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Regis Resources sets annual production record

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Regis Resources has recorded an annual gold production for the 2023 financial year (FY23).

The company recorded a FY23 annual gold production of 458,354 ounces (oz), with the Duketon gold project producing 327.3 thousand ounces (koz) and the Tropicana joint venture (JV) producing 131.1koz of gold. This was achieved within original FY23 production guidance of 450koz–500koz.

The mid-tier gold producer recorded a June 2023 quarter gold production of 122,479oz, with the Duketon gold project producing 90.6koz and the Tropicana JV producing 31.9koz of gold.

Regis recorded a cash and bullion build of $39 million in the June quarter, and a cash and bullion increase to $243 million as of June 30 from $204 million recorded on March 31.

Regis Resources managing director Jim Beyer he is pleased with the record year of gold production for FY23.

“Most notably, the June quarter saw our operations drive a cash and bullion build of $39 million,” Beyer said.

“With commercial production declared at both Garden Well underground (Duketon) and Havana open pit (Tropicana), we have commenced the journey from investment phase to having two cash generating pillars that can be used to help fund our growth project, McPhillamys once approved.”

Regis is expected to release its full June quarter report including the 2024 financial year production and cost guidance on July 27.

Additionally, the company announced the official opening of the Balkau Decline at its Garden Well South underground mine, named after Regis Resources general manager of exploration Jens Balkau who passed away in 2021 due to long-term illness.

The original Garden Well deposit was discovered as a “blind deposit” by the Regis exploration team led by Balkau.

The Balkau Decline provides access to its second underground operation located at Garden Well South which commenced commercial production during May 2023.

This is part of the mineralised system that extends for at least one kilometre underneath the existing Garden Well open pits which resulted from the original discovery by the team that Balkau led.

Regis said that the milestone is the culmination of more than two years of preparation, commitment and hard work from its teams with support from its major mining services providers Barminco and MACA.

“The official naming of the Balkau Decline reflects this positive evolution for the Garden Well operation, so it is fitting we name it after the man who led the initial discovery of Garden Well,” Beyer said.

“Jens was a much-loved and valued colleague, friend, and mentor to many at Regis. He led the exploration team for over a decade with enthusiasm and an abundant willingness to nurture the next generation of geologists.

“Jens is deeply missed, but his legacy will always be remembered at Regis.”

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