2024
Annual report
CONTENTS
About Resolute
1
From the Chairman
2
Resolute’s Purpose and Values
4
From the CEO
5
Highlights
7
Board of Directors and Leadership Team
8
Sustainability at Resolute
13
Operations Review
20
Ore Reserves and Mineral Resources
33
Financial Review
37
Risk Management
41
Corporate Governance
48
Director's Report
52
Remuneration Report
54
Financial Report
72
Consolidated Entity Disclosure Statement
119
Directors' Declaration
120
Auditors' Report
121
Corporate Directory
132
SCOPE OF THIS REPORT
Resolute Mining Limited’s 2024 Annual report presents the
Company’s operating and financial results for the period from
1 January 2024 to 31 December 2024.
It has been prepared for stakeholders in line with statutory and
regulatory reporting obligations.
Resolute is a successful gold focused mining company. This
report outlines Resolute’s operational and financial performance
and details the Company’s efforts in 2024 to deliver long-term
value to stakeholders in a manner that reflects company values.
All references to Resolute, the Company, group, we, us and our,
refer to Resolute Mining Limited (ABN 39 097 088 689) and its
subsidiaries.
All dollar figures are in US dollars currency, unless
otherwise stated.
All references to 2024 are for the 12-month period from 1 January
2024 to 31 December 2024, unless otherwise stated.
RESOLUTE IS A PROVEN
EXPLORER, DEVELOPER AND
OPERATOR OF GOLD MINES.
Resolute currently owns two producing gold mines, the
Syama Gold Mine in Mali (Syama) and the Mako Gold Mine
in Senegal (Mako).
The Company’s Global Mineral Resource of 11.0Moz is based
on the most recent Ore Reserve and Mineral Resource update
included in this report.
Syama is a robust, long-life asset which is expected to produce
between 195,000 - 210,000 ounces of gold in 2025 from existing
processing and mining infrastructure.
Mako is an open pit gold mine which Resolute has owned and
operated since August 2019, which is expected to produce
between 80,000-90,000 ounces of gold in 2025.
The Company is also active in exploration with drilling
campaigns underway across its African tenements with a focus
on Mali, Senegal, Cote d'Ivoire and Guinea.
The Company trades on the Australian Securities Exchange
(ASX) and the London Stock Exchange (LSE) under the
ticker RSG.
2024 AT A GLANCE
Revenue
EBITDA1(*)
$801million
$319million
Operating Cash Flow
Loss After Tax
$115million
$26million
Cash and Bullion(*)
Net Cash(*)
$101million
$66million
(*) These balances are non-IFRS information and have not been audited.
1. Earnings before interest, taxation, depreciation, and amortisation
About Resolute
RESOLUTE MINING LIMITED 2024 ANNUAL REPORT
1
SOLID FOUNDATIONS
DEMONSTRATED
“As I reflect on my first six months as Chairman of
Resolute Mining, I am heartened by the resilience and
determination that has been demonstrated by the
Company. The year has been one of the most
challenging in Resolute’s history and I would like to
acknowledge the response and unwavering
commitment shown by everyone throughout the
business. This gives me great optimism for the future.”
Andrew Wray, Chairman
In many ways, 2024 was a year of great
contrasts for Resolute: it was a period of
consistent financial and operational
delivery, countered by significant
challenges in our operating environment.
Our most significant achievement was
undoubtedly the operational
improvements that restored a level of
stability in 2024 that had been lacking for
quite some time. This allowed us to record
full-year gold production of 339,869
ounces, marginally below initial guidance
but which, when coupled with favourable
gold prices, translated into impressive
financial outcomes reinforcing the net
cash position achieved the previous year.
As of 31 December 2024, we reported a
net cash balance of $66.3 million. This
marks a significant improvement in our
financial standing and reflective of the
Company's ability to generate robust cash
flows and manage our debt effectively.
The improvement in our net cash position
is particularly noteworthy given the scale
of payments we had to make to the
government in Mali to stabilise our
operating environment there, and
underscores the continued strength of our
operations and financial management.
At Syama, our focus remained on the
Sulphide Conversion Project, cost base
optimisation, and exploring longer-term
growth options to realise the full potential
of the 10 Moz resource base. I am pleased
to note that the Syama Sulphide
Conversion Project progressed on
schedule during 2024, with most of the
earthworks and foundations completed. At
Mako, we concentrated on continuing to
deliver low-cost, cash-generative
production, resource definition at satellite
deposits with the potential to extend mine
life, and early-stage study work to support
subsequent licence applications.
It was our systematic operational delivery
and increased focus on cost efficiencies
that enabled the Company to navigate
through the various and, in some cases
unprecedented, challenges. Not least of
these was the significant rainfall that
occurred at Mako, the increasingly
complex geopolitical and macro-
economic environment, and shifting
regulatory dynamics. Resolute’s
underlying strength was severely tested
late in the year with the detention of our
former Chief Executive, Terry Holohan,
along with two other colleagues. This
extremely testing situation resulted in the
signing of a Protocol with the Government
of Mali, including a $159.9 million
settlement payment in respect of fiscal
and other claims against the Company – a
significant financial outlay – as well as
moving our Syama asset to operate under
the 2023 Mining Code.
It is a testament to the operational
strength of our business and the
resilience of our people that we were able
to come through this period without
disruption to operations, financially
secure, and with the support of our fellow
employees. Without the systematic
operational delivery achieved over the
year, the dislocation we experienced
would have been significantly more
difficult to navigate.
Environmental, Social, and Governance
considerations, along with safety, remain
at the forefront of our focus together with
continuing improvements in the incident
reporting culture at both our operations.
We are pleased to report ongoing
progress in these crucial areas, with our
Total Recordable Injury Frequency as of
31 December 2024 at 2.11, including two
Lost Time Injuries. We remain committed
to further enhancing our performance in
these vital aspects of our business.
On the governance front, the events in
Mali proved the strength of our corporate
governance framework. Throughout the
situation, we dealt effectively and
professionally with an unparalleled
challenge and ensured that the safety of
our people remained our top priority at all
times. While the circumstances were
extraordinary, our response reflected the
solid foundation of our corporate
governance practices, which continue to
evolve and strengthen as we adapt to an
ever-changing global landscape.
While the strength of our governance
structures was cemented, Resolute
underwent a significant management
transition following the end of the year.
Most notably, Terry Holohan left the
Company in January 2025 after over three
years in the senior management team,
first as COO and subsequently CEO. I
would like to take this opportunity to
thank Terry for his dedication to the
Company, and his contribution to the
operational stability we demonstrated
throughout 2024. I am also delighted that,
in Chris Eger, we had the talent within the
Company to provide a seamless transition
in the CEO role. Likewise, in Dave Jackson
we have a highly talented internal
successor to Chris as CFO.
At the Board level, I was delighted to join
in June 2024, before taking over as Chair
from Martin Botha in September. On
behalf of the rest of the Board,
management team, and all of our
colleagues, I would like to thank Martin for
his service, and I look forward to working
closely with my fellow directors to help
the business deliver on its potential.
As we move into 2025, we know that
there are a range of challenges the
business will face as we fully implement
the elements of the new regulatory
framework for Syama in Mali, which will
bring with it additional production costs of
approximately US$250 per ounce, at the
same time as we transition from open-pit
mining at Mako to purely processing
stockpiles.
From the Chairman
2
RESOLUTE MINING LIMITED 2024 ANNUAL REPORT
Despite these challenges, I am confident
in our capacity to navigate the road ahead
and in the Company’s ability to continue
to achieve strong operational and
financial performance. The cash flow
generation in 2024 was excellent and the
operations are well positioned to continue
to deliver in 2025 and beyond. This will
enable us to continue to invest in the
productive capacity and flexibility of our
existing assets while pursuing strategic
growth initiatives to unlock value for
shareholders.
We will also prioritise strengthening our
relationships with all stakeholders in Mali
while working closely with the relevant
authorities in Senegal to extend the
operational life of our Mako mine in
Senegal. This strategic direction will be
spearheaded by our new executive team,
whose expertise aligns perfectly with our
current business needs.
In closing, I would like to express my
gratitude to our employees, partners,
shareholders, and fellow Board members
for their unwavering support during what
was in many ways a challenging year.
Your commitment and support has been a
source of strength, and we are committed
to continuing to deliver on the strong
foundations we have demonstrated in
order to repay that support.
Andrew Wray
Chairman
From the Chairman
RESOLUTE MINING LIMITED 2024 ANNUAL REPORT
3
Resolute’s Purpose and Values
4
RESOLUTE MINING LIMITED 2024 ANNUAL REPORT
STRONG UNDERLYING
PERFORMANCE
“Resolute achieved impressive cash flow generation in
2024 from its improved and stabilised operations
ending the year in a $66.3 million net cash position.
This, however, was combined with challenges in Mali
which, given the circumstance, the business traversed
with strong commitment and professionalism. Across
the business we are excited by the potential at Syama,
our progression at Tomboronkoto, exploration success
in Guinea as well as entering a fourth country with the
La Debo project in Ivory Coast. I strongly believe these
solid foundations have the potential to deliver
considerable value for our shareholders.”
Chris Eger, CEO
Resolute Mining's journey over its 30+
year history has been defined by its
consistent ability to overcome obstacles,
learn from experiences and apply those
lessons to strengthen its operations, its
governance structures, and fundamental
business model. Our performance in 2024
was no exception to the rule, being a year
in which we navigated a series of
exceptional challenges to record what
was in no uncertain terms one of the
strongest years Resolute has had in
recent times. Having taken the helm of
Chief Executive Officer in December and
formally assuming the role at the start of
February 2025, I am both confident and
determined that the Company’s stability,
operational efficiency, and cash flow
generating capabilities put us in
exceptional stead to realign with our value
potential.
Before recounting Resolute’s performance
for the year-ended 31 December 2024, I
wou the entire Resolute team gratitude to
former Chief Executive Officer Terry
Holohan, following his departure. In his
three-year tenure as CEO, Terry
demonstrated leadership helping Resolute
achieve such strong results. We bid Terry
farewell and wish him well for his future
endeavours.
From an operational perspective 2024
was one of the strongest years in Resolute
history. We not only achieved operational
stability but were able to reach a
production profile of 339,869oz, a
remarkable feat given the weather
constraints and regulatory challenges
experienced during the year.
The operations at Syama continued to
perform extremely well due to the
improvements that have been put in place
over the last several years. Total gold
production at Syama reached nearly
216koz, a 2% increase compared to the
previous year. This improvement was
driven by high utilisation of both sulphide
and oxide plants, which operated near
nameplate capacity, processing
approximately 4 Mt. Syama’s performance
is notable given the broader contextual
challenges experienced in Mali’s
operating environment and is a testament
to the fantastic team in-country. Despite
the challenges faced this year, Resolute
has maintained its commitment to
strengthening relations with the Malian
government and local communities
through meaningful and open dialogue.
The settlement and signing a
memorandum of understanding with the
Government of Mali has demonstrated
Resolute’s commitment to Mali and other
in-country stakeholders and most
importantly allows the business to move
forward.
The Mako operation in Senegal
experienced a mixed performance for the
year ended 31 December 2024. The mine
produced around 124 koz of gold, which
was lower than initial guidance. The
operation faced challenges, including
lower ore grades and operational
disruptions due to flooding, particularly in
the second half of the year. Despite these
setbacks, we were very pleased with the
Mako operation as it continued to
generate substantial cash flows.
The safety of all employees and
contractors has always been a principal
priority of the business and we endeavour
to ensure Zero Harm on all our operations.
While we have been systematically
recording good progress, in 2024, we
demonstrated a mixed safety
performance. We recorded a Total
Recordable Injury Frequency Rate of 2.11
as of 31 December 2024 which is still
below industry average but shows room
for further improvement. Throughout the
year, Resolute maintained its ISO 45001
certification and underwent external
audits against the World Gold Council's
Responsible Gold Mining Principles.
Ensuring the longevity of the Company is
a primary objective, and we are now
proactively exploring across four
countries. In 2024, we made significant
progress on our various exploration
activities with over $20.0 million spent
across the Group. A key highlight was the
growing Mineral Resource at
Tomboronkoto in Senegal which remains
a key satellite deposit that has the
potential of extending the life of Mako.
The Company also signed joint venture
agreements for Bantaco, located 20km
from the Mako, which could further
extend the life-of-mine. Elsewhere, we
established the first inferred resource at
the Mansala Prospect in Guinea of 357koz
grading 1.3 g/t Au. Another country was
also added to the Company’s portfolio of
assets with the commencement of drilling
in December 2024 at the La Debo Project
in the Ivory Coast. This joint venture
operation boasts a historic NI 43-101
compliant Inferred Mineral Resource
Estimate of 400koz grading 1.3 g/t Au. The
results underscore that both assets align
with the Company’s long-term growth
and geographical diversification strategy.
On the financial side Resolute had a very
strong 2024 demonstrating significant
improvement across key metrics. The
company achieved revenue of $801.0
million, a substantial increase from the
$631.1 million in 2023. This was driven by
higher gold sales and a 24% rise in the
average realised gold price to $2,383/oz.
This strong top-line growth translated into
an EBITDA of $319.5 million, nearly
doubling from $161.2 million in 2023.
The company's operational efficiency and
higher gold prices contributed to
operating cash flow generation of
$115.0million. Resolute's financial position
strengthened considerably, transitioning
from a net cash position of $14.0 million in
December 2023 to net cash of $66.3
million at the end of 2024.This increase in
net cash position is impressive
particularly as it was achieved after the
$159.9 million settlement payments made
to the Malian Government in December
From the CEO
RESOLUTE MINING LIMITED 2024 ANNUAL REPORT
5
2024. This financial turnaround, coupled
with increased production and
operational improvements, positions
Resolute well for future growth and
underscores the success of our strategic
initiatives throughout 2024.
In 2024, Resolute Mining continued to
demonstrate its commitment to
sustainability and responsible mining
practices. This is evidenced by the fact
that, throughout the year, we recorded no
significant environmental incidents,
regulatory non-compliances, or
community grievances, reflecting its
robust environmental and social
governance. Notably, Resolute's
environmental mitigation and biodiversity
offset commitments contributed to the
removal of the Niokolo-Koba National
Park near its Mako Mine from UNESCO's
list of World Heritage Sites in Danger. The
Company also continued to progress its
Tomboronkoto Environmental & Social
Impact Assessment, demonstrating its
proactive approach to sustainable mine
life extension. We are particularly proud of
the significant improvement of our MSCI
ESG rating to AA achieved in 2024. This
positions Resolute as a leader among its
peers according to Bloomberg and MSCI
assessments.
Looking to the short- to medium-term
future, we anticipate a period of transition
and strategic alignment as we navigate a
dynamic operational and geopolitical
landscape.
In an increasingly complex political
environment, particularly with the
transition to the 2023 Mining Code in
Mali, we are actively managing our
exposure to geopolitical risks. This
includes maintaining strong relationships
with local stakeholders, diversifying our
asset base, and implementing robust risk
mitigation strategies.
We will continue to build on the
operational stability achieved in 2024. We
anticipate achieving a production range of
275 – 300 koz at an AISC of between
US$1,650-1,750/oz. This guidance reflects
a shift in our operations, with Syama
expected to produce 195-210koz. Mako is
projected a lower production rate
between 80-90 koz owing to the cessation
of open pit mining in the second quarter
of 2025, and the transition to processing
lower-grade stockpile material. Our 2025
cost guidance has been significantly
impacted by the adoption of the 2023
Mining Code in Mali coupled with
increasing royalty rates, which we
estimate will add approximately US$250
per ounce to Syama's AISC.
Following a strategic review for the Group
completed in the fourth quarter of 2024,
we have revised the completion date of
the Syama Sulphide Circuit Project
(SSCP) to the first half of 2026. Based on
the amount of oxide material remaining, it
makes more sense to complete the
processing of this material before
completing the SSCP. Despite these
changes, we expect both operations to
continue generating strong cash flow,
with Mako's production weighted towards
the first half of 2025.
In closing, I would like to express my
sincere gratitude to our employees,
partners, shareholders, and Board
members for their continued support and
trust in Resolute Mining. Despite the
challenges we faced, particularly in Mali,
our team's resilience and dedication have
been instrumental in delivering these
strong results.
As we look to the future, I am confident
that Resolute Mining is well-equipped to
navigate the dynamic landscape of the
gold mining industry.
Chris Eger
Managing Director and CEO
From the CEO
6
RESOLUTE MINING LIMITED 2024 ANNUAL REPORT
2024
HIGHLIGHTS
For the year ending 31 December 2024
RESOLUTE MINING LIMITED 2024 ANNUAL REPORT
7
GOLD PRODUCTION
339,869oz
ALL-IN SUSTAINING COST
$1,476/oz
TOTAL GOLD SOLD
335,708oz
AVERAGE PRICE ACHIEVED
$2,383/oz
THE BOARD
Andrew Wray
BA, (Hons)
Non-Executive Chairman(
(Appointed in May 2024)
Adrienne Parker
LLB, MAICD
Non-Executive Director
(Appointed in March 2024)
Sabina Shugg
BSc (Mining Engineering),
MBA, GAICD
Non-Executive Director
Adrian Reynolds
MSc, GradDipMinEng
Non-Executive Director
Simon Jackson
B.Com FCA
Non-Executive Director
Keith Marshall
BSc Eng
Non-Executive Director
Chris Eger
MBA (Exec)
Managing Director and Chief
Executive Officer
(Appointed in February 2025)
LEADERSHIP TEAM
Dave Jackson
BA CPA
Chief Financial Officer
(Appointed in February 2025)
Geoff Montgomery
BSc Chem Eng (Hons)
MIMM
Chief Operating Officer
Bruce Mowat
BSc (Geology)
Executive General Manager -
Exploration
Bianca Déprés
LLB, JD and LLM
General Counsel
Board of Directors and Leadership Team
8
RESOLUTE MINING LIMITED 2024 ANNUAL REPORT
THE BOARD
Andrew Wray
BA, (Hons)
Non-Executive Chairman
Mr Andrew Wray was appointed to the
Board as a Non-Executive Director in May
2024 and as Chairman of the Board on 1
September 2024. Mr Wray is Chair of the
Nomination Committee and a member of
the Remuneration Committee.
Skills, experience and expertise
Mr Wray has significant experience in the
resource sector in senior corporate roles,
as an investor and as an advisor.
Most recently, he was President and CEO
of Golden Star Resources from 2019 until
2022, when the business was acquired in
an all-cash transaction and delisted from
the NYSE and TSX. Prior to this, he was
Chief Executive Officer of La Mancha, one
of the largest direct investors in the
mining sector, from January 2018,
including non-executive Board roles with
Golden Star as well as Evolution Mining.
From 2010 to 2017, Mr. Wray held various
roles with Acacia Mining Plc, a UK listed
FTSE250 company and one of the largest
African gold producers, including Chief
Financial Officer from 2013 to 2017. Before
joining Acacia, Mr Wray worked in
investment banking with JPMorgan
Cazenove, where he advised a range of
clients in the resources sector.
Mr Wray has held the following
directorships in the three years
immediately before the end of the
financial year:
Listed directorships
▪Independent Non-Executive Director
of Hochschild Mining PLC (appointed
2025)
▪Other directorships/appointments
▪Chairman Vedra Metals (appointed
December 2022, resigned January
2025)
Sabina Shugg
BSc (Mining Engineering), MBA,
GAICD, MAusIMM
Non-Executive Director
Ms Sabina Shugg was appointed to
the Board as a Non-Executive Director
in September 2018. Ms Shugg is Chair of
the Sustainability Committee and a
member of the Nomination Committee.
Skills, experience and expertise
Ms Shugg is a mining engineer with over
30 years’ experience involving senior
operational roles with leading mining and
consulting organisations including
Normandy, Newcrest, and KPMG.
Ms Shugg has extensive experience in
senior roles with mining and consulting
organisations including operations
management experience at senior site
level covering both underground and
open pit environments. Ms Shugg’s work
has a strong people focus, together with
a solid project management background.
Ms Shugg recently completed a four year
term as the Director of the Kalgoorlie
Campus for Curtin University – WA School
of Mines with a focus on industry
engagement and taking mining education
into a digital future. Concurrently she served
a three year term as Chair of Goldfields
Esperance Development Commission.
In her role as Founder and Chair of
Women in Mining and Resources WA
(WIMWA), Ms Shugg was awarded the
inaugural Women in Resources Champion
by the Chamber of Minerals and Energy
of Western Australia for being an
outstanding role model for the resources
industry and broader community. In 2015,
Ms Shugg was awarded a Member of the
General Division of the Order of Australia
for significant service to the mining
industry through executive roles in the
resources sector and as a role model and
mentor to women.
Ms Shugg is a Member of the Australian
Institute of Company Directors and a
Member of the Australasian Institute of
Mining and Metallurgy (AusIMM).
Ms Shugg has held the following
directorships in the three years
immediately before the end of the
financial year:
Listed directorships
▪Tietto Minerals Ltd (appointed
September 2023, resigned June 2024)
Other current directorships/
appointments
▪Director of WIMWA Events Pty Ltd
(appointed 2007)
▪Non-Executive Director of Tellus
Holdings Ltd (appointed 2024)
Adrian Reynolds
MSc, GradDipMinEng
Non-Executive Director
Mr Adrian Reynolds was appointed to
the Board as a Non-Executive Director in
May 2021. Mr Reynolds is a member of the
Audit and Risk Committee and the
Sustainability Committee.
Skills, experience and expertise
Mr Reynolds has more than 40 years of
experience in senior management and
advisory roles in the natural resources
sector, including almost 25 years of
experience with Randgold Resources and
its predecessors.
His particular areas of expertise include
feasibility studies, project evaluation,
technical due-diligence, ore resource/
reserve estimation and environmental
studies.
Mr Reynolds is a Fellow of the Geological
Society of South Africa. He is a registered
Professional Natural Scientist and holds a
Master of Science in Geology obtained
from Rhodes University in 1979, as well as
a Graduate Diploma in Engineering
obtained from the University of
Witwatersrand in 1987.
Mr Reynolds has held the following
directorships in the three years
immediately before the end of the
financial year:
Llisted directorships
▪Non-Executive Director of Sylvania
Platinum Ltd (appointed 2021)
Other directorships/appointments
▪None
Board of Directors and Leadership Team
RESOLUTE MINING LIMITED 2024 ANNUAL REPORT
9
THE BOARD
Simon Jackson
B.Com FCA
Non-Executive Director
Mr Simon Jackson was appointed to the
Board as a Non-Executive Director in
October 2021. Mr Jackson is Chair of the
Audit and Risk Committee, and a member
of the Remuneration Committee.
Skills, experience and expertise
Mr Jackson is a Chartered Accountant
with over 25 years’ experience in
management of resource companies,
particularly in Africa. Mr Jackson was a
key member of the management team of
TSX listed Red Back Mining Inc., a
company that financed, developed and
operated two gold mines in West Africa
culminating in a takeover by Kinross
Gold Corp in 2010. He was then founding
President and CEO, and later Chairman,
of TSXV listed Orca Gold Inc, a company
which discovered the Block 14 gold
project in Sudan, before it was taken over
by Perseus Mining Limited in 2022.
Mr Jackson has previously been a director
of multiple ASX and TSX listed companies
including Cardinal Resources Limited.
Mr Jackson has held the following
directorships in the three years
immediately before the end of the
financial year:
Listed directorships
▪Non-Executive Director of Sarama
Resources Limited (appointed
March 2011)
▪Non-Executive Chairman of Predictive
Discovery Limited (appointed
October 2021)
▪Non-Executive Director of Leeuwin
Metals Limited (appointed March 2023)
▪Non-Executive Director of Cygnus Gold
Limited (appointed November 2017,
resigned May 2022)
Other directorships/appointments
▪None
Keith Marshall
BSc Eng
Non-Executive Director
Mr Keith Marshall was appointed to the
Board as a Non-Executive Director in June
2023. Mr Marshall is Chair of the
Remuneration Committee and a member
of the Nomination Committee.
Skills, experience and expertise
Mr Marshall is a mining engineer with a
wealth of technical and managerial
expertise gained over 40 years in the
sector, with the last fifteen years spent in
senior mine leadership roles. His
experience in underground mining and
caving is particularly relevant.
Mr Marshall’s last two operational roles
were both with Rio Tinto, with whom he
has worked for 22 years, as Managing
Director of the Phalabora Mining
Company in South Africa and as
President of the Oyu Tolgoi Project in
Mongolia.
Mr Marshall holds a mining engineering
degree from the Royal School of Mines at
Imperial College London.
Mr Marshall has held the following
directorships in the three years
immediately before the end of the
financial year:
Listed directorships
▪Non-Executive Director of Shanta Gold
Ltd (appointed 2017)
Other directorships/appointments
▪None
Adrienne Parker
LLB, MAICD
Non-Executive Director
(appointed 20 March 2024)
Ms Adrienne Parker was appointed to the
Board as a Non-Executive Director in
March 2024. Ms Parker is a member of the
Audit and Risk Committee and the
Sustainability Committee.
Skills, experience and expertise
Ms Parker is a Non-Executive Director
and lawyer with over 25 years’ experience
in the resources, energy and
infrastructure sectors. As a partner in
national and international law firms, she
specialised in commercial and
construction law, advising in connection
with the delivery of major infrastructure
and mining projects across Australia,
Africa and Asia.
Her expertise include risk assessment and
management, strategy, procurement
models and implementation, preparation
and negotiation of mining services and
supply agreements, EPC and EPCM
contracts. She has worked with executive
and management teams on all aspects of
governance, policies and compliance with
a particular focus on risk and
sustainability.
Ms Parker is a member of the Australian
Institute of Company Directors, the former
Chair of the Law Council of Australia’s
and Law Society of Western Australia’s
Construction and Infrastructure Law
Committee and a past President of the
National Association of Women in
Construction (WA Chapter).
Ms Parker has held the following
directorships in the three years
immediately before the end of the
financial year:
Listed directorships
▪Non-Executive Director of NRW
Holdings Limited (appointed May 2024)
▪Non-Executive Director of Liontown
Resources Ltd (appointed October
2022)
▪Non-Executive Director of Fleetwood
Limited (appointed August 2017)
Other directorships/appointments
▪None
Chris Eger
MBA (Exec)
Managing Director and Chief Executive
Officer
Mr Chris Eger was appointed Chief
Executive Officer on 1 February 2025. Prior
to this Chris was Resolute’s Chief
Financial Officer who joined in February
2023, bringing with him over 25 years of
experience leading the financial, strategic
and commercial functions of businesses
in the natural resources and financial
sector
Skills, experience and expertise
Chris has held a number of senior financial,
commercial and leadership roles in the
resources and investment banking sectors.
Most recently he was the CFO of Chaarat
Gold Plc and was previously CFO of
Nyrstar NV and the M&A Director at
Trafigura AG. He commenced his career in
private equity and investment banking with
BP Capital Management, BMO Capital
Markets and Bank of America Merrill Lynch.
Chris has extensive experience in North
America, Africa, Europe and the UK.
Mr Eger has held no directorships in the
three years immediately before the end of
the financial year.
Board of Directors and Leadership Team
10
RESOLUTE MINING LIMITED 2024 ANNUAL REPORT
LEADERSHIP TEAM
Geoff Montgomery
BSc Chem Eng (Hons) MIMM
Chief Operating Officer
Mr Geoff Montgomery joined Resolute
in 2021 as General Manager Technical
Services and was appointed as Chief
Operating Officer in August 2022 after
acting in the role since April 2022.
Mr Montgomery has 38 years’ experience
in operations management, engineering
design, projects, and corporate
management in the hard-rock mining and
engineering support services.
An experienced mining professional, Geoff
has worked extensively in Africa and
South East Asia. He has held a number
of roles including General Manager of a
gold mine and Technical Director for a
copper and cobalt producing company
and Business Development Manager of
an engineering company.
Dave Jackson
BA CPA
Chief Financial Officer
Mr Dave Jackson was as appointed as
Chief Financial Officer on 1 February 2025.
Prior to this Dave was Resolute’s Group
Financial Controller who joined the
Company in April 2023.
Dave has spent the last twelve years
working in the mining industry in West
Africa. Previously, Dave spent eight years
at Endeavour Mining in various financial
roles in Africa and London, most recently
as Vice President, Group Controller
Dave is a Canadian Chartered Accountant
that previously worked at Deloitte
Canada.
Bianca Déprés
LLB, JS and LLM
General Counsel
Ms Bianca Déprés is a corporate lawyer
who joined Resolute in 2022 and in
January 2025 was appointed as the
Company’s General Counsel. Prior to
joining Resolute, Ms. Déprés practiced for
years at leading international law firms in
the general energy and natural resources
space.
She has broad experience in a wide range
of matters in the sector including M&A,
projects, regulatory and corporate
advisory.
Bruce Mowat
BSc (Geology)
Executive General Manager - Exploration
Mr Bruce Mowat joined Resolute in 2011
and is currently Executive General
Manager Exploration, responsible for the
Company’s exploration and development
programs in Australia, Africa and other
jurisdictions.
Mr Mowat has spent 30 years exploring
for and finding gold and base metal
deposits in Australia, PNG, Indonesia and
West Africa and has held senior positions
in a number of companies.
Prior to joining Resolute Mr Mowat was
Chief Geologist for Straits Resources.
Mr Mowat is currently a non-executive
director of ASX-listed Turaco Gold Limited.
Board of Directors and Leadership Team
12
RESOLUTE MINING LIMITED 2024 ANNUAL REPORT
SUSTAINABILITY
AT RESOLUTE
SUSTAINABILITY
AT RESOLUTE
As a member of the World Gold Council (WGC),
Resolute is committed to operating responsibly
in accordance with the Responsible Gold Mining
Principles (RGMPs) from mine development
through to closure.
We continue to address the key environmental, social and
governance issues material for the gold mining sector and
produce our gold responsibly, in line with our 2023 external
assurance that we are conformant with the RGMPs.
Additionally, we have continued to operate in accordance with
the Conflict Free Gold Standard, ensuring that our gold
production does not cause, support, or benefit unlawful armed
conflict or contribute to serious human rights abuses or breaches
of international humanitarian law.
Resolute is committed to continuous improvement and
refinement of its sustainability frameworks, systems, protocols,
and management standards in line with leading practice. In 2024,
we maintained our group ISO 14001 and 45001 certifications and
continued to work towards compliance with the Global Industry
Standard on Tailings Management (GISTM) by August 2025.
Resolute’s Sustainability Strategy continues to evolve as the
Company’s understanding of ESG risk and opportunity at our
assets matures. Following our first group Human Rights Risk
Assessment in 2023, we addressed areas for improvement
in 2024.
We continued to act on the recommendations of the Task
Force on Climate-related Financial Disclosures (TCFD), now
incorporated into the work of the International Sustainability
Standards Board (ISSB). In 2024, we modelled the financial
impacts of the material climate-related risks identified through
the qualitative scenario analysis we conducted in 2023. We
developed a climate financial model based on our corporate
financial model, which forecasted the impacts on costs and
revenues over the current life of mine of our existing operations
for varying scenarios. This has helped us to deepen our
understanding of the influence these risks have on both our
operational effectiveness and financial performance.
We maintained strong operational ESG performance in 2024,
distributing over $778 million of economic value in Senegal and
Mali through our operations. We recorded zero significant
environmental incidents or non-compliances, zero community
grievances and zero industrial disputes. Our Total Recordable
Injury Frequency of 2.11 per million hours worked remains below
industry average.
Resolute is bound by the new Australian Sustainability Reporting
Standards (ASRS) issued by the Australian Accounting
Standards Board (AASB) on 20 September 2024, with an
effective date of 1 January 2025. We will ensure our compliance
with the mandatory requirements with respect to our climate-
related plans, financial risks, and opportunities.
