Slide 1: Transforming world class gold assets into an outstanding business
For personal use only Transforming world class gold assets into an outstanding business July 2016
Slide 2: Resolute is a global gold producer, explorer, developer and innovator
For personal use only Resolute is a global gold producer, explorer, developer and innovator. 2
Slide 3: Investment Highlights
Investment Highlights For personal use only • Two high margin operating gold mines and a longer term development project • Currently operating the 250koz Syama Gold Mine in Mali and the 100koz+ Ravenswood Gold Mine in Queensland, Australia • Bibiani Gold Project in Ghana provides longer term growth
Slide 4: ASX Code RSG
For personal use only ASX Code RSG Shares on issue 656M Share Price as at 6 July 2016 A$1.55 Market Capitalisation as at 5pm, 6 July 2016 A$1.02B (US$760M) Cash and Bullion as at 30 June 2016 A$101M Debt as at 30 June 2016 A$26M FY17 Production Guidance 300koz at AISC of US$934/oz 4
Slide 5: Reserve and Resource inventory
Reserve and Resource inventory For personal use only 14.3Moz: 5.3Moz in Reserves and 9.0Moz in Resources (exclusive of reserves) ASX Peer Reserve and Resource Inventory Comparison (Moz) 20 Reserves "Moz" Resources "Moz" 15 6.8 10 9.0 5.9 6.6 8.9 5.0 5.2 6.8 5.5 7.4 5 5.2 4.1 7.1 4.5 4.4 5.3 2.3 3.8
Slide 6: Market valuation – (African Gold Peers)
Market valuation – (African Gold Peers) For personal use only 400 EV / Resource (US$/Oz AU) 300 200 100 Average = 70 350 234 168 136 131 130 104 87 65 55 51 47 46 40 34 31 20 19 15 14 12 12 11 9 7 4 0 SEMAFO B2Gold Asanko Resolute Avnel Avocet Acacia Teranga Perseus Golden Star Ore Zone Gold Aureus
Slide 7: Valuation Metrics – ASX Peers
For personal use only EV/FY17 EBITDA P / E FY17 10 10 15 20 25 0 2 4 6 8 0 5 Newcrest 10.2 Alacer 65.8 Alacer 9.8 Newcrest 27.4 Perseus 8.8 OceanaGold 17.9 OceanaGold 7.1 Endeavour 16.7 Regis 6.7 Silver Lake 15.8 Endeavour 6.5 Regis 13.2 Saracen 5.6 Saracen 11.7 Evolution 5.2 Northern Star 11.1 Nort
Slide 8: Transformation has started
Transformation has started For personal use only • Balance sheet strengthening – all senior and secured debt repaid • Developing long mine life opportunities at our existing projects • Reducing All-In-Sustaining-Costs (AISC) through innovation • New Executive Team building enhanced performance based
Slide 9: New Executive Team leading a high performance culture
New Executive Team leading a high performance culture For personal use only Peter Beilby Greg Fitzgerald Chief Operating Officer Chief Financial Officer David Kelly Bruce Mowat GM - Corporate Strategy GM - Exploration John Welborn Managing Director & CEO Paul Henharen Vanessa Hughes GM - Project Del
Slide 10: Going underground at Syama: developing a robust, long life flagship gold mine
For personal use only 1. Going underground at Syama: developing a robust, long life flagship gold mine. 10
Slide 11: Key statistics
For personal use only Key statistics RSG ownership 80% Commissioned 2009 Production Guidance FY16 210koz AISC Guidance FY16 US$880/oz Mine life Beyond 2028 Total Reserves 3.5Moz Reserve grade 2.6g/t Total Resources 3.2Moz Resource grade 2.4g/t 11
Slide 12: For personal use only
For personal use only 12
Slide 13: Current operations at Syama
Current operations at Syama For personal use only Oxide Circuit • Completed in FY15 below budget and ahead of schedule • Operating at ~1.3Mtpa throughput, ~80,000oz/pa • Oxide ore bodies optimization program • Significant further Satellite ore body potential Sulphide Circuit • Ore Stockpile of +5Mt
Slide 14: Syama: a robust, long life flagship
Syama: a robust, long life flagship For personal use only • Underground Definitive Feasibility Study (DFS) published June 2016 • Life of Mine All-in-Sustaining-Costs of US$881 per ounce • Initial operating life of more than 12 years • Total Syama Gold Mine production will grow to 250,000 ounces per
Slide 15: Innovation and improvement focus
Innovation and improvement focus For personal use only • Processing enhancements Flotation Tails CIL: the calcine CIL circuit will be repurposed to treat the flotation tails New Calcine CIL: a new dedicated calcine CIL circuit will be designed and installed Regrind: the coarse calcine product
Slide 16: Syama: building on the success of Mt Wright
