Resolute Mining Limited (ASX/LSE: RSG) (Resolute or the Company) is pleased to announce an updated Mineral Resource Estimate from ongoing exploration success at Tabakoroni, confirming the potential for a new underground gold mine at Syama in Mali.

The Tabakoroni Mineral Resource has been upgraded to 8.1 million tonnes (Mt) at 4.9 grams per tonne (g/t) gold (Au) for a total of 1.26 million ounces (Moz)

The mineralisation at Tabakoroni remains open both along strike and at depth and continued exploration success is expected to expand Mineral Resources and further extend mine life.

Updated Tabakoroni Underground Mineral Resource Estimate

Resolute published the Maiden Underground Resource at Tabakoroni on 29 April 2019 comprising 5.2Mt @ 5.1g/t Au for 850,000oz. Following continued exploration success, the Resource was updated on 14 October 2020 with an increase to 1Moz of gold from a Mineral Resource of 7.4Mt @ 4.4g/t Au. The announcement on 14 October 2020 also reported several high-grade intersections underneath the Namakan and South oxide pits at Tabakoroni which were located outside of the October 2020 resource estimate.

Diamond drilling in the second half of 2020 identified a coherent high-grade lens of mineralisation located underneath the South oxide pit at Tabakoroni. The first intersections in this zone were reported in the 14 October 2020 announcement. Subsequent drilling activities focussed on fully outlining this new zone which was ultimately successful with the return of a number of additional high-grade results including: TADD817 - 26m @ 9.69g/t from 302m, TADD833 - 18m @ 11.20g/t from 317m

The combination of the new high-grade mineralisation underneath the South oxide pit and additional ore grade drill intersections returned underneath the Namakan pit combined to dramatically increase the tonnage in the global resource estimate. This update continues the trend from previous announcements showing the underground Resource at Tabakoroni continues to steadily grow.

Following the Tabakoroni Pre-Feasibility Study which was reported with the 14 October 2020 Resource update it was decided to apply the more rigorous principles of Reasonable Prospects of Eventual Economic Extraction (RPEEE) for the published Mineral Resource. The Global Mineral Resource was restricted by a stope shape optimisation completed in Deswik Stope Optimizer to produce a set of potentially economical stope shape wireframes. The Mineral Resource then reported the mineralised blocks within these optimised stope shape wireframes. The Mineral Resource is therefore reported excluding dilution (undiluted).

The optimisation was completed at a resource gold price of US$2,000/oz and considered likely mining and processing parameters to be encountered during eventual extraction of the material, such as the most likely mining method (long hole open stoping) and approximate mining and metallurgical parameters.

Resource estimation and Classification methodology

A structural geology model was completed during 2020 and this model guided the update of the mineralised wireframes which increased the confidence in the estimation. The wireframes were created with a cut-off grade of 10 g/t Au and a minimum downhole thickness of 2m. Four domains have been identified at Tabakoroni. The main domain is the Tabakoroni Main Shear Zone (TMSZ), which is a steeply dipping shear mineralised over 1.8km of strike. A second domain was created for the parallel lodes adjacent to the TMSZ, and there are a number of shear-parallel smaller lodes.

Another domain was created for the shallow westerly-dipping lodes in the southern and central portion of the deposit. These lodes are dipping at 45-degree and appear to overprint the TMSZ close to the surface. The final domain created was the steeply dipping mineralisation in the north-eastern portion of the deposit, which strikes at 20-degree to the northeast. Gold, sulphide sulphur, organic carbon and arsenic was estimated into a three-dimensional block model using Ordinary Kriged (OK) methodology.

Top cutting was required to reduce the influence of outlier values. Variograms were generated for the mineralised one metre composites. Optiro Pty Ltd (Optiro) carried out kriging neighbourhood analysis based upon the gold variograms to optimise the estimation parameters, and these parameters were used for ordinary kriging into the 5m x 10m x 5m parent cells

Density was assigned based on weathering codes; 2,190 measurements were taken from diamond hole samples. These measurements suggested a density of 2.72g/m3 for the fresh, 2.38g/m3 for the transitional material and 2.12g/m3 for the oxide material.

The estimation was validated and then classified as Measured, Indicated and Inferred in accordance with the JORC Code (2012) reporting guidelines. The structural interpretation has further increased the confidence in the location and orientation of the mineralisation and therefore the estimation. The default classification for the mineralisation is an Inferred Mineral Resource. Measured Mineral Resources are defined by contiguous zones where the nominal drillhole density is 12.5m by 12.5m, while an Indicated Mineral Resource has been defined by zones where the nominal drillhole density is up to 50m by 50m. The resource has been depleted for mining as of 31 December 2020.

Contact:

Stuart Gale

Tel: +61 8 9261 6100

Email: contact@rml.com.au

Cautionary Statement about Forward-Looking Statements

This announcement includes certain statements, estimates and projections with respect to the future performances of Resolute. Such statements, estimates and projections reflect various assumptions concerning anticipated results, which assumptions may prove not to be correct. The projections are merely estimates by Resolute, of the anticipated future performance of Resolute's business based on interpretations of existing circumstances, and factual information and certain assumptions of economic results, which may prove to be incorrect. Such projections and estimates are not necessarily indicative of future performance, which may be significantly less favourable than as reflected herein. Accordingly, no representations are made as to the fairness, accuracy, correctness or completeness of the information contained in this announcement including estimates or projections and such statements, estimates and projections should not be relied upon as indicative of future value, or as a guarantee of value of future results. This announcement does not constitute an offer, invitation or recommendation to subscribe for or purchase securities in Resolute Mining Limited (ASX/LSE: RSG).

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