Highlights

  • Resolute Mining produced 65,918 oz of gold in Q4 2025, supported by Mako stockpile processing and Syama underground improvements.
  • Operating cash flow reached $85.7 million for the quarter, contributing to net cash of $209.1 million.
  • Doropo DFS shows a 13-year operation with life-of-mine production of ~170,000 oz/year and post-tax NPV5% of US$1.46 billion.

Shares of Resolute Mining Ltd (ASX:RSG) jumped 9.23% to AUD 1.62 on 2 March, lifting gains to 125.28% over six months and an impressive 326.84% in the past year. The surge might followed the release of the Q4 2025 Activities Report, which highlighted gold production, robust operating cash flow, and positive project updates, while brokers maintain buy ratings with target prices ranging from AUD 1.75 to AUD 2.55.

Q4 Gold Production and Operational Performance

Resolute Mining delivered a group gold production of 65,918 ounces during Q4 2025, up from 59,857 ounces in Q3. Key contributors included continued stockpile processing at Mako in Senegal and improved underground output at Syama in Mali.

All-in sustaining costs (AISC) were $1,877/oz, down from $2,205/oz in Q3, reflecting higher production partially offset by royalty payments. Operating cash flow before capital expenditure, exploration, and working capital reached $85.7 million, compared with $67.8 million in Q3, while quarterly capital expenditure totalled $18.4 million.

Safety performance remained strong, with the Total Recordable Injury Frequency Rate (TRIFR) decreasing to 1.87 and only four recordable injuries reported during the quarter.

Project Updates: Doropo and La Debo

Resolute’s updated Doropo (Côte d’Ivoire) Definitive Feasibility Study (DFS) outlined a larger, longer-life operation, projecting average life-of-mine production of approximately 170,000 ounces per year over 13 years. The post-tax NPV at a 5% discount rate is US$1.46 billion, with an IRR of 49% (based on $3,000/oz gold).

At La Debo (Côte d’Ivoire), the Mineral Resource Estimate (MRE) increased to 17.6 Mt grading 1.14 g/t Au for 643,000 ounces of contained gold, a 60% increase over historical estimates. Encouraging results from ABC Project drilling included intercepts such as 9 m at 2.4 g/t Au from surface and 23 m at 2.1 g/t Au from 81 m.

Broker Ratings Support

Brokers continue to maintain positive outlooks for RSG:

  • Berenberg: Buy, target AUD 2.00
  • SCP Resource Finance LP: Buy, target AUD 1.75
  • Canaccord Genuity: Buy, target AUD 2.55
  • Macquarie Research: Outperform, target AUD 1.85

Financial Metrics

  • Share price: AUD 1.62 (+9.23%)
  • 6-month change: +125.28%
  • 1-year change: +326.84%
  • Quarterly gold production: 65,918 oz
  • Q4 AISC: $1,877/oz
  • Quarterly operating cash flow: $85.7 million
  • Net cash: $209.1 million
  • Doropo DFS NPV5%: US$1.46 billion, IRR 49%

Resolute Mining’s Q4 results demonstrate operational and financial momentum, underpinned by strong gold production, cash flow, and promising project updates in Côte d’Ivoire. With brokers maintaining buy ratings and targets above current levels, RSG shares are positioned to continue their growth trajectory in 2026.

Frequently Asked Questions

  1. What drove the recent 9% increase in RSG shares?
    The share price rose on strong Q4 gold production, improved cash flow, and positive DFS updates at Doropo.
  2. What is the projected production at Doropo?
    Doropo’s DFS outlines average life-of-mine production of ~170,000 ounces per year over 13 years.
  3. How do brokers view Resolute Mining?
    Brokers, including Berenberg, Canaccord Genuity, SCP Resource Finance, and Macquarie, have Buy or Outperform ratings with target prices ranging from AUD 1.75 to AUD 2.55.