Regis Resources (RRL) H2 2024 earnings summary

Executive summary

• Record operating cash flow of $475M and cash and bullion of $295M as of June 30, 2024, were achieved despite significant impairments and hedge book closure costs, with strong ESG outcomes and robust core asset performance.

• Statutory net loss after tax was $186M–$196M, primarily due to $192M–$194M non-cash impairments related to McPhillamys and hedge delivery losses.

• Gold production totaled 418koz at an AISC of $2,286/oz, with gold sales of $1,263M from 424koz sold at an average realized price of $2,976/oz (including hedge impact).

• Delivered meaningful ESG outcomes, including increased female representation and expanded renewable energy capacity.

Financial highlights

• FY24 sales revenue reached $1,263M, up 11% year-over-year, driven by a 20% higher average realized gold price.

• Underlying EBITDA was $421M (margin 33%), while reported EBITDA was $297M, impacted by impairments.

• Net debt position was $5M at year-end, with $300M in corporate debt maturing June 2025 and $295M in cash and bullion.

• Operating cash flow reached a record $475M, with $140M in cash and bullion added in H2 2024.

• Basic loss per share was (24.6) cps, compared to (3.2) cps in FY23.

Outlook and guidance

• FY25 production guidance is 350–380koz at a group AISC of $2,440–$2,740/oz, including $150/oz of non-cash stockpile draw.

• Growth capital expenditure for FY25 expected at $110M–$125M, with exploration spend at $50M–$60M; McPhillamys expenditure under review.