Mineral Progress for Regis Resources

Regis Resources, a leading mid-tier Australian gold producer, has unveiled its annual mineral resource and ore reserve update for the 2022 calendar year. The report showcases significant progress aligned with the company's long-term strategy and provides a strong foundation for future growth initiatives.

A notable highlight from the update is the commendable performance of underground reserves, which have exceeded depletion for the second consecutive year. This achievement can be attributed to new findings at the Duketon gold project and the Tropicana joint venture. Jim Beyer, CEO of Regis Resources, expressed satisfaction with the results, emphasizing the company's investment in these mines and the gratifying reserve growth realized within a short time frame. Beyer further highlighted the potential for continued growth as the mines continue to explore deeper underground. With a robust reserve life of eight years and operations exclusively located in Australia, Regis Resources is well-positioned to achieve long-term growth objectives and deliver superior returns to shareholders.

The report also reveals that as of December 31, 2022, the group's ore reserves amounted to 3.6 million ounces (Moz), with mineral resources totaling 7.0 Moz. The year witnessed an increase of 210,000 ounces (koz) in new ore reserves and an additional 400 koz in new mineral resources, effectively offsetting the depletion incurred during the calendar year.

Regis Resources maintained moderate long-term gold price assumptions for reserves and resources calculations, with a weighted average of $1800 per ounce and $2430 per ounce, respectively. This prudent approach ensures realistic projections for the company's gold assets.

In addition to the positive reserve and resource updates, encouraging early results were obtained from the Garden Well exploration decline at the Duketon project. These findings highlight the potential for new production areas and increased ounces per vertical meter. As a result, an exploration target has been established, signaling further growth opportunities and expansion potential.

Regis Resources' annual mineral resource and ore reserve update demonstrate their positive trajectory and commitment to sustainable growth in the gold mining sector. With consecutive years of underground reserves outpacing depletion and promising exploration outcomes, the company is well-poised to capitalize on growth opportunities and generate favorable outcomes for its shareholders.