RNS Number : 9352E
Resolute Mining Limited
29 February 2024
 

 

Results for Announcement to Market

 

The reporting period is the year ended 31 December 2023 with the corresponding reporting period being for the year ended 31 December 2022. Unless otherwise stated, all dollar figures are United States dollars ($).

 





12 months ended

 31 December 2023

12 months ended

 31 December 2022





 





$'000 

$'000

 

Revenue from ordinary activities

Down

Up

Up

3%

427%

328%

to

to

to

631,074

182,719

145,813

 

651,129

Profit/(Loss) for the period

(34,665)

(34,083)

Profit/(Loss) after tax attributable to members














Amount per security

Franked amount per security

Dividends

Final dividend (per share)

N/A

N/A

Record date for determining entitlements to the final dividend

N/A

N/A

Payment date for the final dividend

N/A

N/A

Franking

0% franked

 It is not proposed to pay any dividends








 

 


12 months ended

 31 December 2023

12 months ended

31 December 2022


$'000

$'000




Net tangible assets backing (per share)1

0.26

0.22




1. Net tangible assets excludes right of use assets from the reported net assets in the statement of financial position.

 

The financial statements are in the process of being audited. The statutory accounts for the year ended 31 December 2023 are expected to be finalised on the basis of the financial information presented by the Directors in this preliminary announcement and signed following approval by the Board of Directors. The financial information contained in this announcement does not constitute statutory accounts for the year ended 31 December 2023.

 

 

 

29 February 2024

2023 Preliminary Financial Results

Resolute Mining Limited (Resolute, the Company or the Group) (ASX/LSE: RSG), is pleased to present its Preliminary Financial Results for the year ended 31 December 2023.



 

Highlights

·    Group 2023 revenue of $631.1 million ($651.1 million in 2022) from gold sales of 329,061 oz sold at an average price of approximately $1,920/oz (2022: $1,819/oz).

·    Group 2023 EBITDA1 of $161.6 million ($148.1 million in 2022) driven by higher gold price and lower costs with a Group All-In Sustaining Cost1 (AISC) of $1,470/oz (2022: $1,498/oz).

·    Net Cash1 of $14.0 million (up from net debt of $31.6 million at the end of 2022).

·    2024 Group production guidance remains between 345,000 - 365,000 oz at an AISC of $1,300 -1,400/oz as per the January 31st announcement.

·    2024 Group capital expenditure guidance remains between $115-145 million split between Syama, Mako and Exploration of $90-110 million, $15-20 million, and $10-15 million respectively, as per the January 31st announcement.

Note: Unless otherwise stated, all dollar figures are United States dollars ($).

             1 This is a non-GAAP measure with no standard meaning under IFRS.

 

Terry Holohan, CEO and Managing Director, commented,

                                                                                                                                  

"In 2023 we returned to profitability showing the results of our ongoing business turnaround. During the year we became cash positive, declared a maiden Ore Reserve at Syama North and approved the first phase of expansion at Syama.

 

Resolute achieved an EBITDA of $161.6 million, 9% higher than in 2022, driven by higher gold prices and lower operating costs across both sites thanks to our ongoing cost saving initiatives. We also managed to continue strengthening the balance sheet with net debt being reduced by $45.6 million resulting in a net cash position of $14.0 million by the end of 2023.

 

Our key focus for 2024 is to continue the sustainable reduction in costs across the Group, deliver the Syama Phase I Expansion and progress a near-mine satellite resource to extend the Mako mine beyond 2026."

 

 

Resolute will be releasing full year audited financial results by the end of the first quarter according to reporting standards. The audited financial results with be released alongside our 2023 Annual Report.

 

 


Summary Financial Performance Overview

 

The reporting period is the year ended 31 December 2023 with the corresponding reporting period being for the year ended 31 December 2022. Unless otherwise stated, all dollar figures are United States dollars ($).

 

The financial performance of Resolute for the year ended 31 December 2023 is summarised below:

 

$'000

2023 Group

2022 Group

Revenue

       631,074 

        651,129  

Cost of sales excluding depreciation and amortisation

(399,353)

(433,924)

Royalties and other operating expenses

        (36,313) 

        (39,574) 

Administration and other corporate expenses

        (19,055)

        (14,393)

Exploration expenses

        (14,720) 

(14,615)

EBITDA

161,633

148,166

Depreciation and amortisation

        (76,345) 

       (85,894) 

Net interest and finance costs

            (11,176)

        (15,273) 

Inventories NRV movements and obsolete consumables

             7,611  

        (36,077)  

Fair value movements and treasury transactions

     83,711 

        (14,822)  

Other income/(expense)

         22,555 

        (10,662)  

Net profit before tax

187,989

(14,105)

Income tax expense

          (5,270)  

            (20,560)

Reported net profit after tax

182,719 

       (34,665)

Amounts presented above are aggregate balances of certain line items presented in the Consolidated Statement of Comprehensive Income.

