Slide 1: ASX Announcement: Annual General Meeting CEO Presentation
For personal use only ASX ANNOUNCEMENT ANNUAL GENERAL MEETING CHIEF EXECUTIVE OFFICER PRESENTATION Attached is a copy of the Chief Executive Officer’s presentation to be given at the Company’s Annual General Meeting today at 10.00 a.m. (Western Standard Time). For and on behalf of the Board GREG FIT
Slide 2: Resolute Mining Limited Annual General Meeting Investor Presentation
For personal use only Resolute Mining Limited Annual General Meeting Investor Presentation November 2008
Slide 3: Disclaimer
Disclaimer For personal use only Note: All Reserves Resources as at 30 June 2008 • This presentation includes certain statements, estimates and projections with respect to the future performances of Resolute Mining. Such statements, estimates and projections reflect various assumptions concerning an
Slide 4: About Resolute Mining
About Resolute Mining For personal use only • Experienced developer and operator of gold projects • Asset portfolio includes projects in Australia, Mali and Tanzania • Successfully produced 4.8 million ounces of gold to date • Current Reserves ~3m ounces • Current Total Resources ~12m ounces • Two o
Slide 5: Growing Production Profile
Growing Production Profile • Syama (Mali) – Overall redevelopment now 88% complete – gold production from the oxide plant For personal use only due November, Roaster commissioning and sulphide ramp-up scheduled for March Qtr 2009 • Mt Wright / Ravenswood (Queensland Australia) – Transition from Sars
Slide 6: Resource Profile
Resource Profile For personal use only Reserves & Resources Reserves Equity Mt Au g/t Au koz Golden Pride 100% 11.0 1.5 523 Ravenswood 100% 8.6 1.4 394 Syama 80% 22.5 2.8 1,648 Total 42.1 2.2 2,565 Resources Equity Mt Au g/t Au koz Golden Pride 100% 25.5 1.7 1,379 Ravenswood 100% 31.5 1.6 1,576 Syam
Slide 7: Syama Project - Mali
Syama Project - Mali For personal use only 6
Slide 8: Syama Project – Overview
Syama Project – Overview For personal use only • Located in the south of Mali 30kms from the Cote d’Ivoire border in an emerging gold belt • Joint venture, Resolute 80% : Mali Govt 20% • Major asset of Resolute with over 6 million ounces in Reserves and Resources • Additional Production of 250,000+
Slide 9: Syama Project – Current Status
Syama Project – Current Status For personal use only • Redevelopment construction is now 88% complete • Operations have commenced and mining successfully ramped up • Non sulphide commissioning completed (first gold production coming from stockpiled ore) • Sulphide commissioning and Sulphide producti
Slide 10: Syama Project – Free Milling Feasibility
Syama Project – Free Milling Feasibility For personal use only A21 - Quartz Vein Hill Oxide mineralisation over 6 km of strike • Add Free Milling Circuit A21 & QVH 601,000oz resource • 1 – 1.5 mtpa Oxide Feed • Extra 80 – 100 kozs pa Main Pit • Incremental Capex • Completion by 1Q 09 Basso Areas 10
Slide 11: Syama Project – Finkolo JV Feasibility
Syama Project – Finkolo JV Feasibility For personal use only • Resolute 60%:Etruscan 40% • Extends Resolute control to over 75 km of a poorly explored and very prospective gold belt • Tabakoroni Resource 745,000 ounces • Feasibility commenced on best development option • Completion by 2H09 Regional
Slide 12: Syama Project – Underground Scoping Study
Syama Project – Underground Scoping Study For personal use only • Resource of 3.3m ozs below pit • Inwall ramp extend to decline • Infill drilling required to further stope design 11
Slide 13: Ravenswood Project – Queensland Australia
Ravenswood Project – Queensland Australia For personal use only 12
Slide 14: Ravenswood Project – Overview
Ravenswood Project – Overview For personal use only • Located approximately 95kms south west of Townsville in north east Queensland • Resolute holds a 100% interest in the project • Over 1 million ounces in Reserves and Resources • FY’08 production yielded 142,833 ozs @ Cash Cost A$743/oz • Ore prin
Slide 15: Ravenswood Project – Mt Wright
Ravenswood Project – Mt Wright For personal use only • Decline Progress to 400m Vertical • 3 Stopes Developed • Development Drilling Confirms Orebody Model • Good Recovery at Plant • Costs in Line with Feasibility + Escalation • Improved Head Grade 14
Slide 16: Ravenswood Project – Mt Wright Development
Ravenswood Project – Mt Wright Development For personal use only 15
