RESOLUTE MINING LIMITED (RSG)
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30/09/2025

2

Upgrade to Accumulate from Hold

$1.10

18.28%

Ord Minnett has updated its commodity price forecasts as the Sept quarter wraps up, following a robust performance for commodities over the period.

The impacts of the US tariffs and trade war seem, at this stage, less than feared and, combined with supply-side challenges, commodities have held up well over the quarter.

The broker has raised most of its price forecasts, highlighting a rise in copper by 11% for 2026; gold up 5% for 2025 and 18% for 2026; thermal coal up 11% for 2026; and lithium spodumene up 25% in 2026 on more balanced supply.

The preferred stocks are Rio Tinto ((RIO)) over BHP Group ((BHP)); Alcoa ((AAI)) for aluminium; and in the golds, Newmont Corp ((NEM)) and Capricorn Metals ((CMM)).

EPS forecast for Resolute Mining lifted by 20% for FY26 and by 53% for FY27.

Target rises to $1.10 from $0.80. Rating upgraded to Accumulate from Hold.

04/11/2025

1

Buy

$2.00

115.05%

Resolute Mining’s September quarter was broadly in line with Canaccord Genuity's forecast on production but missed on costs.

Output of 59.8koz met the broker's expectations, but costs (AISC) of -US$2,205/oz exceeded the broker's forecasts due to higher sustaining capex at Syama and increased royalties.

Sales of 63koz beat the analysts' estimates, while closing cash and bullion of US$168m fell short after larger-than-anticipated value added tax (VAT) payments.

Full-year guidance was trimmed to 275-285koz at cost -US$1,750-1,850/oz on lower Syama output. The broker expects Syama Sulphide Circuit Project (SSCP) commissioning in January 2026 and sees upside from Mako and Doropo expansion.

Canaccord maintains a Buy rating but cuts its target to $2.00 from $2.30.

FORECAST
Canaccord Genuity forecasts a full year FY25 dividend of 0.00 cents and EPS of 15.57 cents.
Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of 26.47 cents.