22 August 2025
Appendix 4D
Half Year Report for the six months ended 30 June 2025
Reporting Period
The reporting period is for the half year ended 30 June 2025 with the corresponding reporting period being for the six months ended 30 June 2024.
Results for Announcement to the Market
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30 June 2025 |
30 June 2024 |
Movement |
Movement |
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|
$'000 |
$'000 |
$'000 |
% |
| Revenues from ordinary activities |
447,514 |
341,503 |
106,011 |
31 % |
| Earnings before interest, tax, depreciation and amortisation (EBITDA) |
211,055 |
116,388 |
94,667 |
81 % |
| Profit after income tax |
71,001 |
33,401 |
37,600 |
113 % |
| Profit from ordinary activities after income tax attributable to members/net profit for the year |
58,765 |
20,947 |
37,818 |
181 % |
Dividend Information
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Amount per share |
Franked amount per share |
|
|
$ |
$ |
| Interim dividend for the half-year ended 30 June 2025 |
nil |
nil |
Net Tangible Assets
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|
30 June 2025 |
30 June 2024 |
|
|
$ |
$ |
| Net tangible assets per share |
0.28 |
0.26 |
This half year report should be read in conjunction with the most recent annual financial report for the year ended 31 December 2024. All dollar figures are United States dollars ($) currency unless otherwise stated.
Corporate Directory
| Directors |
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Share Registry |
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| Managing Director & CEO |
Chris Eger |
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Computershare Investor Services Pty Limited |
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| Non-Executive Chairman |
Andrew Wray |
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Level 11, 172 St Georges Terrace |
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| Non-Executive Director |
Simon Jackson |
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Perth, Western Australia 6000 |
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| Non-Executive Director |
Sabina Shugg |
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| Non-Executive Director |
Adrian Reynolds |
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| Non-Executive Director |
Keith Marshall |
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Home Exchange |
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| Non-Executive Director |
Adrienne Parker |
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Australian Securities Exchange |
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Level 40, Central Park |
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152 St Georges Terrace |
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Perth, Western Australia 6000 |
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| Company Secretaries |
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Quoted on the official lists of the |
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| Sam Wright |
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Australian Securities Exchange (ASX) and the London Stock Exchange (LSE) |
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| Thomas May |
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ASX/LSE Ordinary Share Code: "RSG" |
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| Registered Office |
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Securities on Issue (30/06/2025) |
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| Level 17 |
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Ordinary Shares |
2,129,050,013 |
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| 2 Esplanade |
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Performance Rights |
15,741,909 |
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| Perth, Western Australia 6000 |
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| PO Box 7232 Cloisters Square |
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Auditor |
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| Perth, Western Australia 6850 |
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Ernst & Young |
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| Telephone: +61 8 9261 6100 |
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9 The Esplanade |
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| Email: contact@rml.com.au |
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Perth, Western Australia 6000 |
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| Australian Business Number |
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| ABN 39 097 088 689 |
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Shareholders wishing to receive copies of Resolute's ASX announcements by e-mail should register their interest by contacting the Company at contact@rml.com.au |
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| Website |
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| Resolute Mining Limited maintains a website where all announcements are available: www.rml.com.au |
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| Auditor's Report |
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Directors' Report
Your directors present their half year report on the consolidated entity (referred to hereafter as the "Group" or "Resolute") consisting of Resolute Mining Limited and the entities it controlled at the end of or during the half year ended 30 June 2025 (H1 2025).
Corporate Information
Resolute Mining Limited ("Resolute" or "the Company") is a company limited by shares that is incorporated and domiciled in Australia.
Directors
The names of the Company's directors in office during the entire half year period and until the date of this report are set out below. Directors were in office for this entire period unless otherwise stated.
Chris Eger Managing Director & CEO (appointed February 2025)
Andrew Wray Non-Executive Chairman
Simon Jackson Non-Executive Director
Sabina Shugg Non-Executive Director
Adrian Reynolds Non-Executive Director
Keith Marshall Non-Executive Director
Adrienne Parker Non-Executive Director
Terence Holohan Managing Director & CEO (resigned February 2025)
Company Secretaries
Thomas May
Sam Wright
Operational Highlights
Key highlights for half year ended 30 June 2025 include:
▪ Production (gold poured) for H1 of 151,460 ounces (oz) compared to 167,140oz in H1 2024.