1 This is a non-GAAP measure with no standard meaning under IFRS.

 

Group Revenue of $631.1 million in 2023 was 3% lower than the comparative period as the increase in the average realised gold price of $1,920/oz (2022: $1,819/oz) was offset by an expected decrease in gold sales of 329,061oz compared to prior year (357,447oz).

 

Cost of sales excluding depreciation and amortisation decreased to $399.4 million compared to $433.9 million in 2022. This is due to our ongoing cost reduction initiatives as well as the reversal of historic provisions related to the tax exoneration timing dispute in Senegal resulting in a onetime non-cash benefit of $16.4 million.

 

Administration and other corporate expenses were higher in 2023 due to one-off expenses because of the relocation of select back-office support functions from Perth, Australia to London, United Kingdom to align time zones with operations.

 

Group EBITDA of $161.6 million in 2023 was a 9% improvement on the comparative period driven by a significant decrease in cost of sales as well as the one-time non-cash benefit of $16.4 million relating to the reversal of historic tax provisions in Senegal. The EBITDA of $161.6 million is lower than the reported EBITDA from January 31st announcement by approximately $3.4 million as a result of refinement of inventory calculations.

 

Net interest and finance expenses decreased in 2023 to $11.2 million (2022: $15.3 million) due to reduced debt levels relative to 2022. During 2023 Resolute made $55.0 million in principal repayments ($30.0 million and $25.0 million in Q1 and Q3 respectively). $25.0 million remains outstanding on the Term Loan portion of the Syndicated Facility Agreement and is due to be paid in March 2024.

 

Other income of $22.5 million has increased from a $10.6 million expense in 2022 due to an $23.5 million increase due to related to the deferred contingent consideration receivable relating to the sale of Ravenswood, as all related performance hurdles are expected to be met prior to the milestone period.

 

Fair value movements and treasury transactions were $83.7 million in 2023 mainly due to unrealised foreign exchange gains associated with intercompany loans.

 

Liquidity Summary

 

Net cash at 31 December 2023 of $14.0 million. This represents a $45.6 million reduction from the $31.6 million net debt position at the end of 2022.

 

Available liquidity of $165.2 ($158.0 million in the prior quarter) includes cash and gold sales receivable of $67.6 million, bullion of $17.6 million, and the undrawn RCF of $80.0 million. Total borrowings at 31 December 2023 were $71.2 million, comprising $25.0 million on the Term Loan Facility and $46.2 million on the overdraft facilities in Mali.

 

2023 Operational Review

 

In 2023, a total of 330,994 ounces (oz) of gold were produced (poured) at an AISC of $1,469/oz with total gold sales of 329,061oz at an average realised price of $1,920/oz. Further details by operation are provided below.

 

Syama Gold Mine, Mali

From the sulphide operation 151,256 oz of gold was poured in 2023 which was 6% lower than the prior year despite the similar mining and milling metrics. Gold production in 2022 was positively impacted by over 21koz of residual gold (GIC) processed from legacy ponds containing high-grade sulphide concentrate material which had been largely exhausted by Q2 2023. The approximate AISC at the Syama Sulphide of $1,390/oz for 2023 was 1% lower than in 2022 ($1,410/oz) despite 10koz fewer ounces being produced and 21 koz being released from GIC in 2022. The decrease in AISC in 2023 is attributed to the ongoing cost saving initiatives.

 

From the oxide operation in 2023 59,891 oz of gold was poured, marginally below what was achieved in 2022 (62,165oz). In 2023 the oxide operation saw an increase in tonnes processed due to improvements in the crushing and milling circuits and the softer nature of the material processed. The decreased oxide recovery from 2022 was due to pockets of 'transitional' ores being processed in Q2 2023 from the final cuts in the Tabakoroni pits containing marginally higher levels of organic carbon. The approximate AISC for Syama Oxide in 2023 of $1,631/oz was 9% lower than in 2022 ($1,801/oz), despite lower ounces produced, due to the ongoing cost saving initiatives.

