REGIS RESOURCES LIMITED — Annual Report 2020

Aug 25, 2020

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– 2020 Financial Results 26 August 2020 – – JIM BEYER Managing Director & CEO & JON LATTO Chief Financial Officer

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ASX:RRL
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2
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CAUTIONARY STATEMENT

These materials prepared by Regis Resources Limited (or “the Company”) include forward looking statements. Often, but not always, forward looking statements can generally be identified by the use of forward looking words such as “may”, “will”, “expect”, “intend”, “plan”, “estimate”, “anticipate”, “continue”, and “guidance”, or other similar words and may include, without limitation, statements regarding plans, strategies and objectives of management, anticipated production or construction commencement dates and expected costs or production outputs.

Forward looking statements inherently involve known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, performance and achievements to differ materially from any future results, performance or achievements. Relevant factors may include, but are not limited to, changes in commodity prices, foreign exchange fluctuations and general economic conditions, increased costs and demand for production inputs, the speculative nature of exploration and project development, including the risks of obtaining necessary licenses and permits and diminishing quantities or grades of reserves, political and social risks, changes to the regulatory framework within which the Company operates or may in the future operate, environmental conditions including extreme weather conditions, recruitment and retention of personnel, industrial relations issues and litigation.

Forward looking statements are based on the Company and its management’s good faith assumptions relating to the financial, market, regulatory and other relevant environments that will exist and affect the Company’s business and operations in the future. The Company does not give any assurance that the assumptions on which forward looking statements are based will prove to be correct, or that the Company’s business or operations will not be affected in any material manner by these or other factors not foreseen or foreseeable by the Company or management or beyond the Company’s control.

Although the Company attempts and has attempted to identify factors that would cause actual actions, events or results to differ materially from those disclosed in forward looking statements, there may be other factors that could cause actual results, performance, achievements or events not to be as anticipated, estimated or intended, and many events are beyond the reasonable control of the Company. Accordingly, readers are cautioned not to place undue reliance on forward looking statements. Forward looking statements in these materials speak only at the date of issue. Subject to any continuing obligations under applicable law or any relevant stock exchange listing rules, in providing this information the Company does not undertake any obligation to publicly update or revise any of the forward looking statements or to advise of any change in events, conditions or circumstances on which any such statement is based.

ASX announcements are available on the Company’s website at www.regisresources.com.au

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FY20 FINANCIAL HIGHLIGHTS

Record NPAT of $200M up 22% NPAT Margin of 26% EPS up 22% to 39 cents per share ROE of 24%

EBITDA1 $394m up 28% EBITDA Margin 52%

Full Year Dividends 16c per share 2.9% basic yield 4.1% grossed up yield3

Cash flow from operating activities $343m up 24%

Cash & Bullion $209m2 No debt

1. EBITDA is an adjusted measure of earnings before interest, taxes, depreciation and amortisation. EBITDA is non-IFRS financial information and is not subject to audit. The measure is included to assist investors to better understand the performance of the business EBITDA in FY20 was increased by $8.9 million as a result of the introduction of AASB16 (Leases)

2. Includes bullion on hand valued at $2,576 per ounce 3. Grossed up for 100% franking. Annualised dividend yield of 16cps at a closing share price of $5.55 on 25 August 2020

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FY2020 FULL YEAR FINANCIAL RESULTS

	Unit	FY2020 30 June 2020	FY2019 30 June 2019
OuncesProduced	oz	352,042	363,418
Ounces Sold	oz	353,182	369,721
Average Realised Price $/oz 2,200 1,765
SalesRevenue1	$m	756.7	654.8
Royalties	$m	(37.3)	(28.4)
Cost ofSales	$m	(414.8)	(373.6)
Gross Profit	$m	304.6	252.8
Other Income/(Expenses)	$m	(0.2)	4.4
Administrationand OtherCosts	$m	(16.1)	(15.6)
Finance Costs	$m	(2.0)	(1.4)
Explorationexpenditurewrittenoff	$m	(1.7)	(6.7)
Profit Before Tax	$m	284.6	233.5
IncomeTax Expense	$m	(85.1)	(70.3)
Net Profit After Tax	$m	199.5	163.1
All-in-Sustaining-Costs	$/oz	1,246	1,029

