Resolute Mining tipped for upside driven by Doropo gold mine ramp-up
Published: 10:21 07 Aug 2026 EDT
RBC Capital Markets has initiated coverage of Resolute Mining Ltd (ASX:RSG, LSE:RSG) with a bullish target, as the Canadian bank observed that the miner's 'transformational' Doropo project is being overlooked - despite the broker seeing it as a key driver.
"We view current valuation as extremely compelling,” the bank's analysts said in a note, arguing investors are effectively either buying Doropo at a discount while getting the existing mines for free, or heavily discounting the producing assets and assigning nothing to Doropo.
RBC kicks off coverage of Resolute with an Outperform rating and 110p price target, implying around 100% upside from 55p.
The broker said Resolute trades at just 0.35 times NAV, with the market effectively assigning little or no value to its Doropo project in Côte d’Ivoire.
Doropo is expected to produce around 170,000 ounces of gold annually from H2 2028, helping lift group output towards 500,000 ounces by 2030 and reduce AISC to about $1,800/oz.
While Mali remains the key risk, with Syama currently generating around 80% of earnings, RBC expects that exposure to fall to roughly 35% of EBITDA by 2030 as Doropo ramps up.
