Regis Resources (RRL) H1 2025 earnings summary

Executive summary

• Achieved a net profit after tax of $88M for H1 FY25, reversing a prior year loss and marking a significant financial turnaround.

• Record cash flow and cash/bullion balance driven by robust gold sales, high gold prices, and strong operational performance.

• Gold production totaled 195,801–196,000 ounces at an all-in sustaining cost (AISC) of $2,403/oz, with Duketon and Tropicana as core contributors.

• Maintained safe operations with a lost-time injury frequency rate of 0.4, better than industry averages, and no significant environmental incidents.

• Major development projects at Garden Well Main, Rosemont Stage 3, and Havana Underground are progressing, with Havana targeting commercial production in early 2027.

Financial highlights

• Net profit after tax of $88M, a turnaround from a $92M loss in the prior period; EBITDA rose 472% to $359M with a 46% margin.

• Sales revenue increased 41% year-over-year to $777M, with an average realized gold price up 51% to $3,932/oz.

• Operating cash flow surged to $348M, and cash and bullion at period end reached $529M.

• Net cash and bullion position improved to $229M at period end, moving from net debt.

• Earnings per share improved to 11.7cps, compared to a loss in the prior period.

Outlook and guidance

• FY25 production guidance remains at 350,000–380,000 ounces with AISC of $2,440–2,740/oz.

• Growth capital guidance of $120–135M and exploration spend of $50–60M for FY25.

• Garden Well Main and Rosemont Stage 3 underground mines targeting combined annual gold production of 100–120koz from FY27; Havana Underground commercial production expected in early 2027.

• No interim dividend declared for the half-year; board to consider dividend restart at year-end.

• Management expects continued strong cash generation and profitability if gold prices remain favorable.