REGIS RESOURCES LIMITED — Annual Report 2020

Aug 25, 2020

Regis Resources Limited and its Controlled Entities

For the year ended 30 June 2020

(Previous corresponding period is the year ended 30 June 2019)

Results for Announcement to the Market

	30 June 2020	30 June 2019	Change
	$'000	$'000	$'000	%
Revenue from ordinary activities	756,657	654,807	101,850	16%
Profit from ordinary activities after taxattributable to members	199,517	163,150	36,367	22%
Net profit for the period attributable to members	199,517	163,150	36,367	22%

Dividend Information

Dividend	Amount per security	Franking	Date Paid / Payable
Interim Dividend	8 cents per share	100% franked	18 March 2020
Final Dividend	8 cents per share	100% franked	16 October 2020

The financial effect of the current reporting period final dividend has not been brought to account in the financial statements for the period ended 30 June 2020 and will be recognised in subsequent financial reports.

The Dividend Reinvestment Plan ("DRP") will apply to this dividend. Under the DRP, eligible shareholders can reinvest all or part of their dividend payments into additional fully paid Regis Resources Limited shares. Shares will be allocated under the DRP at a 1% discount to the volume weighted average market price of shares over the period of five trading days commencing on 29 September 2020. Application to join the DRP must be received by no later than 5:00pm (AEST) on 29 September 2020. The payment date is 16 October 2020 and DRP shares are proposed to be issued on 16 October 2020.

Net Tangible Assets

	30 June 2020	30 June 2019
	$	$
Net tangible assets per share	0.64	0.62
Earnings per Share
	cents	cents
Basic earnings per share	39.26	32.18
Diluted earnings per share	39.18	32.12

Additional Appendix 4E disclosure requirements under ASX Listing Rule 4.3A can be found in the Directors' Report to the financial statements, which is attached, at the following page reference:

Review of results (Directors' Report)	Page 3
Statement of comprehensive income	Page 30
Balance sheet	Page 31
Statement of changes in equity	Page 32
Statement of cash flows	Page 33
Notes to the financial statements	Page 34
Segment information	Page 36
Earnings per share	Page 41
Independent audit report	Page 69

This report is based on the consolidated financial statements for the year ended 30 June 2020, which has been audited by KPMG.

ABN 28 009 174 761

and its Controlled Entities

Financial Report for the Year Ended

30 June 2020

CONTENTS

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68
69

CORPORATE INFORMATION

ABN

28 009 174 761

Directors

James Mactier	Independent Non-Executive Chairman
Jim Beyer	Chief Executive Officer and Managing Director
Fiona Morgan	Independent Non-Executive Director
Steve Scudamore	Independent Non-Executive Director
Lynda Burnett	Independent Non-Executive Director (appointed 27 November 2019)
Russell Barwick	Independent Non-Executive Director (appointed 11 March 2020)
Paul Thomas	Executive Director (retired 19 August 2019)
Ross Kestel	Independent Non-Executive Director (retired 26 November 2019)

Company Secretary

Jon Latto

Registered Office & Principal Place of Business

Level 2 516 Hay Street SUBIACO WA 6008

Share Register

Computershare Investor Services Pty Limited GPO Box D182 PERTH WA 6840

Regis Resources Limited shares are listed on the Australian Securities Exchange (ASX). Code: RRL.

Bankers

Macquarie Bank Limited Level 23 240 St Georges Terrace PERTH WA 6000

Commonwealth Bank of Australia Ground Floor, Tower 1 201 Sussex Street SYDNEY NSW 2000

Auditors

KPMG 235 St Georges Terrace PERTH WA 6000

DIRECTORS' REPORT

Your directors submit their report for the year ended 30 June 2020.

