Resolute Mining Limited — Investor Presentation 2015

Aug 3, 2015

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ASX Announcement
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4 August 2015

Chief Executive Officer’s Presentation at Diggers & Dealers

Attached is a copy of the Chief Executive Officer’s presentation to be given at the Diggers and Dealers Conference today.

GREG FITZGERALD

Company Secretary

About Resolute:

Resolute is a successful gold miner with more than 25 years of continuous production. The Company is an experienced explorer, developer, and operator having operated nine gold mines across Australia and Africa which have produced in excess of 7 million ounces of gold. The Company currently operates two mines, the Syama gold mine in Africa and the Ravenswood gold mine in Australia, and is one of the largest gold producers listed on the Australian Securities Exchange with FY16 guidance of 315,000 ounces of gold production at a cash cost of $990/oz.

Resolute’s flagship Syama gold mine in Mali is a robust long life asset benefitting from fully operational parallel sulphide and oxide processing plants. The move to underground mining is expected to continue the asset’s history of strong cash generation and extend the mine life to out beyond 2028. The Ravenswood gold mine in Queensland demonstrates Resolute’s significant underground expertise in the ongoing success in mining the Mt Wright ore body. In Ghana, the Company is completing a feasibility study on the Bibiani gold project focused on the development of an underground operation requiring very low capital and using existing plant infrastructure. Resolute also controls an extensive exploration footprint along the highly prospective Syama Shear and Greenstone Belts in Mali and Cote d’Ivoire and is active in reviewing new opportunities to build shareholder value.

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4 August 2015, Kalgoorlie, Western Australia

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 report that relates to the Exploration Results, Mineral Resources and Ore Reserves is based on information compiled by Mr Richard Bray who is a Registered Professional Geologist with the Australian Institute of Geoscientists and Mr Andrew Goode, a member of The Australasian 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 2012 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 each hold equity securities in the Company. They have consented to the inclusion of the matters in this report based on their information in the form and context in which it appears. This information was prepared and first disclosed under the JORC Code 2004. Except where noted, it has not been updated since to comply with the JORC Code 2012 on the basis that the information has not materially changed since it was last reported.

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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Australian gold company with a focus on Africa

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Key information	Key information
ASX Code	RSG
Shares	641M
Share Price	A$0.245
Market Cap	A$157M
Daily Turnover	3.6M shares
Cash/Bullion/Liq Inv	A$54M
Debt	A$118M
Hedging	NIL
Key Shareholders	ICM 36.4%

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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Outperformance due to record production from Syama

Production results for FY2015 (Unaudited):

• Gold production of 328,684 ounces above guidance of 315,000 ounces

• Cash costs of A$845/oz (US$707/oz), better than guidance of A$890/oz

• All-In-Sustaining costs of A$1,094/oz significantly better than original guidance for FY2015 of A$1,280/oz and also beating the revised guidance of A$1,125/oz provided midyear

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• Record gold production at Syama for the month of June, the June quarter and the full year demonstrating its value as a robust, long life, cash generator for Resolute

• Cash and bullion on hand of A$54m at 30 June 2015

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Production generating cash over range of gold prices

Production outlook for FY2016:

• Gold production forecast to be 315,000 ounces

• Cash costs forecast to be A$990/oz

• All-In-Sustaining costs forecast to be A$1,280/oz

• Potential for additional gold sales and cash boost through reduction of gold in circuit inventory and the utilisation of available ore stockpiles

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Resolute Historical Gold Production

