December 2020 Quarterly Activities Statement

RNS Number : 1369N

Resolute Mining Limited

28 January 2021

 

28 January 2021

Resolute Mining Limited

(Resolute or the Company)

Quarterly Activities Report

 for the period ended 31 December 2020

Highlights

· Total Recordable Injury Frequency Rate (TRIFR) reduced to 0.87  

· Quarterly production of 89,888 ounces (oz), a 3% increase compared to the September quarter, bringing CY20 production to 395,136oz (CY19 production of 384,731oz)

· Realised gold price for the quarter averaged US$1,719/oz compared to the average spot price of US$1,877/oz

· All-In Sustaining Cost (AISC) of US$1,002/oz for the quarter bringing year to date AISC to US$1,074/oz (CY19 AISC of US$1,095/oz)

· Cash and bullion of US$106.5 million reducing net debt to US$230.4 million at 31 December 2020

· Agreement reached for sale of Bibiani Gold Mine for US$105 million

· Guidance for 2021 of 350,000oz to 375,000oz at a forecast AISC between US$1,200/oz and US$1,275/oz

· Tabakoroni Mineral Resource increased to 1.3Moz at 4.9g/t Au

Resolute Mining Limited (Resolute or the Company) (ASX/LSE: RSG) presents its Quarterly Activities Report for the period ended 31 December 2020.

Resolute's safety performance continued to improve with TRIFR halved to 0.87 over the preceding 12 months, despite the challenges posed by the COVID-19 pandemic. 

Resolute's quarterly production of 89,888oz at an AISC of US$1,002/oz during the December quarter was driven by another strong performance from the Mako Gold Mine (Mako) in Senegal and an improved performance from the Syama Sulphide operation.

Production at the Syama Sulphide operation increased by 15% compared to the prior quarter despite a number of local and national strikes called during the December quarter. Processing operations were not significantly affected, as Resolute capitalised on the ore stockpiles at both the oxide and sulphide plants to ensure continuity of production.  Syama Oxide production was affected by the late arrival of mining equipment to the Cashew Open pit which delayed access to higher grade ore, together with material handling issues associated with viscous, low density ores.

During the quarter, Resolute announced the Sale of Bibiani Gold Mine for US$105 million in cash to Chifeng Jilong Gold Mining Co. Ltd (Chifeng).  Proceeds from the sale will be used to repay debt and strengthen Resolute's balance sheet.

Guidance for 2021 has been set at gold poured of between 350,000oz to 375,000oz at an AISC of between US$1,200/oz and US$1,275/oz inclusive of corporate overheads. The focus for 2021 will be operational consistency and cash generation.
 

Operating Performance Snapshot 

Resolute's consolidated operational performance measures compared to the previous quarter and prior comparable quarter are set out in the table below:

Group Level Summary	Units	December 2020 Quarter	September 2020 Quarter	Change	2019 Quarter
Mining
Ore Mined	t	1,506,731	1,169,921	29%	1,810,718
Mined Grade	g/t Au	2.35	2.32	1%	2.43
Processing
Ore Processed	t	1,377,158	1,320,046	4%	1,853,631
Processed Grade	g/t Au	2.37	2.24	6%	2.10
Recovery	%	86.4	87.4	(1%)	84.0
Gold Recovered	oz	90,755	83,206	9%	104,433
Gold Poured	oz	89,888	87,303	3%	105,293
Sales
Gold Sold	oz	91,607	90,900	1%	90,731
Average Realised Price	US$/oz	1,719	1,694	1%	1,421
Cost
All-In Sustaining Cost (AISC)	US$/oz	1,002	1,284	22%	1,419

Table 1 : Resolute Group Operational Performance Summary

Refer to the Appendix for a full summary of Resolute's production and costs in the December quarter and year to date (12 months ended 31 December 2020).

