Investing in African Mining Indaba Company Presentation

John Welborn | Manager Director and CEO Mohamed Cisse| Manager Technical Services and Automation Cape Town, South Africa –Tuesday, 4 February 2020

Important Notices & 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 13 February 2019 titled "Annual Ore Reserve and Mineral Resource Statement as at 31 December 2018", ASX Announcement dated 29 April 2019 titled "Tabakoroni Resource Update", ASX Announcement dated 22 July 2019 titled "Major Resource and Reserve Upgrade at Ravenswood", ASX Announcement dated 31 July 2019 titled "Offer Document Acquisition of Toro Gold" and ASX Announcement dated 12 December 2019 titled "Excellent Drilling Results at Syama Satellites in Mali". 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 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.

Market Capitalisation A$1.2Bn £590m | US$775m

Dividend Policy Minimum Payout of 2% of Annual

Gold Sales

Resources 19.1Moz

Reserves 7.7Moz * *

FY20 Guidance* 500koz at US$980/oz AISC

Resolute Portfolio

Syama

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

Mako

Mako is a high quality, low-cost producing asset with attractive scale, located in the stable, mining friendly jurisdiction of Senegal

MineLife	7years
MineralResource	1.2Moz	0.9Moz	OreReserve
LOMAISC	US$780/oz	140kozpa	LOM AveProduction
PlantCapacity	2.3Mtpa

Ravenswood Bibiani

Resolute's sale of Ravenswood for proceeds of up to A$300 million is on schedule to complete prior to the end of March 2020

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

10years Mine

2.5Moz Mineral Resource

Life

Available Capacity 3Mtpa

Note: Mineral Resource is inclusive of Ore Reserve and is as at 31 December 2018 (Syama Mineral Resource is inclusive of the Tabakoroni Mineral Resource update which is as at 31 March 2019 and the addition of Cashew and Paysans as at the end of October 2019). Syama: all statistics are for the Syama Complex except for LOM AISC which is for the Syama Underground Mine. Mako Production and AISC is a LOM Target. Ravenswood is Target Site Production as is mine life based on ongoing optimisation work. Ravenswood LOM AISC is 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.

Syama Gold Mine Mali

The most advanced mining system in the world FY20 Guidance: 260,000oz at an AISC of US$960/oz

Syama Underground Mine

The most advanced mining system in the world

Commenced sublevel caving in December 2018 Commercial production rates achieved in June 2019

Mine Based Off-Grid Hybrid Power Solution

Solar System Solution

One integrated power station – ensuring optimal operations

Single operation, designed for maximum efficiency

Standard plant design used for each technology; integration of technology provides unique value

Replacing LFO with HFO – achieving ±30% fuel efficiency benefit

Solar penetration ±30%

Battery Energy Storage System Digitalisation Integration Significantly greener and reduced emissions

Fast-track implementation

The station will be modular and expandable to meet likely future growth requirements of the mine

Experienced business partner in Aggreko in provide off grid remote mine power solutions

Automation Innovation at Syama

The most advanced

Autonomous Haulage

The Impact

Productivity

The Impact

People

The Malian Talent Development Program

2019 Winner Best Workforce & Industry Development Initiative

Mining smarter using automation, advanced technologies and innovative techniques.

Active, Multi-Rig Exploration Program

Resolute controls 80km strike length of Syama greenstone belt

Tabakoroni: High Grade Intersections

Scoping study for a new standalone underground operation underway Mineral Resource of 1.03Moz at 5.1g/t Au

Mako Gold Mine Senegal

High quality, low cost producing asset with attractive scale FY20 Guidance: 160,000oz at an AISC of US$800/oz

Mako Gold Mine

Low cost, high margin production from a stable, mining friendly jurisdiction

Overview Location

Location	•Senegal
Ownership	•90%; Senegal Government 10% (free carried)
Mine Type	•Open Pit
Mineral Resources	•20.4Mt at 1.89g/t Au for 1.244Moz
Ore Reserves	•14.1Mt at 2.05g/t Au for 928koz
Mine Life	•7 years
Processing	•2.3Mtpa carbon in leach plant
LOM Ave Recovery	•93.8%
First Production	•26 January 2018
FY20 Guidance	•160,000oz at an AISC of US$800/oz
Workforce	•90% Senegalese including 60% from the localKedougouregion
Safety	•Strong safety record; LTIFR of 1.47 (Dec 2018)
Tax	•7 year tax holiday (30% corporate tax rate)•VAT exemption
Government Royalty	•3% + 2% where gold price exceeds US$1,150/oz

High Grade Intersections Below Existing Pit

Drill results support mine life extension potential

High grade intersections from diamond drilling below the current pit confirm the potential of a coherent lode at the north-eastern end of the existing open pit
Opportunity to expand open pit Mineral Resources and extend mine life
New joint ventures provide additional satellite resource potential
2020 focus: follow-up on high- grade intersections under the existing pit and test shallow oxide mineralisation identified on adjacent permits

Ravenswood Gold Mine Australia

Total sale proceeds to be received by Resolute up to A$300 million FY20 Guidance: 80,000oz at an AISC of US$1,200/oz

Sale expected to settle during March 2020 quarter

Ravenswood sale for up to A$300 million

Definitive transaction documentation signed; completion on schedule for March Quarter 2020 Strongly value creative outcome for Resolute shareholders

Acquirer	•Consortium comprising specialist resources private equity group, EMR Capital, and Singapore-listed energy and resources company,Golden Energy and Resources
Proceeds	•Resolute will receive cash proceeds of up to A$300 million comprising:•A$100 million of upfront proceeds consisting of A$50 million of cash and A$50 million in promissory notes;•Up to A$50 million linked to the average gold price over a four-year period (gold price contingent payment); and•Up to A$150 million linked to the investment outcomes of Ravenswood for the EMR Fund (upside sharing payment)
Structure Rationale	•Transaction has been structured to maximise Resolute'sof the Ravenswood Expansion Project whileexposure to the future successtransferring the capital expenditure funding requirements and development obligation to a highly credentialed and experiencedconsortium with a strong relevant track record in successful project development
Conditions Precedent	•Completion of the transaction is subject to standard conditions precedent for a transaction of this nature including approvals fromAustralia's Foreign Investment Review Board, indicative Ministerial approval for the transfer of mining tenements, Ministerial consent forthe transfer of a project specific environmental approval, approval from Resolute'sexisting lending bank syndicate and execution ofdeeds of assumption in relation to third party contracts
Use of Proceeds	•Reduce debt and further strengthen Resolute'sbalance sheet

Bibiani Gold Mine Ghana

Long life, high margin growth optionality Strategic review advanced

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 African focused explorers in highly prospective gold regions

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

Unique and Highly Attractive Investment Proposition

Resolute is a dividend paying gold producer with multiple long life, high margin assets and a strong platform for growth and consolidation within Africa

Proven Operator with Unique Skill Set and Reputation in Africa 8Moz of gold produced from 10 mines over 30 years

Strong Exploration Commitment with Track Record of Low Cost Discovery 19Moz of Mineral Resources; A$19/oz Discovery Cost(2)

Leader in Mining Innovation with the World's Most Advanced Automation System Productivity and safety benefits from automated mining

Value Upside and Commitment to

Long Life, Low Cost, Large Scale Assets FY20 Guidance of 500,000oz at an AISC of US$980/oz(1)

Shareholder Returns Multiple value catalysts from strong growth platform

Contacts

John Welborn | Managing Director & CEO Jeremy Meynert | General Manager –BD & IR EMAIL | [email protected] PHONE | +61 8 9261 6100

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Resolute Mining Limited Investor Presentation 2020