This report is an updated version of the report published on 22 September 2025 at 1:42 PM AEST.

Resolute Mining Ltd (ASX: RSG) 

Resolute Mining Limited (ASX: RSG) is an African-focused gold miner with over 30 years of experience as an explorer, developer, and operator. Resolute currently operates two producing gold mines: the Syama Gold Mine in Mali, featuring both underground and open pit operations with ongoing sulphide processing expansion, and the Mako Gold Mine in Senegal, a high-quality open pit operation with potential life extensions through satellite deposits. In May 2025, Resolute acquired the Doropo Gold Project in Côte d’Ivoire, a development-stage asset poised to significantly increase group production and diversify its geographic footprint. 

Recommendation Rationale – SELL at AUD 0.915  

• Technical Standpoint: RSG’s share price has touched the R2 level recommended on 10 September 2025. The approx. 14-day RSI is now around 71.20, entering in overbought territory. This upward move raises the likelihood of a near-term pullback as profit-taking sets in, increasing the probable risk of short-term consolidation.
• Higher Non-Current Liabilities: Total non-current liabilities rose to USD 236.6 million as of 30 June 2025 from USD 98.6 million as of 31 December 2024, with financial liabilities increasing to USD 132.2 million from nil.
• Rising Costs: All-in sustaining cost (AISC) increased to USD 1,688/oz in H1 FY25 from USD 1,442/oz in H1 FY24, mainly due to explosive supply challenges.
• Weaker Production: Gold output declined to 151,460 oz in H1 FY25 from 167,140 oz in H1 FY24, reflecting lower production at Syama.
• Overvalued Multiples: On a forward 12-month – key valuation multiples (EV/EBITDA and Price/Cash Flow) are higher than average of the Basic Materials’ sector. 
  
  

RSG Daily Price Chart 

(Source: REFINITIV; Analysis by Kalkine Group) 

Valuation Methodology: Price/Earnings Approach (FY December'26E) (Illustrative)

The stock might trade at a premium to peers given the uplift in revenue to USD 447.5 million in H1 FY25 from USD 341.5 million in H1 FY24, turnaround in profit after tax to USD 71.0 million in H1 FY25 from USD 33.4 million in H1 FY24, and improvement in diluted EPS to 2.89 cents in H1 FY25 from 0.98 cents in H1 FY24. For conducting the valuation, peers Kingsgate Consolidated Ltd (ASX: KCN), Westgold Resources Ltd (ASX: WGX), and Alkane Resources Ltd (ASX: ALK) have been considered.

Given its current trading levels, recent rally in the share price, and risks associated, it is prudent to sell the stock at the current levels. Hence, a ‘Sell’ recommendation is given on the stock at the current market price of AUD 0.915, as of 22 September 2025 at 12:50 AM AEST. 

Markets are trading in a highly volatile zone currently due to certain macro-economic issues and geopolitical issues prevailing geopolitical tensions. Therefore, it is prudent to follow a cautious approach while investing.

Note 1: Past performance is neither an indicator nor a guarantee of future performance.

Note 2: The reference date for all price data, currency, technical indicators, support, and resistance levels is 22 September 2025. The reference data in this report has been partly sourced from REFINITIV.

Note 3: Investment decisions should be made depending on an individual's appetite for upside potential, risks, holding duration, and any previous holdings. An 'Exit' from the stock can be considered if the Target Price mentioned as per the Valuation and or the technical levels provided has been achieved and is subject to the factors discussed above.

Note 4: Kalkine reports are prepared based on the stock prices captured either from REFINITIV or Trading View. Typically, REFINITIV or Trading View may reflect stock prices with a delay which could be a lag of 25-30 minutes. There can be no assurance that future results or events will be consistent with the information provided in the report. The information is subject to change without any prior notice.

Technical Indicators Defined: -

Support: A level at which the stock prices tend to find support if they are falling, and downtrend may take a pause backed by demand or buying interest.

Resistance: A level at which the stock prices tend to find resistance when they are rising, and uptrend may take a pause due to profit booking or selling interest.

Stop-loss: In general, it is a level to protect further losses in case of any unfavourable movement in the stock prices.