Resolute Mining Limited — Investor Presentation 2019

Jul 30, 2019

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Resolute’sAcquisition of Toro Gold Value Accretive, High Quality, Low-Cost Gold Production

31 July 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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RESOLUTE TO 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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Resolute’s Acquisition of Toro Gold Value Accretive, High Quality, Low-Cost Gold Production from the Mako Gold Mine

Transaction

• Acquisition of 100% of the shares of Toro Gold Limited (Guernsey) for US$274 million comprising: − US$130 million of cash ; and

− 142.5 million Resolute shares valued at US$144 million[(1)]

• Acquisition being undertaken by way of a takeover under the Companies (Guernsey) Law 2008

Shareholder Support

Approvals

Financing

Pro-Forma Ownership

• Toro shareholders representing 94% of shares outstanding have committed to accepting the offer

• Resolute’s major shareholder, ICM Limited, has confirmed their support for Resolute’s acquisition of Toro Gold

• All required regulatory approvals to complete transaction secured

• Representatives of both Resolute and Toro have met with the Government of Senegal

• US$130 million cash component funded through bridging facility provided by Taurus Funds Management

• Competitive and flexible non-recourse financing terms secured with approval from Resolute’s existing lenders

• Existing Resolute shareholders: 84.2%

• Toro Gold shareholders: 15.8%

• Immediate control of Toro secured by Resolute effective 2 August 2019

• 3-stage completion mechanic:

Timeline

• 2 August 2019: 94% of Toro Gold’s ordinary shares acquired from shareholders signed to commitments

• 12 August 2019: shares acquired from other Toro Gold shareholders who accept the offer

• 13 September 2019: shares acquired from residual shareholders as part of compulsory acquisition process

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Note: (1) Based on Resolute’s 30-day ASX VWAP to 30 July 2019 of A$1.45 and an average exchange rate over the same period of AUDUSD 0.698.

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Transaction Highlights Toro Gold enhances Resolute’s portfolio and delivers on our ambition to be a multi-mine, low-cost, African-focused gold producer

• Cash Flow and Value • Mako is a high quality, low-cost producing asset with attractive scale •

• Accretive

• The acquisition of Toro is cash flow and net asset value accretive for Resolute shareholders

Production and Margin • Mako contributes immediate production of 160koz per annum[(1)] Growth • Low AISC of ~US$800/oz[(1)] strengthens Resolute’s operating margins

• Revenue and Dividend • High-margin ounces from Mako will immediately increase Resolute’s revenue base Growth • Resolute’s minimum dividend payout is 2% of gold sales; higher revenues = higher dividends[(2)]

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SAG Mill and Cyclone Cluster

• Diversification of African • High-margin production at Mako, complements long-life, large-scale production at Syama Production Base • Expands Resolute’s African footprint into Senegal, a stable, mining friendly jurisdiction

• Strengthens Resolute’s organic growth profile

• • 3 producing assets, near term development opportunities, highly prospective exploration tenure

Expansive Growth Platform

• Complementary asset bases enable value additive integration opportunities to be pursued

• • Potential for synergies and cost savings in Africa

Value Additive Integration Opportunities

• Unique and highly attractive investment proposition

• • Dividend paying gold producer with long-life, high-margin assets; strong platform for growth

Enhances Resolute’s Investment Case

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Mako Gold Mine – Open Pit

Note: (1) Based on guidance for the 12 months through to 31 December 2019. (2) Payment of dividends remains subject to board discretion.

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Mine More Gold. Create More Value.

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Introducing the Mako Gold Mine Low cost, high margin production from a stable, mining friendly jurisdiction

Overview

• Location • Senegal Ownership • 90%; Senegal Government 10% (free carried) Mine Type • Open Pit Mineral Resources • 20.4Mt at 1.89g/t Au for 1.244Moz Ore Reserves • 14.1Mt at 2.05g/t Au for 928koz Mine Life • 7 years Processing • 2.3Mtpa carbon in leach plant LOM Ave Recovery • 93.8% First Production • 26 January 2018 FY18 Production • 156,926 at AISC of US$655/oz •

• Updated FY19 Production Guidance 160,000oz at AISC of US$800/oz •

• LOM Production (Average) 140,000oz at AISC of US$780/oz • 90% Senegalese including 60% from the local

• Workforce Kedougou region

• Safety • Strong safety record; LTIFR of 1.47 (Dec 2018) • 7 year tax holiday (30% corporate tax rate)

• Tax • VAT exemption •

• Government Royalty 3% + 2% where gold price exceeds US$1,150/oz

Location

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Mako Gold Mine

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Mako Gold Mine – Mining and Processing Simple open pit mining with high gold recoveries through CIL plant

