Regis Resources (RRL) H1 2025 earnings summary

Executive summary

• Achieved a net profit after tax of $88.4 million for H1 FY2025, reversing a $91.8 million loss in H1 FY2024, with strong earnings, profitability, and cash generation.

• Gold production totaled 195,801 ounces at an all-in sustaining cost (AISC) of $2,403/oz, with Duketon producing 115,776 oz at $2,659/oz AISC and Tropicana (30% share) 80,025 oz at $1,958/oz AISC.

• Maintained safe and profitable operations, with a lost-time injury frequency rate of 0.4, and no environmental non-compliance or significant incidents reported.

• Record operating cash flows and cash/bullion balance driven by robust gold sales and high gold prices.

• Major development projects at Garden Well Main, Rosemont Stage 3, and Havana Underground progressing, with commercial production at Havana targeted for early 2027.

Financial highlights

• Sales revenue increased 41% year-over-year to $777M, with an average realized gold price up 51% to $3,932/oz.

• EBITDA rose 472% to $359M, with a margin of 46%, and net profit after tax swung to $88M from a $92M loss in H1 FY24.

• Cash flow from operations surged to $348M, and cash and bullion at period end reached $529M.

• Net cash and bullion position improved to $229M at period end, moving from net debt.

• Earnings per share improved to 11.7cps, compared to a loss of 12.2cps in H1 FY2024.

Outlook and guidance

• FY25 group production guidance set at 350,000–380,000 ounces, with AISC of $2,440–$2,740/oz.

• Growth capital guidance of $120–135M and exploration spend of $50–60M for FY25.

• Garden Well Main and Rosemont Stage 3 underground mines targeting combined annual gold production of 100–120koz from FY27; Havana Underground commercial production expected in early 2027.

• Stockpile processing at Moolart Well to continue through FY2025.

• No interim dividend declared for the half-year; dividend resumption to be considered at year-end.