Resolute Mining Limited — Investor Presentation 2023

Feb 5, 2023

Mining Indaba Presentation

1 Terry Holohan – Managing Director and CEO 6-9 February 2023 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 authorized 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 Ore Reserves used in this announcement, please refer to the ASX announcement dated 4 March 2022 titled "Ore Reserves and Mineral Resource Statement" and the ASX announcement dated 19 January 2023 titled "Over Three 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 2023 is 350,000 at $1,480/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 authorized for release by Managing Director and Chief Executive Officer, Mr. Terry Holohan.

Disclaimer

2

About Resolute

• Resolute is an experienced explorer, developer and operator of gold mines. Resolute currently owns two producing gold mines, the Syama Gold Mine in Mali (Syama) and the Mako Gold Mine in Senegal (Mako).
• The Company is also active in exploration with drilling campaigns underway across its African tenements in Mali, Senegal and Guinea.

	Syama	Mako
Description	Long-life asset over85km of strike in ahighly prospectivegold region	Conventional open pitmine and processingoperation with nearmine potential
MineralResources	8.7Moz1
Ore Reserves	3.4Moz1	0.7koz
Oxide PlantCapacity	1.5Mtpa	2.1Mtpa
Sulphide PlantCapacity	2.4Mtpa	-
FY23 ProductionGuidance	233koz	117koz

1. As published when last fully reconciled on 31 December 2021 - thus excluding the 58% (~2.8 Moz) increase in MR at Syama North and the 2022 depletion of the Syama Reserves of ~0.27 Moz.

Capital structure

Capital Structure
Share price1	US$	0.19
Shares outstanding2	m	2,129
Market Capitalization	US$m	410
Net debt3	US$m	32

Notes:

1. ASX: RSG share price based the closing price at 31/01/2023 of A$0.275 converted at $0.70 to USD

2. Shares outstanding as of 31/01/2023

3. Net debt at 31 December 2022 including Cash and Bullion of $94 million

Broker ratings and target prices	Price target(A$)
Berenberg	0.45
Canaccord Genuity	0.60
Sprott Capital Partners Research	0.51
Macquarie Research	0.30
Euroz Hartley	0.45

1	Condire Management, LP	11.3%
2	Baker Steel Capital Managers LLP	7.2%
3	Van Eck Associates Corporation	5.5%
4	ICM Limited	5.3%
5	Dimensional Fund Advisors LP	4.7%
6	Regal Funds Management Pty. Ltd.	3.4%
7	Vanguard Group Holdings	2.8%
8	AS Africa Mining LP	1.9%
9	Franklin Resources, Inc.	1.9%
10	Mitsubishi UFJ Financial Group, Inc.	1.6%

Top 10 Shareholders	45.6%
Institutional Investors 59.5%

Board of Directors

Martinis (Martin) Botha Non-Executive Chairman

Investment banker with extensive experience as a non-executive director in the metals and mining industry and regulated financial markets

Terry Holohan Managing Director & Chief Executive Officer Working as an executive and in technical mining positions with 30 years working in Africa and 10 years working in Asia focussing on re-engineering precious and base metal mining projects

Sabina Shugg Non-Executive Director

Mining engineer with over 30 years experience involving senior operational roles including Normandy, Newcrest, and KPMG

Simon Jackson Non-Executive Director

Chartered Accountant with over 25 years experience in management of resource companies, particularly in Africa

Adrian Reynolds Non-Executive Director

Geologist with more than 40 years of experience in senior management and advisory roles in the natural resources sector

Mark Potts Non-Executive Director Leading global technology and business executive, founding multiple venture back technology companies

Management Team

General Counsel & Company Secretary Corporate lawyer, with experience at international law firms in the general energy and natural resources space

Doug Warden Chief Financial Officer Chartered Accountant, with almost 30 years experience leading the financial, strategic and commercial functions with the mining and agricultural industries

Geoff Montgomery Chief Operating Officer 35 years experience in operations management, engineering design, projects, and corporate management in the hard-rock mining and engineering support services

Mick Oliver Corporate Advisor

Over 45 years in natural resources working as a mining engineer (8 years) and an investment banker (33 years) covering precious and base metals, and gemstones Mohamed Cisse

Bruce Mowat Executive General Manager Exploration

35 years experience as a senior mining executive and company director across gold and base metal exploration and

mining

Managing Director

20 years experience in mining operations across Underground Mining, Surface Mining, and the Gold industry.

