RSG.L

Resolute Mining
Resolute Mining Ltd - Half Year Financial Results and Accounts
29th August 2024, 08:27
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RNS Number : 1527C
Resolute Mining Limited
29 August 2024
 

 

 

 

 

 

29 August 2024

Appendix 4D

Half Year Report for the six months ended 30 June 2024

 

Reporting Period

The reporting period is for the half year ended 30 June 2024 with the corresponding reporting period being for the six months ended 30 June 2023.


Results for Announcement to the Market


30 June

30 June    Movement      Movement

2024

000

2023

##PRELOADED_STATE##
##REACT_QUERY_STATE##
##CHUNKS##
000

 

##PRELOADED_STATE##
##REACT_QUERY_STATE##
##CHUNKS##
000

 

%
Revenuesfromordinaryactivities                                              341,503

329,499

12,004

4 %
Earningsbeforeinterest,tax,depreciation
and amortisation (EBITDA)                                                    116,388

101,378

15,010

15 %
Profit after income tax                                                              33,401

87,679

(54,278)

(62)%
Profit from ordinary activities after income tax
attributable to members/net profit for the year                   20,947

73,842

(52,895)
(72)%

 
 

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

Resolute Mining Limited ABN 39 097 088 689

Level 17, 2 Esplanade Perth, Western Australia 6000      T +61 8 9261 6100 E contact@rml.com.au


 

Corporate Directory
 

 

Directors                                                        Share Registry

Non-Executive Chairman     Martin Botha                           Computershare Investor Services Pty Limited Managing Director & CEO Terence Holohan                                        Level 11, 172 St Georges Terrace

Non-Executive Director       Simon Jackson                         Perth, Western Australia 6000 Non-Executive Director              Sabina Shugg                           Home Exchange

Non-Executive Director       Adrian Reynolds                       Australian Securities Exchange Non-Executive Director              Keith Marshall                           Level 40, Central Park

Non-Executive Director       Adrienne Parker                        152 St Georges Terrace

Non-Executive Director       Andrew Wray                            Perth, Western Australia 6000

 

Company Secretaries                              Quoted on the official lists of the

                                                                            Australian Securities Exchange (ASX) and London

Tim Whyte                                                                             Stock Exchange (LSE)

Sam Wright                                                                                              ASX/LSE Ordinary Share Code: "RSG"

 

Registered Office

Level 17                                                                            Securities on Issue (30/06/2024)

2 Esplanade                                                                      Ordinary Shares                 2,129,050,013

Perth, Western Australia 6000                                             Performance Rights           14,926,305

 

PO Box 7232 Cloisters Square                                           Auditor

Perth, Western Australia 6850                                           Ernst & Young

Telephone: +61 8 9261 6100                                               Ernst & Young Building

Email: contact@rml.com.au                                               11 Mounts Bay Rd

                                                                        Perth, Western Australia 6000


Australian Business Number

 

 

ABN 39 097 088 689

 

Shareholders wishing to receive copies of Resolute's ASX announcements by e-mail should register their interest by contacting the Company at contact@rml.com.au


 

Website

Resolute Mining Limited maintains a website where all announcements are available: www.rml.com.au


Table of Contents

Director's report                                                                                                                                                                                  4

Auditor's Independence Declaration                                                                                                                                                7

Consolidated Statement of Comprehensive Income                                                                                                                 8 - 9

Consolidated Statement of Financial Position                                                                                                                        10 - 11

Consolidated Statement of Changes in Equity                                                                                                                               12

Consolidated Cash Flow Statement                                                                                                                                                   13

Notes to the Financial Statements                                                                                                                                              14 - 18

Director's Declaration                                                                                                                                                                            19


Directors' Report

Your directors present their half year report on the consolidated entity (referred to hereafter as the "Group" or "Resolute") consisting of Resolute Mining Limited and the entities it controlled at the end of or during the half year ended 30 June 2024 (H1 2024).

 

Corporate Information

Resolute Mining Limited ("Resolute" or "the Company") is a company limited by shares that is incorporated and domiciled in Australia.

