Key Highlights

• On 20 October 2026 Regis reported group gold production of 83,000 ounces for the September quarter, down from 101,500 ounces in the June quarter.

• The Duketon operations in Western Australia produced 56,100 ounces, while Regis's 30 per cent share of the Tropicana joint venture contributed 27,000 ounces.

• Group All-In Sustaining Cost (AISC) was A$3,617 per ounce, including roughly A$114 per ounce of non-cash stockpile charges.

• That sits above the company's full-year guidance range of A$2,990 to A$3,390 per ounce, which was left unchanged.

Why did Regis Resources (ASX:RRL) keep its full-year gold guidance after a September quarter that was weaker than the one before? Because the company attributes the dip mainly to unusually heavy rain, which delayed access to higher-grade ore, and it says output should rise progressively through the 2027 financial year.

The quarter in numbers

On 20 October 2026 Regis reported group gold production of 83,000 ounces for the September quarter, down from 101,500 ounces in the June quarter. The Duketon operations in Western Australia produced 56,100 ounces, while Regis's 30 per cent share of the Tropicana joint venture contributed 27,000 ounces.

Costs rose alongside the production dip. Group all-in sustaining cost (AISC) was A$3,617 per ounce, including roughly A$114 per ounce of non-cash stockpile charges. That sits above the company's full-year guidance range of A$2,990 to A$3,390 per ounce, which was left unchanged.

Gold sold was 74,500 ounces at an average realised price of A$6,088 per ounce, producing sales Revenue of A$453.7 million. Operating Cash Flow was A$265 million, and cash and bullion rose by A$93 million to A$1.28 billion at 30 September 2026. the update of the full-year results said the company remains unhedged, leaving Earnings exposed to the Australian-dollar gold price in both directions.

What Regis does

Regis is an Australian gold producer. Its revenue comes almost entirely from selling gold, so the key drivers are ounces produced, the Australian-dollar price received, and the cost of getting metal out of the ground. Duketon is a cluster of open-pit and underground mines and processing plants in the northern Goldfields of Western Australia. Tropicana, in the Great Victoria Desert, is operated in a joint venture, with Regis holding 30 per cent.

Growth work is concentrated in Western Australia. The September quarter report highlighted development of the Rosemont Stage 3 underground, a paste Fill plant at Garden Well, the Ben Hur open-pit cutback and the BuckWell open pit. At Tropicana, the Havana underground is targeting first ore in the first half of calendar 2027. Drilling at Rosemont also identified an additional mineralised segment about 600 metres long, which remains open along strike and down-dip.

Last financial year as the baseline

For the year to 30 June 2026, Regis reported record net profit after tax of A$715 million and record EBITDA of A$1.34 billion's coverage of the 21 August results. Production was 379,050 ounces at an average realised price of A$6,283 per ounce, and year-end cash and bullion was A$1.18 billion.

The company declared a final Dividend of 20 cents per share, made up of 15 cents ordinary and 5 cents special, taking the full-year payout to 35 cents. The A$152 million final dividend was paid on 7 October 2026.

McPhillamys and the Vault episode

Two other developments shaped the quarter. That outcome leaves the Balance Sheet encouraging but means the company has not completed a major acquisition.

Second, on 14 October 2026 the Federal Court found that the August 2024 Section 10 declaration, which had blocked the McPhillamys project in New South Wales, was legally invalid. Regis said it expects a redetermination and intends to participate.

McPhillamys carries an Ore Reserve of 56 million tonnes at 1.1 grams per tonne for 1.89 million ounces, reinstated on 19 June 2026. Regis is also studying an alternative design using an integrated waste landform.

Sector conditions and competitive position

Australian gold producers are operating in a period of historically high prices, but cost Inflation is a persistent counterweight. Regis flagged that Duketon diesel averaged A$1.45 per litre in the quarter against a guidance assumption of A$1.35, and that each 10 cent change moves AISC by about A$25 per ounce.

Within the mid-tier of Australian producers, Regis stands out for its cash balance and lack of hedging, but also for relying on two main production centres. Competitors such as Genesis Minerals have pursued consolidation; Regis's decision not to raise its Vault bid may suggest discipline over scale, though that is interpretation, not company comment.

Risks and what to watch

The first risk is operational. Regis needs production to climb markedly in the remaining three quarters to reach the 360,000 to 400,000 ounce range, since the first quarter represented about a fifth of the midpoint. Further weather disruption, ore-grade variance or equipment problems could pressure that outcome.

The second is cost. Reported AISC was above guidance, and Regis has said guidance includes about A$88 per ounce of non-cash stockpile movements. A catch-up FY26 tax payment of roughly A$220 million to A$240 million falls due in the December quarter, which will reduce cash even if operations perform.

The third is price. With no hedging, a fall in the gold price would flow straight through to revenue and margins.

Regulatory risk also remains at McPhillamys, where a new ministerial decision could take time and may not favour the project.