December 2024 Quarterly Results and CY25 Guidance

ASX Announcement

30 January 2025

Q4 2024 & Full Year 2024 Activities Report

For the Quarter ending 31 December 2024 ('Q4 2024', 'December Quarter' or 'the quarter')

2024 Highlights

• Two lost-timeinjuries (LTIs) recorded at Mako and Syama in October and November respectively; TRIFR for year-end of 2.11, compared to 1.71 at the end of 2023
• Full-yeargroup gold production of 340 koz (FY2023: 331 koz) slightly below guidance (345 - 365 koz) due to lower-than-expectedproduction at Mako; Q4 2024 gold poured of 87,687 oz (Q3 2024: 85,043 oz) driven by a strong quarter from Syama
• Group 2024 All-In Sustaining Costs (AISC) of $1,476/oz (2023: 1,470/oz) is above guidance ($1,300
  - 1,400/oz) due to lower gold production at Mako and higher costs in Mali mainly due to changes in Mining Code; Q4 2024 AISC of $1,568/oz (Q3 2024: $1,452/oz)
• 2024 Capital Expenditure (excluding exploration) of $96.3 million (2023: $64.2 million) consisting of $67.1 million non-sustainingincluding $31.9 million for the Syama Sulphide Conversion Project (SSCP) and $29.2 million sustaining; capital expenditure was below guidance ($105 - 130 million) with deferral of c. $24 million for the SSCP. Q4 capital expenditure of $25.3 million (Q3 2024: $26.6 million)
• 2024 exploration spend of $20.0 million (2023: $18.1 million) consisting of $14.5 million of capital expenditure and $5.5 million of expenses was above guidance ($16-18million) as drilling at Tomboronkoto and Bantaco in Senegal was expedited
• Unaudited 2024 revenue of approximately $800 million ($631 million in 2023): an average realised gold price of $2,383/oz versus 2023 of $1,920/oz
• Full-year2024 unaudited EBITDA of approximately $310 million (FY2023: $161 million) driven by increased production and higher average realised gold prices
• Robust 2024 Operating cash flow generation of over $200 million (operating cash flow, after capital expenditure, exploration and working capital)
• Net cash of $66.3 million ($145.6 million in Q3 2024), including cash and bullion of $100.5 million and drawn overdraft balances of $34.2 million. Reduction in cash reflects the settlement payments in Q4 totalling $160 million to the Government of Mali

2025 Guidance

• 2025 group production guidance of 275,000 - 300,000 oz at a Group AISC of $1,650 - 1,750/oz
• 2025 capital expenditure guidance of $109 - 126 million split between Syama, Mako and Exploration (including Tomboronkoto) of $85-95million, $4-6million and $20-25million respectively
• Mako guidance of 80,000 - 90,000 oz at an AISC $1,300 - 1,400/oz; open pit mining ceasing at the end of in June and gold production is expected to be weighed towards H1 (c. 60%)
• Syama guidance of 195,000 - 210,000 oz at an AISC $1,700 - 1,800/oz; operating costs impacted by the 2023 Mining Code (by c. $250/oz increase versus normalized levels)
• Completion of the SSCP revised to H1 2026 to optimise near term cash flows and exploit higher return

oxide material over 2025

Note: Unless otherwise stated, all dollar figures are United States dollars ($).

Resolute Mining Limited ABN 39 097 088 689

Level 17, 2 The Esplanade, Perth, Western Australia 6000 T +61 8 9261 6100 E contact@rml.com.au

ASX Announcement

Resolute Mining Limited (Resolute, the Company or the Group) (ASX/LSE: RSG), is pleased to present its Quarterly Activities Report for the period ended 31 December 2024.

Chris Eger, Acting Chief Executive Officer, commented,

"From an operational and cash generation perspective 2024 was one of the strongest years Resolute has had in recent times. The operations at Syama continue to perform extremely well due to the improvements that have been put in place over the last several years. The Mako operation continued to generate substantial cash flows despite a rain-impacted H2 and lower than expected grades. Moving into 2025 we expect both operations to continue generating strong cash flow albeit at lower production levels due to the end of mining at Mako in Q2 and the commencement of stockpile processing.

Beyond this strong 2024 operating performance, in November Resolute signed a memorandum of understanding with the Government of Mali, expressed as the protocol ("Protocol"). While the circumstances in Q4 were challenging to Resolute I am grateful to all our employees who have shown tremendous resilience and commitment to the business.

