2004 highlights financial corporate exploration / development Achieved an above target Operating Profit after tax of A$31.9m Capital raising of net A$14.5m through an issue of shares to institutional resource investors  to partially fund the US$13m acquisition of the Syama Gold Project in Mali Exercised option to acquire an 80% interest in the multi-million ounce Syama Gold Project in Mali based on positive conclusions of pre-feasibility redevelopment study Bankable feasibility study on Syama project commenced Purchased the Ravenswood Mine from Xstrata at a cost of US$45m, elevating Resolute into the Top 3 Australian domiciled gold producers Generated strong gross cash flows from gold operations of A$18m Secured finance facilities totalling A$20m to partially fund the acquisition of the Ravenswood Mine Maintained sound levels of cash and bullion on hand Elected to enter the earning phase of the Etruscan Finkolo joint venture on tenure that abuts the Syama permits Sale of non-core investments including AGR Limited, Gallery Gold Limited and Red Back Mining NL providing one off cash flow of A$34.1m and a profit contribution  of A$17.7m Exploration activity accelerated in Tanzania with focus on areas proximal to the Golden Pride Mine and the Nyakafuru Project Significant tenure in the newly acquired historical gold field at Ravenswood reappraised and prioritised Sale of exploration interests at Indee to Bullion Minerals Agreement to vend Belahouro project in Burkina Faso to Goldbelt Resources Continued restructure of hedge book with a focus on increasing price protection through put options RESOLUTE MINING LIMITED 2004 ANNUAL REPORT 3