Directors

The directors of the Company in office since 1 July 2019 and up to the date of this report are:

Mr James Mactier, BAgrEc (Hons), GradDipAppFin, GAICD

(Independent Non-Executive Chairman)

Mr Mactier was joint head of the Metals and Energy Capital Division of Macquarie Bank Limited for fifteen years until his retirement in April 2015. He has wide ranging experience in project and corporate finance, resource project assessment, equity investing, commodity and currency hedging and trading in the metals and energy sectors globally. He is a Graduate Member of the Australian Institute of Company Directors.

During the past three years, Mr Mactier has not served as a director of any other ASX listed company.

Mr Jim Beyer, BEng, MGeoSc, AMEC

(Chief Executive Officer and Managing Director)

Mr Beyer is a qualified Mining Engineer with extensive gold industry experience having been the General Manager of the Boddington Gold Mine, one of Australia's largest gold mines, from 2007 to 2010 and General Manager of the Pajingo Gold Mine from 2004 to 2006. Immediately prior to Regis, Mr Beyer was the Chief Executive Officer of Western Australian based iron ore producer and explorer Mt Gibson Iron Limited (ASX:MGX) from 2012 to 2018.

Mr Beyer holds a Bachelor of Engineering (Mining) degree, a Masters of Geoscience (Mineral Economics) and is a Vice President of the Executive Council of the Association of Mining & Exploration Companies (AMEC).

During the past three years, Mr Beyer has not served as a director of any other ASX listed companies.

Mrs Fiona Morgan, CPEng, BE(Hons), FIEAust, FAusIMM, GAICD

(Independent Non-Executive Director)

Mrs Morgan is a Chartered Professional Engineer with over 27 years' experience in the mining industry, including working on gold, nickel, coal and iron ore projects. Mrs Morgan is the Managing Director and Chief Executive Officer of Mintrex Pty Ltd, a highly regarded and longstanding consulting engineering company which has successfully undertaken a broad suite of technical services to Australian and international clients developing resource projects. She has a wide range of experience in operations and project management, maintenance, research and design of both underground and surface mining infrastructure.

Mrs Morgan is a Fellow of the Institution of Engineers Australia, a Fellow of the Australasian Institute of Mining and Metallurgy and a graduate member of the Australian Institute of Company Directors.

During the past three years, Mrs Morgan has not served as a director of any other ASX listed company.

Mr Steve Scudamore, MA (Oxon), FCA, FAICD, SF Fin

(Independent Non-Executive Director)

Mr Scudamore is a respected Chartered Accountant with significant ASX listed Board experience. He was a partner with KPMG for 28 years until his retirement in 2012, specialising in energy and natural resources. He held senior roles in Australia, UK and PNG including National Managing Partner for Valuations, Head of Corporate Finance WA and Chairman of Partners WA.

Mr Scudamore holds a Masters of Arts (History and Economics) from Oxford University, is a Fellow of the Institutes of Chartered Accountants Australia and England and Wales, is a Fellow of the Institute of Company Directors and a Senior Fellow of the Financial Services Institute of Australia.

Mr Scudamore is currently a non-executive director of ASX listed companies Pilbara Minerals Limited and Australis Oil and Gas Limited as well as various not-for-profit and community organisations. His previous board positions include Aquila Resources Limited and Altona Mining Limited.

Mrs Lynda Burnett, BSc (Hons), GAICD, MAusIMM, MSEG

(Independent Non-Executive Director)

Mrs Burnett is a geologist with over 30 years' experience in the mining industry. She has held a variety of roles with major and junior mining companies most recently with Sipa Resources Limited as Managing Director.

Prior to Sipa Resources Limited, Mrs Burnett spent 9 years with Newmont Asia Pacific from 2005-2013 as Director Exploration Australia and Manager Exploration Business Development with responsibility for the strategic planning, management and oversight of all Newmont's generative exploration projects and brown fields exploration projects. Prior to her roles at Newmont, she worked for a number of mining and

exploration companies including, Normandy Mining Limited, Newcrest Mining Limited, Plutonic Resources Limited and as an Executive Director of Summit Resources Limited.

