Regis Resources Limited

Thanks, Renju. And good morning, everyone. And thanks for joining us for the Regis Resources Financial Year 2025 Full Year Financial Results. I'm joined this morning by our, or with our CFO, Anthony Rakiki, our COO, Michael Holmes, and our Head of Investor Relations, Jeff Sansom. On this call, we will be referring to various slides in the pack that we released earlier this morning. This, of course, can be downloaded from our website or the ASX. might be helpful if you've got that in front of you. So with that in mind, referring to slide three, first off, I have a look at safety for the year, and Regis continues to deliver safe and profitable answers. Our lost time injury frequency rate for FY25 was 0.4, well below the gold industry average, which I think the latest is around 1.6, reflecting our ongoing commitment to safe production across all our operations. This year, we also reported our first integrated annual and sustainability report, which highlights not only our ESG achievements, but also our progress on climate-related reporting. Just a couple of key ESG highlights to include now. We saw a 7.6 reduction in group one scope, sorry, group scope one and scope two emissions year on year. We delivered more than 200 hectares of progressive rehabilitation across the Duketon site, and our female representation increased to 23% across the workforce. We're also well advanced in aligning with mandatory climate-related disclosures, which will become part of our statutory reporting framework in FY26. Now, turning to the financial results, Many of those numbers were foreshadowed, of course, in the quarterly release a month or so ago, but it's worth repeating because FY25 has been a record year for Regis. Now, look, I'll try not to steal all of Anthony's thunder, but there are some high-level metrics that I would like to mention. Firstly, we delivered a record net profit after tax, and I would point out that's not underlying. That is the actual net profit after tax of $254 million. That's a $440 million turnaround from last year's loss. Anthony will put a little bit more context around that shortly. Also, our record statutory cash flows from operating activities was $821 million. That's up 73% from the prior year. Importantly, after repaying our $300 million of corporate debt in January, we closed the year with $517 million of cash and bullion, strengthening our balance sheet and providing flexibility. Now, just to contextualise this, I think it's sometimes easy to talk about these things in terms of a net debt, net cash position. So if we look at where we were 12 months ago, Regis was in a net debt position of $5 million. So we were in debt to the June net of $5 million. And now, 12 months later, we sit at a net cash and bullion position of $517 million. Reflecting this strong profitability and cash generating capacity, the board has declared a fully franked final dividend of $0.05 per share. That's the equivalent of a distribution of about $38 million. With this dividend, Regus has now declared nearly $585 million in fully franked dividends since 2013. And with that, I'll hand over to Anthony to step through the financial results in a little more detail.

Thanks, Jim, and good morning, everyone. I'll turn you now to slide five of the presentation. This is a really impressive chart that demonstrates the cash generation capacity that reaches this business. We started the year with $295 million of cash and bullion, which grew by $222 million to $517 million by 30 June 2025, as Jim was saying. Now, importantly, that includes the $300 million of debt we repaid in January. So before the debt repayment, cash and bullion effectively grew by $522 million. Looking to the income statement, so now I'll get you to look at slide six. Gold sales were $1.65 billion, up 30% on FY24, driven by a 47% increase in realised gold prices. Costs of sales excluding depreciation and amortisation were similar year on year. Depreciation on amortisation itself increased by 14%, largely due to the accelerated amortisation of pre-strip at Ben Hur and the Tropicana open pits. We expect depreciation on amortisation to be a little lower on a per ounce basis in FY26 versus FY25. You'll also note an exploration and evaluation expense of $11 million, which relates to McPhillamy's. I would note that since last year's Section 10 declaration, for all of FY25 and until further notice, McPhillamy's costs are being expensed directly through the profit and loss account. Another key item is tax. We recorded a tax expense of $109 million in FY25 and an estimated tax payable of just under $100 million. After several years of tax benefit positions, Regis will now move into a payable position again, a product of our high profitability. And just on that, as a result of the upcoming tax payable in the FY26 financial year, our five cents a share dividend will be 100% fully franked. So all up, The results translated into a record net profit after tax of $254 million, a $440 million turnaround from last year's net loss, which was impacted by the McPhillamy's write-off and the costs of closing out our hedging contracts. Now onto the statutory cash flows and balance sheet on slide seven. Statutory cash flows from operating activities was a record at $821 million, up 73% on last year. A stunning result for a business to be approaching a billion dollars in cash flows from operating activities. On cash flows from financing activities, the only major item was the repayment of our $300 million debt back in January, as we've discussed. At year end, we had $517 million in cash and bullion, and our $300 million revolving credit facility remains undrawn. Our balance sheet is in an excellent position and continues to strengthen. Overall, FY25 was a step change in the company's financial strength, positioning us well to pursue growth opportunities while continuing to generate meaningful shareholder returns. Thank you and back to you, Jim.

Yeah, thanks, Anthony. So to summarise what you've heard, FY25 has been a year of records for Regis. The team delivered consistent operating performance, which has translated into record financial outcomes, strengthened the balance sheet and, pardon me, with that, we are returning $38 million in dividends to shareholders along with their participation in the high capital growth that they've seen over the last 12 months at least. As we've demonstrated over the years, our capital allocation remains disciplined. With our unhedged position, strong gold prices and an ongoing delivery against plan, we're confident in sustaining this momentum into the current FY26 year and beyond. And with debt repaid, we are well positioned to fund growth internally, maintain financial flexibility and to continue to build and return value to our shareholders. Well, thanks for your time this morning. I'll now open it for questions.