AUSTRALIA FIRST TO MARKET

Research evidence excerpt

AUSTRALIA FIRST TO MARKET

Asia Pacific Equity Research

Australia First to Market 18 July 2026

Top Stories

Regis Resources (Jonathon Sharp) (RRL AU, N)

FY27 guided with production in line vs JPMe, but higher costs and capex reduce valuation; retains

Neutral

RRL has released FY27 guidance. Key takeaways: 1) production guidance of 360–400koz is broadly in line with JPMe, and we

lower our forecast by 1% to 377koz, 2) AISC guidance of A$2,990–3,390/oz and growth capital of A$250–270m are materially

above our prior forecasts of A$2,884/oz and A$181m, leading us to raise FY27 AISC by 10% to A$3,178/oz and growth capital

by 44% to A$260m, and 3) we cut FY27 EBITDA and underlying earnings by 11% and 15%, respectively, while our valuation

falls 7% to A$6.10ps from A$6.60ps.

Global Research

Top 10 Strategic Themes for 2H26 and Beyond (Joyce Chang/Amy Ho/Mohammed Hossain/Zahin Ov/

Alexander Wise)

Great Returns, Even Greater Expectations

Strong markets, shifting foundations and feedback loops

“Peak Trump” reached with midterm elections unlikely to be a gamechanger that shifts the policy path

Monthly Inflation Outlook (Francis Diamond)

A long hot summer for front-end breakevens

Front-end inflation breakevens have rallied over the past few weeks as oil and, in particular, gas prices have risen with rising

uncertainty over the evolution of the US-Iran conflict amid increased hostilities in the Strait of Hormuz. We expect 1Yx1Y/5Yx5Y

HICP and UK RPI inflation curves to remain flat (inverted).

You can observe a lot just by watching (Jay Barry)

Digging into the Chair’s task forces for advancing monetary policy

Chair Warsh’s task forces represent the first clear attempt to put his imprint on the Fed. We explore the views of the leadership