While still remaining in Africa, the next presentation is going to be from Resolute Mining, which is a ASX and LSE-listed gold company that operates the Syama and Mako gold mine, and also developing a project in Côte d'Ivoire. To take us through the Resolute story, we have CEO Chris Eger. Chris, it's great to have you here.
Great. Thank you. Do you have the slides? Did Martino do it?
The, the-
Slide.
I think it's here.
Thank you. Thank you, Raj, and thank you, BMO, for hosting us this fabulous week. Why are we really excited about Resolute Mining? It's a number of points. Look, first of all, in 2025, the business executed flawlessly on the turnaround that we established at the beginning of the year. As we know, Syama had a difficult time in 2024, and Mali as well. Look, I'm very pleased to say that in 2025, we augmented the skilled teams across the business. We started to fix relationships with the government, and then most importantly, we diversified our business meaningfully into Côte d'Ivoire, which will become our flagship country where we operate. Today, the business produces gold in both Mali and Senegal, and we have development projects, not only in Côte d'Ivoire, but also in Guinea.
We're very much on track to become a 500,000 ounce producing company by 2028. This year, we're anticipating to produce around 275,000 ounces, which is what we produced in 2025. With the current gold price environment, what I see, though, is across our asset base, that we can do much better. We're starting to target 750,000 ounces by the end of the decade, as all the assets that we have today could become much larger and bigger because of the gold price environment. A quick snapshot of our business. As highlighted, we operate in four countries, with gold production of about 275,000 ounces.
Our EBITDA last year was over $380 million, and we generated very strong cash flows in the business of $140 million. In today's gold price environment, we anticipate that we'll be producing over $500 million of EBITDA and free cash flow of over $200 million, excluding the CapEx required for Doropo. You'll see that in 2026, we have a CapEx forecast of over $300 million. This is because we are starting construction of the Doropo project in Côte d'Ivoire, and the planned CapEx for this year will be about $200 million. A quick picture view of our pipeline. Look, you can see that in 2025, we produced 277,000 ounces.
We'll have similar levels for 2026 and 2027, and then once the Doropo comes online, we should be above 500,000 ounces from 2028. That's just start of the picture. I mean, look, similar to Montage, we see substantial growth within our existing assets. We have two exciting exploration projects also in Côte d'Ivoire that I anticipate will become our fourth mine. We're looking to expand all of the assets that we have today, and that's why I think, very generally, we can get to over 750,000 ounces by the end of the decade. Let's spend a bit of time in each of our assets. Let's starting with Doropo. We acquired Doropo from AngloGold Ashanti in May of last year. It's a fantastic project.
We acquired it for $150 million of cash, $25 million paid up front, $50 million due in October this year, $75 million due next year. The key accomplishments for 2025 was to hire the project team, very pleased to say that we've got Rob Cicchini, who's leading the build. He and his team have over 100 years experience in building projects in West Africa. We updated the DFS in December of 2025. The economics are incredibly robust, with the project being worth well over $2.5 billion. I think a key note, though, is we ran the new pit shells at $2,000 gold price in order to get a reserve of 2.5 million ounces.
When we start to run the pit shells at $3,000 or $4,000 gold price, the anticipated reserve will jump up to 3.5 million-4 million ounces. My point here is, this project will be much longer than 13 years, and in today's world environment of a high gold price, we are looking to do a phased growth project on Doropo. The starting, call it, production profile, will be around 200,000 ounces for the first four years. It's going to generate over $400 million of cash. At these sorts of metrics, and again, because of the gold price environment, I believe that we should and make this project a lot bigger. We are starting a phase two expansion of Doropo that we'll publish sometime in 2026.
Sorry, probably more towards the end of 2026. Let's talk about Mali. As we know, Mali has had its challenges in 2024. I am very pleased to say, though, that the business has performed extremely well in the second half of last year. At the beginning of 2025, we had a number of issues with supply chain, specifically on explosives, which impacted the mining throughputs that we were able to achieve. But we did rectify that problem in the second half, and to this, today, we're very much on track to produce over 200,000 ounces of gold out of our operation. The Syama Deposit is a fantastic world-class asset. Unfortunately, it's still sitting in a difficult jurisdiction. I'm pleased to say that the new team is doing a great job in just getting the asset stabilized and hitting its targets.
We have over 10 million ounces of resource at Syama. This business should be much bigger. Unfortunately, we're gonna hold off on any discretionary capital until we see a bit more positivity and movement in the Mali government. You can see on the picture that in the bottom right, I do spend time in Mali. I was in Mali last year. In October, I met with the Prime Minister. I'm actually going there next week to continue discussions with the government. It is moving in the right direction. They're positive, they're constructive, obviously, the country has gone through a lot, and we're still cautiously optimistic about the future of this asset. We are completing a capital project this year whereby we are going to be 100% sulfide processing on site.