Sustainability

Health and Safety

The Company's TRIFR as at 31 December 2020 was 0.87 compared to 2.09 at 31 December 2019. Resolute continues to maintain effective infection control measures to protect employees and contractors at all sites and offices from the COVID-19 pandemic. In addition, critical hazard management standards have been developed to support health and safety across the Group. The implementation of these standards at our sites is a key area of Health and Safety focus in 2021.

COVID-19

A comprehensive response plan remains in place to manage the COVID-19 at all locations. This plan reinforces the maintenance of hygiene, use of PPE, and social distancing measures, together with testing and mandatory isolation procedures for positive cases amongst the workforce. The implemented protocols prioritise the health and safety of the workforce and have enabled operational continuity to minimise the impacts on gold production. Further information on Resolute's COVID-19 response is available at https://www.rml.com.au/covid-19/covid-19-update/.

 

Syama, Mali

Gold production at Syama during the quarter totalled 46,501oz at an AISC of US$1,053/oz. The performance for Syama Sulphide and Oxide operations are set out in the Tables below.

Syama Sulphide Operations

Period	Mining		Processing				Cost
	Ore (t)	Grade (g/t Au)	Ore (t)	Grade (g/t Au)	Recovery (%)	Gold Poured (oz)	AISC (US$/oz)
March 2020 Quarter	519,898	2.61	441,542	2.62	75.2	21,430	1,629
June 2020 Quarter	492,863	2.84	536,791	2.67	80.0	35,249	1,333
September 2020 Quarter	506,702	2.37	495,947	2.38	79.5	31,074	1,766
December 2020 Quarter	577,958	2.55	556,543	2.55	77.8	35,747	1,235
YTD	2,097,421	2.59	2,030,823	2.55	78.2	123,500	1,465

Table 2: Sulphide Production and Cost Summary

Underground mining tonnages increased by 14% compared to the September quarter despite ongoing disruptions from industrial action. The 577,958 tonnes mined was record for the Syama underground operation. The mine is now consistently achieving its nameplate production rate of 2.4Mtpa.

Syama sulphide processing rates and gold production rebounded after industrial action affected operations in the September quarter. The total processed tonnage was 12% higher, and the highest for the year. Grades also improved resulting in a 15% increase in gold poured relative to the September quarter.

Gold production for the quarter was the highest for the year at 35,747oz, a 15% on increase the September quarter despite ongoing industrial action which affected circuit stability. This instability is reflected in overall recoveries for the quarter of 77.8%, lowering full year recoveries to 78.2%.  

Underground sulphide ore stocks at Syama decreased from 501,000t to 498,000t at an average grade of 2.33 grams per tonne of gold. The large quantity of run-of-mine stockpiled underground ore at Syama continues to provide significant operational flexibility in managing mining and processing rates.

Syama Oxide Operations

Period	Mining		Processing				Costs
	Ore (t)	Grade (g/t Au)	Ore (t)	Grade (g/t Au)	Recovery (%)	Gold Poured (oz)	AISC (US$/oz)
March 2020 Quarter	699,053	2.50	387,633	3.21	91.2	36,101	747
June 2020 Quarter	370,748	1.98	383,667	2.44	95.0	28,457	840
September 2020 Quarter	-	-	339,540	1.44	89.0	15,548	1,354
December 2020 Quarter	251,879	1.94	305,275	1.43	89.3	10,754	447
YTD	1,321,679	2.24	1,416,116	2.19	91.2	90,860	844

Table 3: Oxide Production and Cost Summary

Oxide ore mining recommenced in the December quarter at the new Cashew open pit. Grades increased as a result of supply from the new open pit. However, overall volumes of high-grade ore were below target due to the late arrival of contractor earthmoving equipment.

Processing volumes were affected by material handling issues arising from processing of low-density sticky ore from the Cashew pit.

Significant stockpiles of 2.5 million tonnes of oxide ore at an average grade of 1.36g/t Au have been built and will be processed over 2021 and 2022.

Mako, Senegal

Gold production at Mako during the quarter totalled 43,387oz at an AISC of US$916/oz. The operational performance for Syama is set out in the Table below.

