TIDMRSG
RNS Number : 8628C
Resolute Mining Limited
22 October 2020
22 October 2020
Resolute Mining Limited
(Resolute or the Company)
Quarterly Activities Report
for the period ended 30 September 2020
September Quarterly highlights
-- Consistent safety performance with Total Recordable Injury Frequency Rate (TRIFR) of 1.12
-- Total gold production of 87,303 ounces (oz), a 19% reduction
compared to the June quarter principally due to the impact of
industrial action at Syama, as previously announced
-- Realised gold price for the quarter averaged US$1,694/oz
compared to the average spot price of US$1,913/oz
-- All-In Sustaining Cost (AISC) of US$1,284/oz for the quarter
bringing year to date AISC to US$1,095/oz
-- Syama Sulphide recovery rate of 79.5%, similar to the prior quarter
-- Tabakoroni Pre-Feasibility Study released with a 22% increase
in Mineral Resource to 1.04 million ounces (Moz)
-- Syama conciliation agreement reached with Union confirms
cancellation of further planned strike action
-- Mali interim government established and ECOWAS sanctions lifted
-- Cash and bullion of US$106 million with net debt of US$234 million at 30 September 2020
-- CY20 production is expected at the lower end of the guidance
of 400,000oz to 430,000oz and costs are expected at the higher end
of guidance of US$980/oz and US$1,080/oz
Resolute Mining Limited (Resolute or the Company) (ASX/LSE: RSG)
presents its Quarterly Activities Report for the period ended 30
September 2020.
Resolute's performance during the September quarter reflects the
consistent performance of the Mako Gold Mine (Mako) in Senegal and
the impact of industrial action at the Syama Gold Mine (Syama) in
Mali during the quarter. Extensive negotiations with Resolute
site-based employees, the Union and Government Officials has
resulted in a conciliation agreement and the cancellation of
further planned strike action, as announced on 28 September 2020.
This provides a solid basis for Syama operations to progress in
line with expectations during the December quarter.
An interim government has now been established in Mali following
the Coup on 18 August 2020. This government has the support of
ECOWAS which has lifted all previously imposed sanctions on Mali.
As a result, supply links into Mali have re-opened and
transportation of key consumables to Syama has been
re-established.
Resolute's safety performance has remained at consistently
commendable levels during this period of COVID-19, industrial and
political disruption.
Operations at Mako and Syama are currently performing well and
have achieved throughput and recovery at forecast levels during
October. In addition, higher grade oxide material from the
development of the Cashew open pit will be the primary source of
Syama oxide ore in the December quarter. Full year results are
therefore expected to meet the Company's guidance, with gold
production at the lower end and costs at the upper end of the
revised guidance range.
Operating Performance Snapshot
The consolidation of Resolute's key operational performance
measures compared to the previous quarter and prior comparable
quarter are set out in the table below:
Group Level Summary Units September June Change September
2020 Quarter 2020 Quarter 2019 Quarter
Mining
Ore Mined t 1,169,921 1,548,640 (24%) 1,258,581
-------- -------------- -------------- ------- --------------
Mined Grade g/t Au 2.32 2.44 (5%) 2.29
-------- -------------- -------------- ------- --------------
Processing
Ore Processed t 1,320,046 1,439,599 (8%) 1,727,638
-------- -------------- -------------- ------- --------------
Processed Grade g/t Au 2.24 2.61 (14%) 1.85
-------- -------------- -------------- ------- --------------
Recovery % 87.4 88.6 (1%) 87.3
-------- -------------- -------------- ------- --------------
Gold Recovered oz 83,206 107,070 (22%) 90,681
-------- -------------- -------------- ------- --------------
Gold Poured oz 87,303 107,183 (19%) 103,201
-------- -------------- -------------- ------- --------------
Sales
Gold Sold oz 90,900 110,660 (18%) 127,265
-------- -------------- -------------- ------- --------------
Average Realised Price US$/oz 1,694 1,446 17% 1,362
-------- -------------- -------------- ------- --------------
Cost
Operating Cost US$/oz 1,065 849 (25%) 984
-------- -------------- -------------- ------- --------------
All-In Sustaining Cost
(AISC) US$/oz 1,284 1,033 (24%) 1,202
-------- -------------- -------------- ------- --------------
Table 1 : Resolute Group Operational Performance Summary
Refer to the Appendix for a full summary of Resolute's
production and costs in the September quarter and year to date (9
months ended 30 September 2020).
