Resource Generation : Quarterly Activities Report

for the period ended 31 December 2018

29 January 2019

Successful Start-Up of Syama Sublevel Cave

Gold production of 74koz; up 33% on prior quarter

All-in-Sustaining-Cost of A$1,360/oz (US$975/oz); down 13% on prior quarter Key milestone achieved at Syama Underground as sublevel caving commences

Record production from Syama oxide circuit

Further exceptional exploration drilling results at Tabakoroni Preparations for London Stock Exchange listing underway

FY19 Guidance (to 30 June) of 300koz at AISC of A$1,280/oz (US$960/oz) maintained

Highlights

• • December 2018 Quarter gold production of 73,691oz at an AISC of A$1,360/oz (US$975/oz)

• • Average gold price received of A$1,739/oz (US$1,246/oz) from total gold sales of 67,211oz

• • Major Syama Underground milestone achieved with commencement of sublevel caving on time and on budget

• • Development agreement signed for world's largest mine-based solar hybrid power plant at Syama

• • Hedge book strengthened taking total hedged position to 115koz

• • Syndication of expanded revolving credit facility completed

• • Preparations for London Stock Exchange listing underway

• • Cash, bullion and listed investments as at 31 December 2018 of A$117m (US$88m)

• • Gold in circuit inventory as at 31 December 2018 of 74koz worth an additional A$134m (US$94m)

• • FY19 guidance of 300koz at A$1,280/oz (US$960/oz) maintained

Resolute Mining Limited (Resolute or the Company) (ASX: RSG) is pleased to present its Quarterly Activities Report for the period ended 31 December 2018.

Managing Director and CEO, Mr John Welborn, was pleased with the Company's improved operating performance in the December 2018 Quarter and delighted to achieve the significant milestone of the commencement of sublevel caving at Syama:

"The successful commencement of sublevel caving at Syama on time and on budget in December 2018 was the highlight of the quarter and represents a pivotal moment in the long history of Resolute. Syama is a world class, long life, low cost asset that will deliver long term benefits to our shareholders, stakeholders, and local Mali communities for years to come. The team is now focused on the implementation of our fully automated mining system and delivering our full production rate of 2.4Mtpa by June 2019.

"Production and cost performance from Syama for the December 2018 Quarter represented a material improvement on the September 2018 Quarter. The performance of Tabakoroni was particularly pleasing with high grade ore enabling us to achieve record quarterly production from our oxide circuit. We successfully commissioned Project 85 which comprised a series of sulphide processing plant upgrades to enable us to achieve improved recoveries from

high-grade ore sourced from the new sublevel cave. Importantly, during periods when 100% underground sulphide ore was treated, the Syama processing plant delivered total gold recoveries greater than 85%.

"Resolute has an ambition to be a leader in sustainable and responsible economic growth in Africa. During the quarter we announced plans to build the world's largest fully integrated hybrid power plant at Syama. The new 40 MW Syama

Solar Hybrid Power Plant will deliver an anticipated 40% saving on power costs and is expected to be fully operational by the end of 2020.

"At Ravenswood, we received an extension of the Queensland Government's support for the project with the extension of Prescribed Project status to November 2020. The prolonged life of Mt Wright, and the collaborative and proactive approach to receiving regulatory approvals for our expansion plans, is allowing further enhancement opportunities to be identified and progressed. A strategic review of the Ravenswood Expansion Project is now underway with a focus on optimisation to maximise value for shareholders.

"Overall, the improved production and cost performance for the December 2018 Quarter was consistent with our operating plan as we progress our transformation journey at Syama and Ravenswood. The current financial year was always expected to consist of improving quarterly production and cost performance as we progress towards nameplate capacity of the Syama Underground Mine. Resolute remains on track to achieve our full year production guidance through to 30 June 2019 of 300,000 ounces of gold at an All-In Sustaining Cost of A$1,280/oz (US$960/oz).

"At the corporate level, we have been able to maximise our financial flexibility through an expanded revolving credit facility. I thank Investec, BNP Paribas, Nedbank and Citibank for their strong support and vote of confidence in Resolute as we deliver on our growth agenda. We are also progressing workstreams to enable us to list the Company on the London Stock Exchange in the first half of 2019. The London Stock Exchange is a natural home for large mining companies with African exposure and I am pleased that LSE-focused investors will soon have the opportunity to invest in Resolute.

"I am filled with optimism for 2019 as we ramp-up the Syama Underground to full production, increase our profile in global capital markets through listing on the London Stock Exchange and deliver on our growth agenda".

Figure 1: Syama Underground Twin Decline

L to R: Issa Diarra (Syama Communications Specialist), John Welborn (Managing Director and CEO), Peter Beilby (Chief Operating Officer)

Quarterly Summary

December 2018 Quarter Production and Costs (unaudited)

