TIDMRSG
RNS Number : 1369N
Resolute Mining Limited
28 January 2021
28 January 2021
Resolute Mining Limited
(Resolute or the Company)
Quarterly Activities Report
for the period ended 31 December 2020
Highlights
-- Total Recordable Injury Frequency Rate (TRIFR) reduced to 0.87
-- Quarterly production of 89,888 ounces (oz), a 3% increase
compared to the September quarter, bringing CY20 production to
395,136oz (CY19 production of 384,731oz)
-- Realised gold price for the quarter averaged US$1,719/oz
compared to the average spot price of US$1,877/oz
-- All-In Sustaining Cost (AISC) of US$1,002/oz for the quarter
bringing year to date AISC to US$1,074/oz (CY19 AISC of
US$1,095/oz)
-- Cash and bullion of US$106.5 million reducing net debt to
US$230.4 million at 31 December 2020
-- Agreement reached for sale of Bibiani Gold Mine for US$105 million
-- Guidance for 2021 of 350,000oz to 375,000oz at a forecast
AISC between US$1,200/oz and US$1,275/oz
-- Tabakoroni Mineral Resource increased to 1.3Moz at 4.9g/t Au
Resolute Mining Limited (Resolute or the Company) (ASX/LSE: RSG)
presents its Quarterly Activities Report for the period ended 31
December 2020.
Resolute's safety performance continued to improve with TRIFR
halved to 0.87 over the preceding 12 months, despite the challenges
posed by the COVID-19 pandemic.
Resolute's quarterly production of 89,888oz at an AISC of
US$1,002/oz during the December quarter was driven by another
strong performance from the Mako Gold Mine (Mako) in Senegal and an
improved performance from the Syama Sulphide operation.
Production at the Syama Sulphide operation increased by 15%
compared to the prior quarter despite a number of local and
national strikes called during the December quarter. Processing
operations were not significantly affected, as Resolute capitalised
on the ore stockpiles at both the oxide and sulphide plants to
ensure continuity of production. Syama Oxide production was
affected by the late arrival of mining equipment to the Cashew Open
pit which delayed access to higher grade ore, together with
material handling issues associated with viscous, low density
ores.
During the quarter, Resolute announced the Sale of Bibiani Gold
Mine for US$105 million in cash to Chifeng Jilong Gold Mining Co.
Ltd (Chifeng). Proceeds from the sale will be used to repay debt
and strengthen Resolute's balance sheet.
Guidance for 2021 has been set at gold poured of between
350,000oz to 375,000oz at an AISC of between US$1,200/oz and
US$1,275/oz inclusive of corporate overheads. The focus for 2021
will be operational consistency and cash generation.
Operating Performance Snapshot
Resolute's consolidated operational performance measures
compared to the previous quarter and prior comparable quarter are
set out in the table below:
Group Level Summary Units December September Change 2019 Quarter
2020 Quarter 2020 Quarter
Mining
Ore Mined t 1,506,731 1,169,921 29% 1,810,718
-------- -------------- -------------- ------- -------------
Mined Grade g/t Au 2.35 2.32 1% 2.43
-------- -------------- -------------- ------- -------------
Processing
Ore Processed t 1,377,158 1,320,046 4% 1,853,631
-------- -------------- -------------- ------- -------------
Processed Grade g/t Au 2.37 2.24 6% 2.10
-------- -------------- -------------- ------- -------------
Recovery % 86.4 87.4 (1%) 84.0
-------- -------------- -------------- ------- -------------
Gold Recovered oz 90,755 83,206 9% 104,433
-------- -------------- -------------- ------- -------------
Gold Poured oz 89,888 87,303 3% 105,293
-------- -------------- -------------- ------- -------------
Sales
Gold Sold oz 91,607 90,900 1% 90,731
-------- -------------- -------------- ------- -------------
Average Realised
Price US$/oz 1,719 1,694 1% 1,421
-------- -------------- -------------- ------- -------------
Cost
All-In Sustaining
Cost (AISC) US$/oz 1,002 1,284 22% 1,419
-------- -------------- -------------- ------- -------------
Table 1 : Resolute Group Operational Performance Summary
Refer to the Appendix for a full summary of Resolute's
production and costs in the December quarter and year to date (12
months ended 31 December 2020).
