Slide 1: Transforming world class gold assets into an outstanding business
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES For personal use only Transforming world class gold assets into an outstanding business 27 September 2016
Slide 2: Important notices & Disclaimers
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Important notices & Disclaimers For personal use only This presentation has been prepared by Resolute Mining Limited (ABN 39 097 088 689) (“Resolute” or “Company”) in relation to an institutional placement ("Placement") of new shares ("New Shares"
Slide 3: Important notices & Disclaimers (cont'd)
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Important notices & Disclaimers (cont'd) For personal use only Forw ard looking statements involve inherent risks and uncertainties, both general and specific, and there is a risk that such predictions, forecasts, projections and other forward loo
Slide 4: Equity Raising overview
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Equity Raising overview For personal use only • Offer size and structure Proforma equity capital structure shares • Resolute is offering 76.5 million new shares (New Shares) to raise a minimum A$150m via a fully underwritten institutional placemen
Slide 5: Equity Raising timetable
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Equity Raising timetable For personal use only Description Date Trading halt Tuesday, 27 September Book opens 10.00am, Tuesday, 27 September Asia Pacific Investors—5.00pm, Tuesday, 27 September Book closes Other Investors—6:00am, Wednesday, 28 Sep
Slide 6: Sources and Uses of funds
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Sources and Uses of funds Maximising growth flexibility For personal use only Equity raising proceeds will be applied towards attractive and well-advanced development opportunities Sources A$m Uses A$m Proceeds of equity raising 150 Ravenswood Ext
Slide 7: A gold company offering international diversification…
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES For personal use only A gold company offering international diversification… 7
Slide 8: Investment Highlights
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES 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 130koz+ Ravenswood Gold Mine in Queensland, Australia • Bibia
Slide 9: FY16 Highlights
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES FY16 Highlights Outstanding Transformational Performance For personal use only Financial Operating Balance Sheet Performance Performance Total Cash and bullion at A$213m FY16 net profit after tax 340,540oz Total gold sold for FY16 A$102m market va
Slide 10: Balance Sheet Strength
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Balance Sheet Strength For personal use only 2015 2016 Secured Debt / Convertible Notes A$89m – Cash & Bullion A$54m A$102m Net Cash/(debt) A$-64m A$75m Net Operating Cash Flows A$62m A$193m 10
Slide 11: Reserves & Resources
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Reserves & Resources For personal use only 5.6Moz Reserves Total Ore Reserves estimated at 112.1Mt @ 1.5g/t Au for 5.6Moz of contained gold, comprising: 0.6Moz Syama Gold Mine 37.0Mt @ 2.6g/t Au for 3.1Moz 1.8Moz 3.1Moz Ravenswood Gold Mine 69.7Mt
Slide 12: A high calibre management team with proven performance
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES A high calibre management team with proven performance For personal use only Peter Beilby Greg Fitzgerald Chief Operating Officer Chief Financial Officer David Kelly Bruce Mowat GM - Corporate Strategy GM - Exploration John Welborn Managing Direct
Slide 13: Longer mine life than other ASX gold peers
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Longer mine life than other ASX gold peers1 For personal use only Ravenswood 13 Syama 12 Resolute Cowal 9 Mt Rawdon 8 Mt Carlton 7 Mungari 4 Evolution Edna May 5 Cracow 2 Ernest Henry 9 Jundee 3 Kundana 5 Northern Star Kanowna Belle 3 Paulsens 1 G
Slide 14: Valuation Benchmarking
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Valuation Benchmarking Significantly undervalued relative to peers For personal use only EV / Reserve (A$/oz) EV / FY17 Production 2 (A$/oz) 1,117 7,520 6,948 6,903 6,860 Median: A$4,418/oz Median: A$4468/oz Median: A$414/oz 850 Median: A$705/oz 5
Slide 15: FY17: Transformation Continues
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES FY17: Transformation Continues For personal use only Prioritising Diversifying our sustainable dividends production base Ambition to be producing Reducing All-in-Sustaining Costs (AISC) >450kozpa through innovation from 3 operations by 2020
Slide 16: FY17 Guidance
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES FY17 Guidance Continuing strong performance For personal use only Production 300koz Sales 325koz AISC A$1,280/oz Capex A$170m Exploration budget A$19m 16
Slide 17: Ravenswood Gold Mine Key Statistics
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Ravenswood For personal use only Gold Mine Key Statistics Acquired 2004 Production Guidance FY17 96koz Mine life 2029 Total Reserves 1.8Moz Total Resources 4.3Moz 17 17
Slide 18: Ravenswood Extension Project