Sustainability
Health and Safety
The Company's Total Recordable Injury Frequency Rate (TRIFR) as
at 30 September 2020 was 1.12 relative to 2.09 at 31 December 2019.
Resolute continues to maintain effective infection control measures
to protect employees and contractors at our sites and offices from
the COVID-19 pandemic. Critical Hazard Management Standards have
been developed to drive improved mitigation of critical health and
safety risks across the Group.
COVID-19
A comprehensive response plan is in place to manage the COVID-19
pandemic at all company locations which includes, in addition to
hygiene, PPE, and social distancing measures, testing and mandatory
isolation procedures for positive cases amongst the workforce. The
implemented protocols prioritise the health and safety of the
workforce and have enabled operational continuity with currently no
negative impacts on gold production. Further information pertaining
to the Company's response is available at
https://www.rml.com.au/covid-19/covid-19-update/ .
Syama, Mali
Overview
Gold production at Syama during the quarter totalled 46,622oz at
an AISC of US$1,628/oz. The operational performance for Syama is
set out in Table 2 below.
Period Ore Mined Head Grade Ore Milled Head Recovery Total Gold Cash Cost AISC
Grade Production
(t) (g/t) (t) (g/t) (%) (oz) (US$/oz) (US$/oz)
---------- ----------- ----------- ------- --------- ------------ ---------- ---------
Mar Quarter 1,218,949 2.55 829,176 2.89 82.7 57,532 938 1,076
---------- ----------- ----------- ------- --------- ------------ ---------- ---------
June Quarter 863,612 2.47 920,458 2.57 86.2 63,705 950 1,113
---------- ----------- ----------- ------- --------- ------------ ---------- ---------
Sept Quarter 506,702 2.37 835,487 2.00 83.3 46,622 1,446 1,628
---------- ----------- ----------- ------- --------- ------------ ---------- ---------
CY20 2,589,263 2.49 2,585,121 2.49 84.1 167,859 1,084 1,243
---------- ----------- ----------- ------- --------- ------------ ---------- ---------
Table 2: Syama Operational Performance
Sulphide Operations
Period Mining Processing Cost
Ore Grade Ore (t) Grade Recovery Gold Poured Operating AISC
(t) (g/t Au) (g/t Au) (%) (oz) (US$/oz) (US$/oz)
---------- ---------- ---------- ---------- --------- ---------------- ---------- ----------
Mar 20 Quarter 519,898 2.61 441,542 2.62 75.2 21,430 1,475 1,629
---------- ---------- ---------- ---------- --------- ---------------- ---------- ----------
Jun 20 Quarter 492,863 2.84 536,791 2.67 80.0 35,249 1,106 1,333
---------- ---------- ---------- ---------- --------- ---------------- ---------- ----------
Sept 20 Quarter 506,702 2.37 495,947 2.38 79.5 31,074 1,545 1,766
---------- ---------- ---------- ---------- --------- ---------------- ---------- ----------
YTD 1,519,463 2.55 1,474,280 2.55 78.3 87,753 1,351 1,559
---------- ---------- ---------- ---------- --------- ---------------- ---------- ----------
Table 3: Sulphide Production and Cost Summary
Underground mining tonnages increased by 3% compared to the June
quarter despite disruptions from industrial action.
Syama sulphide processing and production performance for the
quarter was impacted by the industrial action in September, which
resulted in lower mill throughput while head grades were lower as
the underground mine encountered lower grade ore zones in
establishing the cave on the hangingwall of 1055mRL level, the
fourth operating level within the mining sequence.
Plant recovery was stable averaging 79.5%. This reflected a
consolidation of improvements made in the June quarter but was also
impacted by disruption from the industrial action. Further
improvement is expected in the December quarter as higher-grade ore
is processed.
Underground sulphide ore stocks at Syama increased from 491,000t
to 501,000t at an average grade of 2.36 grams per tonne of gold
(g/t Au). The large quantity of run-of-mine stockpiled underground
ore at Syama provides significant operational flexibility in
managing the mining and processing rates.