Sustainability
Health and Safety
The Company's TRIFR as at 31 December 2020 was 0.87 compared to
2.09 at 31 December 2019. Resolute continues to maintain effective
infection control measures to protect employees and contractors at
all sites and offices from the COVID-19 pandemic. In addition,
critical hazard management standards have been developed to support
health and safety across the Group. The implementation of these
standards at our sites is a key area of Health and Safety focus in
2021.
COVID-19
A comprehensive response plan remains in place to manage the
COVID-19 at all locations. This plan reinforces the maintenance of
hygiene, use of PPE, and social distancing measures, together with
testing and mandatory isolation procedures for positive cases
amongst the workforce. The implemented protocols prioritise the
health and safety of the workforce and have enabled operational
continuity to minimise the impacts on gold production. Further
information on Resolute's COVID-19 response is available at
https://www.rml.com.au/covid-19/covid-19-update/.
Syama, Mali
Gold production at Syama during the quarter totalled 46,501oz at
an AISC of US$1,053/oz. The performance for Syama Sulphide and
Oxide operations are set out in the Tables below.
Syama Sulphide Operations
Mining Processing Cost
Ore Grade Ore Grade Recovery Gold Poured (oz) AISC
Period (t) (g/t Au) (t) (g/t Au) (%) (US$/oz)
---------- ---------- ---------- ---------- --------- ----------------- ----------
March 2020 Quarter 519,898 2.61 441,542 2.62 75.2 21,430 1,629
---------- ---------- ---------- ---------- --------- ----------------- ----------
June 2020 Quarter 492,863 2.84 536,791 2.67 80.0 35,249 1,333
---------- ---------- ---------- ---------- --------- ----------------- ----------
September 2020 Quarter 506,702 2.37 495,947 2.38 79.5 31,074 1,766
---------- ---------- ---------- ---------- --------- ----------------- ----------
December 2020 Quarter 577,958 2.55 556,543 2.55 77.8 35,747 1,235
---------- ---------- ---------- ---------- --------- ----------------- ----------
YTD 2,097,421 2.59 2,030,823 2.55 78.2 123,500 1,465
---------- ---------- ---------- ---------- --------- ----------------- ----------
Table 2: Sulphide Production and Cost Summary
Underground mining tonnages increased by 14% compared to the
September quarter despite ongoing disruptions from industrial
action. The 577,958 tonnes mined was record for the Syama
underground operation. The mine is now consistently achieving its
nameplate production rate of 2.4Mtpa.
Syama sulphide processing rates and gold production rebounded
after industrial action affected operations in the September
quarter. The total processed tonnage was 12% higher, and the
highest for the year. Grades also improved resulting in a 15%
increase in gold poured relative to the September quarter.
Gold production for the quarter was the highest for the year at
35,747oz, a 15% on increase the September quarter despite ongoing
industrial action which affected circuit stability. This
instability is reflected in overall recoveries for the quarter of
77.8%, lowering full year recoveries to 78.2%.
Underground sulphide ore stocks at Syama decreased from 501,000t
to 498,000t at an average grade of 2.33 grams per tonne of gold.
The large quantity of run-of-mine stockpiled underground ore at
Syama continues to provide significant operational flexibility in
managing mining and processing rates.
Syama Oxide Operations
Mining Processing Costs
Ore Grade Ore Grade Recovery Gold Poured (oz) AISC
Period (t) (g/t Au) (t) (g/t Au) (%) (US$/oz)
---------- ---------- ---------- ---------- --------- ----------------- ----------
March 2020 Quarter 699,053 2.50 387,633 3.21 91.2 36,101 747
---------- ---------- ---------- ---------- --------- ----------------- ----------
June 2020 Quarter 370,748 1.98 383,667 2.44 95.0 28,457 840
---------- ---------- ---------- ---------- --------- ----------------- ----------
September 2020 Quarter - - 339,540 1.44 89.0 15,548 1,354
---------- ---------- ---------- ---------- --------- ----------------- ----------
December 2020 Quarter 251,879 1.94 305,275 1.43 89.3 10,754 447
---------- ---------- ---------- ---------- --------- ----------------- ----------
YTD 1,321,679 2.24 1,416,116 2.19 91.2 90,860 844
---------- ---------- ---------- ---------- --------- ----------------- ----------
Table 3: Oxide Production and Cost Summary
Oxide ore mining recommenced in the December quarter at the new
Cashew open pit. Grades increased as a result of supply from the
new open pit. However, overall volumes of high-grade ore were below
target due to the late arrival of contractor earthmoving
equipment.
