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 available liquidity of $322 million, a significant year-over-year increase.

• Advanced Doropo and ABC projects in Côte d'Ivoire, with updated DFS, permitting, and acquisitions completed.

• Progressed Syama Sulphide Conversion Project (Mali) and Mako Life Extension Project (Senegal), with strategic focus on organic growth and targeting over 500 koz annual production by 2028.

• Exploration success at ABC and Ledabo in Côte d'Ivoire, and continued development in Mali and Senegal.

Financial highlights

• 2025 EBITDA reached $383 million, up from $287.6 million in 2024, with operating cash flow of $314 million.

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

• Q4 operating cash flow was $85.7 million; Q4 AISC was $1,877/oz, down from $2,205/oz in Q3.

• 2025 capital expenditure was $118 million, including $24 million on exploration.

• Cash and bullion increased by over $160 million in 2025 to $266 million.

Outlook and guidance

• 2026 gold production guidance: 250,000–275,000 oz at group AISC of $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 expected to begin in H1 2026, targeting first gold in H1 2028, pending permit and FID.

• Syama 2026 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.

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