 

Directors

The names of the Company's directors in office during the entire half year period and until the date of this report are set out below. Directors were in office for this entire period unless otherwise stated.

Martin Botha (Non-Executive Chairman) Terence Holohan (Managing Director & CEO) Simon Jackson (Non-Executive Director)

Mark Potts (Non-Executive Director) (until March 2024) Sabina Shugg (Non-Executive Director)

Adrian Reynolds (Non-Executive Director) Keith Marshall (Non-Executive Director)

Adrienne Parker (Non-Executive Director) (appointed March 2024) Andrew Wray (Non-Executive Director) (appointed May 2024)

Company Secretaries

Tim Whyte Sam Wright

Operational Highlights

Key highlights for half year ended 30 June 2024 include:

▪  Production (gold poured) for H1 of 167,140 ounces (oz) compared to 176,631oz in H1 2023.

▪  All-In Sustaining Cost (AISC) of $1,442/oz for the first half of the year ($1,469/oz in H1 2023) due to lower operating cost, continued efficiency improvements and lower sustaining capital.

▪  H1 gold sales of 157,321oz at an average realised gold price of $2,170/oz compared to 173,058oz at an average realised gold price of $1,906/oz in H1 2023.

▪  Cash generation of $73.1 million excluding interest payments, working capital movements, Ravenswood payment and debt repayment.

▪  Received A$30m (approximately $20m) first tranche cash payment from restructured Gold Price Contingent Promissory Note from the sale of the Ravenswood Gold Mine in Q1 2020.

▪  Net cash of $96.6 million (31 December 2023: $14.0 million).


 

Directors' Report
 

 

Financial Overview


Profit and Loss Analysis

H1 2024

H1 2023

##PRELOADED_STATE##
##REACT_QUERY_STATE##
##CHUNKS##
000

Group

Group

Revenue

341,503

329,499

Cost of sales excluding depreciation and amortisation

(193,509)

(193,413)

Royalties

(19,639)

(18,916)

Administration and other corporate expenses

(6,627)

(9,081)

Exploration expense

(5,340)

(6,368)

EBITDA

116,388

101,721

Depreciation and amortisation

(53,162)

(47,459)

Net interest and finance costs

(3,766)

(7,120)

Inventories net realisable value movements and obsolete consumables

14,724

8,543

Fair value movements and treasury transactions

(5,292)

29,837

Other

(15,514)

(5,721)

Net profit before tax

53,377

79,801

Income tax expense

(19,976)

7,878

Net profit after tax

33,401

87,679

 

Financial Performance

Revenue for H1 2024 was $341.5 million, from gold sales of 157,321oz at an average realised price of $2,170/oz. EBITDA was $116.4 million which is a 14% improvement on the comparative period driven by higher gold prices realised and lower unit costs. Resolute reported a Net profit after tax of $33.4 million .


 

Directors' Report
 

 

Financial Position

As at 30 June 2024, Resolute had cash of $101.4 million and bullion with a market value of $42.0 million. The Group's net cash was $96.6 million at 30 June 2024 which is an increase of 662% from H1 2023's net debt position of $17.2 million. Total borrowings as of 30 June 2024 were $47.7 million ( 31 December 2023: $74.1 million) which are from in- Country overdraft facilities in Mali and Senegal.

 

Significant Events After Balance Date

Since the end of the period and to the date of this report, no matter or circumstance has arisen that has significantly affected, or may significantly affect, the operations of the Group, the results of operation or the state of affairs of the consolidated group in subsequent periods.

 

Auditor's Independence

Refer to page 7 for a copy of the Auditor's Independence Declaration to the Directors of Resolute Mining Limited.

 

Rounding

Resolute is a company of the kind specified in Australian Securities and Investments Commission Corporations (Rounding in Financial Directors' Reports) Instrument 2016/191. In accordance with that Instrument, amounts in the financial report and the Directors' Report have been rounded to the nearest thousand dollars unless specifically stated to be otherwise.