▪ All-In Sustaining Cost (AISC) of $1,688/oz when compared to H1 2024 ($1,442/oz) due to lower production at the Syama operations which was impacted by explosive supply challenges.
▪ H1 gold sales of 145,120oz at an average realised gold price of $3,076/oz compared to 157,321oz at an average realised gold price of $2,170/oz in H1 2024.
▪ Operating cash flow of $113.4 million (30 June 2024: $100.4 million).
▪ Net cash and bullion [1] of $109.9 million (30 June 2024: $96.6 million).
▪ Acquisition of development-stage Doropo Gold Project and exploration-stage ABC Project in Côte d'Ivoire from AngloGold Ashanti Plc which closed on 1 May 2025.
Directors' Report
Financial Overview
| |
|
|
| |
|
|
| Revenue |
447,514 |
341,503 |
| Cost of production |
(174,970) |
(193,509) |
| Royalties |
(48,949) |
(19,639) |
| Administration and other corporate expenses |
(10,260) |
(6,627) |
| Exploration expense |
(2,280) |
(5,340) |
| EBITDA |
211,055 |
116,388 |
| Depreciation and amortisation |
(66,265) |
(53,162) |
| Net interest and finance costs |
(3,178) |
(3,766) |
| Inventories net realisable value movements and obsolete consumables |
(5,327) |
14,724 |
| Fair value movements and treasury transactions |
3,373 |
(5,292) |
| Other |
(15,553) |
(15,514) |
| Net profit before tax |
124,105 |
53,377 |
| Income tax expense |
(53,104) |
(19,976) |
| Net profit after tax |
71,001 |
33,401 |
Financial Performance
Revenue for H1 2025 was $447.5 million, from gold sales of 145,120oz at an average realised price of $3,076/oz. EBITDA was $211.1 million which is a 81.3% improvement on the comparative period driven by higher gold prices realised and lower cost of production. Resolute reported a net profit after tax of $71.0 million.
Directors' Report
Financial Position
As at 30 June 2025, Resolute had cash of $96.2 million and bullion with a market value of $62.5 million. The Group's net cash was $109.9 million at 30 June 2025 which is an increase of 13.8% from H1 2024's net cash position of $96.6 million. Total borrowings as at 30 June 2025 were $47.8 million (31 December 2024: $34.2 million) which are from in-country overdraft facilities in Mali and Senegal.
Significant Events After Balance Date
Since the end of the period and to the date of this report, no matter or circumstance has arisen that has significantly affected, or may significantly affect, the operations of the Group, the results of operation or the state of affairs of the consolidated group in subsequent periods.
Auditor's Independence
Refer to page for a copy of the Auditor's Independence Declaration to the Directors of Resolute Mining Limited.
Rounding
Resolute is a company of the kind specified in Australian Securities and Investments Commission Corporations (Rounding in Financial Directors' Reports) Instrument 2016/191. In accordance with that Instrument, amounts in the financial report and the Directors' Report are rounded to the nearest thousand dollars unless specifically stated to be otherwise.
Signed in accordance with a resolution of the directors.
Chris Eger
Managing Director & CEO
Perth, Western Australia
22 August 2025
Auditor's independence declaration to the directors of Resolute Mining Limited
As lead auditor for the review of the half-year financial report of Resolute Mining Limited for the half-year ended 30 June 2025, I declare to the best of my knowledge and belief, there have been:
a. no contraventions of the auditor independence requirements of the Corporations Act 2001 in relation to the review; and
b. no contraventions of any applicable code of professional conduct in relation to the review; and
c. No non-audit services provided that contravene any applicable code of professional conduct in relation to the review.
This declaration is in respect of Resolute Mining Limited and the entities it controlled during the financial period.
