Resolute Mining Limited — Investor Presentation 2017

May 8, 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
Jan Feb Apr May Jul Aug Sep Nov Dec Feb Mar May
15, 26, 12, 25, 07, 18, 29, 10, 22, 08, 22, 08,
2016 2016 2016 2016 2016 2016 2016 2016 2016 2017 2017 2017
$AUD
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Shares on issue 736,982,768 Share Price A$1.15 Market Capitalisation A$848M (US$628M) Average daily volume 9.4M Shares Cash and bullion A$282M (US$212M) at 31 Mar 2017 Debt A$9M (US$7M) at 31 Mar 2017 325,000oz gold production FYI7 Guidance @ AISC A$1,150/oz (US$865/oz) 2% of annual gold production Dividend Policy offered in gold or cash Substantial ICM Global Funds 20.43% Shareholders Van Eck 15.47% 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 Morgan Stanley Brendan Fitzpatrick RBC Capital Markets Paul Hissey Somers & Partners Duncan Hughes

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Mine Gold. Create Value.

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Syama Underground 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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Production up, costs down A significant upgrade to FY17 production guidance

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FY17 gold
shipped guidance
maintained at
325koz
FY17 production
guidance FY17 gold sales
upgraded to guidance of
325koz at AISC 325koz
$
of US$865/oz
Gold in Circuit
“GIC” of 70koz to
be drawn down
with increased
roaster capacity
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• Original Guidance: 300koz at US$934/oz

• Updated Guidance: 325koz at US$865/oz

• Improved production and cost performance has delivered a significant upgrade to FY17 gold production guidance

• FY17 gold production, shipped and sales guidance of 325koz

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Improving financial performance A financial turnaround driven by free cashflow generation

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A$M EBITDA
$120
$100
$80
$60
$40
$20
$0
1H15 2H15 1H16 2H16 1H17
A$M Diluted EPS
$20
$10
$0
-$10
-$20
-$30
-$40
-$50
1H15 2H15 1H16 2H16 1H17
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A$M Gross Profit
$100
$90
$80
$70
$60
$50
$40
$30
$20
$10
$0
1H15 2H15 1H16 2H16 1H17
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A$M Cash, bullion & investments net of debt
300
250
200
150
100
50
0
-50
-100
-150
1H15 2H15 1H16 2H16 1H17
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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

Mali, Tanzania & DRC (equity investments)

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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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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 Gold Mine One of Africa’s premier gold mines

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10 Kibali
Sukari
Ahafo Bulyanhulu
Fekola
Akyem Loulo
Syama
Gounkoto
Ity Hounde Ahafo North
Geita
Iduapriem Sadiola North Mara
Karma
1 Otjikoto
Agbaou
Buzwagi
Tabakoto
Nzema
0
$0 $200 $400
In situ Value (US$/t)
Log Contained Gold (Moz)
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• Syama’s size, tenor and endowment makes it one of Africa’s premier gold mines

• The 8Moz Syama orebody was discovered by BHP in the late 1980’s

• ~2Moz of gold production since the early 1990’s

• Existing 6Moz resource &

• 3Moz reserve across

• ~85km of Syama Shear

Source: Global Mining Research

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Syama Gold Mine Resolute’s success story in geology, mining & metallurgy

Syama Production History

Syama Resource & Reserve Growth

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250,000 85 7.0
80 6.0
200,000
75 5.0
150,000
70 4.0
65 3.0
100,000
60 2.0
50,000
55 1.0
0 50 0.0
2009 2010 2011 2012 2013 2014 2015 2016 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Total Gold Production Overall Recovery (%) Ore Reserve (Moz) Mineral Resource (Moz)
Overall Recovery (%)
Gold Production (ozpa)
Resource & Reserve (Moz)
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“Resolute’s history of technical success at Syama highlights our in-house expertise in geology, mining & metallurgy”

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

12 year mine life

US$881 per ounce

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Syama Underground West Africa’s first large-scale Sublevel Cave (SLC)

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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 Satellite Operations Resolute’s unsung production asset

• Record MarQ 2017 production run rate of ~110kozpa and YTD AISC of US$646/oz

• Current 1.5Mtpa run rate oxide circuit processing oxide and transitional ore from satellite open pit operations

• Significant exploration upside below current open pit designs

• Ongoing drilling for extensions to high grade shoots at depth

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N
BA01
Alpha Beta
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Syama northern satellite open pit operations
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Syama Project 85 Targeting overall recoveries above 85%

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Calcine CIL tanks

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Flotation tails thickener
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• Project design, procurement and construction on schedule, construction 35% complete

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

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Ravenswood Gold Mine

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Key Statistics Acquired 2004 Ownership 100% LOM AISC US$880/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: 172.4Mt @ 0.8g/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 US$880/oz for 13 years

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Buck Reef West
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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

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

• Phase 2 drilling has intersected mineralisation better than the inferred resource predicted

• 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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Extending a 6Moz gold system High grade intercepts near existing infrastructure

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Open Open
Open
Mineralisation open at depth with excellent intersections in deepest holes
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Exploration: exploring world class tenure in West Africa and Australia

4,200km[2] of prospective tenure across Australia & Africa Active drilling programs in

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Nafolo prospect Game changing new discovery

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• Adjacent to 8Moz Syama Deposit

• Untested along strike and at depth

• Potential to transform Syama operation

Syama long section – Nafolo discovery

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Nafolo prospect Four holes in…a major new discovery

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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, Tanzania 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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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

EV / Reserve (A$/oz)

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Median: $344/oz
EV / Resource [(1)] (A$/oz)
Median: $116/oz
1,098
705
612 606 554 496 488 469
356 332 318 259 221 167 153 105 96 51
Northern Star Regis Centamin Evolution OceanaGold Roxgold B2Gold Saracen Endeavour Acacia St. Barbara IAMGOLD SEMAFO Westgold Asanko Resolute Resolute Alacer Perseus
299
262 251 237
192 186 175 153 140
92 91 84 77 68 55 48 31 19
Evolution Centamin Roxgold Northern Star OceanaGold B2Gold Regis Endeavour St. Barbara Acacia Asanko Saracen SEMAFO IAMGOLD Alacer Resolute Resolute Westgold Perseus
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EV / FY17E Production[(2)] (A$/oz)

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Median: $3,905/oz
EV / FY17E EBITDA [(2)] (x)
Median: 5.6x
7,172
5,617
5,089 5,030 4,993 4,964
4,450 4,379 4,108
3,702
3,368 3,293 3,244
2,843
2,461 2,413 2,112
1,545
B2Gold OceanaGold Evolution Roxgold Centamin Regis SEMAFO Northern Star Asanko Endeavour St. Barbara Alacer Acacia Saracen IAMGOLD Resolute Resolute Westgold Perseus
9.8x
6.5x 6.4x 6.3x 6.0x 6.0x 5.9x 5.8x 5.6x 5.4x
4.8x 4.5x 4.4x 4.1x 4.1x 4.0x
3.2x
B2Gold OceanaGold Asanko Regis Saracen Evolution Endeavour Roxgold Centamin Northern Star IAMGOLD Alacer Acacia SEMAFO Westgold St. Barbara Resolute Resolute
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Source: Publicly available company documents, presentations and broker research. Market data as at 3 May 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

Appendix 2: 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	39,024	0.7	892	22,192	0.7	521	107,669	0.8	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	153,771	0.9	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	242,550	1.5	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.

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Appendix 3: 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.

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Your gold awaits

Mine gold. Create value.

ASX:RSG | www.rml.com.au

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