Regis Resources Limited

Thanks, Darcy. Good morning, everyone, and thanks for joining us this morning for the Regis Resources September quarter results. Joining me today is our Chief Financial Officer, Anthony Rakicki, and our Chief Operating Officer, Michael Holmes, and our Head of Investor Relations, Jeff Sansom. As usual, we will refer to some figures in the quarterly report released earlier this morning, so please, it might be helpful just to keep it handy as we step through the results. So, firstly, starting with safety, as we always do, through the quarter, on a 12-month moving average basis, our lost-time injury frequency rate actually got down to zero. However, unfortunately, towards the end of the quarter, we saw a single LTI occur, which pushed our LTIFR lost-time injury frequency rate to 0.36, which was in line, basically, with our performance last quarter. Now, while still below the industry average, as always, we should never be satisfied with any injury. And the team, I know, is driving hard as we're diligent and continue to build a strong discipline safety culture for our teams across all our operations. Now, on to production performance. The September quarter marked another period of consistent operational delivery and a resultant strong cash generation performance. Group production totalled 90,400 ounces at an oil and sustaining cost of $2,861 an ounce Aussie. And I note that this also includes a non-cash charge of just under 200 bucks an ounce. And that relates to drawdown on historic stockpile inventories. Now we are comfortable with the performance in our first quarter and we're well positioned to deliver within our FY26 guidance ranges. From a financial perspective, this quarter has seen another period of unprecedented gold price movements. Spot gold during the quarter increased over 15%, from just over $5,000 an ounce to just under $5,800 an ounce during the quarter. And during that time, we sold at an average price of $5,405 an ounce. Of course, since the end of the quarter, gold has risen. Another $500 an ounce will actually rise more than that, and we have seen this slight correction in the last couple of days, but the fundamentals are still there and it is a great time to be producing gold. This meant that we grew our cash and bullion position by $158 million for a balance at the end of the quarter of $675 million. That's another record for Regis and highlights the ongoing strength of the business and really continues to demonstrate the significant cash-generating capacity. We remain debt-free. with significant balance sheet flexibility. From a growth perspective, we saw first-door from our underground development projects at Duketon, and these both remain on target. Now, with that, I'll hand over to Michael for more detail on the operational rundown, followed by Anthony, who will cover more on the financials. Over to you, Michael.

Thanks, Jim, and good morning, everyone. As Jim mentioned, it was disappointing that we had one lost-time injury in the quarter. which continued our 12-month moving average frequency rate of 0.36. We are working on numerous initiatives within our operations to reduce the occurrences of safety incidents and injuries. Operationally, the quarter was steady across both sites, with results consistent and in line with plan. At Duketon, we produced 58.4,000 ounces at an oil and sustaining cost of $2,832 per ounce. which includes a non-cash charge of $238 per ounce. This is a few hundred dollars lower than the previous quarter on stronger production and reduced total material movement with lower open pit waste movement. During the quarter, open pit mining commenced at King of Creation, recommenced at Gloucester and continued at Ben Hur open pits. Our open pits contributed 14.4 thousand ounces at a grade of 0.92 grams per tonne. Underground mining and garden well in Rosemont delivered 31.8,000 ounces at 1.9 grams per tonne with development totalling 3,990 metres for the quarter. Milling throughput was 2.08 million tonnes at 0.99 grams per tonne with an 88.3% recovery. Importantly, as Jim mentioned, during the quarter, first ore was mined from stoves at both the Garden Well Main and the Rosemont Stage 3. The first ore contributed to the increased underground ore tonnages compared to the previous quarter. These two underground developments are key contributors to our long-term growth strategy and Garden Well Main is progressing well towards commercial production in H2 of this financial year. so we should see growth capital from the development roll off towards the end of the year. In light of the ongoing strong gold price environment, the team continues to identify and evaluate options for organic growth across Stuketon. At Tropicana, production was 31.9 thousand ounces at an all-sustaining cost of $2,821 per ounce, which includes a non-cash charge of $198 per ounce, reflecting solid delivery and grade improvement. Open pit mining delivered 16.1,000 ounces at 1.6 grams per tonne with material movement and grade in line with expectations. Total material movement was elevated related to the previous quarter related to the planned waste mining in the Havana open pit. Over the coming quarters, waste stripping in the Havana pit will ease and we expect the strip ratio will moderate, and this will be particularly apparent in the second half of FY26. Our share of what Tropicana Underground delivered was 15.2,000 ounces at 3.12 grams per tonne and 983 metres of development, with a recovery steady at 89.7%. Growth capital was moderate at $3 million, with development of Habana Underground progressing to plan. With that, I'll now pass to Anthony for the financials.

Thanks, Michael. We're continuing on from a really impressive financial performance that we reported for the full year ended 30 June 2025, with a great start in the first quarter of FY26. We sold just under 83,000 ounces in the quarter at an average realized gold price of $5,405 an ounce, generating $447 million in revenue. Operating cash flow was $290 million, including $186 million from Duketon and $104 million from Tropicana. As an aside, when we were selling the gold in and around that $5,500 an ounce market, The team was ecstatic, but as Jim mentioned, what a difference a few weeks makes. Noting that while those gold prices were impressive, the recent few weeks of gold sales have been in the 6,000s, which is just incredible. It's an amazing time to be in gold, really. Moving on to capital expenditure, we spent $114 million, including $70 million at Duketon. 19 million dollars at tropicana and we spent 20 million dollars on exploration within the capital spend amount 66 million dollars of that was growth capital with 63 million dollars at juketon and 3 million dollars at tropicana the majority of this spend was related to the underground growth projects at juketon garden wall main is expected to commence commercial production later in the financial year And therefore, the capital spend in that area from then on will report to sustaining capital, not growth capital anymore. With this in mind, in the absence of any new or any growth we create along the way, we expect to see the growth capital spend rate reduce as the year goes on. But again, that's on the basis that we don't find anything extra across Dubedin that's worth pursuing. So for cash and bullion, in the end, we closed the quarter with $675 million. which is another record for Regis, and the $300 million revolving credit facility remains undrawn. I'll just circle back now to all interstating costs, and Michael mentioned the non-cash charges across Duketon and Tropicana, and I want to talk some more about that. At Duketon, there was a non-cash charge of $238 an ounce related to stockpile inventory movements, and at Tropicana, we had a charge of $125 an ounce. for the same reasons. At a group level, that's a charge of $198 an ounce for the quarter. Focusing in on Tropicana, this quarter's all-in sustaining cost per ounce was higher than last quarter. If you cast your mind back, in the June quarter, Tropicana reported a significant non-cash credit related to stockpile survey adjustments. If we net off the non-cash stockpile movement impacts for Tropicana, then the office saving cost per ounce becomes similar across the two periods. On another topic, and as you now know, with a business high profitability and impressive cash generation, the directors declared a final fully franked dividend of 5 cents per share, totaling $38 million off the back of the FY25 results, and we paid that earlier in this month of October. And as I've mentioned before, Due to that strong profitability, Regis will return to a cash tax payment position and is expected to pay approximately $100 million in the third quarter of this FY26. So that's all from me. Thank you all, and back to you, Jim.