Resolute Mining Limited — Investor Presentation 2016

Sep 20, 2016

==> picture [808 x 153] intentionally omitted <==

==> picture [808 x 152] intentionally omitted <==

Transforming world class gold assets into an outstanding business

Cautionary Statement

This presentation includes certain statements, estimates and projections with respect to the future performances of Resolute. 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, 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 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 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.

2

Corporate Summary (ASX:RSG)

Corporate Structure: 20 September 2016

Shares on issue	658,921,396
Share Price	A$2.14
Market Capitalisation	A$1.41Bn (US$1.06Bn)
Cash and bullion	A$102m (US$77m)at 30 June 2016
Debt	A$27m (US$20m)at 30 June 2016
FYI7 Guidance	300,000oz gold production @ AISC A$1,280/oz (US$934/oz)
FY16 Production	315,169oz gold production @ AISC A$1,200/oz (US$874/oz)
Dividend Policy	2% of annual gold production offered in gold or cash
Major Shareholders	ICM Limited 30.1% Van Eck 7.6%

==> picture [318 x 295] intentionally omitted <==

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

Share Price
2.5
2
1.5
1
0.5
0
$AUD
----- End of picture text -----

3

==> picture [808 x 152] intentionally omitted <==

==> picture [808 x 153] intentionally omitted <==

Resolute is a global gold producer, explorer, developer

4

7Moz over 25 years’ continuous gold production and counting…

==> picture [713 x 296] intentionally omitted <==

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

8,000,000
7,000,000
Syama
6,000,000
Ravenswood
5,000,000
Golden Pride
4,000,000
Obotan
Bullabulling
3,000,000
Chalice
Experience
2,000,000 Marymia
Southern Cross
1,000,000 Higginsville Expertise
0
1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
ounces
----- End of picture text -----

5

6

==> picture [808 x 152] intentionally omitted <==

Transformation: Developing long mine life operations Syama DFS Bibiani FS Confirms pathway to production 12 years

Ravenswood FS 13[years]

==> picture [130 x 130] intentionally omitted <==

Transformation: Applying our operational expertise globally

• Syama: “Mine of the future”

• Ravenswood: a long life low cost open pit operation

• Bibiani: a viable pathway to production

7

FY16: Highlights Outstanding Transformational Performance

==> picture [73 x 25] intentionally omitted <==

==> picture [83 x 21] intentionally omitted <==

==> picture [87 x 18] intentionally omitted <==

Financial Performance

Operating 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$167m Record gross profit from operations up 135% 129% Return on equity

Average price for total gold A$1,624/oz sold (US$1,184/oz) Total annual gold 315,169oz production for FY16 All-in-Sustaining Cost A$1,200/oz (US$874/oz)

A$91m Debt reduction A$75m Net Cash, bullion/(debt) A$193m Net Operating Cash Flows

27.6c Diluted earnings per share

Dividend announced of 1.7c per share

8

Reserves & Resources

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

5.6Moz Reserves

==> picture [217 x 114] intentionally omitted <==

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

0.6 Moz
3.1 Moz
1.8 Moz
----- End of picture text -----

==> picture [683 x 162] intentionally omitted <==

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

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
Syama Ravenswood Bibiani 1 Mineral Resources are reported inclusive of Ore Reserves
----- End of picture text -----

9

Reserve Life Benchmarking

==> picture [808 x 320] intentionally omitted <==

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

Ravenswood 13
Syama 12 Resolute
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 websites and broker research. Reserve life adjusted for recovery.

10

11

Peer Benchmarking

EV / Reserve (A$/oz)

Median: $396/oz

EV / Resource[(1)] (A$/oz)

==> picture [306 x 148] intentionally omitted <==

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

Median: $163/oz
Source: Publicly available company documents, presentations and websites and broker research. Market data as at 29 July 2016.
Notes: (1) Resource inclusive of reserve.
(2) Based on broker consensus estimates calendarised to June year end.
542
374
328
245 222 212 192 191 169 163 152 152 139
104 85 83 61 47 36
Roxgold Centamin Evolution Northern Star OceanaGold Regis SEMAFO B2Gold Acacia St. Barbara Endeavour Asanko Saracen Resolute Resolute Nord Gold Alacer IAMGOLD Metals X Perseus
----- End of picture text -----

EV / FY17E Production[(2)] (A$/oz)

Median: $4,440/oz

EV / FY17E EBITDA[(2)] (x)

