Resolute Mining (RSG) H2 2025 earnings summary

Executive summary

• Achieved a transformational year with strengthened balance sheet, robust cash generation, and strategic asset diversification, including the acquisition of the Doropo Gold Project in Côte d'Ivoire.

• Delivered group gold production of 277,236 oz at an AISC of $1,843/oz, meeting revised guidance.

• Advanced major growth projects: Syama Sulphide Conversion Project (SSCP), Mako Life Extension Project (MLEP), and Doropo DFS update.

• Enhanced governance, risk management, and sustainability reporting, including inaugural Climate Report.

Financial highlights

• Revenue increased to $865.6 million, up from $801.0 million in 2024, driven by higher gold prices and sales.

• EBITDA rose 24.5% year-over-year to $397.7 million.

• Net profit after tax was $149.4 million, reversing a $26.0 million loss in 2024.

• Operating cash flow was $226.4 million, nearly doubling from $115.0 million in 2024.

• Net cash position at year-end was $209.1 million, up from $66.0 million in 2024.

• No dividend declared for 2025.

Outlook and guidance

• 2026 group gold production guidance: 250,000–275,000 oz at AISC of $2,000–$2,200/oz.

• Syama expected to produce 195,000–210,000 oz at AISC of $1,950–$2,150/oz; Mako to produce 55,000–65,000 oz at AISC of $1,600–$1,800/oz.

• Capital expenditure for 2026 forecast at $310–360 million, mainly for Doropo development and SSCP completion.

• Doropo construction to commence in H1 2026, targeting first gold in H1 2028.

• Exploration budget for 2026 set at $15–25 million.