Resolute Mining Limited — Investor Presentation 2019

Sep 15, 2019

==> picture [165 x 61] intentionally omitted <==

Gold Forum Americas Syama: The world’s first purpose built, John Welborn | Managing Director & CEO | 16 September 2019 fully automated sub-level cave gold mine

Cautionary Statement

==> picture [109 x 102] intentionally omitted <==

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 , inducement 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 13 February 2019 titled “Annual Ore Reserve and Mineral Resource Statement as at 31 December 2018”, ASX Announcement dated 29 April 2019 titled “Tabakoroni Resource Update”, ASX Announcement dated 22 July 2019 titled “Major Resource and Reserve Upgrade at Ravenswood” and ASX Announcement dated 31 July 2019 titled “Offer Document Acquisition of Toro Gold”. The Company is not aware of any new information or data that materially affects the Mineral Resources and Ore Reserves as reported in these ASX Announcements 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 from the original market announcements.

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.

1

AFRICA: THE OPPORTUNITY IS NOW !

==> picture [381 x 450] intentionally omitted <==

----- Start of picture text -----

United
States
India
China
Europe
----- End of picture text -----

==> picture [109 x 102] intentionally omitted <==

2

Syama: The world’s first purpose built, fully automated sublevel cave gold mine 23 years Resolute has continuously operatedin Africa

==> picture [109 x 102] intentionally omitted <==

3

==> picture [109 x 102] intentionally omitted <==

Mine Gold. Create Value.

4

Mako Syama Senegal Mali Bibiani Ghana

Market Capitalisation A$1.3B | US$908m | £732m Dividend Policy Minimum Payout of 2% of Annual Gold Sales

Ravenswood Australia

Resources / Reserves 18.8Moz / 7.7Moz

FY19 Guidance (to 31 Dec) 400koz at US$960/oz AISC

5

==> picture [109 x 102] intentionally omitted <==

Innovation is a process that combines discovering an opportunity, blueprinting an idea to seize that opportunity, and implementing that idea to achieve results. Remember - no impact, no innovation .

The Little Black Book of Innovation

6

Syama Mali

PRODUCTION TARGET 300kozpa

LOM AISC US$ 746/oz RESOURCES 8.2Moz RESERVES 3.4Moz MINE LIFE 14Years

7

Syama Underground Mine The world’s first fully automated underground gold mine

Commenced sublevel caving on time and on budget in December 2018 Commercial production rates achieved in June 2019

8

Syama Underground Mine

==> picture [109 x 102] intentionally omitted <==

Autonomous Drilling Autonomous Truck Navigation The most advanced mining automation system Autonomous Loading & Dumping Mine Digitalisation in the world

Autonomous Haulage

Central Monitoring & Visualisation

9

The drivers for automation

==> picture [359 x 359] intentionally omitted <==

----- Start of picture text -----

Efficiency Productivity
Safety People
----- End of picture text -----

==> picture [109 x 102] intentionally omitted <==

==> picture [389 x 380] intentionally omitted <==

10

The Impact of Automation at Syama

==> picture [109 x 102] intentionally omitted <==

Technology Driven Productivity Gains

==> picture [887 x 364] intentionally omitted <==

----- Start of picture text -----

AUTOMATED MINE
15% - 20% Gain
•
Remotely Operated Machinery
•
Autonomous Drilling
•
Autonomous Loading
•
Autonomous Haulage
DIGITAL MINE
10% - 15% Gain
•
Tracking and Visualisation
•
Task Scheduling and Optimisation
MANUAL MINE
DAY SHIFT NIGHT SHIFT
----- End of picture text -----

11

Note: Productivity gains referenced for the Automated Mine and Digital Mine are relative to the Manual Mine and are driven by increased operating time and improved fleet efficiency and are representative of gains achieved in other mines which have implemented similar solutions.

Mako

Senegal

PRODUCTION 2019 160kozpa

LOM AISC US$ 780/oz RESOURCES 1.2Moz RESERVES 0.9Moz

MINE LIFE 7Years

12

==> picture [109 x 103] intentionally omitted <==

RESOLUTE ACQUIRES TORO GOLD Private Low-Cost Producing Gold Mine in Mining-Friendly Senegal 2018 Production of 157koz at AISC of US$655/oz Well Established, High-Margin 1Moz Open Pit Mine 7 Year Mine Life with Average Annual Production of 140koz Extensive Exploration Potential in Senegal, Cote d’Ivoire and Guinea Value Accretive Transaction Provides Immediate Strong Cashflow Revised FY19 (31 December) Guidance of 400koz at AISC of US$960/oz