Signed in accordance with a resolution of the directors.

 

 





Terence Holohan

Managing Director & CEO

 

Perth, Western Australia 29 August 2024


 

 

 

 


Ernst & Young
11 Mounts Bay Road
Perth WA 6000 Australia
GPO Box M939 Perth WA 6843
Tel: +61 8 9429 2222
Fax: +61 8 9429 2436
ey.com/au


 

Auditor's independence declaration to the directors of Resolute Mining Limited

As lead auditor for the review of the half-year financial report of Resolute Mining Limited for the half-year ended 30 June 2024, I declare to the best of my knowledge and belief, there have been:

a.    no contraventions of the auditor independence requirements of the Corporations Act 2001 in relation to the review; and

b.    no contraventions of any applicable code of professional conduct in relation to the review; and

c.    No non-audit services provided that contravene any applicable code of professional conduct in relation to the review.

This declaration is in respect of Resolute Mining Limited and the entities it controlled during the financial period.

 




Ernst & Young

 

 

 




Philip Teale Partner

 

29 August 2024

 

 

 

 


 

 

 

A member firm of Ernst & Young Global Limited

Liability limited by a scheme approved under Professional Standards Legislation                                


Consolidated Statement of Comprehensive Income

For the half year

ended 30 June

For the half year

ended 30 June

2024

2023


Note

##PRELOADED_STATE##
##REACT_QUERY_STATE##
##CHUNKS##
000

##PRELOADED_STATE##
##REACT_QUERY_STATE##
##CHUNKS##
000

Revenue from contracts with customers for gold and silver sales

3

341,503

329,499

Costs of production

3

(193,509)

(193,413)

Gross profit


147,994

136,086

 

Depreciation and amortisation

 

3

 

(53,162)

 

(47,459)

Royalties

3

(19,639)

(18,916)

Gross profit from operations


75,193

69,711

 

Interest income

 

3

 

1,448

 

1,411

Other income

3

859

(104)

Exploration expense

3

(5,340)

(6,368)

Administration and other corporate expenses

3

(6,627)

(9,081)

Share-based payment expense

3

(160)

(344)

Fair value movements and treasury transactions

3

(5,292)

29,837

Inventories net realisable value movements and obsolete consumables

3

14,724

8,543

Finance costs

3

(5,214)

(8,531)

Indirect tax expense

3

(16,214)

(5,273)

Profit before tax


53,377

79,801

 

Tax benefit/(expense)

 

3&5

 

(19,976)

 

7,878

Profit for the period


33,401

87,679

 

Profit attributable to:




Members of the parent


20,947

73,842

Non-controlling interest


12,454

13,837

Profit for the period


33,401

87,679


Consolidated Statement of Comprehensive Income

(continued)


For the half year

ended

For the half year

ended



30 June 2024

30 June 2023


Note

##PRELOADED_STATE##
##REACT_QUERY_STATE##
##CHUNKS##
000

##PRELOADED_STATE##
##REACT_QUERY_STATE##
##CHUNKS##
000

Profit for the period (brought forward)


33,401

87,679

Other comprehensive income/(loss)




Items that may be reclassified subsequently to profit or loss




Exchange differences on translation of foreign operations:




- Members of the parent


(16,293)

(23,623)

Items that may not be reclassified subsequently to profit or loss




Exchange differences on translation of foreign operations:




- Non-controlling interest


1,606

(1,226)

Other comprehensive loss for the period, net of tax


(14,687)

(24,849)





Total comprehensive income for the period


18,714

62,830

 

Total comprehensive income attributable to:




Members of the parent


4,654

50,219

Non-controlling interest


14,060

12,611

Total comprehensive income for the period


18,714

62,830

 

Profit per share for net profit attributable for operations to the ordinary equity holders of the parent:




Basic earnings per share


0.98 cents

3.47 cents

Diluted earnings per share


0.98 cents

3.47 cents

 

Profit per share for net profit attributable for continuing operations to the ordinary equity holders of the parent:




