2024-04-24 12:02:09 ET
Regis Resources Limited (RGRNF)
Q3 2024 Results Conference Call
April 23, 2024 09:00 PM ET
Company Participants
Jim Beyer - Managing Director and Chief Executive Officer
Michael Holmes - Chief Operating Officer
Anthony Rechichi - Chief Financial Officer
Conference Call Participants
Alex Barkley - RBC
Hugo Nicolaci - Goldman Sachs
Daniel Morgan - Barrenjoey
Alex Papaioanou - Citi
Meredith Schwarz - Bank of America
Levi Spry - UBS
Presentation
Jim Beyer
Thanks, Harmony, and thanks, everybody, for joining us on the call this morning for the Regis Resources March 2024 quarterly update. Today, I'm joined by our Chief Operating Officer, Michael Holmes; and our Chief Financial Officer, Anthony Rechichi; and also welcome to the table and to the team our Head of Investor Relations and External Affairs, Jeff Sansom. To start with, at Regis, our imperative is to produce profitable ounces safely. And at the end of the quarter, I'm really pleased to say that a key safety indicator has continued to trend in the right direction. And we've achieved our lowest LTIFR, which is the lost time injury frequency rate.
We've achieved the lowest on record at 0.34. Now of course, I would note that while it's a great outcome and well done by the team, this is a journey with no end, and we'll keep working hard to make sure we keep this performance running. On to our operations and high-level financial metrics. Across the business, the quarter and it should be no surprise that our production was impacted by the heavy and protracted wet weather events within the Western Goldfields region. Anecdotally, nearly a year's worth of rain fell over parts of WA and the goldfields in March.
And our teams did exceptionally well to respond and to manage that deluge and to deliver production for the quarter at 90,600 ounces at an all-in sustaining cost of $2,735 an ounce. Now I would note, across our business, $234 per ounce of that is noncash. And Anthony will talk some more on this shortly. Look, Michael will discuss the specifics of the weather events in a moment as well. But as a general thematic, as a result of the weather and the disruptions it caused, we saw reduced mining rates and a higher proportion of processed stockpiles.
So basically, our production for the quarter was always going to be softer as we'd highlighted that were identified than the -- be softer than the prior quarters as we flagged. But then this was amplified by the weather, and this impact artificially pushed up our AISC, our all-in sustaining costs, unit cost. Naturally, as we revert to normal operations and production, we will see our costs drift back towards the first half of this year's levels, to the tune that we will still comfortably fit within our FY '24 production cost and guidance ranges.
Look, I would note realistically that we're likely to see a hangover of this quarter in FY '24 production and AISC, both of which will be within our guidance ranges, albeit production a bit more accurate understanding of the weather events now. We see production below the midpoint of guidance and conversely are all-in sustaining at the top end....
Read the full article on Seeking Alpha
For further details see:
Regis Resources Limited (RGRNF) Q3 2024 Earnings Call Transcript