==> picture [304 x 130] intentionally omitted <==

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

9.6x Median: 5.6x
8.6x
7.8x 7.5x 7.4x
6.4x 6.3x 6.1x 6.0x 5.6x 5.3x 5.0x 4.8x 4.6x 4.6x 4.4x
3.9x 3.5x
2.7x
Asanko B2Gold Roxgold Perseus SEMAFO Regis OceanaGold Evolution Acacia Alacer Centamin Saracen Endeavour Resolute Resolute St. Barbara Northern Star IAMGOLD Nord Gold Metals X
----- End of picture text -----

==> picture [92 x 7] intentionally omitted <==

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

West-African ASX-Listed
----- End of picture text -----

FY17: Transformation Continues

==> picture [139 x 13] intentionally omitted <==

==> picture [124 x 14] intentionally omitted <==

sustainable dividends

our Diversifying production base

==> picture [130 x 14] intentionally omitted <==

All-in-Sustaining Costs (AISC) through innovation

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

12

Ravenswood Gold Mine

Key Statistics
Acquired	2004
Production Guidance FY17	96koz
Production Post 2020	+130kozpa
LOM AISC	A$1,166/oz US$880/oz
Total Reserves	1.8Moz
Total Resources	4.3Moz

13

14

Mt Wright underground mine World class sub-level cave mining method

==> picture [213 x 313] intentionally omitted <==

• Commissioned in 2009

• From 2011 onwards has been the primary ore source for the Ravenswood operation at ~1.5Mtpa

• Expected to close during FY17

• Successfully mined in excess of 750,000oz at average grade of ~2.7g/t at an average cash cost of ~A$850/oz

• Exceptional performance on all metrics as owner operator incorporating significant innovation

Ravenswood Gold Production

==> picture [420 x 100] intentionally omitted <==

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

150,000
125,000
100,000
75,000
50,000
25,000
0
10/11 11/12 12/13 13/14 14/15 15/16
ounces
----- End of picture text -----

==> picture [165 x 9] intentionally omitted <==

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

Ore Reserves at Mt Wright as at 30 June 2015
----- End of picture text -----

15

Ravenswood Expansion Project a long life low cost open pit operation

Sarsfield 1.2Moz Reserve & 2.6Moz Resource 13 year mine life A$134m start up capital 5.0Mtpa processing capacity

Nolans East 71koz Reserve

Buck Reef West NEW 0.5Moz Reserve &1.3Moz Resource

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

Ravenswood Expansion Project: The key deposits

==> picture [398 x 302] intentionally omitted <==

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

Mt Wright 10km
----- End of picture text -----

5Mtpa mill capacity

13-year operation

Annual gold production 120Koz* @ AISC A$1,166 Low capex, long life mine

*** = LOM average**

16

Ravenswood: Buck Reef West

• NEW Reserves: 19.0Mt @ 0.9g/t (0.53Moz)

• Resources: 41.8Mt @ 1.0g/t (1.28Moz)

• High grade at intersection with quartzsulphide lodes.

• East dip / north-east plunge to mineralisation.

• Depth extension offset by late faults.

• Further potential:

• Buck Reef Deeps (U/G resource)

• Along strike / down plunge of Buck Reef Fault

==> picture [344 x 264] intentionally omitted <==

Buck Reef West – N-S section

17

Syama Gold Mine Key Statistics Commissioned 2009 Production Guidance FY17 204koz A$1,221/oz AISC Guidance FY17 US$891/oz Mine Life Beyond 2028 Total Reserves 3.1Moz Total Resources 6.0Moz

18

19

Going underground at Syama: developing a robust, long life flagship gold mine.

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 [387 x 312] intentionally omitted <==

12 Years and Growing

Mine of the Future

20

Syama: building on the success of Mt Wright

	Characteristics	Mt Wright	Syama UG
	Oz/vertical metre	2,400oz/v metre	6,300oz/v metre
	Tonne of stope ore/metre of development	318t/m of total development	343t/m of total development
	Vertical advance per year	51mpa LoM average	39mpa LoM average
	Grade	2.73g/t	2.81g/t
	Steady state production rate	1.5Mtpa	2.4Mtpa
	Mine life	11 yrs from start	12+ yrs from start
	Design depth	850m below surface	600m below surface

21

==> picture [256 x 7] intentionally omitted <==

Bibiani Gold Project

Key Statistics

Feasibility Study Completed June 2016 Total Reserves 0.6Moz Total Resources 1.8Moz Mining Rate 1.2Mtpa Mining Grade 3.7g/t Proposed Annual Production >100koz AISC US$858/oz Development Decision Pending

==> picture [16 x 10] intentionally omitted <==

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

22
----- End of picture text -----

Bibiani: Feasibility Study confirms viable pathway to production.