Mining

Processing

• Conventional drill and blast, load and haul operation

• Mining services provided by proven contractor, African Mining Services SARL

• African Mining Services is Resolute’s contractor at Syama

• 2.3Mtpa processing plant

• Process route includes crushing, grinding and CIL recovery

• Strong metallurgical recoveries; 95.5% achieved in 2018; 94% in H1 2019

~~Key Statistics~~

~~Key Statistics~~	H1 2018	H2 2018	H1 2019
Ore Tonnes (kt)	1,384	1,373	1,206
Mine Grade (g/t Au)	2.18	2.58	2.64
Waste Tonnes (kt)	6,514	7,128	7,313
Strip (Ore: Waste) (x)	4.7	5.2	6.1

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~~Key Statistics~~	H1 2018	H2 2018	H1 2019
Ore Milled (kt)	859	934	1,064
Head Grade (g/t Au)	2.66	3.33	2.94
Recovery (%)	95	96	94
Production (oz)	62,902	94,024	93,926

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Mako Gold Mine – Exploration

Located on the prolific Kenieba Window with exciting near-mine exploration opportunities

Petowal (Mako Site) Tenements

• 36 core drill holes planned for approximately 7,000m for 2019

• Infill and deeper drilling under the pit to better understand potential ore shoots beneath the base of the 2019 Reserve pit

• Deep core drilling to evaluate underground potential beneath the pit

• Drilling on in the north east of the pit

• Deep ‘stratigraphic’ drilling in the north west of the Petowal pit

• Drill testing an area of old workings on the west facing flank of Petowal Hill

Kerekonko Tenements

• 73 RC holes planned for approximately 5,000 metres for 2019

• RC drilling testing widespread soil anomalies

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Mako Gold Mine – Jurisdiction

Senegal: a stable, mining friendly jurisdiction with excellent infrastructure

Overview

• Senegal enjoys a reputation for political stability and has a strong democratic tradition

• Senegal is an excellent investment jurisdiction and politically stable

• Government supportive of mining as key economic driver

• Mako is governed by a 15-year Mining Concession with associated Fiscal Convention

• Excellent infrastructure access regionally and nationally

Control Risks Country Assessment of Senegal

Risk Factor	Rating
Political Stability	LOW
Crime	LOW
Terrorism	LOW
War	LOW
Civil Unrest	LOW
Kidnap	LOW
Travel	LOW

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Resolute led by Managing Director & CEO Mr John Welborn and Toro led by Chief Executive Officer Mr Martin Horgan meet with Senegal’s Minister for Mines Assaitou Sophie Gladima

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Note: Risk Ratings based on report prepared by Control Risks Group Holding Limited July 2019.

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Toro Gold’s African Exploration Portfolio Resolute’s exploration to extend further in Cote d’Ivoire and into Guinea

Cote d’Ivoire

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• 6 exploration permits and a further 2 permits under application

• Joint venture with ASX-listed Predictive Discovery Limited

• Predictive controls the Kokoumbo (90%), Boundiali (100%), Ferkessedougou (100%) and Kounahiri (100%) permits; Toro has a 70% interest in the joint venture and the right to go to 90% through completion of a DFS on any of the projects

• The joint venture currently holds 51% of the Beriaboukro, and Ferkessedougou North permits as well as the Odienne North and South applications

• Multiple drill targets generated

Guinea

• 3 Greenfields exploration permits in Siguiri Prefecture

• Soil sampling completed across all 3 permits

• Multiple anomalies identified for follow-up

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Resolute’s Production and Margin Growth Increased Production to Drive Higher Revenues and Larger Dividends

Attractive Scale Increased Production FY2019 (Annualised to 31 Dec)

Enhanced Margins Lower AISC

FY2019 (Annualised to 31 Dec)

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Resolute’sProduction
Increased to
Resolute Standalone: US$990/oz
490koz
Resolute’sAISC
Lowered to
Resolute Standalone: 330koz US$920/oz
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Mako provides a meaningful uplift in scale for Resolute, enhances its operating margins and increases its revenue generating capacity. Potential exists for a larger shareholder dividend through Resolute’s revenue-linked dividend policy

Note: Annualised guidance is based on a full year contribution from Mako. Resolute’s updated guidance for FY19 (31 December) is 400koz at an AISC of US$960/oz and is based on production contributed from Mako from acquisition through to 31 December 2019. Payment of dividends is subject to board discretion.