Ernst & Young
Philip Teale
Partner
22 August 2025
Consolidated Statement of Comprehensive Income
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|
|
For the half year ended 30 June 2025 |
For the half year ended 30 June 2024 |
|
|
|
Note |
$'000 |
$'000 |
|
|
|
|
|
|
|
| Revenue from gold and silver sales |
3 |
447,514 |
341,503 |
|
| Costs of production |
3 |
(174,970) |
(193,509) |
|
| Gross profit |
|
272,544 |
147,994 |
|
|
|
|
|
|
|
| Depreciation and amortisation |
3 |
(66,265) |
(53,162) |
|
| Royalties |
3 |
(48,949) |
(19,639) |
|
| Gross profit from operations |
|
157,330 |
75,193 |
|
|
|
|
|
|
|
| Interest Income |
3 |
2,630 |
1,448 |
|
| Other (expense)/income |
3 |
(7,890) |
859 |
|
| Exploration expense |
3 |
(2,280) |
(5,340) |
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| Administration and other corporate expenses |
3 |
(10,260) |
(6,627) |
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| Share based payment expense |
|
(645) |
(160) |
|
| Fair value movements and treasury transactions |
3 |
3,373 |
(5,292) |
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| Inventories net realisable value movements and obsolete consumables |
3 |
(5,327) |
14,724 |
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| Finance costs |
3 |
(5,808) |
(5,214) |
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| Indirect tax expense |
3 |
(7,018) |
(16,214) |
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| Profit before tax |
|
124,105 |
53,377 |
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|
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|
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| Income tax expense |
3&5 |
(53,104) |
(19,976) |
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| Profit for the period |
|
71,001 |
33,401 |
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|
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|
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| Profit attributable to: |
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|
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| Members of the parent |
|
58,765 |
20,947 |
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| Non-controlling interest |
|
12,237 |
12,454 |
|
| Profit for the period |
|
71,001 |
33,401 |
|
Consolidated Statement of Comprehensive Income (continued)
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|
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For the half year ended |
For the half year ended |
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|
|
30 June 2025 |
30 June 2024 |
|
|
Note |
$'000 |
$'000 |
| Profit for the period (brought forward) |
|
71,001 |
33,401 |
| Other comprehensive income/(loss) |
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|
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| Items that may be reclassified subsequently to profit or loss |
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| Exchange differences on translation of foreign operations: |
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|
|
| - Members of the parent |
|
32,310 |
(16,293) |
| - Non-controlling interest |
|
3,103 |
1,606 |
| Other comprehensive loss for the period, net of tax |
|
35,413 |
(14,687) |
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| Total comprehensive income for the period |
|
106,414 |
18,714 |
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| Total comprehensive income attributable to: |
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|
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| Members of the parent |
|
91,074 |
4,654 |
| Non-controlling interest |
|
15,339 |
14,060 |
| Total comprehensive income for the period |
|
106,414 |
18,714 |
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| Profit per share for net profit attributable for operations to the ordinary equity holders of the parent: |
|
$ |
$ |
| Basic earnings per share |
|
2.89 cents |
0.98 cents |
| Diluted earnings per share |
|
2.89 cents |
0.98 cents |
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|
Consolidated Statement of Financial Position
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30 June 2025 |
31 December 2024 |
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Note |
$'000 |
$'000 |
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| Current assets |
|
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| Cash |
|
96,222 |
69,269 |
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| Other financial assets - restricted cash |
|
3,325 |
1,465 |
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| Receivables |
6 |
17,359 |
30,619 |
|
| Inventories |
7 |
149,308 |
128,593 |
|
