Resolute Mining Limited
Resolute Mining operates the Syama Gold Mine in Mali and the Mako Gold Mine in Senegal, and is developing the Doropo Gold Project in Côte d'Ivoire; Q1 2026 operating cash flow was $119.8 million before capex, though Sahel security disruptions and an explosives-supply squeeze cut Syama's Q2 2026 production to roughly 30,000 ounces, pushing full-year guidance toward the low end. The company signed a new three-year senior debt facility (up to $140 million, including an $80 million accordion) in 2026 to fund Doropo construction, and held a net cash position of $315 million against roughly $18.5 million of total debt at Q1-end.
Notable vs. Peers
- Jurisdiction risk score of 3/10 is meaningfully riskier than the peer average of 7.8/10.
- Financials score of 8.7/10 is stronger than the peer average of 6.5/10.
- All-in sustaining cost of $2,484/oz is 38% higher than the peer producer average of $1,798/oz.
Lifecycle Milestones
Construction Milestones
5 of 5 reached- Apr 2019 · Source
- Jun 2016 · Source
- Reached — date not disclosed · Source
- Reached — date not disclosed · Source
- Reached — date not disclosed · Source
Milestones are recorded only from a company's own dated disclosure. A milestone with no date shown is one we can confirm was reached but for which no date was disclosed — we don't estimate one. "Not yet reached" means exactly that, not that a date is missing. An "Expected" line likewise only ever reflects the company's own guidance (e.g. a study or permit decision targeted for a stated quarter) — most not-yet-reached milestones have none, and that absence means no such guidance has been disclosed, not that one is overdue.
Not in place: grid power.
Not in place: grid power.
Not in place: mill, tailings facility, grid power.
Combined view across 3 projects. Figures below are only combined where the underlying basis genuinely matches -- see the notes under each.
- 49%Doropo
- 13 yrsDoropo
Jurisdiction (40%)3/10
Mali has been under military junta rule since 2020-2021 coups, revised its mining code in 2023 to raise state/local ownership stakes, and faces active Sahel insurgent activity that directly disrupted Resolute's Syama production via security incidents and an explosives-supply squeeze in Q2 2026 -- all elevating operating risk despite an established gold-mining sector; Resolute's Mako (Senegal) and Bibiani (Ghana) mines offer some jurisdictional diversification.
Infrastructure (40%)7.1/10
A confirmed mill, confirmed road access, no confirmed grid power, and a confirmed tailings facility at Syama.
Nearby producing mine (20%)Not yet researched
No producing mine within 50 km in our reference list (nearest listed: Houndé (Endeavour Mining plc / Government of Burkina Faso), 286 km). That list doesn't cover every mining district yet, so a longer distance isn't scored as remote.
Acquisition Susceptibility
A relative ranking of how closely this company matches the profile of juniors that have actually been acquired — not a probability, and not a reason to buy. Acquisitions are rare: only a few dozen significant deals happen a year across a universe of thousands of juniors, so even a high score here describes a long shot. The strongest signal in the research, a producer that already owns part of the company, is scored from its disclosed strategic shareholders. A producer that is a joint-venture or earn-in partner on the project, rather than a shareholder, isn't captured yet.
How this score is built
- Disclosed pending dealSub-score: Not scored
No pending acquisition or merger disclosed (checked)
Not scored: having no deal in flight isn't held against a company.
Weight 26.25% - Producer's strategic stakeSub-score: Not scored
No producer holds a disclosed stake on file (holder register researched) See holders
Not scored: most juniors that do get bought had no prior toehold, so a missing stake says little either way.
Weight 25% - Distance to a producing mineSub-score:0/10
Nearest producing mine: Houndé (Endeavour Mining plc / Government of Burkina Faso), 286 km
10 next to a producing mine, 8 at 20 km, 5 at 50 km, 0 beyond 200 km.
Weight 22.5% · 46% here - Lifecycle stageSub-score:5.5/10
Stage: Production
Feasibility and permitting score 10, where deals cluster, and production 5.5; earlier stages score less, down to 1 at grassroots.
Weight 15% · 31% here - JurisdictionSub-score:3/10
Mali: jurisdiction score 3/10
Our jurisdiction score, used as is: higher means lower political and permitting risk.
Weight 6.75% · 14% here - CommoditySub-score:10/10
Primary commodity: Gold
Gold 10, copper 8, silver 5, nickel and uranium 4, others 2: most majors' deals are for gold.
