Resolute Mining Limited — Interim / Quarterly Report 2018

Feb 21, 2018

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2018 Half Year Financial Results

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The current investment phase is creating long life, low cost mines with exceptional growth prospects

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Mine Gold. H1 FY18

142,748oz Total Gold Production 121,480oz Total Gold Sold

A$1,395/oz (US$1,092/oz) All-In Sustaining Cost (AISC) A$1,678/oz (US$1,312/oz) Average Price Received

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Create Value. H1 FY18

A$30M A$203M Revenue from gold and silver sales Gross profit from operations Net Profit after tax $A196M A$38M Cash, Bullion & Listed Investments

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Half Year Performance

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Investing Cashflows
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Net Cash & Bullion on hand
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Gold produced (oz)
250,000
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Gold sold (oz)
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Gross profit
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Long life, large scale assets Three assets across West Africa and Australia

Syama Gold Mine Mali, West Africa

Ravenswood Gold Mine Queensland, Australia

Resolute has a successful history of >10 years at Syama Targeting up to 250kozpa at AISC of US$881/oz

A successful operating history of ~13 years at Ravenswood Targeting up to 140kozpa at AISC of US$880/oz

12 year mine life

13 year mine life

Ravenswood Expansion Project (REP) Bulk-tonnage open pit mining

Sublevel Cave (SLC) Underground

Mine of the Future

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Bibiani Gold Mine Ghana, West Africa

Resolute acquired the Bibiani Gold Mine in mid-2014 Targeting >100kozpa at AISC of below US$858/oz

Successful Phase 1 drilling program in 2014-2015

Phase 2 drilling targeting >100kozpa for 10 years complete

Updated feasibility study due for completion Q1 2018

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Mine Gold. Create Value.

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Syama Gold Mine HY18 Results

	Ore Mined (t)	Ore Milled (t)	Head Grade (g/t)	Recovery (%)	Total Production (Gold oz)	AISC A$/oz
Sulphide Operations	307,915	918,050	2.09	73.9	51,907	1,541
Oxide Operations	947,770	699,935	2.13	81.6	47,626	1,164
Syama Total	1,255,685	1,617,985	2.11	77.9	99,533	1,361

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Syama Gold Mine HY18 Highlights

• Syama UG development is on schedule and on budget for completion of the sublevel cave in December 2018.

• Total Underground Mineral Resources at the Syama Underground mine increased by 39% to 5.7Moz.

• Pre-production development ore expected to improve H2 FY18 operating performance.

• Positive exploration results received from Nafolo, Tabakoroni and BA-01 have highlighted satellite underground mining opportunities that have potential to complement the existing Syama mine plan.

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Ravenswood Gold Mine HY18 Results & Highlights

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Ore Mined (t)	Ore Milled (t)	Head Grade (g/t)	Recovery (%)	Total Production (Gold oz)	AISC A$/oz
Ravenswood Total 865,811	1,228,756	1.11	94.1	43,215	1,373

• An optimised feasibility study into the Ravenswood Expansion Project is examining options for modifying mining schedules and tailings disposal strategies to maximise project returns

• Beneficiation trials confirm upgrade of low grade ores

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Bibiani Gold Mine HY18 Highlights

• Drilling undertaken at Bibiani over the first half of FY18 resulted in a 40% increase in resources to 2.5Moz.

• An updated feasibility study will be completed in the March 2018 quarter

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Exploration for growth Exploring to expand the business, not stay in business

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A$M
Exploration Expenditure
$40 Egypt
Mali
$35
Burkina Faso
$30
Democratic Republic
$25 of the Congo
Côte d’Ivoire
$20
Tanzania
$15
Ghana
$10
$5
$0
FY15 FY16 FY17 FY18
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Resolute’svalue proposition:

1.Long life mines

• 2.Operational expertise 3.Extensive exploration tenure in proven African belts

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Invest in Resolute Transformation enables bold ambition Resolute has mined more than 8 million ounces from 9 gold mines in Australia and Africa Operating expertise, build experience, and success in development Large and growing resource base Focus on technical excellence and innovation advantage Unique skill set and reputation in Africa Increased investment in exploration Seeking value generating acquisition opportunities Building a portfolio of Resolute gold mines

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Mine Gold. Create Value.

