TIDMRSG
RNS Number : 3950H
Resolute Mining Limited
27 July 2023
27 July 2023
Quarterly Activities Report
For the Quarter ending 30 June 2023 ('Q2 2023', 'June Quarter'
or 'the Quarter')
Highlights
-- Total Recordable Injury Frequency Rate (TRIFR) decreased to 0.79 from 0.85 in Q1 2023.
-- Quarterly production (gold poured) of 84,372 ounces (oz) (Q1 2023: 92,259oz).
-- All-In Sustaining Cost (AISC) of $1,489/oz in Q2 2023, a 2%
increase from the March Quarter mainly due to a reduction in gold
poured.
-- Quarterly gold sales of 84,907oz at an average realised gold
price of $1,922/oz (Q1 2023: 88,151oz at an average realised gold
price of $1,890/oz).
-- Cash generation of $17.3 million excluding interest payments and working capital movements.
-- Quarterly capital expenditure of $18.6 million with
non-sustaining capital of $9.1 million, sustaining capital
expenditure of $8.5 million, and exploration spend of $1.0
million.
-- Net Debt of $17.2 million (down 14% from $19.9 million in
Q1), including Cash and Bullion of $85.7 million. Available
liquidity (Cash, Bullion and undrawn RCF) of $165.7 million.
-- Board approval of the Syama Phase I Expansion, previously
referred to as the Syama North Pre-Feasibility Study (PFS), is
expected to increase Syama production to over 250,000oz per annum
(pa) with up to a $200/oz reduction in AISC.
-- The Plant expansion of the Syama Phase I Expansion is a
low-capital cost option ($52 million) to modify the Oxide Plant to
treat sulphide ore to realise increased margins while maintaining
the ability to switch back to treat oxide ores.
-- Syama Phase I Expansion is expected to be funded from
existing cash flows with construction expected to commence in 2024
and commissioning due in H1 2025.
-- On track for full year guidance for 2023 of 350,000oz at an
AISC of $1,480/oz while tracking below the total capex guidance of
$88.0 million.
Note: Unless otherwise stated, all dollar figures are United
States dollars ($).
Resolute Mining Limited (Resolute, the Company or the Group)
(ASX/LSE: RSG), the African gold producer, developer, and explorer,
with operations in Mali and Senegal, is pleased to present its
Quarterly Activities Report for the period ended 30 June 2023.
Terry Holohan, CEO and Managing Director, commented,
"It has been another stable Quarter for Resolute across all
three of its mines (Syama Oxide, Syama Sulphide and Mako) as we
continue to track in line with our reporting guidance on
production, cost, and capital. Importantly, we expect to end the
year meeting all our guided targets.
We ended the Quarter with 84,372oz of gold poured and an AISC of
$1,489/oz which was in line with our expectations. Despite the
reduction in gold production this Quarter, our AISC per ounce
poured increased only 2% as our promised focus on sustainably
reducing costs across the group started to pick up momentum.
It is pleasing to review our key statistics of tonnes mined and
processed, ore grades (despite the mining of a medium grade section
of Mako ore) and net debt, from H1 2023 in comparison to the H1
2022 numbers. This demonstrates Resolute's progress in such a short
space of time, ensuring the Company is well placed to grow even
further.
Furthermore, the Syama Phase I Expansion study has also
continued to progress as expected. The expansion of the Syama
plant, based upon the initial maiden Ore Reserve from Syama North,
is proving to require a low capital outlay while significantly
increasing production and shareholder value over the life of
mine.
Exploration continues to focus on Syama North and unlocking
future potential for our flagship asset. Lastly, our focus remains
in H2 2023 on reducing costs sustainably across the Resolute Group,
whilst increasing production - specifically at Syama - with many
initiatives ongoing."
Investor and analyst conference call
Resolute will host a conference call for investors, analysts,
and media on Thursday, 27 July 2023, to discuss the Company's
Quarterly Activities Report for the period ending 30 June 2023.
This call will conclude with a question-and-answer session.
