Regis Resources Limited
Regis Resources Limited
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A steady Sept 2018 qtr (Q1 19) from Regis Resources’ Duketon Gold Project in Western Australia has seen production ease to 90,879oz from Q4 18’s 92,008oz with cash costs up, but AISC down to $A923oz from $982oz on stripping ratio down to 4.4 from 7.0.
Gold miner Regis Resources has dropped its 11.4cps board-backed takeover bid for fellow Western Australia developer Capricorn Metals launched on Sept 24, 2018.
A single, major Capricorn Metals shareholder has thwarted Regis Resources’ takeover bid for the gold developer. By Mark Mentiplay
Gold developer Capricorn Metals has confirmed an all-share, A11.4cps takeover bid from fellow Western Australia gold miner Regis Resources.
Capricorn says it has received a confidential, non-binding, indicative acquisition proposal at a price around 93% better than Capricorn’s closing share price on Sept 21. The proposal, which has received unanimous support from the Capricorn board, is still subject to a number of conditions, precluding it being put to shareholders.
Australian miner Regis is targeting the start of portal development in the March 2019 qtr after approving the $A29.4M development of an underground mine directly below the current Rosemont openpit at its Duketon operations near Laverton in WA.
The underground operation is expected to deliver 214,000oz gold at total operating costs of $A1,154/oz on current resources.
The first underground ore for processing is expected in the Dec 2019 qtr.
Mining, contracting and civil contractor MACA will have up to another decade on site at the Duketon South operations near Laverton in Western Australia with the award of a contract extension by Regis Resources.
The 5+5 year extension covers openpit mining, drilling and blasting, loading and haulage at Duketon South's Rosemont, Garden Well, Erlistoun, Baneygo, Toohey’s Well minesites plus future satellite projects.
Regis Resources has topped the June 2018 year (FY18) with record gold production of 361,373oz from FY17’s 324,000oz and a record Q4 18 92,008oz on the previous qtr’s 85,000oz from its Duketon Gold Project in Western Australia.
The FY18 result, at the top end of the 335,000oz-365,000oz guidance, was on ore mined slipping to 10.56Mt from 10.85Mt, but milled ore up to 10.04Mt from 9.78Mt, as was head grade to 1.19g/t from 1.11g/t and recovery to 94% from 93%.
Regis Resources reported record NPAT of $A84.6M for the Dec half (H1FY18), up from $61M in H1FY17 on record gold production from its Duketon operations in Western Australia of 184,034oz (H1FY17: 154,702oz) at AISC of $858/oz ($949/oz).
Revenue rose 18% to $299M from the sale of 183,846oz (H1FY17: 144,699oz) at $1,641/oz ($1,742/oz).
EBITDA improved 35% to $153.1M and EBITDA margin rose from 45% to 51%.
Cash and bullion increased 13% to $172M.
Australian gold producer Regis has maintained higher production at its Duketon gold project in WA into the Sept qtr (Q1 FY18), with output for the 3 months of 91,921oz (Q4 FY17: 90,428oz) at AISC of $A861/oz ($870/oz).
Regis says it's at the top end of FY18 guidance of 335,000-365,000oz and AISC below the bottom of its forecast.
Australian miner Regis has established a 2Moz maiden ore reserve as it works towards a Dec qtr 2018 construction start and Dec qtr 2019 first production at its McPhillamys gold project 30km east of Bathurst in NSW.
The reserve of 60.1Mt @ 1.05g/t for 2,034,000oz gold was estimated as part of a PFS that outlines a robust $A215M development expected to produce 192,000ozpa at AISC of $990/oz over 9 years.
Regis proposes a traditional simple truck and shovel openpit operation with CIL processing.