Resolute Mining Limited — Interim / Quarterly Report 2013

Feb 21, 2013

01

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APPENDIX 4D
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FOR THE HALF YEAR ENDED 31 DECEMBER 2012

Highlights

• Half year net profit after tax attributable to members up by 86% to $96m.

• Increased gold production of 222,943 ounces for half year (up 20%) at a cash cost of $787/oz.

• Total market value of group cash, bullion and investments was $108m at 31 December 2012.

• First dividend in 15 years paid to shareholders in Nov 2012 – dividend of 5 cents per share.

• All production unhedged providing strong leverage to gold price.

• Strategic investment made in Noble Mineral Resources Limited.

• FY13 gold production guidance maintained at 415,000 ounces.

• Strong operating cash flows to fund identified expansion pipeline and shareholder returns.

Financial results

• Revenue from gold sales for the half year to 31 December 2012 (1H 2013) increased by 14% to $334.1m (1H 2012: $293.0m).

• The average cash price received on the 205,892 ounces of gold sold during the half year was $1,619/oz (1H 2012: $1,636/oz).

• The average cash cost per ounce of gold produced for the period was $787/oz (1H 2012: $741/oz).

• Net profit after tax attributable to members increased by 86% to $96.1m (1H 2012: $51.6m). This result includes a $12.6m unrealised foreign currency gain on intercompany balances with subsidiaries.

• Net operating cash inflows for the half year (which include exploration expenditure) were $87.9m (1H 2012: $79.1m).

• Net investing cash outflows of $87.2m (1H 2012: $21.5m) include $64.6m spent on development activities and plant and equipment, and a further $14.4m advanced to Noble Mineral Resources Limited (“Noble”) as a short term loan.

• Net financing outflows of $37.9m (1H 2012: $12.5m) include a $31.5m dividend payment.

Operations

• The Group gold production for the half year was 222,943 ounces (1H 2012: 185,072oz) at an average cash cost of $787/oz (1H 2012: $741/oz).

• Syama gold mine in Mali, Africa, produced 91,460 ounces (1H 2012: 61,100oz) of gold, representing a 50% increase in gold production compared to the prior period, at a cash cost of $831/oz (or US$863/oz) (1H 2012: $809/oz or US$837/oz).

• Ravenswood gold mine in Queensland, Australia, produced 69,071 ounces (1H 2012: 66,151oz) of gold at a cash cost of $785/oz (1H 2012: $776/oz).

• Golden Pride gold mine in Tanzania, Africa, produced 62,412 ounces (1H 2012: 57,821oz) of gold at a cash cost of $727/oz (or US$755/oz) (1H 2012: $629/oz or US$654/oz).

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APPENDIX 4D
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Development

Mali

• Works on the Syama Expansion Project including construction of a new oxide plant, sulphide infrastructure and grid power connection continued on schedule. Project expenditure to date at 31 December 2012 was US$34.8m.

• The tender process to select contractors for the construction of the Sikasso to Syama transmission line and substations has been completed and preferred parties notified.

• Syama mine life extended to over 15 years with proved and probable reserves of 3.64Moz, and excellent future underground potential.

• Very encouraging drill results were received from reverse circulation and diamond drill programs undertaken at Syama. Best results from infill resource drilling within the expanded pit design included 38m @ 4.91g/t Au from 126m, 57m @ 3.85g/t Au from 70m, 91m @ 3.48g/t Au from 54m, 88m @ 4.15g/t Au from 51m and 47m@ 3.96g/t Au from 35m.

Queensland

• Infill and extension diamond drilling continued at the Sarsfield gold deposit at Ravenswood.

• Multiple significant intercepts were obtained from resource drilling within the southern portion of the Sarsfield expanded pit design. High grade results included 12m @ 9.43g/t Au from 358m, 7m@ 17.09g/t Au from 232m and 7m @ 9.94g/t Au from 308m. The results will be used to revise the pit optimisation for the Sarsfield expansion project.

• The Company is continuing with additional studies to improve the Sarsfield project economics, in particular to reduce operating costs and capital demands and improve the project’s overall return.

• A deep drilling program assessing mineralisation below 600RL continued at Mt Wright. Drilling data has recently been compiled and validated to develop a preliminary model for evaluation. The model is being reviewed to determine the viability for extending the life of mine plan.

Exploration

Exploration drilling was carried out in Mali, Tanzania and Queensland, while target definition work continued in Cote d’Ivoire.

Tanzania

• Reverse circulation and diamond drilling continued on the Voyager, Vasse, Leeuwin and Cullen gold deposits to both increase the current resources and to upgrade the resource classification from inferred to indicated. Best results from Cullen included 14m @ 2.39g/t Au from 74m and 18m @ 2.30g/t Au from 56m.

• Reverse circulation drilling was also carried out on the Mwaguguli prospect located in the GP West JV with African Barrick. Excellent results included 27m @ 2.48g/t Au from 27m, 16m @ 7.87g/t Au from 24m, 7m @ 9.17g/t Au from 13m and 32m @ 2.86g/t Au from 32m.

