Resolute Mining Limited — Investor Presentation 2018

Oct 14, 2018

Mine Gold. Create Value. Macquarie Western Australian Forum | October 2018

The Syama Transformation Story

Important Notices and Disclaimers

This presentation contains information about Resolute Mining Limited (Resolute or the Company) and its activities that is current as at the date of this presentation unless otherwise stated. The information in this presentation remains subject to change without notice. This presentation has been prepared by Resolute and no party other than Resolute has authorised or caused the issue, lodgement, submission, despatch or provision of this presentation.

The information in this presentation is general in nature and does not purport to be complete. This presentation is not a prospectus, disclosure document or other offering document under Australian law or under the laws of any other jurisdiction. This presentation is provided for information purposes and does not constitute an offer, invitation or recommendation to subscribe for or purchase securities in Resolute in any jurisdiction.

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.

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 or damage suffered by any person relating in any way to the use of or reliance on information contained in this presentation including, without limitation:

• from representations or warranties or in relation to the accuracy or completeness of the information contained within this presentation;
• from statements, opinions, forecasts, reports or other matters, express or implied, contained in, arising out of or derived from this presentation; or
• for omissions from this presentation including, without limitation, any financial information, any estimates, forecasts, or projections and any other financial information derived therefrom.

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.

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 forward-looking 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 are based upon a number of estimates and assumptions that, while considered reasonable by Resolute, are inherently subject to significant uncertainties and contingencies, many of which are outside the control of Resolute, involve known and unknown risks and uncertainties that could cause actual events or results to differ materially from estimated or anticipated events or results reflected in such forward looking statements on certain assumptions, which may prove to be incorrect. Actual results, performance, actions and developments of Resolute may differ materially from those expressed or implied by the forward-looking statements in this presentation.

As an Australian company listed on the Australian Securities Exchange (ASX), Resolute is required to report ore reserves and mineral resources in Australia in accordance with the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code). Recipients should note that while Resolute's mineral resource and ore reserve estimates comply with the JORC Code, they may not comply with relevant guidelines in other countries.

For details of the Mineral Resources and Ore Reserves used in this presentation, please refer to ASX Announcement dated 16 August 2018 titled "Annual Ore Reserve and Mineral Resource Statement as at 30 June 2018". The Company is not aware of any new information or data that materially affects the Mineral Resources and Ore Reserves as reported in that ASX Announcement and confirms that all material assumptions and technical parameters underpinning this plan continue to apply and have not materially changed. The form and context in which the Competent Persons' findings are presented have not been materially modified.

Notes

• US$ numbers quoted are weighted average in US$, at prevailing exchange rates
• All in Sustaining Costs (AISC) per ounce of gold produced are calculated in accordance with World Gold Council guidelines. These measures are included to assist investors to better understand the performance of the business. Cash cost per ounce of gold produced and AISC are non‐International Financial Reporting Standards financial information

Mine Gold. Create Value.

Market Capitalisation A$841m

FY19 Guidance 300koz at US$960/oz (A$1,280/oz)

Portfolio 3 Mines Multiple Strategic Investments

Global Mineral Resources 16.5Moz Global Ore Reserves 5.9Moz

Dividend Payout Minimum of 2% of Revenue

Note: Global Ore Reserves and Global Mineral Resources are as at 30 June 2018 and based on Resolute's managed inventory plus Resolute's attributable share of Resources associated with its strategic equity investments in various listed explorers.

