TIDMRSG
RNS Number : 6976Q
Resolute Mining Limited
29 October 2021
29 October 2021
Resolute Mining Limited
(Resolute or the Company)
Quarterly Activities Report
for the period ended 30 September 2021
September Quarterly highlights
-- Total Recordable Injury Frequency Rate (TRIFR) of 1.26
consistent with the prior quarter and September 2020 quarter
-- Quarterly production (gold poured) of 76,336 ounces (oz) in line with the prior quarter
-- All-In Sustaining Cost (AISC) of $1,499/oz, impacted by
above-average rainfall at Syama, drawdown of higher cost stockpiles
and the planned cut-back at Mako
-- Gold sales of 89,326oz at an average realised gold price of
$1,738/oz compared to the average spot price of $1,791/oz
-- Sale of Bibiani Gold Mine completed for $90 million in cash
with an initial $30 million received
-- Cash and bullion of $41.6 million with net debt reduced to
$212.9 million, including net debt repayments of $53.6 million
during the quarter
-- Deferral of the planned major shutdown of the sulphide
processing circuit from October 2021 to February 2022
-- Outstanding drill results at Tabakoroni underground sulphide
and Syama North oxide support an expected increase in resources at
Tabakoroni and return to open-pit mining at Syama North in late
2021
-- Significant progress with on-site COVID-19 vaccination
program with double dose vaccination rates nearing 50% across
operations
-- 2021 production guidance maintained at 315,000oz to 340,000oz
at an AISC of $1,290/oz to $1,365/oz.
Resolute Mining Limited (Resolute or the Company) (ASX/LSE: RSG)
is pleased to present its Quarterly Activities Report for the
period ended 30 September 2021.
Group production was 76,336oz of gold, consistent with the June
quarter. A rolling TRIFR of 1.26 was maintained. Production was
affected by a wetter than expected September quarter at Syama, with
rainfall disrupting open pit mining and processing performance.
Production from Mako was in line with expectations as the planned
cut-back to expand and extend operations continued with lower
grades delivered to the plant during the September quarter. At both
sites, higher cost ore stockpiles were drawn down to supplement
mine production. Collectively this resulted in an increase in AISC
for the quarter to $1,499/oz. AISC guidance for the 2021 full year
remains unchanged.
Several projects were commissioned at the Syama sulphide
operations, including a transition to owner-operator of underground
development. Mining progressed at Tabakoroni, focusing on
pre-stripping and accessing higher-grade oxide ore. As noted above,
progress was hindered by the wet weather impacting pit access and
ore haulage.
The sale of the Bibiani Gold Mine in Ghana to Asante Gold
Corporation (Asante) was completed, with an initial $30 million
received and two further instalments of $30 million expected in
February and August 2022. Debt repayments of $53.6 million were
made during the quarter, with $30 million applied to the Revolving
Credit Facility (RCF) and $25 million paid on the amortising Term
Loan Facility
Operating Performance Snapshot
Resolute's group performance compared to the previous quarter
and prior comparable quarter is set out in the table below:
Group Summary Units September June 2021 Change September
2021 Quarter Quarter 2020 Quarter
Mining
Ore Mined t 1,427,109 1,554,097 (8%) 1,169,921
------- -------------- ---------- ------- --------------
Mined Grade g/t 1.91 2.03 (6%) 2.32
------- -------------- ---------- ------- --------------
Processing
Ore Processed t 1,416,368 1,456,921 (3%) 1,320,046
------- -------------- ---------- ------- --------------
Processed Grade g/t 1.91 2.00 (4%) 2.24
------- -------------- ---------- ------- --------------
Recovery % 86.1 85.3 1% 87.4
------- -------------- ---------- ------- --------------
Gold Recovered oz 74,066 79,318 (7%) 83,206
------- -------------- ---------- ------- --------------
Gold Poured (Produced) oz 76,336 77,450 (1%) 87,303
------- -------------- ---------- ------- --------------
Sales
Gold Sold oz 89,326 68,103 31% 90,900
------- -------------- ---------- ------- --------------
Average Realised
Price $/oz 1,738 1,714 1% 1,694
------- -------------- ---------- ------- --------------
Cost
All-In Sustaining
Cost (AISC) $/oz 1,499 1,319 (14%) 1,284
------- -------------- ---------- ------- --------------
Table 1 : Resolute Group Operational Performance Summary
Refer to the Appendix for a full summary of Resolute's
production and costs in the September 2021 quarter.
