Resolute Mining (RSG) Q3 2026 earnings summary

Executive summary

• Q3 gold poured was 44,398 oz at group AISC of $2,506/oz; Syama operating challenges were partly offset by Mako’s performance.

• Net cash closed at $276.1 million, with total liquidity of $479.6 million.

• Doropo construction remained on schedule and budget for first gold in H1 2028; growth projects support a target of more than 500 koz annual production by end-2028.

Financial highlights

• Q3 revenue was $142.9 million, EBITDA $64.0 million, and operating cash flow before capex, exploration and working capital $55.8 million.

• Sold 33,035 oz at an average realized price of $4,325/oz; all sales were at spot prices.

• Capital and exploration expenditure was $85.3 million: $52.9 million at Doropo, $18.6 million at Syama, $3.3 million at Mako and $10.5 million in exploration capital spend.

• Cash, cash equivalents and bullion totaled $330.3 million, including $95.4 million in bullion; net cash was $276.1 million after $54.2 million in borrowings.

Outlook and guidance

• FY26 production guidance is 205,000–225,000 oz and group AISC guidance is $2,250–$2,350/oz, based on a $4,000/oz gold price.

• Syama Q4 production is expected at 45–50 koz; FY production guidance is 150–160 koz at AISC of $2,300–$2,400/oz.

• Mako remains on track for FY production of 55–65 koz at AISC of $1,600–$1,800/oz.

• Doropo remains on track for first gold in H1 2028; pre-stripping is expected to start in Q2 2027, with ABC feasibility studies targeted by end-2027.

• ABC’s updated MRE is targeted for Q1 2027; portfolio plans target more than 500 koz annual production by end-2028.