Resolute Mining Limited — Investor Presentation 2017

Nov 27, 2017

Mine Gold. Create Value. Annual General Meeting 2017 | Presentation to Shareholders Perth, Western Australia, Tuesday, 28 November 2017

Important Notices and Disclaimers

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Not an offer of securities

This presentation contains a summary of information about Resolute and its activities that is current as at the date of this presentation unless otherwise stated. The information in this presentation is general in nature and does not purport to be complete. This presentation does not contain all the information which a prospective investor may require in evaluating a possible investment in Resolute or that would be required in a prospectus or a product disclosure statement prepared in accordance with the Corporations Act 2001 (Cth) or any other offering document under Australian law or the securities laws of any other jurisdiction. This presentation does not constitute an offer, invitation or recommendation to subscribe for or purchase securities in Resolute Mining Limited ( Resolute ). This presentation is for information purposes only and is not an offer or invitation to acquire Resolute securities or any other financial products in any place. In particular, this presentation does not constitute an offer to sell, or the solicitation of an offer to buy, any Resolute securities in the United States.

Past and Future Performance and Forward-Looking Statements

Past performance information given in this presentation is for illustrative purposes only and should not be relied upon as an indication of future performance.This presentation includes certain forwardlooking statements, including statements regarding our intent, belief or current expectations with respect to Resolute’s business and operations, market conditions, results of operations and financial condition, and risk-management practices. Words such as ‘project’, ‘foresee’, ‘plan’, ‘expect’, ‘aim’, ‘intend’, ‘anticipate’, ‘believe’, ‘estimate’, ‘may’, ‘should’, ‘will’ and similar expressions are intended to identify forward-looking statements. Indications of, and guidance on, future earnings and financial position and performance are also forward-looking statements. Forward-looking statements are provided as a general guide only and should not be relied upon as an indication or guarantee of future performance. These statements relate to future events and expectations and are based on certain assumptions, which may prove to be incorrect. Forward-looking statements also involve known and unknown risks and significant uncertainties, many of which are outside the control of Resolute. Actual results, performance, actions and developments of Resolute may differ materially from those expressed or implied by the forward-looking statements in this presentation. Such forward-looking statements speak only as of the date of this presentation. There can be no assurance that actual outcomes will not differ materially from these statements. To the maximum extent permitted by law, Resolute and any of its affiliates and their directors, officers, employees, agents, associates and advisers:

• I. disclaim any obligations or undertaking to release any updates or revisions to the information in this presentation to reflect any change in expectations or assumptions;

• II. do not make any representation or warranty, express or implied, as to the accuracy, reliability or completeness of the information in this presentation, or likelihood of fulfilment of any forwardlooking statement or any event or results expressed or implied in any forward-looking statement; and

• III. disclaim all responsibility and liability for these forward-looking statements (including, without limitation, liability for negligence).

• IV. Nothing in this presentation will under any circumstances create an implication that there has been no change in the affairs of Resolute since the date of this presentation.

Mineral Resources and Ore Reserves

Recipients of this presentation outside Australia should note that it is a requirement of the Australian Securities Exchange listing rules that the reporting of ore reserves and mineral resources in Australia comply with the Australasian Joint Ore Reserves Committee Code for Reporting of Mineral Resources and Ore Reserves (the JORC Code), whereas 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). Recipients should note that while Resolute’s mineral resource and ore reserve estimates comply with the JORC Code, they may not comply with the relevant guidelines in other countries, and do not comply with SEC Industry Guide 7. In particular, SEC Industry Guide 7 does not recognise classifications other than proven 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 Resolute were reporting in accordance with SEC Industry Guide 7, it would not be permitted to report any mineral resources, including indicated and inferred resources, and the amount of reserves reported by Resolute may be lower 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 Resolute will 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.

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Important Notices and Disclaimers

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Competent Person Statement

The information in this presentation that relates to the Exploration Results, Mineral Resources and Ore Reserves is based on information compiled by Mr Andrew Goode who is a member of the Australasian Institute of Mining and Metallurgy and Mr Bruce Mowat, a member of The Australian Institute of Geoscientists. Mr Andrew Goode and Mr Bruce Mowat 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 Andrew Goode and Mr Bruce Mowat are full time employees of a subsidiary of Resolute and each hold equity securities in the Resolute. They have consented to the inclusion of the matters in this presentation based on the information in the form and context in which it appears. This information was prepared and disclosed under the JORC Code 2012 except where otherwise noted. Particular Reserves and Resources remain 2004 JORC compliant and not updated to JORC Code 2012 on the basis that that information has not materially changed since it was last reported.