Processing volumes were affected by material handling issues
arising from processing of low-density sticky ore from the Cashew
pit.
Significant stockpiles of 2.5 million tonnes of oxide ore at an
average grade of 1.36g/t Au have been built and will be processed
over 2021 and 2022.
Mako, Senegal
Gold production at Mako during the quarter totalled 43,387oz at
an AISC of US$916/oz. The operational performance for Syama is set
out in the Table below.
Mining Processing Cost
Ore Grade Ore Grade Recovery Gold Poured (oz) AISC
Period (t) (g/t Au) (t) (g/t Au) (%) (US$/oz)
---------- ---------- ---------- ---------- --------- ----------------- ----------
March 2020 Quarter 719,097 2.28 558,839 2.67 92.8 42,185 694
---------- ---------- ---------- ---------- --------- ----------------- ----------
June 2020 Quarter 685,028 2.37 519,141 2.69 92.8 43,478 821
---------- ---------- ---------- ---------- --------- ----------------- ----------
September 2020 Quarter 663,219 2.27 484,559 2.65 94.5 40,681 810
---------- ---------- ---------- ---------- --------- ----------------- ----------
December 2020 Quarter 676,894 2.33 515,339 2.74 93.8 43,387 916
---------- ---------- ---------- ---------- --------- ----------------- ----------
YTD 2,744,238 2.31 2,077,879 2.69 93.5 169,731 812
---------- ---------- ---------- ---------- --------- ----------------- ----------
Table 4: Mako Production and Cost Summary
Mako continues to perform well, with ore and waste mining
volumes consistent with the prior quarter. Total mining volumes for
the second half of 2020 were 21% higher than the first half, as
additional excavator capacity and improved equipment maintenance
resulted in improved productivity
Throughput was 6% higher than the September quarter following a
planned shut down for a SAG mill reline in August. A plant capacity
review is underway to identify, and address process bottlenecks to
improve throughput. Stockpiles in excess of 2.5Mt of ore at an
average grade of 1.18g/t Au are available for processing at
Mako.
Sale of Bibiani Gold Mine, Ghana
During the quarter Resolute announced that it had agreed to sell
its interest in the Bibiani Gold Mine (Bibiani), through the sale
of shares in Mensin Bibiani Pty Ltd, to Chijin International (HK)
Limited, a wholly owned subsidiary of Chifeng, for total cash
consideration of US$105 million (See ASX Announcement 15 December
2020).
Resolute and Chifeng are committed to ensuring an orderly
transition of ownership at Bibiani. Chifeng is committed to
injecting the necessary capital to achieve the rapid restart of
Bibiani to ensure that all local and national stakeholders benefit
from the economic and social advantages that the successful
operation of the mine will provide. The transaction is not expected
to result in any immediate changes to employment or contract
relationships at Bibiani with Chifeng seeking to retain all
existing local employees in future activities.
The transaction is consistent with Resolute's strategic focus on
our core operating assets together and materially strengthens the
Company's balance sheet as proceeds from the sale will be used to
repay debt.
These approvals are expected to occur during the first quarter
of 2021.
Exploration
The Company's exploration and drilling programs continued
throughout the December quarter with a spend of US$5.6m in Mali,
Senegal and Guinea. Exploration drilling results from Tabakoroni
were highly encouraging throughout 2020 and a new Mineral Resource
Estimate was undertaken, completed and released on 27 January
2021.
Tabakoroni Resource Upgrade, Mali
Resolute announced the results of the ongoing exploration
program and an updated Mineral Resource at Tabakoroni on 27 January
2021 (see ASX Announcement dated 27 January 2021). The Tabakoroni
Mineral Resource was upgraded to 8.1Mt at 4.9g/t Au for a total of
1.3Moz., an increase of 30% over the previous estimate (see ASX
Announcement dated 14 October 2020).
Diamond drilling in the second half of the 2020 has identified a
coherent high-grade lens of mineralisation located underneath the
South oxide pit at Tabakoroni. The first intersections in this zone
were reported in the 14 October 2020 announcement. Drilling
activities focussed on fully outlining this new zone which was
ultimately successful with the return of a number of additional
high-grade results the best of which are shown below.
