Resolute Mining Regulatory News (RSG)

14 October 2020

Resolute Mining Limited

(Resolute or the Company)

Tabakoroni Underground Potential

Underground Resource grows to 1 million ounces at 4.4g/t gold

Exploration success continues with further excellent results

Study progress confirms potential future underground mine

Updated Syama Life-of-Mine Plan expected

Highlights

· Tabakoroni Underground Mineral Resource Estimate updated to 7.4 million tonnes at 4.4 grams per tonne for 1.04 million ounces of gold

· Exploration program continuing at Tabakoroni with further exceptional assay results from recent drilling yet to be included in the updated Mineral Resource Estimate

· Recent deep intersections beyond updated resource outline confirm mineralisation is continuous at depth.

· Results from new drilling underneath the updated resource at Tabakoroni Deeps include:

TADD780 7m @ 10.5g/t Au from 405m;

TADD781 9m @ 5.2g/t Au from 443m; and

TADD773 5m @ 116.3g/t Au from 222m.

· Results from shallow oxide reverse circulation drilling at new zones of surface gold mineralisation at Tabakoroni Porphyry Splay include:

TARC767 8m @ 5.0g/t Au from 61m;

TARC772 7m @ 6.7g/t Au from 33m;

TARC791 4m @ 52.5g/t Au from 49m; and

TARC805 10m @ 4.2g/t Au from 104.

· Pre-Feasibility Study completed during September 2020 quarter demonstrates potential for future underground mine at Tabakoroni using existing Syama processing infrastructure. Key outputs include:

o Tabakoroni Underground production of ~80,000 ounces of gold annually;

o All-In Sustaining Cost of US$974 per ounce over an initial four-year mine life based on current Mineral Resource Estimate; and

o Start-up capital requirement of US$86 million with total project capital of US$118 million.

· Tabakoroni underground operation expected to use modified Syama oxide processing infrastructure and thus planned to commence following completion of Syama oxide operations.

· Study outcomes and Syama oxide exploration progress to enable updated Syama Life-of-Mine Plan to be completed and published during the current quarter.

Resolute Mining Limited (ASX/LSE: RSG) (Resolute or the Company) is pleased to announce an updated Mineral Resource Estimate and ongoing exploration success at Tabakoroni which has enabled the completion of a Pre-Feasibility Study (PFS or the Study) to assess the potential for a new underground gold mine at Tabakoroni to augment gold production from the Company's Syama Gold Mine in Mali (Syama).

The Tabakoroni Mineral Resource has been upgraded to 7.4 million tonnes (Mt) at 4.4 grams per tonne (g/t) gold (Au) at a 1.5g/t Au cut off for a total of 1.04 million ounces (Moz), an increase of 22% over the previous estimate (see ASX Announcement dated 29 April 2019). The Study has established a mining schedule, consisting of Indicated and Inferred Resources, of 2.4Mt at 4.9g/t containing 387koz (see Note 1 below). Gold production is expected to average approximately 80,000oz per annum over an initial four-year mine life. The All-In Sustaining Cost (AISC) is calculated to be US$974/oz. The Tabakoroni underground deposit remains open both along strike and at depth and ongoing exploration success is expected to expand Mineral Resources and extend mine life.

Managing Director and CEO, Mr John Welborn, welcomed the Study, which provides support for the ambition of establishing underground operations at Tabakoroni which will enable total production from Syama to be sustained at approximately 250koz per annum going forward:

"Tabakoroni has been a highly successful Syama satellite open pit oxide mining operation for Resolute, producing approximately 400,000 ounces of gold over the past three years. We expect our ongoing exploration success and feasibility studies will confirm a future underground operation at Tabakoroni."

"Exploration and evaluation of the Tabakoroni underground mine potential will continue during the remainder of 2020 and into 2021. The timeline on development is supported by our contemporaneous exploration efforts to define further surface oxide mineralisation. We now have more than 500,000 ounces of oxide resources from in ground satellite deposits and oxide ore stockpiles. Our immediate ambition is to use this oxide material, and further satellite oxide resource targets we are exploring, to maintain our Syama oxide production going forward at approximately 80,000 ounces per annum."

"The Tabakoroni underground Study provides confidence that we will be able to transition current Syama Oxide gold production, based on Syama satellite open pit mining, to similar annual levels of production based on a Tabakoroni underground operation. Further detail on our plans for Syama will be published in an updated Syama Life-of-Mine plan which will be completed during the current quarter."

