Resolute Mining Limited

Q4 2025 gold production was 66,000 ounces, up 6,000 ounces sequentially, and Q4 AISC was $1,877/oz, down from about $2,200/oz in Q3. Full-year 2025 gold production was 277,000 ounces versus guidance of 275,000-285,000 ounces, full-year AISC was $1,843/oz, CapEx was $118 million, EBITDA was $383 million versus $319 million in 2024, revenue was $863 million from the sale of 259,000 ounces at an average realized price of $3,338/oz, and operating cash flow was $314 million for the year. Year-end net cash was $209 million, and available liquidity was just over $320 million. For 2026, the company guided group gold production of 250,000-275,000 ounces, group AISC of $2,000-$2,200/oz, and CapEx of $310 million-$360 million. By segment, Syama is guided to 195,000-210,000 ounces at $1,950-$2,150/oz with about $120 million of CapEx; Mako is guided to 55,000-65,000 ounces at $1,600-$1,800/oz with $10 million-$15 million of MLEP spending; Doropo is projected at $170 million-$190 million of CapEx subject to permitting and FID; and exploration spend is expected to be $15 million-$25 million. Management also said Doropo’s updated DFS shows 2.2 million ounces over 13 years, a $516 million upfront capital cost, and at a $3,000/oz gold price, post-tax NPV of $1.46 billion, IRR of 49%, and AISC of $1,406/oz.

Chris Eger framed 2025 as a transformational year that stabilized operations and set up a larger, more diversified Resolute. He emphasized the acquisition of Doropo and ABC, the push to become a multi-producer West African gold company, and the company’s longer-term goal of reaching a 500,000-ounce run rate by 2028. His tone was constructive and confident, but he repeatedly noted that execution, permitting, and government relationships remain important.

Dave Jackson focused on the company’s improving financial position: $383 million of EBITDA, $863 million of revenue, $314 million of operating cash flow, and $209 million of net cash at year-end. He highlighted that $135 million of unsold bullion was included in net cash, $57 million was drawn on overdraft facilities, and about $113 million of in-country overdraft capacity remained available. He also said 2025 CapEx of $118 million included $24 million for exploration, $70 million for project capital across Syama and Mako, and $24 million for SSCP, and added that the company expects to fund 2026 CapEx from existing cash and expected cash flow while also discussing additional project debt for Doropo.

Analysts focused first on Mali operating risk, asking about explosive supply reliability, security, and fuel blockades; management said on-site stocks are currently sufficient, convoy support has improved, and the longer-term fix is an on-site explosive manufacturing plant expected in 2026. They also asked about the gap between Syama production and sales in Q4, which management attributed to year-end shipping timing, noting roughly 31,000 ounces were sold in early January. On capital allocation, management said Doropo funding is likely to use a mix of cash and debt with a flexible structure, while ABC is viewed as a later-stage opportunity with a scoping study targeted for H1/H2 2026 and a possible DFS/FID sequence toward the back end of 2027.