-- TADD817 - 26m @ 9.69g/t from 302m
-- TADD833 - 18m @ 11.20g/t from 317m
The location of these drill intersection pierce points are shown
on Figure 1.
The updated Mineral Resource was completed in December 2020. The
combination of the new high-grade mineralisation underneath the
South oxide pit and additional ore grade drill intersections
returned underneath the Namakan pit combined to dramatically
increase the tonnage in the global resource estimate. This update
continues the trend from previous announcements showing the
underground resource at Tabakoroni continues to grow. The Mineral
Resource is shown in the Table below.
Tabakoroni Underground Resource
December 2020 Global Mineral Resource
--------------------------------------------
Cut-off grade Tonnes Gold Ounces
---------------- ======== ======= =======
(000s) (g/t) (000s)
---------------- -------- ------- -------
1.5 13,130 4.01 1,690
-------- ------- -------
1.75 12,050 4.23 1,640
-------- ------- -------
2 10,720 4.52 1,560
-------- ------- -------
2.5 8,850 5.00 1,420
-------- ------- -------
3 6,890 5.63 1,250
-------- ------- -------
Table 5: Tabakoroni Global Mineral Resources
Following the Tabakoroni Pre-Feasibility Study reported with the
14 October 2020 resource update it was decided to apply the more
rigorous principles of Reasonable Prospects of Eventual Economic
Extraction (RPEEE) for the published Mineral Resource. The Global
Mineral Resource was restricted by a stope shape optimisation
completed in Deswik Stope Optimizer to produce a set of potentially
economical stope shape wireframes. The Mineral Resource was then
reported above a marginal cut-off grade of 1.75 g/t Au within these
optimised stope shape wireframes. The Mineral Resource is therefore
reported excluding dilution (undiluted). The optimisation was
completed at a resource gold price of US$2,000/oz and considered
likely mining and processing parameters to be encountered during
eventual extraction of the material, such as the most likely mining
method (long hole open stoping) and approximate mining and
metallurgical parameters. The RPEEE constrained Mineral Resource is
shown in Table below.
Tabakoroni Underground Resource
Category Tonnes Gold Ounces
(000s) (g/t) (000s)
-------- ------ -------
Measured 210 4.39 30
-------- ------ -------
Indicated 4,440 4.89 700
-------- ------ -------
Inferred 3,460 4.82 540
-------- ------ -------
Total 8,110 4.85 1,260
-------- ------ -------
Table 6: Tabakoroni Underground Mineral Resources
As expected, the Mineral Resource has lower tonnes and higher
grade than the Global Mineral Resource at the same cut-off
grade.
The December 2020 resource block model and significant
intersections are shown in Figure 1.
Please see image in the full version of the announcement at
www.rml.com.au
Figure 1: Tabakoroni Longitudinal Section with Mineral Resource
block model and drill intersections
Projects
Syama Power Upgrade Project
Construction of the new solar hybrid modular power station at
Syama continued during the December quarter in partnership with
Aggreko plc (Aggreko). Key milestones achieved this quarter include
completion of major civil/construction works, placement of
generating engines into final position and completion of first
stage for HFO storage, which is now ready for commissioning. Some
delays in project construction were experienced due to logistics
and personnel disruptions arising from the COVID-19 pandemic and
the August 2020 Coup d'état in Mali.
Over the next quarter, commissioning of the battery storage
system and engines is expected to be completed. The new power
station will deliver cost effective, environmentally friendly,
capital efficient power and long-term electricity cost savings of
up to 40% while reducing carbon emissions by approximately 20% (see
ASX Announcement dated 18 December 2019). The new power plant is
being funded and operated by Aggreko with limited capital
contribution from Resolute.
Corporate
Cash, Bullion and Liquid Assets
Description December 2020 Quarter September 2020 Quarter
(US$m) (US$m)
Cash 89.0 85.8
---------------------- -----------------------
Bullion 17.5 20.6
---------------------- -----------------------
Cash and Bullion 106.5 106.4
---------------------- -----------------------
Promissory Note 39.7 36.2
---------------------- -----------------------
Listed Investments 52.9 44.8
---------------------- -----------------------
Total Cash, Bullion and
Liquid Assets 199.1 187.4
---------------------- -----------------------
Table 7: Total Cash, Bullion and Liquid Assets
The key movements in cash and market value of bullion balances
during the quarter are summarised in Figure 2.