1) Note that the Mining Inventory of 2.4Mt at 4.9g/t contains both Indicated (54%) and Inferred (46%) Mineral Resources. 46% of the production target ounces referred to in this document is based on Inferred Mineral Resources. There is a lower level of geological confidence associated with Inferred Mineral Resources and there is no certainty that further exploration work will result in the determination of indicated mineral resources or that the production target itself will be realised.

Please see image in the full version of the announcement at www.rml.com.au

Figure 1: Tabakoroni open pit operation and existing surface infrastructure

Please see image in the full version of the announcement at www.rml.com.au

Figure 2: Oxide processing plant at Syama, to be repurposed for Tabakoroni sulphide processing

Updated Tabakoroni Underground Mineral Resource Estimate

Geology and Mineralisation

Gold mineralisation at Tabakoroni is hosted within the 5 to 25m thick Tabakoroni Main Shear Zone (TMSZ), a brittle-ductile shear zone developed in carbonaceous shale and siltstone rocks and localised along the eastern margin of Syama Formation basalt-dolerite flows and interflow sediments. The TMSZ gold mineralisation is associated with pyritic and carbonaceous fault gouge. Adjacent sandstone and siliceous siltstone display stockwork quartz-carbonate veins with pyrite disseminated throughout. Stylolitic quartz reefs are developed along the length of the TMSZ.

Drilling to date has identified high grade gold mineralisation over a strike length of 1.8km with better gold grades seen where the shear intersects the basalt sediment contact. North of the Namakan pit the basalt is absent in the hanging wall and better grades are associated with felsic porphyry intrusives within the TMSZ.

Resource Estimation and Classification

Resolute published the maiden underground resource at Tabakoroni on 29 April 2019 comprising 5.2Mt @ 5.1g/t Au for 850,000oz. Since that time diamond drilling has continued uninterrupted with the focus on infill and extensional drilling to increase the confidence in the geological model and to improve continuity in the mineralisation. Interim results from this drilling was reported on 12 December 2019 with numerous high-grade intersections confirming the width and grade of the underground mineralisation. The drilling program was completed to a nominal drill density of 50m and the resource was subsequently re-estimated in the second quarter of 2020.

The underground resource at Tabakoroni was updated to underpin the Study. The resource was estimated by wireframe constrained Ordinary Kriged (OK) methodology, as used in the previous estimate in April 2019.

Table 1: Tabakoroni Underground Mineral Resources

Mineralisation wireframes for underground were created with a cut-off grade of 1.5 g/t Au with a minimum downhole thickness of 2m. Five domains have been identified at Tabakoroni. The main domain is the TMSZ which is a steeply dipping shear mineralised over 1.8km of strike. A second domain was created for the parallel lodes adjacent to the TMSZ, and there are a number of shear-parallel smaller lodes. Another domain was created for the shallow westerly-dipping lodes in the southern portion of the deposit. These lodes are dipping at 45° and appear to overprint the TMSZ. A further domain created was the steeply dipping mineralisation in the north-eastern portion of the deposit, which strikes at 20° to the northeast. The final domain is referred to as Namakan Deeps which are shallow westerly-dipping lodes in the central portion of the deposit. These lodes appear to be veins with significant presence of arsenopyrite.

Gold, sulphide sulphur, organic carbon and arsenic was estimated into a three-dimensional block model using OK methodology with dynamic anisotropy to account for the undulating nature of main shear zone.

Top cutting was required to reduce the influence of outlier values. Variograms were generated for the mineralised 1 metre composites. Optiro carried out kriging neighbourhood analysis based upon the gold variograms to optimise the estimation parameters, and these parameters were used for ordinary kriging into the 5m x 10m x 5m parent cells.

Density was assigned based on weathering codes; 2,190 measurements were taken from diamond hole samples. These measurements suggested a density of 2.72g/m3 for the fresh, 2.38g/m3 for the transitional material and 2.12g/m3 for the oxide material.

The estimation was validated and then classified as Measured, Indicated and Inferred in accordance with the JORC Code (2012) reporting guidelines. The default classification for the mineralisation is an Inferred Mineral Resource. Measured Mineral Resources are defined by contiguous zones where the nominal drillhole density is 12.5m by 12.5m, while an Indicated Mineral Resource has been defined by zones where the nominal drillhole density is around 25m by 25m. The resource has been depleted for mining as of 31 March 2020.