Period	Mining		Processing				Cost
	Ore (t)	Grade (g/t Au)	Ore (t)	Grade (g/t Au)	Recovery (%)	Gold Poured (oz)	AISC (US$/oz)
March 2020 Quarter	719,097	2.28	558,839	2.67	92.8	42,185	694
June 2020 Quarter	685,028	2.37	519,141	2.69	92.8	43,478	821
September 2020 Quarter	663,219	2.27	484,559	2.65	94.5	40,681	810
December 2020 Quarter	676,894	2.33	515,339	2.74	93.8	43,387	916
YTD	2,744,238	2.31	2,077,879	2.69	93.5	169,731	812

Table 4: Mako Production and Cost Summary

Mako continues to perform well, with ore and waste mining volumes consistent with the prior quarter. Total mining volumes for the second half of 2020 were 21% higher than the first half, as additional excavator capacity and improved equipment maintenance resulted in improved productivity

Throughput was 6% higher than the September quarter following a planned shut down for a SAG mill reline in August. A plant capacity review is underway to identify, and address process bottlenecks to improve throughput. Stockpiles in excess of 2.5Mt of ore at an average grade of 1.18g/t Au are available for processing at Mako.

Sale of Bibiani Gold Mine, Ghana

During the quarter Resolute announced that it had agreed to sell its interest in the Bibiani Gold Mine (Bibiani), through the sale of shares in Mensin Bibiani Pty Ltd, to Chijin International (HK) Limited, a wholly owned subsidiary of Chifeng, for total cash consideration of US$105 million (See ASX Announcement 15 December 2020).

Resolute and Chifeng are committed to ensuring an orderly transition of ownership at Bibiani. Chifeng is committed to injecting the necessary capital to achieve the rapid restart of Bibiani to ensure that all local and national stakeholders benefit from the economic and social advantages that the successful operation of the mine will provide. The transaction is not expected to result in any immediate changes to employment or contract relationships at Bibiani with Chifeng seeking to retain all existing local employees in future activities.

The transaction is consistent with Resolute's strategic focus on our core operating assets together and materially strengthens the Company's balance sheet as proceeds from the sale will be used to repay debt.

These approvals are expected to occur during the first quarter of 2021.

Exploration

The Company's exploration and drilling programs continued throughout the December quarter with a spend of US$5.6m in Mali, Senegal and Guinea.  Exploration drilling results from Tabakoroni were highly encouraging throughout 2020 and a new Mineral Resource Estimate was undertaken, completed and released on 27 January 2021.

Tabakoroni Resource Upgrade, Mali

Resolute announced the results of the ongoing exploration program and an updated Mineral Resource at Tabakoroni on 27 January 2021 (see ASX Announcement dated 27 January 2021). The Tabakoroni Mineral Resource was upgraded to 8.1Mt at 4.9g/t Au for a total of 1.3Moz., an increase of 30% over the previous estimate (see ASX Announcement dated 14 October 2020).

Diamond drilling in the second half of the 2020 has identified a coherent high-grade lens of mineralisation located underneath the South oxide pit at Tabakoroni.  The first intersections in this zone were reported in the 14 October 2020 announcement.  Drilling activities focussed on fully outlining this new zone which was ultimately successful with the return of a number of additional high-grade results the best of which are shown below.

· TADD817 - 26m @ 9.69g/t from 302m

· TADD833 - 18m @ 11.20g/t from 317m

The location of these drill intersection pierce points are shown on Figure 1.

The updated Mineral Resource was completed in December 2020.  The combination of the new high-grade mineralisation underneath the South oxide pit and additional ore grade drill intersections returned underneath the Namakan pit combined to dramatically increase the tonnage in the global resource estimate.  This update continues the trend from previous announcements showing the underground resource at Tabakoroni continues to grow.  The Mineral Resource is shown in the Table below.