The Protocol sets the framework for further detailed discussions with the Government regarding the long-term future of Resolute's operations in Mali including migration of the Company's assets to the 2023 Mining Code. As noted in our 2025 guidance, together with increasing royalty rates we estimate this will add around $250 per ounce to Syama's AISC. Despite the challenges faced, Resolute remains focused on continuing to deliver on the significant potential of the Syama Gold Mine and is committed to working collaboratively with the Malian Government together with all its stakeholders.

On our exploration activities, there was significant progress across the Group during 2024. The growing Mineral Resource at Tomboronkoto in Senegal was particularly encouraging and this remains a key satellite deposit that has the potential of extending the life of Mako. We are also optimistic about the initial Mineral Resource Estimate for the Mansala Prospect in Guinea with over 340koz of gold being identified. Another country was also added to the Company's portfolio of assets with the commencement of drilling at the La Debo Project in the Ivory Coast.

For 2025 we expect group production to be between 275,000 - 300,000 oz of gold at between $1,650

• 1,750/oz AISC. The lower production levels forecast in 2025 are a result of lower production from Mako as open pit mining stops at the end of H1 and lower grade stockpile material starts to be processed. In Q4 we completed a strategic review for the Group, and it was decided to revise the completion date of the SSCP project from 2025 to 2026. Based on the amount of oxide material remaining, we believe it is more beneficial to complete the processing of this material before completing the SSCP. As a result, the business is expected to produce substantially more cash flow in 2025 than previously forecasted. At the same time, our 2025 cost guidance has been significantly impacted as a result of the requirement to adopt the 2023 Mining Code.

Our key focus for 2025 is to i) continue delivering operationally across the Group, ii) progress a near- mine satellite resource to extend Mako, iii) continue to create value in Guinea and the Ivory Coast and iv) actively manage an increasingly complicated political landscape."

ASX Announcement

Webcast and Conference Call

Resolute will host a conference call for investors, analysts, and media on 30 January 2025, to discuss the Company's Quarterly Activities Report for the period ending 31 December 2024. This call will conclude with a question-and-answer session.

Conference Call: 8:00pm (AEDT, Sydney) / 9:00am (GMT, London)

Webcast registration link: https://brrmedia.news/RSG_Q42024

Those wishing to ask questions as part of the Q&A should use the conference call facility (please join 5 mins prior to the start time)

A presentation, to accompany the call, will be available for download on the Company's website: https://www.rml.com.au/investors/presentations/.

ASX Announcement

Operations Overview

Table 1: Resolute Group Operational Performance Summary

Environmental and Social Update

Resolute's TRIF as of 31 December 2024 was 2.11 including two Lost Time Injuries, the first of which was reported by Mako in October 2024 after 1,119 LTI-free days, and the second a month later at Syama. This compares to the International Council on Mining and Metals (ICMM) mines average of 2.6 in 2023. Resolute is committed to creating an injury free workplace with both sites successfully rolling out a behaviour-based safety program and hazard identification program.

Resolute recorded no significant environmental incidents, regulatory non-compliances, or grievances in 2024 and successfully maintained ISO 14001 & ISO 45001 certification. External audits were completed against the World Gold Council's Responsible Gold Mining Principles, the Conflict Free Gold Standard and all operating Tailings Facilities were reviewed by a Senior Independent Technical Reviewer with observations incorporated into existing improvement plans.

The Tomboronkoto Environmental & Social Impact Assessment surveys are ongoing and Resolute continues to liaise with relevant Government Authorities in relation to attaining approvals to support extending the operational life of Mako.

ASX Announcement

Mali Overview

Over the past couple of years Resolute, along with other companies within the mining sector, has been meeting with representatives of the Malian Government to discuss the new 2023 Mining Code as well as settlements of historical fiscal and other claims.

In November 2024 three employees, including the Company's CEO at the time, were in Bamako to hold discussions with the mining and tax authorities regarding general activities related to Resolute's in- country business practices, and to progress open claims made against the Company. Resolute was asked to migrate to the 2023 Mining Code despite having a Mining Convention for its Syama and Tabakoroni licences until 2029. On 8 November 2024 following the conclusion of these meetings the three Resolute employees were unexpectedly detained. After further discussions with Malian Government representatives, on 18 November 2024, Resolute executed a memorandum of understanding expressed as a protocol (the "Protocol"), along similar lines to those agreed with other mining companies in Mali. The three employees were released on 21 November 2024.

The signing of the Protocol has set the framework for continued discussions with the Malian Government regarding the long-term future of the operations in Mali, including migration of the Company's assets in Mali to the 2023 Mining Code and maintaining the safety of the Company's employees. The Protocol also provides that all outstanding claims prior to 31 December 2023 by the Government against the Company, including those related to tax, customs levies, maintenance and management of offshore accounts are settled. Pursuant to the Protocol, Resolute made settlement payments totalling US$160 million to the Government with the final payment made on 31 December 2024.

