Mine Gold. Create Value. - Open Briefing Mine Gold. Create Value. Presentation by Mr John Welborn, Managing Director & CEO Diggers & Dealers Conference, Kalgoorlie, Monday 7 August,

Mine Gold. Create Value.Presentation by Mr John Welborn, Managing Director & CEO

Diggers & Dealers Conference, Kalgoorlie, Monday 7 August, 2017

2

Cautionary Statement

This presentation includes certain statements, estimates and projections with respect to the future performances of Resolute. Such statements, estimates and

projections reflect various assumptions concerning anticipated results, which assumptions may prove not to be correct. The projections are merely estimates by

Resolute, of the anticipated future performance of Resolute’s business based on interpretations of existing circumstances, and factual information and certain

assumptions of economic results, which may prove to be incorrect. Such projections and estimates are not necessarily indicative of future performance, which may be

significantly less favourable than as reflected herein. Accordingly, no representations are made as to the fairness, accuracy, correctness or completeness of the

information contained in this presentation including estimates or projections and such statements, estimates and projections should not be relied upon as indicative of

future value, or as a guarantee of value of future results. This presentation does not constitute an offer, invitation or recommendation to subscribe for or purchase

securities in Resolute Mining Limited.

The information in this report that relates to the Exploration Results, Mineral Resources and Ore Reserves is based on information compiled by Mr Andrew Goode who

is a member of the Australasian Institute of Mining and Metallurgy and Mr Bruce Mowat, a member of The Australian Institute of Geoscientists. Mr Andrew Goode and

Mr Bruce Mowat both have more than 5 years’ experience relevant to the styles of mineralisation and type of deposit under consideration and to the activity which they

are undertaking to qualify as a Competent Person, as defined in the 2012 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources

and Ore Reserves”. Mr Andrew Goode and Mr Bruce Mowat are full time employees of Resolute Mining Limited Group and each hold equity securities in the Company.

They have consented to the inclusion of the matters in this report based on their information in the form and context in which it appears. This information was prepared

and disclosed under the JORC code 2012 except where otherwise noted. Particular Reserves and Resources remain 2004 JORC compliant and not updated to JORC

code 2012 on the basis that information has not materially changed since it was last reported.

In providing this presentation, Resolute has not considered the objectives, financial position or the needs of the recipient. The recipient should obtain and rely on its

own financial advice from its tax legal accounting and other professional advisers in respect of the recipients objectives financial position and needs. To the maximum

extent permitted by law neither Resolute nor its related corporations ,directors, employees or agents nor any other person accepts liability for any loss arising from the

use of this presentation or its contents or otherwise arising in connection with it. You represent and confirm by attending and or retaining this presentation that you

accept the above conditions.

3

Corporate Summary (ASX:RSG)

0

0.5

1

1.5

2

2.5

Aug 03,2017

Jun 22,2017

May10,

2017

Mar 24,2017

Feb 10,2017

Dec 28,2016

Nov 14,2016

Oct 03,2016

Aug 22,2016

Jul 11,2016

$A

UD

Share PriceShares on issue 736,982,768

Share Price A$1.07

Market Capitalisation A$792M (US$628M)

Cash, bullion, investments A$290M (US$223M) at 30 Jun 2017

Debt A$34M (US$26M) at 30 Jun 2017

FY18 Guidance300,000oz gold production

@ AISC A$1,280/oz (US$960/oz)

Dividend Policy2% of annual gold production

offered in gold or cash

Substantial

Shareholders

ICM Global Funds 20.43%

Van Eck 8.97%Analyst

Coverage

Argonaut

Baillieu Holst

Canaccord Genuity

Citigroup

Euroz

Global Mining Research

Hartleys

Macquarie

Morgan Stanley

RBC Capital Markets

James Wilson

Warren Edney

Patrick Chang

Trent Allen

Jon Bishop

David Cotterell

Paul Howard

Ben Crowley

Brendan Fitzpatrick

Paul Hissey

Institutional

Shareholders

Oppenheimer Funds

IFM Investors

Baker Steel Capital Managers

Average daily volume 8.0M Shares

4

Mine Gold. Create Value.

5

Mine Gold.

329,834ozTotal Gold Production

A$1,132/ozAll-In Sustaining Cost (AISC)

317,242ozTotal Gold Sold

A$1,717/ozAverage Price Received (A$/oz)

FY17

5

6

Create Value.