Other than as mentioned above, during the past three years Mrs Burnett has not served as a director of any other ASX listed companies.

Mrs Burnett is currently the Chair of the Strategic Advisory Board of the Centre for Exploration Targeting based at the University of WA.

Mr Russell Barwick, Dip. Min Eng, FAusIMM, FAICD

(Independent Non-Executive Director)

Mr Barwick is a mining engineer with extensive technical, operational, managerial and corporate experience in the mining industry across a wide range of commodities and jurisdictions. He is currently a Non-Executive Director of ASX listed companies Mount Gibson Iron Limited, Red Metal Limited (Chairman) and Lithium Power International Limited and the associated unlisted Minera Salar Blanco S.A. (Chile).

During his 46-year career, Mr Barwick worked for Bougainville Copper Limited (CRA), Pancontinental Mining Limited and CSR Limited and spent 16 years with Placer Dome in key development, operational and corporate roles in numerous countries before his appointment as Managing Director of Placer Niugini Limited. He later served as Managing Director of Newcrest Mining Limited before moving to Canada as Chief Operating Officer for Wheaton River Minerals Limited and its successor, Goldcorp Inc. Mr Barwick returned to Australia in 2008 and resides in Queensland.

Mr Barwick holds a Diploma in Mining Engineering (Ballarat) and is a Fellow of both the Australasian Institute of Mining and Metallurgy, and the Australian Institute of Company Directors.

Mr Paul Thomas, BAppSc (extmet), GAICD

(Executive Director – retired 19 August 2019)

Mr Thomas joined Regis in March 2014 in the role of Chief Operating Officer (COO) and was appointed to the Board immediately following the company's AGM on 12 November 2015. Mr Thomas is a qualified metallurgist with extensive operating and development experience gained in a career of over 30 years in the mining industry. During this time, he has held a number of senior operations management and executive roles within Australian listed gold and base metal mining companies.

Mr Thomas has various regulatory and technical qualifications in mining, processing, management and finance including a Diploma in Open Cut and Underground Mining, a Diploma of Business and a Graduate Diploma of Applied Finance and Investment. He is a Graduate Member of the Australian Institute of Company Directors.

During the past three years, Mr Thomas has not served as a director of any other ASX listed companies.

Mr Thomas retired as Executive Director on 19 August 2019 and continued in the role of Chief Operating Officer until his resignation on 30 September 2019.

Mr Ross Kestel, B.Bus, CA, MAICD

(Independent Non-Executive Director – retired 26 November 2019)

Mr Kestel is a Chartered Accountant and was a Director of a mid-tier accounting practice for over 27 years and has a strong corporate and finance background. He has acted as a Director and Company Secretary of a number of public companies involved in mineral exploration, mining, mine services, property development, manufacturing and technology industries.

During the past three years he has also served as a Non-Executive Director of Beadell Resources Limited (from February 2012 to November 2015).

Mr Kestel is a member of the Australian Institute of Company Directors.

Mr Kestel retired as a Non-Executive Director of Regis Resources Limited on 26 November 2019.

Company Secretary

Mr Jon Latto, B.Com, CA, MBA GradDip ACG ACIS

Mr Latto is a Chartered Accountant with over 25 years' experience including 12 years' experience as a Chief Financial Officer within the Australian gold sector. Mr Latto was previously Chief Financial Officer for Doray Minerals Limited for approximately six years and has significant corporate and commercial experience. Mr Latto has also worked with Ernst & Young in Australia, America and India on projects primarily related to finance function reform and previously worked in London in a variety of financial roles. Mr Latto is a Chartered Secretary and holds a Masters of Business Administration from the University of Western Australia.

Dividends

After the balance sheet date the following dividends were proposed by the directors:

	Centsper share	Totalamount
		$'000
Final dividends recommended:
Ordinary shares	8.00	40,668

The financial effect of these dividends has not been brought to account in the consolidated financial statements for the year ended 30 June 2020 and will be recognised in subsequent financial reports.

