-GRA21). The analytical method wasappropriate for the style of mineralisation.
Quality ofassay data	•	For geophysical tools, spectrometers, handheld XRF instruments,	No geophysical tools were used to determine elemental concentrations.
andlaboratorytests		etc., the parameters used in determining the analysis includinginstrument make and model, reading times, calibrations factorsapplied and their derivation, etc.	Quality control (QC) procedures included the use of certified standards (1:40), non-certified sandblanks (1:40) and reverse circulation/core field duplicates (1:20).
	•	Nature of quality control procedures adopted (e.g. standards,	Laboratory quality control data, including laboratory standards, blanks, duplicates, repeats, grind sizeresults and sample weights were also captured into the digital database.
		blanks, duplicates,external laboratory checks) and whetheracceptable levels of accuracy (i.e. lack of bias) and precision havebeen established.	Analysis of the QC sample assay results indicates that an acceptable level of accuracy and precisionhas been achieved.
	•	The verification of significant intersections by either independentor alternative company personnel.	Verification of significant intersections have been completed by company personnel and theCompetent Person.
Verificationofsamplingand	•	The use of twinned holes.	No drill holes within the resource area were twinned.
	•	Documentation of primary data, data entry procedures, dataverification, data storage (physical and electronic) protocols.	Drill holes were logged into digital templates with lookup codes, validated and then compiled into arelational SQL 2012 database using DataShed data management software. The database hasverification protocols which are used to validate the data entry. The drill hole database is backed up on
assaying	•	Discuss any adjustment to assay data.	a daily basis to the head office server.
			Assay result files were reported by the laboratory in PDF and CSV format and imported into the SQLdatabase without adjustment or modification.
	•	Accuracy and quality of surveys used to locate drill holes (collarand down-hole surveys), trenches, mine workings and other	Collar coordinates were picked up in UTM (WGS84) by staff surveyors using an RTK DGPS with anexpected accuracy of +/-0.05m; elevations were height above EGM96 geoid.
Location of		locations used in Mineral Resource estimation.	Down hole surveys were collected at 10m intervals using a Reflex EZ-Gyro north seeking instrument.
data points	•	Specification of the grid system used.	Coordinates and azimuths are reported in UTM WGS84 Zone 29 North.
	•	Quality and adequacy of topographic control.	Tabakoroni drill holes were translated to local mine grid coordinates using 1 point and rotation.
			Local topographic control is via LIDAR surveys, satellite photography and drone UAV aerial survey.
Dataspacing	••	Data spacing for reporting of Exploration Results.Whether the data-spacing and distribution is sufficient to establishthe degree of geological and grade continuity appropriate for the	Drill hole spacing was sufficient to demonstrate geological and grade continuity appropriate for aMineral Resource and the classifications applied under the 2012 JORC Code.
		Mineral Resource and Ore Reserve estimation procedure(s) and

anddistribution	•	classifications applied.Whether sample compositing has beenapplied.	The appropriateness of the drill spacing was reviewed by the geologicaltechnical team, both on siteand head office. This was also reviewed by the Competent Person.Samples were collected on 1m intervals; no sample compositing is applied during sampling.
Orientationof data inrelation togeologicalstructure	••	Whether the orientation of sampling achieves unbiased samplingof possible structures and the extent to which this is known,considering the deposit type.If the relationship between the drilling orientation and theorientation of key mineralised structures is considered to haveintroduced a sampling bias, this should be assessed and reportedif material.	Holes were drilled predominantly perpendicular to mineralised domains where possible.No orientation-based sampling bias has been identified in the data.
Samplesecurity	•	The measures taken to ensure sample security.	Samples were collected from the drill site and stored on site. All samples were individually bagged andlabelled with unique sample identifiers, then securely dispatched to the laboratories. Allaspects ofsampling and dispatch process were supervised and tracked by SOMIFI personnel.
Audits orreviews	•	The results of any audits or reviews of sampling techniques anddata.	External audits of procedures indicate protocols are within industry standards.