Mali

• Reverse circulation drilling was carried out at Paysans and Cashew and air core drilling was undertaken at Tembelini, Alpha West and N’Golopene. At Paysans, results of the reverse circulation drilling were encouraging with the best results including 10m @ 1.88g/t Au from 13m and 8m @ 2.16g/t Au from 126m. Results from Cashew were also encouraging with best intervals including 9m @ 7.50g/t Au from 21m and 11m @ 1.98g/t Au from 99m.

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APPENDIX 4D
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Cote d’Ivoire

• After a long delay the Ministry of Mines has commenced granting mining titles. The Toumodi Research Permit was granted to Resolute for a period of 3 years.

Corporate

• The market value of group cash, bullion and liquid investments at the end of the period was $108m (30 June 2012: $139m) comprising $16.3m in cash, gold bullion held in metal accounts with a market value of $40.3m and liquid investments of $51.4m.

• $9.3m was utilised pursuant to an on-market Share Buyback Program.

• The final dividend of $31.5m that was declared for the year ended 30 June 2012 was paid on 16 November 2012.

• In November 2012, Resolute acquired 19.99% of Noble shares on issue for consideration of 10,924,933 fully paid Resolute ordinary shares at a total cost of $20.6m. In addition, Noble accepted a Financing Offer from Resolute which will provide $85.0m of underwritten funding that will be utilised by Noble towards repaying its debts and further development of Noble’s Bibiani Gold Project in Ghana.

• An interim loan of US$15.0m was advanced by Resolute to Noble in November and is to be repaid from the proceeds of the underwritten convertible note entitlement issue to Noble shareholders.

Outlook

Operations

• The Company’s production guidance of 415,000 ounces at a cash cost of approximately $830 per ounce for FY2013 remains unchanged.

• Further progress is expected at the flagship Syama operation in Mali. Plant throughput and head grades are expected to improve in the second half, resulting in another lift in Syama’s gold production.

• Production rates at Ravenswood will be maintained in the second half with gold production expected to be slightly lower due to lower grade.

• Mining at Golden Pride, Tanzania finished in January 2013 as it approaches end of mine life. Gold production is expected to continue until June 2013 from the processing of the remaining low grade ore stockpiles. Significantly lower gold production is expected in the second half as the operation moves towards closure.

Development and Exploration

• Resolute will continue to advance works on the Syama Expansion Project with a target completion date of mid calendar 2014. The total projected expenditure for this project (including the grid power connection) remains at US$266m.

• Work is also expected to commence on installation of the grid power connection at Syama which will deliver significant cost savings and other operational benefits when completed.

• At Ravenswood in Queensland, further optimisation work will be undertaken on the potential redevelopment of the Sarsfield open cut pit. Various regulatory approvals for this project will be pursued and recent drilling results will be incorporated into an updated geological model as part of additional studies to improve the Sarsfield project economics.

• Exploration will continue around the World Class Gold Province at Syama in Mali, the Golden Valley, Mt Success and Mt Douglas breccia complexes at Ravenswood and at the Nyakafuru project in Tanzania. The total Group exploration budget for the year is $22.8m.

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APPENDIX 4D
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Corporate

• Resolute intends to fund its subscription obligation as underwriter to the Noble convertible note issue by using a combination of existing cash reserves, gold bullion on hand and debt.

• As part of active capital management and in order to maintain operating liquidity, a new US$50.0m revolving, secured loan facility is currently being finalised. Credit committee approval has been received for this new 3 year facility, and drawdown on the facility is subject to finalisation of the loan documentation and satisfying conditions precedent.

• The on market Share Buyback Program will also continue as part of the Company’s capital management initiatives.

• Positive cash generation from operations is expected to enable a conservative balance sheet to be maintained. This provides a strong base for an active but disciplined examination of new growth opportunities balanced against consideration of shareholder returns.

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P.R. SULLIVAN

Chief Executive Officer

22 February 2013

About Resolute:

Resolute is an unhedged gold miner with three operating mines in Africa and Australia. The Company is the second largest gold producer by volume listed on the ASX. Resolute is targeting an increase in production from its flagship Syama project in Mali to 270,000oz of gold a year following an approved expansion. At its Ravenswood mine in Queensland Resolute is investigating a number of opportunities to add value by increasing gold production and lowering operating costs. The Company controls an extensive footprint along the highly prospective Syama Shear and Greenstone Belts in Mali and Cote d’Ivoire. Resolute has also identified a number of highly promising exploration targets at its Ravenswood operations and holds a number of exploration projects in Tanzania surrounding its Golden Pride mine.

The information in this report that relates to the Exploration Results, Mineral Resources and Ore Reserves is based on information compiled by Mr Richard Bray who is a Registered Professional Geologist with the Australian Institute of Geoscientists and Mr 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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FOR THE SIX MONTHS ENDED 31 DECEMBER 2012

REPORTING PERIOD

The reporting period is for the half year ended 31 December 2012 with the corresponding reporting period being for the half year ended 31 December 2011.

