Resolute Mining operates Syama in Mali and Mako in Senegal. This review compares five December-year results, cash flows, year-end balances and gold production. The consolidated financial reports use US dollars; financial tables show US$m after scaling source US$ thousands. The November 2022 equity raising remains labelled A$, and operating costs are US$/oz. Comparative classification and one-off payments need care.
Reading the tables: 0 (nil) is a supported zero. Other text distinguishes an amount included in another line, a non-applicable item, a separately unavailable component and an unresolved value. These are not interchangeable. Period-specific detail is labelled; complete year-by-year detail remains available.
Group gold and silver sales; 2025 annual report.
Group continuing operations; parent attribution appears below.
Consolidated operating cash inflow.
Group and site values are reported on an ounces basis.
The five annual statements cover calendar years ended 31 December. FY2021 carried large Syama and Mako impairment charges and a deep group loss. FY2022 combined higher output with an equity raising and lower net debt; FY2023 returned to statutory profit. The FY2024 result was burdened by a separate indirect tax expense and a Malian State Settlement Protocol cash payment. FY2025 recorded a higher group profit and operating cash inflow while investing included Doropo and term deposits.
The issuer states that the FY2021 and FY2022 financial reports are presented in United States dollars; later selected statements use the same US dollar presentation, with the FY2025 statement showing the FY2024 revenue comparative rounded from US$800.973m to US$801.0m. Early income tables report US$ thousands and the FY2025 statement reports US$ millions. FY2021 management EBITDA categories do not match later statutory classifications, and FY2022 cost of production was reclassified in the FY2023 comparative.
The 2021 report recorded Syama and Mako CGU impairment charges, with Syama assessed at 30 June and Mako at 31 December. The August Bibiani sale announcement began the disposal programme; later receipts belong to 2022.
The Syama Sulphide maintenance and roaster refractory replacement raised nameplate throughput from 2.1 to 2.4 Mtpa. A November A$164m equity raising accompanied the drop in reported net debt to US$31.6m at year-end.
The 2023 cash flow statement recorded US$106.6m operating cash and US$55.0m borrowing repayments. The year-end debt note placed interest-bearing liabilities at about US$71.6m; these are cash and balance-sheet observations, not a claim about one causal event.
The 2024 statement reports a US$159.949m Malian State Settlement Protocol payment within operating cash flow. Its separate income statement reports US$156.853m indirect tax expense, which is an accrual item and must not be added to the cash payment as though the two were independent cash costs.
The 2025 statement reports a US$27.4m Doropo acquisition outflow and US$68.1m investment in term deposits within investing cash flow. These sit alongside US$226.4m operating cash inflow and are distinct from production at Syama and Mako.
Revenue and profit move differently because operating costs, impairments, tax and fair-value items vary substantially. In FY2024 the statutory indirect tax expense is separate from the smaller Other expenses line; the original starter conflated these categories. The FY2025 continuing-operations profit includes a gain associated with Loncor, so it should not be read as an unchanged operating margin.
The FY2021 income bridge placed indirect tax below a US$303.029m pre-tax loss, while the FY2022 statutory comparative places it above the pre-tax subtotal and reports a US$327.789m loss. This table uses the latter for the FY2021 PBT cell; the FY2021 EBITDA and expense bridge remains on its original management basis.
The FY2022 underlying result is the issuer’s non-IFRS adjusted measure, not the statutory loss. Parent and non-controlling interests are separate shares of the consolidated result.
US$m
AI-generated presentation · values from Group performance and selected profit or loss lines; no missing values plotted as zero.
US$m
AI-generated presentation · values from Group performance and selected profit or loss lines; no missing values plotted as zero.