Section 2 Reporting of Exploration Results

CRITERIA	JORC CODE EXPLANATION	COMMENTARY
	•Type, reference name/number, locationand ownership including agreements or	Drilling at Syama was conducted within the Malian Exploitation Concession Permit PE 93/003 whichcovers an area of 200.6 Km2.
Mineral tenement and land tenure	material issues with third parties such asjoint ventures, partnerships, overridingroyalties, native title interests, historical	Resolute Mining Limited has an 80% interest in the Syama project and the Exploitation Permit PE93/003, on which it is based, through its Malian subsidiary, Sociêtê des Mines de Syama SA(SOMISY). The Malian Government holds a free carried 20% interest in SOMISY.
status	sites, wilderness or national park andenvironmental settings.•The security of the tenure held at thetime of reporting along with any knownimpediments to obtaining a licence to	Tabakoroni drilling was completed within the Finkolo-Tabakoroni Exploitation Licence PE 13/19.Resolute Mining Limited has an 90% interest in Exploitation Permit PE 13/19, through its Maliansubsidiary, Société des Mines de Finkolo SA (SOMIFI). The Malian Government holds a free carried10% interest in SOMIFI.

	operate in the area.	The Permits are held in good standing. Malian mining law provides that all Mineral Resources areadministered by DNGM (Direction Nationale de la Géologie et des Mines) or National Directorate ofGeology and Mines under the Ministry of Mines, Energy and Hydrology.
	•Acknowledgment and appraisal ofexploration by other parties.	The Syama deposit was originally discovered by a regional geochemical survey undertaken by theDirection National de Géologie et des Mines (DNGM) with assistance from the United NationsDevelopment Program (UNDP) in 1985. There had also been a long history of artisanal activities onthe hill where an outcropping chert horizon originally marked the present day position of the open pit.
Exploration done by other parties		BHP during 1987-1996 sampled pits, trenches, auger, RC and diamond drill holes across Syamaprospects. Randgold Resources Ltd during 1996-2000 sampled pits, trenches, auger, RAB, RC anddiamond drill holes across Syama prospects.
		Etruscan Resources Inc explored Tabakoroni during 2002-2003 by auger, aircore, RC and diamonddrill hole tails. The Tabakoroni area was previously explored Barrick Gold (1990) by auger, pits,trenches, RAB and diamond core drilling.
	•Deposit type, geological setting andstyle of mineralisation.	The Syama Project is found on the northern margin of the Achaean-Proterozoic Leo Shield whichforms the southern half of the West African Craton. The project area straddles the boundary betweenthe Kadiana–Madinani terrane and the Kadiolo terrane. The Kadiana-Madinani terrane is dominatedby greywackes and a narrow belt of interbedded basalt and argillite. The Kadiolo terrane comprisespolymictic conglomerate and sandstone that were sourced from the Kadiana-Madinani terrane anddeposited in a late-to syntectonic basin.
Geology		Prospects are centred on the NNE striking, west dipping, Syama-Bananso Fault Zone and Birimianvolcano-sedimentary units of the Syama Formation. The major commodity being sought is gold.
		The Tabakoroni deposit is hosted in upright tightly folded greenstone rocks of the Syama Formation,comprising interbedded basalt and sediment units, and an overlying complex sequence of deepmarine and turbiditic sediments. The sequence overlying the basalts contains interbeddedcarbonaceousunits (silts and shales) that are preferentially deformed, and which form the TabakoroniMain Shear Zone (TMSZ) that lies along the approximate contact of the greenstone-sedimentsequence. Gold mineralisation occurs within the TMSZ associated with quartz vein stockworks andstylolitic quartz reefs.
	•A summary of all information material tothe understanding of the exploration	All information, including easting, northing, elevation, dip,azimuth, coordinate system, drill holelength, intercept length and depth are measured and recorded in UTM Zone 29 WGS84.
Drill hole Information	results including a tabulation of the	The Syama belt is mostly located on the Tengrela 1/200,000 topo sheet (Sheet NC 29-XVIII).
	following information for all Material drillholes:	The Tabakoroni local grid has been tied tothe UTM Zone 29 WGS84 co-ordinate system.

