Resolute Mining Limited — Investor Presentation 2022

Aug 30, 2022

2022 Africa Down Under Presentation

Doug Warden – Chief Financial Officer Bruce Mowat – Executive General Manager - Exploration

31 August 2022 www.rml.com.au ASX/LSE - RSG

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 riskmanagement 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 forwardlooking 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 Announcements dated 4 March 2022 titled "Ore Reserve and Mineral Resource Statement", 4 March 2022 titled "Life of Mine Production Update" and 30 August 2022 titled "Two Million Ounce Mineral Resource at Syama North".

The Company is not aware of any new information or data that materially affects the Mineral Resources and Ore Reserves as reported in those ASX

Announcements and confirms that all material assumptions and technical parameters underpinning the estimates in those 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 those 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.

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's production guidance for 2022 is 345,000oz at $1,425/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 (including its variant forms), 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.

All dollar values are in United States dollars ($) unless otherwise stated.

This presentation has been authorised for release by Managing Director and Chief Executive Officer, Mr. Terry Holohan.

Disclaimer

Capital Structure - (ASX / LSE : RSG)

	A$	US$
ASX Share price per share¹	0.285	0.19
Shares outstanding	1,104m	1,104m
Market capitalisation	315m	215m
Net debt2	263m	183m

Notes:

• 1. ASX:RSG share price of A$0.285 at 26/8/22
• 1. Net debt at 30 June 2022 comprises Cash and Bullion US$82m, Overdraft facilities US$45m, and the Syndicated debt facility:
  • o $100m Term Loan Facility amortises at US$25m every six months (March and September)
  • o $120m Revolving Credit Facility amortises US$70m by 31 March 2023 and the balance of $50m by 31 March 2024

Aggregated shareholder base as at 28 July 2022
1 ICM Limited	10.7%
2 Baker Steel Capital Managers LLP	5.5%
3 Vanguard Group Holdings	4.3%
4 Van Eck Associates Corporation	4.3%
5 Dimensional Fund Advisors LP	4.0%
6 ASF African Mining LP	3.7%
7 Mitsubishi UFJ Financial Group, Inc	2.0%
8 Ingot Capital Management Pty. Ltd.	1.9%
9 Konwave AG	1.8%
10 Macquarie Group Limited	1.8%

Top 10 Shareholders 40%
Institutional investors 51%

Multi asset production base Operational History in Africa

• Resolute commenced operations in Africa in 1996
• 5.8 million ounces produced from Africa
• Total capital invested, royalties and taxes of ~$3.1bn
• Historical investments in Africa:
  • o Cote D'Ivoire
  • o Democratic Republic of Congo
  • o Guinea
  • o Sudan

Sustainability initiatives

• Total Recordable Injury Frequency Rate (TRIFR) reduces from 1.24 to 0.89 in last 12 months
• Updates to environmental approvals support future growth initiatives at Syama
• ISO:45001 and ISO:14001 certification planned for Q4 2022
• Local contracts awarded for catering, transport, waste management, meat, poultry, fruit and vegetable supply
• Pan African Women's Day celebrated to drive improved gender diversity

Our People & Communities key to our success

• ~4,000 employees & contractors (Mali: 2,700; Senegal 1,300)
• 93% national workforce
• Positive industrial relations environment no disputes since 2020
• Leadership development program delivered to 300 employees in 2022
• 40% gender diversity in corporate locations with continued focus at operations

• $2m per annum invested in health, education, food security and infrastructure programs

• $339m procurement spend in Mali and Senegal in 2021

Improved Conservation - Niokolo-Koba National Park

• Growth trends observed for critically endangered wildlife
  • o Lion
  • o Leopard
  • o Chimpanzee
  • o Elephant

WGC - Responsible Gold Mining Principles

• Year 2 external assurance confirms Resolute is significantly aligned with the World Gold Council's RGMPs & Conflict Free Gold Standard (84%), against a mid-2023 deadline

Syama Gold Mine: Mali

Long-life asset over 85km of strike in a highly prospective gold region

Investment in capex, tax, royalties ~US $1.6 billion

Mako Gold Mine: Senegal

Conventional open pit mining and processing operations with near mine potential

Multi asset production base Consistent Production Improvement

Q2 2022 reflects:

