Resolute Mining (RSG) Q2 2025 TU earnings summary

Executive summary

• Q2 2025 gold production reached 75,962 ounces, maintaining strong performance and cash flow, with net cash at $110.4 million and group liquidity at $212.4 million after the Doropo and ABC project acquisitions.

• Acquisition of Doropo and ABC projects from AngloGold Ashanti completed, expanding the asset base and future growth potential in Côte d'Ivoire.

• Initial Mineral Resource Estimate at Bantaco/Bentako Project in Senegal totals 266,000 ounces of contained gold, with further exploration and resource expansion planned.

• Appointment of Gavin Harris as COO and Rob Cicchini as Doropo Project Director, with significant progress in exploration and project development across West Africa.

• Remain on track for 2025 production guidance of 275,000–300,000 ounces at AISC of $1,650–$1,750/oz, targeting over 500,000 ounces annual production by 2028.

Financial highlights

• Q2 revenue totaled $262 million, with gold sales of 80,797 ounces at an average realized price of $3,261/oz, up from 64,322 ounces at $2,840/oz in Q1.

• Q2 operating cash flow was $84.6 million, up from Q1, despite $46 million in tax payments and $25 million for acquisitions.

• H1 2025 EBITDA was $211.2 million, with operating cash flow of $160 million and CapEx of $57 million, including $12.4 million for exploration.

• Net cash at quarter-end was $110.4 million, up from $100.3 million in Q1, with cash and bullion at H1 end totaling $157.2 million and available liquidity at $212.4 million.

• Group AISC for Q2 was $1,668/oz, in line with guidance and down from $1,708/oz in Q1.

Outlook and guidance

• On track to meet full-year 2025 production and AISC guidance of 275,000–300,000 ounces and $1,650–$1,750/oz, respectively.

• Targeting over 500,000 ounces annual production by 2028, driven by new projects and resource expansion.

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

• Mako expected to reach upper end of 80–90,000 ounces production guidance; Syama to be at lower end due to H1 disruptions.

• Doropo project timeline on track, with updated DFS and permitting expected in H2 2025.