Company Announcements

19 January 2023

Over Three Moz Mineral Resource at Syama North

34 million tonnes @ 2.9 g/t Au for 3.18 million ounces

Highlights

•     The updated Mineral Resource Estimate for Syama North increases 58% to three million ounces of gold at a cut-off grade of 1g/t Au

•     Mineral Resource now totals 34 million tonnes at 2.9g/t Au for 3.18 million ounces

•     Exploration drilling from Syama North returning excellent intersections from infill and extensional drilling was undertaken continuing from previous results announced in August 2022. Better results are as follows:

QVRC598 - 17m @ 5.33g/t Au from 53m

QVRC615 - 22m @ 4.74 g/t Au from 118m

QVRC631 - 36m @ 3.03 g/t Au from 57m

QVRD587 - 18m @ 70.40g/t Au from 198m

QVRD592 - 18m @ 5.04g/t Au from 173m

QVRD603 - 57m @ 3.63g/t Au from 150m

QVRD604 - 73m @ 3.97g/t Au from 168m

QVRD609 - 21m @ 12.73g/t Au from 156m

QVRD609 - 10m @ 11.89g/t Au from 191m

QVRD610 - 52m @ 3.73g/t Au from 171m

QVRD618 - 20m @ 4.72g/t Au from 191m

•     The 'wide zone' of gold mineralisation initially discovered and reported in August 2022 was substantiated and increased by drilling in late 2022 with excellent intersections seen in QVRD603, QVRD604, QVRD609 and QVRD610

•     The Syama North gold deposit remains open down-dip over the entire 6km strike length with drilling to continue throughout 2023 with the expectation of further increases in the Mineral Resource

•     The majority of the Mineral Resource is located within 150m of the surface highlighting the open pit potential of the deposit

•     Engineering studies are underway to assess the economics of the gold deposit

Resolute Mining Limited ("Resolute" or "the Company") (ASX/LSE: RSG) is pleased to announce an updated Mineral Resource Estimate from Syama North with continued positive exploration drilling results. These results confirm the potential for a new open pit operation adjacent to the Syama processing complex.

Resolute's Chief Executive Officer, Mr Terry Holohan, commented:

"The infill drilling program at Syama over the second half of 2022 has exceeded our expectations and the drill rigs are still turning on this contiguous strike discovery of over 6km. We now have 1.86 Moz in the Measured and Indicated categories for 19Mt at 3 g/t gold at a 1 g/t gold cut-off. This mineralisation is close to the surface and adjacent to the areas we are currently mining.

"Our previously mentioned 'low-Capex enhancement' PFS study, due for publication in Q2 2023, will initially focus on the wide zone within the A21 pit discovered in August 2022. This is a result of the recent grid drilling, which demonstrates the presence of a substantial block of mineralisation which should have a lower strip ratio than initially thought. It also remains open below the 150m depth limit drilled so far.

"Our end of year Mineral Resource and Ore Reserve estimates will be published in February 2023, incorporating these significant additions to our business. I am extremely proud of the achievements of our exploration team and the ongoing success at Syama. Significant discoveries such as this clearly demonstrate that the Syama Belt is surprisingly under-explored and justifies the need for further systematic exploration work to be undertaken along the >85 km of strike."

Syama North Exploration Program

Diamond and RC drilling has continued throughout 2022 with two drill rigs targeting mineralisation extensions over the entire length of the Syama North Project from Alpha in the South to A21 in the North. The drilling was highly successful with excellent drill results reported to the market in June 2022 (see ASX announcement 16 June 2022) and in August 2022 (see ASX announcement 30 August 2022). A major upgraded Mineral Resource Estimate was announced in August 2022 with a Global Mineral Resource of 20Mt @ 3.1g/t Au for 2 million ounces of gold.

Since the August announcement, drilling has focussed on improving the confidence and classification of the Mineral Resource. The majority of the drilling since the last announcement was infill drilling to achieve a nominal 50 x 50m pattern required for Indicated classification. There was also extensional drilling completed in areas of wide zones of mineralisation. Drillhole locations are shown on Figure 1.

Results from this drilling campaign were above expectations with ore grade intervals seen in most holes. Better results received since the previous ASX announcement are shown below, with a table of the intersections attached as Appendix I.

QVRC598 - 17m @ 5.33g/t Au from 53m

QVRC615 - 22m @ 4.74 g/t Au from 118m

QVRC631 - 36m @ 3.03 g/t Au from 57m

QVRD587 - 18m @ 70.40g/t Au from 198m

QVRD592 - 18m @ 5.04g/t Au from 173m

QVRD603 - 57m @ 3.63g/t Au from 150m

QVRD604 - 73m @ 3.97g/t Au from 168m

QVRD609 - 21m @ 12.73g/t Au from 156m

QVRD609 - 10m @ 11.89g/t Au from 191m

QVRD610 - 52m @ 3.73g/t Au from 171m

QVRD618 - 20m @ 4.72g/t Au from 191m

The wide zone of gold mineralisation discovered in QVRD538 (46m @ 1.83g/t Au from 143m and 30m @ 3.88g/t Au from 202m), which was reported in August 2022 was the main focus for infill drilling since the last announcement. Infill drilling has confirmed and expanded this wide zone with excellent intersections in QVRD603 (57m @ 3.63g/t), QVRD604 (73m @ 3.97g/t), QVRD609 (21m @ 12.73g/t) and QVRD610 (52m @ 3.73g/t). These results have underpinned a large increase in the volume of gold mineralisation. A cross section example is shown on Figure 2.

