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Introduction & Market Context
Resolute Mining Ltd (ASX/LSE:RSG) released its Q2 2025 Activities Report on July 29, showcasing solid operational performance while maintaining a strong cash position. The gold miner, which operates primarily in West Africa, poured 75,962 ounces of gold during the quarter at an All-in Sustaining Cost (AISC) of $1,668 per ounce.
The company’s shares closed at 0.625 prior to the release, down 1.57% in the session, but remain closer to the upper end of their 52-week range of 0.34-0.89, reflecting investor confidence in the company’s strategic direction and operational execution.
As shown in the following quarterly highlights summary:
Quarterly Performance Highlights
Resolute’s Q2 performance was characterized by steady production across its operations, with particularly strong results from its Mako mine in Senegal. The company ended the quarter with a net cash position of $110.4 million, bolstered by operating cash flow of $84.6 million for the quarter and $160 million for the first half of 2025.
The company’s flagship Syama mine in Mali produced 41,024 ounces at an AISC of $2,134 per ounce. Production was affected by explosive supply issues that impacted underground operations. The mine is on track to meet its 2025 guidance of 150-160,000 ounces, though management indicated it’s trending toward the lower end of this range.
The following slide details Syama’s performance breakdown between sulphide and oxide operations:
Meanwhile, the Mako mine in Senegal delivered 34,938 ounces at a significantly lower AISC of $972 per ounce. Open pit mining activities at Mako concluded in June, with processing of stockpiles set to commence in the second half of the year. Management noted that Q1 gold production exceeded expectations and that the mine is tracking toward the upper end of its 2025 guidance of 80-90,000 ounces.
The following slide provides a comprehensive overview of Mako’s performance:
Financial Position
Resolute’s financial position strengthened during the first half of 2025, with EBITDA of $211.2 million and a cash flow waterfall that illustrates the company’s effective capital allocation strategy. Despite significant capital expenditures of $57.3 million and a $25 million acquisition payment for the Doropo and ABC projects in Côte d’Ivoire, the company increased its cash and bullion position from $101.3 million on January 1 to $157.2 million by June 30.
The following cash flow summary provides a clear picture of Resolute’s financial movements during H1 2025:
Management confirmed that capital expenditure and exploration spending remain in line with guidance of $109-126 million for the year. The company also noted a working capital inflow of $10.6 million due to decreased stockpile balances.
Strategic Initiatives
Resolute continues to advance its geographical diversification strategy across West Africa, with a portfolio that now spans Mali, Senegal, Guinea, and Côte d’Ivoire. The company’s asset base includes operating mines, development projects, and exploration properties with a combined resource base of 17 million ounces.
The following map illustrates Resolute’s diversified asset portfolio across West Africa:
A key strategic focus is the Doropo Project in Côte d’Ivoire, which Resolute acquired in Q2. The project boasts reserves of 1.88 million ounces at 1.53g/t and has strong government support. CEO Chris Eger met with the Prime Minister and Minister of Mines during the quarter, and the company has appointed Rob Cicchini as Project Director to lead development efforts.
The following slide outlines the Doropo project timeline and key activities:
Another significant initiative is the Syama Sulphide Conversion Project in Mali, which remains on schedule with CCIL (Carbon-in-Leach) and flotation circuits targeted for completion in 2025. The project has maintained an impressive safety record with no lost time injuries after approximately 720,000 person-hours worked through the end of June. The commissioning of these circuits in H2 2025 will allow for processing of high-grade sulphide ore through the oxide circuit, potentially improving recoveries and production.
Forward-Looking Statements
Resolute confirmed it remains on track to meet its full-year 2025 production guidance of 275,000-300,000 ounces at an AISC of $1,650-1,750 per ounce. The company has outlined a growth pathway targeting annual production of over 500,000 ounces by 2028, supported by its development projects in Côte d’Ivoire and Senegal.
Exploration activities continue across all regions, with $1.3 million spent in Mali, $3.9 million in Senegal, and $2.9 million in Côte d’Ivoire during Q2. The company is particularly focused on the Tomboronkoto and Bantaco projects in Senegal, with mining at Tomboronkoto targeted for 2028 and an initial Mineral Resource Estimate at Bantaco totaling 266,000 ounces of contained gold.
The following summary slide captures Resolute’s strategic direction and near-term outlook:
Management emphasized its commitment to geographical diversification and advancing strategic initiatives across its portfolio. With a solid production base, strong cash position, and clear development pipeline, Resolute appears well-positioned to execute its growth strategy in the coming years, though success will depend on effective project execution and stable gold prices.
Full presentation:
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