Resource Generation : NewGenGold Conference Presentation

NewGenGold Exploration Conference

Tabakoroni : Discovery of a high-grade growth opportunity in the Syama Belt, Mali

Syama: The world's first purpose built,

Bruce Mowat | General Manager - Exploration | 12 November 2019

fully automated sub-level cave gold mine

Cautionary Statement

This presentation contains information about Resolute Mining Limited (Resolute or the Company) and its activities that is current as at the date of this presentation unless otherwise stated. The information in this presentation remains subject to change without notice. This presentation has been prepared by Resolute and no party other than Resolute has authorised or caused the issue, lodgement, submission, despatch or provision of this presentation.

The information in this presentation is general in nature and does not purport to be complete. This presentation is not a prospectus, disclosure document or other offering document under Australian law or under the laws of any other jurisdiction. This presentation is provided for information purposes and does not constitute an offer, invitation, inducement or recommendation to subscribe for or purchase securities in Resolute in any jurisdiction.

The information contained in this presentation has been prepared in good faith by Resolute, however no guarantee, representation or warranty expressed or implied is or will be made by any person (including Resolute and its affiliates and their directors, officers, employees, associates, advisers and agents) as to the accuracy, reliability, correctness, completeness or adequacy of any statements, estimates, options, conclusions or other information contained in this presentation.

To the maximum extent permitted by law, Resolute and its affiliates and their directors, officers, employees, associates, advisers and agents each expressly disclaims any and all liability, including, without limitation, any liability arising out of fault or negligence, for any loss or damage suffered by any person relating in any way to the use of or reliance on information contained in this presentation including, without limitation:

• from representations or warranties or in relation to the accuracy or completeness of the information contained within this presentation;
• from statements, opinions, forecasts, reports or other matters, express or implied, contained in, arising out of or derived from this presentation; or
• for omissions from this presentation including, without limitation, any financial information, any estimates, forecasts, or projections and any other financial information derived therefrom.

This presentation does not constitute financial product advice, investment, legal, taxation or other advice and is not intended to be used or relied upon as the basis for making an investment decision. This presentation is not a recommendation to acquire Resolute securities and has been prepared without taking into account the investment objectives, taxation situation, financial situation or needs of individuals. Before making any investment decision in connection with any acquisition of Resolute securities, prospective investors should consider the appropriateness of the information having regard to their own objectives, tax situation, financial situation and needs and seek financial, legal and taxation advice appropriate to their jurisdiction.

Past performance information given in this presentation is for illustrative purposes only and should not be relied upon as an indication of future performance. This presentation includes 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. Words such as 'project', 'foresee', 'plan', 'expect', 'aim', 'intend', 'anticipate', 'believe', 'estimate', 'may', 'should', 'will' and similar expressions are intended to identify forward-looking statements. Indications of, and guidance on, future earnings and financial position and performance are also forward-looking statements. Forward-looking statements are provided as a general guide only and should not be relied upon as an indication or guarantee of future performance. These statements are based upon a number of estimates and assumptions that, while considered reasonable by Resolute, are inherently subject to significant uncertainties and contingencies, many of which are outside the control of Resolute, involve known and unknown risks and uncertainties that could cause actual events or results to differ materially from estimated or anticipated events or results reflected in such forward looking statements on certain assumptions, which may prove to be incorrect. Actual results, performance, actions and developments of Resolute may differ materially from those expressed or implied by the forward-looking statements in this presentation.

As an Australian company listed on the Australian Securities Exchange (ASX), Resolute is required to report Ore Reserves and Mineral Resources in Australia in accordance with the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code). Recipients should note that while Resolute's Mineral Resource and Ore Reserve estimates comply with the JORC Code, they may not comply with relevant guidelines in other countries.