Nature of Operations and Principal Activities

The principal activities of Regis Resources Limited ("Regis" or the "Company") and its controlled entities (collectively, the "Group") during the year were:

• Production of gold from the Duketon Gold Project;
• Exploration, evaluation and development of gold projects in the Eastern Goldfields of Western Australia; and
• Exploration and evaluation of the McPhillamys Gold Project in New South Wales.

Apart from the above, or as noted elsewhere in this report, no significant changes in the state of affairs of the Company occurred during the financial year.

Objectives

The Group's objectives are to:

• Continue to optimise mining and processing operations across the Duketon Gold Project whilst maintaining a high standard of safety;
• Maximise cash flow by this process of optimisation and the blending of ore feed from satellite resources across the Duketon tenure;
• Organically increase the Reserve base of the Group by discovering and developing satellite resource positions and extending the reserve base of existing operating deposits;
• Focus on regional exploration to add incremental ounces and mine life to the three operating mills in the district;
• Advance the economic study of the McPhillamys Gold Project in NSW with a view to developing a significant long life gold mine at the project;
• Return value to shareholders through dividends where appropriate; and
• Actively pursue inorganic growth opportunities.

Operating and Financial Review

Overview of the Group

Regis is a leading Australian gold producer, with its head office in Perth, Western Australia. The Company operates within two distinct project areas at the Duketon Gold Project in the Eastern Goldfields of Western Australia. The Duketon South Operations ("DSO") contains the Garden Well Gold Mine, the Rosemont Gold Mine (open pit and underground), the Erlistoun Gold Mine, the Tooheys Well Gold Mine and the Baneygo Gold Mine. The Duketon North Operations ("DNO") comprises the Moolart Well Gold Mine, the Gloster Gold Mine, Anchor Gold Mine, the Dogbolter Gold Mine and the Petra Gold Mine.

The Group also owns the McPhillamys Gold Project, an advanced exploration project in New South Wales, 250 kilometres west of Sydney near the town of Blayney.

Financial Summary

Key financial data	2020$'000	2019$'000	Change$'000	Change%
Financial results
Sales revenue(i)	755,791	652,450	103,341	15.8%
Cost of sales (excluding D&A)(ii)	(344,105)	(328,068)	(16,037)	4.9%
Other income/(expenses)	(150)	4,379	(4,529)	(103.4%)
Corporate, admin and other costs	(17,396)	(21,976)	4,580	(20.8%)
EBITDA(i)	394,141	306,785	87,356	28.5%
Depreciation and amortisation (D&A)	(108,323)	(74,223)	(34,100)	45.9%
Profit before tax(i)	284,660	233,473	51,187	21.9%
Income tax expense	(85,143)	(70,323)	(14,820)	21.1%
Reported profit after tax	199,517	163,150	36,367	22.3%
Other financial information
Cash flow from operating activities	343,013	275,485	67,528	24.5%
Net cash	187,457	186,576	881	0.5%
Net assets	835,081	716,464	118,617	16.6%
Basic earnings per share (cents per share)	39.26	32.18	7.08	22.0%

(i) Sales revenue excludes $21.2 million in capitalised revenue from pre-production assets (Refer to Note 13).

(ii) EBITDA is an adjusted measure of earnings before interest, taxes, depreciation and amortisation. Cost of sales (excluding D&A) and EBITDA are non-IFRS financial information and are not subject to audit. These measures are included to assist investors to better understand the performance of the business

Performance relative to the previous financial year

Regis achieved an after tax profit of $199.5 million for the full year to 30 June 2020, which was up 22.3% from the previous corresponding year result of $163.1 million.

Sales

The Company produced 352,042 ounces of gold for the year ended 30 June 2020. Gold sales revenue rose by 15.8% from the previous year with 353,182 ounces of gold sold at an average price of $2,200 per ounce in 2020 (2019: 369,721 ounces at $1,765 per ounce). The Company delivered gold produced into a combination of forward contracts and at the prevailing spot price.