Study Outcomes

The Study incorporates the updated underground Mineral Resource and multiple technical studies. The Study estimates include all capital and operating expenditure and royalties over the proposed Life-of-Mine plan (LOM). Ore mined comprises Indicated and Inferred Mineral Resources (See Note 1). Project capital is estimated to be US$118 million (m) with estimated start-up capital of US$86m. Project capital includes US$20.4m for conversion of the current Syama Oxide processing plant to also process sulphide material (retains the ability to process oxide material in the event of further exploration success) and US$12.6m for a new paste plant, power and underground infrastructure for the underground operation at the Tabakoroni site. All existing open pit infrastructure will be repurposed for the underground. Underground mining and ore haulage to the processing plant at Syama is planned to be undertaken by a contractor similar to current practice at Syama and Tabakoroni open pits, further diminishing the initial capital requirement and ensuring prompt access to ore.

Key Study outcomes are summarised below:

Table 2: Tabakoroni Underground key study outcomes

Project Summary

Location

Tabakoroni is located within the Finkolo Permit, 35km south of the Syama Gold Mine (Syama) processing plant in southern Mali (refer to Figure 3). Tabakoroni is connected to Syama via a purpose-built all-weather unsealed haul road.

History

Resolute completed the acquisition of the Finkolo Permit in April 2018 (see ASX Announcement dated 25 May 2018). Resolute's initial exploration focus at Tabakoroni was on identifying oxide resources. Open pit operations commenced at Tabakoroni in late 2018 with high grade oxide and transitional material currently being mined and processed through the 1.5Mtpa Syama oxide circuit. To date open pit operations at Tabakoroni have delivered 3.8 million tonnes of ore at 2.4g/t containing 288koz of recovered gold.

Resolute published a maiden underground resource for Tabakoroni on 29 April 2018. An internal conceptual study was completed in 2019 to identify areas of interest for further infill drilling, as well as extensional drilling. Drilling continued during 2019 and 2020, resulting in an updated underground resource model to support the Study.

Scope of the Study

The objectives of the Study included the following:

· Deliver PFS in September 2020 on Tabakoroni Underground potential

· Replace oxide gold production (~80 koz Au per year)

· Confirm a viable mine plan (mining method, design and schedule)

· Confirm an initial mine life (~ 5 years inventory)

· Confirm a reliable processing option (flow sheet, design and recovery)

· Consider the impact on all stakeholders (environmental, social, security, etc)

Study Contributors

The mining, processing and cost estimation components were performed by Resolute, with contributions from the industry experts shown in Table 3.

Key Study Elements

Mining

The Study identified long hole open stoping (LHOS) mining methods as the most suitable to the style of mineralisation and geotechnical conditions. A trade-off study of various underground methods was undertaken, and the selected mining methods were:

· The main mining method will be LHOS with cemented paste backfill. This method was applied to the TMSZ in the Northern Zone, and upper parts of the Namakan Zone where the mineralisation is 4m to 15m wide and near vertical. Preliminary test work conducted on Syama tailings and the highly weathered Tabakoroni open pit oxide waste indicated that both sources can successfully be used to make a cemented paste fill.

· In the western hangingwall of the Namakan Zone narrower (2m to 6m wide) and shallower dipping (45° to 60°) mineralisation parallel to the TMSZ are located in good ground conditions and lends itself to open stoping with pillars without fill.

The mine design covers a strike length of over 1km, located primarily below the Tabakoroni Namakan and North pits as shown in Figure 4. New surface infrastructure requirements are kept to the minimum by reutilising the current open pit infrastructure and positioning the portal in the Namakan Pit to avoid extensive box cutting through the weathered overburden layer. New infrastructure is limited to a new power plant for the underground (obsolete generators will be relocated from Syama as part of the Syama Power Plant upgrade project), a paste plant, a surface explosive magazine and some minor infrastructure modifications and additions to the existing open pit infrastructure as required for underground mining.

Please see image in the full version of the announcement at www.rml.com.au

Figure 4: Tabakoroni surface infrastructure general arrangement

Primary stoping focuses on the ore located between 60,100mN and 61,000mN (local grid). Due to the strike length of the design and two higher grade zones naturally forming below the North Pit (Northern Zone) and Namakan Pit (Namakan Zone) respectively, two declines will be developed. The Northern Decline serves a strike length of approximately 300m of ore and the Namakan Decline approximately 600m strike length of ore. The planned mine design is shown in long-section in Figure 5.