 

Mako Gold Mine, Senegal

Production of 119,847oz was above the 117,000 oz guidance. Lower gold production was expected in 2023 due to the major  focus on waste stripping. Stage 6 was completed in Q4 and mining of higher-grade Stage 7 ore commenced in Q4 as did in-pit dumping of waste approximately three months ahead of schedule, having a positive impact on costs going forward. The approximate 2023 AISC of $1,373/oz was below guidance of $1,470/oz due to cost improvements.

 

Consolidated Statement of Comprehensive Income

 for the year ended 31 December 2023

 

 

$'000

Note

2023

2022





Revenue from contracts with customers for gold and silver sales

1

        631,074  

651,129

Costs of production

1

      (399,353)  

(433,924)

Gross profit


231,721

217,205





Depreciation and amortisation

1

        (76,345)  

(85,894)

Royalties

1

        (36,313)  

(39,574)

Gross profit from operations


        119,063   

91,737





1

1,988

5,513

1

23,527

4,549

1

(14,720)

(14,615)

1

(19,055)

(14,393)

1

(605)

(457)

1

83,711

(14,822)

1

7,611

(36,077)

1

(13,164)

(20,786)

1

-

(1,305)

1

(367)

(13,449)

Profit/(loss) before tax from operations


       187,989 

(14,105)





Tax expense

1

          (5,270)   

(20,560)

Profit/(loss) for the year from operations


        182,719  

(34,665)





Gain/(loss) attributable to:




Members of the parent


  145,813 

           36,906

(34,083)

(582)

Non-controlling interest




        182,719  

(34,665)

 

Consolidated Statement of Comprehensive Income (continued)

   for the year ended 31 December 2023

 

$'000

Note

2023

2022

Profit/(loss) for the year (brought forward)


        182,719  

       (21,333)

Other comprehensive income/(loss)




Exchange differences on translation of foreign operations:

 

- Members of the parent

- Non-controlling interest





        (64,942)

         (16,321)

         (18,167)

            4,507  


Changes in the fair value/realisation of financial assets at fair value through other comprehensive income, net of tax


            (397)  

 

   (717)

Other comprehensive loss for the year, net of tax


            (81,660)

        (14,377)





Total comprehensive income/(loss) for the year


        101,059  

        (35,710)

Total comprehensive (loss)/gain attributable to:




Members of the parent


80,754

        (52,967)  

Non-controlling interest


20,305

           3,925



        101,059  

       (49,042)

Loss per share for net loss attributable for continuing operations to the ordinary equity holders of the parent:


cents

cents

Basic loss per share

             6.85

           (2.85)

Diluted loss per share

3

             6.85

           (2.85)

                               

Consolidated Statement of Financial Position

for the year ended 31 December 2023

 

 

 

$'000

Note

2023

2022

Current assets




Cash

4

59,769

         80,873   

Other financial assets - restricted cash


1,412

            1,406  

Receivables

5

85,254

         48,793  

Inventories

8

147,438

        146,430   

Income tax asset


7,317

                 -      

Prepayments and other assets


12,433

            11,141  

Total current assets


313,623

      288,643

Non-current assets




Income tax asset


1,810

          10,545  

Inventories

8

50,767

         42,434  

Evaluation and development assets


197,699

       225,606   

Property, plant and equipment


  254,460

       234,461

Other financial assets


34,089

          53,651   

Right of use assets


10,096

          13,453  

Total non current assets


548,921

       580,150

Total assets


862,544

       868,793

Current liabilities




Payables


58,722

         63,700  

Financial liabilities

6

73,866

 

          97,180   

Provisions

9

58,529

        100,377 

Lease liabilities


3,069

           3,373 

Current tax liabilities


5,233

           19,107 

Total current liabilities


199,419

283,793

Non current liabilities




Provisions

Financial liabilities

Lease liabilities

9

82,710

-

9,625

            71,544

         29,482  

12,536



Total non current liabilities


92,335

        113,562 

Total liabilities


291,754

      397,299

Net assets


570,790

       471,494





Equity attributable to equity holders of the parent




Contributed equity


882,731

        882,731 

Reserves


(89,059)

        (21,956) 

Retained earnings


(171,528)

        (317,341)  

Total equity attributable to equity holders of the parent


622,144

       543,434  

Non-controlling interest


(51,354)

        (71,940)

Total equity


570,790

        471,494  

         The above consolidated statement of financial position should be read in conjunction with the accompanying notes.


