PROFIT & LOSS

Write-down drives Resolute loss

Gold miner excited by open pit opportunity

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Abnormal non-cash items for the period involved a foreign exchange-induced $23.1 million revaluation of loan accounts and a $4.5 million write down of an historical tax asset.

With regards the open cut at Syama North, an updated resource could be completed next week, with recent results over 2.9km of strike said to be "some of the best ever" recorded in the area.

Syama North currently contains more than 1 million ounces grading 2.85 grams per tonne.

Open cut sulphide gold mining would take some of the pressure off the big underground mine to meet the processing capacity of the key sulphide processing circuit.

All going to plan, open cut mining could begin in the first quarter of 2023.

Meanwhile, Resolute managing director Terry Holohan told a conference call the company was "feeling comfortable at this stage" with the company's guidance for the full year of 345,000oz at all-in sustaining costs of $1425/oz.

Resolute had net debt of $183 million at the end of June.

Shares in Resolute last traded at 30c in Australia, capitalising the company at $331 million.

Resolute is also listed in London.

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