Resolute Mining Limited — Investor Presentation 2013

Sep 23, 2013

01

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ASX Announcement
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24 September 2013

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.

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GREG FITZGERALD Company Secretary

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DENVER GOLD FORUM DENVER

CHIEF EXECUTIVE OFFICER PETER SULLIVAN 23 SEPTEMBER 2013

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A PROVEN GOLD PRODUCER

One of the largest gold producers listed on ASX

Operating assets across Africa and Australia

FY2014 guidance of 345,000oz at A$890/oz

100% unhedged – strong leverage to gold price

Profitable and cash generating over wide gold price range Conservative balance sheet ensures strong financial position - flexible to pursue growth

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25[th] YEAR OF GOLD PRODUCTION WITH LONG TERM PRESENCE IN AFRICA

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FY13 435Koz at A$811/oz
Producing
Ahead of guidance
500,000 gold in Africa
since 96/97
450,000
400,000 Consistent
350,000 gold producer
since 1989
300,000
250,000
200,000
150,000
100,000
50,000
0
Australia Africa
ounces
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+ 6.5Moz gold production to date …

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CORPORATE OVERVIEW

Key Information

ASX Code RSG Shares 641M Last Share Price[1] $0.66 Market Cap[1] A$422M Daily Turnover[2] 4.3M shares Cash/Bullion/Liq Inv[3] A$71M Debt[3] A$92M Hedging NIL Shareholders ICM 33.1% Van Eck 7.4%

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1. Current at 20 September 2013

2. Average FY2013

3. As at 30 Jun 2013 excluding Noble investment

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FY2013: STRONG FINANCIAL PERFORMANCE THROUGH GOLD CYCLE

• § Gold production up 9% to 435,855oz at A$811/oz

• § Revenue increased 7% to $619M at average gold price received of A$1,562/oz (FY12: A$1,627/oz)

• §

• Reported NPAT of $85M, after non-cash impairment charges of $79M

• Impairment primarily marked-to-market charges against gold equity investments due to sustained period of lower gold prices and prevailing market conditions at 30 June 2013

• § Strong positive cash flow from operations of $154M, incl. ~$17M exploration spend

• § Capital expenditure of $113M

• § Cash, bullion and investments market value of $156M at 30 June 2013

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Gold production Cash cost / ounce Revenue Operating cashflow
500,000 1,000 700 200
900
600 175
400,000 800
150
700 500
125
300,000 600
400
500 100
300
200,000 400 75
300 200
50
100,000 200
100 25
100
0 0 0 0
09 10 11 12 13 09 10 11 12 13 09 10 11 12 13 09 10 11 12 13
$A
ounces $A million
$A million
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FOCUS ON CASH – OPTIMISING THE BUSINESS

Operating versatility and cash generating for wide range of gold price movements Review of Syama life of mine plans with remaining expenditure on Syama expansion critically evaluated Ongoing drive to reduce operating cost base Senior management pay freeze implemented Ongoing commitment to capital management ensuring strong financial position retained

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AUSTRALIAN GOLD COMPANY WITH AFRICAN FOCUS

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SNAPSHOT OF RESOLUTE
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SYAMA - A PROFITABLE LONG LIFE PROJECT

Key Statistics RSG Ownership 80% Commissioned 2009 Production (FY13) 196,182 oz Production Grade 3.65 g/t Cash Costs (FY13) A$796/oz Gold Production 250,000 Mine Life (30 Jun 13) 10+ years 200,000 Total Reserves 2.4 Moz 150,000 Reserve Grade 2.6 g/t 100,000 Total Resources 4.7 Moz 50,000 Resource Grade 2.4 g/t 0