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

Life of Mine All-in-Sustaining-Cost 5.4Mt @ containing US$858/oz per ounce 640,000oz Pre-production capital of 9 month US$72 million timeline to production

23

Bibiani: upside

• A substantial gold deposit:

Production to date of ~4Moz

• 1.8Moz Total Resource

• Inferred Resource of 4.5Mt @ 4.1g/t

• Potential to convert to Indicated with further drilling

• Inferred Resources can be accessed from planned decline – very little additional cost to reach these resources

• Original workings at Bibiani extend to around 800m depth

• Current 1.8Moz Resource lies between the pit base at 200m below surface, and the limit of drilling, at around 450m below surface.

==> picture [388 x 128] intentionally omitted <==

==> picture [388 x 127] intentionally omitted <==

• Open at depth

24

Resolute focus on Growth Exploration and Discovery

==> picture [255 x 344] intentionally omitted <==

• Expansion of existing inventory to drive improvements and long mine life at Syama, Ravenswood, and Bibiani

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

• FY17 Exploration Budget of A$19 million

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

• Strong balance sheet enables renewed exploration focus

• Backing good teams in the right locations hunting for future Resolute gold mines

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

25

26

Golden Pride 1996 to 2014

Purchased Exploration Portfolio

Defined a mineable resource Completed Feasibility Study Constructed the first modern gold mine in Tanzania Produced 2.2 Moz gold over a 15 year mine life Generated net cash flows of US$211m Completed award winning environmental rehabilitation program Delivered land back to our partners, the Tanzanian Government

Invest in Resolute

• Large Reserve & Resource inventory

• 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 – 12 years producing up to 250,000ozpa @ AISC of US$881/oz

• Ravenswood Expansion Project – 13 years producing ~120,000ozpa @ AISC of US$880/oz

• Bibiani Gold Project – aiming for 10+ years mine life to produce >100,000ozpa @ AISC of US$858/oz

• Pursuing exploration and new project development opportunities in Africa

• Focus on shareholder returns

Global Gold Growth

27

Appendix 1: Updated Mineral Resources Statement 2016

MINERAL RESOURCES1	MEASURED	MEASURED	MEASURED	INDICATED	INDICATED	INDICATED	INFERRED	INFERRED	INFERRED	TOTAL	TOTAL	TOTAL	Group share
	kt	g/t	koz	kt	g/t	koz	kt	g/t	koz	kt	g/t	koz	koz
Ravenswood (Australia)													100%
Sarsfield (insitu) 2	46,453	0.8	1,186	57,664	0.7	892	22,192	0.7	521	126,309	0.6	2,599	2,599
Buck Reef West2	17,857	1.0	598	11,582	0.9	323	12,360	0.9	356	41,799	1.0	1,277	1,277
Sub Total O/C	64,310	0.9	1,784	69,246	0.5	1,215	34,552	0.8	877	168,108	0.7	3,876	3,876
Mt Wright(insitu) 3	826	2.9	78	354	3.3	38	1,079	3.1	107	2,259	3.1	223	223
Welcome Breccia	0	0.0	0	0	0.0	0	2,036	3.2	208	2,036	3.2	208	208
Stockpiles	0	0.0	0	8	3.9	1	0	0.0	0	8	3.9	1	1
Sub Total UG	826	2.9	78	362	3.4	39	3,115	3.1	315	4,303	3.1	432	432
Ravenswood Total	65,136	0.9	1,862	69,608	0.6	1,254	37,667	1.0	1,192	172,411	0.8	4,308	4,308
Syama(Mali)													80%
Syama UG (insitu) 5	0	0.0	0	40,857	2.8	3,736	3,048	2.2	211	43,905	2.8	3,947	3,158
Sulphide Stockpiles	413	2.9	38	4,150	1.5	206	0	0.0	0	4,563	1.7	244	195
Sub Total (Sulphides)	413	2.9	38	45,007	2.7	3,942	3,048	2.2	211	48,468	2.7	4,191	3,353
Syama Oxide Satellites	3,778	2.1	257	6,222	2.1	420	3,072	2.2	219	13,072	2.1	896	717
Syama Satellite Stockpiles	263	1.8	15	1,353	1.4	59	0	0.0	0	1,616	1.4	74	59
Sub Total Satellites	4,041	2.1	272	7,575	2.0	479	3,072	2.2	219	14,688	2.1	970	776
													85%
Tabakoroni	2,331	2.9	220	4,495	2.7	387	3,132	2.2	219	9,958	2.6	826	702
Syama Total	6,785	2.4	530	57,077	2.6	4,808	9,252	2.2	649	73,114	2.5	5,987	4,831
Bibiani(Ghana)													90%
Bibiani (insitu) 4	0	0.0	0	11,180	3.3	1,184	4,485	4.1	591	15,665	3.5	1,775	1,598
Bibiani Total	0	0.0	0	11,180	3.3	1,184	4,485	4.1	591	15,665	3.5	1,775	1,598
Total Resources	71,921	1.0	2,392	137,865	1.6	7,246	51,404	1.5	2,432	261,190	1.4	12,070	10,736