1. In FY2020, sales revenue is net of $21.2m in capitalised revenue generated from pre-production assets 2. Includes bullion on hand valued at $2,576 per ounce

Record NPAT of $200M up 22% NPAT Margin of 26% EPS up 22% to 39 cents ROE of 24%

EBITDA A$394m up 28% EBITDA Margin 52%

Cash & Bullion A$209m2 No debt

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STRONG PERFORMANCE ON KEY FINANCIAL METRICS FY20 continues the trend

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Production, Realised Gold Price & AISCProduction with
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Realised Gold Price and AISC
400 361 363 352 $2,500
350 310 305 324
$2,000
300
250 $1,500
200
150 $1,000
100
$500
50
- $0
2015 2016 2017 2018 2019 2020
Gold Production Realised Gold Price Per Oz AISC Per Oz
Koz
AISC/oz
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EBITDA and Margin

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500 100%
394
400 80%
313 307
300 253 60%
234
181
200 47% 47% 52% 47% 52% 40%
39%
100 20%
0 0%
2015 2016 2017 2018 2019 2020
EBITDA EBITDA Margin (%)
$ Millions
EBITDA/Revenue (%)
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Net Profit After Tax and Margin

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250 35%
30%
200
25%
150
20%
15%
100 200
174 163
138 10%
50 112
87
5%
0 0%
2015 2016 2017 2018 2019 2020
NPAT NPAT Margin
Earnings & Dividend per Share
45
39.3
40
34.6
35 32.2
27.6
30
22.4
25
17.4
20 15.0 16.0 16.0 16.0
13.0
15
10 6.0
5
0
2015 2016 2017 2018 2019 2020
EPS Dividend per share
$Millions
Cents per Share
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STRONG GROWTH IN YEAR ON YEAR NET PROFIT AFTER TAX FY20 continues the growth trend

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Net Profit After Tax - 30 June 2020
$250m
$61m
$5m ($9m)
($1m) $200m
$200m
($15m)
($5m)
$163m
$150m
$100m
$50m
- - - - -
-
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CIRCA HALF A BILLION DOLLARS IN DIVIDENDS SINCE 2013

Regis continues to be an Australian gold industry leader on dividend payment metrics

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Final dividend of 8 cps ($41m) fully franked payout

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Total dividends for FY20 of 16 cps ($81m) fully franked

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11% of FY20 revenue and 21% of EBITDA1

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• 2.9% basic dividend yield 2

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• 4.1% grossed up (for 100% franking) dividend yield

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Regis has paid and/or declared 97cps - $488 million in dividends since 2013 Dividend Reinvestment Plan announced

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Level of future dividends will continuously be assessed in the context of gold price, operational performance and planned cap ital expenditure

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Dividends Declared Cumulative Dividends Paid
20 600
500
15
400
8 8 8
8
10
9 300
488
5 200 407
6 7 8 8 8 326
4 245
100
0 170
75 75 105
2015 2016 2017 2018 2019 2020
0
2013 2014 2015 2016 2017 2018 2019 2020
Interim Final
$ Millions
Cents per Share
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1. EBITDA is an adjusted measure of earnings before interest, taxes, depreciation and amortisation. EBITDA is non-IFRS financial information and is not subject to audit. The measure is included to assist investors to better understand the performance of the business EBITDA in FY20 was increased by $8.9 million as a result of the introduction of AASB16 (Leases)

2. Annualised dividend yield of 16cps at a closing share price of $5.55 on 25 August 2020

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CASHFLOW WATERFALL

Strong cashflow from operations of $424 million supported increased capital investment during FY20 and the payment of $81 million in dividends during the year

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Cash & Bullion on Hand - 30 June 2020
$700m
$424m
$600m
$500m
($135m)
($37m)
$400m $376m
($65m)
($16m)
$300m
($64m)
($21m)
$205m $209m
$200m
($81m)
$100m
- - - - -
-
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1. Includes bullion on hand valued at $2,576 per ounce

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FY21 GUIDANCE

Regis is expecting a strong year of growth within the operations as production continues to lift in line with the targeted growth profile heading to 400,000oz pa from internal development options. Production rate is planned to lift above historic annual rate in the second half of the year.