Development dimensions have been designed to suit the selected equipment and expected geotechnical conditions. Declines will be 5.5m W x 5.8m H, positioned in the more competent basalt rock to the west and suitable in size for 55t to 63t trucks. Lateral development requiring truck access will have dimensions of 5.5m W x 5.5m H, and 4.5m W x 4.5m H in the ore drives. A 20m vertical level spacing was selected to ensure good ground control during drilling and blasting, especially in the shallower dipping stopes. Drill rigs capable of drilling 89mm diameter blastholes were selected.

Mine design was performed using Deswik Mineable Shape Optimiser (MSO) at a cut-off grade of 3.0 g/t Au. Geotechnical modelling identified ground conditions ranging from poor to good, for both hangingwall and footwall conditions. Modelled stope dilution of 0.5m (good) to 2.0m (poor) were included into the MSO analysis for each domain and separated for hangingwall and footwall based on modelled conditions. Maximum stope lengths were estimated at 10m to 50 m based on ground conditions. However, scheduling was done on maximum stope lengths of 20m until final grade control drilling can confirm localised ground conditions. Isolated stopes and sub-economic levels were removed, and sub-economic internal stopes were left insitu as regional support pillars. Declines were positioned to provide early ore access, while taking potential future expansion into account as the mineralisation is still open both along strike and at depth.

Please see image in the full version of the announcement at www.rml.com.au

Figure 5: Tabakoroni long section of mine design (looking east)

A detailed Deswik schedule was constructed to schedule development, production drilling, stoping and backfill. The following schedule priorities and sequence were then applied:

· Establish portal in Namakan Open Pit

· Develop decline access and primary ventilation on 270 mRL

· Develop the connection decline to connect North Zone and Namakan Zone, and connect paste fill lines and primary services networks from surface

· Develop Namakan Decline and North Decline independently. Some early opportunistic stoping is possible below South Pit

· Develop ore drives on each level to economic limits and retreat stoping back to level access in a top-down sequence

· Paste fill each stope prior to mining the next stope. Where mining conditions allow, mine stopes as open stopes without fill

· Figure 7 and Table 4 show a steady state production rate of 650ktpa to 750ktpa (160kt to 180kt per quarter).

Figures 6 to 8 illustrate the development schedule over the LOM, the anticipated ore production schedule and gold mined and recovered. It should be noted that Year 6 Quarter 1 in the production schedule consists of only one month's production and should not be viewed as a full quarter's production. Further mine plan optimisation programs and exploration success could alter the mine plan and could provide some investment upside.

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Figure 6: Development Schedule

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Figure 7: Ore Production Schedule

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Table 4: Schedule Physicals

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Figure 8: Recovery Schedule

1 Note that the Mining Inventory of 2.4Mt at 4.9g/t contains both Indicated (54%) and Inferred (46%) Mineral Resources. 46% of the production target ounces referred to in this document is based on Inferred Mineral Resources. There is a low level of geological confidence associated with Inferred Mineral Resources and there is no certainty that further exploration work will result in the determination of indicated mineral resources or that the production target itself will be realised

Processing

Tabakoroni open pit ore is currently processed through a toll-treatment arrangement at Syama and forms the basis for processing the underground sulphide ore. The current Syama Oxide Processing plant has a throughput capacity of 1.5Mt per annum of oxide material.

Over the past 12 years, 39 samples from Tabakoroni have been metallurgically tested to determine the ideal processing route. Like Syama, the underground orebody is double refractory in nature. Unlike Syama, Tabakoroni also contains gravity recoverable gold. Consequently, the logical route is a gravity-float-roast-leach. Using test work and Syama plant data, average recovery of 83% has been determined. Further variability float-roast-leach test work is in progress to confirm and optimise this value.

The Syama operation currently consists of two processing trains: a 2.4Mtpa sulphide float-roast-leach circuit and a 1.5Mtpa oxide gravity-leach circuit. As oxide ore may be depleted by 2022, the existing 1.5Mtpa oxide comminution circuit can be utilised to crush and grind Tabakoroni ore. Comminution modelling conducted as part of the Study revealed the comminution circuit capacity to be 1.0Mtpa when processing the harder Tabakoroni sulphide ore. As this exceeds the planned Tabakoroni mining rate, Syama Underground ore could be blended to utilise this capacity.

Five processing options were reviewed as part of the Study; two options to upgrade the current Syama sulphide circuit to handle the combined Syama and Tabakoroni throughput and three options to convert the current oxide plant to process Tabakoroni sulphide ore. The preferred option for the Study, providing a balance between capital expenditure, recovery, circuit stability, operating cost and flexibility to retain capability to process future oxide ore is to convert the oxide plant for sulphide duty including flash flotation and dedicated float cells as shown in Figure 9. The modified flowsheet is shown in Figure 10, with changes highlighted. From here the concentrate will join the current Syama sulphide concentrate recovery circuit for processing sulphide ore.

