- Last 2026-11-06
- A$6.63
- 1D
- —
- 1M
- —
- YTD
- —
- 1Y
- —
- Fair value
- Locked: sign in to view
- Upside
- Locked: sign in to view
- Mkt cap
- A$5B
- EV
- A$4B
- Cash
- A$1.2B
- Debt
- A$0
2 newer ASX announcements not yet reflected in this valuation
- Analyst Duketon Site Visit PresentationLatest Operating Presentation
- Quarterly Activities ReportLatest Four Activities Reports
Investment view
Rating locked: sign in to viewOur rating, thesis and what the price implies are available to subscribers.
Sign in or enter a guest codeAnnouncements
Latest 12 of 21All sources ▸- Becoming a substantial holder from MQGGovernance
- First Quarter Continues Operational Delivery to PlanResults
- 2026 Denver Mining Forum PresentationPresentation
- Rosemont Underground Exploration UpdateResource Update
- Notification of cessation of securities - RRLCorporate Action
- Application for quotation of securities - RRLCorporate Action
- Appendix 4E and Annual Report 2026Results
- Record Profit Delivers Record 20cps Final DividendsResults
- Full Year Results PresentationResults
- Change in substantial holdingGovernance
- Quarterly Activities ReportResults
- New McPhillamys PFS Supports Reinstatement of Ore ReserveStudy
Event calendar · next 12 months
3 events| Timing | Event | Category | Confidence | Materiality | Investor relevance |
|---|---|---|---|---|---|
| Late2026 | Tropicana exploration update | Exploration | Company Guided | Medium | Testsundergroundresourceconversion; newresultsarenotproductionreservesuntilvalidated. |
| Decemberquarter2026 | FY26 catch-up income tax payment | Other | Company Guided | High | Guided AUD220m-240m catch-up payment reduces liquidity in December2026; dated separately from tax on future forecast income. |
| 20October2026 | September quarterly results and cost disclosure | Results | Confirmed | High | Resolvesproduction/costperiodmismatch, taxandgrowthcapitalcashconversion; testsFY27guidance. |
Executive roster
As of 2026-10-13Background checks ▸Annual leadership and company-secretary roster reconciled against subsequent ASX inventory through13October. Includes all named executives and excludes non-executive directors.
| Executive | Title | Normalized role | Appointed | Sources |
|---|---|---|---|---|
| Jim Beyer | Managing Director & Chief Executive Officer | Executive Director · Chief Executive | — | Appendix 4E and Annual Report 2026 |
| Michael Holmes | Chief Operating Officer | Operations | — | Appendix 4E and Annual Report 2026 |
| Anthony Rechichi | Chief Financial Officer | Finance | — | Appendix 4E and Annual Report 2026 |
| Wade Evans | Executive General Manager Growth | Commercial · Senior Management | — | Appendix 4E and Annual Report 2026 |
| Yvette Gledhill-Powell | Executive General Manager People & Capability | Senior Management | — | Appendix 4E and Annual Report 2026 |
| Elena Macrides | General Counsel and Company Secretary | Company Secretary · Senior Management | — | Appendix 4E and Annual Report 2026 |
devCoverage status: Complete As Disclosed
Portfolio detail
Assets
Core asset
Duketon Gold Project
Australia
Controlled operating complex. Resource/reserve tables already include King John at70%; no second minority deduction. Forecast volumes are economic ounces and carry conversion uncertainty.
- Production annualised (attributable)
- 224.4k ozd
- Production (last FY, 100%)
- 236.0k oz
- AISC (latest quarter)
- —
- AISC margin at spot
- —
- Delivery vs guidance
- NM
- Reserve life
- 5.9 yrsd
- Head grade
- 1.02 g/t
Resources & reserves2
| Type | Category | Quantity | Grade | Contained minerals | Date |
|---|---|---|---|---|---|
| Mineral Resource | Total | 104 Mt | 1.2g/t Au | Gold | 2025-12-31 |
| Ore Reserve | Total Proved and Probable | 38 Mt | 1.1g/t Au | Gold | 2025-12-31 |
Core asset
Tropicana Gold Project
Australia
30% non-operatedJV withAngloGoldAshantiAustralia70%; quantitysourceisRegisattributable.
- Production annualised (attributable)
- 108.0k ozd
- Production (last FY, 100%)
- 477.0k ozd
- AISC (latest quarter)
- —
- AISC margin at spot
- —
- Delivery vs guidance
- NM
- Reserve life
- 4.0 yrsd
- Head grade
- 1.79 g/t
Resources & reserves2
| Type | Category | Quantity | Grade | Contained minerals | Date |
|---|---|---|---|---|---|
| Mineral Resource | Total | 26 Mt | 1.9g/t Au | Gold | 2025-12-31 |
| Ore Reserve | Total Proved and Probable | 12 Mt | 1.5g/t Au | Gold | 2025-12-31 |
Milestones1
- Havana underground first productionH 1 CY 2028(latestguidance; earlierH 1 CY 2027 requiresreconciliation)
At Risk · High materiality
Material
McPhillamys Gold Project
Australia
Regulatory pathway andfundingremainconditional; updatedreserveisnotconstructionapproval.
- Study
- PFS
- Post-tax NPV (study prices, attributable)
- A$1.1bd
- NPV restated at our deck (attributable)
- Locked
- IRR
- 21.8%s
- Initial capex (100%)
- A$1.1bs
- Capital intensity
- A$5,852/(oz/yr)d
- LoM AISC
- A$1,718/ozs
- Mine life
- 9.4 yrss
A$4,000/oz posttax; atA$6,000/ozNPV A$2.736 b. All projectdevelopmentcapital, royalties, closureincluded instudy anchor.