Slide 17: Ravenswood Project – Mt Wright Depth Potential
Ravenswood Project – Mt Wright Depth Potential For personal use only • Brecciated Rhyolite Pipe • No Drilling Below 800m • Drilling to Test Further 300m Depth • Scope to Significantly Increase Resource • Material Change to Operating Plan 16
Slide 18: Ravenswood Project – Exploration Targets
Ravenswood Project – Exploration Targets For personal use only 17
Slide 19: Golden Pride Project – Tanzania
Golden Pride Project – Tanzania For personal use only 18
Slide 20: Golden Pride Project – Overview
Golden Pride Project – Overview For personal use only • Located in Tanzania, East Africa approximately 200kms south of Lake Victoria • Resolute holds a 100% interest in the project • Over 1,790,000 ounces in Reserves and Resources • FY’08 production yielded 150,224 ounces @ Cash Cost US$449/oz • Min
Slide 21: Golden Pride Project – Outlook for Development
Golden Pride Project – Outlook for Development For personal use only • Potential Pit Life Extension – 0.4m resource ounces – Deeper Pit – South, West and Eastern Extensions • Nyakafuru – Now 100% owned – 1.0m resource ounces – 120kms from GP 20
Slide 22: Golden Pride Project – Regional Exploration
Golden Pride Project – Regional Exploration For personal use only Consolidating tenure around Golden Pride and exploring under shallow cover with new exploration tools 21
Slide 23: Exploration and Resource Growth
Exploration and Resource Growth For personal use only • Strong commitment to exploration focusing on adding value to existing assets • A$10 million budgeted exploration spend for FY’09 • Focus on very prospective near mine tenure by expanding resources around the Company’s existing operations in Mal
Slide 24: Hedging
Hedging For personal use only Gold Gold Put Options Forward Sales Hedging Bought Y/E Ounces $ Ounces $ AUD’s 30/06/09 1,723 732 15,000 660 500 30/06/10 77,361 726 - - 450 108,061 726 52,800 1,000 30/06/11 400 30/06/12 27,015 726 57,200 1,000 350 300 214,162 726 125,000 959 Production 250 USD’s Hedgi
Slide 25: Debt
Debt For personal use only • At 30 September 2008 Resolute’s total borrowings were A$82.9m with the A$ at 0.7904 (compared to A$69.4m at 30 June 2008) comprising of – US$55m owing on the Barclay’s debt facility – US$7.7m of loans from Barclays used to purchase gold put options – Hire purchase / fina
Slide 26: Corporate Summary
Corporate Summary Vol ('000) Price ($) For personal use only 6 month Share Price Performance and Volume • Capitalisation 10,000 2.80 • Issued Shares: 281 million 2.40 8,000 • Unlisted Options: 2.2 million 2.00 • 6 Month Price Range: A$2.55 – $0.46 6,000 1.60 • Average Monthly Turnover: 6.9million 4,
Slide 27: Capital Requirement – Key Points
Capital Requirement – Key Points For personal use only • New capital requirement driven primarily by Syama cost overun and delays • Impacted adversely by recent fall of $A:$US, Sept 08 0.83 - 0.65 • The overruns can be attributed specifically to; - cost escalation between estimates and orders - scop
Slide 28: Capital Raising – Restructured and Re-priced
Capital Raising – Restructured and Re-priced For personal use only • The falls in capital markets necessitated a restructuring and re-pricing of the Company’s issue • The Company is undertaking two contemporaneous capital raising initiatives structured with input from key and supportive shareholders
Slide 29: Use of Funds
Use of Funds For personal use only Projected use of funds raised $ million Completion of the Syama mine 30.0 Ramp up of Syama operation and working capital 22.0 Development at Mt Wright 5.0 Completion of Syama Free Milling and Finkolo Feasibility Studies 3.0 Total 60.0 Any funds raised in excess of
Slide 30: Proposed Timetable
Proposed Timetable For personal use only • Pre Marketing of Convertible Note Placement & Rights Issue during which firm commitments to receive a 1 for 3 up to 26 November 2008 commitment option(1) • Lodge Prospectus for Convertible Note Placement 26 November 2008 • Lodge Prospectus for Rights Issue
Slide 31: Investment Summary
Investment Summary For personal use only • Focussed on gold production with an expected 350,000 ozs production profile in FY’09 • Quality asset portfolio with excellent exploration potential • Capital raisings will complete funding of development activities allowing focus on productivity and costs •