Corporate Summary (ASX:RSG) Capitalisation

	A$	US$
Share Price	$1.11	$0.79
Shares on Issue	757.5m
Market Capitalisation	$841m	$597m
Cash, Bullion, Investments	$112m	$83m
Borrowings	$33m	$24m
Enterprise Value	$762m	$538m

Dividend Policy

FY18 Dividend

2.0 cents per share 3.3% of sales revenue

Price Performance and Trading

FY19 Announcements to Date

Syama DFS Update delivers >300kozpa at US$746/oz LOM AISC (14 year life)

Development progressing well at Syama Underground; on track for sub-level caving by December 2018

Ravenswood Expansion Project delivers 115kozpa at US$823/oz LOM AISC (14 year life)

Bibiani Update demonstrates ~100kozpa at ~US$750/oz LOM AISC (10 year life)

Nafolo and Tabakoroni: stunning exploration results

Major gold inventory upgrade; 16.5Moz Global Resources / 5.9Moz Global Reserves

Development project optionality enhanced through multiple strategic investments

US$100m revolver secured to maximise financial flexibility

Profitability maintained during development phase; Net Profit After Tax of A$78m

Strong shareholder returns; Dividend of 2.0 cents per share (dividend payout of 3.3% of FY18 revenue)

Strengthened hedge book with additional forward sales of 35koz at an average of A$1,728/oz

Extensive Reserve and Resource Growth Resolute has added ~8Moz to its Global Resource since 2010

Note: FY10 and FY18 Reserves and Resources are as at 30 June 2018 and reported on a 100% basis. Investments (Attributable) is Resolute's share of Resources associated with its investments in listed exploration companies.

Significant Investment Enables Transformation

Resolute Portfolio

Syama Gold Mine

A world class, fully automated sub-level cave gold mine on track to be delivered by December 2018

14 year mine life

~4.0Mtpa

Ravenswood Gold Mine

Proven producing asset with multiple open pits which underpin long-term production

14 year mine life

Bibiani Gold Mine

Recent feasibility study update completed which demonstrates potential for a long life, high margin project

~10 year target mine life

Proposed Annual Production ~100kozpa

Start-Up Capital US$75M

2.5Moz Total Resource

Life of Mine All-In Sustaining Cost US$764/oz

Available Process Capacity 3Mtpa

Strategic Investments

Multiple strategic positions in highly prospective African explorers with significant land positions

Syama Gold Mine

Syama Gold Mine Sub-level caving from December 2018

FY18 Summary Statistics

• Production: 194koz
• Cash Cost: A$1,196/oz (US$928/oz)
• AISC: A$1,286/oz (US$998/oz)
• Average Price Achieved: A$1,699/oz (US$1,317/oz)
• Underground Development: 8,257m

DFS Update

LOM AISC reduced to US$746/oz (from US$881/oz)

UG Probable Reserve increased by 38% to 3.0Moz

Mine life extended by 4 years from 2028 to 2032

Cost savings through automation, power upgrade

Resource and reserve expansion expected

Increased throughput may be achievable

Sub Level Cave Mining at Syama A world class sub-level cave gold mine in the making

• Controlled, high-productivity ore delivery
• Full automation maximises operating efficiencies
• 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
• Low upfront capex
• Strong partnership with Sandvik

Syama Underground DFS Update Overview

Automation at Syama

There are significant benefits associated with automation and the connected communication and information technology systems

Increased machine productivity and performance

Reduction in number of machines required leading to capital and maintenance savings

Reduced risk and better safety outcomes including reduced emissions, noise, and vibration

Reduction in required personnel underground

Lower production costs per tonne

Greater control of mining with less variation which results in less dilution

Increased productivity and efficiency and optimised scheduling

Greater machine life

Opportunity for mining rate increases without requirement for additional infrastructure

Ability to train the Syama workforce using new intuitive technologies

New Automated Underground Equipment arriving at Syama

Processing Overview

• Series of processing upgrades with the objective of increasing the total sulphide gold recovery to a minimum of 85% completed
• The process upgrades included:
  • Flotation Tails CIL: calcine CIL circuit has been repurposed to treat the flotation tails
  • New Calcine CIL: a new dedicated calcine CIL circuit has been installed and commissioned
  • Regrind: the coarse calcine product will now be reground prior to CIL
  • Upgrade of current flotation circuit: a series of minor upgrades are being completed to the current flotation circuit to improve the operational performance

Active, Multi-Rig Exploration Program Resolute controls 80km strike length of Syama greenstone belt

