Regis June quarter: 101.5koz gold, cash and bullion A$1.18B, McPhillamys Ore Reserve reinstated
Regis produced 101,541oz of gold in the June quarter at an all-in sustaining cost (AISC) of A$3,244/oz, lifting FY26 output to 379koz, the top of guidance. Cash and bullion rose to a stated A$1.18B with no debt, after dividends and tax. The quarter also reinstated the McPhillamys Ore Reserve (1.89Moz) on a new pre-feasibility study and summarised an initial 270koz Beamish South resource and exploration highlights, most of which were released earlier.
(price sensitive) - Regis Resources announced: "Quarterly Activities Report" (19 pages) - read the original
71Drill Score
71StrongPositive
Best intercept110.4 g-m48m @ 2.30g/t Au from 1,020m Really good
DisclosureCleanagainst the ASX's focus areas
Day-1 reaction-6.0%-1.8% vs the XGD
Gold on the dayA$5,794US$4,050/oz
What investors must know
Quarterly gold production was 101,541oz at an AISC of A$3,244/oz, and FY26 production of 379koz sat at the top of the 350-380koz guidance range.
Cash and bullion was A$1,184M at 30 June 2026 (text rounds to A$1.18B), up A$667M over FY26 after A$151M of dividends and A$156M of tax, and the company states it is debt-free.
The June quarter AISC of A$3,244/oz is higher than the A$2,807-2,861/oz shown for the three earlier FY26 quarters, driven by diesel prices and non-cash stockpile charges.
McPhillamys pre-feasibility study gives a post-tax NPV5.5% of A$1.13B and post-tax IRR of 21.8% at A$4,000/oz, supporting a reinstated Ore Reserve of 56Mt at 1.1g/t for 1.89Moz.
The initial Beamish South Mineral Resource is 7Mt at 1.1g/t for 270koz, of which 6Mt (200koz) is Indicated and 2Mt (70koz) is Inferred, with no cut-off grade stated.
Exploration content is mostly selected or highlight intercepts, many previously released, with no hole counts, nil results or drill-hole table in this document.
FY27 guidance is 360-400koz of gold at an AISC of A$2,990-3,390/oz, with growth capital of A$250-270M.
The drill intercepts, normalised
Best hit110 gram-metresReally good48m @ 2.30g/t Au from 1,020m in BSD395AW2
LowModestGoodReally goodExcellentStellar
1050100200500
Really good - a hit most explorers would headline.
How this hit compares
Top 9%of ASX gold hits
Better than 91% of the 347 gold intercepts DrillScore has decoded in the past 12 months.
-at its depth
Fewer than five other gold hits decoded at very deep (800 m+) so far - not enough to rank it.
Firstfor RRL
The first gold drill result DrillScore has decoded for RRL - the next one will show whether it holds up.
Every gold hit DrillScore has decoded, by depth - this announcementRRL's drill results over time - best hit in each
How every hole did - one block per hole, coloured by its best hit
Really good 2
Good 10
Modest 18
12 of 30 holes reached 'good' or better (2 really good, 10 good); the other 18 were modest.
The holes, side by side - schematic, best hole first
Drag to rotate - scroll or pinch to zoom - right-drag or two fingers to pan - hover a block for the numbers
Each line is a hole drilled from the surface (top); each block is a reported interval at its down-hole depth, sized by its width and coloured by its rating. The holes are side by side for comparison, not at their real positions, and are drawn only as deep as their deepest reported interval. Hover a block for the numbers; the 18 other holes are in the table below.
Every interval, in numbers
Every interval as metal-metres: width x grade (gram-metres for gold, %-metres for copper). Gold bands are Stockhead's rule of thumb: over 50 good, 100-200 really good, 200-500 excellent, beyond that stellar (and under 10, low). Top share is how much of an interval comes from its richest sub-interval - the smearing check.
Hole
From
Width
Grade
Metal-metres
Rating
Top share
Notes
BSD395AW2
1,020m
48m
2.30 g/t Au
110.4 g-m
Really good
Boston Shaker underground selected result. Earlier release status not...
BSD394W7
1,007m
36m
2.90 g/t Au
104.4 g-m
Really good
Boston Shaker underground selected result. Earlier release status not...
RRLRMDD177
707m
0.6m
149.2 g/t Au
89.5 g-m
Good
Rosemont Stage 3 surface hole. Very short narrow quartz-vein...
RUGDD2411
138m
3m
29.6 g/t Au
88.8 g-m
Good
Rosemont Stage 3 underground diamond hole. Earlier release status not...