Scale Longevity Value P/NAV @ Syama 12yrs Moz 5.3Reserves[@ Ravenswood] ~ 0.6 x 13yrs Balance sheet Track Record Growth

Balance sheet Track Record Growth Nafolo 28 Bibiani yrs ~A$200M[8][Moz] producing Cash, Bullion & Listed Investments & counting Tabakaroni

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Corporate Summary (ASX:RSG)

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Share Price
1.2
1.15
1.1
1.05
1
0.95
0.9
1/10/2017 1/11/2017 1/12/2017 1/01/2018
$AUD
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Shares on issue 741,477,595 Share Price A$1.09 as at 21 Feb 2018 Market Capitalisation A$805M (US$632M) Average daily volume ~A$5M Cash,bullion, listed investments A$196M (US$158M) at 31 Dec 2018 Debt A$35M (US$28M) at 31 Dec 2018 300,000oz gold production FY18 Guidance @ AISC A$1,280/oz (US$960/oz) 2% of annual gold production Dividend Policy offered in gold or cash Substantial ICM Global Funds 20.3% Shareholders Van Eck 10% | Dimensional 5% Oppenheimer Funds IFM Investors Institutional Baker Steel Capital Managers Shareholders L1 Capital Investec Asset Management

Argonaut James Wilson Baillieu Holst Warren Edney Bell Potter Duncan Hughes Canaccord Genuity Patrick Chang Citigroup Trent Allen Analyst Euroz Jon Bishop Coverage Global Mining Research David Cotterell Hartleys Paul Howard Macquarie Ben Crowley Morgan Stanley Brendan Fitzpatrick RBC Capital Markets Paul Hissey RFC Ambrian Jim Taylor

Important Notices and Disclaimers

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Not an offer of securities

This presentation contains a summary of information about Resolute Mining Limited (Resolute or the Company) and its activities that is current as at the date of this presentation unless otherwise stated. The information in this presentation is general in nature and does not purport to be complete. This presentation does not contain all the information which a prospective investor may require in evaluating a possible investment in Resolute or that would be required in a prospectus or a product disclosure statement prepared in accordance with the Corporations Act 2001 (Cth) or any other offering document under Australian law or the securities laws of any other jurisdiction. This presentation does not constitute an offer, invitation or recommendation to subscribe for or purchase securities in Resolute. This presentation is for information purposes only and is not an offer or invitation to acquire Resolute securities or any other financial products in any place. In particular, this presentation does not constitute an offer to sell, or the solicitation of an offer to buy, any Resolute securities in the United States.

Past and Future Performance and Forward-Looking Statements

Past performance information given in this presentation is for illustrative purposes only and should not be relied upon as an indication of future performance. This presentation includes certain forwardlooking statements, including statements regarding our intent, belief or current expectations with respect to Resolute’s business and operations, market conditions, results of operations and financial condition, and risk-management practices. Words such as ‘project’, ‘foresee’, ‘plan’, ‘expect’, ‘aim’, ‘intend’, ‘anticipate’, ‘believe’, ‘estimate’, ‘may’, ‘should’, ‘will’ and similar expressions are intended to identify forward-looking statements. Indications of, and guidance on, future earnings and financial position and performance are also forward-looking statements. Forward-looking statements are provided as a general guide only and should not be relied upon as an indication or guarantee of future performance. These statements relate to future events and expectations and are based on certain assumptions, which may prove to be incorrect. Forward-looking statements also involve known and unknown risks and significant uncertainties, many of which are outside the control of Resolute. Actual results, performance, actions and developments of Resolute may differ materially from those expressed or implied by the forward-looking statements in this presentation. Such forward-looking statements speak only as of the date of this presentation. There can be no assurance that actual outcomes will not differ materially from these statements. To the maximum extent permitted by law, Resolute and any of its affiliates and their directors, officers, employees, agents, associates and advisers:

• I. disclaim any obligations or undertaking to release any updates or revisions to the information in this presentation to reflect any change in expectations or assumptions;

• II. do not make any representation or warranty, express or implied, as to the accuracy, reliability or completeness of the information in this presentation, or likelihood of fulfilment of any forwardlooking statement or any event or results expressed or implied in any forward-looking statement; and

• III. disclaim all responsibility and liability for these forward-looking statements (including, without limitation, liability for negligence).

• IV. Nothing in this presentation will under any circumstances create an implication that there has been no change in the affairs of Resolute since the date of this presentation.