	easting and northing of the drill holeocollarelevation or RL (Reduced Level –o	Spectrum Survey & Mapping from Australia established survey control at Tabakoroni using AusPosonline processing to obtain an accurate UTM Zone 29 (WGS84) and 'above geoid' RL for the origin ofthe survey control points.
	elevation above sea level in metres)	Accuracy of the survey measurements is considered to meet acceptable industry standards.
	of the drill hole collardip and azimuth of the holeo	Drill hole information has been tabulated for this release in the intercepts table of the accompanyingtext.
	down hole length and interceptionodepth	For completeness the following information about the drill holes is provided:
	whole length.o	•Easting, Northing and RL of the drill hole collars are measured and recorded in UTM Zone 29(WGS84)
	•If the exclusion of this information isjustified on the basis that the informationis not Material and this exclusion does	•Dip is the inclination of the drill hole from horizontal. A drill hole drilled at -60° is 60° from thehorizontal
	not detract from the understanding ofthe report, the Competent Person	•Down hole length is the distance down the inclination of the hole and is measured as thedistance from the horizontal to end of hole
	should clearly explain why this is thecase.	•Intercept depth is the distance from the start of the hole down the inclination of the hole to thedepth of interest or assayed interval of interest.
	•In reporting Exploration Results,	Exploration results reported in this announcement are tabulated using the following parameters:
	weighting averaging techniques,	•Grid coordinates are WGS84 Zone 29 North
	maximum and/or minimum gradetruncations (e.g. cutting of high grades)	•Cut-off grade for reporting of intercepts is >=1g/t Au
	and cut-off grades are usually Materialand should be stated.	•No top cut of individual assays prior to length weighted compositing of the reported intercept hasbeen applied
	•Where aggregate intercepts incorporate	•Maximum 3m consecutive internal dilution included within the intercept
Data aggregation methods	short lengths of high-grade results andlonger lengths of low-grade results, the	Metal equivalent values are not used in reporting.
	procedure used for such aggregationshould be stated and some typical
	examples of such aggregations shouldbe shown in detail.
	•The assumptions used for any reportingof metal equivalent values should beclearly stated.

	The Syama mineralisation is steeply dipping at approximately 60 degrees from the horizontal.•These relationships are particularly
Relationship between mineralisationwidths and intercept lengths	important in the reporting of ExplorationThe majority of the Tabakoroni mineralisation is vertical.There is one domain which dips at 45o to theResults.west.•If the geometry of the mineralisation withThe majority of the drill holes are planned at a general inclination of -60 degrees east and as close torespect to the drill hole angle is known,perpendicular to the ore zone as possible.its nature should be reported.At the angle of the drill holes and the dip of the ore zones, the reported intercepts will be slightly more•If it is not known and only the down holethan true width.lengths are reported, there should be aclear statement to this effect (e.g. 'downhole length, true width not known').
Diagrams	•Relevant maps, diagrams and tabulations are included in the body of text.Appropriate maps and sections (withscales) and tabulations of interceptsshould be included for any significantdiscovery being reported These shouldinclude, but not be limited to a plan viewof drill hole collar locations andappropriate sectional views.
Balanced reporting	•Exploration results and infill drilling results are being reported in this announcement and tabulated inWhere comprehensive reporting of allthe body of the text.Exploration Results is not practicable,representative reporting of both low andhigh grades and/or widths should bepracticed, to avoid misleading reportingof Exploration Results.
Other substantive exploration data	No geophysical and geochemical data or any additional exploration information has been reported in•Other exploration data, if meaningfulthis release, as they are not deemed relevant to the release.and material, should be reportedincluding (but not limited to): geologicalobservations; geophysical surveyresults; geochemical survey results;bulk samples –size and method oftreatment; metallurgical test results; bulkdensity, groundwater, geotechnical androck characteristics; potential

	deleterious or contaminating
	substances.
	•Further drilling is planned.The nature and scale of planned further
	work (e.g. tests for lateral extensions or
	depth extensions or large-scale step-out
	drilling).
Further work	•Diagrams clearly highlighting the areas
	of possible extensions, including the
	main geological interpretations and
	future drilling areas, provided this
	information is not commercially
	sensitive.

Section 3 Estimation and Reporting of Mineral Resources

Criteria	JORC Code Explanation	Commentary
Databaseintegrity	•Measures taken to ensure that data has not beencorrupted by, for example, transcription or keying errors,between its initial collection and its use for MineralResource estimation purposes.•Data validation procedures used.	Data have been compiled into a relational SQL database; the setup of this databaseprecludes the loading of data which do not meet the required validation protocols. The datais managed using DataShed© drill hole management software using SQL databasetechniques. Validation checks are conducted using SQL and DataShed© relationaldatabase standards. Data has also been checked against original hard copies for 85% ofthe data, and where possible, loaded from original data sources.Resolute carried out the following basic validation checks on the data supplied prior toresource estimation:Drill holes with overlapping sample intervals;Sample intervals with no assay data or duplicate records;Assay grade ranges;Collar coordinate ranges;Valid hole orientation data.