The total hedging position at the end of the year was 399,494 ounces with a weighted average forward price of $1,614 per ounce (2019: 451,514 ounces with a weighted average forward price of $1,611 per ounce).

Cost of Sales

Costs of sales including royalties, but before depreciation and amortisation increased by 4.9% to $344.1 million.

Depreciation and Amortisation

Depreciation and amortisation charges increased by 45.9% from the prior year predominantly as a result of new pits commencing production in FY20 and the adoption of the new standard AASB 16 – Leases which has also contributed $8.7 million to this increase (Refer to Note 11).

Cash Flow from Operating Activities

Cash flow from operating activities was $343.0 million, up 24.5% on the prior year due to increased revenue. During the year, the Company paid $63.8 million of income taxes.

The Company continued to provide strong returns to shareholders through the payment of two fully franked dividends in FY20 totalling $81.3 million.

Duketon South Operations ("DSO")

Operating results at the Duketon South Operations for the 12 months to 30 June 2020 were as follows:

		30 June 2020	30 June 2019
Ore mined	BCM	2,800,054	2,720,208
Waste mined	BCM	19,557,651	21,304,421
Strip ratio	w:o	7.0	7.8
Ore mined	Tonnes	7,234,482	6,980,062
Ore milled	Tonnes	6,371,894	6,451,299
Head grade	g/t	1.35	1.40
Recovery	%	94	94
Gold production	Ounces	259,858	274,861
Cash cost per ounce – pre royalties	A$/oz	$859	$791
Cash cost per ounce – incl. royalties	A$/oz	$963	$870
All-in Sustaining Cost ("AISC")	A$/oz	$1,218	$1,020

Production at DSO decreased by 5% from the previous year with 259,858 ounces of gold produced at an all-in sustaining cost of $1,218 per ounce. Production is lower due to processing interruptions at Garden Well as a result of unplanned maintenance shutdowns and a mill motor failure and marginally lower grade.

AISC increased by 19% primarily due to an increase in drill & blast costs at the satellite pits with harder rock surfaces and deeper in-pit mining along with reduced production as mentioned above. In addition, higher cost ounces at Rosemont Underground were recognised following the declaration of commercial production from 1 June 2020 as the mine continues to ramp up to steady state production levels.

Duketon North Operations ("DNO")

Operating results for the 12 months to 30 June 2020 were as follows:

		30 June 2020	30 June 2019
Ore mined	BCM	1,363,821	1,555,629
Waste mined	BCM	6,811,692	6,816,483
Strip ratio	w:o	5.0	4.4
Ore mined	Tonnes	2,745,313	3,161,815
Ore milled	Tonnes	2,999,498	2,982,702
Head grade	g/t	1.04	0.99
Recovery	%	92	93
Gold production	Ounces	92,184	88,558
Cash cost per ounce – pre royalties	A$/oz	1,071	$903
Cash cost per ounce – incl. royalties	A$/oz	1,184	$981
All-in Sustaining Cost ("AISC")	A$/oz	1,324	$1,055

DNO produced 92,184 ounces of gold for the year at an all-in sustaining cost of $1,324 per ounce. Gold production was up 4% on the prior year as a result of increases in processed head grade and throughput at the Moolart Well mill. Throughput benefited from the introduction of ore feed from the Dogbolter satellite pit, which commenced operations in September 2019.

AISC increased by 25% on the prior year due to increased stripping ratios at DNO, as the mining fleet focussed on near surface mining activities at Dogbolter and pre-production mining at the Petra satellite pit. In addition, harder material from Gloster has resulted in an increase in the milling costs with the requirement of additional crushing capacity required for the full financial year, as well as additional costs associated with the changeover of the Company's primary haulage contractor.

Exploration

During the year, a total of 221,365 metres of exploration drilling was completed across the Group's tenements in Western Australia and New South Wales.