Health & Safety
Resolute's TRIFR at 30 September 2021 was 1.26, consistent with
the prior quarter of 1.24. The company is focused on a vaccination
campaign at both Syama and Mako with 1,597 employees and
contractors being fully vaccinated (double-dose), representing
approximately 42% of the workforce, with a further 300 having
received a single dose.
Resolute continues to manage strict COVID-19 protocols across
the Group to protect the health, safety and wellbeing of our people
and has not experienced any ongoing disruption to operations as a
result.
Syama, Mali
The Syama sulphide operations produced 34,206oz at an AISC of
$1,431/oz, while the oxide operations produced 13,095oz at an AISC
of $1,690/oz. Further details of these two operations are set out
below.
Syama Sulphide
Mining Processing Costs
Ore Grade Ore Grade Recovery Gold Poured (oz) AISC
Quarter (t) (g/t) (t) (g/t) (%) ($/oz)
---------- ------- ---------- ------- --------- ----------------- --------
March 2021 570,377 2.47 535,706 2.61 78.0 37,217 1,274
---------- ------- ---------- ------- --------- ----------------- --------
June 2021 700,368 2.33 557,755 2.43 77.7 33,463 1,339
---------- ------- ---------- ------- --------- ----------------- --------
September 2021 504,602 2.46 545,029 2.46 79.5 34,206 1,431
---------- ------- ---------- ------- --------- ----------------- --------
YTD 1,775,348 2.42 1,638,489 2.50 78.4 104,886 1,346
---------- ------- ---------- ------- --------- ----------------- --------
Table 2: Sulphide Production and Cost Summary
Sulphide operational performance continued to improve with gold
production up 2% on the June quarter, an increase in processing
head grades to 2.46g/t and improved recovery rates of 79.5%.
AISC was 6% higher than the June quarter, reflecting the planned
processing of ore stockpiles carried at a higher cost as operations
transitioned from contractor to owner-operator underground
development. Total cash costs inclusive of sustaining capital were
$1,392/oz, 10% lower than the June quarter, reflecting lower cash
mining costs.
The planned 36-day shutdown of the processing circuit has been
deferred from October 2021 to February 2022, based on current
condition monitoring and the consistent performance of the Roaster
during 2021 (see ASX Announcement dated 27 September 2021). A short
7-day shutdown is planned for late October 2021 to complete various
routine maintenance activities that are expected to further improve
the performance of the sulphide processing circuit.
The focus remains on implementing key systems and processes to
improve consistency, production and cost performance at Syama. Key
system improvements include:
-- Onstream Analyser installation to improve Roaster feed grades
with real-time process control over concentrate feed; and
-- Installation of floatation circuit cleaner cells has
commenced with final calibration and testing underway.
Syama Oxide
Mining Processing Costs
Ore Grade Ore Grade Recovery Gold Poured (oz) AISC
Quarter (t) (g/t) (t) (g/t) (%) ($/oz)
-------- ------- ---------- ------- --------- ----------------- --------
March 2021 339,550 2.08 339,625 1.58 86.5 15,508 1,302
-------- ------- ---------- ------- --------- ----------------- --------
June 2021 302,408 1.87 413,041 1.31 86.3 13,424 1,466
-------- ------- ---------- ------- --------- ----------------- --------
September 2021 289,026 1.82 332,707 1.19 88.0 13,095 1,690
-------- ------- ---------- ------- --------- ----------------- --------
YTD 930,984 1.93 1,085,373 1.36 86.9 42,027 1,476
-------- ------- ---------- ------- --------- ----------------- --------
Table 3: Oxide Production and Cost Summary
Oxide mining in the quarter concentrated on expanding the
Tabakoroni Splay pit, to allow access to improved oxide ore grades
for the remainder of 2021. Progress was affected by a wetter than
expected September quarter (17% higher than the average for the
preceding five years), disrupting mining, processing and haulage to
the mill, approximately 35km from Tabakoroni. Improved recoveries
of 88% in the September quarter partially offset the lower
grade.
AISC was significantly higher than the June quarter, reflecting
the impact of the stripping campaign, wet weather and the continued
blending of high-cost low-grade stockpiles.
