Earnings call transcript: Regis Resources sees strong FY 2025 performance

Regis Resources Limited (Market cap: $2.13B) reported robust financial results for fiscal year 2025, achieving the top end of its production guidance and maintaining a debt-free balance sheet. According to InvestingPro analysis, the stock appears undervalued based on its Fair Value model, despite showing impressive returns of over 75% year-to-date and 132% over the past year.

Key Takeaways

• Achieved top-end production guidance with 373,000 ounces of gold.
• Ended FY 2025 debt-free after repaying $300 million in debt.
• Stock price fell significantly, indicating market concerns despite strong performance.
• Continued growth in underground reserves and strategic acquisitions.
• FY 2026 guidance set with a focus on maintaining financial flexibility.

Company Performance

Regis Resources demonstrated strong operational performance in FY 2025, producing 373,000 ounces of gold, which was at the top end of its guidance. The company reported a total revenue of $498 million, contributing to its impressive 29.83% revenue growth over the last twelve months, with EBITDA reaching $376.46M. The company ended the year with $517 million in cash and bullion, reflecting a $220 million increase post debt repayment. These results underscore Regis Resources’ strategic focus on maximizing existing infrastructure and exploring additional feed options for underutilized mills.

Financial Highlights

• Total Revenue: $498 million
• Operating Cash Flow: $260 million
• Cash and Bullion: $517 million
• All-in Sustaining Cost (AISC): $2,503/oz

Outlook & Guidance

For FY 2026, Regis Resources has set a production guidance of 350,000 to 390,000 ounces of gold and an AISC guidance of $2,610 to $2,990 per ounce. The company plans growth capital expenditures of $180 to $195 million and an exploration budget of $50 to $60 million. These projections reflect the company’s commitment to maintaining financial flexibility while pursuing strategic growth opportunities.

Executive Commentary

CEO Jim Beyer highlighted the company’s strong financial position, stating, "We’re debt-free and entering FY 2026 with strong financial flexibility." He emphasized the company’s strategy of generating strong margins and reinvesting wisely, saying, "Our strategy remains clear: generate strong margins, look for opportunities, reinvest wisely."

Risks and Challenges

• Gold price volatility could impact revenue and profit margins.
• Ongoing legal proceedings for the MacPhillamy’s project may pose uncertainties.
• Inflationary pressures in the gold industry could increase operational costs.
• Exploration and development risks associated with new projects.
• Potential challenges in maintaining production levels amidst industry competition.

Q&A

During the earnings call, analysts inquired about potential cash returns to shareholders and the company’s strategies for processing stockpiles. The management also clarified expectations regarding the ramp-up of underground production and provided insights into the timeline for MacPhillamy’s project legal review. For comprehensive analysis of Regis Resources and similar companies, access InvestingPro’s exclusive research reports, which provide detailed financial analysis and expert insights for over 1,400 stocks.

Full transcript - Regis Resources Ltd CFD (RRL) Q4 2025:

Darcy, Conference Operator: Thank you for standing by, and welcome to the Regis Resources Limited Quarterly Briefing. All participants are in a listen only mode. There will be a presentation followed by a question and answer session. I would now like to hand the conference over to Mr. Jim Beyer, Managing Director and CEO.

Please go ahead.

Jim Beyer, Managing Director and CEO, Regis Resources Limited: Thanks, Darcy. Just checking that the line is working okay. All right. Thanks everybody and good morning. Thanks for joining us for the Regis Resources June and our full year FY 2025 results, although not the full financials, they will come out later in August.

Joining me today is our CFO, Anthony Rakicchi and our COO, Michael Holmes and our Head of Investor Relations, Jeff Sansom. As usual, we will refer to figures and diagrams from the quarterly report released earlier this morning. So please keep that handy as we step through the results. All right, so let’s start with safety. I’m pleased to report that our twelve month moving average lost time injury frequency rate remains low at zero 400,000 hours, well below the recent WA gold industry average of 2.2.

Now this represents one LTI, I think, which is, of course one too many, but the results also reflect our ongoing commitment to keeping our people safe and maintaining a strong culture across all our sites. On the performance, we closed out FY 2025 with a strong quarter, both operationally and financially, finishing at the top end of our production guidance and at the bottom end of our cost guidance. June production was 87,400 ounces of gold for an all in sustaining of $2,812 an ounce. Now that result takes our FY 2025 group production to 373,000 ounces, which is at the top end of our guidance range and with strong margins, thanks to our all in sustaining being at the bottom end at 25,031 for the year. In the quarter, we sold 96,800 ounces of gold at an average realized price of $5,148 an ounce, generating revenue of just under $05,000,000,000 at $498,000,000 which gave us an operating cash flow of $260,000,000 Cash and bullion through the quarter grew to $517,000,000 by thirty June, up more than $220,000,000 for the year and that is after repayment of our $300,000,000 debt back in January.

I also note that our $300,000,000 revolving credit facility remains currently undrawn. We’re ending the year debt free and in the strongest financial position the company has ever been in. Other highlights for the quarter include the release of our resource and reserves in May, which confirmed the fifth consecutive year of underground reserves growth at Juton, exceeding the depletion, a key part of our long term strategy to transition to more resilient high margin underground production. At the same time, our exploration team continues to deliver. The most recent results at Rosemont and ones we announced earlier this morning, for example, in the release, confirm extensions to our high grade mineralization down dip and down plunge with standout intercepts like zero five meter at 114 grams a ton and one meter at nearly 45 grams a ton reinforcing the quality and potential scale of the system.

