Resolute Mining Limited

Good morning, ladies and gentlemen, and welcome to the Resolute Mining First Quarter 2026 Conference Call. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session through the phone lines, and instructions will follow at that time. For those listening via the phone lines, the presentation is now available within the Investors section of Resolute Mining's website. For those watching the webcast, if you wish to submit a written question, you may do so by using the Ask a Question button on the Sparkline page. I would like to remind all participants that this call is being recorded. I will now head over to the Chief Executive Officer, Chris Egger, to open the presentation. Please go ahead.

Thank you, and welcome to Resolute Mining's Q1 2026 Activities Report. So I am Chris Egger, CEO of Resolute Mining, and today I'm joined on the call with Gavin Harris, our Chief Operating Officer, Dave Jackson, our Chief Financial Officer, as well as Mario Toole, our head of investor relations. Moving on to page four. So I'm very pleased that we had a very robust order in the first part of 2026. Let's talk about the operating metrics and then go into more details in the upcoming slides. So first of all, in operating metrics, we achieved pretty much all the targets that we were hoping for, starting with the fact that we only had one lost time injury in the first quarter. Therefore, we had a TRIFR of 0.43. Gold produced was just under 60,000 ounces. right on target with our guidance. Our group basic was at $2,200, slightly higher than expected, but it was all due to the fact that royalty expenses were higher in the first quarter as a result of a higher gold price environment. And our capitalist venture source for the quarter was at $33 million, with $4.2 million of that coming from the Duropo project. But further on in the slides, our CFO, Dave Jackson, will give a bit more color as to what we expect in the upcoming quarters, because we do expect CapEx to start increasing as we get Duropo up and running. So due to the strong production of the business, net cash at the end of the quarter was just over $250 million. We generated a healthy amount of operating cash flows of just shy of $120 million. And as you can see on the slide, revenues and EBITDA were substantial at $337 million and EBITDA at $200 million. So again, the beginning of the year has been incredibly robust for the business and very pleased with the progress of the company on all fronts. So moving to slide five, I want to talk about some of the key activities in the business, but again, we'll go into more detail in the upcoming slides. First and foremost, at Sciamma, it's operating extremely well on budget, on plan, with gold production at 7,000 ounces from the oxide circuit and sulfides producing just about 37,000 ounces. Similarly, in Senegal, at a macro operation, stockpile processing continued exactly on plan with gold production at 15.8,000 ounces. More importantly, across the business of some of the key projects that we are developing in Cote d'Ivoire or Doropo, we have two key milestones in the first quarter, namely receiving the exploitation permit as well as formal FID from our board. So construction activities have kicked off, and we'll go into a bit more of the detail as to exactly what's happening, but it's really starting in this month with substantial work streams planned in the month of May and June. Similarly, in Malawi, Our stainless sulfide conversion project continues to remain on track and on budget. The location circuit is complete, and we're just starting the commissioning of that circuit. Similarly, in Senegal, the extension of MACO project continues to progress as expected. We're near completion on a couple of technical studies and planning for application of the mining permit for Tambor and Coto in this quarter within the application for the Pintaco license in Q3. As I mentioned in the previous calls, we've also really ramped up our exploration expenses, and we believe that we're getting really great results in all of our expenditures on exploration. Most notably, at the ABC project in Cote d'Ivoire, we successfully drilled the first campaign with some very exciting drill results, which I'll talk about in the exploration section. We also kicked off an exploration program at Ladabo, and then in Guinea, as you may have seen, we signed a strategic MOU with a company called Nyimba Mining Company, which is 100% state-owned by the Canadian government in order to explore new gold licenses. And we're right now in the process of working with the government, identifying which projects we should work together on. But again, I'll speak a bit more in the upcoming slides. Moving to the right side of the page, we're going to talk a little bit about production for the year, as well as our ASICs and CapEx guidance. As you'll see, In Q1, we achieved 60,000 ounces right in the middle of our guidance. And for Q2, we expect similar type levels within Q3 and Q4 being higher levels as a result of processing higher-grade sulfides once the SSEP program is completed at SIAMA. With regards to the A6 guidance, at this date, we're