13

Ravenswood

Australia

PRODUCTION TARGET ~200koz pa LOM AISC US$ 823/oz RESOURCES 5.9Moz RESERVES 2.7Moz

MINE LIFE ~15Yrs

14

Bibiani

Ghana

TARGET PRODUCTION 100kozpa

LOM AISC US$764/oz RESOURCES 2.5Moz

TARGET MINE LIFE 10Years

15

Resolute is committed to the World Gold Council’s Responsible Gold Mining Principles

==> picture [164 x 61] intentionally omitted <==

==> picture [109 x 102] intentionally omitted <==

==> picture [960 x 305] intentionally omitted <==

16

Responsible Gold Mining Principles

==> picture [164 x 61] intentionally omitted <==

==> picture [109 x 102] intentionally omitted <==

(RGMPs)

Governance

Principle 1 – Ethical conduct: we will conduct our businesses with integrity including absolute opposition to corruption

Principle 2 – Understanding our impacts: we will engage with our stakeholders and implement management systems so as to ensure that we assess, understand and manage our impacts, realise opportunities and provide remedy where needed

Principle 3 – Supply chain: we will require that our suppliers conduct their businesses ethically and responsibly as a condition of doing business with us

Social

Principle 4 – Safety and health: we will protect and promote the safety and occupational health of our workforce (employees and contractors) above all other priorities and will empower them to speak up if they encounter unsafe working conditions

Principle 5 – Human rights and conflict: we will respect the human rights of our workforce, affected communities and all those people with whom we interact

Principle 6 – Labour rights: we will ensure that our operations are places where employees and contractors are treated with respect and are free from discrimination or abusive labour practices

Principle 7 – Working with communities: we will contribute to the socio-economic advancement of communities associated with our operations and treat them with dignity and respect

Environment

Principle 8 – Environmental stewardship: we will ensure that environmental responsibility is at the core of how we work

Principle 9 – Biodiversity, land use and mine closure: we will work to ensure that fragile ecosystems, habitats and endangered species are protected from damage, and will plan for responsible mine closure

Principle 10 – Water, energy and climate change: we will improve the efficiency of our use of water and energy, recognising that the impacts of climate change and water constraints may increasingly become a threat to the locations where we work and a risk to our licence to operate

17

Workforce Development

==> picture [109 x 102] intentionally omitted <==

Developing a local skilled workforce that creates sustainable value for communities and all stakeholders.

18

Workforce Development

==> picture [109 x 102] intentionally omitted <==

Best Workforce And Industry Development Initiative Winner: The Malian Talent Development Program

19

Technology

==> picture [109 x 102] intentionally omitted <==

Syama Automation Control Room

Mining smarter using automation, advanced technologies and innovative techniques.

20

Unique and Highly Attractive Investment Proposition Resolute is a dividend paying gold producer with multiple long life, high margin assets and a strong platform for growth and consolidation within Africa

==> picture [109 x 102] intentionally omitted <==

Long Life, Low Cost, Large Scale Assets Proven Operator with Unique Skill Set and Reputation in Africa Strong Exploration Commitment with Track Record of Low Cost Discovery Leader in Mining Innovation with the World’s Most Advanced Automation System Value Upside and Commitment to Shareholder Returns

21

==> picture [109 x 102] intentionally omitted <==

Cor orate Summar (ASX:RSG | LSE:RSG) p y

Capitalisation	A$	£	US$
Share Price	$1.47	£0.81	$1.01
Shares on Issue	902m
Market Capitalisation	$1.325B	£732m	$908m

Price Performance and Trading on ASX

YTD Daily Trading Averages : Volume: 9.0m / Value: A$12.2m

Top 10 Shareholders

Guidance

1ICM Limited	14.48%	Original FY19 Guidance 330koz at US$990/ozASIC Updated FY19 Guidance 400koz at US$960/ozAISC Annualised FY19 Guidance 490koz at US$920/ozAISC Updated FY19 Guidance 400koz at US$960/ozAISC
2Van Eck Associates Corporation	8.77%
3Dimensional Fund Advisors	5.23%
4QG Investments Africa	4.57%
5Resource Capital Funds	4.07%
6The Vanguard Group	3.73%
7BlackRock	3.23%
8L1 Capital	2.78%
9Baker Steel	1.75%
10CGS-CIMB Securities	1.74%

22

Note: Market data as at 13 September 2019. Top 10 Shareholders as at 23 August 2019.

==> picture [960 x 356] intentionally omitted <==

Contacts

Follow Us

John Welborn | Managing Director & CEO Jeremy Meynert | General Manager –BD & IR EMAIL | contact@rml.com.au PHONE | +61 8 9261 6100

WEB | www.rml.com.au