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Resolute Mining Limited Investor Presentation 2014

Sep 17, 2014

10548_rns_2014-09-17_0f8d4177-f1e3-4367-a801-8894b8e69262.pdf

Investor Presentation

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01

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ASX ANNOUNCEMENT
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17 September 2014

CHIEF EXECUTIVE OFFICER’S PRESENTATION AT DENVER GOLD FORUM

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

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GREG FITZGERALD

Company Secretary

About Resolute:

Resolute is an unhedged gold miner with two operating mines in Africa and Australia. The Company is one of the largest gold producers by volume listed on the ASX. Resolute’s flagship Syama project in Mali is on track for an increase in production to 270,000oz of gold a year following an approved expansion to be undertaken through FY2016. At its Ravenswood mine in Queensland Resolute is investigating a number of opportunities to add value by increasing gold production and lowering operating costs. In Ghana, the Company is now the owner and operator of the advanced Bibiani gold project where work is being undertaken on an underground feasibility study including a 20,000m drill program. The Company controls an extensive footprint along the highly prospective Syama Shear and Greenstone Belts in Mali and Cote d’Ivoire. Resolute has also identified a number of highly promising exploration targets at its Ravenswood operations and holds a number of exploration projects in Tanzania surrounding its now completed Golden Pride mine.

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Denver Gold Forum

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A sustainable gold producer
Long term operator in Africa and Australia
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  • One of the largest gold producers listed on the ASX

  • Long term operator in Africa and Australia

  • FY2015 guidance of 315,000oz at A$890/oz

  • 100% unhedged, strong leverage to gold price

  • Cash generating over wide range of gold price

  • Pursuing organic growth opportunities

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  • Lightly geared balance sheet provides flexibility for capital management and future growth

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2
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Corporate overview
About Resolute Mining Limited
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Key information

ASX Code RSG 80% Shares 641M Resolute share price vs ASX All Ords Gold Index 60% Share Price[1] $0.50 40% Market Cap[1] A$320M 20% Daily Turnover[2] 5.3M shares 0% -20% Cash/Bullion/Liq Inv[3] A$69M -40% Debt[3] A$104M Hedging NIL Resolute Mining Limited (ASX:RSG) S&P/ASX ALL ORDINARIES Gold (Sub Industry) Index (XGD) Key Shareholders ICM 35.3% Van Eck 8.3% 1. At 11 September 2014

  1. At 11 September 2014 2. Average 12 month period to 30 June 2014 3. At 30 June 2014

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3
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Reserves and Resources
Strong underlying gold base
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  • Total Reserves and Resources  20% at 30 June 2014

• Reserves at +5Moz of gold:

  •  30% compared to FY13 after mining depletion

  • 1.1Moz underground Reserve added to Syama

  • 46%  to Mt Wright

• Resources  20% to 10.4Moz of gold

  • New 1.28Moz Resource at Buck Reef West, Queensland

  • Bibiani underground Resource 1.7Moz

Total Mineral Resource and Ore Reserve

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16
14
12
5.06
10
4.30
8
6
4
2
8.62 10.41
0
30 June 2013 30 June 2014
Mineral Resource Ore Reserve
Gold contained ounces (Moz)
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4
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Asset Portfolio
Australian gold company with a focus on Africa
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  • Long term gold producer – 26[th] year of gold production

  • • Experienced project operator and developer

  • • Operated 9 mines across Australia and Africa (incl. 7 mines developed and closed) • ~7Moz gold produced since 1989

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5
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Solid financials through the gold cycle
Focus on cash
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Financial Highlights FY14

Gold production 342,774 oz Cash Costs A$922/oz Gold price received A$1,413/oz Net profit after tax A$33.3M Cash flow from operations A$104.7M Cash/Bullion/Liq Inv A$69M Net Assets A$699M Gearing[1] ~13%

• Generating cash over a wide range of gold prices

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  1. Gearing = Debt / (Debt + Equity)

Gold price (AUD) is daily quoted price, closing Comex price at USD:AUD exchange rate

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6
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Growth strategy
Pursuing a range of opportunities in CY2015
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– Syama Mali

