Resolute Mining Limited — Investor Presentation 2018

Jul 24, 2018

Mine Gold. Create Value.

The Pathway to +500kozpa

– July 2018

Corporate Presentation

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 A$1,280/oz (US$960/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.

Corporate Summary (ASX:RSG)

Capitalisation	A$	US$
Share Price	$1.30	$0.96
Shares Outstanding	752.8m
Market Capitalisation	$982m	$727m
Cash, Bullion, Investments	$114m	$85m
Debt	$33m	$25m
Enterprise Value	$901m	$667m

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

Production Outlook (koz)

Q4 Highlights

Strong Q4 production with study advancements across the portfolio

• 75koz produced in Q4 at AISC of A$1,303/oz (US$986/oz)
• Development progressing well at flagship mine, Syama
  • ‒ On track to commence sub level caving in Dec 2018
• Syama DFS Update
  • ‒ LOM AISC of US$746/oz
  • ‒ Mine life extended 4 years to 2032
  • ‒ Stunning exploration results at Nafolo and Tabakoroni
• Ravenswood Expansion Plan Update
  • ‒ Lower costs, longer life to 2032
  • ‒ Mt Wright to continue through FY19
• Bibiani
  • ‒ Potential 10 year mine; 100kozpa at AISC of ~US$750/oz

2019 Priorities

Assets

• Completion of Syama underground development
• Commencement of open pit mining at Tabakoroni
• Progress Ravenswood Expansion Project
• Commence operational readiness at Bibiani

Financial

• Reduce AISC to drive improved margins
• Disciplined capital prioritisation and management
• Generation of strong operating cash flows
• Maintain balance sheet strength

Exploration

• Accelerate Tabakoroni sulphide resource drilling
• Upgrade Nafolo resource to indicated status
• Seek small high grade deposits at Ravenswood
• Commence exploration in Egypt and Sudan

Growth

• Syama Underground expansion studies
• Tabakoroni Underground Mine studies
• Portfolio optimisation through M&A
• Maintain and expand junior equity investments

7

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; AISC of US$746/oz at Syama

Large and growing resource base: >12Moz of Resources and >5Moz of Reserves

Strong commitment to exploration: $186m spent over past 7 years; resource discovery cost of $24/oz

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; renewed BD focus

Portfolio Snapshot

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

10%

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

Reserves 3.3oz Increased throughput may be achievable

Resources 6.5oz

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

Syama Underground

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 Summary Statistics

• 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 by 3 years to 2032
• Introduction of autonomous mining Site power generation facilities improved
• Lower mining and processing costs
• LOM AISC reduced to US$746/oz

	Unit	Original DFS	DFS Update
Underground Development
Decline development	m	8,594	10,869
Vertical development	m	3,554	3,738
Level development	m	62,717	81,928
Total development	m	74,865	96,465
Ore Production
Development ore	kt	4,195	3.319
Stopingore	kt	20,954	31,870
Total ore	kt	25,150	35,188
Metal grade (ROM)	g/t	2.81	2.69
Metal contained (ROM)	koz	2,271	3,042
Metal Recovery
Processing recovery	%	89%	89%
Metal (recovered)	koz	2,030	2,697
Operating Unit Costs (including pre-production)
Mining	US$/t	25.2	19.9
Processing	US$/t	25.0	19.4
G&A	US$/t	4.9	4.9
Royalty, refining costs & silver credits	US$/t	5.8	5.8
OperatingandCapitalCosts
Pre-production capital	US$m	95	116
Pre-production operating	US$m	13	11
Ramp-up Capital	US$m	NA	97
Sustaining capital	US$m	270	255
Operating cost (including royalties)	US$m	1,519	1,758
AISC	US$/oz	881	746
Mine Life (incl. pre-production)	years	13	16
Capital Intensity	US$/oz	186	177

Syama Underground DFS Update (cont'd)

Long Section: Current Plan relative to Original DFS

A key element of the enlarged Reserve is the increased mining footprint

DFS Update provides for expanded production of ore from sub-level open stope mining of zones outside the sub-level cave limits

The revised design is substantially larger than its predecessor. In addition, draw point orientation and ore pass locations have been changed to reflect geotechnical advice

Expanded Mining Envelope

Syama Underground DFS Update (cont'd)

Production Schedule: DFS Update v Original DFS

Development and Stoping Tonnages

Automation in Mining and Resolute's Partnership with Sandvik

What is a mine of the future?

An underground mine of the future is a (rock) factory

Bright, clean & dry

Fresh air (no diesel fumes, fully electric)

Minimal operators (critical maintenance personnel only)

Real-time communication and management

A pleasant and safe working environment

Full automation

Partnership with Sandvik

A formalised commerical relationship exists between Resolute and Sandvik for the full automation of the Syama Underground including the delivery of mobile and fixed of mobile equipment and delivery of training to maintenance and operational personnel

Sandvik is a global leading engineering group with headquarters in Sweden specialising in mining and rock excavation, metal-cutting and materials technology

Automation at Syama

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

Increased machineproductivity andperformance	Reduction in numberof machinesrequired leading tocapital andmaintenancesavings	Reduced risk andbetter safetyoutcomes includingreduced emissions,noise, and vibration	Reduction inrequired personnelunderground	Lower productioncosts per tonne
Greater control ofmining with lessvariation whichresults in lessdilution	Increasedproductivity andefficiency andoptimisedscheduling	Greatermachinelife	Opportunity formining rateincreases withoutrequirement foradditionalinfrastructure	Ability to train theSyama workforceusing new intuitivetechnologies

