In 1996, the gold miner’s shares traded at $3.50, but currently they barely fetch 16c.

If the market had something called an enema, Resolute would be it, DJ Carmichael resource analyst Terry Burns said.

CIBC World Market analyst John MacDonald recommends Resolute as a sell at its current market price.

“You can’t take everything the market says to heart,” Resolute’s chief operating officer Oscar Aamodt said.

“Of course you pay heed but if you were to listen to everything the market said you would sell up shop in no time.”

After spending $50 million on its Golden Pride operation in Tanzania, the mine has reached its first year of full production producing 225,000 ounces between July 1999 and June this year.

Performance has also picked up at Resolute’s Obotan operation in West Ghana, with production up to 30,000oz for the June quarter.

Aamodt said the company has paid off its debt at Obotan in June and would complete payment of US$33.5 million on the Golden Pride project in two and half years.

“This will free cash for other opportunities and perhaps exploration,” he said.

“In the last five years the company has spent a lot of money on exploration, but unfortunately with the drop in gold price we had to downsize operations and replace exploration capital to conserve resources in dismal market conditions.”

After writing off the company’s remaining 45% investment in Preston Resources’ Bulong laterite nickel operation in the March quarter, Aamodt said the company is now able to focus on clearer skies.

According to Burns, Resolute has been unkind to its shareholders.

“Resolute has made some disastrous decisions, if you take Bulong for instance.”

But Aamodt said the company had worked diligently to resurrect Resolute throughout its share price crisis.

“We believe we shouldn’t be crucified by analysts, but with improved performance perhaps the market view will change,” he said.