Oxide Operations
Period Mining Processing Cost
Ore Grade Ore (t) Grade Recovery Gold Poured Operating AISC
(t) (g/t Au) (g/t Au) (%) (oz) (US$/oz) (US$/oz)
---------- ---------- ---------- ---------- --------- ---------------- ---------- ----------
Mar 20 Quarter 699,053 2.50 387,633 3.21 91.2 36,101 620 747
---------- ---------- ---------- ---------- --------- ---------------- ---------- ----------
Jun 20 Quarter 370,748 1.98 383,667 2.44 95.0 28,457 757 840
---------- ---------- ---------- ---------- --------- ---------------- ---------- ----------
Sept 20 Quarter - - 339,540 1.44 89.0 15,548 1,250 1,354
---------- ---------- ---------- ---------- --------- ---------------- ---------- ----------
YTD 1,069,800 2.32 1,110,841 2.41 91.8 80,106 791 899
---------- ---------- ---------- ---------- --------- ---------------- ---------- ----------
Table 4: Oxide Production and Cost Summary
Syama oxide operations reflect the processing of low grade
stock-piles following the completion of open pit mining activities
at Tabakoroni in the June quarter, Syama industrial action and
seasonal material handling issues associated with sticky ore.
A new satellite open pit operation at the Cashew prospect
commenced late in the September quarter, which will provide higher
grade oxide material for processing in the December quarter.
Exploration continues to identify opportunities for further
satellite open pit operations to augment the existing
stockpiles.
Significant stockpiles of 3.0 million tonnes (Mt) of oxide ore
at an average grade of 1.29g/t Au have been built and will be
processed over 2021 and 2022.
Please see image in the full version of the announcement at
www.rml.com.au
Figure 1: Establishment works at the Cashew mining operation
Mako, Senegal
Mako Mining Processing Cost
Ore Grade Ore (t) Grade Recovery Gold Poured Operating AISC
(t) (g/t Au) (g/t Au) (%) (oz) (US$/oz) (US$/oz)
---------- ---------- ---------- ---------- --------- ---------------- ---------- ----------
Mar 20 Quarter 719,097 2.28 558,839 2.67 92.8 42,185 562 694
---------- ---------- ---------- ---------- --------- ---------------- ---------- ----------
Jun 20 Quarter 685,028 2.37 519,141 2.69 92.8 43,478 699 821
---------- ---------- ---------- ---------- --------- ---------------- ---------- ----------
Sept 20 Quarter 663,219 2.27 484,559 2.65 94.5 40,681 627 810
---------- ---------- ---------- ---------- --------- ---------------- ---------- ----------
YTD 2,067,343 2.31 1,562,539 2.67 93.3 126,344 630 775
---------- ---------- ---------- ---------- --------- ---------------- ---------- ----------
Table 5: Mako Production and Cost Summary
Mako continues to perform reliably, with an increase in mining
volumes reflecting the arrival of a new mining fleet to accelerate
waste stripping and the easing of shortages of operating personnel
in the initial stages of the COVID-19 pandemic.
Throughput was slightly lower than the June quarter following a
planned shut down for a SAG mill reline in August.
Stockpiles in excess of 2.3Mt of ore at an average grade of
1.2g/t Au are available for processing at Mako.
Please see image in the full version of the announcement at
www.rml.com.au
Figure 2: Open pit operations at Mako
Bibiani, Ghana
Strategic update
Resolute continues to progress the strategic review of the
Bibiani Gold Mine (Bibiani) in Ghana. The Company continues to
evaluate plans to recommission the mine, assess capital
requirements, evaluate funding alternatives, and engage with third
parties interested in acquiring the project.
Exploration
The Company's exploration and drilling programs continued
throughout the September quarter at Syama and recommenced in
Senegal and Guinea. Resolute's exploration field programs in
Senegal, Côte d'Ivoire and Guinea were paused during the June
quarter due to logistical impacts of the COVID-19 pandemic, with
border closures and travel restrictions imposed by respective
governments. These programs restarted after restrictions eased in
August.
