Results - ASX:RRL
Regis FY26 annual report: 379koz gold, A$715m profit, A$1.14B cash, 20c final and special dividend
Regis reports a record FY26 with 379,050oz gold produced at an all-in sustaining cost of A$2,945/oz, net profit of A$715m and operating cash flow of A$1,247m. Cash was A$1,139m with no bank debt and an undrawn A$300m revolving facility. The report adds an initial Beamish South resource of 270koz, but most drill intercepts shown in its figures appear to repeat results already released on 24 July 2026.
(price sensitive) - Regis Resources announced: "Appendix 4E and Annual Report 2026" (176 pages) - read the original
What investors must know
- FY26 sales revenue was A$2,349m (up 43%), net profit after tax A$715m (up 181%), EBITDA A$1,345m and operating cash flow A$1,247m.
- Gold production was 379,050oz (Duketon 235,954oz at A$3,199/oz AISC; Tropicana 30% share 143,095oz at A$2,443/oz), with group AISC A$2,945/oz, about 16% higher than FY25.
- Cash was A$1,139m at 30 June 2026 (A$1,184m including bullion), with nil bank debt and a A$300m revolving facility undrawn.
- A 15c final dividend plus a 5c special dividend (A$151.5m in total) was declared for payment on 7 October 2026, taking FY26 declared dividends to 35c or about A$265m.
- Beamish South initial Mineral Resource is 7Mt at 1.1g/t for 270koz (6Mt indicated at 200koz, 2Mt inferred at 70koz), reported within an A$3,900/oz pit shell, with no cut-off grade stated.
- Group Mineral Resources are 8.3Moz and Ore Reserves 3.9Moz after the McPhillamys reserve reinstatement; exploration spend was A$78m across 280,433m of drilling.
The drill intercepts, normalised
These intercepts are quoted in a results release rather than reported as new drill results, so they're shown here but not scored.
Modest - an ordinary result; on its own it doesn't move the needle.
How every hole did - one block per hole, coloured by its best hit
- Modest 14
None of the 14 holes reached the 'good' band.
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 |
|---|---|---|---|---|---|---|---|
| - | - | 26m | 1.40 g/t Au | Modest | Figure 2 Beamish South label; infill; no hole ID or depth; status not... | ||
| - | - | 23m | 1.50 g/t Au | Modest | Figure 2 Beamish South label; infill; no hole ID or depth; status not... | ||
| - | - | 14m | 2.30 g/t Au | Modest | Figure 4 Garden Well label; no hole ID or depth; status not stated | ||
| - | - | 10.4m | 2.90 g/t Au | Modest | Figure 4 Garden Well: text says 500m beyond current Resources; no... | ||
| - | - | 20m | 1.50 g/t Au | Modest | Figure 2 Beamish South label; infill; no hole ID or depth; status not... | ||
| - | - | 12m | 2.50 g/t Au | Modest | Figure 2 Beamish South label; infill; no hole ID or depth; status not... | ||
| - | - | 18m | 1.50 g/t Au | Modest | Figure 2 Beamish South label; infill; no hole ID or depth; status not... | ||
| - | - | 14m | 1.90 g/t Au | Modest | Figure 4 Garden Well label; no hole ID or depth; status not stated | ||
| - | - | 16m | 1.50 g/t Au | Modest | Figure 2 Beamish South label; infill; no hole ID or depth; status not... | ||
| - | - | 22m | 1.00 g/t Au | Modest | Figure 2 Beamish South label; infill; no hole ID or depth; status not... | ||
| - | - | 3m | 6.10 g/t Au | Modest | Figure 2 Beamish South label; infill; no hole ID or depth; status not... | ||
| - | - | 3.9m | 4.00 g/t Au | Modest | Figure 4 Garden Well label; no hole ID or depth; status not stated | ||
| - | - | 7m | 1.90 g/t Au | Modest | Figure 4 Garden Well label; no hole ID or depth; status not stated | ||
| - | - | 7m | 1.60 g/t Au | Modest | Figure 4 Garden Well label; no hole ID or depth; status not stated |
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. 11 more intervals the AI read were not found printed together in that text (usually labels inside a figure's picture), so they are left out of the DrillScore and the comparisons.
- Metres drilled
- 280,433
- Drilling
- RC, diamond and RC/DD (mixed; metres by prospect shown in Directors Report)
- Cut-off grade
- not stated
- Max internal dilution
- not stated
- True widths
- Not stated - intervals are down-hole
- Hole spacing
- Beamish South infill drilling sits about 4km south of the Garden Well open pit. Garden Well mineralisation is said to be open up to 500m down plunge and the Rosemont unit extends about 300m south. Drill spacing is not stated.
- Depth
- Hole IDs and depths are not given for any figure intercept. The Garden Well 10.4m at 2.9g/t is described as 500m beyond current Resources.
Against the project's earlier holes
Most intercepts in the figures appear to repeat results already released in the 24 July 2026 quarterly. DrillScore history matches about 18 of the 43 intervals shown, including 14 Tropicana, 2 Garden Well and 2 Beamish South intervals. The annual report does not cross-reference those releases. Grades are in the same 1-9g/t range as the July results, so this report adds little new drilling information beyond the Beamish South resource.
