Key points
- Two lost-time injuries recorded in Q4 2024, TRIFR increased to 2.11
- Full year 2024 gold production of 340 koz, slightly below guidance of 345-365 koz
- 2024 AISC of $1,476/oz, above guidance of $1,300-1,400/oz
Full summary
Resolute Mining Limited has reported its Quarterly Activities Report for the period ended 31 December 2024. The company recorded two lost-time injuries in Q4 2024, one at Mako and one at Syama, resulting in a year-end TRIFR of 2.11 compared to 1.71 at the end of 2023. Full year 2024 gold production was 340 koz, slightly below guidance of 345-365 koz, due to lower-than-expected production at Mako. Group AISC for 2024 was $1,476/oz, above guidance of $1,300-1,400/oz, due to lower gold production at Mako and higher costs in Mali mainly due to changes in the Mining Code. Capital expenditure for 2024 was $96.3 million, below guidance of $105-130 million, with the deferral of around $24 million for the Syama Sulphide Conversion Project (SSCP). Exploration spend of $20 million was above guidance of $16-18 million. Unaudited 2024 revenue was approximately $800 million, with full year EBITDA of around $310 million. The company generated robust operating cash flow of over $200 million in 2024. Net cash at the end of Q4 2024 was $66.3 million, down from $145.6 million in Q3 2024, reflecting settlement payments to the Government of Mali. For 2025, Resolute has provided guidance of 275,000-300,000 oz of gold production at an AISC of $1,650-1,750/oz. The lower production is due to the end of open pit mining at Mako and the commencement of stockpile processing. Capital expenditure guidance for 2025 is $109-126 million. The company has also deferred the completion of the SSCP project from 2025 to 2026 to optimize near-term cash flows and process higher-return oxide material in 2025.
Guidance
2025 group production guidance of 275,000 - 300,000 oz at a Group AISC of $1,650 - 1,750/oz
Outlook
Resolute's key focus for 2025 is to continue delivering operationally across the Group, progress a near-mine satellite resource to extend Mako, continue to create value in Guinea and the Ivory Coast, and actively manage an increasingly complicated political landscape in Mali.