This combination of consistent underground growth, a growing reserve base and strong exploration success gives us real confidence in the path ahead and supports the next phase of value creation for the business. In addition, as also announced today, we’ve also expanded our organic growth pipeline with the agreement to acquire the Southern Star gold prospect from Great Southern Mining, which is located three or four kilometers, just 3.5 kilometers south of Ben Hur Open Pit, which is currently in production. While this is a relatively small project at this stage, it is logical acquisition for us given its location to establish infrastructure and it does represent our efforts to find and extract value wherever we can where we’re operating. It also reflects our work to build strong ongoing relationships with other key stakeholders in our immediate area. When the transaction completes, we’ll commence a drilling program that we expect will convert mineralization to another production source within six months or so.

Now with that, I’ll hand over to Michael for a bit more of a detailed rundown from an operational point of view. Thanks, Michael.

Michael Holmes, COO, Regis Resources Limited: Yes. Thanks, Jim, and good morning, everyone. From an operational standpoint, the June delivered another consistent result across both sites. At Jukedan, we produced 59,300 ounces at an all in sustaining cost of $3,023 an ounce. That included 17,200 ounces from our open pits at Ben Hur, Chuy’s Well and Garden Well and 27,005 ounces from our underground mines at Garden Well and Rosemont.

The mills processed 1,920,000 tonnes at 1.07 grams per tonne with recovery steady at 89.7%, which included the processing of low grade stockpile material at both Dukedown South and North Mills. Importantly, FY twenty twenty five marked the end of the mining of the current Garden Well open Pit, a mine that has delivered over 1,400,000 ounces over fourteen years of operations. Development continued at the Garden Well mine and the Rosemont Stage Three undergrounds and both remain on track for first ore in quarter one FY twenty twenty six. Growth capital for the quarter was $50,000,000 including commencement of pre stripping of the King Of Creation Open Pit. That wasn’t in our original guidance, but it was a compelling opportunity in the current gold price environment.

At Tropicana, we delivered 28,100 ounces at an all in sustaining cost of $2,262 an ounce. Open pit production was 9,700 ounces at 1.05 grams per tonne and the undergrounds delivered 14,000 ounces at three grams per tonne. Mill throughput was 703,000 tonnes at 1.38 grams per tonne with a recovery of 90.5%. Development of the Havana underground is on track and to plan with growth capital of $1,000,000 spent during the quarter. With that, I’ll pass to Anthony for the financials.

Anthony Rakicchi, CFO, Regis Resources Limited: Thanks, Michael. This is a very satisfying finish to what has been a standout year. We sold in the quarter, we sold just under 97,000 ounces of gold at an average realized price of $5,148 an ounce, generating $498,000,000 of revenue. Operating cash flow came in at $260,000,000 in this quarter, including $173,000,000 from Juketon and $88,000,000 from Tropicana. Capital expenditure was $103,000,000 this time, including $58,000,000 at Duketon, 24,000,000 at Tropicana and $21,000,000 spent on exploration.

We also spent $2,000,000 at McPhillamy’s. We closed the quarter with $517,000,000 in cash and bullion, which is another record for Regis and the $300,000,000 revolving credit facility that we’ve got in place remains undrawn. To circle back on Tropicana and provide some context for what Michael talked about, you’ll note that the all in sustaining cost at Tropicana was lower than our guidance range and to the tune of around $300 for the year $300 an ounce. This has a lot to do with the impact of non cash stockpile adjustments, which were an overall credit for the year of around $160 an ounce. Those credits included favorable stockpile survey adjustments that resulted in a net positive non cash stockpile all in sustaining cost outcome.

Growth capital Tropicana for the quarter sorry, growth capital Tropicana for the year was only about $5,000,000 And while this is below our guidance range, it is simply a timing aspect and our increased FY twenty twenty six capital range accounts for this. The project remains on track with first stoping in the third quarter of FY twenty twenty seven. Thank you and back to you Jim.

Jim Beyer, Managing Director and CEO, Regis Resources Limited: Yes. Thanks, Anthony. Look, before we move on to our outlook, I want to touch on the Filaments and the process that we’re undertaking there. As we announced during the quarter, we have commenced our legal proceedings with the judicial review hearing being scheduled for the tenth to the December 12. We are hopeful of a constructive and sensible outcome here.

Now look, some have asked us why we continue to put our efforts into MacPhillamys after such a surprising, disappointing and frustrating decision. Well, it’s pretty simple. MacPhillamys is a great project. Look, we have withdrawn the DFS, but take a look at it and you can see what the basic details were before this decision. This is from last year and the outcomes as I said have been withdrawn.

But for $1,000,000,000 in construction, the project would be mining nearly 1,900,000 ounces of gold. It would it’s a mine that would run for nearly ten years to start with and it would produce about on average 187,000 ounces of gold per year for an average life of mine all in sustaining cost of 1,600. If you do the math on the return that, that would generate, even knowing that in the first couple of years, there’s a slightly higher AISC off the back of higher strip ratios early in the mine, this would be a mine that would be generating a significant cash flow today at the spot price. So look, we’ve really clear justification for us to continue along these lines. And in fact, in addition to the judicial review, we’ve started to do some work on what if any options might be available for alternative tailings disposal.

But this work, as we’ve said before will take a number of years to work through. For this reason, our most certain avenue is to continue to persist seeking some justice through a successful judicial review and sensible reconsideration. But as I said, we hope for the best outcome, but we also are putting work and starting to build a plan for the worst and look for alternatives, albeit that might take a few years. Now looking ahead at what we have in our hands right now, our strategy remains clear, generate strong margins, look for opportunities that we can take advantage of, reinvest wisely and where we can unlock long term value. With these strategies, the outcomes we are currently guiding on for this year of FY 2026 sees the production guidance range same as last year, 350,000 to 390,000 ounces per annum.