The plan for the remainder of 2021 is to mine the Beta south
deposit in conjunction with Tabakoroni Splay. An expanded
exploration program at the Syama northern areas commenced, focusing
on oxide resource identification around historical targets at the
Beta, BA-01 and A21 open pits.
Mako, Senegal
Mako produced 29,035oz at an AISC of $1,355/oz during the
quarter, as detailed below:
Mining Processing Cost
Ore Grade Ore Grade Recovery Gold Poured (oz) AISC
Quarter (t) (g/t) (t) (g/t) (%) ($/oz)
---------- ------- ---------- ------- --------- ----------------- --------
March 2021 655,445 2.23 495,746 2.26 93.0 32,943 1,036
---------- ------- ---------- ------- --------- ----------------- --------
June 2021 551,321 1.72 486,125 2.09 93.2 30,563 1,094
---------- ------- ---------- ------- --------- ----------------- --------
September 2021 633,481 1.51 538,632 1.80 91.6 29,035 1,355
---------- ------- ---------- ------- --------- ----------------- --------
YTD 1,840,247 1.82 1,520,504 2.04 92.6 92,542 1,155
---------- ------- ---------- ------- --------- ----------------- --------
Table 4: Mako Production and Cost Summary
Operations at Mako continued steadily with the cut-back of the
main pit advancing ahead of schedule. Ore tonnes mined were up 15%
compared to the June quarter, reflecting progress on the cut-back.
As expected, grades for the quarter were 14% lower than the June
quarter as the pit moved through lower-grade ore. As the cut-back
concludes, higher grade ore will be exposed, resulting in a return
to higher grades, consistent with the life of mine plan.
Recoveries were marginally down on the June quarter reflecting
the lower head grade, and changes in the ore blend. Mill throughput
for the quarter of 538,632t was the second-highest at Mako under
Resolute's ownership (August 2019).
Further project work and fine-tuning of the MillSlicer continues
to provide real-time information to improve processing performance.
Work continues to commission the automation software that enhances
the MillSlicer system to further increase throughput and overall
plant optimisation.
Exploration
Total exploration expenditure for the September quarter was $3.7
million, with exploration programs continuing in Mali, Senegal, and
Guinea focused on near-mine exploration.
In Mali, the ongoing resource drilling program at Tabakoroni
Underground continues to deliver good results with high-grade
sulphide gold intersections from infill and extensional diamond
drilling. Drilling will continue and is expected to increase the
mineral resources, which will be re-estimated in late 2021. Oxide
exploration at Syama North also returned positive results from
shallow drilling, supporting the return to open-pit mining in late
2021. The results of these drilling programs were reported to the
market on 25 August 2021.
Bibiani Gold Mine, Ghana
Resolute announced in August the sale of the Bibiani Gold Mine
to Asante Gold Corporation (Asante) for $90 million in cash. The
first instalment of $30 million was received from Asante and
applied to the Company's Revolving Credit Facility, bringing
Resolute's total voluntary repayments in 2021 to $50 million. The
balance of sale proceeds is payable to Resolute in equal
instalments in February 2022 and August 2022.
Corporate
Cash, Bullion and Liquid Assets
Description September 2021 Quarter ($m) June 2021 Quarter ($m)
Cash 28.8 52.7
---------------------------- -----------------------
Bullion 12.8 36.1
---------------------------- -----------------------
Cash and Bullion 41.6 88.8
---------------------------- -----------------------
Promissory Note 39.4 40.4
---------------------------- -----------------------
Listed Investments 38.5 53.3
---------------------------- -----------------------
Total Cash, Bullion and Liquid Assets 119.5 182.5
---------------------------- -----------------------
Table 5: Total Cash, Bullion and Liquid Assets
The average gold price realised for the quarter was $1,738/oz
compared to the average spot price of $1,791/oz.
The key movements in cash and market value of bullion balances
during the quarter are summarised in Figure 1.
Please see image in the full version of the announcement at
www.rml.com.au
Figure 1: Quarterly Cash and Bullion Movements in US dollars
Balance Sheet
Cash and bullion balances at 30 September 2021 were $41.6
million, with key movements in this balance during the quarter set
out in Figure 1 above. Payment of annual dividends from Mako
commenced during the quarter with $2.4 million paid to the
Senegalese government (Senegalese government holds 10% of the Mako
mine) along with $5.8 million of withholding tax.
