Resolute Mining Limited — Investor Presentation 2018

Aug 6, 2018

Mine Gold. Create Value.

The Syama Transformation Story

Diggers & Dealers Mining Forum | August 2018

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.

The information in this announcement that relates to Exploration Results is based on information and supporting documentation compiled by Mr Bruce Mowat, a Competent Person who is a member of the Australian Institute of Geoscientists and is a full-time employee of Resolute Corporate Services Pty Ltd, a wholly owned subsidiary of Resolute Mining Ltd. Mr Mowat has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the JORC Code 2012. Mr Mowat consents to the inclusion in this presentation of the material compiled by him in the form and context in which it appears.

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$1bn

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

Portfolio 3 Mines Multiple Strategic Investments

Resources 12.0Moz Reserves 5.3Moz

Landholding 5,300 km2

Note: Reserves and Resources are as at 30 June 2017 and have not been adjusted to take into account the addition of Reserves and Resources during FY18, depletion or Resolute's attributable share of Resources associated with its strategic equity investments in various listed explorers.

Recent Announcements

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

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

Bibiani Update demonstrates ~10 year, ~100kozpa at ~US$750/oz AISC

Nafolo and Tabakoroni: stunning exploration results

Gold inventory upgrade beyond 12Moz of Resources pending

Corporate Summary (ASX:RSG)

Capitalisation	A$	US$
Share Price	$1.32	$0.98
Shares Outstanding	752.8m
Market Capitalisation	$994m	$736m
Cash, Bullion, Investments	$114m	$85m
Debt	$33m	$25m
Enterprise Value	$913m	$676m

Availability Liquidity of ~A$250m

Cash	Bullion	Invmts	Undrawn Facility
17%	15%	14%	54%
A$42m	A$37m	A$35m	A$135m

Dividend Policy

2% of annual gold sales revenue offered in goldor cash

Price Performance and Trading

Clear Pathway to 500kozpa

Group Production Outlook (koz)

Syama Gold Mine

6

7

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 in Mining and Resolute's Partnership with Sandvik

Electric Tethered Loader

Control Room

Gof LouiseanT seemed1.194.PS Taxa status×Laurence$\frac{1}{2}$Elekansk Council (11)-14 to critical state age ofLEAT ANY NEWSFILM四GROSS- AdvancesListakeeIRONWOOD×V. ScenettSubstitutePringment24 S .- Christmas commer aLink AllegerASSESSED-$4(25+3.56)$in secproperty plant years in those.Signal MondayAndrew Millerand alleged andfast maximizingCOLLAnti-AmericaSHOWAAstati informati in the columns.--CONTRACTORRepresentative lens (c) front-ID SID J'TS probat maked2 countries÷Schoolsand allocationFlyinkinsky propertychemication's threatedInspire JournalBRATINE SOFRATAEThe ContractPERSONAL PROPERTY AND INCOME.______Note-SALE ASSAULTManufacturerSTATISTICS----MARKETcontrollers.CONTRACTBroadcarentINSURANCECONVERTING$-111$٠Property Contract Contract Contract Contract Contract Contract Contract Contract Contract Contract Contract Contract Contract Contract Contract Contract Contract Contract Contract Contract Contract Contract Contract Con$-$CONTRACTORSTATISTICSSERVICE	Blview L.M.Linkered	$\overline{X}$	TAXABLE PARK	Business	SUPPORTER	the president of the Manager of	$- - + 60$ and
×
						Charal 3.111 Househan		Litterane

13

$\sim$÷	r.٠٠÷$-$Electrician٠۰SAN FEE۰۰٠٠	٠
---THE COMMERCIALthe company's state of the٠--	٠$\frac{1}{2} \left( \frac{1}{2} \right) \left( \frac{1}{2} \right) \left( \frac{1}{2} \right) \left( \frac{1}{2} \right)$٠٠Electronic÷ESSINHAMILY٠$\sim$--tre est۰$-1$۰۰$\sim$sᆖᆠœ	٠-$\frac{1}{2}$and and the same state--s-$\frac{1}{2} \left( \frac{1}{2} \right) \left( \frac{1}{2} \right) \left( \frac{1}{2} \right) \left( \frac{1}{2} \right) \left( \frac{1}{2} \right) \left( \frac{1}{2} \right) \left( \frac{1}{2} \right) \left( \frac{1}{2} \right) \left( \frac{1}{2} \right) \left( \frac{1}{2} \right) \left( \frac{1}{2} \right) \left( \frac{1}{2} \right) \left( \frac{1}{2} \right) \left( \frac{1}{2} \right) \left( \frac{1}{2} \right) \left( \frac{1}{2} \right) \left( \frac$Ξ÷÷
. .STATE CARDSCOMPANY÷---$\sim$	쬁۰÷$\sim$$\sim$÷.$\sim$÷$-111$____	÷-t$\sim$-$\overline{\phantom{a}}$STATE OF GROOM

			7.141
ī	-	-	٠٠ïí	۰
ī	E	۰
Þ×	ī		E
E
		۰	$\sim$

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

Processing Overview

• A series of processing upgrades have been undertaken with the objective of increasing the total sulphide gold recovery
• 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

• 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

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

21

22

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 1.8Moz

Resources 4.4Moz

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

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

Study Update

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

Summary Statistics

	Units	2018 Study	2016 Study
Underground development
Ore development	m	23,883	9,841
Waste development	m	10,234	16,389
Vertical development	m	1,548	1280
Total development	m	34,117	27,510
Ore production
Development ore	kt	878	609
Stopingore	kt	9,182	4,748
Total ore	kt	10,060	5,357
Metal grade (ROM)	g/t	3.4	3.7
Metal contained (ROM)	koz	1,084	645
Metal recovery
Processing recovery	%	89.9	87
Metal (recovered)	koz	974	561
Operating unit costs
Underground Mining (excl. pre-production)	US$/t	31.3	34.6
Processing	US$/t	21.6	22.5
General and Admin	US$/t	9.0	11.2
Royalty and refining costs	US$/t	6.8	7.2
Costs
Sustaining capital	US$m	63	89.6
Operating cost	US$/m	624	391.7
AISC	US$/oz	764	858
Mine life (incl. pre-production)	years	11.0	6.1

Strategic Investments Overview

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

Invest in Resolute

25

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; AISC of US$746/oz at Syama

Large and growing resource base: 12Moz of Resources and 5.3Moz of Reserves (update pending)

Strong commitment to exploration: significant gold inventory added net of depletion

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

Investment Case

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

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

2.5Moz Total Resource

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

Processing Capacity 3Mtpa Start-Up Capital US$75Mtpa

Strategic Investments

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

See us at Booth 107

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