Australia- and London-listed Resolute Mining has reported a robust net cash position of $96.6-million and remains fully unhedged as of June 30.

With the release of Resolute's financial results for the first half of the year on August 29, CEO Terry Holohan said the company was on track to meet its full-year guidance and longer-term growth plans, which included the Syama Sulphide Conversion Project (SSCP), in Mali, and the mine-life extension at Mako, in Senegal.

He stated that the SSCP was progressing according to schedule, with most of the earthworks and foundations already completed. This project was expected to enhance the flexibility of the Syama operation from mid-2025, enabling the processing of up to four-million tonnes a year of higher-grade sulphide ores while retaining the ability to process oxide material.

In the first quarter, the sulphide plant was taken offline for a 14-day extended maintenance period to perform repairs and inspect the condition of the plant following a major rebuild in early 2022.

Holohan expressed satisfaction with the plant's condition, noting that it remained in good shape and that the company was now confident in its ability to increase the treatment rates of higher-grade sulphide mineral resources over the next five to ten years.

He added that Resolute remained focused on extending the life of its Mako operation and was encouraged by the results of drilling at the nearby Tomboronkoto and Bantaco exploration projects. An updated mineral resource estimate (MRE) for Tomboronkoto was anticipated in the third quarter, along with an initial MRE for the Mansala prospect, in Guinea.

Gold production for the first half of the year was 167 140 oz, down from 176 631 oz in the same period of 2023. This decrease was expected, reflecting lower production in the first quarter owing to the scheduled maintenance shutdown at the Syama sulphide plant and the final portion of waste stripping at Mako.

The company reported revenue of $341.5-million, a 4% increase from $329.5-million in the first half of 2023. Earnings before interest, taxes, depreciation and amortisation (Ebitda) rose by 14% to $116.4-million, compared with $101.4-million in the same period last year, driven by a 14% increase in gold prices and a 2% decrease in operating costs, which offset a 9% reduction in gold sold.

Net income after tax for the first half was $33.4-million, down from $87.7-million in the first half of 2023. This decline was attributed to $16.7-million of extra tax expense following the end of tax exoneration in Senegal in July 2023, as well as $37.5-million of non-cash unrealised foreign exchange differences.

The company's all-in sustaining cost (AISC) improved to $1 442/oz, a 2% decrease from $1 469/oz in the first half of 2023. AISC is expected to continue trending lower in the second half.

Capital expenditure, excluding exploration, was $44.3-million, up from $36.7-million in the first half of 2023, with spending expected to be weighted towards the second half of the year, in line with full-year guidance of $115-million to $145-million.

As of June 30, Resolute had cash and bullion totalling $143.4-million. The final $25-million of the group loan facility was repaid, leaving company borrowings at $47.5-million, consisting of in-country overdraft facilities in Mali and Senegal.

The SSCP continues to progress according to plan, with most of the earth and civil works engineering and design works nearing completion.

The company has maintained its full-year 2024 production and cost guidance of 345 000 oz to 365 000 oz at an AISC of $1 300/oz to $1 400/oz.