HSD185W1
468m
14m
6.20 g/t Au
86.8 g-m
Good
Havana South surface hole. Tropicana program result, complete results...
Garden Well Underground infill hole (Inferred to Indicated...
BSD394W6
1,000m
12m
5.20 g/t Au
62.4 g-m
Good
Boston Shaker underground selected result. Earlier release status not...
HDD428W1
763m
8m
7.60 g/t Au
60.8 g-m
Good
Havana drilling. Tropicana program result, complete results cited to...
BSD395AW7
958m
36m
1.70 g/t Au
61.2 g-m
Good
Boston Shaker underground selected result. Earlier release status not...
HSD183W1
449m
12m
5.00 g/t Au
60.0 g-m
Good
Havana South surface hole. Tropicana program result, complete results...
RRLRMDD175W2
682m
6.9m
8.50 g/t Au
58.7 g-m
Good
Rosemont Stage 3 surface hole. Earlier release status not stated.
HSD185A
460m
15m
3.10 g/t Au
46.5 g-m
Modest
Havana South surface hole. Tropicana program result, complete results...
HSD182A
477m
13m
3.80 g/t Au
49.4 g-m
Modest
Havana South surface hole. Tropicana program result, complete results...
HDD428
760m
14m
3.50 g/t Au
49.0 g-m
Modest
Havana drilling. Tropicana program result, complete results cited to...
RRLBMRC325
127m
32m
1.50 g/t Au
48.0 g-m
Modest
Beamish South RC hole, one of a small selection. Highlighted as...
RRLBMRC321
55m
23m
2.00 g/t Au
46.0 g-m
Modest
Beamish South RC hole, one of a small selection. Highlighted as...
RRLGWUG0258
337m
24.4m
1.60 g/t Au
39.0 g-m
Modest
Garden Well Underground infill hole. Earlier release status not...
RRLBMRC323
97m
26m
1.40 g/t Au
36.4 g-m
Modest
Beamish South RC hole, one of a small selection. Highlighted as...
RRLBMDD004
238m
23m
1.50 g/t Au
34.5 g-m
Modest
Beamish South diamond hole, one of a small selection. Highlighted as...
RRLGWUG0243
382m
14m
2.30 g/t Au
32.2 g-m
Modest
Garden Well Underground infill hole. Earlier release status not...
RRLGWDD008
1,179m
10.4m
2.90 g/t Au
30.2 g-m
Modest
Garden Well deep surface diamond hole, about 500m down-plunge beyond...
RUGDD2425
174m
1.4m
19.8 g/t Au
27.7 g-m
Modest
Rosemont Stage 3 underground diamond hole. Short high-grade interval...
RRLGWUG0249
444m
16.9m
1.60 g/t Au
27.0 g-m
Modest
Garden Well Underground infill hole. Earlier release status not...
HSD182AW1
470m
10m
2.70 g/t Au
27.0 g-m
Modest
Havana South surface hole. Tropicana program result, complete results...
RRLRMDD178
723m
5m
5.30 g/t Au
26.5 g-m
Modest
Rosemont Stage 3 surface hole. Earlier release status not stated.
RUGDD2430
137m
5m
4.80 g/t Au
24.0 g-m
Modest
Rosemont Stage 3 underground diamond hole. Earlier release status not...
RRLGWUG0257
367m
14m
1.90 g/t Au
26.6 g-m
Modest
Garden Well Underground infill hole. Earlier release status not...
HDD428W2
756m
7m
2.50 g/t Au
17.5 g-m
Modest
Havana drilling. Tropicana program result, complete results cited to...
RRLGWDD007
632m
3.9m
4.00 g/t Au
15.6 g-m
Modest
Garden Well deep surface diamond hole, about 300m down-plunge, early...
Checked against the PDF. Every interval above is printed in the announcement itself - each width and grade was found, together, in the PDF's own text.
Drilling
Mixed: RC (Beamish South RRLBMRC holes) and diamond, including underground diamond and surface diamond holes
True widths
Not stated - intervals are down-hole
Hole spacing
Hole spacing is not stated. Beamish South is a new discovery about 3km south of Garden Well, with infill drilling shown on a 700m section. Garden Well down-plunge holes are reported 300m and 500m beyond existing resources. Rosemont Stage 3 mineralisation extends about 300m south of the design envelope. Boston Shaker drilling infills wide-spaced holes. Kings Plains is a step-out about 1.5km south-east of McPhillamys.
