Slide 1: Mine Gold. Create Value.
For personal use only Mine Gold. Create Value. Denver Gold Forum, Colorado Springs, September, 2017 Presentation by Mr John Welborn, Managing Director & CEO
Slide 2: Important Notices and Disclaimers
Important Notices and Disclaimers For personal use only Not an offer of securities This presentation contains a summary of information about Resolute and its activities that is current as at the date of this presentation unless otherwise stated. The information in this presentation is general in nat
Slide 3: Important Notices and Disclaimers: Competent Person Statement
Important Notices and Disclaimers For personal use only Competent Person Statement The information in this presentation that relates to the Exploration Results, Mineral Resources and Ore Reserves is based on information compiled by Mr Andrew Goode who is a member of the Australasian Institute of Min
Slide 4: Corporate Summary
Corporate Summary (ASX:RSG) For personal use only Shares on issue 741,477,595 Share Price 1.6 Share Price A$1.07 1.4 Market Capitalisation A$790M (US$627M) 1.2 $AUD 1 Average daily volume 8.0M Shares 0.8 Cash, bullion, investments A$290M (US$223M) at 30 Jun 2017 0.6 0.4 Debt A$34M (US$26M) at 30 Jun
Slide 5: Mine Gold. Create Value.
For personal use only Mine Gold. Create Value. 5
Slide 6: Long life, large scale assets
Long life, large scale assets For personal use only A pathway to ~500koz annual production Syama Gold Ravenswood Bibiani Gold Mine Gold Mine Mine Mali, West Africa Queensland, Australia Ghana, West Africa Resolute has a successful A successful operating history Resolute acquired the Bibiani Gold his
Slide 7: FY17 Results
Mine Gold. Create Value. For personal use only FY17 Results 329,834oz Total Gold Production US$852/oz All-In Sustaining Cost (AISC) A$166M Net Profit after tax $A290M Cash, Bullion & Listed Investments 7
Slide 8: Three years running… Track record of strong operating performance
Three years running… For personal use only Track record of strong operating performance FY15 FY16 FY17 Original Guidance 315koz 315koz 300koz Production Actual 329koz 315koz 330koz (oz) Achieved ✔ ✔ ✔ A$1,280/oz A$1,280/oz Original Guidance A$1,280/oz (US$980/oz) (US$934/oz) A$1,200/oz A$1,132/oz AI
Slide 9: Increasing AISC margin
Increasing AISC margin For personal use only Active sales and lower costs deliver increasing AISC margin A$/oz All-In Sustaining Cost & Average Price Received 2,000 1,800 A$1,717/oz A$1,624/oz 1,600 A$1,467oz 1,400 A$424/oz A$585/oz A$373/oz 1,200 1,000 800 600 A$1,200/oz A$1,132/oz A$1,094/oz 400 2
Slide 10: Balance Sheet Strength
Balance Sheet Strength For personal use only A financial turnaround driven by free cashflow generation A$M Cash & bullion net of debt 300 250 200 150 A$248M 100 50 A$75M 0 -A$64M -50 -100 Jun-15 Jun-16 Jun-17 10
Slide 11: Increasing profits from operations
Increasing profits from operations For personal use only Strong operating performance reflected in financial results A$M Gross Profit from Operations 200 180 160 140 120 100 A$167M A$177M 80 60 40 A$71M 20 - Jun-15 Jun-16 Jun-17 11
Slide 12: Platform for Growth
Platform for Growth Transformation enables bold ambition For personal use only • Resolute has mined more than 8 million ounces from 9 Gold mines in Australia and Africa • Operating expertise, build experience, and success in development • Strongest Balance sheet position in the Company’s history • L
Slide 13: Syama Gold Mine
mr personal use ony Syama Gold Mine aes Resolute a
Slide 14: Syama Gold Mine Operation Highlights
Syama Gold Mine For personal use only Operation Highlights FY17 Operating Performance Ore Mined Ore Milled Head Grade Recovery Total Production AISC (t) (t) (g/t) (%) (Gold oz) A$/oz Syama Sulphide 1,215,153 2,106,371 2.59 69.8 136,000 1,001 Syama Oxide 1,319,596 1,340,097 2.84 83.2 101,830 960 Syam
