Resolute Mining Limited — Interim / Quarterly Report 2012

Feb 23, 2012

FOR THE SIX MONTHS ENDED 31 DECEMBER 2011

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APPENDIX 4D
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HIGHLIGHTS

• Half year net profit after tax attributable to members up by 155% to $51.6m.

• Half year gold production of 185,072 ounces at a cash cost of $741/oz.

• Cash and bullion of $71m.

• Effectively ungeared balance sheet with conversion of all Convertible Notes and repayment of senior debt.

• Unhedged production.

• Group gold production on track for 410,000 ounces in 2011/12.

• Strong cash flows to fund identified optimisation and expansion pipeline.

RESULTS

• Half year revenue from gold sales increased by 44% to $293.0m (2010 half year: $204.1m).

• The average cash price received per ounce of gold sold during the half year was $1,636/oz (2010: $1,273/oz).

• The average cash cost per ounce of gold produced during the half year was $741/oz (2010: $918/oz).

• Net profit after tax attributable to members increased by 155% to $51.6m (2010: $20.2m) as a result of significant improvement in operating margin. This result includes a $28.6m unrealised foreign currency loss on loans with subsidiaries.

• Net operating cash inflows during the year (which include exploration expenditure) were $79.1m (2010: $25.1m). This excludes the $20.7m of bullion on hand at 31 December 2011.

• Net investing cash outflows of $21.5m (2010: $16.2m) relate mainly to expenditure on plant, equipment and development.

• Golden Pride gold mine in Tanzania, Africa, produced 57,821 ounces (2010 half year: 57,232) of gold at a cash cost of A$629/oz (or US$654/oz) (2010 half year: A$722/oz or US$676/oz).

• Ravenswood gold mine in Queensland, Australia, produced 66,151 ounces (2010 half year: 57,076) of gold at a cash cost of A$776/oz (2010 half year: A$952/oz).

• Syama gold mine in Mali, Africa, produced 61,100 ounces (2010 half year: 47,340) of gold at a cash cost of A$809/oz (or US$837/oz) (2010 half year: A$1,116/oz or US$1,046/oz).

DEVELOPMENT

• Steady progress to completing Definitive Feasibility Studies for Syama (Mali) and Sarsfield (Queensland) are on schedule for completion in the March 2012 Quarter.

• The Memorandum of Understanding for the proposed Sikasso-Syama power line connection was resubmitted following discussions between the Government and Resolute. Terms of Reference for the Environmental and Social Impact and Engineering Design were submitted to the Government of Mali for approval. All key leading project activities have been planned but are currently on hold pending the abovementioned Government approvals.

• Excellent progress continues to be made on the environmental and social survey studies required for the Sarsfield Environmental Impact Study.

• Scoping Study evaluation of development opportunities for the Nyakafuru project (Tanzania) were completed by independent engineering consultants Mining One. The outcomes from their report are being reviewed and will be incorporated with results from the current resource expansion drilling programme at Kanegele.

EXPLORATION

• Net financing outflows of $12.5m (2010: $5.3m inflow) include $45.0m of borrowing repayments, and $30.5m of proceeds from the exercise of options over Resolute shares.

Exploration drilling was carried out in Mali, Tanzania and Queensland while target definition work continued in Cote d’Ivoire. Standout results in each location are as follows:

OPERATIONS

Mali

• The Group gold production for the half year was 185,072 ounces (2010 half year: 161,648) at an average cash cost of A$741/oz (2010:A$918/oz).

• In Mali assays were returned from a reverse circulation programme completed in June at the Quartz Vein Hill Prospect, 7km north of Syama.

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FOR THE SIX MONTHS ENDED 31 DECEMBER 2011

Significant intercepts include 15m @ 4.45g/t Au from 4m, 18m @ 2.55 g/t Au from 7m, 9m @ 4.92g/t Au from 18m, 21m @ 2.93g/t Au from 32m, 11m @3.81g/t Au from 1m, 14m @ 2.40g/t Au from 66m and 14m @ 2.77g/t Au from 7m.

• Geological interpretation and wireframing of mineralised structures both north and south of the Syama Mine has commenced.

principal repayments of US$12.4m and US$10.0m to Barclays/Investec in November and December respectively.

• $30.5m was raised through the exercise of options.

• On market share buyback program initiated.

OUTLOOK

Tanzania

• In Tanzania, extensive reverse circulation drilling commenced at Kanegele within the Nyakafuru Project. Results have been received for the first twenty holes. Significant intercepts include 12m @ 10.96g/t Au from 10m, 59m @ 1.63g/t Au from 37m, and 34m @ 1.29g/t Au from 20m and 55m @ 1.16g/t Au from 62m. More than 50% of the holes returned multiple broad zones of low grade economic mineralisation and support and enhance previous RC drill results at Kanegele.

Queensland

• At the Welcome Prospect in Queensland, further significant results were returned including 19m @ 1.58g/t Au from 132m and 16m @ 2.98g/t Au from 192m, 7m @ 7.84 g/t Au from 76m and 16m @ 3.16g/t Au from 148m, 5m @ 14.00g/t Au from 119m and 18m @ 5.32g/t Au from 106m and 16m @ 3.39g/t Au from 71m from reverse circulation drilling.

CORPORATE

• Group cash and bullion at 31 December 2011 was $70.9m (30 June 2011: $25.7m).

• The Company has moved to an effectively ungeared position following the conversion of all listed Convertible Notes on issue and the repayment of all of its Senior Debt. At 31 December 2011, the face value of Resolute’s total borrowings was $10.9m (30 June 2011: $126.0m). The significant reduction in borrowings during the period related to the conversion of $68.4m of Convertible Notes to Resolute shares and the voluntary prepayment of the remaining $20.9m (US$22.4m) of Senior Debt. The final interest payment to Convertible Note holders (for the six months ended 31 December 2011) of $4.1m was made in the form of cash on 3 January 2012. As at 31 December 2011, the weighted average interest rate payable on borrowings was 7.7%.

• Repayments of borrowings during the year totalled $45.0m (2010: $4.5m), including two voluntary

The Company’s production guidance of 410,000 ounces at a cash cost of $730 per ounce for FY2012 remains unchanged.

Golden Pride

Gold production in the coming half year is expected to increase marginally with higher throughput being achieved by having sufficient sources of suitable oxide ore to further optimise the oxide blend in the mill feed.

