Resolute Mining Limited — Investor Presentation 2020

Sep 22, 2020

Mine Gold. Create Value.

Gold Forum Americas 2020

Corporate Presentation | September 2020

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**,** 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 18 February 2020 titled "Annual Ore Reserve and Mineral Resource Statement as at 31 December 2019" and ASX Announcement dated 20 July 2020 titled "Updated Life of Mine Plan for Mako Gold Mine". 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 the estimates in these ASX Announcements 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 from these ASX Announcements.

All in Sustaining Cost (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.

An investment in Resolute is subject to known and unknown risks, some of which are beyond the control of Resolute, including possible loss of income and principal invested. Resolute does not guarantee any particular rate of return or the performance of Resolute, nor does it guarantee any particular tax treatment. Investors should have regard (amongst other things) to the risk factors outlined in this Presentation when making their investment decision. See the "Key Risks" section of this presentation for certain risks relating to an investment in Resolute.

All dollar values are in United States dollars ($ or USD) unless otherwise stated. This presentation includes pro-forma financial information which is provided for illustrative purposes only and is not represented as being indicative of Resolute (or anyone else's) views on Resolute's future financial position or performance.

A number of figures, amounts, percentages, estimates, calculations of value and fractions in this presentation are subject to the effect of rounding. Accordingly, the actual calculation of these figures may differ from the figures set out in this presentation.

Resolute has maintained its production guidance of 430,000oz at US$980/oz. Resolute does however continue to assess developments and update the Company's response to COVID-19 while placing the highest priority on the safety and wellbeing of its employees, contractors and stakeholders. Further escalation of COVID-19, and the implementation of further government-regulated restrictions or extended periods of supply chain disruption, has the potential to negatively impact gold production, earnings, cash flow and the Company's balance sheet.

This presentation has been authorised for released by Managing Director and CEO, Mr John Welborn.

Strategic Review Ongoing

Ghana

Bibiani

Syama

Mali

Production ~400koz per annum Mineral Resources 13.3Moz

Ore Reserves 4.7Moz

Market Capitalisation A$1.05Bn £591m | US$757m

Mako

Senegal

Operational Highlights

Half Year to 30 June 2020

217,946oz Total Gold Poured

US$1,020/oz All-In Sustaining Cost

3 Photo: Tabakoroni Open Pit Mine

Financial Highlights

Half Year to 30 June 2020

US$305m

UnderlyingEBITDA

US$101m EBITDA

US$61m

Underlying Net Profit After Tax inclusive of Ravenswood gain

NetProfitAfter Tax

* Gross Operating cash Flows represent cash flows from operations excluding working capital movements, royalties and taxes and exploration expenditure refer to page 10. Note: All numbers are for the Resolute Group and include both continuing and discontinued operations.

Operational Performance

COVID-19Response	•Comprehensive companywide response implemented; US$1mto support Mali Govt / Senegal Govt response•Mining and processing continuing with currently no negative impact on gold production
Productionand Sales	•Gold poured of 217,946oz at an AISC of US$1,020/oz (including Ravenswood)•Gold sales of 212,668ozat an average realised gold price of US$1,427/oz
Development	•Construction of new solar hybrid power station at Syama progressing to plan•Tabakoroni Underground Mine Pre-Feasibility Study due for completion in H220
Exploration	•Further high-grade oxide gold intersections from drilling at Syama•Results support potential to extend the life of Syama oxide operations
Portfolio	•Bibiani strategic review ongoing; targeting completion in H220•Mako Royalty acquisition completed and significantly improved updated Life of Mine plan completed
BalanceSheet	•Completed refinancing of syndicated loan facility with new flexible low-cost US$300mfacility in March 2020•Cash and Bullion of US$88m; total borrowings of US$307m; Net Debt of US$220m

H1 20 Production of 217,946oz

Multi-Asset Production Base

All-In Sustaining Cost

AISC of US$1,020/oz in H1 20 including Ravenswood

Note: H1 is the six month period to 30 June and H2 is the six month period to 31 December.

(1) A significant portion of the increase between H1 19 and H2 19 reflects the roaster shut down which occurred during the December 2019 Quarter.

Group Earnings Profile

Comparable revenue, based on gold sold in H1 20 compared to H2 19 driven by increased production following the repair of the roaster and a stronger gold price environment, offset by loss of revenue from Ravenswood

The increase in EBITDA H1 20 relative to H2 19 was driven by the recovery of the Syama sulphide operations following the roaster repair and the stronger gold price environment

Balance Sheet and Hedging

Debt Maturity Profile – US$45m Capital Structure Simplification undrawn RCF

Gold Hedging (at 30 June 2020)

	US$ Forward Sales
	Forward Price	Delivery
	(US$/oz)	(oz)
September 2020	1,625	60,000
December 2020	1,593	60,000
March 2021	1,576	30,000
June 2021	1,577	30,000
September 2021	1,667	18,000
December 2021	1,670	15,000
Total	1,624	213,000

Overview

• Higher cost US$130m Toro Gold acquisition bridge facility and US$63m Mako project loan repaid through a combination of low-cost debt and equity.
• Additional liquidity provided through new senior debt facility.

Equity Raising

• ~A$195m equity raising comprising two-tranche placement and share purchase plan launched in January 2020; strongly supported by new and existing investors.

