Resolute Mining Limited — Investor Presentation 2019

Feb 3, 2019

Mine Gold. Create Value. Corporate Presentation – Cape Town | February 2019

Syama: Automation Powering Transformation

Important Notices and Disclaimers

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 16 August 2018 titled "Annual Ore Reserve and Mineral Resource Statement as at 30 June 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$853m (US$623m)

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

Portfolio 3 Mines Multiple Strategic Investments

Global Mineral Resources 16.5Moz Global Ore Reserves 5.9Moz

Dividend Payout Minimum of 2% of Revenue

Note: Global Ore Reserves and Global Mineral Resources are as at 30 June 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 in Africa

4,500,000 ounces of gold produced

2,400 local employees and contractors at Syama and Bibiani

US$1,950,000,000 total economic contributions

US$420,000,000

taxes and royalties paid

US$1,500,000,000

paid to local vendors and employees

Why We Love Africa

Geological Opportunity

The People

Government Support

Africa Rising

Why We Love Africa Community Investment > Changing Lives

Health

• ✓ Building and refurbishing clinics
• ✓ Training community doctors
• ✓ Drought relief aid

Education

• ✓ Building schools
• ✓ Training and development of mine employees
• ✓ Supporting Mine Training Centre in Sikasso

Water

• ✓ Solar powered pumps and water supply tanktower in Fourou
• ✓ Installing water bores and hand pumps

Sustainability

• ✓ Potential connection of Fourou to National Grid Power
• ✓ Building community centres
• ✓ Employment of local service providers

Resolute Portfolio

Syama Gold Mine

A world class, fully automated sub-level cave gold mine

14 year mine life

~4.0Mtpa

Ravenswood Gold Mine

Proven producing asset with multiple open pits which underpin long-term production

14 year mine life

Bibiani Gold Mine

Feasibility study update demonstrates potential for a long life, high margin project

10 year target mine life

Proposed Annual Production ~100kozpa

2.5Moz Mineral Resource

Life of Mine All-In Sustaining Cost US$764/oz

Available Process Capacity 3.0Mtpa

Strategic Investments

Multiple strategic positions in highly prospective African explorers with significant land positions

Significant Investment Enables Transformation

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

7

The Innovation: Automation

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

Central Monitoring & Visualisation

The Innovation Full Automation from Mine to Crusher

Autonomous loaders loading autonomous trucks from mine to surface

Specially tailored AutoMine® and OptiMine® systems to increase productivity

World first mine with full automation from underground to surface

The Impact Productivity

The Impact Economics, Safety and People

The Innovation: Power

New 40MW Solar Hybrid Power Plant for Syama Gold Mine

Joint Development Agreement Signed with Ignite Energy

New Power Plant to be fully funded by Ignite Energy

Expected ~40% savings in Syama power cost

World's largest mine based off-grid fully integrated independent solar hybrid power plant

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

Nafolo: A Major Gold Discovery at Syama

Extension potential for existing Syama underground

• 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

Syama and Nafolo resource model and drillhole locations

Tabakoroni: High Grade Underground Mine Potential

Numerous wide high grade gold intersections

Visible gold in new Tabakoroni core samples

Ravenswood Gold Mine

Multiple open pits underpin long-term production

17

Bibiani Gold Mine

Potential for a long life, high margin project

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 exploration teams holding promising tenure in highly prospective gold regions

Multiple potential opportunities for the development of future Resolute gold mines

Corporate Summary (ASX:RSG) Capitalisation

	A$	US$
Share Price	$1.13	$0.82
Shares on Issue	758m
Market Capitalisation	$853m	$623m
Cash, Bullion, Investments	$117m	$88m
Borrowings	$173m	$130m
Enterprise Value	$909m	$665m

Dividend Policy

3.3% of sales revenue

Price Performance and Trading

Coming to 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