| Prepayments and other assets |
|
14,513 |
12,361 |
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| Income tax asset |
|
- |
1,703 |
|
| Total current assets |
|
280,727 |
244,010 |
|
| Non current assets |
|
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|
|
| Receivables |
6 |
102,888 |
80,200 |
|
| Inventories |
7 |
44,734 |
42,622 |
|
| Exploration assets |
8 |
180,362 |
13,966 |
|
| Development assets |
9 |
221,389 |
232,459 |
|
| Property, plant and equipment |
9 |
232,119 |
199,319 |
|
| Right of use asset |
|
5,826 |
6,980 |
|
| Total non current assets |
|
787,318 |
575,546 |
|
| Total assets |
|
1,068,045 |
819,556 |
|
| Current liabilities |
|
|
|
|
| Payables |
|
122,442 |
119,374 |
|
| Financial liabilities |
10 |
47,842 |
34,415 |
|
| Provisions |
11 |
26,079 |
20,855 |
|
| Current tax liability |
|
48,888 |
59,920 |
|
| Lease liabilities |
|
2,508 |
3,144 |
|
| Total current liabilities |
|
247,759 |
237,708 |
|
| Non current liabilities |
|
|
|
|
| Financial liabilities |
10 |
132,197 |
- |
|
| Provisions |
11 |
98,518 |
92,399 |
|
| Lease liabilities |
|
5,895 |
6,235 |
|
| Total non current liabilities |
|
236,610 |
98,634 |
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| Total liabilities |
|
484,369 |
336,342 |
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| Net assets |
|
583,676 |
483,214 |
|
Consolidated Statement of Financial Position (continued)
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30 June 2025 |
31 December 2024 |
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Note |
$'000 |
$'000 |
| Equity attributable to equity holders of the parent |
|
|
|
| Contributed equity |
|
882,731 |
882,731 |
| Reserves |
|
(31,949) |
(64,904) |
| Accumulated losses |
|
(221,297) |
(280,062) |
| Total equity attributable to equity holders of the parent |
|
629,485 |
537,766 |
| Non-controlling interest |
|
(45,809) |
(54,552) |
| Total equity |
|
583,676 |
483,214 |
Consolidated Statement of Changes in Equity
|
|
Contributed equity |
Net unrealised loss reserve |
Other reserves |
Non-controlling interests reserve |
Employee equity benefits reserve |
Foreign currency translation reserve |
Retained earnings/ accumulated losses |
Non-controlling interest |
Total |
| At 1 January 2025 |
882,731 |
(9,745) |
4,321 |
(636) |
23,315 |
(82,158) |
(280,062) |
(54,552) |
483,214 |
|
|
|
|
|
|
|
|
|
|
|
| Profit for the period |
- |
- |
- |
- |
- |
|
58,765 |
12,237 |
71,001 |
| Other comprehensive profit, net of tax |
- |
- |
- |
- |
- |
32,310 |
- |
3,103 |
35,413 |
| Total comprehensive income for the period, net of tax |
- |
- |
- |
- |
- |
32,310 |
58,765 |
15,339 |
106,414 |
|
|
|
|
|
|
|
|
|
|
|
| Dividends declared and withholding tax |
- |
- |
- |
- |
- |
- |
- |
(6,597) |
(6,597) |
| Share based payments to employees |
- |
- |
- |
- |
645 |
- |
- |
- |
645 |
| At 30 June 2025 |
882,731 |
(9,745) |
4,321 |
(636) |
23,960 |
(49,849) |
(221,297) |
(45,809) |
583,676 |
|
|
Contributed equity |
Net unrealised loss reserve |
Other reserves |
Non-controlling interests reserve |
Employee equity benefits reserve |
Foreign currency translation reserve |
Retained earnings/ accumulated losses |
Non-controlling interest |
Total |
| At 1 January 2024 |
882,731 |
(9,745) |
4,321 |
(636) |
22,210 |
(56,971) |
(251,764) |
(47,973) |
542,173 |
|
|
|
|
|
|
|
|
|
|
|
| Profit for the period |
- |
- |
- |
- |
- |
- |
20,947 |
12,454 |
33,401 |
| Other comprehensive loss, net of tax |
- |
- |
- |
- |
- |
(16,293) |
- |
1,606 |
(14,687) |
| Total comprehensive (loss)/income for the period, net of tax |
- |
- |
- |
- |
- |
(16,293) |
20,947 |
14,060 |
18,714 |
|
|
|
|
|
|
|
|
|
|
|
| Dividends declared |
- |
- |
- |
- |
- |
- |
- |
(12,373) |
(12,373) |
| Share based payments to employees |
- |
- |
- |
- |
160 |
- |
- |
- |
160 |
| At 30 June 2024 |
882,731 |
(9,745) |
4,321 |
(636) |
22,370 |
(73,264) |
(230,817) |
(46,286) |
548,674 |
Consolidated Cash Flow Statement
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|
|
|
|
|
|
|
|
|
|
|
| Cash flows from operating activities |
|
|
| Receipts from customers |
447,514 |
341,503 |
| Payments to suppliers, employees and others |
(277,959) |
(220,540) |
| Exploration expenditure |
(974) |
(5,340) |
| Interest paid |
(4,596) |
(2,231) |
| Interest received |
2,630 |
- |
| Indirect tax payments |
(8,165) |
- |
| Income tax paid |
(45,073) |
(13,025) |
| Cash flows from operating activities |
113,377 |
100,367 |
|
|
|
|
| Cash flows used in investing activities |
|
|
| Payments for property, plant & equipment |
(31,108) |
(28,545) |
| Payments for development activities |
(15,286) |
(15,867) |
| Payments for evaluation activities |
(11,399) |
(6,234) |
| Doropo Acquisition |
(27,430) |
