Editor’s Note
This article examines the remarkable surge in gold prices in 2025, driven by shifting monetary policy and investor sentiment. The figures and projections presented are based on current market analysis.
In 2025, gold experienced a steep upward trajectory. In the final quarter of the year, the average price was $4,135 per ounce, representing a substantial 55% increase year-on-year. This momentum continued, pushing the price above the $4,500 per ounce mark at the start of 2026.
The US Federal Reserve cut interest rates, the dollar lost momentum, and investors suffered from massive FOMO (Fear of Missing Out): gold became the world’s ultimate safety net. The Fed lowered rates to a range of 3.50%–3.75% at the end of 2025. This sent a “safe haven” signal to nervous investors and weakened the US dollar, making gold a bargain for the rest of the world.
The US dollar also declined in 2025, making gold particularly attractive for buyers in other currencies and driving up global demand. Additionally, central banks in India, China, and Poland hoarded gold to become more independent from the dollar—providing lasting support for the price.
For the team at Resolute Mining, this global gold rush translated into a major payday, significantly filling the company’s coffers.
Resolute Mining hit its targets precisely and closed the year with a strong result. A total of 277,236 ounces of gold were produced, less than the 339,869 ounces in the 2024 financial year, but exactly within the forecast. In the fourth quarter, production was 65,918 ounces, a 24% decrease compared to the 87,687 ounces in the fourth quarter of 2024.
Syama (Mali) was the main driver, contributing 176,341 ounces for the year. In the fourth quarter, Syama produced 47,163 ounces, benefiting from improved underground production and optimized oxide operations.
The Mako mine (Senegal) switched to processing low-grade stockpiles in June 2025 instead of continuing to mine high-grade ore, leading to a natural decline in production. Nevertheless, it exceeded expectations with 100,895 ounces for the year. Stockpile processing is expected to continue until 2027.
In the 2025 financial year, revenue increased by 30% to $865.6 million, driven by record gold prices with an average realized price of $3,338 per ounce, despite an 18% production decline compared to 2024. EBITDA rose to $383 million, up from $319 million the previous year—a 20% increase.
The revenue jump was exclusively price-driven. While gold sales fell from 335,708 ounces in 2024 to 258,544 ounces in 2025, the average realized price increased from $2,383 to $3,338 per ounce.
The group-wide AISC (All-in Sustaining Costs) rose to $1,843 per ounce in 2025, from $1,476 the previous year, mainly due to higher government levies in Mali and Senegal resulting from the high gold price environment, as well as the switch to processing stockpile material at the Mako mine.
The fourth quarter of 2025 ended with a strengthened balance sheet: Net cash stood at $209.1 million, a 215% increase from $66.3 million in 2024.
For 2026, the company is cautious and is targeting production between 250,000 and 275,000 ounces.
The stock is trading at AUD 1.41, buoyed by record gold prices and the recent granting of a key mining license for the Doropo gold project. The share price has risen by approximately 281% within a year, leading to a current market capitalization of AUD 3.01 billion.
With an average price target of AUD 2.01, analysts see further potential: the stock could thus gain another 42%. Five analysts covering the stock recommend it with a clear “Buy.”
Mining in West Africa carries risks. First, there is geopolitical volatility: operating in Mali means dealing with sudden government changes and tax disputes—such as the $160 million dispute at the end of 2024. As Mako switches to processing stockpile material, which is expected to be exhausted by 2027, the company is under pressure to find the “next big thing” to maintain the gold flow.
Finally, the company’s balance sheet is heavily dependent on the gold price. Should the Fed change course or the dollar regain strength, the “safety net” could become thinner, significantly impacting Resolute Mining’s margins.