Discussions with the Government of Mali are ongoing to clarify points of the Protocol and Resolute is continuing to assess its full implication to the Company's activities in Mali. Throughout the discussions, and since the settlement of the Protocol, normal operations have been maintained at Syama.

Resolute believes the settlement of the Protocol should secure the future of, and create certainty for, the Syama Gold Mine and all its employees. The Company remains proactive in its working relationship with the Malian Government and remains committed to Mali and its other stakeholders.

As a result of these developments and the significant cash outflows, mine sequencing at Syama has been optimised for near and medium-term cash generation while the Company assesses its longer-term capital plans. As a result, the completion date for the SSCP project has been deferred from 2025 to 2026 given the continued availability of existing oxide resources in 2025.

ASX Announcement

Mali Mining Code

Resolute continues to engage with the Government of Mali with respect to the Protocol signed on the 18 November 2024. As part of this, in 2025 the Syama Mine will migrate to the 2023 Mining Code.

The overall impact of the 2023 Mining Code is expected to increase AISC by approximately $250/oz from historical targeted AISC levels of $1,450/oz.

Key changes of the Mining Code include:

• Increase in corporate income tax from 25% to 30%
• Removal of fuel duty exoneration (equivalent to approximately $10-15m per annum of additional operating costs)
• The Company's subsidiary will continue to hold an 80% interest in Syama as an ordinary interest. The new structure will see the Government of Mali's stake held via a 20% preference share interest
• Contributions to new local development funds (Energy, Hydraulic and Transport Infrastructure Construction Fund, Geological Research, Capacity Building and Training Fund and the Mining fund for local development) totalling 3.75% of turnover
• Royalties to the Government are based on the sliding scale outlined in the table below:

Table 2: Mali 2023 Mining Code Royalty Rates

Resolute understands that at the current gold spot prices between US$2,500 - 2,900/oz the total royalty rate due in Mali is 11%.

ASX Announcement

Syama, Mali

Syama gold production for the quarter was 58,884oz at an AISC of $1,525/oz. The operational performance is set out in the table below.

Table 3: Syama Production and Cost Summary

2024 was a strong year at both the oxide and sulphide operations. Total gold poured at Syama of 215,934 oz in 2024 was 2% higher than the prior year as both sulphide and oxide plants maintained high utilisation and milled near nameplate capacity of 3.93Mt versus 3.84Mt in 2023. As expected, the combined ore tonnes mined decreased to 3.21Mt (vs 4.24Mt in 2023) due to approximately 1Mt less oxide ore being mined in 2024. The sub-level cave underground operation had another productive year in 2024 achieving approximately 2.4Mt of ore mining as it continues to benefit from productivity improvements from truck fill and loader operations that were implemented in 2023.

During Q4 the mined and milled tonnages were higher for both oxides and sulphides. The near doubling in tonnage of oxide ore mined in Q4 was due to improved access to open pit production areas after the rainy season. Sulphide gold production was similar to the prior quarter as a slightly higher sulphide milling was offset by a 3% lower head grade due to increased feed from stockpiles. Oxide gold

ASX Announcement

production in Q4 was 49% higher than Q3 due to more ore tonnes mined at a higher grade from the Samogo and Tellem pits which resulted in a higher head grade at the oxide plant.

Yearly capital expenditure of $81.1 million including $31.9 million of expenditure on the SSCP project as well as $16.0 million of capitalised waste and $33.2 million of capital projects inclusive of $8.4 million on new underground equipment and $7.6 million spent on TSF lifts. During Q4 2024 capital expenditure was $22.5 million consisting of $18.1 million of capital items, mainly made up of items relating to the SSCP and other mechanical parts. Additionally, the sulphide operation incurred $4.4 million of capitalised waste.

The approximate full-year AISC at Syama of $1,497/oz for 2024 was 1.6% higher than in 2023 ($1,473/oz). The increase in AISC in 2024 is partly attributed to increased royalty payments as the base rate increased from August as the gold price exceeded $2,500/oz. The increase in royalty rate in H2 2024 added approximately $70/oz to the full-year 2024 AISC. Q4 2024 AISC decreased from $1,533/oz to $1,525/oz due to higher gold production partially offsetting the increased royalty rates which are approximately $100/oz higher than originally anticipated in 2024.

Mako, Senegal

Mako gold production for the quarter was 28,803oz at an AISC of $1,350oz. The operational performance for Mako is set out in the table below.

