Announcement • May 06
Regis Resources Limited (ASX:RRL) entered into scheme of arrangement to acquire Vault Minerals Limited (ASX:VAU) in a merger of equals transaction for AUD 5.1 billion. Regis Resources Limited (ASX:RRL) entered into scheme of arrangement to acquire Vault Minerals Limited (ASX:VAU) in a merger of equals transaction for AUD 5.1 billion on May 5, 2026. The consideration consists of common equity of Regis Resources Limited at a ratio of 0.6947 per common equity of Vault Minerals Limited. In case of termination of transaction, Regis Resources Limited will pay a termination fee of AUD 50.70 million and seller will pay a termination fee of AUD 50.70 million.
The transaction is subject to approval of merger agreement by target board, approval of offer by acquirer board, approval of offer by target shareholders and subject to court approval, regulatory approval and approval of Australian Competition and Consumer Commission . The deal has been unanimously approved by the board of Regis Resources Limited and Vault Minerals Limited. The Independent Expert (appointed by Vault) is required to conclude that the Scheme is in the best interests of Vault shareholders for the transaction to proceed. The expected completion of the transaction is August 1, 2026 to September 30, 2026. The combined company will be led by Russell Clark as Non-Executive Chairman and Jim Beyer as Managing Director and Chief Executive Officer, Anthony Rechichi as Chief Financial Office and Michael Holmes as Chief Operating Officer.
Goldman Sachs Pty Ltd acted as financial advisor for Regis Resources Limited. Azure Capital Pty Ltd. acted as financial advisor for Regis Resources Limited. King & Wood Mallesons, Australia Branch acted as legal advisor for Regis Resources Limited. RBC Capital Markets, Australia acted as financial advisor for Vault Minerals Limited. Corrs Chambers Westgarth acted as legal advisor for Vault Minerals Limited. Board Change • May 01
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. 2 highly experienced directors. Independent Non-Executive Director Paul Arndt was the last director to join the board, commencing their role in 2022. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Announcement • Apr 08
Regis Resources Limited to Report Q3, 2026 Results on Apr 23, 2026 Regis Resources Limited announced that they will report Q3, 2026 results on Apr 23, 2026 Announcement • Feb 03
Regis Resources Limited to Report First Half, 2026 Results on Feb 19, 2026 Regis Resources Limited announced that they will report first half, 2026 results on Feb 19, 2026 Announcement • Jan 07
Regis Resources Limited to Report Q2, 2026 Results on Jan 22, 2026 Regis Resources Limited announced that they will report Q2, 2026 results on Jan 22, 2026 Board Change • Dec 24
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. 2 highly experienced directors. Independent Non-Executive Director Paul Arndt was the last director to join the board, commencing their role in 2022. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Announcement • Oct 07
Regis Resources Limited to Report Q1, 2026 Results on Oct 23, 2025 Regis Resources Limited announced that they will report Q1, 2026 results on Oct 23, 2025 Reported Earnings • Aug 22
Full year 2025 earnings released: EPS: AU$0.34 (vs AU$0.25 loss in FY 2024) Full year 2025 results: EPS: AU$0.34 (up from AU$0.25 loss in FY 2024). Revenue: AU$1.65b (up 31% from FY 2024). Net income: AU$254.4m (up AU$440.4m from FY 2024). Profit margin: 15% (up from net loss in FY 2024). The move to profitability was primarily driven by higher revenue. Revenue is forecast to stay flat during the next 3 years compared to a 5.4% growth forecast for the Metals and Mining industry in Australia. Over the last 3 years on average, earnings per share has increased by 45% per year but the company’s share price has only increased by 36% per year, which means it is significantly lagging earnings growth. Announcement • Jul 21
Regis Resources Limited (ASX:RRL) agreed to acquire Mining Licence M38/1299 of Southern Star gold prospect from Great Southern Mining Limited (ASX:GSN) for AUD 9 million. Regis Resources Limited (ASX:RRL) agreed to acquire Mining Licence M38/1299 of Southern Star gold prospect from Great Southern Mining Limited (ASX:GSN) for AUD 9 million on July 21, 2025. An upfront cash consideration of AUD 4 million will be paid by Regis Resources Limited upon transfer of license. Regis Resources Limited will pay an earnout/contingent payment of AUD 5 million cash upon the gold price at the commencement of mining and the declaration of a JORC Ore Reserve greater than 150,000 ounces of gold. As part of consideration, AUD 9 million is paid towards assets of Mining Licence M38/1299 of Southern Star gold prospect. Announcement • Jul 07
Regis Resources Limited to Report Fiscal Year 2025 Results on Jul 21, 2025 Regis Resources Limited announced that they will report fiscal year 2025 results on Jul 21, 2025 Announcement • May 26