- |
| Deferred consideration from sale of Ravenswood mine |
- |
20,012 |
| Extension fee on Ravenswood promissory note |
- |
849 |
| Other investing activities |
(448) |
(416) |
| Cash flows used in investing activities |
(85,671) |
(30,201) |
|
|
|
|
| Cash flows used in financing activities |
|
|
| Repayment of borrowings |
- |
(25,000) |
| Finance cost |
(1,997) |
(976) |
| Dividend paid |
- |
(1,239) |
| Repayment of principal portion of lease liability |
(1,069) |
(1,841) |
| Drawdown from short term finance facilities |
- |
(925) |
| Cash flows used in financing activities |
(3,066) |
(29,981) |
|
|
|
|
| Increase in cash and cash equivalents |
24,640 |
40,185 |
|
|
|
|
| Cash and cash equivalents at the beginning of the period |
69,268 |
59,769 |
| Exchange rate adjustment |
2,314 |
1,483 |
| Cash and cash equivalents at the end of the period |
96,222 |
101,437 |
Notes to the Financial Statements
Note 1: Corporate Information
The financial report of Resolute Mining Limited and its controlled entities for the half year ended 30 June 2025 was authorised for issue in accordance with a resolution of directors for release on 22 August 2025.
Resolute (the parent) is a for profit company limited by shares incorporated and domiciled in Australia whose shares are publicly traded on the Australian Securities Exchange and the London Stock Exchange.
The principal activities of entities within the consolidated entity during the half year were:
• gold mining; and,
• prospecting and exploration for minerals.
There has been no significant change in the nature of those activities during the half year ended 30 June 2025.
Where appropriate in the financial report, comparative information has been reclassified to align to changes in presentation in the current period to reflect more reliable and relevant information.
Note 2: Basis of Preparation and Summary of Significant Accounting Practices
a) Basis of Preparation
This interim financial report for the half year ended 30 June 2025 has been prepared in accordance with AASB 134 Interim Financial Reporting and the Corporations Act 2001.
The half year financial report does not include all notes of the type normally included within the annual financial report and therefore cannot be expected to provide as full an understanding of the financial performance, financial position and financing and investing activities of the Group as the full financial report.
It is recommended that the half year financial report be read in conjunction with the Annual Report for the year ended 31 December 2024 and considered together with any public announcements made by Resolute Mining Limited during the half year ended 30 June 2025 in accordance with the continuous disclosure obligations of the Australian Securities Exchange listing rules and London Stock Exchange rules. The consolidated financial report is presented in United States dollars ("$") rounded to the nearest thousand dollars, unless otherwise stated.
The accounting policies and methods of computation are the same as those adopted in the most recent annual financial report. New accounting standards issued but not yet effective have not been early adopted.
Notes to the Financial Statements
Note 3 (a): Segment revenue and expenses
| For the half year ended 30 June 2025 |
Syama (Mali) |
Mako (Senegal) |
Corp/Other (b) |
Total |
|
|
|
$'000 |
$'000 |
$'000 |
$'000 |
|
| Revenue from gold and silver sales (a) |
260,427 |
187,087 |
- |
447,514 |
|
| Costs of production |
(120,604) |
(54,365) |
- |
(174,970) |
|
| Segment gross profit |
139,823 |
132,722 |
- |
272,545 |
|
| Depreciation and amortisation |
(28,726) |
(37,258) |
(282) |
(66,266) |
|
| Royalties |
(39,256) |
(9,354) |
(338) |
(48,948) |
|
| Segment gross profit from operations |
71,842 |
86,110 |
(620) |
157,330 |
|
| Interest Income |
26 |
45 |
2,559 |
2,630 |
|
| Other expense |
(5,605) |
(257) |
(2,028) |
(7,890) |
|
| Exploration expense |
- |
(1,505) |
(776) |
(2,281) |
|
| Administration and other corporate expenses |
- |
- |
(10,260) |
(10,260) |
|
| Share based payment expense |
- |
- |
(645) |
(645) |
|
| Fair value movements and treasury transactions |
(8,544) |
3,644 |
8,273 |
3,373 |
|
| Inventories net realisable value movements and obsolete consumables |
(5,218) |
(109) |
- |
(5,327) |
|
| Finance costs |
(3,083) |
(2,722) |
(3) |
(5,808) |
|
| Indirect tax expense |
(5,833) |
(1,125) |
(59) |
(7,017) |
|
| Profit before tax from operations |
43,585 |
84,081 |
(3,560) |
124,105 |
|
| Income tax expense |
(4,968) |
(48,136) |
- |
(53,104) |
|
| Profit/(loss) for the period |
38,617 |
35,945 |
(3,560) |
71,001 |
|
(a) Revenue from external sales for each reportable segment is derived from several customers.