Conference Call (pre-registration required)
Conference Call: 5:30pm (AEST, Sydney) / 8:30am (BST,
London)
Pre-Registration Link:
https://s1.c-conf.com/diamondpass/10032408-7gdb5.html
Participants will receive a calendar invite with dial-in details
once the pre-registration process is complete.
A presentation, to accompany the call, will be available for
download on the Company's website:
https://www.rml.com.au/investors/presentations/ .
Environmental Social Governance
Resolute's TRIFR as at 30 June 2023 was 0.79, a decrease
compared to the previous Quarter. Resolute recorded no significant
environmental incidents, regulatory non-compliances, or grievances
in H1 2023. We were successfully audited against the Responsible
Gold Mining Principles at both Mako and Syama in Q2. The
Responsible Gold Mining Principles Year 3 final audit is ongoing
with a site visit to Mako in July and full 100% compliance
anticipated by the end of Q3. We are also actively engaging with
ESG Rating agencies to improve the Company's ratings over 2023.
Ore volumes mined decreased by 17% to 523kt with the mined grade
further increasing to 2.88g/t from 2.86g/t. The decrease in mined
ore was due to ongoing underground development with the aim to
provide improved access to high grade areas for the remainder of
the year.
Ore processed was comparable with the previous Quarter with the
processing grade decreasing from 2.99g/t to 2.91g/t with
preferential ore blending delivered from the underground. The 6%
decrease in gold poured to 38,589oz was due to a decrease in
throughput mainly due to breakdowns of the tertiary crushers in May
2023. These crushers have been scheduled for replacement in H2 2023
(lead times of 18 months) with more reliable models.
Capital expenditure was $9.0 million for the Quarter, an
increase of $1.0 million from the previous Quarter. The expenditure
in the Quarter was made up of $4.6 million of capital items, namely
pump replacements for the upcoming rainy season as well as
replacement parts for the tertiary crushers and other mechanical
parts. Additionally, the sulphide operation incurred $3.4 million
of capitalised waste and $1.0 million of exploration costs.
AISC decreased slightly from $1,389/oz to $1,373/oz despite the
reduction in gold poured. This is due to the reduction in royalties
associated with the decrease in gold sold, as well as a reduction
in sustaining capital expenditure in the Quarter compared to Q1
2023.
The oxide operations produced 15,544oz, a decrease of 11%
compared to the prior Quarter. The decrease was mainly due to a
decrease in recovery which was driven by a high organic carbon
content in the mill feed - the mining of this ore was immediately
curtailed. Ore tonnes mined decreased by 4% as there was a focus on
stripping and grade control drilling in the A21 pit. Ore processed
was in line with the first Quarter, with head grade also consistent
at 1.54g/t compared to 1.56g/t in Q1.
Capital expenditure remained at $3.6 million in comparison to
the prior Quarter and was made up entirely of capitalised waste.
AISC increased by 14% from $1,659/oz to $1,892/oz mainly due to the
volume effect of the 11% decrease in gold poured in comparison to
the first Quarter as well as an increase to processing costs
associated with higher power cost and A21 activities in readiness
to mine.
Ore mined at Mako decreased from the March Quarter as mining
operations focused on waste capitalisation to expose higher grade
ore for the coming Quarter. The mined grade decreased 10%, as
expected, due to the medium grade section of the ore body to be
mined over two Quarters (Q2 & Q3) of this year and the focus on
mining waste.
Ore tonnes processed increased by 9% in the Quarter to 546kt
from 501kt and throughput increased 9% as the SAG mill reline was
deferred to Q3 2023. Head grade decreased to 1.91g/t from 2.26g/t
in Q1 2023 due to lower availability of high-grade material for the
period as expected.
Capital expenditure of $6.0 million in the Quarter remained
consistent with previous Quarter. The spend in the Quarter was
mainly due to $4.8 million in capitalised waste incurred due to the
previously mentioned ongoing focus to expose ore in coming
Quarters. In addition to this, $1.1 million was spent in relation
to the power station acquired in the prior Quarter.