Resolute Historical Gold Production

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Ounces Ounces
8,000,000
2,500,000
7,000,000
2,000,000
6,000,000
1,500,000
5,000,000
1,000,000
4,000,000
3,000,000 500,000
2,000,000 -
1,000,000
-
HIGGINSVILLE SOUTHERN CROSS MARYMIA
CHALICE BULLABULLING OBOTAN
GOLDEN PRIDE RAVENSWOOD SYAMA
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Management team
CEO
John Welborn
Chief Operating Officer Chief Financial Officer Chief Business Development Officer
Peter Beilby Greg Fitzgerald Peter Venn
General Manager – Syama General Manager – General Manager – General Manager –
Operations General Manager – Finance Exploration Technical Services Mining & Projects
Les Taylor Anthony Rechichi Bruce Mowat Andrew Goode Dave McGowan
General Manager – Ravenswood General Manager –
Operations HR & Administration Exploration Manager Mali Group Development Geologist / IT
Joel Ray Marshall Hestelow Patrick Manouge Richard Bray
General Manager – Bibiani In-Country Manager
Operations Mali Exploration Manager East AfricaWilliam Harmsworth Group MetallurgistRobert Sinclair
Duncan Fairlie Guy Riopel
In-Country Manager
Group Engineer Ghana District Geologist Ravenswood Snr Mine Planning Engineer
Dave Landwehr Nicholas Lisowiec Simon Hewson
Dean Bertram
Group Manager In-Country Manager
Health, Safety & Environment Tanzania Group Tenement Manager
Jim Bawden Gerald Mturi Jemma Rigg
Group Supply Manager Legal
Robert Whiting Ken Green
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A profitable, long life project

	Key statistics	“Syama is a long life flagship project with robust economics and enormous optionality”
	RSG ownership 80%
	Commissioned 2009
	Production(FY15) 224,911 oz
	Productiongrade 3.53g/t
	Cash costs(FY15) US$663/oz
	Mine life Beyond 2028
	Total reserves 3.1 Moz
	Reservegrade 2.5g/t
	Total resources 3.4 Moz
	Resourcegrade 2.3g/t

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Two mines in one

Oxide Circuit

• Completed in FY15 on budget ahead of schedule

• Operating at ~1.3mtpa throughput, ~80,000oz/pa

• Oxide ore bodies +6 years Reserves

• Significant Satellite ore body potential

Sulphide Circuit

• Ore Stockpile of +6 million tonnes @ ~2g/t

• Underground Ore Reserve increased to 25.5 million tonnes at 2.8g/t for 2.3 million ounces

• +2Mtpa throughput capacity

• Stable operating performance and aiming for +80% recoveries

Site Production capable of +250,000oz/pa

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The two Syama circuits
OXIDE CIRCUIT SULPHIDE CRUSHING CIRCUIT ROASTING SULPHIDE CIRCUIT
OXIDE CIRCUIT ROM ROM SULPHIDE CIRCUIT
1.3 MTPA 2.2 MTPA
CRUSH CRUSH STOCKPILE
STOCKPILE 24HRS MILL MILL
FLOAT
ROAST
GOLD
CIL RECOVERY CIL
OXIDE TSF CN TSF FLOAT TSF
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New PFS Delivers major Boost for Underground Development

• Supports viable robust long term mine life

• Updated Underground Ore reserve increased to 25.5 million tonnes at 2.8g/t for 2.3 million ounces

• Probable Ore Reserves will extend mining until at least 2028

• Average cash operating costs of US$789/oz over the revised life of mine

• • Further upgrades, extensions, and improvements expected in DFS

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

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Syama long section
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• Regional exploration success drove decision to construct a new stand alone oxide processing circuit

• • Oxide plant commissioned in early 2015; under budget and ahead of schedule

• Current simple low cost open pit mining activity at A21satellite

• • More oxide exploration success to come!

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• Robust, profitable, long life gold mine

• Full year production in FY15 of 225,000 ounces at cash cost of A$800/oz (US$663/oz)

• Positive opportunities for extensions and refinements:

• Mineralisation open in all directions at depth

• Significant satellite ore body potential

• High Voltage Grid Connection has potential to halve energy costs and drive a saving of up to ~US$100/oz

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Stable production

Key statistics

RSG ownership 100% Acquired 2004 Production (FY15) 103,773 oz Production grade 2.37 g/t Cash costs (FY15) A$940/oz

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Extended mine life

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• Ore production consistent 1.4Mtpa from sub-level shrinkage

• Grade dilution well within expectation

• Increase to Mt Wright ore reserve

• Mining extended to 500RL base

• Extending mine life to November 2016

• 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
10/11 11/12 12/13 13/14 14/15
ounces
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New resource provides potential extension to Ravenswood

