Resolute Mining (LON:RSG) Chief Executive Officer Chris Eger told investors the Africa-focused gold producer believes it has “all the makings” to extend a 2025 operational turnaround into 2026 while advancing its next major growth project in Côte d’Ivoire. Speaking at a BMO-hosted event, Eger outlined production guidance, capital spending plans, and what he described as a pipeline that could take the company beyond its current longer-term goal of becoming a 500,000-ounce producer by 2028.
Eger said the company “executed flawlessly” on a turnaround plan established at the beginning of 2025 after a difficult 2024 for both Syama and Mali. He credited augmented skilled teams across the business, efforts to repair relationships with government stakeholders, and a strategic pivot that “meaningfully” diversifies the company into Côte d’Ivoire, which he said will become Resolute’s “flagship country where we operate.”
He stated that Resolute operates in four countries, producing about 275,000 ounces of gold annually, with 2025 production cited at 277,000 ounces. Eger said EBITDA in 2025 was “over $380 million” and cash flows were “$140 million.” In the current gold price environment, he added, the company anticipates “over $500 million of EBITDA” and “free cash flow of over $200 million,” excluding capital expenditures required for Doropo.
Eger said Resolute expects similar production levels in 2026 and 2027 before output rises above 500,000 ounces once the Doropo project comes online from 2028. He reiterated that the company remains “very much on track” to reach 500,000 ounces by 2028, adding that, given the gold price environment, management is also “starting to target 750,000 ounces by the end of the decade” through expansion potential across its assets and additional projects in Côte d’Ivoire.
Eger said Resolute acquired the Doropo project from AngloGold Ashanti in May of the prior year for $150 million in cash, structured as $25 million paid upfront, $50 million due in October, and $75 million due the following year. He said key 2025 milestones included hiring a project team led by Rob Cicchini and updating the definitive feasibility study (DFS) in December 2025.
According to Eger, the updated economics are “incredibly robust,” and he described Doropo as being worth “well over $2.5 billion.” He noted the company ran new pit shells at a $2,000 gold price, resulting in a reserve of 2.5 million ounces, and said that at $3,000 to $4,000 gold the reserve could increase to 3.5 million to 4 million ounces—suggesting a mine life longer than 13 years.
Eger said the initial production profile is expected to be around 200,000 ounces for the first four years and generate over $400 million of cash. He added that a phase two expansion is underway and is expected to be published toward the end of 2026.
On funding and near-term work, Eger said Resolute has completed FEED work, is preparing to award an EPC contractor, and expects to begin water storage construction shortly. He said 2026 capex is forecast at over $300 million due to the start of Doropo construction, with planned capex of about $200 million “this year.” He also said the company is “pretty much fully funded,” citing over $300 million of cash on hand and more than $200 million of cash generation, although he acknowledged a “very slight funding gap.”
Addressing Mali, Eger said operational performance improved in the second half of 2025 after supply chain issues—particularly explosives—constrained mining throughput earlier in the year. He said the company is on track to produce “over 200,000 ounces” from Syama and characterized the deposit as a “world-class asset” with over 10 million ounces of resource, albeit in a “difficult jurisdiction.”
He said Resolute is completing a capital project to move to 100% sulfide processing on site, allowing mining to be simplified to two sources: the existing sublevel cave (about 2.5 grams per tonne material) and the Syama North open pit (about 1.9 grams per tonne material). While Eger said the company sees a case to expand Syama under the right conditions—potentially doubling the business—he indicated Resolute will hold off on discretionary capital until there is more “positivity and movement” with the Mali government.
In Senegal, Eger said the Mako mine is in transition after the original pit reached end of mine life in 2025. The operation is now processing stockpiles through the end of 2027, and he said production has declined from about 100,000 ounces to around 60,000 ounces this year. Looking forward, he said Resolute plans to develop two satellite deposits to support operations for the next 10 years, targeting roughly 80,000 ounces per year at around a $1,500 cash cost.
Eger said the company has identified “well over 600,000 ounces” near the plant to feed operations. He said Resolute is preparing to file a mining application for Tombo and Koto “in the next month,” expects to receive a mining permit at the beginning of next year, and noted that village relocation and plant upgrades are required—pushing anticipated production from Tombo and Koto to 2028. He added that Bantaco mining is expected to start toward the end of next year to blend stockpiles with fresh ore and bridge the gap until Tombo begins production.
Eger said exploration remains central to the company’s strategy and highlighted two Côte d’Ivoire projects that could become additional mines. The ABC project, acquired as part of the Doropo transaction, currently hosts over 2.2 million ounces at 0.9 grams per tonne, centralized in the Koné permit across roughly 12 kilometers of strike. He said the company plans at least 20,000 meters of drilling in the Koné area and believes the resource could grow to 3 million to 4 million ounces. A scoping study is underway to outline economics.
He also discussed the Ladebo project in southern Côte d’Ivoire, described as a smaller resource of 640,000 ounces at 1.1 grams per tonne. Resolute is drilling over 10,000 meters there and completing a scoping study. Eger said the project “could be our fifth mine,” while noting that securing drill rigs has been challenging in the current environment.
In response to a question on Mali, Eger said the mood has improved significantly since 2024 and discussions are “more productive” and “more professional,” but he emphasized caution. He said Resolute has not been receiving VAT receivables back and is still looking to sign a mining convention, calling these key milestones before the company commits additional discretionary investment to expand Syama.
Resolute is an African-focused gold miner with more than 30 years of experience as an explorer, developer and operator. Throughout its history the Company has produced more than 9 million ounces of gold from ten gold mines. The Company is now entering a growth phase through the development of the Doropo project in Côte d’Ivoire which will supplement the existing production from the Syama mine in Mali and Mako mine in Senegal. The Company trades on the Australian Securities Exchange (ASX) and the London Stock Exchange (LSE) under the ticker RSG.
