Resolute Mining Limited (AU:RSG)
ASX:RSG
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Resolute Mining
(Sydney:RSG)
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Rating:64Neutral
Price Target:
AU$1.50
â–²(7.14% Upside)
Action:ReiteratedDate:03/26/26
The score is driven primarily by improved 2025 financial performance (better margins, returns, and free cash flow with manageable leverage). Offsetting this, technical signals are currently bearish/oversold, and the earnings outlook includes higher 2026 costs and very large capital needs with permitting/execution risk (Doropo, SSCP) and country/operational headwinds.
Positive Factors
Stronger cash generation and liquidity
Materially stronger 2025 operating and free cash flow plus >$320M liquidity provide durable financial flexibility to fund near-term growth, cover elevated 2026 CapEx requirements and reduce refinancing risk. This cash buffer strengthens the firm's ability to execute projects and absorb commodity-driven volatility.
Negative Factors
Sharp 2026 CapEx increase
A large near-term jump in capital requirements materially raises execution and financing risk. Funding and delivering multiple simultaneous projects (SSCP finish, Doropo spend, Syama stripping) can strain management bandwidth, increase contractor exposure, and heighten the chance of delays or cost overruns that would impair future free cash flow.
Read all positive and negative factors
Positive Factors
Negative Factors
Stronger cash generation and liquidity
Materially stronger 2025 operating and free cash flow plus >$320M liquidity provide durable financial flexibility to fund near-term growth, cover elevated 2026 CapEx requirements and reduce refinancing risk. This cash buffer strengthens the firm's ability to execute projects and absorb commodity-driven volatility.
Read all positive factors
Resolute Mining (RSG) vs. iShares MSCI Australia ETF (EWA)
Market Cap
AU$2.98B
Dividend YieldN/A
Average Volume (3M)12.50M
Price to Earnings (P/E)22.9
Beta (1Y)1.47
Revenue Growth42.75%
EPS Growth-5.56%
CountryAU
Employees4,059
SectorBasic Materials
Sector Strength58
IndustryGold
Share Statistics
EPS (TTM)0.03
Shares Outstanding2,137,417,700
10 Day Avg. Volume17,430,185
30 Day Avg. Volume12,499,751
Financial Highlights & Ratios
PEG Ratio-0.05
Price to Book (P/B)3.73
Price to Sales (P/S)2.92
P/FCF Ratio18.34
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
AU$2.12Price Target Upside51.40% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering5
EPS Forecast (FY)0.16
Revenue Forecast (FY)AU$1.24B
Resolute Mining Business Overview & Revenue Model
Company Description
Resolute Mining Limited engages in mining, exploration, development, operation, and production of gold properties in Africa, the United Kingdom, and Australia. The company's flagship project is the Syama Gold Mine located in Mali, West Africa. It ...
How the Company Makes Money
Resolute Mining primarily makes money by producing gold and selling it into the market (typically at prevailing spot prices or under sales arrangements disclosed in company reporting). Revenue is generated when gold doré (or refined gold, dependin...
Resolute Mining Earnings Call Summary
Earnings Call Date:Feb 27, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Aug 20, 2026
Earnings Call Sentiment Positive
The call conveyed a predominantly positive operational and financial performance in 2025 — production met guidance, cash generation and the balance sheet materially strengthened, exploration delivered new resources, and the Doropo DFS shows transformative project economics. Key execution items (Doropo permitting and FID, SSCP commissioning) and large 2026 capital requirements introduce timing, permitting and funding risks, while elevated AISC guidance and stockpile-driven production declines (notably at Mako) temper the outlook. Overall the positives (stable operations, strong cash flow, attractive growth projects and exploration success) outweigh the headwinds, though near-term execution and country-level risks should be monitored closely.Positive Updates
Q4 and Full-Year Production in Line with Guidance
Q4 gold production of 66,000 oz (up 6,000 oz vs Q3); full-year 2025 production of 277,000 oz, within guidance range (275k–285k).
Negative Updates
Significant Increase in 2026 Capital Expenditure
Group CapEx guidance for 2026 of $310M–$360M versus $118M in 2025 — an increase of ~163% to ~205% (based on range), increasing near-term funding and execution risk despite management confidence in liquidity and potential project financing.
Read all updates
Q4-2025 Updates
Positive
Negative
Q4 and Full-Year Production in Line with Guidance
Q4 gold production of 66,000 oz (up 6,000 oz vs Q3); full-year 2025 production of 277,000 oz, within guidance range (275k–285k).