  • Expansion project +78% complete

  • 70,000 oz/pa production lift to ~270,000oz/pa from 2015

  • Independent underground Pre-Feasibility Study increased reserves by 54%

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Bibiani Gold Mine – Ghana

  • 90% ownership completed in June 2014, with Ghanaian Government to hold 10%

  • Feasibility study for an underground operation planned to be completed within 24 months, including 20,000m drill program to better understand the resource

  • 1.7Moz Mineral Resources, 3Mtpa CIL processing facility, and +4Moz of gold produced to date

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Underexplored tenure – Highly prospective

  • FY2015 exploration budget of $10m

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

  • Regional drill programs ongoing in Mali and Australia; exploration work at Cote d’Ivoire

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7
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OPERATING PROJECTS

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8

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Syama
A profitable, long life project
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Key statistics Key statistics
RSG ownership 80%
Commissioned 2009
Production( FY14) 165,493 oz
Production grade 3.73 g/t
Cash costs( FY14) US$922/oz
Mine life(30 Jun 14) 10+ years
Total reserves 3.2 Moz
Reserve grade 2.5 g/t
Total resources 3.5 Moz
Resource grade 2.3 g/t

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“A major expansion of Syama is underway and scheduled to be completed in early 2015.”

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Syama: resetting the project
Expansion remains robust at current gold price
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Syama Gold Production

• Oxide Circuit Production

  • Commissioning on schedule for January 2015

  • – 1mtpa throughput, 70,000oz/pa

  • ~ US$700/oz cash cost

  • +7 years Reserves

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200,000
175,000
150,000
125,000
100,000
75,000
50,000
25,000
0
09/10 10/11 11/12 12/13 13/14
ounces
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  • High Voltage Grid Connection

  • US$28m for connection

  • US$12m for regional distribution

  • Halve energy cost

  • ~US$100/oz reduction

  • FY2016 spend

  • Site Production  to average 270,000oz/pa

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“Expansion ensures strong positive cash flow for the next 8 years”

10

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Syama at depth
Underground boosting ore reserves
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  • Pre-Feasibility Study increases ore reserves by 54% to 3.2Moz[1]

  • Supports viable underground operation extending long term mine life at least 7 years beyond 2025

  • Further 10,000m drilling through 2014 to upgrade and extend, results support premise

  • 55m @ 3.17g/t Au (from 398m) in SYRD388

  • 39m @ 3.51 g/t Au (from 454m) in SYDD396

  • Definitive feasibility study to commence 2015

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“Underground reserves support long term high volume, low cost production at this world class gold mine”

1 As announced 28 March 2014

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Ravenswood
Stable, long-term production
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Key statistics

RSG ownership 100% Commissioned 2004 Production (FY14) 139,291 oz Production grade 2.75 g/t Cash costs (FY14) A$832/oz Mine life (30 Jun 14) 10+ years Total reserves 1.4 Moz Reserve grade 0.9 g/t Total resources 3.0 Moz Resource grade 0.9 g/t

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12
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Ravenswood: Mt Wright consistent delivery
Extended mine life
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  • Ore production consistent 1.4Mtpa from sub-level shrinkage

  • Grade dilution well within expectation

  • 46% increase to Mt Wright ore reserve[1]

  • Mining to extend below 600RL base

  • Additional 1.7Mt of ore, 137,000oz gold extending mine life to Sep 2016[1]

  • Exploration drilling continues, seeking further mineralisation extension

Ravenswood Gold Production

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150,000
125,000
100,000
75,000
50,000
25,000
0
09/10 10/11 11/12 12/13 13/14
ounces
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1 As announced 20 February 2014

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Ravenswood: Beyond Mt Wright
New resource provides potential extension to Ravenswood
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Buck Reef West

  • New 1.3Moz gold resource defined[1 ]

  • Opportunity for a larger scale open pit

  • Reserves close to Ravenswood processing facility

  • Scoping study commenced to assess open pit mining schedule options, maximise resource conversion, minimise capital using existing processing and tailings storage facilities

Re-opening Sarsfield

  • Potential to re-opening Sarsfield pit:

