olivLaw · European equity research
Resolute Mining Limited RSG.L
United Kingdom · London Stock Exchange · Vertical: Listed companies from United Kingdom
Resolute Mining operates two gold mines in West Africa, Syama in Mali and Mako in Senegal, and moved in 2023 from net debt to a net cash position. The company is preparing a sulphide processing expansion at Syama, which could change its production profile over the medium term. Gold output of 330,992oz in 2023 and the 2024 AISC guidance are central to investor attention.
At the close of 05 Nov 2026, Resolute Mining Limited (RSG.L) stock was 0.60 GBP (+3.45% on the day), with beta 0.92, 52-week range 0.42–0.85 GBP.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 52.7
- neutral
- Bollinger (20, 2)
- 0.54 – 0.61
- in the upper half of the band · %B 0.88 · band width 12.2%
- SMA 50 / 200
- 0.63 / 0.65
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.01 / -0.02
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | −2.6% | −0.6% | −1.9 pp | — |
| 3 months | +9.1% | −4.2% | +13.3 pp | — |
| 6 months | −15.5% | +4.3% | −19.8 pp | — |
| Year to date | 0.0% | +7.5% | −7.5 pp | — |
| 1 year | +49.8% | +9.9% | +39.9 pp | +5.8% |
| 3 years | +212.5% | +49.8% | +162.7 pp | +26.3% |
| 5 years | +166.7% | +42.8% | +123.8 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
the price (USD) and the reports are in different currencies
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2022 | 2023 |
|---|---|---|
| Revenue | 651.1 m | 631.1 m |
| Revenue YoY | unavailable | −3.1% |
| Net income | -34.1 m | 65.6 m |
| Net income YoY | unavailable | unavailable |
| Diluted EPS | unavailable | unavailable |
| Diluted EPS YoY | unavailable | unavailable |
| net % | -5.2% | 10.4% |
| Free cash flow | 55.1 m | 79.3 m |
Balance sheet & financial health
Fiscal year 2023 · 31 Dec 2023
- Cash
- 13.6 m USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 542.2 m USD
- Total assets
- 853.1 m USD
- Debt / equity
- unavailable
- Current ratio
- 1.25x
- ROE
- 12.9%
- ROA
- 7.6%
- FCF margin
- 12.6%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2022 | 2023 | Source (latest year) |
|---|---|---|---|
| Revenue | 651.1 m | 631.1 m | esef· 02 Apr 2024verified |
| Cost of revenue | 433.9 m | 400.4 m | esef· 02 Apr 2024verified |
| Gross profit | 217.2 m | 230.7 m | esef· 02 Apr 2024verified |
| Depreciation & amortisation | 85.9 m | 81.0 m | esef· 02 Apr 2024verified |
| Interest expense | 20.8 m | 13.6 m | esef· 02 Apr 2024verified |
| Pre-tax income | -14.1 m | 96.3 m | esef· 02 Apr 2024verified |
| Income tax | 20.6 m | 4.8 m | esef· 02 Apr 2024verified |
| Net income | -34.1 m | 65.6 m | esef· 02 Apr 2024verified |
Balance sheet · USD
| Line | 2022 | 2023 | Source (latest year) |
|---|---|---|---|
| Cash | 35.5 m | 13.6 m | esef· 02 Apr 2024verified |
| Receivables | 48.8 m | 60.1 m | esef· 02 Apr 2024verified |
| Inventories | 146.4 m | 135.4 m | esef· 02 Apr 2024verified |
| Current assets | 288.6 m | 269.5 m | esef· 02 Apr 2024verified |
| Property, plant & equipment, net | 234.5 m | 160.9 m | esef· 02 Apr 2024verified |
| Total assets | 868.8 m | 853.1 m | esef· 02 Apr 2024verified |
| Accounts payable | 63.7 m | 67.3 m | esef· 02 Apr 2024verified |
| Current liabilities | 283.7 m | 215.4 m | esef· 02 Apr 2024verified |
| Total liabilities | 397.3 m | 310.9 m | esef· 02 Apr 2024verified |
| Equity | 471.5 m | 542.2 m | esef· 02 Apr 2024verified |
Cash flow · USD
| Line | 2022 | 2023 | Source (latest year) |
|---|---|---|---|
| Operating cash flow | 90.9 m | 106.6 m | esef· 02 Apr 2024verified |
| Capex | 35.8 m | 27.3 m | esef· 02 Apr 2024verified |
| Free cash flow | 55.1 m ≈ | 79.3 m ≈ | esef· 02 Apr 2024derived |
| Investing cash flow | 15.2 m | -68.9 m | esef· 02 Apr 2024verified |
| Financing cash flow | -97.8 m | -57.4 m | esef· 02 Apr 2024verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 3 of at least 6
- score weight coverage: 16.7% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Price and reporting are in different currencies; market indicators are unavailable.