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RESETTING SYAMA - EXPANSION REMAINING ROBUST AT CURRENT GOLD PRICE

• § Major expansion approved June 2012

• Expansion of open pit

• Establishment of oxide circuit

• Infrastructure including grid power connection

• § Production increases to average 270,000ozpa

• § Stage 3 of open pit expansion removed

• Resetting reserves

• Underground inventory (+8,000ozs/vm) subject to prefeasibility

• Capex savings to be determined

• § Total capital cost of US$266M under review

• Expansion project 34% complete at June 2013

• US$61m for FY14 and US$113M currently deferred to FY15

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“A major expansion of
Syama is underway and
scheduled to be
completed in mid 2015.”
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RAVENSWOOD – STABLE, LONG -TERM PRODUCTION

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Gold Production
150,000
125,000
100,000
75,000
50,000
25,000
0
ounces
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Key Statistics RSG Ownership 100% Commissioned 2004 Production (FY13) 141,846 oz Production Grade 2.9 g/t Cash Costs (FY13) A$760/oz Mine Life (30 Jun 13) 10+ years Total Reserves 1.5 Moz Reserve Grade 0.9 g/t Total Resources 1.7 Moz Resource Grade 0.8 g/t

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MT WRIGHT DELIVERING

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Drill testing to the
500RL
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• Ore production consistent 1.4mtpa from sub level shrinkage

• Grade dilution well within expectation

• Decline completed to design depth

• Assessment underway for potential to extend mining below 600RL base

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RE-OPENING OF SARSFIELD UNDER ASSESSMENT

• § Potential to extend Ravenswood life and increase production by reopening Sarsfield pit

• Reserve/Resources of 2.5Moz

• Additional 110kozpa output

• Mine life extended by 9 years

• § Feasibility Study estimated capital cost of $123M and LOM average cash costs of $1106/oz

• § Opportunities to improve returns being examined, including:

• Tailings storage facility design

• Owner Mining

• Buckreef West and Nolan’s East drill targets

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GOLDEN PRIDE – NEAR END OF LONG MINE LIFE

§ Closure of Golden Pride end of 2013 after 15 years in production § Rehabilitation well advanced as progressively undertaken since commencement § Cost provision of ~$10M § Plant options being considered	Key Statistics
	RSG Ownership 100%
	Commissioned 1999
	Production(FY13)97,827 oz
	Production Grade 1.46 g/t
	Cash Costs(FY13F)A$915/oz
	Mine Life_(30 Jun 13)_ 0.5 year
	Total Reserves 0.1 Moz
	Reserve Grade 1.2 g/t
	Total Resources 1.4 Moz
	Resource Grade 1.8 g/t

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POTENTIAL TO LEVERAGE EXPERIENCE IN TANZANIA

• § Located 120km NW of Golden Pride at Nyakafuru

• § Recently announced 388,000oz Reserve and 900,000oz in Resources

• § RC/diamond drilling along Kanegele shear continues to deliver very good results over a 5km strike

• § Studies continue to evaluate future development at Nyakafuru

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HIGH VALUE EXPLORATION PORTFOLIO

• § Highly prospective, underexplored tenure spread across Mali, Cote d’Ivoire, Tanzania and Australia

• § Strong balance sheet enables renewed exploration focus to unlock value and add exploration premium

• § Exploration budget for FY14 US$15M

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• § Multiple high quality targets close to existing infrastructure at Syama in Mali and Ravenswood in Queensland

• § Drilling currently ongoing in Tanzania, Mali and Australia

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“Resolute is exploring
13,590 km [2] of
prospective tenure
across three
countries in Africa.”
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SYAMA REGIONAL EXPLORATION UPSIDE

§ Tenure covers ~75km of highly prospective and underexplored Syama Shear in West African Birimian Greenstone Belt

• § Multiple resource extension targets along strike to the north and south

• § Tabakoroni Feasibility Submitted and Exploitation Permit approved

• § Ownership consolidation with recent acquisition from JV partner for US$20M

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HUGE POSITION IN PROSPECTIVE COTE d’IVOIRE

• § Targeting large deposits in the underexplored, world-class Birimian terrains of West Africa