After taking into account cash and bullion balances, net debt
was reduced by $6.9 million to $212.9 million at 30 September 2021.
Total borrowings at 30 September 2021 were $254.5 million
comprising $225.0 million drawn on the Term Loan Facility and
Revolving Credit Facility, overdraft facilities with the Bank of
Mali of $27.9 million and asset finance facilities of $1.6
million.
Hedging
Resolute maintains a policy of undertaking discretionary hedging
in compliance with funding obligations, which require a minimum of
30% of the next 18 months of forecast production to be hedged. At
30 September 2021, a quarterly summary of forward sales commitments
is set out in the tables below:
US Dollar Forward Sales EURO Forward Sales
Forward Delivery Forward Delivery
Quarter Price ($/oz) (oz) Price (EUR/oz) (oz)
--------------- --------- ---------------- ---------
December 2021 $1,737 35,000 EUR 1,479 13,000
--------------- --------- ---------------- ---------
March 2022 $1,807 45,000 EUR 1,530 10,000
--------------- --------- ---------------- ---------
June 2022 $1,796 43,000 - -
--------------- --------- ---------------- ---------
Total $1,783 123,000 EUR1,501 23,000
--------------- --------- ---------------- ---------
Table 6: Committed Hedging Forward Sales in US dollars and
Euro
The Company also has in place 30,000oz of zero-cost collars in
2021 comprising put options at an average of $1,700/oz and call
options at an average of $2,059/oz.
Tax
Resolute continues to work with its in-country tax and legal
advisors in resolving tax and VAT assessments that have been levied
by the Malian and Senegalese Tax Authorities.
Reporting Calendar
20 January 2022 - December Quarterly Activities Report
24 February 2022 - Full Year Financial Results
28 April 2022 - March Quarterly Activities Report
Investor and Analyst Conference Calls
Resolute will host two conference calls for investors, analysts
and media on Friday 29 October 2021, to discuss the Company's
Quarterly Activities Report for the period ending 30 September
2021. Both calls will conclude with a question and answer
session.
Conference Call 1 (pre-registration required)
Conference Call 1: 07:30 (AWST, Perth) / 10:30 (AEST,
Sydney)
Pre-Registration Link:
https://s1.c-conf.com/diamondpass/10017783-suc876.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
https://www.openbriefing.com/OB/4465.aspx
Conference Call 2 (via MS Teams Live Event)
Conference Call 2: (MS Teams) 09:00 (BST, London) / 16:00 (AWST,
Perth)
Attendee Link: RSG MS Teams Live Event link
Contact Information
Resolute Berenberg (UK Corporate Broker)
Stuart Gale, Chief Executive Matthew Armitt / Jennifer Wyllie / Detlir
Officer Elezi
James Virgo, GM Finance & IR Telephone: +44 20 3207 7800
Telephone: +61 8 9261 6100
Email: 34TU contact@rml.com.au
U34T Tavistock (UK and African media)
Web: 34T www.rml.com.au 34T Jos Simson / Emily Moss / Annabel de Morgan
Follow Resolute / Oliver Lamb
Telephone: +44 207 920 3150 / +44 778
855 4035
Email: resolute@tavistock.co.uk
FTI Consulting (Australian media)
Cameron Morse / James Tranter
Telephone: +61 433 886 871
Email: cameron.morse@fticonsulting.com
Appendix
September 2021 Quarter Production and Costs (unaudited)
September 2021 Quarter Units Syama Syama Syama Mako Group
Sulphide Oxide Total Total
UG Lateral Development m 455 - 455 - 455
------- ---------- ---------- ---------- ---------- ----------
UG Vertical Development m 20 - 20 - 20
------- ---------- ---------- ---------- ---------- ----------
Total UG Development m 475 - 475 - 475
------- ---------- ---------- ---------- ---------- ----------
UG Ore Mined t 504,602 - 504,602 - 504,602
------- ---------- ---------- ---------- ---------- ----------
UG Grade Mined g/t 2.46 - 2.46 - 2.46
------- ---------- ---------- ---------- ---------- ----------
OP Operating Waste BCM - 1,129,038 1,129,038 1,549,074 2,678,112
------- ---------- ---------- ---------- ---------- ----------