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
17% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/Eunavailable · input data missing
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 3 of at least 6; score weight coverage: 16.7% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 10.4% | 46 (vs peers) | 38% |
| FCF conversion · Quality | 120.9% | 100 (on a fixed band) | 38% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 1.3x | 38 (on a fixed band) | 25% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial38/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality73/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partialunavailable · 0/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
RESOLUTE MINING LIMITED (RSG.L). Latest full fiscal year: 2023; data up to 2023-12-31.
Figures computed from the financial statements: revenue 631.1 m USD in 2023; YoY growth -3.1%; net margin 10.4%; ROE 11.6%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 3 of at least 6; score weight coverage: 16.7% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 120.9%
What contradicts it
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
Not assessed (insufficient data or a ratio without meaning): ROIC, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from United Kingdom · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| BATS.LBritish American Tobacco P.L.C. | 104.3 bn | 13.5 | 16.5% | 30.3% | −1.0% | +7% / +88% |
| ABF.LAssociated British Foods PLC | 14.7 bn | 14.3 | 9.2% | 5.3% | −3.1% | −5% / −15% |
| 0EV1.LCarnival PLC | 5.5 bn | 4.1 | 46.7% | 13.4% | +6.4% | unavailable / unavailable |
| BAB.LBabcock International Group PLC | 5.1 bn | 24.7 | 34.7% | 4.1% | +7.2% | −10% / +158% |
| AUTO.LAutotrader Group PLC | 4.8 bn | 16.4 | 60.2% | 47.1% | +3.9% | −13% / −23% |
| BBY.LBalfour Beatty PLC | 4.2 bn | 16.3 | 23.2% | 2.8% | +15.2% | +20% / +160% |
| ABDN.LAberdeen Group PLC | 4.1 bn | 10.8 | 8.0% | 28.9% | −2.1% | +11% / +41% |
| BKG.LThe Berkeley Group Holdings PLC | 3.6 bn | 11.3 | 8.8% | 13.4% | −4.2% | −0% / −22% |
| BME.LB&M European Value Retail PLC | 2.9 bn | 17.4 | 21.2% | 2.8% | +3.7% | +68% / −51% |
| AJB.LAj Bell PLC | 2.4 bn | 22.8 | 49.9% | 33.1% | +18.0% | +8% / +128% |
| ASHM.LAshmore Group PLC | 1.4 bn | 13.9 | 13.1% | 71.6% | −0.1% | +28% / +18% |
| BCG.LBaltic Classifieds Group PLC | 1.2 bn | 23.2 | 15.8% | 57.6% | +6.9% | −99% / −99% |
| APN.LApplied Nutrition PLC | 763.6 m | 36.2 | 41.2% | 19.7% | +24.2% | +71% / unavailable |
| BAG.LA.G. Barr P.L.C. | 671.9 m | 14.4 | 14.4% | 10.8% | +4.0% | −7% / +26% |
| ASC.LAsos PLC | 494.5 m | — | -81.3% | -12.0% | −14.7% | +71% / +8% |
| ALFA.LAlfa Financial Software Holdings PLC | 486.8 m | 16.3 | 61.5% | 23.8% | +15.3% | −28% / +10% |
| AML.LAston Martin Lagonda Global Holdings PLC | 344.3 m | — | -93.4% | -39.2% | −20.6% | −45% / −85% |
| APTD.LAptitude Software Group PLC | 111.3 m | 28.5 | 7.2% | 6.2% | −7.3% | −30% / −23% |
| AMGO.LAmigo Holdings PLC | 9.9 m | — | — | — | −81.9% | +325% / +844% |
| ASBE.LAssociated British Engineering PLC | 605.3 k | — | -19.1% | — | unavailable | unavailable / unavailable |
| AMIF.LAmicorp Fs (uk) PLC | 221.6 k | 0.1 | 27.5% | 9.1% | +8.1% | unavailable / unavailable |
| AAF.LAirtel Africa PLC | — | — | 24.1% | 10.6% | +29.5% | −7% / +164% |
| AAL.LAnglo American PLC | — | — | -19.3% | -20.2% | +4.5% | +30% / +76% |
| ACG.LAcg Metals Limited | — | — | -80.3% | -32.0% | +134.8% | +60% / +63% |
| AEP.LAnglo-Eastern Plantations PLC | — | — | 16.1% | 19.5% | +25.0% | +5% / +113% |
1- and 3-year price returns: for RSG.L from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Resolute Mining operates two gold mines in West Africa, Syama in Mali and Mako in Senegal, and moved in 2023 from net debt to a net cash position. The company is preparing a sulphide processing expansion at Syama, which could change its production profile over the medium term. Gold output of 330,992oz in 2023 and the 2024 AISC guidance are central to investor attention 1.
