Resolute Mining Limited — Investor Presentation 2019

Apr 8, 2019

Mine Gold. Create Value. European Gold Forum Presentation | April 2019

CorporatePresentation

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 ASX Announcement dated 13 February 2019 titled "Annual Ore Reserve and Mineral Resource Statement as at 31 December 2018". The Company is not aware of any new information or data that materially affects the Mineral Resources and Ore Reserves as reported in that ASX Announcement 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.

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$885m (US$630m)

FY19 Guidance 300koz at US$960/oz (A$1,280/oz)(1)

Portfolio 3 Mine Sites Multiple Strategic Investments

Global Mineral Resources 16.6Moz(2) Global Ore Reserves 5.8Moz(2)

Dividend Payout Minimum of 2% of Revenue

Note: (1) FY19 guidance is for the 12 months through to 30 June 2019. (2) Global Mineral Resources and Global Ore Reserves are as at 31 December 2018 and based on Resolute's managed inventory plus Resolute's attributable share of Resources associated with its strategic equity investments in various listed explorers.

Resolute Portfolio

Syama

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

MineLife	14years
MineralResource	7.9Moz	3.4Moz	OreReserve
LOMAISC	US$746/oz	300kozpa	TargetProduction
PlantCapacity	4Mtpa

Ravenswood Bibiani Investments

Ravenswood is being transitioned from mining at the Mt Wright Underground Mine to large scale open pit mining at Buck Reef West / Sarsfield

MineLife	14years
MineralResource	4.8Moz	1.7Moz	OreReserve
LOMAISC	US$823/oz	115kozpa	LOM AveProduction
NameplateCapacity	5Mtpa

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

A portfolio of strategic investments in highly prospective African-focused gold explorers provides a pipeline of future development opportunities

3

Note: Mineral Resource is inclusive of Ore Reserve. Syama: all statistics are for the Syama Complex except for LOM AISC which is for the Syama Underground Mine. Ravenswood LOM AISC and LOM Ave Production 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.

Investing in Growth

>US$200m Capital, Exploration and Strategic Investment Expenditure in FY18

4 Note: The target ounces presented in the production profile are entirely based on current Ore Reserves. All Ore Reserves which underpin the plan have been prepared by a Competent Person or Persons in accordance with the JORC Code. For details of Ore Reserves used for the plan, please refer to ASX Announcement 13 February 2019. (1) Annual gold production is based on a 30-June financial year-end.

5

Note: Mine Life and AISC for the Syama Underground Mine; Resources and Production for the Syama Complex.

Syama Underground:

Video file accessible at: https://www.youtube.com/watch?v=ThmkN2qILS0

The Innovation: Automation

Autonomous Loading & Dumping

Autonomous Drilling Autonomous Truck Navigation The most advanced mining automation system in the world.

Central Monitoring & Visualisation

Automation System: Major Components

Mine Digitalisation

• Syama Underground Mine connected to the control room via sitewide wireless network which enables:
  • − Visualisation of mine and fleet (equipped with tracking units)
  • − Efficiency gains: 24 hours per day; 7 days per week
  • − Real-time production data and dispatch
  • − Effective cave management

Autonomous Production, Loading and Haulage

• Autonomous production drilling and loading
• Autonomous truck haulage
  • − Under ground: laser guided
  • − Above ground: GPS guided

The Impact of Automation

Productivity

Economics

People

The Impact of Automation (continued) Productivity

The Impact of Automation (continued)

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

The Impact of Automation (continued)

Economics, Safety and People

LOM AISC Reduced to US$ Mine Life Extended to 2032 746/oz

Upskilling Local Workforce Improved Operator

Comfort

Tabakoroni Open Pit Mine

First ore processed in November 2018

Namakan Pit at Tabakoroni – March 2019

Syama Power

World's largest mine site based solar hybrid power plant

50MW (40MW Peak Demand with 10MW Reserve Capacity) Hybrid Solar, Battery and HFO Plant

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

Nafolo Exploration: A Major Gold Discovery

Extension potential for existing Syama Underground Mine

• Untested to the south and at depth
• All drillholes to date have intersected gold mineralisation
• Nafolo mineralisation to be accessed from existing Syama Underground Mine infrastructure and may form part of a future expanded mining operation
• Infill resource drilling continuing to upgrade to indicated status

Tabakoroni Exploration: High Grade Intersections

Potential standalone underground operation supports mine life extension

Bibiani Ghana

Ravenswood Australia

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Strategic Investments in Africa

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

gold regions

Multiple potential opportunities for the development of future Resolute gold mines

Corporate Summary (ASX:RSG) Capitalisation

	A$	US$
Share Price	$1.26	$0.83
Shares on Issue	758m
Market Capitalisation	$955m	$680m
Cash, Bullion, Investments	$117m	$88m
Borrowings	$173m	$130m
Enterprise Value	$941m	$672m

Dividend Policy

FY18 Dividend

2.0 cents per share 3.3% of revenue

Price Performance and Trading

Note: Market data as at 8 April 2019. Cash, bullion, investments, borrowings as at 31 December 2018. 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.

Listing on the Main Board in H1 2019

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