Resolute Mining Limited — AGM Information 2021

May 26, 2021

Mine Gold. Create Value. 27 May 2021

2021 Annual General Meeting

Important notices and 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.

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

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 Announcements dated 17 February 2021 titled "Annual Ore Reserve and Mineral Resource Statement" and 7 April 2021 titled "Resolute and Syama Life of Mine 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.

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 2021 is 350,000oz to 375,000oz at $1,200/oz to $1,275/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, 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.

This presentation has been authorised for release by Managing Director & CEO, Mr Stuart Gale.

2020 in review

58% improvement in TRIFR to 0.87

Syama underground production of 2.1Mt achieving nameplate 2.4Mtpa in Q4

Mako Life of Mine updated with a 2 year extension and 39% increase in production

Tabakoroni Mineral Resource upgraded with PFS completed

COVID-19 response plan in place enabling business continuity

Maintained production during COVID, political disruption and labour disputes

Ravenswood divested with deferred cash receipts up to A$250m

2

Ore Reserves of 4.7Moz and Mineral Resources maintained at 11Moz

Multi asset production base

Full year contributions from Syama Sulphide and Mako

Financial performance

$618m

Revenue +15%

$199m

Operating cash flow

$230m

Net debt

$37m

Underlying net profit after tax

Net profit after tax

Cash Flow Analysis (US$ millions)

Improved operating cash flows and simplified balance sheet

Portfolio consolidation

Ravenswood divestment complete with Bibiani strategic review continuing

Ravenswood Gold Mine, Australia

Sale completed 31 March 2020 with up to A$300m proceeds

A$50m in cash received + A$50m promissory notes which earn a 6% coupon

Up to A$50m linked to average gold price over 4-year period

Exposure to Ravenswood future liquidity event with value up to A$150m

Bibiani Gold Mine, Ghana

Licence restored with all conditions satisfied

Contract with Chifeng terminated

All options for the development or sale being considered

Significant in-bound interest in Bibiani

7

Value through sustainability

Inaugural sustainability report published in 2020

2021 outlook

Consistent operational delivery and enhancing balance sheet strength

Key Business Updates

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Operations	•Focus on people, systems and processes driving improved operational performance•Syama sulphide production highest since 2016•Mako continues to deliver production in line with targets
Q1 Productionand Sales	•Gold poured of 85,668oz at an AISC of $1,239/oz for quarter ending March 21•Gold sales of 83,400oz at an average realised gold price of $1,729/oz
Development	•Syama Hybrid Power Station nearing completion –majority of site power now generated from the new facility•Pre-stripping commenced at Tabakoronioxide will improve throughput and grades
Hedgingposition	Continue to improve average gold hedging position, currently:•108koz forwards at an average price of $1,698/oz•75koz collars average puts of $1,658/oz and calls of $2,156/oz
Political status	•Labour relations remain positive –minimal impacts from national strike which was cancelled 25 May•Unaffected by Mali political disruption during May•Operations maintained and prepared for extended political disruption

Production profile

Near mine exploration remains key focus to extend Syama and Mako LOMs

• Syama projected production between 250koz to 300koz at an AISC ~$1,000/oz.
• Syama Oxide ~80kozpa to 2023
• Mako identify LOM extension opportunities
• Tabakoroni UG 7 yrs from 2024 with exploration upside
• Significant exploration potential remains at Syama

2021 guidance

There are significant benefits associated with automation and the connected Production and cost guidance for 12 months to 31 December 2021

• Gold production forecast: 350,000oz to 375,000oz at a forecast AISC between $1,200/oz & $1,275/oz, inclusive of corporate overheads from:
  • ➢ Syama Sulphide: 155,000oz to 170,000oz at an AISC of $1,200/oz to $1,275/oz
  • ➢ Syama Oxide: 80,000oz to 85,000oz at an AISC of $1,050/oz to $1,090/oz
  • ➢ Mako: 115,000oz to 120,000oz at an AISC of $1,175/oz to $1,225/oz reflects lower grade and cut-back
• Capital expenditure (non-sustaining) for operating assets $29m
• Exploration expenditure $17m on near mine
• Debt repayment of $50m (excluding potential Bibiani sale proceeds)
• Depreciation and amortisation of $173m in line with 2020

2021 focus

Production and strengthening the balance sheet

Operational improvement – people, systems and processes

Cashflow generation – capitalise on investments and focus on production, revenue, cost and capex

$50m target debt repayment (excluding proceeds from asset sales). Minimum debt repayment $25m.

Near mine exploration – oxide, Tabakoroni UG, regional Mako programs

Roaster upgrade scheduled in Q4 – extends life and improves future recoveries

Reporting Calendar

29 July 2021	June Quarterly Activities Report
27 August 2021	Half Year Financial Results
29 October 2021	September Quarterly Activities Report

Contact

Stuart Gale | Managing Director & CEO EMAIL: contact@rml.com.au PHONE: +61 8 9261 6100

Follow Us WEB | www.rml.com.au