Not Financial Product Advice

This presentation does not constitute financial product advice, 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 securities and has been prepared without taking into account the investment objectives, taxation situation, financial situation or needs of individuals. Before making any investment decision in connection with any acquisition of Resolute securities, prospective investors should consider the appropriateness of the information having regard to their own objectives, tax situation, financial situation and needs and seek financial, legal and taxation advice appropriate to their jurisdiction. 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.

No Liability

The information contained in this presentation has been prepared in good faith by Resolute, however no guarantee, representation or warranty expressed or implied is or will be made by any person (including Resolute and its affiliates and their directors, officers, employees, associates, advisers and agents) as to the accuracy, reliability, correctness, completeness or adequacy of any statements, estimates, options, conclusions or other information contained in this presentation. No person other than Resolute is responsible for the preparation of this presentation. To the maximum extent permitted by law, Resolute and its affiliates and their directors, officers, employees, associates, advisers and agents each expressly disclaims any and all liability, including, without limitation, any liability arising out of fault or negligence, for any loss arising from the use of or reliance on information contained in this presentation including representations or warranties or in relation to the accuracy or completeness of the information, statements, opinions, forecasts, reports or other matters, express or implied, contained in, arising out of or derived from, or for omissions from, this presentation including, without limitation, any financial information, any estimates, forecasts, or projections and any other financial information derived therefrom. Statements in this presentation are made only as of the date of this presentation unless otherwise stated and the information in this presentation remains subject to change without notice. No responsibility or liability is assumed by Resolute or any of its affiliates (or their directors, officers, employees, associates, advisers and agents) for updating any information in this presentation or to inform any recipient of any new or more accurate information or any errors or mis-descriptions of which Resolute and any of its affiliates or advisers may become aware.

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Mine Gold. FY17

329,834oz Total Gold Production 317,242oz Total Gold Sold

A$1,132/oz All-In Sustaining Cost (AISC) A$1,717/oz Average Price Received (A$/oz)

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Create Value. FY17 A$541M Revenue from gold and silver sales Net Profit after tax A$166M

A$177M Gross profit from operations $A290M Cash, Bullion & Listed Investments

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Create Value. FY17

18.6 c Diluted earnings per share

49% Return on Equity Net operating cash inflow A$186M

$A136M Net financing cash inflow $A128M Net investing cash outflow

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Three years running… Track record of strong operating performance

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		FY15	FY16	FY17
Production (oz)	Original Guidance	315koz	315koz	300koz
	Actual	329koz	315koz	330koz
	Achieved	✔	✔	✔
AISC (A$/oz)	Original Guidance	A$1,280/oz	A$1,280/oz	A$1,280/oz
	Actual	A$1,094/oz	A$1,200/oz	A$1,132/oz
	Achieved	✔	✔	✔
Price (A$/oz)	Average Spot	A$1,457/oz	A$1,602/oz	A$1,661/oz
	Received	A$1,467/oz	A$1,624/oz	A$1,717/oz
	Achieved	✔	✔	✔

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Increasing profits from operations Strong operating performance reflected in financial results

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A$M
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Gross Profit from Operations

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200
180
160
140
120
100
A$177M
80 A$167M
60
40 A$71M
20
-
Jun-15 Jun-16 Jun-17
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Increasing AISC margin Active sales and lower costs deliver increasing AISC margin

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A$/oz All-In Sustaining Cost & Average Price Received

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2,000
1,800 A$1,717/oz
A$1,624/oz
1,600 A$1,467oz
1,400 A$424/oz A$585/oz
A$373/oz
1,200
1,000
800
600 A$1,200/oz
A$1,094/oz A$1,132/oz
400
200
0
Jun-15 Jun-16 Jun-17
All-In Sustaining Cost (A$/oz) All-In Sustaining Cost Margin (A$/oz) Average Price Received (A$/oz)
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Balance Sheet Strength A financial turnaround driven by free cashflow generation

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A$M

Cash & bullion net of debt

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300
250
200
150
A$248M
100
50
A$75M
0
-A$64M
-50
-100
Jun-15 Jun-16 Jun-17
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Investing for a long term future Free cashflow after significant capital expenditure

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A$M

FY2017 Cash Flows

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410
390
370
350
330
310
290
270
250
230
210
190
170
150
130
110
90
Cash & Syama Ravenswood Debt/Equity Exploration Capital Investing Bibiani Corporate Cash &
Bullion Projects Activities Bullion
Opening Closing
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Resolute gold dividend

Resolute has an innovative partnership with The Perth Mint to provide shareholders the unique opportunity to receive dividend payments in gold. 2.0 cents per share dividend in cash or gold Your gold awaits

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Mine Gold. Create Value.

