Key Highlights

• Resolute reported its September 2026 quarterly results on 29 October 2026.

• According to the company's results call, group gold production was roughly 44,000 ounces, made up of about 31,000 ounces from Syama in Mali and about 13,000 ounces from Mako in Senegal.

• Gold sales were about 33,000 ounces at an average realised price of $4,325 an ounce.

• Sales trailed production because of shipment timing, leaving around 23,000 ounces of bullion on hand at quarter end.

Why has Resolute Mining (ASX:RSG)'s September 2026 quarter drawn so much attention from investors in West African gold? The short answer is that it showed two stories running side by side: a Malian flagship, Syama, still recovering from operational disruption, and a large new project in Côte d'Ivoire, Doropo, moving ahead on schedule. The result is a producer with encouraging cash generation, lower output than planned and a heavy Investment programme ahead.

The central development

Resolute reported its September 2026 quarterly results on 29 October 2026. According to the company's results call, group gold production was roughly 44,000 ounces, made up of about 31,000 ounces from Syama in Mali and about 13,000 ounces from Mako in Senegal.

Gold sales were about 33,000 ounces at an average realised price of $4,325 an ounce. Sales trailed production because of shipment timing, leaving around 23,000 ounces of bullion on hand at quarter end. Management said it expected to catch up by year end.

What Resolute does

Resolute Mining is an ASX-listed gold producer with operations in West Africa. Its Revenue comes almost entirely from selling gold, so Earnings depend on three things: ounces produced, the gold price achieved and the cost of getting metal out of the ground.

Syama, in Mali, is the larger operation and combines open-pit and underground mining with processing facilities that include a roaster for refractory ore. Mako, in Senegal, is a smaller and lower-cost mine. The company is also building Doropo in Côte d'Ivoire and holds exploration and development Assets including the ABC project and the La Debo prospect.

Costs, earnings and cash

Group All-In Sustaining Cost (AISC) was $2,506 an ounce for the quarter, compared with $2,484 in the June quarter. Syama came in at $2,596 an ounce and Mako at $1,516.

Revenue was $143 million and EBITDA $64 million. Operating Cash Flow before capital expenditure, exploration and Working Capital was $56 million. Capital Expenditure was $85 million, of which $53 million went to Doropo.

Net cash fell to $276 million from $317 million in the prior quarter. Cash and bullion totalled $330 million against total borrowings of $54 million, including $29 million drawn on Doropo facilities. Management put available Liquidity at about $480 million.

Syama's difficult period

Syama is the main reason output has fallen short of plan. Management described disruption earlier in the quarter from a shutdown, roaster problems and shortages of explosives. An on-site emulsion plant was being commissioned to ease the explosives constraint. Recovery was around 73 percent in the quarter, with a target of roughly 80 percent by quarter end.

About $30 million of waste stripping was deferred, and management said it was still deciding how much to catch up in 2027.

Guidance

In January 2026 Resolute guided to group production of 250,000 to 275,000 ounces for the year, with AISC of $2,000 to $2,200 an ounce. Guidance now stands at 205,000 to 225,000 ounces.

The 2025 outturn was 277,236 ounces at an AISC of $1,843 an ounce, so 2026 is shaping up as a year of lower volumes and higher unit costs.

Doropo and the growth plan

Doropo is the centrepiece of the growth strategy. At a $3,000 an ounce gold price, the study estimated a post-tax net present value of $1.46 billion and an internal rate of return of 49 percent. These are study assumptions, not forecasts.

Management described the project as on schedule and on budget in October, with first gold targeted for the first half of 2028. About $315 million, or 61 percent, of the $516 million capital budget had been committed by the end of September. Local bank facilities totalling $260 million carry no financial covenants, and roughly $300 million of capital expenditure is expected in 2027.

Resolute targets more than 500,000 ounces a year from 2028, which needs Doropo to deliver.

Sector conditions and competitive position

The realised gold price of $4,325 an ounce shows how encouraging bullion has been, and it has cushioned the effect of operational problems. Even so, the sector has faced cost pressure. Management referred to fuel cost Inflation of 30 to 60 percent earlier in the year, and Supply chains in West Africa remain stretched, with an Abidjan port Backlog of about four weeks.

Its strengths are a net cash position and a sizeable development project. Its weakness is concentration: much of the output comes from one Malian asset.

Mako, exploration and portfolio choices

Mako performed encouragingly, with AISC below its annual guidance. Permit applications for the Tomboronkoto and Bantaco projects in Senegal were expected to be filed soon, with grants anticipated in the first half of 2027.

At La Debo, exploration is paused for the rest of 2026, and management indicated it might exit the asset in 2027 if it does not suit the company's scale ambitions.

Material risks

The main risks are operational and political. Mali presents supply-chain, fuel, customs and contractor risks, and Syama still has to prove it can sustain higher recovery and throughput after the shutdown. Doropo faces port congestion and water management challenges, and permitting timelines for ABC, La Debo and the Senegalese projects could shift.

Gold price sensitivity is the other key variable. Management said a fall towards $3,000 an ounce would require capital plans to be reconsidered, and the company's cost base has risen.

What to watch next

Key markers are the fourth-quarter bullion catch-up, Syama's recovery rate, final 2026 results against lowered guidance, 2027 guidance and Doropo's construction timetable.