Tabakoroni Underground Resource
December 2020 Global Mineral Resource
Cut-off grade	Tonnes	Gold	Ounces
	(000s)	(g/t)	(000s)
1.5	13,130	4.01	1,690
1.75	12,050	4.23	1,640
2	10,720	4.52	1,560
2.5	8,850	5.00	1,420
3	6,890	5.63	1,250

Table 5: Tabakoroni Global Mineral Resources

Following the Tabakoroni Pre-Feasibility Study reported with the 14 October 2020 resource update it was decided to apply the more rigorous principles of Reasonable Prospects of Eventual Economic Extraction (RPEEE) for the published Mineral Resource.  The Global Mineral Resource was restricted by a stope shape optimisation completed in Deswik Stope Optimizer to produce a set of potentially economical stope shape wireframes.  The Mineral Resource was then reported above a marginal cut-off grade of 1.75 g/t Au within these optimised stope shape wireframes. The Mineral Resource is therefore reported excluding dilution (undiluted).  The optimisation was completed at a resource gold price of US$2,000/oz and considered likely mining and processing parameters to be encountered during eventual extraction of the material, such as the most likely mining method (long hole open stoping) and approximate mining and metallurgical parameters.  The RPEEE constrained Mineral Resource is shown in Table below.

Tabakoroni Underground Resource
Category	Tonnes	Gold	Ounces
	(000s)	(g/t)	(000s)
Measured	210	4.39	30
Indicated	4,440	4.89	700
Inferred	3,460	4.82	540
Total	8,110	4.85	1,260

Table 6: Tabakoroni Underground Mineral Resources

As expected, the Mineral Resource has lower tonnes and higher grade than the Global Mineral Resource at the same cut-off grade.

The December 2020 resource block model and significant intersections are shown in Figure 1.

Please see image in the full version of the announcement at www.rml.com.au

Figure 1: Tabakoroni Longitudinal Section with Mineral Resource block model and drill intersections

Projects 

Syama Power Upgrade Project

Construction of the new solar hybrid modular power station at Syama continued during the December quarter in partnership with Aggreko plc (Aggreko). Key milestones achieved this quarter include completion of major civil/construction works, placement of generating engines into final position and completion of first stage for HFO storage, which is now ready for commissioning. Some delays in project construction were experienced due to logistics and personnel disruptions arising from the COVID-19 pandemic and the August 2020 Coup d'état in Mali.

Over the next quarter, commissioning of the battery storage system and engines is expected to be completed. The new power station will deliver cost effective, environmentally friendly, capital efficient power and long-term electricity cost savings of up to 40% while reducing carbon emissions by approximately 20% (see ASX Announcement dated 18 December 2019). The new power plant is being funded and operated by Aggreko with limited capital contribution from Resolute.

Corporate

Cash, Bullion and Liquid Assets

Description	December 2020 Quarter (US$m)	September 2020 Quarter (US$m)
Cash	89.0	85.8
Bullion	17.5	20.6
Cash and Bullion	106.5	106.4
Promissory Note	39.7	36.2
Listed Investments	52.9	44.8
Total Cash, Bullion and Liquid Assets	199.1	187.4
Table 7: Total Cash, Bullion and Liquid Assets

The key movements in cash and market value of bullion balances during the quarter are summarised in Figure 2.

Please see image in the full version of the announcement at www.rml.com.au

Figure 2: Quarterly Cash and Bullion Movements in US dollars

Balance Sheet

Total borrowings at 31 December 2020 were US$336.9 million comprising US$300.0 million drawn on the Company's US$300.0 million senior debt facility and revolving credit facility, overdraft facilities with the Bank of Mali of US$33.4 million and asset finance facilities of US$3.5 million.  Net debt after taking into account cash and bullion balances of US$106.5 million was US$230.4 million at 31 December 2020 a decrease when compared to the prior quarter, movements are reflected in Figure 2 above. (30 September 2020: US$234.4 million).