We recognise the importance of disclosing our ESG metrics to
the investment community to allow the benchmarking of
sustainability performance across the mining sector. We are
committed to increasing disclosure of material ESG information
and of our ESG performance. We are actively working to
improve our ESG ratings across providers. We are pleased that
our performance continues to rate highly amongst our peers and
continues to rate highly in transparency and disclosure. Of note,
we are rated in the 82nd percentile of the S&P Jones CSA, rated
in the 74.7th percentile by Bloomberg, and in the 81.5th percentile
by MSCI, in which our rating was upgraded to AA from A.
Additional information on Resolute’s ESG performance can be
found in our 2024 Sustainability Report which will be available
to download on the Company’s website at rml.com.au later
this year.
Percentile ranking based on:
S&P CSA: Scope 47, 92nd percentile of 249 companies in the metals mining sector.
Bloomberg: 75th percentile, ranked Above Medium.
MSCI: 81.5th percentile, rank 74 of 91 in the precious metals universe, assuming
Resolute are at the midpoint of the AA percentile group.
Sustainalytics: 61st percentile in the gold sub-industry. Ranked 39 of 82 with 1 being
the top scope.
ISS: 65.5th percentile, ranked 135 of 206 in the mining and integrated production
industry group, assuming Resolute are at the midpoint of the C- percentile group.
Sustainability Report
14
RESOLUTE MINING LIMITED 2024 ANNUAL REPORT
Our approach to climate-related risks and opportunities
The mining industry is highly dependent on physical conditions to be able to operate effectively, and as such, future variations in
weather patterns globally with climate change will increase vulnerability to operational and supply chain disruptions. Machinery used
for mining, processing and transportation is also highly reliant on fossil fuels as a source of energy, making the industry carbon
intensive and highly exposed to risks. We therefore recognise the importance of identifying, assessing and managing potential
impacts to our business and the environment, and have been committed to responding to the recommendations of the Task Force
on Climate-related Financial Disclosures (TCFD), now subsumed into the International Sustainability Standards Board (ISSB),
since 2022.
Last year marked a significant milestone in our approach towards climate-related risks and opportunities, having completed a group
level transition and physical qualitative scenario analysis across our operations and supply chain, and disclosing the results for the
first time in our annual sustainability report. The completed assessments also applied our Enterprise Risk Management framework to
aid in the evaluation of how the changing climatic conditions and policy landscape may present a risk to our business continuity and
operational performance. This process allowed us to determine the priority issues across the group and confirmed any management
practices that need to be adapted to mitigate the identified risks or capitalise on the identified opportunities.
Highlights from this year
This year, to both enhance our approach and increase preparedness for emerging regulatory requirements, we have modelled the
financial impacts of the material climate-related risks identified through the qualitative scenario analysis conducted last year. These
are carbon pricing, flooding, and extreme heat/dust. Supported by industry specialists, we developed a climate financial model based
on our corporate financial model, which forecasted the impacts on costs and revenues over the current life of mine of our existing
operations. This was designed to improve our understanding of the influence of these risks on both our operational effectiveness and
financial performance.
Key achievements associated with the climate financial impact assessment completed in 2024:
▪Integration of priority climate-related risks into our existing corporate financial model, providing a view of financial materiality and
the implications for our financial planning.
▪Engagement with our sites to understand their approaches to managing climate financial impacts, including the data they already
collect, which can inform our future assessments and how we adapt to physical risks.
▪Competency building of climate financial impacts with our Finance team, and within our Sustainability Committee, solidifying our
approach to how we assess our financial stability to climate change and align this with assumptions and methodologies used for
our corporate financial forecasts.
▪Further review of existing mitigation measures for our significant climate-related risks, including identifying potential priorities for
improving resilience to their impacts.
Sustainability Report
RESOLUTE MINING LIMITED 2024 ANNUAL REPORT
15
Methodology used for our climate financial impact assessment
The climate financial model was developed over four stages, involving representatives from environment and finance at both
corporate and site-levels.
Scenarios, time horizons and parameters
Each climate-related risk was quantified for three time horizons: short-, medium-, and long-term; and for three climate scenarios: low
emissions, medium emissions and high emissions. The scenarios were sourced from climate models from the Intergovernmental
Panel on Climate Change (IPCC) for physical risks, and the Network for Greening the Financial System (NGFS) for transition risks.
They align with international requirements for climate-related disclosures, including use of a below 2°C (net zero-aligned) scenario to
stress test the resilience of our business to significant transition risks, and an above 4°C (‘worst case’) scenario to evaluate stressed
exposure to physical risks. Our rationale for selecting these time horizons and scenarios, in addition to some of the key assumptions
within the scenarios, are set out in Table 1 and 2.
The key parameters within the scenarios used for the modelling included carbon pricing, total wet season rainfall for flooding, and
number of hot days for extreme heat/dust. Carbon pricing was at the regional level for West Africa, whilst both physical risk
parameters were collected at the geographic locations of our sites. To assess financial implications, we referenced life of mine plans
for quantitative information relevant to the risks, such as gold price and production. Financial, operational and environmental data
was also collected for our sites, including GHG emissions, water usage, previous costs and revenue impacts associated with flooding
and dust disruptions, and historical data from on-site weather stations.
Defining a ‘material’ climate-related risk
The financial impact on Resolute was tested for each climate-related risk, both individually and cumulatively. A ‘material’ climate-
related risk is defined in line with likelihood and consequence levels within our Enterprise Risk Management framework. This is used
across our business to assess all types of risk, thoroughly embedding climate risk into our broader risk management processes. The
results from the climate financial model are evaluated in the following section by a combination of their likelihood and financial
consequence, with ‘High’ classified as a financially material risk.
Based on the findings from the assessment, we consider our existing operations to be resilient under the assessed scenarios. Carbon
pricing is the only climate-related risk modelled to have a material impact in the future, but we note that carbon taxes are currently
not in place in the countries we operate in, and as such, there is no material financial impact expected in the short-term and not until
these mechanisms are implemented by governments.
Low
Medium
High
Financial consequence levels
(EBITDA impact)
Less than $1m
$1m to $5m
Greater than $5m
Likelihood level (chance of occurrence in
period of interest)
Less than 10%
10 to 50%
Greater than 50%
TABLE 1. FUTURE TIME HORIZONS USED FOR ALL CLIMATE RISKS ASSESSED
Year
Rationale
Short-term
2026
Provides a near-term view of impacts to our operations, with Mako
ceasing planned production in the year following
Medium-term
2030
Provides a mid-term view of operational impacts at Syama, and to
closure at Mako
Long-term
2040
Aligned with the final year of our financial forecast in existing life of mine
plans, and Syama closure in 2037
Sustainability Report
16
RESOLUTE MINING LIMITED 2024 ANNUAL REPORT
Determine conditions for
modelling
Based on qualitative
scenario analysis, confirm
material climate risks and
associated financial
impacts, climate scenarios,
and relevant time horizons
for modelling
Develop methodologies
Develop methodologies,
including relationships
between climate risks and
their financial impacts, and
determine how these
should be integrated into
our existing financial
model
Collect data
Collect financial,
operational and
environmental data from
teams at our existing
operations, in addition to
physical and transition
climate parameters and
projections
Model climate financial
impacts
Use agreed
methodologies and data
collected to develop
climate financial model
and forecast additional
financial impacts of each
climate risk within the
different future scenarios
TABLE 2. SCENARIOS AND PARAMETERS USED IN THE FINANCIAL IMPACT ASSESSMENT
Carbon pricing
Flooding and extreme heat/dust
Scenario
Net Zero 2050
Delayed
Transition
Current Policies
SSP1-2.6
SSP3-7.0
SSP5-8.5
Source
Network for Greening the Financial System (NGFS)
GCAM 6.0 model, downscaled for West Africa
Intergovernmental Panel on Climate Change
(IPCC) Shared Socioeconomic Pathways (SSPs),
from the latest phase (6) of the Coupled Model
Intercomparison Project (CMIP6)
Policy ambition (°C)
1.4
1.7
3.0
1.8
3.6
4.4
Scenario narrative
and assumptions
Ambitious
scenario, limiting
global warming to
1.5°C
Global net zero
reached in 2050
Stringent climate
policies
introduced
immediately, and
focus on low
carbon innovation
Global emissions
do not decrease
until 2030, and
strong policies
needed following
this to limit
warming to below
2°C
New climate
policies not
introduced until
2030
Level of action
differs across
jurisdictions
based on
currently
implemented
policies
High emissions
scenario
Only currently
implemented
policies are
preserved, with
no new policies
Emissions grow
until 2080,
leading to severe
and irreversible
physical risks
Ambitious
scenario, in
which global
emissions are
strongly
reduced, with
the objective
of net zero by
2050
Socio-
economic
trends are
towards
sustainable
development
Few
challenges to
mitigation
and
adaptation
Emissions
and
temperatures
keep
increasing,
with
emissions
almost
doubling from
current levels
by 2100
Countries
compete
more,
prioritising
issues of
national and
food security
‘Worst case’
scenario, where
current levels of
emissions almost
double by 2050
World economy
grows rapidly,
driven by fossil
fuel exploitation,
and energy
demand triples
Many challenges
to mitigation, few
challenges to
adaptation
Key climate
parameters used for
modelling
▪Carbon prices
▪Scope 1 and 2 emissions
▪Wet season (May to
October) rainfall
▪Historical flood dewatering
costs
▪Historical rain delay hours
▪Days with max.
temperatures
above 35°C
▪Historical
water usage
for dust
suppression
▪Historical
water costs
Sustainability Report
RESOLUTE MINING LIMITED 2024 ANNUAL REPORT
17
Climate financial impacts and management actions
Sustainability Report
18
RESOLUTE MINING LIMITED 2024 ANNUAL REPORT
$
$
Financial Materiality
Material
Not material
The maximum financial impact for each climate-related risk across the assessed
scenarios is presented below
Climate-related
risk
Financial impact to our business
Materiality
over future
time
horizons
Risk management actions
and strategy
Carbon pricing
Establishment of
carbon taxes in our
operating regions
leading to
increased direct
operating costs in
the future
As policymakers implement carbon pricing mechanisms in more
geographies, as well as increase the weight and scope of these
mechanisms, mining companies around the world will be
increasingly exposed to the cost of carbon. As a result, it is possible
that our operations and supply chain will fall under some form of
carbon pricing mechanism in the future, leading to increased direct
and pass-through costs. Failing to prepare for this could lead to
significant financial pressure on us to decarbonise quickly to avoid
the worst impacts.
We currently do not fall under a carbon pricing mechanism,
however, both Senegal and Mali have national climate targets, and
we recognise that the Senegal government is also considering
implementing a carbon tax (although a timeline for this is not
confirmed1). As West Africa has a fossil fuel dominant energy mix, in
the net zero 2050 scenario, it is expected to experience significant
carbon price increases as stringent climate policies are introduced
to curb emissions.
Under this scenario, the direct costs associated with a carbon tax
applied to our Scope 1 and 2 emissions are modelled as financially
material across all time horizons. However, the likelihood of this, at
least in the short-term, is expected to be low. We therefore do not
anticipate any significant impacts until the mid to long term, or until
mechanisms are implemented in our operating regions.
Medium- to
long-term
(2030 to
2040)
▪Further develop and
implement our emissions
reduction targets and
plans
▪Continue to engage with
governments to evaluate
renewable energy
opportunities, and
assess feasibility of
using renewable energy
for any new operations
▪Monitor regional carbon
pricing mechanisms in
West Africa, and carbon
import levies in Australia
as the sole market for
our goods
Flooding
Increases in wet
season rainfall
causing surface
water flooding at
our sites, and
leading to
additional costs
associated with
floodwater
pumping and/or
deferred revenue
Wet season runs between May to October, bringing heavy rainfall
and flooding. This has been particularly evident at our sites in
recent years, although financial performance has still been strong
as both are well adapted towards mining during this season. More
severe floods hold potential to affect our operating costs, through
increasing the amount of pumping required to remove water from
mine pits, or lead to mining and processing delays and deferred
revenue under certain conditions. As this is typically recovered in
subsequent months, there is currently no detectable financial
impact over annual timescales.
The additional operating costs2 associated with changes in wet
season rainfall were modelled for open pit operations at Mako, and
both open pit and underground operations at Syama. For 2040, a
revenue impact was not modelled, as planned production at both
sites will be complete, however, operating costs were still evaluated
due to their relevance post mine closure.
Across all scenarios, the financial impacts are not expected to be
material. Due to an overall drying trend in future wet seasons at
Mako, the only additional impacts are modelled at Syama. These
are most significant post 2030, driven by deferred revenue from
delays to open pit mining activities, although this is not considered
consequential and will be factored into future operating budgets.
▪In 2024, both Mako and
Syama made capital
investments in new
pumps or other
dewatering measures for
wet season mining
▪Both sites are already
well adapted to flooding,
and have implemented
several measures to
minimise disruptions,
such as wet season
plans, educating mining
teams in wet season
mining, and establishing
pit sumps
▪Projected changes in
wet season rainfall will
be reviewed to
determine implications
for site water balance
and budgeting
1UNFCCC, 2024
2Additional here refers to any financial impacts due to increased rainfall that are not factored into our financial planning, acknowledging that we already account for wet season
in our site operating budgets for each year
$
$
Climate financial impacts and management actions
Our ambitions for next year
Whilst we are proud of the progress made in 2024 to quantify our material climate-related risks and better understand their influence
on our future financial performance, we recognise there are further steps we can take to improve our approach and enhance our
preparedness for upcoming regulatory obligations. To support this, next year we will focus on the following key actions:
▪Monitor the changing regulatory landscape, with upcoming mandatory ISSB-aligned climate-related disclosures in Australia (2025)
and the UK (expected earliest 2026), to ensure we can fully report in line with these, including the necessary quantitative
information required
▪Review any existing gaps in data and process within our climate financial model and address these with our environment and
finance teams
▪Continue to engage with our sites on impacts from extreme weather, and highlight their data gaps from 2024 to ensure financial
forecasts for future years are improved
▪Integrate results from the climate financial model into our business processes to inform strategy and financial planning, and work
on priority risk management actions to increase our resilience
Sustainability Report
RESOLUTE MINING LIMITED 2024 ANNUAL REPORT
19
The maximum financial impact for each climate-related risk across the assessed
scenarios is presented below
Climate-related
risk
Financial impact to our business
Materiality
over future
time
horizons
Risk management actions
and strategy
Extreme heat
and dust
More extreme
temperatures or
a longer dry
season leading to
heightened dust
concentrations and
additional costs
associated with
running dust
suppression
measures at
our sites
Dust is a priority air quality issue for Resolute, arising due to mining
activities, and exacerbated by dry and windy regional weather
conditions during dry season between November to April. To
mitigate risks associated with this, Mako and Syama run dust
suppression measures throughout most of the year, excluding wet
season. Hotter and drier conditions with climate change will lead to
higher dust concentrations, increasing operating costs associated
with these controls, and potentially lead to water availability issues
at our sites.
Future projected changes in dry season length, defined as the
number of days with maximum temperatures above 35°C, were
examined to determine the influence on our water usage and
additional operating costs3 associated with dust suppression.
These costs relate to water charges, contractor fees and fuel costs
for water trucks and pumps.
Under the most extreme scenario, dry season length is projected to
increase by around 15 days by 2030, which could increase water
consumption by over 10% across our sites. Whilst the modelled
future costs related to this are not material, there may be a risk
associated with not being able to access the volume of water
required to run dust suppression measures at a higher rate or for a
longer period. We will therefore focus efforts on reviewing our
access to water during dry season to increase resilience here.
▪Both sites have controls
in place to ensure dust
impacts are managed
both on site and in wider
communities. This
includes dust
monitoring, suppression
equipment, maintenance
on haul roads, and
ongoing dust
suppressant trials
▪Review dry season water
balances at sites with
reference to expected
increases in water
consumption for dust
suppression
▪Evaluate potential costs
and benefits associated
with investing in
additional water
abstraction, treatment
and storage if deemed
necessary
3Additional here refers to any financial impacts due to increased dust that are not factored into our financial planning, acknowledging that we already account for dust
suppression costs in our site operating budgets for each year
$
$
Financial Materiality
Material
Not material
$
OPERATIONS
REVIEW
OVERVIEW
Resolute is an African-focused gold miner with
more than 30 years' experience building and
operating mines. Resolute has the skills and
expertise to maximise the potential of its two
producing gold mines in Africa: the Syama Mine
in Mali (Syama) and the Mako Mine in
Senegal (Mako).
During 2024, Resolute continued its drive on productivity
improvements and operational efficiency at both Syama and
Mako. There was a key focus on organic growth with
construction progressing on the Sulphide Conversion Project at
Syama as well as the increase in mineral resources in Senegal
and Guinea.
In 2024, Resolute poured 339,869oz of gold at an AISC of
$1,476/oz, compared to 330,992oz at an AISC of $1,469/oz in the
prior year.
Syama and Mako mined circa 6.3 million tonnes (Mt) of ore with
the processing plants milling approximately 6.2 Mt of ore at a
grade of 2.01 grams per tonne of gold (g/t).
The Syama sulphide operation performed strongly in 2024
benefiting from the improvements that were put in place over the
last several years. In the second half of 2024, the Syama oxide
operation and Mako were impacted by production challenges
including mining accessibility during the rainy season. These
were remedied during the fourth quarter of 2024 with mining
production levels returning to design levels. At Mako lower ore
grades were encountered in the final areas of the pit with mining
scheduled to cease at the end of June 2025 .
Resolute continued several initiatives to improve operational
performance and reduce costs at both sites. At Syama this
included a focus on inventory management, strict reviews on
capital projects and continuous optimising of mine scheduling.
At Mako recoveries continued to benefit from the oxygen plant
commissioned in the prior year.
During 2024, major progress was made on the construction of
the Sulphide Conversion Project at Syama. The Project is
underpinned by the large sulphide resource at Syama and will
increase overall sulphide processing capacity by 60% from
2.4Mtpa to 4.0Mtpa by modifying the oxide comminution circuit
and upgrading the roaster. The Project is important for the long-
term future of Syama as oxide resources deplete and the ore
sources become predominantly sulphide. Importantly, the SSCP
will retain operational flexibility by maintaining the ability to
switch back to treat oxide ore.
In Senegal, major progress was made on the potential extension
of the Mako mine through the addition of a satellite deposit. At
this stage the most advanced satellite deposit is Tomboronkoto
which has a Mineral Resource Estimate of 7.0 Mt grading 1.7 g/t
for 377 koz of contained gold at a 0.7 g/t cut-off grade.
Operations Review
RESOLUTE MINING LIMITED 2024 ANNUAL REPORT
21
Mine Operations Review
for the year ended 31 December 2024
Measure/
Units
Syama
Sulphide
Syama Oxide
Syama Total
Mako
Group Total
Total Ore Mined
Tonnes
2,400,714
806,036
3,206,750
3,068,215
6,274,965
Total Ore Processed
Tonnes
2,404,832
1,522,976
3,927,808
2,228,793
6,156,601
Grade Processed
g/t
2.64
1.24
2.10
1.86
2.01
Recovery
%
78.5
86.0
81.3
92.8
85.5
Gold Poured
oz
163,379
52,555
215,934
123,935
339,869
AISC
$/oz
1,374
1,880
1,497
1,244
1,476
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 maintained its productivity 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.
Syama's All-In Sustaining Cost (AISC) for 2024 was $1,497/oz. This was 3% higher than in 2023 and is partly attributed to increased
royalty payments as the base rate increased from August as the gold price exceeded $2,500/oz.
In Senegal, the Mako mine produced 123,935 oz at an AISC of $1,244/oz. Gold production was higher than the prior year but was
impacted by lower-than-expected grades and disruption to mining operations during the rainy season. Tonnes processed steadily
increased over the year with mill availability increasing from 93% in H1 to 97% in H2. The AISC decreased by 9% due to lower mining
and processing costs.
2025 Outlook
Resolute forecasts gold production for 2025 to be between 275,000 - 300,000 ounces at an AISC between $1,650 - 1,750 /oz from the
Syama and Mako operations. Group total capital expenditure is expected to be between $109 - 126 million in 2025 including
exploration expenditure. Administration and other corporate expenditure are expected at approximately $25m.
Syama
The Company is providing 2025 production guidance of 195,000 – 210,000 oz. Production for Syama sulphide and oxide is expected to
be 150,000 – 160,000 oz and 45,000 – 50,000 oz respectively. 2025 AISC guidance for Syama is $1,700 – 1,800/oz and is mainly
impacted by the increase in operating costs associated with the transition to the 2023 Mali Mining Code which the Company
estimates equate to an additional ~$250/oz or around $175/oz at a Group level.
Total capital expenditure at Syama in 2025 is expected to be $85 – 95 million. This comprises approximately $30 million for the SSCP
(non-sustaining) with the remaining capex relating to fleet replacement, TSF lifts and waste stripping.
Mako
Production at Mako for 2025 is expected to be 80,000 – 90,000 oz at an AISC of $1,300 – 1,400/oz. Gold production is expected to be
weighted towards H1 (approximately 60%) as the remaining ore from the open pit is mined and processed. Stockpile processing is
due to commence from July onwards and is expected to produce approximately 4-5 koz per month until all stockpile material is
depleted, terminating in H2 2027.
Total capital expenditure in 2025 at Mako is expected to be $4 – 6 million comprised of general sustaining expenditure. Resolute is
working towards extending the life at Mako through the development of the Tomboronkoto and Bantaco satellite deposits.
Exploration
The overall 2025 projected expenditure for the Group is $20-25 million with the majority being capital expenditure. In Mali,
approximately $3 million is allocated for continued exploration of oxides and sulphides at Syama North and exploration on the Finkolo
Permit to the south.
In Senegal, approximately $9 million has been budgeted for exploration in 2025 with a focus on increasing Mineral Resources at
Tomboronkoto, Bantaco and Laminia. At Tomboronkoto drilling will be undertaken to increase the open pit Mineral Resources which
are the basis for ongoing studies. A drilling program for geotechnical and metallurgical testwork will also take place. At Bantaco,
existing drill results returned in Q4 will be followed up by intensive drilling programs in 2025.
In Cote d’Ivoire, a total of $3 million is budgeted for 2025. The primary aim for 2025 is to increase the Mineral Resources for the La
Debo group of prospects. Drilling will largely be carried out during H1 2025.
Between $4 - 6 million will be allocated to various studies at Tomboronkoto including village resettlement, tailings storage facilities
and engineering studies.
2025 Guidance
Production (oz)
AISC ($/oz)
Syama
195,000-210,000
1,700-1,800
Mako
80,000-90,000
1,300-1,400
Total
275,000-300,000
1,580-1,680
Operations Review
22
RESOLUTE MINING LIMITED 2024 ANNUAL REPORT
SYAMA
GOLD MINE
Syama is located in the southwest of Mali,
approximately 30km from the Côte d’Ivoire border
and 300km southeast of the capital Bamako.
Syama Gold Mine is a large-scale operation, comprising the established Syama Underground Mine, the Tabakoroni Complex and
the 3.9Moz Syama North Resource along with several satellite oxide pits. Syama is owned by local subsidiary Société des Mines
de Syama S.A. (SOMISY) in which Resolute has an 80% interest and the Government of Mali holds the remaining 20%.
The Tabakoroni complex is 90% owned by Société des Mines de Finkolo S.A. (SOMIFI), and the Government of Mali holds the
remaining 10%.
2024 AT A GLANCE
MINING
3.2Mt of ore
SALES
214,587oz
GROWTH POTENTIAL
▪Progress Sulphide
Conversion Project to
increase sulphide processing
capacity to 4 Mtpa
▪Progress studies for a Phase
2 Expansion
▪Progress work on the
extension of mining projects
at Tabakoroni
PRODUCTION
215,934oz
AISC
1,497/oz
PROCESSING
3.9Mt at 2.10g/t and
81.3% recovery
RESOURCES
10.0Moz at 2.5g/t
RESERVES
4.1Moz at 2.4g/t
Operations Review
RESOLUTE MINING LIMITED 2024 ANNUAL REPORT
23
Syama Sulphide Operations
Gold production of 163.4 koz was 8% higher than 2023 (151.3
koz) due to higher utilisation and throughput at the sulphide
plant. Tonnes milled in 2024 of 2.4 Mt was 6% higher than 2023
(2.26 Mt). Head grade remained similar at 2.64 g/t for the year.
The sub-level cave underground operation achieved a similar
production level to 2023 of 2.4 Mt of ore mining as it continued
to benefit from productivity improvements from truck fill and
loader operations that were implemented in 2023.
The full-year AISC at Syama Sulpide of $1,374/oz for 2024 was
1% lower than in 2023 ($1,390/oz). The increase in AISC in
2024 across both the sulphide and oxide operations was
impacted by increased royalty payments as the base rate
increased from August as the gold price exceeded $2,500/oz.
Syama Oxide Operations
Gold production from the Syama oxide operations for 2024
of 52.6 koz was 12% lower than 2023 (59.9koz) due to a lower
head grade of 1.24 g/t (2023: 1.42 g/t). This was a result of
stockpile material making up a larger component of the mill
blend in 2024.
In 2024 0.8 Mt of oxide ore was mined from open pits. This was
approximately 1 Mt less than 2023 (1.8 Mt mined) as the
quantity of the oxide Ore Reserves, as expected, have been
diminishing. The reduction in oxide ore is the rationale for the
Sulphide Conversion Project to replace oxide ounces with
sulphides from Syama North.
2024
Syama Sulphide Production and Cost Summary
Ore Mined
(t)
Ore Milled
(t)
Head Grade
(g/t)
2,400,714
2,404,832
2.64
Recovery
(%)
Production
(oz)
AISC
($/oz)
78.5
163,379
1,374
2024
Syama Oxide Production and Cost Summary
Ore Mined
(t)
Ore Milled
(t)
Head Grade
(g/t)
806,036
1,522,976
1.24
Recovery
(%)
Production
(oz)
AISC
($/oz)
86.0
52,555
1,880
Sulphide Conversion Project (SSCP)
The Project will increase overall sulphide processing capacity
at Syama by 60% from 2.4Mtpa to 4.0Mtpa by modifying the
oxide comminution circuit and upgrading the roaster. The
Project is important for the long-term future of Syama as oxide
resources deplete and the ore sources become predominantly
sulphide. Importantly, the SSCP will retain operational flexibility
by maintaining the ability to switch back to treat oxide ore.
Construction activities progressed well in 2024 with the project
remaining on budget and on track based on the new schedule.
In 2024 key items included:
▪Effective completion of the procurement of key items
▪All the critical and long lead items arrived on site and most
mechanical equipment have been delivered
▪Long lead items delivered to site including the ball mill, two
crushers and flotation cells
▪Shipment of the electrical and instrumentation equipment is
in progress and on track
▪Majority of the civils work was completed
▪Approximately 65% of the steel work was erected and both
the crushers were installed
The revised schedule for the SSCP is for commissioning from
mid-2026. This is to optimise nearer-term cash flows by
processing the remaining oxides throughout 2025 before
starting to treat sulphide material from Syama North.
In 2025 we are forecasting $30m of capital expenditure on the
SSCP. This will be used to continue construction of the CCIL
circuit, re-crushing circuit and flotation plant. The plan for 2025
is to complete all civil works for the entire SSCP and roaster
circuit. In Q4 2025 construction of the remaining parts of the
SSCP plant (ball mill, secondary crusher, CCIL tanks, stockpile
tunnel, conveyors, roaster upgrades) will commence.
In 2026 the remaining $35m of capital expenditure is forecast.
The ball mill installation and completion of the secondary
crusher circuit and stockpile area is planned for H1 2026
Operations Review
24
RESOLUTE MINING LIMITED 2024 ANNUAL REPORT
MAKO
GOLD MINE
The Mako Gold Mine, located in eastern Senegal, is a high
quality, open pit mine with potential mine life extension through
several near-mine exploration opportunities.
Mako is owned and operated by Resolute’s Senegalese subsidiary, Petowal Mining Company S.A. (Petowal). Resolute has a 90%
interest in Petowal and the Government of Senegal holds the remaining 10%. Mako is a conventional drill and blast, truck and
shovel operation with mining services undertaken by an established contractor. The carbon in leach processing plant has 2.1 Mtpa
of installed capacity and comprises a crushing circuit, an 8MW SAG Mill and gold extraction circuit. Mako continues to deliver
consistently strong results and cash flows. Consistent ore grades and metallurgical characteristics support reliable production rates.
Satellite deposits within trucking distance of the mill, such as Tomboronkoto, have the potential to increase mine life.
2024 AT A GLANCE
MINING
3.1Mt of ore
SALES
121,121oz
GROWTH POTENTIAL
Potential for further discovery
and additional mine life
extensions with the maiden
Mineral Resource Estimate at
the Tomboronkoto prospect
and potential at the Bantaco
prospect.
PRODUCTION
123,935oz
AISC
$1,244/oz
PROCESSING
2.1Mt at 1.86g/t and
92.8% recovery
RESOURCES
730koz at 1.4g/t
RESERVES
227koz at 1.1g/t
Operations Review
RESOLUTE MINING LIMITED 2024 ANNUAL REPORT
25
Mako Operations Overview
In 2024, Mako poured 123.9koz of gold at an AISC of $1,244/
oz, compared to 119.8koz of gold at an AISC of $1,373/oz in
the year prior. AISC costs were 9% lower on the prior year
due to lower mining and processing costs. Gold production
was below guidance due to lower-than-expected grades and
disruption to mining operations as the pit flooded during the
abnormally heavy rainy season.
Ore mined at Mako increased by 29% from 2023. During the
year 3.1Mt of ore was mined (2023: 2.4Mt) due to a lower
strip ratio and accelerated mining in order to complete open
pit mining in June 2025.
Tonnes processed was 6% higher than the prior year due to
improvements in mill availability which increased from 93%
in the first half of 2024 to 97% in the second half. The
recovery rate increased from 92% to 93% as the operation
continues to benefit from the oxygen plant.
Capital expenditure at Mako in 2024 was 45% lower than in
2023 primarily due to significantly less waste stripping.
Expenditure included critical parts for the power generator,
pumping equipment that will be transferred to Syama, and
the final Tailings Management Facility raise.
Looking forward, production at Mako for 2025 is expected to
be 80,000 – 90,000 oz at an AISC of $1,300 – 1,400/oz. Gold
production is expected to be weighted towards H1
(approximately 60%) as the remaining ore from the open pit
is mined and processed. Stockpile processing is due to
commence from July onwards and is expected to produce
approximately 4-5 koz per month until all stockpile material
is depleted, terminating in H2 2027.
2024
Mako Production and Cost Summary
Ore Mined
(t)
Ore Milled
(t)
Head Grade
(g/t)
3,068,215
2,228,793
1.86
Recovery
(%)
Production
(oz)
AISC
($/oz)
92.8
123,935
1,244
Operations Review
26
RESOLUTE MINING LIMITED 2024 ANNUAL REPORT
EXPLORATION
The key priority for Exploration to expand the Mineral Resources in the
countries we operate including Mali, Senegal, Guinea and Cote d’Ivoire
Exploration programs were undertaken in Mali, Senegal, Cote d’Ivoire and Guinea during 2024.
In Mali, exploration continued on resource drilling at Syama North and oxide drilling programs on all the granted exploitation permits.
In Senegal, after announcing the maiden Mineral Resource Estimation (MRE) at Tomboronkoto in January 2024, drilling programs
continued leading to an updated MRE in September 2024. Also in Senegal exploration drilling commenced at the Bantaco Joint
Venture which was signed in early 2024. In Guinea, exploration RC and diamond drilling continued on the 100% owned Mansala
Prospect resulting in a maiden MRE being published in September 2024. In Cote d’Ivoire a Joint Venture was signed in 2024 on the
LaDebo project and exploration drilling commenced in December.
Syama North
Exploration continued at Syama North in 2024 with drilling focusing on expanding the high-grade gold mineralisation which lies
below the currently planned open pit design. These high-grade shoots have better grade than the open pit resource and would be
suitable for underground mining.
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.
