Resolute Mining Limited — Interim / Quarterly Report 2019

Aug 29, 2019

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Mine More Gold. Create More Value. Syama: The world’s first purpose built, 2019 Half Year Results Presentation fully automated sub-level cave gold mine For the six months to 30 June 2019

Half Year Results Presentation: For the six months to 30 June 2019

Cautionary Statement

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This presentation contains 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 remains subject to change without notice. This presentation has been prepared by Resolute and no party other than Resolute has authorised or caused the issue, lodgement, submission, despatch or provision of this presentation.

The information in this presentation is general in nature and does not purport to be complete. This presentation is not a prospectus, disclosure document or other offering document under Australian law or under the laws of any other jurisdiction. This presentation is provided for information purposes and does not constitute an offer, invitation , inducement or recommendation to subscribe for or purchase securities in Resolute in any jurisdiction.

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.

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 or damage suffered by any person relating in any way to the use of or reliance on information contained in this presentation including, without limitation:

• from representations or warranties or in relation to the accuracy or completeness of the information contained within this presentation;

• from statements, opinions, forecasts, reports or other matters, express or implied, contained in, arising out of or derived from this presentation; or

• for omissions from this presentation including, without limitation, any financial information, any estimates, forecasts, or projections and any other financial information derived therefrom.

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.

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 forward-looking 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 are based upon a number of estimates and assumptions that, while considered reasonable by Resolute, are inherently subject to significant uncertainties and contingencies, many of which are outside the control of Resolute, involve known and unknown risks and uncertainties that could cause actual events or results to differ materially from estimated or anticipated events or results reflected in such forward looking statements on certain assumptions, which may prove to be incorrect. Actual results, performance, actions and developments of Resolute may differ materially from those expressed or implied by the forward-looking statements in this presentation.

As an Australian company listed on the Australian Securities Exchange (ASX), Resolute is required to report Ore Reserves and Mineral Resources in Australia in accordance with the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code). Recipients should note that while Resolute’s Mineral Resource and Ore Reserve estimates comply with the JORC Code, they may not comply with relevant guidelines in other countries.

For details of the Mineral Resources and Ore Reserves used in this presentation, please refer to ASX Announcement dated 13 February 2019 titled “Annual Ore Reserve and Mineral Resource Statement as at 31 December 2018”, ASX Announcement dated 29 April 2019 titled “Tabakoroni Resource Update”, ASX Announcement dated 22 July 2019 titled “Major Resource and Reserve Upgrade at Ravenswood” and ASX Announcement dated 31 July 2019 titled “Offer Document Acquisition of Toro Gold”. The Company is not aware of any new information or data that materially affects the Mineral Resources and Ore Reserves as reported in these ASX Announcements and confirms that all material assumptions and technical parameters underpinning this plan continue to apply and have not materially changed. The form and context in which the Competent Persons’ findings are presented have not been materially modified.

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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Half Year Results Presentation: For the six months to 30 June 2019

Mako Syama Senegal Mali

Bibiani Ghana

Ravenswood Australia

Mine More Gold. Create More Value.

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Half Year Results Presentation: For the six months to 30 June 2019

Half Year in Review

Syama Underground Mine achieved commercial production rates

Ravenswood Expansion Project optimisation progressed; targeting 200,000ozpa for 15 years Major gold inventory upgrades at Tabakoroni and Ravenswood Value accretive acquisition of Toro Gold; adds high quality Mako Gold Mine to portfolio Dual-listing on the London Stock Exchange completed with first trading in June 2019 Upgraded FY19 guidance to 400,000oz at an AISC of US$960/oz

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Half Year Results Presentation: For the 6 months to 30 June 2019six months to 30 June 2019

Mine Gold.

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Half Year Operational Performance 176,237oz US$828/oz Total Gold Production All-In Sustaining Cost (A$1,173/oz) 176,294oz US$1,275oz Total Gold Sold Ave Price Received (A$1,800/oz)

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Half Year Results Presentation: For the 6 months to 30 June 2019six months to 30 June 2019

Create Value.

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Half Year Financial Performance A$324m A$69m Revenue from Gold and Silver Sales Gross Profit A$78m A$39m EBITDA Net Profit After Tax 4.71 cents A$95m OperatingCash Flow Earnings Per Share

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Half Year Results Presentation: For the six months to 30 June 2019

Production

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Production by Asset (oz)

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200,000
176,237
180,000
160,000
142,749 141,437
140,000 129,199
120,000
100,000
80,000
60,000
40,000
20,000
-
H2 17 H1 18 H2 18 H1 19
Syama Ravenswood
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Note: H1 is the six month period to 30 June and H2 is the six month period to 31 December.