OP Ore Mined BCM - 136,333 136,333 227,758 364,091
------- ---------- ---------- ---------- ---------- ----------
OP Grade Mined g/t - 1.82 1.82 1.51 1.62
------- ---------- ---------- ---------- ---------- ----------
Total Ore Mined t 504,602 289,026 793,628 633,481 1,427,109
------- ---------- ---------- ---------- ---------- ----------
Total Tonnes Processed t 545,029 332,707 877,736 538,632 1,416,368
------- ---------- ---------- ---------- ---------- ----------
Grade Processed g/t 2.46 1.19 1.98 1.80 1.91
------- ---------- ---------- ---------- ---------- ----------
Recovery % 79.5 88.0 82.7 91.6 86.1
------- ---------- ---------- ---------- ---------- ----------
Gold Recovered oz 34,319 11,266 45,585 28,481 74,066
------- ---------- ---------- ---------- ---------- ----------
Gold in Circuit Drawdown/(Addition) oz (113) 1,829 1,716 554 2,270
------- ---------- ---------- ---------- ---------- ----------
Gold Poured (Produced) oz 34,206 13,095 47,301 29,035 76,336
------- ---------- ---------- ---------- ---------- ----------
Gold Bullion in Metal
Account Movement (Increase)/Decrease oz 6,575 1,806 8,381 4,609 12,990
------- ---------- ---------- ---------- ---------- ----------
Gold Sold oz 40,781 14,901 55,682 33,644 89,326
------- ---------- ---------- ---------- ---------- ----------
Achieved Gold Price $/oz - - - - 1,738
------- ---------- ---------- ---------- ---------- ----------
Mining $/oz 470 726 541 532 537
------- ---------- ---------- ---------- ---------- ----------
Processing $/oz 536 542 538 371 474
------- ---------- ---------- ---------- ---------- ----------
Site Administration $/oz 142 259 174 147 164
------- ---------- ---------- ---------- ---------- ----------
Site Operating Cost $/oz 1,148 1,527 1,253 1,050 1,175
------- ---------- ---------- ---------- ---------- ----------
Royalties $/oz 120 126 122 99 115
------- ---------- ---------- ---------- ---------- ----------
By-Product Credits
+ Corp Admin $/oz (2) (2) (2) - 49
------- ---------- ---------- ---------- ---------- ----------
Total Cash Operating
Costs $/oz 1,266 1,651 1,373 1,149 1,339
------- ---------- ---------- ---------- ---------- ----------
Sustaining Capital
+ Other $/oz 126 58 107 62 90
------- ---------- ---------- ---------- ---------- ----------
Total Cash Expenditure $/oz 1,392 1,709 1,480 1,211 1,429
------- ---------- ---------- ---------- ---------- ----------
Stockpile Adjustments $/oz 159 (167) 69 111 85
------- ---------- ---------- ---------- ---------- ----------
Gold in Circuit Movement $/oz (139) 131 (64) 33 (27)
------- ---------- ---------- ---------- ---------- ----------
Asset Reclamation &
Remediation $/oz 19 17 19 - 12
------- ---------- ---------- ---------- ---------- ----------
Total Non-Cash Adjustments $/oz 39 (19) 24 144 70
------- ---------- ---------- ---------- ---------- ----------
All-In Sustaining Cost
(AISC)
calculated on gold
poured $/oz 1,431 1,690 1,504 1,355 1,499
------- ---------- ---------- ---------- ---------- ----------
September 2021 Year Units Syama Syama Syama Mako Group
to date Sulphide Oxide Total Total
UG Lateral Development m 4,631 - 4,631 - 4,631
------- ----------- ----------- ----------- ----------- -----------
UG Vertical Development m 78 - 78 - 78
------- ----------- ----------- ----------- ----------- -----------
Total UG Development m 4,709 - 4,709 - 4,709
------- ----------- ----------- ----------- ----------- -----------
UG Ore Mined t 1,754,475 - 1,754,475 - 1,754,475
------- ----------- ----------- ----------- ----------- -----------
UG Grade Mined g/t 2.42 - 2.42 - 2.42
------- ----------- ----------- ----------- ----------- -----------
OP Operating Waste BCM 5,029 3,181,836 3,186,865 5,344,317 8,531,182
------- ----------- ----------- ----------- ----------- -----------
OP Ore Mined BCM 9,846 435,190 445,036 656,325 1,101,361
------- ----------- ----------- ----------- ----------- -----------
OP Grade Mined g/t 1.81 1.93 1.93 1.82 1.87