Against similar explorers
The Tropicana 22m at 9.5g/t reported earlier is an excellent interval on the DrillScore guide. Most Beamish South intervals of 1-3g/t over 10-30m are typical of a mature open pit infill program rather than a discovery. The figures show selected high-grade intervals, so they are not a guide to typical grades across the programs.
Gram-metre calculator - gram-metres explained - the leaderboard
Disclosure checks - the ASX's own focus areas
- Drill-hole table (collars, dip, azimuth, depth, every intercept)fail
Required for exploration results on a material project.
- JORC Table 1, Section 1 - sampling techniques and datafail
- JORC Table 1, Section 2 - reporting of exploration resultsfail
- Competent person statementpass
- No metal equivalents - grades as assayedpass
- Balanced reporting - low and high grades both shownfail
No holes drilled or reported counts, no nil or low results, and no cut-off grade are given. The Garden Well figure highlights intersections outside the existing mine. Reporting is therefore selective.
- No visual estimates - assays onlypass
- Down-hole widths onlycaution
Down-hole intervals can overstate how thick the mineralisation really is.
Red flags and notes
The announcement does not give every hole's collar position, dip, azimuth, depth and result (including nil results), which the ASX expects for material exploration results.
JORC Table 1 sections 1 and 2 are missing - the ASX requires both with material exploration results.
No holes drilled or reported counts, no nil or low results, and no cut-off grade are given. The Garden Well figure highlights intersections outside the existing mine. Reporting is therefore selective.
The 7Mt at 1.1g/t for 270koz estimate is reported within an A$3,900/oz pit shell with no cut-off grade stated and no JORC Table 1. If first disclosed here, the ASX would expect these. If released earlier, the report should cross-reference that release.
No true widths are given. Figure widths are as labelled and are presumed to be down-hole.
Figures 2, 4 and 6 show dozens of intercepts without hole IDs, collar locations, depths, JV basis (100% or 30%) or nil results, so the results cannot be checked against a drill-hole table.
DrillScore history matches about 18 of the 43 intervals shown to the 24 July 2026 quarterly. The annual report does not say they were previously reported.
The 200-250koz p.a. Duketon target is labelled a long-term aspirational target assuming no new open pit discovery, and the goal of at least four underground mines is described as in progress. Neither is tied to a stated Ore Reserve basis in this report.
Why these matter: JORC Table 1 - metal equivalents - balanced reporting - visual estimates
Money: can they follow it up?
- Period ending
- 2026-06-30
- Cash
- $1.1bn
- Debt
- $0
- Undrawn facilities
- $300m
- Operating cash flow (quarter)
- $1.2bn
- Exploration spend (quarter)
- $78.4m
- Shares on issue
- 757.4m
- Options, rights & convertibles
- 4.8m
- Gold produced
- 379,050 oz
- AISC
- A$2,945/oz (margin about A$3,471/oz at the day's gold price)
- Revenue
- $2.3bn
- Guidance
- FY26 gold production of 379,050oz (produced, not sold; 373,879oz sold) was at the top of the 365-380koz group guidance. Group AISC of A$2,945/oz was within guidance, but the remuneration KPI on AISC scored zero as above the guidance midpoint. FY27 production guidance is 360-400koz per the 17 July 2026 release cited in the report.
Cash of A$1,139m excludes bullion (7,631oz at A$5,861/oz; cash and bullion A$1,184m). Exploration of A$78.4m is the investing payment for exploration and evaluation; the operating review cites A$74m. No Appendix 5B is included, so burn and funding quarters are not stated. Bank debt is nil; lease liabilities of A$101.7m are excluded. FY26 dividends paid were A$151.5m. The final and special dividend (A$151.5m) was due 7 October 2026. All figures are in A$, so no US$ conversion was needed. The A$51m Vault break fee was received and is included in cash.
Appendix 5B explained - why runway predicts raisings - every company's runway
Resource / reserve
- Tonnes
- 209.0 Mt
- Grade
- 1.20 g/t
- Contained metal
- 8,280.00 koz
- What changed
- Group Mineral Resources at 31 Dec 2025 (Regis attributable, from the 22 April 2026 update) total 8.28Moz. Measured 790koz, Indicated 5,780koz, Inferred 1,700koz. Ore Reserves of 1.97Moz plus McPhillamys 1.89Moz (31 May 2026) total 3.9Moz after the reinstatement. Beamish South initial Mineral Resource (31 May 2026) is 7Mt at 1.1g/t for 270koz, with Measured nil, Indicated 200koz and Inferred 70koz.
How the price reacted
News signal positive, and on day 1 the stock moved +1.9% against the gold index (XGD). After 20 trading days: -0.1% against the XGD.
From the last close before the market could trade on it ($8.23 on 20 Aug 2026), with day-1 volume 2.3x the 20-day average.
RRL's past price-sensitive news
After 9 earlier announcements, RRL rose on day 1 4 times and fell 5 times - an average move of -0.9%; after financial results alone, +3.3%.
