Gold prices steady ahead of Fed decision; weekly weakness noted
Regis Resources Ltd (RRL), with a market capitalization of $2.2 billion, has reported its financial results for the fourth quarter of 2021, showcasing robust operational performance and strategic advancements. According to InvestingPro data, the company’s impressive 29.83% revenue growth and GREAT Financial Health Score of 3.1 underscore its strong position. The company ended the quarter debt-free and with a solid cash position, though its stock experienced a significant decline.
Key Takeaways
- Regis Resources sold 81,000 ounces of gold, generating $372 million in revenue.
- The company repaid a $300 million term loan, achieving a debt-free status.
- A new renewable energy project commenced commercial production, potentially reducing operational costs.
- Stock price dropped significantly, reflecting a 63.53% decrease from the last close.
Company Performance
Regis Resources demonstrated strong operational performance in Q4 2021, selling 81,000 ounces of gold at an average price of $4,591 per ounce. The company’s efforts to strengthen its balance sheet were evident as it repaid a $300 million term loan, ending the quarter debt-free. InvestingPro analysis reveals a healthy current ratio of 1.65 and EBITDA of $376.46 million, indicating robust operational efficiency. The renewable energy project, including solar, wind, and battery storage, marks a strategic move towards cost reduction and sustainability.
Financial Highlights
- Revenue: $372 million
- Operating cash flow: $221 million
- Cash and bullion: $367 million at quarter-end
- Total gold production: 89,700 ounces
- All-in sustaining cost: $2,538 per ounce
Outlook & Guidance
Regis Resources maintained its full-year production guidance, with expectations to produce 220,000 to 240,000 ounces at Duketon and 30,000 to 40,000 ounces at Tropicana. InvestingPro indicates the stock is currently undervalued, with strong year-to-date returns of 76.08%. The company is exploring alternatives for the MacPhillamy’s project and continues its focus on underground exploration and development. Investors should note that the next earnings announcement is scheduled for May 28, 2025, which could provide further insights into the company’s growth trajectory.
Executive Commentary
CEO Jim Baer highlighted the company’s strengthened financial position, stating, "We’re now debt-free and have a stronger balance sheet than ever before." He also emphasized the potential of the Tropicana underground operations, describing them as "spectacular."
Risks and Challenges
- Gold price volatility could impact revenue and profitability.
- Operational challenges in underground mining may affect production targets.
- Macroeconomic factors, such as inflation and currency fluctuations, could influence costs.
Regis Resources’ strategic initiatives and strong financial execution position the company well for future growth, despite the recent stock price decline. The focus on renewable energy and underground mining strategies highlights its commitment to operational efficiency and sustainability.
Full transcript - Regis Resources Ltd CFD (RRL) Q3 2025:
Conference Operator: I would now like to hand the conference over to mister Jim Baer, MD and CEO. Please go ahead.
Jim Baer, MD and CEO, Regis Resources: Thanks, Kaylee. Good morning, everyone, and thanks for joining us for the Regis Resources March quarter FY twenty five results. Joining me today is our CFO, Anthony Rikki our COO, Michael Holmes and our head of investor relations, Jeff Sansom. As usual, we will refer to some figures and diagrams from the quarterly report released earlier this morning, so please keep that handy as we step through the results. First off, as always, let’s start with safety.
I am pleased to report that our twelve month moving average lost time injury frequency rate remains low at just below 400,000 man hours per incident. That’s well below the WA industry average of 2.2, although that was from a couple of years ago now given the lagging reporting. But it’s still a very strong result for our team, and it reflects the ongoing commitment to continuous improvement and making sure that everyone goes home safely. Now on the performance, we’ve delivered another solid operational quarter in line with our plans and continue to build our financial strength. Production for the quarter was 89,700 ounces of gold, for an all in sustaining cost of 2,538 Aussie dollars per ounce.
That result, coupled with the ongoing strength in the gold price, translated into strong margins and another big step forward for our balance sheet. We generated $220,000,000 of operating cash flow and grew our cash and bullion by a hundred and $38,000,000. Now that’s before repaying the $300,000,000, term loan ahead of schedule. As a result, Regis is debt free, and that is a a milestone well worth celebrating. It’s been a long time.
And with the new $300,000,000 revolving credit facility in place and undrawn, we’ve got the financial flexibility to continue executing on our growth strategy, both organic and potentially inorganic, and to consider returns to the shareholders. Now with that, I’ll hand over to Michael, who’ll give a bit more of a rundown on the operational side of the business. Thanks, Michael.
