Quarterly - ASX:RRL
Regis Sept quarter: 83koz gold, AISC A$3,617/oz, cash and bullion A$1.28B; McPhillamys ruling
Regis produced 83.0koz of gold in the September quarter, down from 101.5koz in June, at a Group AISC of A$3,617/oz, up from A$3,244/oz. Cash and bullion rose to A$1.277B after A$53M of tax, including a A$51M break fee from Vault Minerals. The Federal Court found the Section 10 Declaration over part of McPhillamys invalid, but a redetermination is still needed and FY27 guidance was kept unchanged.
(price sensitive) - Regis Resources announced: "Quarterly Activities Report" (12 pages) - read the original
What investors must know
- Gold production was 83,025 oz (83.0koz) at a Group AISC of A$3,617/oz, against 101.5koz at A$3,244/oz in the June quarter, with September rain cited for the drop.
- Operating cash flow was A$265M (Duketon A$175M, Tropicana A$90M). Pre-tax cash generation was A$146M, including the A$51M Vault break fee, before A$53M of tax.
- Cash and bullion was A$1.277B at 30 September, up from A$1.184B, before a A$152M fully franked final dividend paid on 7 October.
- FY27 guidance is unchanged at 360-400koz and AISC of A$2,990-3,390/oz. The company says production is weighted to the second half, and Q1 was 83.0koz.
- A catch-up FY26 tax payment of roughly A$220-240M is due in the December 2026 quarter, which will draw down the cash balance.
- The Federal Court ruled on 14 October 2026 that the Section 10 Declaration over part of McPhillamys is legally invalid. A redetermination is expected, but its timing and outcome are not known.
- No new drill results are reported. The Rosemont intervals listed were first released on 21 September 2026.
Money: can they follow it up?
- Period ending
- 2026-09-30
- Cash
- $1.3bn
- Operating cash flow (quarter)
- $265m
- Exploration spend (quarter)
- $19.1m
- Gold produced
- 83,025 oz
- AISC
- A$3,617/oz (margin about A$2,350/oz at the day's gold price)
- Revenue
- $454m
- Guidance
- FY27 production guidance of 360-400koz is unchanged (Q1 83.0koz produced). FY27 Group AISC guidance of A$2,990-3,390/oz is unchanged and includes about A$88/oz of non-cash stockpile movements. Growth capital guidance is A$250-270M, exploration A$80-90M and McPhillamys A$30-35M. The company says production is weighted to the second half and cites a September rain impact.
Gold production of 83,025 oz is the produced figure. Gold sold was 74,526 oz at an average A$6,088/oz for A$453.7M of revenue. Cash and bullion of A$1,277M at 30 September (Figure 2) includes 18,416 oz of bullion valued at spot A$5,986/oz. Cash alone is not stated separately. No Appendix 5B is attached to this report, so funding quarters and debt are not stated. Other movements in Figure 2 were mine development A$106M, exploration A$19M, McPhillamys A$8M, other capex and rehabilitation A$25M, corporate and interest a positive A$39M, and income tax A$53M. The A$152M final dividend was paid on 7 October 2026, after the quarter. The catch-up tax of A$220-240M is due in the December 2026 quarter. Shares on issue are not stated in this report.
Appendix 5B explained - why runway predicts raisings - every company's runway
Resource / reserve
- Tonnes
- 209.0 Mt
- Grade
- 1.20 g/t Au
- Contained metal
- 8,280.00 koz
- What changed
- Restated, not new. Group Mineral Resources as at 31 December 2025 (Regis attributable, inclusive of Ore Reserves) total 209Mt at 1.2g/t for 8.28Moz, of which Measured 20Mt, Indicated 149Mt and Inferred 40Mt. Ore Reserves as at 31 December 2025 total 49Mt at 1.2g/t for 1.965Moz. McPhillamys Ore Reserve as at 31 May 2026 is 56Mt at 1.1g/t for 1.89Moz (100% Probable), on a Pre-Feasibility Study basis. All were reported in earlier announcements.
How the price reacted
News signal mixed, and on day 1 the stock moved -0.3% against the gold index (XGD).
From the last close before the market could trade on it ($6.98 on 19 Oct 2026), with day-1 volume 0.8x the 20-day average.
RRL's past price-sensitive news
After 9 earlier announcements, RRL rose on day 1 5 times and fell 4 times - an average move of -0.3%.
DrillScore has no recorded share price reactions to earlier price-sensitive news for this company, so no pattern can be drawn. Since release the shares have moved from A$6.98 to A$6.65, in a period when gold and copper miner funds fell. This describes the record only and is not a forecast of the share price.
Past reactions describe what happened, not what will. How prices react to results
The historical pattern
What share prices did after past results like this one, from DrillScore's own records. It describes the past: it isn't a forecast for RRL and it isn't advice.
After 39 other announcements read as 'mixed', stocks moved +0.5% by day 1, +0.9% by day 5 and +0.7% by day 20 against the XGD on average.
