Resolute Mining Limited — Investor Presentation 2017

Feb 5, 2017

Mining gold to create enduring value Mining Indaba 2017, Cape Town, South Africa, 6 - 9 February 2017

Cautionary Statement

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.

Corporate Summary (ASX:RSG)

Shares on issue	736,982,768	Share Price
Share Price	A$1.46
MarketCapitalisation	A$1.08Bn (US$818M)
Cashand bullion	A$275M (US$206M) at 31 Dec 2016
Debt	A$22M (US$16M) at 31 Dec 2016
FYI7 Guidance	300,000oz gold production @AISC A$1,280/oz(US$934/oz)	DUA$
FY16 Production	315,169oz gold production @AISCA$1,200/oz(US$874/oz)
Dividend Policy	2% of annual gold productionofferedin gold or cash
Major Shareholders	ICM Limited 21.9%Van Eck 13.3%Vinva5.1%	JanFebAprMayJunAugSep08,18,04,17,29,10,21,2016201620162016201620162016

Top performing stock on the S&P/ASX 200 in 2016

Resolute' s gold mining expertise and long life mines are the foundations for enduring shareholder value

Company history

Marymia

Higginsville

Syama

Ravenswood

Golden Pride

Obotan

Chalice

7Moz over 25 years of continuous gold production and counting…

Reserves & Resources

5.6Moz Reserves0.6Moz	Total Ore Reserves estimated atcontained gold, comprising:	112.1Mt @ 1.5g/t Au for 5.6Moz of
3.1Moz1.8Moz	Syama Gold Mine	37.0Mt @ 2.6g/t Au	for 3.1Moz
	Ravenswood Gold Mine	69.7Mt @ 0.8g/t Au	for 1.8Moz
	Bibiani Gold Mine	5.5Mt @ 3.7g/t Aufor 0.6Moz
12.1Moz Resources1.8Moz	Total Mineral Resourcescontained gold, comprising:	estimated at 261.2Mt @ 1.4g/t Au for 12.1Moz of
6.0Moz4.3Moz	Syama Gold Mine	73.1Mt @ 2.5g/t Au	for 6.0Moz
	Ravenswood Gold Mine	172.4Mt @ 0.8g/t Au	for 4.3Moz
	Bibiani Gold Mine	15.7Mt @ 3.5g/t Au
SyamaRavenswood	Bibiani1MineralResourcesarereportedinclusiveofOreReserves

Highlights Half Year to Dec 2016Strong operating performance
	First HalfPerformance		Full Year ProductionGuidance	31 Dec 2016Balance Sheet
170,558oz	YTD total gold production	300,000oz	FY17 total gold production	A$283M	Total Cash, bullion andlisted investments
164,826oz	YTD total gold shipped	325,000oz	FY17 total gold shipped	A$32M	Total Borrowings
A$992/oz	All-In Sustaining Cost	A$1,280/oz	All-In Sustaining Cost	A$253M	Net Cash, bullion/(debt)
US$748/oz	All-In Sustaining Cost	US$934/oz	All-In Sustaining Cost	US$190M	Net Cash, bullion/(debt)

Tracking ahead of full year guidance for production and costs

Resolute action plan

Organic Growth through exploration

Diversifying our production base

Reducing All-in-Sustaining Costs (AISC) through innovation

Ambition to be producing >450kozpa from 3 operations by 2020

Performance and Outlook

Production Outlook

500,000

Peer Benchmarking

1,727 1,688

Perseus Westgold

EV / Reserve (A$/oz)

EV / Resource(1) (A$/oz)

EV / FY17E EBITDA(2) (x)

10

(2) Based on broker consensus estimates calendarised to June year end.

Transformation: Developing long life mining operations

Syama DFS 12years

Ravenswood FS Bibiani FS 13years

Confirms pathway to production

11

The enduring value of long life assets

Historical gold discoveries

Historical and forecast gold production

Gold industry capex spend

• Increased exploration budgets through the last price cycle has not replenished gold inventory which will affect future supply
• Non-sustaining capex spend has been pulled back in line with recent declines in gold price

Syama Gold Mine

Key Statistics

Commissioned	2009
Production GuidanceFY17	204koz
AISC Guidance FY17	A$1,221/ozUS$891/oz
MineLife	Beyond 2028
Total Reserves	3.1Moz
Total Resources	6.0Moz

13

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

14

Pre-production capital of US$95 million fully funded

Initial12 year Operating life

Life of U/G Mine All-In Sustaining Cost

per ounce

US$881

Syama underground sublevel cave Taking the learnings from Ravenswood's Mt Wright to Africa

Consistent and reliable production

Syama v Mt Wright Key criteria comparison

		Mt Wright achieved	Syama expected
	Oz/verticalmetre	2,400 oz/m	6,300 oz/m
	Tonne of stope ore/metre ofdevelopment	318t/metre of development	343t/metre of total development
	Vertical advance per year	51m/yrLoMaverage	39m/yrLoMaverage
	Grade	2.73g/t	2.81g/t
	Steady state production rate	1.5Mtpa	2.4Mtpa
	Mine life	11yrsfrom start, 7.5yrs as SLS	12yrs from start,10yrs as SLC
575	Design depth	850mbelow surface	600mbelow surface

"The success of the Mt Wright underground mine demonstrates our ability to operate a world class sublevel cave at Syama"