		There are no significant issues identified with the data.
Site visits	•Comment on any site visits undertaken by the CompetentPerson and the outcome of those visits.•If no site visits have been undertaken indicate why this isthe case.	No site visit has been undertaken by the Competent Person due to the recency ofemployment by the Company. A site visit is planned for October2022.
Geologicalinterpretation	•Confidence in (or conversely, the uncertainty of) thegeological interpretation of the mineral deposit.•Nature of the data used and of any assumptions made.•The effect, if any, of alternative interpretations on MineralResource estimation.•The use of geology in guiding and controlling MineralResource estimation.•The factors affecting continuity both of grade and geology.	The digital database used for the interpretation included logged intervals for the keystratigraphic zones.Drill density (25m by 50m) for the majority of the deposit area allows for interpretation of thegeology and mineralized domains. More recent infill/verification drilling of selected morestructurally complicated areas, confirms the positions of mineralized zones. Geological andstructural controls support modelled mineralized zones.Continuity of mineralization is affected by proximity to structural conduits, stratigraphicposition, lithology of key stratigraphic units and porosity of host lithologies.The interpretations for the weathering surfaces have been compiled by site geologicalpersonnel using the drill hole database and the logs identifying Oxide, Transitional andFresh material.
Dimensions	•The extent and variability of the Mineral Resourceexpressed as length (along strike or otherwise), planwidth, and depth below surface to the upper and lowerlimits of the Mineral Resource.	The Syama North area extends for approximately 6,000 metres in strike and the westdipping gold mineralised zone is between 200-500 metres in horizontal width. The MineralResource is limited in depth by drilling, which extends from surface to a maximum depth ofapproximately 350 metres vertically.
Estimationandmodellingtechniques	•The nature and appropriateness of the estimationtechnique(s) applied and key assumptions, includingtreatment of extreme grade values, domaining,interpolation parameters and maximum distance ofextrapolation from data points. If a computer assistedestimation method was chosen include a description ofcomputer software and parameters used.•The availability of check estimates, previous estimatesand/or mine production records and whether the MineralResource estimate takes appropriate account of suchdata.•The assumptions made regarding recovery of byproducts.	Estimation of gold grade has been completed using Ordinary Kriging (OK).The deposit mineralisation has been constrainedby wireframes constructed using acombination of downhole gold assay and associated lithological logging. These lodewireframes have been used to define domain codes used for estimation. The drillholes havebeen flagged with the domain code and compositedusing the domain code to segregate thedata.Domain boundary analysis has been undertaken, with hard boundaries used for alldomains.Drillholes have been composited to 1m intervals using Leapfrog Geo 2021.2.5 with residuallengths distributed evenly across all composites. There are no residual samples.

•Estimation of deleterious elements or other non-gradevariables of economic significance (e.g. sulphur for acidmine drainage characterization).•In the case of block model interpolation, the block size inrelation to the average sample spacing and the searchemployed.•Any assumptions behind modelling of selective miningunits.•Any assumptions about correlation between variables.•Description of how the geological interpretation was usedto control the resource estimates.•Discussion of basis for using or not using grade cutting orcapping.•The process of validation, the checking process used, thecomparison of model data to drill hole data, and use ofreconciliation data if available.	The influence of extreme gold assays has been reduced by top-cutting across selecteddomains. Top-cuts have been determined using a combination of log probability, loghistogram, and mean-variance plots. Top-cuts have been reviewed and applied to thecomposites on a domain-by-domain basis.Variography has been determined using Datamine Supervisor v.8.14 software using top-cutvalues. Where there is insufficient data in individual domains to generate meaningfulvariograms, domains have been grouped, or variograms borrowed from other similardomains.Drillhole data spacing ranges from 10m spacing in areas of dense drilling to approximately100m spacing in sparsely drilled, deeper areas.The block model parent block size is 5m (X) by 10m (Y) by 5m (Z) with sub-blocks down to0.3125m (X) by 0.625m (Y) by 0.3125m (Z), with the sub-blocks estimated at the scale ofthe parent block. The block size is considered appropriate for the drillhole spacingthroughout the deposit.Grade estimation has been completed in three passes:Pass 1 estimation has been undertaken using a minimum and maximum number of
	sample composites (determined using Datamine Supervisor v.8.14 KNA tool) into asearch ellipsoid with dimensions equal to half the variogram range of the domain.Pass 2 estimation has been undertaken with the same minimum/maximumsamples as Pass 1 into a search ellipsoid twice the first pass.Pass 3 estimation has been undertaken with a minimum of 4 samples, and thesame maximum number of samples as the first two passes into a search ellipsoidtwice the second passA four drillhole limit has been applied to the passes.
	Previous Mineral Resource estimates are comparable in size and scope when consideringthe additional extensional drilling included in the current estimate.
	The Mineral Resource estimate has been validated using visual validation tools, meangrade comparisons between the block model and declustered composite grade means, andswath plots comparing the input composite grades and the block model grades by Northing,Easting, and RL
	No selective mining units are assumed in the estimate.