And the all in sustaining costs will sit in a range of $2,610 to $2,990 per ounce. Now clearly, this is a little higher than last year’s costs. However, the composition and underlying drivers of this are worth highlighting. The first is, of course, as we’ve seen in other gold miners already, there are inflationary pressures that everyone is enjoying for one of a better description and this is rolling across the industry seen amongst many of our peers as the guidance ranges start to come through. But the second is us taking advantage of the reset that we’ve seen to this higher gold price in recent in the recent year.

Now this approach or strategy is something that we’ve been cleared on a few times in recent update calls like this and that is what can we do to take advantage of high gold prices. And as you can see, we can take advantage of it and as you also can hopefully see we are. But I need to be clear that our strategy here of bringing in the higher cost, lower margin ounces that still make good money at the moment is not at the expense of our long term good ounces. We are not delaying good ounces and bringing in ordinary ones. We’re doing both what we originally planned with our good what we call our core ounces and we’re adding in marginal ones while it makes sense.

So at Juukton, while the original expectation in our plans was for FY 2026 production to probably be tracking at the lower end of our target range of 200 to two fifty. As I said for what I’d call core ounces that you see in our past presentations, with the current gold price, it’s presented an opportunity to bring in additional, albeit higher cost ounces, which in the current reset price environment are profitable and deliver additional strong positive cash flows. These additions are reflected in the higher AISC guidance, but also most importantly, as I said, they reflect stronger near term value creation opportunities. We continue to seek ways of unlocking more value for our underutilized infrastructure such as Molot Well Mill. And we, as Michael said, have accelerated new satellite pits like King of Creation.

This allows us to maximize use of extolled capacity without taking on undue additional risk or complexity. At Tropicana, production remains steady year on year, but we’re guiding lower costs relative to our guidance range last year, but costs are expected to be higher than what we reported in the FY 2025 year as we are expecting to return to the normal non cash related stockpile adjustments, not the significant credit opportunity that we got last year that Anthony has already covered. Hopefully now I think you understand the nature of our low AISC last year, but this year is returning back to normal areas. It’s still a very solid mine for us and basically continues to deliver. Now at AISC at Tropicana does reflect the improved grade profile and also we’re starting to see significant reduction or reduction over the coming year or so of the total material movement in the open pit, which of course TMMs are one of the largest cost drivers across the operation.

Broadly across our business, the growth capital guidance has stepped up a little more to 180,000,000 to $195,000,000 Now this reflects our development work at Underground Garden Wall Main and Rosemont Stage 3 as you saw. We did come in at the lower end of our guidance, so some of this is rolled into the current year. But also, as mentioned earlier, we’re undertaking additional activity across Duketon in the modest margin pits and there’s a bit of work that we’re doing there on the capital front to bring those plans forward. It’s all modest and almost certainly makes a lot of sense in the current environment. These investments are low risk near term, well understood backed up utilizing existing infrastructure.

And of course, at Tropicana, we continue to progress the Havana underground in our growth capital, which we’re expecting to see first stope productions in May 27. Exploration remains in line with last year at 50,000,000 to $60,000,000 focused on conversion, but also chasing long term opportunities and optionality in their open in potential open pits. Obviously, if our early stage exploration work proves successful, we’ll be pleased to add a little bit more to that because it will be driven by good discoveries. At Macphillamy’s, we continue to pursue legal resolution, which I mentioned before, while starting to see if we can find ways through technical studies of alternative tailing solutions. As I just explained, we see why this is a great value project.

Cost guidance range we’re giving for Macphillamy is quite wide, 10,000,000 to 20,000,000 and it does reflect the uncertainty and timing and scope depending on how our legal outcomes progress. So we’ll keep the market informed with how that would change. I wouldn’t expect anything hugely significant there, but there might be a modest change in that range depending on the success of our legal approach. So overall, while headline guidance for this year looks steady, there’s been quite a bit happening underneath and it’s all aligned to our strategy. We’re generating strong margins from our core ounces.

We’re extracting extra ounces that give opportunistic margin where we can and where the price environment supports it. We’re investing wisely and funding that with a disciplined approach. We’re building out our long life backbone of the business through underground development and putting as well obviously effort into exploration to unlock our long term sustainable value. So to wrap up, we delivered at the best ends of the FY 2025 guidance and by that I mean top end of production and the bottom end of AISC. The cash and bullion before debt repayment grew by more than $520,000,000 Now we’re debt free, we’re entering FY 2026 with strong financial flexibility.

Our growth capital is focused and disciplined with Havana, Rosemont, Gardnemore mine advancing along with near term opportunities in smaller pits at Juketan being exploited the price resets to new levels. Exploration continues to yield compelling results and we remain committed to unlocking the value at MacPhillamys and creating real long term value for our shareholders. So with that, I’ll now hand it back to Darcy and open it up for questions. Thanks, Darcy.

Darcy, Conference Operator: Thank Your first question comes from Levi Spry from UBS. Please go ahead.

Levi Spry, Analyst, UBS: Good day, Jim and team. Thanks for your time. A couple of quick follow-up questions, if I may. So firstly, just on this on costs and the inflation we’re seeing across the sector. Can you call out a number that you’re seeing across the board, I guess?

And maybe just to help us with the calculation, is it sustaining capital, is that going to be roughly flat year on year at around 100?

Jim Beyer, Managing Director and CEO, Regis Resources Limited: Well, look, first on the inflationary front, I think we’ve seen some commentary around this 4% or 5%. That’s probably not too dissimilar to us on a general inflation approach. In terms of the guidance for capital, look, we at this point, we’re not looking to give guidance beyond this year. Yes, I mean, I suspect that our numbers this year may be a little higher than what some expected, but I guess my emphasis is that that’s because we’re chasing opportunities to Gounsel’s, which will be adding a better outlook in the next year. So if we see opportunities, we might repeat that.