- Day 1
- +0.5%
- Day 5
- +0.9%
- Day 20
- +0.7%
After its earlier announcements, RRL moved +0.1% by day 1, -0.5% by day 5 and -1.3% by day 20 against the XGD on average.
- Day 1
- +0.1%
- Day 5
- -0.5%
- Day 20
- -1.3%
In the 20 trading days before this release the XGD gold index moved -3.9% (falling). After 34 past gold announcements released into a falling gold index, stocks moved +2.0% by day 1, +4.6% by day 5 and +11.4% by day 20 on average - before taking the market's own move out.
- Day 1
- +2.0%
- Day 5
- +4.6%
- Day 20
- +11.4%
A strand leans up or down when its day-5 average is 1% or more either way. Each is shown on its own and never added up into a prediction: small samples swing, and every result is different. The full backtest - how it's worked out
The market it landed in
| Market | On the day | Now | Since |
|---|---|---|---|
| Gold (US$/oz) | US$4,160 | US$3,886 | -6.6% |
| Gold (A$/oz) | A$5,967 | A$5,737 | -3.9% |
| Copper (US$/lb) | US$6.54 | US$6.09 | -6.9% |
| AUD/USD | 0.6972 | 0.6774 | -2.8% |
Spot gold on this reading was A$5,737/oz (US$3,886/oz), down from A$5,967/oz at release and below the A$6,088/oz average realised price in the quarter. The company valued its 30 September bullion at spot A$5,986/oz. Spot remains well above the Q1 Group AISC of A$3,617/oz, but the company's cost guidance rests on its own assumptions. No gold price deck is stated for guidance. The diesel assumption was A$1.35/L against A$1.45/L actual. Sector mood has been weaker since release: GDX is down 5.6%, GDXJ down 8.6% and COPX down 13.1%, while the ASX gold index XGD is up 0.8%. The AUD fell 2.8% against the US dollar, which cushions A$ gold receipts somewhat.
Against RRL's own history
The June quarter in DrillScore's database shows 101.5koz at A$3,244/oz and cash and bullion of A$1.18B, consistent with this report. Other database rows for the June quarter show A$2,945/oz and 379,050 oz, which look like full-year figures, so they are not used here. Production fell quarter on quarter while AISC rose. Cash and bullion rose despite A$53M of tax and the A$51M break fee. The database shows no capital raisings on record. The July quarterly scored DrillScore 71 (positive). Earlier Rosemont-area intercepts in July included RRLRMDD175W2 at 6.9m at 8.5g/t, which is larger than any of the new Rosemont intervals.
Risks & caveats
- Production fell about 18% on the June quarter and AISC rose about 11%, so the company needs a strong second half to reach the 360-400koz range.
- Duketon head grade fell to 0.99g/t and Tropicana head grade to 1.35g/t from 1.96g/t in June, which the company links to weather and lower-grade stockpile feed.
- The McPhillamys redetermination may be protracted or may not go in Regis' favour. The company is also progressing an alternative Integrated Waste Landform pathway, which still needs a Feasibility Study.
- Diesel averaged A$1.45/L at Duketon against a A$1.35/L guidance assumption. The company says each 10c/L moves Group AISC by about A$25/oz.
- The Chairman and a non-executive director retire at the 19 November 2026 AGM. The replacement director search is described as well advanced but is not complete.
What's next
- Bi-annual exploration update covering Rosemont, Duketon, Tropicana and McPhillamys drilling - December quarter 2026
- Catch-up FY26 tax payment of approximately A$220-240M - December 2026
- AGM where Mr Macliver is put forward as Chairman-elect and Mr Mactier and Mrs Morgan retire - 19 November 2026
- Federal Environment Minister redetermination of the Section 10 Declaration for McPhillamys - not stated
- Feasibility Study on the Integrated Waste Landform tailings strategy for McPhillamys - not stated
- Havana Underground at Tropicana targeting first ore - H1 CY2027
Questions worth asking
- Does the A$265M operating cash flow include the A$51M break fee, and what is the cash balance excluding bullion?
- How much of the second-half production lift depends on the new Duketon open pits ramping up on schedule?
- What is the expected timetable for the McPhillamys redetermination, and would the Integrated Waste Landform pathway need a new Feasibility Study before any Ore Reserve change?
- How many Rosemont holes were drilled, what cut-off was used, and were any holes nil?
- What will the December quarter Appendix 5B show for funding, after the tax catch-up and the dividend?
What it means
For someone following Regis, this quarter is mainly an operating and cash story. Production and unit costs were weaker than in June, but management says production is weighted to the second half and guidance is unchanged. Cash is strong, but the A$220-240M tax catch-up and the A$152M dividend already paid will reduce it in the December quarter. The McPhillamys court ruling adds possible optionality, but the redetermination timing and outcome are not known. 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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