(b) This information does not represent an operating segment as defined by AASB 8 'Operating Segments' and forms part of the reconciliation of the results and positions of the operating segments to the financial statements.
Notes to the Financial Statements
Note 3 (a): Segment revenue and expenses (continued)
| For the half year ended 30 June 2024 |
Syama (Mali) |
Mako (Senegal) |
Corp/Other (b) |
Total |
| $'000 |
$'000 |
$'000 |
$'000 |
|
| Revenue from gold and silver sales (a) |
215,840 |
125,663 |
- |
341,503 |
| Costs of production |
(124,637) |
(68,872) |
- |
(193,509) |
| Segment gross profit |
91,203 |
56,791 |
- |
147,994 |
| Depreciation and amortisation |
(25,505) |
(27,105) |
(552) |
(53,162) |
| Royalties |
(12,938) |
(6,283) |
(417) |
(19,638) |
| Segment gross profit from operations |
52,759 |
23,403 |
(969) |
75,193 |
| Interest Income |
- |
- |
1,448 |
1,448 |
| Other income |
9 |
- |
849 |
858 |
| Exploration expense |
(2,568) |
(2,297) |
(475) |
(5,340) |
| Administration and other corporate expenses |
- |
- |
(6,627) |
(6,627) |
| Share based payment expense |
- |
- |
(160) |
(160) |
| Fair value movements and treasury transactions |
(2,628) |
(4,358) |
1,694 |
(5,292) |
| Inventories net realisable value movements and obsolete consumables |
11,564 |
3,160 |
- |
14,724 |
| Finance costs |
(3,263) |
(928) |
(1,022) |
(5,213) |
| Indirect tax expense |
(933) |
(15,281) |
- |
(16,214) |
| Profit before tax from operations |
54,940 |
3,699 |
(5,261) |
53,377 |
| Income tax expense |
(2,156) |
(17,894) |
74 |
(19,976) |
| Profit/(loss) for the period |
52,784 |
(14,195) |
(5,187) |
33,401 |
(a) Revenue from external sales for each reportable segment is derived from several customers.
(b) This information does not represent an operating segment as defined by AASB 8 'Operating Segments' and forms part of the reconciliation of the results and positions of the operating segments to the financial statements.
Note 3 (b): Segment assets and liabilities1
| For the half year ended 30 June 2025 |
Syama (Mali) |
Mako (Senegal) |
Corp/ Other |
Total |
| $'000 |
$'000 |
$'000 |
$'000 |
|
|
|
|
|
|
|
| Segment assets |
613,008 |
105,251 |
349,786 |
1,068,045 |
| Segment liabilities |
(217,737) |
(84,743) |
(181,889) |
(484,369) |
| Net assets |
395,271 |
20,508 |
167,897 |
583,676 |
1 This information does not represent an operating segment as defined by AASB 8 'Operating Segments' and forms part of the reconciliation of the results and positions of the operating segments to the financial statements.