If we don’t see the opportunities, we won’t. So I can’t really at this point give you a quantitative guidance, but I can say qualitatively, we’ll only be chasing it if we see the value there.

Levi Spry, Analyst, UBS: Sure. Yes, that’s for additional growth capital. Okay. Thank you.

Jim Beyer, Managing Director and CEO, Regis Resources Limited: Yes.

Levi Spry, Analyst, UBS: Then a quick one for Anthony. So just on the cash going forward, is there anything we need to be aware of there? Any working capital or I guess can you confirm when you’re expecting to pay cash tax?

Anthony Rakicchi, CFO, Regis Resources Limited: Yes, Levi, working capital, no, nothing really significant along the way. But as I’ve been saying, we start to pay tax again, when we get the next tax return in. So that’ll be sort of around, February next year, February 26. So sorry, yes, February 26 is the time. And, yes, then we start making the cash payments there.

So obviously, we haven’t been paying tax for a while. We make our catch up payment there for the year ended June 25, using up the loss of losses that we’ve got and then going forward, we expect to be returning to paying monthly tax installments again.

Levi Spry, Analyst, UBS: Yes. Thank you. Good one. And last one, just back to this higher gold prices, Jim, can you and we’ve seen what you’ve been able to do at across Tewton, but what about the optionality at Tropicana? I know the plant’s full at the moment, but can you sort of help us with understanding what else that could be there in a similar line down the track once you’re exhausted stockpiles?

Jim Beyer, Managing Director and CEO, Regis Resources Limited: Yes, that’s a few years down the track yet, Levi. It’s probably safe to say that the team there that’s running the site are looking for those. I mean, first prize is all the exploration work. We can see the growth in reserves and the opportunities underground because we’ve got Boston Chica three and four, we’ve got Tropicana, we’ve Havana coming in. You can see in the presentation, we talk about some of the drilling in the underground that we’re chasing.

That is that’s really the drilling in the underground in these potential Swizzler Fault and the other various offsets, which are a bit longer dated opportunity. But I think it’s still it’s first prize that the team there is chasing is more open pit discoveries that can be added in post Havana, which is still a few years away. So yes, the team there is looking at it, and we’re all sort of hovering around the options. But at the moment, the stockpiles that are there keeping that mill full will still be there for a few years yet. That’s not to say we’re not thinking about it, but it’s not something we can at the moment, it’s just if you were going to put other alternative feeding, what you’re doing there is displacing good material with bad material and that just doesn’t with bad, I mean, lower margin and why would you do that.

Levi Spry, Analyst, UBS: Yes, got it. Okay. Thank you. Thanks for your time.

Jim Beyer, Managing Director and CEO, Regis Resources Limited: No worries. Thanks for the questions, Leroy.

Darcy, Conference Operator: Thank you. Your next question comes from Hugo Nicolache from Goldman Sachs. Please go ahead.

Hugo Nicolache, Analyst, Goldman Sachs: Good morning, Jim and Anthony. Thanks for the update this morning and congrats on a solid FY 2025 result. First one for me just around the growth capital outlook. Can just talk us through any more detail the sequencing of spend through FY 2026? How much have you got left on some of the underground versus the new open pit and sort of when we should expect those bigger chunks of capital to go out quarter by quarter?

Jim Beyer, Managing Director and CEO, Regis Resources Limited: I think what you can reasonably expect at this stage is reasonably smooth through the year. I might have said that there’s some of it sort of won’t start till later in the year, but then that’s sort of off the back of the underground is running flat chat at the moment. And then as it starts to peter down and becomes and turns into an operation and sustaining, then some of these other pits, these growth pits will kick up. I just if you’re looking at it for a general modeling, I’d just say it’s assume it’s pretty smooth over the year.

Hugo Nicolache, Analyst, Goldman Sachs: Great. Thank you. And that’s helpful as well as timing of the pits and things ramping up. And then second one, just you obviously called out the running more stockpile material. If you could just remind us the makeup of some of those stockpiles in terms of how much is on the higher end versus the lower end in terms of grade that you have to run-in FY 2026?

And how much of your FY 2026 guidance, if any, is coming out of Juukan North?

Jim Beyer, Managing Director and CEO, Regis Resources Limited: Yes. Some of the guidance is coming out of Juukton North, not a huge amount at this stage, probably maybe three or so months and four months or so. At the moment, we’re now looking for other opportunities for us to put through there. I mean, your question around a general to paint a general picture of the stockpiles, we’ve been processing certainly, let’s say, Duke to North, we’ve been processing stockpile material there now, basically all of FY 2025, I think. And those stockpiles have been up.

Some of them have been there for years and years and years. And what do you do? Well, you start at the ones that have got the best margin and you work your way down to the ones that have got the least margin. In some cases, the stockpiles that have got the same grade, but one of them might be 20 kilometers or 30 kilometers away up at Gloucester and others might be out in front of the mill. So it’s quite interesting that you actually can shift your feed around even though the grade might be better, the gold production might be lower, you might be making better ounces because it’s right next to the mill or and then that might sound confusing, but I guess the point is there are multiple options and we have to take reason we have to take care to make sure that we are exploiting each one of these remaining stockpiles in a sensible order, so that we’re starting with the most valuable down to the least valuable.

But really, the moment, that’s all pretty much done by the middle of the year, right, calendar year financial year. Down at South, there’s a few more moving parts because we’re looking for as we bring in these opportunistic stockpiles, opportunistic pits, we can park the stockpiles and leave them for another time. And bottom line is I can’t give you a crystal clear answer on it because there’s multiple moving parts that we’re managing there. And sometimes we come across material, put a few holes in it and we find something that was considered to be a pretty ordinary resource, we might firm it up and go, we’ve actually picked a few more ounces here. It makes more sense to mine that pit over the next four months than it does to process that stockpile for the next four months.

