If the current gold price of US$1900 per ounce endures and Resolute (and Canaccord's) expectation/ambitions of all-in sustaining costs being less than $1000/oz are achieved, the market would increased interest in the currently capitalised A$1 billion West African miner.

At current exchange rates Resolute's operations could generate cash flows of about $500 million per annum.  

Canaccord is fan, "but we continue to see delivery at Syama and free cashflow inflection as a key catalyst".

Tabakoroni could contribute 80,000oz per annum at AISC of US$974/oz, according to a prefeasibility study reported this week.

The project could require up front capex of $86 million (including $20 million for plant modifications and $12 million for a paste fill plant), with an initial mine life of four years.

Resolute's open cut oxide resources from Tabakoroni continue till 2022/23.

Shares in Resolute were down 1% to A96.5c in late trade Friday, capitalising Resolute at $1.06 billion. Canaccord has a buy rating and $2.25 price target.