Resolute Mining Limited — Investor Presentation 2016

Sep 26, 2016

Transforming world class gold assets into an outstanding business[27 September 2016 ]

==> picture [141 x 134] intentionally omitted <==

Important notices & Disclaimers

This presentation has been prepared by Resolute Mining Limited (ABN 39 097 088 689) (“Resolute” or “Company”) in relation to an institutional placement ("Placement") of new shares ("New Shares") by the Company. Resolute has authorised the use of this presentation as disclosure to w holesale clients and to sophisticated and professional investors. This presentation contains summary information about Resolute and its subsidiaries and their activities current as at 25 September 2016. This presentation is for information purposes only. The information in the presentation is of a general nature only and does not purport to be complete. This presentation should be read in conjunction w ith Resolute's other periodic and continuous disclosure announcements lodged w ith the Australian Securities Exchange. This presentation is not and does not contain all of the information w hich would be required to be disclosed in a prospectus, product disclosure statement or any other offering document under Australian law or any other law (and w ill not be lodged w ith the Australian Securities and Investments Commission (“ASIC”) or any foreign regulator).

You cannot assume that the information in this presentation w ill updated at any time subsequent to 25 September 2016 and the distribution of this presentation is not to be taken as a representation by any person that the information w ill be updated at any time after the date of this presentation.

All dollar values are in Australian dollars ($) unless stated otherw ise.

Not financial product advice

This presentation does not constitute financial product, 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 shares and has been prepared w ithout taking into account the objectives, financial situation or needs of individuals. No reliance may be placed for any purpose w hatsoever on the information contained in this presentation or on its accuracy or completeness. Before making an investment decision, prospective investors should consider the appropriateness of the information having regard to their ow n objectives, financial situation and needs and seek financial, legal and taxation advice appropriate to their jurisdiction.

Not an offer

This presentation is for information purposes only and is not an offer or an invitation to acquire New Shares or any other financial products in any place. This presentation does not constitute an offer in any jurisdiction in w hich, or to any person to w hom, it w ould not be law ful to make such an offer. This presentation does not constitute an offer to sell, or the solicitation of an offer to buy, any New Shares in the United States. The New Shares to be offered and sold in the Placement have not been, and w ill not be, registered under the U.S. Securities Act of 1933 (“U.S. Securities Act”) or the securities law s of any State or other jurisdiction of the United States. Accordingly, the New Shares may not be offered or sold, directly or indirectly, in the United States unless they have been registered under the U.S. Securities Act, or are offered and sold in a transaction exempt from, or not subject to, the registration requirements of the U.S. Securities Act and any other applicable U.S. state securities law s.

The distribution of this presentation (including an electronic copy) outside Australia may be restricted by law . If you come into possession of this presentation, you should observe such restrictions. Any non-compliance w ith these restrictions may contravene applicable securities law s. Refer to 'Foreign Selling Restrictions' section of this presentation for more information. By accepting this presentation you represent and w arrant that you are entitled to receive such presentation in accordance with the above restrictions and agree to be bound by the limitations contained herein.

Past and future performance and “forward-looking statements”

Past performance information, including past share price performance, given in this presentation is given for illustrative purposes only and should not be relied upon as an indication of future performance.

This presentation contains certain “forward-looking statements” including statements regarding our intent, belief or current expectations w ith respect to the Company’s business and operations, market conditions, results of operations and financial condition, and risk management practices. The w ords “likely”, “expect”, “aim”, “should”, “could”, “may”, “anticipate”, “predict”, “believe”, “plan” and other similar expressions are intended to identify forwardlooking statements. Indications of, and guidance on, future earnings and financial position and performance are also forward-looking statements.

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, of the anticipated future performance of Resolute’s business based on interpretations of existing circumstances, and factual information and certain assumptions of economic results, w hich 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.

2

==> picture [141 x 134] intentionally omitted <==

Important notices & Disclaimers (cont'd)

Forw ard looking statements involve inherent risks and uncertainties, both general and specific, and there is a risk that such predictions, forecasts, projections and other forward looking statements w ill not be achieved. A number of important factors could cause Resolute's actual results to differ materially from the plans, objectives, expectations, estimates and intentions expressed in such forward looking statements, and many of these factors are beyond Resolute's control. Forw ard-looking statements, opinions and estimates provided in this presentation are based on assumptions and contingencies w hich are subject to change w ithout notice, as are statements about market and industry trends, w hich are based on interpretations of current market conditions.

Forw ard-looking statements including projections, guidance on future earnings and estimates are provided as a general guide only and should not be relied upon as an indication or guarantee of future performance and involve know n and unknow n risks, uncertainty and other factors, many of w hich are outside the control of Resolute. As such, undue reliance should not be placed on any forw ard looking statement and no representation or w arranty is made by any person as to the likelihood of achievement or reasonableness of any forward looking statements, forecast financial information or other forecast. You should make your ow n independent assessment of the information in this presentation, including any forward-looking statements.

To the maximum extent permitted by law , Resolute and its related bodies corporate and each of their respective officers, employees and advisers disclaim any responsibility for the accuracy or completeness of the information in this presentation and are not liable for any direct, indirect or consequential loss or damage suffered by any person as a result of relying on this presentation or otherw ise in connection w ith it, the Placement or the New Shares.