Syama: building on the success of Mt Wright For personal use only Characteristics Mt Wright Syama UG SCALE COMPARISON Oz/vertical metre 2,400oz/m 6,300oz/m PLAN VIEW Tonne of stope ore/metre 318t/m of total 343t/m of total of development development development Vertical advance per year 51m/yr LoM a
Slide 17: Ravenswood mine life extension: a strong future beyond Mt Wright
For personal use only 2. Ravenswood mine life extension: a strong future beyond Mt Wright. 17
Slide 18: Key statistics
For personal use only Key statistics RSG ownership 100% Acquired 2004 Production Guidance FY16 105koz AISC Guidance FY16 US$900/oz Total Reserves 1.3Moz Total Resources 3.0Moz 18
Slide 19: For personal use only
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Slide 20: Mt Wright: a world leading operation
Mt Wright: a world leading operation For personal use only • Excellent operating history at Mt Wright • World first mining approach – sub-level shrink stoping with fill • Highly productive, low cost extraction of 2-3g/t deposit • Learnings to be applied in Resolute's global operations Ravenswood Gol
Slide 21: Ravenswood Extension Project
Ravenswood Extension Project For personal use only • Ravenswood Extension Project to combine and optimize all recent studies for key deposits at Ravenswood including: Sarsfield -1.2Moz Reserve & 1.3Moz Resource (excusive of Reserve) Buck Reef West (1.2Moz Resource) Nolans East (71Koz Reserve) • T
Slide 22: Ravenswood: Sarsfield
Ravenswood: Sarsfield For personal use only • Reserves: 47.1Mt @ 0.8g/t (1.17Moz) • Resources: 58.8Mt @ 0.7g/t (1.36Moz, exclusive of reserves) • Majority of drilling < 400m. • Further potential: At depth and to north-east of pit Along strike of Buck Reef Fault Possible post-mineralisation fau
Slide 23: Ravenswood: Buck Reef West
Ravenswood: Buck Reef West For personal use only • Resources: 41.8Mt @ 1.0g/t (1.28Moz) • High grade at intersection with quartz- sulphide lodes. • East dip / north-east plunge to mineralisation. • Depth extension offset by late faults. • Further potential: Buck Reef Deeps (U/G resource) Along s
Slide 24: Ravenswood: Welcome Breccia
Ravenswood: Welcome Breccia For personal use only • Located 40km NW of Ravenswood (on current mining lease) • Intrusion-related hydrothermal-magmatic breccia pipe • Granodiorite host • Previous mining (1994) to approx. 25m depth • Deeper mineralisation discovered in 2010 • Resource: 2.04Mt @ 3.2g/t
Slide 25: Bibiani: Positive Feasibility Study confirms pathway to production
For personal use only 3. Bibiani: Positive Feasibility Study confirms pathway to production. 25
Slide 26: Study outputs
For personal use only Study outputs RSG ownership 90% Feasibility Study Completed June 2016 Mining Rate 1.2Mtpa Mining Grade 3.7g/t Annual Production >100koz AISC US$858/oz Total Reserves 0.6Moz Total Resources 1.1Moz 26
Slide 27: For personal use only
For personal use only 27
Slide 28: Bibiani: pathway to production demonstrated
Bibiani: pathway to production demonstrated For personal use only • Initial Ore Reserve of 5.4Mt @ 3.7g/t containing 640,000oz of gold • Mine plan to produce up to 1.2Mtpa of underground ore • Initial operating life of 5 years with production of approximately 100,000oz per annum • Start-up capital o
Slide 29: Bibiani: upside
Bibiani: upside For personal use only • A substantial gold deposit: Production to date of ~4Moz 1.7Moz Total Resource • Inferred Resource of 4.5Mt @ 4.1g/t • Potential to convert to Indicated with further drilling • Inferred Resources can be accessed from planned decline – very little additional
Slide 30: Bibiani Next Steps
Bibiani Next Steps For personal use only • Design drilling programs for resource upgrade and extension • Commence environmental studies and mining approvals process • Ongoing optimization studies • Mine design enhancement • Refinement of stope parameters and ground support designs
Slide 31: Why invest in Resolute?
Why invest in Resolute? For personal use only • Large Reserve & Resource inventory • Operational expertise earned through 25+ years experience • Senior debt eliminated, profitability improving • New Executive Team leading cultural and performance transformation • Undervalued based on key metrics • O
Slide 32: Disclaimer
For personal use only ASX:RSG | www.rml.com.au Disclaimer This presentation includes certain statements, estimates and projections with respect to the future performances of Resolute. Such statements, estimates and projections reflect various assumptions concerning anticipated results, which assumpt