Buck Reef West / Nolans Scoping Study

• New 1.3Moz Buck Reef West gold resource defined

• Opportunity for a larger scale open pit

• Nearby Ravenswood processing facility

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

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Organic growth opportunity

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Advanced Ghana gold project

~~Bibiani~~	~~Underground~~		~~Mineral~~	~~Resource~~
~~Category~~	~~Tonnes~~		~~Grade~~	~~Ounces~~
~~Indicated~~	~~11.2 Mt~~		~~3.5 g/t~~	~~1.3 Moz~~
~~Inferred~~	~~4.5 Mt~~		~~4.1 g/t~~	~~0.6 Moz~~
~~Total~~	~~15.7 Mt~~		~~3.7 g/t~~	~~1.9 Moz~~

Bibiani Resource at >2.0 g/t Au Cut-off JORC 2012 Compliant Resource

“Enhanced mineral inventory: 26,500m of diamond drilling in FY2015 has led to a 63% increase in Indicated Resources”

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Advanced Ghana gold project

• Advanced gold project in West Africa

• 1.9Moz Mineral Resources

• 3Mtpa CIL processing plant

• +4Moz historic production

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

• Scoping Study indicated positive gold project with low (~US$30M) start-up capital and short payback

• Feasibility Study for an underground operation

• To include second phase drilling aimed at upgrading inferred resources

• Due for completion mid-2016

Bibiani Resource at >2.0 g/t Au Cut-off See ASX Announcement dated 30 June 2015 for more details JORC 2012 Compliant Resource

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Unlocking and driving value

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Renewed focus to unlock value and create opportunity

• Highly prospective, underexplored tenure across West Africa and Australia

• Exploration priorities being reassessed

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

• Resolute is one of the largest holders of Birimian age greenstone tenure in West Africa.

• • Exciting opportunities for mine life extension and new project discoveries

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

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Large footprint

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• Resolute controls 80km strike of the highly prospective Syama shear and surrounding Birimian Greenstone Belt.

• Exploration is concentrating on building further oxide resources / reserves for the new Oxide circuit.

• • Current focus on 20km underexplored portion of Birimian Greenstone Belt between Syama and Tabakoroni deposits, now wholly owned by Resolute.

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• Resolute, a first mover into Côte d'Ivoire:

• Largest economy in the West African Economic and Monetary Union (GDP 8% in 2014)

• Excellent infrastructure – net exporter of power

• Stable social, political and regulatory environment since 2011

• New mining code ( March 2014) aimed at increasing investment

• Largest allocation (35%) of Birimian age greenstone rocks - underexplored relative to neighbouring countries in West Africa

• Currently in control of ~4000 km2 of permits hosting more than 200km of productive greenstones 200km NE of the Bonikro and Agbaou Mines

• Takikro permit outlined a robust gold and multi-element anomaly over a 30km strike with no prior drilling

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• Regional exploration in the Ravenswood area is focussed on locating breccia hosted gold deposits similar to Mt Wright and Mt Leyshon.

• • Work has commenced on a large rhyolite breccia system at Mt Glenroy 40km southeast of Ravenswood.

• • Mt Glenroy has many similar geological and geochemical attributes to the Kidston/Mt Wright deposit and has only had minimal historical exploration.

• Drill testing planned for FY 2016

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Community, environment and safety

• Building relationships through targeted and lasting social, safety and environmental programs.

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• Production growth and extension

• Syama sulphide and oxide to +250koz pa

• Bibiani potential production profile

• Syama underground extension

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

• New project discovery and/or acquisition

• Focus on cost reduction

• Syama grid power

• New initiatives and refinements

• Strong operating cash flow to fund activities

Resolute Production Potential

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

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• Proven Long-term operator in Africa and Australia – experienced management team

• +5Moz gold Reserves, +10Moz Resources

• FY2016 guidance of 315,000oz at A$990/oz (US$760/oz)

• 100% unhedged – strong leverage to gold price

• Cash generating over wide range of gold prices

• Organic growth and value opportunities

• Global experience across all phases of the mining cycle (operator, developer, explorer)

• Expertise to drive operational innovation and performance excellence

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