Syama, Mali
Drill programs using reverse circulation (RC) and diamond rigs
continued in multiple locations along the Syama greenstone belt,
focusing on increasing the oxide resources to extend the life of
the Syama oxide operation. Diamond drilling continues at Tabakoroni
to extend the sulphide mineralisation down dip and along
strike.
Resolute announced the results of the ongoing exploration
program and an updated Mineral Resource at Tabakoroni subsequent to
quarter end, on 14 October 2020 (see ASX Announcement dated 14
October 2020). The Tabakoroni Mineral Resource was upgraded to
7.4Mt at 4.4g/t Au at a 1.5g/t Au cut off for a total of 1.04Moz,
an increase of 22% over the previous estimate (see ASX Announcement
dated 29 April 2019).
The diamond drilling program at Tabakoroni has moved focus to
explore for extensions of mineralisation down dip and along strike
to build on the already 1Moz resource. Results to date from this
drilling confirm extensions to the mineralisation, with encouraging
high-grade gold intersections including excellent grades of 5m @
116.3g/t Au in hole TARD773W located deep underneath the Tabakoroni
South open pit (Figure 3). 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 sufficient to support underground
mining operations. Diamond drilling will continue to expand the
mineral resources at Tabakoroni.
Please see image in the full version of the announcement at
www.rml.com.au
Figure 3: Tabakoroni Longitudinal Section with Resource Model
and drilling pierce points
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 (Figure 4).
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 104m
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 4: Tabakoroni North Pit and "Porphyry Splay" pit,
drillhole locations on geology and drone imagery
Mako, Senegal
Diamond drilling commenced in August 2020 with a program
targeting the down dip extensions of the mineralisation in the main
Petowal orebody. Drilling is progressing well and results are
expected in the coming months.
Guinea Exploration
Resolute is earning into a Joint Venture with Toya Gold on the
Kourouba project located west of Kankan in Guinea. The Kourouba JV
permits cover a portion of the Keniero Greenstone Belt which lies
on the western margin of the Siguiri Basin.
The Kourouba project has had limited surface exploration to date
and is untested by drilling. A surface geochemistry program has
outlined a gold in soil anomaly greater than 4km in strike, which
is currently host to widespread artisanal mining activity.
First pass air core drilling commenced in August at Kourouba
Hill to test the geochemical soil anomaly and active artisanal
workings. Drilling to date has intersected ultramafic komatiites
and sediments with quartz veining and sulphides in some holes, with
results expected in the next quarter.
Projects
Syama Power Upgrade Project
Construction of the new solar hybrid modular power station at
Syama continued during the September quarter in partnership with
Aggreko plc (Aggreko). Key milestones achieved this quarter include
continuation of civil/construction works, shipment of generating
engines to the port of Abidjan in Côte d'Ivoire, completion of fuel
treatment and storage at the Syama power plant along with
commencing the commissioning of the battery storage system. In
addition, civil works and construction of the storage tank are well
advanced for the heavy fuel oil (HFO) storage. Progress of
construction is shown in Figure 5 below.
Please see image in the full version of the announcement at
www.rml.com.au
Figure 5: Earthworks continues at the new Syama Solar-Hybrid
Power Station and HFO fuel Farm
Over the next quarter, commissioning of the battery storage
system and first engine is expected to be completed. At current
fuel oil prices, the projected cost of energy remains below US$0.15
per kilowatt hour (kWh). The current cost of energy at Syama ranges
from US$0.23/kWh to US$0.26/kWh based on prevailing diesel prices.
The new power station will deliver cost effective, environmentally
friendly, capital efficient power and long-term electricity cost
savings of up to 40% while reducing carbon emissions by
approximately 20% (see ASX Announcement dated 18 December 2019).
The new power plant is being funded and operated by Aggreko with
limited capital contribution from Resolute.
Tabakoroni Sulphide Pre-Feasibility Study
On 14 October 2020 Resolute announced an updated Mineral
Resource Estimate at Tabakoroni which had enabled completion of a
Pre-Feasibility Study (PFS) to assess the potential for a new
underground gold mine at Tabakoroni (see ASX announcement dated 14
October 2020).
