Regis Resources Limited

Thank you for standing by, and welcome to the Regis Resources Full Year Results Briefing. All participants are in a listen-only mode. There will be a presentation followed by a question and answer session. If you wish to ask a question, you will need to press the star key followed by the number 1 on your telephone keypad. I would now like to hand the conference over to Mr. Jim Beyer, Managing Director and CEO. Please go ahead.

Thanks, Betsy, and good morning, everyone. Thanks for joining us on the Regis Resources June 2023 full-year financial results, which we released earlier this morning. Joining me this morning is Anthony Rakiki, our Chief Financial Officer, and Ben Goldbloom, Head of Investor Relations. Pardon me. We will be referring to the slides that we released as well. So if you've got those handy to look at or if you're on the web projection, you'll see it as well. So look, now while the headline loss of $24 million is disappointing, it is, we know, after $115 million hedge book impact. And basically the underlying results show business that has strength and that will start to shine through. Looking at slide three, the company achieved some significant milestones in FY23. By year end, we had largely completed the construction of a nine megawatt solar farm at Duketon, and we'd signed an agreement at Tropicana to develop a 62 megawatt renewable energy facility that combines solar, wind, and battery. And I can confirm that our solar farm at Duketon is in the very final stage of the commissioning and it'll either be switched on today or tomorrow and then delivering cheap and cleaner power to our operations at Duketon South. We declared commercial production at two of our growth assets in the Garden War South underground at Duketon and also at the Havana Open Pit at Tropicana. Our exploration tech services team established an exploration target at Garden War Main underground And this is a target of between 800,000 and 1.3 million ounces. And we're getting some early results that support our views on that. And most pleasingly, we received the last key state approval for the McPhillips project in New South Wales. I'd also note that all of these achievements were done while maintaining our safety record of well below industry averages and our gender diversity at above industry. So now I'd like to hand over to Anthony, Anthony Rikiki, who will step through the financial results a little more detail. Over to you Anthony.

Okay thanks Jim and good morning everyone. I'll start by just flicking you forward to slide number five and there that's our FY23 financial results, some high level numbers. You can see that the year's delivered record gold production and revenue, record revenue. Our open pit mines saw a reduction in stripping ratios and going forward we've planned for reduced waste material movements in FY24. The underground mines delivered record tonnes with commercial production at Garden Well kicking off and the mills continued to perform well with stable throughput and recovery. That record gold sales revenue drove record operating cash flows of $455 million. and relatively stable year-on-year underlying EBITDA, this time at $402 million. Note the underlying EBITDA is before an inventory net realisable value adjustment of $30 million. Moving on to slide six, that shows the cash flow movement for the year. This chart highlights the investment that was made into the future of the company, which is expected to reduce as we transition to a more of an operating cash build phase. I mean, the investments, cash flows are expected to reduce. $301 million was invested across mine development and other CAPEX, and we spent $69 million on exploration and the McPhillamy's development project. Other notable items include the $67 million tax refund, $39 million in the stamp duty payment relating to the Tropicana acquisition, and $115 million in foregone revenue relating to the clearance of another 100,000 ounces off the hedge book. The company finished the period with a cash and bullion balance of $243 million. 30 June 23 net debt was $57 million. Moving over to slide seven, we see the underlying EBITDA of $402 million and the statutory net loss of $24 million. Depreciation and amortisation was the largest driver between the statutory loss and EBITDA, and a significant portion of that relates to the accelerated depreciation at Duketon North Operations as it nears the end of its current reserves. On slide 8, that highlights that our balance sheet remains in good shape. Regarding that, on note, we have a corporate debt facility of $300 million, which matures in May 2024, and we're confident about extending that loan maturity date, and we're working with our lenders to that effect. The loan date extension will give us time to prepare our funding plan for the final investment decision on McPhillamy's, expected in the June quarter of FY24. Thank you, and I'll hand back over to you, Jim. Thanks, Anthony.