• 1) Mineral Resources are inclusive of Ore Reserves - differences may occur due to rounding.

• 2) All Resources and Reserves are reported above 1.0 g/t cut-off except Nolans East above 0.5 g/t cut off, and Sarsfield plus Buck Reef West 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 Reserves and Resources quoted above a 2.0 g/t cut off.

• 5) Syama Underground Reserves quoted above a 1.9 g/t cut off.

28

Appendix 2: Updated Ore Reserves Statement 2016

ORE RESERVES	PROVED	PROVED	PROVED	PROBABLE	PROBABLE	PROBABLE	TOTAL	TOTAL	TOTAL	Group share
	Kt	g/t	KOz	Kt	g/t	KOz	Kt	g/t	KOz	KOz
Ravenswood(Australia)										100%
Sarsfield (insitu) 2	28,450	0.8	747	18,640	0.7	423	47,090	0.8	1,170	1,170
Nolans East	1,818	0.8	46	846	0.9	25	2,664	0.8	71	71
Buck Reef West2	12,448	0.9	362	6,515	0.8	163	18,963	0.9	525	525
Sub Total O/C	42,716	0.8	1,155	26,001	0.7	611	68,717	0.8	1,766	1,766
Mt Wright(insitu) 3	682	2.7	60	248	2.7	21	930	2.7	81	81
Stockpiles	0	0.0	0	8	3.0	1	8	3.0	1	1
Sub Total UG	682	2.7	60	256	2.7	22	938	2.7	82	82
Ravenswood Total	43,398	0.9	1,215	26,257	0.7	633	69,655	0.8	1,848	1,848
Syama(Mali)										80%
Syama UG (insitu) 5	0	0.0	0	23,863	2.8	2,173	23,863	2.8	2,173	1,738
Sulphide Stockpiles	413	2.9	38	4,150	1.5	206	4,563	1.7	244	195
Sub Total(Sulphides)	413	2.9	38	28,013	2.6	2,379	28,426	2.6	2,417	1,934
Syama Oxide Satellites	1,455	2.3	107	2,857	2.3	209	4,312	2.3	316	253
Syama Satellite Stockpiles	263	1.8	15	846	1.8	49	1,109	1.8	64	51
Sub Total Satellites	1,718	2.2	122	3,703	2.2	258	5,421	2.2	380	304
										85%
Tabakoroni	1,335	3.1	133	1,821	2.8	163	3,156	2.9	296	252
Syama Total	3,466	2.6	293	33,537	2.6	2,800	37,003	2.6	3,093	2,489
Bibiani(Ghana)										90%
Bibiani (insitu) 4	0	0.0	0	5,480	3.7	644	5,480	3.7	644	580
Bibiani Total	0	0.0	0	5,480	3.7	644	5,480	3.7	644	580
Total Reserves	46,864	1.0	1,508	65,274	1.9	4,077	112,138	1.5	5,585	4,917

• 1) Mineral Resources are inclusive of Ore Reserves - differences may occur due to rounding.

• 2) All Resources and Reserves are reported above 1.0 g/t cut-off except Nolans East above 0.5 g/t cut off, and Sarsfield plus Buck Reef West 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 Reserves and Resources quoted above a 2.0 g/t cut off.

• 5) Syama Underground Reserves quoted above a 1.9 g/t cut off.

29

==> picture [808 x 152] intentionally omitted <==

==> picture [808 x 153] intentionally omitted <==

ASX:RSG | www.rml.com.au