A$541MRevenue from gold and silver sales

A$136MNet

Profit before tax

A$177MGross profit from operations

Cash, Bullion & Listed Investments

$A290M

FY17

6

7

Three years running…Track record of strong operating performance

FY15 FY16 FY17

Production

(oz)

Original Guidance 315koz 315koz 300koz

Actual 329koz 315koz 330koz

Achieved ✔ ✔ ✔

AISC

(A$/oz)

Original Guidance A$1,280/oz A$1,280/oz A$1,280/oz

Actual A$1,094/oz A$1,200/oz A$1,132/oz


Price

(A$/oz)

Average Spot A$1,457/oz A$1,602/oz A$1,661/oz

Received A$1,467/oz A$1,624/oz A$1,717/oz


8

ASX-listed peer group>300kozpa Australian producer peer group

Resolute

Mining(RSG)

Evolution

Mining

(EVN)

Northern Star

Resources (NST)

Regis

Resources(RRL)

St Barbara

Limited(SBM)

Saracen

Minerals(SAR)

Market Cap A$0.79B A$3.72B A$2.82B A$1.96B A$1.39B A$1.07B

Resources 12.1Moz 14.2Moz 10.2Moz 8.1Moz 9.1Moz 9.0Moz

Reserves 5.6Moz 7.0Moz 3.5Moz 2.2Moz 4.0Moz 2.1Moz

Annual Production 330kozpa 844kozpa 515kozpa 324kozpa 381kozpa 273kozpa

AISC A$1,132/oz A$905/oz A$1,013/oz A$945/oz A$907/oz A$1,348/oz

Achieved Price A$1,717/oz A$1,641/oz A$1,673/oz A$1,691/oz A$1,685/oz A$1,642/oz

EV / Resource Oz A$50/oz A$292/oz A$216/oz A$220/oz A$130/oz A$116/oz

EV / Reserve Oz A$109/oz A$592/oz A$629/oz A$811/oz A$297/oz A$494/oz

EV / Production Oz A$1,617/oz A$4,898/oz A$4,288/oz A$5,610/oz A$3,114/oz A$3,831/oz

EV / FY17 EBITDA 2.5x 5.9x 5.3x 7.2x 3.6x 8.9x

P / NAV 0.6x 1.5x 1.3x 1.3x 1.0x 0.9x

Source: Publicly available company documents, presentations and broker research. Market data as at 3 August 2017

9

0

2

4

6

8

10

12

14

16

Resolute Evolution Mining Northern Star Resources Regis Resources St Barbara Limited Saracen Minerals

Resources & Reserves

Resources Reserves


Resolute

Mining


Mill

ion

Ou

nce

s

10



0

100

200

300

400

500

600

700

800

900


Annual Production

Resolute

Mining

ko

zp

a

11



A$

/oz

$0

$200

$400

$600

$800

$1,000

$1,200

$1,400

$1,600


All-In Sustaining Costs (AISC)

Resolute

Mining

12



A$

/oz

$1,600

$1,620

$1,640

$1,660

$1,680

$1,700

$1,720

$1,740


Average Price Received (FY17)

Resolute

Mining

13



A$

Bill

ion

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

4.0


Market Capitalisation

Resolute

Mining

14



P/N

AV

0

0.2

0.4

0.6

0.8

1

1.2

1.4

1.6

1.8


Price / Net Asset Value (P/NAV)

Resolute

Mining

15

13

12

11

9

7

4

6

2

6

6

6

6

6

2

7

8

6

- 2 4 6 8 10 12 14

Ravenswood

Syama

Cowal

Mt Rawdon

Mt Carlton

Mungari

Edna May

Cracow

Jundee

Kundana

Kanowna Belle

Garden Well

Rosemont

Moolart Well

Leonora – Gwalia

Thunderbox

Carosue Dam

Reserve life (years)

Reserve Life Benchmarking>300kozpa Australian producer peer group

Resolute

Evolution

Northern Star

Regis

St Barbara

Saracen

Source: Publicly available company documents, presentations and websites and broker research. Reserve life adjusted for recovery. 15

16

Ore Mined

(t)

Ore Milled

(t)

Head Grade

(g/t)

Recovery

(%)

Total Production

(Gold oz)

AISC

A$/oz

Syama Sulphide 1,215,153 2,106,371 2.59 69.8 136,000 1,001

Syama Oxide 1,319,596 1,340,097 2.84 83.2 101,830 960

Syama Total 2,534,749 3,446,468 2.68 75.3 237,830 984

Syama Gold MineOperation Highlights

Gold Production

(oz)