For details of the Mineral Resources and Ore Reserves used in this presentation, please refer to ASX Announcement dated 13 February 2019 titled "Annual Ore Reserve and Mineral Resource Statement as at 31 December 2018", ASX Announcement dated 29 April 2019 titled "Tabakoroni Resource Update", ASX Announcement dated 22 July 2019 titled "Major Resource and Reserve Upgrade at Ravenswood" and ASX Announcement dated 31 July 2019 titled "Offer Document Acquisition of Toro Gold". The Company is not aware of any new information or data that materially affects the Mineral Resources and Ore Reserves as reported in these ASX Announcements and confirms that all material assumptions and technical parameters underpinning this plan continue to apply and have not materially changed. The form and context in which the Competent Persons' findings are presented have not been materially modified from the original market announcements.

All-In Sustaining Costs (AISC) per ounce of gold produced are calculated in accordance with World Gold Council guidelines. These measures are included to assist investors to better understand the performance of the business. Cash cost per ounce of gold produced and AISC are non‐International Financial Reporting Standards financial information.

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MakoSyama

SenegalMali

Bibiani

Ghana

Market Capitalisation

A$1.02B | US$698m | £545m

Dividend Policy

Minimum Payout of 2%

of Annual Gold Sales

Ravenswood

Australia

Resources / Reserves
18.8Moz / 7.7Moz
FY19 Guidance (to 31 Dec)
400koz at US$1,020/oz AISC	2

Significant West African Gold Deposits

• Resolute is the owner of 3 gold mines in West Africa:
• • Syama Gold Mine in Mali (Syama)
  • Mako Gold Mine in Senegal (Mako)
  • Bibiani Gold Mine in Ghana (Bibiani)
• Paleoproterozoic Birimian hosts all the significant gold deposits of West Africa
• Tabakoroni is part of Resolute's Syama tenement package in Mali and is located south of Syama

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Regional Geology

• North Cote d'Ivoire and South Mali is structurally composed of 3 domains named from W to E, Bougouni, Kadiana-Madinani, and Kadiolo.
• The Syama Belt is a NNE-striking, steeply west-dipping greenstone belt marking the regional boundary between the Kadiana-Madinani and Kadiolo domains
• The Syama gold deposit is located on the Syama-BanansoFault Zone (SBFZ) which marks the domain boundary and is exposed and sub parallel to the E wall of the pit
• Tabakoroni is located 35km south of Syama on a parallel shear

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Syama Geology

• Resolute holds 80km strike length of prospective Syama greenstone belt
• Geology comprises Sikoro Formation (sediment units) to the west overlain by Syama Formation and mineralised lithologies (lamprophyre, mafic volcanics and sediments) and N'Golopene Formation conglomerates and sandstones (Tarkwa style basin) to the east
• Resolute is currently mining at the Syama Underground Mine and the Tabakoroni Open Pit Mine
• Completed mining of oxide open pits at A21, BA01, Alpha and Beta
• 1.5Mtpa oxide plant commissioned in early 2015 provides an opportunity to easily exploit nearby satellite oxide pits
• Tabakoroni is located on the Finkolo exploitation permit

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Tabakoroni Discovery History

• 1972: BRGM Soil geochemistry program throughout West Africa. Identifies many of the large mines in the Birimian
• 1987: UNDP mapping and soil geochemistry in south and west Mali, strong Au soil anomalies
• 1987 First permit granted to BHP International covering Syama and Tabakoroni Au soil anomalies. Syama Gold deposit discovered
• 1989: BHP drilled 21 holes for 3,630m over the Tabakoroni Zone. All holes intersected significant mineralisation. Up to 33m wide with grades between 1 and 6g/t Au. Permit relinquished
• 1998: Barrick granted Finkolo permit covering Tabakoroni (surface geochem and limited RAB only). Dropped the ground
• 2001: Finkolo permit granted to private Malian mining company Bagoe international Corporation SARL.
• 2002: Etruscan Resources farmed into project
• 2003: Resolute entered into an option and joint venture agreement with Etruscan and became operator of the Finkolo permit
• 2003 to 2017: Resolute grows resources at Tabakoroni and consolidates ownership and secures permitting

• 2018: Tabakoroni Open Pit Mine commences

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BRGM and UNDP Soil Geochemistry

• West African BRGM geochemical survey over Birimian sequences 1972 to 1974
• Identifies Loulo, Morila and Syama
• UNDP mapping and regional soil geochemistry program 1987
• Strong Au-As soil anomalies at Syama, Tabakoroni along or close to the Syama Belt Shear Zone