US$m
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Revenue from gold and silver sales | 549.242 | 651.129 | 631.073 | 800.973 | 865.6 |
| Cost of sales excluding depreciation and amortisation | -324.984 | -411.482 | -400.378 | -393.01 | -349.4 |
| Royalties and other operating costs, as presented | -59.066 | -62.016 | -36.313 | -59.165 | -85.8 |
| Administration and other corporate expenses | -16.809 | -14.85 | -18.45 | -19.825 | -21.2 |
| Exploration expense | -18.484 | -14.615 | -14.72 | -9.482 | -11.5 |
| EBITDA (non-IFRS, issuer-defined) | 129.899 | 148.166 | 161.211 | 319.491 | 397.7 |
| Depreciation and amortisation | -120.993 | -85.894 | -81.044 | -129.171 | -120.7 |
| Net interest and finance costs | -11.741 | -15.273 | -11.177 | -3.896 | -6 |
| Fair value movements and treasury transactions | -27.697 | -13.345 | 22.442 | -27.53 | -13.6 |
| Inventories write off / NRV movements and obsolete consumables | -44.258 | -36.077 | -12.665 | 22.793 | -9.3 |
| Impairment expense | -227.464 | 0 (nil) | Not separately presented | Not separately presented | Not separately presented |
| Gain on disposal | 2.707 | 0 (nil) | Not separately presented | Not separately presented | 31.5 |
| Other income/(expenses), as separately presented | -3.482 | 1.767 | 17.555 | -4.635 | -6.6 |
| Profit/(loss) before tax | -327.789 | -14.105 | 96.324 | 19.094 | 234.6 |
| Indirect tax expense | -24.76 | -13.449 | -5.367 | -156.853 | -36.8 |
| Income tax expense | -39.682 | -20.56 | -4.791 | -45.079 | -85.2 |
| Reported net profit/(loss) after tax | -367.471 | -34.665 | 91.533 | -25.985 | 149.4 |
Amounts are converted from reported US$ thousands to US$ millions where applicable. FY2021 EBITDA and several expense lines come from the issuer management bridge; its pre-indirect-tax loss before tax was US$303.029m, while the displayed FY2021 PBT is the US$327.789m statutory FY2022-report comparative after indirect tax. FY2022–FY2025 PBT includes indirect tax above the subtotal. Other selected bridge categories change classification and must not be summed into a uniform five-year reconciliation. FY2024 indirect tax is separate from Other expenses. Parent and non-controlling attribution appears below.
Source: Resolute Mining annual reports, selected financial statement and operating rows; source registry below.
US$m
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| (Loss)/profit attributable to members of the parent | -319.203 | -34.083 | 65.577 | -28.298 | 128.8 |
| (Loss)/profit attributable to non-controlling interest | -48.268 | -0.582 | 25.956 | 2.313 | 20.6 |
Attributable amounts are components of group statutory profit or loss. The annual report current-year result is preferred to later comparatives unless specifically noted.
Source: Resolute Mining annual reports, selected financial statement and operating rows; source registry below.
cents per share
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Basic (loss)/earnings per share — continuing operations | -28.92 | -2.85 | 3.08 | -1.33 | 6.05 |
| Diluted (loss)/earnings per share — continuing operations | -28.92 | -2.85 | 3.08 | -1.33 | 5.99 |
Loss periods can have equal basic and diluted EPS because potential shares are anti-dilutive.
Source: Resolute Mining annual reports, selected financial statement and operating rows; source registry below.
US$m
| Metric | FY2021 | FY2022 |
|---|---|---|
| Disputed Senegalese tax expense | 7.132 | 23.926 |
| Historical tax adjustments | 39.334 | 14.809 |
| Impairment of obsolete consumables (significant item) | 0 (nil) | 16.249 |
| Impairment expense (significant item) | 227.464 | 0 (nil) |
| Underlying net profit/(loss) after tax (non-IFRS) | -93.541 | 20.319 |
Issuer non-IFRS bridge, with FY2021 comparative as shown in the FY2022 annual report. Significant items are add-backs, not statutory expenses in this table.
Source: Resolute Mining annual reports, selected financial statement and operating rows; source registry below.
The 2022 capital raising and disposal proceeds coincided with lower reported net debt. The balance sheet and debt note then show further contraction in borrowing balances before Doropo deferred consideration entered the FY2025 debt composition. Cash and restricted cash are different assets.
US$m
AI-generated presentation · values from Consolidated financial position at each 31 December; no missing values plotted as zero.