Resources & reserves2
| Type | Category | Quantity | Grade | Contained minerals | Date |
|---|---|---|---|---|---|
| Mineral Resource | Total | 70 Mt | 1.0g/t Au | Gold | 2025-12-31 |
| Ore Reserve | Probable | 56 Mt | 1.1g/t Au | Gold | 2026-05-31 |
Milestones1
- Final Investment Decision targetedH 1 CY 2028
Pending · High materiality
Permits & approvals4
| Permit | Jurisdiction | Status | Expiry | Critical path |
|---|---|---|---|---|
| IWL State Significant Infrastructure approval | New South Wales, Australia | Required | — | Yes |
| Water Supply Pipeline approval | New South Wales, Australia | Required | — | Yes |
| Electricity Transmission Line approval | New South Wales, Australia | Required | — | Yes |
| SSD9505 modification | New South Wales, Australia | Required | — | Yes |
Economic studies2
| Study | Stage | Status | Date | Summary |
|---|---|---|---|---|
| Integrated Waste Landform PFS | PFS | Current | 2026-06-19 | Filtered tailings co-disposed in mine waste dump outside Section 10 area; Class 4 estimate±20%-25%; PFS includes 8% inferred resource feed. |
| 2024 conventional TSF DFS | DFS | Superseded | 2024-07-22 | 2024 financial outcomes withdrawn after Section 10 declaration. Technical work informs PFS but oldeconomics not underwritten. |
Other
Discovery Ridge
Australia
Satellite resource excludedfromMcPhillamysPFS; no standalone economic study.
- Contained metal (attributable)
- 400.0k ozd
- Resource grade
- 1.50 g/t
- % Measured + Indicated
- 35%d
- Resource tonnes
- 8.00 Mt
- Our value per attrib. contained unit
- Locked
- Mining method
- open pit
Resources & reserves1
| Type | Category | Quantity | Grade | Contained minerals | Date |
|---|---|---|---|---|---|
| Mineral Resource | Total | 8 Mt | 1.5g/t Au | Gold | 2025-12-31 |
d derivedr our researchg guidances study forecastm daily marketNo marker: as reported— / NM missing or not meaningful (hover for why)
Funding, performance and ownership
Financials & Capital
Liquidity
Financial position
30September reported cash+bullion AUD1.28b less18,416oz at5986/oz gives cash AUD1,169,761,824. October dividend and estimated intervening recurring cash are separately bridged in valuation. No reliance on the undrawn300m facility without sourced expiry and covenant headroom.
Inventory composition1
BullionA$110.238176 m atA$5,986/oz; includedincash+bullionheadlinetotal. Operatingstockpiles/goldincircuitexcludedfromequityadditiontopreventdoublecount.
- Gold bullion on hand 30 September 2026
- — carrying · 18,416 oz Au
Capital structure
Ownership and dilution
- Ordinary shares
- 758.7M
- Fully diluted
- 761.8M
758,696,364 ordinary shares following1,308,233 rights conversion; remaining3,501,685 rights less369,397 lapse =3,132,288 zero-strike rights. Fully diluted761,828,652 shares, no exercise proceeds. Concurrent automated3H totals lag quotation processing.
Security classes2
| Class | Type | Quantity | Strike | Expiry |
|---|---|---|---|---|
| Ordinary fully paid | Ordinary Share | 758.7M | — | — |
| Performance rights afterconcurrentconversionandlapse | Performance Right | 3.1M | A$0 | — |
KPI history
Operating metrics
Operating metric source table41
| Metric | Project | Period | Period type | Value | Status |
|---|---|---|---|---|---|
| Quarter ended 2024-09-30 production | Duketon | Quarter ended 2024-09-30 | Quarter | 57,501 oz Au | Reported |
| Quarter ended 2024-09-30 production | Tropicana | Quarter ended 2024-09-30 | Quarter | 37,006 oz Au | Reported |
| Quarter ended 2024-09-30 production | Company | Quarter ended 2024-09-30 | Quarter | 94,507 oz Au | Source Derived |
| Quarter ended 2024-12-31 production | Duketon | Quarter ended 2024-12-31 | Quarter | 58,275 oz Au | Reported |
| Quarter ended 2024-12-31 production | Tropicana | Quarter ended 2024-12-31 | Quarter | 43,019 oz Au | Reported |
| Quarter ended 2024-12-31 production | Company | Quarter ended 2024-12-31 | Quarter | 101,294 oz Au | Source Derived |
| Quarter ended 2025-03-31 production | Duketon | Quarter ended 2025-03-31 | Quarter | 58,087 oz Au | Reported |
| Quarter ended 2025-03-31 production | Tropicana | Quarter ended 2025-03-31 | Quarter | 31,580 oz Au | Reported |
| Quarter ended 2025-03-31 production | Company | Quarter ended 2025-03-31 | Quarter | 89,667 oz Au | Source Derived |
| Quarter ended 2025-06-30 production | Duketon | Quarter ended 2025-06-30 | Quarter | 59,242 oz Au | Reported |
| Quarter ended 2025-06-30 production | Tropicana | Quarter ended 2025-06-30 | Quarter | 28,134 oz Au | Reported |
| Quarter ended 2025-06-30 production | Company | Quarter ended 2025-06-30 | Quarter | 87,376 oz Au | Source Derived |
| Quarter ended 2025-09-30 production | Duketon | Quarter ended 2025-09-30 | Quarter | 58,429 oz Au | Reported |
| Quarter ended 2025-09-30 production | Tropicana | Quarter ended 2025-09-30 | Quarter | 31,932 oz Au | Reported |
| Quarter ended 2025-09-30 production | Company | Quarter ended 2025-09-30 | Quarter | 90,361 oz Au | Source Derived |
| Quarter ended 2025-12-31 production | Duketon | Quarter ended 2025-12-31 | Quarter | 57,557 oz Au | Reported |
