Resolute Mining Limited (AU:RSG)
ASX:RSG
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Resolute Mining
(Sydney:RSG)
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Rating:64Neutral
Price Target:
AU$1.00
▼(-29.58% Downside)
Action:Reiterated
Date: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
Strengthened cash generation & liquidity
Sustained operating cash flow (~A$351M) and meaningful free cash flow (~A$214M) in 2025 materially improve financial flexibility. Higher cash generation and available liquidity reduce refinancing needs, support funding of growth projects, and increase resilience to commodity cycles over the next 2–6 months.
Negative Factors
Large 2026 CapEx spike
A very large 2026 capital program more than doubles prior-year spend, concentrating funding needs into a short window. This raises execution, procurement and financing risk; delivering projects on budget and schedule is critical to preserve projected cash flow and avoid higher leverage or equity dilution.
Read all positive and negative factors
Positive Factors
Negative Factors
Strengthened cash generation & liquidity
Sustained operating cash flow (~A$351M) and meaningful free cash flow (~A$214M) in 2025 materially improve financial flexibility. Higher cash generation and available liquidity reduce refinancing needs, support funding of growth projects, and increase resilience to commodity cycles over the next 2–6 months.
Read all positive factors
Resolute Mining (RSG) vs. iShares MSCI Australia ETF (EWA)
Market Cap
AU$2.31B
Dividend YieldN/A
Average Volume (3M)12.50M
Price to Earnings (P/E)12.8
Beta (1Y)1.41
Revenue Growth10.67%
EPS GrowthN/A
CountryAU
Employees4,059
SectorBasic Materials
Sector Strength58
IndustryGold
Share Statistics
EPS (TTM)0.05
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$2.20Price Target Upside55.07% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering3
EPS Forecast (FY)0.15
Revenue Forecast (FY)AU$1.19B
Resolute Mining Business Overview & Revenue Model
Company Description
Resolute Mining Limited (RSG.AX) is an enterprise primarily focused on the development, operation, and production of gold assets. Its comprehensive activities span across Africa, the United Kingdom, and Australia. A pivotal asset for the company i...
How the Company Makes Money
Resolute Mining primarily makes money by producing gold and selling it into the gold market, with revenue largely determined by the volume of gold produced (ounces) and the realized gold price (spot prices and/or any contracted pricing arrangement...
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 | 223.84M | 193.03M | 92.58M | -190.20M |
| Net Income | 114.25M | -28.30M | 65.58M | -34.08M | -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
Negative
1.42
Price Trends
1.24
Negative
1.33
Negative
1.21
Negative
Market Momentum
-0.05
Positive
38.91
Neutral
46.51
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:RSG, the sentiment is Negative. The current price of 1.42 is above the 20-day moving average (MA) of 1.14, above the 50-day MA of 1.24, and above the 200-day MA of 1.21, indicating a bearish trend. The MACD of -0.05 indicates Positive momentum. The RSI at 38.91 is Neutral, neither overbought nor oversold. The STOCH value of 46.51 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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$5.12B | 9.88 | 27.80% | 0.65% | 31.42% | ― | |
67 Neutral | AU$7.10B | 18.04 | 12.39% | 1.32% | 16.69% | 3.17% | |
67 Neutral | AU$3.61B | 5.29 | 42.00% | ― | 111.74% | 100.58% | |
67 Neutral | AU$4.73B | 17.36 | 12.35% | 0.46% | 101.97% | 237.66% | |
66 Neutral | AU$5.88B | 11.46 | 9.94% | 1.92% | 13.34% | -15.96% | |
64 Neutral | AU$2.31B | 12.85 | 17.01% | ― | 10.67% | ― | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% |
* Basic Materials Sector Average
AU:RSG
Resolute Mining
1.03
0.41
66.13%
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Westgold Resources
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Resolute Mining Corporate Events
Goldman Sachs Exits Substantial Stake in Resolute Mining
Jun 23, 2026
Resolute Mining has disclosed that The Goldman Sachs Group and its related entities have ceased to be substantial shareholders in the company, as of 19 June 2026. The change was formalised in a substantial shareholder notice lodged with the Austra...