Table 4: Mako Production and Cost Summary

The 2024 gold production of 123,935 oz was higher than the prior year albeit below guidance predominantly due to lower-than-expected grades and disruption to mining operations as the pit flooded during the abnormally heavy rainy season.

ASX Announcement

During the final quarter, accelerated mining was continued to ensure mining activities were complete before the 2025 rainy season. The mined ore grade in Q4 was lower than expected and was partly impacted by continued high water levels in the pit during the first half of October. This forced a change in mining sequence to mine the upper benches with lower mineralization impacting mined and head grades. The average mine grade remains impacted by the negative grade reconciliation from the grade control model noted in Q3. The reduced mine grade caused a lower head grade at the mill resulting in Q4 gold production that was approximately 10% lower than the prior quarter.

2024 capital expenditure of $15.2 million was 45% lower than in 2023 primarily due to significantly less waste stripping. In Q4 capital expenditure was $2.8 million (vs $4.0 million in Q3) consisting of $0.8 million and $2.0 million of non-sustaining and sustaining respectively. Expenditure included critical parts for the power generator, pumping equipment that will be transferred to Syama, and the final Tailings Management Facility raise.

The approximate full-year 2024 AISC of $1,244/oz was above guidance ($1,100 - 1,200/oz) due to lower production levels.

Exploration

Total Group exploration expenditure in Q4 was $3.4 million, with drilling programs continuing in Senegal, Mali and Guinea throughout the quarter. This was made up of $2.7 million of capital mainly focused on drilling at Syama North Sulphide, Tomboronkoto, Bantaco and commencement of drilling in the Ivory Coast. $0.7 million of exploration expense was mainly spent in Guinea on the Mansala Prospect ($0.2 million), and in Senegal on the Sangola project ($0.2 million).

The 2024 total group exploration expenditure (capital and expensed) of $20.0 million exceeded the original full year budget of $16-18 million as drill programmes at Tomboronkoto and Bantaco were expedited.

Senegal Exploration

On 12 September 2024 an updated Mineral Resource Estimate for Tomboronkoto was published. Total contained gold at Tomboronkoto is currently 343 koz grading 2.1g/t Au at 1g/t cut off or 571 koz grading 1.1 g/t at 0.5 g/t cut-off.

The Tomboronkoto deposit is drilled to 150m below surface and is open down dip. Drilling during Q4 2024 targeted the extensions of the resource between 150m and 200m below surface. Preliminary results suggest that the mineralisation is continuous down dip. Drilling at Tomboronkoto will continue in 2025 in order to advance studies.

Exploration drilling at Bantaco continued throughout Q4 2024 with multiple rigs testing the Bantaco prospect. Mineralisation is hosted within deformed clastic sediments and andesite and volcano-sediment units and associated with NE trending shear zones with pyrite and quartz veining. Diamond drilling was undertaken to improve the geological knowledge of the prospect area. Structural measurements confirmed NE trending, subvertical to strongly SE dipping gold mineralisation. Drilling programs will continue at Bantaco in 2025.

ASX Announcement

Mali Exploration

Exploration programs in Mali during Q4 concentrated on sulphide drilling at Syama North and oxide drilling on the Finkolo Exploitation permit.

An updated Mineral Resource Estimate for Syama North was completed in Q4 with the model used for the basis of Life of Mine studies and the 2024 Reserves and Resources Statement.

Reverse Circulation drilling of satellite Oxide resources on the Finkolo Exploitation Permit continued in Q4. Mining studies were carried out on the satellite oxide resources at Finkolo such as Zozani in Q4 to ascertain the economics of the prospects.

Guinea Exploration

On 12 September 2024 an initial Mineral Resource of 6.6 Mt at a grade of 1.6g/t Au for a total of 343 koz of gold using a 1g/t cut off Au has been estimated at Mansala.

Ivory Coast Exploration

In Q4 2024, Resolute signed a JV agreement with JOFEMA Holdings Limited, a local Ivorian company, for the La Debo project located in southwestern Ivory Coast, approximately 280 km west of Abidjan. The JV structure is a standard multi-stage earn-in with Resolute being able to earn up to 100% of the Project.

In 2016, an initial Preliminary Economic Assessment established a NI 43-101 compliant Inferred Mineral Resource of 400 koz at a grade of 1.3 g/t Au (at 0.3 g/t cut-off). After subsequent deeper DD drilling in 2022, the resource was increased but was not reported as NI 43-101 compliant.

Resolute commenced drilling at La Debo in December 2024 with a combined RC and diamond drilling program focussed on increasing the Mineral Resources of the La Debo prospects. The drilling is continuing in 2025 with the aim to expand the Mineral Resources.