Regis Delivers 373koz Gold at $2,531/oz AISC, Eyes $180M Growth in FY26

Strong FY25 Operational Performance

Regis Resources Limited (ASX – RRL) has reported a solid finish to its 2025 financial year, delivering gold production of 373,000 ounces, which sits near the top end of its guidance range of 350,000 to 380,000 ounces. The company’s all-in sustaining costs (AISC) came in at A$2,531 per ounce, comfortably within the forecasted range, underscoring operational discipline across its key assets.

The Duketon operation produced 233,000 ounces at an AISC of A$2,775/oz, while Tropicana contributed 140,000 ounces at a notably lower AISC of A$2,039/oz. Both sites demonstrated steady output, with Duketon’s underground mines continuing to grow reserves faster than depletion for the fifth consecutive year.

Robust Financial Position Bolstered by Gold Prices

Financially, Regis strengthened its balance sheet significantly, ending FY25 with a combined cash and bullion position of A$517 million. This represents a net build of A$222 million over the year, even after repaying A$300 million in debt earlier in January 2025. The company generated operating cash flow of A$260 million, driven by strong gold sales of 96,800 ounces at an average realised price of A$5,148 per ounce.

Capital expenditure for the year totaled A$103 million, including A$21 million dedicated to exploration activities. Notably, growth capital spend was focused on advancing underground development and pre-strip activities at key projects such as Garden Well Main, Rosemont Stage 3, and the King of Creation open pit, which is expected to contribute to FY26 production.

FY26 Outlook – Steady Production with Increased Growth Investment

Looking ahead, Regis has provided FY26 guidance that maintains production between 350,000 and 380,000 ounces, with AISC expected to range from A$2,610 to A$2,990 per ounce. The company plans to increase growth capital expenditure to between A$180 million and A$195 million, reflecting its strategy to reinvest in low-risk growth and opportunistic production opportunities.

Exploration budgets remain robust at A$50 million to A$60 million, supporting ongoing resource conversion and greenfield programs. Regis also anticipates spending between A$10 million and A$20 million on the McPhillamys project, where legal uncertainty persists due to a Federal Section 10 declaration under the Aboriginal and Torres Strait Islander Heritage Protection Act.

Strategic Growth and Legal Challenges

In July 2025, Regis agreed to acquire the Southern Star gold prospect from Great Southern Mining for an upfront payment of A$4 million, with contingent payments tied to gold price and mineralisation discoveries. Southern Star, located near the Ben Hur open pit, offers promising near-surface mineralisation with ongoing drilling expected to define a maiden resource within six months.

Meanwhile, Regis continues to pursue a judicial review of the Federal Minister’s Section 10 declaration affecting the McPhillamys Gold Project. The court hearing is scheduled for December 2025, and the outcome remains a key uncertainty for the company’s medium-term plans.

Exploration Success Reinforces Resource Base

Exploration results at the Rosemont underground mine have confirmed high-grade mineralisation extending down-dip and down-plunge, supporting resource growth and mine life extension. The company’s disciplined drilling programs across Duketon and Tropicana continue to underpin its long-term production profile, with underground reserve growth consistently outpacing depletion.

Regis’ approach balances near-term cash generation with strategic reinvestment, positioning the company to capitalize on the current favourable gold price environment while maintaining a strong safety record and environmental compliance.