25 Nov

AGM Presentation 2021

1 A FUTURE WITH GROWTH 25 NOVEMBER 2021 ASX:RRL Jim Beyer – Managing Director & CEO 2 CAUTIONARY STATEMENT This presentation contains only a brief overview of Regis Resources Limited and its associated entities (“Regis or RRL") and their respective activities and operations . The contents of this presentation, including matters relating to the geology of Regis’ projects, may rely on various assumptions and subjective interpretations which it is not possible to detail in this presentation and which have not been subject to any independent verification . This presentation contains a number of forward - looking statements that are subject to risk factors associated with gold exploration, mining and production businesses . It is believed that the forward looking statements in this presentation are reasonable based on information available as at the date of this presentation but known and unknown risks and uncertainties, and factors outside of Regis’ control, may cause the actual results, performance and achievements of Regis to differ materially from those expressed or implied in this presentation . These risk factors include, but are not limited to, changes in commodity prices, foreign exchange fluctuations and general economic conditions, increased costs and demand for production inputs, the speculative nature of exploration and project development, including the risks of obtaining necessary licenses and permits and diminishing quantities or grades of reserves, political and social risks, changes to the regulatory framework within which the Company operates or may in the future operate, environmental conditions including extreme weather conditions, recruitment and retention of personnel, industrial relations issues and litigation . Readers are cautioned not to place undue reliance on forward looking statements . No representation or warranty, express or implied is made as to the accuracy, currency or completeness of the information in this presentation, nor the future performance of Regis . Except as required by applicable law or regulations, Regis does not undertake to publicly update or review any forward - looking statements, whether as a result of new information or future events . Current and potential investors and shareholders should seek independent advice before making any investment decision in regard to Regis or its activities . The information in this presentation that relates to production targets and associated forecast financial information is extracted from the ASX announcement released 29 July 2021 entitled “Quarterly Report to 30 June 2021 ” . Mineral Resources and Ore Reserves is extracted from the Mineral Resource and Ore Reserve Statement released to the ASX on 21 April 2021 & 15 June 2021 (the Relevant ASX Announcements) . Exploration Results are extracted from the Exploration Update April to September 2021 released to the ASX on 18 November 2021 . In each case, appropriate Competent Person’s consents were obtained for the release of that information in the Relevant ASX Announcements and those consents remain in place for subsequent releases by the Company of the same information in the same form and context, until the consent is withdrawn or replaced by a subsequent report and accompanying consent . The Company confirms that it is not aware of any new information or data that materially affects the information included in the Relevant ASX Announcements and in each case the Production Targets, forecast financial information and estimates of Mineral Resources or Ore Reserves, that all material assumptions and technical parameters underpinning that information in the Relevant ASX Announcements, continue to apply and have not materially changed . The Company confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original ASX announcement . Past performance and pro - forma financial information given in this document, including in relation to upgrades to resources and reserves, is given for illustrative purposes only and should not be relied upon as (and is not) an indication of future performance, nor of Regis' views on the Company's future financial performance or condition . Investors should note that past performance of Regis, including the historical trading prices of its shares, cannot be relied upon as an indicator of (and provides no guidance as to) Regis’ future performance, including the future trading price of its shares . The historical information included in this presentation is, or is based on, information that has previously been released to the market . As noted above, an investment in Regis shares is subject to known and unknown risks, some of which are beyond the control of Regis . Regis does not guarantee any particular rate of return or the performance of the Company, nor does it guarantee the repayment of capital from Regis