The Tabakoroni Mineral Resource has been upgraded to 7.4Mt at
4.4g/t Au at a 1.5g/t Au cut off for a total of 1.04Moz, an
increase of 22% over the previous estimate (see ASX Announcement
dated 29 April 2019). The PFS has established a mining schedule,
consisting of Indicated and Inferred Resources, of 2.4Mt at 4.9g/t
containing 387koz. Gold production is expected to average
approximately 80,000oz per annum over an initial four-year mine
life. The AISC is estimated to be US$974/oz. The underground
operation will require a capital investment of US$86 million and
total project capital of US$118 million. It is planned to modified
the Syama oxide processing infrastructure and commence following
completion of Syama oxide operations.
The Tabakoroni underground deposit remains open, both along
strike and at depth with ongoing exploration success expected to
expand Mineral Resources and extend mine life.
Corporate
Cash, Bullion and Listed Investments
Description September 2020 Quarter June 2020 Quarter
(US$m) (US$m)
Cash 85.8 62.3
----------------------- ------------------
Bullion 20.6 25.2
----------------------- ------------------
Cash and Bullion 106.4 87.5
----------------------- ------------------
Liquid Assets
----------------------- ------------------
Promissory Note 36.2 34.9
----------------------- ------------------
Listed Investments 44.8 35.3
----------------------- ------------------
Total Cash, Bullion and
Liquid Assets 187.4 157.7
----------------------- ------------------
Table 6: Total Cash, Bullion and Liquid Assets
The key movements in cash and market value of bullion balances
during the quarter are summarised in Figure 6.
Please see image in the full version of the announcement at
www.rml.com.au
Figure 6: Quarterly Cash and Bullion Movements in US dollars
Balance Sheet
Total borrowings at 30 September 2020 were US$340.8 million
comprising US$300.0 million drawn on the Company's US$300.0 million
senior debt facility and revolving credit facility, overdraft
facilities with the Bank of Mali of US$32.7 million and asset
finance facilities of US$8.1 million.
Net debt after taking into account cash and bullion balances of
US$106.4 million was US$234.4 million at 30 September 2020 (30 June
2020: US$220.0 million). The increase in net debt primarily
reflects the reduced production at Syama in the September quarter
due to the industrial action impacting on the Company's operating
cash flows.
Tax
During the quarter Resolute's Mali subsidiary Société des Mines
de Finkolo S.A. (SOMIFI) paid XOF10 Billion (US$17m) to the Mali
Tax Authorities as the final payment of SOMIFI's 2019 Income Tax
amount of XOF12 Billion (US$20m).
Further to the CY19 Full Year and CY20 Half Year Financial
Report disclosure on the Mali Tax Authorities Income Tax and Value
Added Tax (VAT) demand on Resolute's Mali subsidiary Société des
Mines de Syama S.A. (SOMISY), in country tax and legal advice has
been sought with a formal response submitted to the Mali Tax
Authorities on 19 June 2020. The formal response outlined SOMISY's
objections to the income tax demands and the calculations on the
VAT withholding demand. However, the formal response from the Mali
Tax Authorities that was expected by the end of August 2020 has
been delayed due to the political situation. Resolute continues to
work with its in-country tax and legal advisors in engaging with
the Mali Tax Authorities on their formal response.
Hedging
Resolute maintains a policy of undertaking discretionary hedging
in compliance with funding obligations, which require a minimum of
30% of the next 18 months of forecast production to be hedged.
A quarterly summary of forward sales commitments is set out in
the table below:
US Dollar Forward Sales
Quarter Forward Price Delivery
(US$/oz) (oz)
December 2020 1,647 60,000
----------------
March 2021 1,576 30,000
---------------- ---------
June 2021 1,577 30,000
---------------- ---------
September 2021 1,667 18,000
---------------- ---------
December 2021 1,670 15,000
---------------- ---------
Total 1,624 153,000
---------------- ---------
Table 7: Committed Hedging Forward Sales in US dollars
The Company has also placed 20,000oz of zero cash flow collars
in 2021 comprising put options at US$1,600/oz and call options at
US$2,300/oz .
Guidance
As announced on 28 September 2020, CY20 guidance was reinstated
of between 400,000oz and 430,000oz at an AISC between US$980 and
US$1,080/oz. The reinstated guidance reflects the negative impact
of the industrial relations dispute in the September quarter and
other uncertainties relating to the potential impacts of the
coronavirus pandemic and ECOWAS sanctions. Resolute continues to
maintain its reinstated guidance, with production expected to be at
the lower end of the range and costs expected at the upper end of
the range.
