Regis Resources (RRL.AX): McPhillamys De-Risked and Back on Track; Upgrade to the Growth Story

Research evidence excerpt

Regis Resources (RRL.AX): McPhillamys De-Risked and Back on Track; Upgrade to the Growth Story

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19 Jun 2026 05:25:42 ET │ 10 pages

Regis Resources (RRL.AX)

McPhillamys De-Risked and Back on Track; Upgrade to the Growth

Story

CITI’S TAKE Neutral

RRL released today the outcomes of a new PFS for the McPhillamys Gold Price (19 Jun 26 16:00) A$6.94

Project using an alternative Integrated Waste Landform (IWL). In the Target price A$8.10

revised plan, RRL will use filtered tailings co-disposed within the mine

Expected share price return 16.7% waste dump, located entirely on Regis-owned land and outside the area

covered by the August 2024 Section 10 declaration. The 1.89Moz Ore Expected dividend yield 3.5%

Reserve (56Mt @ 1.1g/t, 100% Probable) has been reinstated, and the IWL Expected total return 20.2%

and Water Pipeline have been granted State Significant Infrastructure Market Cap A$5,255M

(SSI) status by NSW which meaningfully de-risks the permitting pathway. US$3,745M

FID is now targeted for 1H CY28. In our view, McPhillamys is back in play

as a credible, near-FID growth project, showcasing reinstated reserves

and robust PFS economics. With a clearer ~18-month development

pathway, it significantly upgrades the growth pipeline and portfolio Jack WhelanAC

optionality for the RRL-VAU merger. +61-2-8225-5979

jack.whelan@citi.com

Project Economics:

According to RRL on economics, the project delivers an NPV5.5% of A$1.13bn and

post-tax IRR of 21.8% at A$4,000/oz, with 190koz of average annual production at

AISC of $1,718/oz and pre-production capital of $1.08bn (incl. $78m contingency and

$77m capitalised pre-production opex). The updated AISC is +9% higher versus the

original 2024 DFS, bridged as +$133/oz from IWL related design changes and