Resolute Mining Limited — Investor Presentation 2020

May 5, 2020

Mine Gold. Create Value. Macquarie Australia Conference Corporate Presentation | 6 May 2020

Important Notices and Disclaimers

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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”,The Company is not aware of any new information or data that materially affects the Mineral Resources and Ore Reserves as reported in this 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.

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.

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Mako
Senegal
Syama
Mali
Bibiani
Ghana
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Bibiani
Ghana
Strategic Review Ongoing
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2020 Guidance 430koz at US$980/oz AISC

Mineral Resources Ore Reserves 13.3Moz 4.7Moz

Market Capitalisation A$1.0Bn £521m | US$641m

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Note: Market capitalisation as at 5 May 2020. Mineral Resources and Ore Reserves are as at 31 December 2019 and stated exclusive of Ravenswood. 2020 guidance has been also updated to reflect the sale of Ravenswood which completed on 31 March 2020.

2020 Update

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Production

• 2020 guidance of 430,000oz at an AISC of US$980/oz

• March Quarter gold poured of 110,763oz at an AISC of US$1,007/oz with 99,717oz at an AISC of US$918/oz from Syama and Mako

COVID-19 Response

• Comprehensive companywide response implemented; US$1 million to support Mali Govt / Senegal Govt response

• • Mining and processing continuing as normal; no reported COVID-19 cases across sites or offices

Development

• Construction of new solar hybrid power station at Syama commenced

• Tabakoroni Underground Mine Pre-Feasibility Study initiated following positive Concept Study outcomes

Exploration

• Significant high-grade oxide gold intersections from drilling at Syama

• • Results support potential to extend the life of Syama’s oxide operation

Portfolio

• Ravenswood sale completed on 31 March 2020; up to A$300 million in total proceeds realisable

• • Bibiani strategic review ongoing; targeting completion in H2 2020

Balance Sheet

• US$300 million senior debt refinancing and ~A$194 million equity raising completed; higher cost debt repaid

• • Cash and bullion of US$96 million; total borrowings of US$308 million; net debt of US$212 million

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ASX Gold Miners

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Market Capitalisation (A$m)

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9,487
8,906
4,820
2,327
1,772
1,168
1,002
Northern Star Evolution Saracen Regis St Barbara Perseus Resolute
Production
Guidance Withdrawn 725 +500 355 385 Withdrawn 430
(koz)
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Note: Production guidance is for FY20 which for Evolution, Saracen, Regis and St Barbara is based on a 30 June year-end and for Resolute is based on a 31 December year-end. Evolution guidance excludes Red Chris and Regis and St Barbara guidance is based on the mid-point of the range provided.

Price Performance

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Last 12 Months (Rebased to 100)

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200
180
160
African Peers
45.1%
140
Gold
32.5%
120
100
Resolute
80
(20.5%)
60
40
May-19 Jun-19 Jul-19 Aug-19 Sep-19 Oct-19 Nov-19 Dec-19 Jan-20 Feb-20 Mar-20 Apr-20 May-20
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Note: African peers comprises Centamin, Endeavour Mining, Perseus Mining, SEMAFO, Teranga, Roxgold, Asanko (Galiano), Golden Star Resources, West African Resources, B2 Gold, IAMGOLD, Hummingbird Resources and Shanta Gold (simple average).

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March 2020 Quarter Production of 110,763oz 2020 Production Guidance of 430,000oz

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Multi-Asset Production Base

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110,763oz
105,293oz
103,201oz
98,105oz
13,554
42,186
78,132oz 42,997
44,191
12,375
11,046
15,351
13,206
84,552
65,757
57,531
45,804 46,945
Mar 19 Qtr Jun 19 Qtr Sep 19 Qtr Dec 19 Qtr Mar 20 Qtr
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Syama Ravenswood Mako
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March 2020 Quarter AISC of US$1,007/oz

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2020 Cost Guidance of US$980/oz

AISC by Asset (US$/oz)

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Group
740 939 1,202 1,419 1,007
AISC
2,157 (1)
1,642
1,523 1,537
1,422
1,335
1,087 1,083
790
716 694
658
598
Mar 19 Qtr Jun 19 Qtr Sep 19 Qtr Dec 19 Qtr Mar 20 Qtr
Syama Ravenswood Mako
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Note: (1) The abnormally high ASIC was the result of the Syama roaster shut down being offline for the majority of the December 2019 Quarter.

