Regis has posted another year of underground ore reserve growth at Duketon after it withdrew reserves linked to its McPhillamy's development last August.
Regis Resources has shone the spotlight on underground ore reserve growth at Duketon as it looks to overturn a contentious ministerial decision tied to its beleaguered McPhillamy’s gold mine.
The mid-tier goldminer told investors on Tuesday it had notched a fifth consecutive year of ore reserve growth at its Duketon underground mine, more than sextupling its reserve since 2019.
The ASX-lister is also chasing growth at its Tropicana joint venture – in which it holds a 30 per cent stake alongside AngloGold Ashanti – where the underground reserve has tripled since 2018 (excluding depletion).
Still, upside at Duketon and Tropicana wasn’t enough to offset a dent in Regis’ global ore reserve.
The company’s total reserve inventory came in at 1.66 million ounces – down from the previous year after Regis withdrew reserves linked to its McPhillamys project.
Former environment and water minister Tanya Plibersek – whose portfolio shifted to Murray Watt following this month’s federal election – last August chose to block a tailings dam plan at McPhillamy’s, effectively derailing the project’s development.
Regis intends to fight the call and is waiting on a judicial review of Minister Plibersek’s decision, slated for December 10-12 this year.
On the resources front, the miner reported year-on-year growth of almost 9 per cent, boosting its global mineral resource to 7.5 million gold ounces.
Duketon, located in WA’s eastern Goldfields, produced 58,100 ounces of gold during 2025’s March quarter at an all-in sustaining cost of $2,753 per ounce.
The production accounts for roughly two-thirds of Regis’ output over the period.
During 2024, open pit reserves at the site grew to 640,000 ounces, while underground reserves increased by 210,000 ounces after accounting for 130,000 ounces in depletion.
Meanwhile, Tropicana added 178,000 ounces to its underground reserves after mining depleted 198,000 ounces over the 12-month period.
“We’re proud of the consistent value growth we’ve delivered across our business,” Regis managing director and chief executive Jim Beyer said in Tuesday’s market update.
“This year’s update reflects the strength of our disciplined and systematic investment in exploration and mine planning.”
Looking ahead, Regis plans to ramp up its third underground operation at Garden Well Main, where drilling beneath the open pit is capturing the miner’s attention.
Meanwhile, exploration at Ben Hur, which the company sees as a potential fourth underground mine within the Duketon portfolio.
“Our exploration programs continue to enhance the mineral resource base, and we remain confident in the ongoing potential for further growth and life extension across our portfolio,” Mr Beyer said.
Regis has maintained its 2024–25 production guidance, which stands between 350,000 and 380,000 ounces.
Company shares closed 0.44 per cent lower on Tuesday, priced at $4.58 in a $3.46 billion market cap.
