Resolute Mining (RSG) Q1 2026 earnings summary

Executive summary

• Q1 2026 gold production reached 59,603 oz, with strong safety and operational performance and only one lost time injury; TRIFR was 0.43.

• Net cash at quarter-end was $315.4 million, with available liquidity of $425 million and operating cash flow of $119.8 million.

• Major project milestones included Doropo mining permit and FID approval, commencement of construction, and progress on Syama Sulphide Conversion and Mako Life Extension projects.

• Exploration ramped up with promising results at Doropo, ABC, and La Debo in Côte d'Ivoire, and a new JV in Guinea.

• Clear trajectory to exceed 500,000 oz annual gold production by end of 2028.

Financial highlights

• Q1 revenue was $338 million, EBITDA $202.9 million, and operating cash flow $119.8 million, with group AISC at $2,210/oz and average realized gold price of $4,858/oz.

• Capital and exploration expenditure totaled $33.4 million in Q1, including $4 million for Doropo and $5 million for exploration.

• Net cash increased by $106 million from Q4, including $100 million of unsold bullion and $32 million from Loncor Gold sale.

• Ravenswood promissory note receivable valued at ~$52 million, maturing in 2027.

• VAT receivable: $70 million in Mali, with ongoing discussions for recovery.

Outlook and guidance

• 2026 gold production guidance maintained at 250,000–275,000 oz, with group AISC of $2,000–2,200/oz, and higher output expected in H2 as Syama SSCP ramps up.

• CapEx guidance for 2026: $310–$360 million, with Doropo project capex of $170–190 million, 75% weighted to H2.

• First gold from Doropo expected in H2 2028, targeting over 500,000 oz annual production by then.

• Mako and Syama operations remain on track for full-year production and cost guidance.

• Syama guidance: 195,000–210,000 oz at AISC $1,950–2,150/oz; Mako: 55,000–65,000 oz at AISC $1,600–1,800/oz.