ASX-listed Resolute Mining has maintained its full-year production guidance, despite reporting a 9.3% year-on-year decrease in output to 151 460 oz for the six months ended June 30, as lower production at Syama, in Mali, was offset by a stable performance at Mako, in Senegal.

The company’s revenue increased by 31% year-on-year to $447.5-million, from gold sales of 145 120 oz at an average realised price of $3 076/oz, compared with the 157 321 oz sold at $2 170/oz during the first half of 2024.

Earnings before interest, taxes, depreciation and amortisation were $211.1-million, an increase of 81% from the same period last year, on the back of a 42% increase in gold price and 10% decrease in operating costs, offsetting an 8% reduction in gold sold.

Net income after tax was $71-million – compared with $33.4-million during the same period last year.

The all-in sustaining cost was $1 688/oz, 17% higher than the first half of 2024, primarily driven by higher royalties.

Capital expenditure, including for exploration, was $57.8-million, which the company says is in line with full-year guidance of $109-million to $126-million.

Net cash increased to $109.9-million, compared with $66.3-million during the same period last year, with Resolute holding cash and bullion of $158.7-million as at June 30.

"Resolute has had a very positive first half of the year. Along with continued cash flow generation that pushed our net cash position to nearly $110-million, we have made further progress on our strategic growth initiatives at Syama and Mako,” says CEO Chris Eger.

He points out that the company successfully acquired the Doropo and ABC Projects, in Côte d'Ivoire, from AngloGold Ashanti for $25-million during the first half of the year, noting that the addition of these “high-quality projects” shows the company’s commitment to the diversification of Resolute's asset base, which remains a key part of its strategy.

“The licensing process at Doropo is progressing and we are continuing to engage productively with the local government.

“Operationally, we remain focused on safety, meeting guidance and ensuring a continued focus on cost reductions which the company continues to demonstrate,” says Eger.