Suitors Reportedly Consider to Buy Bellevue Gold Evolution Mining Limited (ASX:EVN), Northern Star Resources Limited (ASX:NST) and Regis Resources Limited (ASX:RRL) are three of the groups believed to be in a data room considering a deal to buy Bellevue Gold Limited (ASX:BGL), sources say. Exactly how serious the parties are remains to be seen, with sources suggesting most would look at the business to assess what was on offer as an educational -exercise at the very least. However, of those, Northern Star was thought to be the most likely buyer. Offshore groups were also taking a look. Given that Bellevue Gold was out of the money on its hedge book, it made a deal difficult to stack up, market experts say. Already, Bellevue, advised by UBS, has said it has had informal approaches, and rather than running a formal sale process, it is offering certain parties access to a data room. The $1 billion gold company that has the Bellevue Gold Project in Western Australia is considering a sale after downgrading its production guidance, closing out part of its goldmining hedge book, raising equity and flagging changes to the group's board and executive team. Australian peers are now interested in buying Bellevue to secure more production at a time when gold's price increases show no sign of abating, rather than for synergies. The management of Regis Resources is conservative and is bidding for the EMR Capital-backed Ravenswood goldmine near-by. It would have capacity to buy one or the other, but not both. Northern Star would be one of the only Australian groups with synergies, because it could shut down the Bellevue Gold mill and feed ore into its WA Thunderbox gold facility, which is under--utilised, say experts. Northern Star's challenge is that it has just purchased De Grey Mining. Announcement • May 14
Regis, United Tractors Reportedly Line Up as the Last Two Suitors in $2 Billion Gold Mine Auction The contest for the $2 billion Ravens-wood gold mine in Queensland is understood to have narrowed to just two suitors. The final parties in the competition are believed to be ASX-listed gold miner Regis Resources Limited (ASX:RRL) and PT United Tractors Tbk (IDX:UNTR), based in Indonesia. Speculation in the market is that China's Chifeng is no longer in the race. Working as an adviser to United Tractors is Standard Chartered, while Regis is working with Greenhill. The share price of Regis, worth $3.3 billion, has rallied in recent months as the gold price trades at record prices, although both have retreated in recent days. The company, led by Jim Beyer, has been eyeing acquisition opportunities in the past year as it positions itself for growth. Mr. Beyer over his career has had a reputation for being disciplined about price, although some shareholders at the time believed he may have overpaid for the Tropicana mine acquisition. However, over time the deal has proved to be lucrative. Regis purchased a 30% stake in the Tropicana gold mine from IGO in 2022 for $900 million. If Regis ends up the buyer of Ravenswood, the company would likely need to raise equity. Mr. Beyer will no doubt need to strike the balance between ensuring that the company is well positioned for growth while staying disciplined on price. He has been in the top job at Regis for almost seven years, and there are questions over how long he may want to continue at the helm. An acquisition of Ravenswood means he likely stays for some time to bed the deal down, but if he's keen to exit a M&A transaction would unlikely be on his agenda. One solution could be a move into the chairman's seat, replacing James Mactier who has been in the top boardroom position also for seven years. Final offers for Ravenswood, up for sale by UBS and Azure Capital, are due in about a week. Crimping demand has been the Ravenswood mine's gold hedge book, which is said to be at least $300 million out of the money on the back of the soaring price of gold, and some operational challenges at the mine. But weighing in its favour is that gold has recently hit record prices beyond $5,000 an ounce due to geopolitical uncertainty. There are also few other quality gold assets for sale, other than the nearby Bellevue Gold, which Regis is expected to bid for if it misses out on Ravenswood. Announcement • Apr 07
Regis Resources Limited to Report Q3, 2025 Results on Apr 30, 2025 Regis Resources Limited announced that they will report Q3, 2025 results on Apr 30, 2025 Announcement • Feb 10
Regis Resources Taps Greenhill for Sale of Ravenswood Gold Mine Regis Resources Limited (ASX:RRL) has tapped investment bank Greenhill for its pursuit of the $2bn Ravenswood gold mine that is up for sale through EMR Capital Pty. Ltd. and Golden Energy and Resources Pte. Ltd. First round bids for the Queensland asset are due later this month in a contest that will see Australian miners go up against foreign suitors for one of the country's most valuable assets producing the precious metal. Other Australian miners taking a look are Evolution Mining Limited (ASX:EVN) and Gold Road Resources Limited (ASX:GOR). Sources believe overseas suitors will be most motivated to buy Ravenswood. While the US-based Greenhill has hitched its wagon to the Jim Beyer-led Regis, Deutsche Bank is also believed to be close to the action, searching for a bidder to help finance, but it is yet to commit to any one group. Announcement • Feb 07
