RESOLUTE MINING LIMITED (RSG)
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22/09/2026

3

Downgrade to Neutral from Outperform

$1.35

9.76%

Resolute Mining has lowered 2026 production and cost guidance to 205koz-225koz at AISC of US$2,250-US$2,350, Macquarie notes, as Syama's production continues to be disrupted.

The analyst points out management is looking to the commissioning of the emulsion plant in November, which is aimed at relieving some of the reliance on overland transport of explosives due to the ongoing supply problems of explosives and equipment.

EPS forecasts are lowered by -8% for 2026, -5% for 2027 and -1% for 2028. Target price slips to $1.35 from $1.45.

The stock is downgraded to Neutral from Outperform.

FORECAST
Macquarie forecasts a full year FY26 dividend of 0.00 cents and EPS of 16.62 cents.
Macquarie forecasts a full year FY27 dividend of 0.00 cents and EPS of 16.19 cents.

23/09/2026

1

Buy

$2.20

78.86%

Canaccord Genuity maintains a Buy rating for Resolute Mining with its target price decreased to $2.20 from $2.25 following a 2026 guidance update for the Syama operations.

The company revised 2026 group production guidance to between 205k ounces and 225k ounces at an all-in sustaining cost of US$2,250 to US$2,350 per ounce due to supply chain delays for key equipment and consumables restricting access to mining areas.

The analyst remains cautious regarding the near-term outlook until the commissioning of an emulsion plant reduces reliance on third-party suppliers, despite some improvement in monthly production rates during September.

Outside of Mali, the delivery of the Mako life extensions, the ABC project, and the Doropo commissioning remain on track.

Canaccord Genuity estimates these development projects could increase group production to over 500k ounces per annum by 2029, lowering Mali exposure to approximately 45% of total output.