Want to see AU:RSG full AI Analyst Report?
Top Page
Resolute Mining
(Sydney:RSG)
Select Model
Select Model
Rating:66Neutral
Price Target:
AU$1.50
â–²(8.70% Upside)
Action:Reiterated
Date:09/18/26
The score is primarily supported by improved 2025 financial performance (stronger revenue, materially better margins, positive free cash flow, and manageable leverage). Offsetting factors are the historically volatile earnings/cash conversion profile and a mixed technical picture with neutral-to-soft near-term momentum despite being above key medium/long-term moving averages. Valuation (P/E ~11) provides some additional support.
Positive Factors
Improved revenue and profitability
The 2025 rebound shows stronger operating performance across revenue and margins after the prior-year loss. If maintained, improved profitability can strengthen internal funding capacity, support mine investment, and provide a more durable earnings base over the next several quarters.
Negative Factors
Earnings volatility
The wide swings in profitability indicate that recent recovery has not yet established a consistently predictable earnings pattern. Such volatility can complicate budgeting, project development, and capital allocation, while making future returns more dependent on operating and market conditions.
Read all positive and negative factors
Positive Factors
Negative Factors
Improved revenue and profitability
The 2025 rebound shows stronger operating performance across revenue and margins after the prior-year loss. If maintained, improved profitability can strengthen internal funding capacity, support mine investment, and provide a more durable earnings base over the next several quarters.
Read all positive factors
Resolute Mining (RSG) vs. iShares MSCI Australia ETF (EWA)
Market Cap
AU$2.50B
Dividend Yield1.59%
Average Volume (3M)8.29M
Price to Earnings (P/E)9.4
Beta (1Y)1.34
Revenue Growth4.98%
EPS Growth1498.82%
CountryAU
Employees4,059
SectorBasic Materials
Sector Strength58
IndustryGold
Share Statistics
EPS (TTM)0.08
Shares Outstanding2,137,417,700
10 Day Avg. Volume8,034,010
30 Day Avg. Volume8,294,856
Financial Highlights & Ratios
PEG Ratio-0.05
Price to Book (P/B)3.73
Price to Sales (P/S)2.92
P/FCF Ratio18.34
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
AU$1.74Price Target Upside26.00% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering5
EPS Forecast (FY)0.1
Revenue Forecast (FY)AU$1.04B
Resolute Mining Business Overview & Revenue Model
Company Description
Resolute Mining Limited (RSG.AX) is an enterprise primarily focused on the development, operation, and production of gold assets. Its comprehensive activities span across Africa, the United Kingdom, and Australia. A pivotal asset for the company i...
How the Company Makes Money
Resolute Mining primarily makes money by producing and selling gold. Revenue is generated when gold doré (or refined gold, depending on the operation and sales arrangements) is sold to third-party purchasers (commonly refiners or bullion buyers) a...
Resolute Mining Earnings Call Summary
Earnings Call Date:Feb 27, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Feb 19, 2027
Earnings Call Sentiment Positive
The call conveyed a predominantly positive operational and financial performance in 2025 — production met guidance, cash generation and the balance sheet materially strengthened, exploration delivered new resources, and the Doropo DFS shows transformative project economics. Key execution items (Doropo permitting and FID, SSCP commissioning) and large 2026 capital requirements introduce timing, permitting and funding risks, while elevated AISC guidance and stockpile-driven production declines (notably at Mako) temper the outlook. Overall the positives (stable operations, strong cash flow, attractive growth projects and exploration success) outweigh the headwinds, though near-term execution and country-level risks should be monitored closely.Positive Updates
Q4 and Full-Year Production in Line with Guidance
Q4 gold production of 66,000 oz (up 6,000 oz vs Q3); full-year 2025 production of 277,000 oz, within guidance range (275k–285k).
Negative Updates
Significant Increase in 2026 Capital Expenditure
Group CapEx guidance for 2026 of $310M–$360M versus $118M in 2025 — an increase of ~163% to ~205% (based on range), increasing near-term funding and execution risk despite management confidence in liquidity and potential project financing.
