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Resolute Mining Limited Investor Presentation 2011

Sep 20, 2011

10548_rns_2011-09-20_755293a8-7f7a-4787-b96c-02512c0efde3.pdf

Investor Presentation

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ASX
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Announcement
ACN 097 088 689
21 SEPTEMBER 2011 1
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CHIEF EXECUTIVE OFFICER’S PRESENTATION AT DENVER GOLD FORUM

Attached is a copy of the Chief Executive Officer’s presentation given at the Denver Gold Forum.

For and on behalf of the Board

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GREG FITZGERALD Company Secretary

Resolute Mining Limited 4th Floor, The BGC Centre, 28 The Esplanade, Perth, Western Australia 6000 Telephone: + 61 8 9261 6100 Facsimile: + 61 8 9322 7597 E-mail: [email protected] www.rml.com.au

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GOLDEN VALUE OPPORTUNITY RESOLUTE MINING LIMITED

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A GOLDEN VALUE OPPORTUNITY
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§ Second largest ASX-listed gold producer

  • § 330,000oz growing to 400,000+ oz pa

FY12 forecast production 410Koz @ A$730/oz

  • § 5.2m oz in Reserves backing 10+ years mine life

  • § 100% unhedged production leverage to the record gold price

  • § Use growing cash flow to aggressively pay down debt with a target of no net debt by end of 2011

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2011 (A) 2012 (F) 2013 (F)
Syama Mt Wright
Sarsfield Golden Pride
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  • § Examination of capital management initiatives including consideration of:

  • § Share buybacks

  • § Dividends

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RESOLUTE VALUE ADD STRATEGY
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  • § Continue ramp-up of Syama operation towards target production of 250,000oz a year

  • § Grow group production while reducing costs through identified projects

  • § Unlock exploration potential in Mali, Australia and Cote d’Ivoire

  • § Improve cash flow and maintain conservative balance sheet

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SNAPSHOT OF RESOLUTE

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FY 2011 FINANCIAL SNAPSHOT
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Total gold roduction p

330,859 ounces

Average cash cost $908/oz

Revenue

$445.1 million

Net Profit After $61.4 million Tax Cash and bullion $25.7 million

Total borrowings $126.0 million

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A CLEAR VALUE OPPORTUNITY
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US$/oz

Adjusted Market Capitalisation/Reserves Ounce

  • $1,000 $900 $800 $700 $600 $500 $400 $300 $200 $100 $0

Source: BMO Gold Pages 12 September 2011 Intermediate Producers

7

SYAMA

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SYAMA OPERATION, MALI
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  • § Large scale open pit operation

  • § Resolute 80%, Mali Govt 20%

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  • §

Ramping up annual output to 250,000oz+

  • §

  • 2.94Moz contained reserves

  • 13 year mine life

  • §

§ Plant and Pit expansion feasibility underway

§ Substantial exploration upside along strike and regionally

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SYAMA IMPROVEMENT
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  • § FY11 production 85,362 ounces at US$1,197/oz

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  • § Gold production increase and cash cost decrease underway

  • § Issues being overcome – mechanical rather than process based

  • § Improved mechanical consistency to drive production increase

  • § Metallurgical performance confirms process design

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SYAMA PIT EXPANSION
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  • § Expanded pit design to capture a total of 2.94Moz

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  • §

  • §

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Mine life extended from 6 years to 13 years

Delays transition to higher cost underground mine

  • GR Engineering to complete DFS in March quarter 2012

Ore body open at depth

§ Underground mine plan to be reconfigured

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SYAMA OXIDE CIRCUIT EXPANSION
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A21 - Quartz Vein Hill

Oxide mineralisation over 6 km A21/QVH 601K oz resource Alpha/Syama Extension Alpha 101K oz resource Syama Ext 162K oz resource Main Pit Tellem - Paysans 12 km of unexplored strike Tellem 165K oz resource

  • §

  • §

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Potential to increase Syama’s annual production by 70koz by addition of oxide milling circuit