Ravenswood

Gold production in the half year ending 30 June 2012 is expected to be at similar levels to the half year just ended with ore throughput and grade being maintained.

Syama

Gold production is expected to improve further along with decreased cash costs resulting from improved mechanical consistency and plant throughput.

Development and Exploration

Decision making is expected on the Syama Pit Expansion and Oxide Circuit, the High Voltage Grid Connection to Syama and the Sarsfield Re-opening development projects in the second half.

Exploration continues to be ramped up, particularly at Syama, Ravenswood and Nyakafuru project areas. Corporate

Cash build up is expected to continue. This provides a strong base for an active but disciplined examination of new growth opportunities balanced against consideration of shareholder returns through share buy backs and dividends.

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PR SULLIVAN

Chief Executive Officer

23 February 2011

The information in this report that relates to the 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 Iain Wearing, a member of The Australian Institute of Mining and Metallurgy. Mr Richard Bray and Mr Iain Wearing 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 2004 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Mr Richard Bray and Mr Iain Wearing are full time employees of Resolute Mining Limited Group and have consented to the inclusion of the matters in this report based on their information in the form and context in which it appears.

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APPENDIX 4D
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FOR THE SIX MONTHS ENDED 31 DECEMBER 2011

REPORTING PERIOD

The reporting period is for the half year ended 31 December 2011 with the corresponding reporting period being for the half year ended 31 December 2010.

RESULTS FOR ANNOUNCEMENT TO THE MARKET

Results Revenue from gold sales Net profit after tax attributable to members of the parent Profit before tax attributable to members of the parent	A$'000 up 44% to 293,017 up 123% to 65,998 up 155% to 51,562	A$'000 up 44% to 293,017 up 123% to 65,998 up 155% to 51,562
Dividends Final dividend - no final dividend is proposed Interim dividend - no interim dividend is proposed Record date for determining entitlements to the dividend	security Amount per	persecurity Franked amount
	n/a n/a	n/a n/a
	n/a

This half year report should be read in conjunction with the most recent annual financial report.

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HALF YEAR REPORT
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FOR THE SIX MONTHS ENDED 31 DECEMBER 2011

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RESOLUTE MINING LIMITED HALF YEAR REPORT For the six months ended 31 December 2011

TABLE OF CONTENTS

Corporate Directory	6
Directors’ Report	7
Auditor’s Independence Declaration	10
Consolidated Statement of Comprehensive Income	11
Consolidated Statement of Financial Position	13
Consolidated Statement of Changes in Equity	15
Consolidated Cash Flow Statement	17
Notes to the Financial Statements	18
Directors’ Declaration	30
Independent Review Report	31

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RESOLUTE MINING LIMITED HALF YEAR REPORT For the six months ended 31 December 2011

CORPORATE DIRECTORY

Directors

Chairman – PE Huston Chief Executive Officer – PR Sullivan Non-Executive Director – TC Ford Non-Executive Director – HTS Price

Secretary

GW Fitzgerald

Registered Office and Business Address

4[th] Floor, The BGC Centre 28 The Esplanade Perth, Western Australia 6000

Postal

PO Box 7232 Cloisters Square Perth, Western Australia 6850

Telephone: + 61 8 9261 6100 Facsimile: + 61 8 9322 7597 Email: contact@rml.com.au

ABN 39 097 088 689

Website

RML maintains a website where all major announcements to the ASX are available www.rml.com.au

Share Registry

Security Transfer Registrars Pty Ltd 770 Canning Highway Applecross, Western Australia 6153 Telephone: + 61 8 9315 2333 Facsimile: + 61 8 9315 2233 Email: registrar@securitytransfer.com.au

Quoted on the official lists of the Australian Securities Exchange ASX Ordinary Share Code: “RSG”

Securities on Issue (31/12/2011)

Ordinary Shares 653,775,338 Unlisted options 8,922,999 Convertible Notes 374,046

Legal Advisor

Hardy Bowen Level 1, 28 Ord Street West Perth, Western Australia 6005

Auditor

Ernst & Young Ernst & Young Building 11 Mounts Bay Rd Perth, Western Australia 6000

Bankers

Barclays Bank Plc Level 24 400 George Street Sydney, New South Wales 2000

Investec Bank (Australia) Limited Level 31, 2 Chifley Square Sydney, New South Wales 2000

Citibank Limited Level 23, Citigroup Centre 2 Park Street Sydney, New South Wales 2000

Shareholders wishing to receive copies of Resolute Mining Limited ASX announcements by e-mail should register their interest by contacting the Company at contact@rml.com.au

Home Exchange

Australian Securities Exchange Limited Exchange Plaza 2 The Esplanade Perth, Western Australia 6000

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RESOLUTE MINING LIMITED HALF YEAR REPORT For the six months ended 31 December 2011

DIRECTORS’ REPORT

Your directors present their half year report on the consolidated entity (referred to hereafter as the “Group”) consisting of Resolute Mining Limited and the entities it controlled at the end of or during the half year ended 31 December 2011.

CORPORATE INFORMATION

Resolute Mining Limited ("RML" or “the Company”) is a company limited by shares that is incorporated and domiciled in Australia.

DIRECTORS

The names of the Company’s directors in office during the half year and until the date of this report are as follows. Directors were in office for this entire period.

PE Huston (Chairman) PR Sullivan (Chief Executive Officer) TC Ford (Non-Executive Director) HTS Price (Non-Executive Director)

COMPANY SECRETARY

GW Fitzgerald

REVIEW OF OPERATIONS

Production

The Group gold production for the half year was 185,072 ounces (2010 half year: 161,648) at an average cash cost[1] of A$741/oz (2010: A$918/oz).

Golden Pride Mine

Golden Pride gold mine in Tanzania, Africa, produced 57,821 ounces (2010 half year: 57,232) of gold at a cash cost[1] of A$629/oz (or US$654/oz) (2010 half year: A$722/oz or US$676/oz).

Ravenswood Gold Mine

Ravenswood gold mine in Queensland, Australia, produced 66,151 ounces (2010 half year: 57,076) of gold at a cash cost[1] of A$776/oz (2010 half year: A$952/oz).

Syama Gold Mine

Syama gold mine in Mali, Africa, produced 61,100 ounces (2010 half year: 47,340) of gold at a cash cost[1] of A$809/oz (or US$837/oz) (2010 half year: A$1,116/oz or US$1,046/oz).