SWOT
Strengths
- The company generated revenue and profit in 2023 and reached a net cash position, giving it financial flexibility for investment 1.
- Two operating mines and a large global mineral resource provide a base for long-term growth at Syama and in exploration 1.
- Safety performance and ESG certifications, including conformance with WGC principles, support relations with governments and communities 1.
Weaknesses
- Dependence on two mines in West Africa concentrates operational and political risk in one region 1.
- Production costs remain high relative to the desired guidance, and output was affected by rainy-season access problems 1.
- According to management, the company's market value is depressed by the investment climate in the region 1.
Opportunities
Risks
- Political and country riskhigh
Operations in Mali and Senegal could be affected by regulatory changes or instability, and management describes the environment as difficult 1.
- Execution risk at Syamamedium
The sulphide conversion project has ambitious capacity targets, and delays could postpone the increase in output 1.
- Climate riskmedium
Heavy rainfall and higher temperatures could affect mine access and gold recovery, as the 2023 rainy season showed 1.
- Cost riskmedium
Reaching the AISC guidance depends on operating efficiencies, and cost overruns could reduce margins 1.
- Concentration risklow
Dependence on two producing assets means that an interruption at either one would have a significant effect on total output 1.
Investment thesis
What would need to be true (bull case)
- If the sulphide conversion project meets its goals, Syama output could rise significantly and unit costs could fall durably 1.
- A net cash position and a return to profitability could give the company room to invest in growth without relying on external financing 1.
- Exploration in Senegal and Guinea could add new resources and extend the life of existing assets 1.
What would break the thesis
- The political and socioeconomic environment in West Africa could continue to limit investment and keep market value below what management considers justified 1.
- Production costs could remain high if efficiency gains do not translate into the announced AISC guidance 1.
- Dependence on two mines could mean that operational or regulatory problems at either site significantly affect results.
What to watch
- Progress of the Syama Sulphide Conversion Project and start of constructionQ1 2024
- Delivery against 2024 production guidance for Syama and Mako2024
- Achievement of the group AISC guidance of $1,300-1,400/oz2024
- Exploration results on licences near Mako and in Guineanext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Resolute Mining Limited is a gold producer active in West Africa, operating the Syama mine in Mali and the Mako mine in Senegal, and is listed on the Australian Securities Exchange (ASX) and the London Stock Exchange (LSE) under the ticker RSG 1. According to the annual report for the year ended 31 December 2023, group revenue was $631 million, EBITDA $161 million and net profit after tax $92 million 1. The company describes Syama as a robust, long-life asset and Mako as an open pit mine owned and operated since August 2019 1.
The company holds exploration programmes beyond its two mines in Mali, Senegal and Guinea, and reports a global mineral resource of 11.2Moz 1. The maiden Mineral Resource Estimate at Tomboronkoto in Senegal, announced in January 2024, is part of this exploration 1. These elements bear on the life of the existing mines.
Segments
Market context
The company sells gold in a sector where production costs and operating yield determine margins, and the average price achieved in 2023 was $1,920/oz 1. The macroeconomic and socioeconomic environment in West Africa, which management describes as difficult, affects the investment climate and the company's market value 1. Relations with the governments of Mali, Senegal and Guinea are described as constructive 1.
Gold demand and price trends will directly affect revenue, although the source does not provide a price forecast. Producers in the sector are sensitive to energy costs and to operating risks such as rainy-season access constraints, which affected output in 2023 1.
Trends
- Lower operating coststailwind
Management reported lower unit costs in 2023 and a reduced AISC guidance for 2024, which could improve margins if the pace is sustained 1.