  • Oxide resource of 1.0Moz+ along strike north and south of main pit

  • Low capital costs by using existing Morgardshammar mill

  • Estimated capital cost of US$38M for initial 7 year life

GR Engineering to complete DFS in March quarter 2012

Drilling to improve resource inventory and extend life

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SYAMA GRID POWER CONNECTION
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  • §

  • Diesel power generation currently represents ~1/3 of Syama’s cash operating costs

  • West African power pool interconnection with Cote d’Ivoire under construction

  • §

  • § Interconnection expected to be operational by mid 2012

  • § Preliminary route between Sikasso and Syama selected

  • § Connection to Syama will substantially reduce mine’s power generation costs

  • § Grid connection capital cost estimated US$42.2M and MOU expected in 2011

Sikasso Substation Feb 2011

13

RAVENSWOOD

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RAVENSWOOD OPERATION, AUSTRALIA
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  • § More than 1.5Moz in Reserves

§ FY11 production 122,576oz at A$893/oz

  • § Focus on high-grade Mt Wright underground ore

  • § Sarsfield low-grade stockpiles exhausted

§ Mill conversion for dedicated treatment of Mt Wright ore

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SARSFIELD OPEN PIT
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§ Mining ceased in early 2009, pit designed at A$800/oz

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  • §

§

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Stockpiled ore close to exhaustion

Reserve of 1.0Moz below current pit

Feasibility study investigating potential reopening due to strong gold price

Estimated capital cost $72M to restart mining and treatment

  • § Simple reconfiguration of downsized plant to increase capacity from 1Mtpa to 5Mtpa for very low capital cost

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WELCOME BRECCIA
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  • §

  • New discovery (89% Resolute) made near Ravenswood plant

  • § WED003 intersected a spectacular 113m @ 7.7g/t au from 316m

  • § Mineralisation is plunging steeply and remains open at depth.

  • § Initial resource estimate 2.04mt @ 3.18g/t au for 208,000oz with significant upside

  • § Drilling to test depth potential and adjacent chargeability anomalies underway

17

GOLDEN PRIDE

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GOLDEN PRIDE, TANZANIA 18
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  • § Current reserve of 220,000oz

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FY11 gold production 122,921oz @ cash cost of US$708/oz

  • §

§ Mining to final pit design with less than 2 year production life

  • § Mine planning for near pit deposits

  • § Nyakafuru 1.0Moz resource 120kms from Golden Pride

  • § Development options under review

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LONG GROWTH PIPELINE 19
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NEAR-TERM PRODUCTION GROWTH

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•
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ADVANCED EXPLORATION

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EARLIER STAGE EXPLORATION

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SYAMA NORTH EXPLORATION UPSIDE
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  • §

§

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A21/Quartz Vein Hill : Infill and extension RC drilling on 50m traverses

Initial resource of 601,000oz @ 2.5g/t Au

  • Alpha : Infill and extension RC drilling on 50m traverses.

Initial resource of 101,000oz @ 1.8g/t Au

  • Syama Extended : Infill and extension RC drilling on 50m traverses

Initial resource of 162,000oz @ 2.5g/t Au

Other Targets: Untested extensions to QVH/A21, Ba01 and Samory, all untested below 100m

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SYAMA SOUTH EXPLORATION UPSIDE
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§ Tellem : RC drilling on 50-100m traverses.Continuous mineralisation over 4000m – Open along strike

Initial resource of 165,000oz @ 2.5g/t Au

§ Paysans: Broad spaced (200m) aircore traverses. Continuous mineralisation over 1400m. Open along strike .

  • § Senufo-Salikou: Broad spaced (200-600m) aircore traverses. Continuous mineralisation over 1000m. Open along strike.

§ Other Targets: 12km of underexplored strike remains to be tested, All Untested below 100m

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SYAMA REGIONAL EXPLORATION UPSIDE
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Located in prolific West African Birimian Greenstone Belt

§

Tenure covers ~75km of the highly prospective and under explored Syama Shear

  • §

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Actively pursuing other nearby prospective tenure – new JV with Robex Resources in July

§ Tabakoroni Feasibility Submitted in July 2010. Awaiting approval of Exploitation Permit

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RAVENSWOOD EXPLORATION
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  • § Four other Mt Wright style targets to be tested in the district

Golden Valley breccia complex similar to Kidston and Mt Leyshon breccia complexes.

