Resolute Mining Limited — Investor Presentation 2017

Jul 11, 2017

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Mine Gold. Create Value.

Cautionary Statement

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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 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 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 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 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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Mine Gold. Create Value.

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Corporate Summary (ASX:RSG)

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Share Price
2.5
2
1.5
1
0.5
0
Jun 15, Jul 27, Sep 07, Oct 19, Nov 30, Jan 16, Feb 28, Apr 11, May Jul 10,
2016 2016 2016 2016 2016 2017 2017 2017 26, 2017
2017
$AUD
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Shares on issue 736,982,768 Share Price A$1.10 Market Capitalisation A$814M (US$620M) Average daily volume 9.5M Shares Cash, bullion, investments A$290M (US$223M) at 30 Jun 2017 Debt A$34M (US$26M) at 30 Jun 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 20.43% Shareholders Van Eck 8.97% Oppenheimer Funds Institutional IFM Investors Shareholders Baker Steel Capital Managers

Argonaut James Wilson Baillieu Holst Warren Edney 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

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Outperforming guidance Mining gold to create enduring value

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8 million ounces of production over 28 years

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$
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FY18 production guidance of 300,000 ounces at an AISC of A$1,280/oz (US$960/oz)

Mine Gold. Create Value

Gold dividend policy linked to annual sales revenue payable in cash or gold bullion Successful explorer, developer, acquirer and operator of gold mines

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FY17 production outperformance

• Original guidance: 300koz at A$1,280/oz

• Upgraded guidance: 325koz at A$1,150/oz

• Actual achieved: 330koz at A$1,130/oz

FY18 production guidance

• Group gold production of 300koz

• All-In Sustaining Costs of A$1,280/oz

• Capital expenditure of A$162 million

• Exploration budget of A$38 million

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Three years running… Track record of strong operating performance

		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$1,130/oz
	Achieved	✔	✔	✔
Price (A$/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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Investing for a long term future Free cashflow after significant capital expenditure

A$'m 400 380 360 340 320 300 280 260 240 220 200 180 160 140 120 100 80

FY17 Cash & Bullion Flows

• A$290M of cash, bullion and listed investments as at 30 June 2017

• Group Net Operating Cashflow of A$152M from Ravenswood and Syama operations

• Resolute invested A$95M in capital projects and exploration in FY17

• Investing a further A$200M on capital projects and exploration in FY18

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Outperforming on the top line Active gold sales beat the market

Australian Dollar Gold Price (A$/oz)

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1,850
1,800
1,750
Resolute Average Gold Price Received (A$1,717/oz)
1,700
A$56/oz (A$18M)
Average Spot Gold Price (A$1,661/oz)
1,650
1,600
1,550
1,500
Jul 28, 2016 Sep 08, 2016 Oct 21, 2016 Dec 02, 2016 Jan 13, 2017 Feb 24, 2017 Apr 07, 2017 May 19, 2017
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Jun 30, 2017
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• Resolute outperformed the spot gold price by A$56/oz in FY17

• Resolute’s active gold sales program (including gold forwards) added A$18M of revenue in FY17

• Resolute actively manages currency exposure

• Resolute treats gold bullion as an alternative currency for treasury purposes

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Cashflows to the bottom line A financial turnaround driven by free cashflow generation

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•
A$256M of cash,
bullion & investments
net of debt
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• No corporate level debt (A$34M overdraft facility in Mali)

• A$320M turnaround in net debt over the past two years

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A$M Cash, bullion & investments net of debt
300
250
200
150
100
50
0
-50
-100
-150
Jun-13 Jun-14 Jun-15 Jun-16 Jun-17
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Sector leading Return on Equity 20% Return on Equity at a discount to NAV

P/NAV and Return on Equity

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1.6 Randgold Resources
1.4 Newmont
Goldcorp
1.2 Centamin
Kinross Gold B2Gold
Gold Fields
Sibanye Gold
1 IAMGOLD Endeavour Mining
Roxgold
Newcrest Mining
AngloGold Ashanti
0.8
Acacia Mining
0.6
Teranga Resolute Mining Resolute
Asanko Gold
0.4
0% 5% 10% 15% 20% 25%
Return on Equity (FY17e)
Price / Net Asset Value (NAV)
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• Resolute has one of the highest Return on Equity (ROE) ratios in the global gold sector

• Trading at a significant (<0.6x) discount to Net Asset Value (NAV)

• Return on Equity (ROE) is an important metric for creating value for our shareholders

Source: RBC Capital Markets

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Sector leading growth rate Best in class gold production CAGR over the next 5 years

• Resolute has the highest gold production compound annual growth rate (CAGR) over the next 5 years

• Resolute is well-positioned with West Africa having the highest gold production growth rates in the world

• A lack of new discoveries makes gold production growth difficult for peers

• Most larger international peers have declining growth profiles

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Compound Annual Growth Rate (2016-2021)
15%
10%
5%
0%
-5%
-10%
-15%
-20%
-25%
Source: Global Mining Research Other ASX-Listed
Northern Star St Barbara Acacia Barrick Evolution Goldcorp Newcrest Newmont Tahoe Randgold B2Gold Detour Agnico Eagle Eldorado OceanGold Torex Resolute Resolute
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Source: Global Mining Research