| Quarter ended 2025-12-31 production | Tropicana | Quarter ended 2025-12-31 | Quarter | 38,998 oz Au | Reported |
| Quarter ended 2025-12-31 production | Company | Quarter ended 2025-12-31 | Quarter | 96,555 oz Au | Source Derived |
| Quarter ended 2026-03-31 production | Duketon | Quarter ended 2026-03-31 | Quarter | 57,514 oz Au | Reported |
| Quarter ended 2026-03-31 production | Tropicana | Quarter ended 2026-03-31 | Quarter | 33,078 oz Au | Reported |
| Quarter ended 2026-03-31 production | Company | Quarter ended 2026-03-31 | Quarter | 90,592 oz Au | Source Derived |
| Quarter ended 2026-06-30 production | Duketon | Quarter ended 2026-06-30 | Quarter | 62,454 oz Au | Reported |
| Quarter ended 2026-06-30 production | Tropicana | Quarter ended 2026-06-30 | Quarter | 39,087 oz Au | Reported |
| Quarter ended 2026-06-30 production | Company | Quarter ended 2026-06-30 | Quarter | 101,541 oz Au | Source Derived |
| Quarter ended 2026-09-30 production | Duketon | Quarter ended 2026-09-30 | Quarter | 56,100 oz Au | Reported |
| Quarter ended 2026-09-30 production | Tropicana | Quarter ended 2026-09-30 | Quarter | 27,000 oz Au | Reported |
| Quarter ended 2026-09-30 production | Company | Quarter ended 2026-09-30 | Quarter | 83,000 oz Au | Reported |
| Quarter ended 2025-09-30 aisc | Duketon | Quarter ended 2025-09-30 | Quarter | 2,832 AUD/oz Au | Reported |
| Quarter ended 2025-09-30 aisc | Tropicana | Quarter ended 2025-09-30 | Quarter | 2,821 AUD/oz Au | Reported |
| Quarter ended 2025-12-31 aisc | Duketon | Quarter ended 2025-12-31 | Quarter | 3,151 AUD/oz Au | Reported |
| Quarter ended 2025-12-31 aisc | Tropicana | Quarter ended 2025-12-31 | Quarter | 2,303 AUD/oz Au | Reported |
| Quarter ended 2026-03-31 aisc | Duketon | Quarter ended 2026-03-31 | Quarter | 3,139 AUD/oz Au | Reported |
| Quarter ended 2026-03-31 aisc | Tropicana | Quarter ended 2026-03-31 | Quarter | 2,140 AUD/oz Au | Reported |
| Quarter ended 2026-06-30 aisc | Duketon | Quarter ended 2026-06-30 | Quarter | 3,642 AUD/oz Au | Reported |
| Quarter ended 2026-06-30 aisc | Tropicana | Quarter ended 2026-06-30 | Quarter | 2,532 AUD/oz Au | Reported |
| FY 2026 production | Duketon | FY2026 | Year | 235,954 oz Au | Reported |
| FY 2026 aisc | Duketon | FY2026 | Year | 3,199 AUD/oz Au | Reported |
| FY 2026 production | Tropicana | FY2026 | Year | 143,095 oz Au | Reported |
| FY 2026 aisc | Tropicana | FY2026 | Year | 2,443 AUD/oz Au | Reported |
| Cash at 30 June 2026 cash | Company | Cash at30June2026 | Point In Time | 1,139,119,000 AUD | Reported |
| Derivedcash excludingbullion at 30 September 2026 cash | Company | Derivedcash excludingbullion at30September2026 | Point In Time | 1,169,761,824 AUD | Source Derived |
Company guidance3
| Metric | Project | Period | Low | High | Status |
|---|---|---|---|---|---|
| Attributable Gold Production | duketon | FY27 | 240,000 | 270,000 oz Au | Current |
| Attributable Gold Production | tropicana | FY27 | 120,000 | 130,000 oz Au | Current |
| Attributable Gold Production | Company | FY27 | 360,000 | 400,000 oz Au | Current |
Capital history
Capital events
| Date | Event | Amount | Shares | Price | Status | Terms |
|---|---|---|---|---|---|---|
| 2026-10-07Ann. 2026-08-21 | Dividend | A$151.7M | — | — | Completed | — |
| 2025-02-04 | Debt | A$300M | — | — | Ongoing | — |
Contracts and ownership
Material economic arrangements These are deals that can affect sales, costs, funding or ownership. An arrangement marked “Included in valuation” may already be built into a project estimate or the bridge to shareholder value. A separate amount is shown only when one can be estimated; do not add it again.
Annual report and revised PFS establish sales channels, JVs, statutory royalties and the disputed Tropicana royalty/indemnity. Issuer is unhedged and reports no FX hedges; refining and minority project terms remain incomplete.
UnincorporatedJV; Regisreceives 30% productionandbears 30% costsanddevelopmentcapital. Operatorcontrolsminesequencing.
Joint Venture · Active- Counterparties
- AngloGold Ashanti Australia Limited
- Applies to
- Tropicana Gold Project · Gold
- Economic direction
- Mixed
- Period
- From 2021-05-31; no end date stated
- Key terms
- Regiseconomicinterest: 30 %
No valuation treatment is available for this arrangement.
Duketoncomplexis 100% controlledexcept King John 70% interest, alreadyincludedinissuerconsolidatedresources/reserves; nosourcedseparatecashflow.
Joint Venture · Active- Applies to
- Duketon Gold Project · Gold
- Economic direction
- Mixed
- Period
- Dates not stated
- Key terms
- King Johninterest: 70 %
No valuation treatment is available for this arrangement.
StatutoryroyaltiesandotherchargesareincludedinoperatingAISC. Allrates notseparatelyreconstructed; highergoldraisesroyaltycost.
Royalty · Active- Counterparties
- Western Australian Government
- Applies to
- Duketon Gold Project · Tropicana Gold Project · Gold
- Economic direction
- Burden
- Period
- Dates not stated
- Key terms
- Valuationtreatment: IncludedinissuerAISC
No valuation treatment is available for this arrangement.