December 2018 Quarter	Units	Syama Sulphide	Syama Oxide	Syama Total	Ravens-wood	GROUP Total
UG Lateral Development	m	2,439	-	2,439	-	2,439
UG Vertical Development	m	63	-	63	-	63
Total UG Lateral Development	m	2,502	-	2,502	-	2,502
UG Ore Mined	t	167,446	-	167,446	141,166	308,612
UG Grade Mined	g/t	2.66	-	2.66	1.77	2.26
OP Operating Waste	BCM	-	1,525,591	1,525,591	-	1,525,591
OP Ore Mined	BCM	-	248,628	248,628	-	248,628
OP Grade Mined	g/t	-	2.31	2.31	-	2.31
Total Ore Mined	t	167,446	527,111	694,557	141,166	835,723
Total Tonnes Processed	t	511,387	395,316	906,703	552,500	1,459,203
Grade Processed	g/t	1.73	3.74	2.61	1.03	2.01
Recovery	%	71.4	83.9	79.4	92.4	83.0
Gold Recovered	oz	20,291	42,084	62,375	16,977	79,352
Gold in Circuit Drawdown/(Addition)	oz	1,263	(7,431)	(6,168)	507	(5,661)
Gold Produced (Poured)	oz	21,554	34,653	56,207	17,484	73,691
Gold Bullion in Metal Account Movement (Increase)/Decrease	oz	8,481	(16,777)	(8,296)	1,816	(6,480)
Gold Sold	oz	30,035	17,876	47,911	19,300	67,211
Achieved Gold Price	A$/oz	1,748	1,748	1,748	1,719	1,739
	US$/oz	1,252	1,252	1,252	1,230	1,246
Cost Summary
Mining	A$/oz	(5)	281	172	552	237
Processing	A$/oz	869	300	518	620	567
Administration	A$/oz	479	185	298	283	294
Stockpile Adjustments	A$/oz	182	(98)	9	205	56
Gold in Circuit Movement	A$/oz	132	(44)	24	47	29
Cash Cost	A$/oz	1,657	624	1,021	1,707	1,183
	US$/oz	1,188	448	732	1,224	848
Royalties	A$/oz	129	64	89	95	93
By-Product Credits	A$/oz	(1)	-	(1)	(7)	(2)
Sustaining Capital + Others	A$/oz	36	8	19	22	19
Overhead Costs	A$/oz	8	46	32	123	44
Administration Costs	A$/oz	-	-	-	-	23
All-In Sustaining Cost (AISC) AISC is calculated on gold produced (poured)	A$/oz	1,829	742	1,160	1,940	1,360
	US$/oz	1,312	532	831	1,390	975
Depreciation and Amortisation	A$/oz	75	69	71	17	75

Table 1: Production and Cost Summary for the December 2018 Quarter

December Year-to-Date Production and Costs (unaudited)

December Year-to-Date	Units	Syama Sulphide	Syama Oxide	Syama Total	Ravens-wood	GROUP Total
UG Lateral Development	m	4,609	-	4,609	-	4,609
UG Vertical Development	m	113	-	113	-	113
Total UG Lateral Development	m	4,722	-	4,722	-	4,722
UG Ore Mined	t	256,009	-	256,009	280,407	536,416
UG Grade Mined	g/t	2.71	-	2.71	1.87	2.27
OP Operating Waste	BCM	-	2,457,516	2,457,516	59,894	2,517,410
OP Ore Mined	BCM	-	287,028	287,028	117,802	404,830
OP Grade Mined	g/t	-	2.26	2.26	0.59	1.66
Total Ore Mined	t	256,009	608,519	864,528	615,855	1,480,383
Total Tonnes Processed	t	867,348	720,603	1,587,951	1,178,817	2,766,768
Grade Processed	g/t	1.94	3.36	2.58	1.01	1.91
Recovery	%	70.2	84.1	78.4	92.7	83.4
Gold Recovered	oz	37,935	65,379	103,314	35,594	138,908
Gold in Circuit Drawdown/(Addition)	oz	(679)	(9,326)	(10,005)	296	(9,709)
Gold Produced (Poured)	oz	37,256	56,053	93,309	35,890	129,199
Gold Bullion in Metal Account Movement (Increase)/Decrease	oz	8,280	(13,684)	(5,404)	4,481	(923)
Gold Sold	oz	45,535	42,369	87,904	40,371	128,275
Achieved Gold Price	A$/oz	1,732	1,732	1,732	1,737	1,734
	US$/oz	1,252	1,252	1,252	1,257	1,253
Cost Summary
Mining	A$/oz	0	154	92	262	219
Processing	A$/oz	925	360	585	623	615
Administration	A$/oz	463	208	310	264	297
Stockpile Adjustments	A$/oz	93	198	156	154	156
Gold in Circuit Movement	A$/oz	(19)	(64)	(46)	8	(31)
Cash Cost	A$/oz	1,462	856	1,097	1,675	1,256
	US$/oz	1,058	619	794	1,213	910
Royalties	A$/oz	119	84	98	98	101
By-Product Credits	A$/oz	(1)	(1)	(1)	(10)	(3)
Sustaining Capital + Others	A$/oz	28	15	19	30	21
Overhead Costs	A$/oz	25	44	37	58	48
Administration Costs	A$/oz	-	-	-	-	24
All-In Sustaining Cost (AISC) AISC is calculated on gold produced (poured)	A$/oz	1,633	998	1,250	1,851	1,447
	US$/oz	1,182	722	905	1,340	1,048
Depreciation and Amortisation	A$/oz	109	55	75	17	60

Table 2: Production and Cost Summary for December Year-to-Date

Health and Safety

The Company's health and safety performance continued to improve in the December 2018 Quarter with the primary measure, the Total Recordable Injury Frequency Rate (TRIFR) declining to 1.75 (from 2.83 in the September 2018 Quarter). The company-wide focus on effective management of sub-contractors will continue during 2019 along with management of key operational risks across the Company's operations.

Figure 2: Syama Underground workers at the Syama Underground tag board

Figure 3: John Welborn addresses the Syama team in December, following commencement of sublevel caving