Weight 4.5% · 9% here
Weight is each input's share of the full score. “Here” is its share of this company's score: inputs that aren't scored are left out and the rest re-weighted, never counted as zero.
Your Rankings
Management Team
Non-Executive Director of Turaco Gold and concurrently Executive General Manager - Exploration at Resolute Mining. 30+ years exploring for gold and base metal deposits across Australia, PNG, Indonesia, and West Africa, including Chief Geologist roles at Straits Resources and Aeris Resources. His Turaco directorship is tied to his direct oversight of Resolute's Côte d'Ivoire projects, including the area covering Turaco's Afema Gold Project.
Chief Operating Officer of Resolute Mining Limited, appointed 1 Jul 2025. Chartered Mining Engineer (CEng), 20+ years' experience in surface and underground mining across West Africa, Australia, the Middle East and the UK, in gold, nickel and copper operations. Career: 6 years in senior management roles at the Tier-1 Sukari Gold Mine (Egypt), operated by Centamin plc (through Centamin's acquisition by AngloGold Ashanti plc), most recently as General Manager; project manager, satellite mine development, Teranga Gold Corporation; senior operational roles, Leinster Nickel Operations, Henty gold mine and the Cliffs Nickel Project (Western Australia/Tasmania); development projects and producing operations at Barrick Gold Corp and BHP Group Ltd.
Managing Director and Chief Executive Officer of Resolute Mining Limited, appointed CEO 1 Feb 2025 after serving as CFO from Feb 2023. 25+ years leading financial, strategic and commercial functions in natural resources and financial sectors. Career: CFO, Chaarat Gold Holdings Limited; CFO, Nyrstar NV (2015-2018, a major zinc producer); M&A Director, Trafigura AG (2015); Director EMEA Metals & Mining, Merrill Lynch (2013-2015) and BMO Capital Markets (2007-2013); earlier career at Hunter Douglas Metals (Trader) and BP Capital Management (VP), 1999-2007.
Chief Financial Officer of Resolute Mining Limited, appointed 1 Feb 2025 (Finance, Tax & Treasury, IT and Supply Chain). Joined Resolute in Apr 2023 as Group Financial Controller. Canadian Chartered Accountant. 13+ years of mining experience, predominantly West Africa.
Insiders, Investors & Smart Money
Notable shareholders and insiders whose involvement is worth knowing about, plus what we're seeing from institutional/large-investor activity.
Helikon Investments has built Resolute into a 19.10% position and is still buying on-market — it moved up from 17.15% after purchases on 14 July 2026 and a 41.2 million share block at A$1.250 on 10 August 2026. That is a concentrated, high-conviction bet by a discretionary manager, though Helikon is a generalist value investor rather than a mining specialist. Two directors and officers also bought small parcels on-market, in November 2025 and June 2026, with no insider selling on record. The rest of the visible register is index and prime-brokerage plumbing: Citigroup, Goldman Sachs, UBS and Mitsubishi UFJ all ceased to be substantial holders during 2026 as securities-lending positions unwound.
No notable insiders tracked for this miner yet.
Reports, Presentations & Documents
Resolute Mining operates the Syama gold mine in Mali (80%, with the Malian government holding a free-carried 20%) and the Mako mine in Senegal (90%), and is building the Doropo project in Côte d'Ivoire (90%), where ground was broken in March 2026 and first gold is targeted for the second half of 2028. Its attributable measured and indicated resources at 31 December 2025 total 10,066,100 oz of gold (2,327,700 oz measured, 7,738,400 oz indicated), inclusive of reserves, plus 5,032,000 oz inferred. Doropo's updated definitive feasibility study (December 2025) shows a post-tax NPV5% of US$1.46B and a 49% IRR at US$3,000/oz gold over a 13-year mine life, averaging 170,000 oz a year. Security disruptions in the Sahel and an explosives-supply shortage cut Syama's Q2 2026 production to about 30,000 oz, and group all-in sustaining cost for the quarter was US$2,484/oz. In July 2026 Resolute updated the resource at its ABC project in Côte d'Ivoire, acquired in 2025, to more than 3 Moz.
Resolute Mining's Annual Ore Reserve and Mineral Resource Statement, effective 31 December 2025: total Ore Reserves rose 55% to 6.8 Moz gold on a 100% basis (5.9 Moz attributable, net of Mali/Senegal government minority interests), driven by the addition of 2.5 Moz from the newly-acquired Doropo project (Cote d'Ivoire) and an initial 348,000 oz maiden reserve at Tomboronkoto (Senegal), partly offsetting a 235,000 oz reduction at Syama from mining depletion.