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 14% to 334,080 up 81% to 119,767 up 86% to 96,108

Dividends Final dividend 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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FOR THE SIX MONTHS ENDED 31 DECEMBER 2012

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RESOLUTE MINING LIMITED HALF YEAR REPORT For the six months ended 31 December 2012

TABLE OF CONTENTS

Corporate Directory	8
Directors’ Report	9
Auditor’s Independence Declaration	12
Consolidated Statement of Comprehensive Income	13
Consolidated Statement of Financial Position	15
Consolidated Statement of Changes in Equity	17
Consolidated Cash Flow Statement	19
Notes to the Financial Statements	20
Directors’ Declaration	32
Independent Review Report	33

RESOLUTE MINING LIMITED HALF YEAR REPORT For the six months ended 31 December 2012

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

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

Securities on Issue (31/12/2012)

Ordinary Shares 643,094,224 Unlisted Options 4,903,065 Performance Rights 1,586,978

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

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

Home Exchange

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

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

Investec Bank (Australia) Limited Level 23, Chifley Tower 2 Chifley Square Sydney, NSW 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

8

RESOLUTE MINING LIMITED HALF YEAR REPORT For the six months ended 31 December 2012

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 2012.

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 222,943 ounces (2011 half year: 185,072) at an average cash cost[1] of $787/oz (2011: $741/oz).

Golden Pride Mine

Golden Pride gold mine in Tanzania, Africa, produced 62,412 ounces (2011 half year: 57,821) of gold at a cash cost[1] of $727/oz (or US$755/oz) (2011 half year: $629/oz or US$654/oz).

Ravenswood Gold Mine

Ravenswood gold mine in Queensland, Australia, produced 69,071 ounces (2011 half year: 66,151) of gold at a cash cost[1] of $785/oz (2011 half year: $776/oz).

Syama Gold Mine

Syama gold mine in Mali, Africa, produced 91,460 ounces (2011 half year: 61,100) of gold at a cash cost[1] of $831/oz (or US$863/oz) (2011 half year: $809/oz or US$837/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 Director’s Report has not been subject to review by the Group’s external auditors.

9

RESOLUTE MINING LIMITED HALF YEAR REPORT For the six months ended 31 December 2012

DIRECTORS' REPORT (continued)

Development

Mali

• Works on the Syama Expansion Project including construction of a new oxide plant, sulphide infrastructure and grid power connection continued on schedule. Project expenditure to date at 31 December 2012 was US$34.820m.

• The tender process to select contractors for the construction of the Sikasso to Syama transmission line and substations has been completed and preferred parties notified.

• Syama mine life extended to over 15 years with proved and probable reserves of 3.64Moz, and excellent future underground potential.

• Very encouraging drill results were received from reverse circulation and diamond drill programs undertaken at Syama. Best results from infill resource drilling within the expanded pit design included 38m @ 4.91g/t Au from 126m, 57m @ 3.85g/t Au from 70m, 91m @ 3.48g/t Au from 54m, 88m @ 4.15g/t Au from 51m and 47m@ 3.96g/t Au from 35m.

Queensland

• Infill and extension diamond drilling continued at the Sarsfield gold deposit at Ravenswood.

• Multiple significant intercepts were obtained from resource drilling within the southern portion of the Sarsfield expanded pit design. High grade results included 12m @ 9.43g/t Au from 358m, 7m@ 17.09g/t Au from 232m and 7m @ 9.94g/t Au from 308m. The results will be used to revise the pit optimisation for the Sarsfield expansion project.

• The Company is continuing with additional studies to improve the Sarsfield project economics, in particular to reduce operating costs and capital demands and improve the project’s overall return.

• A deep drilling program assessing mineralisation below 600RL continued at Mt Wright. Drilling data has recently been compiled and validated to develop a preliminary model for evaluation. The model is being reviewed to determine the viability for extending the life of mine plan.

Exploration

Exploration drilling was carried out in Mali, Tanzania and Queensland while target definition work continued in Cote d’Ivoire.

Tanzania

• Reverse circulation and diamond drilling continued on the Voyager, Vasse, Leeuwin and Cullen gold deposits to both increase the current resources and to upgrade the resource classification from inferred to indicated. Best results from Cullen included 14m @ 2.39g/t Au from 74m and 18m @ 2.30g/t Au from 56m.

• Reverse circulation drilling was also carried out on the Mwaguguli prospect located in the GP West JV with African Barrick. Excellent results included 27m @ 2.48g/t Au from 27m, 16m @ 7.87g/t Au from 24m, 7m @ 9.17g/t Au from 13m and 32m @ 2.86g/t Au from 32m.

Mali

• Reverse circulation drilling was carried out at Paysans and Cashew and air core drilling was undertaken at Tembelini, Alpha West and N’Golopene. At Paysans, results of the reverse circulation drilling were encouraging with the best results including 10m @ 1.88g/t Au from 13m and 8m @ 2.16g/t Au from 126m. Results from Cashew were also encouraging with best intervals including 9m @ 7.50g/t Au from 21m and 11m @ 1.98g/t Au from 99m.

10

RESOLUTE MINING LIMITED HALF YEAR REPORT For the six months ended 31 December 2012

DIRECTORS' REPORT (continued)

Cote D’Ivoire

• After a long delay the Ministry of Mines has commenced granting mining titles. The Toumodi Research Permit was granted to Resolute for a period of 3 years.

Corporate

• The market value of group cash, bullion and liquid investments at the end of the period was $108.061m (30 June 2012: $139.429) comprising of $16.310m in cash, gold bullion held in metal accounts with a market value of $40.327m and liquid investments of $51.424m.