Regis Resources Limited to Report First Half, 2025 Results on Feb 20, 2025 Regis Resources Limited announced that they will report first half, 2025 results on Feb 20, 2025 Announcement • Jan 08
Regis Resources Limited to Report Q2, 2025 Results on Jan 23, 2025 Regis Resources Limited announced that they will report Q2, 2025 results Pre-Market on Jan 23, 2025 Announcement • Nov 22
Ravenswood Gold Mine Owners Reportedly Kick Off $2 Billion Sale Campaign EMR Capital Pty. Ltd. and Golden Energy and Resources Pte. Ltd. (GEAR) are understood to have fired the starting gun for the $2 billion sale process of its Ravenswood Gold Mine, with promotional material now in the market. It is understood that flyers have hit the desks of prospective suitors in recent days. Of the potential Australian bidders, the name that continues to surface the most is Regis Resources Limited (ASX:RRL), but many are doubtful that Regis will be prepared to meet its price expectations, when other foreign suitors would be more likely to do so. Among them is Harmony Gold Mining Company Limited (JSE:HAR) out of South Africa that is understood to have expressed interest in Ravenswood, which is up for sale through Azure Capital and UBS. The sale process will run through the Christmas period and into the new year. Ravenswood is half-owned by Golden Energy Resources (GEAR), a Singapore company backed by Indonesian money, and EMR Capital. The understanding is that both owners are keen to divest their interests. The owners have seen strong interest on the back of the rising gold price. Announcement • Oct 23
Harmony Gold Reportedly Eyes $2 Billion Ravenswood Gold Mine Harmony Gold Mining Company Limited (JSE:HAR) is understood to have expressed interest in an acquisition of the $2 billion Ravenswood Gold Mine that being sold by EMR Capital Pty. Ltd. and Golden Energy and Resources Pte. Ltd. DataRoom understands that the $11 billion South African-listed gold miner is keen to buy the Queensland asset that Azure Capital and UBS have been appointed to sell. Market sources say that a deal would make sense for Harmony, given that its share price has been on a tear on the back of the record gold price and it has the cash to pay for the gold mine. Harmony is likely to come up against Australian-listed gold miners like Regis Resources Limited (ASX:RRL), Gold Road Resources Limited (ASX:GOR) and Capricorn Metals Ltd. (ASX:CMM), while Emerald Resources NL (ASX:EMR) may be interested. Northern Star Resources Limited (ASX:NST) and Evolution Mining Limited (ASX:EVN) may also take a look. Announcement • Oct 10
Regis Resources Limited to Report Q1, 2025 Results on Oct 24, 2024 Regis Resources Limited announced that they will report Q1, 2025 results on Oct 24, 2024 Announcement • Aug 24
Regis Resources Limited Provides Group Production Guidance for the Fiscal Year 2025 Regis Resources Limited provided group production guidance for the fiscal year 2025. For the year, the company expects group production of 350 koz to 380 koz. Reported Earnings • Aug 22
Full year 2024 earnings released: AU$0.25 loss per share (vs AU$0.032 loss in FY 2023) Full year 2024 results: AU$0.25 loss per share (further deteriorated from AU$0.032 loss in FY 2023). Revenue: AU$1.26b (up 11% from FY 2023). Net loss: AU$186.0m (loss widened AU$161.7m from FY 2023). Revenue is forecast to stay flat during the next 3 years compared to a 1.8% growth forecast for the Metals and Mining industry in Australia. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 117 percentage points per year, which is a significant difference in performance. Announcement • Aug 22
Regis Resources Limited, Annual General Meeting, Nov 21, 2024 Regis Resources Limited, Annual General Meeting, Nov 21, 2024. Announcement • Aug 12
Regis Resources Limited to Report Fiscal Year 2024 Results on Aug 22, 2024 Regis Resources Limited announced that they will report fiscal year 2024 results Pre-Market on Aug 22, 2024 Announcement • Jul 08
Regis Resources Limited to Report Q4, 2024 Results on Jul 25, 2024 Regis Resources Limited announced that they will report Q4, 2024 results on Jul 25, 2024 Announcement • Apr 03
Regis Resources Limited to Report Q3, 2024 Results on Apr 24, 2024 Regis Resources Limited announced that they will report Q3, 2024 results on Apr 24, 2024 Reported Earnings • Feb 23