So it’s really a some real agility that the guys are using on that front, which makes it interesting, but it makes it a little bit hard to give clear guidance on how that looks. Look, think that at Juketon South, we’ve probably got about two more years of stockpiles under our current plan to be pushing through. But if we find another little open pit or we get something like the thing that we just bought this morning, that push that out because it’s more opportunistic to exploit the pit than it is to process the low grade stockpiles.

Hugo Nicolache, Analyst, Goldman Sachs: It. That’s clear. Obviously, lots of optionality there, Jim. If I can clarify, how much how many tonnes did you put through the Juukan North mill in FY twenty twenty five and for how many ounces?

Jim Beyer, Managing Director and CEO, Regis Resources Limited: Yes, I don’t have that number off the top of my head for that. We might have to take that one on notice.

Hugo Nicolache, Analyst, Goldman Sachs: No problem. Opportunistic on that one. And then just lastly, maybe one for Anthony on D and A. Just noticing that’s quite How low in the much of that is your stockpiles being run through or is there some significant adjustments to prior quarters just on the new reserve and resource statement you put out there as well?

Anthony Rakicchi, CFO, Regis Resources Limited: Yes. Not so weren’t any adjustments. What it was is that during the quarter and towards the end of the last quarter and during the quarter, we had a lot of the, open pits, amortization had while we had left capitalized for them on some of the open pits at Juketon had come to an end, at, towards the end of the financial year. So it had the impact of not as much being available to be amortized. So that’s come off a little bit, and hence pull the year back to, closer to about $1,000 an ounce, which I was on these calls, I think I was guiding to over the course of the year we’re seeing in our forecasts.

Hugo Nicolache, Analyst, Goldman Sachs: But so from a go forward perspective, is the FY 2025 total the appropriate rate or something lower closer to the fourth quarter?

Anthony Rakicchi, CFO, Regis Resources Limited: It’s similar. We’re expecting it to be a little bit less again, but still similar. But yes, not expecting it to get up above that, particularly with the open pit, like I was saying that open pit situation with those capitalized amounts having been whittled away over time.

Hugo Nicolache, Analyst, Goldman Sachs: Got it. Thank you. Appreciate everyone’s favorite topic, just more understanding than the flow through to tax and ability for returns, but appreciate that and I’ll pass it on.

Matthew Friedman, Analyst, MST Financial: Thank you.

Darcy, Conference Operator: Thank you. Your next question comes from Al Harvey from JPMorgan. Please go ahead.

Al Harvey, Analyst, JPMorgan: Yes, morning team. Just on the opportunistic pits, obviously you’ve called out King of Creation, but just kind of want to get a sense of what else you view in the belt as opportunistic. And I suppose if you’ve got stocks finishing up running through Molot well in the first half, think you said, are there any options to run mine tons through that mill in the second half in the plan?

Jim Beyer, Managing Director and CEO, Regis Resources Limited: Well, yes, there are. But at the moment, we haven’t that’s we’re looking for the right opportunities there. So if we were confident in the nature of those ounces and we were confident in their costs, we probably would have put them in our guidance. But at the moment, we’re still running the numbers on it. But what we are confident of, we have included in our guidance ranges.

And of course, if that change is materially improved, then we’ll update the guidance for that.

Al Harvey, Analyst, JPMorgan: Thanks, Jim. And just with the Southern Star acquisition, just realized it’s relatively small outlay, bit of a longer haul. Just given it’s on a mining list, is this primarily opportunistic near term open pit feed? Is it a bit of a potential boost to a Ben Hur underground in time? Or is there something else further along strike there that you like as a longer term play with your right of first offer on GSM’s exploration ground?

Jim Beyer, Managing Director and CEO, Regis Resources Limited: Yes. Look, I mean, it’s 3.5 ks away, I think, from Ben Hur. I’d love to think that it’s an extension of underground potentially, but it’s very distance. Look, we just see it in the first instance as opportunistic, quick short term ounces. It could grow to something else, it might not.

We haven’t bought it on the basis that it’s going to be $500,000 We bought it on the basis that it will be what we think it will be, which will be fairly modest. But if it grows, as you can see in the deal, there’s upside payments for that, which will actually be pretty cheap ounces if we bring them in. But look, it’s we didn’t get it on the basis of thinking that it was significant extensions or opportunistic value for Ben Hur. Basically, Ben Hur is going to work, it’s got to stand on its own.

Al Harvey, Analyst, JPMorgan: Thanks, Jim. Maybe Yes. And just finally, the Rosemont South drilling is some more good hits you called out in the section in the release down plans. Just wanting to kind of get an update on how the geos what they’re waiting to see before doing some more aggressive step out drilling?

Jim Beyer, Managing Director and CEO, Regis Resources Limited: They’re not they’re doing that. The underground drilling, if you have a look at in the release on Figure four, you can see the cross section of Rosemont. And some of the couple of the holes that I described, there’s some if you’ve got the diagram, you can see there’s some green circle dots that are off to the left of the area that’s got those stope designs around it sort of the South of the South Pit. And that’s the exploration. So the exploration, the guys are drilling that from the surface and that’s where if the area that’s got the site designs around it, we’re infill drilling there and we’re getting holes that that’s where the like for example, the zero five meter at 114 grams set, which we thought was pretty good, right?