• § Applied for ~10,000km[2] of permits covering 200km+ of Greenstone Belts NE of Newcrest Mining’s Bonikro mine

• § Ten high priority multi element soil anomalies delineated

• § Drill testing planned for FY13 following final permit approvals

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NOBLE MINERAL RESOURCES ADVANCED GHANA GOLD PROJECT

• § Resolute acquired a ~20% stake in Noble and backed a A$85M financing package in Nov 2012

• § Noble owns the Bibiani gold mine in Ghana

• 2.8Moz Mineral Resources, 3Mtpa CIL processing facility and +4Moz of gold produced to date

• § Noble entered Voluntary Administration in September

• Operations currently suspended, mine plan under review and U/G feasibility study planned in next steps

• § Resolute continues to believe in underlying value and significant future potential of Bibiani

• § Resolute as the major external creditor / key stakeholder will work with Administrator to ensure value driven outcome

• § A strategic investment by Resolute in an advanced West African gold project

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RESERVES AND RESOURCES UPDATE: 30 JUNE 2013

§ Total Reserves and Resources up 13%

• Reflecting modified Syama mine plan and drilling success across Queensland, Mali and Tanzania

§ Reserves at 4.3Moz of gold

• Impacted by removal of Stage 3 cut back (1.2Moz reduction)

• Redesigned Syama open pit driving lower cash costs and strong cash flow for next 8 years

• 50% increase in Reserves at A21 Mali

• First reserve at Nyakafuru Tanzania

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Total Mineral Resource and Ore Reserve
14
12.92 Moz
12 11.42 Moz
10
4.30
8
5.25
6
4
2
6.17 8.62
0
30 June 2012 30 June 2013
Mineral Resource Ore Reserve
Gold contained ounces (Moz)
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§ Resources increase 40% to 8.6Moz of gold

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FAVOURABLE VALUATION METRICS

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Source: BMO Capital Markets

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WHY RESOLUTE?

One of the largest gold producers listed on the ASX

Long term operating gold miner in Africa and Australia

FY2014 guidance of 345,000oz at A$890/oz

100% unhedged – strong leverage to gold price

Cash generating over wide range of gold prices

Lightly geared balance sheet provides flexibility for capital management and future growth Active examination of new growth opportunities in receptive gold price and equities market

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Thank you

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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
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Goode, a member of The Australian 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 2004 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 have consented to the inclusion of the matters in this report based on their information in the form and context in
which it appears. All Reserves Resources as at 30 June 2013
•
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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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rml.com.au

JORC RESERVES

RESOLUTE GROUP RESERVES and RESOURCES

Reserves and Resources comply with the Australian code for reporting of Mineral Resources and Reserves (The JORC Code 2004)

		Reserves and Resources Statement as at end of June	Reserves and Resources Statement as at end of June	Reserves and Resources Statement as at end of June	2013
Gold Reserves (includes stockpiles)		Project Tonnes	Gold grade (g/t)	Project Contained Ounces Gold	Resolute Group Share %	Resolute Group Share ounces
RESERVES
Reserves ( Proved)
Australia
	Mt Wright (insitu)3	3,271,000	2.8	290,000	100%	290,000
	Sarsfield (insitu) 2	28,450,000	0.8	747,000	100%	747,000
Mali
	Syama (insitu)	11,191,000	3.0	1,077,000	80%	861,000
	Stockpiles	249,000	2.6	21,000	80%	17,000
	Syama Satellites (insitu)	3,122,000	2.2	223,930	80%	179,000
	Finkolo-Etruscan JV (insitu)	1,335,000	3.1	133,000	51%	68,000
Total Proved		47,618,000	1.6	2,491,930		2,162,000
Reserves ( Probable)
Australia
	Mt Wright Stockpiles3	60,000	2.9	6,000	100%	6,000
	Sarsfield (insitu) 2	18,640,000	0.7	423,000	100%	423,000
Mali
	Syama (insitu)	3,439,000	2.6	288,000	80%	230,000
	Stockpiles	2,199,000	1.9	136,000	80%	108,000
	Syama Satellites (insitu)	4,986,000	2.1	337,000	80%	270,000
	Finkolo-Etruscan JV (insitu)	1,821,000	2.8	163,000	51%	83,000
Tanzania
	Nyakafuru JV (insitu) 2	7,360,000	1.6	388,000	98%	380,000
	Golden Pride (insitu)	480,000	2.0	30,000	100%	30,000
	Golden Pride Stockpiles	1,264,000	0.9	37,000	100%	37,000
Total(Probable)		40,249,000	1.4	1,808,000		1,567,000
Total Reserves (Proved and Probable)		87,867,000	1.5	4,299,930		3,729,000