• $9.312m was utilised pursuant to an on-market Share Buyback Program.

• The final dividend of $31.527m that was declared for the year ended 30 June 2012 was paid on 16 November 2012

• In November 2012, Resolute acquired 19.99% of Noble Mineral Resources Limited (“Noble”) shares on issue for consideration of 10,924,933 fully paid Resolute ordinary shares at a total cost of $20.648m. In addition, Noble accepted a Financing Offer from Resolute which will provide $85.000m of underwritten funding that will be utilised by Noble towards repaying its debts and further development of Noble’s Bibiani Gold Project.

• An interim loan of US$15.000m was advanced by Resolute to Noble in November and is to be repaid from the proceeds of the underwritten convertible note entitlement issue to Noble shareholders.

RESULTS

Revenue from gold sales increased by 14% to $334.080m (2011 half year: $293.017m) for the six month period.

Net profit after tax increased by 107% to $102.157m (2011 half year: $49.265m profit) and includes a $12.588m unrealised foreign exchange gain (2011 half year: $28.657m loss) on intercompany balances between entities in the group.

SIGNIFICANT EVENTS AFTER BALANCE DATE

No significant events have occurred since balance date on 31 December 2012 and the date of this Directors’ Report.

AUDITOR’S INDEPENDENCE

Refer to page 12 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 21 February 2013

11

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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 2012, 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.

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Ernst & Young

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P McIver Partner Perth 21 February 2013

Liability limited by a scheme approved under Professional Standards Legislation

PM:MM:RESOSLUTE:023

RESOLUTE MINING LIMITED HALF YEAR REPORT For the six months ended 31 December 2012

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

Note Continuing Operations

For the half For the half year ended year ended 31-Dec-12 31-Dec-11 $'000 $'000

Revenue from gold sales 4(a) Costs of production relating to gold sales 4(b) Gross profit before depreciation, amortisation and other operating costs Depreciation and amortisation relating to gold sales 4(c) Other operating costs relating to gold sales 4(d) Gross profit Other revenue 4(e) Other income 4(f) Exploration expenditure Share of associates' losses Administration and other expenses 4(g) Treasury - realised gains 4(h) Treasury - unrealised gains/(losses) 4(i) Profit before interest and tax Finance costs 4(j) Profit before tax Tax expense Profit for the half year Profit/(loss) attributable to: Members of the parent Non-controlling interest

334,080 293,017 (157,333) (126,198) 176,747 166,819 (29,733) (34,491) (19,892) (16,788) 127,122 115,540 739 264 3,002 70 (8,661) (6,127) (1,319) (589) (4,009) (7,295) 136 981 11,063 (29,803) 128,073 73,041 (1,506) (9,340) 126,567 63,701 (24,410) (14,436) 102,157 49,265 96,108 51,562 6,049 (2,297) 102,157 49,265

13

RESOLUTE MINING LIMITED HALF YEAR REPORT For the six months ended 31 December 2012

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (continued)

	For the half year ended 31-Dec-12 $'000	For the half year ended 31-Dec-11 $'000
Profit for the half year (brought forward) Other comprehensive (loss)/income Items that may be reclassified subsequently to profit or 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 (loss)/income for the half year, net of tax Total comprehensive income for the half year Total comprehensive income/(loss) attributable to: Members of the parent Non-controlling interest	102,157 (2,629) (278) (21,206) (24,113) 78,044 72,273 5,771 78,044	49,265 13,169 1,740 (229) 14,680 63,945 64,502 (557) 63,945 10.89 8.03
Earnings per share for net profit attributable to the ordinary equity holders of the parent: Basic earnings per share Diluted earnings per share	15.16 15.14

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

14

RESOLUTE MINING LIMITED HALF YEAR REPORT For the six months ended 31 December 2012

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

Note Current assets	As at As at 31-Dec-12 30-Jun-12 $'000 $'000
Cash Other financial assets - restricted cash Receivables - other 6 Inventories Available for sale financial assets Financial derivative assets Tax receivable	16,310 48,404 - 42,267 22,161 5,957 184,738 141,901 33,737 374 - 2,364 - 621
Other Total current assets Non current assets Receivables Exploration and evaluation expenditure Development expenditure Property, plant and equipment	6,301 4,567
	263,247 246,455
	1,402 2,143 11,032 9,522 250,767 208,543 168,626 167,388
Deferred mining costs Investment in associate 6 Total non current assets Total assets Current liabilities Payables Interest bearing liabilities	25,463 28,229 22,127 2,223
	479,417 418,048
	742,664 664,503
	42,760 42,948 13,621 7,878
Tax liabilities	10,314 -
Provisions Total current liabilities Non current liabilities Interest bearing liabilities Provisions Deferred tax liabilities Total non current liabilities Total liabilities Net assets	19,752 21,573
	86,447 72,399
	2,872 3,142 49,260 45,483 - 486
	52,132 49,111
	138,579 121,510
	604,085 542,993

15

RESOLUTE MINING LIMITED HALF YEAR REPORT For the six months ended 31 December 2012

CONSOLIDATED STATEMENT OF FINANCIAL POSITION (continued)

