RESOLUTE MINING LIMITED (RSG)
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10/08/2026

1

Buy

$1.60

15.94%

Resolute Mining is likely to find achieving 2026 guidance difficult, Ord Minnett asserts, amid supply chain and logistics disruptions because of a volatile security situation in Mali. This led to a -32% quarter-on-quarter reduction in gold production at Syama in the June quarter.

Mako, in Senegal, had a "solid" quarter, the broker notes, while construction of Doropo in Cote d'Ivoire is on track and on budget.

AISC costs were up 12% in the quarter, attributed to lower production at Syama and higher royalty payments from an elevated realised gold price.

Ord Minnett reduces its price target to $1.60 from $1.75 and maintains a Buy rating, envisaging value exists, and if, over time, the company can execute on key priorities, it should diversify cash flow and help de-risk the shares.

24/08/2026

1

Buy

$2.25

63.04%

Canaccord Genuity maintains its Buy recommendation and $2.25 price target for Resolute Mining following a first half result for 2026 that featured a slight miss on EBITDA and net profit after tax, alongside a positive cash flow beat.

Underlying EBITDA of US$324m met the broker's expectations though fell short of consensus of US$344m, while net profit after tax of US$163m missed consensus forecasts due to higher depreciation and amortisation and inventory movements.

Operating cash flow reached US$278m, outperforming consensus estimates, and the company generated US$76m in free cash flow after excluding deferred proceeds and asset sales, supporting a reported net cash and bullion position of US$317m at the end of the June quarter.

Management left 2026 guidance unchanged at 250koz to 275koz at an all-in sustaining cost of US$2,000 to US$2,200 per ounce, while the broker maintains conservative forecasts at 230koz at US$2,329 per ounce.

The analyst highlights the delivery of upcoming growth projects, such as the Syama sulphide conversion and the Doropo project, could expand group production beyond 500koz per annum by 2029.