4% advaloremroyaltyincludedin Mc PhillamysPFSNPVandAISC; noadditionalbridgecharge.
Royalty · Active- Counterparties
- New South Wales Government
- Applies to
- McPhillamys Gold Project · Gold
- Economic direction
- Burden
- Period
- Dates not stated
- Key terms
- State Royalty: 4 %
No valuation treatment is available for this arrangement.
Goldsales/refiningchannels; nofixedhedgepricingorvolume commitmentinselectedsources. AssumeAUDbenchmarkrealisationwithoutadditionalpremium.
Offtake · Active- Counterparties
- ABC Refinery · Perth Mint
- Applies to
- Duketon Gold Project · Tropicana Gold Project · Gold
- Economic direction
- Mixed
- Period
- Dates not stated
- Key terms
- FY 26 customerrevenues: ABCRefineryA$1,452.1m;PerthMintA$897.0m AUD
No valuation treatment is available for this arrangement.
South 32/IGO royalty hearing December 2025 decision reserved. Regis joined July 2024 and may bear transferred royalty/indemnity after May 2021 acquisition. Regis states no amount due; no liability treated as established.
Royalty · Conditional- Counterparties
- South32 Limited · IGO Limited
- Applies to
- Tropicana Gold Project · Gold
- Economic direction
- Burden
- Period
- From 2021-05-31; no end date stated
- Key terms
- Claimed royalty: 1.5 %
Regis transferred royalty indemnity: Liability to extent applicable after acquisition; precise allocation and retrospective scope unresolved
No valuation treatment is available for this arrangement.
Water is supplied under a Water Offtake Deed; power infrastructure is proposed under build-own-operate-maintain arrangements. Modeled within PFS-calibrated operating cost, with no gross incremental contract double charge.
Other · Active- Applies to
- McPhillamys Gold Project · Gold
- Economic direction
- Mixed
- Period
- Dates not stated
- Key terms
- McPhillamys Water Offtake Deed: Supply and service tariffs included in PFS operating cost; individual tariffs not disclosed
No valuation treatment is available for this arrangement.
Water is supplied under a Water Offtake Deed; power infrastructure is proposed under build-own-operate-maintain arrangements. Modeled within PFS-calibrated operating cost, with no gross incremental contract double charge.
Other · Conditional- Applies to
- McPhillamys Gold Project · Gold
- Economic direction
- Mixed
- Period
- Dates not stated
- Key terms
- McPhillamys proposed power BOOM arrangement: Supply and service tariffs included in PFS operating cost; individual tariffs not disclosed
No valuation treatment is available for this arrangement.
Intrinsic value
Valuation
Bear, base and bull values, investment cases, project valuations and the equity bridge are available to subscribers.
Sign in or enter a guest codeResource-price transmission
Sensitivity lab
How our fair value responds to commodity prices and other drivers is available to subscribers.
Sign in or enter a guest codePeople, delivery and responsibility
Management background checks
Regis reports meaningful gold production and improving injury frequency, while prior employer operating setbacks and an unresolved cultural-heritage dispute are material context. Public-source work is partial and does not establish individual causation or clearance.
Decision-relevant facts
Material summary
Jim Beyer
Managing Director & Chief Executive Officer
Regis gold production and performance
Regis reported FY2026 gold production of 379,000 ounces and net profit after tax of A$715.1 million. Its September 2026 quarter produced 83,025 ounces; the gold price and work of the wider group contributed to financial results.
Role overlaps event; causation unproven · Beyer was managing director and CEO; company results cannot be attributed to one person.
Koolan seawall failure and recovery decision
Mount Gibson reported a seawall slump and flooding of Koolan Island’s main pit in November 2014. By September 2018 the company reported the restart project 88% complete, with first sales still future; Beyer was succeeded as CEO on 1 October 2018.
Role overlaps event; causation unproven · Beyer was Mount Gibson CEO; the cited sources do not establish personal causation.
McPhillamys heritage declaration and renewed claims
After the federal heritage declaration affected the proposed project, Regis challenged it. On 14 October 2026 the Federal Court held the declaration invalid on procedural grounds; the merits of cultural significance were not decided and the application remained for ministerial reconsideration. On 30 October ABC reported two new protection applications were being assessed and no decision had been made.
Role overlaps event; causation unproven · Beyer leads Regis, the project proponent; the dispute does not itself establish misconduct by him.
Evidence gaps · 4
- Independent confirmation of credentials and professional memberships was not obtained.
- The broad name and employer searches are incomplete; targeted court, regulatory, safety, environmental, governance and fraud records and all material former employers require further review.
- Individual contributions to company-wide financial, safety and operational results were not independently established.
- The court judgment header and catchwords were reviewed, but full reasons could not be reopened; outcomes of the later ministerial reconsideration and fresh applications remain unestablished.
Michael Holmes
Chief Operating Officer
Regis reported lower annual injury rate
Regis reported a total recordable injury frequency rate of 4.84 per million hours in FY2026, versus 8.1 in FY2025; it reported no fatalities and one lost-time injury during FY2026.
Role overlaps event; causation unproven · Holmes was COO; figures reflect the workforce and systems as a whole and do not prove his personal contribution.
Didipio suspension, permit and community dispute
OceanaGold reported that Didipio underground mining stopped in July 2019 and processing in October amid disagreement over the permitting position. In 2020 a community group alleged forcible police dispersal at a blockade. OceanaGold said it had not participated in the fuel delivery, described engagement with police and an emergency dewatering need, and later denied a violent attempt to run the blockade. The company reported permit renewal in July 2021; mining restarted in November after Holmes resigned in September. A later company filing reports continuing legal challenges to the renewal.
