Resolute Mining Limited

Good morning, ladies and gentlemen, and welcome to the Resolute Mining Limited third 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 Spark Live 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 Eggert, to open the presentation. Please go ahead.

Welcome to our Q3 operating results. I'm Chris Eggert, CEO of Resolute Mining. I'm joined today by Gavin Harris, our COO, Dave Jackson, our CFO, and Mattie O'Toole, our Head of Corporate Development and Best of Relations. Now, moving to slide four. Very pleased that our Q3 activities continue to show progress across the business. Let's first start with the metrics on the right side of the page, starting with gold poured of just over 44,000 ounces, with 31,000 ounces coming from Sciamma, and just about 13,000 ounces coming from our macro operations in Senegal. Our group ASIC was at $2,506 per ounce, which came in at $2,596 per ounce at Sciamma and $1,516 per ounce at Mako, which I'm pleased to say was lower than our Q2 ASIC. In addition, we spent over $85 million on capital expenditures with about $53 million coming from Duropo. Very pleased to say that we sold 33,000 ounces of gold in the third quarter at an average realized gold price of $4,325 per ounce. which generated an EBITDA of $64 million, and therefore an operating cash flow of just about $56 million, which was less than our Q2 operating cash flows, but that was due to the timing of not selling the total amount poured in the quarter. So we ended the quarter with a total net cash of $276 million, so the business remains very healthy from a balance sheets perspective. So what does this mean? We're still very much now on track for revised guidance of 205,000 to 225,000 ounces per year at an ASIC of approximately $2,225 to $2,350 per ounce. But most importantly, our projects and activities on exploration are going extremely well. The ROPO is on track, on budget, and first gold pour is planned in the first half of 2028. At ABC, we completed over 23,000 meters of drilling, and we have also launched the technical studies with the aim to complete our feasibility study in 2027 so that we can apply for mining permits. Also in the quarter, we completed drilling in our Legibo project, also in Côte d'Ivoire, with an updated MRE, which increased the overall resource by 44%, up to close to a million ounces. We're near completion of our Siamis sulfide conversion project in Mali, which has been a very significant achievement for that site. And finally, in Senegal, we made continued progress with our macro life extension project whereby we've advanced our ESIA process and we're on the verge of filing for our mining applications for both Bentaco and Tabarankoto. And as previously described in our last board of results, we completed over $260 million of local bank financings for our Dubropo project. And to date, we've actually drawn $29 million from those facilities. Now moving to slide five. So this is a slide that we've presented numerous times in the past, but it's important to talk about it again, as this provides clear visibility around the business strategy to achieve over 500,000 ounces from 2028. which will considerably diversify the production portfolio away from Mali with a strong focus of activities in Cote d'Ivoire. So very comfortable with our progress in the business. And not only do we see potential in the four assets that we have today, which includes ABC, we also see opportunities to grow the production footprint at each of our assets, which we'll go into more detail in the upcoming slides. Now moving on to the next section, starting with slide seven, wanted to talk to you about our progress of our ABC exploration project in the west of Cote d'Ivoire. As mentioned before, we think this is a very interesting project for the business that could become our fourth operating asset within the portfolio. As highlighted in our Q2 results, the intention was to do infill drilling in the second half of this year, and we've made meaningful progress with those activities. Since July, we've entered into an infill drilling program. In the past several months, completed over 24,000 meters of drilling, and we have currently 11 rigs on site. We've also kicked off metrological studies as well as the East IA impact study, which we anticipate to complete by the first half of next year. Moving to slide eight, I want to give you some additional specifics around our ABC exploration project in Côte d'Ivoire. So if you remember from our Q2 release, today ABC has 3 million ounces, 0.7 gram per 10, but all inferred resources. So the infill program is meant to also increase from inferred to indicated. To date, we've completed the infill drilling in Kona South, and we're now moving into Kona Central. You can see on the right side of the page, in the blue dots are the completed holes, with the red dots being the planned holes. And I have to say very pleasingly that the results we're seeing in Kona South are as expected. So expect that by the beginning of next year, we'll be able to update the markets with an updated MRE, which will obviously convert quite a