Nice little article from Mining News today
https://www.miningnews.net/miners/news/4203873/rate-potentially-cards-deleveraging-unhedged-resolute

Re-rate potentially on cards for deleveraging, unhedged Resolute

Gold miner has been getting its operations in order and cashflows are improving

Michael Quinn 02 May 2024

Resolute Mining could be set for a big market re-rate at some point, if Canaccord Genuity is on the money.

While the Mali-Senegal gold miner traded last month in the circa A40-50c per share range, Canaccord was this week retaining its $1.40 per share price target.

The capital markets firm said the miner's performance in the March quarter was "solid", noting that its cashflow "continues to improve" and that it was now fully unhedged.

Other positives included its production forecast looking achievable and cost guidance appearing "conservative" — 345,000-365,000 ounces in 2024 at all-in-sustaining-costs of US$1300-1400/oz — and mine life extensions "becoming clearer" at the Mako operation in Senegal.

In addition, Canaccord said Resolute's ground in Guinea could figure more prominently in the company's future after a planned resource estimate at the Mansala prospect in the second half of the year.

"Should Resolute continue to deliver on operational and cashflow expectations, we see significant re-rating potential given performance lag versus peers and valuation upside," Canaccord said.

Resolute's flaghip operation is Syama in Mali.

The Terry Holohan-led miner had net cash of $33.9 million at the end of March, a $20 million improvement quarter-on-quarter.

Cash and bullion totalled $80.7 million.

Capital expenditure this year was put at $115-145 million.

Resolute is currently capitalised at A$920 million.