The high-grade zones of mineralisation at Quartz Vein Hill located at the south of the A21 were reported in the June and August announcements this year. Infill and extensional drilling was carried out using mainly RC drilling due to the shallow depths of the mineralisation. Results from this drilling continued the success of previous programs with excellent intersections in many holes. Notably very high-grade results were seen in QVRD587 (18m @ 70.4g/t), QVRD592 (18m @ 5.04g/t), QVRC598 (17m @ 5.33g/t) and QVRC615 22m @ 4.74g/t) which have extended the mineralisation in the Quartz Vein Hill area. A cross section example is shown on Figure 3.

The gold grades and widths in this southern zone are sufficient to allow for underground operations if strip ratios preclude open pit mining.

The Syama North gold deposit remains open down-dip over the entire 6km strike length. Diamond drilling is ongoing and expected to continue throughout 2023 to extend and increase Mineral Resource confidence in the deposit.

Figure 1. Interpreted Geology, Satellite Imagery and Drillhole Locations

Figure 2. Cross Section at 1208100N showing drillholes and results at A21 North

Figure 3. Cross Section at 1200850N showing drillholes and results at Quartz Vein Hill

Mineral Resource Estimate

The Syama Mineral Resource Estimation was updated in December 2022 using wireframe constrained Ordinary Kriged (OK) estimation methodology, with identical parameters to the previous estimate published in August 2022.

The Global Mineral Resources at Syama North is now estimated at 34 million tonnes at 2.9g/t Au for 3.18 million ounces at a cut-off grade of 1g/t Au. Resource classification and material types are shown below in Tables 1 and 2.

The Mineral Resource has increased by 58% over the previous estimate driven entirely by an increase in volume of gold mineralisation. The grade of this MRE is marginally lower at 2.9g/t compared to 3.1 for the previous estimate.

Summary of Resource Parameters

A summary of JORC Table 1 is provided below for compliance regarding the Mineral Resources reported within and in-line with requirements of ASX Listing Rule 5.8.1.

Geology and geological interpretation

The Syama Project is found on the northern margin of the Achaean-Proterozoic Leo Shield which forms the southern half of the West African Craton. The project area straddles the boundary between the Kadiana-Madinani terrane and the Kadiolo terrane. The Kadiana-Madinani terrane is dominated by greywackes and a narrow belt of interbedded basalt and argillite. The Kadiolo terrane comprises polymictic conglomerate and sandstone that were sourced from the Kadiana-Madinani terrane and deposited in a late- to syntectonic basin.

The Syama North prospect is located on the NNE striking, west dipping, Syama-Bananso Fault Zone and Birimian volcano-sedimentary units of the Syama Formation. Gold mineralisation is associated with west dipping shear zones and hosted within sericite pyrite ankerite altered basalts, sediments and lamprophyres.

Sampling and sub-sampling techniques

Reverse circulation samples were collected on 1m intervals by riffle split (dry) or by scoop (wet) to obtain a 1-3kg sample. Core samples were sawn using a diamond saw blade with half of the core sent for analysis.

Sample preparation includes oven drying, crushing to 10mm, splitting and pulverising to 85% passing -75µm. These preparation techniques are deemed to be appropriate to the material being sampled.

Reverse circulation and core field duplicates were collected by the company at a rate of 1:20 samples.

Sampling, sample preparation and quality control protocols are of industry standard, and all attempts were made to ensure an unbiased representative sample was collected.

Drilling techniques

Drill types used include reverse circulation with face sampling bit and core drilling using PQ and HQ sized bits. A digital core orientation system is used to define the bottom of the hole which is transferred to the drilled core.

Classification criteria

Mineral Resources were classified in accordance with the Australasian Code for the Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC, 2012).

The deposit has been classified as Measured, Indicated, and Inferred Mineral Resource based on a combination of quantitative and qualitative criteria which include geologic continuity, confidence in volume models, data quality, sample spacing, lode continuity, and estimation parameters (number of informing composites, estimation pass number, kriging quality parameters, and minimum and average distance composites).

The Measured portion of the Resource was defined using areas populated on the first estimation pass, within 20m of informing composites; the kriging efficiency and slope of regression were generally >=0.7; and high confidence exists in lode continuity (strike and thickness).

The Indicated portion of the Resource was defined using areas populated on the first two estimation passes within 50m of informing composites; the kriging efficiency and slope of regression were generally >=0.7; and moderate to high confidence exists in lode continuity (strike and thickness).

Mineralisation that is not classified by the above parameters has been classified as Inferred.