Please see image in the full version of the announcement at
www.rml.com.au
Figure 2: Quarterly Cash and Bullion Movements in US dollars
Balance Sheet
Total borrowings at 31 December 2020 were US$336.9 million
comprising US$300.0 million drawn on the Company's US$300.0 million
senior debt facility and revolving credit facility, overdraft
facilities with the Bank of Mali of US$33.4 million and asset
finance facilities of US$3.5 million. Net debt after taking into
account cash and bullion balances of US$106.5 million was US$230.4
million at 31 December 2020 a decrease when compared to the prior
quarter, movements are reflected in Figure 2 above. (30 September
2020: US$234.4 million).
Tax
During the quarter Resolute's Mali subsidiary Société des Mines
de Finkolo S.A. (SOMIFI) paid XOF1.2 billion (US$2.2m) to the Mali
Tax Authorities as the final payment of SOMIFI's 2020 Income Tax
instalment.
Further to the CY19 Full Year and CY20 Half Year Financial
Report disclosure on the Mali Tax Authorities Income Tax and Value
Added Tax (VAT) demand on Resolute's Mali subsidiary Société des
Mines de Syama S.A. (SOMISY), in country tax and legal advice has
been sought with a formal response submitted to the Mali Tax
Authorities on 19 June 2020. The formal response outlined SOMISY's
objections to the income tax demands and the calculations on the
VAT withholding demand. The response from the Mali Tax Authorities
has been delayed due to the political situation.
Resolute continues to work with its in-country tax and legal
advisors in resolving both positions and maintain our previously
announced positions engaging with the Mali Tax Authorities on their
formal response. Resolute continues to build VAT credits as a
result of VAT payable and can confirm that it continues to offset
Royalties and other Taxes against its VAT credits.
Senegal Dividend and Withholding Taxes
In December 2020, Resolute's Senegal subsidiary Petowal Mining
Company SA (PETOWAL) declared and paid its first dividend following
the successful and early repayment of all loan balances to its
parent companies. The dividend declared of XOF52.5 billion
(US$97.0m) was allocated to its shareholders, Resolute (90%) and
the Senegalese Government (10%). As a result, a 10% withholding tax
of CFA5.3 billion (US$9.7m) was paid to the Senegalese Tax
Authorities on the dividends declared.
Moving forwards funds transfers from Senegal will be by way of
dividends from PETOWAL which will result in dividend payments of
90% to Resolute and 10% to the Senegalese Government after the
payment of 10% withholding tax on dividend to the Senegalese Tax
Authorities.
Hedging
Resolute maintains a policy of undertaking discretionary hedging
in compliance with funding obligations, which require a minimum of
30% of the next 18 months of forecast production to be hedged. A
quarterly summary of forward sales commitments is set out in the
table below:
Quarter US Dollar Forward Sales
Forward Price Delivery
(US$/oz) (oz)
---------
March 2021 1,718 60,000
---------------- ---------
June 2021 1,655 40,000
---------------- ---------
September 2021 1,667 18,000
---------------- ---------
December 2021 1,670 15,000
---------------- ---------
Total 1,687 133,000
---------------- ---------
Table 8: Committed Hedging Forward Sales in US dollars
The Company has also placed 40,000oz of zero cost collars in
2021 comprising put options at US$1,600/oz and call options at
US$2,300/oz .
CY21 Guidance
Resolute is forecasting total gold production for CY21 of
350,000oz to 375,000oz at an AISC/oz of US$1,200/oz to US$1,275/oz
(see ASX Announcement dated 15 January 2021).
Syama
Syama Sulphide production is forecast to increase by more than
25% to between 155,000oz and 170,000oz with a resulting decrease in
AISC to between US$1,200/oz and US$1,275/oz. A planned 36 day
shutdown of the sulphide processing circuit has been scheduled
during September and October 2021.
Syama Oxide production of 80,000oz to 85,000oz is forecast at an
AISC between US$1,050/oz and US$1,090/oz from the Cashew and
Tabakoroni satellite operations.