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Long life, large scale assets Three assets across Australia and West Africa

Syama Gold Ravenswood Mine Gold Mine Mali, West Africa Queensland, Australia

Resolute has a successful history of >10 years at Syama Targeting up to 250kozpa at AISC of US$881/oz 12 year mine life

A successful operating history of ~13 years at Ravenswood Targeting up to 140kozpa at AISC of US$880/oz

13 year mine life

Ravenswood Expansion Project (REP) Bulk-tonnage open pit mining

Sublevel Cave (SLC) Underground

Mine of the Future

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Bibiani Gold Mine Ghana, West Africa

Resolute acquired the Bibiani Gold Mine in mid-2014

Targeting >100kozpa at AISC of below US$858/oz

Successful Phase 1 drilling program in 2014-2015

Initial 5 year mine life

Phase 2 drilling targeting >100kozpa for 10 years

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Syama Gold Mine Operation Highlights

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FY17 Operating Performance

Ore Mined Ore Milled Head Grade Recovery Total Production AISC (t) (t) (g/t) (%) (Gold oz) A$/oz Syama Sulphide 1,215,153 2,106,371 2.59 69.8 136,000 1,001 Syama Oxide 1,319,596 1,340,097 2.84 83.2 101,830 960 Syama Total 2,534,749 3,446,468 2.68 75.3 237,830 984 FY18 Production Guidance Gold Production AISC AISC (oz) (A$/oz) (US$/oz) Syama Sulphide 130,000 1,050 788 Syama Oxide 90,000 1,260 945 Syama Total 220,000 1,136 852

FY18 Production Guidance

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Syama Gold Mine Overview

Production Rate Sulphide Oxide 2.4Mtpa 1.5Mtpa (170kozpa) (70kozpa)

Total 7.5Moz Resource* Total 2.9Moz Reserve 12 Year Underground Mine Life US$881/oz LOM AISC - Underground

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• Includes upgraded Syama U/G resource – see ASX Ann. 23 October 2017

Rapid Underground Development Syama Underground ahead of schedule

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• Underground mine development has advanced more than 6km

• Semi-automated drilling with Sandvik DD422i allowing longer rounds and more rapid underground development with less overbreak

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Syama Underground A world class sublevel cave in the making…

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Syama
(8Moz)
Nafolo
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A major gold discovery at Syama Exciting new discovery at Nafolo

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• Adjacent to 8Moz Syama deposit

• Potential to transform Syama operation

• Untested to the south and at depth

• All drillholes to date have intersected gold mineralisation

• Remains open in all directions

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A world class opportunity 10Moz and counting, 80km of strike untested below ~200m

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• Resolute controls an 80km strike length of the 10Moz Syama shear zone

• Majority of exploration to date has been focused on shallow oxide open pit orebodies

• Significant exploration upside below current open pit designs extending high grade shoots at depth

• World class tenure covering an underexplored belt already yielding a number of multi-million ounce orebodies

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Syama Gold Mine One of Africa’s premier gold mines

Randgold Acacia Centamin Newmont Resolute Randgold Kibali Bulyanhulu Sukari Ahafo Syama Loulo 19.7Moz 18.7Moz 12.9Moz 10.4Moz 10.0Moz 9.9Moz Goldfields AngloGold Goldfields AngloGold Iamgold Randgold Tarkwa Geita Damang Iduapriem Essakane Gounkoto 9.1Moz 7.3Moz 6.0Moz 5.6Moz 5.1Moz 4.8Moz

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Ravenswood Gold Mine Operation Highlights

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FY17 Operating Performance
Ore Mined Ore Milled Head Grade Recovery Total Production AISC
(t) (t) (g/t) (%) (Gold oz) A$/oz
FY17 Actual 2,366,159 1,995,293 1.54 93.1 92,004 1,406
FY18 Production Guidance
Gold Production AISC AISC
(oz) (A$/oz) (US$/oz)
FY18 Production Guidance 80,000 1,520 1,145
LOM Average Annual
123,500 1,166 872
Production
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Ravenswood Gold Mine Overview

Production Rate Post 2020 +130kozpa 2.8Mtpa 5.0Mtpa Process Capacity - Current Nameplate Capacity