This is actually really interesting for the business because it means that we can mine from just two areas, the existing sublevel cave, which produces about 2.5 grams per ton material, and then the new open pit, Syama North deposit that has about 1.9 gram material. Moving forward, the mining activities at Syama will be a lot more simplified, and we'll be effectively processing 100% sulfide ore. Moving to Senegal, our second operations, the Mako mine is going through a bit of a transition. This is a fantastic, again, asset that we acquired back in 2017. Unfortunately, in 2025, the original Mako pit came to the end of its mine life, we are now processing stockpiles. That will continue to the end of 2027.
The production profile has dropped from about 100,000 ounces to this year, around 60,000 ounces. As we look into the future, we are looking to develop two satellite deposits that will feed the operations for the next 10 years. Look, moving forward, we anticipate that Mako will be about an 80,000-ounce producing asset for about 10 more years from today at around a cash cost of $1,500. There are two significant work streams that have been well underway for some time in order to develop the satellite deposits, but we've identified today well over 600,000 ounces of gold near the plant that will continue to feed the operations. Look, the key accomplishments is with Tombo and Koto, we are about to file for the mining application in the next month.
We anticipate we'll receive that mining permit at the beginning of next year, then we have to move a village, we'll have to make some plant upgrades. That's why Tombo and Koto is only anticipated to come into production in 2028. What will happen earlier is we'll start mining from Bantaco towards the end of next year in order to mix stockpiles and fresh ore from Bantaco to basically fill the gap until Tombo comes into production. Again, incredibly lucrative project. If you actually look at our business, the bulk of the cash that we've generated at Resolute has been from our Senegalese operation, people can't forget how important Senegal is to our operations. We're not done with Doropo and Senegal, as well as our Mali operation.
Exploration is core to the strategy of our business. I'm very pleased to say that we have a very strong pipeline of assets within the portfolio that I anticipate seeing our fourth mine. The two most exciting are the ABC project, which is a resource in the western side of Côte d'Ivoire that we acquired with the Doropo transaction. Today, ABC has over 2.2 million ounces at 0.9 grams per ton, which is all centralized in the Koné permit, which is in the middle of the graph. This is around 12 km of strike. well, sorry, we're doing at least 20,000 meters of drilling in the Koné area.
We anticipate this mine will be over 3-4 million ounces. We are today doing a scoping study so we can provide the economics of how attractive this deposit will be. As you can see, ABC is made up of four permits. We've had very good drill intersects and drill results in all the different permits. I genuinely believe this will be our fourth mine. This is anticipated to continue kind of the pipeline of assets that we have at Resolute.
The other project, which is interesting, is the Ladebo project, which is in the southern part of Côte d'Ivoire, smaller, 640,000 ounces at 1.1 grams per ton. All the resources highlighted in the northeast of that area, we are again drilling over 10,000 meters in order to develop this project, as well as doing a scoping study. This could be our fifth mine. I, you know, again, very attractive economics. This will be a mine in somebody's portfolio at some stage. We just need to continue to drill it. I will say that in today's environment, finding drill rigs is probably one of the harder parts of our business, but we're making good progress. Look, there's still quite a lot of upcoming news in the business.
We will start construction activities at Doropo shortly. We've completed the FEED work. We're about to award the EPC contractor, and we will move into water storage construction shortly. We'll continue to update the market on how we're seeing Doropo develop. We are pretty much fully funded because we're sitting with over $300 million of cash, and we're generating over $200 million of fresh cash. We have a very slight funding gap. You know, with the business and the robustness in the business, I'm not worried about it whatsoever. We will also, in Côte d'Ivoire, put out the scoping studies on the two development projects, as well as continue to give exploration results.
In Mali, I think the key is to hit our quarterly sort of targets and continue to develop the dialogue with government, but also, most importantly, we are looking at a phased expansion of Syama, and under the right environment, it absolutely makes sense to grow that business to double to what it is today. Again, it's a fabulous world-class deposit, just in a difficult jurisdiction. In Senegal, we will continue to update the market with regards to the progress on developing the two satellite deposits. Look, in summary, very pleased with how the business has performed in 2025. I think we have all the makings to continue that in 2026. Our market cap is just around $2 billion, and with the metrics that you see today, we're probably one of the cheaper companies that operates in West Africa.
We think it's a fantastic value proposition for shareholders, and we have the makings with our assets to continue to grow organically. With that, thank you very much. I'll open it up for a couple questions.
Thanks, Chris. I do have time for one question here. You highlighted the growth potential across your portfolio and also Mali, and we have seen the messaging out of Mali improve in recent quarters. Zijin's entry into the country seems to have had a positive impact on investor sentiments as well. How's the discussion been with the government in terms of your future decision to invest money in the country and expand Syama to the next phase?
We see the mood in Mali has changed dramatically from where it was in 2024. It's gotten much more productive, much more professional, a lot more calm. I still think there's more to come, and so we are preparing for more optimism and things getting better, but I am still very cautious because we have not been getting our VAT receivables back. We're still looking to sign our mining convention, so there's a couple still key milestones that we need to see before we're going to jump back in with discretionary capital, but I'm very pleased to say that it's heading in the right direction.
Thank you very much, Chris, and all the best.
Great. Thank you very much, everyone. Thank you.