1 - Cash cost per ounce of gold produced is calculated as costs of production relating to gold sales excluding gold in circuit inventory movements divided by gold ounces produced. This measure is included to assist investors to better understand the performance of the business. Cash cost per ounce of gold produced is non-International Financial Reporting Standards financial information and where included in this Directors’ Report has not been subject to review by the Group’s external auditors.

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RESOLUTE MINING LIMITED HALF YEAR REPORT For the six months ended 31 December 2011

DIRECTORS’ REPORT (continued)

Development

• Steady progress to completing the Definitive Feasibility Studies for Syama (Mali) and Sarsfield (Queensland) Expansions are on schedule for completion in the March 2012 Quarter.

• The Memorandum of Understanding for the proposed Sikasso-Syama power line connection resubmitted following discussions between the Government and Resolute. Terms of Reference for the Environmental and Social Impact and Engineering Design were submitted to the Government of Mali for approval. All key leading project activities have been planned but are currently on hold pending the abovementioned Government approvals.

• Excellent progress continues to be made on the environmental and social survey studies required for the Sarsfield Environmental Impact Study.

• A Scoping Study evaluation of development opportunities for the Nyakafuru project (Tanzania) was completed. The outcomes are being reviewed and will be incorporated with results from the current resource expansion drilling programme at Kanegele.

Exploration

Exploration drilling was carried out in Mali, Tanzania and Queensland while target definition work continued in Cote d’Ivoire. The best results in each location are as follows:

Mali

In Mali, assays were returned from a reverse circulation programme completed in June at the Quartz Vein Hill Prospect, 7km north of Syama. Significant intercepts include: 15m @ 4.45g/t Au from 4m, 18m @ 2.55 g/t Au from 7m, 9m @ 4.92g/t Au from 18m, 21m @ 2.93g/t Au from 32m, 11m @3.81g/t Au from 1m, 14m @ 2.40g/t Au from 66m and 14m @ 2.77g/t Au from 7m.

Geological interpretation and wireframing of mineralised structures both north and south of the Syama Mine has commenced.

Tanzania

In Tanzania, extensive reverse circulation drilling commenced at the Kanegele Project. Results have been received for the first twenty one holes. Significant intercepts include: 12m @ 10.96g/t Au from 10m, 59m @ 1.63g/t Au from 37m, and 34m @ 1.29g/t from 20m and 55m @ 1.16g/t Au from 62m. More than 50% of the holes returned multiple broad zones of low grade economic mineralisation and support and enhance previous RC drill results at Kanegele.

Queensland

At the Welcome Prospect in Queensland, further significant results were returned including 19m @ 1.58g/t Au from 132m and 16m @ 2.98g/t Au from 192m, 7m @ 7.84 g/t Au from 76m and 16m @ 3.16g/t Au from 148m, 5m @ 14.00g/t Au from 119m and 18m @ 5.32g/t Au from 106m and 16m @ 3.39g/t Au from 71m from reverse circulation drilling.

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RESOLUTE MINING LIMITED HALF YEAR REPORT For the six months ended 31 December 2011

DIRECTORS’ REPORT (continued)

Corporate

• Group cash and bullion at the end of the period was $70.859m.

• The Company has moved to an effectively ungeared position following the conversion of all listed Convertible Notes on issue and the repayment of all of its Senior Debt. At 31 December 2011, the face value of Resolute’s total financial liabilities was $10.860m (30 June 2011: $125.960m). The significant reduction in borrowings during the period related to the conversion of $68.430m (face value) of Convertible Notes to Resolute shares and the voluntary prepayment of the remaining $20.923m (US$22.425m) of Senior Debt. The final interest payment to Convertible Note holders (for the six months ended 31 December 2011) of $4.105m was made in the form of cash on 3 January 2012. As at 31 December 2011, the weighted average interest rate payable on borrowings was 7.7%.

• $30.536m was raised through the exercise of listed options.

• On market share buyback program initiated.

RESULTS

Revenue from gold sales increased by 44% to $293.017m (2010 half year: $204.106m) in the six months ended 31 December 2011.

Net profit after tax increased by 508% to $49.265m (2010 half year: $8.108m profit) and includes a $28.657m unrealised foreign exchange loss (2010 half year: $23.474m loss) on loans with subsidiaries.

SIGNIFICANT EVENTS AFTER BALANCE DATE

No significant events have occurred since balance date on 31 December 2011 and the date of this Directors’ Report.

AUDITOR’S INDEPENDENCE

Refer to page 10 for a copy of the Auditor’s Independence Declaration to the Directors of Resolute Mining Limited.

ROUNDING

RML is a Company of the kind specified in Australian Securities and Investments Commission Class Order 98/0100. In accordance with that class order, amounts in the financial report and the Directors' Report have been rounded to the nearest thousand dollars unless specifically stated to be otherwise.

Signed in accordance with a resolution of the directors.

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PR Sullivan Director Perth, Western Australia 23 February 2012

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Auditor’s Independence Declaration to the Directors of Resolute Mining Limited

In relation to our review of the financial report of Resolute Mining Limited for the half-year ended 31 December 2011, to the best of my knowledge and belief, there have been no contraventions of the auditor independence requirements of the Corporations Act 2001 or any applicable code of professional conduct.

Ernst & Young

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Peter McIver Partner Perth 23 February 2012

Liability limited by a scheme approved under Professional Standards Legislation

PM:SS:RESOLUTE:007

RESOLUTE MINING LIMITED HALF YEAR REPORT For the six months ended 31 December 2011

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

Note Continuing Operations	For the half year ended 31-Dec-11 $'000	For the half year ended 31-Dec-11 $'000	For the half year ended 31-Dec-10 $'000
Revenue from gold sales 4(a) Costs of production relating to gold sales 4(b)	293,017 (126,198)		204,106 (142,812)
Gross profit before depreciation, amortisation and other operating costs	166,819		61,294
Depreciation and amortisation relating to gold sales 4(c) Other operating costs relating to gold sales 4(d)	(34,491) (16,788)		(31,516) (10,608)
Gross profit	115,540
			19,170
Other revenue 4(e) Other income 4(f) Exploration expenditure Share of associate's loss Administration and other expenses 4(g) Treasury - realised gains/(losses) 4(h) Treasury - unrealised losses 4(i) Treasury - movement on gold forward contracts closed out 6	264 70 (6,127) (589) (7,295) 981 (29,803) -		114 168 (3,964) (312) (4,668) (3,435) (14,500) 34,743
Profit before interest and tax	73,041		27,316
Finance costs 4(j)	(9,340)		(9,833)
Profit before tax	63,701		17,483
Tax expense	(14,436)		(9,375)
Profit for the period Profit/(loss) attributable to: Members of the parent	49,265 51,562
			8,108
			20,183
Non-controlling interest	(2,297)		(12,075)
	49,265		8,108

