Resolute fully funded for major growth with Côte d’Ivoire expansion leading the way

Resolute Mining is set to boost its annual gold production to 500,000 ounces by 2028, driven by the development of its Doropo project in Côte d’Ivoire, with a strong financial position supporting its organic growth strategy.

Chris, the company’s CEO since December 2024, highlighted during a recent presentation that Resolute holds over US$300 million in cash and US$260 million in financing facilities, totaling more than US$470 million in liquidity. The company also generated US$220 million in operating cash flow in the first half of the year, underpinning confidence in its growth plans.

Strategic expansion anchored by Doropo project

The cornerstone of Resolute’s expansion is the Doropo project in northeastern Côte d’Ivoire, acquired from AngloGold Ashanti alongside the ABC project in May 2025. Doropo received permits in February and is now in full construction, with Lycopodium appointed as EPCM and procurement contractor.

To date, more than US$60 million has been invested in Doropo, with nearly US$300 million committed out of a US$515 million capital budget. First gold production is targeted for early 2028, with the project designed for a 13-year mine life and reserves of 2.5 million ounces at 1.3 grams per tonne. The current pit designs are based on a gold price of US$1,950 per ounce, with potential to convert additional resources into reserves if prices rise.

A scoping study to explore a potential expansion, including a second processing plant near Kilosegui, is expected in the first half of next year. The site currently employs over 600 people, with concrete works and major construction activities planned for the coming year.

ABC project and resource growth

In western Côte d’Ivoire, the ABC project holds more than 3 million ounces at 0.7 grams per tonne. Resolute completed 30,000 meters of drilling in the first half of the year to upgrade inferred resources to indicated status. The company aims to finish a feasibility study by mid-next year, followed by mining permit applications.

Chris said Resolute expects an initial reserve of around 2.5 million ounces at ABC, with a potential to grow to 4-5 million ounces. The project may require a 7-million-tonne-per-year processing plant, as indicated by a May scoping study.

Production outlook and existing operations

• 2024 Production: Expected at 210,000 to 215,000 ounces, down from 277,000 ounces produced last year.
• 2025 Forecast: Anticipated to rise to 250,000 to 275,000 ounces ahead of Doropo’s contribution starting in 2028.
• Long-term Potential: Existing assets and new projects could support more than 800,000 ounces annually by decade’s end, including output from ABC around 2030.

Syama, Mali: With over 9 million ounces in resources and 30 years of operation, Syama aims for 160,000 ounces this year despite supply-chain and contractor challenges. The upgraded plant can process 4 million tonnes of sulphide ore, with capacity for 200,000 to 240,000 ounces annually.

Mako, Senegal: Currently processing stockpiles while preparing the Tomboronkoto and Bantaco satellite deposits, which hold more than 600,000 ounces in reserves. Mining permits are expected shortly, with mining to start at Bantaco by late 2025 and Tomboronkoto at the end of 2028. Annual production could reach about 80,000 ounces, with cash costs around US$1,600 per ounce and potential cash flow of US$150 million to US$200 million at current gold prices.

Strengthening regional relationships and navigating challenges

Chris acknowledged the challenging operating environment in Mali, where Resolute is working to rebuild government relations following difficulties in 2024. While cash repatriation requires approvals and documentation, the process continues without major issues.

Mining permits in Mali are beginning to be issued and VAT refunds resumed, although security and logistics remain concerns. Côte d’Ivoire is viewed as the most favorable jurisdiction for international mining companies, followed by Senegal. Mali offers better government interaction than Guinea but faces more difficult security conditions.

Exploration in Guinea continues through a joint venture with state-owned Nimba Mining Company, pending permits amid an uncertain regulatory outlook.

Resolute Mining’s strong liquidity and focused investments position the company for significant growth through 2028 and beyond, with Côte d’Ivoire’s Doropo and ABC projects central to its strategy. This expansion, combined with steady production from existing operations, aims to enhance shareholder value and leverage the company’s extensive West African asset base.