Resolute Mining Limited

Good morning, ladies and gentlemen, and welcome to the Resolute Mining second quarter 2026 conference call. At this time, all participants are in a listen-only mode. Later, we'll 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 SparkLive page. I would like to remind all participants that this call is being recorded. I will now hand over to the Chief Executive Officer, Chris Sager, to open the presentation. Please go ahead.

Good morning and good afternoon, and welcome to Resolute Mining's Q2 activities report. I'm Chris Sager, CEO of the business, and I'm joined today by Gavin Harris, our Chief Operating Officer, Dave Jackson, our CFO, and Mattie O'Toole, our head of investor relations. Moving to slide four. So look, I want to start off by providing a few of the key highlights of the quarter. But look, in general, the business actually performed extremely well in three of the four countries that we operate in, being Senegal, Cote d'Ivoire, and Guinea, with ongoing challenges in Mali, which we'll talk about throughout the presentation. So specifically, when we look at activities from a safety perspective, I'm very pleased to say that a TRIFR at 0.59 was extremely robust for the first part of the year with only two reportable injuries in the second quarter. At SIAMA, our quarterly production of just shy of 30,000 ounces was on track with the guidance that we provided in our June statement, with ASIC being at $2,654 per ounce. At Mako, we continue to have a very strong quarter with production just over 15,000 ounces at an ASIC of $1,538 per ounce. So as a group, for the quarter, we poured just over 45,000 ounces of gold at an all-in group ASIC of $2,494 per ounce. Across the business, we continue to move on all of our key projects, most notably in Cote d'Ivoire with Daropo moving into project execution after FID and permanent approvals at the beginning of the year. So we spent over $37 million in capex. And again, I'll explain in detail what we accomplished in this quarter, but more importantly, what we're planning for the rest of the year. Our other key project in Cote d'Ivoire is our ABC exploration project. I was very pleased to say that we announced an updated MRE on July 22nd, which shows that project having a very viable potential of being our fourth mine within the business. In addition, the Siamis sulfide conversion project and the Michael Life extension projects continue on track and on budget. And in addition, in the second quarter, we received close to $54 million as a result of the vendor payment being repaid due to the Ravenswood transaction. And finally, we continue to progress our financing initiatives for the Duropo construction project. And so we secured $155 million of local bank financing in Cote d'Ivoire, and we're targeting a total of $260 million, which we anticipate to have fully completed by the end of the Q3 of 2026. So look, the local bank financing with our existing cash, future operating cash flows in today's operating environments provide sufficient liquidity to fund Daropa, which we're very pleased with. So we're maintaining a very healthy balance sheet. And despite the challenges in Mali, we are performing extremely well from a financial perspective. You can see in the bottom right side of the page, that our EBITDA was about $130 million for the quarter. We generated $78 million of operating cash flow, and we ended the quarter with $317 million of net cash. So on slide five, I wanted to recap the strategy of our business so it's very clear what we're targeting in the coming years. With the ramp up in construction of the Duropa project, we're firmly on track to achieve over 500,000 ounces from 2028. But more importantly, with what we see at ABC, we're targeting to get up to 700 to 750,000 ounces a couple years thereafter. If you look at the chart on the bottom left, once the ROCO is up into production, we'll have roughly 40% of our ounces coming from Cote d'Ivoire, 40% from Mali, and 20% off from Senegal. But as I said, with the potential that we see at our ABC project in Cote d'Ivoire, we actually see ourselves having a meaningful presence in Cote d'Ivoire in the coming years. In addition, when you look at our all-in sustaining costs as a result of the Duroco project and further optimizations that we are doing in the business, we firmly believe that we can reduce our all-in sustaining costs across the portfolio, subject to obviously gold prices and royalty expenses that we need to pay, which are actually clouding the efforts that we are making in reducing our overall cost profile in the company. Now, moving on to specific activities in each of our countries. Let me first start with talking about our activities in Cote d'Ivoire before I turn over to Gavin to talk about Mali and Senegal. So moving to page seven. Now, first, let's talk about Duropo and the key activities that occurred in the quarter. Like I said, I'm very pleased with the construction activities that have kicked off. There's a lot going on on site. For example, today we have over 450 people that are actively working on the project. We completed an enormous amount of civil works with over 74 hectares of cleared land. We've built over 20 kilometers of access roads. We've got over 40 pieces of heavy equipment on site. In addition, most of the long lead order items have been put in place. The sag, ball mill, jaw crusher, high grade thickeners were all ordered by Metso. As you can see, we've also put in the orders for the CIL tanks, CIL agitators, the oxygen plant. So as you can see on the right side of the page, The project continues to be on track and on budget, and we anticipate that we'll have a significant ramp up in activities in the coming quarters. Moving to page eight, here's just a picture of the current processing plant site layout and as it's progressing. So moving to page nine, on this page, I really wanted to provide some of the key activities for the upcoming quarter as well as upcoming months. Most notably, at the end of August and into early September, we'll commence concrete works with regards to the CIL ring beam, the mill, and the crushing areas. In addition, we'll start power infrastructure works. There'll be additional progress on the critical water infrastructure, as well as bringing in additional equipment for the upcoming months ahead. In summary, the project, like I said, remains on track and on budget. I'm very pleased with the team and their performance. and maintaining a very tight timeline as well as maintaining very strict cost controls across the site. Now moving to page 10. Turning to our other key asset in Cote d'Ivoire is the ABC project. As previously highlighted, in the second quarter, we completed 31,000 meters of drilling at ABC and updated the MRE last week. So today, the project has over 3 million ounces of resource, and I'm very excited to say that we believe this could be our fourth operating asset within the Resolute portfolio. As you can see on the right side of the page, ABC is comprised of four operating permits, with the bulk of the resource being at the Kona permit in the center of the page. So turning to slide 11, with regards to the MRE update that we provided last week, I want to provide some more specifics on what we see with regards to the mineralization on the deposit. As you can see from the graph on the right side, the mineralization continues at depth and a long strike. So in the first half of the year, the drilling that we completed was meant to really do expansion drilling of the resource from an inferred perspective. As we move into the second part of this year, we're going to focus the attention for not only infilling drilling, but also to continue to do expansion drilling. We completed close to 150 holes, 124 of those being RC and 25 for diamond holes. And as you can see on the bottom left, the resource has grown to over 3 million ounces at 0.71 grams per ton. Now moving on to page 12. With respects to next steps at our ABC deposit, want to give you some specifics as to what we're planning in the second half of this year. As you can see on the right side of the page, the deposit, which is over 25 kilometers in strike, sits mostly at the Kona Central and Kona South areas. The focus will be infill drilling at both of those areas, plus continued expansion drilling at Moya and a bit at Central and a bit at South. So we're planning to drill at least 80,000 meters throughout the second half of this year. We've got seven rigs on site today, increasing to 11 rigs in the next month or so. will be doing a combination of both RC and diamond drilling throughout the year and looking to really expedite the works necessary in order to file for a mining application in 2027. So in addition to the drilling that needs to be done, we have kicked off work with regards to an ESIA as well as the necessary work required to complete a feasibility study. So in conclusion, very excited about this potential project as it becoming our fourth operating asset within the portfolio. There's an awful lot of work to be done, but I'm very confident in our team and expediting the works necessary to prove out this deposit. So with that, I'll now turn it over to Gavin Harris to talk about their operations in both Mali and Senegal.