Michael Holmes, COO, Regis Resources: Thanks, Jim, and good morning, everyone. From an operational standpoint, the March continued our trend of consistent delivery. At Jukedon, production came in at 58,100 ounces at an all in sustaining cost of $2,753 per ounce, which is broadly in line with the previous quarter. Open pit operations across Garden Well, Ben Hur, Russell’s Find, and Tuohy’s Well delivered 24,400 ounces, and the undergrounds at Garden Well and Rosemont delivered 25,300 ounces. Dicton Mills processed 1,900,000 tonnes at 1.1 gram per tonne with metallurgical recovery at 90%, And this includes continued processing at the Mullart World low grade stockpiles, which is a good demonstration of our flexibility in the long term optionality in the system in the system.
Development continues to progress at our underground growth projects, Gunwell Main Rosemont Stage 3. We invested $34,000,000 in growth capital at Duketon focusing on Gunwell Main and Rosemont Stage Three, and both remain generally on track for the first ore in quarter one f y twenty six. Over at Tropicana, we produced 31,600 ounces at an all in sustaining cost of $2,046 per ounce. As expected, a step down from the December due to planned mine schedule. Open pits delivered 14,200 ounces and underground 13,100 ounces, with underground grades holding up well at over three grams per tonne.
Mill performance was solid at 655,000 tonnes processed at 1.65 grams per tonne and 91 recovery. Importantly, growth capital at Tropicana remains disciplined with $2,000,000 spent this quarter, roughly split evenly between Havana Underground, which remains on schedule, and exploration. Operationally, we’re on track to meet the FY production guidance at both sites. Juggen remains within our 220 to 240,000 ounces production, guidance range, and Tropicana is on track for a 30 to a 40,000 ounces. With that, I’ll hand over to Anthony to take you through the financials.
Anthony Rikki, CFO, Regis Resources: Thanks, Michael, and good morning, everyone. The excellent operating performance and robust gold price environment combined to deliver another terrific financial outcome for the quarter. We sold 81,000 ounces at an average realized price of $4,591 an ounce, generating $372,000,000 in revenue. That translated to $221,000,000 in operating cash flow, with a hundred and $32,000,000 coming from Duketon and $89,000,000 coming from Tropicana. Capital expenditure totaled $72,000,000.
At Duketon, that included $45,000,000 in development and growth projects, $10,000,000 in exploration, and $4,000,000 in plant and equipment. At Tropicana, development and preproduction expenditure for the underground mines accounted for $8,000,000, with another $5,000,000 spent across plant and equipment and exploration. MacPhillomie’s costs were $2,000,000 for the quarter. And as we’ve noted previously, these are now expensed through the profit account following the section 10 outcome in August. Now to the balance sheet.
We ended the quarter with $367,000,000 in cash and bullion, up a hundred and $38,000,000 before taking into account the repayment of the $300,000,000 term loan back in January. We’re now debt free, and we’ve put in place a $300,000,000 revolving credit facility undrawn at this stage, giving us both strength and flexibility as we look ahead. Finally, before I hand back to Jim, during the quarter, we commenced commercial production from the Tropicana renewable energy project. From a financial reporting perspective, the lease associated with the renewable energy infrastructure is now recognized on our balance sheet, reflecting our long term commitment to the project and its contribution to Tropicana’s operational sustainability. Thank you all, and back to you, Jim.
Jim Baer, MD and CEO, Regis Resources: Thanks, Anthony. Good set of numbers there, mate. Following on from Anthony’s last comment, the commencement of commercial production from the renewable energy project is a fantastic milestone for the business. This 61 megawatt renewable energy project is the largest hybrid power system in the Australian mining sector, and it’s a major step forward in reducing our emissions and enhancing our sustainability at one of our core operations. The project includes a 24 megawatt solar farm, four six megawatt, wind turbines, and a 13 megawatt battery storage system.
And we’re proud to be delivering cleaner, more efficient energy to support our safeguard mechanism targets, while also critically, and this is important, it is reducing our power costs for our long term operation. Now on MacPhillamy’s, pardon me, as we’ve noted before, we have commenced, proceedings for a judicial review challenging the minister’s decision seeking a declaration that the decision is invalid. As an update, we can now say that the date for this hearing has been set for the tenth to the December 12 this year. While the lengthy time waiting for this review is frustrating, to say the least, it is pleasing to see the progress is being made on this judicial review front. In the meantime, the team is exploring alternatives for the tailing storage, and this includes, what’s called an IWL, an integrated waste landform.
