Resolute Mining Targets 500,000 Gold Ounces by 2028 as Doropo Build Advances

Key Points

• Resolute Mining is targeting 500,000 ounces of annual gold production by 2028, driven mainly by the Doropo project in Côte d’Ivoire. The company says it is fully funded, with more than $470 million in liquidity.
• Doropo is under full construction after receiving permits, with first gold expected in early 2028. The project has a planned 13-year mine life, 2.5 million ounces of reserves and a $515 million capital budget.
• Existing operations face mixed prospects: Syama production is being hurt by supply-chain and contractor issues, while Mako’s satellite deposits could lift output to about 80,000 ounces annually. Longer term, Resolute sees potential for more than 800,000 ounces per year, including growth from the ABC project.

Resolute Mining LON: RSG said it is fully funded to pursue an organic growth plan that it expects will lift annual gold production to 500,000 ounces by 2028, driven primarily by the development of its Doropo project in Côte d’Ivoire.

During a company presentation, Chris, who took over as chief executive in December 2024, said the miner had more than $300 million of cash on its balance sheet and $260 million of financing facilities. He said the company had more than $470 million of liquidity when including available facilities and generated $220 million of operating cash flow in the first half of the year.

Resolute’s market capitalization was approximately $1.9 billion at the time of the presentation, although Chris said it may have declined alongside the gold price. He put the company’s enterprise value at about $1.7 billion and argued that the valuation did not reflect the company’s projected production growth and asset base.

Côte d’Ivoire Expansion Anchors Growth Plan

The centerpiece of Resolute’s expansion is Doropo, a project in northeastern Côte d’Ivoire acquired from AngloGold Ashanti along with the ABC project in May 2025. Doropo received permits in February and has moved into full construction, with Lycopodium serving as EPCM and procurement contractor.

Chris said Resolute has spent more than $60 million on Doropo and committed close to $300 million of its $515 million capital budget. First gold is targeted for early 2028. The project’s current plan contemplates a 13-year mine life and reserves of 2.5 million ounces at 1.3 grams per tonne.

He added that the existing pit designs were based on a gold price of $1,950 per ounce, and that higher gold prices could support conversion of more resources into reserves. Resolute is launching a scoping study, expected in the first half of next year, to assess a potential expansion that could include a second processing plant near the Kilosegui area.

The company has more than 600 people working on the site and expects to begin concrete works shortly. Major work next year is expected to include pre-stripping and assembly of plant components.

Resolute also highlighted the ABC project in western Côte d’Ivoire, where it reported a resource of more than 3 million ounces at 0.7 grams per tonne. The company completed 30,000 meters of drilling during the first half and is working to convert inferred resources to indicated resources. A feasibility study is targeted for completion by the middle of next year, followed by mining-permit applications.

Chris said the company is targeting an initial reserve of roughly 2.5 million ounces at ABC and believes the resource could ultimately reach 4 million to 5 million ounces. The project could require a 7-million-tonne-per-year processing plant, according to a scoping study published in May.

Production Outlook and Existing Operations

Resolute produced 277,000 ounces last year and expects 210,000 to 215,000 ounces this year. Production is expected to rise to between 250,000 and 275,000 ounces next year before Doropo begins contributing in 2028.

Chris said the company believes its existing asset base could support production exceeding 800,000 ounces by the end of the decade, including potential output from ABC around 2030.

• Syama, Mali: The operation has more than 9 million ounces of resources and has operated for more than 30 years. Resolute expects about 160,000 ounces of production this year, below its historical level of around 200,000 ounces, citing supply-chain disruptions, explosives constraints and contractor issues. Chris said the upgraded plant can process 4 million tonnes of sulphide ore and has capacity for 200,000 to 240,000 ounces annually.
• Mako, Senegal: The operation is processing stockpiles while Resolute advances the Tomboronkoto and Bantaco satellite deposits. Those deposits contain reserves of more than 600,000 ounces, and the company expects to file mining-permit applications within a month. Mining at Bantaco is planned to begin at the end of next year, followed by Tomboronkoto at the end of 2028.

Mako is expected to produce about 80,000 ounces annually once the satellite deposits are operating. Chris said cash costs could be around $1,600 per ounce and the operation could generate $150 million to $200 million of cash flow at current gold prices.

Mali Relationship and Regional Strategy

Chris described Mali as a difficult operating environment but said Resolute is working to rebuild its relationship with the government following events in 2024, when the former chief executive was detained. He said the company has not encountered problems repatriating cash from Mali, although the process requires quarterly board approvals and bank documentation.

He said mining permits in Mali are beginning to be issued and VAT refunds are resuming, though security conditions and logistics remain challenging. Among the company’s operating jurisdictions, Chris described Côte d’Ivoire as the most favorable for international mining companies, followed by Senegal. He said Mali offered better government interaction than Guinea, although Mali carries more difficult security conditions.

Resolute also has limited exploration activity in Guinea through a joint venture with state-owned Nimba Mining Company. The venture is awaiting permits, and Chris said the company remains uncertain about the outcome given Guinea’s permitting environment.

About Resolute Mining (LON:RSG)

Resolute is an African-focused gold miner with more than 30 years of experience as an explorer, developer and operator. Throughout its history the Company has produced more than 9 million ounces of gold from ten gold mines. The Company is now entering a growth phase through the development of the Doropo project in Côte d'Ivoire which will supplement the existing production from the Syama mine in Mali and Mako mine in Senegal. The Company trades on the Australian Securities Exchange (ASX) and the London Stock Exchange (LSE) under the ticker RSG.

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