Gold miner Regis Resources expects a 10 per cent increase to current production levels by the 2022 financial year after announcing record annual output.
The company produced 90,966 ounces of gold from its flagship Duketon gold project in Western Australia during the June quarter, pushing it to a record 353,418 ounces in the 2019 financial year.
Regis stated that strong exploration results from the Duketon tenements could underpin an underground expansion of the Garden Well mine and Baneygo development.
The company holds 194 exploration, prospecting and mining leases in the Duketon Greenstone Belt, which could also contribute to its expansion plans.
Regis has also submitted a development application and environmental impact statement to the NSW Department of Planning to appraise the undeveloped McPhillamys gold project in New South Wales, which is anticipated to become the company’s next major mine.
Managing director Jim Beyer called the submission a major milestone for the project, and also commended the Regis team for the company’s performance, which was at the upper end of a 340,000–370,000 ounce production guidance.
“The outlook for our company is exciting with guidance indicating another year of similarly strong production levels while the growth project work we are doing this year sets the scene for our production to continue increasing over the coming years,” Beyer said.