Basic earnings per share


0.98 cents

3.47 cents

Diluted earnings per share


0.98 cents

3.47 cents


Consolidated Statement of Financial Position

31 December


 

Note

30 June 2024

##PRELOADED_STATE##
##REACT_QUERY_STATE##
##CHUNKS##
000

2023

##PRELOADED_STATE##
##REACT_QUERY_STATE##
##CHUNKS##
000

Current assets




Cash and cash equivalents


101,437

59,769

Other financial assets - restricted cash


4,618

1,412

Receivables

6

18,617

60,102

Inventories

7

151,790

135,417

Prepayments and other assets


14,591

11,021

Income tax asset


8,860

1,810

Total current assets


299,913

269,532

Non current assets




Income tax asset


-

7,317

Receivables

6

86,739

54,456

Inventories

7

44,734

42,489

Exploration assets


11,847

6,354

Development assets

8

264,035

298,927

Property, plant and equipment

8

173,088

160,894

Right-of-use assets


8,506

10,106

Deferred tax asset


3,005

3,005

Total non current assets


591,954

583,547

Total assets


891,867

853,078

Current liabilities




Payables


112,115

67,302

Financial liabilities

9

47,697

74,066

Provisions

10

82,046

66,188

Current tax liability


7,452

4,791

Lease liabilities


3,171

3,070

Total current liabilities


252,481

215,417

Non current liabilities




Provisions

10

82,854

85,863

Lease liabilities


7,859

9,625

Total non current liabilities


90,713

95,488

Total liabilities


343,194

310,905

Net assets


548,674

542,173


Consolidated Statement of Financial Position

(continued)

 

 

31 December


 

Note

30 June 2024

##PRELOADED_STATE##
##REACT_QUERY_STATE##
##CHUNKS##
000

2023

##PRELOADED_STATE##
##REACT_QUERY_STATE##
##CHUNKS##
000

Equity attributable to equity holders of the parent




Contributed equity


882,731

882,731

Reserves


(56,954)

(40,821)

Retained earnings/(Accumulated losses)


(230,817)

(251,764)

Total equity attributable to equity holders of the parent


594,960

590,146

Non-controlling interest


(46,286)

(47,973)

Total equity


548,674

542,173


Consolidated Statement of Changes in Equity

 

 

 

 

 

 

 


Text Box: Contributed equity Text Box: Net unrealised loss reserveText Box: Employee equity benefits reserveText Box: Other reservesText Box: Non-controlling interests reserveText Box: Foreign currency translation reserve Retained earnings/ accumulated losses Text Box: Non-controlling interest Text Box: TotalAt 1 January 2024                882,731    (9,745)      22,210       4,321      (636) (56,971) (251,764) (47,973)      542,173

 

Profit for the period                  -              -              -              -              -              -      20,947     12,454     33,401

Other comprehensive


(loss)/income, net of tax

Total comprehensive (loss)/income for the period, net of tax

-              -              -              -              -    (16,293)             -        1,606   (14,687)

 

 

-                   -              -              -              -  (16,293)     20,947     14,060      18,714

 

-


Dividends declared                   -              -              -              -              -              -              -    (12,373)   (12,373)

Share based payments             -              -          160             -              -              -              -              -          160

to employees


Text Box: Contributed equity Text Box: Net unrealised loss reserveText Box: Employee equity benefits reserveText Box: Other reservesText Box: Foreign currency translation reserve Retained earnings/ accumulated losses Text Box: Non-controlling interest Text Box: TotalAt 30 June 2024                 882,731    (9,745)     22,370       4,321      (636) (73,264) (230,817) (46,286)  548,674

 

 

 

 

 

 

 



 

At 1 January 2023                 882,731

(9,348)

20,447

4,152

(37,207)

(317,341)

(71,940)

471,494

 

Profit for the period                   -

Other comprehensive

 

-

 

-

 

-

 

-

 

73,842

 

13,837

 

87,679

(loss)/income, net of 

tax                                             -

-

-

-

(23,623)