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Diversification of African Production Base Expansion into Senegal, a stable, mining friendly jurisdiction

Mako Senegal Syama Mali Ravenswood Australia Stage Production Stage Production Stage Production Type Open Pit Type Underground / Open Pit Type Underground / Open Pit Mine Life 7 years Mine Life 14+ years Mine Life 15 years Production 140kozpa Au Production 300kozpa Au Production 200kozpa Au AISC US$780/oz Au AISC US$746/oz Au AISC US$823/oz Au Exploration Portfolio Burkina Faso Mako Gold (20%) Bibiani Ghana Direct Holdings; Manas Cote d’Ivoire (26%); Mako Gold (20%) Stage Pre-Production Loncor Resources (27%); DRC Type Underground Kilo Goldmines (27%) Mine Life 10 years Guinea Direct Holdings Direct Holdings; Oklo Production 100kozpa Au Mali Resources (11%) AISC US$764/oz Au Sudan Orca Gold (16%)

High-margin production from Mako complements Resolute’s portfolio of large scale, long life producing assets

Note: Production for Syama and Ravenswood is a site target while AISC is a life-of-mine estimate for the Syama Underground Mine and the Ravenswood Expansion Project respectively based on latest published studies. Production and AISC for Bibiani and Mako are life-of-mine averages.

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Expansive Growth Platform

• Active Significant Long Term Regional

• ~~Development Exploration Optionality Consolidation~~

• Opportunities Potential

• • • • • Ravenswood Expansion Stunning exploration Directly owned highly Diversified African Project: targeting results from Tabakoroni prospective exploration portfolio 200kozpa for 15 years and Nafolo tenure supplemented by • Platform to pursue

• • • investments in: Bibiani: re-start delivers Extensive regional additional growth and 100kozpa for 10 years exploration potential in regional consolidation

• • Tabakoroni Senegal with high opportunities prospectivity near mine •

• Underground: study Strengthened balance underway sheet to support future

• Strengthened balance sheet to support future growth initiatives

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High quality producing assets provide a strong foundation for growth and consolidation in Africa

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Resolute Pro-Forma Summary

		Toro Gold	Toro Gold	Toro Gold	Toro Gold	Toro Gold	Pro-Forma
	Capitalisation		Exchange		ASX / LSE	Private	ASX / LSE
			Share Price	(A$/share)	1.78	--	1.78
			Shares Outstanding	(m)	758	110(1)	902(2)
			Market Capitalisation	(A$m)	1,346	--	1,601(3)
			Cash, Bullion and Investments	(A$m)	56	133(4)	189
			Debt	(A$m)	193	112(4)	488(5)
			Enterprise Value	(A$m)	1,483	--	1,901
			Post Transaction Ownership		84.2%	15.8%	--
	Portfolio		Mineral Resources(6)	(Moz)	17.6	1.2	18.8
			Ore Reserves(6)	(Moz)	6.8	0.9	7.7
			2019 Production(7)	koz	330	160	490
			2019 AISC(7)	US$/oz	990	800	920

Notes: (1) Fully diluted shares including options. (2) Resolute’s existing shares outstanding has been adjusted for the issuance of 142.5 million shares to Toro shareholders and 1.8 million shares to Taurus. (3) The pro-forma market capitalisation is based on this revised share count and Resolute’s closing price on 30 July 2019. (3) Converted to AUD at AUDUSD of 0.71. (5) Includes US$130m of bridge financing converted at AUDUSD 0.71. (6) Mineral Resources and Ore Reserves for Resolute are as at 31 December 2018 with adjustments made for the revised Tabakoroni Mineral Resource as at 31 March 2019 and the upgraded Ravenswood Mineral Resource and Ore Reserve as at 30 June 2019. Toro Gold’s Mineral Resources are as at 30 October 2018 and Ore Reserves as at 31 December 2018. (7) Production is annualised for the 12 months to 31 December 2019. Numbers subject to rounding.

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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

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Leader in Mining
Proven Operator Strong Exploration
Innovation with the Value Upside and
Long Life, Low Cost, with Unique Skill Set Commitment with
World’s Most Commitment to
Large Scale Assets and Reputation in Track Record of Low
Advanced Shareholder Returns
Africa Cost Discovery
Automation System
490koz 8Moz 18.8Moz Continuous Strong
Gold
Annualised Guidance Resources Operation Organic Growth
12 months to 31 Dec Produced
Discovery Cost of A$19/oz
+750koz 10 Mines Cost Multiple
Target
Operated Savings Value Catalysts
from Existing Assets 7.7Moz
$750/oz 30 Years Discovery Cost of A$33/ozReserves Safety and 2% Dividend
Payout as a Proportion
AISC Gold Operator
of Revenue
Group Target Experience Comfort
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Note: Discovery cost is based on Mineral Resource and Ore Reserve growth for Resolute from 2010 to 31 December 2018.

