ASX Release

16 June 2022

Higher Grade mineralisation intersected below Syama North Mineral Resource

Highlights

  • Significant gold intersections recorded with higher-grade results below the 2021 published Syama North 1 million ounce Mineral Resource:

QVRC511 - 16m @ 4.74g/t from 107m

QVRC512 - 15m @ 4.35g/t from 99m

QVRC515 - 7m @ 6.56g/t from 161m

QVRC522 - 6m @ 13.79g/t from 119m

QVRC533 - 27m @ 6.62g/t from 45m

QVRC534 - 19m @ 4.32g/t from 138m

QVRD505 - 10m @ 7.14g/t from 131m

QVRD506 - 8m @ 6.56g/t from 180m

QVRD517 - 6m @ 11.83g/t from 155m

QVRD518 - 14m @ 3.74g/t from 109m

QVRD519 - 23m @ 2.21g/t from 138m

QVRD527 - 26m @ 7.8g/t from 180m

  • These results may significantly contribute to an upgrade of the existing estimated 1 million ounces in Sulphide Mineral Resources
  • These results represent some of the best gold intersections recorded from the Syama North area
  • Drilling results have outlined the potential for new open pit sulphide deposit - work is continuing
  • Updated Mineral Resource Estimate planned for Q3 2022

Resolute Mining Limited (Resolute or the Company) (ASX/LSE: RSG) is pleased to announce the latest results from the 2022 exploration drilling at Syama North outlining the potential for a new open pit operation close to the Syama Complex.

Syama North Exploration Program

The exploration drilling program at Syama North, initiated during 2021, recorded significant oxide and sulphide gold mineralisation intersections in and around the originally mined out oxide pits of A21 and Beta/BA-01 located within 4-8 km of the main Syama mining and processing complex. The results of this program were reported in the ASX announcement of 25 August 2021, and in the annual Ore Reserves and Mineral Resources Estimate released to ASX on 4 March 2022.

Page 1 of 15

ASX Release

The total Mineral Resources estimate of 20 Mt at 2.14g/t Au for 1.4 million ounces at 31 December

2021 was published as per Table 1:

Syama North Satellite Deposits Mineral Resource (>1g/t)

Oxidation

Tonnes

Grade

Ounces

Oxide

2,467,403

2.16

171,247

Transitional

1,452,180

2.24

104,558

Sub-Total

3,919,583

2.19

275,805

Primary (sulphide)

16,381,700

2.13

1,122,515

Total

20,301,283

2.14

1,398,321

Table 1: Syama North Mineral Resources at 31 December 2021 (1g/t cut off)

The main target for the 2021 exploration program at Syama North was expanding the oxide resources, following on from the successes of 2020, however a substantial sulphide mineral resource, at greater than 1 million ounces, was outlined by the program as seen from Table 1. As the sulphide mineralisation remains open at depth and appears to be contiguous along the 2.5 km strike length, this has created the potential for further open pit, and eventually underground, mining for sulphide ores in this area. Based on the 2021 exploration results open pit operations resumed at Syama North in late 2021 extracting additional oxide resources from both Beta and A21 after the previous phase of oxide mining in this area concluded in 2018.

The Syama North sulphide resources have not been included in recently published (ASX/LSE announcement of 04 March 2022) LOM plan updates. The 2022 drilling program was undertaken with the intention of upgrading and expanding these resources to capitalise upon the recent significant process improvements and successful refurbishment of the Sulphide Plant achieved over Q1 2022.

Drilling Program 2022

Diamond and RC drilling recommenced in early 2022 at both the A21 and Beta pits. The drilling program targeted the down-dip extensions of the identified zones and was successful with the majority of the holes intersecting sulphide mineralisation.

Results from holes drilled to date have been returned with significant intersections seen in numerous holes confirming the extension of the mineralised zones along the entire strike length of the original A21 pit.

The best results received to date are shown below, with a table of the intersections attached as Appendix I.

QVRC511 - 16m @ 4.74g/t from 107m

QVRC512 - 15m @ 4.35g/t from 99m

QVRC515 - 7m @ 6.56g/t from 161m

QVRC522 - 6m @ 13.79g/t from 119m

QVRC533 - 27m @ 6.62g/t from 45m

QVRC534 - 19m @ 4.32g/t from 138m

QVRD505 - 10m @ 7.14g/t from 131m

QVRD506 - 8m @ 6.56g/t from 180m

QVRD517 - 6m @ 11.83g/t from 155m

QVRD518 - 14m @ 3.74g/t from 109m

QVRD519 - 23m @ 2.21g/t from 138m

QVRD527 - 26m @ 7.8g/t from 180m

Page 2 of 15

ASX Release

These results represent some of the best gold intersections ever recorded from the Syama North area.

With the new-found confidence in sulphide mining and processing over the last twelve months this has re-invigorated the exploration department to explore for new oxide and sulphide resources.

A new low-level, high definition heliborne aeromagnetic survey will shortly be conducted to improve on the historical wide-spaced aeromagnetic coverage. This survey is planned to cover the whole 85 km length of the Greenstone Belt held under license in an effort to delineate more sulphide resources, which are the long-term future of the mining operation.

The locations of the drillholes are shown in Figure 1 and some representative cross sections are shown in Figures 2 and 3.

Page 3 of 15

ASX Release

Figure 1. Interpreted Geology, Satellite Imagery and Drillhole Locations

Page 4 of 15

ASX Release

Figure 2. Cross Section at 1202400N showing drillholes and Results

Figure 3. Cross Section at 1201450N showing drillholes and Results

Page 5 of 15

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Resolute Mining Limited published this content on 16 June 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 16 June 2022 01:22:04 UTC.