Depth
Depths are down-hole metres. Vertical depths are not stated. Several intervals sit at 1,000m or more down-hole, including Boston Shaker and Garden Well RRLGWDD008 at 1,179m.
Against the project's earlier holes
DrillScore holds no earlier intercepts for Regis, so there is no like-for-like comparison. The quarterly calls Beamish South a new discovery and Garden Well and Rosemont extensions new, but gives no quantified comparison with earlier drilling or existing resource grades.
Against similar explorers
The strongest intervals, 22m at 9.5g/t Au at Tropicana Underground and 48m at 2.3g/t Au at Boston Shaker, are strong results for underground gold. The very high-grade Rosemont intercepts (0.6m at 149.2g/t and 1.0m at 73.4g/t) are short, so they carry little metal. On the rough gram-metre guide, most Beamish South intervals sit below the 'good' level of 50, which is typical of bulk open pit grades.
A$3,244/oz (margin about A$2,550/oz at the day's gold price)
Revenue
$639m
Guidance
FY26 actual vs guidance: production 379koz vs 350-380koz (top of range); AISC A$2,945/oz vs A$2,610-2,990/oz; growth capital A$248M vs A$240-255M; exploration A$74M vs A$70-80M; McPhillamys A$26M vs A$10-20M (above range). FY27 guidance (released 17 July 2026): production 360-400koz; AISC A$2,990-3,390/oz including about A$88/oz non-cash stockpile movements; growth capital A$250-270M; exploration A$80-90M; McPhillamys A$30-35M.
A$ figures, so no US$ conversion. Gold produced was 101,541oz (gold sold 102,419oz), at an average realised price of A$6,241/oz. Operating cash flow was A$376M (Duketon A$194M, Tropicana A$182M). Figure 2 shows mine development A$94M, exploration A$18M, McPhillamys A$9M, other capex and rehabilitation A$19M, corporate and interest A$2M, tax A$64M and the dividend A$114M. Text states capital expenditure of A$131M. Cash and bullion of A$1,184M includes 7,631oz of bullion valued at A$5,861/oz on 30 June. There is no Appendix 5B in this PDF, so burn and funding quarters are not stated. After quarter end, the roughly A$50M Vault break fee was received, and monthly tax instalments of about A$20M began in April 2026.
Initial Beamish South Mineral Resource as at 31 May 2026: Indicated 6Mt at 1.1g/t for 200koz, Inferred 2Mt at 1.2g/t for 70koz, total 7Mt at 1.1g/t for 270koz, within an A$3,900/oz optimisation shell. No Measured. Measured plus Indicated share is about 86% on rounded tonnes. Cut-off not stated. Also restated: McPhillamys Ore Reserve 56Mt at 1.1g/t for 1.89Moz (100% Probable, 31 May 2026), reinstated on 19 June 2026. Group Mineral Resource 8.28Moz and Ore Reserve 1.965Moz as at 31 December 2025 (earlier reported).
The result against the marketMixed news - the stock held
DrillScore 71 (top 50% of drill results), and on day 1 the stock moved -1.8% against the gold index (XGD). After 20 trading days: +4.1% against the XGD.
No earlier price-sensitive reactions for Regis are on record, so there is no basis here to describe how the stock has responded to news like this. The share price was A$6.35 before release and A$6.65 now. Over the same period XGD rose about 15.4%, so the stock's move since release is smaller than the sector index move in this data. This cannot separate company news from sector moves.
What share prices did after past results like this one, from DrillScore's own records. It describes the past: it isn't a forecast for RRL and it isn't advice.
Results scored like this'Strong' results No clear lean
After 5 other drill results rated 'Strong', stocks moved +0.4% by day 1, +0.7% by day 5 and -1.7% by day 20 against the XGD on average.
Day 1
+0.4%
Day 5
+0.7%
Day 20
-1.7%
5 results, against the XGD
RRL's own record1 earlier announcement Too few to say
Only 1 of RRL's earlier announcements have traded - too few to show a pattern.
The market it landed inXGD -3.9% in 20 days Leaned up
In the 20 trading days before this release the XGD gold index moved -3.9% (falling). After 34 past gold announcements released into a falling gold index, stocks moved +2.1% by day 1, +4.5% by day 5 and +10.6% by day 20 on average - before taking the market's own move out.