Mako
CY21 forecast production of 115,000oz to 120,000oz at an AISC
between US$1,175/oz and US$1,225/oz.
Capital expenditure and exploration
Non-sustaining capital expenditure is forecast to be US$29m
inclusive of Mako cut back of US$13m and capitalised exploration
expenditure of US$6m. Sustaining capital expenditure included in
the AISC is US$49m.
Activity is focussed on extension and identification of oxide
satellite operations at Syama and extension of Mako's mine
life.
Depreciation and amortisation
Depreciation and amortisation for the Group is forecast to be
US$173m.
Investor and Analyst Conference Calls
Resolute will host two conference calls for investors, analysts
and media today, Thursday, 28 January 2021, to discuss the
Company's Quarterly Activities Report for the period ending 31
December 2020. Both calls will conclude with a question and answer
session.
Pre-Registration: The Company has arranged for participants to
pre-register for each call. Pre-registering for the conference
calls gives you immediate access on the day with no need to wait
for an operator. A calendar invite with dial-in details will be
received once participants complete the pre-registration
process.
Conference Call Details
Conference Call 1 (pre-registration required)
Conference Call 1: 09:00 (AWST, Perth) / 12:00 (AEDT,
Sydney)
Pre-Registration Link:
https://s1.c-conf.com/diamondpass/10012104-u1chxt.html
Participants will receive a calendar invite with dial-in details
once the pre-registration process is complete.
Conference Call 1 will also be streamed live online at
http://www.openbriefing.com/OB/4110.aspx
Conference Call 2 (via MS Teams Live Event)
Conference Call 2: (MS Teams) 09:00 (GMT, London) / 17:00 (AWST,
Perth)
Attendee Link: RSG MS Teams Live Event link
For further information, contact:
Mr Stuart Gale
Interim CEO
Appendix
December 2020 Quarter Production and Costs (unaudited)
December 2020 Quarter Units Syama Syama Syama Mako Group
Sulphide Oxide Total Total
UG Lateral Development m 1,867 - 1,867 - 1,867
-------- ---------- -------- -------- ---------- ----------
UG Vertical Development m 119 - 119 - 119
-------- ---------- -------- -------- ---------- ----------
Total UG Development m 1,986 - 1,986 - 1,986
-------- ---------- -------- -------- ---------- ----------
UG Ore Mined t 577,958 - 577,958 - 577,958
-------- ---------- -------- -------- ---------- ----------
g/t
UG Grade Mined Au 2.55 - 2.55 - 2.55
-------- ---------- -------- -------- ---------- ----------
OP Operating Waste BCM - 663,030 663,030 1,696,297 2,359,327
-------- ---------- -------- -------- ---------- ----------
OP Ore Mined BCM - 118,811 118,811 243,256 362,067
-------- ---------- -------- -------- ---------- ----------
g/t
OP Grade Mined Au - 1.94 1.94 2.33 2.20
-------- ---------- -------- -------- ---------- ----------
Total Ore Mined t 577,958 251,879 829,837 676,894 1,506,731
-------- ---------- -------- -------- ---------- ----------
Total Tonnes Processed t 556,543 305,275 861,818 515,339 1,377,158
-------- ---------- -------- -------- ---------- ----------
g/t
Grade Processed Au 2.55 1.43 2.15 2.74 2.37
-------- ---------- -------- -------- ---------- ----------
Recovery % 77.8 89.3 81.9 93.8 86.4
-------- ---------- -------- -------- ---------- ----------
Gold Recovered oz 35,507 12,571 48,078 42,677 90,755
-------- ---------- -------- -------- ---------- ----------
Gold in Circuit Drawdown/(Addition) oz 240 (1,817) (1,577) 710 (867)
-------- ---------- -------- -------- ---------- ----------
Gold Produced (Poured) oz 35,747 10,754 46,501 43,387 89,888
-------- ---------- -------- -------- ---------- ----------
Gold Bullion in Metal
Account Movement (Increase)/Decrease oz 5,668 (4,132) 1,536 183 1,719
-------- ---------- -------- -------- ---------- ----------
Gold Sold oz 41,415 6,622 48,037 43,570 91,607
-------- ---------- -------- -------- ---------- ----------
Achieved Gold Price US$/oz - - - - 1,719
-------- ---------- -------- -------- ---------- ----------