Please see image in the full version of the announcement at www.rml.com.au

Figure 10: Tabakoroni process flow sheet

Capital Cost

The LOM capital costs associated with Study are summarised below in Table 5.

Table 5: Capital expenditure summary

Project capital expenditure estimates have been prepared by Resolute based on Study estimates provided by Outotec (treatment, paste plant) and similar capital projects completed at Syama. These capital estimates have been consolidated and built into an economic valuation model prepared by Practara for the Study.

A contractor operated model was assumed, based on current contracts in place for both Syama and Tabakoroni, reducing the upfront capital requirement for equipment. The current Tabakoroni open pit infrastructure, Syama camp and medical facilities will be utilised with daily commute to the Tabakoroni mine site. Temporary accommodation and emergency security and medical facilities will be provided at Tabakoroni. Further studies will evaluate the potential benefit of owner purchased equipment scenarios. The commercial production date has been estimated at 14 months after commencement of the decline development. Operating cost incurred prior to this date was capitalised. All capital expenditure incurred post commercial production consist of underground decline and infrastructure development and has been reported as sustaining capital.

Operating Cost

The mining cost estimate is based on quantities and timelines derived from the mining schedule and fixed and variable rates as per current operating and contract schedules from both Syama and Tabakoroni.

Costing has been based on the following assumptions:

· Contract mining and ore haulage to Syama for LOM

· Owner management and technical services for LOM

· Existing contract rates already in place for items such as explosives, diesel and cement

Costs have been estimated from:

· Contractor mining costs from Resolute's Syama Underground mine development contract

· Ore haulage costs from Tabakoroni open pit haulage contract

· Paste fill cost from Outotec study input and local binder costs

· Resolute input costs from personnel and key consumables such as diesel, electrical power and cement for paste fill

Mining operating costs are those associated with ore development, stoping and ore haulage. It also includes a portion of mining overheads split between capital and operating costs based on tonnes mined.

The total mining operating cost averages US$72.2/t ore mined and is an average between the two mining methods (paste fill stopes and open stopes mined with pillars), and excludes operating costs capitalised prior to commercial production.

Operating cost for the plant is based on an assumed throughput of 1.0Mtpa and has been determined from the current Syama sulphide and oxide processing plants costs. Total operating costs is estimated at $18.3/t for processing and $11.6/t for General and Administration.

Government royalties and refining costs constitute approximately $29m over LOM, derived from the sale of gold.

Rehabilitation and mine closure estimates have not been fully costed for the Study. Most of the surface rehabilitation has already been incorporated into the current open pit operation. In the economic evaluation model, it has been assumed that the sale of the mine site fixed plant will cover the remaining cost of rehabilitation and remediation work specific to the underground.

Further Exploration opportunities at Tabakoroni and Syama

Ongoing Tabakoroni Exploration

Drilling completed since the last resource estimate was predominantly an infill program which has resulted in an increase of 200,000oz in the updated underground resource detailed above.

The diamond drilling program at Tabakoroni has now moved focus to explore for extensions of the mineralisation down dip and along strike. Results to date from this drilling has confirmed extensions to the mineralisation with several encouraging high-grade gold intersections including bonanza grades of 5m @ 116.3g/t Au in hole TARD773W located deep underneath the Tabakoroni South open pit (refer to Figure 11). Other notable intersections include:

TADD730 9m @ 9.6g/t Au from 185m

TADD732 4m @ 6.4g/t Au from 188m

TADD734 4m @ 72.8g/t Au from 209m

TADD778 17m @ 3.1g/t Au from 250m

TADD780 7m @ 10.5g/t Au from 405m

7m @ 4.8g/t Au from 356m

TADD781 9m @ 5.2g/t Au from 443m

TARD773W 5m @ 116.3g/t Au from 222m

These drill results prove the down dip extensions of the mineralisation at Tabakoroni is of sufficient grade to support an underground mining operation. Diamond drilling will continue throughout 2020 continuing to expand the mineral resources at Tabakoroni.

Please see image in the full version of the announcement at www.rml.com.au

Figure 11: Tabakoroni Longitudinal Section with Resource Model and drilling pierce points.

