**Summary of Resolute Mining Limiteds Q4 2025 Quarterly Activities Report**
**Operational Highlights**
**Safety** Total Recordable Injury Frequency Rate (TRIFR) improved to 1.87 from 1.95 in Q3 2025, with only four recordable injuries.
**Production** Group gold production reached 65,918 ounces, meeting expectations, driven by stockpile processing at Mako (Senegal) and improved underground output at Syama (Mali).
**Costs** All-In Sustaining Costs (AISC) decreased to $1,877/oz from $2,205/oz in Q3, in line with expectations, due to higher production offsetting higher royalty payments.
**Capital Expenditure** Quarterly capital expenditure was $18.4 million, down from $26.6 million in Q3, consisting of $16.0 million non-sustaining and $2.4 million sustaining capital.
**Cash Flow** Operating cash flow generation was $85.7 million, up from $67.8 million in Q3.
**Project Updates**
**Doropo (Côte dIvoire)** Updated Definitive Feasibility Study (DFS) outlined a larger, longer-life operation with LOM average production of ~170,000 oz/pa over 13 years, post-tax NPV5% of $1.46 billion, and IRR of 49% (at $3,000/oz gold price).
**La Debo (Côte dIvoire)** Mineral Resource Estimate (MRE) increased by 60% to 17.6 Mt grading 1.14 g/t Au for 643,000 oz of contained gold.
**ABC Project (Côte dIvoire)** Encouraging drilling results targeting extension of existing MRE, including 9m at 2.4 g/t Au and 23m at 2.1 g/t Au.
**Financial Highlights**
**Net Cash** Increased to $209.1 million from $136.6 million in Q3, with total liquidity of $322.3 million.
**Full-Year Performance** Group gold production of 277,236 oz at AISC of $1,843/oz, within guidance. Gold sales generated $865.6 million in revenue.
**EBITDA** $382.9 million for the year, up from $287.6 million in 2024.
**2026 Guidance**
**Production:** 250000 - 275000 oz at AISC of $2000 - $2200/oz.
**Capital Expenditure** $310 - $360 million, including $170 - $190 million for Doropo and $15 - $25 million for exploration.
**Key Projects** Commissioning of Syama Sulphide Conversion Project (SSCP) in H2 2026, construction of Doropo to commence in H1 2026 with first gold pour in H1 2028.
**Strategic Priorities**
**Syama (Mali)** Focus on SSCP to increase sulphide processing capacity by 60% to 4.0 Mtpa, ensuring long-term viability as oxide resources deplete.
**Doropo (Côte dIvoire)** Ramp up construction to achieve first production by H1 2028, positioning Resolute as a diversified gold producer with an annual target of over 500,000 oz by 2028.
**Mako (Senegal)** Progress technical studies for Mako Life Extension Project (MLEP) to develop satellite deposits and ensure long-term value.
**Exploration** Continue organic exploration to expand resource base, extend mine life, and identify new high-value targets, with a focus on Côte dIvoire and Guinea.
**CEO Commentary**
Chris Eger highlighted 2025 as a transformational year with strategic asset growth, strengthened financial position, and progress on key projects despite challenges. The acquisition and advancement of Doropo and ABC Projects in Côte dIvoire are central to Resolutes strategy to become a diversified gold producer with a production target of over 500,000 oz by 2028. The company remains focused on disciplined execution, exploration, and stakeholder engagement to drive sustained growth and value creation.
**Conclusion**
Resolute Mining Limited demonstrated strong operational and financial performance in Q4 2025, with significant progress on key projects and a robust financial position. The company is well-positioned for growth in 2026, with a clear strategic focus on project commissioning, construction, and exploration to achieve its long-term production and diversification goals.