Resolute Mining Limited — Investor Presentation 2016

Apr 18, 2016

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Transforming world class gold assets into an outstanding business

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Resolute is a global gold producer, explorer,

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	ASX Code RSG
	Shares on issue 641M
	Share Priceas at 18th April 2016 A$0.81
	Market Capitalisation A$519M (US$400)
	Cash and Bullionas at 31st December 2015 A$75M
	Debt as at 31st December 2015 A$97M
	FY16 Production Guidance 315koz at AISC of US$940/0z

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Transformation has started

• Strengthening the balance sheet

• Developing long mine life opportunities at our existing projects

• Reducing All-In-Sustaining Costs (AISC) through innovation

• Creating a performance based culture

• Diversifying our production base

• Prioritising shareholder returns

• Applying our operational expertise globally

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Re-rating has started

Resolute 2016 Share Price

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$1.60
$1.40
$1.20
$1.00
$0.80
$0.60
$0.40
$0.20
$-
1-Jan-16 1-Feb-16 1-Mar-16 1-Apr-16 1-May-16 1-Jun-16
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Reserve and Resource inventory in peer group

14.3Moz: 5.3Moz in Reserves and 9.0Moz in Resources

ASX Peer Reserve and Resource Inventory Comparison (Moz)

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Reserves "Moz" 20
Resources "Moz"
15
13.9
9.0
10
5.9 6.6 8.9
5.0 5.2
6.8
5.5 7.4 5
5.2
4.1 5.3 7.3
3.8 4.0 4.5 4.4
1.0 2.0 2.3 1.3 1.7 2.5 1.5 2.6 3.0
0.5 0.5 0.4 0
Source: Company information as at 27/8/15
TRY RMS MML BDR SAR RRL AQG NST SBM TGZ EDV EVN OGC RSG PRU
PRU assumes completion of merger with Amara Mining PLC
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First Half FY16 highlights

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Strong operating performance in 1H2016

• Gold production ▲ 11% to 153,191oz

• Gold sales of 158,540oz

• AISC of US$902/oz

• Targeting operating profit for FY16 of +A$100 million

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Gold price leverage

• Spot gold prices decreased

• ▼ 12% to A$1,452/oz

• ▼ 2% to US$1,060/oz

• Average gold price received of A$1,561/oz

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Improving financial performance

• Gross profit of A$67m

• Revenue from gold sales ▲ 19% to A$249m

• Net operating cash inflows of A$70m

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Stronger balance sheet

• Cash & Bullion on hand of A$75m

• Debt net of cash & bullion improved from (A$64m) at 30 June 2015 to (A$22m) at 31 December 2015

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Strong production performance

• 153koz produced 1H2016

vs FY2016 guidance 315koz

• 159koz sold 1H2016

vs FY2016 guidance 340koz

• All-in Sustaining Costs US$902/oz 1H2016 vs FY2016 guidance US$940/oz

• Guidance for FY16 of 315koz

• at AISC of US$940/oz

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58 koz
RAVENSWOOD
95 koz
SYAMA
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GOLD PRODUCTION BY PROJECT

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

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Key statistics RSG ownership 80% Commissioned 2009 Production ( FY15) 224,911oz Production grade 3.53g/t AISC (FY15) US$848/oz Mine life Beyond 2028 Total Reserves 3.5Moz Reserve grade 2.6g/t Total Resources 3.2Moz Resource grade 2.4g/t

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Syama Gold Mine

Current operations at Syama

Oxide Circuit

• Completed in FY15 below budget and ahead of schedule

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

• Oxide ore bodies optimization program

• Significant further Satellite ore body potential

Sulphide Circuit

• Ore Stockpile of +5 million tonnes @ ~2g/t

• +2Mtpa throughput capacity

• Stable operating performance and aiming for +80% recoveries

Site Production capable of +250,000oz/pa

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Syama: a world class ore body

• Supports a robust long term underground mine life

• Current underground Ore Reserve of 25.5Mt at 2.8g/t for 2.3Moz

• Ore Reserves will extend mining until at least 2028

• Recent infill and deep drilling results confirm potential to enhance Reserve estimate

• Ore body remains open to the south and at depth

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Going underground at Syama A robust, long life flagship gold mine.

• Underground Definitive Feasibility Study (DFS) due to be completed during June 2016 quarter:

• Continuous Improvement Program underway to be incorporated into DFS

• Syama Grid Connection Program included in capital cost and outcomes

• Infill drilling program underway within the Syama open pit targeting upper levels of proposed underground Resource to support enhanced mining inventory

• Deep drilling to test extensions of Resource model

• Revised geological assessment and metallurgical work program

• DFS to include Innovation and Technology advances in mining industry

• Focus on achieving ongoing sustainable cost reductions and delivering a DFS which demonstrates Syama is a flagship Tier 1 global gold project

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2. Ravenswood mine life extension: a strong future beyond Mt Wright.

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	Key statistics	Key statistics
	RSG ownership	100%
	Commissioned	2004
	Production (FY15)	103,773oz
	Production grade	2.37g/t
	AISC (FY15)	US$973/oz
	Total Reserves	1.3Moz
	Total Resources	3.0Moz

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Ravenswood Gold Mine

Mt Wright: a profitable, operation

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• Excellent operating history at Mt Wright

• Gold production in 6 months to 31 December 2015 of 58,462oz at AISC of US$822/oz

• Mine life extended to February 2017

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Ravenswood Gold Production
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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Ravenswood Extension Project

• Ravenswood Extension Project

• to combine and optimize all recent studies for key deposits at Ravenswood including:

  • Sarsfield (1.2Moz Reserve &

    • 1.3Moz Resource)

  • Bucks Reef West (1.2Moz Resource)

  • Nolans East (50Koz Reserve)

• Targeting a +10 year extension project with compelling financial metrics

• Dedicated team working full time on project to produce business case for Resolute Board to consider in calendar 2016

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3. Bibiani: the pathway to production.

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Bibiani Underground
Mineral Resource
Category Tonnes Grade Ounces
Indicated 11.2Mt 3.5g/t 1.3Moz
Inferred 4.5Mt 4.1g/t 0.6Moz
TOTAL 15.7Mt 3.7g/t 1.9Moz
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Bibiani: pathway to production

• Scoping study established a mining inventory of 4.3Mt @ 4.2g/t Au for 574,000 ounces for a 5.5 year mine life

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

• Fully developed site with 3Mtpa CIL processing plant and +4Moz historic production

• Operation remains on care and maintenance

• Feasibility study for an underground operation:

• DFS due for completion mid-2016

• Development pathway to be determined

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Why invest in Resolute?

• Massive Reserve & Resource inventory

• Operational expertise earned through 25+ years experience

• Improving profitability

• Cultural and performance transformation underway

• Undervalued based on key metrics

• Organic growth opportunities:

• Syama Underground Mine - a long life low cost opportunity

• Ravenswood Extension Project - a future beyond Mt Wright

• Bibiani Gold Project - advanced large scale gold project

• Commitment to generate positive returns for shareholders

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ASX:RSG | www.rml.com.au

Disclaimer

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.

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