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RESOLUTE MINING LIMITED HALF YEAR REPORT For the six months ended 31 December 2011

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (continued)

Note	For the half For the half year ended year ended 31-Dec-11 31-Dec-10 $'000 $'000	For the half For the half year ended year ended 31-Dec-11 31-Dec-10 $'000 $'000
Profit for the period (brought forward) Other comprehensive income/(loss) Exchange differences on translation of foreign operations: - Members of the parent - Non-controlling interest Changes in the fair value of available for sale financial assets, net of tax Other comprehensive income/(loss) for the period, net of tax Total comprehensive income/(loss) for the period Total comprehensive income/(loss) attributable to: Members of the parent Non-controlling interest	49,265 13,169 1,740 (229) 14,680 63,945 64,502 (557) 63,945	8,108 (15,230) 1,968 1,050
		(12,212)
		(4,104)
		6,003 (10,107)
		(4,104)
Earnings per share for net profit attributable to the ordinary equity holders of the parent:
Basic earnings per share Diluted earnings per share	10.89 4.78 8.03 4.29

The above consolidated statement of comprehensive income should be read in conjunction with the accompanying notes.

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RESOLUTE MINING LIMITED HALF YEAR REPORT For the six months ended 31 December 2011

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

Note Current assets Cash Receivables - gold bullion sales	As at As at 31-Dec-11 30-Jun-11 $'000 $'000 50,188 11,213 20,671 14,465
Receivables - other Inventories Available for sale financial assets Financial derivative assets Tax receivable Other Total current assets Non current assets Receivables Exploration and evaluation expenditure Development expenditure Property, plant and equipment	7,427 4,033 113,072 96,464 510 692 5 11 1,326 - 5,653 3,270
	198,852 130,148
	2,125 3,769 9,350 9,045 208,690 219,329 176,170 190,878
Deferred mining costs Investment in associate Total non current assets Total assets Current liabilities Payables Interest bearing liabilities 6	26,590 20,585 2,919 5,092
	425,844 448,698
	624,696 578,846
	42,172 47,433 5,365 23,539
Tax liabilities	- 2,725
Financial liabilities 6 Provisions Total current liabilities Non current liabilities Interest bearing liabilities 6 Provisions Deferred tax liabilities Total non current liabilities Total liabilities Net assets	- 18,910 17,796 14,455
	65,333 107,062
	4,469 78,341 38,909 38,000 150 1,125
	43,528 117,466
	108,861 224,528
	515,835 354,318

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RESOLUTE MINING LIMITED HALF YEAR REPORT For the six months ended 31 December 2011

CONSOLIDATED STATEMENT OF FINANCIAL POSITION (continued)

Note	As at As at 31-Dec-11 30-Jun-11 $'000 $'000
Equity attributable to equity holders of the parent Contributed equity 7	397,848 287,125 (653) (442) 152,320 100,758 549,515 387,441 (33,680) (33,123) 515,835 354,318
Reserves Retained earnings	(653) (442) 152,320 100,758
Parent interest
Non-controlling interest	(33,680) (33,123)
Total equity

The above consolidated statement of financial position should be read in conjunction with the accompanying notes.

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RESOLUTE MINING LIMITED HALF YEAR REPORT For the six months ended 31 December 2011

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

	Contributed equity Net unrealised gain/(loss) reserve Convertible notes equity reserve Share options equity reserve Employee equity benefits reserve Foreign currency translation reserve Retained earnings Non-controlling interest Total $'000 $'000 $'000 $'000 $'000 $'000 $'000 $'000 $'000	Contributed equity Net unrealised gain/(loss) reserve Convertible notes equity reserve Share options equity reserve Employee equity benefits reserve Foreign currency translation reserve Retained earnings Non-controlling interest Total $'000 $'000 $'000 $'000 $'000 $'000 $'000 $'000 $'000
At 1 July 2011 Profit/(loss) for the period Other comprehensive (loss)/income, net of tax Total comprehensive (loss)/income for the period, net of tax Transactions with owners Shares issued Share issue costs Equity portion of compound financial instruments, net of tax and transaction costs	287,125 112 13,764 5,987 3,236 (23,541) 100,758 (33,123) 354,318
	- - - - - - 51,562 (2,297) 49,265 - (229) - - - 13,169 - 1,740 14,680
	- (229) - - - 13,169 51,562 (557) 63,945 110,759 - - - - - - - 110,759 (36) - - - - - - - (36) - - (13,694) - - - - - (13,694)
Share-based payments to employees At 31 December 2011	- - - - 543 - - - 543
	397,848 (117) 70 5,987 3,779 (10,372) 152,320 (33,680) 515,835

15

RESOLUTE MINING LIMITED HALF YEAR REPORT For the six months ended 31 December 2011

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (continued)

At 1 July 2010	Contributed equity Net unrealised gain/(loss) reserve Convertible notes equity reserve Share options equity reserve Employee equity benefits reserve Foreign currency translation reserve Retained earnings Non-controlling interest Total $'000 $'000 $'000 $'000 $'000 $'000 $'000 $'000 $'000
	237,083 164 14,233 5,987 2,021 285 41,058 (17,791) 283,040
Profit/(loss) for the period - - - - - - 20,183 (12,075) 8,108 Other comprehensive income/(loss), net of tax - 1,050 - - - (15,230) - 1,968 (12,212) Total comprehensive income/(loss) for the period, net of tax - 1,050 - - - (15,230) 20,183 (10,107) (4,104) Transactions with owners Shares issued 47,027 - - - - - - - 47,027 Share issue costs (3,143) - - - - - - - (3,143) Equity portion of compound financial instruments, net of tax and transaction costs - - (461) - - - - - (461)	- - - - - - 20,183 (12,075) 8,108 - 1,050 - - - (15,230) - 1,968 (12,212)
Share-based payments to employees At 31 December 2010	- - - - 176 - - - 176
	280,967 1,214 13,772 5,987 2,197 (14,945) 61,241 (27,898) 322,535

The above consolidated statement of changes in equity should be read in conjunction with the accompanying notes.