First half 2024 earnings released: AU$0.12 loss per share (vs AU$0.04 loss in 1H 2023) First half 2024 results: AU$0.12 loss per share (further deteriorated from AU$0.04 loss in 1H 2023). Revenue: AU$550.1m (up 2.6% from 1H 2023). Net loss: AU$91.8m (loss widened 204% from 1H 2023). Revenue is forecast to grow 2.3% p.a. on average during the next 3 years, while revenues in the Metals and Mining industry in Australia are expected to remain flat. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 104 percentage points per year, which is a significant difference in performance. Announcement • Feb 13
Regis Resources Limited to Report First Half, 2024 Results on Feb 22, 2024 Regis Resources Limited announced that they will report first half, 2024 results on Feb 22, 2024 Buying Opportunity • Jan 17
Now 22% undervalued Over the last 90 days, the stock is up 25%. The fair value is estimated to be AU$2.63, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 15% over the last 3 years. Meanwhile, the company became loss making. Revenue is forecast to grow by 3.8% in a year. Earnings is forecast to grow by 81% in the next year. Announcement • Jan 15
Regis Resources Limited to Report Q2, 2024 Results on Jan 25, 2024 Regis Resources Limited announced that they will report Q2, 2024 results on Jan 25, 2024 New Risk • Oct 18
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 2.3% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. This is currently the only risk that has been identified for the company. Announcement • Oct 16
Regis Resources Limited to Report Q1, 2024 Results on Oct 26, 2023 Regis Resources Limited announced that they will report Q1, 2024 results on Oct 26, 2023 Announcement • Oct 11
Regis Resources Limited Announces Change of Chief Operating Officer Regis Resources Ltd. advised that it has appointed experienced mining engineer Michael Holmes as Chief Operating Officer following the resignation of Stuart Gula from the position. Stuart joined Regis in December 2019, and was pivotal in lifting the Company's safety focus and playing a key role in leading the Company through COVID. His leadership with the Duketon team allowed Regis to continue to operate safely and effectively. Michael is a mining engineer with more than 30 years of mining experience working in Australia, New Zealand, the Philippines, and North and South America. Most notably, from 2012 to late 2021 he was the COO, and then President and CEO of ASX/TSX-listed OceanaGold Corporation which in 2021 had revenue of US$745 million and EBITDA of USD 330 million. Michael brings domestic and international operational experience in underground and open pit mines. During his time at OceanaGold Corporation as COO and CEO, Michael was heavily involved in growing the business from two assets to four global operations and delivering on growth expectations. This work included mine life extensions, advancement of key mining projects and advancement of strategic objectives while setting up the business to deliver long-term value for shareholders, while also maintaining responsible mining and best ESG practices. Most recently Michael was the CEO of ASX Junior, Australian Mines Ltd. Michael will commence with the Company on November 1, 2023. Announcement • Aug 24
Regis Resources Limited, Annual General Meeting, Nov 23, 2023 Regis Resources Limited, Annual General Meeting, Nov 23, 2023. New Risk • Aug 24
New major risk - Revenue and earnings growth Earnings have declined by 37% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. This is currently the only risk that has been identified for the company. Reported Earnings • Aug 24
Full year 2023 earnings released: AU$0.032 loss per share (vs AU$0.018 profit in FY 2022) Full year 2023 results: AU$0.032 loss per share (down from AU$0.018 profit in FY 2022). Revenue: AU$1.13b (up 12% from FY 2022). Net loss: AU$24.3m (down 277% from profit in FY 2022). Revenue is forecast to stay flat during the next 3 years compared to a 2.3% growth forecast for the Metals and Mining industry in Australia. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 66 percentage points per year, which is a significant difference in performance. Announcement • Aug 18
Regis Resources Limited to Report Fiscal Year 2023 Results on Aug 24, 2023 Regis Resources Limited announced that they will report fiscal year 2023 results Pre-Market on Aug 24, 2023 Announcement • Jul 07
Regis Resources Limited to Report Q4, 2023 Results on Jul 27, 2023 Regis Resources Limited announced that they will report Q4, 2023 results on Jul 27, 2023 Reported Earnings • Feb 24
First half 2023 earnings released: AU$0.04 loss per share (vs AU$0.035 profit in 1H 2022) First half 2023 results: AU$0.04 loss per share (down from AU$0.035 profit in 1H 2022). Revenue: AU$537.3m (up 9.9% from 1H 2022). Net loss: AU$30.2m (down 214% from profit in 1H 2022). Revenue is forecast to grow 3.4% p.a. on average during the next 3 years, while revenues in the Metals and Mining industry in Australia are expected to remain flat. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 47 percentage points per year, which is a significant difference in performance. Announcement • Feb 13
