Resolute Mining Limited — Investor Presentation 2020

Mar 26, 2020

Mine Gold. Create Value.

2019 Financial Results Presentation For the 12 months to 31 December 2019

2019 Financial Results Presentation

Important Notices & 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 2018”,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 Australian dollars ($ or AUD) 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.

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2019 Financial Results Presentation

Mako Senegal

Syama Mali

Bibiani Ghana Strategic Review Underway

FY20 Guidance[(1)] Market Capitalisation 500koz at A$978m US$980/oz £489m | US$587m AISC

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Resources [(1)]
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19.1Moz

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Ravenswood Australia

Sale on schedule to complete on or around 31 March 2020; proceeds of up to A$300m

Reserves[(1)]

7.4Moz

Note: Market capitalisation as at 26 March 2020. Mineral Resources and Ore Reserves are as at 31 December 2019. (1) Mineral Resources, Ore Reserves and Guidance will be revised following the sale of the Ravenswood Gold Mine.

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2019 Financial Results Presentation

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

Resolute’s sale of Ravenswood for proceeds of up to A$300 million is on schedule to complete on or around 31 March 2020

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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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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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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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2019 Financial Results Presentation

Commitment to Sustainability

Sustainability Performance Framework

• Governs Resolute’s sustainable mining practices

• Includes a series of business principles, commitments and performance standards

• Aligned with international standards including the World Gold Council’s Responsible Gold Mining Principles and the UN’s Sustainable Development Goals

2.09

Total Recordable Injury Frequency Rate

ZERO

Major Environmental Incidents or Regulatory NonCompliance

ZERO

Lost Time Injuries at Mako

Proactive

Approach to Tailings Dam Management

• Sets out a management assurance system

• Commitment to transparent reporting practices and communicating goals and results to Stakeholders

Key Sustainability Pillars

Economic Health, Safety Environmental Development and Security Responsibility

Social Responsibility

People

$814m Total Economic Value Distributed

Award Winning Malian Talent and Development Program

90%

National Employment

Conservation Partners

Mobilised to Support Biodiversity No Net Loss Commitments 4

2019 Financial Results Presentation

FY19 Year in Review

Improved safety performance; TRIFR down to 2.09 (from 2.77 at 30 June)

Value accretive acquisition of Toro Gold adds high quality Mako Gold Mine to portfolio

Syama Underground Mine fully commissioned and Syama roaster returned to full capacity

Exploration success at Tabakoroni underpins future high grade underground mine

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Ravenswood Strategic Review concludes with project sale for up to A$300 million

Bibiani Strategic Review initiated in response to inbound interest

Mineral Resources increased to 19.1Moz of gold; Ore Reserves of 7.4Moz of gold

Dual-listing on the London Stock Exchange completed with first trading in June 2019

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Note: Ravenswood sale on schedule for completion on or around 31 March 2020. Mineral Resources and Ore Reserves are inclusive of Ravenswood and remain subject to adjustment following completion of sale.

2019 Financial Results Presentation

Operational Performance

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384,731oz Total Gold Production 394,920oz Total Gold Sold

US$1,090/oz All-In Sustaining Cost (A$1,577/oz) US$1,344/oz Ave Price Received (A$1,933/oz)

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2019 Financial Results Presentation

FY19 Production of 384,731oz

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Multi-Asset Production Base

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208,494oz
176,237oz
25,929oz 87,188oz
141,437oz
129,199oz
46,760oz
35,890oz
28,557oz
150,307oz
94,677oz 93,309oz 92,749oz
H1 18 H2 18 H1 19 H2 19
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Note: H1 is the six month period to 30 June and H2 is the six month period to 31 December.

Full Year Results Presentation: 2019 Financial Results Prese tation For the 12 months to 31 December 2019

Financial Performance A$770m A$149m Revenue Operating Cash Flow A$208m A$21m Underlying EBITDA Underlying Net Profit After Tax A$132m A$113m EBITDA Net Loss After Tax

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Note: Refer to page 10 and the notes contained in the 2019 Annual Report for further details. All numbers are for the Group and include both continuing and discontinued operations.

2019 Financial Results Presentation

FY19 All-In Sustaining Cost of US$1,090/oz All-In Sustaining Cost by Asset (US$/oz)

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(1)
1,843
1,482
1,341
1,242
1,070
933
901
682 687
H1 18 H1 18 H2 18 H2 18 H1 19 H1 19 H2 19H2 19
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Syama

Ravenswood

Mako

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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 relative to H1 19 reflects the roaster shut down which occurred during the December 2019 Quarter.