CY20 capital expenditure guidance has been allocated between
non-sustaining of US$15 million, exploration and other development
of US$25 million and sustaining of US$30 million (also included in
AISC).
Investor and Analyst Conference Calls
Resolute will host two conference calls for investors, analysts
and media today, Thursday, 22 October 2020, to discuss the
Company's Quarterly Activities Report for the period ending 30
September 2020. Both calls will conclude with a question and answer
session.
Pre-Registration: The Company has arranged for participants to
pre-register for each call. Pre-registering for the conference
calls gives you immediate access on the day with no need to wait
for an operator. A calendar invite with dial-in details will be
received once participants complete the pre-registration
process.
Conference Call Details
Conference Call 1
Date: Thursday, 22 October 2020
Time: 09:00 (AWST, Perth) / 12:00 (AEDT, Sydney)
Pre-Registration Link:
https://s1.c-conf.com/diamondpass/10010321-mf7hs3.html
Conference Call 1 will also be streamed live online at
http://www.openbriefing.com/OB/3994.aspx
Conference Call 2
Date: Thursday, 22 October 2020
Time: 09:00 (BST, London) / 16:00 (AWST, Perth)
Pre-Registration Link:
http://s1.c-conf.com/diamondpass/10010322-712jsa.html
Conference Call 2 will also be streamed live online at
http://www.openbriefing.com/OB/3995.aspx
For further information, contact:
Mr Stuart Gale
Interim CEO
Board of Directors Contact
Mr Martin Botha, Non-Executive Ms Sabina Shugg, Stuart Gale,
Chairman Non-Executive Director Interim CEO
T: +618 9261
6100
E: contact@rml.com.au
-----------------------
Ms Yasmin Broughton, Mr Peter Sullivan,
Non-Executive Director Non-Executive Director
-----------------------
Mr Mark Potts, Non-Executive
Director
------------------------------- ------------------------ -----------------------
Appendix
September 2020 Quarter Production and Costs (unaudited)
September 2020 Quarter Units Syama Syama Syama Mako Group
Sulphide Oxide Total Total
UG Lateral Development m 1,319 - 1,319 - 1,319
-------- ---------- -------- -------- ---------- ----------
UG Vertical Development m 130 - 130 - 130
-------- ---------- -------- -------- ---------- ----------
Total UG Development m 1,449 - 1,449 - 1,449
-------- ---------- -------- -------- ---------- ----------
UG Ore Mined t 506,702 - 506,702 - 506,702
-------- ---------- -------- -------- ---------- ----------
g/t
UG Grade Mined Au 2.37 - 2.37 - 2.37
-------- ---------- -------- -------- ---------- ----------
OP Operating Waste BCM - 59,055 59,055 1,713,765 1,772,820
-------- ---------- -------- -------- ---------- ----------
OP Ore Mined BCM - - - 239,744 239,744
-------- ---------- -------- -------- ---------- ----------
g/t
OP Grade Mined Au - - - 2.27 2.27
-------- ---------- -------- -------- ---------- ----------
Total Ore Mined t 506,702 - 506,702 663,219 1,169,921
-------- ---------- -------- -------- ---------- ----------
Total Tonnes Processed t 495,947 339,540 835,487 484,559 1,320,046
-------- ---------- -------- -------- ---------- ----------
g/t
Grade Processed Au 2.38 1.44 2.00 2.65 2.24
-------- ---------- -------- -------- ---------- ----------
Recovery % 79.5 89.0 83.3 94.5 87.4
-------- ---------- -------- -------- ---------- ----------
Gold Recovered oz 30,135 14,046 44,181 39,025 83,206
-------- ---------- -------- -------- ---------- ----------
Gold in Circuit Drawdown/(Addition) oz 939 1,502 2,441 1,656 4,097
-------- ---------- -------- -------- ---------- ----------
Gold Produced (Poured) oz 31,074 15,548 46,622 40,681 87,303
-------- ---------- -------- -------- ---------- ----------
Gold Bullion in Metal
Account Movement (Increase)/Decrease* oz (177) (245) (422) 4,019 3,597
-------- ---------- -------- -------- ---------- ----------