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Tabakoroni Geology

• Tabakoroni gold deposit located on the Tabakoroni Main Shear Zone
• Parallel shear zone west of the Syama Shear Zone
• Deposit lies on the contact between basalt flows and turbidites to the east
• Tabakoroni geology with the outline of the current and planned oxide open pits is displayed opposite

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Tabakoroni Stratigraphy

• A new stratigraphy is defined with 4 main rock types
• • Volcanic Sequence of pillow basalts & related basaltic facies (Syama Formation)
  • Background pelagic sediment mudstone sequence (shales)
  • Two volcaniclastic turbidite sequences; feldspar-rich and quartz-rich
• Two intrusive suites
• • Feldspar, biotite (± quartz) porphyritic diorite (early deformational)
  • Feldspar, amphibole phyric diorite
• Tabakoroni Main Shear Zone is localised to mudstone sequences
• Primary gold mineralisation control = feldspar-biotite porphyries

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Host Rocks

TADD675, 352.5-365.1m. Thin bedded non		TADD676, 273-287m.
carbonaceous shale with sandy interbeds		Doleritic basalt

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Intrusives

TADD683, 245.5m	TADD680, 306-307m
Suite of samples across Feldspar, amphibole phyric
Foliated feldspar rich, biotite
diorite with breccia margin (Left) and weakly foliated &
porphyry with dissem. Pyrite
veined massive intrusion (Centre & Right).

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Host Rock Geochemistry

• Host lithofacies range in composition from basalt (volcanics) to andesite (volcaniclastics) to dacite (porphyries and shales)
• Basalt (and autobreccia) typically basalt with minor variation to sub-alkaline
• Volcaniclastic facies and mixed basalt-sediment hornfels tend to andesitic composition
• Carbonaceous and non-carb. shales tend to dacite and rhyodacite compositions
• Feldspar porphyry has broad dacite composition

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Tabakoroni Mineralisation

• Tabakoroni is an early Orogenic Gold System (2098 ± 5 Ma) related to diorite porphyry that has been reworked during 2 later events
• • Diorite intrusions utilised NNW, NNE and EW structures intruding basalt and volcaniclastic host sequences
  • Gold deposition during intrusion was largely localised into the wall rock within Aspy and Py, forming alteration selvedge's around porphyry intrusions and within/selvedge to vein fracture conduits
  • Vein and alteration mineralogy reflect geochemical signature of the porphyry with veins of carbonate-quartz that have Na-K alteration halos dominated by silica-albite-sericite
  • Au-veintextures vary from shear and cataclastic to extensional defining multi-stage opening and internal reworking within the gold veins that developed in a transtensional setting
  • Ore zones at Namakan are developed as wide stockwork zones, however veins and mineralised porphyry occur widely in scattered developments through hanging wall and footwall basalt & volcaniclastic sequences
• The distribution of primary gold does not directly relate to the Tabakoroni Main Shear Zone (TMSZ)
• • The TMSZ is a brittle-ductile deformation corridor that effectively reworked and remobilised earlier Au mineralisation
• Two gold re-working events
• • Reworking of primary orogenic Au from porphyry, vein and altered wall rock into shear zone cataclasites of the TMSZ
  • Remobilisation of primary and cataclasite-hosted gold into styolitic (redox) graphite traps in quartz veins

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Tabakoroni Mineralisation (continued)

• Deformation history
• • D1 broad WNW to NW shortening, west tilting
  • D2: Continued WNW shortening, development of porphyry structures (NNW, NE & EW) resulting in intrusion of Diorite and formation of Early Orogenic Au
  • D3: NW shortening, development of TMSZ (sinistral wrench)
  • D4-5:E-W to NS shortening events, continued development of TMSZ, thrust to dextral wrench associated with reworking (and offset) of divergent early Orogenic Au zones
• The geometry of ore zones at Tabakoroni relate to geological and structural discontinuities including:
• • Discontinuity and thinning of basalt lava flows that host the well developed Namakan system
  • WNW low angle (possible thrust) structures that segment the current ore zones
  • Potential offset of Namakan and NNW-trending porphyry units across the late-stage TMSZ

