Resolute Mining (RSG) H2 2024 earnings summary

Executive summary

• Achieved revenue of $801 million in 2024, up from $631 million in 2023, driven by higher gold sales and a 24% increase in average realised gold price to $2,383/oz.

• Full-year gold production was 339,869oz at an all-in sustaining cost (AISC) of $1,476/oz, with Syama and Mako mines performing strongly despite operational and geopolitical challenges.

• Ended the year with a net cash position of $66.3 million, a significant improvement from $14.0 million in 2023, even after a $159.9 million settlement payment to the Malian government.

• EBITDA nearly doubled to $319.5 million, reflecting operational improvements and cost efficiencies.

• Transitioned to new leadership, with Chris Eger appointed CEO in February 2025.

Financial highlights

• Revenue: $801 million (up 27% year-over-year).

• EBITDA: $319.5 million (up from $161.2 million in 2023).

• Net loss after tax: $26 million, impacted by one-time settlement costs in Mali.

• Operating cash flow: $115 million.

• Net cash: $66.3 million at year-end.

• Gold sold: 335,708oz at an average price of $2,383/oz.

• AISC: $1,476/oz.

Outlook and guidance

• 2025 gold production guidance: 275,000–300,000oz at AISC of $1,650–1,750/oz.

• Syama expected to produce 195,000–210,000oz; Mako 80,000–90,000oz, with Mako transitioning to stockpile processing in H2 2025.

• Group capital expenditure forecast: $109–126 million, including $30 million for the Syama Sulphide Conversion Project.

• Exploration budget: $20–25 million, focused on Mali, Senegal, Guinea, and Côte d'Ivoire.