Regis Resources Limited

Thank you for standing by and welcome to the Regis Resources quarterly results conference call. 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 one 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, Darcy. Good morning, everyone, and thanks for joining us on the Regis Resources September 2023 quarterly update. I'm joined this morning by our CFO, Anthony Rikiki, who just managed to get out of being stuck in the lift this morning, so I'm grateful that he's here to be part of this. Otherwise, I'd be on my own. Although, having said that, Ben Goldbloom, our Head of Investor Relations, is also joining us. So first up, looking at our key safety aspect and our frequency rate, our lost-time injury frequency rate is well below industry average, as reported by Demers here in WA, with a frequency rate of 0.7. I would make a comment that we are seeing a slight increase in the less serious injuries, and I think we see that as a bit of a function of the lifting and skills turnover that we're seeing across the industry, or personnel turnover, I should say. So we're obviously keeping an eye on that to make sure we don't let that get too far ahead of us. We're very pleased to start the year with a reliable quarter of gold production and a modest cash build. This is the third consecutive quarter of cash build for the company. And since the December 22 quarter, our cash and bullion balance has increased by nearly $100 million. Now, we're expecting a modest cash bill for the remainder of FY24, and when the existing hedge book rolls off, our cash bill will accelerate and add more than an additional $170 million a year at current spot price. In fact, a little bit more at $3,150. Progress on our growth plans continues with the completion of the garden well exploration decline. The drilling program is making good progress and is expected to be finished by the end of December this year. or its first phase. We'll provide an update on the drilling results in the biannual exploration update before the end of this calendar year. At Tropicana, the joint venture progressed and the Havana underground project to the next phase. Now, the Havana underground project has the potential to add seven years of life in addition to the current underground production, or seven years of additional production to the underground. On the ESG front, we saw more than just safety improvements. We commissioned the nine-megawatt solar farm at Duketon South, which is now delivering a direct reduction in power costs and also on our carbon emissions, a key element in this period, this time now, of the safeguard mechanism. At Tropicana, the joint venture has commenced the site works for the 62-megawatt solar, wind and battery facility. And overall for the quarter, we produced just over 111,000 ounces of gold for an all-in sustaining cost of a fraction over $2,100 at $2,160 an ounce. The September quarter was the first time all of our operating assets were in commercial production and it was pleasing to see them delivered a plan. Just looking a little bit more closely at our operations, the Dutton Gold production was higher than the prior quarter at just over 76,000 ounces for an all-in sustaining of 2180. And at Tropicana, we were just under 35,000 ounces for an all-in sustaining of 1859. Now, it's important to keep in mind that Dutton's AISC includes $227 per ounce of non-cash inventory adjustments. Duke to North production was just under 18,000 ounces for an all-in sustaining cost of 19.25. Cash margins have improved at Duke to North as waste movements have decreased as planned. The majority of mining at Duke to North will be completed by December 2023 as we get to the end of the Mullart pits. Some mining will continue at the Gloucester pit until the middle of next year in June. and this will represent the end of the current reserves in ground reserves. Following completion of the open pit, mill feed will be sourced solely from lower-grade stockpiles and will continue while they generate cash. Once that ends or we don't deliver that, then we'll put the site on a current maintenance and we'll await further confirmation of the new deposits that we're working up at the moment, potential new deposits. At Duketon South, Production was nearly 59,000 ounces for an all-in cost of $2,258 an ounce AISC. Underground mining progressed well. Good development rates were maintained above 3,000 metres for the quarter. In the open pits, mining was a garden well. Russell Spine and Ben Hur, and this will continue through the remainder of this financial year. At Tropicana, we delivered an improved quarter at approximately 35,000 ounces for an AISC of $1,859 an ounce. Now, we realised an increase in the AISC over last year, and I think we've already highlighted this or identified this before, but this is due to a shift in the classification as we move into commercial production and the capitalised waste stops being classified as growth capital and moves into AISC. Importantly, this is only a change in the inverted commas accounting classification, and the cash margins remain broadly in line quarter on quarter. This can be seen by the corresponding material reduction, of course, in the great capital of Tropicana, where spend for the quarter was nominally about $3 million. Following commercial production of Havana Open Pit in the June quarter, access to ore has improved and is expected to continue in the current period. Underground oil production was the highest since we acquired our share of ownership in that asset and deep bottlenecking activities have had a great impact and we look forward to further improvement as the year progresses. So what I'd like to do now is hand over to Anthony to give us a little bit more insight into the financials for the quarter. Thanks, Anthony.

Thanks, Jim. On to the financials for the quarter. We sold just over 106,000 ounces of gold and an average price of $2,560 an ounce, that's Aussie dollars, which does include the effective hedges. This delivered $273 million of gold sales revenue for the quarter. Operating cash flows have been solid again. Overall, we generated just under $97 million in operating cash flows, that also includes the hedging, with approximately $67 million coming from Duketon and $30 million coming from Tropicana. On that point, you had a figure three in the quarterly report, which outlines the cash flows for the quarter. Cash from bullion closed at $250 million at 30 September. You can see that operating cash flows were $138 million. Partly offsetting this was $41 million in hedge losses owing to the delivery of a further 30,000 ounces into our hedging program. You can see that over to the right of that waterfall chart at figure three. Furthermore, we spent $64 million on CapEx, $17 million on exploration and McPhelomys, and corporate and finance costs were $9 million. Regarding our debt, as announced yesterday, the company signed an amendment deed with its lenders to extend the maturity date of the existing $300 million loan facility from 31 May 2024 out to 30 June 2025. The extension forms part of the broader funding strategy for the company's McPhillamy's gold project. Following the expected completion of the bankable feasibility study in the March quarter next year, it's likely the existing loan will be incorporated into a new financing package along with operating cash flows of our own to fund the project. Thank you. And back to you, Jim.