bit of the inferred into indicated. So looking at the study schedule on the bottom left, the plan is to complete the infill drilling by the end of this year, publish an updated MRE in the beginning of next year, in parallel completing the ESIA and technical studies required to get to a point of completing a feasibility study, which will allow us to file for a mining permit, hopefully by the end of next year. So again, very pleased with how this project is progressing. And again, I believe that it has strong merits to become our fourth operating asset within the portfolio. Now moving on to page nine. In addition to our ABC exploration project in the west of Cote d'Ivoire, it's also worth noting that we have a third asset, the Legibo Exploration Project, which is located 280 kilometers west of Abidjan. It's a smaller deposit, but still could be very interesting for the group. In this third quarter, we completed roughly 16,000 meters of extension drilling in order to grow the resource of this deposit. The entire drilling efforts were based in the G3 South zone of the Ledipo permit, which again provided some good intersections to grow the mineralization. In addition, we secured two additional permits to the south of Ledipo in order to try and grow the overall portfolio considerably. Now moving to page 10. With respect to our Ledipo exploration project, as you can see on this slide, The focus of the drilling was in G3 South Zone, which occurred over a 600-meter strike. The drilling was completed up to around 200 meters at depth and encouragingly, we saw the resource expanding by over 75%. So G3 South today sits with 670,000 ounces with a total deposit of close to a million ounces at a grade of 1.2 grams per ton. So with respects to planned activities, at this stage, we plan to pause additional exploration works for the rest of the year at Ladibo as we focus on the development plans for 2027. which will be identifying additional exploration targets both within the Ligdebo permit as well as the new two permits to the south. At this stage the project looks interesting but it's not clear whether it's of a scale that meets Resolute's needs. So we'll either continue to develop the project and take it into production or we'll look to exit this asset sometime in 2027. With that, I'll now turn it over to Gavin to continue providing updates on Duropo as well as our operating activities in both Sciamma and Mako.

Thanks, Chris. At Duropo, it's full steam ahead with over 800 people mobilized onto the project to date, including recruitment of a general manager for the operation who brings with him a decade of managing operations in Cote d'Ivoire. Completion of the first stage of accommodation facilitated the mobilization of multiple contractors and a significantly reduced travel time from surrounding towns, which has also increased productivity. Earthworks in the plant area are substantially complete, allowing construction work to commence and achieve the first major milestone with concrete poured for CIL tank foundations. With construction activity increasing at the plant area, earthworks focus moves to the water harvest, water storage and tailings embankments as we move into the dry season. The last remaining work package for SMP and electrical have been tendered with awards pending. Nearly two-thirds of the project expenditure is already committed and costs remain on track with the DFS estimate. During Q3, we also received the tender submissions and completed the adjudication for a 30 megawatt solar power plant. This eco-friendly, low-cost power solution will be fully funded and operated by the supplier with a power offtake agreement for the life of mine. The progress during Q3 was remarkable, especially considering the team were required to ramp up activity whilst navigating the West African wet season. I was on the ground at Droipa a few weeks ago and I'm delighted to see the progress that the team are making. The project remains on schedule and on budget, and we're immensely proud of what Rob and the project team have achieved to date. In line with the schedule, we expect first gold to be poured in H1 2028. As you can see from the photos, things are starting to take shape on the ground and we expect the landscape to change quickly as the concrete teams begin chasing the ground preparation team. Starting from the top left, moving clockwise, we have the concrete batch plant supplied and operated by Wacom, the ring beam foundations, formwork and concrete works for the first of the CIL tanks, and finishing with the mill raft foundation preparation works. We've enjoyed a great start to the Duropo project and we expect to maintain this momentum as we close out 2026. Q4 will see the completion of the second stage of construction accommodation which will meet the needs of the project. Concrete works will move quickly and mobilization of the contractors for SMP and CIL tanks will take place before the end of the year. The major focus will be on the water infrastructure and ensuring the harvest and storage areas are in place early in 2027 to maximize the capture and storage of water