Resolute Mining Limited — Interim / Quarterly Report 2017

Feb 27, 2017

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Half Year Results

ASX:RSG | www.rml.com.au

Cautionary Statement

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This presentation includes certain statements, estimates and projections with respect to the future performances of Resolute. Such statements, estimates and projections reflect various assumptions concerning anticipated results, which assumptions may prove not to be correct. The projections are merely estimates by Resolute, of the anticipated future performance of Resolute’s business based on interpretations of existing circumstances, and factual information and certain assumptions of economic results, which may prove to be incorrect. Such projections and estimates are not necessarily indicative of future performance, which may be significantly less favourable than as reflected herein. Accordingly, no representations are made as to the fairness, accuracy, correctness or completeness of the information contained in this presentation including estimates or projections and such statements, estimates and projections should not be relied upon as indicative of future value, or as a guarantee of value of future results. This presentation does not constitute an offer, invitation or recommendation to subscribe for or purchase securities in Resolute Mining Limited.

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 Andrew Goode, a member of The Australasian Institute of Mining and Metallurgy. Mr Richard Bray and Mr Andrew Goode 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 2012 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Mr Richard Bray and Mr Andrew Goode are full time employees of Resolute Mining Limited Group and each hold equity securities in the Company. They have consented to the inclusion of the matters in this report based on their information in the form and context in which it appears. This information was prepared and first disclosed under the JORC Code 2004. Except where noted, it has not been updated since to comply with the JORC Code 2012 on the basis that the information has not materially changed since it was last reported.

In providing this presentation, Resolute has not considered the objectives, financial position or the needs of the recipient. The recipient should obtain and rely on its own financial advice from its tax legal accounting and other professional advisers in respect of the recipients objectives financial position and needs. To the maximum extent permitted by law neither Resolute nor its related corporations ,directors, employees or agents nor any other person accepts liability for any loss arising from the use of this presentation or its contents or otherwise arising in connection with it. You represent and confirm by attending and or retaining this presentation that you accept the above conditions.

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Mine Gold. Create Value.

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HY17 : Outstanding Performance

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Cash, Bullion & Listed Investments A$283M ( HY16 : A$75M)

All-In Sustaining Cost A$999 /oz ( HY16 : A$1,247/oz)

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Gross Profit A$69 M ( HY16 : A$62M)

Total Gold Production oz 170,558 ( HY16 : 153,191oz) Gold Shipped oz 164,826 ( HY16 : 158,489oz)

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HY17: Highlights

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Operating Performance

Financial Performance

Total gold production for HY17 Total gold sold for HY17

A$64M HY17 net profit after tax

170,558oz

Revenue from gold and A$168M silver sales

94,080oz

Gross profit from A$69M operations 19% Return on equity

Average price received for A$1,784/oz gold sold (US$1,352/oz) All-In Sustaining Cost A$999/oz (US$753/oz)

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Balance Sheet

Total Cash, bullion and listed investments at market value

A$283M

Net Cash, bullion and listed investments/(debt) Bullion on hand

A$269M

83,379oz

Net increase in total Cash Flows

A$65M

7.8c Diluted earnings per share

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Resolute: A Gold Company

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• Resolute actively manages the Company’s treasury exposure to AUD, USD, EUR, and gold bullion

• Resolute treats gold bullion as an alternative currency

• Holding surplus liquid assets in a variety of currencies/forms maintains and enhances shareholder exposure to the value of gold

• Gold bullion accumulated during the period of 70,746oz has not been recognised in the sales revenue, profit, and operating cash flow figures reported in the half year results

• The value of the 83,379oz of gold held as at 31 December 2016 is reported in the balance sheet at historical cost of production

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HY17: Potential Earnings & Cash Flow from accumulated gold bullion

Effect on earnings and cash flow assuming the gold bullion accumulated during the : half year (70,746oz) had been sold at the period end spot gold price (A$1,592/oz)[1]