Citi Group Entities Exit Substantial Holder Status in Resolute Mining
Jun 23, 2026
Citigroup Global Markets Australia and related Citi group entities have filed notice that they have ceased to be substantial shareholders in Resolute Mining, effective 18 June 2026. The change reflects shifts in relevant interests held through sec...
Resolute Mining Director Buys Shares in On‑Market Trade
Jun 17, 2026
Resolute Mining has disclosed a change in the holdings of director Gina Jardine, who previously held no shares in the company. On 11 June 2026 she acquired 15,035 fully paid ordinary shares via an on-market trade for approximately AUD 15,180, and ...
Mitsubishi UFJ Exits Substantial Holder Status in Resolute Mining
Jun 9, 2026
Mitsubishi UFJ Financial Group has filed a notice stating it has ceased to be a substantial holder in Resolute Mining, indicating its voting power has fallen below the regulatory disclosure threshold. The change follows a series of small trades on...
Resolute flags lower Syama Q2 output but maintains full-year guidance floor
Jun 4, 2026
Resolute Mining has warned that second-quarter 2026 output at its flagship Syama mine in Mali will fall short of plans after security-related road disruptions delayed delivery of key open-pit equipment and interrupted explosives supply to the unde...
Resolute Mining Appoints Gina Jardine to Board With No Initial Shareholding
May 26, 2026
Resolute Mining Limited has appointed Gina Maree Jardine as a director effective 20 May 2026, according to an initial director’s interest notice lodged with the ASX. The filing confirms that Jardine currently holds no relevant interest in th...
Resolute Mining Files Final Director Interest Notice for Adrian Reynolds
May 26, 2026
Resolute Mining Limited has announced the cessation of Adrian James Reynolds as a director, effective 20 May 2026, and lodged a final director’s interest notice with the ASX. The filing discloses that Reynolds holds an indirect interest in 5...
Resolute Scoping Study Flags US$1.2bn NPV for ABC Gold Project in Côte d’Ivoire
May 12, 2026
Resolute Mining has released a scoping study for its ABC gold project in Côte d’Ivoire, outlining plans for a large-scale open pit operation feeding a 7.0 Mtpa CIL plant. The study is based on a 2.16 Moz mineral resource and targets ave...
Resolute Reaffirms 2026 Gold Output and Cost Guidance
Apr 22, 2026
Resolute Mining has reaffirmed its 2026 production guidance at 250,000 to 275,000 ounces of gold, with an All-in Sustaining Cost forecast between $2,000 and $2,200 per ounce. The company also reiterated that its previously disclosed Ore Reserve an...
Resolute Mining Posts Strong Cash Generation as West African Growth Pipeline Advances
Apr 22, 2026
Resolute Mining reported Q1 2026 gold output of 59,603 ounces from its Mako and Syama operations, broadly in line with expectations, with a low injury frequency rate and all-in sustaining costs of $2,210 per ounce in line with guidance despite hig...
Resolute Mining Sets Date and Voting Process for 2026 AGM
Apr 17, 2026
Resolute Mining has scheduled its 2026 Annual General Meeting for 20 May in Perth, Western Australia, and will provide the notice of meeting online rather than mailing hard copies, unless specifically requested. Shareholders can participate by att...
Resolute Mining Schedules Investor Call on March 2026 Quarterly Report
Apr 16, 2026
Resolute Mining has scheduled a webcast and conference call on 23 April 2026 for investors, analysts and media to review its Quarterly Activities Report for the period ending 31 March 2026. The session, to be hosted by CEO Chris Eger, will include...
Mitsubishi UFJ Exits Substantial Holder Position in Resolute Mining
Apr 14, 2026
Mitsubishi UFJ Financial Group, Inc. has notified Resolute Mining Limited that it has ceased to be a substantial shareholder in the Australian gold producer. The change follows a series of trades on 9 April 2026 involving controlled entities, incl...
First Sentier Group Drops Below Substantial Holding in Resolute Mining
Apr 13, 2026
Resolute Mining has disclosed that investment group First Sentier Investors, together with a wide network of related entities and its ultimate parent Mitsubishi UFJ Financial Group, has ceased to be a substantial holder in the company as of 9 Apri...
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...
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.