Gold Sold* oz 30,897 15,303 46,200 44,700 90,900
-------- ---------- -------- -------- ---------- ----------
Achieved Gold Price US$/oz 1,694
-------- ---------- -------- -------- ---------- ----------
Mining US$/oz 654 440 582 342 470
-------- ---------- -------- -------- ---------- ----------
Processing US$/oz 407 400 405 231 324
-------- ---------- -------- -------- ---------- ----------
Site Administration US$/oz 178 302 219 96 162
-------- ---------- -------- -------- ---------- ----------
Stockpile Adjustments US$/oz 208 9 142 (68) 44
-------- ---------- -------- -------- ---------- ----------
Gold in Circuit Movement US$/oz 98 99 98 26 65
-------- ---------- -------- -------- ---------- ----------
Operating Cost US$/oz 1,545 1,250 1,446 627 1,065
-------- ---------- -------- -------- ---------- ----------
Royalties US$/oz 105 107 106 125 116
-------- ---------- -------- -------- ---------- ----------
By-Product Credits US$/oz (3) (3) (3) - (1)
-------- ---------- -------- -------- ---------- ----------
Sustaining Capital
+ Other US$/oz 121 - 81 58 70
-------- ---------- -------- -------- ---------- ----------
Asset Reclamation &
Remediation US$/oz (2) - (2) - (1)
-------- ---------- -------- -------- ---------- ----------
Corporate Overheads US$/oz - - - - 35
-------- ---------- -------- -------- ---------- ----------
All-In Sustaining Cost
(AISC)
AISC is calculated
on gold produced (poured) US$/oz 1,766 1,354 1,628 810 1,284
-------- ---------- -------- -------- ---------- ----------
Year-to-date 2020 Production and Costs (unaudited)
Year-to-date 2020 Units Syama Syama Syama Mako Ravens-wood Group
Sulphide Oxide Total Total
UG Lateral Development m 5,510 - 5,510 - - 5,510
-------- ---------- ---------- ---------- ---------- ------------ ----------
UG Vertical Development m 217 - 217 - - 217
-------- ---------- ---------- ---------- ---------- ------------ ----------
Total UG Development m 5,727 - 5,727 - - 5,727
-------- ---------- ---------- ---------- ---------- ------------ ----------
UG Ore Mined t 1,519,463 - 1,519,463 - - 1,519,463
-------- ---------- ---------- ---------- ---------- ------------ ----------
g/t
UG Grade Mined Au 2.60 - 2.60 - - 2.60
-------- ---------- ---------- ---------- ---------- ------------ ----------
OP Operating Waste BCM - 1,846,508 1,846,508 4,433,761 - 6,280,269
-------- ---------- ---------- ---------- ---------- ------------ ----------
OP Ore Mined BCM - 503,323 503,323 745,308 - 1,248,631
-------- ---------- ---------- ---------- ---------- ------------ ----------
g/t
OP Grade Mined Au - 2.32 2.32 2.31 - 2.31
-------- ---------- ---------- ---------- ---------- ------------ ----------
Total Ore Mined t 1,519,463 1,069,800 2,589,263 2,067,343 - 4,656,606
-------- ---------- ---------- ---------- ---------- ------------ ----------
Total Tonnes Processed t 1,474,280 1,110,841 2,585,121 1,562,539 726,735 4,874,395
-------- ---------- ---------- ---------- ---------- ------------ ----------
g/t
Grade Processed Au 2.55 2.41 2.49 2.67 0.50 2.25
-------- ---------- ---------- ---------- ---------- ------------ ----------
Recovery % 78.3 91.8 84.1 93.3 91.8 88.2
-------- ---------- ---------- ---------- ---------- ------------ ----------
Gold Recovered oz 94,738 79,355 174,093 125,254 10,611 309,958
-------- ---------- ---------- ---------- ---------- ------------ ----------
Gold in Circuit
Drawdown/(Addition) oz (6,985) 751 (6,234) 1,090 435 (4,709)
-------- ---------- ---------- ---------- ---------- ------------ ----------
Gold Produced (Poured) oz 87,753 80,106 167,859 126,344 11,046 305,249
-------- ---------- ---------- ---------- ---------- ------------ ----------
Gold Bullion in Metal
Account Movement
(Increase)/Decrease oz (1,398) 810 (588) 896 (1,989) (1,681)
-------- ---------- ---------- ---------- ---------- ------------ ----------