Consolidated Statement of Changes in Equity

for the year ended 31 December 2023

 

 

 

$'000

Contributed equity

Net unrealised gain/(loss) reserve

Convertible notes/ Share options equity reserve

Non-controlling interests reserve

Employee equity benefits reserve

Foreign currency translation reserve

Retained earnings/ (accumulated losses)

 

Non-controlling interest

Total









 











At 1 January 2023

882,731

(9,348)

4,876

(724)

20,477

(37,207)

(317,341)

(71,940)

471,494


Profit for the year

-

-

-

-

-

-

145,813

36,906

182,719


Other comprehensive (loss)/income, net of tax

-

(398)

(555)

88

-

(64,475)

(16,321)

(81,661)


Total comprehensive (loss)

-

(398)

(555)

88

-

 

(64,475)

 

 

145,813

 

 

20,586

 

 

572,553

 


/Income for the year, net of tax


Shares issued (net of cost)

-

-

-

-

-

-

-

-


Dividends paid

-

-

-

-

-

-

-


Share based payments expense

-

-

-

-

(1,763)

-

-

-

(1,763)


At 31 December 2023

882,731

(9,745)

4,321

(636)

18,684

(101,682)

(171,528)

(51,534)

570,790


 











At 1 January 2022

777,021

(8,631)

4,876

(724)

19,813

(19,040)

(283,258)

(71,467)

418,590


Loss for the year

-

-

-

-

-

-

(34,083)

(582)

(34,665)


Other comprehensive (loss)/income, net of tax

-

(717)

-

-

-

(18,167)

-

4,507

(13,508)


Total comprehensive (loss)

-

(717)

-

-

-

(18,167)

(34,083)

3,925

(48,173)


/income for the year, net of tax


Shares issued (net of cost)

105,710

-

-

-

-

-

-

-

105,710


Dividends paid

-

-

-

-

-

-

-

(4,398)

(4,398)


Share based payments expense

-

-

-

-

634

-

-

-

(235)


At 31 December 2022

882,731

(9,348)

4,876

(724)

20,447

(37,207)

(317,341)

(71,940)

471,494


 

 

Consolidated Cash Flow Statement

for the year ended 31 December 2023

 

 

$'000

Note

2023

2022

Cash flows from operating activities




Receipts from customers


632,444

650,591

Payments to suppliers, employees and others


(483,689)

(524,706)

Exploration expenditure


(4,650)

(10,745)

Interest paid


(12,279)

(16,619)

Interest received


519

214

Indirect tax receipts/ (payments)


(374)

164

Income tax paid


(9,285) 

(7,994)

Net cash flows from operating activities


122,686

90,906

Cash flows used in investing activities




Payments for property, plant & equipment


(27,264)

(35,811)

Payments for development activities


(40,299)

(27,602)

Payments for evaluation activities


(4,234)

(4,372)

Proceeds from sale of asset


3,621

19,148

Proceeds relating to asset held for sale


-

60,000

Proceeds from investment in associate


-

4,534

Other investing activities


(725)

(725)

Net cash flows from/(used in) investing activities

(68,901)

15,172

Cash flows from financing activities




Repayment of borrowings


(55,000)

(195,000)

Proceeds from issuing ordinary shares


-

110,289

Payments for share issue costs


-

(4,579)

Dividends paid to non-controlling interest


                  -

(5,089)

Repayment of principal portion of lease liability


(2,354)

(3,457)

Net cash flows used in financing activities

   (57,354)

(97,837)




Net increase/(decrease) in cash and cash equivalents

(3,569)

8,240

Cash and cash equivalents at the beginning of the year


35,459

55,226

Exchange rate adjustment


(2,198)

(542)

Cash and cash equivalents at the end of the year

29,692

35,459

Cash and cash equivalents comprise the following:




Cash at bank and on hand

4

59,769

80,873

Bank overdraft

4

(30,077)

(45,414)

Cash and cash equivalents at the end of the year

29,692

35,459

 

     The above consolidated cash flow statement should be read in conjunction with the accompanying notes

About this Report  

The preliminary final report of Resolute Mining Limited and its subsidiaries ("Resolute" or the "Group") for the year ended 31 December 2023 was authorised for issue in accordance with a resolution of directors.

