Resolute Mining Limited — Investor Presentation 2018

Aug 28, 2018

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Mine Gold. Create Value in Africa. Africa Down Under Conference Presentation | August 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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Mine Gold. Create Value.

FY19 Guidance Market 300koz at Capitalisation US$960/oz A$1bn (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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Resolute in Africa

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23 years of continuous operation

4,500,000 ounces of gold produced

2,400 local employees and contractors at Syama and Bibiani

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US$1,950,000,000 total economic contributions

US$420,000,000 taxes and royalties paid

US$1,500,000,000 paid to local vendors and employees

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Why We Love Africa

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Why We Love Africa

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Why We Love Africa

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Why We Love Africa

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Why We Love Africa

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Why We Love Africa

Health

Education

• ✓ Building and refurbishing clinics

• ✓ Building schools

• ✓ Training and

• ✓ Training community development of mine doctors employees

• ✓ Drought relief aid

• ✓ Supporting Mine Training Centre in Sikasso

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Water

• ✓ Solar powered pumps and water supply tanktower in Fourou

• ✓ Installing water bores and hand pumps

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Sustainability

• ✓ Potential connection of Fourou to National Grid Power

• ✓ Building community centres

• ✓ Employment of local service providers

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Africa Down Under - Africa Up Over The essentials for a stable and successful African mining industry Mining Code stability and strength Taxation transparency and respect of Mining Convention terms Sustainable development Regulatory support for underground mines

Expansion of mining industry impact on communities and economy Collaborative workplace agreements and stable industrial relations

Responsible environmental management

Corporate social responsibility investments

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Value Add Tax Refund: A Solution Needs to be Found Illustrative Example

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SUPPLIER
MINING
FCFA 180k GOVERNMENT
COMPANY
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Resolute Portfolio

Syama Gold Mine

Ravenswood Gold Mine

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

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

14 ear mine-life y

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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4.6 Moz Total Resource 1.7 Moz Total Reserve
Life of Mine All-In Sustaining Cost Life of Mine Average Production
US$823 /oz ~115 kozpa
Process Capacity -Current Nameplate Capacity
2.8 Mtpa 5.0 Mtpa
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Bibiani Gold Mine

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

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~10 ear tar et mine-life
y g
Total
2.5 Moz Resource
Life of Mine All-In Sustaining Cost Proposed Annual Production
US$764 /oz ~100 kozpa
Available Process Capacity Start-Up Capital
3 Mtpa US$75 Mtpa
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Strategic Investments

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

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17% 27% 27% 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.

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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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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Equipment at Syama

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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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Resolute in Africa

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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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(ASX:RSG) Corporate Summary

~~Capitalisation~~

Corporate Su	mmary	(ASX:RSG)
~~Capitalisation~~	A$	US$
Share Price	$1.42	$0.99
Shares Outstanding	752.8m
Market Capitalisation	$1,068m	$791m
Cash, Bullion, Investments	$112m	$83m
Borrowings	$33m	$24m
Enterprise Value	$990m	$732m

Price Performance and Trading

YTD Daily Trading Averages : Volume: 6.5m / Value: A$7.9m

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 28 August 2018. Cash, bullion, investments, borrowings and undrawn facility as at 30 June 2018.

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Dividend Declared of 2.0c per share

Resolute’s Commitment to Shareholder Returns

Dividend Summary

• The 2.0c per share cash or gold dividend payment will total A$14.8m which equates to 3.3% of FY18 revenue

GOLD your today

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

Key Dates

Ex-Dividend Date

Record Date

31 August 2018

3 September 2018

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Election Date

1 October 2018

Payment Date

12 October 2018

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Mine Gold. Create Value.

See us at Booth 15 John Welborn Managing Director & CEO

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

Jeremy Meynert General Manager – Business Development & Investor Relations