Role overlaps event; causation unproven · Holmes was OceanaGold COO and then CEO during this period; no individual involvement in the alleged dispersal or personal fault is established.
Evidence gaps · 4
- Independent confirmation of credentials and professional memberships was not obtained.
- The broad name and employer searches are incomplete; targeted court, regulatory, safety, environmental, governance and fraud records and all material former employers require further review.
- Individual contributions to company-wide financial, safety and operational results were not independently established.
- Original Philippine court or regulator records and full investigation of the 2020 Didipio events were not located; community and company accounts remain disputed.
Anthony Rechichi
Chief Financial Officer
Wiluna CFO role before later administration
Wiluna’s filed 2022 report records Rechichi as CFO until his 21 April 2022 resignation. Wiluna entered voluntary administration on 20 July 2022; administrators cited cost pressures, creditor terms, staffing, shipping and ramp-up difficulties. The company entered a deed of company arrangement in July 2023 and reported that its external administration concluded on 31 December 2025.
Employer context; no individual link established · He left about three months before the appointment of administrators. The evidence does not establish his personal responsibility.
Regis reported cash and production
Regis reported A$1.28 billion in cash and bullion at 30 September 2026 following A$265 million quarterly operating cash flow; the reported cash and bullion increase included a A$51 million Vault break fee before tax.
Role overlaps event; causation unproven · Rechichi was CFO; results reflect commodity prices, operations, and the wider team.
Evidence gaps · 4
- Independent confirmation of credentials and professional memberships was not obtained.
- The broad name and employer searches are incomplete; targeted court, regulatory, safety, environmental, governance and fraud records and all material former employers require further review.
- Individual contributions to company-wide financial, safety and operational results were not independently established.
- The precise circumstances and responsibilities leading up to Wiluna’s July 2022 administration were not established.
Wade Evans
Executive General Manager Growth
Auris loss and CEO departure
Auris’s annual reporting records an FY2018 loss of A$1.317 million and Wade Evans’s resignation as CEO on 6 July 2018. The company was an exploration business; the period’s loss does not demonstrate personal fault.
Role overlaps event; causation unproven · Evans was CEO during the year; the sources do not establish his personal causation.
Vault proposal did not complete
Regis reported receiving a A$51 million break fee from Vault during the September 2026 quarter. The payment followed a merger proposal that did not complete.
Role overlaps event; causation unproven · Evans was growth executive; the evidence does not establish his individual negotiation responsibility or a fault finding.
Evidence gaps · 4
- Independent confirmation of credentials and professional memberships was not obtained.
- The broad name and employer searches are incomplete; targeted court, regulatory, safety, environmental, governance and fraud records and all material former employers require further review.
- Individual contributions to company-wide financial, safety and operational results were not independently established.
- His exact role in Vault negotiations and full prior employer dates were not established.
Yvette Gledhill-Powell
Executive General Manager People & Capability
Regis annual workforce safety metrics
Regis reported the total recordable injury frequency rate falling from 8.1 to 4.84 per million hours worked from FY2025 to FY2026, with one lost-time injury and no fatalities in FY2026.
Role overlaps event; causation unproven · She was people and capability executive; the report does not establish her individual causal contribution.
Evidence gaps · 4
- Independent confirmation of credentials and professional memberships was not obtained.
- The broad name and employer searches are incomplete; targeted court, regulatory, safety, environmental, governance and fraud records and all material former employers require further review.
- Individual contributions to company-wide financial, safety and operational results were not independently established.
- Detailed prior-employer duties, dates and individually attributable outcomes remain unverified.
Elena Macrides
General Counsel and Company Secretary
McPhillamys review and renewed protection applications
A Federal Court procedural ruling in October 2026 found the heritage declaration invalid, leaving cultural heritage merits undecided and the application for ministerial reconsideration. ABC subsequently reported two new protection applications were being assessed, with no decision made.
Role overlaps event; causation unproven · Macrides was general counsel and company secretary; no source reviewed establishes her personal conduct in the proceedings.
Evidence gaps · 4
- Independent confirmation of credentials and professional memberships was not obtained.
- The broad name and employer searches are incomplete; targeted court, regulatory, safety, environmental, governance and fraud records and all material former employers require further review.
- Individual contributions to company-wide financial, safety and operational results were not independently established.
- Exact responsibilities in the McPhillamys proceedings and complete prior employer chronology remain unverified.
Company ownership
Investors & shareholders
Top registered shareholders
Register at 2026-07-30 · 757,388,131 issued shares
| # | Investor / registered holder | % issued shares | Shares held |
|---|---|---|---|
| 1 | 44.51% | 337,141,360 | |
| 2 | 18.04% | 136,643,500 | |
| 3 | 17.19% | 130,161,980 | |
| 4 | 3.65% | 27,636,892 | |
| 5 | 0.81% | 6,142,720 | |
| 6 | 0.78% | 5,880,088 | |
| 7 | 0.51% | 3,889,790 | |
| 8 | 0.45% | 3,410,661 | |
| 9 | 0.43% | 3,288,679 | |
| 10 | 0.42% | 3,171,442 | |
| 11 | 0.40% | 3,065,487 | |
| 12 | 0.38% | 2,869,927 | |
| 13 | 0.21% | 1,586,663 | |
| 14 | 0.19% | 1,415,600 | |
| 15 | 0.16% | 1,225,011 | |
| 16 | 0.15% | 1,144,830 | |
| 17 | 0.15% | 1,100,621 | |
| 18 | 0.15% | 1,100,000 | |
| 19 | 0.13% | 953,460 | |
| 20 | 0.11% | 853,518 |
Disclosed substantial holders
Latest reviewed disclosure for each holder or reporting group
| Investor / reported group | Disclosed holding | Holding at |
|---|---|---|
| 7.17%Voting power | 2026-07-31 | |
| 6.50%Voting power | 2026-07-31 | |
| 6.24%Voting power | 2026-06-19 | |
| 6.01%Voting power | 2026-03-20 |
Sources & review notesEvidence checked through 2026-10-31
Coverage and limitations
- Registered nominee accounts conceal underlying beneficial owners; duplicate HSBC names are distinguished by rank as printed.