Read all updates
Q4-2025 Updates
Positive
Negative
Q4 and Full-Year Production in Line with Guidance
Q4 gold production of 66,000 oz (up 6,000 oz vs Q3); full-year 2025 production of 277,000 oz, within guidance range (275k–285k).
Read all positive updates
Company Guidance
Resolute guided 2026 production of 250,000–275,000 oz of gold (Syama 195,000–210,000 oz; Mako 55,000–65,000 oz) with group AISC of $2,000–$2,200/oz (Syama $1,950–$2,150/oz; Mako $1,600–$1,800/oz); total 2026 CapEx of $310–$360M (Syama $110–$125M — including ~$40M to finish the SSCP, ~$40M waste stripping and ~$40M plant/equipment, Mako $15–$20M, and Doropo $170–$190M subject to permitting/FID with ~75% (~$135M) of Doropo spend in H2); exploration budget $15–$25M (primarily Côte d’Ivoire); Doropo DFS metrics include ~2.2M oz LOM production over 13 years, upfront capital ~$516M, LOM AISC $1,406/oz, post‑tax NPV5% $1.46B and IRR 49% at $3,000/oz; key timings include Syama SSCP Stage 1 commissioning in Q2 2026 (~110 t/h) and Stage 2 in Q3 2026 (~215 t/h), Syama H1/H2 production split 42%/58%, and Doropo construction start mid‑Q2 2026 with first gold H1 2028 if FID by end Q1; Mako guidance assumes processing ~2.2 Mt @ ~0.9 g/t with >90% recoveries; company expects to fund 2026 CapEx from existing liquidity (over ~$320M available) and a mix of cash and project financing.Resolute Mining Financial Statement Overview
Summary
Income Statement
74
Positive
Balance Sheet
71
Positive
Cash Flow
67
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.00B | 895.79M | 800.97M | 631.07M | 651.13M | 549.24M |
| Gross Profit | 423.12M | 304.15M | 219.63M | 113.34M | 93.92M | 46.57M |
| EBITDA | 458.23M | 356.20M | 223.84M | 193.03M | 92.58M | 62.37M |
| Net Income | 178.95M | 114.25M | -28.30M | 65.58M | -34.08M | -319.20M |
Balance Sheet | ||||||
| Total Assets | 1.28B | 1.15B | 819.56M | 853.08M | 868.79M | 984.20M |
| Cash, Cash Equivalents and Short-Term Investments | 289.47M | 164.21M | 69.27M | 59.77M | 80.87M | 88.44M |
| Total Debt | 165.33M | 208.04M | 43.79M | 84.29M | 141.03M | 327.78M |
| Total Liabilities | 469.50M | 498.14M | 336.34M | 310.90M | 397.30M | 558.64M |
| Stockholders Equity | 833.84M | 702.27M | 537.76M | 590.15M | 543.43M | 495.63M |
Cash Flow | ||||||
| Free Cash Flow | 262.32M | 142.81M | 10.19M | 34.77M | 23.12M | -11.11M |
| Operating Cash Flow | 385.07M | 234.50M | 115.01M | 106.45M | 90.91M | 45.11M |
| Investing Cash Flow | -243.78M | -222.81M | -70.39M | -68.90M | 15.17M | -25.07M |
| Financing Cash Flow | -64.35M | -16.35M | -36.52M | -57.35M | -97.84M | -49.49M |
Resolute Mining Technical Analysis
Neutral
1.38
Price Trends
1.24
Negative
1.13
Positive
1.24
Negative
Market Momentum
-0.02
Negative
52.96
Neutral
80.04
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:RSG, the sentiment is Neutral. The current price of 1.38 is above the 20-day moving average (MA) of 1.12, above the 50-day MA of 1.24, and above the 200-day MA of 1.24, indicating a neutral trend. The MACD of -0.02 indicates Negative momentum. The RSI at 52.96 is Neutral, neither overbought nor oversold. The STOCH value of 80.04 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for AU:RSG.