Regis Resources Limited to Report First Half, 2023 Results on Feb 23, 2023 Regis Resources Limited announced that they will report first half, 2023 results on Feb 23, 2023 Announcement • Jan 10
Regis Resources Limited to Report Q2, 2023 Results on Jan 25, 2023 Regis Resources Limited announced that they will report Q2, 2023 results on Jan 25, 2023 Board Change • Dec 02
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. No highly experienced directors. Independent Non Executive Director Lynda Burnett was the last director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Upcoming Dividend • Oct 05
Upcoming dividend of AU$0.02 per share Eligible shareholders must have bought the stock before 12 October 2022. Payment date: 28 October 2022. The company is paying out more than 100% of its profits and is paying out 86% of its cash flow. Trailing yield: 1.2%. Lower than top quartile of Australian dividend payers (7.0%). Lower than average of industry peers (9.8%). Reported Earnings • Aug 26
Full year 2022 earnings released: EPS: AU$0.018 (vs AU$0.26 in FY 2021) Full year 2022 results: EPS: AU$0.018 (down from AU$0.26 in FY 2021). Revenue: AU$1.02b (up 24% from FY 2021). Net income: AU$13.8m (down 91% from FY 2021). Profit margin: 1.4% (down from 18% in FY 2021). Over the next year, revenue is forecast to grow 9.2%, compared to a 85,782% growth forecast for the Metals and Mining industry in Australia. Over the last 3 years on average, earnings per share has fallen by 40% per year but the company’s share price has only fallen by 31% per year, which means it has not declined as severely as earnings. Valuation Update With 7 Day Price Move • Jun 24
Investor sentiment deteriorated over the past week After last week's 18% share price decline to AU$1.53, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 8x in the Metals and Mining industry in Australia. Total loss to shareholders of 67% over the past three years. Valuation Update With 7 Day Price Move • Apr 14
Investor sentiment improved over the past week After last week's 17% share price gain to AU$2.34, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 10x in the Metals and Mining industry in Australia. Total loss to shareholders of 46% over the past three years. Reported Earnings • Feb 24
First half 2022 earnings: EPS in line with analyst expectations despite revenue beat First half 2022 results: EPS: AU$0.035 (down from AU$0.17 in 1H 2021). Revenue: AU$488.8m (up 22% from 1H 2021). Net income: AU$26.5m (down 69% from 1H 2021). Profit margin: 5.4% (down from 21% in 1H 2021). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 1.1%. Over the next year, revenue is forecast to grow 18%, compared to a 761% growth forecast for the industry in Australia. Over the last 3 years on average, earnings per share has fallen by 15% per year but the company’s share price has fallen by 29% per year, which means it is performing significantly worse than earnings. Announcement • Feb 22
Regis Resources Limited Decided Not to Declare an Interim Dividend Regis Resources Limited announced After considering the first half of FY22 operating and financial performance along with the ongoing capital investment activity at both Duketon and Tropicana, the Board decided not to declare an interim dividend. Announcement • Feb 15
Regis Resources Limited to Report Q2, 2022 Results on Feb 22, 2022 Regis Resources Limited announced that they will report Q2, 2022 results Pre-Market on Feb 22, 2022 Valuation Update With 7 Day Price Move • Jan 27
Investor sentiment deteriorated over the past week After last week's 17% share price decline to AU$1.75, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 10x in the Metals and Mining industry in Australia. Total loss to shareholders of 62% over the past three years. Announcement • Jan 24
Regis Resources Limited Revises Production Guidance for the Fiscal Year 2021 Regis Resources Limited revised production guidance for the fiscal year 2021. For the year, the company expects total production for the Company in the range of 420-475,000oz. (previously 460 - 515,000oz). Announcement • Nov 22
Regis Resources Limited to Provide an Update on Near Mine and Regional Exploration Activities Across the Duketon Belt and Albany Fraser Belt Regis Resources Limited to provide an update on near mine and regional exploration activities across the Duketon Belt and Albany Fraser Belt. Exploration continues across the Duketon Greenstone Belt with 131,301 metres of drilling completed on priority target areas both extending resources and completing first pass testing across regional targets. All drill assay results received during the period and considered material are presented in Appendix 1. Exploration has continued across the Tropicana Gold Project with 46,905 metres of drilling completed on priority target areas both extending resources within the mining lease and testing regional targets . All drill assay results received during the period and considered material are presented in Appendix 1. Drilling has continued within the target area 1km to the north of the