Resolute Mining (RSG) H1 2025 earnings summary

Executive summary

• Revenue increased 31% year-over-year to $447.5 million for H1 2025, driven by higher gold prices despite lower production volumes.

• EBITDA rose 81% to $211.1 million, and net profit after tax more than doubled to $71.0 million compared to H1 2024.

• Gold production totaled 151,460 oz (down from 167,140 oz), with stable output at Mako offsetting lower Syama production.

• Acquisition of Doropo and ABC projects in Côte d'Ivoire completed in May 2025, significantly increasing exploration assets and integration underway.

• Safety improved, with TRIFR decreasing to 2.02 from 2.11 year-over-year.

Financial highlights

• Gold sales of 145,120 oz at an average realized price of $3,076/oz, up from $2,170/oz in H1 2024.

• All-In Sustaining Cost (AISC) rose to $1,688/oz from $1,442/oz, mainly due to lower production at Syama and higher royalties.

• Operating cash flow increased to $113.4 million (H1 2024: $100.4 million), up 13% year-over-year despite higher tax payments.

• Net cash and bullion stood at $109.9 million, with total cash and bullion at $158.7 million at June 30, 2025, up 13.8% year-over-year.

• Capital expenditure, including exploration, was $57.8 million, in line with guidance.

Outlook and guidance

• Full-year 2025 production guidance maintained at 275,000–300,000 oz at AISC of $1,650–1,750/oz.

• Capital expenditure guidance for 2025 remains $109–126 million.

• No interim dividend declared for H1 2025.

• Ongoing work with the Malian Government to implement the 2023 mining code and related dividend rights.

• Mako expected to reach upper end of 80–90koz guidance; Syama to be at lower end due to H1 disruptions.