-

(1,226)

(24,849)

Total comprehensive (loss)/income for the                - period, net of tax

-

-

-

73,842

12,611

62,830

 

Dividends paid                          -

 

-

 

-

 

-

 

-

 

-

 

-

 

-

Share based payments 

to employees                            -

-

403

-

-

-

-

403

At 30 June 2023                  882,731

(9,348)

20,850

4,152

(60,830)

(243,499)

(59,329)

534,727

 
 


Consolidated Cash Flow Statement

For the half year

ended

For the half year

ended

30 June 2024

30 June 2023

##PRELOADED_STATE##
##REACT_QUERY_STATE##
##CHUNKS##
000

##PRELOADED_STATE##
##REACT_QUERY_STATE##
##CHUNKS##
000

Cash flows from operating activities



Receipts from customers

341,503

330,209

Payments to suppliers, employees and others

(220,540)

(271,761)

Exploration expenditure

(5,340)

(4,446)

Income tax paid

(13,025)

(3,261)

Cash flows from operating activities

102,598

50,741

 

Cash flows used in investing activities



Payments for property, plant & equipment

(28,545)

(13,526)

Payments for development activities

(15,867)

(22,557)

Payments for evaluation activities

(6,234)

(1,047)

Deferred consideration from sale of Ravenswood mine

20,012

-

Extension fee on Ravenswood promissory note

849

-

Other investing activities

(416)

1,915

Cash flows used in investing activities

(30,201)

(35,215)

 

Cash flows used in financing activities



Repayment of borrowings

(25,000)

(30,000)

Finance cost

(3,207)

(5,756)

Dividend paid

(1,239)

(1,430)

Repayment of principal portion of lease liability

(1,841)

(1,988)

Repayment of/(drawdown from) short term finance facilities

(925)

6,548

Cash flows used in financing activities

(32,212)

(32,626)




Increase (decrease) in cash and cash equivalents

40,185

(17,100)

 

Cash and cash equivalents at the beginning of the period

 

59,769

 

80,873

Exchange rate adjustment

1,483

2,005

Cash and cash equivalents at the end of the period

101,437

65,777


A blue and yellow rectangle Description automatically generated

Notes to the Financial Statements
 

 

Note 1: Corporate Information

The financial report of Resolute Mining Limited and its controlled entities for the half year ended 30 June 2024 was authorised for issue in accordance with a resolution of directors for release on 29 August 2024.

Resolute (the parent) is a for profit company limited by shares incorporated and domiciled in Australia whose shares are publicly traded on the Australian Securities Exchange and the London Stock Exchange.

The principal activities of entities within the consolidated entity during the half year were:

•    gold mining; and,

•    prospecting and exploration for minerals.

There has been no significant change in the nature of those activities during the half year ended 30 June 2024.

Where appropriate in the financial report, comparative information has been reclassified to align to changes in presentation in the current period to reflect more reliable and relevant information. The Company has reclassified certain expense items to costs of production to better reflect the actual costs incurred at our operations.

 

Note 2: Basis of Preparation and Summary of Significant Accounting Practices

a) Basis of Preparation

This interim financial report for the half year ended 30 June 2024 has been prepared in accordance with AASB 134 Interim Financial Reporting and the Corporations Act 2001.

The half year financial report does not include all notes of the type normally included within the annual financial report and therefore cannot be expected to provide as full an understanding of the financial performance, financial position and financing and investing activities of the Group as the full financial report.

It is recommended that the half year financial report be read in conjunction with the Annual Report for the year ended 31 December 2023 and considered together with any public announcements made by Resolute Mining Limited during the half year ended 30 June 2024 in accordance with the continuous disclosure obligations of the Australian Securities Exchange listing rules and London Stock Exchange rules. The consolidated financial report is presented in United States dollars ("$") rounded to the nearest thousand dollars, unless otherwise stated.

The accounting policies and methods of computation are the same as those adopted in the most recent annual financial report.


