Resolute Mining Limited — Investor Presentation 2022

May 8, 2022

==> picture [299 x 236] intentionally omitted <==

==> picture [79 x 71] intentionally omitted <==

1

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” and 4 March 2022 titled “Life of Mine Production Update”.

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 COVID19 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 Chief Executive Officer, Mr. Terry Holohan.

==> picture [79 x 71] intentionally omitted <==

Disclaimer

2

==> picture [79 x 71] intentionally omitted <==

3

Board & Management Team

==> picture [79 x 71] intentionally omitted <==

Renewed team with significant gold mining and Africa operations experience

==> picture [91 x 69] intentionally omitted <==

Marthinus (Martin) Botha Non-Executive Chairman

==> picture [91 x 70] intentionally omitted <==

Mark Potts Non-Executive Director

==> picture [91 x 70] intentionally omitted <==

Terry Holohan Chief Executive Officer

==> picture [91 x 70] intentionally omitted <==

Bruce Mowat

Executive General Manager Exploration

==> picture [91 x 69] intentionally omitted <==

Sabina Shugg Non-Executive Director

==> picture [91 x 69] intentionally omitted <==

Simon Jackson Non-Executive Director

==> picture [91 x 69] intentionally omitted <==

Doug Warden Chief Financial Officer

==> picture [91 x 69] intentionally omitted <==

Jordan Morrissey Executive General Manager Sustainability

==> picture [91 x 69] intentionally omitted <==

Adrian Reynolds Non-Executive Director

==> picture [91 x 69] intentionally omitted <==

Richard Steenhof General Counsel and Company Secretary

==> picture [91 x 69] intentionally omitted <==

David Kelly

Executive General Manager Strategy and Development

4

==> picture [960 x 132] intentionally omitted <==

----- Start of picture text -----

Syama Gold Mine: Mali
----- End of picture text -----

Long-life asset with extensive landholdings in a highly prospective gold region Mineral Resources: 8.7Moz Ore Reserves: 3.4Moz

CY21 Oxide

CY21 Sulphide

• 57,036oz at AISC $1,501/oz

• 135,618oz at AISC: $1,406/oz

• Gold Recovery 87.3%

• Gold Recovery 78.0%

Plant Capacity Plant Capacity 2.4Mtpa 1.5Mtpa CY22 Production CY22 Production 145,000oz at AISC of $1,345/oz 75,000oz at AISC of $1,430/oz

==> picture [341 x 309] intentionally omitted <==

5

==> picture [960 x 132] intentionally omitted <==

----- Start of picture text -----

Mako Gold Mine: Senegal
----- End of picture text -----

Conventional mining and processing open pit gold mine Mineral Resources: 826koz Ore Reserves: 661koz

CY21 Production

• 126,617oz produced at an AISC of $1,139/oz

• Gold Recovery at 92.2%

Plant Capacity

• 2.1Mtpa

CY22 Planned Production

• 125,000oz at AISC of $1,325/oz

==> picture [446 x 308] intentionally omitted <==

6

Q1 2022 Highlights Improving operational and financial performance

• Q1 2022 Total Recordable Injury Frequency Rate at (TRIFR) of 0.98 (Q4 2021: 1.25)

• Successful and safe completion of the planned Syama sulphide plant shutdown, resulting in improved throughput post completion

• Q1 production (gold poured) of 81,770 ounces (oz) increased 2% compared to the December quarter

• All-In Sustaining Cost (AISC) $1,383/oz a 4% improvement over the prior quarter

• Quarterly gold sales of 88,773oz at an average realised gold price of $1,846/oz

• At 31 March 2022 a reduction in net debt of $54.1 million to $174.7 million

• Life of mine update reflecting extended Oxide production to 2026 and an increase of 78% to 765,000oz in ore reserve at Tabakoroni (4 March 2022)

• Terry Holohan appointed CEO following resignation of Stuart Gale

==> picture [273 x 540] intentionally omitted <==

7

Sustainability

• ~ 2,000 employees double COVID vaccinated

• Community investment in health, education and infrastructure

• National workforce 93% direct and contract

• Critical Hazard Management Standards implemented

• Training in high risk systems of work escalated

• Support of endangered species in the Niokolo-Koba National Park, Senegal

• +70% alignment with Responsible Gold Mining Principals

• Positive industrial relations environment

==> picture [513 x 494] intentionally omitted <==

8

==> picture [79 x 71] intentionally omitted <==

9

Multi asset Multi asset production base production base

==> picture [79 x 71] intentionally omitted <==

Q1 CY22 reflects:

• Successful completion of 39-day Syama Sulphide circuit shutdown

• Syama Sulphide production maintained in line with December Quarter

• 18% improvement in Syama Oxide production

• Mako increased head grade to 2.20g/t and recovery rate to 92.8%

==> picture [595 x 306] intentionally omitted <==

----- Start of picture text -----

90,000 1,600
80,000
1,400
70,000
1,200
33,575
30,563 29,035 34,076
60,000
1,000
50,000
800
40,000 13,424 13,095 17,728
15,009
600
30,000
400
20,000
33,463 34,206
30,731 30,467
200
10,000
- -
Q2 2021 Q3 2021 Q4 2021 Q1 2022
Syama Sulphide Syama Oxide Mako AISC
Ounces
AISC $/oz
----- End of picture text -----

10

Cash Flow Analysis

==> picture [79 x 71] intentionally omitted <==

==> picture [927 x 326] intentionally omitted <==

11 Operating Cash flows of $39.1m for this quarter include $5.7m of royalties, $9.3m of VAT and taxes, $3.7m of working capital and movements in Bullion

Tabakoroni Resource update

==> picture [113 x 102] intentionally omitted <==

40% increase in Global Measured and Indicated Mineral Resource Estimate

• Global Measured and Indicated Mineral Resource Estimate updated to 9.2 million tonnes at 4.4 g/t for 1.3 million ounces of gold a 40% increase over the previous estimate

• Ore Reserve increased 78% to 766,000oz

• The gold deposit remains open along strike and down dip

• Studies to continue optimising the development of the resource

12

Syama North update

==> picture [154 x 118] intentionally omitted <==

Positive results - potential for oxide life extension

• Extensive drilling throughout 2021 targeting oxide mineralisation adjacent to historic open pits

• Drilling programs were successful leading to the recommencement of open pit oxide mining at Beta South, Beta West and A21 West

• The drilling programs also outlined 1 million ounces at 2.1 g/t of sulphide Mineral Resources with possible exploitation by open pit operations

• Oxide and sulphide resources expected to result in additional years in the updated LOM

• Exploration programs in 2022 are concentrating on expanding the sulphide resources at Syama North

13

Senegal

==> picture [79 x 71] intentionally omitted <==

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

14 14

Corporate Activities

==> picture [79 x 71] intentionally omitted <==

Balance sheet flexibility

Bibiani Gold Mine

Resolute completed the sale of the Bibiani Gold Mine to Asante Gold Corporation (Asante) for total cash consideration of $90 million

• $60 million cash received (August 2021 and February 2022)

Ravenswood Gold Mine[1]

• A$50 million 6% promissory note payable by 2027

• A$50 million promissory note contingent on gold price and production by March 2024

• A$150 million upside liquidity payment, linked to the Investment outcomes

• $30 million to be received in August 2022

Listed Investments

==> picture [121 x 46] intentionally omitted <==

22% Value: stake $15.1 million

==> picture [126 x 46] intentionally omitted <==

11% Value: stake $3.7 million

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

15

==> picture [79 x 71] intentionally omitted <==

16

2022 Guidance

2022 Production and AISC Guidance for 12 months to 31 December

==> picture [113 x 89] intentionally omitted <==

	Gold Production (oz)	AISC ($/oz)
Syama Sulphide	145,000	1,345
Syama Oxide	75,000	1,430
Mako	125,000	1,325
Group (inclusive of Group overheads)	345,000	1,425

2022 Capex Guidance

• Sustaining capex included in AISC: $63m

• $33m capitalised stripping costs (Mako: $22m; Syama: $12m)

• $16m in tailings storage

• several minor sustaining capex projects

• Non-sustaining capex: $18 million

• milling circuit improvements, Sulphide circuit shut; remaining underground development equipment from contractor

Exploration expenditure: $15 million focused on near mine targets

17

==> picture [350 x 540] intentionally omitted <==

----- Start of picture text -----

18
----- End of picture text -----

==> picture [108 x 90] intentionally omitted <==

2022 Focus

• Reliable delivery on safety, production and costs

• Successful completion of key projects:

• Syama Sulphide capitalise on the success of Sulphide circuit shutdown

• Transition to a planned maintenance regime

• Strengthen balance sheet

• Near mine exploration to extend mine lives:

• Syama oxide satellites

• Syama sulphide: Tabakoroni and Northern Pits

• Mako, near mine options

• Improving alignment with Responsible Gold Mining Principles

==> picture [472 x 372] intentionally omitted <==

==> picture [79 x 71] intentionally omitted <==

19