Notes to the Financial Statements
Note 3 (b): Segment assets and liabilities (continued)
| For the year ended 31 December 2024 |
Syama (Mali) |
Mako (Senegal) |
Corp/ Other |
Total |
| $'000 |
$'000 |
$'000 |
$'000 |
|
|
|
|
|
|
|
| Segment assets |
531,872 |
183,666 |
104,019 |
819,557 |
| Segment liabilities |
(201,226) |
(126,033) |
(9,084) |
(336,343) |
| Net assets |
330,646 |
57,633 |
94,935 |
483,214 |
Note 4: Dividend
There were no interim dividends paid or declared for Resolute Mining Limited during the half year end up to the date of this report (half year ended 30 June 2024: $nil). In June 2025, a subsidiary of the Group declared a dividend of $66.0 million of which $6.6 million will be distributed to its minority shareholders.
As outlined in the significant state of affairs within the 31 December 2024 annual report, Resolute continues to work with the Malian Government to implement the requirements of the 2023 mining code, including the non-diluting priority dividend rights.
Note 5: Taxes
At 30 June 2025, the Group recognised an income tax expense of $53.1 million (30 June 2024: tax expense of $ 19.98 million). The increase in the income tax expense is primarily due to the expiration of the Mako tax exoneration and the utilisation of prior period tax losses at Syama in 2024.
Note 6: Receivables
Included in the total receivables balance of $120.2 million are indirect tax receivables of $71.8 million as of 30 June 2025 (31 December 2024: $48.3 million). This primarily relates to indirect taxes owing to the Group from the Republic of Mali and Senegal. The remaining receivables are primarily from the sale of the Ravenswood mine.
Note 7: Inventories
|
|
30 June 2025 |
31 December 2024 |
|
|
$'000 |
$'000 |
| Doré bars |
30,085 |
17,405 |
| Gold in circuit |
52,711 |
47,808 |
| Ore stockpiles |
52,295 |
53,376 |
| Consumables, spare parts and supplies |
58,951 |
52,625 |
| Total inventories |
194,042 |
171,214 |
| Less: Non-current metal inventories |
(44,734) |
(42,622) |
| Current portion of inventories |
149,308 |
128,593 |
Notes to the Financial Statements
Note 8: Exploration assets
At 30 June 2025, the Group's exploration assets amount to $180.4 million (31 December 2024: $14.0 million ). During the six-month period to 30 June 2025, additions were primarily due to the acquisition of Doropo and ABC Projects of $156.1 million.
On 1 May 2025, Resolute Mining Limited acquired Centamin West African Holdings Limited and its' development-stage Doropo Gold Project along with its ABC project in Côte d'Ivoire from AngloGold Ashanti. This was for $150.0 million, comprising a $25.0 million upfront cash consideration on closing and deferred and contingent consideration consisting of the following:
▪ $50.0 million paid 18 months after closing;
▪ $75.0 million paid 30 months after closing;
▪ The transfer all of Resolute's exploration permits in Guinea to AngloGold (which is subject to government approval); should the transfer not be completed within 18 months from signing Resolute will pay $25.0 million to AngloGold in lieu of the transfer, and
▪ The deferred consideration also includes a 2% royalty over the ABC Project and $10.0 million contingent payment due upon the release of a Feasibility Study over the ABC Project that outlines a Mineral Reserve (JORC 2012) exceeding 1Moz of gold.
Note 9: Development assets and property, plant and equipment
At 30 June 2025, the Group's mine properties amount to $453.5 million (31 December 2024: $431.8 million). During the six-month period to 30 June 2025, further additions for development activities were made of $15.3 million.
Note 10: Financial liabilities
|
|
30 June 2025 |
31 December 2024 |
| $'000 |
$'000 |
|
| Financial liabilities (current) |
|
|
| Bank overdraft |
47,746 |
34,202 |
| Borrowings |
96 |
213 |
| Total current liabilities |
47,842 |
34,415 |
| Financial liabilities (non current) |
|
|
| Deferred considerarion1 |
109,275 |
- |
| Contingent consideration1 |
22,766 |
- |
| Other liabilities |
155 |
|
| Total liabilities |
180,038 |
34,415 |
1 Other liabilities relate to the deferred consideration and contingent consideration for the acquisition of the Doropo and ABC projects. The present value of the deferred consideration and contingent consideration amounts have been determined using a discount rate representing the Group's cost of debt.