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Developing long life assets Three large-scale assets across Australia and West Africa

Syama Gold Mine Mali, West Africa

Ravenswood Bibiani Gold Gold Mine Mine Queensland, Australia Ghana, West Africa

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

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

Resolute acquired the Bibiani Gold Mine in mid-2014

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

12 year mine life

13 year mine life

Successful Phase 1 drilling program in 2014-2015

Sublevel Cave (SLC) Underground

Ravenswood Extension Project (REP)

Initial 5 year mine life

Mine of the Future

Bulk-tonnage open pit mining

Phase 2 drilling targeting >100kozpa for 10 years

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Targeting 500kozpa by 2020 Extensive development & exploration pipeline

• Ambition to be producing 500kozpa by 2020

• Through an extensive pipeline of organic growth projects and continued exploration success

• An increased focus on all areas of the mining value chain particularly exploration and business development

Brownfields Exploration

Nafolo Discovery Bibiani Drilling Syama Satellites Buck Reef Deeps

Growth Projects

Syama Underground Syama Project 85 Bibiani Gold Mine

Ravenswood Exp. Project (REP)

Large-Scale Production Assets Syama Gold Mine Ravenswood Gold Mine

Exploration & Business Development

Cote d’Ivoire, Egypt Mali, Tanzania & DRC (equity investments)

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Growth projects timeline A pathway to growth across three assets

	FY18 Q1 FY18 Q2 FY18 Q3 FY18 Q4	FY19 Q1 FY19 Q2 FY19 Q3 FY19 Q4
Syama Gold Mine
Syama Underground	Development Ore Mining Production Ore Mining
Project 85	Construction & Commissioning Operational
Project Low Carbon Roast (LCR)	Construction & Commissioning Operational
Ravenswood Gold Mine
Nolans East	Processing Mining
Open pit stockpiles	Processing (as required)
Mt Wright	Mining
Buck Reef West	Exploration & Permitting Mining
Full production rate

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Syama Gold Mine

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Key Statistics
Commissioned	2009
Ownership	80%
LOM AISC - Underground	US$881/oz
Production Rate - Sulphide	2.4Mtpa (170kozpa)
Production Rate - Oxide	1.5Mtpa (70kozpa)
Underground Mine Life	12 years
Total Reserves	3.1Moz
Total Resources	6.0Moz

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Syama Underground A world class sublevel cave in the making…

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Syama Underground SLC and Nafolo discovery

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Syama Underground
3,000,000
2,500,000
2,000,000
1,500,000
1,000,000
500,000
-
FY18 FY19 FY20
Production Ore Development Ore
Tonnes
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• Ore drive development has commenced ramp up to ~500ktpa

• Initial SLC production ore remains

• on track for 2[nd] half of CY18

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Syama Shear Zone Ten million ounces and counting….

• 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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Nafolo prospect Game changing new discovery

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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

Syama long section – Nafolo discovery

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Syama satellite operations High grade underground satellite opportunities

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• High grade (>5g/t Au) sulphide extensions below satellite oxide pits

• Underground mining opportunities at Nafolo, Tabakaroni and BA-01

• High grade feed to supplement base load Syama Underground Sublevel Cave (2.8g/t Au)

Tabakoroni long section – high grade sulphide at depth

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Ravenswood Gold Mine

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Key Statistics Acquired 2004 Ownership 100% LOM AISC A$1,166/oz Process Capacity - Current 2.8Mtpa Nameplate Capacity 5.0Mtpa Production Post 2020 +130kozpa Mine Life 13 years Total Reserves 1.8Moz Total Resources 4.3Moz

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Ravenswood Expansion Project Bulk-tonnage open pit mining

• Reserves: 69.7Mt @ 0.8g/t (1.8Moz)

• Resources: 153.7Mt @ 0.9g/t (4.3Moz)

• Life of Mine strip ratio of 1.3:1

• Beneficiation of low grade ore (0.3 - 0.7g/t Au)

• Bulk open pit mining costs (~A$3.50/t)

• Owner operator, larger equipment potential

• Underground potential at Buck Reef Deeps

• Staged development plan targeting up to 140kozpa at a Life of Mine AISC of A$1,166/oz for 13 years

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Buck Reef West
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Ravenswood Expansion Project Approvals tracking on schedule

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Mt Wright 10km
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• Mt Wright underground operations continuing

• Open pit mining recommenced from Nolans East

• Processing capacity increased to

• 2.8Mtpa

• Regulatory approvals for mining at Sarsfield obtained

• Regulatory approvals for open pit mining of Buck Reef West expected in mid-2018

• Expansion of the mill to 5.0Mtpa

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Bibiani Gold Mine

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Key Statistics Acquired 2014 Ownership 90% LOM AISC US$858/oz Mining Rate 1.2Mtpa Proposed Annual Production >100koz Initial Mine Life 5 years Pre-production capex US$72M Timeline to production 9 months Total Reserves 0.6Moz Total Resources 1.8Moz Development Decision Pending

