Resolute Mining Limited — Investor Presentation 2018

Sep 3, 2018

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The Syama Transformation Story

Mine Gold. Create Value.

ASA Perth Investor Forum | September 2018

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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

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Resolute is Committed to ASA’s Principles

2018 ASA Focus Issues

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Remuneration Disclosure Skin in the Game Board Composition Shareholder Participation

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“GOLD is a unique asset: highly liquid, yet scarce; it’s a luxury good as much as an investment”

-World Gold Council

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Growing Demand for Gold Global investment demand for gold worldwide has grown by an average of 18% per year since the turn of the century

Average Annual Gold Demand

~ 4,100t Volume ~US$175Bn Value

Source: Thomson Reuters GFMS, World Gold Council. Average volume based on 10-year demand estimates ending in 2016 with value based on a gold price ~$1,200/oz. includes jewellery, technology, bars, coins and ETF demand (excludes over-the-counter transactions).

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Strong Regional Demand for Gold Emerging market central banks have tripled their gold holdings over the past decade

Global Demand Estimates by Region

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Source: Thomson Reuters GFMS, World Gold Council.
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Gold is a High Performance Investment A Source of Return

Gold’s Long Term Performance Compared to Other Financial Assets

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10
5
0
Average Annual Return
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-5

Since 1971 20-year 10-year US Cash US Bond Aggregate US Stocks EAFE stocks Commodities Gold (US$/oz)

Source: Bloomberg, NBER, ICE Benchmark Administration, World Gold Council. Based on local returns indices including MSCI US, MSCI ACWI ex US, JPMorgan 3-month US cash, BarCap US Bond Aggregate, Bloomberg Commodity for the 10- and 20-year average, and S&P Goldman Sachs Commodity since 1971 due to data availability. Gold performance based on the LBMA Gold Price Data between January 1971 and December 2016.

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Resolute Gold Dividend

Commitment to Shareholder Returns

Dividend Policy and FY18 Dividend

• Dividend Policy provides for a minimum of 2% of revenue in annual dividend

• FY18 dividend of 2.0c per share totals A$14.8m which equates to 3.3% of FY18 Revenue

GOLD your today

• Shareholders with 5,000 shares or more can elect to receive their dividend in as part of Resolute’s GOLD innovative collaboration with the government-guaranteed, Perth Mint

Dividend Per Share (Ac/share)

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Mine Gold. Create Value.

FY19 Guidance Market 300koz at Capitalisation US$960/oz A$913m (A$1,280/oz)

Portfolio 3 Mines Multiple Strategic Investments

Global Mineral Resources Landholding 16.5Moz 5,300 Global Ore Reserves km[2] 5.9Moz

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.

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Recent Announcements

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)

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(ASX:RSG) Corporate Summary

~~Capitalisation~~

Corporate Su	mmary	(ASX:RSG)
~~Capitalisation~~	A$	US$
Share Price	$1.21	$0.90
Shares Outstanding	757.5m
Market Capitalisation	$913m	$676m
Cash, Bullion, Investments	$112m	$83m
Borrowings	$33m	$24m
Enterprise Value	$834m	$617m

Price Performance and Trading

YTD Daily Trading Averages : Volume: 6.4m / Value: A$7.7m

Availability Liquidity of ~A$250m

Cash Bullion Invmts Undrawn Facility 17% 15% 13% 55% A$42m A$37m A$33m A$135m

Dividend Policy

FY18 Dividend

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2% of annual sales revenue offered in gold or cash

2.0 cents per share 3.3% of sales revenue

Note: market data as at 3 September 2018. Cash, bullion, investments, borrowings and undrawn facility as at 30 June 2018.

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

Global Mineral Resources

2010 2018 8.1 Moz 16.5 Moz Global Ore Reserves

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2010 2.4 Moz

2018 5.9 Moz

FY18 Reserves Contribution (Moz)

5.9 5.3

Discovery Cost of A$34.5 per Reserve Ounce

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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.

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Significant Investment Enables Transformation

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Mine Life (Years) Operating
Statistics
2014 2018
•
+300kozpa
•
US$746/oz AISC
Syama 6 14 •
Fully automated sub-
level caving
•
~115kozpa
•
Ravenswood US$823/oz AISC
4 14
•
Bulk open pit mining
•
~100kozpa
•
~US$750/oz AISC
Bibiani NA 10 •
FID post Syama UG
ramp-up
Strategic
Investments
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Clear Pathway to 500kozpa (koz)
500
400
300
200
100
FY18 FY19 FY20 FY21 FY22
Annual Gold Production (koz)
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Note: The target ounces are entirely based on current Ore Reserves. All Ore Reserves which underpin the plan have been prepared by a Competent Person or Persons in accordance with the JORC Code. For details of Ore Reserves used for the plan, please refer to ASX Announcements dated 26 September 2017 and 3 July 2018.

