Resolute Mining Limited (RSG): Mali supply chain and operating risk

This situation live

RSG Resolute Mining Limited

£1,220m · 53.2p · −2% since the first step

28 Oct 2025 · Ongoing; explosives disruption easing · −11% until the next step At Syama we continued to experience supply chain issues which have had a meaningful impact on gold production so far in 2025.

4 Nov 2025 · Syama normal; Mali still unpredictable · +55% until the next step The Company continues to monitor the situation and will provide further updates as appropriate.

22 Jan 2026 · Explosives disruption cut sulphide mining; fix planned · +20% until the next step Explosive supplies are not expected to be a major issue moving forward as an emulsion plant is planned to be built on site in 2026.

27 Feb 2026 · Explosives fix in place; sulphide output hit in H2 · −23% until the next step The Company has been working on explosive supply chain issues since Q3 and it is not expected to be a major issue in 2026 and moving forward.

5 Jun 2026 · Security disruption hits Syama Q2 output · −19% until the next step Production during the second quarter of 2026 has been impacted by logistical and supply chain disruptions that have developed over the past four weeks due to the significant security challenges experi

30 Jul 2026 · Q2 hit as flagged; improving late quarter · +37% until the next step Production at Syama was impacted by the planned roaster shutdown and slower mobilisation of equipment at the A21 open pit, with activity improving toward the end of the Quarter.

20 Aug 2026 · Mitigation under way; H2 recovery expected · +0% until the next step Management continued to implement mitigation measures during

21 Sep 2026 · Guidance cut again; recovery still unproven · −21% since In order to address the ongoing supply disruptions of explosives, the Company is constructing an onsite emulsion plant with commissioning planned by November 2026.

Upgrade / downgrade cycle

Mali supply chain and operating risk

Guidance cut again; recovery still unproven

NOV30 Next: Emulsion plant commissioning; Q4 Syama output of 45-50 koz in 37 days

Every step · 8

28 Oct 2025 Ongoing; explosives disruption easing – At Syama we continued to experience supply chain issues which have had a meaningful impact on gold production so far in 2025. ↗
4 Nov 2025 Syama normal; Mali still unpredictable – The Company continues to monitor the situation and will provide further updates as appropriate. ↗
22 Jan 2026 Explosives disruption cut sulphide mining; fix planned – Explosive supplies are not expected to be a major issue moving forward as an emulsion plant is planned to be built on site in 2026. ↗
27 Feb 2026 Explosives fix in place; sulphide output hit in H2 – The Company has been working on explosive supply chain issues since Q3 and it is not expected to be a major issue in 2026 and moving forward. ↗
5 Jun 2026 Security disruption hits Syama Q2 output – Production during the second quarter of 2026 has been impacted by logistical and supply chain disruptions that have developed over the past four weeks due... ↗
30 Jul 2026 Q2 hit as flagged; improving late quarter – Production at Syama was impacted by the planned roaster shutdown and slower mobilisation of equipment at the A21 open pit, with activity improving toward... ↗
20 Aug 2026 Mitigation under way; H2 recovery expected – Management continued to implement mitigation measures during ↗
21 Sep 2026 Guidance cut again; recovery still unproven – In order to address the ongoing supply disruptions of explosives, the Company is constructing an onsite emulsion plant with commissioning planned by November 2026. ↗

What is happening

Resolute Mining Limited: Mali supply chain and operating risk – Guidance cut again; recovery still unproven. ['Guidance cut again; recovery still unproven']

In short: Mali security and supply problems cut Syama Q2 output (5 June 2026) and pushed Syama to the lower end of guidance (20 August 2026). On 21 September 2026 Resolute cut Syama 2026 output to 150-160 koz and Group output to 205-225 koz. July and August produced only 15.5 koz. Recovery relies on an emulsion plant and a new mining contractor.
Announced: 28 Oct 2025 · Ongoing; explosives disruption easing
Latest: 21 Sep 2026 · Guidance cut again; recovery still unproven
Guidance: Group production around lower end of 250-275 koz; AISC $2,000-2,200/oz maintained
Mitigation: Onsite emulsion plant commissioning planned by November 2026; new mining contractor equipment arriving September and October
H1 impact: Lower underground mining rates, reduced head grades, more reliance on lower-grade stockpiles
Syama guidance: 2026 production 150-160 koz at AISC $2,300-2,400/oz, cut from around the lower end of 195-210 koz
Group guidance: 205-225 koz at AISC $2,250-2,350/oz, at $4,000/oz gold, cut from 250-275 koz at $2,000-2,200/oz
Jul-Aug output: 15.5 koz poured; September expected around 15 koz
Quarterly path: Q3 around 31 koz; Q4 45-50 koz if September improvement continues
Dependency: Stable results depend on easing of external constraints on supplies, equipment and contractors in Mali

What comes next

Emulsion plant commissioning; Q4 Syama output of 45-50 koz (30 Nov 2026).

From the company's own announcements. Not investment advice.

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