In 2025, gold prices skyrocketed. By Q4, prices averaged $4,135/oz, representing a bumper 55% y/y increase. That momentum didn't slow down either, as it pushed right past the $4,500/oz mark as we headed into 2026.
Between the US Federal Reserve slashing rates, the dollar losing its groove, and investors getting a massive case of FOMO, gold turned into the world’s ultimate security blanket. The US Fed slashed rates to the 3.50%–3.75% range in late 2025. This sent a "safe haven" signal to nervous investors and weakened the US Dollar, making gold a total bargain for the rest of the world.
The US Dollar also took a dip in 2025, making gold a bargain for anyone using other currencies and sending global demand through the roof. In addition, central banks in India, China, and Poland hoarded gold to move away from the dollar, which keeps the price from ever dropping too low.
For Resolute Mining's team, this global gold fever proved to be a massive payday that really boosted their bank balances.
A shiny finish
Resolute Mining managed to hit its targets right on the money, ending the year on a high note. It pulled a total of 277,236 oz of gold for the full year, less than from FY 24 number of 339,869 oz, however, hitting their guidance. The company churned out 65,918 oz, a 24% dip from Q4 24's 87,687 oz.
Syama (Mali) was a heavy lifter for the year, bringing in brought in 176,341 ounces. In Q4, Syama produced 47,163 ounces, benefiting from improved underground output and optimized oxide operations.
Mako Mine (Senegal) site transitioned to processing lower-grade stockpiles in June 2025 rather than mining high-grade fresh ore, leading to a natural decline in output. However, they still beat expectations with 100,895 oz for the year. It’ll keep running on those stockpiles through 2027.
A golden payday
FY25 revenue grew by 30% to $865.6m, primarily driven by record gold prices, with an average realized price of $3,338 per ounce, despite a 18% decline in gold production compared to FY 24. EBITDA increased to $383m from $319m in FY 24, up 20%.
The surge in revenue was entirely price driven. While gold sales dropped from 335,708 oz in FY 24 to 258,544 oz in FY 25, the average realized price jumped from $2,383/oz to $3,338/oz.
Group AISC rose to $1,843/oz in FY 25 from $1,476/oz, largely due to higher government royalties in Mali and Senegal triggered by the high gold price environment, as well as the transition to lower-grade stockpile processing at the Mako mine.
The Q4 25 concluded with a strengthened balance sheet, ending with a net cash position of $209.1m, a 215% increase from the $66.3m reported in FY 24.
The company is playing it a bit safe with their 2026 goal, setting it between 250,000 and 275,000 ounces.
More room to run?
The stock is trading at AUD 1.41, fueled by record-high gold prices and the recent awarding of a key mining permit for the Doropo Gold Project. So much so, its stock price has surged approximately 281% over the past year, putting its market cap to AUD 3.01bn ($2.14bn) ATM.
With an average target price of AUD 2.01, analysts see plenty of room for growth, suggesting the stock could potentially climb another 42% from current price levels. The five analysts covering the stock have slapped big "Buy" ratings on it.
A reality check
Mining in West Africa comes with risks. First off, there’s the geopolitical rollercoaster. Operating Mali means dealing with sudden government shifts and tax disputes—for instance, the $160m headache in late 2024. With Mako transitioning to processing leftover stockpiles, which will likely run dry by 2027, they're under pressure to find the "next big thing" to keep the gold flowing.
Finally, the company’s balance sheet is tied to gold prices. If the Fed pivots or the dollar rallies, that "safety blanket" can thin out, hitting Resolute Mining’s margins hard.