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Tabakoroni Mineralisation (continued)

Left: TADD683, 76m		TARD619 at 169m
Hydraulic basalt breccia with intense Si-Ab-Se		Massive quartz vein in TMSZ with stylolitic graphite that hosts freeAu grains.
alteration & Carbonate-Qz-Py veins.		The interval has Bonanza grade over 1m containing 1,730 g/tAu

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Tabakoroni Gold Occurrences

Gold mineralisation at Tabakoroni occurs in:

11.. Au early Orogenic Phases as:

• Zones of stockwork and scattered HW and FW veins in porphyry, basalt and volcaniclastics unrelated to TMSZ but may be spatially overlap
• Au within and selvedge to porphyry intrusions

22. Au: TMSZ cataclasites containing clasts of Au-1 vein, porphyry & wallrock with reworked sulphide during brittle deformation, erratic grade from low to bonanza

33. Au: TMSZ-hosted styolitic graphite in deformed Quartz veins with Au remobilised from earlier events, narrow zones often with bonanza grade

44. Au: Near surface oxidation & supergene enrichment

The distribution of primary Au does not related to the TMSZ (or ductile carbonaceous shales)

• The TMSZ is a brittle-ductile deformational corridor that reworked and re-mobilised earlier Au mineralisation

4.

4

Basalt

2 3

11. 11.

2 3

11.

11..1.

Porphyry

Cataclasite

Autobreccia

Volcaniclastic Min.Veins

TMSZ

Stylised diagram illustrating the complex distribution of	16
different gold mineralisation styles at Tabakoroni

Syama / Tabakoroni Comparison

	Syama	Tabakoroni
Host Rocks	Basalt, lamprophyre	Volcaniclastics, basalt
Intrusives	lamprophyre	Dacite porphyry
Alteration	Ankerite albite sericite	Sericite
Structural Setting	Syama Shear ("Tarkwa type" contact)	Tabakoroni Shear
Resource	59.2Mt at 3.18g/t Au for 6.1Moz	6.1Mt at 5.11 g/t Au for 1.01Moz
Gold Mineralisation	Pyrite association	Arsenopyrite/pyrite
Veining	Vein stockwork	Massive stylolitic veins, and stockworks

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Tabakoroni Long Section

• March 2019 resource block model
• Oxide pit design traces
• Block model shows the +10 g/t Au high- grade shoots
• Mineralisation 1.5km strike length
• Open down dip

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Tabakoroni Cross Sections

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Pathfinder Geochemistry

• Traditional Orogenic Au pathfinders Sb and As the most useful in the Syama Belt for picking mineralised structures
• Bottom of aircore hole ICP-MS results

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Geophysics

Aeromagnetics

• 3 aeromagnetic surveys, 1993, 2002 and 2005
• Aeromagnetics ineffective in identification of structure and stratigraphy

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Geophysics (continued)

VTEM

• Multi-clientVTEM survey 2008
• Successfully used to define volcanic stratigraphy
• Works well in the Syama Belt
• Widely accepted and commonly used tool in Orogenic Gold terrains

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Induced Polarisation (Gradient Array)

• Gradient array and dipole-dipole IP widely used in the Syama Belt

• Resistivity low related to the Tabakoroni Main Shear Zone

• Chargeability results more variable but has identified disseminated pyrite zones

Resistivity		Chargeability

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Tabakoroni Resource

• Resource as at 31 March 2019 - 1Moz @ 5g/t
• Wireframe constrained Ordinary Kriged estimate by Susan Havlin, Optiro
• Previous MIK estimate
• Open Cut Resource is within current oxide pit design at 1g/t cut off
• Underground Resource reported at a cut off of 1.5g/t Au
• Oxide Production at Tabakoroni to 31 March 2019 totalled ~125K ounces

Tabakoroni

31 March 2019 Mineral Resource

Area		Category	Tonnes	Gold	Ounces
	(000s)	(g/t)	(000s)
		Measured	540	5.21	90
Tabakoroni		Indicated	410	5.09	70
Open Cut		Inferred	0	3.38	0
		Sub total	950	5.15	160
		Measured	130	4.68	20
Tabakoroni		Indicated	1,680	5.18	280
Underground		Inferred	3,360	5.09	550
		Sub total	5,170	5.11	850
Measured Total	670	5.11	110
Indicated Total	2,090	5.17	350
Inferred Total	3,360	5.08	550
Grand Total		6,120	5.11	1,010

Note: Grand Total is exclusive of 20koz of stockpiles reported as at 31 March 2019.