- The annual report summary gives older/different State Street, BlackRock and Van Eck figures; separately dated original notices are shown, and the discrepancy is unresolved.
- The annual summary reports a different Vanguard figure; its measurement date and the source date for Dimensional are not established. The separate March Vanguard notice is shown, and Dimensional is not quantified.
- Macquarie ceased substantial status on 23 October 2026; this does not establish a zero position.
- Later trades below disclosure thresholds can change ownership without new notices.
Sources
- Appendix 4E and Annual Report 2026
Regis Resources via ASX · Published 2026-08-21 · Accessed 2026-10-31
20 registered accounts at 30 July 2026 and annual substantial-holder summary.
PDF pages 167–168
- State Street change in substantial holding
State Street via ASX · Published 2026-08-04 · Accessed 2026-10-31
49,201,162 shares and 6.50% voting power at 31 July 2026.
page 1, visually reviewed
- BlackRock change in substantial holding
BlackRock via ASX · Published 2026-08-04 · Accessed 2026-10-31
54,330,093 shares and 7.17% voting power at 31 July 2026.
page 1, visually reviewed
- Van Eck becoming a substantial holder
Van Eck via ASX · Published 2026-06-24 · Accessed 2026-10-31
47,222,538 shares and 6.236% voting power at 19 June 2026.
page 1, visually reviewed
- Macquarie ceasing to be a substantial holder
Macquarie via ASX · Published 2026-10-28 · Accessed 2026-10-31
Macquarie ceased substantial status on 23 October 2026; this is not necessarily a zero holding.
page 1
- Vanguard change in substantial holding
Vanguard via ASX · Published 2026-03-26 · Accessed 2026-10-31
45,538,989 shares and 6.014% voting power at 20 March 2026.
page 1, visually reviewed
Disclosed activity
Insider transactions
No transactions were identified in this reviewed view.
Disclosed holding observations6 dated positions
Initial, final and threshold notices describe positions; these are not counted as purchases or sales.
| Holding at | Person / group | Type / security | Quantity | Percentage |
|---|---|---|---|---|
| 2026-07-15 | BlackRock, Inc.
Details & evidence for BlackRock, Inc. on 2026-07-15Group-level position reported as notified as at 15 July 2026; underlying accounts and capacity are not itemised. Percentage interest is reported as 6.7%; voting-power basis is inferred from the substantial-holder context and is not separately labelled in this table. Do not sum with other group positions.
Appendix 4E and Annual Report 2026 ↗ | PositionFully paid ordinary shares | 50,649,699 | 6.70%Voting Power |
| 2026-07-15 | Dimensional Fund Advisors, L.P.
Details & evidence for Dimensional Fund Advisors, L.P. on 2026-07-15Group-level position reported as notified as at 15 July 2026; underlying accounts and capacity are not itemised. Percentage interest is reported as 5.6%; voting-power basis is inferred from the substantial-holder context and is not separately labelled in this table. Do not sum with other group positions.
Appendix 4E and Annual Report 2026 ↗ | PositionFully paid ordinary shares | 42,369,757 | 5.60%Voting Power |
| 2026-07-15 | Macquarie Group
Details & evidence for Macquarie Group on 2026-07-15Group-level position reported as notified as at 15 July 2026; underlying accounts and capacity are not itemised. Percentage interest is reported as 5.2%; voting-power basis is inferred from the substantial-holder context and is not separately labelled in this table. Do not sum with other group positions.
Appendix 4E and Annual Report 2026 ↗ | PositionFully paid ordinary shares | 39,164,870 | 5.20%Voting Power |
| 2026-07-15 | State Street Corporation
Details & evidence for State Street Corporation on 2026-07-15Group-level position reported as notified as at 15 July 2026; underlying accounts and capacity are not itemised. Percentage interest is reported as 5.7%; voting-power basis is inferred from the substantial-holder context and is not separately labelled in this table. Do not sum with other group positions.
Appendix 4E and Annual Report 2026 ↗ | PositionFully paid ordinary shares | 43,263,154 | 5.70%Voting Power |
| 2026-07-15 | Van Eck Associates Corporation
Details & evidence for Van Eck Associates Corporation on 2026-07-15Group-level position reported as notified as at 15 July 2026; underlying accounts and capacity are not itemised. Percentage interest is reported as 6.2%; voting-power basis is inferred from the substantial-holder context and is not separately labelled in this table. Do not sum with other group positions.
Appendix 4E and Annual Report 2026 ↗ | PositionFully paid ordinary shares | 47,211,969 | 6.20%Voting Power |
| 2026-07-15 | The Vanguard Group, Inc.
Details & evidence for The Vanguard Group, Inc. on 2026-07-15Group-level position reported as notified as at 15 July 2026; underlying accounts and capacity are not itemised. Percentage interest is reported as 6.6%; voting-power basis is inferred from the substantial-holder context and is not separately labelled in this table. Do not sum with other group positions.
Appendix 4E and Annual Report 2026 ↗ | PositionFully paid ordinary shares | 49,652,892 | 6.60%Voting Power |
The closest covered peers
Peer comparison
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Narrative and provenance
Research & Sources
The full analyst report, its figures and the broker-style PDF are available to subscribers and invited guests.
Sign in or enter a guest codeChronological evidenceSource-document inventory23 documents
RRL ordinary share cutoff local closeMarket Data · HighExtracted
Latest eligible local raw/adjusted close AUD7.03 on13October2026; volume6521883; one ordinary share; provider market data provider via miners.collect_stock_prices.