2019 Financial Results Presentation

Profit and Loss Analysis

(A$'000s) Continuing Operations (Syama / Mako) Revenue 656,392 Cost of sales excluding depreciation and amortisation (423,149) Other operating costs relating to gold sales (60,703) Administration and other corporate expenses (19,991) Exploration and business development expenditure (20,566) EBITDA 131,983 Non-recurring items: + Inventory adjustments for Q4 roaster shutdown 45,188 + Mako acquisition inventory adjustments and transaction costs 20,004 + Business development costs and other 10,382 Underlying EBITDA 207,557 Depreciation and amortisation relating to gold sales (108,981) Net finance costs (44,863) Other (4,145) Underlying net profit/(loss) before tax 49,568 Income tax (expense)/benefit (24,947) Underlying net profit/(loss) after tax 24,621 Disputed tax expense (57,937) - Adjustments made to EBITDA (75,574) Net (loss)/profit after tax (108,890)	Discontinuing Operations (Ravenswood) 113,922 (103,315) (7,799) (1,248) (1,529) 31 - - - 31 (5,152) (453) 1,598 (3,976) - (3,976) - - (3,976)	FY19 Group 770,314 (526,464) (68,502) (21,239) (22,095) 132,014 45,188 20,004 10,382 207,588 (114,133) (45,316) (2,547) 45,592 (24,947) 20,645 (57,937) (75,574) (112,866)	FY18 Group
			465,692
			(347,849) (37,078) (17,823) (11,514)
			51,428
			-
			-
			-
			51,428
			(17,368) (6,936) 5,140
			32,264
			1,835
			34,099
			-
			-
Net (loss)/profit after tax (108,890)	(3,976)	(112,866)	34,099

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Strong Underlying EBITDA generation in FY19 was offset by one-off adjustments for non-recurring items which resulted in a Net Loss After Tax

At 31 December 2019, Ravenswood was a held for sale asset and as a result has been classified as a discontinuing operation and reported separately in the Company’s FY19 financial statements

The table combines Resolute’s financial performance from its continuing operations at Syama and Mako together with discontinuing operations at Ravenswood

The disputed tax expense relates to a dispute with Mali Tax Authorities in relation to income tax and value added tax. The factual basis and validity of the demand is strongly disputed by Resolute due to fundamental misinterpretations of the application of certain tax laws with reference to the provisions of SOMISY’s Establishment Convention. The Company does not intend to pay the demanded amounts and will resist any efforts to enforce payment. Notwithstanding the disputed nature of the payment demand, a balance sheet provision and corresponding expense of A$58m has been recognised

Note: Given the Company’s change in financial year end from June to December, the previously reported FY18 financials were for the six months to 31 December 2018. For comparative purposes, the Company has prepared the FY18 summary above which is for a previously unreported 12-month period to 31 December 2018, is not audited and is being provided for comparative purposes only. Refer to the 2019 Annual Report for further details.

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2019 Financial Results Presentation

Group Earnings Profile Revenue (A$m)

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446
324
243
223
H1 18 H2 18 H1 19 H2 19
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Increased revenue in H2 19 driven by increased production following the acquisition of Mako and a stronger gold price environment

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EBITDA (A$m)
EBITDA Margin
12% 10% 24% 12%
78
54
29
22
H1 18 H2 18 H1 19 H2 19
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The erosion in EBITDA H2 19 relative to H1 19 was driven by the Syama sulphide roaster being offline for the majority of the December Quarter

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Note 1: H1 is the six month period to 30 June and H2 is the six month period to 31 December. Refer to the 2019 Annual Report for further details.

2019 Financial Results Presentation

Cash Flow Analysis

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Cash Flow (A$m)

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229 (205)
158 (191)
26 151
125
97 (2)
39
Cash Operating Net Borrowings Capital Expenditure Toro Cash Toro Acquired Cash Other Cash Bullion Cash and Bullion
31 Dec 2018 Cash Flow Consideration 31 Dec 2019 31 Dec 2019 31 Dec 2019
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Note: Refer to the 2019 Annual Report for further details.