Total 4.3Moz Resource Total 1.8Moz Reserve 13 Year Mine Life LOM AISC A$1,166/oz

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Ravenswood Expansion Project (REP) Current status and continuous improvement

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Current status:

Continuous improvement:

• 13 year mine life, 1.8Moz in reserves

• Processing plant capacity of 5Mtpa

• Currently operating at 2.8Mtpa from Mt Wright (underground) and Nolans East (open pit)

• Re-opening two open pits:

• Buck Reef West: 524koz reserve (18.3Mt @ 0.9g/t Au)

• Sarsfield: 1.17Moz reserve (47.1Mt @ 0.8g/t Au)

• Received environmental and heritage approval to re-commence open pit mining at Sarsfield

• Owner operator, larger equipment potential to drive lower mining costs

• Beneficiation of low grade ore (0.3-0.7g/t Au) providing additional production ounces and mine plan flexibility

• Drill testing high grade underground mining potential at Buck Reef Deeps

• Satellite high grade brownfields exploration upside potential

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Sarsfield and Buck Reef West Two large scale, bulk tonnage open pits

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Sarsfield
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Buck Reef West
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Bibiani Gold Mine Overview

Total 2.5Moz Resource* Mining Rate Total 0.6Moz Reserve 1.2Mtpa LOM >100koz AISC US$858/oz Proposed Annual Production Pre-production capex 5 Year 9 months US$72M Initial Mine Life Timeline to production

• Includes upgraded Bibiani resource – see ASX Ann. 18 October 2017

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Bibiani Gold Mine Phase two drilling success

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Exploration for growth Exploring to expand the business, not stay in business

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Exploration Expenditure
$40
Egypt
Mali
$35
$30
Democratic Republic
$25 of the Congo
Côte d’Ivoire
$20
Tanzania
$15
Ghana
$10
$5
$0
FY15 FY16 FY17 FY18
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Looking for New Opportunities

Africa: the future is gold

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Platform for Growth Transformation enables bold ambition

• Resolute has mined more than 8 million ounces from 9 Gold mines in Australia and Africa

• Operating expertise, build experience, and success in development

• Strongest Balance sheet position in the Company’s history

• Large and growing resource base

• Focus on technical excellence and innovation advantage

• Unique skill set and reputation in Africa

• Increased investment in exploration

• Looking for value generating acquisition opportunities

• Building a portfolio of Resolute Gold Mines

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Corporate Summary (ASX:RSG)

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1.9
Share Price
1.7
1.5
1.3
1.1
0.9
0.7
0.5
$AUD
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Shares on issue 741,477,595 Share Price A$1.04 as at 27 Nov 2017 Market Capitalisation A$771M (US$586M) Average daily volume 8.0M Shares Cash, bullion, investments A$230M (US$176M) at 30 Sept 2017 Debt A$21M (US$16M) at 30 Sept 2017 300,000oz gold production FY18 Guidance @ AISC A$1,280/oz (US$960/oz) 2% of annual gold production Dividend Policy offered in gold or cash Substantial ICM Global Funds 19.99% Shareholders Van Eck 9.97% Oppenheimer Funds IFM Investors Institutional Baker Steel Capital Managers Shareholders L1 Capital Investec Asset Management

Argonaut James Wilson Baillieu Holst Warren Edney Bell Potter Duncan Hughes Canaccord Genuity Patrick Chang Citigroup Trent Allen Analyst Euroz Jon Bishop Coverage Global Mining Research David Cotterell Hartleys Paul Howard Macquarie Ben Crowley Morgan Stanley Brendan Fitzpatrick RBC Capital Markets Paul Hissey RFC Ambrian Jim Taylor

