London-listed gold producer Resolute Mining has reported a stronger December quarter, with higher gold production and prices lifting operating cash flow and net cash, while confirming the Doropo project, in Côte d’Ivoire, as a major long-term growth asset ahead of a planned construction start this year.

Operating cash flow for the quarter ended December 31, 2025, rose to $85.7-million, from $67.8-million in the September quarter, supported by increased output and lower unit costs.

Net cash increased to $209.1-million at the end of December from $136.6-million three months earlier, reflecting the strong quarterly performance. Resolute’s available liquidity, including cash, cash equivalents and bullion, stood at $322.3-million at the end of the quarter.

Group gold production in the quarter increased to 65 918 oz from 59 857 oz in the previous quarter, meeting expectations. The company said the increase was supported by continued stockpile processing at its Mako operation, in Senegal, and improved underground performance at the Syama mine, in Mali.

Meanwhile, all-in sustaining costs (AISC) fell to $1 877/oz from $2 205/oz, as higher production partly offset increased royalty payments linked to higher gold prices.

“Gold production was in-line with initial guidance and net cash generation over the year was $140-million driven by a very strong quarter four,” Resolute Mining CEO Chris Eger said on January 22.

Quarterly capital expenditure (capex), excluding exploration, declined to $18.4-million from $26.6-million in the previous quarter. This included $16-million in non-sustaining capital and $2.4-million in sustaining capital. The company said this reflected the completion of several development projects at Syama and the continuation of planned investments at Mako.

For the full-year ended December 31, 2025, Resolute produced 277 236 oz of gold, down from 339 869 oz in 2024, with AISC of $1 843/oz, compared with $1 476/oz a year earlier. Gold sales for the year totalled 258 544 oz at an average realised price of $3 338/oz, generating revenue of $865.6-million, up from $664.1-million in 2024.

Operating cash flow before capex, exploration and working capital rose to $313.5-million from $249-million the previous year, while earnings before interest, taxes, depreciation and amortisation increased to $382.9-million from $287.6-million.

Capex including exploration amounted to $117.5-million for the year, within the company’s guidance range of $109-million to $126-million. Spending included $84.5-million at Syama, $24.1-million on exploration activities and smaller allocations at Mako.

The December quarter also delivered updates on Resolute’s growth pipeline in West Africa. An updated definitive feasibility study for the Doropo project outlined a 13-year mine life with average production of about 170 000 oz/y. Using a gold price of $3 000/oz, the study estimated a post-tax net present value of $1.46-billion and an internal rate of return of 49%.

“We also successfully acquired the Doropo and ABC projects, in Côte d’Ivoire. The team have been advancing these projects while simultaneously adding value to them. Doropo remains on track for first production in the first half of 2028,” Eger said.

The company said construction at Doropo was expected to start in the first half of 2026, subject to permits and a final investment decision. Early works and procurement of long-lead items were already under way.

Eger noted that Doropo would be a key component of the company’s strategy to expand production across multiple countries, supporting a target of more than 500 000 oz of yearly output by the end of 2028.

Exploration results during the quarter included a new mineral resource estimate at the La Debo project, in Côte d’Ivoire, of 17.6-million tonnes grading 1.14 g/t gold, containing 643 000 oz, which was 60% larger than previous estimates. Drilling at the ABC project returned intersections including 9 m at 2.4 g/t gold from surface and 23 m at 2.1 g/t gold from 81 m, supporting plans to extend existing resources.

“Exploration remains at the heart of Resolute’s strategy, underpinning our ambition to deliver sustained growth and maximise long-term shareholder value,” Eger said.

He added that recent upgrades at Doropo, Bantaco and La Debo highlighted the effectiveness of ongoing exploration programmes aimed at expanding resources and extending mine life.

Looking ahead, Resolute guided for group production of between 250 000 oz and 275 000 oz this year, with AISC expected to range from $2 000/oz to $2 200/oz. Capex is forecast at $310-million to $360-million, including $170-million to $190-million for the Doropo project and $15-million to $25-million for exploration.

Production at Mako is expected to range between 55 000 oz and 65 000 oz this year as stockpile processing continues, while Syama is forecast to produce between 195 000 oz and 210 000 oz.

Costs at Syama are expected to rise during the commissioning and ramp-up of the Syama Sulphide Conversion Project (SSCP), which is scheduled to reach full capacity in the second half of the year.

“The SSCP’s aim is to increase overall sulphide processing capacity at Syama by over 60% from 2.4-million tonnes a year to 4-million tonnes a year by modifying the oxide comminution circuit and upgrading the roaster. The project will retain the ability to switch back to treat oxide ore as needed,” Eger said.

Resolute also said it would continue technical studies at Mako aimed at extending the life of the operation, while exploration remains focused on expanding resources and identifying new targets across its portfolio in Côte d’Ivoire, Senegal and Guinea.

“In the robust gold price environment, our commitment to exploration is stronger than ever, as we recognise its critical role in driving organic growth and enhancing asset value,” Eger said.

In terms of safety, the company reported a total recordable injury frequency rate of 1.87 in the December quarter, down from 1.95 in the previous quarter, with only four recordable injuries during the period.