Resolute Mining Stock Earnings Reports

Resolute delivered a strong Q4 2025 and solid full-year performance: production met guidance at 277koz for 2025 (FY guidance 275–285koz) with Q4 production of ~66koz. Q4 group AISC fell to $1,877/oz (FY AISC $1,843/oz). Operating cash flow was robust (~$86m in Q4; $314m FY) and the company finished Q4 with net cash of $209m and available liquidity >$320m. Key growth priorities and 2026 guidance: group production 250–275koz (Syama 195–210koz; Mako 55–65koz), group AISC guidance $2,000–$2,200/oz (higher primarily due to royalties at elevated gold prices), and group CapEx $310–$360m driven by Doropo, Syama SSCP completion, waste stripping and other capital projects. Doropo (Côte d’Ivoire) is transformational: updated DFS (Dec 15) shows larger reserves and longer life, permitting is advancing post-election, FID and construction targeted in H1 2026 (subject to permits), and 2026 Doropo CapEx expected $170–$190m (mostly H2). Syama (Mali): supply-chain issues largely resolved, SSCP commissioning staged in 2026 (Stage 1 Q2; Stage 2 Q3) to enable predominantly sulphide processing; Syama 2026 CapEx ~ $110–125m (SSCP, waste stripping, plant/underground). Mako (Senegal): strong 2025 performance but 2026 will be stockpile-driven with lower grades; Mako 2026 guidance 55–65koz at AISC $1,600–$1,800/oz; Mako Life Extension Project (Tomboronkoto and Bantaco) permitting and studies progressing with mining permit timelines into late 2026/2027. Exploration: ~ $25m spent in 2025; 2026 will maintain similar spend (~$15–25m) with heavier focus on Côte d’Ivoire (Le Debo MRE 643koz; ABC drilling underway and scoping study targeted H1–H2 2026). Financial position: FY revenue ~$863m, EBITDA $383m; unsold bullion (~31koz) was shipped in January and increased FY-end bullion balances; company is largely unhedged and intends to fund near-term growth from cash flow plus targeted project financing for Doropo. Key risks/considerations for investors: permitting timelines (Doropo mining permit and presidential decree), country-level political/security and VAT recovery dynamics (Mali), execution risk on large CapEx programs (Doropo and Syama SSCP), and near-term AISC pressure from higher royalties at elevated gold prices.