RESOLUTE MINING LIMITED (RSG)
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30/10/2026

3

Neutral

$1.20

-4.38%

Macquarie cuts its target for Resolute Mining by -4% to $1.20 and retains a Neutral rating following weaker-than-expected third-quarter production.

The broker expects production near the bottom of 2026 guidance, provided no major fourth-quarter disruptions occur.

Syama remains constrained by contractor availability, explosives supply and delayed equipment commissioning, the analyst notes.

Doropo funding is secured, with the project on time and budget for first gold in the first half of 2028, diversifying operational risk.

2026 earnings per share forecasts fall -5%, reflecting the quarterly result and revised fourth-quarter production and cost assumptions.

FORECAST
Macquarie forecasts a full year FY26 dividend of 0.00 cents and EPS of 15.76 cents.
Macquarie forecasts a full year FY27 dividend of 0.00 cents and EPS of 14.90 cents.

23/09/2026

1

Buy

$2.20

75.30%

Canaccord Genuity maintains a Buy rating for Resolute Mining with its target price decreased to $2.20 from $2.25 following a 2026 guidance update for the Syama operations.

The company revised 2026 group production guidance to between 205k ounces and 225k ounces at an all-in sustaining cost of US$2,250 to US$2,350 per ounce due to supply chain delays for key equipment and consumables restricting access to mining areas.

The analyst remains cautious regarding the near-term outlook until the commissioning of an emulsion plant reduces reliance on third-party suppliers, despite some improvement in monthly production rates during September.

Outside of Mali, the delivery of the Mako life extensions, the ABC project, and the Doropo commissioning remain on track.

Canaccord Genuity estimates these development projects could increase group production to over 500k ounces per annum by 2029, lowering Mali exposure to approximately 45% of total output.