Resolute Mining Limited — Investor Presentation 2019

Jun 19, 2019

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Corporate Presentation London Stock Exchange Listing | June 2019

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

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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 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 the Prospectus which includes Competent Persons Reports and which is available on Resolute’s website at www.rml.com.eu/lselisting/prospectus. The form and context in which the Competent Persons’ findings are presented have not been materially modified.

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

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Resolute’s Dual Listing

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Prospectus Published: 17 June 2019 LSE Trading Commenced : 20 June 2019 at 8am

• Resolute trades on the Main Market of the LSE under the ticker code RSG

• ASX trading unaffected with no new equity raised and no new shares issued

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• Resolute shares fully transferable between ASX and LSE

• LSE listing to enhance Resolute’s profile in international markets

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Further information on Resolute’s LSE Listing is available at https://www.rml.com.au/lse-listing

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Resolute is an established gold producer, with operations in Africa and Australia, that is mining smarter by using advanced technologies, innovative techniques, and expertise from decades of operational success to create sustainable value for all stakeholders.

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Dividend Policy Minimum Payout of 2% of Annual Gold Sales

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Resources 16.8Moz Reserves 5.7Moz

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Resolute Portfolio

Syama Ravenswood

Bibiani

Investments

A portfolio of strategic investments in highly prospective African-focused gold explorers has been established to provide a potential pipeline of future development opportunities

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At Ravenswood, Resolute will potentially Bibiani is a potential long life, high
highly prospective African-focused gold
take steps to transition from margin operation and represents a
explorers has been established to
underground mining at the Mt Wright growth opportunity for Resolute
provide a potential pipeline of future
Underground Mine to large scale open
pit mining at Buck Reef West / Sarsfield development opportunities
Mine Mine 16%
Life 14 years Life 10 years
Mineral Resource 4.8 Moz 1.7 Moz ReserveOre Mineral Resource 2.5 Moz 11%
LOM US$ 108-150 kozpa LOM US$ 100 Target
AISC AISC Production
823 /oz Production Range 764 /oz kozpa 20%
Nameplate Capacity 5 Mtpa Available Capacity 3 Mtpa 26%
27%
27%
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Syama Complex comprises the Syama Underground Mine, a world class, fully automated sublevel cave, and the Tabakoroni Open Pit Mine

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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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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. The potential Ravenswood Expansion Project is dependent on Board approval, which is in turn dependent on outstanding permits being received, funding alternatives being evaluated and agreed and the Board determining that proceeding with the Ravenswood Expansion Project is in the best interests of Resolute. 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. Resolute is currently considering its plans in relation to the Bibiani Gold Mine, including the capital expenditure required to re-start and to fully commission. Once this operational review has been undertaken, Resolute will consider the implementation and timing of a potential re-start. Numbers subject to rounding.

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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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Syama Mali

TARGET 300kozpa

US$ 746/oz

8.2Moz

3.4Moz

14Years

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Commenced sublevel caving on time and on budget in December 2018 Targeting commercial production from September 2019 Quarter

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

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Ravenswood

Australia

PRODUCTION 108150kozpa

US$ 823/oz

4.8Moz

1.7Moz

14Years

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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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Cor orate Summar (ASX:RSG | LSE:RSG from 20 June 2019) p y

Capitalisation	A$	£	US$
Share Price	$1.08	£0.59	$0.74
Shares on Issue	758m
Market Capitalisation	$819m	£445m	$563m
Cash, Bullion, Investments	$86m	£47m	$61m
Borrowings	$154m	£84m	$109m
Enterprise Value	$886m	£482m	$611m

To 10 Shareholders p

Dividend Policy

Price Performance and Trading on ASX

YTD Daily Trading Averages : Volume: 7.6m / Value: A$8.7m

Enterprise Value Top 10 Shareholders	$886m	£482m $611m Dividend Policy
1ICM Limited	17.24%	2%of annual gold revenue offered in goldor cash 2.0 cents per share 3.3% of revenue FY18 Dividend
2Van Eck Associates Corporation	11.02%
3Dimensional Fund Advisors	6.40%
4L1 Capital	4.32%
5The Vanguard Group	3.65%
6Wellington Management Company	3.00%
7BlackRock	2.91%
8Ellerston Capital	2.15%
9Lemanik SA	1.94%
10Baker Steel Capital Managers	1.51%

Note: Market data as at 19 June 2019 with currency conversions based on FX rates of AUDGBP of 0.544 and AUDUSD of 0.687. Cash, bullion, investments, borrowings as at 31 March 2019 with currency conversions based on FX rates of AUDGBP of 0.543 and AUDUSD of 0.709. Borrowings comprise revolving credit facility drawn to US$100m 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 31 May 2019.

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Invest in Resolute

Long Life, Low Cost, Large Scale Assets with Pathway 1 to +500kozpa from Global Resource Base of 16.8Moz

300koz +500koz $750/oz Guidance Target AISC 12 months to 30 June from Existing Assets Group Target

Proven Operator with Unique Skill Set and Reputation 2 in Africa

8Moz Gold Produced

9 Mines 30 Years Operated Gold ExpExperiencerience

Strong Commitment to Exploration with Track Record 3 in Low Cost Discovery

16.8Moz 5.7Moz Resources Reserves 9.7Moz of added at 3.3Moz of added at A$19/oz since 2010 A$33/oz since 2010

Multiple Investments in African Experience Explorers

Leader in Mining Innovation and On Track to be the 4 World’s First Fully Automated Underground Mine

Continuous Cost Safety and Operator Operation Savings Comfort

Compelling Valuation Proposition and Commitment to 5 Shareholder Returns

Strong Organic Growth

Multiple Value Catalysts

2% Minimum Revenue Payout as Dividend

Note: Additions to Resources and Reserves are net of depletion.

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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 and Chairman of Orbital Corporation

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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

Previous senior leadership roles include 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 in 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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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