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Tabakoroni Mine Development

Long journey to successful production

• Discovered in 1987
• Fluctuating Gold Price and a series of joint-ventures delayed further exploration
• Resolute identified a sub 1 million ounce deposit, too small for stand alone processing facility
• Regional development potential was investigated (~10km from Perseus's Sissingue deposit)
• In 2014 Resolute constructed oxide processing circuit at Syama
• Exploitation Permit granted to allow processing at Syama oxide circuit
• Joint-venture,minority equity, and royalty issues successfully resolved:
• • Buyout of 20% equity held by Etruscan/Endeavour in 2012
  • Buyout of 5% equity and royalty held by Bagoe Mining 2017
• Successful exploration defined immediately mineable oxide resources

• Resolute constructed haul road and commenced mining in October 2018	25

Tabakoroni Oxide Mining

• Oxide Reserve (30 June 2018)
• • 2.7Mt @ 2.9 g/t Au for 254,000oz
• Mining commenced in October 2018
• 181,000oz produced in first 12 months of production to 30 September 2019
• Very high grade zone identified in main Namakan Pit
• ROM head grade consistently higher than reserve model
• ROM grade of 4.2 g/t for the year which is 45% higher than reserve grade

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Tabakoroni High Grade Shoots

• 250m strike coherent very high grade core located at a bend in the shear, plus 10g/t

• Strong encouragement for further high grade mineralisation at depth

• Underground feasibility studies underway

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Tabakoroni Exploration Upside

• Exploration focus on the sulphide extensions to high- grade plunge zones
• Drilling continues to return wide, high-grade sulphide intercepts
• Drilling is still shallow - extensive depth potential
• Scoping study has commenced to evaluate an Underground mining option to commence after the oxide pits are completed
• Mineralised Zone, high-grade above 5g/t, vertical zones

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Resolute is committed to the World Gold Council's Responsible

Gold Mining Principles

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Responsible Gold Mining Principles

(RGMPs)

Governance

Principle 1 - Ethical conduct: we will conduct our businesses with integrity including absolute opposition to corruption

Principle 2 - Understanding our impacts: we will engage with our stakeholders and implement management systems so as to ensure that we assess, understand and manage our impacts, realise opportunities and provide remedy where needed

Principle 3 - Supply chain: we will require that our suppliers conduct their businesses ethically and responsibly as a condition of doing business with us

Social

Principle 4 - Safety and health: we will protect and promote the safety and occupational health of our workforce (employees and contractors) above all other priorities and will empower them to speak up if they encounter unsafe working conditions

Principle 5 - Human rights and conflict: we will respect the human rights of our workforce, affected communities and all those people with whom we interact

Principle 6 - Labour rights: we will ensure that our operations are places where employees and contractors are treated with respect and are free from discrimination or abusive labour practices

Principle 7 - Working with communities: we will contribute to the socio-economicadvancement of communities associated with our operations and treat them with dignity and respect

Environment

Principle 8 - Environmental stewardship: we will ensure that environmental responsibility is at the core of how we work

Principle 9 - Biodiversity, land use and mine closure: we will work to ensure that fragile ecosystems, habitats and endangered species are protected from damage, and will plan for responsible mine closure

Principle 10 - Water, energy and climate change: we will improve the efficiency of our use of water and energy, recognising that the impacts of climate change and water constraints may increasingly become a threat to the locations where we work and a risk to our licence to operate

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Contacts	Follow Us
John Welborn | Managing Director & CEO
Jeremy Meynert | General Manager - BD & IR
EMAIL | [e-mail]	WEB | www.rml.com.au
PHONE | [phone]