Half Year Results Presentation: For the six months to 30 June 2019

All-In Sustaining Cost All-In Sustaining Cost by Asset

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Syama

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(US$/oz)
1,200 A$1,361/oz
A$1,240/oz
1,000 A$1,250/oz
800 A$966/oz
600
400
200
-
H2 17 H1 18 H2 18 H1 19
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A$1,250/oz
A$966/oz
H2 18 H1 19
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H1 18
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Ravenswood

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(US$/oz)
1,600 A$1,851/oz A$2,099/oz
1,400
1,200 A$1,373/oz A$1,413/oz
1,000
800
600
400
200
-
H2 17 H1 18 H2 18 H1 19
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H1 18
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H1 19
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Note: H1 is the six month period to 30 June and H2 is the six month period to 31 December.

H2 18

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Half Year Results Presentation: For the six months to 30 June 2019

Financial Results Summary

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	Units H1 FY19 Six months to 30 June 2019 H1 FY18 Six months to 30 June 2018 % Change	Units H1 FY19 Six months to 30 June 2019 H1 FY18 Six months to 30 June 2018 % Change	Units H1 FY19 Six months to 30 June 2019 H1 FY18 Six months to 30 June 2018 % Change	Units H1 FY19 Six months to 30 June 2019 H1 FY18 Six months to 30 June 2018 % Change	Units H1 FY19 Six months to 30 June 2019 H1 FY18 Six months to 30 June 2018 % Change
Financial Performance	Revenue	A$m	A$324m	A$243m	33%
	EBITDA	A$m	A$78m	A$29m	171%
	Margin	%	24%	12%
	Gross Profit	A$m	A$69m	A$39m	77%
	Margin	%	21%	16%
	Net Profit After Tax	A$m	A$39m	A$39m	(1%)
	Earnings Per Share	Acps	4.71c	4.40c	7%
	Operating Cash Flow	A$m	A$95m	A$53m	79%
Units As at 30 June 2019 As at 31 December 2018 Cash, Bullion and Investments A$m A$56m A$117m Borrowings (net of in-country receivables) A$m A$198m A$173m Financial Position
ncial ition	Units As at 30 June 2019 As at 31 December 2018
Fina Pos	Cash, Bullion and Investments	A$m	A$56m	A$117m
	Borrowings (net of in-country receivables)	A$m	A$198m	A$173m

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Half Year Results Presentation: For the six months to 30 June 2019

EBITDA Profile EBITDA (A$m)

EBITDA Margin (%)

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90
78.2 30%
80
70 25% 24%
60
20%
50
15%
40
12%
12%
28.8
30 10%
23.3 10%
21.8
20
5%
10
- 0%
H2 17 H1 18 H2 18 H1 19 H2 17 H1 18 H2 18 H1 19
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Note: H1 is the six month period to 30 June and H2 is the six month period to 31 December.

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Half Year Results Presentation: For the six months to 30 June 2019

Net Profit Reconciliation

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Underlying Net Profit After Tax (A$m)

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0.3
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Note: H1 is the six month period to 30 June and H2 is the six month period to 31 December.
Net Profit at 30 June 2018 Revenue Production Costs - Syama Production Costs - Ravenswood Royalty & Ops Support Corporate and Administration Exploration and Business Development Depreciation and Amortisation Interest, Finance and Treasury Tax Benefit
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Net Profit at 30 June 2019
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Half Year Results Presentation: For the six months to 30 June 2019

Cash Flow Reconciliation

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Cash Flow (A$m)

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Cash and Bullion at 1 July 2018 Syama Net Operating Development Syndicated Loan Facility Drawdown Ravenswood Net Operating Bibiani Care & Maintenance Exploration Dividend Other
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Cash and Bullion at 30 June 2019 Investments Opening Investment Movement Cash, Bullion and listed Investments Closing
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Investments
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Note: [xx]
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Half Year Results Presentation: For the six months to 30 June 2019

Health and Safety Improved safety performance driven by effective management of sub-contractors and active management of key operational risks TRIFR down to 2.77 TRIFR of 3.23 at 30 June 2018

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Half Year Results Presentation: For the 6 months to 30 June 2019six months to 30 June 2019

Syama Automation Control Room

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Strong operating and financial performance through successful growth period to larger production base of long life, low cost mines.

