Marvel Gold

Gold poured during the December 2020 quarter was 89,888 oz bringing total gold poured in CY20 to 395,136 oz which was marginally below the lower end of the revised CY20 production guidance of 400,000 oz.

AISC for CY20 of US$1,074/oz was maintained within the revised cost guidance range of US$980/oz to US$1,080/oz.

The key impacts on production in the December quarter were at the Syama Gold Mine in Mali where the Cashew Satellite Oxide open pit operations experienced mining equipment availability and process plant material handling issues.

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In addition, the team at Syama managed the impacts of 15 days of industrial disruption during the quarter while maintaining production through both the sulphide and oxide processing plants by utilising available ore and redeploying staff as required.

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Production from the Mako Gold Mine in Senegal continued in line with expectations producing 43,387oz for the December quarter.

Cash and bullion at 31 December 2020 totalled US$106m. During the quarter Resolute paid its first dividend, US$7 million, to the Government of Senegal which reflects the positive cashflow which Mako has generated since it commenced operations in July 2018.

Total debt as at 31 December 2020 was US$337 million with net debt of US$231 million.

CY21 Guidance

Resolute is forecasting total gold production for CY21 of 350,000 oz to 375,000 oz at an AISC/oz of US$1,200/oz to US$1,275/oz as follows:


Sulphide production is forecast to increase by more than 25% to between 155,000 oz and 170,000 oz with a resulting decrease in AISC to between US$1,200/oz and US$1,275/oz.

A planned 36-day shutdown of the sulphide processing circuit has been scheduled during September and October 2021.

Syama Oxide production of 80,000 oz to 85,000 oz is forecast at an AISC between US$1,050/oz and US$1,090/oz from the Cashew and Tabakoroni satellite operations.

Tabakoroni Underground exploration and evaluation work continues with positive results received from recent drilling programs. Further updates to the Tabakoroni Underground reserve and resource are expected during January which will support an update to the Syama life of mine production schedule.


CY21 forecast production of 115,000 oz to 120,000 oz at an AISC between US$1,175/oz and US$1,225/oz.

Production for the year will be lower and unit costs higher than 2020, as a cut-back of the main pit is undertaken which will provide access to deeper sections of the deposit and increase the life of mine.


Activity is focussed on extension and identification of oxide satellite operations at Syama and extension of Mako’s mine life.