The input data is comprehensive in its coverage and does not favour or misrepresent the in-situ mineralisation. The definition of the mineralised zones is based on a high level of geologic understanding from good quality sample data, producing models of continuous mineralised lodes. Validation of the block model shows good correlation of the input data to the block estimated grades.

Sample analysis method

All samples were dispatched to ALS Bamako for gold analysis by 30g fire assay fusion with AAS instrument finish (method code Au-AA25). Over-range results were re-analysed and reported by 30g fire assay fusion with gravimetric finish (method code Au-GRA21). The analytical method was appropriate for the style of mineralisation.

No geophysical tools were used to determine elemental concentrations.

Quality control (QC) procedures included the use of certified standards (1:40), non-certified sand blanks (1:40) and reverse circulation/core field duplicates (1:20).

Laboratory quality control data, including laboratory standards, blanks, duplicates, repeats, grind size results and sample weights were also captured into the digital database.

Analysis of the QC sample assay results indicates that an acceptable level of accuracy and precision has been achieved.

Basis for selected cut-off grade

The cut-off grade was the same as for all the previously announced open pit Mineral Resources for the entire Syama Belt. The cut-off grade is also the same as currently used for open pit mining operations undertaken at Syama over the past 2 years.

Mining and metallurgical methods and other material modifying factors

Extensive metallurgical investigations and reporting have been completed prior to the commencement of mining and milling at the nearby Syama deposit.

The processing method involves crushing, milling, flotation and roasting, followed by conventional CIL recovery.

There is no evidence to suggest that the metallurgical characteristics of ore extracted from Syama North would change from that encountered at Syama. Preliminary metallurgical test-work on samples from Syama North show similar characteristics to the Syama ore and is expected to be treated though the existing oxide and sulphide circuits.

Future Exploration

The drilling program at Syama North is ongoing and is expected to extend throughout 2023 with the expectation of increasing the Mineral Resources. The sulphide mineralisation remains open at depth and appears to be contiguous along the entire 6km strike length of the Alpha to A21 deposits.

Infill drilling is required to continue similarly to the previous period as there is 1.3 million ounces of Inferred resources in the updated Resource Model.

To date exploration drilling has been restricted to zones within 150m of the surface to concentrate on identifying open pit extractable Mineral Resources. This was increased to 200m below surface at Central A21 where the bulk of the additional resources came from.

Engineering studies are underway to evaluate the potential of an open pit operation at Syama North.

An open pit sulphide mining operation will complement the Syama Underground Mine and add 'flexibility' to the processing complex.

Contact

Authorised by Mr Terry Holohan, Managing Director and Chief Executive Officer

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 Mr Patrick Smillie, a Competent Person who is a Registered Member of the Society for Mining, Metallurgy, and Exploration (SME). Mr Smillie is a full-time employee Resolute Mining Limited Group 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. Mr Smillie 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.

Cautionary Statement about Forward-Looking Statements

This announcement contains certain "forward-looking statements" including statements regarding our intent, belief or current expectations with respect to Resolute's business and operations, market conditions, results of operations and financial condition, and risk management practices. The words "likely", "expect", "aim", "should", "could", "may", "anticipate", "predict", "believe", "plan", "forecast" and other similar expressions are intended to identify forward-looking statements. Indications of, and guidance on, future earnings, anticipated production, life of mine and financial position and performance are also forward-looking statements. These forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause Resolute's actual results, performance and achievements or industry results to differ materially from any future results, performance or achievements, or industry results, expressed or implied by these forward-looking statements. Relevant factors may include (but are not limited to) changes in commodity prices, foreign exchange fluctuations and general economic conditions, increased costs and demand for production inputs, the speculative nature of exploration and project development, including the risks of obtaining necessary licences and permits and diminishing quantities or grades of reserves, political and social risks, changes to the regulatory framework within which Resolute operates or may in the future operate, environmental conditions including extreme weather conditions, recruitment and retention of personnel, industrial relations issues and litigation.

Forward-looking statements are based on Resolute's good faith assumptions as to the financial, market, regulatory and other relevant environments that will exist and affect Resolute's business and operations in the future. Resolute does not give any assurance that the assumptions will prove to be correct. There may be other factors that could cause actual results or events not to be as anticipated, and many events are beyond the reasonable control of Resolute. Readers are cautioned not to place undue reliance on forward-looking statements, particularly in the current economic climate with the significant volatility, uncertainty and disruption caused by the COVID-19 pandemic. Forward-looking statements in this document speak only at the date of issue. Except as required by applicable laws or regulations, Resolute does not undertake any obligation to publicly update or revise any of the forward-looking statements or to advise of any change in assumptions on which any such statement is based. Except for statutory liability which cannot be excluded, each of Resolute, its officers, employees and advisors expressly disclaim any responsibility for the accuracy or completeness of the material contained in these forward-looking statements and excludes all liability whatsoever (including in negligence) for any loss or damage which may be suffered by any person as a consequence of any information in forward-looking statements or any error or omission.

Appendix 1: Recent Drilling Results

Syama North

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 cores 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 >20 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