approved Garden Well South (GWS) underground mine. This mineralisation extends down plunge of the Garden Well Main (GWM) pit mineralisation (Figure 4). Two separate high grade shoots, hosted in sheared ultramafic rocks have been identified and diamond drilling is continuing to test the continuity of the gold mineralisation. Drilling results continue to firm up the high-grade south plunging shoots beneath main pit with the better intercepts below demonstrating the potential: 9.6m @ 4.4 g/t gold from 479m, 9.6m @ 3.7 g/t gold from 431m, 10.8m @ 2.3 g/t gold from 486m, 7.1m @ 2.9 g/t gold from 482m, 24.5m @ 3.2 g/t gold from 492m, 8.9m @ 3.2 g/t gold from 460m. These strong results demonstrate the potential value of establishing early access to this zone via a decline between the GWS underground mine and the growing GWM area. While broadly spaced, the drilling intersections along with knowledge gathered while mining the open pit above the target zone, provide confidence that a small production area could deliver enough ounces to at least payback potential decline establishment costs and provide a modest return. The decline would then provide the ideal platform for both infill and extensional drilling at GWM plus allowing the follow-up of high-grade results in the very prospective area between GWS and GWM as shown in Figure 4. The potential for an exploration decline will continue to be investigated as further drilling is completed and confidence grows over the next 3-6 months. Drilling focused on Rosemont South to test the continuity of grade and thickness of two new ore shoots with multiple intersections over widths amenable to underground mine development. Drilling will provide sufficient information to delineate the tenor of the new high-grade shoots and inform resource estimation. Numerous narrow, very high-grade intervals, including free gold, were intersected. Some of the better results are shown below: 1.3m @ 20.4 g/t gold from 461m, 3.9m @ 28.6 g/t gold from 538m, 1.6m @ 23.6 g/t gold from 583m, 1.0m @ 30.6 g/t gold from 614m, 1.0m @ 28.2 g/t gold from 564m, 0.3m @ 42.6 g/t gold from 525m, 1.4m @ 11.9 g/t gold from 530m. Figure 5 illustrates some of the recent high-grade drill hole intersections for the period with economic gold grades up to 500m below the southern underground workings. Mineralisation at Ben Hur is analogous to Rosemont and Baneygo with gold associated with quartz veins and quartz-albite-sericite alteration. Mineralisation extends for 2km of strike and is open at depth and along strike. A total of 55 holes for 10,612m of RC drilling were completed during the current phase of step out drilling, which investigated the down plunge potential beneath and lateral to the Ben Hur pit designs. Drill intersections indicate potential to extend high-grade zones down dip at Ben Hur and grow the open pit resources and also provide for early indications of potential underground lodes. Better intersections include: 18m @ 1.4 g/t gold from 169m, 7m @ 5.4 g/t gold from 150m, 9m @ 4.9 g/t gold from 199m, 19m @ 3.7 g/t gold from 196m, 14m @ 2.6 g/t gold from 208m, 25m @ 1.4 g/t gold from 266m, 16m @ 2.0 g/t gold from 244m, 25m @ 1.3 g/t gold from 124m, 23m @ 1.3 g/t gold from 175m, 31m @ 1.6 g/t gold from 227m, 16m @ 1.9 g/t gold from 142m, 18m @ 5.2 g/t gold from 243m. Valuation Update With 7 Day Price Move • Oct 28
Investor sentiment deteriorated over the past week After last week's 19% share price decline to AU$1.79, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 10x in the Metals and Mining industry in Australia. Total loss to shareholders of 52% over the past three years. Reported Earnings • Sep 01
Full year 2021 earnings released: EPS AU$0.26 (vs AU$0.39 in FY 2020) The company reported a soft full year result with weaker earnings and profit margins, although revenues improved. Full year 2021 results: Revenue: AU$819.2m (up 8.3% from FY 2020). Net income: AU$146.2m (down 27% from FY 2020). Profit margin: 18% (down from 26% in FY 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has remained flat but the company’s share price has fallen by 16% per year, which means it is significantly lagging earnings. Announcement • Jun 15
Regis Resources Limited Announces Resource and Reserve Growth Update Regis Resources Limited announced Increase in Mineral Resources to 10.4Moz and Ore Reserves to 4.8Moz following the inclusion of 30% of the Tropicana Gold Mine Tropicana Mineral Resources Estimate ("MRE") of 145Mt at 1.6 g/t Au for 7.64Moz (100%) and 44Mt at 1.6 g/t Au for 2.29Moz (30%) as at 31 December 2020 Tropicana Ore Reserves Estimate ("ORE") of 49Mt at 1.7 g/t Au for 2.69Moz (100%) and 15Mt at 1.71 g/t Au for 0.81Moz (30%) as at 31 December 2020 Underground resource definition drilling will continue through CY21 to extend the Boston Shaker underground Ore Reserve. Additional work programmes are underway to assess the potential for additional underground mines below the final design limits of the Tropicana, Havana