AISC

(A$/oz)

AISC

(US$/oz)

Syama Sulphide 130,000 1,050 788

Syama Oxide 90,000 1,260 945

Syama Total 220,000 1,140 855

FY17 Operating Performance

FY18 Production Guidance

16

1717

US$881/ozLOM AISC - Underground

12 YearUnderground Mine Life

6.0Moz TotalResource

3.1Moz TotalReserve

2.4Mtpa (170kozpa)

Sulphide

Production Rate

1.5Mtpa (70kozpa)

Oxide

Syama Gold MineOverview

18

Syama UndergroundA world class sublevel cave in the making…

Syama

(8Moz)

Nafolo

18

19

Automation & DevelopmentSyama Underground

• Automated drilling and longer

rounds delivering rapid

underground development

• Underground mine development

has advanced more than 3km

• First development ore has

commenced ramping up to

~500ktpa

• Pre-production underground ore of

~1.3Mt before first sublevel cave

production ore in December 2018

20

Depth of peer group undergroundPeer group mining at depths beyond 12 years at Syama

• Average depth of peer group

underground mines is 600m

below surface

• Peers are currently mining at

depths well beyond the next

12 years at Syama

• The 8Moz Syama orebody

has been drill tested to

~800m below surface

• Peers mining at up to twice

the depth of the current limit

of drilling at Syama

Nafolo

20

21

A major gold discovery at SyamaGame changing new discovery at Nafolo

• Adjacent to 8Moz

Syama Deposit

• Potential to transform

Syama operation

• Untested to the south

and at depth

• All drillholes to date

have intersected gold

mineralisation

• Remains open in all

directionsSyama long section – Nafolo discovery

21

22

A world class opportunity10Moz and counting, 80km of strike untested below ~200m

23

Scratching the surfaceNo deep drilling outside of the Syama deposit

All drilling

20,552holes

Drilling >100m

1,628holes

Drilling >200m

81holes

24

Syama’s high grade satellitesHigh grade underground satellite opportunities

• High grade (>5g/t Au) sulphide

extensions below satellite oxide

pits:

• 20m @ 18.28g/t Au from 117m

• 23m @ 9.61g/t Au from 140m

• 25m @ 8.06g/t Au from 160m

• 14m @ 16.65g/t Au from 89m

• High grade feed to supplement

base load Syama Underground

Sublevel Cave (2.8g/t Au)Tabakoroni long section – high grade sulphide at depth

25

Syama Gold Mine One of Africa’s premier gold mines

Acacia

Bulyanhulu

18.7Moz

Newmont

Ahafo

10.4Moz

Randgold

Kibali

19.7Moz

Randgold

Loulo

9.9Moz

Centamin

Sukari

12.9Moz

AngloGold

Geita

7.3Moz

AngloGold

Iduapriem

5.6Moz

Goldfields

Tarkwa

9.1Moz

25

Randgold

Gounkoto

4.8Moz

Goldfields

Damang

6.0Moz

Iamgold

Essakane

5.1Moz

Resolute

Syama

10.0Moz

26

Ravenswood Gold MineOperation Highlights

Mt Wright is one of Australia’s most successful underground mines, having

mined a ~2.5g/t Au orebody at an average cash cost of A$850/oz over the last

5 years, down to a depth of ~900m below surface

Ore Mined

(t)

Ore Milled

(t)

Head Grade

(g/t)

Recovery

(%)

Total Production

(Gold oz)

AISC

A$/oz

FY17 Actual 2,366,159 1,995,293 1.54 93.1 92,004 1,406

Gold Production

(oz)

AISC

(A$/oz)

AISC

(US$/oz)

FY18 Production Guidance 80,000 1,520 1,145

LOM Average Annual

Production123,500 1,166 872

FY17 Operating Performance

FY18 Production Guidance

26

2727

A$1,166/oz LOMAISC

13 YearMine Life

+130kozpa

ProductionRate Post 2020


1.8Moz TotalReserve

2.8MtpaProcess Capacity - Current

5.0MtpaNameplate Capacity

Ravenswood Gold MineOverview

28

Development HighlightsRavenswood Expansion Project

• Mt Wright underground to finish in late-FY18

• Open pit mining recommenced at Nolans East

• Processing capacity increased to 2.8Mtpa and

expanding to 5.0Mtpa

• Regulatory approvals tracking on schedule

• Buck Reef West open pit mining approvals

expected in mid-2018

• Beneficiation of low grade ore (0.3 - 0.7g/t Au)

