Resolute Mining (RSG) 35th BMO Global Metals, Mining & Critical Minerals Conference summary

Strategic progress and operational highlights

• Achieved a successful turnaround in 2025, strengthening teams and improving government relations, especially in Mali and Côte d'Ivoire.

• Diversified operations with gold production in Mali and Senegal, and development projects in Côte d'Ivoire and Guinea.

• On track for 275,000 ounces of gold production in 2026–2027, targeting 500,000 ounces by 2028 and 750,000 ounces by decade's end.

• EBITDA exceeded $380 million in 2025, with strong cash flow; forecasts over $500 million EBITDA and $200 million free cash flow in the current gold price environment.

• CapEx of $200 million in 2026 and $300 million in 2027 planned for Doropo project construction.

Asset development and expansion plans

• Doropo project in Côte d'Ivoire acquired for $150 million, with robust economics and a reserve of 2.5 million ounces at $2,000 gold price.

• Doropo's reserve could increase to 3.5–4 million ounces at higher gold prices; phase two expansion results expected by end of 2026.

• Syama in Mali stabilized after 2024 challenges, now targeting over 200,000 ounces annually, with a shift to 100% sulfide processing.

• Mako mine in Senegal transitioning to stockpile processing, with satellite deposits Tombo and Koto expected to extend mine life by 10 years.

• Mining permit for Tombo and Koto expected early next year, with Bantaco mining to begin late next year.

Exploration pipeline and future growth

• Exploration is central, with the ABC project in Côte d'Ivoire holding over 2.2 million ounces and potential to exceed 3–4 million ounces.

• Ladebo project in southern Côte d'Ivoire has 640,000 ounces; ongoing drilling and scoping studies could make it a future mine.

• Construction at Doropo to begin soon, with EPC contractor selection and water storage construction imminent.

• Fully funded for current projects with over $300 million cash and $200 million annual cash generation; minor funding gap not seen as an issue.

• Scoping studies and exploration updates for Côte d'Ivoire projects to be released, with continued progress in Mali and Senegal.