maintaining guidance for the group at levels of $2,000 to $2,200. However, this guidance was set based off of a gold price of $4,000. And if we continue to see elevated gold price throughout the rest of the year, we'll likely be at the upper end, if not exceed the guidance levels. But we'll give more color on guidance for ASIC in our second quarter results in July. With regards to CapEx, I was now firmly on track with the spend for this year. And today, we still very much are maintaining our CapEx guidance to $310 to $360 million As previously flagged, we anticipate the capex spend to ramp up dramatically in the second half of the year, but starting to build as well as into Q2. So moving to slide six, this is a slide that we've now presented a number of times, but it's important to recap the organic growth profile for the business. So look, in 2025, the business achieved 277,000 ounces, firmly on track with our guidance at that time. Both in 2026 and 2027, we're targeting 250 to 275,000 ounces. with strong confidence in achieving those levels. Most importantly, I've mentioned before, our Duropo construction activities are well underway, and so I firmly believe that from the beginning of 2028, we will be producing in excess of 500,000 ounces at that point in time. In addition, the business is seeing tremendous success in the exploration portfolio, specifically at ABC, Madabo, and Cote d'Ivoire. So I'll explain a bit of this further on in the presentation, but today I firmly believe that our fourth line will be from one of those two assets, as we continue to develop and progress the exploration activities. So, with that, I'll turn it over to Gavin to go through the activities in each of the countries that we operate.

Thanks, Chris. We start with an update on our rapidly progressing DROPO project in Cote d'Ivoire. Early in Q1, we announced the award of a 14-year mining permit to DROPO, which covers the planned mine life and can be extended. The ability to extend is important as we believe Deropo has the potential to expand given the conservative $1,950 per ounce gold price used for reserves, which is way below the current spot gold price. Also, the majority of the deposits are open along strike and at depth, and the further exploration potential we have with drilling activity commencing in Q2. FID, the final investment decision, was expedited given the robust economics of the project and we have moved quickly into construction. The EPCM tender process was completed during Q1, in parallel with the permitting. The EPCM contract has been awarded to Lycopodium Minerals after a detailed evaluation process. Lycopodium was selected as they have constructed a majority of new gold mines in West Africa over the past decade and have a proven track record in delivering quality outcomes, are currently active in Côte d'Ivoire on the Kone project with Montage, all of which reduce the overall risk to the Dry Pro project. Behind the scenes, our ESG team have been working tirelessly with all stakeholders, especially the local community leaders, in order to provide land access for the project. Land surveys have been completed, compensation tariffs for land and crops agreed, and payment mechanisms established to allow for early works construction activity to commence in April. The earthworks and early construction work tenders were also completed during Q1 and awarded to Dee Simone, another company that has a reputation for delivering mining projects within Cote d'Ivoire. Duropo is a transformational project for Resolute and remains on track to deliver first gold in 2028. Building on the success of 2025 with the release of the updated DFS that outlined a larger and longer life operation, the project team under Rob Cecchini have kept the momentum going through Q1. The project team has grown during Q1 with over 40 persons directly employed on the project, bringing in key experience on the ground at Dropo and for support functions in Abidjan. Approximately 75% of the employees are site-based, with the remaining 25% providing administration assistance from the regional office. The key work streams at this stage of the project include land acquisition and crop compensation for the areas outside of the early works footprint, such as open pit areas and waste dumps, clearing and construction of the road access network linking the construction areas, clearing of the main construction areas and commencement earthworks, upgrades to the existing Dunoa Exploration Camp to accommodate construction teams, construction of the permanent mining accommodation camp, Procurement of long lead items and steel fabrication that were identified during feed. Early works for the grid power connection, including procurement of componentry to connect to the grid. The capital expenditure on the drive-by project is forecast to be $40 to $50 million during Q2. And total capital expenditure remains within the guidance range of $170 to $190 million during 2026, with most of this expenditure occurring in the second half of the year. As a result of a strong end to 2025 across our mining operations, backed up by achieving our first quarter plans, we enter