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RESOLUTE MINING LIMITED HALF YEAR REPORT For the six months ended 31 December 2011

CONSOLIDATED CASH FLOW STATEMENT

	For the half For the half year ended year ended 31-Dec-11 31-Dec-10 Consolidated
	$'000 $'000
Cash flows from operating activities Receipts from customers Payments to suppliers, employees and others Income tax paid Exploration expenditure Interest paid Interest received	286,811 213,074 (177,163) (174,317) (18,147) (7,773) (6,127) (3,964) (6,565) (2,037) 265 114
Net cash flows from operating activities	79,074 25,097
Cash flows from investing activities Payments for property, plant & equipment Proceeds from disposal of property, plant & equipment Payments for development costs Other Net cash flows from investing activities Cash flows from financing activities Proceeds from issuing ordinary shares Costs of issuing ordinary shares Payments for close-out of derivatives funded with proceeds from issuing ordinary shares Repayment of borrowings Repayment of lease liability Proceeds from finance facility Net cash flows from financing activities Net increase in cash and cash equivalents Cash and cash equivalents at the beginning of the financial period Exchange rate adjustment	(9,538) (10,103) - 9 (11,557) (5,728) (372) (392)
	(21,467) (16,214)
	30,536 40,340 (36) (3,143) - (30,368) (42,731) (3,351) (2,278) (1,109) 1,974 2,961
	(12,535) 5,330
	45,072 14,213 3,671 11,900 135 (528)
Cash and cash equivalents at the end of the period	48,878 25,585
Cash and cash equivalents comprise the following: Cash Bank overdraft	50,188 32,346 (1,310) (6,761)
	48,878 25,585

The above consolidated cash flow statement should be read in conjunction with the accompanying notes.

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RESOLUTE MINING LIMITED HALF YEAR REPORT For the six months ended 31 December 2011

NOTES TO THE FINANCIAL STATEMENTS

NOTE 1: CORPORATE INFORMATION

The financial report of Resolute Mining Limited and its controlled entities (the “Group” or “consolidated entity”) for the half year ended 31 December 2011 was authorised for issue in accordance with a resolution of directors on 23 February 2012.

Resolute Mining Limited (the parent) is a company limited by shares incorporated and domiciled in Australia whose shares are publicly traded on the Australian Securities Exchange.

The principal activities of entities within the consolidated entity during the year were:

• Gold mining; and,

• prospecting and exploration for minerals.

There has been no significant change in the nature of those activities during the year.

NOTE 2: BASIS OF PREPARATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

This interim financial report for the half year ended 31 December 2011 has been prepared in accordance with AASB 134 Interim Financial Reporting and the Corporations Act 2001 .

The half year financial report does not include all notes of the type normally included within the annual financial report and therefore cannot be expected to provide as full an understanding of the financial performance, financial position and financing and investing activities of the Group as the full financial report.

It is recommended that the half year financial report be read in conjunction with the Annual Report for the year ended 30 June 2011 and considered together with any public announcements made by Resolute Mining Limited during the half year ended 31 December 2011 in accordance with the continuous disclosure obligations of the Australian Securities Exchange listing rules.

The accounting policies and methods of computation are the same as those adopted in the most recent annual financial report.

Significant accounting judgements

The determination of reserves impacts the accounting for asset carrying values, depreciation and amortisation rates, deferred stripping costs and provisions for decommissioning and restoration. In line with the Group’s usual practice as occurs twice yearly, the Group has applied the effects of updated life of mine modelling to this reporting period, effective from 1 July 2011.

New accounting standards and UIG interpretations

From 1 July 2011 the Group has adopted all new and revised Australian Accounting Standards and Interpretations mandatory for reporting periods beginning on or after 1 July 2011, including:

• AASB 2009-12 Amendments to Australian Accounting Standards

Makes numerous editorial changes to a range of Australian Accounting Standards and Interpretations, in particular AASB 8.

Impact: The amendments have no impact in the way operating segments are identified within the Group.

18

RESOLUTE MINING LIMITED HALF YEAR REPORT For the six months ended 31 December 2011

NOTES TO THE FINANCIAL STATEMENTS

NOTE 2: BASIS OF PREPARATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

• AASB 2009-14 Amendments to Australian Interpretation – Prepayments of a Minimum Funding Requirement

The amendments affect the accounting for prepayments of a minimum funding requirement within defined benefit plans.

Impact: The amendments have no impact on the Group financial report, as there are no defined benefit plans.

• AASB 2010-4 Amendments to Australian Accounting Standards arising from the Annual Improvements Project

The amendments provide clarification to a range of Australian Accounting Standards in particular AASB 7 and the interaction with AASB 134.

Impact: The amendments do not have any impact on the Group financial report.

• AASB 2010-5 Amendments to Australian Accounting Standards

This Standard makes numerous editorial amendments to a range of Australian Accounting Standards and Interpretations, including amendments to reflect changes made to the text of IFRS by the IASB.

Impact: The amendments have no impact on the Group financial report.

• AASB 2009-10 Amendments to Australian Accounting Standards – Classification of Rights Issues

The amendments outline changes in the classification of rights issues.

Impact: The amendments do not impact the Group as no rights issue transactions have been undertaken.

• AASB 2010-3 Amendments to Australian Accounting Standards arising from the Annual Improvements Project

The amendments provide clarification to a range of Australian Accounting Standards in particular AASB 3.

Impact: The amendments have no impact on the non-controlling interest in Group subsidiaries.

• Interpretation 19 Extinguishing Financial Liabilities with Equity Instruments

The interpretation clarifies that equity instruments issued to extinguish a financial liability are “consideration paid” in accordance with IAS 39(41) and will result in de-recognition of the financial liability.

Impact: The interpretation does not change the way in which the Group accounts for such transactions.

• AASB 124 (Revised) Related Party Disclosures

The revised standard simplifies the definition of a related party.

Impact: The amendments do not have any impact on the related parties that have been identified by the Group.