Reserves and resources reporting of Resolute

Investors should note that it is a requirement of the ASX listing rules that the reporting of ore reserves and mineral resources in Australia comply w ith the Australasian Joint Ore Reserves Committee Code for Reporting of Mineral Resources and Ore Reserves (the "JORC Code"), w hereas mining companies in other countries may be required to report their ore reserves and/or mineral resources in accordance with other guidelines (for example, SEC Industry Guide 7 in the United States). Investors should note that w hile the Company’s Mineral Resource and Ore Reserve estimates comply w ith the JORC Code, they may not comply w ith the relevant guidelines in other countries, and do not comply w ith SEC Industry Guide 7. In particular, SEC Industry Guide 7 does not recognise classifications other than proved and probable reserves and, as a result, the SEC generally does not permit mining companies to disclose their mineral resources, including indicated and inferred resources, in SEC filings. Accordingly, if the Company w as reporting in accordance with SEC Industry Guide 7, they w ould not be permitted to report any mineral resources, including indicated and inferred resources, and the amount of reserves reported by the Company may be low er than its estimates. You should not assume that quantities reported as “resources” will be converted to reserves under the JORC Code or any other reporting regime or that the Company w ill be able to legally and economically extract them. In addition, investors should note that under SEC Industry Guide 7, mine life may only be reported based on ore reserves. Mine life estimates in this presentation assume that a portion of non-reserve resources will be converted to ore reserves, which would not be permitted under SEC Industry Guide 7.

Competent persons

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 w ho is a Registered Professional Geologist w ith 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 w hich 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 w hich it appears. This information w as prepared and first disclosed under the JORC Code 2004. Except w here noted, it has not been updated since to comply w ith the JORC Code 2012 on the basis that the information has not materially changed since it w as last reported.

Investment risk

An investment in shares in Resolute is subject to investment and other know n and unknow n risks, some of w hich are beyond the control of Resolute. Readers should have regard to the risks outlined in the ‘Key Risks’ section of this presentation.

Lead Manager's disclaimers

The lead manager together w ith each of its respective related bodies corporate, shareholders or affiliates and each of its respective officers, directors, employees, affiliates, agents or advisers (each a "Limited Party") have not authorised, permitted or caused the issue, lodgement, submission, dispatch or provision of this presentation and do not make or purport to make any statement in this presentation and there is no statement in this presentation w hich is based on any statement by a Limited Party.

3

Equity Raising overview

• Offer size and structure

• Resolute is offering 76.5 million new shares (New Shares) to raise a minimum A$150m via a fully underwritten institutional placement

• Represents 11.6% of Resolute's existing issued share capital

• New Shares will rank equally with existing shares

• Offer price

• A$1.96 per New Share

• The offer price represents a discount of:

  • 10.5% to Resolute's closing price of A$2.19 per share on 26 September 2016

  • 11.1% to the 5 day VWAP of Resolute's shares of A$2.21 per share as at 26 September 2016

• Underwriting

• The offer of New Shares is fully underwritten

Proforma equity capital structure	shares
Shares outstanding pre-capital raising	658,921,396
New Shares issued	76,530,612
Shares outstanding post-capital raising	735,452,008
Proforma cash net of debt	A$m
Current net cash	75
Net proceeds of capital raising	150
Proforma cash net of debt	225

4

Equity Raising timetable

Description	Date
Trading halt	Tuesday, 27 September
Book opens	10.00am, Tuesday, 27 September
Book closes	Asia Pacific Investors—5.00pm, Tuesday, 27 September
	Other Investors—6:00am, Wednesday, 28 September
Trading halt lifted	Wednesday, 28 September
Settlement of offer	Friday, 30 September
Issue and commencement of trading of new shares issued	Monday, 3 October

Note: Dates and times are indicative only and subject to change without notice. Resolute reserves the right to alter the dates in this presentation at its discretion and without notice, subject to the ASX Listing Rules and Corporations Act 2001 (Cth). All dates refer to 2016 and Sydney, Australia time.

5

Sources and Uses of funds Maximising growth flexibility

Equity raising proceeds will be applied towards attractive and well-advanced development opportunities

Sources A$m Proceeds of equity raising 150 Total Sources 150	Uses A$m
	Ravenswood Extension Project 135
	Drilling and evaluation of the Bibiani Project 15
	Total Uses 150

6

Note: the costs of the capital raising will be paid from existing cash

==> picture [895 x 386] intentionally omitted <==

----- Start of picture text -----

NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES
----- End of picture text -----

==> picture [158 x 149] intentionally omitted <==

A gold company offering international diversification…

7

Investment Highlights

==> picture [86 x 53] intentionally omitted <==

----- Start of picture text -----

•
----- End of picture text -----

• Two high margin operating gold mines and a longer term development project

• Currently operating the 250koz Syama Gold Mine in Mali and the 130koz+ Ravenswood Gold Mine in Queensland, Australia

• Bibiani provides a near-term growth option

• Extensive exploration footprint along the highly prospective Syama Shear and greenstone belts in Mali and Cote d’Ivoire

• Organic production growth targeting >450kozpa by 2020

==> picture [84 x 84] intentionally omitted <==

----- Start of picture text -----

•
----- End of picture text -----

• Syama Underground Mine – a long life low cost opportunity with an initial 12 year life at average LOM AISC of US$881/oz with production of approx 250kozpa