  • Reserve/Resources of 2.5Moz

  • Additional 110kozpa output

  • 9 year mine life extension

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

  • Opportunities to improve returns being examined

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1 As announced 20 June 2014

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Golden Pride
End of a long mine life
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Key statistics Key statistics
RSG ownership
Commissioned		 100%
1998
Production (FY14) 37,989 oz
Production grade 0.89 g/t
Cash costs (FY14) US$814/oz
Total Mine Life 15 years
Total Production 2.2 Moz

  • Closure of Golden Pride end of 2013 after 15 years in production

  • Rehabilitation well advanced as progressively undertaken since commencement

  • Spend of ~US$5M to complete

  • Demolition of treatment plant completed

  • Handover to Government planned Dec 2014

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15
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DEVELOPMENT PROJECTS

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16

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Bibiani
Advanced Ghana gold project
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  • Advanced gold project in West Africa:

  • 1.7Moz Mineral Resources

  • 3Mtpa CIL processing facility

  • +4Moz historic production

  • Fully developed site, recommencing production primarily a mine planning exercise

  • 90% ownership completed in June 2014, with Ghanaian Government to hold 10%, in line with Ghanaian Mining code

Bibiani Underground Mineral Resource Mineral Resource
Category Tonnes Grade Ounces
Indicated 7.6 Mt 3.4 g/t 0.8 Moz
Inferred 7.7 Mt 3.5 g/t 0.9 Moz
Total 15.3 Mt 3.4 g/t 1.7 Moz

  • Feasibility study for an underground operation:

  • Planned completion within 24 months

  • 20,000m drill program to better delineate and enhance the underground resource

Bibiani Resource at >2.0 g/t Au Cut-off Coffey Mining Resource Study (June 2012) JORC 2004 Compliant Resource

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17
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Bibiani Feasibility Drilling
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• Historic underground workings over 2.0km strike length and 800m depth, reported 2.0Mozs @ 9.5g/t recovered

  • Decline for mechanised equipment down 200m beneath pit with 500m total development strike length

  • Drilling to infill and test depth and strike extensions

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Surface drilling Surface drilling target
target (South Hill) (Main Pit North & Big Mug)
Underground
drilling target
(Central Panel)
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18
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Tanzania
Potential to leverage experience
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  • Nyakafuru located 120km NW of now completed Golden Pride mine

  • 388,000oz Reserve and 900,000oz in Resources

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

  • Studies continue to evaluate future development at Nyakafuru

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19
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High value exploration portfolio
Prospective upside
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  • 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 FY15 US$10M

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

  • Drilling currently ongoing in Mali, Cote d’Ivoire and Australia

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Syama regional exploration

  • “Resolute is exploring more than 13,500km[2] of prospective tenure across three countries in Africa”

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20
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OUTLOOK

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21

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Strategic focus
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• Production growth and extension

  • Syama sulphide and oxide to 270koz pa

  • Bibiani step change to production profile

  • Syama underground extension- current +1Moz Reserve

  • Ravenswood extension - Buck Reef West, Nolans East and Sarsfield open pits

• Retain focus on costs

  • Syama grid power

  • Strong operating cash flow to fund activities

Resolute Production Potential

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600,000
500,000
with Bibiani
opportunity
400,000
300,000
Current producing
200,000 mines
100,000
0
FY14 FY15 FY16 FY17
Golden Pride Syama Mt Wright Bibiani
ounces
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  • Robust balance sheet

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22
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Flexibility for future growth
A sustainable gold producer
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  • One of the largest gold producers listed on the ASX