the Duropo construction phase with a net cash position of $315 million. Here are some recent photos of the initial groundbreaking ceremony for the project and the team on the ground. We expect to provide visual updates through our social media platforms as the work progresses over the duration of the project. Now we move across to an operations update from Mali. You may remember from the Q4 update that we made some significant changes to the management team at SIAMA during the second half of 2025. The new SIAMA team were able to deliver a strong end to 2025 and have followed up with another solid quarter delivering the production plan, while significantly improving the quarterly site safety performance, reducing the number of restricted work injuries by 75% compared to previous quarters in 2025. Gold production of 43,802 ounces performed in line with expectation and at the higher end of the guidance range for Q1. Most of the gold produced, 36,682 ounces, were from the underground sulphide operations, which performed efficiently during the quarter. Sulphide ore throughput was 8% higher quarter on quarter, with good reliability and performance in both PP1 and the roaster. sulphide recoveries were marginally lower due to the higher throughputs achieved. With the imminent conversion of the oxide plant and reduced reliance on oxide mining, 7,120 ounces were produced from oxide stockpiles during the quarter. Feeding stockpiled oxide ore allows for further open pit optimisation work to be completed developing sulphide ore in the Siam and North pits for the rest of 2026. Higher Q1 ASIC of $2,227 per ounce is a reflection of increased royalties due to a higher realized average gold price of $4,858 per ounce during Q1. When evaluated against guidance which used a gold price of $4,000 per ounce, the ASIC is towards the middle of the guidance range at just under $2,100 per ounce. While there has been some minimal impact to supply chain activities, for the most part we have not experienced any disruption to operations as a result of the ongoing instability in the Middle East. In order to mitigate the effects of any potential supply disruptions, key consumable stocks have been increased accordingly to ensure continuity of operations. What has been experienced is that in April, fuel prices, which are regulated by the government, have increased by approximately 40%. This increase through Q1 will have an impact on ASIC from Q2 onwards. It's expected that if fuel price remains at the current levels for the remainder of the year, the result on the ASIC will be an increase of approximately $75 per ounce. However, as prices are regulated, there is a chance they reduce once there is further clarity on the situation in the Middle East. Specifically, at SIAMA, Storage capacity has been increased for LFO used for equipment operation and HFO used for power generation. LFO inventory is currently 80% of total capacity representing over 50 days of continuous operations. HFO inventory is currently above 90% of total capacity representing over 40 days of continuous power supply. HFO is key to continued gold production powering the underground mine, the processing plants and other site infrastructure. Key reagent stocks on site all exceed three months, and all other goods remain in transit, with some subject to minor delays at the current time. SIAMA explosive stocks continue to fluctuate without material impact on the operations, with over 30 days of operational coverage currently stored on site. Further progress has been made to secure a modular emulsion manufacturing plant to be installed at the site, and we continue working with the Malian authorities for the required permits prior to construction and commissioning. The manufacturing facility is expected to be commissioned in H2. To recap, the Siama sulphide conversion project, which started in 2023, adds key infrastructure to allow sulphide ore to be processed through the existing oxide plant, whilst retaining overall flexibility to still treat oxide ore. As we approach the final stages of the project construction, the work streams have been separated into two stages. Stage 1 consists of commissioning and operation of the flotation plant and pebble crusher to process 110 tonnes per hour of sulphide ore. Stage 2 consists of commissioning the ball mill and secondary crushers, which will increase overall production to 215 tonnes per hour for sulphide ore. Stage 2 also includes the commissioning of a new electrostatic precipitator on the roaster, which will increase concentrate throughput by 15%. to treat the additional sulphide concentrate being produced. Stage 1 commissioning commenced in April, and Stage 2 commissioning is planned during Q3 when remaining construction activities have been completed. Q2 will experience a three-week shutdown of the roaster where a full internal refractory rebuild will take place, alongside no relines and girth gear change out on PP1. Processing oxide stockpiles in Q1 along with the extended shutdowns in Q2 to tie in the SSCP, roadster upgrades and planned maintenance in PP1 reflect the gold production being weighted towards the second half of the