Resolute Mining (RSG) Q1 2025 TU earnings summary

Executive summary

• Q1 2025 gold production totaled 75,497 ounces, generating operating cash flow of $75.4 million and increasing net cash by $34 million to $100.3 million, with group liquidity at $186 million.

• Operations at Syama and Mako performed well, with Syama producing 48,234 ounces at AISC $1,835/oz and Mako 27,263 ounces at AISC $1,274/oz; total resources remain at 11 million ounces and reserves at 4.4 million ounces.

• The company remains unhedged, benefiting from high gold prices, and is on track to meet full-year production guidance of 275,000–300,000 ounces at AISC of $1,650–$1,750/oz.

• Engagements with governments in Mali and Senegal are positive, with progress on regulatory and permitting fronts, and ongoing discussions on the 2023 Mining Code and VAT settlements.

• Available liquidity exceeds $186 million, supporting organic growth, M&A opportunities, and potential capital returns.

Financial highlights

• Gold sold totaled 64,322 ounces at an average realized price of $2,840/oz; 11,175 ounces produced but not sold by quarter-end were monetized shortly after.

• Group AISC was $1,708/oz, up 9% sequentially, mainly due to lower Syama sulphide production and higher royalties.

• Cash and bullion increased to $122 million at March 31, 2025, with net cash at $100.3 million.

• Operating cash flow was $75.4 million; CapEx for the quarter was $28 million, including $8.4 million for the Syama Sulphide Conversion Project.

• Overdraft facilities increased to $85 million, enhancing financial flexibility.

Outlook and guidance

• Full-year group production and cost guidance reaffirmed: 275,000–300,000 ounces at AISC of $1,650–$1,750/oz; CapEx guidance for 2025 remains $109–$126 million.

• Syama expected to deliver 150,000–160,000 ounces and Mako 80,000–90,000 ounces for the year.

• Syama sulphide operation expected to increase production and lower AISC in coming quarters; project on schedule for mid-2026 start-up.

• Mako production expected to rise in Q2 before declining in H2 as stockpile processing begins.

• Ongoing exploration and technical studies at Bantaco and Tomboronkoto to support future growth, with updates expected by year-end.