Regis' exploration for FY20 reflects the renewed growth strategy which continues to test for near mine extensions and new greenfield targets. The acquisition of the Duketon Mining Limited tenements on 23 August 2019 provided a significant increase to opportunities for new Greenfields discoveries, and increased the Company's landholding to approximately 90% of the Duketon Greenstone Belt ("DGB"). Regis commenced a significant surface lag sampling program to generate new gold targets on the newly acquired tenure.

The table below breaks down the drilling activity (in metres) by Prospect:

Prospect	Aircore	RC	Diamond	Total	Prospect	Aircore	RC	Diamond	Total
Baneygo	-	23,617	5,752	29,369	Borodale Creek	1,713	-	-	1,713
Duketon					Butchers Well	3,396	-	-	3,396
Townsite	-	672	-	672	Claypan Well	587	-	-	587
Erlistoun	-	714	-	714	Hack Bore	3,268	-	-	3,268
Fisher Well	12,576	-	-	12,576	Ranch	102	7,140	-	7,242
Garden Well	-	-	19,141	19,141	Speights	419	-	-	419
Gloster	-	5,392	6,989	12,381	Bandya	748	-	-	748
Idaho	-	1,290	-	1,290	Bella Well	5,868	-	-	5,868
Little Well	7,012	-	-	7,012	Camel Hump	164	-	-	164
Matts Bore	5,019	-	-	5,019	Claypan	10,098	-	-	10,098
McKenzie	-	360	-	360	Mt Maiden	14,231	912	-	15,143
Moolart Well	-	2,874	-	2,874	Pleco	5,124	4,944	-	10,068
Murphy Hills	11,800	-	-	11,800	Riccaboni	9,228	-	-	9,228
O'Connor	-	1,676	-	1,676	Risden Well	33,076	-	-	33,076
Reward					Ten Mile Bore	472	-	-	472
Rosemont	-	1,665	11,138	12,803	Total	126,460	51,884	43,021	221,365
Russell's Find	1,559	628	-	2,187

Significant projects advanced during the year ended 30 June 2020 are outlined below.

All drilling results and resource estimations highlighted in this report are detailed fully in announcements to the ASX made by the Company throughout the year, along with the associated JORC 2012 disclosures.

Development - Rosemont Underground Project

The Rosemont Project commenced in March 2013 and is a fully operational open pit gold mine with a stand-alone crushing and grinding plant, piping an ore slurry to the Garden Well Carbon in Leach ('CIL') plant. The geology at Rosemont has gold hosted in a steeply dipping quartzdolerite unit intruding into a mafic-ultramafic sequence. Gold mineralisation is associated with quartz-albite-carbonate-chlorite-sulphide alteration of the quartz dolerite unit which varies from 5 metres to greater than 100 metres wide.

In July 2019, the Company achieved first ore from the underground mining operation with 186k tonnes ore mined and 6,367 lineal metres of development during the year. As noted above, commercial production was declared from 1 June 2020.

Deep diamond drilling commenced to explore the high-grade shoots which extend at depth beneath existing underground infrastructure with the Company announcing in August 2020 an updated Mineral Resource of 2 million tonnes at 5.4g/t AU for 330,000 ounces.

Development - McPhillamys Gold Project NSW

The 100% Regis owned McPhillamys Gold Project is one of Australia's larger undeveloped open pittable gold resources. The Project is located approximately 250 kilometres west of Sydney in Central West NSW, a well-established mining district. In August 2020, the Company announced an updated Ore Reserve of 61 million tonnes at 1.0g/t Au for 2.02 million ounces.

In July 2019, the Company submitted the Development Application ('DA') along with the Environmental Impact Statement ('EIS') for the development of the McPhillamys Gold Project. These reports were publicly exhibited for a 42-day period ending on 24 October 2019. The exhibition period provided an opportunity for public authorities, organisations, and the general public to make submissions on the project to the Department of Planning, Industry and Environment ('DPIE'). The Company is in the process of completing the Responses to Submissions ('RTS') with the responses expected to be submitted in the coming weeks.