• 40% increase in Syama Sulphide production following the plant shutdown in Q1 2022
• Syama Sulphide head grade increased to 2.54g/t (2.47) g/t
• Syama Oxide production impacted by a 7-day planned shutdown and intensive focus on pre-stripping activities
• Mako production maintained in line with March quarter

Financial Performance H1 2022

Revenue

EBITDA

$61m

Operating cash flow

$4m

Underlying profit after tax*

$82m

Cash and bullion

$183m

Net debt

Corporate Activities

Bibiani Gold Mine

On 24 August 2022, Resolute agreed with Asante Gold Corporation (Asante) a deferred payment arrangement for the final tranche of $30m (plus $2.7m in respect of an environmental bond) previously due on 22 August 2022. The revised payment terms are as follows: payment of $10m on or before 19 September 2022; payment of $10m on or before 19 October 2022; payment of $12.7m and all interest payable on or before 18 November 2022. Interest on outstanding amounts will apply at commercial rates.

Ravenswood Gold Mine1

• A$50m 6% promissory note payable by 2027
• A$50m promissory note contingent on gold price and production by March 2024
• A$150m upside liquidity payment

Listed Investments2

Value:$10.4m Value: $5.5m

13 1. Refer to the announcement dated 15 January 2020 for a detailed explanation of these amounts.

1. Values for listed investments are as at 30 June 2022.

2022 Guidance

Production and AISC

• Gold production: 345,000oz
• AISC: $1,425/oz

2022 Capex

• Sustaining capex included in AISC: $63m
• Non-sustaining capex: $18m

Exploration Expenditure

• $15m focused on near mine targets of Syama Sulphide and Mako

Senegal

Near mine exploration focus to support the capital investment in the operation

Mako

• Several near -mine targets on Mine Lease
• Mako NW target, soil anomaly parallel to Mako mine

Laminia JV

• Recently signed JV on Laminia permit located 15km from Mako
• Outcropping gold mineralisation coincident with soil and rock chip gold anomalies
• Located on the Massawa Shear Zone which is a major regional mineralising structure

Tomboronkoto JV, Senegal

• Historic non-JORC resource of 300,000oz hosted in sheared granite
• Previous drilling by Randgold at the Tomboronkoto prospect
• Excellent potential for satellite mill feed 15km SE of Mako
• Open along strike and down dip with artisanal mining over 2km strike

Syama Exploration

Syama Greenstone Belt

• Resolute controls the entire 85km strike length of the Syama Greenstone Belt
  • o Highly endowed gold belt with total Mineral Resources of 8.7 Moz¹
  • o Ore Reserves of 3.4 Moz
  • o 3 Moz production to date since 1990's
  • o Very well-known geology and mineralisation systems
  • o Large sulphide Mineral Resources and Ore Reserves
  • o High resolution Helimag in progress across full 85 km of strike
• Have concentrated on oxide exploration for the last 4 years
  • o Limited oxide Mineral Resources and Ore Reserves
  • o Substantial unexplored sulphide potential
  • o Continued focus for remainder of 2022 on sulphide exploration

¹ Per Reserves and Resources at 31 December 2021, refer to ASX announcement 4 March 2022

Syama North 20Mt @ 3.1g/t Au for 2Moz

Present model of 3km strike length drilled to 150m below surface

Syama North Exploration

New resource a 40% increase over the previous estimate

• Updated Mineral Resource Estimate for Syama North increases to 2Moz at a cut-off grade of 1 g/t Au
• Recent results over 3 km of strike represent some of the best ever gold intersections recorded from the Syama North area
• Area 4-8km from Syama Complex largely pre-stripped via previous oxide extraction
• Diamond drilling continues- new intersections outside updated resource
• Recently commenced PFS into low capital expansion options

Cross Section at 1201800N showing drillholes and results

Cross Section at 1200850N showing drillholes and results

www.rml.com.au

Contact James Virgo GM – Finance and IR Email: contact@rml.com.au Phone: +61 8 9261 6100