19

RESOLUTE MINING LIMITED HALF YEAR REPORT For the six months ended 31 December 2011

NOTES TO THE FINANCIAL STATEMENTS

NOTE 3: OPERATING SEGMENTS

NOTE 3: OPERATING SEGMENTS
For the six months ended 31 December 2011	RAVENSWOOD GOLDEN PRIDE SYAMA CORP/OTHER TREASURY TOTAL (AUSTRALIA) (TANZANIA) (MALI) $'000 $'000 $'000 $'000 $'000 $'000 ( c ) ( c ) UNALLOCATED
Revenue Gold sales at spot to external customers (a) Total segment gold sales revenue Cash costs Depreciation and amortisation Other operating costs (b) Other corporate/admin costs (b) Segment operating result before treasury, other income/(expenses) and tax Other income Exploration expenditure Finance costs Other Segment operating result before treasury and tax Treasury - realised losses Treasury - unrealised losses Income tax (expense)/benefit Profit/(loss) for the period	109,944 91,428 91,645 - - 293,017
	109,944 91,428 91,645 - - 293,017 (51,314) (36,377) (49,411) - - (137,102) (13,980) (3,069) (17,442) - - (34,491) (6,702) (2,140) 2,085 (478) - (7,235) (33) - - (2,654) - (2,687)
	37,915 49,842 26,877 (3,132) - 111,502 - - - 70 264 334 (1,974) (1,182) (2,119) (852) - (6,127) - - - - (9,340) (9,340) (150) - - (3,696) - (3,846)
	35,791 48,660 24,758 (7,610) (9,076) 92,523 - - - - 981 981 - - - - (29,803) (29,803) - (14,592) - 156 - (14,436)
	35,791 34,068 24,758 (7,454) (37,898) 49,265

20

RESOLUTE MINING LIMITED HALF YEAR REPORT For the six months ended 31 December 2011

NOTES TO THE FINANCIAL STATEMENTS

NOTE 3: OPERATING SEGMENTS (continued)

NOTE 3: OPERATING SEGMENTS (continued)
For the six months ended 31 December 2011	RAVENSWOOD GOLDEN PRIDE SYAMA CORP/OTHER TREASURY TOTAL (AUSTRALIA) (TANZANIA) (MALI) $'000 $'000 $'000 $'000 $'000 $'000 ( c ) ( c ) UNALLOCATED
Cash flow by segment, including receivables - gold bullion sales Reconciliation of cash flow by segment to the cash flow statement: Movement in receivables - gold bullion sales Movement in bank overdraft Exchange rate adjustment Movement in cash and cash equivalents per consolidated cash flow statement Capital expenditure Segment assets Segment liabilities	27,761 27,613 16,577 (2,543) (24,227) 45,181 (6,206) 6,232 (135) 45,072 13,588 161 7,263 83 - 21,095
		45,072
		21,095
	139,367 72,862 366,216 46,251 -	624,696
	34,398 24,940 32,631 7,470 9,422	108,861

21

RESOLUTE MINING LIMITED HALF YEAR REPORT For the six months ended 31 December 2011

NOTES TO THE FINANCIAL STATEMENTS

NOTE 3: OPERATING SEGMENTS (continued)

NOTE 3: OPERATING SEGMENTS (continued)
For the six months ended 31 December 2010	RAVENSWOOD GOLDEN PRIDE SYAMA CORP/OTHER TREASURY TOTAL (AUSTRALIA) (TANZANIA) (MALI) $'000 $'000 $'000 $'000 $'000 $'000 ( c ) ( c ) UNALLOCATED
Revenue Gold sales at spot to external customers (a) Total segment gold sales revenue Cash costs Depreciation and amortisation Other operating costs (b) Other corporate/admin costs (b) Segment operating result before treasury, other income/(expenses) and tax Other income Exploration expenditure Finance costs Realised loss on gold forward contracts delivered into with production Other Segment operating result before treasury and tax Treasury - gains on gold forward contracts closed out Treasury - other realised losses Treasury - other unrealised losses Income tax (expense)/benefit Profit/(loss) for the period	79,048 83,571 59,341 - - 221,960
	79,048 83,571 59,341 - - 221,960 (54,323) (41,321) (52,814) - - (148,458) (12,221) (2,995) (16,300) - - (31,516) (1,935) (5,874) 1,946 (387) - (6,250) (27) - - (2,147) - (2,174)
	10,542 33,381 (7,827) (2,534) - 33,562 8 - - 96 114 218 (1,305) (1,017) (924) (718) - (3,964) - - - - (9,833) (9,833) - - - - (17,854) (17,854) - - - (1,454) - (1,454)
	9,245 32,364 (8,751) (4,610) (27,573) 675 - - - - 34,743 34,743 - - - - (3,435) (3,435) - - - - (14,500) (14,500) - (9,579) - 204 - (9,375)
	9,245 22,785 (8,751) (4,406) (10,765) 8,108

22

RESOLUTE MINING LIMITED HALF YEAR REPORT For the six months ended 31 December 2011

NOTES TO THE FINANCIAL STATEMENTS

NOTE 3: OPERATING SEGMENTS (continued)

NOTE 3: OPERATING SEGMENTS (continued)
For the six months ended 31 December 2010	RAVENSWOOD GOLDEN PRIDE SYAMA CORP/OTHER TREASURY TOTAL (AUSTRALIA) (TANZANIA) (MALI) $'000 $'000 $'000 $'000 $'000 $'000 ( c ) ( c ) UNALLOCATED
Reconciliation of total segment revenue to statement of comprehensive income: Total segment gold sales revenue to external customers Realised loss on gold forward contracts Total revenue per statement of comprehensive income Cash flow by segment, including receivables - gold bullion sales Reconciliation of cash flow by segment to the cash flow statement: Movement in receivables - gold bullion sales Movement in bank overdraft Exchange rate adjustment Movement in cash and cash equivalents per consolidated cash flow statement Capital expenditure Segment assets Segment liabilities	221,960 (17,854) 204,106 14,391 23,303 (15,776) (2,101) (14,591) 5,226 8,861 (402) 528 14,213 9,848 1,384 4,555 44 - 15,831	221,960 (17,854)
		204,106
		14,213
		15,831
	130,769 72,783 355,980 27,570 134	587,236
	35,271 25,977 39,518 10,273 153,662	264,701

23

RESOLUTE MINING LIMITED HALF YEAR REPORT For the six months ended 31 December 2011

NOTES TO THE FINANCIAL STATEMENTS

NOTE 3: OPERATING SEGMENTS (continued)

• (a) Revenue from external sales for each reportable segment is derived from several customers. All but one of the customers each make up greater than 10% of the respective segments’ sales revenue.