SOMISY / SOMIFI

Company Overview

Positioned for growth with five consecutive quarters of progress and a strengthened balance sheet

Demonstratedoperationalturnaround	•Group production guidance achieved for 2022 with 353,069 oz against the guidance of 345,000 oz•Costs 5% above guidance of $1,425/oz at $1,498/oz reflecting the impact of cost inflation•5 consecutive quarters of incremental production growth to Q4 2022
Syama Northdiscovery andexpansionoptionality	•58% increase in Syama North resource to 34Mt @ 2.9g/t for 3.18 Moz•Resource is open at depth•PFS underway to evaluate low capex expansion options for Syama sulphide –expected completion Q2 2023
Balance sheet nowpositioned forgrowth	•Successful equity capital raising of $ 105 million, with participation from Tier 1 institutional investors•Revolving Credit Facility at zero•Net Debt at quarter end of $ 31.6 million (down $124.9 million) from Q3 2022

Sustainability initiatives

• Total Recordable Injury Frequency Rate at the end of December 2022 reduced to 0.41
• 457 days LTI-free across the group and over 1,400 days LTI-free at Syama
• 3 ESIA approvals in 2022 to support future growth initiatives at Syama
• ISO:45001 and ISO:14001 certification status awarded
• 88% alignment with the Responsible Gold Mining Principles, with full compliance anticipated by June 2023
• Improved ESG ratings with 2022 sector rating in the 83rd percentile by the S&P Dow Jones CSA and 82nd percentile by Moody's

Conservation - Niokolo-Koba National Park Senegal

• Successful implementation of a Biodiversity Offset in Senegal to achieve "net gain" in alignment with IFC PS6
• Oversight by an independent advisory panel
• Intervention zone of 25% of the PNNK (1,700 km2)
• Results:
  • 80% decrease in poaching and other illegal activities
  • 65% increase in sighting frequency of large ungulates
  • Growth trends observed for critically endangered wildlife (lion, leopard, chimpanzee, elephants)

Consistent Production Improvement

Q4 2022 reflects:

• 5 consecutive quarters of incremental production growth to Q4 2022
• 29% increase in Syama Oxide production following increased throughput and higher grade from Tabakoroni North pit
• UG ore mined tonnage and grade the highest achieved during 2022 at Syama Sulphide
• Mako throughput increased by 7% reflecting operational optimisation of the mill configuration

Gold Production & AISC Q4 2021 – Q4 2022

CY22 Cash Flow Analysis

Reset performance from Syama Sulphide

• Processing Grade >2.5g/t since shutdown in Q1
• Record tonnes roasted of 175kt achieved in 2022
• Sulphide processing circuit record 161,479 oz poured in 2022 from the sub-level cave mining operation

28% increase in Sulphide Gold production since Q1 22 Roaster shut1

Significant improvement in availability and throughput since April 2022

	Pre-Roaster shut2021	Post Roaster shutApril to 31December 2022
Roasteravailability	91.8%	94.9%
Roasterutilisation	84.5%	92.8%
Roasterthroughput	19.1tph	24.6tph

Sulphide Circuit Physicals Daily Average Sulphide Gold Production

1. In the 9 months to 31 December 2022, Syama Sulphide's average daily gold production rate was 476oz versus 372oz for FY2021, representing a 28% increase.

Exploration - Syama

Syama Greenstone Belt

• Resolute controls the entire 85km strike length of the Syama Greenstone Belt
  • ‒ Highly endowed gold belt with total Mineral Resources of 8.7 Moz
  • ‒ Ore Reserves of 3.4 Moz
  • ‒ Production of 2.5Moz since acquired by Resolute in 2004
  • ‒ Very well-known geology and mineralisation systems
  • ‒ High resolution Helimag completed in Q3 2022 across full 85 km of strike
• Syama Belt is under-explored and justifies the need for further systematic exploration work to be undertaken along the strike
• Recently agreed farm-in with African Gold Ltd to earn up to 80%1

1 Refer to ASX announcement titled: "African Gold and Resolute Mining enter into Earn-In Agreement" dated 12 October 2022

Syama North & Further Expansion Potential

Syama North Updated Mineral Resource Estimate

• 58% increase in Syama North Resource and grade confirmed potential for a new open pit mine adjacent to the Syama processing complex
• Updated Resource is currently being used to inform a PFS (due Q2 2023)

Low capex expansion opportunity

• Low capex development opportunity at Syama North is expected to provide higher grade ore feed sourced from open pit mining for an expansion of the Sulphide circuit by 30-50% and reduce AISC/oz
• Quality of the Syama North ore has the potential to relieve pressure on the Syama underground mine and improve operational flexibility

Drilling

• Diamond drilling is ongoing and expected to continue throughout 2023 to extend and increase Mineral Resource confidence in the deposit

Exploration - Mako

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 Massawa Shear Zone major regional mineralising structure

Tomboronkoto JV, Senegal

• 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

2023 Guidance

2023 Production and AISC Guidance for 12 months to 31 December

	Gold Production (oz)	AISC ($/oz)
Syama Sulphide	160,000	1,400
Syama Oxide	73,000	1,365
Mako	117,000	1,470
Group (inclusive of Group overheads)	350,000	1,480

2023 Capex Guidance

• Sustaining capex included in AISC: $34 million
  • ‒ $9 million capitalised stripping costs
  • ‒ $20 million Syama project capital including UG fleet replacement and several minor sustaining capex projects
• Non-sustaining capex: $54 million
  • ‒ $25 million Mako stripping costs
  • ‒ $8 million acquisition of the Mako Power Plant, $4 million Syama Expansion Study projects and $4 million to increase throughput capacity at the Syama sulphide circuit

Exploration Expenditure: $16 million focused primarily on Syama North and Mako

www.rml.com.au

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