Regis Resources (RRL) Q4 2024 earnings summary

Executive summary

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

• June quarter gold production reached 106,700 ounces at an AISC of AUD 2,247/oz, with FY24 group output of 417,700 ounces at AUD 2,286/oz, both within guidance despite weather disruptions.

• Record quarterly operating cash flow of AUD 166 million and cash/bullion position of AUD 295 million after AUD 50 million capex and AUD 16 million exploration/McPhillamys spend.

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

• McPhillamys DFS released post-quarter, confirming a long-life, low-cost open pit project with robust financial metrics.

Financial highlights

• June quarter gold sales: 114,500 ounces, generating AUD 404 million at an average realized price of AUD 3,528/oz.

• FY24 group AISC was AUD 2,286/oz, including AUD 91/oz of non-cash stockpile movement costs.

• Record cash and bullion balance grew by AUD 109 million to a record AUD 295 million at June 30.

• Record operating cash flow: AUD 166 million (Duketon: AUD 106 million, Tropicana: AUD 60 million).

• Received a AUD 20 million tax refund in April 2024 under the ATO's Loss Carry Back tax offset provisions.

Outlook and guidance

• FY25 group production guidance: 350,000–380,000 ounces at AISC of AUD 2,440–2,740/oz (includes ~AUD 150/oz non-cash inventory adjustment).

• Duketon FY25: 220,000–240,000 ounces at AISC AUD 2,520–2,800/oz; growth capex AUD 110–120 million.

• Tropicana FY25: 130,000–140,000 ounces at AISC AUD 2,300–2,600/oz; minimal growth capex.

• Growth capital (group): AUD 110–125 million; exploration AUD 50–60 million; McPhillamys AUD 15–20 million.

• Tropicana production expected to improve, with H1 FY25 anticipated to be stronger than H2.