Debt Refinancing

• Existing US$195m syndicated loan facility replaced with new flexible low-cost US$300m senior debt facility in March 2020 comprising:
  • US$150m revolving credit facility (three-year term); and
  • US$150m term loan facility (four-year term)
• Strong support from banking syndicate including existing financiers.

Mako Royalty

• Agreement with Taurus in January 2020 to buyout existing 1.1% royalty over Mako removes encumbrance and secures full benefit of Mako's positive cashflows for Resolute.

10

Syama Gold Mine: Mali

Annual production ~260,000oz

Increase sulphide recoveries to +80%

Syama Underground operating at full capacity

Continuing high margin oxide operations

Define mine plan for Tabakoroni Underground

Update and publish new Syama Life of Mine plan

Sulphide Operations – 1 H20

80% gold recoveries through processing

Sulphide Production

• 56,679oz produced;
• AISC US$1,445/oz reflects draw down of high cost inventory
• Overall sulphide circuit recovery achieved of 80% during H1 20
  • 978,333t processed during the 6 months
  • Expect to maintain recoveries above 80% during H2 20
  • Long term target remains 85% recovery

Syama Underground Mine Performance

• Sub level cave operations perform in line with expectations
• 1,012,762t of ore mined
• Average grade of 2.72g/t

Stockpiles

• 491kt at an average grade of 2.7g/t (517kt at 2.5g/t)

Syama Underground Mine Processing recovery and gold poured

Oxide Operations – 1 H20

Low cost production from Tabakoroni; satellite deposits to provide feed in H2 20

Oxide Production

• 64,558oz at an AISC of US$789/oz
• 95% recovery achieved from Tabakoroni North and Splay Pits

Future Oxide Production

• Mining completed at Tabakoroni
• Cashew, Paysans, and Tellem satellite deposits to provide additional oxide feed

Stockpiles

• Over 3 million tonnes at an average grade of 1.3g/t Au
• Provides feed source through to 2022

Syama Outlook

New Syama Power Plant

• Bulk earthworks, mobilisation and construction commenced and progressing to plan
• 40% reduction to power costs
• Environmentally friendly, reducing emissions by ~ 20%

Tabakoroni Underground Mine

• PFS due for completion in current quarter
• Deposit remains open at depth and along strike
• Modest capital requirements expected

Syama Oxide Exploration

• Near surface drilling at satellites returning highgrade oxide gold intersections
• Further drill results expected current quarter

Updated Syama Life of Mine Plan

• Expected during H2 20

Photo: Progress at new Syama Power Plant Photo: Exploration drilling at Tabakoroni

Mako Gold Mine: Senegal

Annual production ~140,000oz at an AISC of US$900/oz

Maintain high productivity, low cost operations

Strong cash flow generative operations

Regional exploration to further extend mine life

Mako Operations – 1 H20

Consistent performance with strong cashflow generation

Production

• 85,663oz poured
• AISC of US$758/oz

Processing

• 92-93% recoveries

Stockpile

• +2Mt at an average grade of 1.2g/t

Consistent, strong positive cash flows

Photo: Recently commissioned Caterpillar 6020B excavator in operation at Mako

Mako Outlook: Updated Life of Mine Plan

Material improvement to gold production and mine life

New LOM

• Average annual production of 140koz over next five years
• LOM production from inception of 1.24Moz, up 39%
• Remaining production of 900koz at AISC of US$900/oz

Mako LOM update Annual Production and AISC

COVID-19 Response

The health, safety and well-being of our people is our highest priority

• Comprehensive companywide response plan implemented
• Keeping our mines running is important for all stakeholders
• FY20 production and cost guidance maintained
• Regional experience, secure supply lines and robust relationships
• US$1 million committed to support Mali and Senegal
• Adapting to the changing COVID-19 environment

Social distancing at the Mess, Mako Donations of medical supplies, Mako Photo: Hand Washing Facilities at Syama.

Commitment to Sustainability

1.07 Total Recordable Injury Frequency Rate (TRIFR)

ZERO

Major Environmental Incidents or Regulatory Non-Compliance

$814m

Total Economic Value Distributed

Award

Winning

Malian Talent and Development Program 90%

50%

Reduction in TRIFR in past 12 months

Proactive

Approach to Tailings Dam Management

National Employment

Conservation Partners

Mobilised to Support Biodiversity No Net Loss Commitments

Key Sustainability Pillars

Economic Development Health, Safety and Security

Environmental Responsibility People Social

Responsibility

Responsible Gold Mining

Sustainable Performance Framework based on commitment to the World Gold Council's Responsible Gold Mining Principles

Corporate Summary (ASX / LSE : RSG)

Capitalisation	A$	£	US$	ASX Price Performance$2.25
Share Price	$0.95	£0.52	$0.66	$2.25
Shares on Issue		1,103,892,706		$2.00$2.00
Market Capitalisation	$1.05B	£591m	$776m	$1.75$1.75

Top 10 Shareholders

1	ICM Limited	12.8%
2	Van Eck Associates Corporation	8.9%
3	The Vanguard Group, Inc.	5.3%
4	L1 Capital Pty Ltd	5.1%
5	Baker Steel Capital Managers LLP	4.6%
6	QGInvestments Africa Management Ltd	3.7%
7	BlackRock, Inc.	3.6%
8	Dimensional Fund Advisors LP	3.2%
9	Ninety One Group	2.8%
10	Schroders PLC	1.7%

Volume Share Price

Contact

John Welborn | Managing Director & CEO EMAIL | contact@rml.com.au PHONE | +61 8 9261 6100