Resolute Mining Limited — Regulatory Filings 2018

Dec 10, 2018

==> picture [550 x 138] intentionally omitted <==

11 December 2018

Ravenswood Prescribed Project Status Extended

Highlights

• Prescribed Project status of the Ravenswood Expansion Project extended to 30 November 2020

• Streamlined approval process will allow enhanced project outcomes to be adopted

Resolute Mining Limited ( ASX:RSG ) (Resolute or the Company) is pleased to advise the Queensland Government have extended the Prescribed Project status of the Ravenswood Expansion Project (REP) to 30 November 2020. The assistance provided by the streamlined administrative process provided by Prescribed Project status has been essential in ensuring Resolute has received the regulatory approvals required for the REP and in providing opportunity for further project enhancements.

Under relevant Queensland state legislation, a Prescribed Project declaration is designed to facilitate the approval process for projects deemed to be of particular economic or social significance to Queensland or a region within the state. This is achieved by empowering the Coordinator General to actively assist in the planning, delivery and coordination of all required government and regulatory approvals to ensure there are no unnecessary delays, while ensuring the project’s environmental impacts are properly managed.

Managing Director and CEO, Mr John Welborn was delighted to receive an extension of the Government’s support for the project: “The Queensland Government shares our view that the economic and social benefits of continuing gold mining in Ravenswood are significant for the region and for Queensland. The prolonged life of Mt Wright, and the collaborative and proactive approach to receiving regulatory approvals for our expansion plans, is allowing further enhancement opportunities to be identified and progressed.”

Resolute Expansion Plan

In July 2018, Resolute announced an updated REP that would deliver 1.5 million ounces (Moz) of gold production over a 13 year mine life with Life of Mine (LOM) All-In Sustaining Costs (AISC) reduced to A$1,097 per ounce (oz) (US$823/oz) and average gold production of approximately 115,000oz per year (see ASX announcement dated 11 July 2018).

The July 2018 Updated REP proposed the the following staged development:

• Mining at Mt Wright to be completed at the end of FY19, with mining and processing of 540kt of ore in the current financial year;

• Mining of Nolans East to be completed in September 2018, with processing of stockpiled ore supplemented by existing low-grade stocks to the end of 2019;

• Processing plant to be upgraded to 3.2Mtpa (currently 2.8Mtpa) by the start of 2020;

• Mining and processing of the Buck Reef West open pit from July 2019 (Stage 1);

• Expansion of the Nolans processing plant to 5.0Mtpa in FY24; and

• Mining and processing of ore from the Sarsfield open pit from FY25 (Stage 2).

==> picture [596 x 51] intentionally omitted <==

==> picture [553 x 70] intentionally omitted <==

Since the July 2018 Updated REP was announced, further potential enhancements of the project have been identified. These include:

• The probable extension of mining at Mt Wright until late 2019; and

• The potential for a single stage processing plant expansion to 5.0Mtpa.

Initial assessments of this scenario indicate materially better financial outcomes would be generated from the resulting increase in average gold production to approximately 130,000oz per annum. Should this plan be adopted the commencement of mining of Buck Reef West and processing of this ore through the expanded processing plant would be deferred by between three and six months.

==> picture [510 x 287] intentionally omitted <==

Figure 1: The Nolans Processing Plant and Sarsfield open pit

REP Approvals Progress

All major approvals required for the Updated REP to proceed have already been received by Resolute including:

• ✓ Receipt of Amended Environmental Authority for the recommencement of mining at the Sarsfield open pit (see ASX Announcement dated 7 March 2017);

• ✓ Completion of Heritage Agreements covering areas of the proposed REP mining landscape (see ASX Announcement dated 16 August 2017); and

• ✓ Granting of the Buck Reef West Environmental Authority Amendment Application and the associated Buck Reef West.

These approvals and agreements have been achieved with the assistance of the Coordinator General and the relevant government departments. Resolute has conducted a careful process aimed at balancing the needs of heritage, the natural environment, economic development and community.

The extension of the Prescribed Project status will assist the Company in finalising a small number of additional regulatory approvals that will be requested to allow project works on an enhanced REP program to commence, including:

==> picture [164 x 12] intentionally omitted <==

2

==> picture [553 x 70] intentionally omitted <==

• Approval of submitted applications for additional mining leases to cover the operational footprint of the Buck Reef West open pit;

• Application for a mining lease extension to accommodate the expansion of the Nolans Tailings Storage Facility (NTSF); and

• Application for an Environmental Authority amendment to permit the NTSF extension and allow for in-pit tailings storage in the new Buck Reef West open pit.

All applications will be submitted by January 2019, with final approvals expected by June 2019. Resolute will continue to work closely with all relevant authorities on the various aspects of the project to deliver a new long life mine operation at Ravenswood.

For further information, contact:

John Welborn

Managing Director & CEO

Jeremy Meynert

General Manager – Business Development & Investor Relations

About Resolute

Resolute is a successful gold miner with more than 28 years of experience as an explorer, developer, and operator of gold mines in Australia and Africa. The Company has operated nine gold mines which have produced more than 8 million ounces of gold. Resolute currently owns three gold mines, the Syama Gold Mine in Mali (Syama), the Ravenswood Gold Mine in Australia (Ravenswood) and the Bibiani Gold Mine in Ghana (Bibiani). For the financial year ending 30 June 2019, Resolute expects to produce 300,000oz of gold at an All-In Sustaining Cost of US$960/oz (A$1,280/oz). The Company has a pathway to annual gold production in excess of 500,000 ounces from a Global Mineral Resource base of 16.5 million ounces.

Syama is a world class, robust, long-life asset capable of producing more than 300,000 ounces of gold per annum from existing processing infrastructure. Resolute is currently developing the world’s first fully automated underground gold mine at Syama which will deliver a low cost, large scale operation with a mine life beyond 2032.

Ravenswood has been consistent performer and an integral part of Resolute’s business for more than a decade. The highly successful Mt Wright Underground Mine continues to produce as the Company transitions back to a large scale, low cost open pit mining operation which will extend the mine life to at least 2032.

Bibiani is a potential long life, high margin operation and represents a growth opportunity for Resolute.

Resolute is actively exploring over 5,300km[2] of potential world class tenure in Africa and Australia searching for opportunities to expand and improve the Company’s operations. A portfolio of strategic investments in highly prospective, well managed African-focused gold exploration companies has been established to provide a pipeline of future development opportunities.

ASX:RSG Capital Summary Board of Directors Contact Fully Paid Ordinary Shares: 757,512,088 Mr Martin Botha Non-Executive Chairman John Welborn Managing Director & CEO Current Share Price: Mr John Welborn Managing Director & CEO Jeremy Meynert GM – BD & IR A$1.03 as at 10 December 2018 Ms Yasmin Broughton Non-Executive Director Level 2, Australia Place | 15-17 William St Market Capitalisation: Mr Mark Potts Non-Executive Director Perth, Western Australia 6000 A$780 million Ms Sabina Shugg Non-Executive Director T: +61 8 9261 6100 | F: +61 8 9322 7597 FY19 Guidance: Mr Peter Sullivan Non-Executive Director E: contact@rml.com.au 300,000oz @ AISC US$960/oz (A$1,280/oz)

==> picture [164 x 12] intentionally omitted <==

3