Note	As at As at 31-Dec-12 30-Jun-12 $'000 $'000
Equity attributable to equity holders of the parent Contributed equity 7	381,906 368,047
Reserves Retained earnings	(20,695) 2,424 270,442 205,861
Parent interest	631,653 576,332
Non-controlling interest	(27,568) (33,339)
Total equity
	604,085 542,993

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

16

RESOLUTE MINING LIMITED HALF YEAR REPORT For the six months ended 31 December 2012

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

	Contributed equity Net unrealised gain/(loss) 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
At 1 July 2012 368,047 (252) 5,987 4,626 (7,937) 205,861 (33,339) 542,993 Profit for the period - - - - - 96,108 6,049 102,157 Other comprehensive loss, net of tax - (21,206) - - (2,629) - (278) (24,113) Total comprehensive (loss)/income for the period, net of tax - (21,206) - - (2,629) 96,108 5,771 78,044 Transactions with owners Shares issued 23,208 - - - - - - 23,208 Share issue costs (37) - - - - - - (37) Share buy-backs (9,312) - - - - - - (9,312) Dividend paid - - - - - (31,527) - (31,527)	368,047 (252) 5,987 4,626 (7,937) 205,861 (33,339) 542,993
	- - - - - 96,108 6,049 102,157 - (21,206) - - (2,629) - (278) (24,113)
	23,208 - - - - - - 23,208 (37) - - - - - - (37) (9,312) - - - - - - (9,312) - - - - - (31,527) - (31,527)
Share-based payments to employees At 31 December 2012	- - - 716 - - - 716
	381,906 (21,458) 5,987 5,342 (10,566) 270,442 (27,568) 604,085

17

RESOLUTE MINING LIMITED HALF YEAR REPORT For the six months ended 31 December 2012

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (continued)

CONSOLIDATED STATEMENT OF	CHANGES IN EQUITY (continued)	CHANGES IN EQUITY (continued)
	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

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

18

RESOLUTE MINING LIMITED HALF YEAR REPORT For the six months ended 31 December 2012

CONSOLIDATED CASH FLOW STATEMENT

CONSOLIDATED CASH FLOW STATEMENT
Note	Consolidated
	For the half For the half year ended year ended 31-Dec-12 31-Dec-11
	$'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 Net cash flows from operating activities Cash flows from investing activities Payments for property, plant & equipment Proceeds from sale of available for sale financial assets Payments for acquisition of available for sale financial assets Payments for other financial assets Payments for development costs Payments for evaluation costs Loan to associate 6 Other Net cash flows from investing activities Cash flows from financing activities Dividends paid Proceeds from issuing ordinary shares Costs of issuing ordinary shares Payments for share buy backs Repayment of borrowings Repayment of lease liability Proceeds from finance facility Net cash flows from financing activities Net (decrease)/increase in cash and cash equivalents Cash and cash equivalents at the beginning of the financial period Exchange rate adjustment Cash and cash equivalents at the end of the period Cash and cash equivalents comprise the following: Cash Bank overdraft	334,080 286,811 (229,049) (177,163) (8,488) (18,147) (8,771) (6,127) (457) (6,565) 568 265
	87,883 79,074
	(11,487) (9,538) 6,309 - (13,243) - (575) - (51,506) (11,557) (1,604) - (14,376) - (686) (372)
	(87,168) (21,467)
	(31,527) - 2,562 30,536 (37) (36) (9,312) - - (42,731) (1,456) (2,278) 1,894 1,974
	(37,876) (12,535)
	(37,161) 45,072 43,143 3,671 33 135
	6,015 48,878
	16,310 50,188 (10,295) (1,310)
	6,015 48,878

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

19

RESOLUTE MINING LIMITED HALF YEAR REPORT For the six months ended 31 December 2012

NOTES TO THE FINANCIAL STATEMENTS

NOTE 1: CORPORATE INFORMATION

The financial report of Resolute Mining Limited and its controlled entities (“Resolute”, the “Group” or “consolidated entity”) for the half year ended 31 December 2012 was authorised for issue in accordance with a resolution of directors on 21 February 2013.

Resolute Mining Limited (the parent) is a for profit 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 half year were:

• Gold mining; and,

• prospecting and exploration for minerals.

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

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

This interim financial report for the half year ended 31 December 2012 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 2012 and considered together with any public announcements made by Resolute Mining Limited during the half year ended 31 December 2012 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 2012.

New accounting standards and UIG interpretations

From 1 July 2012 the Group has adopted all new and revised Australian Accounting Standards and Interpretations mandatory for reporting periods beginning on or after 1 July 2012, including:

• 2010-8 Amendments to Australian Accounting Standards – Deferred Tax: Recovery of Underlying Assets [AASB 112]

20

RESOLUTE MINING LIMITED HALF YEAR REPORT For the six months ended 31 December 2012

NOTES TO THE FINANCIAL STATEMENTS

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

These amendments address the determination of deferred tax on investment property measured at fair value and introduce a rebuttable presumption that deferred tax on investment property measured at fair value should be determined on the basis that the carrying amount will be recoverable through sale. The amendments also incorporate SIC-21 Income Taxes – Recovery of Revalued Non-Depreciable Assets into AASB 112.

Impact: The amendments have not changed the way deferred tax on investment property is determined within the Group.