And then it was adding it looks like it’s adding ounces to an area we’d already committed to going into. But then we’ve got a couple of results coming out from the area outside the Stage three further. If you use the terminology, it might be Stage four, we’ve stuck some holes in down there and they’re coming back with like 3.1 or 3.4, they’re coming back with the mineralization. So the exploration team is they work in this underground space, looking at this extensional work, our exploration guys and our ResDev guys actually work very closely together, so as part of that step out. So that step out that you’re talking about is actually what those green holes are doing, because that would be if that works out, that’s probably an area of production in, I don’t know, three or four years’ time.

Al Harvey, Analyst, JPMorgan: Sure, Jim. Have you got a sense of when I was probably a bit aggressive, but how soon that you could get all those green dots done? Is that like a two or three year program? Is it going to be done this year? Just trying to get a sense

Jim Beyer, Managing Director and CEO, Regis Resources Limited: of No, there won’t be two or three. We’ll keep getting results on that now and almost on a monthly basis. So stay tuned as we put at least on the quarterly basis, we’ll be able to update and give some ongoing confidence that this is just doing what we expected. Sure. Thanks, Jim.

While we’re just waiting for the other question, the back to Hugo’s query on throughput at Juukan North. I mean the mill up there is got a capacity of 2,500,000 tonnes, but that’s oxide material. The low grade material we’ve been putting through has been pretty hard. So we’ve been getting about 1,500,000 tonnes per annum through there and that’s been running at a grade of about zero five gram. So that’s given us about 20,000 ounces, a little bit over 20,000 ounces.

So that’s the sort of thing we can get through due to North with hard rock with our opportunistic works. Back to you, Darcy.

Darcy, Conference Operator: Thank you. Your next question comes from Alex Barclay from RBC. Please go ahead.

Anthony Rakicchi, CFO, Regis Resources Limited: Hi, Jim and Dave. Yes, a bit

Jim Beyer, Managing Director and CEO, Regis Resources Limited: like I was just interested

Andrew Bowler, Analyst, Macquarie: in what new pits you might bring on. But just on King Of Creation itself, what is the scale of that mine, maybe in terms of reserve or its contribution to production over the next few years?

Jim Beyer, Managing Director and CEO, Regis Resources Limited: Yes. I’ll just get Michael to maybe just talk a high level It’s not huge, but everything contributes, right? This is a game where everything adds. Michael, do

Kate McCutcheon, Analyst, Citi: you want

Jim Beyer, Managing Director and CEO, Regis Resources Limited: to put some Yes, Tim.

Michael Holmes, COO, Regis Resources Limited: It’s a relatively it’s a good little producer, but it’s only producing sort of around about that, the 30,000 ounces, for FY 2026 and then the carryover of around five to 10, the following year. So it’s only, we did a lot of preworks in FY 2025 and we’re sort of getting into it and mining it in FY 2026 carry over in FY

Jim Beyer, Managing Director and CEO, Regis Resources Limited: ’27.

Andrew Bowler, Analyst, Macquarie: Michael. Thanks. That’s all for me. Thanks guys.

Jim Beyer, Managing Director and CEO, Regis Resources Limited: Thanks, Alex.

Darcy, Conference Operator: Thank you. Your next question comes from Daniel Morgan from Baron Joey. Please go ahead.

Jim Beyer, Managing Director and CEO, Regis Resources Limited0: Hi, Jim and Tim. Thanks for the FY 2026 guidance today. I’m just wondering if you could provide a split at all on where your contribution of ore ounces or however you want to put it comes from at each of your assets between open pit and underground?

Jim Beyer, Managing Director and CEO, Regis Resources Limited: We haven’t got that breakout in that level of detail, Daniel. I think we’ll report back on that as we go, obviously. I’m not seeing a huge if you look at our operation at Juketon, at the moment, we’ve got Rosemont Underground running and we’ve got Gardenwell South Underground running. We don’t see Gardenwell Main coming into production until later this year. So the undergrounds will probably continue to contribute as much as they have done proportionally.

And no kidding, the rest is left on the surface. So I wouldn’t see any wild swings in that, not until we get the third underground mine sort of running at steady state capacity, which is later well later in the year.

Jim Beyer, Managing Director and CEO, Regis Resources Limited0: Thank you.

Jim Beyer, Managing Director and CEO, Regis Resources Limited: And Tropicana is probably just more of the same at the moment for the next few years.

Jim Beyer, Managing Director and CEO, Regis Resources Limited0: Thank you. Just my second question is, I mean, outlined some stockpile adjustments that have been made through Tropicana and the impact it had on costs during the period. Was that a great reconciliation benefit? Is there more gold in it than you had thought and that caused a write up? And my next question on that is, is that captured in your reserve statement made earlier in the year or not?

Thank you.

Jim Beyer, Managing Director and CEO, Regis Resources Limited: Look, it was really driven off the back of some beneficial additions to the ore stockpiles that weren’t planned or weren’t expected. So that allowed for we ended the year or the site ended the year with stockpiles of ore that were more than was originally planned. And as a result, we ended up putting more value on stockpiles. And picked that and that sort of was the because that’s a non cash benefit, right? We still spend the same amount of money, but as people as we sort of try to explain to people and I know you know but IASC is not a figure of cash, it actually is adjusted for stockpile movements.

So what we saw was there were minor stockpile adjustments and survey corrections and pickups through the year, which in various parts added to the existing stockpiles. It meant that some of the costs pulled out of IISC and went on to stockpiles and they’ll come back as a non cash component of the IISC over the coming years.

Jim Beyer, Managing Director and CEO, Regis Resources Limited0: Yes. I guess where I’m kind of getting to on this is your resource reserve statement is as at the December 31. And so when you’re referring to you’ve had some additions through the year, are you referring to up until that point or after like is there something that’s just happened? Like should I be adding more stockpiles than what I can see in your resource and reserve statement to my thinking on the go forward in terms of targets?