2019 Financial Results Presentation

Balance Sheet and Hedging

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New US$300m flexible low cost senior debt facility secured

Capital Structure Simplification

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, BNP Paribas, Citibank, Investec and Nedbank, and new syndicate participants, ING Group and Société Générale

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

Gold Hedging (as at 1 April 2020)

	A$ Forward Sales	A$ Forward Sales	US$ Forward Sales	US$ Forward Sales
	Forward Price (A$/oz)	Delivery (oz)	Forward Price (US$/oz)	Delivery (oz)
June 2020	1,844	55,000	1,522	15,000
September 2020	-	-	1,526	30,000
December 2020	-	-	1,530	30,000
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	1,844	55,000	1,572	168,000

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2019 Financial Results Presentation

FY20 Outlook

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2019 Financial Results Presentation

COVID-19: RESOLUTE BUSINESS UPDATE

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• The health and safety of our people is a Resolute priority

• Comprehensive companywide response to the coronavirus pandemic has been implemented

• Keeping our mines running is important for employees, local communities and national economies

• Resolute actions to ensure impact of COVID-19 mitigated across all aspects of operations

• Gold production not impacted - mining and processing continuing at Syama and Mako

• No changes to FY20 production or cost guidance

• Resolute has regional experience, secure supply lines, and robust relationships

• Challenges presented by COVID-19 continue to change on a daily basis

• Resolute will adapt to keep our people safe and keep our mines producing gold

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2019 Financial Results Presentation

FY20 Guidance

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Operational excellence evidenced by delivery on guidance remains key focus

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160koz
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80koz

US$1,200/oz AISC

500koz

US$980/oz AISC

US$800/oz AISC

260koz

US$960/oz AISC

Syama

(1)

(1)

Mako Ravenswood

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Note (1): updated guidance to be released on completion of the sale of Ravenswood.

2019 Financial Results Presentation

Syama Gold Mine: Mali FY20 Guidance: 260,000oz at an AISC of US$960/oz

FY20 Focus Areas

Improved recoveries from sulphide processing circuit; +80% delivered Syama Underground Mine operating at full capacity

Continuing high margin oxide operations

Define mine plan for future Tabakoroni Underground Mine

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2019 Financial Results Presentation

Mako Gold Mine: Senegal

Optimise mine plan to support lower cost, longer life production

Accelerate drilling activities to increase resource base In pursuit of mine life extension opportunities

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2019 Financial Results Presentation

Ravenswood Gold Mine: Australia Sale on schedule for completion on or around 31 March 2020 FY20 Guidance: 80,000oz at an AISC of US$1,200/oz

FY20 Focus Area

Complete sale to realise up to A$300 million proceeds

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2019 Financial Results Presentation

Bibiani Gold Mine: Ghana

Strategic review underway

FY20 Focus Area

Deliver value accretive outcome from strategic review

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2019 Financial Results Presentation

Strategic Investments in Africa

Objective

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Establish a portfolio of investments in emerging gold explorers to expand our project pipeline and provide a source of medium term potential growth opportunities

8% stake

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Focus

Equity investments in African focused explorers in highly prospective gold regions

15% stake

16% stake

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26% stake

27% stake

Multiple potential opportunities for the development of future Resolute gold mines

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2019 Financial Results Presentation

Resolute is committed to the World Gold Council’s Responsible Gold Mining Principles

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2019 Financial Results Presentation

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Cor orate Summar (ASX / LSE : RSG) p y

Capitalisation	A$	£	US$
Share Price	$1.93	£0.46	$0.56
Shares on Issue	1,057m
Market Capitalisation	$978m	£489m	$587m
Top 10 Shareholders 1 ICM Limited 12.60% 2 Van Eck Associates Corporation 8.92% 3 L1 Capital 6.54% 4 The Vanguard Group 4.16% 5 QG Investments Africa 3.98% 6 Baker Steel Capital Managers 3.51% 7 Dimensional Fund Advisors 3.46% 8 BlackRock 2.96% 9 FMR 2.90% 10 Schroders 2.04% FY20 Guidance Trading Statistics 500kozat US$980/ozAISC LTM Average Daily Trading Volume: 11.3m Value: A$14.4m (1)
1 ICM Limited	12.60%
2 Van Eck Associates Corporation	8.92%
3 L1 Capital	6.54%
4 The Vanguard Group	4.16%
5 QG Investments Africa	3.98%
6 Baker Steel Capital Managers	3.51%
7 Dimensional Fund Advisors	3.46%
8 BlackRock	2.96%
9 FMR	2.90%
10 Schroders	2.04%

ASX Price Performance

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Share Price

Volume

Note: Market data as at 26 March 2020. Top 10 Shareholders as at 28 February 2020. Note (1) Guidance to be revised following the sale of the Ravenswood Gold Mine.

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Contacts

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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