Key financial results
- Resolute Mining poured just over 44,000 ounces of gold in the third quarter, with 31,000 ounces from Syama and about 13,000 ounces from Mako.
gold poured of just over 44,000 ounces with 31,000 ounces coming from Syama and just about 13,000 ounces coming from our Mako operations
- Group all-in sustaining cost was $2,506 per ounce for the third quarter, compared to $2,484 per ounce in the previous quarter.
Our group AISC was at $2,506 per ounce
- The company sold 33,000 ounces of gold at an average realized price of $4,325 per ounce.
we sold 33,000 ounces of gold in the third quarter at an average realized gold price of $4,325 per ounce
- Revenue reached $143 million and EBITDA was $64 million for the quarter.
Q3 revenue was $143 million and EBITDA was $64 million.
- Operating cash flow before capital expenditure, exploration and working capital was $56 million.
Operating cash flow before capital expenditure, exploration and working capital was $56 million.
- Total net cash closed at $276 million with available liquidity of approximately $480 million.
we ended the quarter with a total net cash of $276 million.
- Total borrowings stood at $54 million, which included $29 million drawn under Doropo financing facilities.
Total borrowings were $54 million, including $29 million drawn under the Doropo financing facilities.
Business segment results
- Syama: Syama produced 31,800 ounces with an AISC of $2,596 per ounce, facing challenges from roaster maintenance and explosive shortages.
- Mako: Mako produced 12,621 ounces with an AISC of $1,516 per ounce, which was lower than the previous quarter.
- Doropo: Doropo capital expenditures reached $53 million during the quarter, with year-to-date spend at $93 million.
about $53 million coming from Doropo
- ABC: At ABC, the company completed over 23,000 meters of drilling in the quarter.
At ABC, we completed over 23,000 meters of drilling
- La Debo: At La Debo, roughly 16,000 meters of extension drilling were completed in the third quarter.
In the third quarter, we completed roughly 16,000 meters of extension drilling
Capital allocation
- Total capital expenditures for the quarter were over $85 million, including $19 million at Syama, $3 million at Mako, $10 million in capitalized exploration, and $53 million at Doropo.
we spent over $85 million on capital expenditures with about $53 million coming from Doropo.
- Local bank financing arrangements for Doropo total $260 million, of which $29 million has been drawn to date.
we completed over $260 million of local bank financings for our Doropo project. And to date, we've actually drawn $29 million
- Capital spending for Doropo next year is budgeted at approximately $300 million.
I think we're budgeting around $300 million of capital next year
- Exploration and ABC works expenditure is planned to be around $40 million next year.
that will be committed, and that's going to be probably in the tune of $40 million next year.
Industry trends and dynamics
- The port at Abidjan is experiencing a 4-week backlog for clearance due to heavy construction activity across Cote d'Ivoire and transport into Mali.
We have seen a backlog of about 4 weeks, which is obviously a lot longer than we would normally expect
- Fuel prices increased by 30% to 60% earlier in the year and have since stabilized.
increasing from 30% to 60%. That's somewhat stabilized.
- Mali operations face local content restrictions and heavy penalties under the new mining code, restricting international contractor availability.
as part of the new mining code in Mali and the local content restrictions, there's heavy penalties and rules that we have to adhere to
Competitive landscape
- Management noted that Orica exited Mali in 2025, which impacted local explosive supply chains prior to the installation of Resolute's new emulsion plant.
After Orica exited the country in 2025
- Management did not discuss specific competitor positioning or market share metrics on the call.
Macroeconomic environment
- Management highlighted ongoing security challenges in Mali affecting workforce mobilization and underground caving operations.
- Management noted that the new Minister of Mines in Senegal is pro-investment, facilitating permit approvals.
the new Minister of Mines is much more pro-investment activities.
Growth opportunities and strategies
- Resolute remains on track for its strategy to achieve over 500,000 ounces of production from 2028 with a diversified portfolio.
business' strategy to achieve over 500,000 ounces from 2028, which will considerably diversify the production portfolio
- Doropo is on track for first gold pour in the first half of 2028.
Doropo is on track, on budget and first gold pour is planned in the first half of 2028.
- Technical studies and an updated MRE for ABC are underway to complete a feasibility study in 2027 and apply for mining permits.
aim to complete our feasibility study in 2027 so that we can apply for mining permits.
- La Debo updated mineral resource estimate increased the overall resource by 44% to close to 1 million ounces.
updated MRE, which increased the overall resource by 44%, up to close to 1 million ounces.
Financial guidance and outlook
- Full year group production guidance is revised to 205,000 to 225,000 ounces.
on track for our revised guidance of 205,000 to 225,000 ounces for the year
- Full year group AISC guidance is revised to $2,250 to $2,350 per ounce.
- Syama fourth quarter production is expected to return to 45,000 to 50,000 ounces.
Gold production is expected to return at 45,000 to 50,000 ounces during this quarter
Q3 2026 results
| Metric | Result | Change |
|---|---|---|
| Gold poured | 44,000 ounces | Not stated |
| Syama production | 31,800 ounces | Not stated |
| Mako production | 12,621 ounces | Not stated |
| Group AISC | $2,506 per ounce | Not stated |
| Revenue | $143 million | Not stated |
| EBITDA | $64 million | Not stated |
How management sounded
Balanced (+35 on our -100 to +100 scale). Management expressed strong confidence in their development timeline for Doropo, balance sheet health, and operational improvements at Syama. Management sounded more upbeat than on 20% of the 302 calls we cover; most companies sound positive on their own calls, so the comparison says more than the label.
Read the analyst Q&A summary and guidance and outlook for this call.
What to watch before the next call
- Progress on the Syama Sulphide Conversion Project and ramp-up of the new emulsion manufacturing plant.
- Execution of Doropo construction milestones and water storage preparation ahead of the wet season.
- Port clearance times and logistics at Abidjan for equipment imports.
Earlier calls
- Q2 2026 (Jul 30, 2026), tone Balanced: Resolute Mining reported Q2 revenue of $247 million with net cash reaching $317 million, while maintaining full-year AISC guidance.