• AASB 2011-3 Amendments to Australian Accounting Standards – Orderly Adoption of Changes to the Australian Bureau of Statistics Government Financial Statistics (“ABS GFS”) Manual and Related Amendments [AASB 1049]

This Standard makes amendments including clarifying the definition of the ABS GFS Manual, facilitating the orderly adoption of changes to the ABS GFS Manual and related disclosures to AASB 1049.

Amendments to Australian Accounting Standards – Improvements to AASB 1049 can be found in AASB 2011-13.

Impact: The amendments have no impact on the Group.

• AASB 2011-9 Amendments to Australian Accounting Standards – Presentation of Other Comprehensive Income [AASB 1, 5, 7, 101, 112, 120, 121, 132, 133, 134, 1039 & 1049]

This Standard requires entities to group items presented in other comprehensive income on the basis of whether they might be reclassified subsequently to profit or loss and those that will not.

Impact: The amendments have resulted in other comprehensive income being classified based on whether they can subsequently be reclassified to the profit or loss, or not.

The Group has not early adopted any standard, interpretation or amendment that has been issued but is not yet effective.

21

RESOLUTE MINING LIMITED HALF YEAR REPORT For the six months ended 31 December 2012

NOTES TO THE FINANCIAL STATEMENTS

NOTE 3: OPERATING SEGMENTS

NOTE 3: OPERATING SEGMENTS
For the six months ended 31 December 2012 Revenue Gold sales at spot to external customers (a) Total segment gold sales revenue Cash costs Depreciation and amortisation Other operating costs Other corporate/admin costs 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 gains Tax expense Profit/(loss) for the period	RAVENSWOOD GOLDEN PRIDE SYAMA CORP/OTHER TREASURY TOTAL (AUSTRALIA) (TANZANIA) (MALI) $'000 $'000 $'000 $'000 $'000 $'000 ( b ) ( b ) 102,953 122,612 109,127 - (612) 334,080 UNALLOCATED
	102,953 122,612 109,127 - (612) 334,080 (54,206) (45,351) (75,985) - - (175,542) (17,249) (3,646) (8,838) - - (29,733) 363 (15,547) 12,642 (1,225) - (3,767) (34) - - (1,248) - (1,282)
	31,827 58,068 36,946 (2,473) (612) 123,756 - - - 3,002 739 3,741 (3,062) (2,907) (2,006) (686) - (8,661) - - - - (1,506) (1,506) - - - (1,962) - (1,962)
	28,765 55,161 34,940 (2,119) (1,379) 115,368 - - - - 136 136 - - - - 11,063 11,063 - (18,939) (3,755) (1,716) - (24,410)
	28,765 36,222 31,185 (3,835) 9,820 102,157

22

RESOLUTE MINING LIMITED HALF YEAR REPORT For the six months ended 31 December 2012

NOTES TO THE FINANCIAL STATEMENTS

NOTE 3: OPERATING SEGMENTS (continued)

NOTE 3: OPERATING SEGMENTS (continued)
For the six months ended 31 December 2012	RAVENSWOOD GOLDEN PRIDE SYAMA CORP/OTHER TREASURY TOTAL (AUSTRALIA) (TANZANIA) (MALI) $'000 $'000 $'000 $'000 $'000 $'000 ( b ) ( b ) UNALLOCATED
Cash flow by segment, including receivables - gold bullion sales Reconciliation of cash flow by segment to the cash flow statement: Movement in gold shipped but unsold and held in metal accounts Mark to market movement in gold unsold Prior period Other Financial Assets - Restricted Cash used to acquire--- ---Available For Sale Financial Assets Movement in bank overdraft Exchange rate adjustment Movement in cash and cash equivalents per consolidated cash flow statement Capital expenditure Segment assets Segment liabilities	25,887 39,892 (34,843) (75,433) (32,881) (77,378) 4,135 (1,201) 42,758 (4,477) (998) (37,161) 17,934 1,214 46,530 113 - 65,791
		(37,161)
		65,791
	141,853 60,917 445,453 94,439 2	742,664
	41,063 36,282 50,629 4,405 6,200	138,579

23

RESOLUTE MINING LIMITED HALF YEAR REPORT For the six months ended 31 December 2012

NOTES TO THE FINANCIAL STATEMENTS

NOTE 3: OPERATING SEGMENTS (continued)

NOTE 3: OPERATING SEGMENTS (continued)
For the six months ended 31 December 2011 Revenue Gold sales at spot to external customers (a) Total segment gold sales revenue Cash costs Depreciation and amortisation Other operating costs Other corporate/admin costs 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 - gains on gold forward contracts closed out Treasury - realised losses Treasury - unrealised losses Tax (expense)/benefit Profit/(loss) for the period	RAVENSWOOD GOLDEN PRIDE SYAMA CORP/OTHER TREASURY TOTAL (AUSTRALIA) (TANZANIA) (MALI) $'000 $'000 $'000 $'000 $'000 $'000 ( b ) ( b ) 109,944 91,428 91,645 - - 293,017 UNALLOCATED
	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

24

RESOLUTE MINING LIMITED HALF YEAR REPORT For the six months ended 31 December 2012

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 ( b ) ( b ) 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

25

RESOLUTE MINING LIMITED HALF YEAR REPORT For the six months ended 31 December 2012

NOTES TO THE FINANCIAL STATEMENTS

NOTE 3: OPERATING SEGMENTS (continued)

• (a) Revenue from external sales for each reportable segment is derived from several customers.

