24 January 2024

Resolute Announces Maiden Mineral Resource at Tomboronkoto

Resolute Mining Limited ("Resolute" or "the Company") (ASX/LSE: RSG) is pleased to provide an update on our Senegal exploration prospects, including a maiden Inferred Mineral Resource Estimate at the Tomboronkoto ("Tombo") project.

Resolute has been focusing on three potential satellite deposits that could result in an extension to the Mako mine. These are Tomboronkoto and the prospects at Bantaco and Laminia where Joint Venture agreements have been concluded.

Highlights

Tomboronkoto

•    Maiden Inferred Mineral Resource Estimate (MRE) for the Tomboronkoto prospect of 3.4Mt grading 2.2g/t Au for 264 koz at 1g/t cut-off or 10.2Mt grading 1.2 g/t Au for 403 koz at 0.5 g/t cut-off

•    Tomboronkoto is located 20km by road from the Mako Processing Plant

•    The MRE is based on shallow drilling completed to date with the majority of the current resource located in the top 100m and remains open along strike to the west and down dip

•    Preliminary metallurgical test-work on samples from Tomboronkoto show the mineralisation is free milling with recoveries exceeding 90% from fresh and weathered gold mineralised materials

•    The focus over the remainder of 2024 will be on both infill drilling to convert Inferred resources to the Indicated category and further drilling to expand the resource

Bantaco

•    Resolute has signed a Joint Venture ("JV") with SNEPAC, a local Senegalese company, to earn into the Bantaco project located 20km east of Mako

•    Bantaco also provides an excellent opportunity to discover an open cut gold resource within trucking distance of Mako

Laminia

•    Resolute has signed a Joint Venture on the Laminia Project which is located east and contiguous with the Bantaco JV area

•    The Laminia Project covers the southern extensions of the Massawa Shear zone which controls the gold mineralisation hosted in the Massawa Deposits held by Endeavour Mining Corporation

Terry Holohan, CEO commented: "We are very pleased to report the progress we are making in Senegal to extend the life of our Mako operation with now three projects close to our mine and within the same Greenstone Belt following the recent successful conclusion of the two JVs. We will be stepping up our overall exploration efforts in 2024 on these exciting projects which have well known areas of outcropping mineralisation, and we expect further progress updates throughout the year. The completion of the maiden Inferred Mineral Resource at Tomboronkoto within 6 months is a significant achievement and reflects the efforts and ability of our exploration and operations teams on the ground."

Tomboronkoto

Location

Tomboronkoto is located 16km east of the Mako Processing Plant - see Figure 1. It is approximately 20km by road and, therefore pending cost analysis, we are confident of the opportunity for hauling material to the existing Plant.

Figure 1: Senegal Geology and Project Locations.

Drilling Program

Resolute commenced its first Reverse Circulation drilling campaign at Tomboronkoto in mid-2023.  A total of 54 holes for 8,900 metres was completed with the program ending in October 2023.

This was the first program completed by Resolute on the prospect and was focused on better defining the gold mineralisation zone identified by previous explorers including Randgold Resources.

The drilling program achieved the goals as set out with assay results confirming the target zone with broad intersections of medium to high-grade gold mineralisation in most holes drilled during the program. Significant intersections are listed in Appendix 1.

Figure 2. Tomboronkoto Geological Interpretation and Drillhole Locations

Mineralisation is currently interpreted to be within a shear in the granodiorite unit. Intensity of gold mineralisation appears to correlate with the intensity of pyrite development and exhibits good lateral and vertical continuity through the mineralised zone.

Mineralisation has a relatively simple geometry comprising a zone that varies from 30 to 60m in width, along the 1,700m strike length drilled to date. The zone dips approximately 70⁰ to the south-southeast - a cross section representative of the typical mineralisation shape is shown on Figure 3.

Figure 3: Cross Section Tomboronkoto

Mineral Resource Estimate

The Tomboronkoto MRE was developed in December 2023 using wireframe constrained Ordinary Kriged ("OK") estimation methodology, within two nested Leapfrog Indicator wireframes at 0.2 g/t Au and 0.75g/t Au.

A Global Mineral Resource Estimate of 10.4Mt grading 1.2g/t Au for 403,000oz was estimated at a cut-off of 0.5g/t (in-line with the current cut-off grade used to define Mako's Mineral Resources).  At a higher 1g/t cut off the grade increases to 2.2g/t with a total of 264,000oz Au. Further cost analysis is required to determine the appropriate cut-off grade for Tomboronkoto.

Table 1: Tomboronkoto Mineral Resources at December 2023 (0.5g/t cut off)

Table 2: Tomboronkoto Mineral Resources at December 2023 (1g/t cut off)

So far most of the Tomboronkoto deposit is only drilled to 100m below surface and is open along strike and down dip. Further drilling is expected to expand the Mineral Resource.

Preliminary metallurgical test work was undertaken by Resolute on Reverse Circulation ("RC") samples from the recent drilling campaign conducted at Tomboronkoto.