Day 1
+2.1%
Day 5
+4.5%
Day 20
+10.6%
34 results, raw moves
A strand leans up or down when its day-5 average is 1% or more either way. Each is shown on its own and never added up into a prediction: small samples swing, and every result is different. The full backtest - how it's worked out
At release (23 July 2026) gold was US$4,050/oz and A$5,794/oz. At the time of this analysis (14 November 2026) it is US$3,886/oz and A$5,737/oz, down about 4% in US dollars since release. The quarter's realised price was A$6,241/oz and bullion was valued at A$5,861/oz at 30 June, both well above the quarter's A$3,244/oz AISC. The PFS cases are A$4,000/oz (base) and A$6,000/oz (upside), so spot now sits between them, nearer the upper case. Since release, the US dollar index has risen about 2% and the US 10-year yield moved from 4.70% to 5.15%, both typically a headwind for gold. Gold is down 6.8% in US dollars over the past month. Sector mood looks mixed: GDX is up 8.8% and XGD is up 15.4% since release even as bullion fell, a move the supplied data does not explain. COPX is down 11.7%, which matters less for a gold producer.
Against RRL's own history
DrillScore's database holds no earlier intercepts, cash readings or capital raisings for Regis, so this quarter cannot be compared with earlier drilling or funding on record. Within the announcement, the company reports cash up A$667M over FY26 and production at the top of guidance. The last analysed item, the 17 July 2026 FY27 guidance update, scored 50 (solid), and this quarter restates that guidance (360-400koz, AISC A$2,990-3,390/oz).
Risks & caveats
Costs are rising: Q4 AISC of A$3,244/oz is the highest of the FY26 quarters in Figure 1, and FY27 group AISC guidance includes about A$88/oz of non-cash stockpile movements.
Tropicana FY27 production guidance is 120-130koz (30% basis), lower than FY26 because of lower-grade stockpile feed from the Havana pit.
McPhillamys still needs permitting: the Federal Court judgment on the Section 10 declaration is reserved, and the final investment decision (targeted for the first half of CY2028) depends on permits and an updated Definitive Feasibility Study.
Regis did not match the Genesis proposal for Vault Minerals. The roughly A$50M break fee has been received, but the growth case now rests on organic projects led by McPhillamys.
The PFS economics are shown only at A$4,000/oz and A$6,000/oz. Spot gold at the time of this analysis (A$5,737/oz) sits between these cases, so project returns depend on the gold price.
What's next
Final FY26 annual financial report, including the final catch-up tax payment estimate - August 2026 (released 'next month' per the quarterly)
Final catch-up tax payment (value being estimated) - December quarter 2026
Federal Court judgment on the Section 10 declaration over McPhillamys - not stated (judgment reserved)
Tropicana Havana Underground first ore - H1 CY2027
Beamish South drilling continues and the resource and potential Ore Reserve are evaluated - not stated
Garden Well down-plunge infill drilling aimed at new Inferred Resources - next 12 months (as stated)
McPhillamys final investment decision, subject to permitting and an updated DFS - first half of CY2028
Questions worth asking
What are the hole counts, metres drilled and nil results for the Beamish South, Garden Well, Rosemont and Boston Shaker programs, and what cut-off and dilution were used?
What cut-off grade and optimisation assumptions underpin the 7Mt Beamish South resource, and what is the plan to convert its 2Mt Inferred component?
Why is McPhillamys spend of A$26M above the A$10-20M FY26 guidance when the quarter says all material guidance items were in range?
What gold price is the McPhillamys Ore Reserve based on, and how sensitive is the reserve to a move from spot to A$4,000/oz?
What is the expected size of the final catch-up tax payment, and how do the FY27 cash flows look at current gold prices?
What it means
For someone following Regis, the quarter shows a strong operating year, a large cash balance and no debt. The McPhillamys PFS and reinstated Ore Reserve move the growth story forward, but permitting and a final investment decision in the first half of CY2028 are still ahead. The cost trend is the main point to watch: Q4 AISC rose and FY27 guidance is higher, so margins depend on gold holding well above costs. The exploration content is mostly restated highlights, and the new Beamish South resource is small and lacks a stated cut-off. This is general information only and not personal financial advice.
General information only - not financial advice. DrillScore's analyses are produced automatically by an AI model (Claude, by Anthropic) from the company's own ASX announcement and public market data, and scored by a fixed formula (how it works). They can be wrong or incomplete, don't consider your objectives or circumstances, and are not a recommendation to buy, sell or hold anything. Always read the original announcement and consider advice from a licensed adviser.
Decoded 15 Nov 2026, 8:17 am by claude-haiku-5-5 - confidence: high. Spotted a mistake? Tell us.
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