US$m
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Cash and cash equivalents | 67.607 | 80.873 | 59.769 | 69.269 | 62.6 |
| Restricted cash (other financial assets) | 9.443 | 1.406 | 1.412 | 1.465 | 1.9 |
| Total current assets | 351.642 | 288.643 | 269.532 | 244.01 | 340.2 |
| Total non-current assets | 632.559 | 580.15 | 583.547 | 575.546 | 838.5 |
| Total assets | 984.201 | 868.793 | 853.078 | 819.556 | 1,178.7 |
| Trade and other payables | 91.542 | 63.7 | 67.302 | 119.374 | 89.9 |
| Total interest-bearing/financial liabilities | 316.705 | 125.116 | 71.594 | 34.415 | 194.6 |
| Total provisions | 57.165 | 100.377 | 66.188 | 20.855 | 31.8 |
| Lease liabilities (current + non-current) | 2.991 | 3.373 | 3.07 | 3.144 | 0.5 |
| Total liabilities | 558.641 | 397.299 | 310.905 | 336.342 | 495.1 |
| Net assets / total equity | 425.56 | 471.494 | 542.173 | 483.214 | 683.5 |
Stock balances at year-end, not annual flows. The debt line follows the issuer annual debt note; lease liabilities are shown separately and may overlap with broader financial liabilities.
Source: Resolute Mining annual reports, selected financial statement and operating rows; source registry below.
US$m
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Bank overdraft | 42.37 | 45.414 | 46.196 | 34.202 | 46.2 |
| Bank borrowings (current portion) | 50.247 | 50.22 | 25.218 | 0.213 | 3.5 |
| Bank borrowings (non-current portion) | 223.979 | 29.482 | 0 (nil) | 0 (nil) | 8.2 |
| Doropo deferred consideration (current + non-current) | Not applicable | Not applicable | Not applicable | 0 (nil) | 75.2 |
| Total interest-bearing/financial liabilities | 316.705 | 125.116 | 71.594 | 34.415 | 194.6 |
Doropo deferred consideration enters the FY2025 financing note; FY2021–FY2023 pre-transaction cells are not applicable, while the FY2024 comparative is reported nil. Total may include components beyond the three selected bank lines.
Source: Resolute Mining annual reports, selected financial statement and operating rows; source registry below.
The FY2024 settlement payment sits within operating cash flow; it is not a recurring mining operating line. FY2025 investing cash flow combines mine spending, Doropo acquisition cash and term-deposit placement. Income tax paid differs from income tax expense, and borrowing repayments are financing cash flows.
US$m
AI-generated presentation · values from Consolidated cash flows, selected lines and statutory subtotals; no missing values plotted as zero.
US$m
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Receipts from customers | 549.013 | 650.591 | 632.444 | 800.973 | 865.6 |
| Payments to suppliers, employees and others | -451.554 | -524.706 | -499.808 | -509.087 | -564.6 |
| Exploration expenditure (operating cash) | -13.643 | -10.745 | -4.65 | -5.234 | -3.5 |
| Interest paid (operating) | -14.874 | -16.619 | -12.279 | -4.808 | -4.9 |
| Interest received (operating) | 0 (nil) | 0.214 | 0.519 | 0.306 | 1.9 |
| Income tax paid (operating) | -3.531 | -7.994 | -9.285 | -7.195 | -58.9 |
| Malian State Settlement Protocol payment (operating) | Not applicable | Not applicable | 0 (nil) | -159.949 | 0 (nil) |
| Net cash flows from operating activities | 50.558 | 90.905 | 106.567 | 115.006 | 226.4 |
| Payments for property, plant & equipment (investing) | -30.387 | -35.811 | -27.264 | -72.706 | -81 |
| Payments for development activities (investing) | -22.908 | -27.602 | -40.299 | -23.716 | -18.6 |
| Payments for evaluation activities (investing) | -2.926 | -4.372 | -4.234 | -8.396 | -30.4 |
| Doropo Acquisition cash outflow (investing) | Not applicable | Not applicable | Not applicable | 0 (nil) | -27.4 |
| Net cash flows from/(used in) investing activities | -30.513 | 15.172 | -68.901 | -70.389 | -226.3 |