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Syama Gold Mine: Mali March 2020 Quarter: 57,531oz at an AISC of US$1,083/oz 2020 Guidance: 260,000oz at an AISC of US$960/oz

March 2020 Quarter Update

Sulphide production up 54% on December 2019 Quarter; achieved recoveries of 75%; targeting 85% in H2 2020

Oxide circuit continues to deliver high recoveries; production up 10% on December 2019 Quarter

Substantial increase in mined and hauled tonnages from the Syama Underground Mine

Tabakoroni: promising oxide exploration results; PFS commenced on future underground mine

Photo: Processing Plant, Syama Gold Mine 8

Mako Gold Mine: Senegal

Consistent and reliable performance generating strong free cash flow

Accelerating drilling activities to increase resource base in pursuit of mine life extension opportunities

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Bibiani Gold Mine: Ghana Strategic review ongoing; targeting completion in H2 2020

2020 Focus

Deliver value accretive outcome from strategic review

Photo: Processing Plant, Bibiani Gold Mine 10

2020Outlook and Focus Areas 2020 Guidance 430,000oz at an AISC of US$980/oz Syama Strengthening sulphide recoveries, Tabakoroni Underground PFS, oxide resource growth Balance Sheet Strengthen financial position with surplus cash to be used for deleveraging Mako Sustained high margin production; accelerated drilling to grow resource base and mine life Growth Evaluate accretive growth opportunities	2020Outlook and Focus Areas 2020 Guidance 430,000oz at an AISC of US$980/oz Syama Strengthening sulphide recoveries, Tabakoroni Underground PFS, oxide resource growth Balance Sheet Strengthen financial position with surplus cash to be used for deleveraging Mako Sustained high margin production; accelerated drilling to grow resource base and mine life Growth Evaluate accretive growth opportunities	2020Outlook and Focus Areas 2020 Guidance 430,000oz at an AISC of US$980/oz Syama Strengthening sulphide recoveries, Tabakoroni Underground PFS, oxide resource growth Balance Sheet Strengthen financial position with surplus cash to be used for deleveraging Mako Sustained high margin production; accelerated drilling to grow resource base and mine life Growth Evaluate accretive growth opportunities
Growth		Evaluate accretive growth opportunities

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Photo: Syama Underground Mine Decline Entry 11

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
Resources 8.3 Moz 3.3 Moz Reserves
US$
2020 260 2020
AISC 960 /oz koz Production
Plant Capacity 4 Mtpa
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Mine Life 7 years
Mineral Resources 1.1 Moz 0.7 Moz ReservesOre
US$
2020 160 2020
AISC 800 /oz koz Production
Plant Capacity 2.3 Mtpa
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Bibiani

Bibiani is a potential long life, high margin operation which offers significant optionality for Resolute; currently subject to a strategic review

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Mine Life 10 years
Mineral Ore
Resources 2.5 Moz 0.7 Moz Reserves
US$
Target 100 Target Annual
AISC 764 /oz koz Production
Plant Capacity 3 Mtpa
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SALE COMPLETED 31 MARCH 2020 Ravenswood

A$100 million of upfront proceeds received (A$50 million cash and A$50 million notes with a 6% coupon); additional notes valued at up to A$200 million received

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Mine Life +10 years
Mineral Resources 5.9 Moz 2.7 Moz ReservesOre
US$
2020 80 2020
AISC Production
1 200 /oz koz
,
Plant Capacity 5 Mtpa
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Note: Mineral Resources are inclusive of Ore Reserves and is as at 31 December 2019. Production and AISC numbers are based on 2020 guidance except for Bibiani which is based on the Company’s latest study. Numbers subject to rounding.

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Contact
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Follow Us

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

WEB | www.rml.com.au