AISC increased marginally to $1,311/oz from $1,307/oz in the
previous Quarter despite the reduction in gold poured. This was due
to a reduction in freight, power, and labour costs, along with the
reduction in royalty expense associated with the reduction in gold
sold, as the cost initiatives start to take effect.
Exploration
Total exploration spend for the June Quarter was $4.5 million
(made up of $1.0 million of capital and $3.5 million of exploration
expense) with most of the focus on Syama North.
As previously reported, an updated Mineral Resource Estimate
(MRE) for Syama North was announced on 19 January 2023 with an
increase to 34 million tonnes at 2.9g/t Au for 3.18 million
ounces.
During the June Quarter, the infill drilling program at Syama
North which commenced in early 2023 continued with the strategy of
converting inferred resources to indicated category. This program
was completed in late June and after the return of analytical
results, the MRE will be updated. Resolute is expected to provide
an updated Mineral Resource model for Syama North during Q3 2023
which will further feed and optimise the Syama Phase I Expansion
study.
Diamond drilling continues at Syama North with the focus on
expanding the Mineral Resource following the recent completion of
the in-fill drilling for Ore Reserves, as the deposit remains open
along strike and down dip.
Oxide Mineral Resource exploration has been ongoing throughout
2023 at Syama with Reverse Circulation (RC) drilling on several
newly identified targets. This program will continue for the
remainder of 2023.
Exploration activities continued in Senegal with drilling
programs carried out on the Petowal Mining Lease and the Laminia
Joint Venture which is located 10km east of Petowal.
In Guinea, surface exploration programs undertaken in the past
two years have identified a strong gold anomaly in the western
portion of the Niagassola Research Permit which is now named the
Mansala prospect. During the Quarter exploration RC drilling at the
Mansala Prospect intersected encouraging gold mineralisation in
several holes over a strike length of one kilometre. Drilling
continues, and a more detailed report will be announced in Q3
2023.
Syama Phase I Expansion
The Syama Phase I Expansion (the Project) is what was previously
referred to as the Syama North PFS. The maiden Ore Reserve for the
Syama North Sulphide deposits were published early this year and
formed the basis for the expanded Sulphide processing capacity. The
plant expansion is set to go ahead as the board has approved the
funding for the long lead items.
The overall objective is to increase the production profile of
Syama to over 250koz per annum and reduce the cost profile by up to
$200/oz. This will be achieved by modifications to the oxide
comminution circuit to enable it to process sulphide ore increasing
overall sulphide processing capacity at Syama by 60% from 2.4Mtpa
to 4.0Mtpa.
The changes to the plant will enable overall concentrate
production to be higher than the roasting circuit can process, and
the excess concentrate will be stored in ponds to be reclaimed and
treated while the comminution circuit is treating oxide ores. The
flexibility of excess concentrate production is a key focus of the
Project, which will allow calcine production at full roaster
throughput capacity (the roaster presently having about 130%
throughput capacity of the present sulphide comminution circuitry),
when the modified comminution circuit is switched to treat Oxide
ore, but also provides concentrate inventory to continue calcine
production if one of the flotation circuits were not available.
When the modified Oxide comminution circuit is switched to treat
Oxide ore from Syama North or from future discoveries, the
resulting Oxide slurry will be leached in the existing Oxide
carbon-in-leach circuit.
Assessments are also being carried out, as part of a Syama Phase
II Expansion study, to further increase the roasting circuit
throughput with lower capital options than those initially
anticipated. The addition of oxygen to manage the next phase of
expanded throughput capacity remains an option for the roasting
circuit. The current Sulphide ore production mix for the modified
comminution circuit comprises of the majority of ore being fed from
Syama North open pit mining operations, but then supplemented by
ore fed from the Syama underground mine and existing stockpiles. A
low capital option has been recognised and proposed to sustainably
increase production from the Syama underground mine from its'
present nominal 2.4Mtpa (original design 2.1Mtpa), to a nominal
2.8Mtpa, by simply increasing the mining fleet.
Overall, these significant changes to the mine plan will give
the operations the desired large degrees of flexibility going
forward.