Notes to the Financial Statements

Note 3 (a): Segment revenue and expenses

 

 

For the half year ended 30 June 2024

Mako

(Senegal)

Syama

(Mali)

Corp/Other

(b)

Total


##PRELOADED_STATE##
##REACT_QUERY_STATE##
##CHUNKS##
000

##PRELOADED_STATE##
##REACT_QUERY_STATE##
##CHUNKS##
000

##PRELOADED_STATE##
##REACT_QUERY_STATE##
##CHUNKS##
000

##PRELOADED_STATE##
##REACT_QUERY_STATE##
##CHUNKS##
000

Revenue from gold and silver sales (a)

125,663

215,840

-

341,503

Costs of production

(68,872)

(124,637)

-

(193,509)

Segment gross profit

56,791

91,203

-

147,994

Depreciation and amortisation

(27,105)

(25,505)

(552)

(53,162)

Royalties

(6,283)

(12,938)

(417)

(19,638)

Segment gross profit from operations

23,403

52,760

(969)

75,194

Interest income

-

-

1,448

1,448

Other income

-

9

849

858

Exploration expense

(2,297)

(2,568)

(475)

(5,340)

Administration and other corporate expenses

-

-

(6,627)

(6,627)

Share based payment expense

-

-

(160)

(160)

Fair value movements and treasury transactions

(4,358)

(2,628)

1,694

(5,292)

Inventories net realisable value movements and obsolete consumables

3,160

11,564

-

14,724

Finance costs

(928)

(3,263)

(1,022)

(5,213)

Indirect tax expense

(15,281)

(933)

-

(16,214)

Profit before tax from operations

3,699

54,941

(5,262)

53,377

Income tax expense

(17,894)

(2,156)

74

(19,976)

Profit/(loss) for the period

(14,195)

52,785

(5,188)

33,401

(a)  Revenue from external sales for each reportable segment is derived from several customers.

(b)  This information does not represent an operating segment as defined by AASB 8 'Operating Segments' and forms part of the reconciliation of the results and positions of the operating segments to the financial statements.


Notes to the Financial Statements

Note 3 (a): Segment revenue and expenses (continued)

 

 

For the half year ended 30 June 2023

Mako

(Senegal)

Syama (Mali)

Corp/Other

(b)

Total


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##REACT_QUERY_STATE##
##CHUNKS##
000

##PRELOADED_STATE##
##REACT_QUERY_STATE##
##CHUNKS##
000

##PRELOADED_STATE##
##REACT_QUERY_STATE##
##CHUNKS##
000

##PRELOADED_STATE##
##REACT_QUERY_STATE##
##CHUNKS##
000

Revenue from gold and silver sales (a)

121,910

207,589

-

329,499

Costs of production

(56,345)

(137,067)

-

(193,413)

Segment gross profit

65,565

70,522

-

136,086

Depreciation and amortisation

(24,339)

(22,267)

(852)

(47,459)

Royalties

(6,096)

(12,820)

-

(18,916)

Segment gross profit from operations

35,130

35,434

(852)

69,711

Interest Income

4

-

1,407

1,411

Other income

-

(135)

31

(104)

Exploration expense

(2,016)

(4,352)

-

(6,368)

Administration and other corporate expenses

-

-

(9,081)

(9,081)

Share based payment expense

-

-

(344)

(344)

Fair value movements and treasury transactions

(1,537)

379

30,995

29,837

Inventories net realisable value movements and obsolete consumables

928

7,615

-

8,543

Finance costs

(896)

(3,655)

(3,981)

(8,531)

Indirect tax expense

(5,000)

(273)

-

(5,273)

Profit before tax from operations

26,614

35,013

18,175

79,801

Income tax expense

14,463

(4,608)

(1,977)

7,878

Profit for the period

41,077

30,405

16,198

87,679

(a)  Revenue from external sales for each reportable segment is derived from several customers.

(b)  This information does not represent an operating segment as defined by AASB 8 'Operating Segments' and forms part of the reconciliation of the results and positions of the operating segments to the financial statements.