	HY17 Accounts	Assuming gold sold at period end1	Difference +/(-) 1
	A$'000	A$'000	A$'000
Revenue from continuing operations	168,167	280,809	112,642
EBITDA	73,501	106,662	33,161
Gross profit from operations	69,366	102,527	33,161
Profit for the period	64,265	97,426	33,161
Net cash flows from operating activities	(21,026)	85,239	106,265

1 Unaudited and notional information.

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HY17: Strong Foundation for Growth

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Strong free cash flow generation

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Nafolo discovery at Syama

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Syama Underground and Ravenswood Expansion Project

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Robust Cash, Bullion & Listed Investments A$283M

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HY17: Strong Cash Flow
A$'m
HY17 Cash & Bullion Flows
Quarterly Cash & Bullion 320
(excluding capital raising) 300
$140 280
260
$120 240
220
200
$100
A$M 180
160
$80
140
120
$60 100
80
$40
$20
$0
Dec-15 Mar-16 Jun-16 Sep-16 Dec-16
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Half Year Financial Performance

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A$M EBITDA
$120
$100
$80
$60
$40
$20
$0
1H15 2H15 1H16 2H16 1H17
A$M Diluted EPS
$20
$10
$0
-$10
-$20
-$30
-$40
-$50
1H15 2H15 1H16 2H16 1H17
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A$M Gross Profit
$100
$90
$80
$70
$60
$50
$40
$30
$20
$10
$0
1H15 2H15 1H16 2H16 1H17
A$M Cash, bullion & investments net of debt
300
250
200
150
100
50
0
-50
-100
-150
1H15 2H15 1H16 2H16 1H17
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Production Up, Costs Down
Quarterly gold production and costs
$1,400
140,000
$1,200
120,000
$1,000
100,000
$800
80,000
$600
60,000
$400
40,000
20,000 $200
0 $0
Dec-15 Mar-16 Jun-16 Sep-16 Dec-16
Ravenswood Syama Sulphide Syama Oxide All-In Sustaining Cost (A$/oz)
A$/oz
Ounces (oz)
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All-In Sustaining Cost Margins
Quarterly All-In Sustaining Cost Margins
$1,800 $1,800
$1,600 $1,600
$1,400 $1,400
$1,200 $1,200
$1,000 $1,000
$800 $800
$600 $600
$400 $400
$200 $200
$0 $0
Dec-15 Mar-16 Jun-16 Sep-16 Dec-16
AISC Margin (A$/oz) Average Cash Price Received (A$/oz) All-In Sustaining Cost (A$/oz)
A$/oz
All-In Sustaining Cost (AISC) Margin (A$/oz)
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HY17: Production and Costs Syama Gold Mine

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	Syama Sulphide Operations
Ore Mined (t) Ore Milled (t) Head Grade (g/t) Recovery (%) Total Production (Gold oz) AISC A$/oz
Dec Quarter 2016 803,923 527,539 2.91 72.8 35,850 705
Sep Quarter 2016 44,318 520,363 2.83 73.4 34,729 1,048
HY17 Total 848,241 1,047,902 2.87 73.1 70,579 874
	Syama Oxide Operations
Ore Mined (t) Ore Milled (t) Head Grade (g/t) Recovery (%) Total Production (Gold oz) AISC A$/oz
Dec Quarter 2016 300,179 307,451 3.54 74.8 26,151 468
Sep Quarter 2016 477,036 331,149 2.85 81.4 24,704 983
HY17 Total 777,215 638,600 3.18 77.9 50,855 718

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Development Highlights: Syama Gold Mine

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• Underground mining has commenced at the Syama Sublevel Cave Mine

• First development ore expected in 1[st] Half of CY17

• First production ore expected in 2[nd] Half of CY18

• Automated drilling and longer rounds delivering rapid underground development

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Exploration Highlights: Syama Gold Mine

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Exploration Success: Nafolo Discovery