Mineral Resources and Ore Reserves

Recipients of this presentation outside Australia should note that it is a requirement of the Australian Securities Exchange listing rules that the reporting of ore reserves and mineral resources in Australia comply with the Australasian Joint Ore Reserves Committee Code for Reporting of Mineral Resources and Ore Reserves (the JORC Code), whereas mining companies in other countries may be required to report their ore reserves and/or mineral resources in accordance with other guidelines (for example, SEC Industry Guide 7 in the United States). Recipients should note that while Resolute’s mineral resource and ore reserve estimates comply with the JORC Code, they may not comply with the relevant guidelines in other countries, and do not comply with SEC Industry Guide 7. In particular, SEC Industry Guide 7 does not recognise classifications other than proven and probable reserves and, as a result, the SEC generally does not permit mining companies to disclose their mineral resources, including indicated and inferred resources, in SEC filings. Accordingly, if Resolute were reporting in accordance with SEC Industry Guide 7, it would not be permitted to report any mineral resources, including indicated and inferred resources, and the amount of reserves reported by Resolute may be lower than its estimates. You should not assume that quantities reported as “resources” will be converted to reserves under the JORC Code or any other reporting regime or that Resolute will be able to legally and economically extract them. In addition, investors should note that under SEC Industry Guide 7, mine life may only be reported based on ore reserves. Mine life estimates in this presentation assume that a portion of non-reserve resources will be converted to ore reserves, which would not be permitted under SEC Industry Guide 7.

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Important Notices and Disclaimers

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Competent Person Statement

The information in this presentation that relates to the Exploration Results, Mineral Resources and Ore Reserves is based on information compiled by Mr Andrew Goode who is a member of the Australasian Institute of Mining and Metallurgy and Mr Bruce Mowat, a member of The Australian Institute of Geoscientists. Mr Andrew Goode and Mr Bruce Mowat 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 Andrew Goode and Mr Bruce Mowat are full time employees of a subsidiary of Resolute and each hold equity securities in the Resolute. They have consented to the inclusion of the matters in this presentation based on the information in the form and context in which it appears. This information was prepared and disclosed under the JORC Code 2012 except where otherwise noted. Particular Reserves and Resources remain 2004 JORC compliant and not updated to JORC Code 2012 on the basis that that information has not materially changed since it was last reported.

Not Financial Product Advice

This presentation does not constitute financial product advice, investment, legal, taxation or other advice and is not intended to be used or relied upon as the basis for making an investment decision. This presentation is not a recommendation to acquire Resolute securities and has been prepared without taking into account the investment objectives, taxation situation, financial situation or needs of individuals. Before making any investment decision in connection with any acquisition of Resolute securities, prospective investors should consider the appropriateness of the information having regard to their own objectives, tax situation, financial situation and needs and seek financial, legal and taxation advice appropriate to their jurisdiction. 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.

No Liability

The information contained in this presentation has been prepared in good faith by Resolute, however no guarantee, representation or warranty expressed or implied is or will be made by any person (including Resolute and its affiliates and their directors, officers, employees, associates, advisers and agents) as to the accuracy, reliability, correctness, completeness or adequacy of any statements, estimates, options, conclusions or other information contained in this presentation. No person other than Resolute is responsible for the preparation of this presentation. To the maximum extent permitted by law, Resolute and its affiliates and their directors, officers, employees, associates, advisers and agents each expressly disclaims any and all liability, including, without limitation, any liability arising out of fault or negligence, for any loss arising from the use of or reliance on information contained in this presentation including representations or warranties or in relation to the accuracy or completeness of the information, statements, opinions, forecasts, reports or other matters, express or implied, contained in, arising out of or derived from, or for omissions from, this presentation including, without limitation, any financial information, any estimates, forecasts, or projections and any other financial information derived therefrom. Statements in this presentation are made only as of the date of this presentation unless otherwise stated and the information in this presentation remains subject to change without notice. No responsibility or liability is assumed by Resolute or any of its affiliates (or their directors, officers, employees, associates, advisers and agents) for updating any information in this presentation or to inform any recipient of any new or more accurate information or any errors or mis-descriptions of which Resolute and any of its affiliates or advisers may become aware.

Notes

• US$ numbers quoted are weighted average in US$, at prevailing exchange rates

• All in Sustaining Costs (AISC) per ounce of gold produced are calculated in accordance with World Gold Council guidelines. These measures are included to assist investors to better understand the ‐

• performance of the business. Cash cost per ounce of gold produced and AISC are non International Financial Reporting Standards financial information

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