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Resolute Mining MD and CEO John Welborn demonstrates confidence in the company with on-market purchase

The company has maintained its guidance for 2020 which is around 430,000 ounces of gold at an all-In sustaining cost of US$980 per ounce.

Resolute Mining Limited - Resolute Mining managing director and CEO John Wellborn demonstrates confidence in the company
Resolute has increased gold poured during the March 2020 quarter relative to the previous quarter

Resolute Mining Ltd (ASX:RSG) managing director and CEO John Welborn has demonstrated his confidence in the company with the purchase of shares in an on-market transaction.

Welborn acquired 50,000 shares on June 3 for a total value of $55,875, increasing the number of shares held after the change to 3.6 million.

Equity raising

Resolute recently completed the second tranche of an equity raising launched in January 2020 that resulted in around $195 million of funds.

To complete the second tranche, Resolute issued 7,743,797 shares to ICM Limited nominees at a price of $1.10 per share.

The $195 million equity raising comprised a two-tranche placement and share purchase plan (SPP) both of which received strong support from new and existing shareholders.

The tranche-1 institutional placement shares and the SPP shares were issued on January 30, 2020, and March 3, 2020, respectively.

Production increase

Resolute increased gold poured during the March 2020 quarter relative to the previous quarter by 5,470 ounces to 110,763 ounces.

There were 119,683 ounces of gold recovered at the company's three operations, which was up 15% on the December 2019 quarter.

The production from Syama in Mali was particularly encouraging with 57,531 ounces of gold poured, up 23% on the previous quarter.

Despite the current COVID-19 pandemic, Resolute has maintained its guidance for 2020 which has been set at a production of 430,000 ounces of gold at an all-In sustaining cost of US$980 per ounce.

Quick facts: Resolute Mining Limited

Price: 1 AUD

ASX:RSG
Market: ASX
Market Cap: $1.1 billion
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