The updated resource was estimated using the principals of Reasonable Prospects for Eventual Economic Extraction (RPEEE) and
was reported in the Annual Reserves and Resources Statement to December 2024.
The successful extension of the mineralized zones in 2024 drilling programs have meant that the application of RPEEE factors has
only caused a very small decrease in Mineral Resources this year from the global Mineral Resources published in 2023.
Open pit Mineral Resources at Syama North were constrained by a $2,950 optimized pit and underground Mineral Resources were
constrained by and a MSO shape based on $2,950 Au price and 1.5g/t Au cut off.
Syama North Satellite Deposits Mineral Resource
Classification
Tonnes
Grade
Ounces
Measured
2,400,000
3.1
236,000
Indicated
25,670,000
3.2
2,669,000
M and I Sub-Total
28,070,000
3.2
2,905,000
Inferred
4,346,000
3.3
464,000
Total
32,416,000
3.2
3,369,000
Table 1 : Syama North open pit and underground resource as at December 2024. Open pit is reported inside a US$2,950 optimised pit at a cut-off of 0.7 g/t Au. Underground
resource is reported inside a 1.5 g/t Au MSOO
Operations Review
RESOLUTE MINING LIMITED 2024 ANNUAL REPORT
27
Figure 1. Syama North (A21 area) Cross Section at 1201900N showing drillholes and results
Figure 2. Syama North (A21 area) Longitudinal Section showing Mineral Resource Block Model historic oxide pits, proposed pits, and drillhole pierce points.
Oxide Exploration
Exploration Drilling programs concentrating on oxide mineralisation continued on the Syama and Finkolo exploitation permits
throughout 2024.
The first phase of follow up RC drilling was completed at the Djigui prospect which was identified in late 2023. Results to date are
encouraging and further drilling is planned in 2025.
Two phases of RC drilling have been completed at the Zozani prospect located north of Tabakoroni on the Finkolo exploitation permit.
Drilling to date has outlined a low-grade oxide Mineral Resource which may be exploited if the gold price remains high.
Potential oxide sources have been outlined to test in early 2025 which may be included in the mill schedule for late 2025.
The Syama North gold deposit remains open down-dip over the entire 6km strike length. Diamond drilling is ongoing and expected
to continue in 2024.
Operations Review
28
RESOLUTE MINING LIMITED 2024 ANNUAL REPORT
Senegal
Tomboronkoto
Tomboronkoto is located 16km east of the Mako Processing Plant – see Figure 3. The prospect is approximately 20km by road and,
therefore pending studies, provides an opportunity for hauling material to the existing Mako Processing Plant.
Resolute carried out an extensive drilling program at Tomboronkoto throughout 2024 with a combination of Reverse Circulation (RC)
and diamond drilling using multiple drill rigs. For the 2024 year a total of 26 diamond holes for 6,000 metres and 66 RC holes for
10,263m of drilling has been completed.
The drilling program in 2024 focused on upgrading the classification of the Initial Mineral Resource reported to the ASX on 24 January
2024 which was 100% in the Inferred category.
The Tomboronkoto MRE was re-estimated in August 2024 using wireframe constrained Ordinary Kriged (“OK”) estimation
methodology, within two nested Leapfrog Indicator wireframes at 0.2 g/t Au and 0.75g/t Au. A Global Mineral Resource Estimate of
5Mt @ grading 2.1g/t Au for 343,000oz was reported in September 2024.
The Tomboronkoto MRE in the 2024 Ore Reserves and Mineral Resources statement had Reasonable Prospects for Eventual
Economic Extraction (RPEEE) factors applied. Mineral Resource stated in Table 2 are constrained by a $2,950 optimized pit and a
cut-off grade of 0.7g/t.
Tomboronkoto Mineral Resource
Classification
Tonnes
Grade
Ounces
Indicated
6,168,000
1.7
334,000
Inferred
880,000
1.5
43,000
Total
7,048,000
1.7
377,000
Table 2: Tomboronkoto Mineral Resources at December 2024 (within $2,950 optimized pit)
Gold mineralisation at Tomboronkoto is hosted within a north-east striking shear zone in a granodiorite intrusive. Increasing gold
grade appears to correlate with the intensity of pyrite development and exhibits good lateral and vertical continuity through the
mineralised zone.
Mineralisation has a relatively simple geometry comprising a zone that varies from 30 to 60m in width, along the 1,700m strike length
drilled to date. The zone dips approximately 70⁰ to the south-southeast.
To date the Tomboronkoto deposit is only drilled to 150m below surface and is open down dip. Drilling is currently targeting the
extensions of the resource between 150m and 200m below surface. Preliminary results suggest that the mineralisation is continuous
down dip.
Operations Review
RESOLUTE MINING LIMITED 2024 ANNUAL REPORT
29
Figure 3. Project Geological setting and Location Diagram
Bantaco JV
Resolute entered a Joint Venture with SNEPAC, a local Senegalese company, in early 2024 to earn into the Bantaco Project located
approximately 20km east of Mako.
The Bantaco project presents an opportunity in the short term to find an economically exploitable gold resource to extend the life of
Mako. The project area has extensive artisanal workings in two main locations, Baisso in the southwest and Bantaco in the northeast
of the permit.
Drilling commenced in June 2024 and is ongoing. An update on the program of wide spaced drilling to traverse the outcropping gold
mineralisation and coincident geochemical anomalies is expected in early 2025.
Operations Review
30
RESOLUTE MINING LIMITED 2024 ANNUAL REPORT
Laminia Joint Venture
The Laminia Joint Venture is located east and contiguous with the Bantaco JV area – see figure 3. The Laminia Project covers the
southern extensions of the Massawa Shear zone which controls the gold mineralisation hosted in the Massawa Deposits held by
Endeavour Mining Corporation.
Auger drilling in the northwestern part of the permit covering the southern extensions of the Massawa shear zone, delineated a 3km
gold anomaly open to the South. Subsequent RC drilling encountered encouraging results.
The eastern part of the permit covers the southern extension of the Makosa (Thor Exploration) and Makabingui (Bishop Resources)
shears. Gold in soil results highlighted two long anomalies along the shears which will be tested by auger drilling.
Guinea
Resolute controls three exploration projects in Guinea, the 100% owned Niagassola and Siguiri-Kouroussa projects and the Kourouba
Joint Venture. The Niagassola and Siguiri-Kouroussa Projects lie on major North-South striking regional structures within the Siguiri
Basin. The Kourouba Joint Venture is located on a series of mafic volcanics units on the western margin of the Siguiri Basin.
Over the past three years Resolute conducted standard regional exploration techniques over these greenfields projects. Programs of
regional mapping, soil geochemistry and rock chip sampling identified a number of areas with gold anomalies. These areas were
tested with auger drilling programs which further defined the anomalous zones.
Operations Review
RESOLUTE MINING LIMITED 2024 ANNUAL REPORT
31
Mansala Prospect
Regional soil and rock chip geochemistry over the entire area of the Niagassola Project identified an area of strong gold anomalism
on the western edge of the permit.
This anomaly was followed up by regional auger and air core drilling which further outlined an extensive zone of gold mineralisation.
Reverse Circulation (RC) and diamond drilling programs in 2023 and 2024 have successfully discovered a previously unknown gold
zone now named the Mansala Prospect.
Drilling to date has confirmed a north striking 1.5km long gold mineralised shear zone. Mineralisation is interpreted to be steeply-
dipping and wholly hosted within sedimentary units. Intensity of gold mineralisation correlates with sedimentary grain size,
arsenopyrite and quartz vein development and exhibits good lateral and vertical continuity throughout the zone.
An Initial Mineral Resource Estimate for the Mansala Prospect was undertaken in Q2 2024. Estimation methodology was comprised
of wireframe constrained Ordinary Kriged techniques. A summary of the Mansala Resource Parameters is show on the following
pages.
A Global Mineral Resource of 8.44 million tonnes at a grade of 1.3g/t Au for a total of 367,000oz of gold using a cut off of 0.7g/t Au has
been estimated at Mansala.
The Mansala MRE in the 2024 Ore Reserves and Mineral Resources statement had Reasonable Prospects for Eventual Economic
Extraction (RPEEE) factors applied. Mineral Resource stated in Table 3 are constrained by a $2,950 optimized pit and a cut-off grade
of 0.7g/t.
Drilling to date is on 100m spaced lines therefore Resource classification is 100% Inferred category.
Mansala Mineral Resource (1g/t Au cut-off)
Classification
Tonnes
Grade (g/t Au)
Ounces (Au)
Inferred
8,438,000
1.3
357,000
Total
8,438,000
1.3
357,000
Table 3: Mansala Mineral Resources at December, 2024 (1g/t cut off)
The mineralisation zone at Mansala is open along strike to the north and south and down dip. Drilling programs to extend the
resources are planned to commence in 2025.
A prospect scale Geophysical IP survey also identified an offset to the west of the northern extensions of the mineralisation.
Cote D'Ivoire
During 2024 Resolute signed a joint venture (“JV”) agreement with JOFEMA Holdings Limited, a local Ivoirian 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.
There has been a large amount of historical work carried out at La Debo including soil sampling and over 42,000m of combined air-
core, reverse circulation and diamond drilling.
Gold mineralization is hosted in sheared Birimian sediments similar to many gold deposits in West Africa.
In 2016, an initial PEA established an 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 (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 Q1 2025 with the expectation that the Mineral Resources can be considerably expanded.
Operations Review
32
RESOLUTE MINING LIMITED 2024 ANNUAL REPORT
ORE RESERVES AND
MINERAL RESOURCES
ORE RESERVES AND
MINERAL RESOURCES
Significant increase in mineral resources and an increase in
ore reserves after accounting for 2024 depletion.
Governance and Controls
Resolute reports its Mineral Resources
and Ore Reserves on an annual basis,
with Mineral Resources inclusive of Ore
Reserves. Reporting is in accordance with
the 2012 Edition of the Australasian Code
for Reporting of Exploration Results,
Mineral Resources and Ore Reserves and
applicable Listing Rules.
All Competent Persons named by
Resolute are suitably qualified and
experienced as defined in the JORC Code
2012 Edition.
Competent Persons
Statement
The information in this announcement
that relates to data quality, geological
interpretation and Mineral Resource
estimation for the various projects unless
specified in the list below is based on
information compiled by Bruce Mowat, a
Competent Person who is a Member of
the Australian Institute of Geoscientists
and a full-time employee of Resolute
Corporate Services Pty Ltd, a wholly-
owned subsidiary of Resolute Mining
Limited.
Mr Mowat has sufficient experience that is
relevant to the styles of mineralisation and
type of deposits under consideration and
to the activity being undertaken as a
Competent Person as defined in the 2012
Edition of the “Australasian Code for
Reporting of Exploration Results, Mineral
Resources and Ore Reserves” (JORC
Code 2012). Mr Mowat consents to the
inclusion in this announcement of the
material compiled by him in the form and
context in which it appears.
The information in this statement that
relates to the Mineral Resources and Ore
Reserves listed below is based on
information and supporting documents
prepared by the Competent Person
identified. Each person specified in the list
has sufficient experience which is relevant
to the style of mineralisation and type of
deposit under consideration and to the
activity, which has been undertaken to
qualify as a Competent Person as defined
in the JORC Code 2012.
Mr Ndjibu and Mr Patani are full-time
employees of Resolute Corporate
Services Pty Ltd, a wholly-owned
subsidiary of Resolute Mining Limited.
Each person identified in the list below
consents to the inclusion in this
announcement of the material compiled
by them in the form and context in which
it appears.
Competent Persons
Activity
Competent Person
Membership Institution
Syama Resources
Patrick Smillie
Society for Mining, Metallurgy & Exploration
Syama Reserves
Gito Patani
Australasian Institute of Mining & Metallurgy
Tabakoroni Resources
Patrick Smillie
Society for Mining, Metallurgy & Exploration
Tabakoroni Reserves
Gito Patani
Australasian Institute of Mining & Metallurgy
Northern Pits Resources
Patrick Smillie
Society for Mining, Metallurgy & Exploration
Northern Pits Reserves
Kitwa Ndjibu
Australasian Institute of Mining & Metallurgy
Tellem Resources
Patrick Smillie
Society for Mining, Metallurgy & Exploration
Tellem Reserves
Kitwa Ndjibu
Australasian Institute of Mining & Metallurgy
Paysans Resources
Patrick Smillie
Society for Mining, Metallurgy & Exploration
Paysans Reserves
Kitwa Ndjibu
Australasian Institute of Mining & Metallurgy
Tailings Storage Facility Resources
Bruce Mowat
Australian Institute of Geoscientists
Cashew Resources
Patrick Smillie
Society for Mining, Metallurgy & Exploration
Cashew Reserves
Kitwa Ndjibu
Australasian Institute of Mining & Metallurgy
Porphyry Zone Resources
Patrick Smillie
Society for Mining, Metallurgy & Exploration
Porphyry Zone Reserves
Kitwa Ndjibu
Australasian Institute of Mining & Metallurgy
Mako Resources
Bruce Mowat
Australian Institute of Geoscientists
Mako Reserves
Patrick Smillie
Society for Mining, Metallurgy & Exploration
Tomboronkoto Resources
Patrick Smillie
Society for Mining, Metallurgy & Exploration
Tomboronkoto Reserves
Patrick Smillie
Society for Mining, Metallurgy & Exploration
Mansala Project Resources
Patrick Smillie
Society for Mining, Metallurgy & Exploration
Mansala Project Reserves
Patrick Smillie
Society for Mining, Metallurgy & Exploration
Ore Reserves and Mineral Resources
34
RESOLUTE MINING LIMITED 2024 ANNUAL REPORT
ORE RESERVES STATEMENT
as at 31 December 2024
Ore Reserves
Proved
Probable
Total Reserves
Group
Share
Tonnes
g/t
oz
Tonnes
g/t
oz
Tonnes
g/t
oz
oz
(000s)
(000s)
(000s)
(000s)
(000s)
(000s)
(000s)
Mali
80%
Syama Underground
0
0.0
0
20,899
2.4
1,603
20,899
2.4
1,603
1,282
Syama Stockpiles
754
1.5
37
1,786
1.3
76
2,540
1.4
113
90
Sub Total (Sulphides)
754
1.5
37
22,685
2.3
1,679
23,439
2.3
1,716
1,372
Satellite Deposits
66
1.8
4
21,829
2.2
1,530
21,895
2.2
1,534
1,227
Stockpiles (Satellite
Deposits)
653
1.3
27
1,239
1.0
38
1,892
1.1
65
52
Sub Total Satellite
Deposits
719
1.3
31
23,068
2.1
1,568
23,787
2.1
1,599
1,279
90%
Tabakoroni Underground
0
0.0
0
5,028
4.7
766
5,028
4.7
766
689
Tabakoroni Open Pit
0
0.0
0
0
0.0
0
0
0.0
0
0
Tabakoroni Satellite
Deposits
0
0.0
0
0
0.0
0
0
0.0
0
0
Tabakoroni Stockpiles
951
1.5
46
0
0.0
0
951
1.5
46
41
Sub Total Tabakoroni
951
1.5
46
5,028
4.7
766
5,979
4.2
812
730
Mali Total
2,424
1.5
114
50,781
2.5
4,013
53,205
2.4
4,127
3,382
Senegal
90%
Mako
39
1.0
1
1,078
1.8
61
1,117
1.7
62
56
Mako Stockpiles
5,547
0.9
165
0
0.0
0
5,547
0.9
165
149
Senegal Total
5,586
0.9
166
1,078
1.8
61
6,664
1.1
227
205
Total Ore Reserves
8,010
1.1
280
51,859
2.4
4,074
59,869
2.3
4,354
3,587
Notes:
1.
Mineral Resources include Ore Reserves. Differences may occur due to rounding.
2. Syama Underground reserves are reported above 2.0 g/t shut off.
3. Syama Satellite Reserves are reported above 1.0g/t cut-off.
4. Tabakoroni and Tabakaroni Satellite Reserves are reported above 1.0g/t.
5. Mako Reserves are reported above 0.7g/t cut-off.
Ore Reserves and Mineral Resources
RESOLUTE MINING LIMITED 2024 ANNUAL REPORT
35
MINERAL RESOURCE STATEMENT
as at 31 December 2024
Mineral Resources
Measured
Indicated
Inferred
Total Resources
Group
Share
Tonnes
g/t
oz
Tonnes
g/t
oz
Tonnes
g/t
oz
Tonnes
g/t
oz
oz
(000s)
(000s)
(000s)
(000s)
(000s)
(000s)
(000s)
(000s) (000s)
Mali
80 %
Syama Underground
29,961
3.1
2,636
16,926
2.4
1,302
5,101
2.8
459
51,988
2.6
4,397
3,517
Stockpiles (Sulphide)
754
1.8
37
1,786
1.3
76
0
0.0
0
2,540
1.4
113
90
Sub Total Sulphides
30,715
3.0
2,673
18,712
2.3
1,378
5,101
2.8
459
54,528
2.6
4,510
3,607
Satellite Deposits
3,431
2.8
296
30,401
3.0
2,966
7,627
2.7
671
41,459
3.0
3,933
3,147
Stockpiles (Satellite Deposits)
1,221
1.4
69
1,239
1.0
38
46
1.1
2
2,506
1.3
109
87
Sub Total Satellite Deposits
4,652
2.3
365
31,640
3.0
3,004
7,673
2.7
673
43,965
2.9
4,042
3,234
Old Tailings
0
0.0
0
0
0.0
0
17,000
0.7
365
17,000
0.7
365
292
90%
Tabakoroni Open Pit
0
0.0
0
151
4.5
22
0
0.0
0
151
4.6
22
20
Tabakoroni Underground
6
3.5
1
5,179
4.8
792
1,644
3.5
183
6,829
4.4
976
878
Tabakoroni Satellite Deposits
191
2.0
12
0
0.0
0
0
0.0
0
191
2.0
12
11
Tabakoroni Stockpiles
975
1.0
31
0
0.0
0
0
0.0
0
975
1.0
31
28
Sub Total Tabakoroni
1,172
1.2
44
5,330
4.8
814
1,644
3.5
183
8,146
4.0
1,041
937
Mali Total
36,539
2.6
3,082
55,682
2.9
5,196
31,418
1.7
1,680
123,639
2.5
9,958
8,070
Senegal
90%
Mako
53
0.9
2
3,308
1.7
178
300
0.9
8
3,661
1.6
188
169
Tomboronkoto
0
0.0
0
6,168
1.7
334
880
1.5
43
7,048
1.7
377
339
Mako Stockpiles
5,547
0.9
165
0
0.0
0
0
0.0
0
5,547
0.9
165
149
Senegal Total
5,600
0.9
167
9,476
1.7
512
1,180
1.3
51
16,256
1.4
730
657
Guinea
100%
Mansala
0
0.0
0
0
0.0
0
8,438
1.3
357
8,438
1.3
357
357
Total Mineral Resources
42,139
2.4
3,249
65,158
2.7
5,708
41,036
1.6
2,088
148,333
2.3
11,045
9,084
Notes:
1.
Mineral Resources include Ore Reserves.
2. Syama Underground Resources quoted inside 1.5g/t MSO.
3. Resources for Northern Pits are reported inside a US$2,950 optimised pit at a 0.7 g/t Au cut-off, and inside a 1.5 g/t Au MSO.
4. Resources for the Tabakorini Open Pit are reported inside a US$2,950 optimised pit at a cut-off of 0.7 g/t Au.t.
5. Mansala Resource is reported at a cut-off of 0.7 g/t Au.
6. Mako Resources are reported above a cut off of 0.5g/t and within a US$2,000 optimised shell.
Ore Reserves and Mineral Resources
36
RESOLUTE MINING LIMITED 2024 ANNUAL REPORT
FINANCIAL
REVIEW
FINANCIAL PERFORMANCE
The financial performance of Resolute for the year ended 31 December 2024 is summarised below:
Profit and Loss Analysis1
$'000
2024 Group
2023 Group
Revenue
800,973
631,073
Cost of sales excluding depreciation and amortisation
(393,010)
(400,378)
Royalties
(59,165)
(36,313)
Administration and other corporate expenses
(19,825)
(18,450)
Exploration expenses
(9,482)
(14,720)
EBITDA2
319,491
161,211
Depreciation and amortisation
(129,171)
(81,044)
Net interest and finance costs
(3,896)
(11,177)
Inventories net realisable value movements and obsolete consumables
22,793
(12,665)
Fair value movements and treasury transactions
(27,530)
22,442
Other
(162,592)
17,555
Net profit before tax
19,094
96,322
Income tax expense
(45,079)
(4,791)
Reported net loss after tax
(25,985)
91,531
1.
Amounts presented above are aggregate balances of certain line items presented in the Financial Statements.
2. This is a non-GAAP measure with no standard meaning under IFRS.
Group earnings before interest, taxation, depreciation, and amortisation (EBITDA2) of $319.5 million in 2024 was a 27% improvement
on the comparative period, primarily due to the higher revenue of $801.0 million from gold sales of 335,708 oz (up 2%) at an average
realised price of $2,383/oz (up 24%). The higher ounces sold reflects increased gold poured (up 3%) driven by improved sulphide
processing performance at Syama and higher production from Mako. In 2024, Syama poured 215,934 oz with production from the
sulphide operation 8% higher. This was partially offset by 12% lower production from the oxide operation due to processing of
stockpiles throughout the year and the impact of rains on pit access and therefore ore availability. In 2024, gold poured at Mako was
3% higher (123,935 oz) than the prior year despite lower-than-expected grades and disruption to mining operations during the rainy
season.
Net interest and finance expenses decreased in 2024 to $3.9 million (2023: $11.2 million) due to reduced debt levels relative to 2023.
During 2024 Resolute made the final $25 million principal repayment on the Term Loan portion of the Syndicated Facility Agreement.
Depreciation and amortisation increased to $129.2 million (2023: $81.0 million) in 2024 due to an increase in depreciable assets as
well as in amortisation of rehabilitation assets.
Fair value movements and treasury transactions were $27.5 million in 2024 mainly due to unrealised foreign exchange losses.
Other costs of $162.6 million includes $156.9 million of indirect tax incurred in both Mali and Senegal relating to settlements concluded
in both states. In November 2024, Resolute signed a memorandum of understanding with the Government of Mali, expressed as the
protocol (“Protocol”). Pursuant to the Protocol, Resolute made settlement payments totalling $159.9 million to the Government with
the final payment made on 31 December 2024.
Part of the payments (approximately $70.0 million) made were used to offset indirect tax provisions from prior years with the
remainder being expensed in the current period.
Despite the Protocol specifying a 90 day window within which the Malian State and Resolute would conclude negotiations clarifying
aspects of the Protocol and ultimately conclude a new mining convention under the 2023 Mining Code, the Malian State has yet to
engage in these discussions which are now anticipated to conclude during 2025.
Financial Review
RESOLUTE MINING LIMITED 2024 ANNUAL REPORT
39
Financial Performance (continued)
Financial Position
Net operating cash flows in 2024 were very robust at $115.0 million inclusive of the $159.9 million of settlement payments to the Malian
Government. Cash flow was significantly higher than in 2023 and was primarily driven by stabilised operations, a focus on reducing
costs, and higher realised gold prices throughout the year.
Cash balance at 31 December 2024 was $69.3 million. Net cash1,2 increased by $52.3 million to $66.3 million at 31 December 2024
(31 December 2023: $14.0 million). Total borrowings at 31 December 2024 was $34.2 million which are from overdraft facilities in Mali
and Senegal. Resolute has available liquidity2 of over $100.0 million from a combination of existing cash and bullion as well as existing
overdraft facilities.
In 2024, Resolute continued to invest in the business with spending on evaluation, development, property, plant, and equipment
totalling $104.8 million (2023: $71.8 million) including outlays for the Syama Sulphide Conversion Project, tailings facilities across both
sites, the final principal repayment on the debt facility, capitalised stripping costs and project capital.
Financial Review
40
RESOLUTE MINING LIMITED 2024 ANNUAL REPORT
1.
Net cash represents cash of $69.3m and bullion of $31.9m (12,214oz at a spot rate of $2,610.85) less drawn overdraft balances of $34.2m 1
2.
This is a non-GAAP measure with no standard meaning under IFRS.
RISK
MANAGEMENT
RISKS
Resolute maintains a proactive and considered approach to risk and
opportunity management across the Group.
Resolute’s business, operations, financial results, and overall
performance are subject to various risks and uncertainties, some
of which are beyond its reasonable control.
To proactively address these risks, Resolute maintains a
comprehensive Enterprise Risk Management (ERM) framework
aligned with ISO 31000:2018 standards and guided by the ASX
Corporate Governance Council Principles and
Recommendations (4th edition). This structured, forward-looking
framework allows Resolute to systematically identify, assess, and
mitigate risks while capitalizing on opportunities that support its
strategic objectives.
Risk appetite statements, established and overseen by Resolute’s
Board, clearly define the levels of risk the company is willing to
accept. These statements guide management decisions across
the organization, ensuring daily activities remain aligned with
Resolute’s long-term goals and uphold strict adherence to
corporate ethics and governance standards.
The Board retains ultimate accountability for ensuring all
material risks are effectively managed within these
predetermined risk appetite statements. When significant shifts
occur in Resolute’s risk profile—whether due to internal
developments or external market forces—the Board is prepared
to adjust mitigation strategies and strategic priorities
accordingly. This agile approach allows Resolute to effectively
navigate emerging challenges and seize opportunities aligned
with its broader corporate objectives.
At the governance level, the Audit and Risk Committee has a
clear mandate from the Board to provide focused oversight
across all material risk exposures. The Committee collaborates
proactively with Executive Management to continuously optimize
Resolute’s systems for risk identification, mitigation,
management, assurance, and reporting.
Executive Management regularly updates the Committee on new
and emerging risks and their mitigation measures, facilitating a
dynamic review process. This iterative and collaborative
approach strengthens Resolute’s internal controls, enhances risk
reporting capabilities, promotes continuous improvement, and
reinforces its commitment to robust governance and sustainable
value creation.
The Group systematically documents and monitors material risks
and implements preventative and mitigating controls.
Resolute emphasizes the importance of systematizing its risk
management practices across the organization, ensuring
consistent application and enabling enhanced risk visibility and
reporting capabilities throughout the Group.
The matters identified below are not necessarily listed in order of
importance and are not intended as an exhaustive list of all the
risks and uncertainties associated with Resolute’s business.
Risk Management
42
RESOLUTE MINING LIMITED 2024 ANNUAL REPORT
Risk and Mitigation Summary
The following table provides a high-level account of Group material exposures1
RISK
Uncertain Political Environment and Regulatory Pressures on Mining Operations
POTENTIAL IMPACTS
MITIGATING PRACTICES
▪Financial losses
▪Project delays
▪Operational disruptions
▪Increased compliance and operational costs
▪Erosion of investor confidence
▪Sudden mining license revocation or suspension
▪Long-term reputational harm
▪Challenges in recruiting and retaining qualified professionals
▪Uncertainty affecting future capital investments
▪Open and regular communication with key government
Ministers and Officials
▪Use of in-country consultant in Mali and Senegal with
established relationships with government Officials
▪Inclusion of tax and royalty hike simulations in feasibility
studies before signing new mining conventions
▪Engagement with key local communities
RISK
Security Events Impacting Employee Well-being and Business Operations
POTENTIAL IMPACTS
MITIGATING PRACTICES
▪Risks to staff security (e.g., fatalities, kidnappings, detention,
ransom demands)
▪Theft or damage to assets and infrastructure
▪Financial impact
▪Business interruptions and production delays
▪Reputational harm
▪Loss of investor confidence
▪Strained government relationships
▪Challenges in attracting and retaining skilled professionals
▪Security risk assessments and action plans
▪MOU with Governors in place for the provision of public
security officers on mining sites
▪Security management plans
– Security operating levels trigger security responses
– Regular security intelligence updates - Mali, Senegal and
broader West Africa
– Twice daily intelligence briefs on local security context
– Emergency evacuation plans in place
▪Crisis and emergency management plans
▪Corporate Health, Safety & Security Manager
▪Specialist security contractors embedded on mining sites
▪Security community of practice with neighboring mining
companies in Mali and Senegal
▪Real time intelligence availability through third party security
platform
▪Up-to-date global security threat analysis from Seerist
RISK
Inability to Maintain Effective Governance
POTENTIAL IMPACTS
MITIGATING PRACTICES
▪Financial losses
▪Reputational harm
▪Loss of market/investors confidence
▪Regulatory sanctions and legal actions
▪Disruption of operations
▪Risk appetite and corporate risk register annual update
▪Standard operating procedures
▪Internal audit function/team reporting to the Board (Audit
& Risk Committee)
▪Request for Expenditure Approval
▪Investment Committee for expenditures > 100 K$
▪Delegation Of Authorities (DOA)
▪Board committees and charters: Audit & Risk Committee,
Remuneration Committee, Nomination Committee,
Sustainability Committee.
▪Policies promoting ethical standards and responsible decision
making: Anti-bribery policy, Code of conduct, Conflict of
interest policy, Securities trading policy, Supplier code of
conduct, Supply chain policy.
Risk Management
RESOLUTE MINING LIMITED 2024 ANNUAL REPORT
43
RISK
Inability to Deliver on Strategic Objectives
POTENTIAL IMPACTS
MITIGATING PRACTICES
▪Inability to meet shareholder expectations
▪Financial losses
▪Negative impacts on share price
▪Erosion of company credibility
▪Operational inefficiencies due to suboptimal decision-making
▪Missed growth opportunities
▪Active strategy to add new assets to diversify geographic,
operational and political risk.