  • Long-term operator in Africa and Australia

  • +5Moz gold Reserves, +10Moz Resources

  • FY2015 guidance of 315,000oz at $890/oz

  • 100% unhedged – strong leverage to gold price

  • Cash generating over wide range of gold prices

  • Growth opportunities

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23
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Thank you
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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 and JORC Code 2012)		 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 and JORC Code 2012)		 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 and JORC Code 2012)		 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 and JORC Code 2012)		 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 and JORC Code 2012)		 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 and JORC Code 2012)		 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 and JORC Code 2012)		 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 and JORC Code 2012)
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 and JORC Code 2012)
Reserves and Resources Statement as at 30 June 2014 As at 30 June 2013
Gold Reserves
Gold
Project
Group
Group		 Gold
Project
Group
Group
(includes stockpiles)
Project
grade
Contained
Share
Share		 Project
grade
Contained
Share
Share
Tonnes
(g/t)
Ounces
%
Ounces		 Tonnes
(g/t)
Ounces
%
Ounces
RESERVES RESERVES Comments on Differences
Reserves ( Proved) Reserves ( Proved)
Australia
Mt Wright (insitu)3
2,655,000
2.7
226,000
100%
226,000		 3,271,000
2.8
290,000
100%
290,000		 Depletion due to annual production offset by reserve extension (February 2014) -JORC
2012
Sarsfield (insitu)2
28,450,000
0.8
747,000
100%
747,000		 28,450,000
0.8
747,000
100%
747,000		 No change
Mali
Syama (insitu)
9,026,000
2.9
856,000
80%
685,000		 11,191,000
3.0
1,077,000
80%
862,000		 Depletion due to annual production
Stockpiles
196,000
3.2
20,000
80%
16,000		 249,000
2.6
21,000
80%
17,000		 Movement in operating stockpiles
Syama Satellites (insitu)
3,122,000
2.2
224,000
80%
179,000		 3,122,000
2.2
224,000
80%
179,000		 No change
Tabakoroni (insitu)
1,335,000
3.1
133,000
85%
113,000		 1,335,000
3.1
133,000
51%
68,000		 Increase in Group share due to ownership change
Total (Proved)
44,784,000
1.5
2,206,000
1,966,000		 47,618,000
1.6
2,492,000
2,163,000		 Decrease in Proven Reserves mainly due to MTW & Syama annual production
Reserves ( Probable)
Australia		 Reserves ( Probable)
Mt Wright (insitu)3
626,000
1.8
37,000
100%
37,000		 0
0.0
0
100%
0		 Reserve extension (February 2014) -JORC 2012
Mt Wright Stockpiles3
9,000
2.5
1,000
100%
1,000		 60,000
2.9
6,000
100%
6,000		 Movement in operating stockpiles -JORC 2012
Sarsfield (insitu)2
18,640,000
0.7
423,000
100%
423,000		 18,640,000
0.7
423,000
100%
423,000		 No change
Mali
Syama (insitu)
2,955,000
2.6
243,000
80%
194,000		 3,439,000
2.6
288,000
80%
230,000		 Depletion due to annual production
Syama UG (insitu)5
14,296,000
2.4
1,103,000
80%
882,000		 0
0.0
0
80%
0		 Additional reserves from UG Pre-Feasibility (March 2014) -JORC 2012
Stockpiles
2,627,000
1.9
157,000
80%
126,000		 2,199,000
1.9
136,000
80%
109,000		 Movement in operating stockpiles
Syama Satellites (insitu)
4,986,000
2.1
337,000
80%
270,000		 4,986,000
2.1
337,000
80%
270,000		 No change
Tabakoroni (insitu)
1,821,000
2.8
163,000
85%
139,000		 1,821,000
2.8
163,000
51%
83,000		 Increase in Group share due to ownership change
Tanzania
Nyakafuru JV (insitu)2
7,360,000
1.6
388,000
98%
380,000		 7,360,000
1.6
388,000
98%
380,000		 No change
Golden Pride (insitu)
0
0.0
0
100%
0		 480,000
2.0
30,000
100%
30,000		 Depletion due to annual production - Operation closed 2014
Golden Pride Stockpiles
0
0.0
0
100%
0		 1,264,000
0.9
37,000
100%
37,000		 Depletion due to annual production - Operation closed 2014
Total (Probable)
53,320,000
1.7
2,852,000
2,452,000		 40,249,000
1.4
1,808,000
1,567,000		 Increase in Probable Reserves mainly from Syama Underground and MTW
Proved and Probable
98,104,000
1.6
5,058,000
4,418,000		 87,867,000
1.5
4,300,000
3,730,000		 Increase in Reserves exceeds the 401koz. 2013/14 production depletion

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25
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JORC Measured & Indicated Resources

