Resolute Mining Q4 Earnings Call Highlights

Core Insights - Resolute Mining reported a strong Q4 2025 performance with significant increases in cash flow and production, setting a solid foundation for 2026 [4][7][8] Financial Performance - Capital expenditure in Q4 was $18 million, while operating cash flow rose to nearly $86 million from $70 million in Q3 [1] - The company ended 2025 with net cash of $209 million, a $140 million increase from the start of the year [1][6] - Full-year EBITDA was reported at $383 million, up from $319 million in 2024, with total revenue of $863 million from the sale of 259,000 ounces at an average realized price of $3,338 per ounce [9][10] Production and Costs - Group gold production in Q4 was 66,000 ounces, up 6,000 ounces from Q3, with a full-year total of 277,000 ounces [3][8] - All-in sustaining costs (AISC) for Q4 were $1,877 per ounce, down from about $2,200 in Q3, attributed to cost management and higher production [2][7] - Full-year AISC was $1,843 per ounce, in line with revised guidance [8] 2026 Guidance - Guidance for 2026 indicates lower production of 250,000–275,000 ounces and higher AISC of $2,000–$2,200 per ounce, alongside a sharply increased capital expenditure program of $310–$360 million [6][12][13] - The capital expenditure will focus on the CMA sulfide conversion, Mako life-extension work, and major spending on the Doropo development [6][12] Project Developments - The updated Doropo DFS outlines a significantly larger project with approximately 55% higher reserves and an upfront capex of around $516 million, targeting FID by the end of Q1 2026 [5][14] - Construction is expected to begin in mid-Q2 2026, with first gold production anticipated in H1 2028 [15] Operational Highlights - The company achieved a reduction in total recordable frequency rate (TRFR) to 1.87 from 1.95 in the prior quarter, indicating improved safety performance [2] - In Mali, CMA produced 47.2 thousand ounces in Q4, finishing 2025 at 176.3 thousand ounces at an AISC of $2,008 per ounce [16] - Mako in Senegal delivered 100.3 thousand ounces in 2025 at an AISC of $1,270 per ounce, with guidance for 2026 set at 55,000–65,000 ounces at $1,600–$1,800 per ounce AISC [20][21] Strategic Focus - Exploration remains a strategic focus, with 2025 exploration spending just under $25 million and similar spending planned for 2026, emphasizing Côte d'Ivoire and new reconnaissance work in Guinea [22]