Regis Resources Q1 2024 Performance Overview

Regis Resources Limited (ASX: $RRL) has reported a strong performance in the first quarter of 2024, despite facing substantial and protracted regional wet weather impacts. The company's Lost Time Injury Frequency Rate (LTIFR 12MMA) reached a record low of 0.34 per million man hours. Despite the challenges posed by abnormal wet weather in March, Regis maintained its FY24 guidance for gold production and All in Sustaining Costs (AISC). The company's cash and bullion position increased by $31M to $186M as of 31 March 2024, demonstrating its ability to build cash reserves even in adverse weather conditions.

Executive Commentary on Q1 2024 Performance

Regis Resources' Managing Director, Jim Beyer, expressed satisfaction with the company's ability to produce gold safely and responsibly, achieving the lowest Lost Time Injury Frequency rate on record. Despite the impact of substantial and protracted regional wet weather, the company remains focused on safely delivering profitable ounces. Beyer emphasized the team's confidence in meeting the FY24 production and AISC guidance, highlighting the potential to grow the cash balance, especially after becoming hedge-free in gold sales. He also underscored the progress made in enhancing the company's value through the evaluation of growth projects, such as the Garden Well Main and Rosemont Stage 3 underground projects, and the McPhillamys Gold Project.

Q1 2024 Performance Summary and Future Outlook

Regis Resources' Q1 2024 performance reflects its resilience in the face of adverse weather conditions, maintaining its focus on safety and profitability. The company's unhedged gold production and increased cash balance demonstrate its ability to navigate challenges and capitalize on the record high gold price environment. Regis remains committed to its growth strategy, with ongoing evaluation of potential underground projects and the McPhillamys Gold Project, aiming to contribute to its target of over 500koz of annual gold production in the future. Despite the weather impacts, the company's FY24 guidance for gold production and AISC remains unchanged, indicating its confidence in overcoming challenges and delivering on its strategic goals.