Regis Resources reiterates guidance, bemoans blocked project
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The news: Gold miner Regis Resources reiterated its full-year guidance and said it was continuing to consider options following an environmental protection declaration by the federal government in August that effectively blocked development of its McPhillamys gold project.
The numbers: Regis reaffirmed its FY25 production guidance of between 350,000 and 380,000 ounces of gold across its Duketon and 30% owned Tropicana mines. The group continues to target all-in sustaining cost of between $2,440 and $2,740 per ounce.
The context: In prepared remarks ahead of today's annual shareholder meeting, Regis chair James Mactier said that the miner is continuing to evaluate its options concerning the McPhillamys project, having applied to the Federal Court for a judicial review earlier this month.
Mactier said the company was "extremely surprised and very disappointed" by the government's decision, flagging that it renders the project "unviable in its current form".
Elsewhere, Regis said it has established an initial exploration target area at its Ben Hur project, boosting hopes of a fourth underground mine at Duketon in Western Australia.
What they said: "Should the upcoming drilling activities prove successful and subsequent study work confirm that Ben Hur underground mineralisation is economic and mineable, Regis would be on the cusp of delivering on its Duketon underground growth strategy of operating at least four underground mines," Regis managing director and CEO Jim Beyer said.
The sources: ASX announcement, ASX announcement, ASX announcement