- Document ID
- doc-rrl-20261013-market
- Published UTC
- 2026-10-13T05:00:00+00:00
- Projects
- —
- Commodities
- —
Becoming a substantial holder from MQGGovernance · HighPartial
Latest Macquarie relevant interest 38,568,070 shares and 5.08% asof 7 October 2026, includes securities lending interests.
- Document ID
- doc-rrl-20261012-mqg
- Published UTC
- 2026-10-12T06:17:09+00:00
- Projects
- duketon · tropicana
- Commodities
- gold
First Quarter Continues Operational Delivery to PlanResults · HighExtracted
Preliminary September FY 27 group output 83.0 koz; cash and bullion A$1.28 b, including 18,416 oz valued at A$5,986/oz. AISC pending 20 October.
- Document ID
- doc-rrl-20261007-preview
- Published UTC
- 2026-10-06T21:16:34+00:00
- Projects
- duketon · tropicana
- Commodities
- gold
Resources and Energy Quarterly September 2026Commodity Data · HighPartial
Official nominal Australian-dollar gold forecast: FY27 6297, FY28 6143, FY29 5906, FY30 5714 and FY31 5607 per ounce. Physical page88 inspected.
- Document ID
- doc-rrl-20261002-req
- Published UTC
- 2026-10-02T00:00:00+00:00
- Projects
- —
- Commodities
- gold
2026 Denver Mining Forum PresentationPresentation · HighPartial
Latest issuer strategy update; Havana first production H 1 CY 2028 versus prior H 1 CY 2027; no newer approved reserve upgrade.
- Document ID
- doc-rrl-20260924-denver
- Published UTC
- 2026-09-23T22:16:27+00:00
- Projects
- duketon · tropicana
- Commodities
- gold
Rosemont Underground Exploration UpdateResource Update · HighExtracted
Rosemont mineralisation extended 600 m south; exploration results are not reserves or a mine plan.
- Document ID
- doc-rrl-20260921-drill
- Published UTC
- 2026-09-20T22:31:59+00:00
- Projects
- duketon · tropicana
- Commodities
- gold
Notification of cessation of securities - RRLCorporate Action · HighExtracted
369,397 rights lapse; automatically generated totals lag concurrent conversion, requiring transaction reconciliation.
- Document ID
- doc-rrl-20260827-lapse
- Published UTC
- 2026-08-27T00:32:45+00:00
- Projects
- duketon · tropicana
- Commodities
- gold
Application for quotation of securities - RRLCorporate Action · HighExtracted
1,308,233 performance rights converted into ordinary shares; post-quotation ordinary shares 758,696,364 and rights 3,501,685.
- Document ID
- doc-rrl-20260826-issue
- Published UTC
- 2026-08-26T03:15:41+00:00
- Projects
- duketon · tropicana
- Commodities
- gold
Appendix 4E and Annual Report 2026Results · HighPartial
FY 26 audited results, full ownership, reserves, resources, management and arrangements baseline; cash A$1,139.119 m, net profit A$715.106 m.
- Document ID
- doc-rrl-20260821-annual
- Published UTC
- 2026-08-20T21:46:36+00:00
- Projects
- duketon · tropicana
- Commodities
- gold
Record Profit Delivers Record 20cps Final DividendsResults · HighExtracted
Operating and financial period evidence; superseded by FY 2026 audited annual baseline and latest preview.
- Document ID
- doc-rrl-20260821-fy
- Published UTC
- 2026-08-20T21:47:41+00:00
- Projects
- duketon · tropicana
- Commodities
- gold
Full Year Results PresentationResults · HighPartial
Operating and financial period evidence; superseded by FY 2026 audited annual baseline and latest preview.
- Document ID
- doc-rrl-20260821-fy26pres
- Published UTC
- 2026-08-20T21:48:01+00:00
- Projects
- duketon · tropicana
- Commodities
- gold
Change in substantial holdingGovernance · HighPartial
State Street relevant interest 57,011,733 shares 7.53%, updating annual-report 5.7%; includes stock-lending/collateral interests.
- Document ID
- doc-rrl-20260804-state
- Published UTC
- 2026-08-03T22:20:58+00:00
- Projects
- duketon · tropicana
- Commodities
- gold
Quarterly Activities ReportResults · HighPartial
June FY 26 production 101,541 oz, annual 379,050 oz and FY 27 guidance; complete Duketon and Regis 30% Tropicana output.
- Document ID
- doc-rrl-20260724-q4
- Published UTC
- 2026-07-23T22:20:50+00:00
- Projects
- duketon · tropicana
- Commodities
- gold
New McPhillamys PFS Supports Reinstatement of Ore ReserveStudy · HighPartial
Alternative filtered-tailings IWL PFS reinstates 1.89 Moz probable reserve; approvals outstanding; FIDtargetH 1 CY 2028.
- Document ID
- doc-rrl-20260619-pfs
- Published UTC
- 2026-06-18T22:17:32+00:00
- Projects
- mcphillamys
- Commodities
- gold
Quarterly Activities ReportResults · HighPartial
Operating and financial period evidence; superseded by FY 2026 audited annual baseline and latest preview.
- Document ID
- doc-rrl-20260423-q3
- Published UTC
- 2026-04-22T22:12:51+00:00
- Projects
- duketon · tropicana
- Commodities
- gold
Half Yearly Report and AccountsResults · HighPartial
Operating and financial period evidence; superseded by FY 2026 audited annual baseline and latest preview.
- Document ID
- doc-rrl-20260219-half
- Published UTC
- 2026-02-18T21:08:16+00:00
- Projects
- duketon · tropicana
- Commodities
- gold
New Capital Management PolicyCorporate Action · HighExtracted
Board-discretionary 25%-50% ordinary-dividend range based on adjusted Group Cash Increase; buybacks permitted but not authorized.