▪Operating expertise in current jurisdictions to mitigate
strategic risks
▪Mature processes to support strategic decision making
systems
▪Development of qualified teams to execute the strategy and
support operational outcomes
RISK
Inability to Maintain Financial Viability
POTENTIAL IMPACTS
MITIGATING PRACTICES
▪Inability to pay creditors
▪Liquidity issues
▪Deterioration of credit quality
▪Inability to fund growth initiatives
▪Decline in share price
▪Unexpected cash out flows
▪Treasury Committee assessing treasury risk
▪Internal control processes
▪Offset arrangements in place for significant VAT balance
▪Cash management process including cash forecasting
▪Increased overdrafts facilities in Mali
▪Ability to raise equity, convertible bonds, liquidate non-core
assets
▪Ability to refinance and raise debt
RISK
Exposure to Human Rights Risks in Business Operations
POTENTIAL IMPACTS
MITIGATING PRACTICES
▪Business continuity risks
▪Reputational harm
▪Potential legal and regulatory consequences
▪Financial loss
▪Loss of investors/off taker support
▪Contract service agreements with key suppliers
▪Labor law compliance for all employment practices
▪Commitment to Voluntary Principles of Security & Human
Rights
▪Training and education of workforce
▪Stakeholder (government representatives, community)
engagement
▪Human Rights Policy
▪Modern Slavery Statement
▪Supplier Code of Conduct
▪Annual external audits/assurance
RISK
Failure of the Tailings Storage Facility (TSF)
POTENTIAL IMPACTS
MITIGATING PRACTICES
▪Legislative breaches and financial penalties
▪Social activism and significant reputational harm
▪Major production disruptions
▪Environmental damage (impact on flora and fauna)
▪Health and safety risks for employees and local communities
▪Loss of license to operate and potential asset shutdown
▪Water contamination
▪Overall business continuity threats
▪Loss of investors' support
▪Daily, weekly, monthly TSF monitoring
▪Environmental monitoring - e.g. ground / surface water quality
▪Engineer on record performing operational audit against design
▪Annual independent audits
▪Piezometers - ground stability
▪Deposition strategies
▪Operation and Design parameters
▪Utilisation of appropriately qualified engineers for new TSFs
and wall lifts
▪Specialist TSF contractors / expertise (non engineering) -
operations, civils etc
▪Corporate TSF policy
▪GISTM: Global Industry Standard for Tailing Management
(Ongoing)
Risk Management
44
RESOLUTE MINING LIMITED 2024 ANNUAL REPORT
RISK
Gold Price Declines and Currency Exchange Risks
POTENTIAL IMPACTS
MITIGATING PRACTICES
▪Reduced revenue and compressed profit margins and cash
flow
▪Increased financing costs and challenges in accessing
affordable capital
▪Liquidity management difficulties hindering day-to-day
operations
▪Decline in investor confidence and potential credit rating
downgrades
▪Overall market instability and heightened operational risk
▪When deemed necessary, long term fixed-price contracts to
mitigation against inflationary pressures
▪Gold sold immediately after shipment
RISK
Environmental Impacts from Climate Change, Water Usage, Waste Management, and Biodiversity Loss
POTENTIAL IMPACTS
MITIGATING PRACTICES
▪Legislative breaches resulting in fines and sanctions
▪Production disruptions and forced shutdowns
▪Degradation of local ecosystems through biodiversity loss,
water contamination, and improper waste management
▪Increased health risks for employees and local communities
▪Loss or suspension of operating licenses
▪Elevated operating costs, financial losses, and restricted
growth potential
▪Restricted divestment potential
▪Reviewed controls in place including policy/procedure and
management framework including management of
compliance requirements
▪Updated Roster emissions model
▪Environmental license
▪ESIA and monitoring requirements clearly defined
▪Environmental monitoring and reporting at all operations
▪Regulatory reporting / site visits
▪Stakeholder (government representatives) engagement
▪External expertise support
▪Emissions monitoring
▪Ongoing emissions reduction technology study
RISK
Tax Regulation Changes, Reporting Errors, and Structural Tax Vulnerabilities
POTENTIAL IMPACTS
MITIGATING PRACTICES
▪Elevated tax liabilities
▪Heightened balance sheet provisions and unexpected cash
out flows
▪Latent transfer pricing or audit risks
▪Personal liability exposure for general managers and potential
penalties for the entity
▪Reputational harm
▪Decline in investor confidence
▪Loss or suspension of operating licenses
▪Engagement of external compliance providers for preparing or
reviewing external tax reporting and audits
▪Periodic external reviews of underlying finance processes and
data outputs
▪Internal weekly reviews of tax matters (audits, legislative
developments, new transactions, VAT credits)
▪Regular internal discussions on specific transaction categories
(e.g., asset leasing, dividends, cross-border services, related-
party transactions)
▪External reconciliation of tax authority systems data with
internal records
▪Consultation with tax advisors on new legislation, government
initiatives, and specific transactions (e.g., debt restructuring,
transfer pricing, M&A)
▪Monthly calculation and approval of cash tax payments by
CFO and CEO
Risk Management
RESOLUTE MINING LIMITED 2024 ANNUAL REPORT
45
RISK
Health Incidents Affecting Employee Well-being and Operational Continuity
POTENTIAL IMPACTS
MITIGATING PRACTICES
▪Fatalities or permanent disabilities
▪Long-term illnesses and health issues
▪Business continuity disruptions and production delays
▪Reputational harm and loss of investor confidence
▪Increased operating costs
▪Difficulty attracting and retaining skilled talent
▪Infectious disease management plan
▪Malaria mitigation programme
▪Health surveillance:
– Pre-employment / mobilisation medicals
– Annual occupational health assessments
– Exit medical examination
▪Hygiene inspection processes
▪Site access / quarantine / segregation protocols
▪Onsite primary, occupational and emergency medical
capability
▪Medical emergency evacuation protocols
▪Crisis and Emergency Management capability
▪Intelligence updates from the WHO and iNHEMACO
▪Audits undertaken by independent medical consultants
RISK
Work-Related Injuries or Fatalities
POTENTIAL IMPACTS
MITIGATING PRACTICES
▪Fatalities or permanent disabilities
▪Lost time injuries
▪Legal consequences (e.g., prosecutions, jeopardized operating
license)
▪Reputational harm
▪Increased regulatory scrutiny, sanctions, or fines
▪Production delays and business disruptions
▪Financial losses
▪Strong safety culture established at operations
▪R-Care sustainability system in place
▪Onsite medical and emergency evacuation capability
▪Trained and competent health & safety professionals at
operations
▪Maintenance management for fixed and mobile plants
▪Training and induction systems / protocols
▪Operational site level risk registers
▪Investigation protocols inclusive of shared learnings
▪Controls implemented across operations in accordance with
the hierarchy of controls
▪Design of infrastructure following Industrial, International
Standards
▪Safety external audits
▪ISO 45001 and 14001 certifications
▪Standardized reporting system
▪Safety KPIs and monthly reportings
▪Revised aviation controls
RISK
Inability to Maintain or Grow Resources and Reserves
POTENTIAL IMPACTS
MITIGATING PRACTICES
▪Financial loss
▪Reputational harm
▪Decline in share price
▪Challenges in securing funding from investors and/or banks
▪Hostile takeover
▪Active well funded exploration campaigns
▪Highly qualified professional personnel
▪Established relationships with multiple contractors for
contract labor / technical capability
▪Effective utilisation of external consultants to broaden
capability
▪Well managed and controlled mining tenement administration
▪Stakeholder (government, community) engagement
▪Identification and acquisition of new exploration projects in
new jurisdictions
Risk Management
46
RESOLUTE MINING LIMITED 2024 ANNUAL REPORT
RISK
Cybersecurity Threats and Data Protection Risks
POTENTIAL IMPACTS
MITIGATING PRACTICES
▪Financial loss: Losses due to fraud, regulatory fines, and
diminished competitive advantage
▪Operational disruption
▪Reputational harm
▪Data breaches: Theft, loss, or unauthorized access to sensitive
information
▪Administrative controls: security policies, employee training,
incident response plans, access control measures, and vendor
risk management.
▪Technical controls: firewalls, intrusion detection and
prevention systems, antivirus software, encryption, multifactor
authentication, patch management, Security Information and
Event Management (SIEM), advanced email security, VPN
access, and network access control.
▪Physical controls
▪User training and awareness
RISK
Operational Failure of Information Technology
POTENTIAL IMPACTS
MITIGATING PRACTICES
▪Operational disruptions
▪Financial loss
▪Data privacy and security breaches
▪Failure to meet regulatory and reporting requirements
▪Reputational harm
▪Loss of communication
▪Risk identification and assessment
▪Disaster recovery and business continuity planning
▪Access controls
▪Monitoring and incident management
▪Regular external audits and reviews
▪Staff training and awareness
Risk Management
RESOLUTE MINING LIMITED 2024 ANNUAL REPORT
47
CORPORATE
GOVERNANCE
CORPORATE GOVERNANCE
Resolute is committed to the highest standards of corporate governance
and ethical conduct.
Code of Conduct
Resolute willingly operates under a strict
Code of Conduct (Code) that underpins,
guides and enhances the conduct and
behaviour of Directors, employees,
contractors and consultants in performing
their everyday roles.
The Code provides that the following
core principles guide the behaviour of
Directors, employees, contractors
and consultants:
▪Act with integrity and professionalism
in the performance of their duties
and in the proper use of company
information, funds, equipment
and facilities
▪Exercise fairness, honesty, respect and
consideration in all their dealings while
carrying out their duties
▪Avoid real, apparent or perceived
conflicts of interest.
The Code provides specific detail and
is available to view online at
www.rml.com.au/about-us/corporate-
goverance/
Conflicts of Interest
Resolute recognises that proper
disclosure and management of conflicts
of interests is integral to its reputation
and business objectives.
It is Resolute’s policy that all Directors
and employees must, wherever possible,
avoid any conflict of interest, must
disclose any potential for a conflict of
interest, and where a conflict cannot
be avoided, must manage that conflict
of interest.
The duty to avoid, disclose and manage
conflicts of interest does not prohibit all
conflicts of interest – rather it requires
that conflicts are adequately disclosed
and managed when they arise.
The Company’s Conflicts of Interest Policy
provides specific detail and is available to
view online at www.rml.com.au/about-us/
corporate-goverance/
Securities Trading
It is Resolute’s policy that Directors and
employees must ensure all trading of
Company securities they undertake
complies with the Australian Corporations
Act and the retained Market Abuse
Regulation as it forms part of English law.
The Company’s Securities Trading Policy
provides specific detail and is available to
view online at www.rml.com.au/about-us/
corporate-goverance/
Conducting Business
Overseas
It is Resolute’s policy that its business
affairs and operations should at all times
be conducted legally, ethically, and in
accordance with community standards
of integrity and propriety.
The Code requires business dealings
must be conducted in accordance with
Australian and other applicable
jurisdictions’ anti-bribery laws.
The Company’s Anti-Bribery and
Corruption Policy and Whistleblower
Policy provide specific detail and are
available to view online at
www.rml.com.au/about-us/corporate-
goverance/
Additional Policies
In addition to those mentioned above,
Resolute has implemented a number of
charters and additional policies. These are
available to view online at
www.rml.com.au/about-us/corporate-
goverance/
The Board
The Board of Directors is responsible
for the corporate governance of the
Company. The Board guides and
monitors the Company’s business and
affairs on behalf of Resolute
shareholders by whom they are
elected and to whom they are
accountable. The table below sets out
the appointment date and
qualifications of each Director.
Andrew Wray
BA, (Hons)
ROLE OF
DIRECTOR
Non-Executive
Director and
Chairman (effective, 1
September 2024 )
FIRST
APPOINTED
May 2024
Chris Eger
MBA (Exec)
ROLE OF
DIRECTOR
Managing Director
and Chief Executive
Officer
FIRST
APPOINTED
February 2025
Adrienne Parker
LLB
ROLE OF
DIRECTOR
Non-Executive
Director
FIRST
APPOINTED
March 2024
Sabina Shugg
BSc (Mining
Engineering), MBA,
GAICD
ROLE OF
DIRECTOR
Non-Executive
Director
FIRST
APPOINTED
September 2018
Adrian Reynolds
MSc, GradDipMinEng
ROLE OF
DIRECTOR
Non-Executive
Director
FIRST
APPOINTED
May 2021
Simon Jackson
B.Com FCA
ROLE OF
DIRECTOR
Non-Executive
Director
FIRST
APPOINTED
October 2021
Keith Marshall
BSc Eng
ROLE OF
DIRECTOR
Non-Executive
Director
FIRST
APPOINTED
June 2023
Corporate Governance
RESOLUTE MINING LIMITED 2024 ANNUAL REPORT
49
DIRECTOR
DIRECTOR
DIRECTOR
DIRECTOR
DIRECTOR
DIRECTOR
DIRECTOR
The table below sets out the detail of the independence of each Director as at 31 December 2024.
Director
Non-Executive
Independent
Gender
Andrew Wray
Yes
Yes
Male
Chris Eger
No
No
Male
Adrienne Parker
Yes
Yes
Female
Sabina Shugg
Yes
Yes
Female
Adrian Reynolds
Yes
Yes
Male
Keith Marshall
Yes
Yes
Male
Simon Jackson
Yes
Yes
Male
The Company’s Board Charter outlines the functions reserved to the Board and those delegated to management. The Board
Charter delineates the responsibilities and functions of the Board as being distinct from those of management. Resolute’s Board
Charter is available to view online at www.rml.com.au/about-us/corporate-goverance/
Committees
The Board has established the following
sub-committees to assist with internal
control and business risk management:
▪Audit and Risk Committee
▪Remuneration Committee
▪Nomination Committee
▪Sustainability Committee
Audit and Risk Committee
As at 31 December 2024, the Audit and
Risk Committee consisted of the following
Non-Executive Directors:
▪Mr S. Jackson (Chair)
▪Ms. A. Parker
▪Mr A. Reynolds
As at 31 December 2024 and as at the
date of release of this Annual Report, all of
the above listed members of the Audit
and Risk Committee were independent.
The Audit and Risk Committee provides
the Board with additional assurance
regarding the reliability of the financial
information for inclusion in the financial
reports, and is also responsible for:
▪Ensuring compliance with statutory
responsibilities relating to accounting
policy and disclosure
▪Liaising with, discussing and resolving
relevant issues with the auditors
▪Assessing the adequacy of accounting,
financial and operating controls
▪The review of half-year and annual
financial statements before submission
to the Board
▪The assessment, management and
monitoring of business risk.
The Audit and Risk Committee Charter is
available to view at www.rml.com.au/
about-us/corporate-goverance/
Remuneration Committee
As at 31 December 2024, the
Remuneration Committee consisted of the
following Non-Executive Directors:
▪Mr K. Marshall (Chair)
▪Mr A. Wray
▪Mr S. Jackson
As at 31 December 2024 and as at the date
of release of this Annual Report, all of the
above listed members of the Remuneration
Committee were independent.
The Remuneration Committee is
responsible for recommending,
monitoring and reviewing compensation
arrangements for Resolute’s Directors,
CEO, Executive Committee and
employees, and making subsequent
recommendations to the Board.
The Remuneration Committee Charter
is available to view online at
www.rml.com.au/about-us/corporate-
goverance/
Nomination Committee
As at 31 December 2024, the Nomination
Committee consisted of the following
Non-Executive Directors:
▪Mr A. Wray (Chair)
▪Mr K. Marshall
▪Ms S. Shugg
As at 31 December 2024 and as at the date
of release of this Annual Report, all of the
above listed members of the Nomination
Committee were independent.
The Nomination Committee ensures
Directors are appropriately qualified and
experienced to discharge their
responsibilities and implements
procedures to assess the performance of
the CEO and the Executive Committee.
The Nomination Committee Charter
is available to view online at
www.rml.com.au/about-us/corporate-
goverance/
Sustainability Committee
As at 31 December 2024, the
Sustainability Committee consisted of the
following members:
▪Ms S. Shugg (Chair)
▪ Ms. A. Parker
▪Mr A. Reynolds
As at 31 December 2024 and as at the
date of release of this Annual Report,
Ms S. Shugg, Mr A. Reynolds and
Ms A. Parker were the Non-Executive
Directors on the Sustainability Committee
and were independent.
The Sustainability Committee’s key
purpose is to review, discuss and guide
all matters pertaining to Resolute’s
sustainability performance and associated
risks and opportunities.
These matters predominantly relate to the
performance of the people, health, safety,
security, environment and community
divisions within Resolute and will include
regular assessments of the Company’s
alignment with leading practice including,
but not limited to, the Responsible Gold
Mining Principles and the Global
Reporting Initiative.
The Sustainability Committee Charter
is available to view online at
www.rml.com.au/about-us/corporate-
goverance/
Corporate Governance
Statement
The Board has adopted the “Corporate
Governance Principles and
Recommendations 4th edition”
established by the ASX Corporate
Governance Council and published by
the Australian Securities Exchange (ASX)
in February 2019.
Resolute’s Corporate Governance
Statement is available to view online
atwww.rml.com.au/about-us/corporate-
goverance/
Corporate Governance
50
RESOLUTE MINING LIMITED 2024 ANNUAL REPORT
Corporate Governance
RESOLUTE MINING LIMITED 2024 ANNUAL REPORT
51
DIRECTOR'S
REPORT
DIRECTORS’
REPORT
Your Directors present their report on the consolidated
entity (referred to hereafter as the Group, Company or
Resolute) consisting of Resolute Mining Limited and the
entities it controlled for the year ended 31 December 2024.
Corporate Information
Resolute Mining Limited is a company limited by shares that
is incorporated and domiciled in Australia.
Directors
The Directors of Resolute in office at the end of the 2024
financial year and up to the date of this report, and information
on the Directors (including qualifications and experience and
directorships of listed companies held by the Directors at
any time in the last three years) are set out on pages 9-10 of
this report.
Company Secretary
The Company Secretary of Resolute in office at the end of the
2024 financial year and information (including qualifications
and experience) is set out on page 10 of this report.
Interests in the shares and options of
Resolute and related bodies corporate
As at the date of this report, the interests of the Directors in
shares, options and Performance Rights of Resolute and related
bodies corporate were:
Fully Paid
Ordinary Shares
Performance
Rights
A. Wray
—
—
T. Holohan1
—
6,259,825
C. Eger
—
2,129,741
A. Reynolds
50,000
—
A. Parker
—
—
S. Shugg
27,273
—
S. Jackson
—
—
K. Marshall
—
—
Total
77,273
8,389,566
1. Mr Holohan was Managing Director and Chief Executive Officer until 3 February 2025.
As at the date of this report, there were no options on issue held
by Directors.
Nature of Operations and Principal Activities
The principal activities of entities within the consolidated entity
during the year were:
▪gold mining
▪prospecting and exploration for minerals.
There has been no significant change in the nature of those
activities during the year.
Significant Changes in the State of Affairs
During 2024 Resolute, together with other mining companies
operating in Mali, were required to transition their mining
operations onto the 2023 Mining Code which was enacted into
law. The new mining code, applicable from 2025, provides the
possibility for higher State ownership levels in mining companies
and the possibility for a local Malian minority shareholder in
accordance with prescribed investment valuation criteria. The
Code also strengthens the State’s position by granting rights of
preemption and first option over mineral titles as well as
shortening the time period within which any disputes are to be
resolved, beyond which the State may revoke mining and
exploration permits. Furthermore, the Code stipulates priority
rights for new mining exploration or exploitation permits, non-
dilutable priority dividend rights and higher production royalties
are to be paid to the State which are ultimately enshrined in new
mining conventions entered into by the mining company and the
State. As of the date of this report, the Malian Government has
not responded to Resolute’s requests to finalise the negotiations
on the new mining convention for SOMISY and SOMIFI and their
transition to the 2023 Mining Code. This position is not dissimilar
to that of other mining companies operating in Mali who have yet
to receive their new mining conventions formalised by the State.
In Senegal, the new Government announced during 2024 a
review of the natural resources sector including the mining
industry and has sought input from participants involved in the
Malian mining industry review.
While Resolute continues to operate compliantly, it is likely that
future legislative changes across the West Africa region will
increasingly favour the State in addition to higher production
royalties, sharing more of the economic value from historically
high gold prices.
Significant Events after Reporting Date
There have been no significant events after the reporting date.
Environmental Regulation Performance
The consolidated entity holds licences and abides by Acts and
Regulations issued by the relevant mining and environmental
protection authorities of the various countries in which the Group
operates. These licences, Acts and Regulations specify limits and
regulate the management of discharges to the air, surface waters
and groundwater associated with the mining operations as well
as the storage and use of hazardous materials.
There have been no significant known breaches of the
consolidated entity’s licence conditions or of the relevant Acts
and Regulations.
Responsibility Statement
In the opinion of the Directors and to the best of their knowledge,
the Directors’ Report includes a fair review of the development
and performance of the business and the financial position of the
consolidated entity, together with a description of the principal
risks and uncertainties that the consolidated entity faces.
DIRECTORS' REPORT
RESOLUTE MINING LIMITED 2024 ANNUAL REPORT
53
REMUNERATION REPORT
The Remuneration Report outlines the Director and Executive remuneration
arrangements of the Company and the Group in accordance with the
requirements of the Corporations Act 2001 and its Regulations.
The following information has been audited as required by
section 308(c) of the Corporations Act 2001.
The Remuneration Report is presented under the following
sections:
1. Letter from the Chair of the Remuneration Committee
2. Remuneration governance
3. Remuneration policy and outcomes
4. Non-Executive Director (NED) remuneration arrangements
and outcomes
5. Additional disclosures
6. Loans to Key Management Personnel (KMP) and their
related parties
7. Other information
54
RESOLUTE MINING LIMITED 2024 ANNUAL REPORT
1. LETTER FROM THE CHAIR OF THE REMUNERATION COMMITTEE
Dear Shareholders,
On behalf of the Board of Directors of Resolute I am pleased
to present the Company’s Remuneration Report for the financial
year ended 31 December 2024.
The Company’s last Remuneration Report for the year ended
31 December 2023 received substantial support at the
Company’s annual general meeting held on 23 May 2024, with
97.29% of votes in favour of the report. We continue to engage
with Shareholders and proxy advisors on our remuneration
framework and disclosure.
The Board is satisfied that the current remuneration framework
is appropriate, fit-for-purpose and consistent with our business
strategy and rewards high performance. We strive to provide a
high level of disclosure and transparency of our remuneration
framework, particularly with regard to:
▪Objectives of the remuneration framework
▪Pay mix (the disclosure of the pay mix and total remuneration
is discussed at target remuneration)
▪Short Term Incentive Plan (STIP) targets and outcomes
▪Long term incentive (LTIP) arrangements.
Remuneration Outcomes
Actual company performance for the year ended 31 December
2024 for the KMP STIP outcome was 96% (out of a maximum
of 150%).
The relative TSR hurdle, which accounts for 100% of the vesting
outcome was not achieved. As a result, no Performance Rights
were vested.
LTIP comparator group used to measure relative Total
Shareholder Return (TSR) is reviewed annually prior to LTIP
invitations being dispatched to ensure relevant companies are
included, being gold producers of a similar size operating,
mostly, in similar jurisdictions. Details of the performance criteria
for the LTIP and the comparator group of companies are
included in the Remuneration Report in Section 3.
Non-Executive Director Remuneration
During 2024, a benchmarking exercise was undertaken by Korn
Ferry with respect to Non-Executive Directors (NED) which
concluded that Resolute's current NED fee levels were below
the lower quartile of the Company's peer group and as a result
the NED fees were adjusted.
Our remuneration strategy is underpinned by our core values
and performance culture which includes setting challenging
operational, financial and non-financial targets, and rewarding
their achievement.
Our key focus areas are operational excellence, sustainability,
growth, innovation, value creation and long-term stability, with
the Board exercising discretion to recognise achievement where
outcomes may not accurately reflect performance.
We commit to consider Shareholder concerns and suggestions
regarding Executive pay and remuneration and engage with
the required regulatory and external advisory services
where required.
We thank our Shareholders for their continued support.
Yours sincerely
Keith Marshall
Chair – Remuneration Committee
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RESOLUTE MINING LIMITED 2024 ANNUAL REPORT
55
2. REMUNERATION GOVERNANCE
Remuneration Committee
The Remuneration Committee is responsible for determining and
reviewing the compensation arrangements for Non-Executive
Directors, the Chief Executive Officer and Executives. Executive
remuneration is reviewed annually having regard to individual
and business performance, internal relativities and external
market information. The Remuneration Committee is also tasked
with determining performance targets, performance against
those targets and remuneration outcomes.
In accordance with best practice governance, the Remuneration
Committee is comprised solely of independent Non-Executive
Directors, as follows:
▪Andrew Wray
▪Keith Marshall (Chair)
▪Simon Jackson
Use of Remuneration Consultants
To ensure the Remuneration Committee is fully informed when
making remuneration decisions, it seeks external remuneration
advice as appropriate. Remuneration consultants are engaged
by, and report directly to, the Remuneration Committee. In
selecting remuneration consultants, the Remuneration
Committee considers potential conflicts of interest and requires
independence from KMP and other Executives as part of their
terms of engagement.
During 2024, a benchmarking exercise was undertaken by Korn
Ferry with respect to Non-Executive Directors fees. This exercise
was requested by the NEDs and Korn Ferry concluded that
Resolute's NED fee levels were below the lower quartile of the
Company's peer group. Fees charged by Korn Ferry with respect
to this exercise amount to GBP 9,900. Changes to the NED fees,
to align with the Company's peer group have been proposed
from January 2025.
Reporting in United States Dollars
In this report the remuneration and benefits reported have been
presented in US dollars. Compensation for KMP for the year end
2024 is in Australian dollars, US dollars and British Pound
Sterling, and for reporting purposes is converted to US dollars
based on the average exchange rate for the payment period.
The Australian dollars compensation for the year ended
31 December 2024 was converted to US dollars at the average
exchange rate of US$1: A$1.5161 and the British Pound Sterling
was converted to US dollars at the average exchange rate of
US$1: £0.7977. The Australian dollars compensation for the year
ended 31 December 2023 was converted to US dollars at the
average exchange rate of US$1: A$1.4934 and the British Pound
Sterling was converted to US dollars at the average exchange
rate of US$1: £0.7898.
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RESOLUTE MINING LIMITED 2024 ANNUAL REPORT
3. REMUNERATION POLICY AND OUTCOMES
3a. Key Management Personnel
The Remuneration Report details the remuneration arrangements for KMP who are defined as those persons having authority and
responsibility for planning, directing and controlling the major activities of the Company and the Group, including any Director
(whether Executive or otherwise) of the parent company.
For the purposes of this report, the term “Executive”, who meet the definition of KMP, includes the Chief Executive Officer (CEO) and
other select Executives of the Company and the Group.
Directors
Position held
during the year
Non-Executive Director
(Non-Executive Chairman)
(until 31 August 2024)
DIRECTOR
M. Botha
Non-Executive Director
(Non-Executive Chairman)
(from 1 September 2024)
A. Wray
Position held
during the year
Managing Director and
Chief Executive Officer
(until 3 February 2025)
DIRECTOR
T. Holohan
Position held
during the year
Non-Executive Director
DIRECTOR
S. Jackson
Position held
during the year
Non-Executive Director
DIRECTOR
S. Shugg
Position held
during the year
Non-Executive Director
(until 20 March 2024)
DIRECTOR
M. Potts
A. Parker
Non-Executive Director
(from 20 March 2024)
Position held
during the year
Non-Executive Director
DIRECTOR
A. Reynolds
Position held
during the year
Non-Executive Director
DIRECTOR
K. Marshall
Executives
Position held
during the year
Chief Executive Officer
(until 3 February 2025)
EXECUTIVE
T. Holohan
Position held
during the year
Chief Operating Officer
EXECUTIVE
G. Montgomery
Positions held
during the year
Chief Executive Officer
(from 3 February 2025)
Interim Chief
Executive Officer
(from 13 December 2024)
Chief Financial Officer
(until 12 December 2024)
EXECUTIVE
C. Eger
Positions held
during the year
Chief Financial Officer
(from 3 February 2025)
Executive
D. Jackson
Position held
during the year
General Counsel and
Company Secretary
(until 19 January 2024)
EXECUTIVE
R. Steenhof
Position held
during the year
General Counsel
(from 1 March 2025)
EXECUTIVE
B. Déprés
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RESOLUTE MINING LIMITED 2024 ANNUAL REPORT
57
3b. Remuneration Policy
The Board recognises that the performance of the Company
depends upon the quality of its Executives. To achieve its
financial and operating objectives while operating in Africa,
the Company must attract, motivate and retain highly skilled
Directors and Executives. The Remuneration Committee is
tasked with the responsibility to monitor and review the
remuneration framework and provide recommendations to
the Board.
As part of the continual review process, the Remuneration
Committee has from time to time engaged external
consultants regarding structural changes to the remuneration
framework.
The Company embodies the following principles in its
remuneration framework:
▪Provides competitive rewards to attract high caliber
Executives, with relevant international experience
▪Structures remuneration at a level that reflects the
Executive’s duties and accountabilities and is competitive
within Australia and other operating jurisdictions
▪Benchmarks remuneration against appropriate groups
▪Aligns Executive incentive rewards with the creation of
value for Shareholders
▪Supports achievements consistent with the World Gold
Council’s Responsible Gold Mining Principles.
Pay equity is an important consideration in the effective
management of Resolute’s remuneration framework. Pay
equity analysis is conducted twice a year to ensure fairness
and consistency in remuneration practices across the Group
and to, in part, enable the achievement of the Company’s
diversity and inclusion objectives. To ensure like-for-like
comparisons, analysis is conducted according to level of work
and operational / technical vs support function
classifications, and this shows that there is no material
gender pay gap. It does however reveal that women are
underrepresented in senior leadership roles and technical/
operational roles and also make up the majority entry level
and professional levels of work, which is something that
Resolute senior management is addressing through targeted
initiatives.
It is the Remuneration Committee’s policy that employment
contracts are entered into with the CEO and Executives.
Details of these contracts are outlined later in this report.
In accordance with good governance, the structure of NED
and Executive remuneration is separate and distinct.
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RESOLUTE MINING LIMITED 2024 ANNUAL REPORT
3c. Remuneration Framework
The Executive remuneration framework consists of Fixed Annual Remuneration (FAR), STIP, and LTIP incentives as outlined below:
FAR
The level of FAR is set to provide a base level
of remuneration which is both appropriate to
the position and is competitive in the market.
Company and individual performance are considered as part of the
annual remuneration review. While market and sector peer
benchmarking is conducted regularly to ensure the FAR remains
competitive, the levels of FAR for the Managing Director and CEO
and other Executives are set primarily with regard to their
responsibilities and performance, talent, skills and experience,
taking into account the size, complexity, scope of operations and
structure of Resolute’s business.
STIP
The objective of the annual “at risk” STIP is
to generate greater alignment between
performance and remuneration levels to
drive operational excellence.
Internal performance measures including sustainability, production
and costs which represent key business drivers are considered and
assessed to determine annual outcomes. In 2024, Resolute has
reviewed the impact of individual performance of KMP in the STIP
and defined as 100% connected to Company performance.
LTIP
The objective of the LTIP is to reward Senior
Leadership in a manner which aligns a
significant portion of remuneration with the
creation of Shareholder wealth.
In the 2024 LTIP, Resolute has added a second metric, so vesting of
awards is dependent upon an external measure of rTSR
performance against a peer group (75% of the LTIP award) and an
internal metric of Cumulative Production (25% of the LTIP award).
Remuneration Component
Purpose
Link to Performance
Overall remuneration level and mix
How is overall remuneration
and mix determined?
Remuneration levels are considered annually through a review that considers
comparative market data, the performance of the Company and individual, and the
broader economic environment.
The Company aims to reward Executives with a level and mix (proportion of fixed, short-
term incentives and long-term incentives) of remuneration appropriate to their position,
responsibilities and performance within the Company and that which is aligned with
targeted market comparators.
The chart below summarises the Managing Director and CEO’s and other Executives’
remuneration mix for FAR, STIP and LTIP. The current pay mix is considered appropriate
for Resolute based on the Company’s current phase of growth.
To achieve maximum remuneration opportunity (equivalent to stretch targets being
achieved), Executives are required to significantly perform above and beyond normal
expectations. If achieved, the outcome is anticipated to result in a substantial improvement
in key strategic outcomes, operational or financial results, and/or the overall performance
of the Company.
While the Company does not have a formal share ownership policy for Executives, all KMP
are encouraged to hold shares in the Company and are incentivised to accumulate equity
through participation in the LTIP Program.
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59
3c. Remuneration Framework (continued)
Fixed annual remuneration
What is included in FAR?
For Executives in Australia, FAR includes base salary and superannuation contributions.
For the Managing Director and CEO and Executives outside of Australia, FAR includes
base salary and pension contributions.
How is FAR reviewed and approved?
FAR is reviewed annually by the Remuneration Committee following consideration of
Executive performance, industry benchmarking and macro-economic indicators. The only
changes to the FAR are outlined below:
Short Term Incentive
What is the value of the STIP award
maximum opportunity?
The Managing Director and CEO has a maximum opportunity (if all the Stretch
performance hurdles are met for each KPI of the Company scorecard) of 125% of Annual
Base Salary. The Executives have a maximum opportunity of 100% of their Annual Base
Salary given the same conditions. A target STIP opportunity of 83% and 67% of
Annual Base Salary, respectively for MD and CEO and Executives aligns partially
with industry benchmarking.
What are the performance criteria
and how do they align with business
performance?
In 2024, Resolute has reviewed the impact of individual performance of KMP in the STIP
and defined that the STIP payable is 100% connected to Company performance, measured
by key performance indicators (KPIs) set at the beginning of the performance period.
KPIs require the achievement of strategic, operational or financial measures and are linked
to the drivers of business performance.
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RESOLUTE MINING LIMITED 2024 ANNUAL REPORT
Name
2023 FAR
2024 FAR
Increase/
(Decrease)
%
Terry Holohan
GBP 436,000
GBP 479,600
10 %
Chris Eger
GBP 337,900
GBP 359,864
7 %
Geoff Montgomery
GBP 312,220
GBP 323,148
4 %
Corporate KPIs
Sustainability demonstrated improvement from the prior year in Group Sustainability
performance / systems in accordance with the Responsible Gold Mining Principles (10%).