Syama and AutoMine®

Increased productivity and lower operating costs

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

• High grade intersections from ongoing diamond drilling at Nafolo and Tabakoroni
  • ‒ Nafolo extends over 700m of strike length and remains open to south
  • ‒ New oxide zones discovered at Tabakoroni Nord
  • ‒ Two high grade sulphide shoots confirmed at modest depths at Tabakoroni
• Tabakoroni results increase confidence for a future underground mine
  • ‒ An expanded and upgraded Tabakoroni Resource expected by end of 2018

Reserve Growth Moz Resource Growth Moz

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

Ravenswood Gold Mine

28

Ravenswood Gold Mine Multiple open pits underpin long-term production

• 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

29

Ravenswood Expansion Project: Study Update

• Received all required government approvals
• Optimised mining and processing schedule
• Revised processing and tailings management strategy
• New technologies incorporated to improve efficiency
• 1.5Moz of gold over 13 years; production of 115kozpa
• Mine life has been extended by three years to 2031
• LOM AISC has reduced from A$1,097/oz (US$823/oz)
• LOM project capital of A$327 million
• ~A$100 million of major project capital deferred
• Buck Reef West open pit accelerated

Overview Summary Statistics

Physicals
Underground Mining
Ore Mined	kt	540
Ore Mined Gold Grade	g/t	2.33
Gold Contained (ROM)	koz	40
Open Pit Mining
Ore Mined	kt	65,637
Waste Mined	kt	100,783
Total Movement	kt	166,420
Life of Mine Strip Ratio	Waste:Ore	1.5
Ore Mined Gold Grade	g/t	0.78
Gold Contained (ROM)	koz	1,639
Processing
Ore Crushed	kt	65,637
Ore Milled	kt	47,015
Ore Milled Gold Grade	g/t	1.12
Gold Contained (ROM)	koz	1,687
Processing Recovery	%	91%
Gold Recovered	koz	1,529
Mine Life (incl. pre-production)	years	13
Cost Analysis
Costs	A$m	A$/t milled
Mining (incl. underground)	598	12.7
Processing	768	16.3
G&A	173	3.7
Royalty	124	2.6
Sustaining capital	30	0.6
Unit Costs	A$m	A$/oz
All-In Sustaining Cost	1,740	301,097

Ravenswood Expansion Project: Study Update Proposed Sequencing

Life of Mine Gold Production

Mining at Mt Wright to be extended to the end of FY19, with mining and processing of a further of 540kt of ore

Mining of Nolans East to be completed in September 2018, with processing of stockpiled ore supplemented by existing low-grade stocks to the end of 2019

Mining and processing of the Buck Reef West open pit from July 2019

Processing plant to be upgraded to 3.2Mtpa (currently 2.8Mtpa) by the start of 2020

Expansion of the Nolans processing plant to 5.0Mtpa in FY24

Mining and processing of ore from the Sarsfield open pit from FY25

Life of Mine Processed Tonnes

Sarsfield and Buck Reef West

Two large scale, bulk tonnage open pits

Bibiani Gold Mine

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

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	34858
Mine life (incl. pre-production)	years	11.0	6.1

Bibiani Study Update

Development Schedule

Recovery Schedule

Strategic Investments

36

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

Community

38

Community Highlights

Syama Workforce Stability Agreement signed with Syama Workers Union in Mali to secure industrial relations framework

Malian Talent Development Program enters second year at Syama to advance the skills, capabilities and careers of Malian employees

Tabakoroni Community Relations Management plan has been implemented ahead of proposed mine development

Partnership with University of Queensland for the development of conservation management plans for heritage sites in Ravenswood

Native Title Agreement with Birriah Aboriginal Corporation for the Ravenswood Expansion Project leases / tenements finalised

Resolute Foundation Advisory Panel at Bibiani implemented a number of community-driven education, health and income-generating initiatives

Health, Safety and Environment

Health & Safety Performance

Resolute's Total Recordable Incident Frequency Rate (TRIFR) for FY18 was 3.10 which was significantly below both Australian surface and Australian underground industry averages. Resolute has a commitment to the pursuit of zero harm. The safety performance was achieved during a period where there was a significant increase in manhours due to the introduction of several new expansion projects, and an expansion of work being undertaken by sub-contractors

The Company continues to reinforce a focused improvement strategy within Health and Safety with the introduction of key initiatives. A completely revised suite of Health, Safety, Environment, Community and Security Policies have been implemented which are already presenting a positive effect in site-based risk reduction objectives

Resolute continues to add benefit to our overall continual improvement strategy and focus. From an industry wide performance perspective, Resolute continues to sit well below the industry standards

Mining Industry TRIFR 5 Year Rolling Average

R-CARE at Resolute

Committed:

• To working safely, all of the time
• To taking pride, in everything we do
• To improving the way we work

Responsible:

• To our families
• For the way we treat others
• For learning from our mistakes

Accountable:

• To the people we work with
• For the quality of our work
• To the expectation of our business

Empowered:

• To speak up and share our ideas
• To stop anything we believe is unsafe
• To challenge the things we could do better

Environment Update

Heritage Agreements signed for Ravenswood Expansion Project

Environmental Approval received the Buck Reef West

Environmental Permit Authorisation received to recommission Bibiani

Graduate Environment Officer Program at Ravenswood

New Syama power concept to utilise advanced technologies to deliver a more efficient, cost effective and environmentally friendly power solution

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