Resolute Mining Limited (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.

Basis of Preparation

This report is based on accounts that are in the process of being audited.

This report does not include all the notes normally included in an Annual Financial Report. Accordingly, this report is to be read in conjunction with the financial report for the year ended 31 December 2022 and any public announcements made by Resolute during the reporting period in accordance with the continuous disclosure requirements of the Corporations Act 2001.

Presentation Currency and Rounding of Amounts

The Financial Report has been prepared in United States dollars and all values are rounded to the nearest thousand dollars ($'000) unless otherwise stated.



 

1       Segment revenues and expenses

 

 

31 December 2023

$'000

Mako

(Senegal)

Syama (Mali)

Corporate/

Other (b)

 

Total

 

Revenue





 

Gold and silver sales at spot to external customers (a)

229,505

401,568

-

631,074

 

Costs of production

(136,519)

(261,163)

(1,671)

(399,353)

 

Segment gross profit

92,986

140,405

(1,671)

231,721

 

Depreciation and amortisation

(41,125)

(32,788)

(2,432)

(76,345)

 

Royalties

(11,475)

(24,066)

(772)

(36,313)

 

Segment gross profit from operations

40,386

83,551

(4,875)

119,063

 

Interest income

2,384

22

(418)

1,988

 

Other (expense)/income

(24)

(140)

23,691

23,527

 

Exploration expense

(4,455)

(7,832)

(2,433)

(14,720)


Administration and corporate expenses

-

                  -

(19,055)

(19,055)

 

Share based payment expenses

-

-

              (605)

(605)

 

Fair value movements and treasury transactions

(1,968)

90,682

(5,003)

83,711


Inventories net realisable value movements and obsolete consumables

3

7,608

        -                      

                         7,611

 

Finance costs

(6,727)

(5,062)

                    (1,375)

                    (13,164)

 

Indirect tax expense

-

(363)

(4)

(367)

 

Segment profit/(loss) before tax from operations

29,599

168,466

              (10,077)

                     187,989

 

Income tax recovery/(expense)

12,454

(17,718)

(6)

(5,270)

 

Profit/(loss) for the 12 months to 31 December 2022

42,053

150,748

                  (10,083)

182,719

 








Text Box: 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, however this information is analysed in this format by the Chief Operating Decision maker, and forms part of the reconciliation of the results and positions of the operating segments to the financial statements.


1    Segment revenues and expenses (continued)

 

 

31 December 2022

$'000

Mako

(Senegal)

Syama (Mali)

Corporate/

Other

 

Total

 

Revenue





 

Gold and silver sales at spot to external customers (a)

236,760

414,369

-

651,129

 

Costs of production

(148,017)

(285,907)

-

(433,924)

 

Segment gross profit

88,743

128,462

-

217,205

 

Depreciation and amortization

(42,673)

(19,707)

(2,013)

(85,894)

 

Royalties

(11,838)

(27,736)

-

(39,574)

 

Segment gross profit from operations

52,282

107,540

(2,013)

91,737

 

Interest income

7

24

5,482

5,513

 

Other income

-

14

4,535

4,549

 

Exploration expense

(4,018)

(9,578)

(1,019)

(14,615)


Administration and corporate expenses

(4,777)

(1,160)

(8,546)

(14,393)

 

Share based payment expenses

-

-

              (457)

(457)

 

Fair value movements and treasury transactions

(163)

879

(15,384)

(14,822)


Inventories net realisable value movements and obsolete consumables

(7,004)

   (29,073)

-

           (36,077)


Finance costs

(839)

(5,076)

(14,871)

            (20,786)

 

Share of associates' losses

-

-

(1,305)

(1,305)

 

Indirect tax expense

(62)

(13,387)

-

(13,449)

 

Segment profit/(loss) before tax from operations

17,376

23,662

            (33,642)

(14,105)

 

Income tax expense

(13,411)

(4,178)

(2,971)

(20,560)

 

Profit/(Loss) for the 12 months to 31 December 2022

3,965

19,484

(36,613)

(34,665)

 










 

 

2      Dividends paid or proposed

The company's dividend policy is, subject to board discretion, to pay a minimum of 2% of gold sales revenue as a dividend. A dividend has not been declared for the year ended 31 December 2023.