The achievement of defined Targets relative to budget relating to:
▪EBITDA (25%)
▪Production (25%)
▪AISC (25%)
▪Safety (10%)
▪Strategy (10%)
▪Sustainability (5%)
The targets with regard to the STIP outcomes are documented below (refer to section 3d
Executive Remuneration Outcomes).
3c. Remuneration Framework (continued)
Short Term Incentive
How are STIP awards determined?
For each KPI there are defined “Threshold”, “Target” and “Stretch” measures which are
capable of objective assessment.
Corporate KPIs are assessed as follows on an individual KPI basis:
▪Below Threshold = $nil payment
▪Threshold performance = 50% of KPI target
▪Target Performance = 100% of KPI target
▪Stretch performance = 150% of KPI target.
Pro-rata payment applies on a straight-line basis between “Threshold” and “Target” and
between “Target” to “Stretch” Performance. Target performance represents challenging
levels of performance. Stretch performance requires significant performance above and
beyond normal expectations and if achieved is anticipated to result in a substantial
improvement in key strategic outcomes, operational or financial results, and/or the overall
performance of the Company.
Is the STIP award subject to
deferral provisions?
The actual STIP payment is made approximately three months after the completion of the
performance period.
The Remuneration Committee has determined that a formal deferral policy is not
appropriate at this time for KMP, given that a significant portion of the Managing Director
and CEO’s and other Executives’ total remuneration opportunity is in the form of equity
and subject to risk. In addition, the Managing Director and CEO and other Executives have
been granted a significant number of Performance Rights as part of the Resolute LTIP,
ensuring close alignment with Shareholders.
Is there a malus or clawback policy?
While there is no formal malus/clawback policy, the Board has ultimate discretion to
adjust the STIP outcomes upwards or downwards (including to zero), in exceptional
circumstances, where the STIP generated outcomes are inconsistent with the Company’s
performance or resulted in misalignment with Shareholders (e.g. fatality, financial
misstatement, misconduct, reputational damage, etc.).
What happens to STIP awards if
there is a termination of
employment?
Subject to overarching Board discretion, to be eligible for any payment under the STIP, the
participant must be employed by the Company at the end of the relevant performance
period in which the STIP is tested.
What happens to STIP awards if
there is a change of control event?
On the occurrence of a change of control event, the Board will determine, in its sole and
absolute discretion, the manner in which STIP awards will be dealt with.
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61
3c. Remuneration Framework (continued)
Long Term Incentive
How often are LTIP grants made and
what is the maximum LTIP quantum?
At the Board’s discretion, Executives receive an annual grant of Performance Rights and
the LTIP forms a key component of the Executive’s Total Annual Remuneration.
The LTIP face value that Executives are entitled to receive is set at a maximum percentage
of their annual base salary, being 150% of annual base salary for the Managing Director
and CEO and 100% of annual base salary for the other Executives.
What are the performance criteria
for the LTIP?
Performance conditions have been selected that reward Executives for creating
Shareholder value as determined via the change in the Company’s share price
(Relative Total Shareholder Return and meeting the cumulative production) both over
a three-year period.
Performance Rights will vest subject to meeting service and performance conditions
as defined below:
Relative Total Shareholder Return (“rTSR”) – 75%
The rTSR measures the combined return from change in share price and dividends,
against 10 ASX, LSE, or TSX listed gold production companies which for 2024 were:
▪Allied Gold Corporation
▪B2 Gold Corp
▪Endeavour Mining
▪Fortuna Silver Mines
▪Galiano Gold Inc
▪Hummingbird Resources Plc
▪IAMGOLD Corporation
▪Orezone Gold Corporation
▪Perseus Mining Limited
▪West African Resources Ltd.
Resolute’s rTSR is calculated to determine what percentile in the peer group it relates
to and this percentile determines how many Performance Rights vest.
Cumulative Production - 25%
Measured based on actual cumulative gold production over the Performance Period
ending 31 December 2026, with a minimum threshold for vesting of 95% of
Performance Target.
What is the objective of the
performance hurdle and target?
With the rTSR hurdle, Resolute’s goals is to manage achievements against comparators
and outperform our peers to ensure sustainable growth to our share price above
the market.
With the production hurdle, the objective is to make sure the focus on delivering
sustainable production is at focus, and the cumulative effect can compensate any
unplanned negative impact.
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RESOLUTE MINING LIMITED 2024 ANNUAL REPORT
3c. Remuneration Framework (continued)
Long Term Incentive
What is the rationale for the
chosen metrics?
The rTSR metric provides the closest alignment between the Company’s performance and
Shareholders’ interests and reflects the creation of Shareholder value above peers.
Unless the Board determines otherwise, none of the Performance Rights will vest unless:
▪the percentile ranking of Resolute’s rTSR for the Vesting Period in relation to the
comparative rTSRs of the peer group companies for the Vesting Period is at or above
the 60th percentile; and
▪Resolute’s rTSR for the Vesting Period is positive.
In addition, the Board may adjust vesting outcomes after consideration of year-on-year
improvement in sustainability performance / systems and cultural measures.
The Board reviews and considers the balance of metrics each year and rTSR is considered
the most relevant performance metric for KMP LTIP purposes. For this reason, the Board
has allocated 75% of the KMP LTIP vesting performance metric to this measure and 25%
to the Cumulative Production metric, which supports the focus on sustainable ounces over
the period, including incentivising strategic discussions to accelerate expansion and
geographic diversification.
How is the performance period
determined?
Grants under the LTIP need to serve a number of different purposes:
▪act as a key retention tool; and
▪focus on future Shareholder value generation.
Therefore, LTIP awards have a three-year performance period and provide a structure that
is focused on long term sustainable Shareholder value generation.
How is vesting determined?
Is there an opportunity to re-test the
performance hurdles?
Performance is tested only once, at the end of the performance period. No re-testing
applies to unvested awards.
Do dividends vest on
unvested awards?
There are no dividends attached to unvested Performance Rights.
Is there a malus and
clawback policy?
While there is no formal malus/clawback policy, the Board has ultimate discretion to
adjust LTIP outcomes upwards or downwards (including to zero), in exceptional
circumstances, where the LTIP generates outcomes inconsistent with the Company’s
performance or resulted in misalignment with Shareholders (e.g. financial misstatement,
misconduct, reputational damage, etc.).
What happens to LTIP awards if
there is a termination of
employment?
Vested but unexercised Performance Rights remain valid unless Board discretion is
exercised in situations such as misconduct. Unvested Performance Rights will be forfeited
unless Board discretion is exercised in exceptional circumstances.
What happens to LTIP awards if
there is a change of control?
On the occurrence of a change of control event, the Board will determine, in its sole and
absolute discretion, the manner in which all unvested and vested rights will be dealt with.
REMUNERATION REPORT
RESOLUTE MINING LIMITED 2024 ANNUAL REPORT
63
Relative TSR performance
Performance Vesting Outcomes
Less than 60th percentile
0% vesting
At the 60th percentile
50% vesting
Between 60th and 75th percentile
50% to 100% vesting - linear basis
75th percentile and above
100% vesting
Production over Performance Period / Performance Vesting Outcomes
Less than 950,000oz
0% vesting
At 950,000oz
25% vesting
Between 950,000 and 1,000,000oz
25% to 100% vesting - linear basis
At or above 1,000,000oz
100% vesting
3d. Remuneration Policy and Outcomes
Company Performance
The table below shows the performance of the Consolidated Entity over the last 5 periods:
31 December
2024
31 December
2023
31 December
2021
31 December
2020
31 December
2019
Net profit/(loss) after tax
$'000
(25,985)
91,533
(367,471)
4,995
(78,824)
Basic earnings/(loss) per share
cents/share
(0.01)
3.08
(28.92)
1.62
(8.30)
Share price
$A/share
0.45
0.45
0.39
0.71
1.26
Dividends
cents/share
—
—
—
—
—
KMP remuneration disclosures
Table 1 below shows the remuneration expense recognised for each KMP for the year ended 31 December 2024. Table 2 below shows
the remuneration expense recognised for each KMP for the year ended 31 December 2023.
Table 1 – Statutory Executive KMP remuneration for the year ended 31 December 2024
Short Term Benefits
Post
Employ
ment
Benefits
Long
Term
Benefits
Share
Based
Payments
Performance
Related
Base Remuneration
Non Monetary Benefits1
Short Term Incentive2
Other Payments4
Annual Leave Expense
Superannuation/Pension
Long Service Leave Expense
Performance Rights
Total
Short Term Incentive and
Performance Rights
Performance Rights
$
$
$
$
$
$
$
$
$
%
%
T. Holohan
495,169
6,032 438,535
— 48,054 48,890
—
777,085 1,813,765
67 %
43 %
C. Eger3
406,706
4,022 267,437
— 8,789
37,881
—
163,005 887,840
48 %
18 %
G. Montgomery
354,784
2,011 257,681
— 48,028
—
—
207,367
869,871
53 %
24 %
R. Steenhof4
11,275
—
—
—
—
1,240
—
—
12,515
— %
— %
Total
1,267,934 12,065 963,653
— 104,871
88,011
— 1,147,457 3,583,991
1.
Non-monetary benefits include, where applicable, the cost to the Company of providing fringe benefits, the fringe benefits tax on those benefits and all other benefits received
by the Executive.
2. The STIP for the year ended 31 December 2024 will be paid in cash in April 2025.
3. Mr C. Eger was appointed as Interim Chief Executive Officer, effective 13 December 2024.
4. Mr. R. Steenhof resigned as General Counsel and Company Secretary, effective 19 January 2024.
5. The table above is presented in United States dollar currency. The remuneration for 2024 was converted at the average exchange rate of US$1:A$1.5161 and an average
exchange rate of US$1:£0.7977.
6. Mr T. Holohan and G. Montgomery are remunerated in GBP, Mr. C Eger in US$ and Mr R. Steenhof was remunerated in A$.
REMUNERATION REPORT
64
RESOLUTE MINING LIMITED 2024 ANNUAL REPORT
3d. Remuneration Policy and Outcomes (continued)
Table 2 – Statutory Executive KMP remuneration for the year ended 31 December 2023
Short Term Benefits
Post
Employ
ment
Benefits
Long
Term
Benefits
Share
Based
Payments
Performance
Related
Base Remuneration
Non Monetary Benefits1
Short Term Incentive2
Other Payments6
Annual Leave Expense
Superannuation
Long Service Leave Expense
Performance Rights
Total
Short Term Incentive and
Performance Rights
Performance Rights
$
$
$
$
$
$
$
$
$
%
%
T. Holohan
506,457
4,533 253,229
— 58,437
45,581
—
376,687 1,244,924
20
30
C. Eger3
392,504
2,401 196,252
— 22,644
35,325
—
98,424
747,550
26
13
G. Montgomery
364,906
2,599 197,658
— 30,409
—
—
154,413
749,985
26
21
R. Steenhof
210,928
1,004 114,638
—
7,070
17,642
6,980
(17,809) 340,453
34
(5)
D. Warden4
87,887
—
— 289,688
—
8,468 (12,986)
(70,775) 302,282
(23)
(23)
Total
1,562,682 10,537 761,777 289,688 118,560 107,016 (6,006) 540,940 3,385,194
1.
Non-monetary benefits include, where applicable, the cost to the Company of providing fringe benefits, the fringe benefits tax on those benefits and all other benefits received
by the Executive.
2. The STIP for the year ended 31 December 2023 was paid in cash in April 2024.
3. Mr C. Eger was appointed as Chief Financial Officer effective, 27 February 2023.
4. The table above is presented in United States dollar currency. The remuneration for 2023 was converted at the average exchange rate of US$1:A$1.4934 and an average
exchange rate of US$1:£0.7898.
5. Mr T. Holohan, C. Eger, and G. Montgomery were remunerated in GBP and the other KMPs were remunerated in A$.
6. Mr. D. Warden ceased employment as Chief Financial Officer effective 31 March 2023.
REMUNERATION REPORT
RESOLUTE MINING LIMITED 2024 ANNUAL REPORT
65
3d. Remuneration Policy and Outcomes (continued)
STIP outcomes
Multiplier
Performance Measure
Performance
Weighting
Low
High
Target
Performance
Outcome Multiplier
Weighted
Performance
Outcome
Company EBITDA ($M)
25.0 %
0.50
1.50
200
319
1.50
37.5 %
All in Sustaining Cost ($)
25.0 %
0.50
1.50
$1,380/oz
$1,437/oz
0.52
19.8 %
Production Target (Gold
Poured) (koz)
25.0 %
0.50
1.50
357
340
0.79
13.1 %
Safety (TRIFR)
10.0 %
0.50
1.50
2.6
2.1
1.50
15.0 %
Strategy
10.0 %
0.50
1.50
Mako Extension,
Phase 2 Syama,
Geographic
Diversification
Achieved
0.50
5.0 %
Sustainability
5.0 %
0.50
1.50
YOY Improvement
YOY
Improvement
1.00
5.0 %
Total
95.4 %
REMUNERATION REPORT
66
RESOLUTE MINING LIMITED 2024 ANNUAL REPORT
4. NON-EXECUTIVE DIRECTOR REMUNERATION
ARRANGEMENTS AND OUTCOMES
Objective
The Board seeks to set aggregate remuneration at a level
which provides the Company with the ability to attract and
retain Directors of the highest calibre, whilst incurring a cost
which is acceptable to Shareholders.
Structure
The Company’s constitution and the ASX Listing Rules
specify that the aggregate remuneration of NEDs shall be
determined from time to time by a general meeting. An
amount not exceeding the amount determined is then divided
between the Directors as agreed. The latest determination
was at the Annual General Meeting held on 29 November
2016 when the Shareholders approved an aggregate
remuneration of A$1,000,000 per year.
The Chairman’s fee is A$180,000 and NED fees are
A$100,000. In addition, the Chair of the Audit and Risk
Committee receives a Committee Chair fee of A$15,000 and
the Chair of the Remuneration Committee receives a
Committee Chair fee of A$15,000. Members of Committees do
not receive a separate fee.
The amount of aggregate remuneration sought to be
approved by Shareholders and the manner in which it is
apportioned amongst Directors is reviewed annually.
The Board considers fees paid to NEDs of comparable
companies when undertaking the annual review process.
Each NED receives a fee for being a Director of the Company.
The fee size is commensurate with the workload and
responsibilities undertaken. NEDs do not participate in any
incentive programs.
Position
2024 Fees
(A$)
Proposed
2025 Fees
(A$)
Chair of Board
$180,000
$250,000
Non-Executive Director
$100,000
$125,000
Audit and Risk Committee Chair
$15,0001
$20,0001
Remuneration Committee Chair
$15,0001
$20,0001
1.
Payable in addition to the annual NED fee.
2. NEDs do not receive additional fees for participation in the Nomination
Committee and the Sustainability Committee.
Non-Executive Director remuneration for the year ended 31 December 20241
Short Term Benefits
Post Employment Benefits
Remuneration
$
Non-Monetary Benefits
$
Superannuation
$
Total
$
M. Botha2
79,152
—
—
79,152
A. Wray3
56,953
—
—
56,953
M. Potts4
18,964
—
—
18,964
A. Parker5
51,597
—
—
51,597
S. Shugg
59,672
—
6,288
65,960
A. Reynolds
65,960
—
—
65,960
K. Marshall
65,960
—
—
65,960
S. Jackson
75,854
—
—
75,854
Total
474,112
—
6,288
480,400
1.
The table above is presented in United States dollar currency. The total remuneration for 2024 was converted at the average exchange rate of US$1:A$1.5161.
2. Mr Botha resigned as Chairman, effective 31 August 2024.
3. Mr. Wray was appointed as a Non-Executive Director, effective 27 May 2024 and as Chairman, effective 1 September 2024.
4. Mr. Potts resigned as a Non-Executive Director, effective 20 March 2024.
5. Ms. Parker was appointed as a Non-Executive Director, effective 20 March 2024.
REMUNERATION REPORT
RESOLUTE MINING LIMITED 2024 ANNUAL REPORT
67
Non-Executive Director remuneration for the year ended 31 December 20231
Short Term Benefits
Post Employment Benefits
Remuneration
$
Non-Monetary Benefits
$
Superannuation
$
Total
$
M. Botha
120,530
—
—
120,530
M. Potts
77,005
—
—
77,005
S. Shugg
60,685
—
6,276
66,961
A. Reynolds
66,961
—
—
66,961
K. Marshall2
36,270
—
—
36,270
S. Jackson
77,005
—
—
77,005
Total
438,456
—
6,276
444,732
1.
The table above is presented in United States dollar currency. The total remuneration for 2023 was converted at the average exchange rate of US$1:A$1.4934.
2. Mr. K Marshall was appointed as Non-Executive Director, effective 17 June 2023.
REMUNERATION REPORT
68
RESOLUTE MINING LIMITED 2024 ANNUAL REPORT
5. ADDITIONAL DISCLOSURES
Executive Employment Contracts
Remuneration arrangements for KMP are formalised in employment agreements. The following table outlines the details of contracts
with key management personnel:
Name
Title
Term of
Agreement
Notice
Period by
Executive
Notice
Period by
Company
Termination Benefit
Terry Holohan
Managing Director and Chief
Executive Officer
Open
6 months
6 months
Redundancy as per Guernsey
Employment Protection Law
Chris Eger2
Interim Chief Executive Officer
Open
6 months
6 months
Redundancy as per Guernsey
Employment Protection Law
Geoff Montgomery
Chief Operating Officer
Open
6 months
6 months
Redundancy as per Guernsey
Employment Protection Law
Richard Steenhof3
General Counsel and Company
Secretary
Open
3 months
3 months
Redundancy as per NES2
1.
Mr. C Eger was appointed as Interim Chief Executive Officer, effective 13 December 2024.
2. NES is the National Employment Standards.
3. Mr. R Steenhof resigned as General Counsel and Company Secretary, effective 19 January 2024.
No options were held by KMP during the year.
Details of Performance Rights holdings of KMP are as follows:
Granted during the year as compensation
Balance at the start of the year
Number Granted
Grant date
Fair value of Performance
Rights at grant date
Total Fair value of
Performance Rights at grant
date1
Vesting period (years)
Vesting date
Expiry of Performance Rights
Exercise price of Performance
Rights granted during the year
Lapsed during the year
Balance at the end of the year
A$
A$
A$
Directors
T. Holohan
1,958,147 2,711,271
19 Dec 2024
0.23 620,881
3
31 Dec 2026
1 Jan 2033
nil
1,958,147 2,711,271
T. Holohan
— 1,000,000
1 Jul 2024
0.59 590,000
3
30 Jun 2025
1 Jul 2029
nil
— 1,000,000
Other key management personnel
G. Montgomery 2,287,059 1,327,486
19 Dec 2024
0.23 303,994
3
31 Dec 2026
1 Jan 2033
nil
486,674 3,127,871
C. Eger
1,513,325 1,356,252
19 Dec 2024
0.23 310,582
3
31 Dec 2026
1 Jan 2033
nil
— 2,869,577
R. Steenhof
—
—
—
—
—
—
—
—
—
—
—
1.
Performance Rights vest in accordance with the Resolute Mining Limited Remuneration Policy and Equity Incentive Plan which outline the key performance indicators
that need to be satisfied.
REMUNERATION REPORT
RESOLUTE MINING LIMITED 2024 ANNUAL REPORT
69
5. Additional Disclosures (continued)
Details of shareholdings of KMP are as follows:
Balance at the
start of the year
Received during
the year on the
vesting of
Performance
Rights
Purchased
during the year
Other changes
during the year
Shares sold on
market during
the year
Balance at the
end of the year
Directors
M. Botha
236,405
—
—
—
—
236,405
A. Wray
—
—
—
—
—
—
T. Holohan
—
—
—
—
—
—
M. Potts
234,839
—
—
—
(234,839)
—
A. Parker
—
—
—
—
—
—
S. Shugg
27,273
—
—
—
—
27,273
K. Marshall
—
—
—
—
—
—
A. Reynolds
50,000
—
—
—
—
50,000
S. Jackson
—
—
—
—
—
—
Other key management personnel
G. Montgomery
—
—
—
—
—
—
C. Eger
—
—
—
—
—
—
R. Steenhof
—
—
—
—
—
—
Every Director is encouraged to hold shares in the Company. The Board considered a share ownership requirement policy for
Directors, however, is not proposing to introduce a formal requirement due to the current tenure of Directors and to ensure that
diversity is one of the priorities without imposing limitations on any potential candidate. The Board will continue reviewing this policy
on an ongoing basis to ensure it meets the requirements of the Company and its stakeholders.
This is the end of the remuneration report.
6. OTHER INFORMATION
Performance Rights
Outstanding Performance Rights as at the date of this report are as follows:
Grant date
Vesting date
Exercise price
Number on issue
01/01/2023
31/12/2025
—
10,390,447
19/12/2024
31/12/2026
—
8,957,980
01/07/2024
30/06/2025
—
1,000,000
20,348,427
REMUNERATION REPORT
70
RESOLUTE MINING LIMITED 2024 ANNUAL REPORT
Indemnification and Insurance of Directors and Officers
Resolute maintains an insurance policy for its Directors and Officers against certain liabilities arising as a result of work performed
in the capacity as Directors and Officers. The Company has paid an insurance premium for the policy. The contract of insurance
prohibits disclosure of the amount of the premium and the nature of the liabilities insured.
Indemnification of Auditors
To the extent permitted by law, the Company has agreed to indemnify its auditors, Ernst & Young, as part of the terms of its audit
engagement agreement against claims by third parties arising from the audit (for an unspecified amount). No payment has been
made to indemnify Ernst & Young during or since the financial year.
Auditor Independence
Refer to the Auditor’s Independence Declaration to the Directors of Resolute Mining Limited.
Directors’ Meetings
The number of meetings of Directors (including meetings of committees of Directors) held during the year and the number of
meetings attended by each Director were as follows:
Board1
Audit and Risk
Remuneration
Nomination
Sustainability
M. Botha2
5
3
2
1
n/a
A. Wray3
11
2
2
n/a
2
T. Holohan
8
4
n/a
n/a
3
M. Potts4
2
1
1
1
n/a
A. Parker5
12
3
2
1
2
S. Shugg
13
4
3
1
3
A. Reynolds
13
4
3
1
3
K. Marshall
12
4
3
1
3
S. Jackson
12
4
3
1
n/a
Number of meetings held
14
4
3
1
3
1.
A total of six exceptional Board meetings were held during Q4-2024 in connection with the release of the three Company's employees detained in Mali and the resulting
conclusion of a settlement protocol and the related payments.
2. Mr M. Botha resigned as Chairman, effective 31 August 2024.
3. Mr. A. Wray was appointed as a Non-Executive Director, effective 27 May 2024 and as Chairman, effective 1 September 2024.
4. Ms. A. Parker was appointed as a Non-Executive Director, effective 20 March 2024.
5. Mr. M. Potts resigned as a Non-Executive Director, effective 20 March 2024.
The details of the functions of the other committees of the Board are presented in the Corporate Governance Statement.
The Directors Report has been prepared in US dollars and all values are rounded to the nearest thousand dollars ($'000) unless
otherwise stated in line with Australian Securities and Investments Commission (ASIC) Corporations (Rounding in Financial/
Directors’ Reports) Instrument 2016/191
Non-Audit Services
Non-audit services have been provided by the entity’s auditor, Ernst & Young for the year ended 31 December 2024 for $nil
(year ended 31 December 2023: $nil).
Signed in accordance with a resolution of the Directors.
Andrew Wray
Chairman
Perth, Western Australia
27 March 2025
RESOLUTE MINING LIMITED 2024 ANNUAL REPORT
71
FINANCIAL
REPORT
RESOLUTE MINING LIMITED 2024 ANNUAL REPORT
73
Contents
About this Report
75
Consolidated Statement of Comprehensive Income
77
Consolidated Statement of Financial Position
79
Consolidated Statement of Changes in Equity
80
Consolidated Cash Flow Statement
81
Notes to the Financial Statements
A
Earnings for the year
82
A.1
Segment revenues and expenses
82
A.2
Dividends paid or proposed
85
A.3
Loss per share
85
A.4
Taxes
86
B
Production and growth assets
88
B.1
Mine properties and property, plant
and equipment
88
B.2
Exploration and evaluation assets
91
B.3
Impairment of non-current assets
92
B.4
Segment expenditure, assets and liabilities
95
C
Cash, debt and capital
96
C.1
Cash
96
C.2
Financial liabilities
97
C.3
Financing facilities
99
C.4
Contributed equity
100
C.5
Other reserves
100
D
Other assets and liabilities
102
D.1
Receivables
102
D.2
Inventories
104
D.3
Payables
104
D.4
Provisions
105
D.5
Leases
107
D.6
Financial instruments
109
E
Other items
110
E.1
Ravenswood receivables
110
E.2
Commitments
111
E.3
Auditor remuneration
112
E.4
Subsidiaries and non-controlling interests
112
E.5
Subsequent events
113
E.6
Related party disclosures
113
E.7
Parent entity information
114
E.8
Employee benefits and share-based payments
114
E.9
Other accounting policies
118
Directors’ Declaration
120
Independent Auditor’s Report
121
Shareholder Information
129
Financial Report
ABOUT THIS REPORT
The Financial Report of Resolute Mining Limited and its
controlled entities (“Resolute”, “consolidated entity” or “the
Group”) for the year ended 31 December 2024 was authorized for
issue on 27 March 2025 in accordance with a resolution of the
Directors.
Resolute Mining Limited (the parent) is a for profit company
limited by shares incorporated and domiciled in Australia whose
shares are publicly traded on the Australian Securities Exchange
and the London Stock Exchange. The nature of the operations
and principal activities of the Group are described in the
Directors’ Report and in the segment information in Note A.1.
Information on the Group’s structure is provided in Note E.4.
Statement of Compliance
This general purpose Financial Report has been prepared in
accordance with Australian Accounting Standards, other
authoritative pronouncements of the Australian Accounting
Board and the Corporations Act 2001 (Cth). The Financial Report
complies with Australian Accounting Standards as issued by the
Australian Accounting Standards Board and International
Financial Reporting Standards (IFRS) as issued by the
International Accounting Standards Board. The accounting
policies are consistent with those disclosed in the 31 December
2023 Financial Report, except for the impact of all new or
amended Standards and Interpretations as detailed in Note E.9.
The Financial Report includes financial information for Resolute
Mining Limited (“Resolute”) as an individual entity and the
consolidated entity consisting of Resolute and its subsidiaries
(“the Group”).
Where appropriate, comparative information has been
reclassified to align to changes in presentation in the current
period to reflect more reliable and relevant information. The
Company has reclassified certain expense items to costs of
production to better reflect the actual costs incurred at our
operations.
Basis of Preparation
These financial statements have been prepared under the
historical cost convention, as modified by the revaluation of
certain financial assets and liabilities at fair value.
The Financial Report comprises of the financial statements of the
Group and its subsidiaries as at 31 December each year.
Subsidiaries are fully consolidated from the date on which
control is obtained by the Group and cease to be consolidated
from the date at which control is transferred out of the Group.
Profit or loss and each component of Other Comprehensive
Income (OCI) are attributed to the equity holders of the parent of
the Group and to the non-controlling interests, even if this results
in the non-controlling interests having a deficit balance. When
necessary, adjustments are made to the financial statements of
subsidiaries to bring their accounting policies into line with the
Group’s accounting policies. All intra-group assets and liabilities,
equity, income, expenses and cash flows relating to transactions
between members of the Group are eliminated in full on
consolidation. Interests in associates are equity accounted and
are not part of the consolidated Group.
Rounding of Amounts
The Financial Report has been prepared in US dollars and all
values are rounded to the nearest thousand dollars ($'000)
unless otherwise stated in line with Australian Securities and
Investments Commission (ASIC) Corporations (Rounding in
Financial/ Directors’ Reports) Instrument 2016/191.
Financial Report
RESOLUTE MINING LIMITED 2024 ANNUAL REPORT
75
Currency
Items in the financial statements of each of the Group’s entities
are measured in their respective currencies. Resolute Mining
Limited’s functional currency is Australian dollars (A$) and
presentation currency is US dollars ($).
Transactions in foreign currencies are initially recorded by the
Group’s entities at their respective functional currency spot rates
at the date the transaction first qualifies for recognition.
Monetary assets and liabilities denominated in foreign currencies
are translated at the functional currency spot rates of exchange
at the reporting date. Differences arising on settlement or
translation of monetary items are recognised in profit or loss with
the exception of monetary items classified as net investment in a
foreign operation. These are recognised in OCI until the net
investment is disposed of, at which time, the cumulative amount
is reclassified to profit or loss. Tax charges and credits
attributable to exchange differences on those monetary items are
also recorded in OCI.
Non-monetary items that are measured in terms of historical
cost in a foreign currency are translated using the exchange
rates at the dates of the initial transactions. Non-monetary items
measured at fair value in a foreign currency are translated using
the exchange rates at the date when the fair value is determined.
The gain or loss arising on translation of non-monetary items
measured at fair value is treated in line with the recognition of
the gain or loss on the change in fair value of the item (i.e.
translation differences on items whose fair value gain or loss is
recognised in OCI or profit or loss are also recognised in OCI or
profit or loss, respectively).
The results and financial position of all the Group entities
(none of which has the currency of a hyperinflationary economy)
that have a functional currency different from the presentation
currency are translated into the presentation currency as follows:
▪assets and liabilities for each consolidated statement of
financial position presented are translated at the closing rate
at the date of that consolidated statement of financial position
▪income and expenses for each consolidated statement of
comprehensive income are translated at average exchange
rates (unless this is not a reasonable approximation of the
cumulative effect of the rates prevailing on the transaction
dates, in which case income and expenses are translated at
the dates of the transactions)
▪all resulting exchange differences are recognised as
a separate component of equity.
On consolidation, exchange differences arising from the
translation of any net investment in foreign entities, and of
borrowings and other currency instruments that form part of a
net investment in foreign operation designated as hedges of
such investments, are taken to shareholders’ equity. When a
foreign operation is sold or borrowings repaid, a proportionate
share of such exchange differences are recognised in the
consolidated statement of comprehensive income as part of the
gain or loss on sale.
Financial and Capital Risk Management
The Group’s activities expose it to a variety of financial risks:
market risk (including diesel fuel price risk, currency risk and
interest rate risk), credit risk and liquidity risk. The Group’s
overall risk management program focuses on the unpredictability
of financial markets and seeks, where considered appropriate, to
minimise potential adverse effects on the financial performance
of the Group.
The Group may use derivative financial instruments to manage
certain risk exposures. Derivatives have been used exclusively
for managing financial risks, and not as trading or other
speculative instruments.
Risk management is carried out by the Group’s Audit and Risk
Committee under policies approved by the Board of Directors.
The Audit and Risk Committee identifies, evaluates and manages
financial risks as deemed appropriate. The Board provides
guidance for overall risk management, including guidance on
specific areas, such as mitigating commodity price, foreign
exchange, interest rate and credit risks, and derivative financial
instrument risk.
Foreign Exchange Risk Management
The Group receives proceeds on the sale of its gold and silver
production in US dollars and a large portion of its costs at the
Syama Gold Mine, Mako Gold Mine and the are denominated in
Euro, US dollars and local currencies, and as such movements
within these currencies expose the Group to exchange rate risk.
Foreign exchange risk arises from future commercial
transactions and recognised assets and liabilities denominated
in a currency that is not the entity’s functional currency. The risk
can be measured by performing a sensitivity analysis that
quantifies the impact of different assumed exchange rates on the
Group’s forecast cash flows.
The Group’s Audit and Risk Committee continues to manage and
monitor foreign exchange currency risk. At present, the Group
does not specifically hedge its exposure to foreign currency
exchange rate movements.
Diesel Price Risk Management
The Group is exposed to movements in the diesel fuel price.
The costs incurred purchasing diesel fuel for use in the Group’s
operations is significant. The Group’s Audit and Risk Committee
continues to manage and monitor diesel fuel price risk.