Jim Beyer, Managing Director and CEO, Regis Resources Limited: I get the question. Yes, because these are fairly modest, but they have made a difference. But with the stockpile adjustments, the it’s sort of it’s been enough to have an impact on the all in sustaining costs. But in terms of the impact on the overall resource and reserve statement for Tropicana over the next, whatever it is, seven or eight years of reserves, I don’t think it’s material. It’s helpful, there’s no doubt about it, but we’re certainly not expecting too much anymore of it.

Jim Beyer, Managing Director and CEO, Regis Resources Limited0: Okay. Thank you for your perspectives.

Jim Beyer, Managing Director and CEO, Regis Resources Limited: Thanks, Dan. Thanks for the question.

Darcy, Conference Operator: Thank you. Your next question comes from Kate McCutcheon from Citi. Please go ahead.

Kate McCutcheon, Analyst, Citi: Hi, good morning, Jim. Maybe just ask Good Sam’s question another way. So we’ve got the Garden Well Main and Rosemont Stage 3 underground coming. Do we expect tonnages to lift this year from the underground feed? Or how do we think about those underground tons at Juukan?

And then secondly, with your updated resources, when does that take your open cut life out to Richardson?

Jim Beyer, Managing Director and CEO, Regis Resources Limited: Yes. Sorry, Kate. The line is not too good there, but I think were you asking what do we expect the underground tonnes to do in the near future?

Kate McCutcheon, Analyst, Citi: That’s right. Yes.

Jim Beyer, Managing Director and CEO, Regis Resources Limited: Yes. So we’d expect them to be while we’ve just got Rosemont and Gardenwell South running, we’d expect them to be reasonably flat. But once Gardenwell South comes in, which will be later on this year, we should see stoping tons start to lift and therefore the underground tons and ounces will start to lift as well. And depending on what the balance is, that high grade material from the underground will then be certainly in Juukan South mills will be potentially displacing some low grade stockpiles that we might be feeding in opportunistically at the moment. So the basic the answer to that question is we would expect the underground tons to increase later on this year as our third underground mine starts to come into production.

And I didn’t I couldn’t pick up what the second one was, the second question.

Kate McCutcheon, Analyst, Citi: Apologies for my line. The with the updated reserves, when does that take your open cut life up to now at Juukton?

Jim Beyer, Managing Director and CEO, Regis Resources Limited: The updated reserves.

Kate McCutcheon, Analyst, Citi: Well, the one we had for year ending December 24.

Jim Beyer, Managing Director and CEO, Regis Resources Limited: Yes, we won’t I mean, we’ll be stick if we I mean, we will stick to the rhythm and the pattern, if you like, of updating our reserves with a cutoff at the December each year. But if by chance, let’s say, the drilling and the work that we’re doing at Southern Star, if we get some work done early and we can sort of satisfy ourselves, we’ve proven that up in reserves, given that that’s something new, we’d come out as soon as we know that. But we would not update the whole across the business reserves until our rhythm, which is usually has us coming out in May, late May, early June. But if something if we drill this out and we find that it’s we’ve got the numbers, then we’ll let people know straight as soon as we can that what the numbers are they can expect for it to contribute to future production. Otherwise, we just stick with our regular rhythm of reserves release.

Kate McCutcheon, Analyst, Citi: Okay. But at the moment, those open cuts sort of run into FY 2028. Is that fair?

Jim Beyer, Managing Director and CEO, Regis Resources Limited: Yes, yes. In fact, I think if you look at it and the way that it runs, it’s sort of certainly bled into well, it’s not a good word to use, but it’s progressed as well. Stockpiles and open pits at Juukan would continue contributing in FY 2029 as well.

Kate McCutcheon, Analyst, Citi: So we’ve actually been

Jim Beyer, Managing Director and CEO, Regis Resources Limited: into that year.

Darcy, Conference Operator: Okay. Thank you. And last one, when

Kate McCutcheon, Analyst, Citi: you talk about bringing in higher cost ounces, what are those exactly this year? Are those stockpiles? Is it a change to mine design?

Jim Beyer, Managing Director and CEO, Regis Resources Limited: It’s a combination of stockpiles and also some of our satellite pits that we’ve got that we’ve known about for quite some time. We may not have included them in reserves or they might be there on the periphery. And we’ve looked at it and said, these things have got we could mine it. And I’ll just give for example, we might be mining it at $3,800 an ounce. And we look at that and go, well, that’s not something we’d normally consider to be part of our regular plans.

But in the current price environment and given that we’re in and out within twelve months or similar period, we might go, all right, well, we’ll do that. We’ll develop it, we’ll bring them in and we’ll turn it over and we’ll just keep going rather than not dealing with them at all. And there’s none of them are they’re all relatively small, but like all things, small things in numbers build up.

Darcy, Conference Operator: Okay. Thank you. Thank you. Your next question comes from Andrew Bowler from Macquarie. Please go ahead.

Andrew Bowler, Analyst, Macquarie: Just following on from Kate’s question, is it fair to say production profile wise, it’s pretty flat over the year? I mean, obviously, you talked to the first three to four months having Juukan north ounces coming in, but it sounds like there’s a bit of a ramp up in higher grade tonnes through the underground in the second half. So does that mean it’s pretty flat over the

Jim Beyer, Managing Director and CEO, Regis Resources Limited: year production wise at Juukan? Yes. Yes, it is.

Andrew Bowler, Analyst, Macquarie: Yes. Copy that. And also, Mick Filamese, mean, you gave us a bit of an update there, but can you just provide some color on what your expectations are on timing? I mean, that hearing in December, is the court declaration expected pretty soon after that? Or is it likely to be well and truly into calendar year 2026, where you know where you stand on that ministerial decision?