		There will be no by-productsrecovered from mining.
		No additional or deleterious elements have been estimated.
		The model focuses on interpreting mineralisation beneath existing open pits. Historicalreconciliation data is incomplete and has not been used.
Moisture	•Whether the tonnages are estimated on a dry basis orwith natural moisture, and the method of determination ofthe moisture content.	Tonnages are estimated on a dry basis. No moisture values have been reviewed.
Cut-offparameters	•The basis of the adopted cut-off grade(s) or qualityparameters applied.
Miningfactors orassumptions	•Assumptions made regarding possible mining methods,minimum mining dimensions and internal (or, if applicable,external) mining dilution. It is always necessary as part ofthe process of determining reasonable prospects foreventual economic extraction to consider potential miningmethods, but the assumptions made regarding miningmethods and parameters when estimating MineralResources may not always be rigorous. Where this is thecase, this should be reported with an explanation of thebasis of the mining assumptions made.	It is assumed that mining methods would be similar to Resolute's nearby Syama deposit.Mining method for the extraction of gold at Syama was previously by open pit miningexcavating benches of 2.5 metres in height. Grade control is conducted on sampling fromhigh quality reverse circulation drilling, spaced at approximately 4mE by 10mN, withsamples taken at one and half metre intervals down-hole. Sub-Level Caving (SLC) is usedfor underground mining at Syama.The Underground model was generated from the 250m RL to the -400m RL.Open pitmethods will be used by Resolute to the 120mRL. The reconciliation, geological continuity,structural trends and metallurgical factors experienced within the open pit are assumed toapply to the underground.
Metallurgicalfactors orassumptions	•The basis for assumptions or predictions regardingmetallurgical amenability. It is always necessary as part ofthe process of determining reasonable prospects foreventual economic extraction to consider potentialmetallurgical methods, but the assumptions regardingmetallurgical treatment processes and parameters madewhen reporting Mineral Resources may not always berigorous. Where this is the case, this should be reportedwith an explanation of the basis of the metallurgicalassumptions made.	Extensive metallurgical investigations and reporting have been completed prior to thecommencement of mining and milling at the nearby Syama deposit.The processing method involves crushing, milling, flotation and roasting, followed byconventional CIL recovery.There is no evidence to suggest that the metallurgical characteristics of ore extracted fromSyama North would change from that encountered at Syama.