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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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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Syama System Overview Major Components

PHASE 1: MINE DIGITALISATION

Phase 1 capability delivers the completed control room with connection to the underground wireless network and the ability to schedule, control and monitor MANUAL underground activities in real-time.

PHASE 2: AUTONOMOUS PRODUCTION AND HAULAGE

Phase 2 capability delivers AUTOMATED LHD and DRILL production on the levels and AUTONOMOUS TRUCK haulage from the 1055 level to the surface ROM

Mine-wide Wireless Network Mine Scheduling, Control, Visualisation and Optimisation Suite Surface Control Room Production Level Automation (LHD / Drill Automation) Automated Haulage (Truck Loop)

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Syama System Overview Phase 1: Mine Digitalisation

Control Room + Network + OptiMine =

Efficiency

The 2 Declines and the 1105 and 1130 production levels will be connected to the visualisation system in the control room

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Benefits of the visualisation system include:

• Visualisation of mine and fleet (equipped with tracking units)

• Efficiency gains for production fleet

• Production gains for haulage fleet fitted with OptiMine units

• Remote Production Drilling

• Real time production data

• Real time dispatch

• Effective cave management

Syama Automation Control Room

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Syama System Overview Phase 2: Autonomous Haulage and Production

Automated Haulage Loop – The Main Game

• The Automated Haulage Loop is the “Main Game” in terms of the Syama Underground Mine’s delivered benefit from innovation

• The Automated Haulage loop enables Resolute to haul ore 24 hours a day / 7 days a week

• Traffic is managed by a centralised server which increases throughput relative to manual hauling

• Higher production rates over more hours per day = more tonnes

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Syama System Overview Phase 2: Autonomous Haulage and Production

Automated Haulage Loop – The Main Game

The Automated Haulage Loop consists of three sections:

1. Haulage Level: this is where the autonomous trucks are loaded underground by the remotely operated LHDs. The ore is taken from the ore passes which are fed by the production levels

2. Autonomous Decline: the mine has a segregated autonomous decline with passing bays where the autonomous trucks make their way to the surface.

3. Boxcut & ROM: after leaving the underground mine the trucks tram up the boxcut and to the ROM where they dump

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3. Boxcut& ROM
2. Auto Decline
1. Haulage Level
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The Impact of Automation at Syama Productivity

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Continuous Less
Operation Downtime
Consistent High-speed
Extra Productive
Output Production
Hours
Optimised
Upgradeable To
Less Operational
Tracking &
Headings Multi-machine Control
Reporting
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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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The Impact of Automation at Syama Economics, Safety and People

LOM AISC Reduced to Mine Life Extended to US$ 746 /oz 2032 Low Reduced Smaller Upfront Fleet $ $ Damage $ Capex Upskilling Local Workforce Improved Operator Comfort

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

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Nafolo: A Major Gold Discovery at Syama Extension potential for the existing Syama Underground Mine

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Nafolo Snapshot

• 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

• Infill resource drilling continuing to upgrade to Indicated status

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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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Mako Senegal

LOM AVERAGE 140kozpa

US$ 780/oz

1.2Moz

0.9Moz

7Years

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Ravenswood Australia

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

2.7Moz

~15Yrs

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Bibiani

Ghana

100kozpa

US$764/oz RESOURCES 2.5Moz

10Years

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Strategic Investments in Africa

Objective

Establish a portfolio of investments in emerging 16% stake 26% stake gold explorers to expand our project pipeline and provide a source of medium term potential growth opportunities 11% stake 27% stake Focus Equity investments in African focused explorers in highly prospective gold regions 20% stake 27% stake

Multiple potential opportunities for the development of future Resolute gold mines

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Health & Safety

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Committed

• To working safely, all of the time

• To taking pride, in everything we do

• To improving the way we work

Accountable

• To the people we work with

• For the quality of our work

• To the expectation of our business

Res onsible p

• To our families

• To the way we treat others

• For learning from our mistakes

Em owered p

• To speak up and share our ideas

• To stop anything we believe is unsafe

• To challenge the things we could do better

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The Resolute Foundation will be the vehicle through which Resolute will deliver future sustainable development initiatives at scale on a global basis.

The Resolute Foundation will leverage the strengths, skills and capacities of the Company, our partners, host governments and local people to create sustainable value.

The Resolute Foundation will create an enduring legacy in the countries and communities in which Resolute operates by transforming a non-renewable resource into meaningful and scalable economic growth, basic services, human development and environmental offsets.