The FY21 key guidance elements are:

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Gold Production 355,000 - 380,000 ounces

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C1 Cash Costs including royalties A$1,030 - 1,090 per ounce All in Sustaining Cost A$1,230 - 1,300 per ounce

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Growth Capital A$50 – 60 million[1]

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Exploration A$35 million

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McPhillamys A$15 million2

1. Growth Capital includes open pit and underground pre-production mining costs, site infrastructure and camp expansion costs

2. McPhillamys spend for FY21 is a minimum of A$15m. Regis will assess additional early long lead items and in the case of early approval of the Company’s Development Application by the Independent Planning Commission, the expenditure on McPhillamys for FY21 could be approximately A$60m.

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REVIEW OF FY2020

THE CURRENT BUSINESS’ PERFORMANCE:

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Net profit after tax of $200 million (FY19: $163 million) with a NPAT margin of 26% and ROE of 24%

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Dividends for FY2020 of 16 cents per share fully franked for a 4.1% grossed[1] up yield

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EBITDA of $394 million with strong EBITDA margin of 52%

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Cash and bullion of $209.3 million[2] as at 30 June 2020

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Hedging reduced to ~399koz at end FY20 from approximately 452koz at end FY19. Deliveries into hedges increased to approximately 20,000 ounces per quarter

PROGRESSING FUTURE GROWTH :

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McPhillamys Development Application submitted and Responses to Submissions nearing completion Tripled exploration tenure around Duketon Operations and increased Exploration budget by 32% to $35million Moving to investment decision for Garden Well Underground Project

1. Grossed up for 100% franking. Annualised dividend yield of 16cps at a closing share price of $5.55 on 25 August 2020 2. Includes bullion on hand valued at $2,576 per ounce.

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Additional Financial Information

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FY20 ~~20 – Profit & Loss~~

30 June 2020 30 June 2019 $’000 $’000 Revenue 756,657 654,807 Cost ofgoods sold (452,011) (401,970) Grossprofit 304,646 252,837 Other income (150) 4,379 Investor and corporate costs (3,408) (2,521) Personnel costs (10,062) (9,360) Share-basedpayment expense (144) (1,082) Occupancycosts (245) (1,005) Other corporate administrative expenses (1,052) (659) Exploration and evaluation written off (1,686) (6,729) Other (1,215) (940) Finance costs (2,024) (1,447) Profit before income tax 284,660 233,473 Income tax expense (85,143) (70,323) Netprofit 199,517 163,150 ~~20 – Profit & Loss~~ Earnings Per Share(centsper share) 39.26 32.18	30 June 2020 30 June 2019 $’000 $’000 Revenue 756,657 654,807 Cost ofgoods sold (452,011) (401,970) Grossprofit 304,646 252,837 Other income (150) 4,379 Investor and corporate costs (3,408) (2,521) Personnel costs (10,062) (9,360) Share-basedpayment expense (144) (1,082) Occupancycosts (245) (1,005) Other corporate administrative expenses (1,052) (659) Exploration and evaluation written off (1,686) (6,729) Other (1,215) (940) Finance costs (2,024) (1,447) Profit before income tax 284,660 233,473 Income tax expense (85,143) (70,323) Netprofit 199,517 163,150 ~~20 – Profit & Loss~~ Earnings Per Share(centsper share) 39.26 32.18	30 June 2020 30 June 2019 $’000 $’000 Revenue 756,657 654,807 Cost ofgoods sold (452,011) (401,970) Grossprofit 304,646 252,837 Other income (150) 4,379 Investor and corporate costs (3,408) (2,521) Personnel costs (10,062) (9,360) Share-basedpayment expense (144) (1,082) Occupancycosts (245) (1,005) Other corporate administrative expenses (1,052) (659) Exploration and evaluation written off (1,686) (6,729) Other (1,215) (940) Finance costs (2,024) (1,447) Profit before income tax 284,660 233,473 Income tax expense (85,143) (70,323) Netprofit 199,517 163,150 ~~20 – Profit & Loss~~ Earnings Per Share(centsper share) 39.26 32.18
Earnings Per Share(centsper share)	39.26	32.18