• Ravenswood Extension Project – the future beyond Mt Wright – 13 years at average LOM AISC of US$880/oz with 130kozpa production from FY2020

• Bibiani Gold Project – large scale gold deposit with infrastructure in place

• Long mine life assets with large reserve and resource inventory

==> picture [95 x 71] intentionally omitted <==

----- Start of picture text -----

•
----- End of picture text -----

• Gold reserves of 5.6Moz

• Gold resources of 12.1Moz

• Long mine life based on current reserves of 12+ years, and with proven track record of replenishing reserves

• Strong balance sheet and ongoing operational cashflow generation

==> picture [71 x 72] intentionally omitted <==

• Significant cash balance and bullion reserves of A$102 million

• No senior secured or corporate debt – Resolute paid down A$91m of debt from A$193m of net operating cashflow generated in FY2016 (when US$ gold sale prices averaged US$1,184/oz versus current US$ gold price of US$1,330/oz)

• Balance sheet flexibility and strength

• New management team

==> picture [79 x 58] intentionally omitted <==

• High calibre personnel with operational expertise

• Global experience across all phases of the mining cycle

• Expertise to drive operational innovation and performance excellence

8

==> picture [141 x 134] intentionally omitted <==

FY16 Highlights Outstanding Transformational Performance

==> picture [103 x 103] intentionally omitted <==

==> picture [99 x 99] intentionally omitted <==

==> picture [85 x 85] intentionally omitted <==

Operating Performance

Financial Performance

Balance Sheet

A$213m FY16 net profit after tax

340,540oz

Total gold sold for FY16

A$102m

Total Cash and bullion at market value

A$555m Revenue from gold and silver sales up 20%

A$1,624/oz

Average price for total gold sold (US$1,184/oz)

A$91m

Debt reduction

A$167m

Record gross profit from operations up 135%

315,169oz

Total annual gold production for FY16

A$75m

Net Cash, bullion/(debt)

129%

Return on equity

A$1,200/oz

All-in-Sustaining Cost (US$874/oz)

A$193m

Net Operating Cash Flows

27.6c

Diluted earnings per share

Resolute was added to the S&P/ASX 200 on 16 September 2016

9

==> picture [141 x 134] intentionally omitted <==

==> picture [195 x 159] intentionally omitted <==

Balance Sheet Strength

2015 2016 – A$89m A$54m A$102m A$-64m A$75m A$62m A$193m

Secured Debt / Convertible Notes Cash & Bullion Net Cash/(debt) Net Operating Cash Flows

10

==> picture [141 x 134] intentionally omitted <==

Reserves & Resources

==> picture [811 x 358] intentionally omitted <==

----- Start of picture text -----

5.6Moz Reserves Total Ore Reserves estimated at 112.1Mt @ 1.5g/t Au for 5.6Moz of
contained gold, comprising:
0.6 Moz
Syama Gold Mine 37.0Mt @ 2.6g/t Au for 3.1Moz
3.1 Moz
1.8 Moz
Ravenswood Gold Mine 69.7Mt @ 0.8g/t Au for 1.8Moz
Bibiani Gold Mine 5.5Mt @ 3.7g/t Au for 0.6Moz
12.1Moz Resources Total Mineral Resources estimated at 261.2Mt @ 1.4g/t Au for 12.1Moz of
contained gold, comprising:
1.8 Moz
Syama Gold Mine 73.1Mt @ 2.5g/t Au for 6.0Moz
6.0 Moz
4.3 Moz
Ravenswood Gold Mine 172.4Mt @ 0.8g/t Au for 4.3Moz
Bibiani Gold Mine 15.7Mt @ 3.5g/t Au for 1.8Moz
----- End of picture text -----

==> picture [27 x 27] intentionally omitted <==

Syama Ravenswood Bibiani

11

1 Mineral Resources are reported inclusive of Ore Reserves

A high calibre management team with proven performance

==> picture [832 x 355] intentionally omitted <==

----- Start of picture text -----

Peter Beilby Greg Fitzgerald
Chief Operating Officer Chief Financial Officer
David Kelly Bruce Mowat
GM - Corporate Strategy GM - Exploration
John Welborn
Managing Director
& CEO
Paul Henharen Vanessa Hughes
GM - Project Delivery GM - People, Culture & Info.
----- End of picture text -----

12

Longer mine life than other ASX gold peers[1 ]

==> picture [141 x 134] intentionally omitted <==

==> picture [828 x 379] intentionally omitted <==

----- Start of picture text -----

Ravenswood 13
Resolute
Syama 12
Cowal 9
Mt Rawdon 8
Mt Carlton 7
Evolution
Mungari 4
Edna May 5
Cracow 2
Ernest Henry 9
Jundee 3
Kundana 5 Northern Star
Kanowna Belle 3
Paulsens 1
Garden Well 5
Rosemont 5 Regis
Moolart Well 2
Leonora – Gwalia 7 St Barbara
Thunderbox 7
Saracen
Carosue Dam 4
- 2 4 6 8 10 12 14
Reserve life (years)
----- End of picture text -----

Source: Publicly available company documents, presentations and w ebsites and broker research. Reserve life adjusted for recovery. Note 1: based on similar market capitalisation

