Resolute Mining Ltd.

Resolute Mining Ltd. is a junior gold producer headquartered in Perth, Australia, operating primarily in Africa. The company's portfolio consists of 3 projects, comprising 2 operating mines and 1 development project. Key assets include Syama and Doropo. The business model centers on being an integrated explorer, developer, and operator with a demonstrated history of overcoming operational obstacles. The company utilizes diverse processing capabilities, including distinct sulphide and oxide circuits, and employs both large-scale sub-level cave underground mining and conventional open-pit methods. A core operational characteristic is the emphasis on achieving stability and efficiency through continuous productivity improvements, such as optimizing truck fill and loader operations. The enterprise maintains significant operational flexibility, underscored by infrastructure designed to switch between different ore types to maximize value. This adaptability allows for strategic sequencing of processing, such as prioritizing certain stockpiled materials before completing major capital projects, which serves to optimize near-term cash flows and align production with long-term asset potential. The operational approach is further defined by a focus on strict inventory management and rigorous reviews of capital projects to ensure disciplined execution.

Strategic priorities focus on creating long-term value through a combination of organic growth and geographic diversification. A key objective is to extend the life of existing infrastructure by systematically exploring and defining resources at satellite deposits. The organization's capital allocation philosophy is demonstrated by its decision to revise the schedule for a major capital project to first process remaining oxide material, a move designed to optimize cash flow generation. The enterprise actively pursues growth and risk mitigation by expanding its exploration activities into new regions through joint venture agreements, adding a fourth country to its portfolio in 2024. Management's approach involves proactively managing geopolitical and regulatory risks, including adapting to new mining codes which are expected to increase operating costs. The strategy for 2025 involves navigating a transitional period by building on operational stability, strengthening stakeholder relationships, and continuing to invest in the productive capacity of its asset base.

The board of directors consists of 7 members, including a Non-Executive Chairman and a Managing Director & CEO. Corporate governance is structured around 4 primary committees: Audit and Risk, Remuneration, Nomination, and Sustainability. The board provides oversight for a comprehensive Enterprise Risk Management framework aligned with ISO 31000:2018, with the Audit and Risk Committee mandated to oversee all material risk exposures. In 2024, the entity demonstrated a commitment to internal talent development and seamless leadership progression through the internal appointments of a new Chief Executive Officer and a new Chief Financial Officer. The governance framework proved its resilience during a significant challenge involving the detention of personnel, which was managed without operational disruption. The board establishes and oversees risk appetite statements that guide management decisions, ensuring alignment with strategic objectives and adherence to corporate ethics.

The sustainability framework is guided by commitments to the World Gold Council's Responsible Gold Mining Principles (RGMPs) and the Conflict-Free Gold Standard, with external assurance confirming conformance with the RGMPs. The company maintains group-wide ISO 14001 and ISO 45001 certifications and is actively working toward compliance with the Global Industry Standard on Tailings Management (GISTM) by August 2025. In 2024, the organization's MSCI ESG rating was upgraded to AA, placing it in the 81.5th percentile of its peers. A key initiative was the completion of a financial impact assessment for climate-related risks, which modeled the effects of carbon pricing, flooding, and extreme heat on costs and revenues over the current life of mine. This climate financial model, based on IPCC and NGFS scenarios, is integrated into corporate financial planning. The entity also acted on recommendations from its 2023 group Human Rights Risk Assessment. Safety performance for the year included a Total Recordable Injury Frequency of 2.11.

The corporate structure involves significant partnerships with government entities, including an 80% ownership interest in its Société des Mines de Syama S.A. subsidiary and a 90% interest in its Petowal Mining Company S.A. subsidiary, with the respective governments holding the remaining equity. The company actively utilizes joint ventures to expand its exploration portfolio and de-risk entry into new prospective areas. In 2024, it signed a joint venture agreement with JOFEMA Holdings Limited for the La Debo project and another with SNEPAC for the Bantaco project, both structured as multi-stage earn-ins. The organization is also navigating significant structural changes mandated by new regulations, including a transition to a new mining code that provides for potentially higher state ownership levels, pre-emption rights, and non-dilutable priority dividends for the state. As of the report date, negotiations to finalize the new mining conventions under this code were ongoing.