Resolute Mining (RSG) Q4 2025 TU earnings summary

Executive summary

• Achieved 2025 gold production of 277,236 oz at an AISC of $1,843/oz, meeting guidance despite supply chain challenges in Mali.

• Ended 2025 with $209.1 million net cash and $322 million in available liquidity, supporting growth plans.

• Advanced Doropo and ABC projects in Côte d'Ivoire, with updated DFS showing strong economics and permitting expected in early 2026.

• Strategic focus on exploration, with $25 million spent in 2025 and continued investment planned for 2026.

• Targeting over 500,000 oz annual production run-rate by 2028.

Financial highlights

• 2025 EBITDA reached $383 million, up from $287.6 million in 2024, driven by higher gold prices and production.

• Revenue for 2025 was $865.6 million from 258,544 oz gold sold at an average realized price of $3,338/oz.

• Q4 operating cash flow was $85.7 million, with full-year operating cash flow at $314 million.

• CapEx for 2025 totaled $118 million, including $24 million on exploration and $70–84.5 million on projects.

• Cash and bullion increased to $266 million, a $160 million+ rise year-over-year.

Outlook and guidance

• 2026 gold production guidance: 250,000–275,000 oz (Syama: 195,000–210,000 oz; Mako: 55,000–65,000 oz).

• 2026 AISC guidance: $2,000–2,200/oz, reflecting higher royalties and inflation.

• 2026 CapEx guidance: $310–360 million, with $170–190 million allocated to Doropo and $15–25 million for exploration.

• Doropo construction to begin H1 2026, with first gold pour expected in H1 2028.

• Stockpile processing at Mako to continue through 2027 at similar production levels.