or any particular tax treatment . The distribution of this presentation (including an electronic copy) outside of Australia (including the United States) may be restricted by law and any such restrictions should be observed . Any non - compliance with these restrictions may contravene applicable securities laws . ASX announcements are available on the Company’s website at www . regisresources . com . au 3 VALE JENS BALKAU Regis – 2006 to 2021 “The Jens Balkau Portal” Garden Well Underground access portal 4 Strong financial position Strong value growth profile Elevating sustainability priorities On a growth journey Low cost producer Total Resources 2 10.4Moz Total Reserves 2 4.8Moz (1) Including 3cps declared 31 August 2021. (2) ASX release – Mineral Resource and Ore Reserves Statement – 21 April 2021 & 15 June 2021. A$532m in dividends paid since 2013 1 Strong financial platform to launch future growth A FUTURE OF GROWTH 363 352 373 460 - 515 2019 2020 2021 2022 Guidance range Group Gold Production ( koz ) 5 Safety and health training 80 Leaders participated in two - day Regis Safety Leadership Training 180 Employees completed Fatality Risk training 21 Participants in Mental Health First Aid training LTIFR of 1.3 is >30% below the WA gold mining industry average INDUSTRY LEADING SAFETY, HEALTH AND WELLBEING 6 FY21 DELIVERED GROWTH ACROSS KEY VALUE DRIVERS Increases in Production, Reserves and Resources Acquisition of 30% INTEREST in Tropicana Gold Project 35 % increase in Group MINERAL RESOURCES 33 % increase in Group ORE RESERVES Commenced DEVELOPMENT of Garden Well Underground Mine Acquisition of BEN HUR GOLD deposit Mineral Resource of 10.3m tonnes At 1.2g/t gold for 390,000 OUNCES 7 FY21 KEY FINANCIALS NPAT of A$146m NPAT Margin of 18% EPS of 26 cents per share Cash flow from operating activities A$276m Full Year Dividends 7c per share 3.3% basic yield 4.7% grossed up yield 4 EBITDA 1 of A$403m EBITDA Margin 49% Cash & Bullion A$269m 2 Net Debt of A$31.3m 3 1. EBITDA is an adjusted measure of earnings before interest, taxes, depreciation and amortisation. EBITDA is non - IFRS financial i nformation and is not subject to audit. The measure is included to assist investors to better understand the performance of the business. 2. Includes bullion on hand valued at A$2,337 per ounce 3. Based on cash and bullion on hand of A$268.7 million at 30 June 2021 and long - term debt of A$300 million 4. Grossed up for 100% franking. Annualised dividend yield of 7cps at a closing share price of $2.15 on 10 September 2021 Financial performance underpinned by strong operating margins 8 $98.5m in taxes and royalties paid to Federal and State governments Aligning to UN Sustainable Development Goals and the Task Force on Climate - related Financial Disclosures PROGRESSIVE APPROACH TO ESG Key Additional 2022 objectives: Increase rate of land rehabilitation. Increasing direct community investment and support. Ongoing improvement in safety by targeting lower all injury rates Increase water use efficiency Set and action emission reduction targets Implement formal Heritage training for workforce 352 Employees 23% Female employees 27% Managerial and executive positions held by females 9 FY22 PERFORMANCE GUIDANCE Step change in gold production in FY22 driven by 30% interest in Tropicana . Operation Duketon Tropicana (30%) Group Production (koz) 340 – 380 120 – 135 460 – 515 AISC (A$/oz) 1,340 - 1,410 1,140 - 1,230 1,290 - 1,365 Growth Capital (A$M) 1 85 - 90 70 - 75 155 - 165 Exploration and McPhillamys(A$M) 35 8 72 2 1. Growth Capital includes open pit and underground pre - production mining costs, pre - strip costs, camp expansion costs and other gr owth related project and property, plant and equipment costs 2. Group includes guidance for expenditure associated with McPhillamys of A$29 million for FY22 Production set to grow Challenges continue in Q 2 with the outlook for Duketon still expected to see a strong lift in H 2 . Overall production anticipated in the lower half of the guidance range . Skilled labour availability, Addressing metallurgical complexity of Tooheys Well, COVID related impacts, 10 KEY ELEMENTS OF VALUE GROWTH Increasing Business Value Time Tropicana (30%) Moolart Well Garden Well Rosemont Grow Open Pits & Undergrounds New mines and extensions to existing mines McPhillamys Exploration Step Change Growth Life Extension Growth 11 Three operating centres in Garden Well , Moolart Well and Rosemont History of reserve replacement FY22 Guidance : 340 - 380koz at A$1340 - A$1410/oz DUKETON OPERATION OVERVIEW 5.4Moz in Resources and 2.0Moz in Reserves MOOLART WELL 2.5Mtpa GARDEN WELL 5Mtpa ROSEMONT 2.5Mtpa DUKETON PROJECT Under - explored greenstone belt in a tier 1 jurisdiction 12 KEY ELEMENTS OF VALUE GROWTH Increasing Business Value Time Tropicana (30%) Moolart Well Garden Well Rosemont Grow Open Pits & Undergrounds New mines and extensions to existing mines 13 GROWTH FROM UNDERGROUND Now with two underground mines GARDEN WELL MAIN Potential UG at Garden Well Main to grow on existing Garden Well South UG Feasibility Material mined of 1.8Mt @ 3.2 g/t Au for 190koz FURTHER UG GROWTH PROJECTS IN THE EVALUATION PIPELINE Value created with high grade UG ore displacing lower grade OP ore 14 GROWTH FROM OPEN PITS Significant advances to multiple projects Ben Hur Project Thick, high - grade extensions down dip are expected to grow the open pit resources Deeper intercepts show early indications of potential UG lodes Buckingham - Wellington (Moolart Well) Most significant fresh - rock mineralisation ever from Moolart High - grade intersection suggest excellent potential to define high grade shoots beneath the extensive oxide mineralisation 15 TROPICANA OPERATION OVERVIEW Joint Venture between AngloGold Ashanti (70%) & Regis (30%) Life - of - mine 10+ years 2.3Moz in Resources and 0.8Moz in Reserves (30%) Strong history of reserve replacement with all deposits open at depth and clear pathway to extend mine life Low cost, high margin operation currently in an investment phase FY22 Guidance @30% : 120 - 135koz at A$1140 - A$1230/oz Production returning to 450koz – 500koz (at 100%) as increasing high - grade ore delivered from Havana OP and Boston Shaker UG 16 Life - of - mine 10+ years Joint Venture between AngloGold Ashanti (70%) & Regis (30%) Processing grown to 9Mtpa with further optimisation available Havana OP and multiple UG mines supporting a 10+ year operational future Boston Shaker UG • full production rate of 1.1Mtpa • increased grade mill feed Additional UG mining opportunities at Tropicana Gold Mine Havana UG will form part of a PFS study in 2022 Approximately 2Mtpa from UG in 2027 onwards if studies are successful Boston Shaker UG Tropicana UG Havana UG Havana Sth UG TROPICANA – MULTIPLE GROWTH OPPORTUNITIES 17 KEY ELEMENTS OF VALUE GROWTH Increasing Business Value Time Tropicana (30%) Moolart Well Garden Well Rosemont Grow Open Pits & Undergrounds New mines and extensions to existing mines McPhillamys Step Change Growth 18 MCPHILLAMYS – APPROVALS UPDATE M INERAL R ESOURCE 2.29 Moz Au O RE R ESERVE 2.02 Moz Au Life - of - mine 10+ years Surface Water Licenses remain the key outstanding element to obtaining DPIE recommendation – DPIE - planning and DPIE - water actively involved in establishing an outcome. Update on other key activities : DFS in progress, to be finalised on receipt of Approval conditions. ATSIHP Section 10 (Federal act) application assessments commenced. Extensive Heritage reviews completed strongly indicate limited unique heritage risk Mining lease application underway. A survey gap dating back over 100 years resulting in a very small area, ~74m 2 , potentially requiring a Right to Negotiate process. One of Australia’s largest undeveloped open pit gold resources Production Up to ~200kozpa Au Satellite Project Discovery Ridge 390koz Au Resource Multiple additional targets 19 KEY ELEMENTS OF VALUE GROWTH Increasing Business Value Time Tropicana (30%) Moolart Well Garden Well Rosemont Grow Open Pits & Undergrounds New mines and extensions to existing mines McPhillamys Exploration Step Change Growth Life Extension Growth Duketon Belt 10Moz Tropicana Project 10Moz A FUTURE OF GROWTH 20 Dominant positions in two highly prospective greenstone belts Position of Strength Favourable mining jurisdiction of Western Australia Large under - explored greenstone belts Long - term operational optionality with 3 mills at Duketon and belt dominance at Tropicana with the only gold mill within 100’s of kilometres Exploration Strategy Grow mines into multi - million ounce systems Discovering new +1 million ounce deposits A FUTURE OF GROWTH 21 It’s just the beginning… Belt Ounces 10years 10Moz Albany Fraser Belt (Tropicana) Duketon Belt ( Duketon ) Southern Cross 15Moz 20years 30years 40years +50years Kalgoorlie - Norseman Belt 160Moz Murchison 32Moz Leonora - Wiluna Belt 32Moz Laverton Belt 40Moz Yamarna Belt 7Moz 10Moz Yilgarn Craton 22 GROWTH PIPELINE – Multiple opportunities being pursued Exploration Advanced Exploration/Development Operating 2Moz 1Moz 500 koz 250 koz Mcphillamys Discovery Ridge Charlies Kings Plains Galloway Bald Hill Regional Targets Boston Shaker Ext. New Zebra Springbok Rusty Nail Madras Angel Eyes Voodoo Child Havana South UG Tropicana UG Havana UG Boston Shaker UG Tropicana Open Pits White Nile Yellow River Swincer Somerset Moolart UG Betelgeuse Ben Hur UG Lancefield North Gloster UG & OP Commonwealth GDW Main UG RMT UG GDW South UG King John Thompsons Bore Terminator Ventnor Moolart Well GDW RMT UG Ben Hur Tooheys Well RMT Baneygo 23 A FUTURE WITH GROWTH 25 NOVEMBER 2021 ASX:RRL Jim Beyer – Managing Director & CEO
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