RESOLUTE MINING LIMITED (RSG)
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03/04/2025

3

Hold

$0.55

-9.84%

Ord Minnett has broadly reduced its commodity price forecasts, with the exception of gold and neodymium-praseodymium.

The broker cites growing concerns over weakening Chinese steel demand and the potential global trade and economic impacts stemming from proposed US tariffs.

The broker's 2025 iron ore price forecast falls by -3%, while metallurgical coal and thermal coal price estimates fall by -18% and -17%, respectively.

On a sector level, Ord Minnett prefers base metal producers over the bulk miners, noting limited appeal among the lithium and coal producers.

Rio Tinto is preferred over over BHP Group among the large diversified miners, while South32, Capstone Copper, and MAC Copper are the analyst's top picks for base metals exposure.

The broker raises its target for Resolute Mining to 55c from 45c and maintains a Hold rating.

Among the large gold exposures, the analysts like Buy-rated Newmont Corp.

12/05/2025

1

Buy

$1.40

129.51%

Canaccord Genuity raises its target price for Resolute Mining to $1.40 from $1.00, following the completion of the Doropo and ABC gold project acquisitions in Cote d'Ivoire.

The broker sees the Doropo project as highly NAV-accretive with first production targeted for late 2028, supporting group output growth to over 500koz by 2029 and lowering group all-in-sustaining-costs by -10%.

Funding is expected to be covered by internal cash flows and potentially $250m in project debt. The analyst sees the “African discount” overdone and anticipates a re-rating as Doropo and Syama expansion progress. Buy rating retained.

FORECAST
Canaccord Genuity forecasts a full year FY25 dividend of 0.00 cents and EPS of 13.88 cents.
Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of 20.05 cents.