At present, the Group does not specifically hedge its exposure to
diesel fuel price movements.
The below risks arise in the normal course of the Group’s
business. Risk information can be found in the following sections:
▪Section C Capital risk, Interest rate risk, Liquidity risk, Foreign
currency risk
▪Section D Credit risk, Foreign currency risk.
Financial Report
76
RESOLUTE MINING LIMITED 2024 ANNUAL REPORT
$'000
Note
2024
2023
Revenue from gold and silver sales
A.1
800,973
631,073
Costs of production
A.1
(393,010)
(400,378)
Gross profit
407,963
230,695
Depreciation and amortisation
A.1
(129,171)
(81,044)
Royalties
A.1
(59,165)
(36,313)
Gross profit from operation
219,627
113,338
Interest income
A.1
5,019
2,406
Exploration expense
A.1
(9,482)
(14,720)
Administration and other corporate expenses
A.1
(19,825)
(18,450)
Share based payments expense
A.1
(1,104)
(605)
Fair value movements and treasury transactions
A.1
(27,530)
22,442
Inventories net realisable value movements and obsolete consumables
A.1
22,793
(12,665)
Finance costs
A.1
(8,915)
(13,583)
Indirect tax expense
A.1
(156,853)
(5,367)
Other (expenses)/income
A.1
(4,635)
23,527
Profit before tax from operations
19,094
96,323
Tax expense
A.1
(45,079)
(4,791)
(Loss)/profit for the year from continuing operations
(25,985)
91,533
(Loss)/Profit attributed to:
Members of the parent
(28,298)
65,577
Non-controlling interest
2,313
25,956
(25,985)
91,533
The above consolidated statement of comprehensive income should be read in conjunction with the accompanying notes.
Financial Report
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
for the year ended 31 December 2024
RESOLUTE MINING LIMITED 2024 ANNUAL REPORT
77
$'000
Note
2024
2023
(Loss)/profit for the year (brought forward)
(25,985)
91,533
Other comprehensive income/(loss)
Items that may be reclassified subsequently to profit or loss
Exchange differences on translation of foreign operations:
- Members of the parent
(25,187)
(19,764)
- Non-controlling interest
3,482
(1,989)
Changes in the fair value/realisation of financial assets at fair value through other
comprehensive income, net of tax
—
(865)
Other comprehensive loss for the year, net of tax
(21,705)
(22,618)
Total comprehensive (loss)/profit for the year
(47,690)
68,915
Total comprehensive (loss)/income attributable to:
Members of the parent
(53,486)
44,948
Non-controlling interest
5,795
23,967
(47,690)
68,915
Earnings/(loss) per share for net loss attributable for continuing operations to the
ordinary equity holders of the parent:
Cents
Cents
Basic (loss)/earnings per share
A.3
(1.33)
3.08
Diluted (loss)/earnings per share
A.3
(1.33)
3.08
The above consolidated statement of comprehensive income should be read in conjunction with the accompanying notes.
Financial Report
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
for the year ended 31 December 2024 (CONTINUED)
78
RESOLUTE MINING LIMITED 2024 ANNUAL REPORT
$'000
Note
2024
2023
Current assets
Cash
C.1
69,269
59,769
Other financial assets – restricted cash
1,465
1,412
Receivables
D.1
30,619
60,102
Inventories
D.2
128,593
135,417
Prepayments and other assets
12,361
11,021
Income tax asset
A.4
1,703
1,810
Total current assets
244,010
269,532
Non-current assets
Receivables
D.1
80,200
54,456
Inventories
D.2
42,622
42,489
Evaluation assets
B.2
13,966
6,354
Property, plant and equipment
B.1
199,319
160,894
Development assets
B.1
232,459
298,927
Right of use assets
D.5
6,980
10,106
Deferred tax asset
A.4
—
3,005
Income tax asset
A.4
—
7,317
Total non current assets
575,546
583,547
Total assets
819,556
853,078
Current liabilities
Payables
D.3
119,374
67,302
Financial liabilities
C.2
34,415
74,066
Provisions
D.4
20,855
66,188
Lease liabilities
D.5
3,144
3,070
Current tax liabilities
A.4
59,920
4,791
Total current liabilities
237,708
215,417
Non current liabilities
Provisions
D.4
92,399
85,863
Lease liabilities
D.5
6,235
9,625
Total non current liabilities
98,634
95,488
Total liabilities
336,342
310,905
Net assets
483,214
542,173
Equity attributable to equity holders of the parent
Contributed equity
C.4
882,731
882,731
Reserves
(64,904)
(40,821)
Retained earnings
(280,062)
(251,764)
Total equity attributable to equity holders of the parent
537,766
590,146
Non-controlling interest
E.4
(54,552)
(47,973)
Total equity
483,214
542,173
The above consolidated statement of financial position should be read in conjunction with the accompanying notes.
Financial Report
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
As at 31 December 2024
RESOLUTE MINING LIMITED 2024 ANNUAL REPORT
79
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
As at 31 December 2024
$'000
Contributed equity
Net unrealised gain/
(loss) reserve
Convertible notes/
Share options equity
reserve
Non-controlling
interests reserve
Employee equity
benefits reserve
Foreign currency
translation reserve
Retained earnings/
(accumulated
losses)
Non-controlling
interest
Total
At 1 January 2024
882,731 (9,745)
4,321 (636) 22,210 (56,971) (251,764) (47,973) 542,173
(Loss) for the year
—
—
—
—
—
—
(28,298)
2,313 (25,985)
Other comprehensive loss,
net of tax
—
—
—
—
— (25,187)
— 3,482 (21,705)
Total comprehensive loss for the
year, net of tax
—
—
—
—
— (25,187)
(28,298) 5,795 (47,690)
Dividends declared
—
—
—
—
—
—
— (12,373) (12,373)
Share based payments expense
—
—
—
—
1,104
—
—
—
1,104
At 31 December 2024
882,731 (9,745)
4,321 (636) 23,315 (82,158) (280,062) (54,552) 483,214
At 1 January 2023
882,731 (9,348)
4,876 (724) 20,447 (37,207)
(317,341) (71,940) 471,494
Profit for the year
—
—
—
—
—
—
65,577 25,956
91,533
Other comprehensive loss, net of tax
— (397)
(555)
88
— (19,764)
— (1,989) (22,618)
Total comprehensive income for the
year, net of tax
— (397)
(555)
88
— (19,764)
65,577 23,967 68,915
Share based payments expense
—
—
—
—
1,763
—
—
—
1,763
At 31 December 2023
882,731 (9,745)
4,321 (636) 22,210 (56,971) (251,764) (47,973) 542,173
The above consolidated statement of changes in equity should be read in conjunction with the accompanying notes.
80
RESOLUTE MINING LIMITED 2024 ANNUAL REPORT
$’000
Note
2024
2023
Cash flows from operating activities
Receipts from customers
800,973
632,444
Payments to suppliers, employees and others
(509,087)
(500,182)
Exploration expenditure
(5,234)
(4,650)
Interest paid
(4,808)
(12,279)
Interest received
306
519
Malian State Settlement Protocol
(159,949)
—
Income tax paid
(7,195)
(9,285)
Net cash flows from operating activities
115,006
106,567
Cash flows used in investing activities
Payments for property, plant & equipment
(72,706)
(27,264)
Payments for development activities
(23,716)
(40,299)
Payments for evaluation activities
(8,396)
(4,234)
Proceeds from sale of asset
—
3,621
Other investing activities
(812)
(725)
Deferred consideration from sale of Ravenswood Mine
34,392
—
Extension Fee on Ravenswood Promissory Note
849
—
Net cash flows used in investing activities
(70,389)
(68,901)
Cash flows from financing activities
Repayment of borrowings
(25,000)
(55,000)
Dividends paid to non-controlling interest
(6,942)
—
Repayment of principal portion of lease liability
(3,651)
(2,354)
Payment of short term finance facilities
(925)
—
Net cash flows used in financing activities
(36,518)
(57,354)
Net increase/(decrease) in cash and cash equivalents
8,099
(19,688)
Cash and cash equivalents at the beginning of the year
59,769
80,873
Exchange rate adjustment
1,400
(1,416)
Cash and cash equivalents at the end of the year
69,268
59,769
The above consolidated cash flow statement should be read in conjunction with the accompanying notes.
Financial Report
CONSOLIDATED CASH FLOW STATEMENT
for the year ended 31 December 2024
RESOLUTE MINING LIMITED 2024 ANNUAL REPORT
81
A: Earnings for the year
IN THIS SECTION
Results and the performance of the Group, with segmental
information highlighting the core areas of the Group’s
operations. It also includes details about the Group’s
tax position.
A.1 Segment revenues and expenses
Operating segment information
The Group has identified two operating segments based on
the internal reports that are reviewed and used by the
Chief Executive Officer (the Chief Operating Decision Maker)
in resources.
Operating segments are identified by management as being
operating mine sites and are managed separately and operate
in different regulatory and economic environments.
Performance is measured based on gold poured and cost of
production per ounce of gold poured. The accounting policies
used by the Group in reporting segments are the same as those
used in the preparation of financial statements.
Recognition and measurement
Revenue from gold and other sales
Revenue from gold and other sales represents revenue from
contracts with customers and is recognised at the point in time
when the Group transfers control of products to a customer.
For sales of gold bullion, control is obtained when the gold is
credited to the metals account of the customer. Revenue is
recognised at the amount to which the Group expects to
be entitled.
Revenue from the sale of by-products such as silver is included
in sales revenue.
Interest
Interest revenue is recognised as interest accrues using the
effective interest method.
Key estimates and judgements
Revenue from contracts with customers – Judgement is required
to determine the point at which the customer obtains control of
gold. Factors including transfer of legal title, transfer of
significant risks and rewards of ownership and the existence of
a present right to payment for the gold typically result in control
transferring on delivery of the gold.
Financial Report
NOTES TO THE
FINANCIAL STATEMENTS
RESOLUTE MINING LIMITED 2024 ANNUAL REPORT
82
A.1 Segment revenues and expenses
31 December 2024
$'000
Syama
(Mali)
Mako
(Senegal)
Corporate/
Other (a)
Total
Revenue from gold and silver sales
512,634
288,339
—
800,973
Costs of production
(258,295)
(134,715)
—
(393,010)
Segment gross profit
254,339
153,624
—
407,963
Depreciation and amortisation
(61,986)
(66,079)
(1,106)
(129,171)
Royalties
(44,748)
(14,417)
—
(59,165)
Segment gross profit from operations
147,605
73,127
(1,106)
219,627
Interest income
148
933
3,937
5,019
Other expenses
(348)
(1,629)
(2,657)
(4,635)
Exploration expense
(5,603)
(3,697)
(183)
(9,482)
Administration and corporate expenses
—
—
(19,825)
(19,825)
Share based payment expenses
—
—
(1,104)
(1,104)
Fair value movements and treasury transactions
(31,012)
1,167
2,316
(27,530)
Inventories net realisable value movements and obsolete consumables
20,774
2,020
—
22,794
Finance costs
(5,989)
(1,889)
(1,037)
(8,915)
Indirect tax expense
(118,779)
(26,903)
(11,171)
(156,853)
Segment profit/(loss) before tax from operations
6,796
43,128
(30,831)
19,094
Income tax expense
(20,298)
(24,859)
77
(45,079)
Profit/(loss) for the 12 months to 31 December 2024
(13,502)
18,270
(30,753)
(25,984)
(a) This information does not represent an operating segment as defined by AASB 8, however this information is analysed in this format by the Chief Operating Decision maker,
and forms part of the reconciliation of the results and positions of the operating segments to the financial statements.
Financial Report
NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 December 2024
RESOLUTE MINING LIMITED 2024 ANNUAL REPORT
83
A.1 Segment revenues and expenses (continued)
31 December 2023
$'000
Syama
(Mali)
Mako
(Senegal)
Corporate/
Other (b)
Total
Revenue from gold and silver sales
401,568
229,505
—
631,073
Costs of production
(262,472)
(136,235)
(1,671)
(400,378)
Segment gross profit
139,096
93,270
(1,671)
230,695
Depreciation and amortisation
(34,121)
(44,491)
(2,432)
(81,044)
Royalties
(24,066)
(11,475)
(772)
(36,313)
Segment gross profit from operations
80,909
37,304
(4,875)
113,338
Interest income
22
—
2,384
2,406
Other income
140
(24)
23,691
23,527
Exploration expense
(7,832)
(4,455)
(2,433)
(14,720)
Administration and corporate expenses
—
—
(18,450)
(18,450)
Share based payment expenses
—
—
(605)
(605)
Fair value movements and treasury transactions
28,749
(4,339)
(1,968)
22,442
Obsolete consumables provision
(9,096)
(3,569)
—
(12,665)
Finance costs
(5,062)
(1,793)
(6,727)
(13,582)
Indirect tax expense
(5,363)
(4)
—
(5,367)
Segment profit/(loss) before tax from operations
82,187
23,120
(8,983)
96,324
Income tax expense
(20,250)
15,459
—
(4,791)
Profit/(Loss) for the 12 months to 31 December 2023
61,937
38,579
(8,983)
91,533
Financial Report
NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 December 2024
84
RESOLUTE MINING LIMITED 2024 ANNUAL REPORT
A.1 Segment revenues and expenses (continued)
(a) Revenue from external sales for each reportable segment is derived from third parties. Bullion sales are conducted with third
parties at market spot prices or per the terms of forward sales contracts. Customers representing more than 10% of sales in
31 December 2024 were Perth Mint 85.0% (31 December 2023 being ING 49.0%, Perth Mint 37.1%).
(b) This information does not represent an operating segment as defined by AASB 8, however this information is analysed in this
format by the Chief Operating Decision maker, and forms part of the reconciliation of the results and positions of the operating
segments to the financial statements.
A.2 Dividends paid or proposed
A dividend has not been declared for the year ended 31 December 2024.
A.3 Earnings/(loss) per share
31 December 2024
31 December 2023
Basic earnings/(loss) per share
(Loss)/earnings attributable to ordinary equity holders for operations of the parent for
basic loss per share ($'000)
(28,298)
65,578
Weighted average number of ordinary shares outstanding during the year used in the
calculation of basic EPS and diluted EPS
2,129,050,013
2,129,006,569
cents
cents
Basic (loss)/earnings per share from operations
(1.33)
3.08
Diluted (loss)/earnings per share from operations1
(1.33)
3.08
1.
At 31 December 2024, a total of 20,348,427 performance rights (14,236,468 at 31 December 2023) could potentially dilute basic earnings per share in the future, but were not
included in diluted earnings/(loss) per share as the Group made an operating loss during the year.
Measurement
Basic earnings per share (“EPS”) is calculated as net profit/(loss) attributable to members, adjusted to exclude preference share
dividends, divided by the weighted average number of ordinary shares, adjusted for any bonus element.
Diluted EPS is calculated as the net (loss)/profit attributable to members, adjusted for:
• The after tax effect of dividends and interest associated with dilutive potential ordinary shares that have been recognised
as expenses
• other non-discretionary changes in revenues or expenses during the year that would result from the dilution of potential
ordinary shares
• divided by the weighted average number of ordinary shares and dilutive potential ordinary shares, adjusted for any bonus element.
Information on the classification of securities file
Options and performance rights granted to employees (including Key Management Personnel) as described in E.8 are considered to
be potential ordinary shares and have been included in the determination of diluted earnings per share to the extent they are dilutive.
These options and performance rights have not been included in the determination of basic loss per share.
Financial Report
NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 December 2024
RESOLUTE MINING LIMITED 2024 ANNUAL REPORT
85
A.4 Taxes
a) Income tax (benefit)/expense
Current tax expense
45,079
7,796
Deferred tax (benefit)/expense
—
(3,005)
Total tax expense
45,079
4,791
b) Numerical reconciliation of income tax (benefit)/expense to prima facie tax
(benefit)/expense
Accounting (loss)/gain before tax
19,094
96,324
Prima facie income tax expense / (benefit) at 30%
5,728
29,170
Add/(deduct):
- effect of different rates of tax on overseas income
(2,496)
(7,375)
- prior year under / (over) provision
(3,244)
(14,422)
-permanent differences and deferred tax not recognised
45,091
(2,581)
Income tax expense attributable to net profit
45,079
4,791
c) Tax losses (tax effected)
Revenue losses:
- Australia
21,064
4,818
- Mali
—
17,999
- Senegal
—
—
- UK
—
2,153
21,064
24,970
Capital losses:
- Australia
26,687
37,402
Total tax losses
47,751
62,372
Total tax losses – recognised
—
—
Total tax losses not used against deferred tax liabilities for which no deferred tax
asset has been recognised (potential tax benefit at the prevailing tax rates of the
respective jurisdictions) (tax effected)1
47,751
62,372
$'000
31 December 2024
31 December 2023
1.
There are deductible temporary differences that have not been recognised as a deferred tax asset due to the uncertainty as to whether they will be realised.
Financial Report
NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 December 2024
86
RESOLUTE MINING LIMITED 2024 ANNUAL REPORT
A.4 Taxes (continued)
Recognition and measurement
The income tax expense or revenue for the year is the tax
payable on the current year’s taxable income based on the
applicable income tax rate for each jurisdiction adjusted by
changes in deferred tax assets and liabilities attributable to
temporary differences between the tax bases of assets and
liabilities and their carrying amounts in the financial statements,
and by unused tax losses (if appropriate).
Deferred tax liabilities are recognised for all taxable temporary
differences. Deferred tax assets are recognised for deductible
temporary differences, unused tax losses and unused tax credits
only if it is probable that sufficient future taxable income will be
available to utilise those temporary differences and losses.
Deferred tax is not recognised if the temporary difference arises
from goodwill or from the initial recognition (other than in a
business combination) of assets and liabilities in a transaction
that affects neither taxable profit or loss; or the accounting profit
or loss arising from taxable differences related to investment in
subsidiaries, associates and interests in joint ventures to the
extent that:
▪the Group is able to control the reversal of the temporary
difference
▪the temporary difference is not expected to reverse in the
foreseeable future.
Deferred tax assets and liabilities are measured at the tax rates
that are expected to apply in the year in which the liability is
settled or the asset is realised, based on tax rates (and tax laws)
that have been enacted or substantially enacted by the end of
the reporting year. Deferred tax assets and liabilities are offset
only if certain criteria are met. Income taxes relating to items
recognised directly in equity are recognised in equity.
Tax consolidation
Resolute and its wholly-owned Australian controlled entities
implemented the tax consolidation legislation as of 1 July 2002
and the entities in the tax consolidated group entered into a tax
sharing agreement, which limits the joint and several liability of
the wholly-owned entities in the case of a default by the head
entity, Resolute Mining Limited. The entities have also entered
into a tax funding agreement under which the wholly-owned
entities fully compensate Resolute Mining Limited for any current
tax payable assumed and are compensated by Resolute Mining
Limited for any current tax receivable.
Key estimates and judgements
The Group records its best estimate of these items
based upon the latest information available and
management’s interpretation of enacted tax laws.
Whilst the Group believes it has adequately provided
for the outcome of these matters, future results may
include favourable or unfavourable adjustments as
assessments are made, or resolved.
The recognition basis of deductible temporary
differences and unused tax losses in the form of
deferred tax assets is reviewed at the end of each
reporting year and de- recognised to the extent that
it is no longer probable that sufficient taxable profits
will be available to allow all or part of the asset to
be recovered.
Financial Report
NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 December 2024
RESOLUTE MINING LIMITED 2024 ANNUAL REPORT
87
B: Production and growth assets
IN THIS SECTION
Included in this section is relevant information about recognition, measurement, depreciation, amortisation and impairment
considerations of the core producing and growth (exploration and evaluation) assets of Resolute.
B.1 Mine properties and property, plant and
equipment
Recognition and measurement
Stripping activity asset
The Group incurs waste removal costs (stripping costs) in the
creation of improved access and mining flexibility in relation to
ore to be mined in the future. The costs are capitalised as a
stripping activity asset, where certain criteria are met. Once the
Group has identified its production stripping for each surface
mining operation, it identifies the separate components for the
orebodies in each of its mining operations. An identifiable
component is a specific volume of the ore body that is made
more accessible by the stripping activity. The costs of each
component are amortised on a units of production basis in
applying a stripping ratio.
Development expenditure
(a) Areas in Development: Costs incurred in preparing mines
for production including required plant infrastructure.
(b) Areas in Production: Represent the accumulation of all
acquired exploration, evaluation and development
expenditure in which economic mining of an Ore Reserve
has commenced. Amortisation of costs is provided on the
unit of production method.
Property, plant and equipment
Property, plant and equipment are stated at cost less any
accumulated depreciation and any impairment losses.
The cost of an item of property, plant and equipment comprises:
▪Its purchase price, including import duties and non-refundable
purchase taxes, after deducting trade discounts and rebates
▪Any costs directly attributable to bringing the asset to the
location and condition necessary for it to be capable of
operating in the manner intended by management
▪The initial estimate of the costs of dismantling and removing
the item and restoring the site on which it is located.
Depreciation is provided on the following basis:
Life
Method
Motor vehicles
3-5 years
Straight line
Office equipment
3 years
Straight line
Plant and equipment
Life of mine years or
2-6 years
Straight line over
life of mine years
or straight line
Processing plant
Life of mine
production
Units of
production
Key estimates and judgements
Stripping activity assets
Judgement is required to identify a suitable production
measure to be used to allocate production stripping costs
between inventory and any stripping activity asset(s) for
each component. The Group considers that the ratio of the
expected volume of waste to be stripped for an expected
volume of ore to be mined for a specific component of the
orebody, to be the most suitable production measure.
An identifiable component is a specific volume of the
ore body that is made more accessible by the
stripping activity.
Judgement is also required to identify and define these
components, and also to determine the expected volumes
(e.g. tonnes) of waste to be stripped and ore to be mined
in each of these components. These assessments are
based on the information available in the mine plan which
will vary between mines for a number of reasons,
including, the geological characteristics of the ore body,
the geographical location and/or financial considerations.
Stripping ratio
The Group has adopted a policy of capitalising production
stage stripping costs and amortising them on a units of
production basis. Significant judgement is required in
determining the contained ore units for each mine.
Factors that are considered include:
▪any proposed changes in the design of the mine;
▪estimates of the quantities of ore reserves and mineral
resources for which there is a high degree of confidence
of economic extraction
▪future production levels
▪future commodity prices and
▪future cash costs of production and capital expenditure.
Determining the beginning of production
The Group ceases capitalising pre-production costs and
begins depreciation and amortisation of mine property
assets at the point commercial production commences.
This is based on the specific circumstances of the project,
and considers when the specific asset becomes ‘available
for use’ as intended by management which includes
consideration of the following factors:
▪completion of a reasonable period of testing of the mine
plant and equipment
▪mineral recoveries, availability and throughput levels
at or near expected/feasibility study levels
▪the ability to produce gold into a saleable form (where
more than an insignificant amount is produced)
▪the achievement of continuous production and
▪estimation of mineral reserves and resources.
Financial Report
NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 December 2024
88
RESOLUTE MINING LIMITED 2024 ANNUAL REPORT
B.1 Mine properties and property, plant and equipment (continued)
Plant and Equipment
Mine Properties
31 December 2024
Buildings
Plant and Equipment
Motor Vehicles
Office Equipment
Assets Under
Construction
Mine Properties
Striping Activity Asset
Total
$'000
Cost
Balance as at 1 January 2024
17,673 464,665 14,253 20,673 64,574
461,679 422,099 1,465,617
Additions/ expenditures
—
11,468
379
837 60,023
11,062 21,496
105,265
Transfers/ reallocations
8,556
82,705
—
1,248 (74,303)
39,498 (57,704)
—
Change in estimate of environmental
rehabilitation provision
—
—
—
—
—
(831)
—
(831)
Disposals
—
—
(6)
—
—
—
—
(6)
Foreign currency translation
(965)
(29,191)
(895) (1,299) (5,502)
(29,003) (26,517)
(93,372)
Balance as at 31 December 2024
25,264 529,650 13,731 21,459 44,792 482,405 359,378 1,476,679
Accumulated Depreciation & Impairment
Balance as at 1 January 2024
(11,506) (378,643) (12,700) (18,097)
— (409,316) (175,535) (1,005,796)
Depreciation / amortisation
(13,872) (27,084)
(1,195) (1,706)
—
(18,067) (43,931)
(105,855)
Foreign currency translation
723
26,642
883
978
—
25,164 12,362
66,752
Balance as at 31 December 2024
(24,655) (379,084) (13,012) (18,824)
— (402,219) (207,104) (1,044,898)
Carrying Amounts
As at 1 January 2024
6,167
86,022
1,553
2,578 64,574
52,363 246,564
459,821
As at 31 December 2024
609 150,566
719
2,635 44,792
80,186 152,274
431,781
Financial Report
NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 December 2024
RESOLUTE MINING LIMITED 2024 ANNUAL REPORT
89
B.1 Mine properties and property, plant and equipment (continued)
Plant and Equipment
Mine Properties
31 December 2023
Buildings
Plant and Equipment
Motor Vehicles
Office Equipment
Assets Under Construction
Mine Properties
Striping Activity Asset
Total
$'000
Cost
Balance as at 1 January 2023
26,311 513,899 13,764 18,560
—
746,061 51,876 1,370,471
Additions/expenditures
—
—
—
70 26,892
13,654 36,678
77,294
Transfers/reallocations
(8,711)
(50,221)
492
2,013 36,894
(311,107) 330,640
—
Change in estimate of environmental
rehabilitation provision
—
—
—
—
—
10,619
—
10,619
Disposals
—
—
(21)
—
—
—
—
(21)
Foreign currency translation
73
987
18
30
788
2,451
2,904
7,254
Balance as at 31 December 2023
17,673 464,665 14,253 20,673 64,574
461,679 422,099 1,465,617
Accumulated Depreciation & Impairment
Balance as at 1 January 2023
(16,574) (293,699) (12,117) (15,686)
— (552,290) (23,252)
(913,618)
Depreciation/amortisation
(1,063)
(17,612)
(1,105) (2,653)
—
(38,280) (31,488)
(92,199)
Transfers/reallocations
6,131 (67,332)
501
242
—
181,254 (120,796)
—
Disposals
—
—
21
—
—
—
—
21
Balance as at 31 December 2023
(11,506) (378,643) (12,700) (18,097)
— (409,316) (175,535) (1,005,796)
Carrying Amounts
As at 1 January 2023
9,737 220,200
1,647 2,874
—
193,771 28,624
456,853
Balance as at 31 December 2023
6,167
86,022
1,553 2,578 64,574
52,363 246,564
459,821
Financial Report
NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 December 2024
90
RESOLUTE MINING LIMITED 2024 ANNUAL REPORT
B.2 Exploration and evaluation assets
31 December 2024
31 December 2023
Exploration and evaluation (at cost)
$'000
$'000
Balance at the beginning of the year
6,354
3,211
Evaluation expenditure during the year
8,801
3,111
Write-off during the year
(1,300)
—
Foreign currency translation
113
32
Balance at the end of the year
13,968
6,354
Recognition and measurement
Exploration expenditure is expensed to the consolidated statement of comprehensive income as and when it is incurred and included
as part of cash flows from operating activities. Exploration costs are only capitalised to the consolidated statement of financial
position if they result from an acquisition.
Evaluation expenditure is capitalised to the consolidated statement of financial position. Evaluation is deemed to be activities
undertaken from the beginning of the pre-feasibility study conducted to assess the technical and commercial viability of extracting a
mineral resource before moving into the Development phase. The Company also capitalises any costs incurred from any joint venture
agreements it is a part of. The criteria for carrying forward the costs are:
▪Such costs are expected to be recouped through successful development and exploitation of the area of interest, or alternatively
by its sale
▪Evaluation activities in the area of interest which has not yet reached a state which permits a reasonable assessment of the
existence or otherwise of economically recoverable reserves, and active and significant operations in, or in relation to, the area
are continuing.
Costs carried forward in respect of an area of interest which is abandoned are written off in the year in which the abandonment
decision is made.
Exploration commitments
It is difficult to accurately forecast the nature or amount of future expenditure, although it is necessary to incur expenditure in order
to retain present interests in mineral tenements. Expenditure commitments on mineral tenure can be reduced by selective
relinquishment of exploration tenure or by the renegotiation of expenditure commitments. The level of exploration and evaluation
expenditure expected in the 12 months ending 31 December 2025 for the consolidated entity is approximately $17.5 million (actual
expenditure for the year ended 31 December 2024: $18.2 million). This includes the minimum amounts required to retain tenure.
There are no material exploration commitments further out than one year.
Financial Report
NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 December 2024
RESOLUTE MINING LIMITED 2024 ANNUAL REPORT
91
B.3 Impairment of non current assets
Impairment testing
In accordance with the Group’s accounting policies, each asset or cash-generating unit (CGU) is evaluated to determine whether
there are any indications of impairment. If any such indications of impairment exist, a formal estimate of the recoverable amount is
performed.
In assessing whether an impairment is required, the carrying value of the asset or CGU is compared with its recoverable amount. The
recoverable amount is the higher of the CGU’s fair value less costs of disposal (FVLCD) and value in use (VIU). Recoverable amount
has been determined based on FVLCD. Given the nature of the Group’s activities, information on the fair value of an asset is usually
difficult to obtain unless negotiations with potential purchasers or similar transactions are taking place consequently, the FVLCD for
each CGU is estimated based on discounted future estimated cash flows (expressed in real terms) expected to be generated from the
continued use of the CGUs:
▪using market-based gold price assumptions
▪the level of proved and probable reserves and measured
▪indicated and inferred mineral resources
▪estimated quantities of recoverable gold, production levels, operating costs and capital requirements, including any expansion
projects, and its eventual disposal, based on the CGU latest life of mine (LOM) plans.
These cash flows are discounted using a real post-tax discount rate that reflects current market assessments of the time value of
money and the risks specific to the CGU. When LOM plans do not fully utilise existing mineral properties for a CGU, and options exist
for the future extraction and processing of all or part of those resources, an estimate of the value of mineral properties is included in
the determination of fair value.
The determination of FVLCD for each CGU are considered to be Level 3 fair value measurements, as they are derived from valuation
techniques that include inputs that are not based on observable market data. The Group considers the inputs and the valuation
approach to be consistent with the approach taken by market participants.
Syama CGU – 31 December 2024
Syama indicator assessment
Whilst Syama’s 2024 forecast production remain in line with expectations, there were some impairment indicators that arose in
second half of 2024, such as:
▪The 2023 Mining Code in Mali taking effect;
▪The detainment of the company's CEO and two other employees by Government officials in Mali, followed by,
▪The subsequent sharp decline in the company's share price and market capitalisation; and
▪The signing of a Memorandum of Understanding ("Protocol") with the Government of Mali which included cash payments totalling
100 Billion CFA (approx. USD $160M) to the Government.
A formal impairment test was performed by management to determine the recoverable amount for the Syama CGU. Management
estimated the recoverable amount of Syama to be $398.2 million to $447.0 million with a mid-point of $422.6 million, with implied in-
situ Reserves and Resources multiples in the range of $38.8/oz Au Eq to $43.6/oz Au Eq, and a mid-point of $41.2/oz Au Eq.
Key Assumptions used to determine recoverable amount
The table below summarises the key assumptions used in the carrying value assessment:
Assumption
31 December 2024
Gold price (US$/oz)
2,100-2,600
Discount rate (post tax real)
16.5%-18.0%
Unmined resources (US$/oz)
$20.0-$25.0
Operating and Capital Costs
Budget 2025 and LOM 2038
Financial Report
NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 December 2024
92
RESOLUTE MINING LIMITED 2024 ANNUAL REPORT
B.3 Impairment of non current assets (continued)
Gold prices
Gold prices were estimated with reference to external market analyst reports.
Discount rate
In determining the recoverable amount of assets, the future cash flows were discounted using rates based on the CGU’s estimated
real weighted average cost of capital, with an additional premium applied having regard to the CGU’s risk profile.
