Resolute Mining (LSE:RSG), the gold miner operating in Mali and Senegal with a major growth project in Côte d'Ivoire, reported revenue of $584.7 million for the first half, up 31% from $447.5 million a year earlier.
The gain came despite gold production falling to 104,795 ounces from 151,460 ounces in the first half of 2025, as an average realised price of $4,712 an ounce more than offset the shortfall.
Net income after tax rose to $162.6 million from $71.0 million, including a $74.9 million tax expense, while EBITDA climbed 42% to $323.9 million from $228.8 million.
All-in sustaining costs rose 38% to $2,327 an ounce, driven by higher royalties tied to the stronger gold price and lower output.
"Resolute has delivered a strong first half of 2026, generating significant operating cash flow and ending the period with a net cash position of $317.4 million," said chief executive Chris Eger, adding that Syama was "impacted by the planned roaster shutdown, explosive supply constraints and slower mobilisation at A21."
Net cash increased to $317.4 million from $111.3 million a year earlier, with cash and bullion of $332.7 million at period end, boosted by $31.9 million from the sale of its Loncor Gold stake and $53.9 million from repayment of the Ravenswood vendor financing note.
At the Doropo Project, Resolute secured all key approvals including the mining permit and final investment decision, with construction ramping up and $155.0 million of Côte d'Ivoire bank financing secured, with a further $105.0 million expected in the third quarter.
Group production guidance is tracking toward the lower end of the 250,000 to 275,000 ounce range, with AISC guidance of $2,000 to $2,200 an ounce maintained but flagged as subject to change given elevated gold prices and fuel costs.
News Intelligence what this means for the company
Resolute Mining swung to a 42% EBITDA jump to $323.9 million in H1 2026 as a $4,712/oz gold price more than offset a 31% production collapse to 104,795 ounces, while net cash nearly tripled to $317.4 million. The cash surge came from asset sales and debt repayment, and crucially from securing $155 million in Côte d'Ivoire bank financing for the Doropo growth project—a material de-risking of the company's next production leg.
The profit swing masks a production crisis at Syama (down 31% year-on-year due to supply constraints and planned maintenance), offset entirely by gold price tailwinds. The real story is Doropo: all-in approvals and $155 million in secured financing materially reduce execution risk on the growth project, though near-term production guidance tracks to the lower end of guidance (250,000–275,000 oz), and all-in sustaining costs of $2,327/oz are elevated and flagged as subject to change.
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