Read all positive updates
Company Guidance
Resolute guided 2026 production of 250,000–275,000 oz of gold (Syama 195,000–210,000 oz; Mako 55,000–65,000 oz) with group AISC of $2,000–$2,200/oz (Syama $1,950–$2,150/oz; Mako $1,600–$1,800/oz); total 2026 CapEx of $310–$360M (Syama $110–$125M — including ~$40M to finish the SSCP, ~$40M waste stripping and ~$40M plant/equipment, Mako $15–$20M, and Doropo $170–$190M subject to permitting/FID with ~75% (~$135M) of Doropo spend in H2); exploration budget $15–$25M (primarily Côte d’Ivoire); Doropo DFS metrics include ~2.2M oz LOM production over 13 years, upfront capital ~$516M, LOM AISC $1,406/oz, post‑tax NPV5% $1.46B and IRR 49% at $3,000/oz; key timings include Syama SSCP Stage 1 commissioning in Q2 2026 (~110 t/h) and Stage 2 in Q3 2026 (~215 t/h), Syama H1/H2 production split 42%/58%, and Doropo construction start mid‑Q2 2026 with first gold H1 2028 if FID by end Q1; Mako guidance assumes processing ~2.2 Mt @ ~0.9 g/t with >90% recoveries; company expects to fund 2026 CapEx from existing liquidity (over ~$320M available) and a mix of cash and project financing.Resolute Mining Financial Statement Overview
Summary
Income Statement
74
Positive
Balance Sheet
71
Positive
Cash Flow
67
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 895.79M | 800.97M | 631.07M | 651.13M | 549.24M |
| Gross Profit | 304.15M | 219.63M | 113.34M | 93.92M | 46.57M |
| EBITDA | 356.20M | 28.01M | 109.91M | 92.58M | -190.20M |
| Net Income | 114.25M | -28.30M | 65.58M | -34.66M | -319.20M |
Balance Sheet | |||||
| Total Assets | 1.15B | 819.56M | 853.08M | 868.79M | 984.20M |
| Cash, Cash Equivalents and Short-Term Investments | 164.21M | 69.27M | 59.77M | 80.87M | 88.44M |
| Total Debt | 208.04M | 43.79M | 84.29M | 141.03M | 327.78M |
| Total Liabilities | 498.14M | 336.34M | 310.90M | 397.30M | 558.64M |
| Stockholders Equity | 702.27M | 537.76M | 590.15M | 543.43M | 495.63M |
Cash Flow | |||||
| Free Cash Flow | 142.81M | 10.19M | 34.77M | 23.12M | -11.11M |
| Operating Cash Flow | 234.50M | 115.01M | 106.45M | 90.91M | 45.11M |
| Investing Cash Flow | -222.81M | -70.39M | -68.90M | 15.17M | -25.07M |
| Financing Cash Flow | -16.35M | -36.52M | -57.35M | -97.84M | -49.49M |
Resolute Mining Technical Analysis
Positive
1.40
Price Trends
1.40
Negative
1.27
Positive
1.04
Positive
Market Momentum
-0.01
Negative
51.52
Neutral
83.42
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:RSG, the sentiment is Positive. The current price of 1.4 is above the 20-day moving average (MA) of 1.36, above the 50-day MA of 1.40, and above the 200-day MA of 1.04, indicating a neutral trend. The MACD of -0.01 indicates Negative momentum. The RSI at 51.52 is Neutral, neither overbought nor oversold. The STOCH value of 83.42 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for AU:RSG.
Resolute Mining Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
75 Outperform | AU$5.09B | 4.43 | 27.80% | 0.65% | 30.46% | ― | |
67 Neutral | AU$7.11B | 11.53 | 12.40% | 1.32% | 23.35% | 15.96% | |
67 Neutral | AU$3.70B | 7.22 | 23.72% | ― | 23.87% | 92.57% | |
67 Neutral | AU$5.68B | 7.97 | 12.35% | 0.46% | 89.86% | -81.65% | |
66 Neutral | AU$6.98B | -160.00 | 9.94% | 1.92% | 36.34% | 110.55% | |
64 Neutral | AU$2.98B | 22.93 | 17.47% | ― | 42.75% | -5.56% | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% |
* Basic Materials Sector Average
AU:RSG
Resolute Mining
1.40
1.00
248.75%
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West African Resources Ltd
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Ramelius Resources Limited
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AU:WGX
Westgold Resources
6.01
3.37
127.82%
Resolute Mining Corporate Events
Resolute Mining Strikes Strategic Guinea Gold Pact With State-Owned Nimba
Mar 30, 2026
Resolute Mining has signed a non-binding memorandum of understanding with state-owned Nimba Mining Company in Guinea to evaluate and potentially co-develop gold projects in one of West Africa’s most prospective regions. The partnership, back...