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30 June 2020 30 June 2019 $’000 $’000 Cash flows from operating activities Receipts fromgold sales 755,791 652,450 Payments to suppliers and employees (348,923) (326,680) Income taxpaid (63,792) (53,971) Other receipts/(payments) (63) 3,686 Net cash from operating activities 343,013 275,485 Cash flows from investing activities Acquisition ofplant and equipment(net) (51,114) (56,395) Payments for exploration and evaluation (37,118) (34,840) Payments for acquisition of exploration assets (21,281) - Payments for mineproperties under development (57,307) (35,632) Payments for mineproperties (77,524) (60,500) Other receipts/(payments) - 77 Net cash used in investing activities (244,344) (187,290) Cash flows from financing activities Proceeds from issue of shares 279 1,697 Payment of transaction costs (14) (65) Payment of lease liabilities (13,894) (1,052) Dividendspaid (81,309) (81,196) Net cash used in financing activities (94,938) (80,616) Net increase/(decrease)in cash and cash equivalents 3,731 7,579 Cash and cash equivalents at 1 July 188,697 181,118 Cash and cash equivalents at 30 June 192,428 188,697 020– Cash Flow Statement	30 June 2020 30 June 2019 $’000 $’000 Cash flows from operating activities Receipts fromgold sales 755,791 652,450 Payments to suppliers and employees (348,923) (326,680) Income taxpaid (63,792) (53,971) Other receipts/(payments) (63) 3,686 Net cash from operating activities 343,013 275,485 Cash flows from investing activities Acquisition ofplant and equipment(net) (51,114) (56,395) Payments for exploration and evaluation (37,118) (34,840) Payments for acquisition of exploration assets (21,281) - Payments for mineproperties under development (57,307) (35,632) Payments for mineproperties (77,524) (60,500) Other receipts/(payments) - 77 Net cash used in investing activities (244,344) (187,290) Cash flows from financing activities Proceeds from issue of shares 279 1,697 Payment of transaction costs (14) (65) Payment of lease liabilities (13,894) (1,052) Dividendspaid (81,309) (81,196) Net cash used in financing activities (94,938) (80,616) Net increase/(decrease)in cash and cash equivalents 3,731 7,579 Cash and cash equivalents at 1 July 188,697 181,118 Cash and cash equivalents at 30 June 192,428 188,697 020– Cash Flow Statement	30 June 2020 30 June 2019 $’000 $’000 Cash flows from operating activities Receipts fromgold sales 755,791 652,450 Payments to suppliers and employees (348,923) (326,680) Income taxpaid (63,792) (53,971) Other receipts/(payments) (63) 3,686 Net cash from operating activities 343,013 275,485 Cash flows from investing activities Acquisition ofplant and equipment(net) (51,114) (56,395) Payments for exploration and evaluation (37,118) (34,840) Payments for acquisition of exploration assets (21,281) - Payments for mineproperties under development (57,307) (35,632) Payments for mineproperties (77,524) (60,500) Other receipts/(payments) - 77 Net cash used in investing activities (244,344) (187,290) Cash flows from financing activities Proceeds from issue of shares 279 1,697 Payment of transaction costs (14) (65) Payment of lease liabilities (13,894) (1,052) Dividendspaid (81,309) (81,196) Net cash used in financing activities (94,938) (80,616) Net increase/(decrease)in cash and cash equivalents 3,731 7,579 Cash and cash equivalents at 1 July 188,697 181,118 Cash and cash equivalents at 30 June 192,428 188,697 020– Cash Flow Statement
	30 June 2020	30 June 2019
	$’000	$’000
Cash flows from operating activities
Receipts fromgold sales	755,791	652,450
Payments to suppliers and employees	(348,923)	(326,680)
Income taxpaid	(63,792)	(53,971)
Other receipts/(payments)	(63)	3,686
Net cash from operating activities	343,013	275,485
Cash flows from investing activities
Acquisition ofplant and equipment(net)	(51,114)	(56,395)
Payments for exploration and evaluation	(37,118)	(34,840)
Payments for acquisition of exploration assets	(21,281)	-
Payments for mineproperties under development	(57,307)	(35,632)
Payments for mineproperties	(77,524)	(60,500)
Other receipts/(payments)	-	77
Net cash used in investing activities	(244,344)	(187,290)
Cash flows from financing activities
Proceeds from issue of shares	279	1,697
Payment of transaction costs	(14)	(65)
Payment of lease liabilities	(13,894)	(1,052)
Dividendspaid	(81,309)	(81,196)
Net cash used in financing activities	(94,938)	(80,616)
Net increase/(decrease)in cash and cash equivalents	3,731	7,579
Cash and cash equivalents at 1 July	188,697	181,118
Cash and cash equivalents at 30 June	192,428	188,697