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JORC MEASURED & INDICATED RESOURCES

Gold Resources1	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
	Sarsfield (insitu) 2	16,185,000	0.8	393,000	100%	393,000
Mali
	Syama (insitu)	14,769,000	2.6	1,256,000	80%	1,005,000
	Syama Satellites (insitu)	1,051,000	1.6	56,000	80%	45,000
	Finkolo-Etruscan JV (insitu)	996,000	2.7	87,000	60%	52,000
Tanzania
	Golden Pride (insitu)	3,786,000	2.0	238,000	100%	238,000
Total (Measured)		36,787,000	1.7	2,030,000		1,733,000
Resources (Indicated)
Australia
	Mt Wright (insitu)3	604,000	3.2	63,000	100%	63,000
	Sarsfield (insitu) 2	20,384,000	0.7	444,000	100%	444,000
Mali
	Syama (insitu)	19,285,000	2.6	1,595,000	80%	1,276,000
	Stockpiles	3,774,000	1.3	164,000	80%	131,000
	Syama Satellites (insitu)	4,840,000	1.9	288,000	80%	231,000
	Finkolo-Etruscan JV (insitu)	2,674,000	2.6	224,000	60%	134,000
Tanzania
	Golden Pride (insitu)	6,744,000	1.8	401,000	100%	401,000
	Nyakafuru JV (insitu) 2	19,067,000	1.1	672,000	95%	638,000
Total(Indicated)		77,372,000	1.5	3,851,000		3,318,000
Total Measured and Indicated		114,159,000	1.6	5,881,000		5,051,000

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JORC INFERRED RESOURCES

Gold Resources1	Gold Resources1			Project	Resolute Group	Resolute Group
(includes stockpiles)		Project	Gold grade	Contained	Share	Share
		Tonnes	(g/t)	Ounces Gold	%	ounces
Resources (Inferred)
Australia
	Mt Wright (insitu)3	1,090,000	3.1	108,000	100%	108,000
	Sarsfield (insitu) 2	22,192,000	0.7	521,000	100%	521,000
	Welcome Breccia (insitu)	2,040,000	3.2	210,000	100%	210,000
Mali
	Syama (insitu)	3,800,000	2.4	293,000	80%	234,000
	Syama Satellites (insitu)	6,946,000	2.1	479,000	80%	383,000
	Finkolo-Etruscan JV (insitu)	3,100,000	2.2	219,000	60%	131,000
Tanzania
	Golden Pride (insitu)	12,945,000	1.7	724,000	100%	724,000
	Nyakafuru JV (insitu) 2	6,312,000	1.1	227,000	90%	204,000
Total (Inferred)		58,425,000	1.5	2,781,000		2,515,000
Total Resources		172,584,000	1.6	8,662,000		7,566,000

Note :

• 1) Mineral resources are exclusive of the Reserves - differences may occur due to rounding.

• 2) All Resources and Reserves are reported above 1 g/t cut-off except Sarsfield above 0.4 g/t cut off and Nyakafuru above 0.5 g/t cut off.

• 3) Mt Wright Reserves are reported at 2.3 g/t cut off and Resources above 1.8 g/t cut off

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