Appendix 1: Mineral Resources Statement 2017

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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	45,522	0.8	1,168	38,497	0.7	882	22,079	0.7	518	106,098	0.8	2,568	2,568
Buck Reef West2	18,400	0.9	532	20,400	0.8	525	17,000	0.7	383	55,800	0.8	1,440	1,440
Sub Total O/C	63,922	0.8	1,700	58,897	0.7	1,407	39,079	0.7	901	161,898	0.8	4,008	4,008
Mt Wright (insitu)3	311	3.5	35				1,079	3.1	107	1,390	3.2	142	142
Welcome Breccia							2,036	3.2	208	2,036	3.2	208	208
Stockpiles				11	2.6	1				11	2.6	1	1
Sub Total UG	311	3.5	35	11	2.6	1	3,115	3.2	315	3,437	3.2	351	351
Ravenswood Total	64,233	0.8	1,735	58,908	0.7	1,408	42,194	0.9	1,216	165,335	0.8	4,359	4,359
Syama(Mali)													80%
Syama UG (insitu) 5				45,600	3.2	4,700	10,300	3.0	1,000	55,900	3.2	5,700	4,560
Sulphide Stockpiles	55	1.7	3	3,339	1.4	146				3,394	1.4	149	119
Sub Total(Sulphides)	55	1.7	3	48,939	3.1	4,846	10,300	3.0	1,000	59,294	3.1	5,849	4,679
Syama Oxide Satellites	2,337	2.1	159	6,531	1.9	409	2,342	2.1	155	11,210	2.0	723	578
Syama Satellite Stockpiles	824	1.9	51	962	1.8	54	64	1.4	3	1,850	1.8	108	86
Sub Total Satellites	3,161	2.1	210	7,493	1.9	463	2,406	2.0	158	13,060	2.0	831	665
													85%
Tabakoroni	3,210	2.9	296	4,010	2.2	289	3,000	2.0	193	10,220	2.4	778	661
Syama Total	6,426	2.5	509	60,442	2.9	5,598	15,706	2.7	1,351	82,574	2.8	7,458	6,005
Bibiani(Ghana)													90%
Bibiani (insitu) 4				13,255	3.5	1,493	8,438	3.7	1,011	21,693	3.6	2,504	2,254
Bibiani Total	0	0.0	0	13,255	3.5	1,493	8,438	3.7	1,011	21,693	3.6	2,504	2,254
Total Resources	70,659	1.0	2,244	132,605	2.0	8,499	66,338	1.7	3,578	269,602	1.7	14,321	12,618

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

• 2) Resources and Reserves are reported above 0.4 g/t cut off for Sarsfield, Nolans East and Buck Reef West.

• 3) Mt Wright Reserves are reported above 2.3 g/t cut off and Resources above 1.8 g/t cut off.

Includes upgraded Syama U/G resource – see ASX Ann. 23 October 2017 Includes upgraded Bibiani resource – see ASX Ann. 18 October 2017

• 4) Bibiani Reserves and Resources quoted above a 2.0 g/t cut off.

• 5) Syama Underground Resources quoted above 1.5g/t cut off and Reserves above a 1.9 g/t cut off.

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Appendix 2: Ore Reserves Statement 2017

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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	1,543	0.8	37	612	0.7	14	2,155	0.7	51	51
Buck Reef West2	13,652	0.9	400	4,669	0.8	124	18,321	0.9	524	524
Stockpiles(O/C)	482	0.6	9	319	0.6	7	801	0.6	16	16
Sub Total O/C	44,127	0.8	1,193	24,240	0.7	568	68,367	0.8	1,761	1,761
Mt Wright (insitu) 3	258	2.6	22				258	2.7	22	22
Stockpiles				11	2.6	1	11	2.6	1	1
Sub Total UG	258	2.6	22	11	2.6	1	269	2.7	23	23
Ravenswood Total	44,385	0.9	1,215	24,251	0.7	569	68,636	0.8	1,784	1,784
Syama(Mali)										80%
Syama UG (insitu) 5				23,855	2.8	2,171	23,855	2.8	2,171	1,737
Sulphide Stockpiles	55	1.7	3	3,339	1.4	146	3,394	1.4	149	119
Sub Total(Sulphides)	55	1.7	3	27,194	2.7	2,317	27,249	2.6	2,320	1,856
Syama Oxide Satellites	896	2.4	68	1,459	2.4	112	2,355	2.4	180	144
Syama Satellite Stockpiles	824	1.9	51	962	1.8	54	1,786	1.8	105	84
Sub Total Satellites	1,720	2.2	119	2,421	2.1	166	4,141	2.1	285	228
										85%
Tabakoroni	1,335	3.1	133	1,821	2.8	163	3,156	2.9	296	252
Syama Total	3,110	2.6	255	31,436	2.6	2,646	34,546	2.6	2,901	2,336
Bibiani(Ghana)										90%
Bibiani (insitu) 4				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	47,495	1.0	1,470	61,167	2.0	3,859	108,662	1.5	5,329	4,699

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

• 2) Reserves for Buck Reef West, Nolans East and Sarsfield are reported 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.

Includes upgraded Syama U/G resource – see ASX Ann. 23 October 2017 Includes upgraded Bibiani resource – see ASX Ann. 18 October 2017

• 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.

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Mine Gold. Create Value.

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