Thanks, Chris. I will start with an update on our Siam operations down in Mali, which, as we previously advised, faced a number of challenges throughout the second quarter. Let's move to slide 14. The newly appointed operating team delivered solid results in the previous two quarters, overcoming a number of logistical and operational hurdles arising from the introduction of the new Mining Code in late 2024. Having learned to operate within the new conditions, the shockwave of a significant security incident early in the second quarter, during which the Defence Minister was assassinated, was the final straw for many suppliers and transporters. The implications of this event, whilst not immediate, became apparent weeks later, causing significant disruption to supply chain logistics and people movements. This includes the key contractors who were mobilizing for the plant and roaster shutdown, along with the mining equipment destined for the open pit operations in A21. Despite the security situation and other challenges we face with strict local content compliance, the particulars of which are unique to Mali, the Sciamma team still delivered 29,881 ounces at an all-in sustaining cost of $2,054 per ounce. Mitigation plans throughout the quarter included processing of replenished low-grade underground sulphide stockpiles, pivoting to mining and processing oxide ore scheduled for later in the year, including mill scatch using the commissioned SSCP pebble crusher, lengthening the planned shutdown and roaster upgrade work to source alternate contractors, completing opportune preventive maintenance on the main sulphide plant to improve future reliability, progressing permitting for the bulk explosive manufacturing plant. So in summary, O'Malley operations continue to navigate a dynamic and challenging environment with our site teams focused on mitigating the areas within their control. Okay, we'll move to slide 15. Despite the operational challenges, construction work on the SIAMA sulfide conversion project continued with progress on the secondary crushing circuit, all mill civil and structural works, and the construction of the electrostatic precipitator for the roaster. The SSCP remains on track and on budget and will be ready for commissioning in the fourth quarter. As we move through the third quarter, we continue to adapt, finding new ways to overcome the challenges we face in Mali. Subject to a stable operating environment in Mali and a strong ramp-up of the SSCP, SIAMA is expected to remain around the lower end of the 2026 guidance range. Now we move to our Mako operation in Senegal. Gold production of 15,311 ounces delivered during the second quarter met expectations and capped a successful first half of the year at our Mako operations. The all-in sustaining cost of $1,538 per ounce for the second quarter was below our annual guidance target. Despite fuel price increases and increased royalties in the higher gold price environment, we are delighted to end the first half of the year with an all-in sustaining cost of $1,605 per ounce, landing at the lower end of our guidance range as the site team focus on operational efficiency and cost reduction initiatives. Mako continues its reliable execution and production plan, and while stockpile variability has been observed through the first half of the year, overall gold production remains on track to meet both production and cost guidance. The Mako Life Extension Project, or MLEP, has the potential to extend the current Mako mine life by up to seven years, mining the Tamborunkoto and Bantako satellite deposits located approximately 20 kilometers from the existing macro operations. The second quarter focused on progressing technical studies and permitting for both deposits. Of note was the submission of the remaining environmental social impact assessments or ESIA, which have been pre-validated by the governmental technical services department and will now proceed to public hearings. This is an important step of the process, which ultimately leads to the granting of exploitation permits. So the key work streams for the rest of the year include the submission of the Tomboronkoto Exploitation Permit Application, validation of the Bantaco ESIA following the public hearing and subsequent submission of the Exploitation Permit Application, completing the Tomboronkoto Village Relocation Studies. And with that, I'll hand you over to Dave to talk through the financial summary.