Mine Gold. Create More Value Leave a Legacy

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Leadership Board of Directors

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Martin Botha Non-Executive Chairman BSc (Eng)

Currently serves as Non-Executive Chairman of Sberbank CIB and is a NonExecutive Director of Zeta Resources

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John Welborn Managing Director & CEO

BCom, FCA, FAIM, MAICD, MAusIMM, SAFin, JP

A chartered accountant and former professional rugby player who has become a champion for responsible and sustainable mining in Africa. Currently serves as a Director of the World Gold Council

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Yasmin Broughton Non-Executive Director

BComm, PG Law, GAICD

Corporate lawyer; currently serves as a Non-Executive Director of Synergy, Insurance Commission of Western Australia and Edge Employment Solutions

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Mark Potts Non-Executive Director BSc (Hons)

Formerly worldwide Chief Technology Officer at Hewlett Packard; founder of several successful venture backed technology start ups

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Sabina Shugg Non-Executive Director

BSc (Mining Engineering), MBA

Extensive experience in senior operational mining roles; currently serves as a Director of the Kalgoorlie-Boulder Innovation Hub; Member of the Order of Australia

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Peter Sullivan Non-Executive Director

BEng, MBA

Former Managing Director & CEO of Resolute (2001-2015); currently serves as a Non-Executive Director of GME Resources, Zeta Resources, Panoramic Resources and Bligh Resources

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Leadership Management

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John Welborn Managing Director & CEO BCom, FCA, FAIM, MAICD, MAusIMM, SAFin, JP

A chartered accountant and former professional rugby player who has become a champion for responsible and sustainable mining in Africa. Currently serves as a Director of the World Gold Council and Chairman of Orbital Corporation

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Lee-Anne de Bruin Chief Financial Officer

BCom, BAcc (Hons), CA

A chartered accountant with over 18 years of experience in financial and operational roles including Regional CFO Newmont Asia Pacific, Head of Project Functions BHP Iron Ore and Managing Director Kimberley Diamond Company

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David Kelly Chief Operating Officer (Acting) BSc (Hons)

A geologist with over 30 years of experience in senior operating mining roles and as an investment banker.

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Amber Stanton General Counsel & Company Secretary

LLB

Formerly a Partner at two international law firms specialising M&A, capital markets, energy and resources and general corporate / commercial matters

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Bruce Mowat

General Manager – Exploration BSc (Geology)

Over 30 years exploration experience in precious and base metals across Australia, PNG, Indonesia and West Africa; formerly Chief Geologist at Straits Resources

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Jeremy Meynert General Manager – Business Development and IR

LLB, BCom (Hons), MMinEng (Mine Management)

Specialist metals and mining investment banker and qualified lawyer; international M&A and capital markets experience

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

Capitalisation	A$	£	US$
Share Price	$1.78	£0.99	$1.22
Shares on Issue	758m
Market Capitalisation	$1,346m	£752m	$925m
Cash, Bullion, Investments	$56m	£30m	$40m
Borrowings	$193m	£105m	$137m
Enterprise Value	$1,483m	£826m	$1,022m
2%of annual gold revenue offered in goldor cash Dividend Policy 2.0 cents per share 3.3% of revenue FY18 Dividend Top 10 Shareholders 1ICM Limited 17.24% 2Van Eck Associates Corporation 10.70% 3Dimensional Fund Advisors 6.79% 4L1 Capital 5.41% 5The Vanguard Group 4.00% 6Blackrock 2.96% 7Ellerston Capital 2.15% 8Lemanik SA 1.94% 9CGS-CIMB Securities 1.86% 10Wellington Management Company 1.85%
1ICM Limited	17.24%
2Van Eck Associates Corporation	10.70%
3Dimensional Fund Advisors	6.79%
4L1 Capital	5.41%
5The Vanguard Group	4.00%
6Blackrock	2.96%
7Ellerston Capital	2.15%
8Lemanik SA	1.94%
9CGS-CIMB Securities	1.86%
10Wellington Management Company	1.85%

Price Performance and Trading on ASX

YTD Daily Trading Averages : Volume: 8.2m / Value: A$9.7m

Note: Market data as at 30 July 2019. Cash, bullion, investments, borrowings as at 30 June 2019. Borrowings comprise revolving credit facility drawn to US$125m and the net balance of Resolute’s Bank of Mali unsecured overdraft facility and in-country receivables. Enterprise value is calculated as market capitalisation plus cash, bullion and investments less borrowings Top 10 Shareholders as at 30 June 2019.

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

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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