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Bibiani Gold Mine Phase two drilling success

• A substantial gold deposit:

• Production to date of >4Moz

• 1.8Moz Total Resource

• Inferred Resource of 4.5Mt @ 4.1g/t

• Phase 2 drilling underway to upgrade inferred resources to an indicated category

• Phase 2 drilling has intersected mineralisation with potential to upgrade ore reserves

• Currently drilling to extend mine life beyond the initial five years

• Targeting 100kozpa, 10 year mine life, 25% IRR

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Bibiani long section - phase two drilling
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Exploration: exploring world class tenure in West Africa and Australia

6,600km[2] of prospective tenure across Australia & Africa Active drilling programs in

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Resolute focus on growth Exploration and Business Development

• Investments in Kilo Goldmines (KGL.tsx-v), Manas Resources (MSR.asx) and Oklo Resources (OKU.asx)

• Exposure to prospective tenure in Mali, Cote d’Ivoire, Tanzania, Egypt and Democratic Republic of Congo (DRC)

• Backing good teams in the right locations

• Continuing to look for strategic partnerships with explorers with prospective ground holdings across Africa

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African gold mines in 2016
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Innovation: increasing productivity and lowering operating costs through innovation

Developing one of the most efficient, safe and productive underground mines in Africa

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Syama Automation and Innovation Increased productivity and lower operating costs

• Improved safety performance

• Lower operating (AISC) costs and improved capital efficiency

• Increased productivity and utilisation of operating hours

• Increased tonnes and metres driving lower mining costs per tonne

• Improved data capture, real time analytics, draw control and 24/7 global operations

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Syama gold processing innovation Double refractory sulphide processing success

Syama Production History

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250,000 85
80
200,000
75
150,000 70
65
100,000
60
50,000
55
0 50
2009 2010 2011 2012 2013 2014 2015 2016
Total Gold Production Overall Recovery (%)
Overall Recovery (%)
Gold Production (ozpa)
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• A successful history of improving sulphide recoveries

• Developing a Low Carbon Roast (LCR) technology in partnership with Outotec[®]

• LCR will deliver a significant reduction in preg-robbing organic carbon and increased CIL recoveries

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Invest in Resolute

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• Strong balance sheet and ongoing operational cash flow generation

• New executive team leading cultural and performance transformation

• Exciting new discovery at Nafolo

• Large long life mines

• Organic production growth to ~500kozpa

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

• Ravenswood Expansion Project – 13 years producing up to 140,000ozpa @ AISC of US$880/oz

• Bibiani Gold Mine – aiming for >10 years producing more than 100,000ozpa @ AISC of US$858/oz

• Further growth through exploration

• • Focus on shareholder returns

• Mine Gold. Create Value.

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Appendix 1: Peer Benchmarking

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EV / Reserve (A$/oz) EV / FY17E Production [(2)] (A$/oz)
Median: $3,207/oz
Median: $304/oz
EV / Resource [(1)] (A$/oz) EV / FY17E EBITDA [(2)] (x)
Median: 5.8x
Median: $120/oz
1,333 6,995
5,617 5,309 5,201
833 4,799 4,735 4,433 3,643
618 603 587 562 538 3,264 3,150 3,140 3,017 2,907 2,828
409 309 299 235 227 218 167 114 108 105 53 1,926 1,722 1,677 1,517
Northern Star Regis Evolution Saracen Centamin Roxgold B2Gold OceanaGold Endeavour St. Barbara SEMAFO IAMGOLD Acacia Westgold Resolute Resolute Asanko Alacer Perseus B2Gold Regis OceanaGold Evolution Northern Star Centamin Roxgold Endeavour SEMAFO IAMGOLD St. Barbara Saracen Alacer Asanko Acacia Resolute Resolute Westgold Perseus
304 296
259 251
207 203 201
174
132
108 97 82 73 60 58 52
30 20
Evolution Roxgold Northern Star Centamin Regis OceanaGold B2Gold Endeavour St. Barbara Saracen IAMGOLD SEMAFO Asanko Alacer Acacia Resolute Resolute Westgold Perseus
Evolution Resolute
10.5x
7.7x
7.3x 7.1x
6.6x
6.2x 6.2x 5.8x 5.8x 5.5x 5.3x 5.0x
4.5x 4.4x
3.7x
3.1x 2.8x
B2Gold Saracen Regis Roxgold Endeavour IAMGOLD Northern Star OceanaGold Centamin Alacer Westgold Asanko SEMAFO St. Barbara Acacia Resolute
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Source: Publicly available company documents, presentations and broker research. Market data as at 7 July 2017. Notes: (1) Resource inclusive of reserve. (2) Based on broker consensus estimates calendarised to June year end.

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West-African ASX-Listed

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Your gold awaits

Mine gold. Create value.

ASX:RSG | www.rml.com.au

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