Regis Resources shares lift on cash and bullion growth
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The news: Shares in Regis Resources gained at the start of trading on the ASX after the gold miner posted record cash and bullion holdings for the June quarter.
The numbers: Regis shares were up 3.2% to $1.83 by 10:55am AEST.
The Perth-based miner reported an all-time high cash and bullion position of $295 million at 30 June, growing by a record $109 million from $186 million at 31 March.
Total gold production for FY24 was 417.7 thousand ounces (koz), at the lower end of the group's 415koz to 455koz guidance range.
The context: Regis said that operational performance across its Duketon and Tropicana mines in Western Australia have continued to recover from major rain events that hit production in March. It noted that Tropicana had a slower recovery and missed its production guidance range.
The company said it would provide further commentary on its operational and financial performance, including FY25 production and cost guidance, when it released its full June quarterly report on 25 July.
RBC Capital analysts said Regis' preliminary results were "roughly in-line" and had a 'neutral' sentiment on the company.
The source: ASX announcement