13

Valuation Benchmarking Significantly undervalued relative to peers

==> picture [889 x 362] intentionally omitted <==

----- Start of picture text -----

EV / Reserve (A$/oz) EV / FY17 Production [2] (A$/oz)
1,117 Median: A$4,418/oz 7,520 6,948 6,903 6,860 Median: A$4468/oz
Median: A$414/oz
850 Median: A$705/oz 817 5,736 5,719
708 703 565 4,466 4,370 4,357 3,792 4,468 4,071 3,794
506 493
386 414 359 2,559 2,448
234 271 231
171
EV / Resource [1] (A$/oz) EV / FY17 EBITDA [2] (x)
570
Median: A$191/oz Median: A$159/oz Median: 4.9x 9.6x Median: 5.7x
8.6x 8.2x
7.6x
311 335 6.3x
5.7x 5.7x
241 211 170 140 196 193 159 159 152 5.0x 4.8x 4.6x 4.3x 5.0x 4.8x 4.4x 3.5x
108
84 69
Northern Star Regis Saracen Evolution St Barbara Resolute Roxgold Centamin B2Gold SEMAFO Endeavour Acacia IAMGOLD Asanko Nord Gold Regis Evolution Northern Star Resolute St Barbara Saracen Roxgold SEMAFO Asanko B2Gold Centamin Acacia Endeavour IAMGOLD Nord Gold
Evolution Northern Star Regis St Barbara Saracen Resolute Roxgold Centamin SEMAFO B2Gold Acacia Endeavour Asanko Nord Gold IAMGOLD Regis Evolution Resolute Saracen St Barbara Northern Star Asanko B2Gold Roxgold SEMAFO Acacia Endeavour Centamin IAMGOLD Nord Gold
----- End of picture text -----

Source: Publicly available company documents, presentations and w ebsites and broker research. Market data as at 20 September 2016. Notes: (1) Resource inclusive of reserve.

• (2) Based on company forecasts where available or broker consensus estimates

14

FY17: Transformation Continues

==> picture [141 x 134] intentionally omitted <==

==> picture [164 x 87] intentionally omitted <==

sustainable dividends

our Diversifying production base

==> picture [155 x 154] intentionally omitted <==

Reducing All-in-Sustaining Costs (AISC) through innovation

Ambition to be producing > 450kozpa from 3 operations by 2020

FY17 Guidance Continuing strong performance

Production

Sales

AISC

Capex

Exploration budget

300koz 325koz A$1,280/oz A$170m A$19m

16

Ravenswood Gold Mine

==> picture [403 x 225] intentionally omitted <==

Ke Statistics y

Acquired 2004 Production Guidance FY17 96koz Mine life 2029 Total Reserves 1.8Moz Total Resources 4.3Moz

17

NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Ravenswood Extension Project a long life low cost open pit operation

Sarsfield Nolans East 1.2Moz Reserve & 71koz Reserve 2.6Moz Resource

Buck Reef West NEW 0.5Moz Reserve &1.3Moz Resource

13 year mine life A$134m start up capital 5.0Mtpa processing capacity

Life of Mine All-in-Sustaining-Cost A$1,166 per ounce

Ravenswood Extension Project Key feasibility study outcomes

• The Ravenswood Gold Mine has been in continuous operation since 1987

• The REP feasibility study[1] confirms the attractiveness and viability of the asset

• Long life – one of the longest life gold operations available to ASX gold investors (in addition to the Syama Underground)

• Low cost – average LOM AISC of A$1,166/oz (US$880/oz) versus spot gold price of c. A$1,700/oz (US$1,300/oz)

• Low capex – start-up capital cost of only A$134 million for pre-stripping and staged processing plant expansion to 5Mtpa

  • The total LOM major project capital cost will be A$258 million (including the A$134m start-up capex) staged over six years to 2022

• Near term expected development and production:

• Staged development over FY17 to FY19

• 120koz+ production from FY20

• Expansion of mill capacity to 5.0mtpa (from 2.8mtpa) to commence in FY18 and be complete in FY19

	Units	LOM Output
Underground Mining
Ore Mined	kt	931
Ore Grade	g/t	2.72
Metal Contained(ROM)	koz	81
Open Pit Mining
Ore Mined:	kt	70,688
Run of Mine	kt	35,419
Low Grade	kt	35,269
Waste Mined	kt	96,705
Life of Mine Strip Ratio	Waste:Ore	1.3
Ore Grade:
Run of Mine	g/t	0.97
Low Grade	g/t	0.50
Metal Contained(ROM)	koz	1,663
Processing
Total oreprocessed*	kt	58,557
Metalgrade(ROM)	g/t	0.91
Metal contained(ROM)	koz	1,712
Processing recovery	%	90%
Metal(recovered)	koz	1,536
Unit Costs	A$m	A$/oz
All in Sustaining Cost	1,790	1,166

• = Beneficiated low grade + open pit ROM + underground ore

1) For more information, refer to Resolute's ASX announcement concerning Ravensw ood dated 21 September 2016 w hich contains details of the Ore Reserves and Mineral Resources that underpin the production target in this announcement (and w hich were prepared by competent persons in accordance with the requirements of JORC (2012)). The company is not aw are of any new information or data that materially affects the information included in the 21 September 2016 announcement and all material assumptions underpinning the production target continue to apply.