– FY2020 Cash Flow Statement

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30 June 2020 30 June 2019 $’000 $’000 Current assets Cash and cash equivalents 192,428 188,697 Inventories 74,430 56,077 Other current assets 10,847 10,141 Total current assets 277,705 254,915 Non-current assets Inventories 63,503 55,898 Property, plant and equipment 261,676 242,988 Exploration and evaluation expenditure 230,260 185,748 Mineproperties under development 2,188 44,163 Mineproperties 275,939 167,713 Right-of-use assets 38,034 - Other 2,572 2,572 Total non-current assets 874,172 699,082 Total assets 1,151,877 953,997 Current liabilities Trade and otherpayables 74,181 67,613 Income taxpayable 7,471 12,224 Lease Liabilities 15,856 793 Other 3,994 3,479 Total current liabilities 101,502 84,109 Non-current liabilities Deferred tax liabilities 117,408 91,305 Provisions & Lease liabilities 97,886 62,119 Total non-current liabilities 215,294 153,424 Total liabilities 316,796 237,533 Net Assets Total Equity 835,081 835,081 716,464 716,464 ~~0 – Balance Sheet~~	30 June 2020 30 June 2019 $’000 $’000 Current assets Cash and cash equivalents 192,428 188,697 Inventories 74,430 56,077 Other current assets 10,847 10,141 Total current assets 277,705 254,915 Non-current assets Inventories 63,503 55,898 Property, plant and equipment 261,676 242,988 Exploration and evaluation expenditure 230,260 185,748 Mineproperties under development 2,188 44,163 Mineproperties 275,939 167,713 Right-of-use assets 38,034 - Other 2,572 2,572 Total non-current assets 874,172 699,082 Total assets 1,151,877 953,997 Current liabilities Trade and otherpayables 74,181 67,613 Income taxpayable 7,471 12,224 Lease Liabilities 15,856 793 Other 3,994 3,479 Total current liabilities 101,502 84,109 Non-current liabilities Deferred tax liabilities 117,408 91,305 Provisions & Lease liabilities 97,886 62,119 Total non-current liabilities 215,294 153,424 Total liabilities 316,796 237,533 Net Assets Total Equity 835,081 835,081 716,464 716,464 ~~0 – Balance Sheet~~	30 June 2020 30 June 2019 $’000 $’000 Current assets Cash and cash equivalents 192,428 188,697 Inventories 74,430 56,077 Other current assets 10,847 10,141 Total current assets 277,705 254,915 Non-current assets Inventories 63,503 55,898 Property, plant and equipment 261,676 242,988 Exploration and evaluation expenditure 230,260 185,748 Mineproperties under development 2,188 44,163 Mineproperties 275,939 167,713 Right-of-use assets 38,034 - Other 2,572 2,572 Total non-current assets 874,172 699,082 Total assets 1,151,877 953,997 Current liabilities Trade and otherpayables 74,181 67,613 Income taxpayable 7,471 12,224 Lease Liabilities 15,856 793 Other 3,994 3,479 Total current liabilities 101,502 84,109 Non-current liabilities Deferred tax liabilities 117,408 91,305 Provisions & Lease liabilities 97,886 62,119 Total non-current liabilities 215,294 153,424 Total liabilities 316,796 237,533 Net Assets Total Equity 835,081 835,081 716,464 716,464 ~~0 – Balance Sheet~~
	30 June 2020	30 June 2019
	$’000	$’000
Current assets
Cash and cash equivalents	192,428	188,697
Inventories	74,430	56,077
Other current assets	10,847	10,141
Total current assets	277,705	254,915
Non-current assets
Inventories	63,503	55,898
Property, plant and equipment	261,676	242,988
Exploration and evaluation expenditure	230,260	185,748
Mineproperties under development	2,188	44,163
Mineproperties	275,939	167,713
Right-of-use assets	38,034	-
Other	2,572	2,572
Total non-current assets	874,172	699,082
Total assets	1,151,877	953,997
Current liabilities
Trade and otherpayables	74,181	67,613
Income taxpayable	7,471	12,224
Lease Liabilities	15,856	793
Other	3,994	3,479
Total current liabilities	101,502	84,109
Non-current liabilities
Deferred tax liabilities	117,408	91,305
Provisions & Lease liabilities	97,886	62,119
Total non-current liabilities	215,294	153,424
Total liabilities	316,796	237,533
Net Assets Total Equity	835,081 835,081	716,464 716,464

