Mako's Senegal dividend underpins Resolute's H1 2026 results

Resolute Mining reported a net profit after tax of $162.6m for the six months to 30 June 2026, more than double the $71.0m it made in the same period last year, as a sharply higher gold price offset a fall in group production led by disruption at its Syama mine in Mali.

Group revenue rose to $584.7m from $447.5m in H1 2025, even though gold output fell to 104,795 ounces from 151,460 ounces, as the average realised gold price jumped to $4,712 an ounce from $3,076 an ounce a year earlier. Operating cash flow nearly tripled to $277.6m, from $111.3m, and net cash and bullion rose 188.9% year on year to $317.4m.

Mako's steadier contribution

Of Resolute's two operating mines, Mali's Syama generated $417.5m of revenue in the half, while the Mako gold mine in Senegal contributed $167.2m — a smaller but more dependable share of group income, reflecting Mako's comparatively stable operating performance against the disruption affecting Syama during the period. All-in sustaining costs across the group rose sharply to $2,327 an ounce from $1,688 an ounce, partly because of higher royalty payments linked to the elevated gold price.

Resolute's Senegalese subsidiary, Petowal Mining Company, which operates Mako, declared a dividend of $121.3m in June, of which $12.1m was allocated to the Senegalese government as a minority shareholder in the operation — a direct illustration of how Mako's cash generation is flowing through to both Resolute and its host government, even as the parent company withheld an interim dividend to its own shareholders.

Balance sheet rebuilt, growth shifts to Côte d'Ivoire

Resolute used part of its stronger cash position to cut debt, repaying $39.1m of borrowings during the half and reducing total borrowings to $8.9m from $11.7m at the end of 2025, aided by a $53.9m repayment linked to its earlier sale of the Ravenswood mine in Australia. The company's next major growth project, however, is not in Senegal but in Côte d'Ivoire, where construction is under way at the Doropo gold project following a final investment decision in March 2026 and the issuance of a 14-year mining permit in February.

What it means

The results show Mako doing the job Resolute has long asked of it: generating steady, lower-cost cash flow that helps cushion the group against volatility at Syama, where the company continues to work through the operational and regulatory challenges of operating in Mali. With Doropo now absorbing the bulk of Resolute's growth capital, Mako's role looks set to remain that of a reliable, if secondary, contributor to group earnings rather than the centre of the company's growth story.

What's next

Resolute continues to engage with Mali's government on implementing the 2023 mining code, including finalising arrangements around the state's priority dividend entitlement — an unresolved issue the company has flagged as a risk for investors to monitor. In Senegal, the focus shifts to whether Petowal's dividend flow continues at a similar scale as Mako moves further into its stockpile-processing phase.

Sources

• Kalkine Media: Resolute Mining (RSG) Posts $162.6M Net Profit in H1 2026 Amid Rising Gold Prices and Tripled Operating Cash Flow, 20 Aug 2026

Photo: A village in Senegal's Kedougou region, where Resolute's Mako gold mine is located. gbaku, Wikimedia Commons, CC BY-SA 2.0.