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Half Year Results Presentation: For the 6 months to 30 June 2019six months to 30 June 2019

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Mining smarter using advanced technologies and innovative techniques to create sustainable value for all stakeholders.

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Half Year Results Presentation: For the six months to 30 June 2019

Resolute Portfolio

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Syama Mako

Syama Complex comprises the Syama Underground Mine, a world class, fully automated sublevel cave, and the Tabakoroni Open Pit Mine

Mako is a high quality, low-cost producing asset with attractive scale, located in the stable, mining friendly jurisdiction of Senegal

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Mine Life 14 years Mine Life 7 years
Mineral Resource 8.2 Moz 3.4 Moz ReserveOre Mineral Resource 1.2 Moz 0.9 Moz ReserveOre
LOM US$ 300 Target LOM US$ 140 LOM Ave
AISC Production AISC Production
746 /oz kozpa 780 /oz kozpa
Plant Capacity 4 Mtpa Plant Capacity 2.3 Mtpa
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Ravenswood

At Ravenswood, Resolute is taking steps to transition from underground mining at the Mt Wright Underground Mine to large scale open pit mining at Buck Reef West / Sarsfield

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Mine Life 15 years
Mineral Resource 5.9 Moz 2.7 Moz ReserveOre
LOM US$ 200 Target
AISC Production
823 /oz kozpa
Nameplate Capacity 5 Mtpa
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Bibiani

Bibiani is a potential long life, high margin operation and represents a growth opportunity for Resolute

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Mine Life 10 years
Mineral
Resource 2.5 Moz
LOM US$ 100 Target
AISC Production
764 /oz kozpa
Available Capacity 3 Mtpa
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Note: Mineral Resource is inclusive of Ore Reserve and is as at 31 December 2018 (Syama Mineral Resource is inclusive of the Tabakoroni Mineral Resource update which is as at 31 March 2019). Syama: all statistics are for the Syama Complex except for LOM AISC which is for the Syama Underground Mine. Mako Production and AISC is a LOM Target. Ravenswood is Target Site Production as is mine life based on ongoing optimisation study work. Ravenswood LOM AISC is based on Ravenswood Expansion Plan study update published in July 2018. Bibiani Mine Life, LOM AISC and Target Production based on study update published in July 2018. Numbers subject to rounding.

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Half Year Results Presentation: For the six months to 30 June 2019

Mali Syama Gold Mine The world’s first fully automated underground gold mine

Commercial Production Rates Achieved

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Half Year Results Presentation: For the six months to 30 June 2019

Mako Gold Mine Senegal High quality, low cost producing asset with attractive scale

Value Accretive Acquisition of Toro Gold announced in July 2019

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Half Year Results Presentation: For the six months to 30 June 2019

Ravenswood Gold Mine Australia Transitioning to large scale, low cost open pit mining for 15 years

Optimisation Study progressing; potential to deliver 200kozpa

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Half Year Results Presentation: For the six months to 30 June 2019

Bibiani Gold Mine Ghana Long life, high margin growth opportunity

Scheme extended; operational readiness planning continues

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Half Year Results Presentation: For the six months to 30 June 2019

Mine More Gold Create More Value

Attractive Scale Increased Production FY2019 (Annualised to 31 Dec)

Resolute’sProduction with Mako Increased to 490koz

Resolute Standalone: 330koz

Enhanced Margins Lower AISC FY2019 (Annualised to 31 Dec)

Resolute Standalone: US$990/oz

Resolute’sAISC with Mako Lowered to US$920/oz

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400koz at an AISC of US$960/oz FULL YEAR GUIDANCE

Note: Annualised guidance is based on a full year contribution from Mako. Resolute’s updated guidance for FY19 (31 December) is 400koz at an AISC of US$960/oz and is based on production contributed from Mako from acquisition through to 31 December 2019.

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Half Year Results Presentation: For the six months to 30 June 2019

Unique and Highly Attractive Investment Proposition Resolute is a dividend paying gold producer with multiple long life, high margin assets and a strong platform for growth and consolidation within Africa

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Long Life, Low Cost, Large Scale Assets Proven Operator with Unique Skill Set and Reputation in Africa Strong Exploration Commitment with Track Record of Low Cost Discovery Leader in Mining Innovation with the World’s Most Advanced Automation System Value Upside and Commitment to Shareholder Returns

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