28 August 2020

Appendix 4D

Half Year Report for the six months ended 30 June 2020

Reporting Period

The reporting period is for the half year ended 30 June 2020 with the corresponding reporting period being for the six months ended 30 June 2019.

Results for Announcement to the Market

30 June

30 June

Up /

% Increase /

2020

2019

(Down)

(Decrease)

US$'000

US$'000

US$'000

Revenues from ordinary activities (including discontinued operations)

Earnings before interest, tax, depreciation, amortisation and fair value adjustments (EBITDA) (including discontinued operations)

Profit after income tax (including discontinued operations)

Profit from ordinary activities after income tax attributable to members/net profit for the year (including discontinued operations)

305,291

228,803

76,488

33%

101,110

54,742

46,368

85%

36,293

27,448

8,845

32%

34,240

25,185

9,055

36%

Dividend Information

Amount per share

Franked amount per share

$

$

Interim dividend for the half-year ended 30 June 2020

NA

NA

Net Tangible Assets

30 June 2020

31 December 2019

US$

US$

Net tangible assets per share

0.70

0.62

This half year report should be read in conjunction with the most recent annual financial report for the year ended 31 December 2019. The consolidated entity has changed its reporting currency from Australian dollars (A$) to United States dollars (US$), effective 1 January 2020. Consequently, unless otherwise stated, all reference to dollars are to US$ .

Corporate Directory

Directors

Non-Executive Chairman

Martin Botha

Managing Director and CEO

John Welborn

Non-Executive Director

Yasmin Broughton

Non-Executive Director

Mark Potts

Non-Executive Director

Sabina Shugg

Non-Executive Director

Peter Sullivan

Company Secretary

Amber Stanton

Registered Office and Business Address

Level 2, Australia Place

15-17 William Street

Perth, Western Australia 6000

Postal

PO Box 7232 Cloisters Square

Perth, Western Australia 6850

Telephone: + 61 8 9261 6100

Facsimile: + 61 8 9322 7597

Email:contact@rml.com.au

ABN 39 097 088 689

Website

Resolute Mining Limited maintains a website where all announcements are available: www.rml.com.au

Share Registry

Computershare Investor Services Pty Limited

Level 11, 172 St Georges Terrace

Perth, Western Australia 6000

Home Exchange

Australian Securities Exchange

Level 40, Central Park

152 St Georges Terrace

Perth, Western Australia 6000

Quoted on the official lists of the Australian Securities Exchange (ASX) and London Stock Exchange (LSE)

ASX/LSE Ordinary Share Code: "RSG"

Securities on Issue (30/06/2020)

Ordinary Shares

1,102,826,939

Performance Rights

10,984,313

Auditor

Ernst & Young

Ernst & Young Building

11 Mounts Bay Rd

Perth, Western Australia 6000

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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Table of Contents

Directors' Report ......................................................................................................................................

4

Auditor's Independence Declaration .......................................................................................................

10

Consolidated Statement of Comprehensive Income ...............................................................................

11

Consolidated Statement of Financial Position.........................................................................................

13

Consolidated Statement of Changes in Equity........................................................................................

15

Consolidated Cash Flow Statement........................................................................................................

17

Notes to the Financial Statements..........................................................................................................

18

Directors' Declaration .............................................................................................................................

37

Independent Auditor's Review Report ....................................................................................................

38

3

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 2020 (H1 20).

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 as follows:

Martin Botha (Non-Executive Chairman) John Welborn (Managing Director and CEO) Yasmin Broughton (Non-Executive Director) Mark Potts (Non-Executive Director) Sabina Shugg (Non-Executive Director) Peter Sullivan (Non-Executive Director)

Company Secretary

Amber Stanton

Key Highlights

Key highlights for half year ended 30 June 2020 include:

  • Comprehensive response plan in place to the COVID 19 pandemic with no impact on H1 production
  • Return of processing to full capacity
  • Refinancing completed, successful equity raising and new low-cost flexible debt facility
  • Ravenswood sale completed on 31 March 2020; total proceeds realisable of up to A$300m
  • Acquisition of the existing Taurus royalty over Mako gold sales for US$12m
  • Updated Life of Mine Plan for Mako delivers 39% more gold and two extra years of mine life

Operations Review

In H1 20, a total of 217,946 ounces (oz) of gold were produced (poured) at an All-In Sustaining Cost (AISC) of $1,020/oz with total gold sales of 212,668oz at an average realised price of $1,427/oz.

During H1 20, 1 million tonnes (Mt) of ore was milled at an average grade of 2.72 grams per tonne (g/t Au) for 226,752oz of gold recovered. An additional 9,241oz (excluding Ravenswood) was held in circuit at the end of H1 20 relative to 31 December 2019, taking the Group's gold in circuit balance to 82,506oz valued at $146m based on a gold price of $1,768 at 30 June 2020.

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Resolute Mining Limited published this content on 28 August 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 27 August 2020 22:47:01 UTC