year. The safe and efficient delivery of the SSCP, on time and on budget, is another important milestone in the history of SIAMA. Overall, the progress at SIAMA in the last six months has restored confidence in gold production forecasts. stabilized costs despite the current inflationary environment, and most importantly, Sciamma remains on track to meet 2026 guidance. Our macro operation in Senegal, like Sciamma, also delivered another reliable quarter. Q1 gold production of 15,801 ounces was in the middle of the guidance range for Q1, with ASIC in the lower half of guidance at $1,669 per ounce. Mako continues its reliable execution of the production plan, and while stockpile variability is always possible, overall gold production is expected to be steady throughout the rest of 2026. Processing throughput of 574,000 tons was a reduction quarter on quarter with planned maintenance shutdowns in Q1, mill relining, and because of recovery optimization trials at the lower feed grades. Whilst no material supply disruptions have been experienced to date, LFO prices have started to increase towards the end of Q1. The LFO price in Senegal is currently 30% higher than anticipated, and if this continues during Q2, it is estimated to increase ASIC by approximately $50 per ounce for the full year. The Mako operations rely on LFO for equipment operations and power generation. The inventory is currently 94% of total capacity, representing approximately 30 days of continuous operations. Other consumables and key reagents have stocks exceeding one month and for the majority exceeding two months. Senegal has seen much less disruption to supply chains compared to Mali, having its own port in Dakar. To recap, the Mako Life Extension Project, or MLEP, will extend the current Mako mine life up to seven years, producing between 75,000 to 85,000 ounces of gold per year. It encompasses two main areas, the Tomboronkoto and Bantako deposits, which are located approximately 20 kilometers from the existing MACO operations. An initial ore reserve for the Tomboronkoto deposit of 348,000 ounces at an average grade of 1.2 grams per ton was declared in our 2025 resource and reserve update. Detailed economic evaluation of the Bantako deposits is substantially complete, and exploitation of part of the existing resource is expected. The current Banff ACCO resource includes 10.8 million tonnes of one gram per tonne for 351,000 ounces. The MACCO processing plant will continue to be fed the remaining low-grade stockpiles up until the end of 2027. Of the two MLEP deposits, Bantako is expected to provide mill feed ahead of Tamboronkoto due to less restrictive socio-economic factors, primarily the relocation of Tamboronkoto village. Based on the current understanding of permitting timelines, the Bantako deposits will commence mining in H2 2027, and Tamboronkoto is conservatively scheduled to commence mining at the end of H2 2028, providing mill feed in January 2029. The key work streams are advancing Bantaco and San Barrancoto permitting over the next quarter. The Bantaco ESIA permit will be submitted during April and is expected to be validated after the 90-day consultation period according to the technical services procedures of the Senegalese government, assuming there are no clarifications required. The submission of the Bantaco mining exploitation permit will be immediately after the validation of the ESIA, estimated to be in August. and the final approval of the mining license is expected to be in the first half of 2027. Mining is currently scheduled to commence in July 2027, allowing some contingency within the permitting timelines. The Tomboronkoto ESIA has been pre-validated by the Senegalese Technical Services Department and has been supported and approved by the Tomboronkoto Village and surrounding communities. The application for the mining exploitation permit is expected to be submitted in May and is expected to be approved early in 2027. The authority for the relocation of Tombo and Koto village is provided within the mining exploitation permit. Stakeholder engagement, surveys and community consultation have all been completed with an agreed site for the establishment of the new village. There are two additional ESA permitting work streams that are in progress. The first is for the Mako plant upgrades required to feed the Tobon-Koto oxide ore and the in-pit tailings management facility. These will be submitted in April. The second, which will be submitted in May, includes the ore transportation route between the new deposits and the Mako processing plant, including the bridge across the Gambia River. This enhances ore transportation, but existing ESIA submissions also allow for use of the and national road between the deposit and Mako operations. The delay for this submission is the pre-approval required from the Gambia River Basin Development Organisation and our application was submitted to them in March. It is currently anticipated that both submissions will be approved by September after the 90-day consultation period. And with that, I'll hand you over to Chris to talk through our exploration activities. Thank you, Gavin.