Unmined resources
Unmined resources which are not included in the life‐of‐mine plan as a result of the current assessment of economic returns, timing
of specific production alternatives, and the prevailing economic environment have been valued and included in the assessed fair
value, based on in-situ multiples.
Operating and capital costs
Life‐of‐mine operating and capital cost assumptions are based on the Group’s latest budget and life‐of mine plans. Operating cost
assumptions reflect an assumption of maintaining current cost, over the long term, without including expected improvements over the
life of mine.
Recognition
As a result of the analysis performed by Management, while significant judgment was required, there is no impairment loss
recognized for the Syama CGU for the year ended 31 December 2024.
Syama CGU Sensitivity Analysis
The impairment test performed indicated that the recoverable amount approximately equaled the carrying amount of the CGU. It is
estimated that changes in key assumptions underpinning the recoverable amount, in isolation, would have the following impact
(increase or decrease).
Increase in key assumptions
Decrease in key assumptions
10% change in gold price ($ per oz)
$168 million to $178 million with
a midpoint of $173 million
($183) million to ($188) million with
a midpoint of ($193) million
1% change in Discount Rate
($10) million
$10 million
10% change in value of unmined resources
$14 million to $17 million with a midpoint
of $15 million
($14) million to ($17) million with
a midpoint of ($15) million
10% change in operating cost
($178) million to ($188) million with
a midpoint of ($183) million
$168 million to $173 million with
a midpoint of $171 million
Financial Report
NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 December 2024
RESOLUTE MINING LIMITED 2024 ANNUAL REPORT
93
Key estimates and judgements
Determination of Mineral Resources and
Ore Reserves
The determination of Ore Reserves impacts the
accounting for asset carrying values, depreciation and
amortisation rates, deferred stripping costs and provisions
for decommissioning and restoration.
The information in this report as it relates to ore reserves,
mineral resources or mineralisation is reported in
accordance with the Aus.IMM “Australian Code for
reporting of Identified Mineral Resources and Ore
Reserves”.
The information has been prepared by, or under
supervision of, competent persons as identified by the
Code. There are numerous uncertainties inherent in
estimating mineral resources and ore reserves and
assumptions that are valid at the time of estimation which
may change significantly when new information becomes
available. Changes in the forecast prices of commodities,
exchange rates, production costs or recovery rates may
change the economic status of reserves and may,
ultimately, result in the reserves being restated.
The future recoverability of capitalised mine properties and
plant and equipment is dependent on a number of key
factors including: gold price assumptions, the level of
proved and probable reserves and measured, indicated
and inferred mineral resources, estimated quantities of
recoverable gold, production levels, operating costs and
capital requirements, including any expansion projects,
and its eventual disposal, based on the CGU latest LOM
plans. The costs to dispose are estimated by management
based on prevailing market conditions.
When applicable, fair value is estimated based on
discounted cash flows using gold price assumptions, the
level of proved and probable reserves and measured,
indicated and inferred mineral resources, estimated
quantities of recoverable gold, production levels, operating
costs and capital requirements, including any expansion
projects, and its eventual disposal, based on the CGU
latest LOM plans.
Consideration is also given to analysts’ valuations, and the
market value of the Company’s securities. The fair value
methodology adopted is categorised as Level 3 in the fair
value hierarchy (in accordance with Australian Accounting
Standards).
Financial Report
NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 December 2024
94
RESOLUTE MINING LIMITED 2024 ANNUAL REPORT
B.4 Segment expenditure, assets and liabilities
Mako
(Senegal)
Syama
(Mali) Corp/ Other
Total
31 December 2024
$'000
$'000
$'000
$'000
Capital expenditure
23,214
88,315
1,952
113,481
Segment assets
183,666
531,872
104,019
819,557
Segment liabilities
126,033
201,226
9,084
336,343
Mako
(Senegal)
Syama
(Mali) Corp/ Other
Total
31 December 2023
$'000
$'000
$'000
$'000
Capital expenditure
30,357
39,880
163
70,400
Segment assets
193,412
613,521
46,145
853,078
Segment liabilities
74,049
197,114
39,742
310,905
Financial Report
NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 December 2024
RESOLUTE MINING LIMITED 2024 ANNUAL REPORT
95
C: Cash, debt and capital
IN THIS SECTION
Cash, debt and capital position of the Group at the end of the reporting year.
C.1 Cash
31 December 2024
31 December 2023
$'000
$'000
Cash at bank and on hand
69,269
59,769
Cash and cash equivalents
69,269
59,769
The credit quality of cash and cash equivalents can be assessed by reference to external credit ratings (if available) or to historical
information about counterparty default rates:
31 December 2024
31 December 2023
Cash at bank and short-term deposits
$'000
$'000
Counterparties with external credit ratings
A+
1,529
830
A1
454
113
A3
55,427
48,396
Aa2
226
253
B
67
67
B-
555
134
Baa2
10,472
791
Caa1
38
8,910
Caa2
85
224
Counterparties without external credit ratings
416
50
Total cash at bank and short term deposits
69,269
59,769
Recognition and measurement
Cash and cash equivalents in the statement of financial position comprise cash at bank and short-term deposits with an original
maturity of three months or less. Cash and cash equivalents are stated at face value in the statement of financial position.
Fair value and foreign exchange risk
The carrying amount of cash and cash equivalents approximates their fair value.
The Group held $69.3 million of cash and cash equivalents at 31 December 2024 (31 December 2023: $59.8 million) in currencies
other than that of the functional currency of the company which holds the item. This exposure is predominantly in US dollars
(December 2024: $55.0 million; December 2023: $47.2 million equivalent).
Financial Report
NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 December 2024
96
RESOLUTE MINING LIMITED 2024 ANNUAL REPORT
C.2 Financial liabilities
31 December 2024
31 December 2023
$'000
$'000
Financial liabilities (current)
Bank overdraft
34,202
46,196
Insurance premium funding
—
180
Borrowings
213
25,218
Financial derivative liabilities
—
2,472
Total financial liabilities (current)
34,415
74,066
Financial liabilities (non current)
Bank borrowings
—
—
Total financial liabilities (non current)
34,415
74,066
Recognition and measurement
All loans and borrowings are initially recognised at fair value less transaction costs and subsequently at amortised cost. Any
difference between the proceeds received and the redemption amount is recognised in the income statement over the year of the
borrowings using the effective interest method.
Resolute had a Security Trust Deed in place with various banks as at 31 December 2023. The group no longer has the Deed in place
as of 31 December 2024. The total assets of the entities over which security existed as at December 2023 was $853.1 million. Of these
assets, $160.9 million related to property, plant and equipment in 2023.
Interest bearing liabilities
The Group’s interest bearing liabilities have a fair value equal to the carrying value.
The Group held $34.4 million of interest bearing liabilities at 31 December 2024 (as at 31 December 2023: $74.1 million) in West African
CFA franc.
The average interest rates charged on interest bearing liabilities for the year ended 31 December 2024 was 9.1% (2023: 10.24%).
The Group had no LIBOR exposure as of 31 December 2024. As of 31 December 2023, the Group's main LIBOR exposure at
31 December 2024 was in relation to the Syndicate Borrowing Facility which was indexed to the 3-month US dollar LIBOR. The
alternative reference rate for US dollar LIBOR is the Secured Overnight Financing Rate (SOFR). All newly transacted floating rate
financial assets and liabilities are linked to an alternative benchmark rate, such as SOFR or if, linked to LIBOR, include detailed
fallback clauses clearly referencing the alternative benchmark rate and the trigger event on which the clause is activated.
Maturity profile of interest-bearing liabilities
The maturity profile of the Group’s interest-bearing liabilities in total and for finance leases is as follows:
31 December 2024
31 December 2023
$'000
$'000
Borrowings
Due within 1 to 3 months
34,415
74,066
Due within 4 months to one year
—
—
Due between one and five years
—
—
Total contractual repayments
34,415
74,066
Less future interest charges
—
—
Total interest bearing liabilities
34,415
74,066
Financial Report
NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 December 2024
RESOLUTE MINING LIMITED 2024 ANNUAL REPORT
97
C.2 Financial liabilities (continued)
During 2022, the Group entered into zero-cashflow collar contracts whereby the Group purchased a total of 12,000 ounces of gold call
options and sold a total of 12,000 ounces of gold put options contracts with equal and offsetting values at inception. These contracts
are comprised of put options at an average of $1,600/oz and call options at an average of $1,873/oz. All of the contracts matured over
the period January to March 2024.
The zero cashflow collars were classified as level 2 in the fair value hierachy and were completed during Q1 2024. The zero collar
contracts were valued using valuation techniques, which employed the use of market observable inputs. The most frequently applied
valuation techniques include forward pricing using present value calculations.
The Group does not hold any collar contracts as of 31 December 2024.
Key financial risks associated with other assets and liabilities
Interest rate risk, diesel price risk and foreign exchange risk management
Refer to About this Report and Section C for details of how these risks are managed.
Credit risk management
The Group’s exposure to credit risk arises from potential default of the counterparty, with a maximum exposure equal to the carrying
amount of the financial assets.
Credit risk is managed on a Group basis. Credit risk predominately arises from cash, cash equivalents (refer to C.1), gold bullion held
in metal accounts, derivative financial instruments, deposits with banks and financial institutions, the Ravenswood receivable and
trade and other receivables from statutory authorities. For derivative financial instruments, management mitigates some credit risk by
using a number of different hedging counterparties. Credit risk further arises in relation to financial guarantees given to certain
parties. Such guarantees are only provided in exceptional circumstances and are subject to Audit and Risk Committee approval. With
the exception of those items disclosed in C.3, no guarantees have been provided to third parties as at the reporting date. The credit
quality of financial assets that are neither past due nor impaired can be assessed by reference to external credit ratings (if available)
or to historical information about counterparty default rates.
With respect to credit risk arising from other financial assets for the Group, which comprise financial instruments, asset sale
receivables (refer to E.1) and contingent receivables (refer to E.1), the Group’s exposure to credit risk arises from default of the
counterparty, with a maximum exposure equal to the carrying amount of these instruments. The Group limits its counterparty credit
risk on these assets by dealing only with financial institutions with credit ratings of at least B or equivalent, where possible.
Financial Report
NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 December 2024
98
RESOLUTE MINING LIMITED 2024 ANNUAL REPORT
C.3 Financing facilities
C.3.1 Bank overdraft
The current overdraft facilities with the Bank Du Mali SA are in
place and are subject to an annual revision in July 2025. The
facilities total CFA 25.0 billion ($39.6 million) ($42.1 million as at
31 December 2023) and as at 31 December 2024, $29.5 million
( $12.2 million at 31 December 2023) of the facility was undrawn.
The current overdraft facilities with AFG Bank in Mali are in place
and are subject to an annual revision in June 2025. The facilities
total CFA 10.0 billion ($15.8 million) ($16.8 million as at 31
December 2023) and as at 31 December 2024, $0.4 million ($0.7
million at 31 December 2023) of the facility was undrawn.
The current overdraft facility with Orabank is subject to an
annual revision in April 2025. The facility totals CFA 7.0 billion
($11.1 million) and as at 31 December 2024, $2.3 million ($11.8
million at 31 December 2023) of the facility was undrawn.
C.3.2 Syndicated facilities
On 25 March 2020, Resolute entered into a $300.0 million
Syndicated Facility Agreement (the “SFA”) comprising a three-
year $150.0 million revolving credit facility (Facility A) and a four-
year $150.0 million term loan facility (Facility C) with the
participation of Investec, BNP Paribas S.A, Citibank N.A, ING
Group, Societe Generale and Nedbank Limited. In addition,
Facility B is a three-year $5.0 million letter of credit facility which
relates mainly to lease guarantees. Facility C matured and was
settled on 25 March 2024.
The SFA and hedging facilities (which are also provided by
the lenders or their affiliates) were secured and guaranteed by
the following:
(i)
Cross guarantee and indemnity given by Resolute Mining
Limited, Resolute (Treasury) Pty Ltd, Resolute (Somisy) Pty
Ltd, Carpentaria Gold Pty Ltd, Resolute Treasury UK
Limited, Resolute (Finkolo) Pty Ltd, Toro Gold Limited,
Guernsey and Bambuk Minerals Limited
(ii)
Share Mortgage granted by Resolute Mining Limited over all
of its shares in Carpentaria Gold Pty Ltd
(iii) Specific security deed granted by Resolute Mining Limited
over all of its shares in Resolute (Somisy) Pty Ltd
(iv) Fixed and Floating Charge granted by Resolute (Treasury)
Pty Ltd over all its current and future assets including bank
accounts and an assignment of all Hedging Contracts
(v)
Mining Mortgage and Fixed and Floating Charge granted by
Carpentaria Gold Pty Ltd over all the current and future
assets including bank accounts and an assignment of all
Hedging Contracts
(vi) Mortgage of Contractual Rights granted by Resolute Mining
Limited over a loan provided to Société des Mines de
Syama SA to fund the development of the Syama Gold
project in Mali
(vii) Security Agreement granted by Resolute Treasury UK
Limited over all current and future assets including bank
accounts and assignment of all Hedging contracts
(viii) Specific Security Deed granted by Resolute Mining Limited
over all its share in Resolute (Finkolo) Pty Ltd and a
featherweight security over its assets not secured under
a Security Document
(ix) Share Pledge Agreement granted by Toro Gold Limited,
Guernsey over all its shares in Bambuk Minerals Limited.
Pursuant to the Syndicated Facility Agreement, the following
ratios were required:
(i)
Interest Cover Ratio: the ratio of EBITDA to Net Interest
Expense will be greater than 5.00 times
(ii)
Net Debt to EBITDA: the ratio of Net Debt to EBITDA will be
less than 2.50 times
(iii) Consolidated Gearing: the ratio of Net Debt to Equity will be
less than 1.00 times
(iv) Reserve Tail Ratio: will exceed 30%
(v)
Project Life Coverage Ratio: will be equal to or greater
than 1.50:1
(vi) Tangible Net Worth: will be equal to or greater than
A$500,000,000
(vii) Minimum Liquidity Test: aggregate of Liquid Assets is more
than $35.0 million.
There have been no breaches of these ratios.
In September 2024 Resolute Mining Limited signed senior debt
facilities (the “Facility”) of up to $140.0 million with Nedbank
acting through its Nedbank Corporate and Investment Banking
division and Citibank N.A.
The three-year Facilities comprised:
(i)
a $30.0 million Revolving Credit Facility (RCF);
(ii)
a $30.0 million Term Loan Facility with a one-year
drawdown period; and
(iii) $80.0 million Accordion Facility;
(iv) A credit margin of 5.25%.
As at the date of the report, and at 31 December 2024, there were
no drawdowns on the Facility, with Financial Close put on hold
since mid-November.
Financial Report
NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 December 2024
RESOLUTE MINING LIMITED 2024 ANNUAL REPORT
99
C.4 Contributed equity
31 December 2024
31 December 2023
$'000
$'000
Ordinary share capital:
2,129,050,013 ordinary fully paid shares (2023 2,129,050,013)
882,731
882,731
Movements in contributed equity, net of issuing costs:
Balance at the beginning of the year
882,731
882,731
Balance at the end of the year
882,731
882,731
Recognition and measurement
Issued and paid up capital is recognised at the fair value of the consideration received by the Company. Incremental costs directly
attributable to the issue of new shares or options are shown in equity as a deduction, net of tax, from the proceeds.
Terms and conditions of contributed equity
Ordinary shares have the right to receive dividends as declared and in the event of winding up the Company, to participate in the
proceeds from the sale of all surplus assets in proportion to the number of and amounts paid up on shares held. Ordinary shares
entitle their holder to one vote, either in person or by proxy, at a meeting of the Company.
Rights of employee share-based payment recipients
Refer to E.9 for details of the employee share-based payment plans which includes option and performance rights plans. Each option
and performance rights entitles the holder to purchase one share. The names of all persons who currently hold employee share
options or performance rights, granted at any time, are entered into the register kept by the Company, pursuant to Section 215 of the
Corporations Act 2001 (Cth.).
Persons entitled to exercise these options and holders of performance rights have no right, by virtue of the options, to participate in
any share issue by the parent entity or any other body corporate.
C.5 Other reserves
Reserve
Nature and purpose
Net unrealised gain/(loss) reserve
This reserve records fair value changes on financial assets at fair value through
other comprehensive income.
Convertible notes/Share options
equity reserve
This reserve records the value of the equity portion (conversion rights) of the
convertible notes and records the fair value of share options issued.
Employee benefits equity reserve
This reserve is used to recognise the fair value of options and performance rights
granted over the vesting year of the securities provided to employees.
Foreign currency translation reserve
Represents exchange differences arising on translation of foreign
controlled entities.
Non-controlling interests’ reserve
This reserve records the difference between the fair value of the amount by which
the non-controlling interests were adjusted to record their initial relative interest
and the consideration paid for Resolute’s acquisition for that share of the interest.
Financial Report
NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 December 2024
100
RESOLUTE MINING LIMITED 2024 ANNUAL REPORT
C.5 Other reserves (continued)
Key financial and capital risks associated with Cash, Debt and Capital
Liquidity risk management
Prudent liquidity risk management implies maintaining sufficient cash and marketable securities or having the availability of funding
through an adequate amount of undrawn committed credit facilities.
Interest rate risk management
Borrowings issued at variable rates expose the Group to cash flow interest rate risk. The Group constantly analyses its interest
rate exposure. Within this analysis consideration is given to the potential renewals of existing positions, alternative financing,
alternative hedging positions and the mix of fixed and variable interest rates. There is no intention at this stage to enter into any
interest rate swaps.
Capital risk management
The Group’s and the parent entity’s objectives when managing capital are to safeguard their ability to continue as a going concern, so
that they can continue to provide returns for shareholders and benefits for other stakeholders and to maintain a capital structure that
is appropriate for the Group’s current and/or projected financial position. In order to maintain or adjust the capital structure, the
Group may adjust the amount of dividends paid to shareholders (if any), returns of capital to shareholders, buybacks of its shares, the
issue of new shares, the level of borrowing from financiers or the sale of assets to reduce debt.
The Group monitors the adequacy of capital by analysing cash flow forecasts over the term of the Life of Mine for each of its projects.
To a lesser extent, gearing ratios are also used to monitor capital. Appropriate capital levels are maintained to ensure that all
approved expenditure programs are adequately funded. This funding is derived from an appropriate combination of debt and equity.
The gearing ratio at 31 December 2024 is 0% (31 December 2023: 2%). The Group is not subject to any externally imposed capital
management requirements.
The gearing ratio is calculated as net debt divided by total capital. Net debt is defined as interest bearing liabilities less cash, cash
equivalents and market value of bullion on hand. Total capital is calculated as ‘equity’ as shown in the Consolidated Statement of
Financial Position (including non‐controlling interest) plus net debt. The following table summarises the post-tax effect of the
sensitivity of the Group’s cash and debt items on profit and equity at reporting date to movements that are reasonably possible in
relation to interest rate risk and foreign exchange currency risk.
Carrying
Amount
Interest rate1
Foreign exchange risk
-1.00%
+1.00%
-10%
+10%
Profit3
Equity
Profit
Equity
Profit
Equity
Profit
Equity
$’000
$’000
$’000
$’000
$’000
$’000
$‘000
$’000
$‘000
31 December 2024
Cash
69,269
416
416
(416)
(416)
(7,419)
(7,419)
6,069
6,069
Interest bearing
liabilities2
34,415
—
—
—
—
(2,282)
(2,282)
2,282
2,282
Total (decrease)/increase
416
416
(416)
(416)
(9,700)
(9,700)
8,351
8,351
31 December 2023
Cash
59,769
117
117
(117)
(117)
(6,221)
(6,221)
5,090
5,090
Interest bearing liabilities
74,066
147
147
(147)
(147)
(2)
(2)
2
2
Total (decrease)/increase
117
117
(117)
(117)
(6,221)
(6,221)
5,090
5,090
1.
The above analysis principally relates to the risks associated with movements in the US dollar against other currencies.
2. No interest rate risk considered for interest bearing liabilities as the interest rates for the overdraft facilities are fixed.
3. Profit relates to profit after tax.
Financial Report
NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 December 2024
RESOLUTE MINING LIMITED 2024 ANNUAL REPORT
101
D: Other assets and liabilities
IN THIS SECTION
Other assets and liabilities position at the end of the reporting year.
D.1 Receivables
31 December 2024
31 December 2023
$'000
$'000
Current
Gold price contingent receivable
—
34,060
Trade and other receivables
1,151
8,743
Taxation receivables¹
29,468
17,299
Total
30,619
60,102
Non-current
Other receivables
29
29
Promissory notes receivables
42,038
42,378
Taxation receivables¹
38,133
12,049
Total
80,200
54,456
1.
The taxation receivables primarily relate to VAT balances, due from the fiscal authorities in Mali and Senegal. If the expected recovery period exceeds one year from the
balance sheet date, the VAT balances are classified as non-current taxation receivables. A expected credit loss (ECL) provision, reflecting the increased risk associated with the
recoverability of balances due from the State of Mali, has been applied proportionally to both the current and non-current VAT receivable amounts.
Significant judgement is required by the Group when determining the recoverability of it's receivables and must estimate a ECL by
evaluating the probability of default and the loss given default for each receivable individually. In accordance with its accounting
policies, the Group applies the general approach as defined under 'AASB 9' and by considering historical practices, current economic
conditions, and forward-looking factors, has determined that a ECL is required on its VAT receivable balance. The movement in the
ECL for the year is detailed as follows:
2024
2023
$'000
$'000
Opening balance
(4,785)
—
Movement in the year
(12,617)
(4,785)
FX movement
282
—
Closing balance
(17,120)
(4,785)
The credit quality of receivables can be assessed by reference to external credit ratings (if available) or to historical information about
counterparty default rates:
31 December 2024
31 December 2023
$'000
$'000
Counterparties without external credit ratings(*)
Group 1
72,977
114,558
Group 2
37,842
—
Total receivables
110,819
114,558
* Group 1 refers to existing counterparties with no defaults in the past. Group 2 refers to existing counterparties where difficulty in recovering these debts in the past has
been experienced.
Financial Report
NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 December 2024
102
RESOLUTE MINING LIMITED 2024 ANNUAL REPORT
D.1 Receivables continued
Recognition and measurement
Trade and taxation receivables are initially recognised at fair value and subsequently at amortised cost less a provision for any
expected credit losses. Trade receivables are due for settlement no more than 30 days from the date of recognition.
Fair value and foreign exchange risk
The carrying amount of receivables determines their approximate fair value. The Group always recognises the lifetime expected credit
loss for trade receivables carried at amortised cost. The expected credit losses on these financial assets are estimated based on the
Group’s historic credit loss experience, adjusted for factors that are specific to the debtors, general economic conditions and an
assessment of both the current as well as forecast conditions at the reporting date.
For all other receivables measured at amortised cost, the Group recognises lifetime expected credit losses when there has been a
significant increase in credit risk since initial recognition. If the credit risk on the financial instrument has not increased significantly
since initial recognition, the Group measures the loss allowance for the financial instrument at an amount equal to expected credit
losses within the next 12 months.
Financial Report
NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 December 2024
RESOLUTE MINING LIMITED 2024 ANNUAL REPORT
103
D.2 Inventories
31 December 2024
31 December 2023
$'000
$'000
Doré bars
17,405
13,340
Gold in circuit1
47,808
50,837
Ore stockpiles2
53,376
47,523
Consumables, spare parts and supplies3
52,625
66,206
Total inventories
171,214
177,906
Less: Non-current metal inventories
(42,622)
(42,489)
Current portion of inventories
128,593
135,417
1.
Includes a charge of $0.0 million (2023: $1.6 million) to adjust the costs of gold in circuit to net realisable value ("NRV").
2. Includes an NRV balance of $53.2 million (2023: $80.7 million) to adjusts the costs of ore stockpiles to NRV.
3. Includes an obsolescence provision of $30.7 million (2023: $29.5 million) to adjust the costs of consumables, spare parts and supplies to NRV.
Recognition and measurement
Doré bars, gold in circuit and stockpiles of unprocessed ore are stated at the lower of cost and estimated net realisable value. Cost
comprises of direct materials, direct labour and an appropriate proportion of variable and fixed overhead expenditure, the latter being
allocated on the basis of normal operating capacity. Costs are assigned to ore stockpiles and gold in circuit items of inventory on the
basis of weighted average costs.
Net realisable value is the estimated selling price in the ordinary course of business (excluding derivatives) less the estimated costs of
completion and the estimated costs necessary to make the sale. Inventory write offs and net realisable value movements are
presented in the Statement of Comprehensive Income in “Inventories net realisable value movements and obsolete consumables” as
these are non-cash expenses and do not relate to cost of production for gold sales during the year. Consumables have been valued at
cost less an appropriate provision for obsolescence. Cost is determined on a weighted average basis.
D.3 Payables
31 December 2024
31 December 2023
$'000
$'000
Trade creditors
78,442
35,277
Accruals
40,933
32,025
Total payables
119,374
67,302
Recognition and measurement
Liabilities for trade creditors and other amounts are carried at amortised cost which is the amount initially recognised, minus
repayments whether or not billed to the consolidated entity.
Payables to related parties are carried at the principal amount. Interest, when charged by the lender, is recognised as an expense on
an accruals basis. Payables are non-interest bearing and generally settled on 30-90 day terms. Due to the short-term nature of these
payables, their carrying value is assumed to approximate their fair value.
Financial Report
NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 December 2024
104
RESOLUTE MINING LIMITED 2024 ANNUAL REPORT
D.4 Provisions
31 December 2024
31 December 2023
$'000
$'000
Current
Site restoration
2,215
626
Employee entitlements
10,639
5,744
Dividend payable
5,567
136
Indirect tax provision
—
57,021
Other provisions
2,434
2,661
Total provisions (current)
20,855
66,188
Non Current
Site restoration
92,204
85,570
Employee entitlements
195
293
Total provisions (non current)
92,399
85,863
Recognition and measurement
Provisions are recognised when the Group has a present obligation as a result of a past event, it is probable that an outflow of
resources embodying economic benefits will be required to settle the obligation, and a reliable estimate can be made of the amount
of the obligation. If the effect of the time value of money is material, provisions are determined by discounting the expected future
cash flows at a pre-tax rate that reflects current market assessments of the time value of money and, where appropriate, the risks
specific to the liability. Where discounting is used, the increase in the provision due to the passage of time is recognised as a
borrowing cost.
Employee benefits
The Group does not expect its long service leave or annual leave benefits to be settled wholly within 12 months of each reporting date.
The Group recognises a liability for long service leave and annual leave measured as the present value of expected future payments
to be made in respect of services provided by employees up to the reporting date. Consideration is given to expected future wage and
salary levels, experience of employee departures, and years of service. Expected future payments are discounted using market yields
at the reporting date on high quality corporate bonds with terms to maturity and currencies that match, as closely as possible, the
estimated future cash outflows.
Restoration obligations
The Group records the present value of the estimated cost of obligations, such as those under the consolidated entity’s Environmental
Policy, to restore operating locations in the year in which the obligation is incurred. The nature of restoration activities includes
dismantling and removing structures, rehabilitating mines, dismantling operating facilities, closure of plant and waste sites and
restoration, reclamation and revegetation of affected areas.
31 December 2024
31 December 2023
$'000
$'000
Site restoration
Balance at the beginning of the year
86,196
72,094
Rehabilitation and restoration provision accretion
3,387
2,930
Change in scope of restoration provision
8,918
11,647
Utilised during the year
(695)
(1,139)
Foreign exchange translation
(3,387)
664
Balance at the end of the year
94,419
86,196
Reconciled as:
Current provision
2,215
626
Non current provision
92,204
85,570
Total provision
94,419
86,196
Financial Report
NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 December 2024
RESOLUTE MINING LIMITED 2024 ANNUAL REPORT
105
D.4 Provisions (continued)
Indirect Tax Provision
31 December 2024
31 December 2023
$'000
$'000
Balance at the beginning of the year
57,021
92,936
Reversal of prior year provisions
(18,600)
(53,121)
Reversal of VAT Receivable Offset
51,896
—
Protocol/tax payments
(88,000)
(4,455)
Foreign exchange translation
(2,317)
440
Current year provisions
—
21,221
Closing Balance
—
57,021
Key estimates and judgements
Taxation
The Group operates mainly in Australia, Senegal, and Mali, and has entities in several other countries. Accordingly, it is subject to, and
pays taxes under, the applicable tax regimes in those countries in which it operates. Increasingly, countries in West Africa are
enforcing new and different interpretations of laws resulting in unilateral action against taxpayers As such, judgement is required in
the interpretation or application of certain tax rules when determining the provision for taxes due to the complexity of the legislation
and differing government practices. To mitigate this risk, external advisors are engaged to review the appropriateness of the
provisions established.
The Group establishes tax provisions with respect to current assessments received from the tax authorities in the jurisdictions
in which it operates. The provisions for these assessments are based on management’s and its advisor's best estimate of the outcome
of those assessments, based on the validity of the issues in the assessment, management's support for their position, and the
expectation with respect to any negotiations to settle the assessment.
Management re-evaluates the outstanding tax assessments regularly to update their estimates related to the outcome for those
assessments considering the criteria above. Management considers any other claims to be without merit or foundation and will
strongly defend its position in relation to these matters and follow the appropriate process to support its position. Accordingly, no
provision or further disclosure has been made as the likelihood of a material outflow of economic benefits in respect of those claims
whose outcome is considered to be remote. In forming this assessment, management has considered the professional advice
received, the mining conventions and tax laws in place in the various jurisdictions, and the facts and circumstances of each
individual claim noting the residual risk of settlements being imposed cannot be eliminated.
As at 31 December 2024, the Group had entered into settlements for tax and Customs disputes in Senegal and Mali for taxation period
to 31 December 2023. Consequently the level of provisions have been adjusted to reflect the settlements entered into and no new
provisions have been raised for taxes relating to the 2024 taxation period.
As at 31 December 2023, the Group had total tax exposures of up to $250.0 million reflecting new assessments received for which
a provision of $112.1 million had been recognised in current liabilities prior to the application of tax offsets of $55.1 million. The tax
provisions that were recognised in Mali were released as part of the Settlement Protocol in 2024.
Restoration
In determining an appropriate level of provision, consideration is given to the expected future costs to be incurred, the timing of these
expected future costs (largely dependent on the life of the mine), and the estimated future level of inflation. The discount rate used in
the calculation of these provisions is 4.58% which is consistent with the risk-free rate, with a discount period from 2025 to 2038. The
ultimate cost of decommissioning and restoration is uncertain, and costs can vary in response to many factors including changes to
the relevant legal requirements, the emergence of new restoration techniques or experience at other mine sites. The expected timing
of expenditure can also change, for example in response to changes in reserves or to production rates. Changes to any of the
estimates could result in significant changes to the level of provisioning required, which would in turn impact future financial results.
Financial Report
NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 December 2024
106
RESOLUTE MINING LIMITED 2024 ANNUAL REPORT
D.5 Leases
The Group has lease contracts for various items of mining equipment and buildings used in its operations. Leases of mining
equipment generally have lease terms between three and seven years, while buildings generally have lease terms between three
and five years. Generally, the Group is restricted from assigning and subleasing the leased assets.
The Group also has certain contracts which contain a lease with terms of 12 months or less and contracts which contain a lease
of low value. The Group applies the ‘short-term lease’ and ‘lease of low-value assets’ recognition exemptions for these.