 

Note 3 (b): Segment assets and liabilities1

 

 

For the half year ended 30 June 2024

Mako

(Senegal)

Syama (Mali)

Total


##PRELOADED_STATE##
##REACT_QUERY_STATE##
##CHUNKS##
000

##PRELOADED_STATE##
##REACT_QUERY_STATE##
##CHUNKS##
000

##PRELOADED_STATE##
##REACT_QUERY_STATE##
##CHUNKS##
000

##PRELOADED_STATE##
##REACT_QUERY_STATE##
##CHUNKS##
000

Segment assets

196,758

542,921

152,188

891,867

Segment liabilities

107,347

227,156

8,691

343,193

Net assets

89,411

315,765

143,497

548,674

1 This information does not represent an operating segment as defined by AASB 8 'Operating Segments' and forms part of the reconciliation of the results and positions of the operating segments to the financial statements.

 

Note 4: Dividend

There were no interim dividends paid or declared for Resolute Mining Limited during the half year end up to the date of this report (half year ended 30 June 2023: $nil).

In May 2024, a subsidiary of the Group declared a dividend of $120.0 million of which $12.4 million will be distributed to its minority shareholders.


Notes to the Financial Statements

Note 5: Taxes

At 30 June 2024, the Group recognised an income tax expense of $19.98 million (30 June 2023: tax benefit of

$7.9 million). The increase in the income tax expense is primarily due to an income tax settlement of $17.5 million with the Australian Tax Office and Senegalese State in the first half of 2023.

 

Note 6: Receivables

Included in the total receivables balance of $105.4 million are indirect tax receivables of $48.3 million at 30 June 2024 (31 December 2023: $29.3 million). This primarily relates to indirect taxes owing to the Group from the Republic of Mali and Senegal. The remaining receivables are from the sale of the Ravenswood mine.

 

Note 7: Inventories

 


31 December

30 June 2024

##PRELOADED_STATE##
##REACT_QUERY_STATE##
##CHUNKS##
000

2023

##PRELOADED_STATE##
##REACT_QUERY_STATE##
##CHUNKS##
000

Doré bars

24,928

13,340

Gold in circuit

52,240

50,837

Ore stockpiles

57,056

47,523

Consumables, spare parts and supplies

62,299

66,207

Total inventories

196,524

177,906

Less: Non-current metal inventories

44,734

42,489

Current portion of inventories

151,790

135,417

 

Note 8: Development assets and property, plant and equipment

At 30 June 2024, the Group's mine properties amount to $437.1 million (31 December 2023: $459.8 million). During the six-month period to 30 June 2024, further additions for development activities were made of $15.9 million.

 

Note 9: Interest bearing liabilities

 


31 December

30 June 2024

##PRELOADED_STATE##
##REACT_QUERY_STATE##
##CHUNKS##
000

2023

##PRELOADED_STATE##
##REACT_QUERY_STATE##
##CHUNKS##
000

Financial liabilities (current)



Bank overdraft

47,475

46,196

Insurance premium funding

176

180

Borrowings

47

25,218

Financial derivative liabilities

-

2,472

Total Financial liabilities

47,698

74,066


 

Note 10: Provisions

 


31 December


30 June 2024

2023


##PRELOADED_STATE##
##REACT_QUERY_STATE##
##CHUNKS##
000

##PRELOADED_STATE##
##REACT_QUERY_STATE##
##CHUNKS##
000

Current



Site restoration

2,473

626

Employee entitlements

4,323

5,744

Provision for direct and indirect taxes1

72,746

57,157

Other provisions

2,504

2,661

Total provisions (current)

82,046

66,188

 

Non Current



Site restoration

82,633

85,570

Employee entitlements

221

293

Total provisions (non current)

82,854

85,863

1 The Group received notifications from the Senegalese Government on alleged tax and customs infringements. Whilst some of these matters have been settled after 30 June 2024, Resolute continues to work with its external advisors and the Senegalese authorities to resolve any outstanding matters. Provisions have been recorded for the best estimate of the expected resolution for these matters at 30 June 2024.