19

Ravenswood Extension Project A well-defined execution plan and long life ahead

==> picture [446 x 282] intentionally omitted <==

----- Start of picture text -----

Ravenswood Extension Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
Development Timetable FY17 FY17 FY17 FY17 FY18 FY18 FY18 FY18 FY19 FY19
Nolan East Mining
Plant upgrade to 2.8Mtpa
Mt Wright Mining
Permitting
Mining at Sarsfield/Buck
Reef West
Full Production rate
(5.0Mtpa) achieved
----- End of picture text -----*

* = subject to Government Approvals

Forecast production and recovery[1 ]

==> picture [392 x 276] intentionally omitted <==

----- Start of picture text -----

160 95%
140 94%
93%
120
92%
100
91%
80
90%
60
89%
40
88%
20 87%
0 86%
FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26 FY27 FY28 FY29
Production (koz, LHS) Recovery (%, RHS)
Recovery (%)
Production (koz)
----- End of picture text -----

1) For more information, refer to Resolute's ASX announcement concerning Ravensw ood dated 21 September 2016 w hich contains details of the Ore Reserves and Mineral Resources that underpin the production target in this announcement (and w hich were prepared by competent persons in accordance with the requirements of JORC (2012)). The company is not aw are of any new information or data that materially affects the information included in the 21 September 2016 announcement and all material assumptions underpinning the production target continue to apply.

20

NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES

Syama Gold Mine

==> picture [385 x 283] intentionally omitted <==

Key Statistics Commissioned 2009 Production Guidance FY17 204koz Mine life Beyond 2028 Total Reserves 3.1Moz Total Resources 6.0Moz

NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Going underground at Syama: developing a robust, long life flagship gold mine

==> picture [90 x 73] intentionally omitted <==

Life of U/G Mine All-in-Sustaining-Cost US$881 per ounce

Initial 12 year Operating life Pre-production capital of US$95 million fully funded

Syama: a robust, long life flagship mine

==> picture [141 x 134] intentionally omitted <==

==> picture [460 x 370] intentionally omitted <==

12 Years and Growing

Mine of the Future

23

Syama Underground Project Key definitive feasibility study outcomes

• The Syama Underground Project has been confirmed[1] as an attractive, long life, low cost mine which will continue to deliver strong operating margins for Resolute for more than 12 years:

• Long life – one of the longest life gold operations available to ASX gold investors (in addition to Ravenswood)

• Low cost – average LOM AISC of US$881/oz) versus spot gold price of c. US$1,300/oz

• Low capex – pre-production capital of only US$95m which will be fully funded from current balance sheet and future operating cashflows

• There is strong potential for ongoing mine life extensions at depth with drilling below the DFS mine plan depth of 600m demonstrating very positive initial results

	Units	LOM Output
Underground Mining
Total ore(of which):	kt	25,150
Development ore	kt	4,195
Stoping ore	kt	20,954
Processing
Metalgrade(ROM)	g/t	2.81
Metal contained(ROM)	Koz	2,271
Processing recovery	%	89.4%
Metal(recovered)	koz	2,030
Unit Costs	US$m	US$/oz
All in Sustaining Cost	1,519	881

• Given the attractiveness of the Syama Underground Project the Resolute Board approved the immediate development of the project on 30 June 2016:

• First development ore to be delivered in December 2016 with stoping commencing in December 2017

• The development timing allows continuous production to be maintained from Syama

For more information, refer to Resolute's ASX announcement concerning Syama dated 30 June 2016 w hich contains details of the Ore Reserves and Mineral Resources that underpin the production target in this announcement (and w hich were prepared by competent persons in accordance with the requirements of JORC (2012)). The company is not aw are of any new information or data that materially affects the information included in the 30 June 2016 announcement and all material assumptions underpinning the production target continue to apply.

24

Syama Underground development Work is underway, c. 2 years to completion

==> picture [804 x 256] intentionally omitted <==

----- Start of picture text -----

Syama Underground Development Timetable Q1 FY17 Q2 FY17 Q3 FY17 Q4 FY17 Q1 FY18 Q2 FY18 Q3 FY18 Q4 FY18 Q1 FY19 Q2 FY19
Decline
Development Ore
Stope Ore
Full Production rate (2.4Mtpa) achieved
----- End of picture text -----

For more information, refer to Resolute's ASX announcement concerning Syama dated 30 June 2016 w hich contains details of the Ore Reserves and Mineral Resources that underpin the production target in this announcement (and w hich were prepared by competent persons in accordance with the requirements of JORC (2012)). The company is not aw are of any new information or data that materially affects the information included in the 30 June 2016 announcement and all material assumptions underpinning the production target continue to apply.