Environmental factors orassumptions	•Assumptions made regarding possible waste and processresidue disposal options. It is always necessary as part ofthe process of determining reasonable prospects foreventual economic extraction to consider the potentialenvironmental impacts of the mining and processingoperation. While at this stage the determination ofpotential environmental impacts, particularly for a greenfields project, may not always be well advanced, thestatus of early consideration of these potentialenvironmental impacts should be reported. Where theseaspectshave not been considered this should be reportedwith an explanation of the environmental assumptionsmade.	It is assumed that environmental factors would be largely similar to those at the nearbySyama Deposit.It is a requirement of Decree No.03-594/P-RM of 31 December 2003 of Malian law that anEnvironmental and Social Impact Study (Étude d'Impact Environmental et Social –EIES)must be undertaken to update the potential environmental and social impacts of the mine'sredevelopment. In November 2007 the EIES for the Syama Gold Mine was approved andan Environment Permit (07-0054/MEA –SG) issued by the Ministry of Environment andSanitation on the 22 November 2007.At Syama there are three key practices for disposal of wastes and residues namely,stacking of waste rock from open pit mining; storage of tailings from mineral processes; and"tall-stack dispersion" of sulphur dioxide from the roasting of gold bearing concentrate.The Environmental & Social Impact Study –"Société des Mines de Syama, Syama GoldMine, Mali, dated 2007, found "a minimal potential for acid drainage from waste rock, ashistorical analysis indicates that the high carbonate content of the material will suppress anypotential acid generation." Progressive rehabilitation of waste rock landforms has begun anda management plan for waste rock dumping is the subject of ongoing development.The landform of tailings impoundments does not have a net acid generating potential. Thelargest volume is flotation tailings where the sulphide minerals have already been removedfrom the host rock. Its mineralogy includes carbonates which further buffer any acidformation potential from sulphides that may also be present.Cyanide levels in the leached-calcine tailings are typically less than 50 ppm in the weak aciddissociable form. Groundwater away from the tailings landform is intercepted by trenchesand sump pumps.Sulphur dioxide is generated from the roasting of gold concentrate so that gold can beextracted and refined.Tall-Stack "dispersion" of the sulphur dioxide emission is monitoredcontinuously. Prevailing weather and dissipation of the sulphur dioxide is modelled daily topredict the need to pause the roasting process in order to meet the air quality criteria set out
	•Whether assumed or determined. If assumed, the basis	in the Environmental & Social Impact Study.Bulk density values have been determined through analysis of rock and diamond core
Bulk density	for the assumptions. If determined, the method used,whether wet or dry, the frequency of the measurements,the nature, size and representativeness of the samples.	samples.A total of 576 bulk density measurements have been gathered using the water immersionmethod.
	•The bulk density for bulk material must have beenmeasured by methods that adequately account for void

	spaces (vugs, porosity, etc), moisture and differencesbetween rock and alteration zones within the deposit.•Discuss assumptions for bulk density estimates used inthe evaluation process of the different materials.	An average bulk density value has been assigned to each of the oxide, transitional, andfresh material across the deposit.
	•The basis for the classification of the Mineral Resourcesinto varying confidence categories.	Mineral Resources were classified in accordance with the Australasian Code for theReporting of Exploration Results, Mineral Resources and Ore Reserves (JORC, 2012).
	•Whether appropriate account has been taken of allrelevant factors (i.e. relative confidence in tonnage/gradeestimations, reliability of input data, confidence incontinuity of geology and metal values, quality, quantityand distribution of the data).•Whether the result appropriately reflects the Competent	The deposit has been classified as Measured, Indicated, and Inferred Mineral Resourcebased on a combination of quantitative and qualitative criteria which include geologiccontinuity, confidence in volume models, data quality, sample spacing, lode continuity, andestimation parameters (number of informing composites, estimation pass number, krigingquality parameters, and minimum and average distance composites).
Classificatio	Person's view of the deposit.	The Measured portion of the Resource was defined using areas populated on the firstestimation pass, within 20m of informing composites; the kriging efficiency and slope ofregression were generally >=0.7; and high confidence exists in lode continuity (strike andthickness).
n		The Indicated portion of the Resource was defined using areas populated on the first twoestimation passes within 50m of informing composites; the kriging efficiency and slope ofregression were generally >=0.7; and moderate to high confidence exists in lode continuity(strike and thickness).
		Mineralisation that not classified by the above parameters has been classified as Inferred.
		The input data is comprehensive in its coverage and does not favour or misrepresent the insitu mineralisation. The definition of the mineralised zones is based on a high level ofgeologic understanding from good quality sample data, producing models of continuousmineralised lodes. Validation of the block model shows good correlation of the input data tothe block estimated grades.
		The Mineral Resource estimate appropriately reflects the view of the Competent Person.
Audits orreviews	•The results of any audits or reviews of Mineral Resourceestimates.	No external audit of the Resource has been completed.
Discussionof relativeaccuracy/confidence	•Where appropriate a statement of the relative accuracyand confidence level in the Mineral Resource estimateusing an approach or procedure deemed appropriate bythe Competent Person. For example, the application of	The relative accuracy of the Mineral Resource estimate is reflected in the reporting ofMeasured, Indicated and Inferred as per the guidelines of the 2012 JORC Code.

statistical or geostatistical proceduresto quantify therelative accuracy of the resource within stated confidencelimits, or, if such an approach is not deemed appropriate,a qualitative discussion of the factors that could affect therelative accuracy and confidence of the estimate.•The statement should specify whether it relates to globalor local estimates, and, if local, state the relevanttonnages, which should be relevant to technical andeconomic evaluation. Documentation should includeassumptions made and the procedures used.•These statements of relative accuracy and confidence ofthe estimate should be compared with production data,where available.