Resolute Mining (RSG) H1 2024 earnings summary

Executive summary

• Revenue increased 4% to $341.5 million for H1 2024, driven by higher gold prices despite lower production and sales volumes.

• EBITDA rose to $116.4 million, up 14–15% year-over-year, reflecting improved unit costs and operational efficiencies.

• Net profit after tax declined 62% to $33.4 million, impacted by higher income tax expense and non-cash FX differences.

• Gold production was 167,140oz (down from 176,631oz in H1 2023), with sales of 157,321oz at an average price of $2,170/oz.

• Net cash position improved to $96.6 million from net debt of $17.2 million a year earlier.

Financial highlights

• Revenue: $341.5 million (up 4% year-over-year).

• EBITDA: $116.4 million (up 14–15% year-over-year).

• Net profit after tax: $33.4 million (down 62% year-over-year).

• Basic and diluted EPS: 0.98 cents (down from 3.47 cents in H1 2023).

• Cash and cash equivalents: $101.4 million at 30 June 2024.

Outlook and guidance

• Full-year 2024 production and cost guidance reaffirmed: 345,000–365,000 oz at AISC of $1,300–1,400/oz.

• No interim dividend declared for H1 2024.

• Focus remains on operational efficiency, cost control, and resolving outstanding tax matters in Senegal.