25

NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES

Bibiani Gold Project

==> picture [304 x 290] intentionally omitted <==

Key Statistics

Feasibility Study Completed June 2016 Mining Rate 1.2Mtpa Mining Grade 3.7g/t Annual Production >100koz Total Reserves 0.6Moz Total Resources 1.8Moz

26

NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Bibiani: Feasibility Study confirms viable pathway to production

==> picture [90 x 70] intentionally omitted <==

Life of Mine All-in-Sustaining-Cost US$858/oz per ounce

Initial Ore Reserve of 5.4Mt @ 3.7g/t containing 640,000oz of gold

Pre-production capital of US$72 million

9 month timeline to production

27

Bibiani Project development An attractive growth option

Bibiani Underground Development Timetable Q1 FY17*	Q2 FY17	Q3 FY17	Q4 FY17	Q1 FY18	Q2 FY18	Q3 FY18	Q4 FY18	Q1 FY19	Q2 FY19
Extension/Resource Upgrade Drilling Program
Updated Resource Estimate
Updated Feasibility Study
Permitting
Decline
Development Ore
Stope Ore
Full Production rate achieved

• = provisional development timeline subject to internal and external approvals

28

Invest in Resolute

• Large Reserve & Resource inventory

==> picture [141 x 134] intentionally omitted <==

• Operational expertise earned through 25+ years experience

• Strong Balance Sheet and ongoing operational cash flow generation

• New Executive Team leading cultural and performance transformation

• Organic production growth to >450kozpa

• Syama Underground Mine – a long life low cost opportunity

• Ravenswood Extension Project – a confirmed future beyond Mt Wright

• Bibiani Gold Project – Positive Feasibility Study for advanced large scale gold project

• Pursuing exploration and new project development opportunities in Africa

• • Focus on shareholder returns

• Global Gold Growth

29

Key risks

Production and cost estimates

==> picture [141 x 134] intentionally omitted <==

The ability of Resolute to achieve production targets, or meet operating and capital expenditure estimates on a timely basis cannot be assured. The assets of Resolute are subject to uncertainty in relation to ore tonnes, grade, metallurgical recovery, ground conditions, operational environment, funding for development, regulatory changes, accidents and other unforeseen circumstances such as unplanned mechanical failure of plant or equipment.

Resolute prepares estimates of future production, cash costs and capital costs of production for its operations. No assurance can be given that such estimates w ill be achieved. Failure to achieve production or cost estimates or material increases in costs could have an adverse impact on Resolute's future cash flow s, profitability, results of operations and financial condition.

Costs of production may also be affected by a variety of factors, such as changing w aste-to-ore ratios, ore grade metallurgy, labour costs, general inflationary pressures and currency exchange rates.

Reserves and Resources

Resolute’s Ore Reserves and Mineral Resources are expressions of judgement based on industry practice, experience and know ledge and are estimates only. Estimates of Ore Reserves and Mineral Resources are necessarily imprecise and depend to some extent on interpretations w hich may prove inaccurate. No assurance can be given that the estimated Ore Reserves and Mineral Resources are accurate or that the indicated level of gold or any other mineral w ill be produced. Such estimates are, in large part, based on interpretations of geological data obtained from drill holes and other sampling techniques. Actual mineralisation or geological conditions may be different from those predicted. No assurance can be given that any or all of Resolute's Mineral Resources constitute or w ill be converted into Ore Reserves. Actual Ore Reserves and Mineral Resources may differ from those estimated, w hich could have a positive or negative effect on Resolute's financial performance.

Commodity price fluctuations as w ell as increased production and capital costs may render Resolute's Ore Reserves unprofitable to develop at a particular site or sites for periods of time or may render Ore Reserves containing relatively low er grade mineralisation uneconomic. Estimated Ore Reserves may have to be recalculated based on actual production experience. Any of these factors may require Resolute reduce its Ore Reserves and Mineral Resources, w hich could have a negative impact on Resolute's financial results and the expected operating life of its mines.

Bibiani development

Resolute intends to develop the Bibiani project. The development of the Bibiani project w ill require the completion of a drilling program, an updated feasibility study, permitting and both internal and other relevant external approvals. Like normal mining projects of this nature there are risks and uncertainties that are associated w ith the development of Bibiani such as the outcome of the updated feasibility study, obtaining the necessary approvals and the timing of those permits and unexpected technical, geographical, geological or community issues.

If faced by Resolute, these risks and uncertainties could result in Resolute not realising development plans or in such plans generating less revenue than expected, costing more than expected or taking longer to realise than expected. Any of these outcomes could have an adverse effect on Resolute's financial and operating performance.

Environmental

Resolute's operations and activities are subject to environmental law s and regulations. As w ith all mining operations and exploration and development projects, Resolute's operations may substantially impact the environment or cause exposure to hazardous materials. Gold exploration and production can affect the environment and result in substantial costs being incurred for environmental risk management, rehabilitation and damage control. Further, environmental conditions may be attached to mining tenements, and a failure to comply w ith these conditions may lead to forfeiture of the relevant tenements. Resolute is also unable to predict the effect of additional environmental law s and regulations w hich may be adopted in the future, including w hether any such laws or regulations w ould materially increase Resolute's cost of doing business or affect its operations in any manner. Resolute may also be subject to claims due to environmental damage arising out of current or former activities at sites that Resolute ow ns or operates. This could have an adverse effect on Resolute's financial and operational performance.

Political stability and security in West Africa

Resolute conducts exploration, development and operating activities in West Africa. The Company’s assets may be subject to the effects of political changes, w ar and civil conflict, terrorist activities, changes in government personnel and policy, nationalisation or expropriation of property, cancellation or modification of contractual rights, foreign exchange restrictions, restrictions on the repatriation of money, lack of law enforcement, unlaw ful occupation of mining areas and illegal gold mining, labour unrest, the creation of new law s, uncertain interpretation of tax law s and other risks arising out of governmental sovereignty. These changes may impact the profitability and viability of its assets.