Jim Beyer, Managing Director and CEO, Regis Resources Limited: I wish I could answer that question from a basis of factual knowledge, but I can’t. What I can say is that if we the judge will hear the various opinions in the December. We know that the judicial system sort of heads into Christmas and whether we get a judgment before Christmas is possible, but I suspect unlikely. We think that it’s probably not unreasonable to expect the decision three months. Now that could be wrong and some I was involved in something a few years ago where it took twelve months for a decision to come out.

I’d like to think this isn’t quite so complex, but you just don’t know. But we would like to think that we might get a response before the end of the March. And then if we are successful, then what happens is the decision gets set aside and then whatever the reasons were for the judicial review to be considered successful, they all have to be sort of righted and fixed by the department. And then the minister has to sit down and reconsider it and make another decision. Now, because this is these are all serious things, but what we could be looking at is the department itself, if we are if the judicial review sets aside the decision and they have to go back and deal with the issues that resulted in the decision being set aside, that could take months.

We don’t know. That could take three months. That could take all year. It’s really quite frustrating. So we will just we’ll do our best to push on.

And at the same time, as I’ve said, we hope for the best and we hope for a speedy decision on that front and a reasonable one, what we consider to be a reasonable one. But at the same time, we have to be pragmatic and we have to consider whether there is an alternative pathway. And we as we said when the previous minister made the decision almost a year ago, we think that finding an alternative tailing solution, it could take five plus years. So we’re looking at that, but there’s no guarantee that we can find an outcome for it. We’ve got some ideas, but our number one focus is getting the judicial review being successful.

But unfortunately, we just don’t have a there’s no gazetted schedule of time or anything like that, that they’re obliged to run, which is frustrating.

Andrew Bowler, Analyst, Macquarie: Okay. Yes. So all it does is cancel the old decision and then the new government, new minister has to make another decision. Understood. Thanks for that.

Jim Beyer, Managing Director and CEO, Regis Resources Limited: That’s all from me. Yes. No worries. Thanks, Andrew.

Darcy, Conference Operator: Thank you. Your next question comes from Matthew Friedman from MST Financial. Please go ahead.

Jim Beyer, Managing Director and CEO, Regis Resources Limited: Hi, Matthew.

Matthew Friedman, Analyst, MST Financial: Sure. Thank you. Good morning, Jim. And apologies if someone asked me this earlier, did miss a bit of the Q and A. And I suspect you’ll tell me to wait until August anyway in your response to this question.

But you’ve clearly locked in FY 2026 guidance that will give you a lot of confidence about the cash generation over the

Levi Spry, Analyst, UBS: next twelve months.

Matthew Friedman, Analyst, MST Financial: Wondering what the right way is to return some of that excess cash to shareholders potentially. Obviously, you’ve not been paying a lot of cash tax, so I suspect there’s not much in the way of a franking balance. So are buybacks an option, unfranked dividends, is that a preferable option? And yes, what is the thinking currently on any timing of cash returns?

Jim Beyer, Managing Director and CEO, Regis Resources Limited: Yes. Well, obviously, that’s going to be a key agenda item in upcoming board meetings as we finalize the financial accounts, get our profits sorted out and look to see what our capital management is. I think we were pretty clear in the last quarter’s results that the Board would be seriously considering its capital return options and they can take the place take the form if you like of Frank, well, I can’t take Frank because we’ve got no Frank credits as you point out. They could be un Frank, it could be a share buyback. So it’s definitely on the agenda.

Obviously, it’s a decision that has to be considered in the context of organic growth opportunities and what our requirements are. But in this strong cash generating environment that we’re in, I think it’s a good healthy discussion for us to be had with real options to consider. So that’s a pretty I guess that’s a cute way of saying, yes, it’s on the agenda. I obviously can’t give any guidance because it’s a decision that we have to make as a Board. But it’s probably safe to say that the Board recognizes we had a strong history of that in the past.

We had to stop through capital reinvestment requirements in the hedge book And the hedge book is gone, the price is up. So it’s well and truly top of the agenda.

Matthew Friedman, Analyst, MST Financial: Yes. I understand, Jim, and appreciate the color there, given that it’s obviously still a discussion point. Maybe if there’s any context you can give on how you think about what exactly is excess cash? I mean, obviously, you’ve got strong net cash position, no debt. Obviously, you want to keep your options open in the future for investment and reinvestment, but yes, any sort of guidelines around what might be excess?

Jim Beyer, Managing Director and CEO, Regis Resources Limited: Matthew. Yes. Well, as you say, we’re in a strong cash generating position. We’ve got to consider our reinvestment in organic growth and our other investments. So the answer is, I can’t give.

That’s frankly, that’s a decision that’s still up for discussion. Nice trial.

Matthew Friedman, Analyst, MST Financial: No, that’s fine. I thought I’d have a swing. Anyway, thank you very much, Jim.

Jim Beyer, Managing Director and CEO, Regis Resources Limited: It’s a nice problem to have.

Darcy, Conference Operator: Thank you. There are no further questions at this time. I’ll now hand back to Mr. Baier for closing remarks.

Jim Beyer, Managing Director and CEO, Regis Resources Limited: All right. Thanks, Darcy, and thanks, everybody. Good to get the questions rolling there. Hopefully, that’s been able to add a bit more color. As always, if you’ve got any follow-up questions, please get in touch with Jeff and we’ll see what we can do to answer them.

So thanks everybody for joining us and all the best for the rest of the day. Thank you.

Darcy, Conference Operator: Thank you. That does conclude our conference for today. Thank you for participating. You may now disconnect.

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