  • §

  • Geophysics completed showing significant chargeability anomaly

  • §

  • § Drilling expected to commence next quarter

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COTE D IVOIRE EXPLORATION
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§

§

§

§

Focus on the under explored, World-Class Birimian terrains of West Africa

~10,000sqkm of permits covering over 200km of Greenstone Belts NE of Newcrest Mining’s Bonikro Mine

Broad scale 1km x1km multi element sampling targeting large scale deposits

Ten high priority multi element soil anomalies delineated

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CORPORATE SUMMARY 25
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Capitalisation

  • Issued Shares (ASX: RSG):

  • 467 million

  • Issued Options (ASX: RSGO): 51 million

  • Issued Con Notes (ASX: RSGG) 137million

  • • 12 Mth Share Price Range: A$1.71 – $0.78

Board of Directors

  • Peter Huston Non Exec Chairman

  • • Peter Sullivan Managing Director • Tom Ford Non Executive Director • Bill Price Non Executive Director

  • Market Cap (undiluted): A$800 million

Debt

  • Secured US$22.4 + A$18.9 million

  • • Other A$15.1 million • Deferred Put Premium US$4.6 million

Cash & Bullion (30 June 11) A$25.8 million

Major Shareholders

  • M&G Investments 19.1%

  • Alliance Life Common Fund 17.1%

  • • Baker Steel 7.7%

  • Acorn Capital 6.5%

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A GOLDEN VALUE OPPORTUNITY
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  • § Second largest ASX-listed gold producer

  • § 330,000oz growing to 400,000+ oz pa

FY12 forecast production 410Koz @ A$730/oz

  • § 5.2m oz in Reserves backing 10+ years mine life

  • § 100% unhedged production leverage to the record gold price

  • § Use growing cash flow to aggressively pay down debt with a target of no net debt by end of 2011

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500
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2011 (A) 2012 (F) 2013 (F)
Syama Mt Wright
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  • § Examination of capital management initiatives including consideration of:

  • § Share buybacks

  • § Dividends

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27
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THANK YOU

DISCLAIMER

  • This presentation includes certain statements, estimates and projections with respect to the future performances of Resolute Mining. 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 Mining, of the anticipated future performance of Resolute Mining’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 presentation as it relates to ore reserves, mineral resources or mineralisation is reported in accordance with the Aus.IMM “Australian Code for reporting of Identified Mineral Resources and Ore Reserves” and is based on information compiled by R Bray, a competent person as defined by the code. R Bray has consented to the inclusion in this report of the numbers based on the information in the form and context in which it appears. “Significant” drill results refer to results that are indicative of potentially economic mineralisation or that warrant follow-up work. All Reserves Resources as at 30 June 2010

  • In providing this presentation, Resolute Mining 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 Mining 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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JORC RESERVES 28
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Gold Reserves Project Resolute Group Resolute Group
(includes stockpiles) Project Gold grade Contained Share Share
Tonnes (g/t) Ounces Gold % ounces
RESERVES
Reserves ( Proved)
Australia
Mt Wright (insitu)2 5,180,000 2.8 466,000 100% 466,000
Sarsfield (insitu) 3 20,270,000 0.9 604,000 100% 604,000
Mali
Syama (insitu) 15,806,000 3.0 1,525,000 80% 1,220,000
Stockpiles 573,000 2.6 48,000 80% 38,000
A21 (insitu) 724,000 2.8 65,000 80% 52,000
Finkolo-Etruscan JV (insitu) 1,037,000 3.3 109,000 51% 56,000
Tanzania
Golden Pride (insitu) 1,880,000 2.0 121,000 100% 121,000
Stockpiles 380,000 1.3 16,000 100% 16,000
Total Proved 45,850,000 2.0 2,954,000 2,573,000
Reserves ( Probable)
Australia
Mt Wright (insitu)2 830,000 2.0 53,000 100% 53,000
Sarsfield (insitu) 3 15,860,000 0.8 428,000 100% 428,000
Stockpiles (Sarsfield)3 250,000 0.6 1,000 100% 1,000
Mali
Syama (insitu) 15,885,000 2.7 1,379,000 80% 1,103,000
Stockpiles 1,432,000 1.8 83,000 80% 66,000
A21 (insitu) 1,442,000 2.7 125,000 80% 100,000
Finkolo-Etruscan JV (insitu) 1,381,000 2.9 127,000 51% 65,000
Tanzania
Golden Pride (insitu) 940,000 2.0 60,000 100% 60,000
Stockpiles 1,100,000 0.7 25,000 100% 25,000
Total (Probable) 39,120,000 1.8 2,281,000 1,901,000
Total Reserves (Proved and
Probable) 84,970,000 1.9 5,235,000 4,474,000