• (b) Includes inter-segment revenue and expenditure. (c) This information does not represent an operating segment as defined by AASB 8, however this information is analysed in this format by the Chief Operating Decision Makers, and forms part of the reconciliation of the results and positions of the operating segments to the financial statements.

NOTE 4: PROFIT FROM CONTINUING OPERATIONS

(a) Revenue from gold sales Gold sales at spot price Realised loss on gold forward contracts (i)	For the half For the half year ended year ended 31-Dec-11 31-Dec-10 $'000 $'000 293,017 221,960 - (17,854) Consolidated
	293,017 204,106
(i) During the half year ended 31 December 2010, the Group delivered 32,013 ounces into gold forward contracts at an average price of A$797/oz.
(b) Costs of production relating to gold sales Costs of production (excluding gold in circuit inventories movement) Gold in circuit inventories movement	137,102 148,458 (10,904) (5,646)
	126,198 142,812
(c) Depreciation and amortisation relating to gold sales Amortisation of evaluation, development & rehabilitation costs Depreciation of mine site properties, plant & equipment	17,807 13,589 16,684 17,927
	34,491 31,516

24

RESOLUTE MINING LIMITED HALF YEAR REPORT For the six months ended 31 December 2011

NOTES TO THE FINANCIAL STATEMENTS

NOTE 4: PROFIT FROM CONTINUING OPERATIONS (continued)

	For the half For the half year ended year ended 31-Dec-11 31-Dec-10 $'000 $'000 Consolidated
(d) Other operating costs relating to gold sales Royalty expense Operational support costs	14,178 8,575 2,610 2,033
	16,788 10,608
(e) Other revenue Interest income - other persons/corporations	264 114
	264 114
(f) Other income
Rehabilitation provision adjustment from non operating mine sites	- 72
Other	70 96
	70 168
(g) Administration and other expenses Other management and administration expenses Non mine site insurance costs Operating lease expenses Loss on sale of property, plant and equipment Impairment of investment in associate Share based payments expense Rehabilitation provision adjustment from non operating mine sites Depreciation of non mine site assets Impairment of accounts receivable Other	2,470 2,075 345 357 444 408 150 571 1,584 - 543 176 29 - 116 128 1,114 - 500 953
	7,295 4,668
(h) Treasury - realised gains/(losses) Realised loss on gold put options Realised foreign exchange gain/(loss)	(2,219) (1,959) 3,200 (1,476)
	981 (3,435)

25

RESOLUTE MINING LIMITED HALF YEAR REPORT For the six months ended 31 December 2011

NOTES TO THE FINANCIAL STATEMENTS

NOTE 4: PROFIT FROM CONTINUING OPERATIONS (continued)

	For the half For the half year ended year ended 31-Dec-11 31-Dec-10 $'000 $'000 Consolidated
(i) Treasury - unrealised losses Unrealised gain on gold put options Unrealised foreign exchange (loss)/gain Unrealised foreign exchange loss on loans with subsidiaries (i)	2,213 1,327 (3,359) 7,647 (28,657) (23,474)
	(29,803) (14,500)

(i) Due to an accounting standard requirement the unrealised foreign exchange gains and losses on intercompany balances between entities in the Group are taken directly to the Group’s profit or loss.
(j) Finance costs Interest and fees paid/payable to other entities Rehabilitation provision discount adjustment	8,559 9,457 781 376
	9,340 9,833

NOTE 5: DIVIDENDS

There were no dividends paid or provided for during the half year and up to the date of this report.

NOTE 6: FINANCIAL LIABILITIES AND INTEREST BEARING LIABILITIES

• a) In October 2010, the Group completed the close out of its hedge book. Funding for the gold purchases to achieve this comprised approximately $30.368m from an equity raising and $47.991m of credit from the hedging counterparties, Barclays and Investec.

• b) During the period ended 31 December 2011 the remaining balance of the Barclays/Investec hedging credit facility of $18.909m was repaid in full, with the final repayment being made on 30 September 2011. In addition, the remaining balance of the Barclays/Investec Senior Debt facility of $20.923m (US$22.425m) was repaid in full with the final repayment made on 30 December 2011.

• c) During the period 136,488,429 convertible notes were converted into equity resulting in a reduction in convertible note debt of $64.636m. This amount was transferred into contributed equity, along with the associated equity reserves of $13.694m.

26

RESOLUTE MINING LIMITED HALF YEAR REPORT For the six months ended 31 December 2011

NOTES TO THE FINANCIAL STATEMENTS

NOTE 7: CONTRIBUTED EQUITY

	Total	Number	$'000
	Number	Quoted
Ordinary securities
As at 1 July 2011	467,638,948	467,638,948	287,125
Changes during current period, net of issue costs
Increases through exercise of unlisted options	408,668	408,668	364
Increases through exercise of listed options	49,239,293	49,239,293	30,136
Increases through conversion of convertible notes
(non cash, converted at a face value of 50 cents per share)	136,488,429	136,488,429	80,223
As at 31 December 2011	653,775,338	653,775,338	397,848

27

RESOLUTE MINING LIMITED HALF YEAR REPORT For the six months ended 31 December 2011

NOTES TO THE FINANCIAL STATEMENTS

NOTE 7: CONTRIBUTED EQUITY (continued)

	Total	Number	Exercise	Expiry
	Number	Quoted	Price	Date
Options on issue
As at 31 December 2011	213,000	-	$2.12	22/05/2013
	51,000	-	$1.62	29/08/2013
	517,333	-	$0.42	31/01/2014
	500,000	-	$1.00	31/03/2012
	500,000	-	$0.74	30/06/2012
	3,000,000	-	$0.72	24/10/2012
	650,000	-	$1.09	14/02/2015
	81,000	-	$1.21	15/07/2015
	135,000	-	$1.43	15/11/2015
	2,000,000	-	$1.36	4/01/2016
	1,145,666	-	$1.43	24/01/2016
	130,000	-	$1.18	15/07/2016
	1,817,430	1,817,430	$0.60	3/01/2012
Changes during current period
Lapsing of unlisted options	(4,000)	-	$1.09	14/02/2015
Lapsing of unlisted options	(1,250,000)	-	$1.63	1/10/2011
Exercise of unlisted options	(163,334)	-	$0.42	31/01/2014
Exercise of listed options	(49,239,293)	(49,239,293)	$0.60	31/12/2011
Exercise of unlisted options	(85,000)	-	$1.09	14/02/2015
Exercise of unlisted options	(18,000)	-	$1.21	15/07/2015
Exercise of unlisted options	(125,000)	-	$1.32	24/10/2011
Exercise of unlisted options	(17,334)	-	$1.43	15/11/2015
	Total	Number	Conversion	Expiry
	Number	Quoted	Price	Date
Convertible notes on issue
As at 1 July 2011	136,862,475	136,862,475	$0.50	31/12/2012
Changes during current period
Conversion of convertible notes	(136,488,429)	(136,488,429)	$0.50	31/12/2012
As at 31 December 2011	374,046	374,046	$0.50	3/12/2012