30

Key risks (cont'd)

Operational Risks

==> picture [141 x 134] intentionally omitted <==

Mining operations generally involve a high degree of risk. Such operations are subject to all the hazards and risks normally encountered in the exploration, development and production of gold and other metals, including unusual and unexpected geologic formations, w all failure, seismic activity, rock bursts, cave-ins, flooding, access restrictions and other conditions involved in the drilling and removal of material, any of w hich could result in damage to, or destruction of, mines and other producing facilities, damage to life or property, environmental damage and possible legal liability.

Regulatory

Resolute’s mining, development and exploration activities are dependent upon the grant, or as the case may be, the maintenance or renew al of appropriate licences, concessions, leases, permits and regulatory consents which may be w ithdrawn or made subject to limitations. Approvals, licences and permits required to comply w ith such rules may, in some instances, be subject to the discretion of the applicable government or government officials, and, in some cases, the local community. No assurance can be given that Resolute w ill be successful in obtaining any or all of the various approvals, licences and permits or maintaining such authorisations in full force and effect w ithout modification or revocation. To the extent such approvals are required and not retained or obtained in a timely manner or at all, Resolute may be curtailed or prohibited from continuing or proceeding w ith production, development and exploration.

The operations of Resolute are subject to various law s and plans including those relating to mining, prospecting, development, permit and licence requirements, industrial relations, environment, land use, royalties, w ater, native title and cultural heritage, land access, mine safety and occupational health. Amendments to current law s, regulations and permits governing operations and activities of mining companies in the jurisdictions w here Resolute operates, or a more stringent implementation thereof, could have a material adverse impact on Resolute and cause increases in exploration expenses, capital expenditures or production costs, reduction in levels of production at producing properties, or abandonment or delays in development of new mining properties.

Gold price

Resolute's revenues are exposed to fluctuations in the gold price. Volatility in the gold price creates revenue uncertainty and requires careful management of business performance to ensure that operating cash margins are maintained despite a fall in the spot gold price. A declining gold price can also impact operations by requiring a reassessment of the feasibility of mine plans and certain projects and initiatives. The development of new ore bodies, commencement and timing of open pit cut backs and commencement of development projects can all potentially be impacted by a decline in the prevailing gold price. Even if a project is ultimately determined to be economically viable, the need to conduct such a reassessment could potentially cause substantial delays and/or may interrupt operations, w hich may have a material adverse effect on Resolute’s results of operations and financial condition.

Foreign exchange rate

Resolute reports in Australian dollars but its revenue is derived from the sale of gold in US dollars. Some costs are incurred in Australian dollars. Therefore movements in the US$/A$ exchange rate may adversely or beneficially affect Resolute’s results of operations and cash flow s. The risks associated with such fluctuations and volatility may be minimised by any currency hedging Resolute may undertake though there is no assurance as to the efficacy of such currency hedging. At present, Resolute does not specifically hedge its exposure to foreign currency exchange rate movements.

Dependence on key management personnel and executives

Resolute is dependent upon a number of key management personnel. The loss of the services of one or more of such key management personnel could have a material adverse effect on Resolute. Resolute’s ability to manage its operation, development and exploration activities, and hence its success, will depend in large part the efforts of these individuals.

31

==> picture [141 x 134] intentionally omitted <==

Foreign selling restrictions

This document does not constitute an offer of New Shares of the Company in any jurisdiction in w hich it w ould be unlaw ful. In particular, this document may not be distributed to any person, and the New Shares may not be offered or sold, in any country outside Australia except to the extent permitted below .

Germany

The information in this document has been prepared on the basis that all offers of New Shares will be made pursuant to an exemption under the Directive 2003/71/EC ("Prospectus Directive"), as amended and implemented in Germany, from the requirement to publish a prospectus for offers of securities.

An offer to the public of New Shares has not been made, and may not be made, in Germany except pursuant to one of the follow ing exemptions under the Prospectus Directive as implemented in Germany:

• to any legal entity that is authorized or regulated to operate in the financial markets or w hose main business is to invest in financial instruments;

• to any legal entity that satisfies two of the following three criteria: (i) balance sheet total of at least €20,000,000; (ii) annual net turnover of at least €40,000,000 and (iii) ow n funds of at least €2,000,000 (as show n on its last annual unconsolidated or consolidated financial statements);

• to any person or entity w ho has requested to be treated as a professional client in accordance with the EU Markets in Financial Instruments Directive (Directive 2004/39/EC, "MiFID"); or

• to any person or entity w ho is recognised as an eligible counterparty in accordance with Article 24 of the MiFID.

Hong Kong

WARNING: This document has not been, and w ill not be, registered as a prospectus under the Companies (Winding Up and Miscellaneous Provisions) Ordinance (Cap. 32) of Hong Kong, nor has it been authorised by the Securities and Futures Commission in Hong Kong pursuant to the Securities and Futures Ordinance (Cap. 571) of the Law s of Hong Kong (the "SFO"). No action has been taken in Hong Kong to authorise or register this document or to permit the distribution of this document or any documents issued in connection w ith it. Accordingly, the New Shares have not been and w ill not be offered or sold in Hong Kong other than to "professional investors" (as defined in the SFO).

