directors’ report (continued) Significant Changes in the State of Affairs Significant Events after the Balance Date Likely Developments and Expected Results Environmental Regulation Performance Directors’ and Officers’ Remuneration Long Term Emoluments Base Consulting  Other Superannuation Number of Amortised Value of Options Remuneration Fees Benefits Options Cost as a % of (a) Granted (b) Remuneration $ $ $ $ $ Director P.Huston 75,000 75,000 100 - - - 0% P.Sullivan 355,862 - 50,317 42,703 - 24,518 5% T.Ford 34,500 - 100 3,105 - - 0% H.Price 14,459 - 100 10,021 - - 0% 32 RESOLUTE MINING LIMITED 2004 ANNUAL REPORT There has been no significant changes in the state of affairs of the Company other than those listed above.  There are no subsequent events up to the date of signing this report that will have a material impact on the accounts. The likely developments in the operations of the consolidated entity and the expected results of those operations in the coming financial year are as follows: The consolidated entity holds licences and abides by Acts and Regulations issued by the relevant mining and environmental protection authorities of the various countries in which the group operates. These licences, Acts and Regulations specify limits and regulate the management of discharges to the air, surface waters and groundwater associated with the mining operations as well as the storage and use of hazardous materials. There have been no significant known breaches of the consolidated entity’s licence conditions or of the relevant Acts and Regulations. Remuneration of directors and senior executives of the Company is established by the Remuneration and Nomination Committee. Remuneration is determined as part of an annual performance review, having regard to market factors, a performance evaluation process and independent remuneration advice, with the overall objective of ensuring maximum shareholder benefit from the retention of a high quality Board and executive team. Executive directors’ and officers’ remuneration packages generally comprise salary, a performance based bonus where appropriate, and superannuation. Executives are also provided with longer term incentives via option schemes, which act to align the executives’ actions with the interests of the shareholders. The Remuneration and Nomination Committee assesses the performance of the directors on an annual basis as part of their review of director remuneration levels. The Chief Executive Officer evaluates the performance of all other senior executives. These evaluations are based on a range of criteria, including the Company’s performance and whether long term strategic objectives and individual performance objectives have been achieved. Details of remuneration provided to directors and the five most highly remunerated officers are as follows: (i) The continued production of gold from the Golden Pride and Ravenswood mines. (ii) Continued reclamation, rehabilitation and revegetation monitoring and maintenance at Obotan. (iii) Mineral exploration will continue. (iv) A bankable feasibility study on the Syama Project in Mali will be undertaken. (v) The consolidated entity will seek to expand its gold production activities by advancing its existing projects or where appropriate, by direct acquisition of projects or investments in other resource based companies.