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29
JORC RESOURCES
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Gold Resources1
Project
Resolute
Group
Resolute
Group
(includes stockpiles)
Project
Gold grade
Contained
Share
Share
Tonnes
(g/t)
Ounces Gold
%
Ounces		 Gold Resources1
Project
Resolute
Group
Resolute
Group
(includes stockpiles)
Project
Gold
grade
Contained
Share
Share
Tonnes
(g/t)
Ounces Gold
%
ounces
RESOURCES1
Resources (Measured)
Australia
Mt Wright (insitu)2
0
0.0
0
Sarsfield (insitu) 3
2,030,000
0.8
52,000
100%
52,000
Mali
Syama (insitu)
2,630,000
3.0
254,000
80%
203,000
A21 (insitu)
430,000
2.1
29,000
80%
23,000
Finkolo-Etruscan JV (insitu)
1,300,000
2.7
113,000
60%
68,000
Tanzania
Golden Pride (insitu)
3,580,000
1.9
219,000
100%
219,000		 Resources (Inferred)
Australia
Mt Wright (insitu)2
470,000
2.6
39,000
100%
39,000
Sarsfield (insitu) 3
7,850,000
0.8
202,000
100%
202,000
Welcome Breccia (insitu)
2,040,000
3.2
210,000
87%
180,000
Mali
Syama (insitu)
3,800,000
2.4
293,000
80%
234,400
A21 (insitu)
3,300,000
1.8
191,000
80%
153,000
Alpha, Syama Ext & Tellem
(insitu)
2,619,000
2.4
204,000
80%
163,000
Finkolo-Etruscan JV (insitu)
3,100,000
2.2
219,000
60%
131,400
Tanzania
Golden Pride (insitu)
11,800,000
1.7
645,000
100%
645,000
Nyakafuru JV
11,700,000
1.4
527,000
75%
393,000
Total (Measured)
9,970,000
2.1
667,000
565,000
Resources (Indicated)
Australia
Mt Wright (insitu) 2
780,000
2.6
65,000
100%
65,000
Sarsfield (insitu) 3
5,360,000
0.7
121,000
100%
121,000
Mali
Syama (insitu)
7,414,000
2.7
644,000
80%
515,000
Stockpiles
3,360,000
1.4
151,000
80%
121,000
A21 (insitu)
1,764,000
2.0
113,000
80%
90,000
Alpha,Syama Ext & Tellem
(insitu)
3,203,000
2.2
224,000
80%
179,000
Finkolo-Etruscan JV (insitu)
3,100,000
2.6
259,000
60%
155,000
Tanzania
Golden Pride (insitu)
8,210,000
1.6
422,000
100%
422,000
Golden Pride( stockpiled)
1,100,000
0.7
25,000
100%
25,000
Nyakafuru
7,700,000
2.2
545,000
100%
545,000
Total (Inferred)
46,679,000
1.7
2,530,000
2,141,000
Total Resources
96,640,000
1.8
5,766,000
4,944,000
Total (Indicated)
41,991,000
1.9
2,569,000
2,238,000
Total Measured and Indicated
51,961,000
1.9
3,236,000
2,803,000

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