Process Plant Modifications
Modifications to the Oxide comminution circuit include the
addition of a:
-- secondary cone crusher and crushed ore stockpile downstream
of the existing primary jaw crusher
-- pebble crushing circuit to the existing SAG mill
-- a variable speed motor for the SAG mill
-- a new ball mill downstream of the SAG mill
Syama Phase I Expansion has a revised plant capital expenditure
of $52 million (based on today's cost profile), an increase from
the previous $40-50 million guidance due to revised cost estimates,
customs and duties, new scope for water storage and increased
contingency of 20%. Long lead items will be ordered from Q3 2023
onwards include secondary and pebble crushers, ball mill, flash
flotation units, flotation plant and blower, SAG mill variable
speed drive. The spending, expected to be funded from existing cash
flows, is estimated to be spread approximately 15%, 75% and 10%
over H2 2023, 2024 and 2025 respectively.
A new flotation will also be added downstream from the modified
comminution circuit to produce concentrate when the circuit treats
sulphide ore. The concentrate from this modified comminution
circuit and the concentrate from the existing Sulphide flotation
circuit will be blended and treated in the existing roasting
circuit to produce calcine, which will be leached in the existing
calcine carbon-in-leach (CCIL) circuit. The CCIL circuit will be
expanded with an additional two tanks.
Initial Financial and Operational Impact
Internal modelling shows that gold production at Syama will
increase to over 250 koz per annum from H2 2025 and AISC is reduced
up to $200/oz. The primary reasons for this cost reduction are from
the higher-grade open pit sulphide ounces being processed from
Syama North (approx. 2.7g/t), economies of scale on the fixed cost
base and a reduction in the average annual sustaining capital
expenditure over the life of mine.
Progress to Date and Next Steps
During the Quarter, mine and process design was completed, and
the first draft operational and capital cost estimates were
prepared. Furthermore, all geotechnical drilling within the open
pit designs was completed and these results are still expected in
August 2023.
Key activities during the third Quarter of 2023 include the
following:
-- Commence further confirmatory metallurgical test work on Syama North Sulphide Ore
-- Re-run the study model to include the Syama North areas
recently upgraded from Inferred to Indicated
-- Continue infill drilling to increase the Ore Reserves at Syama North
-- Investigation of opportunities to accelerate the Project
Schedule, for example commencement of front-end engineering design
and early procurement of long lead time equipment
-- Optimising the production mix, mine design and mine schedule
to maximise cash flow over the project life
M anagement is initiating work/studies in developing a Phase II
expansion of Syama targeting annual gold production in excess of
400koz in order to capitalize on the significant Mineral Resource
at Syama.
Corporate
Quarterly Cash and Bullion Movements
(*Included in Operating Cash flows are $4.5 million of
royalties, $5.8 million of VAT and taxes, and movements in
Bullion.)
Chart 1: Quarterly Cash and Bullion Movements
The average realised gold price achieved for the Quarter was
$1,922/oz which was below the average spot price of $1,975/oz.
Balance sheet
Net debt decreased by $2.7 million to $17.2 million at 30 June
2023. Available liquidity of $165.7 million ($155.8 million in
prior Quarter) including cash of $65.7 million, bullion of $20.0
million, and undrawn RCF of $80.0 million. Total borrowings at 30
June 2023 were $103.0 million, comprising $50.0 million on the Term
Loan Facility and $51.2 million and $1.8 million on the overdraft
facilities in Mali and Senegal, respectively.
As well as the above, the Company has in place 12,000oz of zero
cost collars maturing in the March 2024 Quarter. These comprise put
options at an average strike price of $1,600/oz and call options
with an average strike price of $1,873/oz.
Resolute maintains a policy of discretionary hedging in
compliance with its funding obligations, requiring a minimum of 30%
of the next nine months of forecast production to be hedged.
About Resolute
Resolute Mining (ASX/LSE: RSG) is an African gold miner,
developer, and explorer with more than 30 years of experience
across Australia and Africa. To date the Company has produced over
nine million ounces of gold. It currently operates the Syama Gold
Mine in Mali and the Mako Gold Mine in Senegal. Resolute's gold
production and cost guidance for 2023 is 350,000oz at an AISC of
$1,480/oz.