and Havana South open pits Significant near mine and regional exploration programs continue around Tropicana to unlock new discovery and mine life extensions The Mineral Resources and Ore Reserves underpin an expected mine life of 10+ years The Tropicana gold deposits are hosted by high metamorphic granulite-grade gneissic rocks in the shear-bounded Plumridge Terrain, which is within the western edge of the Proterozoic age Albany-Fraser belt. The Tropicana area is covered by a 10m to 30m thick unconformable cover of Permian and Tertiary sedimentary rocks that have Tertiary lateritic weathering. In some areas the cover sequence also includes Holocene aeolian sands and colluvium. The Neoarchean age Tropicana Gneiss of the Plumridge Terrain hosts the Tropicana gold mineralisation. The mineralised garnet and quartz-feldspar gneisses are interpreted to be the products of partial melting during peak metamorphism. The compositional bandings of the gneisses dip moderately to the east. The host rocks and gold mineralisation are crosscut by 1.2Ga age (barren) basalt and dolerite dykes. The 5km long strike of gold mineralisation at Tropicana is subdivided into five shear- offset zones from north to south - Boston Shaker, Tropicana, Havana, Havana Deeps, and Havana South. The mineralised corridor is ~1.2km wide and up to 1.5km down dip to the current deepest drill intercepts Within each zone the gold mineralisation trends north to northeast. Gold is concentrated in ~2m to ~50m thick subparallel layers within the `favourable horizon' which comprises quartz-feldspar gneiss units. The key conclusions from geological studies are that the gold postdates the gneissic banding and the metamorphic thermal maximum event. High-grade mineralisation (>3g/t Au) lenses occur within the broader low-grade gold envelopes (>0.3g/t Au). The higher grade mineralisation is associated with more closely spaced veins and sericite alteration. Gold is spatially correlated with greenschist facies biotite-pyrite alteration where fine-grained disseminations of pyrite and gold replace metamorphic biotite and micro shears in amphibole minerals. The Tropicana open pit MRE is reported within the current life-of-mine pit designs for the Boston Shaker, and Havana pits. The Tropicana Pit is completed and is being backfilled with waste. The end of CY20 estimates are reported at the time of MRE preparation using forecast end of year mine face positions for mining depletion, rather than actual end of year mine surveys. The Havana South MRE is reported inside a Lerchs-Grossman Analysis (LGA) pit optimisation `shell' rather than a mine design, with the shell prepared using a gold price of $2,170/oz and cost and mining assumptions prevailing at the time the estimate was prepared. For CY20, the open pit MREs were reported using a diluted version of the LUC model, where AGAA used a block model regularisation process of merging small subblocks into larger mining units, to equate the LUC model to actual grade control and mining results. the shaded grey surfaces are the open pit `as-built' shapes at the time of
estimation. The cloud of orange points represents MRE LUC model blocking having a grade >1.59 g/t Au - the underground MRE reporting cut-off. Other colour coded shapes are final pit designs of stope optimiser shapes used for MRE reporting. Valuation Update With 7 Day Price Move • Apr 17
Investor sentiment deteriorated over the past week After last week's 16% share price decline to AU$2.70, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 12x in the Metals and Mining industry in Australia. Total loss to shareholders of 37% over the past three years. Reported Earnings • Feb 26
First half 2021 earnings released: EPS AU$0.17 (vs AU$0.18 in 1H 2020) The company reported a soft first half result with weaker earnings and profit margins, although revenues improved. First half 2021 results: Revenue: AU$401.0m (up 8.0% from 1H 2020). Net income: AU$84.8m (down 9.2% from 1H 2020). Profit margin: 21% (down from 25% in 1H 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings. Announcement • Feb 17
Regis Resources Limited to Report First Half, 2021 Results on Feb 25, 2021 Regis Resources Limited announced that they will report first half, 2021 results on Feb 25, 2021 Is New 90 Day High Low • Feb 13
New 90-day low: AU$3.47 The company is down 15% from its price of AU$4.06 on 13 November 2020. The Australian market is up 8.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Metals and Mining industry, which is up 19% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is AU$8.11 per share. Is New 90 Day High Low • Jan 25
New 90-day low: AU$3.64 The company is down 17% from its price of AU$4.37 on 28 October 2020. The Australian market is up 12% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Metals and Mining industry, which is up 24% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is AU$5.67 per share. Announcement • Jan 22