Exploration: World class, belt scale tenure Heavily endowed and underexplored

• Early exploration success at the Nafolo discovery south of the main Syama orebody
• Expansion of existing inventory at Syama, Ravenswood, and Bibiani
• Highly prospective, underexplored tenure spread across Mali, Cote d'Ivoire, Tanzania and Australia
• Drilling currently in Mali, Ghana, Cote d'Ivoire and Australia
• Strong balance sheet enables renewed focus on exploration

"Resolute is exploring more than 4,200km2 of prospective tenure across Australia and Africa"

Nafolo prospect Game changing new discovery

• Adjacent to 8Moz Syama Deposit
• Untested along strike and at depth
• Potential to transform Syama operation

Nafolo prospect Four holes in…a major new discovery

Ravenswood Gold Mine

Ravenswood Production

100,000 120,000 140,000 160,000

Ounces (oz)

Key Statistics

Acquired	2004
Production GuidanceFY17	96koz
Production Post 2020	+130kozpa
LOM AISC	A$1,166/ozUS$880/oz
Total Reserves	1.8Moz
Total Resources	4.3Moz

20

Ravenswood Expansion Project a long life low cost open pit operation

21

Sarsfield 1.2Moz Reserve & 2.6Moz Resource

Nolans East 71koz Reserve

Buck Reef West 0.5Moz Reserve &1.3Moz Resource

13 year mine life

A$134m start up capital 5.0Mtpa processing capacity Life of Mine All-in-Sustaining-Cost US$880 per ounce

Ravenswood Expansion Project: The key deposits

120kozpa for 13 years

5Mtpa mill capacity

Nolans East open pit mining underway

Staged development plan

Ravenswood Future 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
• Further potential:
  • Buck Reef Deeps (U/G resource)
  • Along strike / down plunge of Buck Reef Fault

Buck Reef West – N-S section

Bibiani Gold Mine

Key Statistics
FeasibilityStudy Completed	June 2016
Total Reserves	0.6Moz
Total Resources	1.8Moz
Mining Rate	1.2Mtpa
Mining Grade	3.7g/t
Proposed Annual Production	>100koz
AISC	US$858/oz
Development Decision	Pending

24

Bibiani: Feasibility Study confirms viable pathway to production.

Life of Mine All-in-Sustaining-Cost US$858/oz per ounce

Pre-production capital of US$72 million

Initial Ore Reserve of 5.4Mt @ 3.7g/t containing 640,000oz of gold

9 month timeline to production

Bibiani: upside

• A substantial gold deposit:
  • Production to date of >4Moz
  • 1.8Moz Total Resource
• Inferred Resource of 4.5Mt @ 4.1g/t
• Drilling now to upgrade to Indicated Resource
• Inferred Resources can be accessed from planned decline – very little additional cost to reach these resources
• Original workings at Bibiani extend to around 800m depth
• Current 1.8Moz Resource lies between the pit base at 200m below surface, and the limit of drilling, at around 450m below surface.
• Targeting 100kozpa, 10 year mine life, 25% IRR

Resolute focus on Growth Exploration and Business Development

• Recent investments in Kilo Goldmines (KGL.tsx-v) and Manas Resources (MSR.asx)
• Exposure to prospective tenure in 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

Golden Pride 1996 to 2014

Purchased exploration portfolio

Defined a mineable resource

Completed feasibility study

Constructed the first modern gold mine in Tanzania

Produced 2.2 Moz gold over a 15 year mine life

Generated net cash flows of US$211m

Completed award winning environmental rehabilitation program

Delivered land back to our partners, the Tanzanian Government

Invest in Resolute

• 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 >450kozpa
  • Syama Underground Mine 12 years producing up to 250,000ozpa @ AISC of US$881/oz
  • Ravenswood Expansion Project 13 years producing ~120,000ozpa @ AISC of US$880/oz
  • Bibiani Gold Project aiming for 10+ years mine life to produce >100,000ozpa @ AISC of US$858/oz
• Further growth through exploration
• Focus on shareholder returns

Global Gold Growth

Appendix 1: Mineral Resources Statement June 2016

MINERAL RESOURCES 1	MEASURED			INDICATED			INFERRED			TOTAL			Group share
	kt	g/t	koz	kt	g/t	koz	kt	g/t	koz	kt	g/t	koz	koz
Ravenswood (Australia)													100%
2Sarsfield (insitu)	46,453	0.8	1,186	57,664	0.7	892	22,192	0.7	521	126,309	0.6	2,599	2,599
Buck Reef West 2	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
3Mt Wright (insitu)	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	172,411	0.8	4,308	4,308
Syama (Mali)													80%
5Syama UG (insitu)	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%
4Bibiani (insitu)	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	261,190	1.4	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.

Appendix 2: Updated Ore Reserves Statement June 2016

ORE RESERVES	PROVED			PROBABLE			TOTAL			Group share
	Kt	g/t	KOz	Kt	g/t	KOz	Kt	g/t	KOz	KOz
Ravenswood (Australia)										100%
2Sarsfield (insitu)	28,450	0.8	747	18,640	0.7	423	47,090	0.8	1,170	1,170
NolansEast	1,818	0.8	46	846	0.9	25	2,664	0.8	71	71
Buck Reef West 2	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
3Mt Wright (insitu)	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%
5Syama UG (insitu)	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%
4Bibiani (insitu)	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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