Tax

During the quarter Resolute's Mali subsidiary Société des Mines de Finkolo S.A. (SOMIFI) paid XOF1.2 billion (US$2.2m) to the Mali Tax Authorities as the final payment of SOMIFI's 2020 Income Tax instalment. 

Further to the CY19 Full Year and CY20 Half Year Financial Report disclosure on the Mali Tax Authorities Income Tax and Value Added Tax (VAT) demand on Resolute's Mali subsidiary Société des Mines de Syama S.A. (SOMISY), in country tax and legal advice has been sought with a formal response submitted to the Mali Tax Authorities on 19 June 2020. The formal response outlined SOMISY's objections to the income tax demands and the calculations on the VAT withholding demand. The response from the Mali Tax Authorities has been delayed due to the political situation. 

Resolute continues to work with its in-country tax and legal advisors in resolving both positions and maintain our previously announced positions engaging with the Mali Tax Authorities on their formal response.  Resolute continues to build VAT credits as a result of VAT payable and can confirm that it continues to offset Royalties and other Taxes against its VAT credits. 

Senegal Dividend and Withholding Taxes

In December 2020, Resolute's Senegal subsidiary Petowal Mining Company SA (PETOWAL) declared and paid its first dividend following the successful and early repayment of all loan balances to its parent companies.  The dividend declared of XOF52.5 billion (US$97.0m) was allocated to its shareholders, Resolute (90%) and the Senegalese Government (10%).  As a result, a 10% withholding tax of CFA5.3 billion (US$9.7m) was paid to the Senegalese Tax Authorities on the dividends declared. 

Moving forwards funds transfers from Senegal will be by way of dividends from PETOWAL which will result in dividend payments of 90% to Resolute and 10% to the Senegalese Government after the payment of 10% withholding tax on dividend to the Senegalese Tax Authorities.

Hedging

Resolute maintains a policy of undertaking discretionary hedging in compliance with funding obligations, which require a minimum of 30% of the next 18 months of forecast production to be hedged.  A quarterly summary of forward sales commitments is set out in the table below:

Quarter	US Dollar Forward Sales
	Forward Price (US$/oz)	Delivery (oz)
March 2021	1,718	60,000
June 2021	1,655	40,000
September 2021	1,667	18,000
December 2021	1,670	15,000
Total	1,687	133,000

Table 8: Committed Hedging Forward Sales in US dollars

The Company has also placed 40,000oz of zero cost collars in 2021 comprising put options at US$1,600/oz and call options at US$2,300/oz.

CY21 Guidance

Resolute is forecasting total gold production for CY21 of 350,000oz to 375,000oz at an AISC/oz of US$1,200/oz to US$1,275/oz (see ASX Announcement dated 15 January 2021).

Syama

Syama Sulphide production is forecast to increase by more than 25% to between 155,000oz and 170,000oz with a resulting decrease in AISC to between US$1,200/oz and US$1,275/oz.  A planned 36 day shutdown of the sulphide processing circuit has been scheduled during September and October 2021.

Syama Oxide production of 80,000oz to 85,000oz is forecast at an AISC between US$1,050/oz and US$1,090/oz from the Cashew and Tabakoroni satellite operations.

Mako

CY21 forecast production of 115,000oz to 120,000oz at an AISC between US$1,175/oz and US$1,225/oz. 

Capital expenditure and exploration

Non-sustaining capital expenditure is forecast to be US$29m inclusive of Mako cut back of US$13m and capitalised exploration expenditure of US$6m. Sustaining capital expenditure included in the AISC is US$49m.

Activity is focussed on extension and identification of oxide satellite operations at Syama and extension of Mako's mine life.

Depreciation and amortisation

Depreciation and amortisation for the Group is forecast to be US$173m.

Investor and Analyst Conference Calls

Resolute will host two conference calls for investors, analysts and media today, Thursday, 28 January 2021, to discuss the Company's Quarterly Activities Report for the period ending 31 December 2020. Both calls will conclude with a question and answer session.

