Regis Resources (RRL) H2 2024 earnings summary

Executive summary

• A Section 10 declaration over the McPhillamys project led to a AUD 192 million impairment and removal of 1.89 million ounces of reserves, significantly impacting group ore reserves and future project value.

• Achieved record operational and financial results in FY24, with strong profitability, record operating cash flow, and a cash and bullion balance of AUD 295 million as of June 30, 2024.

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

Financial highlights

• FY24 sales revenue reached AUD 1,262 million, up from AUD 1,134 million in FY23, driven by higher gold prices despite lower production.

• Record cash and bullion of AUD 295 million at year-end, with AUD 140 million added in H2 2024.

• Operating cash flow reached a record AUD 475 million, with AUD 349 million generated in H2 post-hedge closeout.

• Underlying EBITDA was AUD 421 million (up from AUD 402 million), while reported EBITDA was AUD 297 million, impacted by non-cash impairments.

• Statutory net loss after tax was AUD 196 million, driven by impairment and one-off items.

Outlook and guidance

• FY25 gold production guidance is 350–380 koz at group AISC of AUD 2,440–2,740/oz, with continued stockpile drawdowns.

• Growth capital expenditure expected at AUD 110–125 million and exploration spend at AUD 50–60 million.

• Guidance for McPhillamys spending withdrawn pending further review.