Resolute Mining 2025 results: swing to profit on stronger gold prices and tighter costs
Resolute Mining Limited has posted a clear turnaround for the year to 31 December 2025, moving from a loss to a solid profit despite producing fewer ounces. The big drivers were a sharply higher realised gold price, leaner site costs, and the normalisation of indirect taxes after last year’s Mali settlement. No dividend has been declared.
| Key metric | FY25 | FY24 |
|---|---|---|
| Revenue | $865.6 million | $801.0 million |
| EBITDA (non‑GAAP) | $391.6 million | $319.5 million |
| Reported net profit/(loss) after tax | $126.7 million | $(26.0) million |
| Profit attributable to members | $110.4 million | $(28.3) million |
| EPS (basic) | 5.18 cents | (1.33) cents |
| Operating cash flow | $226.6 million | $115.0 million |
| Gold sales | 258,544 oz | 335,708 oz |
| Average realised price | $3,338/oz | $2,383/oz |
| Cash | $62.6 million | $69.3 million |
| Net cash | $209.1 million | $66.3 million |
| Total borrowings | $57.8 million | not disclosed in table, overdrafts $34.2m |
| Royalties expense | $85.8 million | $59.2 million |
| Indirect tax expense | $36.8 million | $156.9 million |
| Net tangible assets per share | $0.31 | $0.23 |
What powered the profit swing
EBITDA rose to $391.6 million. EBITDA is earnings before interest, tax, depreciation and amortisation – a useful proxy for operating cash generation. The step-up was achieved even though gold sales fell to 258,544 oz (down 23% year on year). The difference was price: the average realised price jumped to $3,338/oz from $2,383/oz.
- Costs of production fell to $352.3 million from $393.0 million, reflecting operational focus at both mines.
- Indirect tax expense normalised to $36.8 million after the $159.9 million Mali settlement paid in late 2024.
- A $31.5 million fair value gain was booked on the agreement to sell the Loncor Gold stake, later completed in February 2026.
Set against that, royalties increased to $85.8 million due to higher prices and the sliding-scale regime under Mali’s 2023 Mining Code. Depreciation and amortisation eased to $121.6 million.
Operations: Syama and Mako under the microscope
Syama, Mali: lower grades and higher AISC
Syama poured 176,341 oz, 18% lower year on year, as both the sulphide and oxide circuits processed lower head grades and more stockpiled ore. The sub-level cave was also hit by explosive supply disruptions in H2. Even so, both plants ran near their combined nameplate of 3.9Mt, and ore tonnes mined of 3.0Mt were only marginally below 2024.
All-In Sustaining Cost (AISC – the industry’s “all in” cost per ounce) rose to $2,008/oz from $1,497/oz, landing within revised guidance. The increase was driven by higher royalties and lower production.
Mako, Senegal: transitioning to stockpiles
Mako produced 100,895 oz at an AISC of $1,270/oz, within revised guidance (98-102 koz). Open pit mining ended in Q2 2025, with the plant processing stockpiles through the second half and into 2026. AISC edged up 2% year on year, mainly on higher royalties and lower ounces.
Segment profitability
- Pre-tax profit: Syama $61.7 million; Mako $158.1 million; Doropo $5.2 million; Corporate/other $(13.1) million.
- After tax: Syama $39.9 million; Mako $94.2 million; Doropo $5.2 million; Corporate/other $(12.6) million.
Cash flow, balance sheet and Doropo obligations
Operating cash flow almost doubled to $226.6 million, helped by steady operations, cost discipline and the stronger gold price. Cash at year-end was $62.6 million, and Resolute reported net cash of $209.1 million. Borrowings totalled $57.8 million, largely overdrafts in Mali and Senegal.
Investment stepped up. Cash spend on evaluation, development, property, plant and equipment was $119.0 million, including the Syama Sulphide Conversion Project and the Doropo and ABC projects acquired in May 2025. Total investing cash outflow was $215.3 million, which also included a $68.1 million move into fixed-term deposits and $27.4 million for the Doropo acquisition.
One item to watch is deferred consideration on Doropo: $75.3 million current and $61.5 million non-current were recognised as financial liabilities at 31 December 2025. Exploration assets swelled to $194.9 million (from $14.0 million), reflecting the newly acquired projects. Net tangible assets per share improved to $0.31.
Taxes and royalties: unavoidable headwinds
Higher prices boost revenue but also the government take. Royalties jumped to $85.8 million, and the total income tax expense increased to $85.2 million. The indirect tax line eased dramatically because 2024 contained the one-off $159.9 million payment to the Government of Mali. The mix leaves Resolute profitable, but it underscores the sensitivity of margins to fiscal regimes in West Africa.
Subsequent events and 2026 setup
- Doropo mining permit granted (Côte d’Ivoire, 5 February 2026). It runs for an initial 14 years and underpins Resolute’s strategy to lift annual production to more than 500 koz by the end of 2028.
- Loncor stake sale completed (11 February 2026) for cash proceeds of $43.4 million CAD ($31.45 million USD).
- Management expects explosive supply chain challenges at Syama not to be a major issue in 2026. Mako will continue stockpile processing during 2026.
My take: why this matters for investors
This is a materially better year. Profitability returned thanks to price leverage, lower site costs, and the absence of 2024’s exceptional Mali settlement. Cash generation was strong, and net cash increased markedly. The Doropo permit is strategically important, signalling a credible route to multi-asset scale.
There are caveats. Group ounces fell 23% and Syama’s AISC at $2,008/oz is high, leaving less room if gold prices soften or royalties rise again. Deferred consideration on Doropo is substantial and sits alongside overdrafts, so balance-sheet strength should be viewed in the round. No dividend has been declared, implying capital is being prioritised for growth projects.
What to watch next
- Syama grades, cave performance and AISC trajectory through 2026, including any lingering supply chain effects.
- Mako’s stockpile plan: throughput, recovery and cash flow while mining is paused.
- Doropo: project timeline, capital budget and financing approach – not disclosed in this report.
- Execution of the Syama Sulphide Conversion Project and any update to group production guidance.
- Royalties and taxation dynamics, especially under Mali’s 2023 Mining Code.
Overall, a positive set of preliminary numbers that resets the base. If Syama costs can be contained and Doropo advances cleanly, Resolute has a path to higher, diversified production. For now, the gold price is doing a lot of the heavy lifting – and management has used that tailwind to rebuild profitability and cash flow.
Note: This is a preliminary, unaudited report. The audited financial statements are expected to be lodged in March 2026.