• (b) 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 Maker, 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 (b) Costs of production relating to gold sales Costs of production (excluding gold in circuit inventories movement) Gold in circuit inventories movement (c) Depreciation and amortisation relating to gold sales Amortisation of evaluation, development and rehabilitation costs Depreciation of mine site properties, plant and equipment (d) Other operating costs relating to gold sales Royalty expense Operational support costs	For the half For the half year ended year ended 31-Dec-12 31-Dec-11 $'000 $'000 334,080 293,017 Consolidated
	175,542 137,102 (18,209) (10,904)
	157,333 126,198
	15,766 14,891 13,967 19,600
	29,733 34,491
	17,268 14,178 2,624 2,610
	19,892 16,788

26

RESOLUTE MINING LIMITED HALF YEAR REPORT For the six months ended 31 December 2012

NOTES TO THE FINANCIAL STATEMENTS

NOTE 4: PROFIT FROM CONTINUING OPERATIONS (continued)

NOTE 4: PROFIT FROM CONTINUING OPERATIONS (continued)
	For the half For the half year ended year ended 31-Dec-12 31-Dec-11 $'000 $'000 Consolidated
(e) Other revenue Interest income - other persons/corporations (f) Other income	739 264 739 264 1,178 - 1,775 - 49 70 3,002 70 1,824 2,470 169 345 446 444 716 543 61 29 52 116 3,268 3,947 - 150 - 1,584 533 1,114 208 500 741 3,348 4,009 7,295 - (2,219) 136 3,200 136 981
Profit on sale of non operating mine sites
Profit on sale of shares
Other
(g) Administration and other expenses Other management and administration expenses Non mine site insurance costs Operating lease expenses Share based payments expense Rehabilitation provision adjustment from non operating mine sites Depreciation of non mine site assets Loss on sale of property, plant and equipment Impairment of investment in associate Impairment of accounts receivable Other
(h) Treasury - realised gains/(losses) Realised loss on gold put options Realised foreign exchange gain

27

RESOLUTE MINING LIMITED HALF YEAR REPORT For the six months ended 31 December 2012

NOTES TO THE FINANCIAL STATEMENTS

NOTE 4: PROFIT FROM CONTINUING OPERATIONS (continued)

NOTE 4: PROFIT FROM CONTINUING OPERATIONS (continued)
	For the half For the half year ended year ended 31-Dec-12 31-Dec-11 $'000 $'000 Consolidated
(i) Treasury - unrealised gains/(losses) Unrealised gain on gold put options Unrealised loss on financial derivative assets Unrealised foreign exchange gain/(loss) Unrealised foreign exchange gain/(loss) on intercompany balances (i)	- 2,213 (2,364) - 839 (3,359) 12,588 (28,657) 11,063 (29,803) 835 8,559 671 781 1,506 9,340
(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
NOTE 5: DIVIDENDS

The final dividend of $31.527m that was declared for the year ended 30 June 2012 was paid on 16 November 2012.

NOTE 6: INVESTMENT IN ASSOCIATES

(a) Investment details Listed Viking Ashanti Limited Noble Mineral Resources Limited	2,635 2,223 19,492 -
	22,127 2,223

28

RESOLUTE MINING LIMITED HALF YEAR REPORT For the six months ended 31 December 2012

NOTES TO THE FINANCIAL STATEMENTS

NOTE 6: INVESTMENT IN ASSOCIATES (continued)

In November 2012, Resolute acquired 19.99% of Noble Mineral Resources Limited (“Noble”) shares on issue for consideration of 10,924,933 fully paid Resolute ordinary shares at a total cost of $20.648m. Since the acquisition, Resolute has recognised a $1.156m decrement, being Resolute’s share of Noble’s losses for the period. This has resulted in the investment’s carrying value of $19.492m as at 31 December 2012. In addition, Noble accepted a Financing Offer from Resolute to provide $85.000m of funding that will be utilised by Noble towards:

• (i) Repayment of the existing Investec Project Loan Facility and the Resolute Unsecured Loan; (ii) repayment of existing unsecured creditors, including tax liabilities; (iii) development activities at the Bibiani Project and working capital; and (iv) costs associated with the Offers.

The Financing Offer includes the following key components:

• (i) The provision by Resolute of a US$15.000m unsecured short-term loan facility to Noble (which was provided in November 2012 and has been recorded in Resolute’s balance sheet as Receivables – Other at period end);

• (ii) pursuant to an Underwriting Agreement between Resolute and Noble executed on 23 January 2013, a commitment by Resolute to fully underwrite the issue by Noble of listed convertible notes via a 1-for-1 pro-rata non-renounceable entitlement offer to all Noble shareholders, with a conversion price of A$0.12 per Noble share, to raise approximately $79.968m (based on the current ordinary shares on issue); and

• (iii) the placement of sufficient additional listed convertible notes to Resolute on the same terms as the entitlement offer to increase total funds raised under the convertible notes to $85.000m. Based on the current number of ordinary shares on issue, the placement would raise $5.032m.