Through all its activities, sustainability is the core value at
Resolute. This means that protecting the environment, providing a
safe and productive working environment for employees, uplifting
host communities, and practicing good corporate governance are
non-negotiable priorities. Resolute's commitment to sustainability
and good corporate citizenship has been cemented through its
adoption of and adherence to the Responsible Gold Mining Principles
(RGMPs). This framework, which sets out clear expectations for
consumers, investors, and the gold supply chain as to what
constitutes responsible gold mining, is an initiative of the World
Gold Council of which Resolute has been a full member since 2017.
The Company is on track to reach full compliance with these RGMPs
in 2023.
Appendix
June 2023 Quarter Production and Costs (unaudited)
Units Syama Syama Syama Mako Group
sulphide oxide Total Total
UG Lateral Development m 1,055 - 1,055 - 1,055
------- ---------- ----------- ----------- ----------- -----------
UG Vertical Development m 20 - 20 - 20
------- ---------- ----------- ----------- ----------- -----------
Total UG Development m 1,076 - 1,076 - 1,076
------- ---------- ----------- ----------- ----------- -----------
UG Ore Mined t 523,244 - 523,244 - 523,244
------- ---------- ----------- ----------- ----------- -----------
UG Grade Mined g/t 2.88 - 2.88 - 2.88
------- ---------- ----------- ----------- ----------- -----------
OP Operating Waste BCM - 1,989,268 1,989,268 1,935,555 3,924,823
------- ---------- ----------- ----------- ----------- -----------
OP Ore Mined BCM - 237,365 237,365 196,681 434,046
------- ---------- ----------- ----------- ----------- -----------
OP Grade Mined g/t - 1.55 1.55 1.80 1.66
------- ---------- ----------- ----------- ----------- -----------
Total Ore Mined t 523,244 477,016 1,000,260 558,978 1,559,238
------- ---------- ----------- ----------- ----------- -----------
Total Tonnes Processed t 525,908 388,646 914,554 546,518 1,461,072
------- ---------- ----------- ----------- ----------- -----------
Grade Processed g/t 2.91 1.54 2.32 1.94 2.18
------- ---------- ----------- ----------- ----------- -----------
Recovery % 79.2 80.6 79.8 91.8 84.3
------- ---------- ----------- ----------- ----------- -----------
Gold Recovered oz 38,929 15,374 54,303 31,281 85,584
------- ---------- ----------- ----------- ----------- -----------
Gold in Circuit Drawdown/(Addition) oz (340) 170 (170) (1,042) (1,212)
------- ---------- ----------- ----------- ----------- -----------
Gold Poured oz 38,589 15,544 54,133 30,239 84,372
------- ---------- ----------- ----------- ----------- -----------
Gold Bullion in Metal
Account Movement (Increase)/Decrease oz (994) (928) (1,922) 2,456 534
------- ---------- ----------- ----------- ----------- -----------
Gold Sold oz 37,595 14,617 52,212 32,695 84,907
------- ---------- ----------- ----------- ----------- -----------
Achieved Gold Price $/oz - - - - 1,922
------- ---------- ----------- ----------- ----------- -----------
Mining $/oz 470 581 502 708 575
------- ---------- ----------- ----------- ----------- -----------
Processing $/oz 522 619 550 396 495
------- ---------- ----------- ----------- ----------- -----------
Site Administration $/oz 159 293 198 123 171
------- ---------- ----------- ----------- ----------- -----------
Site Operating Costs $/oz 1,151 1,493 1,250 1,227 1,241
------- ---------- ----------- ----------- ----------- -----------
Royalties $/oz 109 110 109 107 111
------- ---------- ----------- ----------- ----------- -----------
By-Product Credits
+ Corp Admin $/oz (3) (3) (3) - 39
------- ---------- ----------- ----------- ----------- -----------
Total Cash Operating
Costs $/oz 1,257 1,600 1,356 1,334 1,391
------- ---------- ----------- ----------- ----------- -----------
Sustaining Capital $/oz 114 232 147 - 95
------- ---------- ----------- ----------- ----------- -----------
Non-cash adjustments $/oz 2 60 19 (23) 3
------- ---------- ----------- ----------- ----------- -----------