Gold Sold oz 86,355 80,916 167,271 127,240 9,057 303,568
-------- ---------- ---------- ---------- ---------- ------------ ----------
Achieved Gold Price US$/oz - - - - - 1,507
-------- ---------- ---------- ---------- ---------- ------------ ----------
Mining US$/oz 808 390 608 330 215 479
-------- ---------- ---------- ---------- ---------- ------------ ----------
Processing US$/oz 439 261 354 254 910 333
-------- ---------- ---------- ---------- ---------- ------------ ----------
Site Administration US$/oz 184 175 180 88 226 143
-------- ---------- ---------- ---------- ---------- ------------ ----------
Stockpile Adjustments US$/oz 19 (38) (8) (42) (18) (22)
-------- ---------- ---------- ---------- ---------- ------------ ----------
Gold in Circuit Movement US$/oz (99) 3 (50) (0) 37 (26)
-------- ---------- ---------- ---------- ---------- ------------ ----------
Operating Cost US$/oz 1,351 791 1,084 630 1,370 907
-------- ---------- ---------- ---------- ---------- ------------ ----------
Royalties US$/oz 89 84 86 105 59 94
-------- ---------- ---------- ---------- ---------- ------------ ----------
By-Product Credits US$/oz (2) (1) (2) - (9) (1)
-------- ---------- ---------- ---------- ---------- ------------ ----------
Sustaining Capital
+ Other US$/oz 106 - 55 40 27 48
-------- ---------- ---------- ---------- ---------- ------------ ----------
Asset Reclamation &
Remediation US$/oz 15 25 20 - 11 11
-------- ---------- ---------- ---------- ---------- ------------ ----------
Corporate Overheads US$/oz - - - - - 36
-------- ---------- ---------- ---------- ---------- ------------ ----------
All-In Sustaining Cost
(AISC)
AISC is calculated
on gold produced (poured) US$/oz 1,559 899 1,243 775 1,458 1,095
-------- ---------- ---------- ---------- ---------- ------------ ----------
Contact Information
Resolute Berenberg (UK Corporate Broker)
Stuart Gale, Interim CEO Matthew Armitt / Jennifer Wyllie / Detlir
Telephone: +61 8 9261 6100 Elezi
Email: contact@rml.com.au Telephone: +44 20 3207 7800
Web: www.rml.com.au Tavistock (UK Public Relations)
Jos Simson / Emily Moss / Annabel de Morgan
/ Oliver Lamb
Telephone: +44 207 920 3150 / +44 778 855
4035
Email: resolute@tavistock.co.uk
Competent Persons Statement
For the purposes of ASX Listing Rule 5.23, Resolute confirms
that it is not aware of any new information or data that materially
affects the information included in the original market
announcements relating to exploration results or estimates of
Mineral Resources or Ore Reserves referred to in this announcement
and, in the case of Mineral Resources and Ore Reserves, that all
material assumptions and technical parameters underpinning the
estimates in the relevant market announcement continue to apply and
have not materially changed. Resolute confirms that the form and
context in which the Competent Person's findings are presented have
not been materially modified from the original market
announcement.
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulation (MAR). Upon the publication of this
announcement via a Regulatory Information Service (RIS), this
inside information is now considered to be in the public
domain.
Authorised by Mr Stuart Gale, Interim CEO
Board of Directors Contact
Mr Martin Botha, Non-Executive Ms Sabina Shugg, Stuart Gale,
Chairman Non-Executive Director Interim CEO
T: +618 9261
6100
E: contact@rml.com.au
-----------------------
Ms Yasmin Broughton, Mr Peter Sullivan,
Non-Executive Director Non-Executive Director
-----------------------
Mr Mark Potts, Non-Executive
Director
------------------------------- ------------------------ -----------------------
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END
UPDGGBDGXDDDGGD
(END) Dow Jones Newswires
October 22, 2020 02:00 ET (06:00 GMT)
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