Slide 15: Syama Gold Mine Overview
Syama Gold Mine For personal use only Overview 5.9Moz Total Resource 2.9Moz Total Reserve 12 Year Underground Mine Life US$881/oz LOM AISC - Underground 15
Slide 16: Syama Underground
Syama Underground A world class sublevel cave in the making… For personal use only Syama (8Moz) Nafolo 16
Slide 17: A major gold discovery at Syama
A major gold discovery at Syama For personal use only Game changing new discovery at Nafolo • Adjacent to 8Moz Syama Deposit • Potential to transform Syama operation • Untested to the south and at depth • All drillholes to date have intersected gold mineralisation • Remains open in all directions Sy
Slide 18: A world class opportunity
A world class opportunity 10Moz and counting, 80km of strike untested below ~200m For personal use only • Resolute controls an 80km strike length of the 10Moz Syama shear zone • Majority of exploration to date has been focused on shallow oxide open pit orebodies • Significant exploration upside belo
Slide 19: Syama Gold Mine: One of Africa's premier gold mines
Syama Gold Mine One of Africa’s premier gold mines For personal use only Randgold Acacia Centamin Newmont Resolute Randgold Kibali Bulyanhulu Sukari Ahafo Syama Loulo 19.7Moz 18.7Moz 12.9Moz 10.4Moz 10.0Moz 9.9Moz Goldfields AngloGold Goldfields AngloGold Iamgold Randgold Tarkwa Geita Damang Iduapri
Slide 20: Ravenswood Gold Mine
mr personal use ong Ravenswood Gold Mine Resolute — 20
Slide 21: Ravenswood Gold Mine Operation Highlights
Ravenswood Gold Mine For personal use only Operation Highlights FY17 Operating Performance Ore Mined Ore Milled Head Grade Recovery Total Production AISC (t) (t) (g/t) (%) (Gold oz) A$/oz FY17 Actual 2,366,159 1,995,293 1.54 93.1 92,004 1,406 FY18 Production Guidance Gold Production AISC AISC (oz) (
Slide 22: Ravenswood Gold Mine Overview
Ravenswood Gold Mine For personal use only Overview 4.4Moz Total Resource 1.8Moz Total Reserve Production 13 Year Mine Life LOM Average LOM +120kozpa US$880/oz AISC 22
Slide 23: Ravenswood Expansion Project (REP)
Ravenswood Expansion Project (REP) For personal use only Current status and continuous improvement Current status: Continuous improvement: • 13 year mine life, 1.8Moz in reserves • Owner operator, larger equipment potential to • Processing plant capacity of 5Mtpa drive lower mining costs • Currently
Slide 24: Sarsfield and Buck Reef West
Sarsfield and Buck Reef West For personal use only Two large scale, bulk tonnage open pits Sarsfield Buck Reef West 24
Slide 25: Bibiani Gold Mine Overview
Bibiani Gold Mine For personal use only Overview Mining Rate 1.8Moz Total Resource 1.2Mtpa 0.6Moz Total Reserve LOM >100koz Proposed Annual Production US$858/oz AISC US$72M Pre-production capex 5 Year 9 months Initial Mine Life Timeline to production 25
Slide 26: Bibiani Gold Mine: Phase drilling success
Bibiani Gold Mine Phase 2 drilling success For personal use only • A substantial gold deposit: • Production to date of >4Moz • 1.8Moz Total Resource • Phase 2 drilling underway to upgrade inferred resources to an indicated category • Phase 2 drilling has intersected mineralisation better than the in
Slide 27: Looking for New Opportunities
Looking for New Opportunities For personal use only Africa: the future is gold 27
Slide 28: Exploration for growth
Exploration for growth For personal use only Exploring to expand the business, not stay in business Exploration Expenditure $40 Egypt $35 Mali $30 Democratic Republic $25 of the Congo Côte d’Ivoire $20 $15 Tanzania Ghana $10 $5 $0 FY15 FY16 FY17 FY18 28
Slide 29: Exploration
Exploration For personal use only Exploring and developing world class tenure in Africa Exploring 6,600km2 of prospective tenure across Australia & Africa Active drilling programs in Mali, Ghana, Côte d'Ivoire & Queensland 29
Slide 30: Mine Gold. Create Value.
