Resolute Mining Limited (ASX: $RSG) receives A$30 million from Ravenswood Gold Mine

Resolute Mining Limited (ASX: $RSG) has received A$30 million from Ravenswood Gold Pty Ltd, the owner of the Ravenswood Gold Mine, as part of the restructuring of the Gold Price Contingent Promissory Note and Vendor Financing Promissory Note. The Company sold the mine on 31 March 2020 and has restructured the agreements to support Ravenswood in its financing.

Executive Commentary on Restructuring and Financial Impact

This restructuring of the Ravenswood payments is a positive credit enhancing development for Resolute and further strengthens the Company's cash position for our growth projects. We will receive the highest-possible payment of A$50 million from the Gold Price Contingent Promissory Note whilst also supporting Ravenswood with their financing. The first A$30 million tranche has been received and the second A$20 million tranche is due no later than the end of Q3 2024. These payments, along with strong cash generation from our operations, will further bolster our liquidity position and balance sheet in H2. In tandem, we have favorably amended the A$50 million Vendor Financing Promissory Note with the coupon being increased from 6% to 12% from 30 June 2025 until maturity at the end of 2027, providing further potential cash to Resolute. This is a great outcome for both Companies and demonstrates the good business relationship we have engendered.

Summary of Resolute's Restructured Payments and Future Outlook

Resolute Mining Limited (ASX: $RSG) has successfully restructured the Ravenswood payments, securing A$30 million with a further A$20 million due by September 2024. The restructuring supports Ravenswood in its financing while enhancing Resolute's credit and cash position for growth projects. The Company will receive the highest-possible payment of A$50 million from the Gold Price Contingent Promissory Note, further bolstering its liquidity position and balance sheet. Additionally, the favorable amendment of the A$50 million Vendor Financing Promissory Note provides potential cash to Resolute. This development demonstrates the strong business relationship between Resolute and Ravenswood, positioning Resolute for a positive outlook in the future.