Resolute Mining Limited — Interim / Quarterly Report 2017

Aug 6, 2017

7 August 2017 Unaudited Financial Results for Year to 30 June 2017

FY17 Gross Profit of $177 Million

Outstanding financial performance

Full Year Gold Dividend to be announced 24 August 2017

FY17 Highlights

• Gross profit from operations up 6% to A$177 million (FY16: A$167M).
• Revenue from gold and silver sales of A$541 million (FY16: A$555M).
• Net profit before tax of A$136 million (FY16: A$201M).
• FY17 gold production of 329,834 ounces at an AISC of A$1,132 per ounce (US$853 per ounce) significantly better than original cost guidance of A$1,280 per ounce and revised guidance of A$1,150 per ounce.
• Average gold price received of A$1,717 per ounce from total FY17 gold sales of 317,242 ounces.
• Cash, bullion and listed investments increased 184% to A$290 million (US$223M) as at 30 June 2017.
• FY18 gold production guidance set at 300,000 ounces at an AISC of A$1,280 per ounce (US$960 per ounce).
• Final Audited Accounts and Final Dividend Announcement expected to be released on 24 August 2017.

Resolute Mining Limited (Resolute or the Company) (ASX:RSG) is pleased to report a record gross profit before tax of A$177 million for the year ended 30 June 2017. The outstanding unaudited operating profit result was up 6% from last year and was delivered from gold production of 329,834 ounces at an All-In Sustaining Cost of A$1,132 per ounce. Total gold sales of 317,242 ounces generated sales revenue of A$541 million. Net profit before tax is expected to be A$136 million down from last year's record profit of A$201 million which included a one off positive adjustment for discontinued operations.

Managing Director and CEO, Mr. John Welborn, was proud to have delivered another strong financial performance during a period of ongoing transformation of Resolute's Syama and Ravenswood gold mines: "Resolute has a mission to mine gold and create value. Over the last two years we have consistently outperformed on both production and costs and have generated profits of circa A$350 million. During the course of the 2017 financial year the Company's net cash position has improved by A$173 million. Resolute is well advanced on delivering on an industry leading organic growth profile with a focus on low cost, long life gold mines."

Resolute's full audited accounts will be released on 24 August 2017 along with the declaration of the Company's FY17 dividend payment. Resolute has adopted an innovative gold sales-linked dividend policy which allows qualifying shareholders to receive dividends in gold and aims to deliver minimum annual dividend payments equivalent to the value of two per cent of annual gold sales.

For further information, contact:

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

Key financial performance andposition indicators		30 June2017	30 June2016	Change
				+/(-)	%
Revenue from gold and silver sales	A$'m	541	555	(14)	(3%)
Gross profit from operations	A$'m	177	167	10	6%
Net profit before tax	A$'m	136	201	(65)	(32%)
Gold shipped	Oz	304,854	324,333	(19,479)	(6%)
Gold sold	Oz	317,242	340,540	(23,298)	(7%)
Realised cash price received per ounce	A$/oz	1,717	1,624	93	6%
Cash, Bullion, and Investments	A$'m	290	103	187	182%
Debt
Secured debt	A$'m	0	0	0	N/A
Unsecured debt	A$'m	35	27	8	30%
Total debt	A$'m	35	27	8	30%
Net cash, bullion/(debt)	A$'m	248	75	173	231%

Table 1: Key financial performance and position indicators

	Units	SyamaSulphide2017	SyamaOxide2017	Syama Total2017	Ravenswood2017	GROUPTotal 2017	GROUPTotal 2016
UG decline development	m	3,180	-	3,180	-	3,180	-
UG lateral development	m	-	-	-	-	-	1,807
UG vertical development	m	-	-	-	-	-	-
UG ore mined	t	8,289	-	8,289	1,001,067	1,009,356	1,305,585
UG grade mined	g/t	2.15	-	2.15	2.51	2.51	2.38
OP operating waste	BCM	431,208	3,772,861	4,204,069	989,485	5,193,554	4,508,379
OP ore mined	BCM	441,933	689,864	1,131,797	328,325	1,460,122	749,667
OP grade mined	g/t	2.44	2.29	2.35	0.63	1.96	2.22
Total ore mined	t	1,215,153	1,319,596	2,534,749	2,366,159	4,900,908	2,851,091
Total tonnes processed	t	2,106,371	1,340,097	3,446,468	1,995,292	5,441,760	4,455,437
Grade processed	g/t	2.59	2.84	2.68	1.54	2.27	2.61
Recovery	%	69.8	83.2	75.3	93.1	79.7	84.1
CEC Recovery Adjustment	oz	13,834	-	13,834	-	13,834	-
Gold produced	oz	136,000	101,830	237,830	92,004	329,834	315,169
Gold in circuitdrawdown/(addition)	oz	(20,163)	(4,407)	(24,569)	(410)	(24,979)	9,164
Gold shipped	oz	115,837	97,423	213,261	91,594	304,854	324,333
Gold bullion in metal accountmovement (increase)/decrease	oz	375	10,565	10,939	1,445	12,385	16,208
Gold sold	oz	116,212	107,988	224,200	93,042	317,242	340,540
Achieved gold price	A$/oz	1,720	1,720	1,720	1,708	1,717	1,624
	US$/oz	1,296	1,296	1,296	1,291	1,295	1,184
Cash Cost	A$/oz	857	948	896	1,252	995	898
	US$/oz	646	714	675	943	750	654
AISC	A$/oz	1,001	960	984	1,406	1,132	1,200
	US$/oz	755	725	742	1,059	853	874

Table 2: Key operating performance indicators

About Resolute

Resolute is a successful gold miner with more than 25 years of continuous production. The Company is an experienced explorer, developer, and operator having operated nine gold mines across Australia and Africa which have produced in excess of 7 million ounces of gold. Resolute currently operates two mines, the Syama Gold Mine in Africa and the Ravenswood Gold Mine in Australia, and is one of the largest gold producers listed on the Australian Securities Exchange with FY18 guidance of 300,000 ounces of gold production at All-In Sustaining Costs of A$1,280/oz (US$960/oz).

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

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

In Ghana, the Company has completed a feasibility study on the Bibiani Gold Project focused on the development of an underground operation requiring modest capital and using existing plant infrastructure. Resolute is also exploring over 6,600km2 of potential world class tenure in West Africa and Australia with active drilling programs in Mali, Ghana, Cote d'Ivoire and Queensland, Australia. The Company is focused on growth through exploration and development and is active in reviewing new opportunities to build shareholder value.

ASX:RSG Capital Summary

Fully Paid Ordinary Shares: 736,982,768 Current Share Price: A$1.07 4 August, 2017 Market Capitalisation: A$792 Million FY18 Guidance: 300,000oz @ AISC A$1,280/oz

Board of Directors

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

Contact

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