No advertisement, invitation or document relating to the New Shares has been or w ill be issued, or has been or w ill be in the possession of any person for the purpose of issue, in Hong Kong or elsew here that is directed at, or the contents of w hich are likely to be accessed or read by, the public of Hong Kong (except if permitted to do so under the securities law s of Hong Kong) other than w ith respect to New Shares that are or are intended to be disposed of only to persons outside Hong Kong or only to professional investors (as defined in the SFO and any rules made under that ordinance). No person allotted New Shares may sell, or offer to sell, such securities in circumstances that amount to an offer to the public in Hong Kong w ithin six months follow ing the date of issue of such securities.

The contents of this document have not been review ed by any Hong Kong regulatory authority. You are advised to exercise caution in relation to the offer. If you are in doubt about any contents of this document, you should obtain independent professional advice.

New Zealand

This document has not been registered, filed w ith or approved by any New Zealand regulatory authority under the Financial Markets Conduct Act 2013 (the "FMC Act"). The New Shares are not being offered or sold in New Zealand (or allotted w ith a view to being offered for sale in New Zealand) other than to a person w ho:

• is an investment business w ithin the meaning of clause 37 of Schedule 1 of the FMC Act;

• meets the investment activity criteria specified in clause 38 of Schedule 1 of the FMC Act;

• is large w ithin the meaning of clause 39 of Schedule 1 of the FMC Act;

• is a government agency w ithin the meaning of clause 40 of Schedule 1 of the FMC Act; or

• is an eligible investor w ithin the meaning of clause 41 of Schedule 1 of the FMC Act.

32

Foreign selling restrictions (cont'd)

Switzerland

==> picture [141 x 134] intentionally omitted <==

The New Shares may not be publicly offered in Sw itzerland and w ill not be listed on the SIX Sw iss Exchange ("SIX") or on any other stock exchange or regulated trading facility in Sw itzerland. This document has been prepared w ithout regard to the disclosure standards for issuance prospectuses under art. 652a or art. 1156 of the Sw iss Code of Obligations or the disclosure standards for listing prospectuses under the SIX Listing Rules or the listing rules of any other stock exchange or regulated trading facility in Sw itzerland. Neither this document nor any other offering or marketing material relating to the New Shares may be publicly distributed or otherw ise made publicly available in Sw itzerland. The New Shares will only be offered to regulated financial intermediaries such as banks, securities dealers, insurance institutions and fund management companies as w ell as institutional investors w ith professional treasury operations.

Neither this document nor any other offering or marketing material relating to the New Shares have been or w ill be filed w ith or approved by any Sw iss regulatory authority. In particular, this document w ill not be filed w ith, and the offer of New Shares will not be supervised by, the Sw iss Financial Market Supervisory Authority (FINMA).

This document is personal to the recipient only and not for general circulation in Sw itzerland.

United Kingdom

Neither the information in this document nor any other document relating to the offer has been delivered for approval to the Financial Conduct Authority in the United Kingdom and no prospectus (within the meaning of section 85 of the Financial Services and Markets Act 2000, as amended ("FSMA")) has been published or is intended to be published in respect of the New Shares.

This document is issued on a confidential basis to "qualified investors" (within the meaning of section 86(7) of the FSMA) in the United Kingdom, and the New Shares may not be offered or sold in the United Kingdom by means of this document, any accompanying letter or any other document, except in circumstances which do not require the publication of a prospectus pursuant to section 86(1) of the FSMA. This document should not be distributed, published or reproduced, in w hole or in part, nor may its contents be disclosed by recipients to any other person in the United Kingdom.

Any invitation or inducement to engage in investment activity (w ithin the meaning of section 21 of the FSMA) received in connection w ith the issue or sale of the New Shares has only been communicated or caused to be communicated and w ill only be communicated or caused to be communicated in the United Kingdom in circumstances in w hich section 21(1) of the FSMA does not apply to the Company.

In the United Kingdom, this document is being distributed only to, and is directed at, persons (i) w ho have professional experience in matters relating to investments falling w ithin Article 19(5) (investment professionals) of the Financial Services and Markets Act 2000 (Financial Promotions) Order 2005 ("FPO"), (ii) w ho fall w ithin the categories of persons referred to in Article 49(2)(a) to (d) (high net w orth companies, unincorporated associations, etc.) of the FPO or (iii) to w hom it may otherw ise be law fully communicated (together "relevant persons"). The investments to w hich this document relates are available only to, and any invitation, offer or agreement to purchase w ill be engaged in only w ith, relevant persons. Any person who is not a relevant person should not act or rely on this document or any of its contents.

United States

This document does not constitute an offer to sell, or a solicitation of an offer to buy, securities in the United States. The New Shares have not been, and w ill not be, registered under the US Securities Act of 1933 and may not be offered or sold in the United States except in transactions exempt from, or not subject to, the registration requirements of the US Securities Act and applicable US state securities law s.

33

==> picture [301 x 285] intentionally omitted <==

----- Start of picture text -----

NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES
----- End of picture text -----

ASX:RSG | www.rml.com.au