 

Note 11: Events Occurring after Balance Date

Since the end of the period and to the date of this report, no matter or circumstance has arisen that has significantly affected, or may significantly affect, the operations of the Group, the results of operation or the state of affairs of the consolidated group in subsequent periods


 

Directors' Declaration

In the opinion of the directors:

1)  the financial statements and notes are in accordance with the Corporations Act 2001, including:

 

(a)   complying with Accounting Standard AASB 134 Interim Financial Reporting, the Corporations Regulations 2001; and

(b)   giving a true and fair view of the Group's financial position as at 30 June 2024 and of its performance, as required by Accounting Standards, for the half year ended on that date.

 

2)  there are reasonable grounds to believe that the Group will be able to pay its debts as and when they become due and payable.

 

This declaration has been made in accordance with a resolution of the directors.

 

 




Terence Holohan

Managing Director & CEO

 

Perth, Western Australia

29 August 2024

Ernst & Young 11 Mounts Bay Road

Perth WA 6000 Australia

GPO Box M939

Perth WA 6843

Tel: +61 8 9429 2222
Fax: +61 8 9429 2436
ey.com/au


 

 

 

 

Independent auditor's review report to the members of Resolute Mining Limited

Conclusion

We have reviewed the accompanying half-year financial report of Resolute Mining Limited (the Company) and its subsidiaries (collectively the Group), which comprises the consolidated statement of financial position as at 30 June 2024, the consolidated statement of comprehensive income, consolidated statement of changes in equity and the consolidated cash flow statement for the

half-year ended on that date, notes comprising a statement of accounting policies and other explanatory information, and the directors' declaration.

 

Based on our review, which is not an audit, we have not become aware of any matter that makes us believe that the half-year financial report of the Group does not comply with the Corporations Act 2001, including:

1.      Giving a true and fair view of the consolidated financial position of the Group as at 30 June 2024 and of its consolidated financial performance for the half-year ended on that date; and

 

2.      Complying with Accounting Standard AASB 134 Interim Financial Reporting and the Corporations Regulations 2001.

 

Basis for conclusion

We conducted our review in accordance with ASRE 2410 Review of a Financial Report Performed by the Independent Auditor of the Entity (ASRE 2410) and ISRE 2410 Review of Interim Financial Information Performed by the Independent Auditor of the Entity(ISRE 2410). Our responsibilities are further described in the Auditor's responsibilities for the review of the half-year financial report section of our report. We are independent of the Group in accordance with the auditor independence requirements of the Corporations Act 2001and the ethical requirements of the Accounting Professional and Ethical Standards Board's APES 110 Code of Ethics for Professional Accountants(including Independence Standards)(the Code) that are relevant to our audit of the annual financial report in Australia. We have also fulfilled our other ethical responsibilities in accordance with the Code.

 

Directors' responsibilities for the half-year financial report

The directors of the Company are responsible for the preparation of the half-year financial report that gives a true and fair view in accordance with Australian Accounting Standards and the Corporations Act 2001and for such internal control as the directors determine is necessary to enable the preparation of the half-year financial report that gives a true and fair view and is free from material misstatement, whether due to fraud or error.

 

Auditor's responsibilities for the review of the half-year financial report

Our responsibility is to express a conclusion on the half-year financial report based on our review. ASRE 2410 and ISRE 2410 require us to conclude whether we have become aware of any matter that makes us believe that the half-year financial report is not in accordance with the Corporations

Act 2001 including giving a true and fair view of the Group's financial position as at 30 June 2024 and its performance for the half-year ended on that date, and complying with Accounting Standard

AASB 134 Interim Financial Reporting and the Corporations Regulations 2001.


 

 

 

 

 

A review of a half-year financial report consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Australian Auditing Standards or International Standards on Auditing issued by the International Auditing and Assurance Standards Board and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

 

 



Ernst & Young

 


 



Philip Teale Partner Perth

29 August 2024



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