Syama Oxide Exploration

Resolute is undertaking an accelerated oxide exploration programs in 2020 to expand oxide resources which is expected to extend the mine life of the Syama oxide circuit.

Results from exploration in the first quarter this year were reported on 16 April 2020 with excellent drill intersections returned from the Syama Northern Pits area and oxide targets adjacent to Tabakoroni. Recent exploration efforts have followed up on the shallow results east of the Tabakoroni pit with continued success.

Tabakoroni Oxide Targets

RC drilling programs undertaken in the first quarter of 2020 identified zones of shallow oxide mineralisation to the east of the Tabakoroni pit and adjacent to the Tabakoroni "Porphyry Splay" pit. These encouraging results have been followed up with programs of infill RC drilling to provide sufficient hole density for resource estimation.

Recent drilling has continued the positive results in the area between the Tabakoroni pit and the "Porphyry Splay" pit (refer to Figure 12). Better results include:

TARC767 8m @ 5g/t Au from 61m

TARC772 7m @ 6.7g/t Au from 33m

TARC788 17m @ 1.9g/t Au from 84m

TARC791 4m @ 52.5g/t Au from 49m

TARC795 5m @ 6.5g/t Au from 64m

TARC799 14m @ 2.5g/t Au from 21m

TARC803 4m @ 7.1g/t Au from 31m

TARC805 10m @ 4.2g/t Au from 104

Mining during 2020 at the "Porphyry Splay" pit extracted over 40,000oz from a small shallow open pit which was in excess of expectations. The mineralisation which was high-grade but discontinuous in resource drilling proved to be more coherent after grade control drilling was completed. This led to the overperformance of the pit in both tonnes and grade.

The overperformance of the open pit mining at the "Porphyry Splay" pit encouraged the exploration team to re-evaluate the mineralisation interpretation of the Tabakoroni area and focus on resource remodelling. This work is in progress and the team is confident that the mineralisation footprint will be expanded sufficiently to support a restart to open pit mining activities.

It is expected that the small pit at "Porphyry Splay" will be deepened and expanded laterally to access newly modelled gold mineralisation. The ongoing drilling program continues to expand the mineralisation footprint around the current pits at Tabakoroni.

Please see image in the full version of the announcement at www.rml.com.au

Figure 12: Tabakoroni North Pit and "Porphyry Splay" pit, drillhole locations on geology and drone imagery

Full details of the drilling results included in this announcement, including the JORC Code Table 1 Report, is included as Appendix 1.

Syama Oxide Outlook

Gold production from the Syama oxide processing plant is currently sourced from stockpiles of oxide material which will be processed during 2021 and 2022. Open pit operations at Tabakoroni were concluded in May 2020 and will recommence in October 2020 at the Cashew, Tellem and Paysans satellite deposits located 5 to 10km south of the Syama processing infrastructure.

Resources at Cashew are currently approximately 100,000oz at 2g/t gold and at Paysans approximately 270,000oz at 1.7g/t gold (See ASX Announcement dated 17 January 2020).

As of 30 June 2020, oxide stockpiles at Syama are 3.4Mt @ 1.36g/t, containing 150,000oz of gold.

The results in this announcement and the continuing exploration program at Tabakoroni improves confidence in a likely restart of open pit mining operations at the Tabakoroni Porphyry Splay pit and the Gap zone in 2021.

The positive results from the exploration program at Syama North announced in April 2020 are being followed up with drilling programs with the aim of re-establishing open pit mining operations at the Syama northern Satellites.

Significant potential exists for further oxide deposits to be defined within the 85km strike length of Syama greenstones controlled by Resolute

Resolute's exploration programs in Mali are continuing and have been supported by the extensive measures the Company has implemented in response to the COVID-19 pandemic.

Environmental and Social Impact

Société des Mines de Finkolo SA (SOMIFI) operates Tabakoroni located in the Commune of Fourou, Cercle of Kadiolo and Administrative Region of Sikasso. The Tabakoroni open pit operation is a permitted operation (No. 2012-0057 MEA-SG) with a permitted haul road (No. 2012-0058 MEA-SG) linking it to. Tabakoroni is comprised of four open pits, the Namakan, South, Splay and North pits and these are nearing end of life. The Study considered underground extensions below the current Namakan and North open pits.

