Regis Resources Limited (ASX: RRL) finished FY26 with gold production at the top of guidance and a record cash and bullion balance. Despite those strong numbers, its shares fell sharply on Friday.
The Australian gold miner produced 101,500 ounces during the June quarter, up 12% from the previous quarter. That lifted full-year production to 379,000 ounces, near the top of its guidance range of 350,000 to 380,000 ounces.
Regis Resources shares closed Friday at A$5.97, down A$0.38 or 5.98%. The company did not identify one reason for the fall, but investors may have focused on higher FY27 cost guidance and lower expected production from Tropicana.
Production Reaches the Top of Guidance
Duketon produced 62,500 ounces during the June quarter, while Regis’ 30% share of the Tropicana mine contributed 39,100 ounces.
For FY26, Duketon delivered 236,000 ounces, and Tropicana contributed 143,100 ounces. Group all-in sustaining cost was A$2,945 an ounce, within guidance of A$2,610 to A$2,990 an ounce.
June-quarter AISC was higher at A$3,244 an ounce. Regis said costs were affected by higher diesel prices and non-cash stockpile movements.
Cash and Bullion Reach a Record A$1.18 Billion
The balance sheet was one of the strongest parts of the update.
Regis Resources sold about 102,400 ounces of gold during the quarter, generating A$639 million in revenue at an average realised price of A$6,241 an ounce. Quarterly operating cash flow reached A$376 million.
Cash and bullion ended FY26 at a record A$1.184 billion, up A$667 million during the year. This increase came after Regis paid A$151 million in dividends and A$156 million in tax. The A$1.184 billion figure reflects the company’s corrected balance following its final reconciliation of bullion on hand.
The company also reported a debt-free balance sheet, giving it flexibility to fund development, exploration and possible shareholder returns.
FY27 Guidance Points to Higher Duketon Output
Regis Resources expects group production of 360,000 to 400,000 ounces in FY27. The midpoint is slightly above the 379,000 ounces produced in FY26.
Duketon production is expected to rise to 240,000 to 270,000 ounces, supported by stronger output from Garden Well and Rosemont. Production is expected to be weighted towards the second half.
However, Regis Resources expects its share of Tropicana production to fall to 120,000 to 130,000 ounces. Lower open-pit ore production at Havana is expected to result in more lower-grade stockpiled material being processed.
Group AISC guidance is A$2,990 to A$3,390 an ounce, above the FY26 result. Regis said the outlook reflects higher diesel assumptions, lower Tropicana production and higher-cost but profitable ounces at Duketon.
What Does the Update Mean for Investors?
Regis delivered strong production, cash generation, and balance-sheet growth in FY26. Finishing near the top of guidance also shows that operations performed broadly as planned.
However, Friday’s fall shows that investors are looking ahead. Higher expected costs and weaker Tropicana output may reduce some of the benefit of strong gold prices.
The key question is whether higher Duketon production can offset lower Tropicana output while keeping costs under control. Regis Resources enters FY27 with record cash and no debt, but operational delivery will remain central to the investment case.
