The estimate of 9.2 million tonnes grading 4.4 grams per tonne gold included an underground estimate of 5.2Mt at 4.8gpt gold for 792,000oz.

The company pointed to high-grade intersections at the bottom of the resource model of 13m at 14.5gpt gold and 18m at 36.8gpt gold as supportive of future resource extensions.

No commentary around development was provided by Resolute.

The company is expecting to produce a total of 345,000oz at all-in sustaining costs of US$1425/oz in 2022.

Net debt stood at $229 million at the end of December.

Shares in Resolute were up 1.7% to A30.5c in morning trade, capitalising the company at $337 million.

The stock has halved in price over the past year.