Digby Wells was appointed to undertake a study to characterise the biophysical and socio-economic environment of the project area, provide early indication of potential environmental and social risks and impacts and determine the Terms of Reference (ToR) for an Environmental and Social Impact Assessment (ESIA) process that will be required as part of the environmental permitting process. The ESIA will be undertaken in accordance with Malian Law No. 2012-015 of 27 February 2012 (the Mining Code) and the ESIA process will be followed in accordance with Law No. 01-020 / P-RM of 30 May 2011 on Pollution and Nuisance as well as the associated Decrees. The ToR validation site visit request was lodged with the national authorities and the site visit is expected to be completed prior to the end of 2020.

The development and exploitation of the Tabakoroni open pits were the subject of an ESIA and permitting process that concluded in 2012 with receipt of an environmental permit (No. 2012-0057 MEA-SG) for the mining operations and a separate permit for the haul road (No. 2012-0058 MEA-SG). The Study recognises that SOMIFI's operation is already permitted and therefore the ESIA will only cover new activities as part of the underground extension. These activities will, pending future exploration success, remain within the currently permitted fence line of Tabakoroni.

New activities include the mining of the underground sulphide deposits below the Namakan and North open pits. This will require two declines entering from one portal location within the existing Namakan open pit. The underground infrastructure will include return airways, sumps, stockpiles and escapeway access and rises for each decline. An explosives magazine will be located on surface. A paste fill batch plant will need to be constructed to provide cemented paste fill to support tunnel excavations and backfill stopping voids and open pit voids. Waste rock will be disposed underground in mined out stopes, when viable. Excess water and waste rock will be stored in the South, Splay and North open pits - studies and test work are underway to confirm the potential beneficial use of this water. Power capacity will need to be increased and power will be sourced from diesel generators to be relocated from Syama for which a power shed will be erected.

Potential Study Enhancements

Ongoing exploration success along strike and at depth has not been included into the Study, nor has underground potential below the Splay pit been assessed. On completion of the current drill program the Resource Estimate will be reviewed and will form the basis of future mining studies seeking to expand mining along strike and at depth. The current Study infrastructure is suitable to allow further expansion with minimal further investment.

There is an opportunity to dispose of waste underground, which was not incorporated into the haulage calculations. This has the potential to reduce mining costs and help to reduce the need to paste fill or use of open stopes.

The current evaluation model assumes contractor operating models. Further work is required to determine the benefit of owner operated scenarios.

Capital cost estimates were sourced from similar projects at Syama and Tabakoroni or were provided Study budget estimates by suppliers. Further refinement of these estimates could result in further improvements.

Operating cost estimates were sourced from current Syama and Tabakoroni contracts. Negotiation of Study specific operating and supply contracts could further enhance the operating cost estimates. Ongoing paste fill test work could further improve assumptions made in the study.

The repurposed oxide plant has a throughput capacity of 1.0Mtpa. The Study provides only 650ktpa to 750ktpa, which provides mining upside opportunity for Tabakoroni either through rescheduling, or through further exploration success.

Due to the relatively low mining production rate, there is ample spare capacity in the current equipment numbers, which could either be filled through further design or scheduling optimisation, or through additional exploration success providing additional mining areas.

Ground conditions continue to improve at depth, providing opportunity to increase both stope lengths and level spacing. Increased stope lengths increased production throughput and reduce slot rising and paste wall requirements. Increased level spacings reduce development requirements and can increase stope productivity. The basis of estimate for the study assumed a conservative 20m for both level spacing and maximum stoping length.

The spare capacity in the process plant could either be filled with additional Tabakoroni ore or by supplementing with Syama underground or open pit sulphide ore. These options have not been included in the Study.

Ongoing variability and process optimisation test could further enhance the process recovery estimate of 83% used in the Study. Test work have shown recoveries of up to 87%, with a large gravity recovery component.

Timeline and Investment Decision

Work is continuing to extend the Tabakoroni Underground Mineral Resources. This work is expected to allow for further refinements to the proposed mine plan and the delineation of an enlarged Ore Reserve for the Tabakoroni Underground. The results of this work will be published when available and will inform a future investment decision. The timing of any development of a Tabakoroni underground operation will be matched to the expected mine life of the existing Syama oxide operation and will be outlined in the Syama Life-of-Mine update to be completed and published during the current quarter.

For further information, contact:

John WelbornManaging Director and CEOResolute Mining LimitedTelephone: +61 8 9261 6100 | Email: contact@rml.com.au

Contact Information

Authorised by Mr John Welborn, Managing Director & CEO

Competent Persons Statement

The information in this report that relates to the Exploration Results, Mineral Resources and Ore Reserves is based on information compiled by Mr Bruce Mowat, a member of The Australian Institute of Geoscientists. Mr Bruce Mowat has more than 5 years' experience relevant to the styles of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person, as defined in the 2012 Edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves" (the JORC Code). Mr Bruce Mowat is a full-time employee of the Resolute Mining Limited Group and holds equity securities in the Company. He has consented to the inclusion of the matters in this report based on his information in the form and context in which it appears. This information was prepared and disclosed under the JORC Code 2012 except where otherwise noted.

