Slide 1: CEO Presentation at Africa Down Under Conference (ASX Announcement)
ASX ANNOUNCEMENT For personal use only 01 3 September 2014 CHIEF EXECUTIVE OFFICER’S PRESENTATION AT AFRICA DOWN UNDER CONFERENCE Attached is a copy of the Chief Executive Officer’s presentation to be given at the Africa Down Under Conference. GREG FITZGERALD Company Secretary About Resolute: Resolu
Slide 2: Africa Down Under
For personal use only AFRICA DOWN UNDER Chief Executive Officer – Peter Sullivan 3 September 2014
Slide 3: Why Africa?
Why Africa? Opportunities, risks, experience… For personal use only Africa remains an attractive mining destination for Australian companies • Hosts 30% of world mineral reserves and even higher proportion of deposits of Gold, Platinum, Bauxite, Diamonds and Manganese. • Reported that <5% of the tot
Slide 4: A sustainable gold producer
A sustainable gold producer Long term operator in Africa and Australia For personal use only • One of the largest gold producers listed on the ASX • Long term operator in Africa and Australia • FY2015 guidance of 315,000oz at A$890/oz • 100% unhedged, strong leverage to gold price • Cash generating
Slide 5: Corporate overview
Corporate overview About Resolute Mining Limited For personal use only Key information ASX Code RSG 80% Shares 641M Resolute share price vs ASX All Ords Gold Index 60% Share Price1 $0.55 40% Market Cap1 A$353M 20% 0% Daily Turnover2 5.3M shares -20% Cash/Bullion/Liq Inv3 A$69M -40% Debt3 A$104M Hedg
Slide 6: Asset Portfolio
Asset Portfolio Australian gold company with a focus on Africa For personal use only • Long term gold producer • Experienced project operator and developer • Operated 9 mines across Australia and Africa (incl. 7 mines developed and closed) • ~7Moz gold produced since 1989 5
Slide 7: FY2014 in review
FY2014 in review Focus on cash │Solid financials through the gold cycle For personal use only • Operating versatility and cash generating, shows flexibility in a year of fluctuating gold Financial Highlights FY14 price Gold production 342,774 oz • Revenue of $527M at average gold price Cash Costs A$
Slide 8: Growth strategy
Growth strategy Pursuing a range of opportunities in CY2015 For personal use only Syama – Mali • Expansion project +78% complete • 70,000 oz/pa production lift to ~270,000oz/pa from 2015 • Independent underground Pre-Feasibility Study increased reserves by 54% Bibiani Gold Mine – Ghana • 90% ownersh
Slide 9: Reserves and Resources update June 2014
Reserves and Resources update 30 June 2014 For personal use only • Total Reserves and Resources 20% Total Mineral Resource and Ore Reserve • Reserves at +5Moz of gold: 16 Gold contained ounces (Moz) – 30% compared to FY13 after mining 14 depletion 12 5.06 – 1.1Moz underground Reserve added to 10
Slide 10: Operating Projects
For personal use only 9 OPERATING PROJECTS
Slide 11: Syama: A profitable, long life project
Syama A profitable, long life project For personal use only Key statistics RSG ownership 80% Commissioned 2009 Production ( FY14) 165,493 oz Production grade 3.73 g/t Cash costs ( FY14) US$922/oz Mine life (30 Jun 14) 10+ years Total reserves 3.2 Moz Reserve grade 2.5 g/t Total resources 3.5 Moz Res
Slide 12: Syama: resetting the project
Syama: resetting the project Expansion remains robust at current gold price For personal use only Syama Gold Production • Oxide Circuit Production 200,000 175,000 – Commissioning on schedule for January 2015 150,000 125,000 – 1mtpa throughput, 70,000oz/pa ounces 100,000 – ~ US$700/oz cash cost 75,00
Slide 13: Syama at depth
Syama at depth Underground boosting ore reserves For personal use only • Pre-Feasibility Study increases ore reserves by 54% to 3.2Moz1 • Supports viable underground operation extending long term mine life at least 7 years beyond 2025 • Further 10,000m drilling through 2014 to upgrade and extend, re
Slide 14: Ravenswood: Stable, long-term production
Ravenswood Stable, long-term production For personal use only Key statistics RSG ownership 100% Commissioned 2004 Production (FY14) 139,291 oz Production grade 2.75 g/t Cash costs (FY14) A$832/oz Mine life (30 Jun 14) 10+ years Total reserves 1.4 Moz Reserve grade 0.9 g/t Total resources 3.0 Moz Res
Slide 15: Ravenswood: Mt Wright Mine delivering
Ravenswood: Mt Wright Mine delivering Extended mine life For personal use only • Ore production consistent 1.4Mtpa from sub-level shrinkage • Grade dilution well within expectation • 46% increase to Mt Wright ore reserve1 – Mining to extend below 600RL base – Additional 1.7Mt of ore, 137,000oz gold
