Portfolio News: Resolute Mining published its 2021 annual report

FinancialORverpvoierwt

Consolidated income statement (continued)

for the year ended 31 December 2021

2021 Annual Report

Overview

Financial Report

Consolidated income statement

CONTENTS

for the year ended 31 December 2021

About Resolute 1

From the Chairman 2

Resolute's Purpose and Values 3

From the CEO 4

Highlights 5

Board of Directors and Leadership Team 6

Sustainability at Resolute 11

Operations Review 13

Ore Reserves and Mineral Resources 27

Financial Review 33

Risk Management 37

Corporate Governance 43

Financial Report 49

Corporate Directory 132

SCOPE OF THIS REPORT

Resolute Mining Limited's 2021 Annual Report presents the Company's operating and financial results for the period from 1 January 2021 to 31 December 2021.

It has been prepared for stakeholders in line with statutory and regulatory reporting obligations.

Resolute is a successful gold focused miner. This report outlines Resolute's operational and financial performance and details the Company's efforts in 2021 to deliver long-term value to stakeholders in a manner that reflects company values.

All references to Resolute, the Company, we, us and our, refer to Resolute Mining Limited (ABN 097 088 689) and its subsidiaries. All dollar figures are in United States dollar currency, unless otherwise stated.

All references to 2021 are for the 12-month period from

1 January 2021 to 31 December 2021, unless otherwise stated.

AboutORveesrovliuetwe

Resolute is an experienced explorer, developer and operator of gold mines.

Resolute currently owns two producing gold mines, the Syama Gold Mine in Mali (Syama) and the Mako Gold Mine in Senegal (Mako).

The Company's Global Mineral Resource of 9.5Moz is based on the most recent Ore Reserve and Mineral Resource update included in this report.

Syama is a robust, long-life asset which is expected to produce 220,000oz of gold in 2022 from existing processing and mining infrastructure.

2O21 AT A GLANCE

$549million

Revenue

$148million

Operating Cash Flow(*)

$89million

Mako is an open pit gold mine which Resolute has owned and operated since August 2019.

The Company is also active in exploration with drilling campaigns underway across its African tenements with a focus on Mali, Senegal and Guinea.

The Company trades on the Australian Securities Exchange (ASX) and the London Stock Exchange (LSE) under the ticker RSG.

$130million

EBITDA(*)

$367million

Net Loss After Tax

$229million

Cash and Bullion(*)

(*) These balances are non-IFRS information and have not been audited.

Net Debt(*)

From the Chairman

From the Chairman

The year has been one of the most challenging in our history and I'd like to acknowledge the Teams response and unwavering drive to deliver against objectives. I believe the fruits of their efforts are starting to show through.

Martin Botha

Chairman

2021 was a challenging year with continued operational issues at Syama. I do need to start by once again paying tribute to the incredible resilience and adaptability of the entire Resolute team. The year has been one of the most challenging in our history and I'd like to acknowledge their response and unwavering drive to deliver against objectives. I believe the fruits of their efforts are starting to show through.

From a Board and managerial perspective, 2021 saw further changes to our leadership. Peter Sullivan retired from the Board after six years of service. Prior to his time on our Board, he had also served as Resolute's CEO and we thank him for his huge contribution and enduring legacy to the Company.

Other Board membership changes include the appointment of Adrian Reynolds, bringing a wealth of experience in operations throughout Africa, and Simon Jackson bringing significant African commercial and financial experience.

Yasmin Broughton, who resigned from the Board in November, provided valuable legal and commercial acumen as we undertook a number of key transactions during her tenure.

A capable executive team has now been established with the permanent appointment of Stuart Gale as Chief Executive Officer, Terry Holohan as Chief Operating Officer, Doug Warden as Chief Financial Officer and Richard Steenhof as Company Secretary.

Your board has full confidence in this team. Their collective expertise has already delivered a stronger focus on operational improvement with initial results confirming the strategic changes identified by the team are having a positive impact.

In the 2020 report we acknowledged that the Company required urgent focus to deliver consistent operational performance at our flagship Syama mine in order to deliver value to shareholders. We committed to ensure significant progress in this regard during 2021 and beyond.

Establishing a stable and appropriately skilled leadership team, with further positive changes at the operational level, was critical in order to begin to deliver against this objective. The positive impact being seen at the operational level will begin to show on the bottom-line as we move forward. More detail on this is provided in both the CEO message and operational overview.

Accordingly, Resolute's financial performance in 2021 does not yet reflect the positive impact from these production related initiatives. Financial results are representative of this journey and incorporate the non-cash impacts of impairment charges at the Syama and Mako operations, historical tax expenses, together with non-cash inventory and foreign exchange movements.

A key priority during 2021 was to further develop and engrain the best sustainability practices into our activities. We have once again taken great care to ensure we have operated responsibly and with consideration for the health and safety of our employees, the communities within which we operate, and the environment around us.

In 2021, Resolute continued to refine its leadership frameworks, systems, protocols and management standards in line with these and other leading practice guidance and is now benchmarked at the 70th percentile of the S&P Global Corporate Sustainability Assessment (CSA) of all participants, up from the 45th percentile in 2020.

This represents a significant year-on-year improvement and is testament to the great team effort that is occurring across the Group to improve the breadth and depth of Resolute's sustainability capacity.

Thank you for your support during 2021. I look forward to reporting further progress during 2022.

Resolute's Purpose anOdveVravluieews

OUR PURPOSE

We are a trusted and responsible gold miner, driven by excellence to create value for shareholders and the communities in which we operate.

OUR VALUES

Respect

Accountability

We respect each other and the countries and communities in which we operate

We own our actions and deliver on our commitments

Integrity

Sustainability

We are ethical, open and honest

We prioritise health, safety and environment, operating responsibly to manage risk and opportunity

Empowerment

We set ambitious goals, foster high performance and support our people to generate new ideas

3