Resolute Mining Details Governance and Diversity Progress in 2025 Statement
Mar 24, 2026
Resolute Mining has released its latest corporate governance statement, outlining its adherence to the ASX Corporate Governance Council’s Fourth Edition principles for the 2025 financial year. The board emphasises oversight of strategy, risk...
Resolute Mining Releases Comprehensive 2025 Annual Report
Mar 23, 2026
Resolute Mining Limited has released its 2025 Annual Report, detailing operating and financial results for the year ended 31 December 2025, prepared in line with statutory and regulatory requirements. The report highlights the company’s oper...
Mitsubishi UFJ Exits Substantial Holder Position in Resolute Mining
Mar 19, 2026
Mitsubishi UFJ Financial Group has filed a notice that it has ceased to be a substantial shareholder in Resolute Mining Limited. The change follows a series of trades on 16 March 2026, including sizeable sales of Resolute shares by entities contro...
Mitsubishi UFJ-Linked Funds Exit Substantial Holder Position in Resolute Mining
Mar 18, 2026
Mitsubishi UFJ Financial Group and its asset management affiliates, including First Sentier Investors entities, have lodged a notice indicating they have ceased to be substantial holders in Resolute Mining Ltd. The filing, made under section 671B ...
Resolute Mining Swings to Profit on Higher Gold Prices and Stronger Cash Flow
Feb 27, 2026
Resolute Mining posted a sharp turnaround for the year to 31 December 2025, lifting revenue 8% to $865.6 million and swinging from a $26.0 million loss to a $126.7 million net profit, as EBITDA rose to $391.6 million. The improvement was driven by...
Resolute Mining Reaffirms 2026 Output Guidance and Cost Metrics
Feb 22, 2026
Resolute Mining used its materials for the 2026 BMO Global Metals, Mining Critical Minerals Conference to reaffirm key operational metrics and reporting standards. The company highlighted that its mineral resource and ore reserve estimates remain...
Resolute Secures Doropo Mining Permit to Drive West African Growth
Feb 4, 2026
Approval of the Doropo Gold Project mining permit in Côte d’Ivoire secures the last major governmental hurdle, granting a 14-year term over 400 km² and allowing Resolute to advance toward construction in H1 2026 and first gold in H...
Resolute Mining Confirms 2026 Gold Production and Cost Guidance
Jan 21, 2026
Resolute Mining has issued its Q4 2025 and full-year 2025 activities report, reaffirming previously disclosed Ore Reserve and Mineral Resource estimates and the underlying assumptions supporting them. The company also confirmed its 2026 production...
Northern Trust Ceases to Be Substantial Holder in Resolute Mining
Jan 20, 2026
The Northern Trust Company has filed a notice stating it has ceased to be a substantial holder in Resolute Mining Ltd as of 16 January 2026, following changes in its relevant interests in the company’s fully paid ordinary shares. The change ...
Resolute Mining Sets Webcast to Present Q4 2025 Results and 2026 Guidance
Jan 14, 2026
Resolute Mining Limited has scheduled a webcast and conference call for investors, analysts and media on 22 January 2026, where CEO Chris Eger will present and discuss the company’s Quarterly Activities Report for the period ended 31 Decembe...
Resolute Mining Issues New Shares on Conversion of Performance Rights
Jan 8, 2026
Resolute Mining Limited has issued 7,721,600 fully paid ordinary shares following the conversion of performance rights, expanding its share capital without undertaking a separate disclosure to investors under the prospectus provisions of the Corpo...
Resolute Mining Seeks ASX Quotation for 7.7 Million New Shares
Jan 8, 2026
Resolute Mining Limited has applied to the ASX for quotation of 7,721,600 additional ordinary fully paid shares, expanding its quoted securities on the market. The new shares, issued on 8 January 2026 following the exercise or conversion of existi...
Resolute Mining Announces Expiry of 2.7 Million Performance Rights
Jan 8, 2026
Resolute Mining Limited has announced the cessation of 2,668,847 performance rights (ASX code RSGAU) following their expiry on 31 December 2025 without being exercised or converted. The lapse of these performance rights reduces the company’s...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.