 

 

 

3      Earnings/(loss) per share

 


31 December 2023

31 December 2022

Basic earnings/(loss) per share



Profit/(loss) attributable to ordinary equity holders for operations of the parent for basic loss per share ($'000)

                      145,813 

                     (34,083)    

Weighted average number of ordinary shares outstanding during the year used in the calculation of basic EPS and diluted EPS

             2,129,006,806  

              1,196,856,518   


cents

cents

Basic earnings/(loss) per share from operations (cents per share)

                          6.85

                        (2.85)




Diluted earnings/(loss) per share from operations (cents per share)

                          6.85

                        (2.85)

 

 

 

 

 

 

 

4      Cash


31 December 2023

31 December 2022


$'000

$'000

Cash at bank and on hand

                       59,769    

                       80,873    

For the purpose of the cash flow statement, cash and cash equivalents comprise the following at the end of each year:



Cash at bank and on hand

Bank overdraft

                       59,769     

                     (30,077)

                       80,873     

                      (45,414)

Total

                       29,692    

                      35,459

 

 


 

5   Receivables

 


31 December 2023

31 December 2022


$'000

$'000

Trade and other receivables

                         8,744     

                             37

Promissory note receivable

                       42,377     

                                -

Taxation receivables

                       34,133    

                       48,756    

Total receivables

                      85,254

                      48,793

 

 

 

 

Trade and other receivables for $8.7 million relates to gold sold for which funds have not been received at 31 December 2023.

The tax receivable balance includes a VAT receivable of $24.1 million (31 December 2022 $12.1 million) relating to the Syama operation and a VAT receivable of $9.8 million (31 December 2022 $34.9 million) due to the Mako's operations post exoneration. During 2023 the Company settled the outstanding dispute relating to the Mako operation exoneration resulting in the release of a $34.9m provision. Resolute continues to work with its advisors and the Malian and Senegalese Authorities on the timely release of VAT refunds. Refer to Note 9.

Promissory note receivable has increased to $42.4 million from $nil in 2022. This relates to the notes receivable relating to the sale of the Ravenswood mine.

 

 

6    Financial Liabilities

 


31 December 2023

31 December 2022


$'000

$'000

Financial liabilities



Interest bearing liabilities

                         71,414  

                       95,634  

Financial derivative liabilities

                         2,472

                         1,546  

Total financial liabilities

                      73,866

                       97,180

 


 

 

7       Interest bearing iabilities


31 December 2023

31 December 2022


$'000

$'000

Interest bearing liabilities (current)



Bank overdraft

                       30,077   

                       45,414   

Insurance premium funding

                            179      

                                -

Bank borrowings

                        71,414  

                   50,330   

Total Interest bearing liabilities (current)

                      101,670  

                      95,634

Interest bearing liabilities (non current)



Bank borrowings

                                -

                       29,482 

Total Interest bearing liabilities (non current)

                                -

                      29,482




Total

                      101,670  

                      125,116  

 

 

 


 

 

 

8     Inventories


31 December 2023

31 December 2022


$'000

$'000

Doré bars

                       13,242 

                       10,276 

Gold in circuit

                        51,146

                        41,755

Ore stockpiles

Consumables, spare parts and supplies

                        66,168

                        76,086

Total inventories

                      198,205

                      188,864

Less: Non-current metal inventories

                   (50,767)

                     (42,434)

Current portion of inventories

                    147,438 

                  146,430 

 

                                   

 

9    Provisions


31 December 2023

31 December 2022


$'000

$'000

Current



Site restoration

                            527    

                          1,220    

Employee entitlements

                         5,744   

                         4,336  

Dividend payable

                            136   

                            136   

Provision for indirect taxes

                       49,461   

                       92,936   

Other provisions

                         2,661      

                          1,749        

Total provisions (current)

                    58,529

                     100,377   

Non Current



Site restoration

                       82,488  

                       70,874  

Employee entitlements

                           22  

                            670 

Total provisions (non current)

                      82,710

                       71,544  

 


Resolute's subsidiaries in Mali have received demands for payment to the Local Tax Authorities in relation to Income Tax and indirect taxes for the years ended 31 December 2015 to 2022.

At 31 December 2023, the total net provision for taxes decreased from $92.9 million to $49.5 million. This is largely due to a VAT receivable offset of $55.2 million being applied to the Malian tax provisions of $105.0 million. Resolute and its advisors continue to work with the Malian authorities to resolve years under assessment. 

 


 

10    Subsequent events

 

There were no subsequent events to report post the balance sheet date.

 

 

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