Nafolo: A Major Gold Discovery at Syama

Extension potential for existing Syama underground

• Untested to the south and at depth

• All drillholes to date have intersected gold mineralisation

• Nafolo mineralisation can potentially be accessed from existing Syama Underground infrastructure and may form part of a future expanded mining operation

• Infill resource drilling to upgrade to indicated status Q4 FY19

Syama and Nafolo resource model and drillhole locations

Tabakoroni: High Grade UG Mine Potential

Numerous wide high grade gold intersections

• Located 35km south of Syama
• TARD621 returned 41m at 12.15g/t Au: displays the significant grades and widths seen in the main zone mineralisation
• The current drilling program is ongoing with two diamond drill rigs in operation at Tabakoroni to fully define the new zones
• An updated and expanded Mineral Resource Estimate for Tabakoroni, including a maiden underground mineral resource, will be available later in 2018

Tabakoroni: Standalone UG Mine Potential

Visible gold in new Tabakoroni core samples

Syama Gold Mine

A world class fully automated underground gold mine in the making

Mine Life 14 Years

Production +300kozpa

AISC US$746/oz

Ravenswood Gold Mine

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Ravenswood Gold Mine Multiple open pits underpin long-term production

FY18 Summary Statistics

• Production: 90koz
• Cash Cost: A$1,330/oz (US$1,019/oz)
• AISC: A$1,394/oz (US$1,071/oz)
• Average Price Achieved: A$1,710/oz (US$1,321/oz)

Reserves 1.7Moz

Project Study Update

Significant enhancements to Ravenswood Expansion Project

All required approvals received; Buck Reef West prioritised

LOM AISC reduced to A$1,097/oz (US$823/oz)

LOM average production of ~115kozpa of gold

Mine life extended by three years to 2032

Staged development plan; FY19 capex of only A$33 million

Major expansion capital deferred through sequencing changes

Ravenswood confirmed as a long life, low risk, low cost project

Bibiani Gold Mine

Resources

2.5Moz

Bibiani Gold Mine

Potential for a long life, high margin project with robust economics

Study Update – July 2018

Environmental Permit Authorisation received

Mineral Resource of 2.5Moz of gold (3.6 g/t Au)

Potential for ~100kozpa over a 10 year mine life

LOM AISC reduced to US$764/oz

Start-up capital requirement of ~US$75m

Operational readiness planning to commence during FY19

Final Investment Decision expected post Syama UG ramp-up

Reserves

0.6Moz

Strategic Investments in Africa

Objective

Establish a portfolio of investments in emerging gold explorers to expand our project pipeline and provide a source of medium term potential growth opportunities

Focus

Equity investments in well managed African focused exploration teams holding promising tenure in highly prospective gold regions

Multiple potential opportunities for the development of future Resolute gold mines

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Invest in Resolute

Transformation enables bold ambition

Proven operator: Resolute has mined more than 8Moz from 9 gold mines in Australia and Africa

Long life, low cost, large scale assets: 14 year life at operating assets; clear pathway to 500kozpa; LOM AISC of US$746/oz at Syama

Large and growing resource base: 16.5Moz of Global Mineral Resources and 5.9Moz of Ore Reserves

Strong commitment to exploration: 8.4Moz Mineral Resources and 3.0Moz Ore Reserves added since 2010

Focus on technology and innovation: Resolute is developing the world's first custom built, fully automated sub-level cave

Unique skill set and reputation in Africa: Long term track record of successfully operating in the region (20+ years)

Compelling valuation proposition: Valuation upside from delivery of Syama development and ramp-up

Building a portfolio of Resolute gold mines: Strategic investments in 6 African-focused explorers

Mine Gold. Create Value.

John Welborn Managing Director & CEO

Jeremy Meynert

General Manager – Business Development & Investor Relations

Level 2, Australia Place 15 -17 William St Perth, Western Australia 6000

T: +61 8 9261 6100 F: +61 8 9322 7597 E: contact@rml.com.au