during the next wet season. Operation Readiness Workstreams are already advancing with the appointment of the General Manager as we prepare for the mining operations to commence in 2027. The Duropo ore reserve released in 2025 was calculated using a $1,950 per ounce gold price. This also aligned with the Duropo mining permit, which considered $2,000 per ounce footprint. Kilisegi is the largest deposit at Duropo, comprising nearly 40% of the total reserve, and is located approximately 30 kilometers from the Duropo processing plant. Kilosegi is located within a six kilometer mineralization trend and remains open along strike and at depth. During the quarter, a 20,000 meter step out drilling program commenced to assess potential extension of the mineralization and to increase the reserve. Given the current size and potential extension at Kilosegi, along with the cost to transport ore back to the Draupo plant, a trade-off study is underway to assess the possibility of a standalone plant and associated infrastructure at Kilosegi. A further update will be provided in H1-2027 as drilling results and infrastructure workstreams progress. We move on to our mining operations, starting with SIAMA in Mali. SIAMA continues to face a number of challenges associated with working in Mali, and after a good start to the year, suffered a poor second quarter off the back of a significant security challenge within the country. These challenges were carried forward, but as we close the third quarter, performance has started to return to expectation. The third quarter production of 31,800 ounces was in line with the operational update released in September, with over half this production, 15,600 ounces, delivered during September. The major shutdown that commenced at the end of the second quarter and carried on into the third quarter was extended due to inability to mobilize the full international contract workforce required to complete the three-week roaster shutdown. Additional challenges with the roaster upgrade, part of the Siamis Sulphide Coversion Project, or SSCP, resulted in intermittent operation of the roaster through the first half of the quarter. By the end of the quarter, these challenges have been rectified and the roaster is currently performing in line with expectation. Bulk explosive deliveries improved midway through the quarter, but the lack of explosives in the first half of the quarter significantly impacted the underground caving operation. A more positive update is that the delivery and construction of the emulsion manufacturing plant took place during the quarter and commissioning is currently underway with the first batch of exposures expected to be manufactured next week. This significantly de-risks future production and is expected to return Siam Mining operations to targeted production levels and allow for further optimization work. The SSCP work stream remains on track with Borg mill commissioning underway and the benefits should be seen towards the second half of the fourth quarter. Gold production is expected to return to 45,000 to 50,000 ounces during this quarter, following on from a robust end to the last quarter. Some challenges remain with mining contractor performance in the open pit operations at A21, but overall the Siam management team have overcome most of the challenges they were up against, and the operation is largely stabilized after a turbulent four to five months. Now we move to our Mako operation in Senegal. Mako also achieved an important milestone during the third quarter as we are pleased to announce the appointment of the Senegalese general manager of the operation, replacing the previous expatriate general manager. Gold production of 12,621 ounces delivered during the third quarter met expectations and continues the successful year at our Mako operation. The all-in sustaining cost of $1,516 per ounce for the third quarter was below our annual guidance target, reflecting a number of cost optimization initiatives that have been completed at the operation. This favorable all-in sustaining cost achievement, despite high fuel prices and increased royalties in the higher gold price environment, is a good indication of what is achievable in more stable jurisdictions. Mako continues to deliver strong free cash flow and remains on track to meet annual gold production guidance whilst outperforming the lower end of cost guidance. The third quarter focused on progressing ESIA, or Environmental Social Impact Assessment, approvals and permits for both the Tomboran Kota and Bantako deposits. Of note was the approval of all the ESIA submissions at the public hearings within unprecedented timeframes and allows mining exploitation permits to be submitted. The key work streams for the rest of the year include continuing the Tomboronkoto village relocation studies and the submission of the Tomboronkoto and Bantako exploitation permit applications, both of which we expect to file within the coming weeks and expect to be granted during H1 2027. And that concludes the operational update and I'll hand you over to Dave to talk through the financial summary.