| Investment in term deposits (investing cash outflow) | Not separately presented | Not separately presented | Not separately presented | Not separately presented | -68.1 |
| Repayment of borrowings (financing) | -79.811 | -195 | -55 | -25 | 0 (nil) |
| Repayment of principal portion of lease liability (financing) | -13.823 | -3.458 | -2.354 | -3.651 | -3.8 |
| Dividends paid to non-controlling interest (financing) | -5.858 | -5.089 | 0 (nil) | -6.942 | -12 |
| Net cash flows used in financing activities | -49.492 | -97.837 | -57.354 | -36.518 | -4.8 |
| Net (decrease)/increase in cash and cash equivalents | -29.447 | 8.24 | -19.688 | 8.099 | -4.7 |
| Cash and cash equivalents at end of year | 25.237 | 35.459 | 13.573 | 69.268 | 62.6 |
Selected cash-flow lines do not add to the statutory subtotals because other reported investing and financing lines are omitted here. Cash receipts and payments differ from accrual revenue and expenses. The FY2024 Malian State Settlement Protocol is a one-off operating cash outflow; FY2021–FY2022 pre-settlement cells are not applicable, while FY2023 and FY2025 are reported nil. FY2025 includes a Doropo acquisition cash outflow and a separately reported term-deposit investment within investing cash flows; FY2021–FY2023 pre-acquisition cells are not applicable and FY2024 is reported nil. The lease line is principal only. FY2021–FY2023 cash-flow closing cash is net of bank overdraft and therefore differs from the gross cash balance in the position table.
Source: Resolute Mining annual reports, selected financial statement and operating rows; source registry below.
Syama Sulphide and Oxide are shown separately and together; Mako is the other main source of gold poured. Production ounces, sales ounces, and AISC are different measures. The FY2022 Syama throughput work changed the operating base, while the 2025 segment presentation adds a Côte d’Ivoire lane for the Doropo project without gold sales in that lane.
oz
AI-generated presentation · values from Gold poured by mine and group; no missing values plotted as zero.
US$/oz
AI-generated presentation · values from All-in sustaining cost by mine and group; no missing values plotted as zero.
oz
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Syama Sulphide – Gold poured | 135,618 | 161,479 | 151,256 | 163,379 | 135,436 |
| Syama Oxide – Gold poured | 57,036 | 62,165 | 59,890 | 52,555 | 40,905 |
| Syama Total (Sulphide + Oxide) – Gold poured | 192,654 | 223,644 | 211,146 | 215,934 | 176,341 |
| Mako – Gold poured | 126,617 | 129,425 | 119,846 | 123,935 | 100,895 |
| Group total – Gold poured | 319,271 | 353,069 | 330,992 | 339,869 | 277,236 |
Gold poured is physical production, not gold sold or revenue. Syama total includes sulphide and oxide; group total includes Mako.
Source: Resolute Mining annual reports, selected financial statement and operating rows; source registry below.
US$/oz
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Syama Sulphide – AISC | 1,406 | 1,410 | 1,390 | 1,374 | 1,956 |
| Syama Oxide – AISC | 1,501 | 1,801 | 1,631 | 1,880 | 2,181 |
| Syama Total (Sulphide + Oxide) – AISC | 1,434 | 1,519 | 1,458 | 1,497 | 2,008 |
| Mako – AISC | 1,139 | 1,318 | 1,373 | 1,244 | 1,269 |
| Group total – AISC | 1,370 | 1,498 | 1,469 | 1,476 | 1,843 |
Issuer AISC is an operating non-IFRS measure. Site and group costs use the reported denominators and should not be arithmetically added.
Source: Resolute Mining annual reports, selected financial statement and operating rows; source registry below.
Prepared from the existing annual extraction datasets, supplemented only by selected same-company annual-report tables and saved row interpretations. No new raw-document extraction or web financial research was used for this test.
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