- Document ID
- doc-rrl-20260219-policy
- Published UTC
- 2026-02-18T21:07:56+00:00
- Projects
- duketon · tropicana
- Commodities
- gold
H1 FY26 Financial Results PresentationResults · HighPartial
Operating and financial period evidence; superseded by FY 2026 audited annual baseline and latest preview.
- Document ID
- doc-rrl-20260219-halfpres
- Published UTC
- 2026-02-18T21:09:16+00:00
- Projects
- duketon · tropicana
- Commodities
- gold
Record Profit and 15cps Fully Franked DividendResults · HighExtracted
Operating and financial period evidence; superseded by FY 2026 audited annual baseline and latest preview.
- Document ID
- doc-rrl-20260219-halfpr
- Published UTC
- 2026-02-18T21:08:36+00:00
- Projects
- duketon · tropicana
- Commodities
- gold
Quarterly Activities ReportResults · HighPartial
Operating and financial period evidence; superseded by FY 2026 audited annual baseline and latest preview.
- Document ID
- doc-rrl-20260122-q2
- Published UTC
- 2026-01-21T21:22:00+00:00
- Projects
- duketon · tropicana
- Commodities
- gold
Quarterly Activities ReportResults · HighExtracted
Operating and financial period evidence; superseded by FY 2026 audited annual baseline and latest preview.
- Document ID
- doc-rrl-20251023-q1old
- Published UTC
- 2025-10-22T21:17:03+00:00
- Projects
- duketon · tropicana
- Commodities
- gold
Full Year Results PresentationResults · HighPartial
Operating and financial period evidence; superseded by FY 2026 audited annual baseline and latest preview.
- Document ID
- doc-rrl-20250822-fy25pres
- Published UTC
- 2025-08-21T23:03:28+00:00
- Projects
- duketon · tropicana
- Commodities
- gold
Record $254M NPAT and 5cps Fully Franked DividendResults · HighExtracted
Operating and financial period evidence; superseded by FY 2026 audited annual baseline and latest preview.
- Document ID
- doc-rrl-20250822-fy25pr
- Published UTC
- 2025-08-21T23:02:48+00:00
- Projects
- duketon · tropicana
- Commodities
- gold
Evidence facts93
1139119000 AUD
2026-06-300 AUD
2026-06-30101685000 AUD
2026-06-30300000000 AUD
2026-06-302182175000 AUD
2026-06-302349099000 AUD
2026-06-301345182000 AUD
2026-06-30715106000 AUD
2026-06-301246754000 AUD
2026-06-30440688000 AUD
2026-06-30AU text
2026-10-13open pit and underground text
2026-10-13AU text
2026-10-13open pit and underground text
2026-10-13AU text
2026-10-13open pit text
2026-10-13100 %
2026-10-13Au text
2026-10-13AU text
2026-10-13open pit text
2026-10-13104000000.0 t
2025-12-313990000.0 oz
2025-12-311.2 g/t
2025-12-313270000.0 oz
2025-12-3186666666.66666667 t
2025-12-315400000.0 oz
2025-12-311.9 g/t
2025-12-313666666.666666667 oz
2025-12-3170000000.0 t
2025-12-312260000.0 oz
2025-12-311.0 g/t
2025-12-312070000.0 oz
2025-12-318000000.0 t
2025-12-31400000.0 oz
2025-12-311.5 g/t
2025-12-31140000.0 oz
2025-12-3138000000.0 t
2025-12-311389000.0 oz
2025-12-311.1 g/t
2025-12-3140000000.0 t
2025-12-311920000.0 oz
2025-12-311.5 g/t
2025-12-3156000000.0 t
2026-05-311890000.0 oz
2026-05-311.1 g/t
2026-05-31235954.0 oz
2026-06-301.02 g/t
2026-06-3088.9 %
2026-06-308130000.0 t
2026-06-30476983.3333333334 oz
2026-06-301.79 g/t
2026-06-3089.6 %
2026-06-309233333.333333334 t
2026-06-300.4 g/t
2025-12-3139000000 AUD
2026-06-3014600000 AUD
2026-06-30869011000 AUD
2025-12-310 AUD
2025-12-311900686000 AUD
2025-12-311088054000 AUD
2025-12-31322752000 AUD
2025-12-31639155000 AUD
2025-12-31227382000 AUD
2025-12-31240-270koz FY27 text
2027-06-30400-433.333koz FY27 gross (120-130koz attributable) text
2027-06-30PFS text
2026-06-191130000000 AUD
2026-06-1921.8 %
2026-06-191077000000 AUD
2026-06-191718 AUD/oz
2026-06-199.4 years
2026-06-195.5 %
2026-06-194000 AUD/oz
2026-06-19IWL, transmission line, water pipeline approvals and SSD9505 modification required; Section10 judicial review unresolved text
2026-06-19184042.55319148937 oz/yr
2026-06-192026-06-19 date
2026-06-191169761824 AUD
2026-09-3056100.0 oz
2026-09-3090000.0 oz
2026-09-30758696364 shares
2026-08-27761828652 shares
2026-08-27100 %
2026-10-13Au text
2026-10-1330 %
2026-10-13Au text
2026-10-13100 %
2026-10-13Au text
2026-10-1310000000 tpa
2026-09-249000000 tpa
2026-09-24FY26 production range text
2026-06-30FY26 production range text
2026-06-306297 AUD/oz Au
2026-10-027.03 AUD/share
2026-10-13Conflicts requiring judgment2
- ordinary shares and performance rights concurrent issue/lapse
Use actual1,308,233 conversion with27August issue date and actual369,397 lapse.3H automated total explicitly warns concurrent forms may lag; ordinary758,696,364,rights3,132,288.
- Havana underground first production
Latest24September Denver slide21statesH1CY2028 versusannualH1CY2027. Adopt later date prudently; issuer confirmation required to establish whether intentional revision or slide error.