Notes to the Financial Statements
Note 11: Provisions
|
|
30 June 2025 |
31 December 2024 |
|
|
$'000 |
$'000 |
| Current |
|
|
| Site restoration |
2,405 |
2,215 |
| Employee entitlements |
6,825 |
10,639 |
| Dividend payable |
11,733 |
5,567 |
| Other provisions |
5,116 |
2,434 |
| Total provisions (current) |
26,079 |
20,855 |
|
|
|
|
| Non Current |
|
|
| Site restoration |
98,518 |
92,204 |
| Employee entitlements |
- |
195 |
| Total provisions (non current) |
98,518 |
92,399 |
Note 12: Events occurring after the balance sheet date
There were no subsequent events post the balance sheet date.
Directors' Declaration
In the opinion of the directors:
1) the financial statements and notes are in accordance with the Corporations Act 2001, including:
(a) complying with Accounting Standard AASB 134 Interim Financial Reporting, the Corporations Regulations 2001; and
(b) giving a true and fair view of the Group's financial position as at 30 June 2025 and of its performance, as required by Accounting Standards, for the half year ended on that date.
2) there are reasonable grounds to believe that the Group will be able to pay its debts as and when they become due and payable.
This declaration has been made in accordance with a resolution of the directors.
Chris Eger
Managing Director & CEO
Perth, Western Australia
22 August 2025
9 The Esplanade
Perth WA 6000 Australia
GPO Box M939 Perth WA 6843
Tel: +61 8 9429 2222
Fax: +61 8 9429 2436
ey.com/au
Independent auditor's review report to the members of Resolute Mining Limited
Conclusion
We have reviewed the accompanying half‑year financial report of Resolute Mining Limited (the Company) and its subsidiaries (collectively the Group), which comprises the consolidated statement of financial position as at 30 June 2025, the consolidated statement of comprehensive income, consolidated statement of changes in equity and the consolidated cash flow statement for the half‑year ended on that date, notes comprising a statement of accounting policies and other explanatory information, and the directors' declaration.
Based on our review, which is not an audit, we have not become aware of any matter that makes us believe that the half‑year financial report of the Group does not comply with the Corporations Act 2001, including:
(a) Giving a true and fair view of the consolidated financial position of the Group as at 30 June 2025 and of its consolidated financial performance for the half‑year ended on that date; and
(b) Complying with Accounting Standard AASB 134 Interim Financial Reporting and the Corporations Regulations 2001.
Basis for conclusion
We conducted our review in accordance with ASRE 2410 Review of a Financial Report Performed by the Independent Auditor of the Entity (ASRE 2410) and ISRE 2410 Review of Interim Financial Information Performed by the Independent Auditor of the Entity (ISRE 2410). Our responsibilities are further described in the Auditor's responsibilities for the review of the half-year financial report section of our report. We are independent of the Group in accordance with the auditor independence requirements of the Corporations Act 2001 and the ethical requirements of the Accounting Professional and Ethical Standards Board's APES 110 Code of Ethics for Professional Accountants (including Independence Standards) (the Code) that are relevant to our audit of the annual financial report in Australia. We have also fulfilled our other ethical responsibilities in accordance with the Code.
Directors' responsibilities for the half-year financial report
The directors of the Company are responsible for the preparation of the half‑year financial report that gives a true and fair view in accordance with Australian Accounting Standards and the Corporations Act 2001 and for such internal control as the directors determine is necessary to enable the preparation of the half‑year financial report that gives a true and fair view and is free from material misstatement, whether due to fraud or error.
Auditor's responsibilities for the review of the half-year financial report
Our responsibility is to express a conclusion on the half‑year financial report based on our review. ASRE 2410 and ISRE 2410 require us to conclude whether we have become aware of any matter that makes us believe that the half‑year financial report is not in accordance with the Corporations Act 2001 including giving a true and fair view of the Group's financial position as at 30 June 2025 and its performance for the half‑year ended on that date, and complying with Accounting Standard AASB 134 Interim Financial Reporting and the Corporations Regulations 2001.
A review of a half‑year financial report consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Australian Auditing Standards or International Standards on Auditing issued by the International Auditing and Assurance Standards Board and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
Ernst & Young
Philip Teale
Partner Perth
22 August 2025
[1] Net cash and bullion is made up of cash of $96.2 million plus bullion of $61.5 million at fair value less gross debt of $47.8 million.
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