Highlights

  • Gold sold fell to 33,035 ounces from 54,599 ounces, which the company attributes to shipment timing.
  • Revenue was US$142.9 million and EBITDA US$64.0 million, compared with US$247.1 million and US$128.5 million in the prior quarter.
  • The Syama mine in Mali poured 31,777 ounces at an all-in sustaining cost of US$2,596 per ounce.
  • Syama is guided to 150,000 to 160,000 ounces and Mako to 55,000 to 65,000 ounces.

Resolute Mining (ASX:RSG) has reported production of 44,398 ounces of gold in the September 2026 quarter, against 45,192 ounces in the June quarter, with all-in sustaining costs of US$2,506 per ounce. Gold sold fell to 33,035 ounces from 54,599 ounces, which the company attributes to shipment timing. Revenue was US$142.9 million and EBITDA US$64.0 million, compared with US$247.1 million and US$128.5 million in the prior quarter. All figures below are in US dollars.

Operations

The Syama mine in Mali poured 31,777 ounces at an all-in sustaining cost of US$2,596 per ounce. Resolute says output was weighted to the end of the quarter, with July and August affected by slow open pit rates, explosives supply constraints, plant downtime and difficulties with the roaster upgrade. September production was about 15,500 ounces. The business states commissioning of the roaster upgrade is finished but behind schedule, because visa restrictions limited mobilisation to half the contractor workforce.

The Mako mine in Senegal poured 12,621 ounces at US$1,516 per ounce, below its US$1,600 to US$1,800 guidance range, helped by a cost optimisation program. Throughput was reduced by about ten days of downtime after a mill motor failure.

Guidance

The company states revised full-year guidance of 205,000 to 225,000 ounces, as flagged in an operational update on 21 September 2026, with group all-in sustaining costs of US$2,250 to US$2,350 per ounce on a US$4,000 gold price assumption. Syama is guided to 150,000 to 160,000 ounces and Mako to 55,000 to 65,000 ounces. Year-to-date group production is 149,193 ounces.

Cash And Liquidity

Net cash was US$276.1 million, down from US$317.4 million. Operating cash flow was US$55.8 million, capital expenditure US$74.8 million in the cash walk, exploration US$10.6 million and a minority shareholder dividend US$8.8 million. Cash, equivalents and bullion were US$330.3 million, and borrowings rose to US$54.2 million, including US$29.4 million drawn on Doropo facilities. Resolute reports liquidity of about US$479.6 million, including bullion.

Doropo Construction

At the Doropo project in Cote d'Ivoire, the company says construction is on track and on budget, with first gold expected in the first half of 2028 and pre-stripping to start in the second quarter of 2027. About US$315 million of the US$516 million capital budget is committed. After the quarter, Resolute secured US$260 million of local bank facilities, which it says carry minimal security and no financial covenants. These are secured funding arrangements, not yet fully drawn. Q4 plans include camp completion, bulk earthworks, concrete for the processing plant and awarding major mechanical, electrical, mining and solar packages.

Exploration And Growth

At the ABC project, the July 2026 resource is 133 million tonnes at 0.71 grams per tonne for 3.0 million ounces. About 33,000 metres of infill drilling is planned for the fourth quarter, with an updated resource targeted for the first quarter of 2027 and feasibility studies by the end of 2027. At La Debo, the September 2026 resource is 23.5 million tonnes at 1.2 grams per tonne for 0.9 million ounces.

For the Mako Life Extension Project, ministerial environmental approval is pending, exploitation permits are expected in the first half of 2027, and mining at Bantaco is scheduled from July 2027. Resolute has also incorporated a 50/50 joint venture in Guinea with Nimba Mining Gold, with licence applications being filed.

Risks And Next Steps

Resolute flags Syama's delayed commissioning, visa restrictions, supply constraints and an unresolved tailings extension discussion with government for in-pit disposal beyond the end of 2026. Exploration spending is at the top of its guidance range, with a further US$10 million expected in the fourth quarter.