Mine Gold. Create Value. For personal use only Scale Longevity Value 12yrs@ Syama P/NAV 5.3 Moz Reserves 13yrs @ Ravenswood 0.6 x Balance sheet Track Record Growth $290MCash, Bullion & Listed Investments 28 yrs 8Moz producing& counting Nafolo Bibiani Tabakaroni 30
Slide 31: Resolute gold dividend
Resolute gold dividend For personal use only Resolute has an innovative partnership with The Perth Mint to provide shareholders the unique opportunity to receive dividend payments in gold. 2.0 cents per share dividend in cash or gold Your gold awaits 31
Slide 32: Appendix 1: Peer Benchmarking
For personal use only Regis 814 Roxgold 338 Notes: Northern Star 736 Source: Evolution 294 Roxgold 659 Northern Star 253 Evolution 597 Centamin 227 B2Gold 532 Regis 221 Centamin 530 OceanaGold 202 (1) Resource inclusive of reserve. Saracen 497 B2Gold 199 OceanaGold 407 Endeavour 190 Endeavour 365 St
Slide 33: African peer group
African peer group For personal use only African focused gold producer peer group Resolute B2Gold Centamin Endeavour Acacia SEMAFO Mining Corp Corp Mining Mining Inc (RSG) (BTO.tsx) (CEY.lse) (EDV.tsx) (ACA.lse) (SMF.tsx) Market Cap US$0.63B US$2.59B US$2.16B US$1.90B US$1.01B US$0.91B Resources 12.
Slide 34: African peer group: AISC
African peer group For personal use only African focused gold producer peer group All-In Sustaining Costs (AISC) 1200 1000 800 US$/oz 600 400 200 0 Resolute Resolute B2Gold Centamin Endeavour Acacia SEMAFO Mining Source: Publicly available company documents, presentations and broker research. Market
Slide 35: African peer group: P/NAV
African peer group For personal use only African focused gold producer peer group Price / Net Asset Value (P/NAV) 1.4 1.2 1 0.8 P/NAV 0.6 0.4 0.2 0 Resolute Resolute B2Gold Centamin Endeavour Acacia SEMAFO Mining Source: Publicly available company documents, presentations and broker research. Market
Slide 36: ASX-listed peer group
ASX-listed peer group For personal use only >300kozpa Australian producer peer group Resolute Evolution Northern Star Regis St Barbara Saracen Mining Mining Resources Resources Limited Minerals (RSG) (EVN) (NST) (RRL) (SBM) (SAR) Market Cap A$0.79B A$3.77B A$2.97B A$1.89B A$1.37B A$1.08B Resources 1
Slide 37: ASX-listed peer group: AISC
ASX-listed peer group For personal use only >300kozpa Australian producer peer group All-In Sustaining Costs (AISC) $1,600 $1,400 $1,200 $1,000 A$/oz $800 $600 $400 $200 $0 Resolute Resolute Evolution Mining Northern Star Resources Regis Resources St Barbara Limited Saracen Minerals Mining Source: P
Slide 38: ASX-listed peer group: P/NAV
ASX-listed peer group For personal use only >300kozpa Australian producer peer group Price / Net Asset Value (P/NAV) 1.8 1.6 1.4 1.2 P/NAV 1 0.8 0.6 0.4 0.2 0 Resolute Resolute Evolution Mining Northern Star Resources Regis Resources St Barbara Limited Saracen Minerals Mining Source: Publicly availa
Slide 39: Appendix 2: Mineral Resources Statement 2017
Appendix 2: Mineral Resources Statement 2017 For personal use only Group MEASURED INDICATED INFERRED TOTAL MINERAL RESOURCES 1 share kt g/t koz kt g/t koz kt g/t koz kt g/t koz koz Ravenswood (Australia) 100% Sarsfield (insitu) 2 45,522 0.8 1,168 38,497 0.7 882 22,079 0.7 518 106,098 0.8 2,568 2,568
Slide 40: Appendix 3: Ore Reserves Statement 2017
Appendix 3: Ore Reserves Statement 2017 For personal use only PROVED PROBABLE TOTAL Group share ORE RESERVES kt g/t koz kt g/t koz kt g/t koz koz Ravenswood (Australia) 100% Sarsfield (insitu) 2 28,450 0.8 747 18,640 0.7 423 47,090 0.8 1,170 1,170 Nolans East 1,543 0.8 37 612 0.7 14 2,155 0.7 51 51
Slide 41: Your gold awaits
For personal use only Your gold awaits Mine gold. Create value. ASX:RSG | www.rml.com.au 41