All-In Sustaining Cost
(AISC)
AISC is calculated
on gold poured $/oz 1,373 1,892 1,522 1,311 1,489
------- ---------- ----------- ----------- ----------- -----------
Year-to-date 2023 Production and Costs (unaudited)
Units Syama Syama Syama Mako Group
sulphide oxide Total Total
UG Lateral Development m 2,191 - 2,191 - 2,191
------- ----------- ----------- ----------- ----------- -----------
UG Vertical Development m 20 - 20 - 20
------- ----------- ----------- ----------- ----------- -----------
Total UG Development m 2,211 - 2,211 - 2,211
------- ----------- ----------- ----------- ----------- -----------
UG Ore Mined t 1,153,689 - 1,153,689 - 1,153,689
------- ----------- ----------- ----------- ----------- -----------
UG Grade Mined g/t 2.87 - 2.87 - 2.87
------- ----------- ----------- ----------- ----------- -----------
OP Operating Waste BCM - 3,932,837 3,932,837 3,765,640 7,698,477
------- ----------- ----------- ----------- ----------- -----------
OP Ore Mined BCM - 470,994 470,994 472,184 943,178
------- ----------- ----------- ----------- ----------- -----------
OP Grade Mined g/t - 1.69 1.69 1.91 1.80
------- ----------- ----------- ----------- ----------- -----------
Total Ore Mined t 1,153,689 972,309 2,125,998 1,334,922 3,460,920
------- ----------- ----------- ----------- ----------- -----------
Total Tonnes Processed t 1,074,980 809,849 1,884,829 1,047,790 2,932,619
------- ----------- ----------- ----------- ----------- -----------
Grade Processed g/t 2.94 1.55 2.34 2.09 2.25
------- ----------- ----------- ----------- ----------- -----------
Recovery % 79.2 82.9 80.7 92.0 84.8
------- ----------- ----------- ----------- ----------- -----------
Gold Recovered oz 80,505 33,327 113,832 64,963 178,795
------- ----------- ----------- ----------- ----------- -----------
Gold in Circuit Drawdown/(Addition) oz (775) (271) (1,046) (1,120) (2,166)
------- ----------- ----------- ----------- ----------- -----------
Gold Poured oz 79,731 33,056 112,787 63,843 176,630
------- ----------- ----------- ----------- ----------- -----------
Gold Bullion in Metal
Account Movement (Increase)/Decrease oz (1,909) (986) (2,895) (677) (3,572)
------- ----------- ----------- ----------- ----------- -----------
Gold Sold oz 77,821 32,071 109,892 63,166 173,058
------- ----------- ----------- ----------- ----------- -----------
Achieved Gold Price $/oz - - - - 1,906
------- ----------- ----------- ----------- ----------- -----------
Mining $/oz 489 561 510 719 586
------- ----------- ----------- ----------- ----------- -----------
Processing $/oz 517 602 542 396 489
------- ----------- ----------- ----------- ----------- -----------
Site Administration $/oz 155 297 197 119 169
------- ----------- ----------- ----------- ----------- -----------
Site Operating Costs $/oz 1,161 1,460 1,249 1,234 1,244
------- ----------- ----------- ----------- ----------- -----------
Royalties $/oz 111 109 110 95 107
------- ----------- ----------- ----------- ----------- -----------
By-Product Credits
+ Corp Admin $/oz (3) (3) (3) - 38
------- ----------- ----------- ----------- ----------- -----------
Total Cash Operating
Costs $/oz 1,269 1,566 1,356 1,329 1,389
------- ----------- ----------- ----------- ----------- -----------
Sustaining Capital $/oz 103 218 137 3 88
------- ----------- ----------- ----------- ----------- -----------
Non-cash adjustments $/oz 9 (17) 1 (24) (8)
------- ----------- ----------- ----------- ----------- -----------
All-In Sustaining Cost
(AISC)
AISC is calculated
on gold poured $/oz 1,381 1,767 1,494 1,308 1,469
------- ----------- ----------- ----------- ----------- -----------
ASX Listing Rule 5.23 Mineral Resources
This announcement contains estimates of Resolute's mineral
resources. The information in this Quarterly that relates to the
mineral resources of Resolute has been extracted from reports
entitled 'Over Three Moz Mineral Resource at Syama North' announced
on 19 January 2023 and is available to view on Resolute's website
(www.rml.com.au) and www.asx.com (Resolute Announcement).