JORC Measured & Indicated Resources
Gold Resources1
Gold
Project
Group
Group
Gold
Project
Group
Group
(includes stockpiles)
Project
grade
Contained
Share
Share
Project
grade
Contained
Share
Share
Tonnes
(g/t)
Ounces
%
Ounces
Tonnes
(g/t)
Ounces
%
Ounces		 JORC Measured & Indicated Resources
Gold Resources1
Gold
Project
Group
Group
Gold
Project
Group
Group
(includes stockpiles)
Project
grade
Contained
Share
Share
Project
grade
Contained
Share
Share
Tonnes
(g/t)
Ounces
%
Ounces
Tonnes
(g/t)
Ounces
%
Ounces		 JORC Measured & Indicated Resources
Gold Resources1
Gold
Project
Group
Group
Gold
Project
Group
Group
(includes stockpiles)
Project
grade
Contained
Share
Share
Project
grade
Contained
Share
Share
Tonnes
(g/t)
Ounces
%
Ounces
Tonnes
(g/t)
Ounces
%
Ounces		 JORC Measured & Indicated Resources
Gold Resources1
Gold
Project
Group
Group
Gold
Project
Group
Group
(includes stockpiles)
Project
grade
Contained
Share
Share
Project
grade
Contained
Share
Share
Tonnes
(g/t)
Ounces
%
Ounces
Tonnes
(g/t)
Ounces
%
Ounces		 JORC Measured & Indicated Resources
Gold Resources1
Gold
Project
Group
Group
Gold
Project
Group
Group
(includes stockpiles)
Project
grade
Contained
Share
Share
Project
grade
Contained
Share
Share
Tonnes
(g/t)
Ounces
%
Ounces
Tonnes
(g/t)
Ounces
%
Ounces		 JORC Measured & Indicated Resources
Gold Resources1
Gold
Project
Group
Group
Gold
Project
Group
Group
(includes stockpiles)
Project
grade
Contained
Share
Share
Project
grade
Contained
Share
Share
Tonnes
(g/t)
Ounces
%
Ounces
Tonnes
(g/t)
Ounces
%
Ounces		 JORC Measured & Indicated Resources
Gold Resources1
Gold
Project
Group
Group
Gold
Project
Group
Group
(includes stockpiles)
Project
grade
Contained
Share
Share
Project
grade
Contained
Share
Share
Tonnes
(g/t)
Ounces
%
Ounces
Tonnes
(g/t)
Ounces
%
Ounces		 JORC Measured & Indicated Resources
Gold Resources1
Gold
Project
Group
Group
Gold
Project
Group
Group
(includes stockpiles)
Project
grade
Contained
Share
Share
Project
grade
Contained
Share
Share
Tonnes
(g/t)
Ounces
%
Ounces
Tonnes
(g/t)
Ounces
%
Ounces		 JORC Measured & Indicated Resources
Gold Resources1
Gold
Project
Group
Group
Gold
Project
Group
Group
(includes stockpiles)
Project
grade
Contained
Share
Share
Project
grade
Contained
Share
Share
Tonnes
(g/t)
Ounces
%
Ounces
Tonnes
(g/t)
Ounces
%
Ounces
Gold Resources1
Gold
(includes stockpiles)
Project
grade		 Project
Group
Group
Contained
Share
Share		 Project Gold
Project
Group
Group
grade
Contained
Share
Share
Tonnes
(g/t)		 Ounces
%
Ounces		 Tonnes (g/t)
Ounces
%
Ounces
RESOURCES1 RESOURCE S 1 Comments on Differences
Resources (Measured) Resources (Me asured)
Australia
Mt Wright (insitu)3
281,000
2.9		 26,000
100%
26,000		 0 0.0
0
100%
