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Highlights
- RSG’s revenue grew by 24% YoY in FY24 due to higher gold sales and increase in the average realised gold prices.
- Mako and Syama Oxide delivered 75,497oz of gold in Q1FY25.
- Goldman Sachs became a substantial shareholder with 5.16% stake.
Resolute Mining Limited (ASX:RSG) is an Australian gold producer with over 30 years of experience. The company operates two active gold mines: Mako in Senegal and Syama in Mali.
In the financial year 2024 (FY24), the company reported 26.92% YoY revenue growth to USD 800.97 million, primarily driven by higher gold sales with 24% increase in the average gold price. EBITDA nearly doubled year-over-year to USD 319.49 million in FY24, while the company recorded a net loss of USD 25.99 million, largely due to non-cash unrealised foreign exchange losses and increased depreciation expenses.
In the first quarter of 2025 (Q1FY25), the company recorded gold production of 75,497 ounces from its Mako and Syama Oxide operations. Operating cash flow for the period reached USD 75.4 million, while net cash rose to USD 100.3 million, bringing total liquidity to USD 186 million.
Recent Business Update
Through an ASX announcement dated 2 May 2025, the company informed about the completion of the acquisition of the Doropo and ABC gold projects, expanding its presence in Côte d’Ivoire, where it already maintains an active exploration portfolio. The transaction is expected to support company’s goal of becoming a diversified African gold producer.
On May 13, 2025, The Goldman Sachs Group Inc., along with its subsidiaries, became a substantial shareholder in the company, acquiring 5.16% of the voting rights.
Company Outlook
Resolute Mining remains on track to achieve its FY25 production guidance of 275-300 koz, with all-in sustaining costs (AISC) of USD 1,650-1,750/oz. The capital expenditure is expected to fall within the projected range of USD 109–126 million.
Gold prices rebounded following Moody’s downgrade of the U.S. sovereign credit rating from to Aa1 from Aaa previous week, highlighting concerns over the growing budget deficit. The downgrade weakened the U.S. dollar and increased demand for gold as a safe-haven asset, enhancing its appeal and pushing prices higher.
Top 10 Shareholders of RSG
The top 10 shareholders of RSG have ~42.77% shareholding in the company. Van Eck Associates Corporation have highest stake in the company with ~7.12% shareholding, followed by Dimensional Fund Advisors, L.P. with shareholding of ~6.55%.
Stock Information
The stock price has increased by ~15.29% in a month and over the last six months, stock prices went up by ~36.74%. 52-week low of RSG is AUD 0.340 and 52-week high is AUD 0.890 and is currently trading below the mid-range of the 52-week-high-low levels.

Note 1: Past performance is neither an Indicator nor a guarantee of future performance.
Note 2: The reference date for all price data, and currency, is 20 May 2025. The reference data in this report has been partly sourced from EODHD/Others.
Technical Indicators Defined:
Support: A level at which the stock prices tend to find support if they are falling, and a downtrend may take a pause backed by demand or buying interest. Support 1 refers to the nearby support level for the stock and if the price breaches the level, then Support 2 may act as the crucial support level for the stock.
Resistance: A level at which the stock prices tend to find resistance when they are rising, and an uptrend may take a pause due to profit booking or selling interest. Resistance 1 refers to the nearby resistance level for the stock and if the price surpasses the level, then Resistance 2 may act as the crucial resistance level for the stock.






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