That’s where we co dispose the material, co store the material utilizing the current waste rock dump footprint. We’re also looking at more conventional storage methods as in the existing technology that we’re using for the tailings dam in other within the area. And this is all great, but despite some of the comments from certain areas, these these options don’t materialize overnight, and they are and they will take time. One comment that I would make at this point, though, is we are pleased to be go getting, a lot of support from the New South Wales government in terms of, trying to find a way to ensure that this work is done as quickly as possible while still maintaining the very high standards that we’ve always held in place for this project. Now if you ask me why we’re doing this, I’d just remind you that this project is nearly a 2,000,000 ounce reserve or was a reserve, I should say.
It’s not anymore, until we get this cleared. But there’s 2,000,000 ounces sitting in the ground there, which in production would be producing at an average rate of a 87,000 ounces per annum, and it does max out at 235,000 ounces in in a couple of years. And it has an average all in sustaining cost of $1,600. Now that’s from the DFS. The first year alone, the all in sustaining costs was sitting around about $2,000 an ounce.
You could add a bid on for inflation. Do the math. You can see that even if you do add a bit of inflation onto that first year, this baby generates some very strong cash flows in the current price environment. It would be a great project to have in our portfolio, and hence, it is worth the effort of continuing to drive, this process down this path or these paths that we are. Of course, this is just the beginning of the deposit and the potential in the ground in that Cadia Valley area where where our deposit is just near Blaney and not not only about fifteen, twenty k’s away from the Cadia mine.
Now looking more generally at our resource growth, we released the update on the Tropicana reserves and resources in February. Our reserves at Trop now, and this is at a %, stand at 1,900,000 ounces with a 178,000 ounce increase in the underground reserves, largely offsetting, underground depletion. And this is a testament to the strength of the ore body and the ongoing success of our drilling programs in that underground area. Now while the underground reserves were slightly down year on year, as I’ve said before, some fluctuations are expected over the short term time frames, but the long term trend remains consistent and robust. I take the opportunity to point out back in 2023, so a year ago, the replacement of the underground depletion was 260% in just a twelve month period.
So it comes as no surprise that we see volatility year on year, but the critical trend in the growth of the underground reserves remains. Where at the end of 02/2018, we had 317,000 ounces of reserves, today, we have nearly well, we have more than doubled that at 640,000 ounces of reserves. And in the period since in that six years or so, we’ve produced from underground 650,000 ounces of gold. Building on this success, Boston Shaker Underground along with the broader underground corridor continues to yield excellent results. There is no other way to describe the underground at Tropicana but as spectacular.
And on the open pit front at Trop, targets continue to be advanced in the Northern Corridor, adding, longer term pipeline opportunities. Back at Juketon, things aren’t going too bad either. Drilling across our portfolio continues to identify near mine growth opportunities, particularly at Ben Hur, where we’ve defined an underground exploration target of 300 to 550,000 ounces of gold, and this area could become our fourth underground mine at Duketon. At Garden Well and Rosemont, infill drilling continues to grow our confidence and define extensions as we expected. At two as well, mineralization remains open down plunge, and we’re following that with up with targeted drilling.
And we’ll give you some more details on the very encouraging results we’re seeing across this area at the exploration update and the r and r resource and reserves release later in May. So all of this underpins our strategic goal of building a resilient long life underground portfolio across both Dukedown and Tropicana. There is genuine excitement building across the team as we see the future of Regis continuing to take shape. The momentum of our growth projects, exploration success, and underground strategy is really delivering a new phase of value creation, one that strengthens our operations while opening up new opportunities across the portfolio. So to wrap up, operational delivery remains consistent and on plan.
Cash generation was again a highlight. We’re now debt free and have a stronger balance sheet than ever before. We have a revolving credit facility in place and undrawn giving us financial flexibility to continue executing on our growth strategy, both organic and potentially inorganic, installing more renewable energy systems that reduce costs, continue to pursue all options to get MacPhillamy’s back on track that includes both legal and engineering. Our underground growth strategy is progressing well, and exploration continues to demonstrate longer term optionality. The team here at Regis should be very proud of what we’ve achieved so far, and we’re well positioned for the quarters ahead.
