Resolute Mining Limited — Investor Presentation 2017

May 22, 2017

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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Value creation through Innovation Mining gold to create enduring value

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7 million ounces of
production over 25
years
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Updated FY17 guidance of 325,000 ounces at an AISC of A$1,150/oz (US$865/oz)

guidance of 325,000 ounces at an AISC of A$1,150/oz $ (US$865/oz) Mine Gold. Create Value Gold dividend policy linked to annual sales revenue payable in cash or gold bullion

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Successful explorer, developer, acquirer and operator of gold mines

Value creation through innovation:

• 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 mine life producing more than 100,000ozpa @ AISC of US$858/oz

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Innovation – A novelty?

• Definition :

1. A new idea, device or method;

• 2. the adoption, assimilation, and exploitation of a value-added novelty ; development of new methods of production; establishment of new systems that increase production, provide better safety, and lower costs. It is both a process and an outcome.

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Mine Gold. Create Value.

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Syama Underground and Ravenswood Expansion Project

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Nafolo discovery at Syama Bibiani drilling success

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All-In Sustaining Costs (AISC) through innovation

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Robust Cash, Bullion & Listed Investments A$291M (US$218M)

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Mine Gold. Innovate. Create Value

Increasing Productivity Increased tonnes Increased development metres Increased utilisation and operating hours

Reducing operating costs Improved capital efficiency Lower operating costs (AISC)

Improving Automation & Data Capture Real-time data analytics Automated management and scheduling 24/7 global operations

Improving Safety Performance Lower risk environment Personnel tracking Lower operator exposure

Mine Gold. Innovate. Create Value “Innovation is not optional, it’s essential”

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Resolute value chain

Innovation is essential across the entire business

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Mining Mine of the Mineral
Exploration
Engineering Future Processing
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• Nafolo discovery

• Syama deeper drilling extensions

• Bibiani resource expansion

• • •

• Resolute pioneered the Increased productivity, Double refractory sulphide Sublevel Shrinkage mining lower operating costs processing success method at Mt Wright

• Improved safety

• Project 85

• Large-Scale Sublevel Caving at Syama

  • Low Carbon Roast (LCR) technology

• 24/7 global operations

• Improved automation and data analytics

• Taking the learnings from Mt Wright to Africa

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and innovation Exploration

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Exploration is innovation Nafolo…a game changing new discovery

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• Adjacent to 8Moz Syama Deposit

• Untested along strike and at depth

• Potential to transform Syama operation

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and innovation Mining

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Sublevel Cave Mining A highly efficient, top-down, bulk mining method

• Controlled, high-productivity ore delivery

• Highly mechanised / amenable to automation

• Low up-front capex

• Early access to ore without leaving a crown pillar below the open pit

• A flexible method with ability to adapt cut-off grades depending on economic inputs

• Minimal production and scheduling requirements

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Mt Wright Sublevel Shrinkage Mining Innovation in bulk underground mining engineering

• Sublevel Shrinkage with Fill is mined like Sublevel Caving but fill is continuously introduced to protect infrastructure and minimise dilution

• Sublevel shrinkage is an innovative mining method pioneered at Mt Wright to:

• maximise productivity

• protect infrastructure due to original design based on open stoping with post fill

• improve safety and lower operating costs

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Mt Wright Mining Innovation A low cash cost bulk underground mining method

Ravenswood Cash Cost (A$/oz)

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1200
1000
800
600
400
200
0
07 08 09 10 11 12 13 14 15 16
Year
Cash Cost (A$/oz)
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• The Sub Level Shrinkage (SLS) method has maximised production and minimised up front capital

• Sublevel shrinkage has proven to be very cost efficient in mining a ~2.5g/t orebody at an average cash cost of A$850/oz over the last 5 years, down to a depth of ~900m below surface

• Innovation in underground mining engineering has transformed Mt Wright into one of Australia’s most successful underground mines

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Syama Underground Heavily automated, highly mechanised mine of the future

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Syama Underground SLC development progress (blue) to plan

• Excavation of the surface boxcut has commenced (on track for completion in late CY17)

• Mine development has commenced on the first production level (1130 Level)

• First ore from development ore drives has commenced

• Initial SLC production ore on track for 2[nd] half of CY18

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Syama v Mt Wright Key criteria comparison

575 metres 1080 Lev Syama		Mt Wright achieved	Syama expected
	Oz/vertical metre	2,400 oz/m	6,300 oz/m
	Tonne of stope ore/metre of development	318t/metre of development	343t/metre of total development
	Vertical advance per year	51m/yr LoM average	39m/yr LoM average
	Grade	2.73g/t	2.81g/t
	Steady state production rate	1.5Mtpa	2.4Mtpa
	Mine life	11yrs from start, 7.5yrs as SLS	12yrs from start, 10yrs as SLC
	Design depth	850m below surface	600m below surface
	Mt Wright Grid spacing – 50 metres 250 metres 650 Lev “The success of the Mt Wright underground mine demonstrates our ability to operate a world class sublevel cave at Syama”

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What is a mine of the future? An underground mine of the future is a (rock) factory

What is an underground mine of the future?

• Bright, clean & dry

• Fresh air (no diesel fumes, fully electric)

• Minimal operators (critical maintenance personnel only)

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• Real-time communication and management

• A pleasant and safe working environment

• A (rock) factory is a low cost underground mine of the future with automated mining

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Automation and innovation

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Automated Underground Mining Syama Mine of the Future

• Syama has potential for fully automated loading and hauling offering increased productivity and lower operating costs

• Allows upskilling of local workforce using latest technologies in underground mining

• Improved safety with fewer operators and personnel underground

• Automated fleet and production management and scheduling

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Automated Underground Mining Syama Mine of the Future

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• Real-time tracking, monitoring and data analytics of equipment and personnel

• Availability of equipment data and production performance anywhere in the world

• Automation allows for high performance draw control critical to a successful Sublevel Cave

• Automation allows for production over shift change and during blasting clearance

• Less damage to equipment with less operator

• error and lower maintenance costs

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Syama and Optimine[® ] Optimising the mine plan in real-time

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• Improved monitoring and real-time scheduling allows increased production efficiency

• Production and equipment monitoring drives improved real-time management and supervision

• Predictive modelling for preventative maintenance and more effective production scheduling in real-time

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Syama and AutoMine[®] Increased productivity and lower operating costs

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• Greater utilisation of equipment with 24/7 continuous production

• Longer operating hours = more tonnes = lower unit costs

• Production execution from remote locations = lower unit costs

• Less damage to equipment = less maintenance = increased utilisation of equipment

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and innovation Processing

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Refractory sulphide ore processing A competitive advantage in refractory ore processing

• The Syama ore is double refractory: pyrite occluding fine grained gold and high levels of organic carbon

• The combination of preg-robbing carbon and refractory sulphides was a problem encountered by previous owners

• Previous owners used ‘whole-of-ore’ roasting

• Resolute has successfully improved overall recoveries with concentrate roasting

• Processing innovation has generated significant value gains at Syama with potential to benefit other orebodies globally

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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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Syama Project 85 Targeting overall gold recovery of above 85%

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Calcine CIL tanks
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Flotation tails thickener

• Overall project is 44% complete (as at mid-May 2017)

• Staged commissioning of Project 85 remains on track for the end of March 2018

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Innovation is not optional… it’s essential.

Mine gold. Create value.

ASX:RSG | www.rml.com.au

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