Regis Resources Limited (ASX:RRL) is an Australian gold producer with operations at Duketon and a 30% interest in the Tropicana Gold Mine. FY26 delivered record profit and a substantially larger cash position, giving the company capacity to fund growth, exploration and Shareholder returns. FY27, however, brings higher planned Investment and a continued focus on maintaining production while managing rising unit costs.

FY26 Production Reaches 379,050 Ounces

Regis produced 379,050 ounces of gold during FY26.

Production came from the Duketon operations in Western Australia and Regis’ 30% interest in Tropicana.

The result supported a significant increase in Earnings and cash generation as the company benefited from higher realised gold prices.

Because Regis remains unhedged, changes in the Australian-dollar gold price flow directly into Revenue and operating margins.

Record Profit Reaches A$715 Million

Net profit after tax increased to a record A$715 million.

EBITDA reached approximately A$1.34 billion.

The result reflected higher gold prices, operating performance and substantial cash generation from the group’s Australian operations.

The earnings increase strengthened the company’s ability to fund future investment internally while maintaining distributions to shareholders.

Cash and Bullion Rise to A$1.18 Billion

Cash and bullion reached a record A$1.18 billion at 30 June 2026.

Regis remained Debt free.

The balance-sheet position gives the company flexibility to fund exploration, mine development and project studies without relying immediately on external financing.

It also provides a buffer against movements in gold prices, operating costs and Capital requirements.

Regis Remains Fully Unhedged

Regis does not maintain a gold hedge book.

This means its production is sold with full exposure to prevailing gold prices rather than through Forward Contracts that lock in a portion of future sales.

The structure provides greater upside when gold prices rise, but also leaves earnings and Cash Flow more exposed if gold prices decline.

Dividend Reaches a Record Level

Regis declared a 20-cent final Dividend per share.

The payment comprised a 15-cent ordinary dividend and a 5-cent special dividend.

Combined with earlier FY26 distributions, total dividends reached 35 cents per share.

The higher payout reflects the record earnings and cash position achieved during the year.

Capital Management Framework Is Formalised

Regis also introduced a formal capital-management framework.

The policy is designed to balance shareholder returns with investment in operations, exploration and future growth.

The framework gives the Board flexibility to consider ordinary dividends, special distributions, project investment and other capital-allocation Options depending on cash generation, gold prices and available development opportunities.

FY27 Production Guidance Remains Broadly Stable

Regis expects FY27 gold production of between 360,000 and 400,000 ounces.

Duketon is expected to contribute 240,000 to 270,000 ounces.

Regis’ share of Tropicana production is expected at 120,000 to 130,000 ounces.

The range means FY27 output could finish either below or above FY26 production, depending on mine performance and sequencing.

AISC Is Guided Higher

FY27 group AISC is expected to range from A$2,990 to A$3,390 per ounce.

The range includes approximately A$88 per ounce of non-cash stockpile movements.

Higher unit costs remain an important consideration because production is not expected to rise materially from FY26 levels.

Mine sequencing, grades, labour, diesel and other operating inputs will influence whether Regis remains within the guidance range.

Growth Spending Increases

Regis expects FY27 growth capital of A$250 million to A$270 million.

Exploration expenditure is guided at A$80 million to A$90 million.

A further A$30 million to A$35 million is planned for McPhillamys-related work.

The combined program represents a significant call on cash, although the company enters FY27 with substantial Liquidity and no drawn debt.

Duketon Remains the Main Operating Base

Duketon is Regis’ largest wholly owned production centre.

The operation includes multiple mines and processing infrastructure across the North Eastern Goldfields of Western Australia.

Underground development remains important as Regis seeks to maintain production and extend mine lives.

Future costs will depend partly on the grade and depth of ore available as the Mining sequence evolves.

Tropicana Provides Portfolio Diversification

Regis owns a 30% interest in Tropicana.

The mine provides a second production centre outside Duketon and contributes meaningfully to group ounces.

Tropicana has generally operated at a lower unit cost than Duketon, making its production contribution important to the group cost profile.

Its performance therefore helps diversify operational and cost exposure across the portfolio.

McPhillamys Remains a Complex Growth Option

Regis continues work on the McPhillamys Gold Project in New South Wales.

The project had received major approvals, but a Section 10 declaration made in August 2024 affected part of the approved project area and rendered the project unviable in its previous form.

Regis is challenging that decision in the Federal Court while continuing technical work, including an updated 2026 pre-feasibility study.

Organic Growth Remains the Current Focus

The proposed combination with Vault Minerals did not proceed.

Regis subsequently reaffirmed its focus on capital discipline and internal growth opportunities.

With a large cash balance, Duketon and Tropicana providing operating cash flow, and McPhillamys still under review, the group retains flexibility over how quickly it deploys capital.

Future acquisitions would still need to meet the company’s return requirements.

Key Risks and Areas to Watch

Gold prices remain the largest external earnings variable because Regis is unhedged.

Operating costs at Duketon, mine grades, diesel prices and labour availability can affect margins.

FY27 also carries heavier capital and exploration expenditure.

McPhillamys remains subject to legal and development uncertainty.

Quarterly production, AISC, cash balances, dividend decisions and progress on McPhillamys will therefore be the key indicators.