NOT NOT FOR FOR DISTRIBUTION DISTRIBUTION OR OR RELEASE RELEASE IN IN THE THE UNITED UNITED STATES STATES Ravenswood Extension Project a long life low cost open pit operation For personal use only Sarsfield Buck Reef West 1.2Moz Reserve & Nolans East NEW 0.5Moz Reserve 2.6Moz Resource 71koz Reserve
Slide 19: Ravenswood Extension Project: Key feasibility study outcomes
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Ravenswood Extension Project Key feasibility study outcomes For personal use only Units LOM Output • The Ravenswood Gold Mine has been in continuous operation since Underground Mining 1987 Ore Mined kt 931 Ore Grade g/t 2.72 • The REP feasibility
Slide 20: Ravenswood Extension Project: execution plan and long life ahead
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Ravenswood Extension Project A well-defined execution plan and long life ahead For personal use only Ravenswood Extension Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Forecast production and recovery1 Development Timetable* FY17 FY17 FY17 FY17 FY18 FY18 FY18 FY1
Slide 21: Syama Gold Mine Key Statistics
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Syama For personal use only Gold Mine Key Statistics Commissioned 2009 Production Guidance FY17 204koz Mine life Beyond 2028 Total Reserves 3.1Moz Total Resources 6.0Moz 21
Slide 22: Going underground at Syama
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Going underground at Syama: developing a robust, long life flagship gold mine For personal use only Life of U/G Mine All-in-Sustaining-Cost US$881 Initial 12 year Operating life per ounce Pre-pr
Slide 23: Syama: a robust, long life flagship mine
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Syama: a robust, long life flagship mine For personal use only 12 Years and Growing Mine of the Future 23
Slide 24: Syama Underground Project: Key definitive feasibility study outcomes
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Syama Underground Project Key definitive feasibility study outcomes For personal use only • The Syama Underground Project has been confirmed1 as an Units LOM Output attractive, long life, low cost mine which will continue to deliver strong Undergr
Slide 25: Syama Underground development
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Syama Underground development Work is underway, c. 2 years to completion For personal use only Syama Underground Development Timetable Q1 FY17 Q2 FY17 Q3 FY17 Q4 FY17 Q1 FY18 Q2 FY18 Q3 FY18 Q4 FY18 Q1 FY19 Q2 FY19 Decline Development Ore Stope Or
Slide 26: Bibiani Gold Project Key Statistics
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Bibiani For personal use only Gold Project Key Statistics Feasibility Study Completed June 2016 Mining Rate 1.2Mtpa Mining Grade 3.7g/t Annual Production >100koz Total Reserves 0.6Moz Total Reso
Slide 27: Bibiani: Feasibility Study confirms viable pathway to production
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Bibiani: Feasibility Study confirms viable pathway to production For personal use only Initial Ore Reserve of Life of Mine All-in-Sustaining-Cost 5.4Mt @ 3.7g/t US$858/oz containing per ounce 64
Slide 28: Bibiani Project development
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Bibiani Project development An attractive growth option For personal use only Bibiani Underground Development Timetable* Q1 FY17 Q2 FY17 Q3 FY17 Q4 FY17 Q1 FY18 Q2 FY18 Q3 FY18 Q4 FY18 Q1 FY19 Q2 FY19 Extension/Resource Upgrade Drilling Program Up
Slide 29: Invest in Resolute
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Invest in Resolute For personal use only • Large Reserve & Resource inventory • Operational expertise earned through 25+ years experience • Strong Balance Sheet and ongoing operational cash flow generation • New Executive Team leading cultural and
Slide 30: Key risks
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Key risks For personal use only Production and cost estimates The ability of Resolute to achieve production targets, or meet operating and capital expenditure estimates on a timely basis cannot be assured. The assets of Resolute are subject to unc
Slide 31: Key risks (cont'd)
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Key risks (cont'd) For personal use only Operational Risks Mining operations generally involve a high degree of risk. Such operations are subject to all the hazards and risks normally encountered in the exploration, development and production of g
Slide 32: Foreign selling restrictions
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Foreign selling restrictions For personal use only This document does not constitute an offer of New Shares of the Company in any jurisdiction in w hich it w ould be unlaw ful. In particular, this document may not be distributed to any person, and
Slide 33: Foreign selling restrictions (cont'd)
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Foreign selling restrictions (cont'd) For personal use only Sw itzerland The New Shares may not be publicly offered in Sw itzerland and w ill not be listed on the SIX Sw iss Exchange ("SIX") or on any other stock exchange or regulated trading faci
Slide 34: For personal use only
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES For personal use only ASX:RSG | www.rml.com.au