• Staged development plan targeting up to

140kozpa at a Life of Mine AISC of A$1,166/oz

for 13 yearsRavenswood Expansion Project

29

Bibiani Gold MineOverview

29

US$858/oz LOMAISC

5 YearInitial Mine Life


0.6Moz TotalReserve

1.2MtpaMining Rate

>100kozProposed Annual Production

9 monthsTimeline to production

US$72M Pre-productioncapex

30

Bibiani Gold MinePhase 2 drilling success

• A substantial gold deposit:

• Production to date of >4Moz

• 1.8Moz Total Resource

• Phase 2 drilling underway to

upgrade inferred resources to an

indicated category

• Phase 2 drilling has intersected

mineralisation better than the

inferred resource predicted

• Currently drilling to extend mine life

beyond the initial five years

• Targeting 100kozpa, 10 year mine

life, 25% IRR Bibiani long section - Phase 2 drilling

31

Exploring

6,600km2

of prospective tenure across Australia & Africa

Active drilling programs in

Mali, Ghana, Côte d'Ivoire& Queensland

31

Exploration Exploring world class tenure in West Africa and Australia

32

Exploration for growthExploring to grow the business, not to stay in business

0

2

4

6

8

10

12

14

0

5

10

15

20

25

30

35

40

Resolute Northern Star Saracen Regis Resources St Barbara

Avera

ge M

ine L

ife

Explo

ration B

udget

FY

18e (

A$M

)

Exploration Budget vs Average Mine Life

Exploration Budget FY18e (A$M) Average Mine Life (years)

Resolute

33

8.9

x

7.2

x

5.9

x

5.7

x

5.5

x

5.3

x

4.7

x

3.6

x

2.5

x

Sa

racen

Regis

Evolu

tio

n

Oceana

Go

ld

Ala

cer

Nort

hern

Sta

r

Westg

old

St.

Barb

ara

Resolu

te

292

220

216

188

130

116

60

50

29

23

Evolu

tio

n

Regis

Nort

hern

Sta

r

Oceana

Go

ld

St.

Barb

ara

Sa

racen

Ala

cer

Resolu

te

Westg

old

Pe

rseus

811

629

592

494

378

297

158

109

105

60

Regis

Nort

hern

Sta

r

Evolu

tio

n

Sa

racen

Oceana

Go

ld

St.

Barb

ara

Westg

old

Resolu

te

Ala

cer

Pe

rseus

5,6

10

4,9

12

4,8

98

4,2

88

3,8

31

3,1

14

2,9

07

1,7

17

1,7

12

1,6

17

Regis

Oceana

Go

ld

Evolu

tio

n

Nort

hern

Sta

r

Sa

racen

St.

Barb

ara

Ala

cer

Pe

rseus

Westg

old

Resolu

te

ASX-listed peer groupA compelling value gap

Source: Publicly available company documents, presentations and broker research. Market data as at 3 August 2017.

Notes: (1) Resource inclusive of reserve.

(2) Based on broker consensus estimates calendarised to June year end.

EV / FY17E Production(2)(A$/oz)

Median: $3,472/oz

EV / Resource(1)(A$/oz)

Median: $123/oz

Median: 5.5x

EV / Reserve (A$/oz)

Median: $337/oz

EV / FY17E EBITDA(2)(x)

Re

so

lute

Re

so

lute

Res

olu

te

Res

olu

te

34

RSG OpportunityAnalyst 12 month price targets: 100% ‘BUY’

0.5

0.7

0.9

1.1

1.3

1.5

1.7

1.9

2.1

2.3

4/12/2016 4/01/2017 4/02/2017 4/03/2017 4/04/2017 4/05/2017 4/06/2017 4/07/2017

A$

Shareprice

34

35

Mine Gold. Create Value.

Scale

5.6MozReserves

Longevity

12yrs@ Syama

13yrs@ Ravenswood

Value

0.6xP/NAV

Balance sheet

$290MCash, Bullion & Listed Investments

Growth

NafoloBibiani

Tabakaroni

Track Record

28yrsproducing

8Moz& counting

35

3636

Your gold awaits

Mine gold. Create value.

ASX:RSG | www.rml.com.au

Documents

Mine Gold. Create Value. - Open Briefing Mine Gold. Create Value. Presentation by Mr John Welborn, Managing Director & CEO Diggers & Dealers Conference, Kalgoorlie, Monday 7 August,