Resolute Mining Limited

Q4 2025 gold production was 66,000 ounces, up 6,000 ounces sequentially. Q4 AISC was $1,877 per ounce, down from about $2,200 in Q3. Full-year 2025 gold production was 277,000 ounces, within guidance of 275,000 to 285,000 ounces, and full-year AISC was $1,843 per ounce. Full-year EBITDA was $383 million versus $319 million in 2024, revenue was $863 million from sales of 259,000 ounces at an average realized price of $3,338 per ounce, and operating cash flow was $314 million. Net cash at year-end was $209 million, up $72 million from Q3 and about $140 million from the start of the year, with roughly 31,000 ounces of bullion sold in January after quarter-end. For 2026, the company guided group production of 250,000 to 275,000 ounces, Syama at 195,000 to 210,000 ounces, Mako at 55,000 to 65,000 ounces, AISC of $2,000 to $2,200 per ounce, and CapEx of $310 million to $360 million. Syama CapEx is guided at $110 million to $125 million, Mako at $15 million to $20 million, Doropo at $170 million to $190 million subject to permitting and FID, and exploration at $15 million to $25 million.

Chris Eger framed 2025 as a transformational year that stabilized operations, repaired execution issues in Mali, and repositioned Resolute as a multi-asset West African gold company after acquiring Doropo and ABC. He repeatedly emphasized confidence in the 2026 plan and longer-term growth, saying the company is building toward a 500,000-ounce run rate by 2028. His tone was constructive but cautious on Mali, noting the operating mood has improved, though the situation remains “delicate” and still needs better VAT recovery and continued government engagement.

Dave Jackson emphasized the company’s improved financial strength: year-to-date EBITDA was $383 million, revenue was $863 million, operating cash flow was $314 million, and year-end net cash was $209 million. He noted $135 million of unsold bullion in net cash, $57 million drawn on overdraft facilities, and about $113 million of in-country overdraft capacity still available. He said 2025 CapEx of $118 million included $24 million on exploration, $70 million of project capital across Syama and Mako, and $24 million on SSCP, and he added that the company should fully fund 2026 CapEx from existing cash and strong operating cash flow, while still pursuing project financing for Doropo during 2026.

Analysts focused on Mali’s explosives/fuel supply issues, the government backdrop after Barrick’s agreement, Syama’s post-2026 grade profile, Doropo funding, and the timeline for ABC. Management said the immediate explosives issue is being eased by more reliable convoys and improved stock on site, while a longer-term on-site emulsion/explosives plant is expected to be built in 2026. On Mali more broadly, Chris Eger said the mood has improved versus 2024 but remains cautious, with VAT refunds still a key unresolved issue. On Doropo funding, management said the project could be financed with a mix of cash and debt, they are not in a rush, and they may finalize financing toward the end of H1 or early H2 2026; for ABC, they said a scoping study is targeted for H1/H2 2026 and a possible DFS/FID would be later, around the back end of 2027.