Mining US$/oz 618 567 606 297 457
-------- ---------- -------- -------- ---------- ----------
Processing US$/oz 345 575 399 260 331
-------- ---------- -------- -------- ---------- ----------
Site Administration US$/oz 142 347 190 86 139
-------- ---------- -------- -------- ---------- ----------
Site Operating Cost US$/oz 1,105 1,489 1,195 643 927
-------- ---------- -------- -------- ---------- ----------
Royalties + Site Admin US$/oz 113 113 113 95 106
-------- ---------- -------- -------- ---------- ----------
By-Product Credits US$/oz (2) (2) (2) - 4
-------- ---------- -------- -------- ---------- ----------
Total Cash Operating
Costs US$/oz 1,216 1,600 1,306 738 1,037
-------- ---------- -------- -------- ---------- ----------
Sustaining Capital
+ Other US$/oz 97 - 74 94 94
-------- ---------- -------- -------- ---------- ----------
Total Cash Expenditure US$/oz 1,313 1,600 1,380 832 1,131
-------- ---------- -------- -------- ---------- ----------
Stockpile Adjustments US$/oz (487) (935) (591) 54 (280)
-------- ---------- -------- -------- ---------- ----------
Gold in Circuit Movement US$/oz 403 (224) 258 30 148
-------- ---------- -------- -------- ---------- ----------
Asset Reclamation &
Remediation US$/oz 6 6 6 - 3
-------- ---------- -------- -------- ---------- ----------
Total Non-Cash Adjustments* US$/oz (78) (1,153) (327) 84 (129)
-------- ---------- -------- -------- ---------- ----------
All-In Sustaining Cost
(AISC)
AISC is calculated
on gold produced (poured) US$/oz 1,235 447 1,053 916 1,002
-------- ---------- -------- -------- ---------- ----------
* Quarterly AISC reflects an adjustment to more accurately
reflect stockpile valuation methodology.
Year-to-date 2020 Production and Costs (unaudited)
Year-to-date 2020 Units Syama Syama Syama Mako Ravens-wood Group
Sulphide Oxide Total Total
UG Lateral Development m 7,377 - 7,377 - - 7,377
-------- ---------- ---------- ---------- ---------- ------------ ----------
UG Vertical Development m 336 - 336 - - 336
-------- ---------- ---------- ---------- ---------- ------------ ----------
Total UG Development m 7,713 - 7,713 - - 7,713
-------- ---------- ---------- ---------- ---------- ------------ ----------
UG Ore Mined t 2,097,421 - 2,097,421 - - 2,097,421
-------- ---------- ---------- ---------- ---------- ------------ ----------
g/t
UG Grade Mined Au 2.59 - 2.59 - - 2.59
-------- ---------- ---------- ---------- ---------- ------------ ----------
OP Operating Waste BCM - 2,509,538 2,509,538 6,130,058 - 8,639,596
-------- ---------- ---------- ---------- ---------- ------------ ----------
OP Ore Mined BCM - 622,134 622,134 988,564 - 1,610,698
-------- ---------- ---------- ---------- ---------- ------------ ----------
g/t
OP Grade Mined Au - 2.24 2.24 2.31 - 2.29
-------- ---------- ---------- ---------- ---------- ------------ ----------
Total Ore Mined t 2,097,421 1,321,679 3,419,100 2,744,238 - 6,163,338
-------- ---------- ---------- ---------- ---------- ------------ ----------
Total Tonnes Processed t 2,030,823 1,416,116 3,446,939 2,077,879 726,735 6,251,553
-------- ---------- ---------- ---------- ---------- ------------ ----------
g/t
Grade Processed Au 2.55 2.19 2.40 2.69 0.50 2.28
-------- ---------- ---------- ---------- ---------- ------------ ----------
Recovery % 78.2 91.2 83.5 93.5 91.8 87.8
-------- ---------- ---------- ---------- ---------- ------------ ----------
Gold Recovered oz 130,245 91,926 222,171 167,931 10,611 400,713
-------- ---------- ---------- ---------- ---------- ------------ ----------
Gold in Circuit
Drawdown/(Addition) oz (6,745) (1,066) (7,811) 1,800 435 (5,576)
-------- ---------- ---------- ---------- ---------- ------------ ----------
Gold Produced (Poured) oz 123,500 90,860 214,360 169,731 11,046 395,136
-------- ---------- ---------- ---------- ---------- ------------ ----------
Gold Bullion in Metal
Account Movement
(Increase)/Decrease oz 4,270 (3,322) 948 1,079 (1,989) 38
-------- ---------- ---------- ---------- ---------- ------------ ----------