The sample selection encompassed different ore types of the ore body across various depths from the surface. Leach tests were conducted under conditions that closely mimic the current Mako Plant CIL circuit parameters. The results from the leach test work demonstrate that the Tomboronkoto ore body is free milling, with recoveries exceeding 90% from fresh and weathered gold mineralised material.

Future Exploration

Future exploration at Tomboronkoto in 2024 will be focused on both infill drilling to convert Inferred Mineral Resource to Indicated category and further drilling to expand the resource. The deposit remains open at depth and along strike to the west.

Drilling at Tomboronkoto will focus on open pit extractable Mineral Resources and will generally be restricted to mineralisation within 200m of the surface. The 2024 exploration program at Tomboronkoto comprises a drilling program of 20,000m of RC drilling and 3,000m of diamond drilling with a budget cost of US$4 million. This work is aimed at increasing the Mineral Resources.

Bantaco Joint Venture

Resolute recently signed a Joint Venture with SNEPAC, a local Senegalese company, to earn into the Bantaco prospect located east of Mako - see Figure 1 for location.

The Bantaco project presents an opportunity in the short term to find an economically exploitable gold resource to extend the life of Mako.

The project area has extensive artisanal workings in two main locations, Baisso in the southwest and Bantaco in the northeast of the permit.

Exploration activity is expected to commence in the first quarter of 2024. The approved exploration budget for Bantaco for 2024 is US$1.4 million which will include a 10,000m RC drilling program, over areas of known outcropping mineralisation.

Figure 4: Bantaco Location and soil geochemistry

Laminia Joint Venture

Resolute has signed a Joint Venture on the Laminia Project which is located east and contiguous with the Bantaco JV area - see figure 1. The Laminia Project covers the southern extensions of the Massawa Shear zone which controls the gold mineralisation hosted in the Massawa Deposits held by Endeavour Mining Corporation.

Auger drilling in the northwestern part of the permit covering the southern extensions of the Massawa shear zone, delineated a 3km gold anomaly open to the South. Subsequent RC drilling encountered encouraging results.

The eastern part of the permit covers the southern extension of the Makosa (Thor Exploration) and Makabingui (Bishop Resources) shears. Gold in soil results highlighted two long anomalies along the shears which will be tested by auger drilling.

Summary of Tomboronkoto Resource Parameters

A summary of JORC Table 1 is provided below for compliance regarding the Mineral Resources reported within and in-line with requirements of ASX Listing Rule 5.8.1.

Geology and geological interpretation

Mineralisation is currently interpreted to be within a shear in the granodiorite unit. Intensity of gold mineralisation appears to correlate with the intensity of pyrite development and exhibits good lateral and vertical continuity through the mineralised zone.

Mineralisation has a relatively simple geometry comprising a zone that varies from 30 to 60m in width, along the 1,700m strike length drilled to date. The zone dips approximately 70⁰ to the south-southeast.

Sampling and sub-sampling techniques

Reverse circulation samples were collected on 1m intervals by riffle split (dry) or by scoop (wet) to obtain a 1-3kg sample.

Sample preparation includes oven drying, crushing to 10mm, splitting and pulverising to 85% passing -75µm. These preparation techniques are deemed to be appropriate to the material being sampled.

Reverse circulation and core field duplicates were collected by the company at a rate of 1:20 samples.

Sampling, sample preparation and quality control protocols are of industry standard, and all attempts were made to ensure an unbiased representative sample was collected.

Drilling techniques

Drill types used include reverse circulation with face sampling bit and historic core drilling using PQ and HQ sized bits. All Resolute drilling to date has been RC. Historic core drilling has been incorporated into the resource.

Classification criteria

Mineral Resources were classified in accordance with the Australasian Code for the Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC, 2012).

The deposit has been classified as Inferred Mineral Resource based on a combination of quantitative and qualitative criteria which include geologic continuity, confidence in volume models, data quality, sample spacing, lode continuity, and estimation parameters (number of informing composites, estimation pass number, kriging quality parameters, and minimum and average distance composites).

With a lack of confirmatory diamond drilling conducted by Resolute, relatively wide drill-spacing, and only 139 specific gravity readings all mineralisation has been classified as Inferred even where geologic and estimation parameters may support a higher classification.

The input data is comprehensive in its coverage and does not favour or misrepresent the in-situ mineralisation. The definition of the mineralised zones is based on a high level of geologic understanding from good quality sample data, producing models of continuous mineralisation. Validation of the block model shows good correlation of the input data to the block estimated grades.

Sample analysis method

All samples were dispatched to ALS Kedougou for sample preparation and to ALS Ouagadougou for gold analysis by 30g fire assay fusion with AAS instrument finish (method code Au-AA25). Over-range results were re-analysed and reported by 30g fire assay fusion with gravimetric finish (method code Au-GRA21). The analytical method was appropriate for the style of mineralisation.

No geophysical tools were used to determine elemental concentrations.

Quality control (QC) procedures included the use of certified standards (1:40), non-certified sand blanks (1:40) and reverse circulation/core field duplicates (1:20).

Laboratory quality control data, including laboratory standards, blanks, duplicates, repeats, grind size results and sample weights were also captured into the digital database.