Pre-Registration: The Company has arranged for participants to pre-register for each call. Pre-registering for the conference calls gives you immediate access on the day with no need to wait for an operator. A calendar invite with dial-in details will be received once participants complete the pre-registration process.

Conference Call Details

Conference Call 1 (pre-registration required)

Conference Call 1: 09:00 (AWST, Perth) / 12:00 (AEDT, Sydney)

Pre-Registration Link: https://s1.c-conf.com/diamondpass/10012104-u1chxt.html

Participants will receive a calendar invite with dial-in details once the pre-registration process is complete.

Conference Call 1 will also be streamed live online at http://www.openbriefing.com/OB/4110.aspx

Conference Call 2 (via MS Teams Live Event)

Conference Call 2: (MS Teams) 09:00 (GMT, London) / 17:00 (AWST, Perth)

Attendee Link: RSG MS Teams Live Event link

For further information, contact:

Mr Stuart Gale
Interim CEO

Appendix

December 2020 Quarter Production and Costs (unaudited)

December 2020 Quarter	Units	Syama Sulphide	Syama Oxide	Syama Total	Mako	Group Total
UG Lateral Development	m	1,867	-	1,867	-	1,867
UG Vertical Development	m	119	-	119	-	119
Total UG Development	m	1,986	-	1,986	-	1,986
UG Ore Mined	t	577,958	-	577,958	-	577,958
UG Grade Mined	g/t Au	2.55	-	2.55	-	2.55
OP Operating Waste	BCM	-	663,030	663,030	1,696,297	2,359,327
OP Ore Mined	BCM	-	118,811	118,811	243,256	362,067
OP Grade Mined	g/t Au	-	1.94	1.94	2.33	2.20
Total Ore Mined	t	577,958	251,879	829,837	676,894	1,506,731
Total Tonnes Processed	t	556,543	305,275	861,818	515,339	1,377,158
Grade Processed	g/t Au	2.55	1.43	2.15	2.74	2.37
Recovery	%	77.8	89.3	81.9	93.8	86.4
Gold Recovered	oz	35,507	12,571	48,078	42,677	90,755
Gold in Circuit Drawdown/(Addition)	oz	240	(1,817)	(1,577)	710	(867)
Gold Produced (Poured)	oz	35,747	10,754	46,501	43,387	89,888
Gold Bullion in Metal Account Movement (Increase)/Decrease	oz	5,668	(4,132)	1,536	183	1,719
Gold Sold	oz	41,415	6,622	48,037	43,570	91,607
Achieved Gold Price	US$/oz	-	-	-	-	1,719
Mining	US$/oz	618	567	606	297	457
Processing	US$/oz	345	575	399	260	331
Site Administration	US$/oz	142	347	190	86	139
Site Operating Cost	US$/oz	1,105	1,489	1,195	643	927
Royalties + Site Admin	US$/oz	113	113	113	95	106
By-Product Credits	US$/oz	(2)	(2)	(2)	-	4
Total Cash Operating Costs	US$/oz	1,216	1,600	1,306	738	1,037
Sustaining Capital + Other	US$/oz	97	-	74	94	94
Total Cash Expenditure	US$/oz	1,313	1,600	1,380	832	1,131
Stockpile Adjustments	US$/oz	(487)	(935)	(591)	54	(280)
Gold in Circuit Movement	US$/oz	403	(224)	258	30	148
Asset Reclamation & Remediation	US$/oz	6	6	6	-	3
Total Non-Cash Adjustments*	US$/oz	(78)	(1,153)	(327)	84	(129)
All-In Sustaining Cost (AISC) AISC is calculated on gold produced (poured)	US$/oz	1,235	447	1,053	916	1,002

* Quarterly AISC reflects an adjustment to more accurately reflect stockpile valuation methodology.