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Resolute Portfolio

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Syama Gold Mine

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

Ravenswood Gold Mine

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

Bibiani Gold Mine

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

Strategic Investments

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

14 ear mine-life y

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Global Total
7.9 Moz Resource 3.5 Moz Reserve
Life of Mine All-In Sustaining Cost Expected Site Production
US$746 /oz +300 kozpa
Site Processing Capacity
~4.0 Mtpa
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14 year mine-life ~10 year target mine-life 17%
4.7 Moz Total Resource 1.7 Moz Total Reserve 2.5 Moz Total Resource 27%
Life of Mine All-In Sustaining Cost Life of Mine Average Production Life of Mine All-In Sustaining Cost Proposed Annual Production
US$823 /oz ~115 kozpa US$764 /oz ~100 kozpa
27%
Process Capacity -Current Nameplate Capacity Available Process Capacity Start-Up Capital
2.8 Mtpa 5.0 Mtpa 3 Mtpa US$75 M
23%
19%
10%
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Note: Global Reserve and Resource estimates for Syama are inclusive of Tabakoroni and Northern Pits.

Syama Gold Mine

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Syama
Gold Mine
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Syama Gold Mine Sub-level caving from December 2018

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FY18 Summary Statistics

• Production : 194koz

DFS Update

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

• 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

Reserves 3.5 Moz

Resources 7.9 Moz

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

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Note: Reserves and Resources estimates for Syama are inclusive of Tabakoroni and Northern Pits.

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

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• 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

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Syama Underground DFS Update Overview

Improvements made to all aspects of Syama Redesign and rescheduling of mine plan 38% increase in UG Ore Reserves to 3.0Moz Mine life extended to 2032 Introduction of autonomous mining Site power generation facilities improved Lower mining and processing costs LOM AISC reduced to US$746/oz Capital intensity reduced to US$177/oz (from US$186/oz)

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Automation in Mining and Resolute’s Partnership with Sandvik

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Automation at Syama

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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

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New Automated Underground Equipment arriving at Syama

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

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Nafolo: A Major Gold Discovery at Syama

Extension potential for existing Syama underground

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• Remains open in all directions

• 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

• Updated inferred Nafolo Mineral Resource Estimate in Q1 FY19

• Infill resource drilling to upgrade to indicated status Q4 FY19

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Syama and Nafolo resource model and drillhole locations

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Tabakoroni: High Grade UG Mine Potential

Numerous wide high grade gold intersections

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• 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

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Tabakoroni: Standalone UG Mine Potential

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Coherent High Grade Zones
>50 gram metres
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Visible gold in new Tabakoroni core samples

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Syama Gold Mine A world class fully automated underground gold mine in the making

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Mine Life Production AISC 14 Years +300kozpa US$746/oz

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Ravenswood Gold Mine

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Ravenswood Gold Mine

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Multiple open pits underpin long-term production FY18 Summary Statistics

Project Study Update

• Production : 90koz

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

• 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 Resources 1.7 Moz 4.7 Moz

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

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Bibiani Gold Mine

Bibiani Gold Mine

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Bibiani Gold Mine Potential for a long life, high margin project with robust economics Study Update – July 2018 Reserves Resources Environmental Permit Authorisation received 0.6 Moz 2.5 Moz Mineral Resource of 2.5Moz of gold (3.6 g/t Au) Potential for over a ~100kozpa 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

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Strategic Investments in Africa

Objective Establish a portfolio of investments in emerging 27% stake 19% stake gold explorers to expand our project pipeline and provide a source of medium term potential growth opportunities 27% stake 17% stake Focus Equity investments in well managed African focused exploration teams holding promising tenure in highly prospective gold regions 23% stake 10% stake

Multiple potential opportunities for the development of future Resolute gold mines

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Invest in Resolute Transformation enables bold ambition

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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; AISC of US$746/oz at Syama Large and growing resource base: 16.5Moz of Global Resources and 5.9Moz of Reserves Strong commitment to exploration: 8.4Moz Resources and 3.0Moz 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 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

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Mine Gold. Create Value.

John Welborn Level 2, Australia Place 15-17 William St Managing Director & CEO Perth, Western Australia 6000 Jeremy Meynert General Manager – T: +61 8 9261 6100 Business Development & F: +61 8 9322 7597 Investor Relations E: contact@rml.com.au