Analysis of the QC sample assay results indicates that an acceptable level of accuracy and precision has been achieved.

Basis for selected cut-off grade

The cut-off grades selected has been selected using previous Resource (0.5 g/t Au) and Reserve (1.0 g/t Au) cut-off grades used at the nearby Mako deposit.

Mining and metallurgical methods and other material modifying factors

Extensive metallurgical investigations and reporting have been completed prior to the commencement of mining and milling at the nearby Mako deposit.

The processing method involves crushing, and milling, followed by conventional CIL recovery.

There is no evidence to suggest that the metallurgical characteristics of ore extracted from Tomboronkoto would change from that encountered at Mako. Preliminary metallurgical test-work on samples from Tomboronkoto show similar characteristics to the Mako ore and is expected to be treated though the existing circuits.

Contact

Authorised by Mr Terry Holohan, Managing Director and Chief Executive Officer

Competent Persons Statement

The information in this report that relates to the Exploration Results, Mineral Resources and Ore Reserves is based on information compiled by Mr Bruce Mowat, a member of The Australian Institute of Geoscientists. Mr Bruce Mowat has more than 5 years' experience relevant to the styles of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person, as defined in the 2012 Edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves" (the JORC Code). Mr Bruce Mowat is a full-time employee of the Resolute Mining Limited Group and holds equity securities in the Company. He has consented to the inclusion of the matters in this report based on his information in the form and context in which it appears. This information was prepared and disclosed under the JORC Code 2012 except where otherwise noted.

The information in this announcement that relates to the Mineral Resource estimate has been based on information and supporting documents prepared by Mr Patrick Smillie, a Competent Person who is a Registered Member of the Society for Mining, Metallurgy, and Exploration (SME). Mr Smillie is a full-time employee Resolute Mining Limited Group and has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity which has been undertaken to qualify as a Competent Person. Mr Smillie confirms that the Mineral Resource estimate is based on information in the supporting documents and consents to the inclusion in the report of the Mineral Resource estimate and related content based on the information in the form and context in which it appears.

Cautionary Statement about Forward-Looking Statements

This announcement contains certain "forward-looking statements" including statements regarding our intent, belief or current expectations with respect to Resolute's business and operations, market conditions, results of operations and financial condition, and risk management practices. The words "likely", "expect", "aim", "should", "could", "may", "anticipate", "predict", "believe", "plan", "forecast" and other similar expressions are intended to identify forward-looking statements. Indications of, and guidance on, future earnings, anticipated production, life of mine and financial position and performance are also forward-looking statements. These forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause Resolute's actual results, performance and achievements or industry results to differ materially from any future results, performance or achievements, or industry results, expressed or implied by these forward-looking statements. Relevant factors may include (but are not limited to) changes in commodity prices, foreign exchange fluctuations and general economic conditions, increased costs and demand for production inputs, the speculative nature of exploration and project development, including the risks of obtaining necessary licences and permits and diminishing quantities or grades of reserves, political and social risks, changes to the regulatory framework within which Resolute operates or may in the future operate, environmental conditions including extreme weather conditions, recruitment and retention of personnel, industrial relations issues and litigation.

Forward-looking statements are based on Resolute's good faith assumptions as to the financial, market, regulatory and other relevant environments that will exist and affect Resolute's business and operations in the future. Resolute does not give any assurance that the assumptions will prove to be correct. There may be other factors that could cause actual results or events not to be as anticipated, and many events are beyond the reasonable control of Resolute. Readers are cautioned not to place undue reliance on forward-looking statements, particularly in the current economic climate with the significant volatility, uncertainty and disruption caused by the COVID-19 pandemic. Forward-looking statements in this document speak only at the date of issue. Except as required by applicable laws or regulations, Resolute does not undertake any obligation to publicly update or revise any of the forward-looking statements or to advise of any change in assumptions on which any such statement is based. Except for statutory liability which cannot be excluded, each of Resolute, its officers, employees and advisors expressly disclaim any responsibility for the accuracy or completeness of the material contained in these forward-looking statements and excludes all liability whatsoever (including in negligence) for any loss or damage which may be suffered by any person as a consequence of any information in forward-looking statements or any error or omission.

Appendix 1: Recent Drilling Results

Tomboronkoto

Notes to Accompany Table:

•      Grid coordinates are WGS84 Zone 29 North

•      RC intervals are sampled every 1m by dry riffle splitting or scoop to provide a 1-3kg sample

•      Diamond core are sampled every 1m by cutting the core in half to provide a 2-4kg sample

•      Cut-off grade for reporting of intercepts is >1g/t Au with a maximum of 3m consecutive internal dilution included within the intercept; only intercepts >=3m and >20 gram x metres are reported

•      Samples are analysed for gold by 30g fire assay fusion with AAS instrument finish; over-range results are reanalysed by 30g fire assay fusion with gravimetric finish

Tomboronkoto

Section 1 Sampling Techniques and Data

Section 2 Reporting of Exploration Results

Section 3 Estimation and Reporting of Mineral Resources