28

RESOLUTE MINING LIMITED HALF YEAR REPORT For the six months ended 31 December 2011

NOTES TO THE FINANCIAL STATEMENTS

NOTE 8: CONTINGENT LIABILITIES AND CONTINGENT ASSETS

Except for the below mentioned changes to the contingent liability status, there have been no other changes to the contingent liabilities or contingent assets of the Group from those disclosed in the financial report for the year ended 30 June 2011.

INPS Claim

In a prior reporting period, the Institut National de Prevoyance Sociale (“INPS”) in Mali issued Societe des Mines de Syama (“SOMISY”) with a CFA3.895b ($7.700m) assessment in relation to SOMISY allegedly owing taxes to INPS on salaries paid by SOMISY to its expatriate employees between January 2005 and July 2010. Malian legislation requires the remittance of 24% of an employee’s gross salary to the government’s INPS department and is a form of social tax. In accordance with the Establishment Convention between the State of Mali and SOMISY, SOMISY is exempt from paying INPS on expatriate employees during the Syama mine Development Period. The Development Period is defined in the Establishment Convention as being the period up to first commercial production. “First commercial production” (in terms of the Establishment Convention, not accounting rules) is defined as the date on which the Syama mine reaches 60 uninterrupted days of production at 90% of its design capacity of production as established in the submitted feasibility study. In accordance with the requirements of the Establishment Convention, SOMISY recently declared 1 January 2012 as the date of first commercial production. The INPS assessment, which infers a first production date of January 2005, which is before the Syama redevelopment had even commenced, is considered to be fundamentally flawed and is being strongly disputed by SOMISY. The dispute was heard by the Malian Labour Tribunal in August 2011, which ruled that SOMISY owes CFA3.895b ($7.700m) to INPS. SOMISY has received formal notification of this decision together with the requirement to pay 50% of the assessed amount by a date yet to be advised. An appeal against this decision has been lodged. Due to 50% of the assessed amount now being legally due and payable, SOMISY has provided for 50% of this assessment as a liability, but has not provided for the remaining 50%, as it is confident that it will ultimately win its appeal against the Labour Tribunal’s decision when the matter is elevated for consideration at a higher level within the judicial system.

NOTE 9: EVENTS OCCURRING AFTER BALANCE DATE

No significant events have occurred after balance date on 31 December 2011.

29

RESOLUTE MINING LIMITED HALF YEAR REPORT For the six months ended 31 December 2011

DIRECTORS’ DECLARATION

In the opinion of the directors:

a) the financial statements and notes are in accordance with the Corporations Act 2001 , including:

• (i) complying with Accounting Standard AASB 134 Interim Financial Reporting , the Corporations Regulations 2001 ; and

(ii) giving a true and fair view of the Group’s financial position as at 31 December 2011 and of its performance, as required by Accounting Standards, for the half year ended on that date.

b) there are reasonable grounds to believe that the Group will be able to pay its debts as and when they become due and payable.

This declaration has been made in accordance with a resolution of the directors.

==> picture [71 x 37] intentionally omitted <==

P.R. Sullivan Director

Perth, Western Australia 23 February 2012

30

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To the members of Resolute Mining Limited

Report on the Half-Year Financial Report

We have reviewed the accompanying half-year financial report of Resolute Mining Ltd, which comprises the statement of financial position as at 31 December 2011, the statement of comprehensive income, statement of changes in equity and statement of cash flows for the half-year ended on that date, notes comprising a summary of significant accounting policies and other explanatory information, and the directors’ declaration of the consolidated entity comprising the company and the entities it controlled at the half-year end or from time to time during the half-year.

Directors’ Responsibility for the Half-Year Financial Report

The directors of the company are responsible for the preparation of the half-year financial report that gives a true and fair view in accordance with Australian Accounting Standards and the Corporations Act 2001 and for such internal controls as the directors determine are necessary to enable the preparation of the half-year financial report that is free from material misstatement, whether due to fraud or error.

Auditor’s Responsibility

Our responsibility is to express a conclusion on the half-year financial report based on our review. We conducted our review in accordance with Auditing Standard on Review Engagements ASRE 2410 Review of a Financial Report Performed by the Independent Auditor of the Entity , in order to state whether, on the basis of the procedures described, we have become aware of any matter that makes us believe that the financial report is not in accordance with the Corporations Act 2001 including: giving a true and fair view of the consolidated entity’s financial position as at 31 December 2011 and its performance for the halfyear ended on that date; and complying with Accounting Standard AASB 134 Interim Financial Reporting and the Corporations Regulations 2001 . As the auditor of Resolute Mining Ltd and the entities it controlled during the half-year, ASRE 2410 requires that we comply with the ethical requirements relevant to the audit of the annual financial report.

A review of a half-year financial report consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Australian Auditing Standards and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Independence

In conducting our review, we have complied with the independence requirements of the Corporations Act 2001 . We have given to the directors of the company a written Auditor’s Independence Declaration, a copy of which is included in the Directors’ Report. We confirm that the Auditor’s Independence Declaration would be in the same terms if given to the directors as at the time of this auditor’s report .

Liability limited by a scheme approved under Professional Standards Legislation

PM:MB:RESOLUTE:008

Conclusion

Based on our review, which is not an audit, we have not become aware of any matter that makes us believe that the half-year financial report of Resolute Mining Ltd is not in accordance with the Corporations Act 2001 , including:

• a) giving a true and fair view of the consolidated entity’s financial position as at 31 December 2011 and of its performance for the half-year ended on that date; and

• b) complying with Accounting Standard AASB 134 Interim Financial Reporting and the Corporations Regulations 2001 .

Ernst & Young

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Peter McIver Partner Perth 23 February 2012

PM:MB:RESOLUTE:008