- Sulphide conversion projecttailwind
Funded from free cash flow, the project aims to increase Syama output and reduce costs by up to $200/oz, if completed on schedule 1.
- Political and socioeconomic conditions in West Africaheadwind
Management acknowledges the regional environment remains difficult and affects investment and company value, although no production has been lost 1.
- Climate and physical risksmixed
The climate risk assessment points to higher ambient temperatures and more frequent heavy rainfall, which could affect operations, prompting planned mine engineering changes 1.
Competitive position
Resolute operates in a market of gold producers of varying size, and the source refers mainly to comparisons with other mining companies through ESG ratings, without naming direct West African competitors 1. The company's position depends on its AISC costs and on its ability to expand at Syama.
The source notes that several companies in the region have been acquired, such as Orca Gold by Perseus Mining in 2022 and Red Back Mining by Kinross Gold in 2010, indicating consolidation in the sector 1.
- Perseus Mining
Acquirer of Orca Gold, a company whose founding president later joined the Resolute board, according to the annual report 1.
- Kinross Gold
Acquirer of Red Back Mining, a West African gold miner, in 2010, according to the annual report 1.
- Randgold Resources
Gold company with which a Resolute board member had a long professional association, according to the annual report 1.
- Newcrest
Mining company mentioned in a board member's biography as a reference point for industry experience 1.
News & filings
In the press
- (2nd LD) S. Korean, U.S., Japanese FMs reaffirm 'resolute commitment' to complete denuclearization of N. KoreaYonhap News (KR, EN) · 31 Oct 2026 · EN
- (LEAD) S. Korean, U.S., Japanese FMs reaffirm 'resolute commitment' to complete denuclearization of N. KoreaYonhap News (KR, EN) · 30 Oct 2026 · EN
- S. Korean, U.S., Japanese FMs reaffirm 'resolute commitment' to complete denuclearization of N. KoreaYonhap News (KR, EN) · 30 Oct 2026 · EN
- (URGENT) S. Korean, U.S., Japanese FMs reaffirm 'resolute commitment' to complete denuclearization of N. KoreaYonhap News (KR, EN) · 30 Oct 2026 · EN
- Resolute South Africa build 194-run lead against AustraliaCNA (Channel NewsAsia) · 30 Oct 2026 · EN
- North Korea tells border troops to take 'resolute action' if South threatens their safetyCNA (Channel NewsAsia) · 21 Oct 2026 · EN
- North Korea tells border troops to take 'resolute action' if South threatens their safetyThe Straits Times — Asia · 21 Oct 2026 · EN
- North Korea tells border troops to take ‘resolute action’ if South threatens their safetyThe Straits Times — Asia · 21 Oct 2026 · EN
- Seoul vows 'resolute punishment' after North Korea threatens new border measuresCNA (Channel NewsAsia) · 20 Oct 2026 · EN
- Seoul vows ‘resolute punishment’ after North Korea threatens new border measuresThe Japan Times · 20 Oct 2026 · EN
- Seoul vows 'resolute punishment' after North Korea threatens new border measuresThe Straits Times — Asia · 20 Oct 2026 · EN
- Canonical begins pushing Resolute RaccoonThe Register · 30 Sept 2026 · EN
- Pepsi’s Fall Continues: One Prominent Firm’s Resolute Target Implies 41% Gains Moving ForwardYahoo Finance — News · 21 Sept 2026 · EN
- Keepers of Noble Numbats to be offered a Resolute Racoon: Ubuntu 26.04.1 is comingThe Register · 28 Aug 2026 · EN
- CEC Bank pentru afaceri româneşti. Filip Nemţeanu, Resolute Advisory, firmă de executive search: Rolurile de conducere din zona industrială au ajuns să fie recompensate pe plan local aproape la fel de bine ca în cazul economiilor vestice datorită transformărilor prin care a trecut sectorul de producţie din RomâniaZiarul Financiar · 06 Aug 2026 · RO
- Lithuanian charge d'affaires summoned to Russian foreign ministry, issued resolute protestTASS (RU, EN) · 01 Jun 2026 · RO
Annual reports (ESEF)
- Annual report 202302 Apr 2024
Sources
- [1] Annual report, fiscal year ended 2023-12-31 (ESEF) · SEC / Resolute Mining Limited · 31 Dec 2023
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.