PRECIOUS METALS

Resolute flags potential 'exciting' PFS results for Syama North gold pit

RESOLUTE Mining has produced its most quarterly gold in nearly two years, though current margins remain relatively modest.

 Resolute flags potential 'exciting' PFS results for Syama North gold pit

The miner in Mali and Senegal produced a total of 90,387oz at all-in sustaining costs of US$1513 per ounce.

Sales returned a gold price of $1809/oz.

Resolute has 161,500oz hedged at $1901/oz.

AISC for the year have been forecast to average $1425/oz.

Full-year guidance of 345,000oz has been maintained and looks well in-hand given circa 260,000oz have already been produced.

Resolute has net debt of $175 million.

Resolute CEO Terry Holohan described the September quarter performance as "solid".

He suggested positives for the company included the roaster at Syama "humming", gold discovery costs now being around $10 per ounce versus the historical $25/oz, and the likelihood of "exciting" results from the Syama North prefeasibility study due to be completed next quarter.

Syama North will be an open cut potentially developed to 200-220m depth delivering ore to the sulphide processing circuit. An oxygen tank addition is on the cards to increase processing capacity.

Shares in Resolute were up 7.7% to A21c in afternoon trade, capitalising the company at $232 million.

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