Depending on the take up by Noble shareholders of their entitlement to one convertible note for every Noble share held and as a result of Resolute’s underwriting of this capital raising, Resolute will be subscribing for Noble convertible notes with a face value of between $20.786m (if 100% of Noble shareholders take up their entitlement) and $85.000m (if 0% of Noble shareholders take up their entitlement). An unsecured short-term loan facility of US$15.000m (or $14.459m) plus accrued interest of approximately US$0.352m (or $0.339m) has already been advanced by Resolute to Noble. After deducting the $14.798m of loan and interest, Resolute’s future cash outflows relating to the Noble capital raising will range from $5.988m to $70.202m.

Resolute plans to fund the cost of subscribing for Noble convertible notes by using a combination of existing cash reserves, gold bullion on hand and/or drawing down on a new US$50.000m revolving secured loan facility that is currently being finalised. Credit committee approval has been received for this new 3 year facility, and drawdown on the facility is subject to finalisation of the loan documentation and satisfying conditions precedent to draw down. In addition to this new facility, as at 31 December 2012, Resolute had the following liquid assets available to assist with the funding of this upcoming Noble underwriting obligation:

Cash Market value of gold bullion on hand included in Inventories Available for Sale Financial Assets – market value (31 December 2012) Investments in Associates – market value (31 December 2012) Total	$’000 16,310 40,327 33,737 17,687
	108,061

29

RESOLUTE MINING LIMITED HALF YEAR REPORT For the six months ended 31 December 2012

NOTES TO THE FINANCIAL STATEMENTS

NOTE 6: INVESTMENT IN ASSOCIATES (continued)

The key dates for Noble’s $85.000m non-renounceable convertible note rights issue are:

• (i) Closing date: 22 February 2013 (ii) Shortfall closing date: 1 March 2013 (iii) Expected date of official quotation of convertible notes: 4 March 2013 (iv) Maturity date: 1 March 2016

NOTE 7: CONTRIBUTED EQUITY

NOTE 7: CONTRIBUTED EQUITY
Ordinary securities	Total Number $'000 Number Quoted
As at 1 July 2012	634,428,623 634,428,623 368,047
Changes during current period, net of issue costs Increases through exercise of unlisted options Decrease through on-market share buy backs Increase through issue of shares as consideration for purchasing 19.99% of Noble Mineral Resources Limited As at 31 December 2012 Options on issue As at 31 December 2012 Changes during current period Exercise of unlisted options Exercise of unlisted options Exercise of unlisted options Exercise of unlisted options Exercise of unlisted options	3,540,668 3,540,668 2,523 (5,800,000) (5,800,000) (9,312) 10,924,933 10,924,933 20,648 643,094,224 643,094,224 381,906 Total Number Exercise Expiry Number Quoted Price Date 195,000 - $2.12 22/05/2013 51,000 - $1.62 29/08/2013 194,999 - $0.42 31/01/2014 450,000 - $1.09 14/02/2015 39,000 - $1.21 15/07/2015 135,000 - $1.43 15/11/2015 2,000,000 - $1.36 4/01/2016 925,666 - $1.43 24/01/2016 130,000 - $1.18 15/07/2016 782,400 - $1.85 26/01/2017 4,903,065 - $1.42 Total Number Exercise Expiry Number Quoted Price Date (322,334) - $0.42 31/01/2014 (106,000) - $1.09 14/02/2015 (42,000) - $1.21 15/07/2015 (70,334) - $1.43 24/01/2016 (3,000,000) - $0.72 24/10/2012

30

RESOLUTE MINING LIMITED HALF YEAR REPORT For the six months ended 31 December 2012

NOTES TO THE FINANCIAL STATEMENTS

NOTE 8: CONTINGENT LIABILITIES

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 2012.

New Assessment for Income Tax for the 2008 and 2009 Financial Years

In January 2013, the Tanzanian Revenue Authority (“TRA”) issued Resolute (Tanzania) Limited (“RTL”) with tax assessments in value of US$10.509m (A$10.129m) relating to income tax and interest allegedly owing from the 2007/08 and 2008/09 financial years. The assessments purport to deny/disallow deductions claimed in the past income tax returns. RTL and its advisor disagree with the TRA’s interpretations in all aspects and have submitted a response to the TRA’s assessment explaining why the amounts are not payable, and at the same time will request a waiver of the one third deposit ordinarily required to have an appeal against this assessment heard.

NOTE 9: EVENTS OCCURRING AFTER BALANCE DATE

No significant events have occurred since balance date on 31 December 2012 and the date of this Directors’ Report.

31

RESOLUTE MINING LIMITED HALF YEAR REPORT For the six months ended 31 December 2012

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 2012 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.

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P.R. Sullivan Director

Perth, Western Australia 21 February 2013

32

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Independent review report to the members of Resolute Mining Ltd

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 Limited, which comprises the statement of financial position as at 31 December 2012, 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 2012 and its performance for the half-year 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 Limited 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.

PM:MM:RESOSLUTE:022

Liability limited by a scheme approved under Professional Standards Legislation

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 Limited 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 2012 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 .

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Ernst & Young

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P McIver Partner Perth 21 February 2013

PM:MM:RESOLUTE:022