So thanks for your time this morning, and I’ll now pass it back to Kaylee and open the floor for questions.
Conference Operator: Thank you. If you wish to ask a question, please press star one on your telephone and wait for your name to be announced. Your first question comes from Daniel Morgan with Baron Joey.
Daniel Morgan, Analyst, Baron Joey: Hi, Jim and Tim. Just obviously, you’re doing a very good job on generating cash flow, so that needs to be acknowledged. On just observing your tracking your business performance against your guidance, which you haven’t changed, it looks like growth capital, spent 73,000,000 and that’s at a lower run rate than your full year guidance. So just wondering if you could unpick that a bit. Like what’s is that as to plan?
Like was it Q4 supposed to be a really heavy capital investment period? Or are you underspending or making some savings, or are you deferring capital? Or, what’s going on with your, your your capital plans? Thank you.
Jim Baer, MD and CEO, Regis Resources: Yeah. Well, look. I guess the first key thing there is that we have maintained our guidance, which would you know, if we felt that realistically the number was gonna come in below it, we would have changed it. So, you know, the, for a start, we that’s the first indicator that, yeah, q four is definitely going to be a bit heavier. There’s a couple of things.
There’s some stripping some pre stripping that we’ve, that we’re undertaking that, is back on the agenda sort of sitting in that growth capital group. And also with the underground mining, with the underground projects at Garden Well and Rosemont Stage 3, there’s some pretty chunky equipment, you know, big fans and some, you know, big big elements of the infrastructure that we have to start, they’ll come through as as quite significant bullet payments. So while we maintain our guidance, we are sort of expecting they’ll probably be at the lower end based on the expenditure, but it it hasn’t changed enough for us to to warrant changing the the the guidance. And so that would tell you that we absolutely expect to q four to be heavier than some of the other quarters.
Daniel Morgan, Analyst, Baron Joey: Thank you. And Jim, maybe a more philosophical question. I mean, the gold price is up very strongly against anyone’s expectations, I think it’s fair to say, and your business is very much aligned and a beneficiary of that. Just wondering how, if any, in any way, do you change managing your business in response to this, this windfall gold price? Philosophical question.
Jim Baer, MD and CEO, Regis Resources: Well, Daniel, a philosophical question would be what’s the meaning of life? I think the answer
Levi Spry, Analyst, UBS: to that is four is 42.
Jim Baer, MD and CEO, Regis Resources: But look. I think question is, you know, in a in a high gold price environment, how do you how do you manage your business differently to what you might do in a low price environment? You know, the first thing that you’ve gotta do in a low price environment, you’re clearly focused on making sure that, every ounce that you’re producing is making a dollar. That’s you know, ideally, that’s what you’re you’re there. In a high price environment, your your focus is still exactly the same.
But for a company like ours where we have, spare milling capacity, we’ve got the opportunity to be able to fill the mills with, you know, like what we’re doing at Duke to North. It done doesn’t produce a lot of ounces, but we look carefully at low grade stockpiles that in a low price environment, you wouldn’t go near with a barge pole. Now we can put through and and quite comfortably make, you know, few hundred bucks an ounce. Why wouldn’t you? So that that is part of your your tactics that you you deal with in a high price environment, and you make sure that you undertake that in a way that if the gold price turns suddenly, which we certainly don’t expect, but you can you can turn it off.
You know, you don’t make a massive commitment that takes years to to deliver. That does become a little bit more interesting in in consideration when you look at other cutbacks. You know, they’re, you know, we’ve got we, like everybody, have got pits that, you know, are maturing, in a high gold price environment, you know, when it’s $5,000 an ounce, which is great. Plus, you could be, certainly things that you wouldn’t touch in in, you know, two years ago. You might say, oh, well, let’s let’s do another cutback.
But you gotta be careful with that because by definition, you’ve usually got a lot of work to do because it is a cutback in a deep pit, and you need to be thinking carefully about how you manage the risk of what looks great today might not be quite so good, in two years’ time if the if something happens to the gold price. So there is a there’s, yeah, you chase every opportunity that can. You still make sure that you’re trying to get the answers with the highest margins through your, through your mills, particularly if you’re mill constrained. If you’re not mill constrained, then you’re out looking for whatever ounces you can to make a dollar on without, without making excessive long term bets on gold pricing. And if you do, then you could arguably think about hedging, but I think everybody knows their view on that at the moment.