Buildings
Plant and
Equipment
Total
31 December 2024
$'000
$'000
$'000
Lease assets
At 1 January 2024
948
9,158
10,106
Depreciation
(66)
(2,816)
(2,882)
Foreign currency translation
47
(291)
(244)
Balance at the end of the year
929
6,051
6,980
At 31 December 2024
Historical cost
1,307
14,518
15,825
Accumulated depreciation
(378)
(8,467)
(8,845)
Net carrying amount
929
6,051
6,980
Lease liabilities
At 1 January 2024
1,126
11,569
12,695
Repayments
(55)
(3,408)
(3,463)
Accreretion of interest
3
595
598
Foreign currency translation
(516)
65
(451)
Balance at the end of the year
558
8,821
9,379
At 31 December 2024
Current
222
2,922
3,144
Non current
336
5,899
6,235
Carrying amount at 31 December 2024
558
8,821
9,379
Financial Report
NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 December 2024
RESOLUTE MINING LIMITED 2024 ANNUAL REPORT
107
D.5 Leases (continued)
Buildings
Plant and
Equipment
Total
31 December 2023
$'000
$'000
$'000
Lease assets
At 1 January 2023
1,609
11,844
13,453
Additions
168
—
168
Lease Termination
(277)
—
(277)
Depreciation
(540)
(2,960)
(3,500)
Foreign currency translation
(12)
274
262
Balance at the end of the year
948
9,158
10,106
At 31 December 2023
Historical cost
4,006
36,652
40,658
Accumulated depreciation
(3,058)
(27,494)
(30,552)
Net carrying amount
948
9,158
10,106
Lease liabilities
At 1 January 2023
1,710
14,199
15,909
Additions
168
—
168
Lease Termination
(334)
—
(334)
Repayments
(620)
(3,408)
(4,028)
Accretion of interest
65
817
882
Foreign currency translation
137
(39)
98
Balance at the end of the year
1,126
11,569
12,695
At 31 December 2023
Current
278
2,792
3,070
Non current
848
8,777
9,625
Carrying amount at 31 December 2023
1,126
11,569
12,695
Maturity profile of lease liabilities
The table below presents the contractual undiscounted cash flows associated with the Group’s lease liabilities, representing principal
and interest. The figures will not necessarily reconcile with the amounts disclosed in the consolidated statement of financial position.
31 December 2024
31 December 2023
$'000
$'000
Due for payment in:
1 year or less
3,286
3,346
1-2 years
935
3,323
2-3 years
588
826
3-4 years
588
625
4-5 years
588
625
More than 5 years
4,855
5,784
Total
10,840
14,529
Financial Report
NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 December 2024
108
RESOLUTE MINING LIMITED 2024 ANNUAL REPORT
D.5 Leases (continued)
Key estimates and judgements
Incremental borrowing rate
The Group cannot readily determine the interest rate implicit in its leases. Therefore, it uses the relevant incremental borrowing rate
(IBR) to measure lease liabilities. The IBR is the rate of interest that the lessee would have to pay to borrow over a similar term and
with a similar security, the funds necessary to obtain an asset of a similar value to the right-of-use asset in a similar economic
environment. The IBR, therefore, reflects what the lessee would have to pay, which requires estimation when no observable rates are
available and to make adjustments to reflect the terms and conditions of the lease. Lease liabilities were discounted using a weighted
average incremental borrowing rate for 31 December 2024 of 5.8% (December 2023: 5.8%).
D.6 Financial instruments
Foreign exchange risk management
The following table summarises the sensitivity to a reasonably possible change in foreign exchange rates with all other variables
held constant:
Foreign exchange risk1
+10%
-10%
Carrying
Amount
Profit
Equity
Profit
Equity
$'000
$'000
$'000
$'000
$'000
31 December 2024
Other financial assets
1,412
128
128
(157)
(157)
Loans to subsidiaries
523,477
—
47,589
—
(58,164)
Payables
119,419
18,927
18,927
16,428
16,428
Total increase/(decrease)
19,055
66,644
16,271
(41,893)
31 December 2023
Other financial assets
1,412
128
128
(157)
(157)
Loans to subsidiaries
570,625
51,875
51,875
(63,403)
(63,403)
Payables
67,302
16,157
16,157
14,024
14,024
Total increase/(decrease)
68,160
68,160
(49,536)
(49,536)
1.
The above analysis principally relates to the risks associated with movements in the Australian dollar against the US dollar.
Financial Report
NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 December 2024
RESOLUTE MINING LIMITED 2024 ANNUAL REPORT
109
E Other items
IN THIS SECTION
Information on items which require disclosure to comply with Australian Accounting Standards and the Corporations Act 2001
(Cth). This section includes group structure information and other disclosures.
E.1 Ravenswood receivables
On 15 January 2020, Resolute signed a definitive agreement for the sale of the Ravenswood Gold Mine in Queensland to a consortium
comprising of a fund managed by private equity manager EMR Capital and energy and mining company Golden Energy and
Resources Limited. The consideration for the sale comprised A$50.0 million of cash up front, A$50.0 million promissory note and up
to A$200.0 million potential payments. The asset sale was completed on 31 March 2020.
Gold Price Contingent Payment Instrument
A Gold Price Contingent Payment was payable to Resolute for years following Financial Close based on the following bands:
▪A$10m if the average gold price is greater than A$1,900/oz
▪A$20m if the average gold price is greater than A$1,975/oz
▪A$30m if the average gold price is greater than A$2,050/oz
▪A$40m if the average gold price is greater than A$2,075/oz
▪A$50m if the average gold price is greater than A$2,100/oz.
Payment of the Gold Price Contingent Payment was subject to the cumulative ounces produced from Ravenswood exceeding
500,000oz of gold over the four-year period and was subject to an adjustment if the production adopted by the buyer was reduced or
lower than expected.
Resolute and Ravenswood agreed to amend the Gold Price Contingent Promissory Note including that the requirements of the clause
regarding Payment of Gold Price Contingent Amount of the Original Gold Price Contingent Promissory Note were deemed to have
been met. Accordingly, the Gold Price Contingent Amount payable to Resolute was A$50 million (the highest payable amount) and
was paid in two tranches as follows:
▪A$30 million was paid to Resolute and received on 19 June 2024; and
▪A$20 million was paid to Resolute and received on 27 September 2024.
Additionally, Resolute amended the A$50 million Vendor Financing Promissory Note that was originally due in March 2027. The new
structure is as follows:
▪Reset the principal to the increased amount of A$64 million to account for capitalised accrued interest, with the modification
accounted for as an extinguishment;
▪Maintain the annual coupon at 6% until 30 June 2025 after which the annual coupon increases to 12%. Interest will be capitalised
and is to be paid to Resolute upon maturity; and
▪Promissory note maturity extended to 31 December 2027 but may be repaid early on future Ravenswood financings, liquidity
event(s), or excess cash from Ravenswood.
The Upside Sharing Promissory Note (up to A$150 million) linked to the investment outcomes of Ravenswood for EMR Capital
(“EMR”) - one of the owners of Ravenswood - remains unchanged and is fully constrained. This instrument is triggered on any
liquidity event including disposal of Ravenswood or qualifying initial public offering.
The payment is determined by reference to the gross money multiple to EMR which is the gross proceeds (before payment of the
Upside Sharing Payment) divided by the total capital invested in the acquisition, development and operation of Ravenswood by EMR.
Resolute will receive the Upside Sharing Payment from the owners of Ravenswood based on the amount by which the gross money
multiple exceeds a minimum threshold up to a cap of A$150 million as follows:
▪A$7.5 million for each 0.1 that the gross money multiple is above 2.5x up to 4.0x; and
▪A$5 million for each 0.1 that the gross money multiple is above 4.0x.
31 December 2024
31 December 2023
$'000
$'000
Financial Instruments
Due between one and five years
56,834
51,213
Total contractual receipts
56,834
51,213
Less future interest charges
(14,796)
(8,835)
Total promissory notes receivable
42,038
42,378
Financial Report
NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 December 2024
110
RESOLUTE MINING LIMITED 2024 ANNUAL REPORT
E.2 Commitments
Other commitments not disclosed elsewhere in this report include:
Randgold Royalty
Pursuant to the terms of the Syama Sale and Purchase Agreement, Randgold Resources Limited (now Barrick Gold Corporation)
receive a royalty on Syama production, where the gold price exceeds US$350 per ounce, of US$10 per ounce on the first million
ounces of gold production attributable to Resolute Mining Limited and US$5 per ounce on the next three million attributable ounces
of gold production. As at 31 December 2024, Resolute’s 80% attributable share of Syama’s project to date gold production was
2,057,174 ounces of gold, therefore the royalty is currently US$5 per ounce.
Mali variable royalty rates.
The Malian 2023 Mining Code established a variable royalty rate linked to the gold price. A variable royalty rate is being applied and
with gold spot prices between US$2,500 – 2,900/oz the total royalty rate due in Mali is 10.5% increasing by 0.5% for every $400/oz
increase in the gold spot price bands.
Gold contracts
From time to time, as part of its risk management policy, the Group enters into gold forward contracts to manage the gold price for
a proportion of anticipated sales of gold. There have been no forward contracts since Q1 2024 and no forward contracts have been
adopted as of 31 December 2024.
Gold for Physical
Contracted Gold
Sale Price
Value of
Committed Sales
31 December 2024
Delivery Ounces
per Ounce
$'000
US$
Within one year
—
—
—
Total
—
—
—
Gold for Physical
Contracted Gold
Sale Price
Value of
Committed Sales
31 December 2023
Delivery Ounces
per Ounce
$'000
US$
Within one year
48,500
$1,995
$94,818
Total
48,500
$1,995
$94,818
Financial Report
NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 December 2024
RESOLUTE MINING LIMITED 2024 ANNUAL REPORT
111
E.3 Auditor remuneration
31 December 2024
31 December 2023
$
$
EY Australia
527,627
225,921
Total amounts received or due and receivable for an audit or review of the
parents financial statements
527,627
225,921
Other EY firms
94,500
87,500
Other non-EY firms
252,577
113,348
Total amounts received or due and receivable for an audit or review of any
controlled entities financial statements
874,704
334,075
E.4 Subsidiaries and non-controlling interests
Material subsidiaries
The following were the material controlled entities during the year and have been included in the consolidated accounts. All entities
in the consolidated entity carry on business in their place of incorporation.
Name of Controlled Entity and Country of
Incorporation
Consolidated Entity
Company Holding the Investment
Percentage of Shares Held by
Consolidated Entity
31 December 2024
31 December 2023
%
%
Bambuk Minerals Limited, Mauritius
Toro Gold Limited, Guernsey
100
100
Carpentaria Gold Pty Ltd, Australia
Resolute Mining Limited
100
100
Resolute Corporate
Services Pty Ltd, Australia
Resolute (Treasury) Pty Ltd
100
100
Resolute Corporate Services UK Limited, UK Toro Gold Limited, Guernsey
100
100
Resolute UK 1 Limited, UK
Resolute Mining Limited
100
100
Resolute UK 2 Limited, UK
Resolute UK 1 Limited
100
100
Toro Gold Limited, Guernsey
Resolute UK 2 Limited
100
100
Petowal Mining Company S.A., Senegal
("Mako")
Bambuk Minerals Limited
90
90
Société des Mines de Finkolo S.A., Mali
("Finkolo")
Resolute (Finkolo) Pty Ltd
90
90
Société des Mines de Syama S.A., Mali
("SOMISY")
Resolute (SOMISY) Pty Ltd
80
80
31 December 2024
31 December 2023
Material partly-owned subsidiaries
$'000
$'000
Accumulated share of (deficiency)/equity attributable to material Non-
Controlling Interest:
SOMISY
(54,566)
(58,199)
Finkolo
(5,015)
(4,043)
Mako
5,030
14,269
Total Non-Controlling Interest
(54,552)
(47,973)
Profit/(loss) allocated to material Non-Controlling Interest:
SOMISY
452
(21,079)
Finkolo
(1,273)
382
Mako
3,135
(5,259)
Total Non-Controlling Interest
2,313
(25,956)
Financial Report
NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 December 2024
112
RESOLUTE MINING LIMITED 2024 ANNUAL REPORT
E.4 Subsidiaries and non-controlling interests (continued)
The summarised financial information of subsidiaries with non-controlling interests is provided below. This information is based
on amounts before inter-company eliminations.
31 December
2024
31 December
2023
31 December
2024
31 December
2023
31 December
2024
31 December
2023
$'000
$'000
$'000
$'000
$'000
$'000
SOMISY
Finkolo
Mako
Statement of Comprehensive Income
Revenue
512,634
370,429
—
31,140
288,339
229,298
Gain/(loss) for the year
6,908
106,114
(19,644)
(14,955)
18,270
30,610
Total comprehensive (loss)/income for the year
3,727
109,130
19,343
(15,073)
18,270
25,351
Summarised Statement of Financial Position
Current assets
176,766
183,115
(7,211)
61,917
72,454
58
Non current assets
336,032
312,649
13,829
15,606
81,346
801
Current Liabilities
(134,856)
(133,808)
(4,480)
(3,273)
(90,109)
(122)
Non current liabilities – External
(56,968)
—
(4,921)
—
(35,924)
—
Non current liabilities – Intra Resolute Mining
Limited Group1
(459,863)
(538,162)
(63,613)
(65,286)
612
5,500
Net asset/(deficiency)
(138,889)
(176,206)
(66,398)
8,964
28,379
6,237
1.
In accordance with the Settlement Protocol entered into with the Malian Government, Resolute will restructure its internal loan with SOMISY, the details of which have yet
to be finalised with the Malian Government. No adjustment to this balance has been made as at the filing date.
E.5 Subsequent events
There were no subsequent events post the balance sheet date.
E.6 Related party disclosures
Resolute is the ultimate Australian holding company and there is no controlling entity of Resolute at 31 December 2024. No related
party transactions occurred during the period other than payments to the Directors as disclosed in the Remuneration Report and the
KMP as disclosed in E.8.
Financial Report
NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 December 2024
RESOLUTE MINING LIMITED 2024 ANNUAL REPORT
113
E.7 Parent entity information
31 December 2024 31 December 2023
$'000
$'000
Current assets
64,722
76,583
Total assets
485,759
544,342
Current liabilities
(2,545)
(2,169)
Total liabilities
(2,545)
(2,169)
Net assets
483,214
542,173
Issued capital
882,731
882,731
Accumulated losses
(344,995)
(310,118)
Employee equity benefits reserve
23,315
22,210
Convertible note/Share option equity reserve
4,321
4,321
FCTR
(82,158)
(56,971)
Total shareholders’ equity
483,214
542,173
Refer to E.2 for the commitments of Resolute Mining Limited. The parent company guarantees provided by Resolute Mining Limited
are outlined in C.3.
E.8 Employee benefits and share-based payments
31 December 2024
31 December 2023
$'000
$'000
Salaries
40,488
44,918
Superannuation and oncosts
10,366
10,324
Share-based payments expense
1,104
1,763
Total employee benefits charged to profit and loss
51,958
57,005
Share-based payments
Equity-based compensation benefits are provided to employees via the Group’s share option plan and performance rights plan.
The Group determines the fair value of securities issued and recognises an expense in the profit and loss over the vesting year with
a corresponding increase in equity.
Key management personnel
Details of remuneration provided to key management personnel are as follows:
31 December 2024
31 December 2023
$'000
$'000
Short-term employee benefits
2,349
2,743
Post-employment benefits
88
107
Long-term employment benefits
-
(6)
Share-based payments
1,147
541
Total
3,584
3,385
Key estimates and judgements
Share-based payments
The Group measures the cost of equity settled share-based payment transactions with reference to the fair value at the grant date
using a Black Scholes formula or Monte Carlo simulation. The valuations take into account the terms and conditions upon which the
instruments were granted such as the exercise price, the term of the option or performance right, the vesting and performance
criteria, the impact of dilution, the non-tradeable nature of the option or performance right, the share price at grant date and expected
price volatility of the underlying share, the expected dividend yield and the risk-free interest rate for the term of the option or
performance right.
Financial Report
NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 December 2024
114
RESOLUTE MINING LIMITED 2024 ANNUAL REPORT
E.8 Employee benefits and share-based payments (continued)
Performance rights plan
Performance Rights Plan Category
Type of employee
Band A0
Managing Director and CEO
Band A1 and A2
CFO
COO
Executive General Manager – Exploration
Band B1
General Managers
Plan category
Grant and frequency
Performance measures
Performance period
Band AO
Annually set at 150% of
fixed remuneration for
the Managing Director
and CEO
The rights will be performance tested against the relative total
shareholder return (“RTSR”) measure over a 3 year period
3 years
Band A1 and
A2
Annually set at 100% of
fixed remuneration
The rights will be performance tested against the RTSR measure
over a 3 year period
3 years
Band B1
Annually set at 40% of
fixed remuneration
The rights will be performance tested against the RTSR measure
over a 3 year period
3 years
Issue Date
Total Number
Fair Value per
Right at Grant
Date
A$
Vesting Date
Performance rights on issue
Band A0
16/5/2023
3,548,554
$0.40
31/12/2025
Band A1, A2 and B1
16/5/2023
6,841,893
$0.40
31/12/2025
Band A0
15/7/2024
1,000,000
$0.59
30/6/2025
Band A0, A1, A2 and B1
19/12/2024
8,957,980
$0.23
31/12/2026
As at 31 December 2024
20,348,427
Financial Report
NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 December 2024
RESOLUTE MINING LIMITED 2024 ANNUAL REPORT
115
E.8 Employee benefits and share-based payments (continued)
Issue Date
Total Number
Fair Value
per Right at
Grant Date
A$
Vesting Date
Opening number of performance rights1 2023
10,548,198
Decrease through lapsing of performance rights
16/5/2023
(3,932,077)
$0.40
31/12/2024
Increase through issue of performance rights to
eligible employees
16/5/2023
12,815,514
$0.40
31/12/2025
Decrease through lapsing of performance rights
14/7/2021
(443,716)
$0.43
31/12/2023
Decrease through lapsing of performance rights
14/7/2021
(1,398,849)
$0.57
31/12/2023
Decrease through lapsing of performance rights
6/12/2021
(211,276)
$0.37
31/12/2023
Decrease through lapsing of performance rights
6/12/2021
(219,942)
$0.31
31/12/2023
Decrease through lapsing of performance rights
6/12/2021
(264,171)
$0.32
31/12/2023
Closing number of performance rights 2023
16,893,681
Opening number of performance rights 2024
16,893,681
Decrease through lapsing of performance rights
22/6/2022
(1,967,377)
$0.26
31/12/2024
Decrease through lapsing of performance rights
31/5/2022
(4,535,857)
$0.19
31/12/2024
Increase through issue of performance rights to
eligible employees
15/7/2024
1,000,000
$0.59
30/6/2025
Increase through issue of performance rights to
eligible employees
19/12/2024
6,718,485
$0.22
31/12/2026
Increase through issue of performance rights to
eligible employees
19/12/2024
2,239,495
$0.40
31/12/2026
Closing number of performance rights 2024
20,348,427
1.
All performance rights have an exercise price of $nil.
Financial Report
NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 December 2024
116
RESOLUTE MINING LIMITED 2024 ANNUAL REPORT
E.8 Employee benefits and share-based payments (continued)
The following tables list the key variables used in the valuation of each performance rights granted to key management personnel
during the year ended 31 December 2024:
15 July 2024
Grant Band A0
19 Dec 2024
Grant Band A1,A2 and B1
19 Dec 2024
Grant Band A1,A2 and B1
Hurdle
RTSR rights
RTSR rights (75%)
Production (25%)
Number of performance rights issued
1,000,000
6,718,485
2,239,495
Underlying share price (A$)
0.65
0.40
0.40
Exercise price (A$)
0.00
0.00
0.00
Risk free rate
4.34 %
3.81 %
— %
Volatility factor
54.84 %
64.48 %
— %
Dividend yield
— %
— %
— %
Period of the rights from grant date (years)
0.96
2.03
2.03
Effect of performance hurdles
Fair value of performance rights granted
Value of performance right at grant date (Band A0)
$0.59
Value of performance right at grant date (Band A1, A2 and B1)
$0.22
Value of performance right at grant date (Band A1, A2 and B1)
$0.40
The following tables list the key variables used in the valuation of each performance rights granted to key management personnel
during the year ended 31 December 2023:
16 May 2023
Grant Band A0
16 May 2023
Grant Bands A1, A2, B1
Hurdle
RTSR rights
RTSR rights
Number of performance rights issued
3,548,554
9,266,960
Underlying share price ($)
0.20
0.20
Exercise price ($)
0.00
0.00
Risk free rate
3.81 %
3.81 %
Volatility factor
68.50 %
68.50 %
Dividend yield
— %
— %
Period of the rights from grant date (years)
3.00
3.00
Effect of performance hurdles
Fair value of performance rights granted
Value of performance right at grant date (Band A0)
$0.40
Value of performance right at grant date (Band A1, A2 and B1)
$0.40
Financial Report
NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 December 2024
RESOLUTE MINING LIMITED 2024 ANNUAL REPORT
117
E.9 Other accounting policies
New and amended Accounting Standards and Interpretations issued but not yet effective
A number of new Standards, amendment of Standards and interpretations have recently been issued but are not yet effective and
have not been adopted by the Group as at the financial reporting date. The potential effect of these Standards is yet to be fully
determined. However, it is not expected that the new or amended standards will significantly affect the Group’s accounting policies,
financial position or performance, except for the following:
Title
Application Date for Group
Detail
Amendments to AASs –
Lack of Exchangeability
1 January 2025
In August 2023, the International Accounting Standards Board (IASB)
issued Lack of Exchangeability, which amended IAS 21 The Effects of
Changes in Foreign Exchange Rates.
The amendments require a consistent approach to determining:
▪Whether a currency is exchangeable into another currency
▪The spot exchange rate to use when it is not exchangeable.
The amendments are not expected to have a material impact on
the Group.
International Tax Reform -
Pillar Two Model Rules -
Amendments to AASB 112
1 January 2025
In May 2023, the Board issued amendments to IAS 12 Income Taxes,
which introduce a mandatory exception in IAS 12 from recognising and
disclosing deferred tax assets and liabilities related to Pillar Two income
taxes.
The amendments clarify that IAS 12 applies to income taxes arising from
tax law enacted or substantively enacted to implement the Pillar Two
Model Rules published by the Organization for Economic Cooperation
and Development (OECD), including tax law that implements qualified
domestic minimum top-up taxes.
The amendments will not apply in the current year, however we will
assess if we meet the criteria is proceedings years.
Classification and
Measurement of Financial
Instruments - Amendments
to AASB 7 AASB 9
1 January 2026
In May 2024, the Board issued Amendments to the Classification and
Measurement of Financial Instruments (Amendments to IFRS 9 and IFRS
7), which:
▪Clarifies that a financial liability is derecognised on the ‘settlement
date’, i.e., when the related obligation is discharged, cancelled, expires
or the liability otherwise qualifies for derecognition. It also introduces
an accounting policy option to derecognise financial liabilities that are
settled through an electronic payment system before settlement date if
certain conditions are met
▪Requires additional disclosures in IFRS 7 for financial assets and
liabilities with contractual terms that reference a contingent event
(including those that are ESG-linked), and equity instruments classified
at fair value through other comprehensive income.
The amendments are not expected to have a material impact on
the Group.
AASB 18 – Presentation and
Disclosure in Financial
Statements
1 January 2027
In April 2024, the Board issued IFRS 18 Presentation and Disclosure in
Financial Statements which replaces IAS 1. IFRS 18 introduces new
categories and subtotals in the statement of profit or loss. It also requires
disclosure of management-defined performance measures (as defined)
and includes new requirements for the location, aggregation and
disaggregation of financial information.
The group will assess the impact the amendment will have to the
presentation of the financial statements in proceeding years.
Financial Report
NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 December 2024
118
RESOLUTE MINING LIMITED 2024 ANNUAL REPORT
Basis of preparation:
This consolidated entity disclosure statement (CEDS) has been prepared in accordance with the
Corporations Act 2001 and includes information for each entity that was part of the consolidated entity as at the end of the
financial year in accordance with AASB 10 Consolidated Financial Statements.
Entity name
Entity type
Body corporate
country of
incorporation
Body corporate
% of share
capital held
Country of tax
residence
Resolute Mining Limited
Body corporate
Australia
-
Australia
Carpentaria Gold Pty Ltd
Body corporate
Australia
100%
Australia
Resolute (Treasury) Pty Ltd
Body corporate
Australia
100%
Australia
Resolute Corporate Services Pty Ltd
Body corporate
Australia
100%
Australia
Resolute Canada Pty Ltd
Body corporate
Australia
100%
Australia
Resolute Canada 2 Pty Ltd
Body corporate
Australia
100%
Australia
Resolute (SOMISY) Pty Ltd
Body corporate
Australia
100%
Australia
Resolute Mali SA
Body corporate
Mali
100%
Mali
Societe des Mines de SYAMA SA
(SOMISY)
Body corporate
Mali
80%
Mali
Resolute (FINKOLO) Pty Ltd
Body corporate
Australia
100%
Australia
Societe des Mines De Finkolo (SOMIFI)
Body corporate
Mali
90%
Mali
Resolute Exploration Sarl
Body corporate
Mali
100%
Mali
Resolute Burkina Faso Pty Ltd
Body corporate
Australia
100%
Australia
Resolute UK 1 Limited
Body corporate
United Kingdom
100%
United Kingdom
Resolute UK 2 Limited
Body corporate
United Kingdom
100%
United Kingdom
Toro Gold Limited, Guernsey
Body corporate
Guernsey
100%
Guernsey
T&T Holdings Ltd (Toya JV)
Body corporate
Guernsey
50%
Guernsey
Genta Guinea Resources SA
Body corporate
Guinea
50%
Guinea
Resolute Guinea SARLU
Body corporate
Guinea
100%
Guinea
Toro Gold Guinea SARLU
Body corporate
Guinea
100%
Guinea
Bambuk Minerals Ltd
Body corporate
Mauritius
100%
Mauritius
Bambuk Minerals Senegal Sarl
Body corporate
Senegal
100%
Senegal
Petowal Mining Company SA
Body corporate
Senegal
90%
Senegal
Resolute Corporate Services UK Ltd
Body corporate
United Kingdom
100%
United Kingdom
Resolute Exploration Cote D'Ivoire Sarl
Body corporate
Cote D'Ivoire
100%
Côte D'Ivoire
Resolute Treasury UK Limited
Body corporate
United Kingdom
100%
United Kingdom
CONSOLIDATED ENTITY DISCLOSURE STATEMENT
RESOLUTE MINING LIMITED 2024 ANNUAL REPORT
119
In accordance with a resolution of the directors of Resolute Mining Limited, we state that:
In the opinion of the directors:
a. the financial statements and notes of the consolidated entity are in accordance with the Corporations Act 2001, including:
i.
giving a true and fair view of the consolidated entity’s financial position as at 31 December 2024 and of its performance for the
year ended on that date; and,
ii. complying with Australian Accounting Standards (including the Australian Accounting Interpretations) and the Corporations
Regulations 2001;
b. the financial statements and notes also comply with International Financial Reporting Standards as disclosed throughout
this report; and
c. the consolidated entity disclosure statement required by section 295(3A) of the Corporations Act 2001 (Cth) is true
and correct; and
d. there are reasonable grounds to believe that the Company will be able to pay its debts as and when they become due
and payable.
This declaration has been made after receiving the declarations required to be made to the directors in accordance with section 295A
of the Corporations Act 2001 for the year ended 31 December 2024.
On behalf of the Board
Chris Eger
Managing Director and Chief Executive Officer
Perth, Western Australia
27 March 2025
Financial Report
DIRECTORS' DECLARATION
120
RESOLUTE MINING LIMITED 2024 ANNUAL REPORT
RESOLUTE MINING LIMITED 2024 ANNUAL REPORT
121
122
RESOLUTE MINING LIMITED 2024 ANNUAL REPORT
RESOLUTE MINING LIMITED 2024 ANNUAL REPORT
123
124
RESOLUTE MINING LIMITED 2024 ANNUAL REPORT
RESOLUTE MINING LIMITED 2024 ANNUAL REPORT
125
126
RESOLUTE MINING LIMITED 2024 ANNUAL REPORT
RESOLUTE MINING LIMITED 2024 ANNUAL REPORT
127
128
RESOLUTE MINING LIMITED 2024 ANNUAL REPORT
Substantial Shareholders
Ordinary Shares
Number of Shares
% of Issued Capital
Van Eck Associates Corporation
171,645,735
8.10
Dimensional Fund Advisors LP
139,415,019
6.50
Vanguard Group Holdings
118,003,837
5.50
Distribution Of Equity Securities
Size of Holding
Number of Shares
Ordinary Shares
1-1,000
1,946
0.05
1,001-5,000
3,867
0.49
5,001-10,000
1,763
0.66
10,001-100,000
3,530
5.39
100,001-and over
556
93.41
Total equity security holders
11,662
100.00
Number of equity security holders with less than a marketable parcel
1,266
Voting Rigths
a) Ordinary Shares
Under the Company’s Constitution, all ordinary shares issued by the Company carry one vote per share without restriction
SHAREHOLDER INFORMATION
As at 31 December 2024
RESOLUTE MINING LIMITED 2024 ANNUAL REPORT
129
Twenty Largest Shareholders
Name
Number of Shares
% of Issued Capital
1
Van Eck Associates Corporation
171,645,735
8.10
2
Dimensional Fund Advisors LP
139,415,019
6.50
3
Vanguard Group Holdings
118,003,837
5.50
4
UBS Group AG
94,117,821
4.40
5
Macquarie Group Limited
88,883,257
4.20
6
Vinva Investment Management Limited
87,563,160
4.10
7
State Street Corporation
83,966,917
3.90
8
BrightSphere Investment Group
75,155,401
3.50
9
Baker Steel Capital Managers LLP
70,369,800
3.30
10
BlackRock, Inc.
68,036,407
3.20
11
J.P. Morgan Chase
67,012,608
3.10
12
Goldman Sachs Group
66,829,472
3.10
13
Mitsubishi UFJ Financial Group, Inc.
43,363,316
2.00
14
American Century Investments
42,660,313
2.00
15
Asf Yova Mining Holding Ltd
41,189,189
1.90
16
Franklin Resources, Inc.
38,864,931
1.80
17
Konwave AG
37,230,000
1.70
18
Computershare Clearing Pty Ltd
21,237,757
1.00
19
Stabilitas GmbH
20,711,711
1.00
20
Cadence Asset Management Pty Ltd
18,276,903
0.90
1,394,533,554
65.20
Financial Report
SHAREHOLDER INFORMATION
As at 31 December 2024
130
RESOLUTE MINING LIMITED 2024 ANNUAL REPORT
ADDITIONAL
INFORMATION
RESOLUTE MINING LIMITED 2024 ANNUAL REPORT
131
Corporate Directory
Registered Office
Level 17, Australia
2, The Esplanade
Perth,Western Australia 6000
PO Box 7232 Cloisters Square
Perth, Western Australia 6850
T + 61 8 9261 6100
F + 61 8 9322 7597
E contact@rml.com.au
www.rml.com.au
Australian Business Number
ABN 39 097 088 689
Share Registry
Computershare Investor Services Pty Limited Level 11, 172 St
Georges Terrace
Perth, Western Australia 6000
Home Exchange
Australian Securities Exchange
Level 40, Central Park
152-158 St Georges Terrace
Perth, Western Australia 6000
Quoted on the official lists of the Australian Securities Exchange
(ASX) and the London Stock Exchange (LSE) under the ticker
“RSG”
Auditor
Ernst & Young
Ernst & Young Building 11 Mounts Bay Rd
Perth, Western Australia 6000
Shareholders wishing to receive copies of Resolute’s ASX
announcements by e-mail should register their interest by
contacting the Company at contact@rml.com.au
Securities on Issue
27 March 2025
Ordinary Shares
2,129,050,013
Performance Rights
20,348,427
Stay In Touch
Website
Resolute maintains a website where all major
announcements to the ASX/LSE are available:
www.rml.com.au
www.linkedin.com/company/resolute-mining
@ResoluteMining
Additional Information
132
RESOLUTE MINING LIMITED 2024 ANNUAL REPORT
CREATING VALUE FOR
SHAREHOLDERS
AND COMMUNITIES
WHERE WE OPERATE.