Gold Sold oz 127,770 87,538 215,308 170,810 9,057 395,175
-------- ---------- ---------- ---------- ---------- ------------ ----------
Achieved Gold Price US$/oz 1,562
-------- ---------- ---------- ---------- ---------- ------------ ----------
Mining US$/oz 753 411 608 321 215 474
-------- ---------- ---------- ---------- ---------- ------------ ----------
Processing US$/oz 412 298 364 256 910 333
-------- ---------- ---------- ---------- ---------- ------------ ----------
Site Administration US$/oz 172 195 182 87 226 142
-------- ---------- ---------- ---------- ---------- ------------ ----------
Site Operating Cost US$/oz 1, 337 904 1, 154 664 1, 351 949
-------- ---------- ---------- ---------- ---------- ------------ ----------
Royalties + Site Admin US$/oz 96 87 92 103 59 97
-------- ---------- ---------- ---------- ---------- ------------ ----------
By-Product Credits US$/oz (2) (1) (2) - (9) 28
-------- ---------- ---------- ---------- ---------- ------------ ----------
Total Cash Operating
Costs US$/oz 1,431 990 1,244 767 1,401 1,074
-------- ---------- ---------- ---------- ---------- ------------ ----------
Sustaining Capital
+ Other US$/oz 103 - 60 54 27 58
-------- ---------- ---------- ---------- ---------- ------------ ----------
Total Cash Expenditure US$/oz 1,534 990 1,304 821 1,428 1,132
-------- ---------- ---------- ---------- ---------- ------------ ----------
Stockpile Adjustments US$/oz (128) (144) (135) (17) (18) (81)
-------- ---------- ---------- ---------- ---------- ------------ ----------
Gold in Circuit Movement US$/oz 47 (24) 17 8 37 14
-------- ---------- ---------- ---------- ---------- ------------ ----------
Asset Reclamation &
Remediation US$/oz 12 22 17 - 11 9
-------- ---------- ---------- ---------- ---------- ------------ ----------
Total Non-Cash Adjustments US$/oz (69) (146) (101) (9) 30 (58)
-------- ---------- ---------- ---------- ---------- ------------ ----------
All-In Sustaining Cost
(AISC)
AISC is calculated
on gold produced (poured) US$/oz 1, 465 844 1, 203 812 1,458 1, 074
-------- ---------- ---------- ---------- ---------- ------------ ----------
Contact Information
Resolute Berenberg (UK Corporate Broker)
Stuart Gale, Interim CEO Matthew Armitt / Jennifer Wyllie / Detlir
Telephone: +61 8 9261 6100 Elezi
Email: contact@rml.com.au Telephone: +44 20 3207 7800
Web: www.rml.com.au Tavistock (UK Public Relations)
Follow Resolute Jos Simson / Emily Moss / Annabel de Morgan
/ Oliver Lamb
Telephone: +44 207 920 3150 / +44 778 855
4035
Email: resolute@tavistock.co.uk
Competent Persons Statement
For the purposes of ASX Listing Rule 5.23, Resolute confirms
that it is not aware of any new information or data that materially
affects the information included in the original market
announcements relating to exploration results or estimates of
Mineral Resources or Ore Reserves referred to in this announcement
and, in the case of Mineral Resources and Ore Reserves, that all
material assumptions and technical parameters underpinning the
estimates in the relevant market announcement continue to apply and
have not materially changed. Resolute confirms that the form and
context in which the Competent Person's findings are presented have
not been materially modified from the original market
announcement.
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulation (MAR). Upon the publication of this
announcement via a Regulatory Information Service (RIS), this
inside information is now considered to be in the public
domain.
Authorised by Mr Stuart Gale, Interim CEO
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
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contained in this communication, and to share such analysis on an
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For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
DRLSEUSSAEFSEDF
(END) Dow Jones Newswires
January 28, 2021 02:00 ET (07:00 GMT)
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