Daniel Morgan, Analyst, Baron Joey: Thank you very much. Appreciate your views, Jim.
Conference Operator: Your next question comes from David Coates with Bell Potter Securities.
David Coates, Analyst, Bell Potter Securities: Morning, Jim, Michael, Anthony, Jeff. Thanks for the call this morning. Couple of questions from me. First of all, I appreciate your comments on guidance, Jim. But you already have any view on the June outlook.
March, guys have guided a little bit lower, but you’re still tracking very well for guidance. Any comments on June relative to the March?
Jim Baer, MD and CEO, Regis Resources: Look. I think well, Dave, I think if you have a look and see where the midpoint of our guidance is and look to where we’re sitting, you know, again, we haven’t really chart you know, we’re not we’re not talking up the top end. We’re not talking down the bottom end. We just sort of believe in terms of production guidance. I think that’s sort of reasonable guidance as to how we’d expect the quarter to play out.
David Coates, Analyst, Bell Potter Securities: Fair enough. Thank you. On M and A, and and and I know you’re usually quite willing to share your list of this. But, you know, in in the current environment, you you see any value. And the other comment you’ve sort of consistently made in the past is, you know, anything’s it’s gotta compete with capital from McFilmies as as McFilmies does with inorganic opportunities and, you know, pretty you know, you’ve made some useful comments on McFilmies just now.
But how are you sort of seeing, I guess, that relative value equation in the m and a landscape in the current, you know, market?
Jim Baer, MD and CEO, Regis Resources: Yeah. It’s a it’s a good point. Just before I move move on to that, Anthony’s just pointed out to me that, you know, from an all in sustaining cost point of view, we also hold that, in the guidance point as well, which suggests that we might see firmer a a little bit firming of the AISC in this last quarter. But, again, you know, the the the guidance numbers that we’ve got, you know, you can sort of figure out from the maths pretty clearly how it’s gonna how it’s gonna play out.
Michael Holmes, COO, Regis Resources: On the m
Daniel Morgan, Analyst, Baron Joey: and a front,
Jim Baer, MD and CEO, Regis Resources: oh, yeah. Look. Sorry, Dave. I left the list back in my office, so I won’t be able to go through that. But, look, McPhillamy’s is definitely a comp competitive for capital, as it always should be.
We should never be looking at one you know, if we had an internal project, and I’ve said this for a couple of years now, you know, we were never a a company that was solely focused on building and delivering McPhillamys. It has to compete for attractiveness. It’s certainly pretty pretty pretty attractive at the moment. You know, you can work out on current prices what the what the payback would be. But, unfortunately, though, what we want and what we’ve got available to us at McFellamy’s is a little bit different.
You know, it’s still quite some you know? Well, if the judicial review is at the end of this year, you can expect that nothing constructive on that front’s likely to happen until next year. So we’ve still got quite a bit of runway in front of us before we can even turn our mind to, making FID on MacPhillamys. Now our plan from a growth point of view is not to sit around and wait till then. So we definitely look for other opportunities in the meantime.
And quite frankly, really, what we’d like to drive to is to is to keep growing growing our business, both at Jukedown with Michael and the team. They’re looking to to secure, you know, the steady state underground production from four, maybe five underground mines. Tropicana keeps doing what it’s doing, and we find another pro something you know, we we find inorganic opportunities that increase our cash flow capacity. And, ultimately, we use that that cash flow capacity to build McFilamy’s when we’re ready, assuming that, you know, that at the time, that’s the best target for our capital. So we don’t I don’t see McPhillamys at the moment being something that is sitting right in front of us competing for capital versus other opportunities that inorganic opportunities that we’re assessing.
David Coates, Analyst, Bell Potter Securities: Okay. And I’ll try make sure answer to your question. Yeah. Yep. And if I look for one more, glad to see the the the new hybrid power generation getting up.
You you have quantified all the the power cost reduction. And and I guess, kind of what some of the, you know, the the the key drivers of that are.
Jim Baer, MD and CEO, Regis Resources: Yeah. Look. It’s it’s a little bit, complicated. There’s a few moving parts in how you work out the financial returns on that. It’s safe to say that I mean, you know, what the reality with renewables is once you’ve built it, it’s free or arguably.
Right? But it’s got capital recovery. Yeah. That’s right. It’s got capital that’s the the big the big, fallacy of, renewables is that the capital required is quite significant.