The information in this announcement that relates to the Mineral Resource estimate has been based on information and supporting documents prepared by Mrs Susan Havlin, a Competent Person who is a Member of The Australasian Institute of Mining and Metallurgy. Mrs Havlin is an employee of Optiro and has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity which has been undertaken to qualify as a Competent Person. Mrs Havlin confirms that the Mineral Resource estimate is based on information in the supporting documents and consents to the inclusion in the report of the Mineral Resource estimate and related content based on the information in the form and context in which it appears

About Resolute

Resolute is a successful gold miner with more than 30 years of experience as an explorer, developer and operator of gold mines in Australia and Africa which have produced more than 8 million ounces of gold. The Company trades on the Australian Securities Exchange (ASX) and the London Stock Exchange (LSE) under the ticker RSG.

Resolute currently operates the Syama Gold Mine in Mali and the Mako Gold Mine in Senegal. The Company is the owner of the Bibiani Gold Mine in Ghana. Resolute's guidance for 2020 has been set at production of 430,000 ounces of gold at an All-In Sustaining Cost of US$980 per ounce.

COVID-19 Business Update

Resolute is responding to the COVID-19 pandemic to ensure impacts are mitigated across all aspects of Company operations (see ASX Announcement dated 26 March 2020). Resolute continues to assess developments and update the Company's response with the highest priority on the safety and wellbeing of its employees, contractors and stakeholders. Further escalation of COVID-19, and the implementation of further government-regulated restrictions or extended periods of supply chain disruption, has the potential to negatively impact gold production, earnings, cash flow and the Company's balance sheet.

Cautionary Statement about Forward-Looking Statements

This announcement includes certain statements, estimates and projections with respect to the future performances of Resolute. Such statements, estimates and projections reflect various assumptions concerning anticipated results, which assumptions may prove not to be correct. The projections are merely estimates by Resolute, of the anticipated future performance of Resolute's business based on interpretations of existing circumstances, and factual information and certain assumptions of economic results, which may prove to be incorrect. Such projections and estimates are not necessarily indicative of future performance, which may be significantly less favourable than as reflected herein. Accordingly, no representations are made as to the fairness, accuracy, correctness or completeness of the information contained in this announcement including estimates or projections and such statements, estimates and projections should not be relied upon as indicative of future value, or as a guarantee of value of future results. This announcement does not constitute an offer, invitation or recommendation to subscribe for or purchase securities in Resolute Mining Limited (ASX/LSE: RSG).

Appendix 1: Recent drilling results

Tabakoroni Oxide Drilling

Table 1: Recent drilling results from Tabakoroni Oxide targets

Notes to accompany table:

• Grid coordinates are WGS84 Zone 29 North

• RC intervals are sampled every 1m by dry riffle splitting or scoop to provide a 1-3kg sample

• Cut-off grade for reporting of intercepts is >1g/t Au with a maximum of 3m consecutive internal dilution included within the intercept; only intercepts >=3m are reported

• Samples are analysed for gold by 30g fire assay fusion with AAS instrument finish, over-range results are reanalysed by 30g fire assay fusion with gravimetric finish.

Tabakoroni Deeps Drilling

Table 2: Recent drilling results from Tabakoroni Deeps

Notes to accompany table:

• Grid coordinates are WGS84 Zone 29 North

• RC intervals are sampled every 1m by dry riffle splitting or scoop to provide a 1-3kg sample

• Diamond core are sampled every 1m by cutting the core in half to provide a 2-4kg sample

• Cut-off grade for reporting of intercepts is >1g/t Au with a maximum of 3m consecutive internal dilution included within the intercept; only intercepts >=2m and >5 gram x metres are reported

• Samples are analysed for gold by 30g fire assay fusion with AAS instrument finish; over-range results are reanalysed by 30g fire assay fusion with gravimetric finish. \* TARD773W interval has been analysed by 1kg screen fire assay with AAS instrument finish.

Table 1 - Section 1: Tabakoroni Sampling Techniques and Data

Section 2 Reporting of Exploration Results

Section 3 Estimation and Reporting of Mineral Resources