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 Resolute Announcement and,
in relation to the estimates of Resolute's ore reserves and mineral
resources, that all material assumptions and technical parameters
underpinning the estimates in the Resolute 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 that
announcement.
ASX Listing Rule 5.18 Production Targets
The information in this announcement that relates to production
targets of Resolute has been in relation to an operating mine
underpinned solely by ore reserves and measured mineral resources
from reports entitled 'Increases in Mineral Resources and Ore
Reserves from Exploration Success' announced on 8 March 2023 and is
available to view on the Company's website (www.rml.com.au) and
www.asx.com.
Cautionary Statement about Forward-Looking Statements
This announcement contains certain "forward-looking statements"
including statements regarding our intent, belief, or current
expectations with respect to Resolute's business and operations,
market conditions, results of operations and financial condition,
and risk management practices. The words "likely", "expect", "aim",
"should", "could", "may", "anticipate", "predict", "believe",
"plan", "forecast" and other similar expressions are intended to
identify forward-looking statements. Indications of, and guidance
on, future earnings, anticipated production, life of mine and
financial position and performance are also forward-looking
statements. These forward-looking statements involve known and
unknown risks, uncertainties and other factors that may cause
Resolute's actual results, performance and achievements or industry
results to differ materially from any future results, performance
or achievements, or industry results, expressed or implied by these
forward-looking statements. Relevant factors may include (but are
not limited to) changes in commodity prices, foreign exchange
fluctuations and general economic conditions, increased costs and
demand for production inputs, the speculative nature of exploration
and project development, including the risks of obtaining necessary
licences and permits and diminishing quantities or grades of
reserves, political and social risks, changes to the regulatory
framework within which Resolute operates or may in the future
operate, environmental conditions including extreme weather
conditions, recruitment and retention of personnel, industrial
relations issues and litigation.
Forward-looking statements are based on Resolute's good faith
assumptions as to the financial, market, regulatory and other
relevant environments that will exist and affect Resolute's
business and operations in the future. Resolute does not give any
assurance that the assumptions will prove to be correct. There may
be other factors that could cause actual results or events not to
be as anticipated, and many events are beyond the reasonable
control of Resolute. Readers are cautioned not to place undue
reliance on forward-looking statements, particularly in the
significantly volatile and uncertain current economic climate.
Forward-looking statements in this document speak only at the date
of issue. Except as required by applicable laws or regulations,
Resolute does not undertake any obligation to publicly update or
revise any of the forward-looking statements or to advise of any
change in assumptions on which any such statement is based. Except
for statutory liability which cannot be excluded, each of Resolute,
its officers, employees and advisors expressly disclaim any
responsibility for the accuracy or completeness of the material
contained in these forward-looking statements and excludes all
liability whatsoever (including in negligence) for any loss or
damage which may be suffered by any person as a consequence of any
information in forward-looking statements or any error or
omission.
Authorised by Mr Terry Holohan, Managing Director and Chief
Executive Officer
Contact
Resolute Public Relations
Matthias O'Toole Howes, Jos Simson / Emily Moss, Tavistock
Corporate Development and Investor resolute@tavistock.co.uk
Relations Manager +44 207 920 3150 / +44 7788
Matthias.otoolehowes@resolutemining.com 554 035
Corporate Broker
Jennifer Lee, Berenberg
+44 20 3753 3040
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