Regis Resources (RRL) Q4 2024 earnings summary

Executive summary

• Achieved a full year with zero lost time injuries, reflecting strong safety performance.

• Delivered record cash flow and cash/bullion build, fully leveraged to gold price after hedge book closure.

• Operations recovered from prior weather impacts, though not fully, with Duketon rebounding faster than Tropicana.

• Commenced development of Garden Well Main and Rosemont Stage 3 underground extensions.

• Released McPhillamys DFS, confirming a long-life, low-cost open-pit project with robust financials.

Financial highlights

• Produced 106,700 ounces of gold in the quarter at an all-in sustaining cost (AISC) of AUD 2,247/oz.

• Sold nearly 115,000 ounces at a record average price of AUD 3,528/oz, generating AUD 404 million in gold sales revenue.

• Achieved record operating cash flow of AUD 166 million and record cash/bullion balance of AUD 295 million at June 30.

• Benefited by AUD 48 million from timely hedge book buyout.

• Received a one-time AUD 20 million tax refund under ATO's loss carryback offset.

Outlook and guidance

• FY 2025 group production guidance: 350,000–380,000 ounces at AISC of AUD 2,440–2,740/oz (approx. AUD 150/oz non-cash component).

• Duketon guidance: 220,000–240,000 ounces at AISC of AUD 2,520–2,800/oz, with growth capital of AUD 110–120 million.

• Tropicana guidance: 130,000–140,000 ounces at AISC of AUD 2,300–2,600/oz, minimal growth capital.

• Growth capital for FY 2025: AUD 110–125 million, mainly for Duketon undergrounds; exploration AUD 50–60 million; McPhillamys AUD 15–20 million.

• Tropicana production expected to be stronger in H1 FY 2025, with normalization anticipated over time.