Resolute Mining Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
82 Outperform | AU$7.82B | 12.98 | 18.90% | 2.41% | 12.65% | 11.08% | |
78 Outperform | AU$4.92B | 6.69 | 35.03% | 3.06% | 42.59% | 180.54% | |
77 Outperform | AU$6.68B | 55.75 | 3.01% | 1.75% | -14.16% | -84.78% | |
76 Outperform | AU$3.88B | 3.99 | 52.15% | 5.68% | 194.08% | 92.97% | |
73 Outperform | AU$5.12B | 11.47 | 19.72% | 1.89% | 79.44% | 1173.17% | |
66 Neutral | AU$2.50B | 9.44 | 23.30% | 1.59% | 4.98% | 1498.82% | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% |
* Basic Materials Sector Average
AU:RSG
Resolute Mining
1.13
0.17
18.32%
AU:PRU
Perseus Mining
5.82
1.06
22.17%
AU:WAF
West African Resources Ltd
3.30
0.42
14.62%
AU:RRL
Regis Resources Limited
6.25
0.08
1.33%
AU:RMS
Ramelius Resources Limited
3.42
0.15
4.62%
AU:WGX
Westgold Resources
5.29
0.07
1.24%
Resolute Mining Corporate Events
Resolute Mining balances Q3 operational challenges with strong progress on West African growth projects
Oct 28, 2026
Resolute Mining reported Q3 2026 group gold production of 44,398 ounces at all-in sustaining costs of $2,506 per ounce, broadly in line with previous quarter performance but reflecting operational challenges at the Syama mine in Mali. Mako continu...
Resolute Mining Schedules Q3 2026 Results Webcast and Investor Call
Oct 21, 2026
Resolute Mining Limited has scheduled a webcast and conference call for 29 October 2026, during which CEO Chris Eger will discuss the company’s Quarterly Activities Report for the period ended 30 September 2026. The event, aimed at investors...
Citi Group Entities Exit Substantial Holder Position in Resolute Mining
Oct 1, 2026
Citigroup Global Markets Australia Pty Limited and its related Citi group entities have notified Resolute Mining that they have ceased to be a substantial holder in the company as of 29 September 2026. The change reflects a series of adjustments i...
Resolute Mining Reaffirms 2026 Gold Output Guidance and JORC‑Compliant Reserves
Sep 27, 2026
Resolute Mining has reiterated the basis on which its mineral resource, ore reserve and production target information is reported, emphasising compliance with the JORC Code and ASX listing rules. The company confirms that the key assumptions and t...
BlackRock Ceases to Be Substantial Holder in Resolute Mining
Sep 21, 2026
BlackRock Group, comprising BlackRock Inc. and its subsidiaries, has lodged a formal notice under Section 671B of the Corporations Act confirming it has ceased to be a substantial holder in Resolute Mining Ltd. The filing, signed by authorised sig...
Resolute Mining Cuts Syama Output Guidance as Mali Disruptions Bite
Sep 20, 2026
Resolute Mining has cut its 2026 production and cost guidance for the Syama Gold Mine in Mali after ongoing supply chain and operating challenges constrained both underground and open pit output. The company now expects Syama to produce 150–...
Resolute Mining Reaffirms 2026 Gold Guidance and JORC-Compliant Resource Estimates
Sep 1, 2026
Resolute Mining has released a corporate presentation outlining its current disclosures on Ore Reserves, Mineral Resources and production targets, reaffirming that these estimates continue to comply with the JORC Code and previously stated assumpt...
Resolute Mining lifts earnings and cash as African growth projects progress
Aug 19, 2026
Resolute Mining reported a strong first half of 2026, with revenue rising 31% to $584.7 million and EBITDA up 42% to $323.9 million, driven by higher realised gold prices despite lower production of 104,795 oz. Net income more than doubled to $162...
Resolute Mining Delivers Strong Half-Year Profit But Keeps Dividend at Nil
Aug 19, 2026
Resolute Mining reported strong financial performance for the half year ended 30 June 2026, with revenues from ordinary activities rising 31% to $584.7 million compared with the prior corresponding period. Earnings before interest, tax, depreciati...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.