Resolute Mining (RSG) H2 2025 earnings summary

Executive summary

• Achieved a transformational year with strengthened balance sheet, robust cash generation, and diversified asset base, including the acquisition of the Doropo Gold Project in Côte d'Ivoire.

• Gold production totaled 277,236 oz at an AISC of $1,843/oz, with revenue of $865.6 million and EBITDA of $397.7 million, both up year-over-year.

• Net profit after tax was $149.4 million, a significant turnaround from a $26.0 million loss in 2024.

• Operational focus on safety, governance, and stakeholder engagement, with improved TRIFR and no significant environmental incidents.

Financial highlights

• Revenue increased to $865.6 million from $801.0 million in 2024, driven by higher gold prices and stable operations.

• EBITDA rose 24.5% to $397.7 million, with operating cash flow at $226.4 million, up from $115.0 million.

• Net cash position at year-end was $209.1 million, up from $66.0 million, after funding the Doropo acquisition.

• Net profit after tax reached $149.4 million, reversing the prior year’s loss.

• No dividend declared for 2025.

Outlook and guidance

• 2026 production guidance: 250,000–275,000 oz at AISC of $2,000–$2,200/oz.

• Syama expected to produce 195,000–210,000 oz; Mako 55,000–65,000 oz.

• Capital expenditure for 2026 forecast at $310–360 million, mainly for Doropo development and Syama Sulphide Conversion Project (SSCP).

• Doropo construction to start in H1 2026, targeting first gold in H1 2028.