0		 Upgrading of Resources from Indicated and Inferred -JORC 2012.
Stockpiles (Mt Wright)
42,000
2.1		 3,000
100%
3,000		 0
16,185,000
0		 0.0
0
100%
0
0.8
393,000
100%
393,000
0.0
0
0%
0		 Movement in operating stockpiles
No change
New Resource identified at Ravenswood (June 2014) -JORC 2012
Resources converted to Reserves
No change
Sarsfield (insitu)2
16,185,000
0.8
Buck Reef West (insitu)2
17,857,000
1.1		 393,000
100%
393,000
598,000
100%
598,000
Mali
Syama (insitu)
6,900,000
2.4
Syama Satellites (insitu)
1,051,000
1.7		 525,000
80%
420,000
56,000
80%
45,000		 14,769,000
1,051,000		 2.6
1,256,000
80%
1,005,000
1.7
56,000
80%
45,000
Tabakoroni (insitu)
996,000
2.7		 87,000
85%
74,000		 996,000 2.7
87,000
60%
52,000		 Increase in Group share due to ownership change
Tanzania
Golden Pride (insitu)
3,786,000
2.0		 238,000
100%
238,000		 3,786,000 2.0
238,000
100%
238,000		 No change
Total (Measured)
47,098,000
1.3		 1,926,000
1,797,000		 36,787,000 1.7
2,030,000
1,733,000		 Increase in Measured Resources mainly due to new resources offset by
conversion to Reserves
Resources (Indicated) Resources (In dicated)
Australia
Mt Wright (insitu)3
290,000
2.8		 26,000
100%
26,000		 604,000 3.2
63,000
100%
63,000		 Resources converted to Reserves (February 2014) -JORC 2012
Sarsfield (insitu)2
20,384,000
0.7		 444,000
100%
444,000		 20,384,000 0.7
444,000
100%
444,000		 No change
Buck Reef West (insitu)2
11,582,000
0.9		 323,000
100%
323,000		 0 0.0
0
0%
0		 New Resource identified at Ravenswood (June 2014) -JORC 2012
Mali
Syama (insitu)
12,482,000
2.9		 1,153,000
80%
922,000		 19,285,000 2.6
1,595,000
80%
1,276,000		 Resources converted to Reserves
Stockpiles
4,069,000
1.4
Syama Satellites (insitu)
4,840,000
1.9
Tabakoroni (insitu)
2,674,000
2.6
Tanzania
Golden Pride (insitu)
6,744,000
1.8
Nyakafuru JV (insitu)2
19,067,000
1.1
Ghana
Bibiani (insitu)4
7,629,000
3.4		 177,000
80%
142,000
288,000
80%
231,000
224,000
85%
190,000
401,000
100%
401,000
672,000
95%
638,000
834,000
90%
751,000		 3,774,000
4,840,000
2,674,000
6,744,000
19,067,000
0		 1.3
164,000
80%
131,000
1.9
288,000
80%
231,000
2.6
224,000
60%
134,000
1.8
401,000
100%
401,000
1.1
672,000
95%
638,000
0.0
0
0%
0		 Movement in operating stockpiles
No change
Increase in Group share due to ownership change
No change
No change
New Project - Coffey2012 study (Refer to Table 1)
Total (Indicated)
89,761,000
1.6		 4,542,000
4,067,000		 77,372,000 1.5
3,851,000
3,318,000		 Increase Indicated Resources mainly due to new resources and New
Project
Measured and Indicated
136,859,000
1.5		 1.6
5,881,000
5,051,000		 Increase in Resources due to New project and new resources offset by
conversions to Reserves
6,468,000
5,860,000		 114,159,000

