RESOLUTE MINING LIMITED (RSG)
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03/08/2026

1

Outperform

$1.45

36.79%

Resolute Mining's June Q production of 45koz was in line with consensus, as were costs, Macquarie reports. 

Management reaffirmed that 2026 production is likely to be at the low end of the guidance range provided that the security situation stabilises in Mali and supply chains are unhindered, and the ramp-up of the Syama Sulphide Conversion Project performs strongly over the Dec Q.

Doropo progressed with key long-lead items ordered over the quarter. Macquarie sees Doropo as a solution to production concentration risk in Mali, leading to reduced earnings volatility and negative sentiment outside of management's control.

Target falls to $1.45 from $1.55, Outperform retained.

FORECAST
Macquarie forecasts a full year FY26 dividend of 0.00 cents and EPS of 19.00 cents.
Macquarie forecasts a full year FY27 dividend of 0.00 cents and EPS of 17.54 cents.

04/08/2026

1

Buy

$2.25

112.26%

Canaccord Genuity maintains a Buy rating for Resolute Mining with its target price lowered to $2.25 from $2.45 following June quarter gold production of 45koz delivered in line with forecasts.

All-in sustaining costs reached US$2,484/oz on elevated mining and processing expenses at Syama, while operating cash flow generated a solid US$77m to lift closing net cash to US$315m.

Secured credit facilities of US$155m, alongside an additional US$105m expected in the September quarter, fully support the -US$515m capital expenditure required for the Doropo development in Cote d'Ivoire.

Uncertainty across regional supply chains and ongoing ramp-up logistics lead the analyst to lower 2026 production forecasts to 230koz at an all-in sustaining cost of US$2,329/oz, driving a -5% reduction in 2026 EBITDA estimates.

Long-term growth projects across Cote d'Ivoire and Senegal remain on track to double group production to over 500kozpa by 2029 while significantly reducing operational exposure to Mali.