Resolute Mining Limited — Investor Presentation 2019

Aug 5, 2019

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Mine More Gold. Create More Value.

Diggers & Dealers Mining Forum 2019

6 August 2019

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Cautionary Statement

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.

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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1

Mako Syama Senegal Mali Bibiani Ghana

Ravenswood Australia

Mine Gold. Create Value.

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Mako Senegal

2019 160kozpa

US$ 780/oz

1.2Moz

0.9Moz

7Years

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RESOLUTE ACQUIRE 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

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Mine More Gold. Create More Value

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Syama Mali

TARGET 300kozpa

US$ 746/oz

8.2Moz RESERVES 3.4Moz

14Years

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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

Syama Underground

Autonomous Drilling

Autonomous Loading & Dumping

Autonomous Truck Navigation The most advanced mining automation system Mine Digitalisation in the world

Autonomous Haulage

Central Monitoring & Visualisation

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The Impact of Automation at Syama Technology Driven Productivity Gains

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

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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.

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

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Tabakoroni Exploration: High Grade Intersections Potential standalone underground operation supports mine life extension Mineral Resource of 1.03Moz at 5.1g/t Au

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Ravenswood Australia

~200koz pa LOM AISC US$ 823/oz RESOURCES 5.9Moz

2.7Moz

~15Yrs

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Major Gold Resource & Reserve Upgrade for Ravenswood

Mineral Resources up 24% to 5.9 Million Ounces Ore Reserves up 58% to 2.7 Million Ounces Addition of 1 Million Reserve Ounces Ravenswood Expansion Project gets bigger!

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Bibiani

Ghana

100kozpa

US$764/oz RESOURCES 2.5Moz

10Years

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Ambition: Multi-Mine, Low Cost, African- Focused Gold Producer

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Resolute Portfolio

Syama Mako

Syama Complex comprises the Syama Underground Mine, a world class, fully automated sublevel cave, and the Tabakoroni Open Pit Mine

Mako is a high quality, low-cost producing asset with attractive scale, located in the stable, mining friendly jurisdiction of Senegal

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Mine Life 14 years
Mineral Ore
Resource 8.2 Moz 3.4 Moz Reserve
LOM US$ 300 Target
AISC Production
746 /oz kozpa
Plant Capacity 4 Mtpa
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Mine Life 7 years
Mineral Resource 1.2 Moz 0.9 Moz ReserveOre
LOM US$ 140 LOM Ave
AISC Production
780 /oz kozpa
Plant Capacity 2.3 Mtpa
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Ravenswood

At Ravenswood, Resolute is taking steps to transition from underground mining at the Mt Wright Underground Mine to large scale open pit mining at Buck Reef West / Sarsfield

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Mine Life 15 years
Mineral Resource 5.9 Moz 2.7 Moz ReserveOre
LOM US$ 200 Target
AISC Production
823 /oz kozpa
Nameplate Capacity 5 Mtpa
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Bibiani

Bibiani is a potential long life, high margin operation and represents a growth opportunity for Resolute

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Mine Life 10 years
Mineral
Resource 2.5 Moz
LOM US$ 100 Target
AISC Production
764 /oz kozpa
Available Capacity 3 Mtpa
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Note: Mineral Resource is inclusive of Ore Reserve and is as at 31 December 2018 (Syama Mineral Resource is inclusive of the Tabakoroni Mineral Resource update which is as at 31 March 2019). Syama: all statistics are for the Syama Complex except for LOM AISC which is for the Syama Underground Mine. Mako Production and AISC is a LOM Target. Ravenswood is Target Site Production as is mine life based on ongoing optimisation word. Ravenswood LOM AISC is based on Ravenswood Expansion Plan study update published in July 2018. Bibiani Mine Life, LOM AISC and Target Production based on study update published in July 2018. Numbers subject to rounding.

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Resolute’s Upgraded Production 490koz at AISC of US$920/oz (2019 Annualised)

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900 1200
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700
600 800
500
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300 400
200
200
100
0 0
RSG
RSG SAR SBM RRL OGC RSG EVN NST
RSG
Proforma
Proforma
AISC US$/oz
Gold Production (koz)
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Source: Goldman Sachs Global Investment Research.

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

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Capitalisation A$ £ US$
Share Price $1.94 £1.08 $1.33
Shares on Issue 889m
Market Capitalisation $1,721m £962m $1,183m
Previous
FY19 Guidance 300koz at US$990
New
FY19 Guidance 400koz at US$960
Annualised
FY19 Guidance 490koz at US$920
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Price Performance and Trading on ASX

YTD Daily Trading Averages : Volume: 8.3m / Value: A$10.3m

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Note: Market data as at 5 August 2019.

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Contacts

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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