The reason that it’s attractive at Tropicana is because of its long life, and it’s got many years to be able to basically depreciate or amortize that that asset. So, you know, the cost of it actually the longer it runs, the cheaper every every kilowatt hour gets. The savings, of course, is off the gas turbines that we use. So there’s a you know, that’s where the that’s where the benefit comes in. We are we’re not in a position at the moment to be, you know, quantifying that in any detail, but it’s
Levi Spry, Analyst, UBS: a it’s it’s it is it’s it’s not
Jim Baer, MD and CEO, Regis Resources: you know, we’re not talking about the order of 10% savings, but we’re also not talking in the order of, you know, point 5%. It’s it’s it’s recognizable when it comes through, but it’s it’s now just part of our long term plans. It’s built into our reserve, cost assumptions. It’s just a great project to have there. And and, as I said, the the fact that it was built, and it has this long payback period is testament to the fact that both we and Anglo believe that there’s plenty of life left in Tropicana yet.
David Coates, Analyst, Bell Potter Securities: Excellent. Thanks, Jim, very much. Appreciate that.
Jim Baer, MD and CEO, Regis Resources: Thanks for the questions,
Conference Operator: Dave. Your next question comes from Levi Spry with UBS.
Levi Spry, Analyst, UBS: Yep. Morning, everyone. Morning, Jim. How’s it going? Thanks.
Thanks for your time. I think I’ve got a pretty simple one. I’m just trying to think about potential free cash flow generation next year without McPhillomays. Can you just sort of talk us through you’re obviously in the middle of budgeting process now. We talked about your reserve and resource update coming and and how you’re thinking about options in the portfolio.
Is there any reason to think that your your growth capital and exploration lines would be materially different from from this year?
Jim Baer, MD and CEO, Regis Resources: Well, we’re not in a position it’s a it’s a good short question, Levi, but you’re asking for some pretty detailed guidance on next year. Look. I think, and in terms of growth capital, we’re not really in a position to give too much granularity on that at the moment at all because as you rightly pointed out, we’re we’re in the budgeting process. I think it’s probably safe to describe that, you know, if you look at the the the information that we provide in our corporate presentation, which talks about, you know, our expected ranges from from Juketon in that 200 to 250,000 ounce range, and we see that as being out to FY twenty eight and beyond once we get the fourth underground mine going, is is certainly consistent with where we’re expecting the business to go. So we’re not seeing anything unusual out of that.
And the same with the Tropicana number as well. Both of those are sitting within the ranges that we’ve guided for the for the medium term for our business. I think in terms of growth capital, there’s nothing immediate in my head that demands any anything different to what you know, there there’s a there’s a bit of a kick up that’s going on at at, Juketon because we’re undertaking the works of both Garden World and Rose Rosemont Stage three. So, you know, that’ll continue into next year. I think it kicks off.
We’re expecting commercial production later next year, so that will just see the the, the development cost sort of transfer across into AISC and the one off big hits that we were talking about earlier to to I think it was Dave’s Daniel’s question about the the growth capital spend. They’ll they will have been done. So I’m not expecting anything material there, but, you know, we’re still working on that. So I can’t really make comment on it until we’ve finalized our numbers. But production wise, certainly, both Trop and and Juukan would be expected to be within the range we’re talking about.
And the one thing that we’d probably expect to see at Tropicana on growth capital is Havana. The Havana underground will start to ramp up in activity a little bit, but we still we gotta, yeah, we gotta work out, and understand what the schedule is for that. That’d probably be more likely to see a lift in the, calendar ’26 rather than calendar twenty five.
Levi Spry, Analyst, UBS: Got it. Thank you. Looking forward to coming out and seeing him. Thanks. Thanks, James.
Jim Baer, MD and CEO, Regis Resources: Yeah. Good. Good seeing him.
Conference Operator: There are no further questions at this time. I’ll now hand back to mister Layer for closing remarks.
Jim Baer, MD and CEO, Regis Resources: Alright. Thanks. Thanks, Kaylee. Thanks, everybody, for joining. We do realize it’s been an extremely busy morning last couple of days.
Won’t hold you any longer. As always, if you got any follow ups, please get in contact with us. And if we can, we’ll help you out. In the meantime, have a great day, and, hopefully, we’ll talk to everybody soon. Take care.
Conference Operator: That does conclude our conference for today. Thank you for participating. You may now disconnect.
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