Strong Production Delivery
Group gold production of 96,600 ounces in the December quarter, with Duketon contributing 57,600 oz (≈59.7%) and Tropicana 39,000 oz (≈40.3%). Delivery was in line with plan across open pit and underground operations.
Robust Cash Generation and Liquidity Build
Operating cash flow of $419 million for the quarter. Cash and bullion increased by $255 million to $930 million at 31 December, an increase of approximately 38% quarter-on-quarter (from ~$675M to $930M).
High Realized Price and Revenue
Gold sales just under 100,000 oz at an average realized price of $6,436/oz, generating $641 million in revenue for the quarter.
Resumption of Shareholder Returns
Resumed dividends, declaring and paying a fully franked dividend of $0.05 per share, returning $38 million to shareholders. Total dividends paid since 2013 now $580 million; company to release a formal capital allocation policy with the half-year results.
Attractive Project Economics — BuckWell
BuckWell open pit project: 221,000 oz recoverable at an average AISC of $3,524/oz; pretax NPV of $270 million and IRR of 127% at consensus price (A$5,387/oz). Management noted NPV would more than double at higher spot prices (example cited A$7,125/oz).
Focused Investment in Growth and Development
Quarterly capital expenditure of $115 million (advancing Garden Well Main, Rosemont Stage 3, BuckWell early works and Tropicana undergrounds). Underground development at Duketon totaled 3,896 meters, ~40% classified as capital development.
Increased Exploration Program Backed by Results
Exploration spend in the quarter was $19 million. Management increased FY'26 exploration guidance by ~$20 million to a new range of $70–$80 million, driven by successful early-stage results (notably at Beamish and other targets).
Strong Safety Performance
12-month average lost time injury frequency rate (LTIFR) of 0.34, which remains well below the Western Australian gold industry average.
Unhedged Position — Leveraged to Gold Price Upside
Regis remains unhedged, providing full leverage to gold price movements and supporting upside potential to cash flow and project NPVs.