Since the release the stock has fallen from A$8.23 to A$6.65 (down about 19%). That is more than the ASX gold index (down 8%) but in line with the GDX (down 18%) and GDXJ (down 23%) miner funds. DrillScore has no recorded price reactions to earlier price-sensitive Regis news, so no pattern can be drawn. The report mostly repeats figures already released, so the market has had most of the information before this document.
Past reactions describe what happened, not what will. How prices react to results
The historical pattern
What share prices did after past results like this one, from DrillScore's own records. It describes the past: it isn't a forecast for RRL and it isn't advice.
After 41 other announcements read as 'positive', stocks moved +1.8% by day 1, +2.4% by day 5 and +1.0% by day 20 against the XGD on average.
- Day 1
- +1.8%
- Day 5
- +2.4%
- Day 20
- +1.0%
Only 2 of RRL's earlier announcements have traded - too few to show a pattern.
In the 20 trading days before this release the XGD gold index moved +17.3% (rising). After 38 past gold announcements released into a rising gold index, stocks moved +1.8% by day 1, +2.5% by day 5 and -4.3% by day 20 on average - before taking the market's own move out.
- Day 1
- +1.8%
- Day 5
- +2.5%
- Day 20
- -4.3%
A strand leans up or down when its day-5 average is 1% or more either way. Each is shown on its own and never added up into a prediction: small samples swing, and every result is different. The full backtest - how it's worked out
The market it landed in
| Market | On the day | Now | Since |
|---|---|---|---|
| Gold (US$/oz) | US$4,571 | US$3,886 | -15.0% |
| Gold (A$/oz) | A$6,416 | A$5,737 | -10.6% |
| Copper (US$/lb) | US$6.46 | US$6.09 | -5.7% |
| AUD/USD | 0.7125 | 0.6774 | -4.9% |
Gold has fallen since the release. US$ gold went from 4,571 to 3,886 (down 15%) and A$ gold from 6,416 to 5,737 (down 10.6%). A$ gold is still well above the A$4,000/oz price deck in the McPhillamys PFS and the A$6,283/oz realised in FY26. At spot, the margin over A$2,945/oz AISC is wide, but the report flags diesel as a cost driver and WTI is near US$88.56. A stronger US dollar (DXY 103.4, up 4.6%) and a higher 10-year yield (5.15%) have weighed on gold. The ASX gold index fell 8.1%, GDX fell 18.2% and GDXJ fell 23.3%, so sector mood has been negative. Silver fell 28% and copper 6%.
Against RRL's own history
The June quarter in DrillScore history showed cash and bullion of A$1,184m, which matches the annual report total. June quarter gold of 101.5koz is about a quarter of the FY26 total of 379koz. FY26 AISC was A$2,945/oz against FY27 guidance of A$2,990-3,390/oz from the 17 July release. The Vault break fee and dividends are new items for this report. DrillScore records no capital raisings, and the report confirms no equity raising in FY26.
Risks & caveats
- AISC rose about 16% in FY26, driven by diesel prices, a non-cash A$140/oz stockpile drawdown and the restart of Duketon North, and the FY26 KPI on AISC scored zero.
- The Federal Court judgment on the Section 10 heritage declaration over McPhillamys was reserved after the December 2025 hearing; the alternative IWL pathway is not within current approvals and FID is targeted for H1 2028.
- Regis assumed liability for any Tropicana royalty under the Asset Sale Agreement and indemnifies IGO; South32 claims 1.5% of gross revenue from 100% of Tropicana. The judgment is reserved.
- The Duketon native title transition has caused Regis to miss its Working Together Agreement target, and GISTM tailings compliance has slipped to end FY27.
- Gold has fallen since release, with spot US$ gold down about 15% and A$ gold down about 11% from the 20 August reference price.
What's next
- Federal Court judgment on the Section 10 declaration over McPhillamys - not stated (judgment reserved)
- Havana Underground first production ore at Tropicana (first stope H2 FY27) - first half CY2027
- BuckWell open pit steady-state build-up at Duketon North - FY27, consistent production through FY31
- FY27 group production guidance of 360-400koz - FY27
- McPhillamys Final Investment Decision on the IWL option, subject to permitting - first half CY2028
Questions worth asking
- What cut-off grade and pit shell price support the Beamish South resource, and was it first disclosed in this report or in an earlier release?
- Are the Figure 2, 4 and 6 intercepts all from the 24 July 2026 quarterly, and what are the hole IDs and nil results for the programs shown?
- What are the FY27 AISC expectations at current diesel and oil prices, given FY26 AISC rose 16%?
- When is the Federal Court judgment on the McPhillamys Section 10 declaration expected, and what is the Tropicana royalty exposure if South32 succeeds?
- Is the 200-250koz Duketon aspirational target backed by Ore Reserves, and how much depends on a new open pit discovery?
What it means
For someone following Regis, the annual report confirms a strong FY26 cash and profit result and a larger capital return. The main new information is the Beamish South resource and the dividend. The drill results in the figures mostly repeat results from July, and the McPhillamys and Tropicana royalty matters remain open. Gold prices and miner valuations have moved sharply since release, so the report's financial strength has to be weighed against current market conditions. 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: medium. Spotted a mistake? Tell us.
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