Slide 16: Ravenswood: Beyond Mt Wright
Ravenswood: Beyond Mt Wright New resource provides potential extension to Ravenswood For personal use only Buck Reef West • New 1.3Moz gold resource defined1 • Opportunity for a larger scale open pit • Reserves close to Ravenswood processing facility • Scoping study commenced to assess open pit mini
Slide 17: Golden Pride: End of a long mine life
Golden Pride End of a long mine life For personal use only • Closure of Golden Pride end of 2013 after 15 Key statistics years in production RSG ownership 100% • Rehabilitation well advanced as progressively Commissioned 1998 undertaken since commencement • Spend of ~US$5M to complete Production (FY
Slide 18: Development Projects
DEVELOPMENT PROJECTS For personal use only 17
Slide 19: Bibiani: Advanced Ghana gold project
Bibiani Advanced Ghana gold project For personal use only • Advanced gold project in West Africa: ‒ 1.7Moz Mineral Resources ‒ 3Mtpa CIL processing facility ‒ +4Moz historic production • Fully developed site, recommencing production primarily a mine planning exercise • 90% ownership completed in Jun
Slide 20: Bibiani Underground Mineral Resource
Bibiani Underground Mineral Resource For personal use only Category Tonnes Grade Ounces Indicated 7.6 Mt 3.4 g/t 0.8 Moz Inferred 7.7 Mt 3.5 g/t 0.9 Moz Total 15.3 Mt 3.4 g/t 1.7 Moz • Bibiani Resource at >2.0 g/t Au Cut-off • Coffey Mining Resource Study (June 2012) • JORC 2004 Compliant Resource •
Slide 21: Bibiani Feasibility Drilling
Bibiani Feasibility Drilling For personal use only • Historic underground workings over 2.0km Surface drilling Surface drilling target strike length and 800m target (South Hill) (Main Pit North & Big Mug) Underground depth, reported 2.0Mozs drilling target @ 9.5g/t recovered (Central Panel) • Declin
Slide 22: Tanzania: Potential to leverage experience
Tanzania Potential to leverage experience For personal use only • Nyakafuru located 120km NW of now completed Golden Pride mine • 388,000oz Reserve and 900,000oz in Resources • RC / diamond drilling along Kanegele shear continues to deliver very good results over a 5 kilometre strike • Studies conti
Slide 23: High value exploration portfolio
High value exploration portfolio Prospective upside For personal use only • Highly prospective, underexplored tenure spread across Mali, Cote d’Ivoire, Tanzania and Australia • Strong balance sheet enables renewed exploration focus to unlock value and add exploration premium • Exploration budget for
Slide 24: Outlook
For personal use only 23 OUTLOOK
Slide 25: Strategic focus: Production growth and extension
Strategic focus For personal use only • Production growth and extension ‒ Syama sulphide and oxide to 270koz pa Resolute Production Potential 600,000 ‒ Bibiani step change to production profile ‒ Syama underground extension- current 500,000 with Bibiani +1Moz Reserve opportunity 400,000 ‒ Ravenswood
Slide 26: Flexibility for future growth
Flexibility for future growth A sustainable gold producer For personal use only • One of the largest gold producers listed on the ASX • Long-term operator in Africa and Australia • FY2015 guidance of 315,000oz at $890/oz • 100% unhedged – strong leverage to gold price • Cash generating over wide ran
Slide 27: Thank you / Disclaimer
Thank you For personal use only DISCLAIMER • 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 anticipated results, which assumptions m
Slide 28: JORC Reserves
JORC Reserves RESOLUTE GROUP RESERVES and RESOURCES For personal use only Reserves and Resources comply with the Australian code for reporting of Mineral Resources and Reserves (The JORC Code 2004 and JORC Code 2012) Reserves and Resources Statement as at 30 June 2014 As at 30 June 2013 Gold Reserve
Slide 29: JORC Measured & Indicated Resources
JORC Measured & Indicated Resources Gold Resources 1 Gold Project Group Group Gold Project Group Group For personal use only (includes stockpiles) Project grade Contained Share Share Project grade Contained Share Share Tonnes (g/t) Ounces % Ounces Tonnes (g/t) Ounces % Ounces RESOURCES 1 RESOURCES 1
Slide 30: JORC Inferred Resources
JORC Inferred Resources For personal use only 1 Gold Resources Gold Project Group Group Project Group Group Gold (includes stockpiles) Project grade Contained Share Share Project Contained Share Share grade Tonnes (g/t) Ounces Gold % Ounces Tonnes (g/t) Ounces % Ounces Comments on Differences Resour