This report is an updated version of the report published on 22 April 2026 at 10:50 AM AEST.
1.1: Company Overview: Resolute Mining Limited (ASX: RSG) is a gold mining company with operations in West Africa. The Group operates two producing assets: the Syama Gold Mine in Mali and the Mako Gold Mine in Senegal. The company is also advancing development projects including the Doropo and ABC projects, acquired in May 2025. Gold production is derived from both sulphide and oxide operations, with Syama operating near its nameplate capacity of 3.9Mt. The company generates revenue primarily from gold and silver sales. Kalkine’s Resources Report covers the Investment Highlights, Management Insights, Key Financial Metrics, Risks, Technical Analysis along with the Valuation, Target Price, and Recommendation on the stock.
1.2: The Key Positives, Negatives, Investment Highlights, and Management Insights:
1.3: Top 10 Shareholders: The top 10 shareholders together form ~51.00% of the total shareholding. Helikon Investments Ltd and Dimensional Fund Advisors, L.P. are holding maximum stakes in the company at ~10.78% and ~6.52%, respectively.
1.4: Key Metrics: The image below shows that, Gross margin increased steadily from 8.48% in FY21 to 36.26% in FY25, while EBITDA margin declined between FY21–FY24 before rising sharply to 77.06% in FY25. The overall trend reflects the impact of higher realised gold prices, which supported revenue growth despite lower production, along with reductions in operating costs at Syama and Mako. The sharp improvement in FY25 margins was further supported by lower indirect tax expenses due to the absence of prior-year settlement payments and a fair value gain of USD 31.5 Mn.
2.1: Recent Business Updates:
2.2: Financial Highlights:
2.3: Historical Financial Trend:
4.1: Price Performance and Technical Summary
The stock price has gone up by ~12.70% in the last one month and over the last 1 year, stock prices surged by ~169.61%. The stock has a 52-week low and 52-week high of AUD 0.450 and AUD 1.685, respectively, and is currently trading above the 52-week-high-low average. RSG was previously covered in a report dated ‘9 February 2026’.
(Source: REFINITIV, Analysis by Kalkine Group)
4.2: Fundamental Valuation
Markets are trading in a highly volatile zone currently due to certain macro-economic issues and geopolitical tensions prevailing. Therefore, it is prudent to follow a cautious approach while investing.
Note 1: Past performance is neither an indicator nor a guarantee of future performance.
Note 2: The reference date for all price data, currency, technical indicators, support, and resistance levels is 22 April 2026. The reference data in this report has been partly sourced from REFINITIV.
Note 3: Investment decisions should be made depending on an individual's appetite for upside potential, risks, holding duration, and any previous holdings. An 'Exit' from the stock can be considered if the Target Price mentioned as per the Valuation and or the technical levels provided has been achieved and is subject to the factors discussed above.
Note 4: Kalkine reports are prepared based on the stock prices captured either from REFINITIV or Trading View. Typically, REFINITIV or Trading View may reflect stock prices with a delay which could be a lag of 25-30 minutes. There can be no assurance that future results or events will be consistent with the information provided in the report. The information is subject to change without any prior notice.
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.
Stop-loss: It is a level to protect further losses in case of unfavourable movement in the stock prices.
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Past performance is not a reliable indicator of future performance.
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