Regis Resources (RRL.AX): FY26 Guidance met on all fronts but JunQ AISC 9% above VA consensus

研报英文原文证据摘录

Regis Resources (RRL.AX): FY26 Guidance met on all fronts but JunQ AISC 9% above VA consensus

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23 Jul 2026 20:16:48 ET │ 11 pages

Regis Resources (RRL.AX)

FY26 Guidance met on all fronts but JunQ AISC 9% above VA consensus

CITI'S TAKE

Neutral RRL's AISC of $3,244/oz was 7% higher than the Citi estimate and 9%

higher than the VA consensus. This included a non-cash stockpile Price (23 Jul 26 16:00) A$6.35

drawdown charge of A$181.2/oz. Both producing assets recorded pick- Target price A$8.10

ups in head grade, with the June quarter delivering the highest grades for Expected share price return 27.6%

the year at both operations. Duketon grade was 11% above the prior 12- Expected dividend yield 3.8%

month average and Tropicana grade was 19% above the prior 12-month Expected total return 31.3%

average. This contributed to the above-expectation pre-released

Market Cap A$4,809M production result of 101.5koz (Strong production beat to close FY26). We

US$3,352M expect this run rate to fall slightly in the coming year, in line with RRL's

previously released FY27 production guidance of 360–400koz. RRL pre

reported Cash and bullion at JunQ end of A$1.18B, an increase of A$667M

over FY26. Jack WhelanAC

+61-2-8225-5979

Growth jack.whelan@citi.com

Capex spend for the quarter was in-line with VA consensus expectations. At

Duketon, growth capital of A$56M (-A$8M QoQ) included the development of the

Rosemont Stage 3 underground and the Garden Well underground paste fill plant,

which aims to improve recoveries. At Tropicana, attributable growth capital of A$4M

(+A$1M QoQ) was focused on the development of the Havana Underground, which

targets first ore in H1 CY2027.

McPhillamys and Optionality

Beyond operational delivery, the quarter marked an important step for McPhillamys.