Regis Resources Limited to Report Q2, 2021 Results on Jan 27, 2021 Regis Resources Limited announced that they will report Q2, 2021 results Pre-Market on Jan 27, 2021 Announcement • Jan 12
Regis Resources Limited Announces Executive Changes Regis Resources Limited announced that Elena Macrides has been appointed Company Secretary. Jon Latto will stand down as Company Secretary with immediate effect and continue as Chief Financial Officer. Announcement • Dec 15
Regis Resources Limited Approves Garden Well South Underground Mine The board of Regis Resources Limited has approved the development of an underground (UG) mining Project at the operating Garden Well open pit mine. This decision has been made based on a positive FS which assessed the mining of the maiden UG Mineral Resource at GWS. The Indicated Mineral Resource at GWS UG is estimated to contain 1.2Mt at 3.8g/t with a total MRE of 2.4 Mt at 3.6 g/t for 270koz Au at 1.8g/t Au cut-off grade. The MRE was completed internally by Regis and utilised high confidence mineralisation and lithological interpretations generated from extensive drilling completed at the Project. The GWS UG FS concluded a maiden Probable Ore Reserve of 0.9Mt at 3.4g/t Au for 98koz Au, with a further 0.95Mt at 3.0g/t Au of the Inferred Mineral Resources proposed to be mined for an additional 92koz Au. Ore Reserves were tested and confirmed for financial viability on a standalone basis (excluding Inferred Mineral Resources) as part of the due diligence prior to declaring the Ore Reserve. The Ore Reserve has been estimated by external consultants Mining Plus Pty Ltd. (Mining Plus) with material inputs and assumptions compiled from a variety of sources including Regis' in-house knowledge and external contractors and consultants. The UG operation will extend mining of the Garden Well mineralisation below and to the south of the existing operational open pit. Development of the portal is to commence in the March 2021 quarter and will exploit the UG Mineral Resource as it is currently known, which extends to a depth of 500 metres below surface and 700 metres to the south of the Garden Well open pit. The mineralisation is considered to have strong potential to extend further down plunge and this will be explored once UG mining has been established. The GWS UG Project is currently planned to be mined over four years using conventional Long Hole Open Stoping (LHOS) mining methods using a combination of selective cemented rock fill and mineralised (ore grade) pillars. Figure 1 illustrates the mining layout looking to the west and shows the early ore mining taking place in the higher confidence Indicated Mineral Resource (green shading) closest to the open pit, before moving to the predominantly Inferred Mineral Resources in the last 2 years of production. The development and stoping schedule across the life of mine (LOM) has been sequenced to allow for a relatively rapid extraction rate of the Mineral Resource, without a protracted low production "tail". Annualised production rates of 600kt/a are expected once stoping production is established. Mine production has not been levelled as the UG ore displaces lower grade open pit mill feed as it becomes available, facilitated by the much larger processing capacity of the 5Mt/a Garden Well plant. The estimation of Ore Reserves for the purposes of the FS was conducted based on a AUD 1,600/oz price. Is New 90 Day High Low • Nov 06
New 90-day low: AU$4.09 The company is down 29% from its price of AU$5.79 on 07 August 2020. The Australian market is up 4.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Metals and Mining industry, which is down 8.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is AU$5.53 per share. Is New 90 Day High Low • Oct 21
New 90-day low: AU$4.97 The company is down 15% from its price of AU$5.84 on 23 July 2020. The Australian market is up 4.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Metals and Mining industry, which is flat over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is AU$8.37 per share. Announcement • Oct 14
Regis Resources Limited to Report Q1, 2021 Results on Oct 23, 2020 Regis Resources Limited announced that they will report Q1, 2021 results at 9:00 AM, AUS Central Standard Time on Oct 23, 2020 Is New 90 Day High Low • Sep 24
New 90-day low: AU$5.01 The company is down 3.0% from its price of AU$5.16 on 26 June 2020. The Australian market is up 4.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Metals and Mining industry, which is up 9.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is AU$9.09 per share. Announcement • Aug 19
Regis Resources Limited to Report Fiscal Year 2020 Results on Aug 26, 2020 Regis Resources Limited announced that they will report fiscal year 2020 results at 9:00 AM, AUS Central Standard Time on Aug 26, 2020 Announcement • Jul 21
Regis Resources Limited to Report Q4, 2020 Results on Jul 28, 2020 Regis Resources Limited announced that they will report Q4, 2020 results at 9:00 AM, AUS Central Standard Time on Jul 28, 2020 