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JORC Inferred Resources
Gold Resources1
Gold
Project
Group
Group
Project
Group
Group
(includes stockpiles)
Project
grade
Contained
Share
Share
Project
Gold
grade
Contained
Share
Share		 JORC Inferred Resources
Gold Resources1
Gold
Project
Group
Group
Project
Group
Group
(includes stockpiles)
Project
grade
Contained
Share
Share
Project
Gold
grade
Contained
Share
Share		 JORC Inferred Resources
Gold Resources1
Gold
Project
Group
Group
Project
Group
Group
(includes stockpiles)
Project
grade
Contained
Share
Share
Project
Gold
grade
Contained
Share
Share		 JORC Inferred Resources
Gold Resources1
Gold
Project
Group
Group
Project
Group
Group
(includes stockpiles)
Project
grade
Contained
Share
Share
Project
Gold
grade
Contained
Share
Share		 JORC Inferred Resources
Gold Resources1
Gold
Project
Group
Group
Project
Group
Group
(includes stockpiles)
Project
grade
Contained
Share
Share
Project
Gold
grade
Contained
Share
Share		 JORC Inferred Resources
Gold Resources1
Gold
Project
Group
Group
Project
Group
Group
(includes stockpiles)
Project
grade
Contained
Share
Share
Project
Gold
grade
Contained
Share
Share		 JORC Inferred Resources
Gold Resources1
Gold
Project
Group
Group
Project
Group
Group
(includes stockpiles)
Project
grade
Contained
Share
Share
Project
Gold
grade
Contained
Share
Share		 JORC Inferred Resources
Gold Resources1
Gold
Project
Group
Group
Project
Group
Group
(includes stockpiles)
Project
grade
Contained
Share
Share
Project
Gold
grade
Contained
Share
Share		 JORC Inferred Resources
Gold Resources1
Gold
Project
Group
Group
Project
Group
Group
(includes stockpiles)
Project
grade
Contained
Share
Share
Project
Gold
grade
Contained
Share
Share
JORC Inferred Resources
Gold Resources1
Gold
Project
Group
Group
(includes stockpiles)
Project
grade
Contained
Share
Share		 Project
Group
Project
Gold
grade
Contained
Share		 Group
Share
Tonnes
(g/t)
Ounces Gold
%
Ounces		 Tonnes
(g/t)
Ounces
%		 Ounces Comments on Differences
Resources (Inferred)
Australia
Mt Wright (insitu)3
967,000
3.1
95,000
100%
95,000
Sarsfield (insitu)2
22,192,000
0.7
521,000
100%
521,000		 Resources (Inferred)
1,090,000
3.1
108,000
100%
22,192,000
0.7
521,000
100%		 108,000
521,000		 Resources converted
No change
Buck Reef West (insitu)2
12,360,000
0.9
356,000
100%
356,000		 0
0.0
0
0%		 0 New Resource identified at Ravenswood (June 2014) - JORC 2012
Welcome Breccia (insitu)
2,036,000
3.2
208,000
100%
208,000		 2,036,000
3.2
208,000
100%		 208,000 No change
Mali
Syama (insitu)
3,403,000
2.3
249,000
80%
199,000		 3,425,000
2.3
251,000
80%		 201,000 Resources converted
Syama Satellites (insitu)
6,946,000
2.1
479,000
80%
383,000		 6,946,000
2.1
479,000
80%		 383,000 No change
Tabakoroni (insitu)
3,132,000
2.2
219,000
85%
186,000		 3,132,000
2.2
219,000
60%		 131,000 Increase in Group share due to ownership change
Tanzania
Golden Pride (insitu)
12,945,000
1.7
724,000
100%
724,000		 12,945,000
1.7
724,000
100%		 724,000 No change
Nyakafuru JV (insitu)2
6,312,000
1.1
227,000
90%
204,000
Ghana		 6,312,000
1.1
227,000
90%		 204,000 No change
Bibiani (insitu)4
7,667,000
3.5
866,000
90%
779,000		 0
0.0
0
0%		 0 New Project - Coffey 2012 study (Refer to Table 1)
Total (Inferred)
77,960,000
1.6
3,944,000
3,655,000		 58,078,000
1.5
2,737,000		 2,480,000 Increase in Inferred Resources mainly due to new resources and New
Project
Total Resources
214,819,000
1.5
10,412,000
9,519,000		 7,531,000 Increase in Resources due to New project and new resources offset by
conversions to Reserves
172,237,000
1.6
8,618,000
1) Mineral resources are exclusive of the Reserves-differences may occur due to rounding.
2) All Resources and Reserves are reported above 1.0 g/t cut-off except Nyakafuru and Buck Reef West above 0.5 g/t cut off and Sarsfield above 0.4 g/t cut off.
3) Mt Wright Reserves are reported above 2.3 g/t cut off and Resources above 1.8 g/t cut off.
4) Bibiani Resources quoted above a 2.0 g/t cut off.
5) Syama Underground Reserves quoted above a 1.8 g/t cut off.

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