------- ----------- ----------- ----------- ----------- -----------
Total Ore Mined t 1,775,348 930,984 2,706,332 1,840,247 4,546,579
------- ----------- ----------- ----------- ----------- -----------
Total Tonnes Processed t 1,638,489 1,085,373 2,723,862 1,520,504 4,244,366
------- ----------- ----------- ----------- ----------- -----------
Grade Processed g/t 2.50 1.36 2.04 2.04 2.04
------- ----------- ----------- ----------- ----------- -----------
Recovery % 78.4 86.9 81.8 92.6 85.6
------- ----------- ----------- ----------- ----------- -----------
Gold Recovered oz 103,235 41,146 144,381 92,392 236,773
------- ----------- ----------- ----------- ----------- -----------
Gold in Circuit Drawdown/(Addition) oz 1,651 881 2,532 150 2,682
------- ----------- ----------- ----------- ----------- -----------
Gold Poured (Produced) oz 104,886 42,027 146,913 92,542 239,455
------- ----------- ----------- ----------- ----------- -----------
Gold Bullion in Metal
Account Movement (Increase)/Decrease oz 1,292 (1,281) 11 1,364 1,375
------- ----------- ----------- ----------- ----------- -----------
Gold Sold oz 106,178 40,746 146,924 93,905 240,829
------- ----------- ----------- ----------- ----------- -----------
Achieved Gold Price $/oz - - - - 1,728
------- ----------- ----------- ----------- ----------- -----------
Mining $/oz 654 483 605 465 551
------- ----------- ----------- ----------- ----------- -----------
Processing $/oz 464 492 472 358 428
------- ----------- ----------- ----------- ----------- -----------
Site Administration $/oz 145 262 179 133 161
------- ----------- ----------- ----------- ----------- -----------
Site Operating Cost $/oz 1,263 1,237 1,256 956 1,140
------- ----------- ----------- ----------- ----------- -----------
Royalties $/oz 103 107 104 87 100
------- ----------- ----------- ----------- ----------- -----------
By-Product Credits
+ Corp Admin $/oz (1) (1) (1) - 49
------- ----------- ----------- ----------- ----------- -----------
Total Cash Operating
Costs $/oz 1,365 1,343 1,359 1,043 1,289
------- ----------- ----------- ----------- ----------- -----------
Sustaining Capital
+ Other $/oz 111 99 108 98 104
------- ----------- ----------- ----------- ----------- -----------
Total Cash Expenditure $/oz 1,476 1,442 1,467 1,141 1,393
------- ----------- ----------- ----------- ----------- -----------
Stockpile Adjustments $/oz (31) (7) (24) 19 (7)
------- ----------- ----------- ----------- ----------- -----------
Gold in Circuit Movement $/oz (109) 32 (69) (5) (44)
------- ----------- ----------- ----------- ----------- -----------
Asset Reclamation &
Remediation $/oz 10 9 10 - 6
------- ----------- ----------- ----------- ----------- -----------
Total Non-Cash Adjustments $/oz (130) 34 (83) 14 (45)
------- ----------- ----------- ----------- ----------- -----------
All-In Sustaining Cost
(AISC)
calculated on gold
poured $/oz 1,346 1,476 1,384 1,155 1,348
------- ----------- ----------- ----------- ----------- -----------
Year-to-date 2021 Production and Costs (unaudited)
About Resolute
Resolute is a successful gold miner with more than 30 years of
experience as an explorer, developer and operator of gold mines in
Australia and Africa which have produced more than 9 million ounces
of gold. The Company trades on the Australian Securities Exchange
(ASX) and the London Stock Exchange (LSE) under the ticker RSG.
Resolute currently operates the Syama Gold Mine in Mali and the
Mako Gold Mine in Senegal.
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.
This announcement contains inside information for the purposes
of Article 7 of the Market Abuse Regulation (EU) 596/2014 which
forms part of UK law pursuant to the European Union (Withdrawal)
Act 2018. 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, Chief Executive Officer
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END
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