• Adjacent to 8Moz Syama Deposit

• Untested along strike and at depth

• Potential to transform Syama operation

• Located 250m south of the current underground design

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HY17: Production and Costs Ravenswood Gold Mine

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	Ravenswood Operations
Ore Mined (t) Ore Milled (t) Head Grade (g/t) Recovery (%) Total Production (Gold oz) AISC A$/oz
Dec Quarter 2016 656,695 549,129 1.77 93.6 29,223 1,276
Sep Quarter 2016 296,330 416,011 1.58 94.6 19,901 1,508
HY17 Total 953,025 965,140 1.69 93.8 49,124 1,370
• Successful transition to open pit mining during the Dec Quarter 2016

• Mill throughput capacity has been increased from 1.5 to 2.8Mtpa and will ultimately return to nameplate capacity of 5.0Mtpa

• Queensland government granted ‘Prescribed Project’ status in Dec 2016

• Mt Wright continues to perform well as the underground mine approaches closure over the coming quarters

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Development Highlights: Ravenswood Gold Mine

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• Ravenswood Expansion Project extends mine-life until at least 2029

• Open pit mining has commenced at Nolans East

• Staged development plan includes Buck Reef West and Sarsfield pits

• Total annual production to increase to 140,000ozpa

• Life of Mine All-In Sustaining Cost of A$1,166/oz (US$880/oz)

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Development Highlights: Bibiani Gold Mine

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• 2[nd] phase of drilling commenced at Bibiani in the Dec Quarter 2016

• Aiming to extend mine life beyond the current five years

• Drilling to upgrade inferred resources of 4.5Mt @ 4.1g/t Au

• Aiming to identify new areas of mineralisation at depth

• Targeting 100kozpa, 10 year mine life, 25% IRR

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Resolute’s focus on growth

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• Recent investments in Kilo Goldmines (KGL.tsx-v) and Manas Resources (MSR.asx)

• Exposure to prospective tenure in Tanzania and Democratic Republic of Congo (DRC)

• Backing good teams in the right locations

• Continuing to look for strategic partnerships with explorers with prospective ground holdings across Africa

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Continuing improvement
across the business
Business Resource Reserve Mine Mining Mineral
Exploration
Development Estimation Estimation Planning Operations Processing
• • • • • • •
Kilo Nafolo Syama 6.0Moz Syama 3.1Moz Syama UG Nolans East Project 85
Goldmines discovery • Ravenswood • Ravenswood DFS open pit • Project
(KGL.tsx-v) • Syama deeper 4.3Moz 1.8Moz • Ravenswood mining Reprise
commences
• ManasResources drilling extensions • Bibiani 1.8Moz • Bibiani 0.6Moz extension project • Syama decline • Project
Phoenix
(MSR.asx) • Bibiani • Bibiani commences
•
resource Feasibility • Syama oxide Project 2.4
expansion Study circuit
success
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Mine Gold. Create Value.

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sustainable dividends*

our Diversifying production base

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All-In Sustaining Costs (AISC) through innovation

Ambition to be producing > 450kozpa from 3 operations by 2020

• Dividends to be paid on the full year result will not be impacted by the treasury decision to hold additional gold bullion. Dividends for the y/e 30 June 2017 will be based on gold sales revenue +/- movements in gold bullion on hand.

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Invest in Resolute

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• Strong Balance Sheet and ongoing operational cash flow generation

• New Executive Team leading cultural and performance transformation

• Exciting new discovery at Nafolo

• Large long life mines

• Organic production growth to >450kozpa

• Syama Underground Mine – 12 years producing up to 250,000ozpa @ AISC of US$881/oz

• Ravenswood Expansion Project – 13 years producing up to 140,000ozpa @ AISC of US$880/oz

• Bibiani Gold Project – aiming for 10+ years mine life to produce >100,000ozpa @ AISC of US$858/oz

• Further growth through exploration

• Focus on shareholder returns

• Global.Gold.Growth.

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