Resolute Mining Limited

Notable vs. Peers

• Jurisdiction risk score of 3/10 is meaningfully riskier than the peer average of 7.8/10.
• Financials score of 9.6/10 is stronger than the peer average of 6.4/10.
• All-in sustaining cost of $2,484/oz is 27% higher than the peer producer average of $1,950/oz.

Lifecycle Milestones

1. Permit granted

   Apr 2019 · Same fact already documented on this miner's own existing COMMERCIAL_PRODUCTION row: 'the Syama gold complex... has been in continuous production since the 1990s under a succession of owners (including Randgold Resources) before Resolute Mining's ownership began in 2004.' Independently confirmed this pass via Wikipedia's Resolute Mining page: 'In July 2004, Resolute bought the Syama Gold Mine in Mali from Randgold Resources for US$6 million.' The underlying Malian mining convention/permit that allows mining at Syama therefore predates Resolute's ownership by at least the July 2004 acquisition and was inherited through it rather than newly granted -- the same reused-pre-existing-permit shape as HL/San Sebastian and DRD/FWGR (Task #646 batch 1), and NICU/PDI/POL above (this same batch). This is fully consistent with -- not a contradiction of -- the existing CONSTRUCTION_DECISION row (2016-06-30, Board approval of the Syama UNDERGROUND expansion specifically): the permit predates Resolute's ownership of the whole complex, while the 2016 decision is specific to the later underground mine extension. No dated 'permit granted' event specific to Resolute's own tenure was found. || AMENDED BY TASK #663 (2026-08-25), additive correction, prior text above preserved verbatim: the above is correct that Resolute inherited an original Syama permit (July 2004, from Randgold), but it is not the OPERATIVE instrument and was sourced only to Wikipedia. The predecessor Malian mining convention was dated 31 JULY 1987 and EXPIRED 29 MARCH 2019. A NEW MINING CONVENTION was executed with the Republic of Mali and announced to ASX/LSE on 18 APRIL 2019; on execution the Government of Mali granted a TEN-YEAR EXTENSION OF THE SYAMA MINING PERMIT, valid to March 2029, with further ten-year renewals available until resource exhaustion. Ownership 80% Resolute / 20% Government of Mali. achievedDate is set to the 18 April 2019 announcement accordingly -- a real, dated, company-era permit event, not an inherited one. Sources: https://www.miningweekly.com/article/resolute-inks-new-mining-convention-in-mali-2019-04-18 and https://mining.com.au/resolute-mining-signs-new-mining-convention-with-mali-government-wins-significant-tax-cut/. DELIBERATELY NOT DATED TO 2025, checked and rejected: Resolute signed a Protocol/MoU with Mali on 18 November 2024 (US$160m settlement, migration to Mali's 2023 Mining Code) and Mali's Council of Ministers ratified a Syama agreement on 19 September 2025, but Resolute's own H1 2026 results (20 August 2026) still state it 'continues to work with the Malian Government to implement the requirements of the 2023 mining code', and rml.com.au still states 80/20 ownership rather than the 65/35 the new code implies. No executed new convention is confirmed, so the 2019 instrument remains operative. Asset attribution: Syama specifically. Mako (Senegal) and Tabakoroni (Mali) are separately permitted; there is no single company-wide permit date. · Source
2. Construction decision (FID)

   Jun 2016 · Resolute's Board approved immediate development of the Syama Underground on completion of the project's Definitive Feasibility Study, which delivered a long-life mine with strong margins. · Source
3. Construction start

   Reached — date not disclosed · Following contractor mobilisation to site in July 2016, decline excavation for the Syama Underground began around the September 2016 quarter. Exact day not found in ASX quarterly activity reports. · Source
4. First pour / production

   Reached — date not disclosed · Resolute's own plan targeted sub-level cave production commencement in December 2018 (exact day not found), following first development ore to surface in the March 2017 quarter and first long-hole stoping ore in the September 2018 quarter. Commercial production rates at Syama Underground were achieved by June 27, 2019. · Source
5. Commercial production

   Reached — date not disclosed · Genuinely reached, but no single company-wide commercial-production date exists: the Syama gold complex (southern Mali) has been in continuous production since the 1990s under a succession of owners (including Randgold Resources) before Resolute Mining's ownership began in 2004, with the Tabakoroni Complex, Syama North, and satellite oxide pits added to the complex at different times since. Q2 2026 production of ~30,000 oz (short of 40,000-45,000 oz guidance) was disclosed amid Sahel-region security/logistics disruption; the Syama Sulphide Conversion Project (Stage 1, started early Q2 2026) is lifting sulphide capacity 60%. This row was missing entirely prior to 2026-08-21 -- a genuine data gap, not a stage error; Miner.stage was already correctly PRODUCTION. · 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.

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 the underlying research identifies — whether a major already holds a JV, earn-in, or 5–19.9% strategic stake — isn't tracked yet and is absent from this score.