Year-to-date 2020 Production and Costs (unaudited)

Year-to-date 2020	Units	Syama Sulphide	Syama Oxide	Syama Total	Mako	Ravens-wood	Group Total
UG Lateral Development	m	7,377	-	7,377	-	-	7,377
UG Vertical Development	m	336	-	336	-	-	336
Total UG Development	m	7,713	-	7,713	-	-	7,713
UG Ore Mined	t	2,097,421	-	2,097,421	-	-	2,097,421
UG Grade Mined	g/t Au	2.59	-	2.59	-	-	2.59
OP Operating Waste	BCM	-	2,509,538	2,509,538	6,130,058	-	8,639,596
OP Ore Mined	BCM	-	622,134	622,134	988,564	-	1,610,698
OP Grade Mined	g/t Au	-	2.24	2.24	2.31	-	2.29
Total Ore Mined	t	2,097,421	1,321,679	3,419,100	2,744,238	-	6,163,338
Total Tonnes Processed	t	2,030,823	1,416,116	3,446,939	2,077,879	726,735	6,251,553
Grade Processed	g/t Au	2.55	2.19	2.40	2.69	0.50	2.28
Recovery	%	78.2	91.2	83.5	93.5	91.8	87.8
Gold Recovered	oz	130,245	91,926	222,171	167,931	10,611	400,713
Gold in Circuit Drawdown/(Addition)	oz	(6,745)	(1,066)	(7,811)	1,800	435	(5,576)
Gold Produced (Poured)	oz	123,500	90,860	214,360	169,731	11,046	395,136
Gold Bullion in Metal Account Movement (Increase)/Decrease	oz	4,270	(3,322)	948	1,079	(1,989)	38
Gold Sold	oz	127,770	87,538	215,308	170,810	9,057	395,175
Achieved Gold Price	US$/oz						1,562
Mining	US$/oz	753	411	608	321	215	474
Processing	US$/oz	412	298	364	256	910	333
Site Administration	US$/oz	172	195	182	87	226	142
Site Operating Cost	US$/oz	1,337	904	1,154	664	1,351	949
Royalties + Site Admin	US$/oz	96	87	92	103	59	97
By-Product Credits	US$/oz	(2)	(1)	(2)	-	(9)	28
Total Cash Operating Costs	US$/oz	1,431	990	1,244	767	1,401	1,074
Sustaining Capital + Other	US$/oz	103	-	60	54	27	58
Total Cash Expenditure	US$/oz	1,534	990	1,304	821	1,428	1,132
Stockpile Adjustments	US$/oz	(128)	(144)	(135)	(17)	(18)	(81)
Gold in Circuit Movement	US$/oz	47	(24)	17	8	37	14
Asset Reclamation & Remediation	US$/oz	12	22	17	-	11	9
Total Non-Cash Adjustments	US$/oz	(69)	(146)	(101)	(9)	30	(58)
All-In Sustaining Cost (AISC) AISC is calculated on gold produced (poured)	US$/oz	1,465	844	1,203	812	1,458	1,074

Contact Information 

Resolute Stuart Gale, Interim CEO Telephone: [phone] Email: [e-mail] Web: www.rml.com.au Follow Resolute

Berenberg (UK Corporate Broker) Matthew Armitt / Jennifer Wyllie / Detlir Elezi Telephone: [phone] Tavistock (UK Public Relations) Jos Simson / Emily Moss / Annabel de Morgan / Oliver Lamb Telephone: [phone] Email: [e-mail]

Competent Persons Statement

For the purposes of ASX Listing Rule 5.23, Resolute confirms that it is not aware of any new information or data that materially affects the information included in the original market announcements relating to exploration results or estimates of Mineral Resources or Ore Reserves referred to in this announcement and, in the case of Mineral Resources and Ore Reserves, that all material assumptions and technical parameters underpinning the estimates in the relevant market announcement continue to apply and have not materially changed.  Resolute confirms that the form and context in which the Competent Person's findings are presented have not been materially modified from the original market announcement.

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (MAR). Upon the publication of this announcement via a Regulatory Information Service (RIS), this inside information is now considered to be in the public domain.

Authorised by Mr Stuart Gale, Interim CEO

 

END

 

 

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