FY20 ~~20 – Balance Sheet~~

15

“SPOT DEFERRED” – FLEXIBLE GOLD HEDGE BOOK (30 June 2020)

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2,500
2,333
2,000
1,500
2,200
1,000
500
0
Gold Price
Ave spot price
Realised Price
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Regis’ hedge position reduced to ~399koz at an average of A$1,614/oz.

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Regis is currently actively managing the process of selling into the lowest price hedges and reduced its hedges by approximately 52,000 ounces in FY20.

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Regis has recently increased the rate at which it is delivering into its most out of the money hedges to 20,000 ounces per quarter

Table 1: Hedging Volumes & Price Ranges

Table 2: Current Hedging Volume Limits

Hedging Price Range	Quantity (oz’s)
A$1,400 - $1,500	157,000
A$1,500 - $1,600	15,000
A$1,600 - $1,700	36,000
A$1,700 - $1,800	131,000
A$1,800 - $1,900	60,000

Period	Volume (oz’s)
Today – Dec 2020	600,000
Jan 2021 – Dec 2021	400,000
Jan 2022 – Dec 2022	200,000
Jan 2023 – June 2023	100,000
July 2023	Nil

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FY2020 PHYSICALS

FY 2020	FY2019
Physicals DNO DSO TOTAL	TOTAL	Variance
Ore mined (Mbcm) 1.36 2.80 4.16	4.28	-3%
Waste mined (Mbcm) 6.81 19.56 26.37	28.12	-6%
Stripping ratio (w:o) 5.0 7.0 6.3	6.6	-5%
Ore mined (Mtonnes) 2.75 7.23 9.98	10.14	-2%
Ore milled (Mtonnes) 3.00 6.37 9.37	9.43	-1%
Head grade (g/t) 1.04 1.35 1.25	1.27	-2%
Recovery (%) 92.3% 94.0% 93.5%	94.0%	-1%
Gold production (ounces) 92,184 259,858 352,042 363,418 -3%

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Further information: Jim Beyer | Managing Director & CEO + 61 8 9442 2200

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