The RTS is the next major phase in the assessment and approval process. The DPIE will then assess the DA and make a recommendation to the Independent Planning Commission ('IPC') which generally takes three to four months to complete. Finally, the IPC will conduct a public hearing, which under the updated framework requires a determination within a timeframe of 12 weeks.

Regis recognises and respects that the final decision by the government is still to be made and while the process is still underway a decision on the DA could be made in the first half of 2021. Should this occur based on current plans the Company foresees potential for commissioning to occur in the second half of 2022. As noted, this is highly dependent on the timing of a successful application approval.

Garden Well Underground

A total of 19,141 metres of resource definition drilling was completed during the year to test the down plunge continuity of the high-grade gold mineralisation located at the southern end of the Garden Well open pit design. Drilling to date has identified a high-grade gold shoot plunging moderately to the south, extending from the southern end of the open pit, which measures 4 to 10 metres true width across strike and 80 to 100 metres down dip.

Results confirm a wide, robust high-grade mineralised zone beneath the pit, with a maiden Resource and Reserve estimate anticipated in the September Quarter. The pre-feasibility study commenced during the year and is scheduled for completion in the December quarter.

Baneygo-Idaho Project

The Baneygo-Idaho Gold Project is located 15 kilometres south along strike of the Rosemont Gold Deposit and has an open-pit Resource of 12 million tonnes at 1.0g/t for 381,000 ounces of gold, including Ore Reserves of 3 million tonnes at 1.2g/t for 140,000 ounces of gold. Gold mineralisation extends over a 2.5 kilometre strike and is hosted in quartz dolerite which has intruded a sequence of mafic-ultramaficsedimentary units. The deposits are similar in style to the Rosemont Gold deposit, with mineralisation confined to the quartz dolerite.

Deep drilling at Baneygo during the year targeted down plunge and strike extensions to gold mineralisation beneath oxide Resources. Infill drilling commenced to reduce the drill spacing to 40m x 40m with the aim of defining a potential underground Resource. Results to date have been encouraging to support a case for potential underground development.

Gloster Project

The Gloster Gold Project is hosted in a package of intermediate volcanics and intrusives. Gold mineralisation is interpreted to be associated with multiple stacked lodes consisting of low angle quartz veins, dipping moderately to the north east. Gloster currently has an open-pit Resource of 13 million tonnes at 0.8g/t for 310,000 ounces of gold, including Ore Reserves of 2 million tonnes at 1.0g/t for 60,000 ounces of gold.

During the year, Regis completed initial stages of a reverse circulation ('RC') and diamond drilling programme which identified a complex gold mineralised zone of steeply dipping shears and multiple flat lying mineralised vein sets beneath the existing pit. Mineralised zones are characterised by several metres of quartz-carbonate-sulphide veins with visible gold. An update of the mineralisation model provided further confidence that gold mineralisation beneath the Gloster Pit could be proved for economic underground development.

Betelgeuse (Risden Well) Prospect

Low level gold anomalies have been identified in surface samples and first pass aircore ('AC') drilling in poorly explored areas. AC drilling is ongoing in the high priority target areas with initial drill testing on a broad line spacing from 3,200 to 800 metres to define the stratigraphy and determine the distribution of gold in the regolith.

The highest priority regional targets along Risden Well trend have been tested with AC drilling on an 800-metre line spacing and defined anomalous gold >0.1g/t over a 5 kilometre strike within the sediment package adjacent to the western margin of the DGB.

The prospect area is now known as Betelgeuse and a campaign of intense infill drill testing will be carried out in FY21 to determine the continuity, thickness and tenor of gold mineralisation across the 5 kilometre strike line.

COVID-19

The Company's response to COVID-19 was initiated in February 2020 which included the establishment of a Crisis Management Team to coordinate and implement the Company's COVID-19 Response Plan to the pandemic. The wellbeing of Regis' employees, contractors and local communities continues to be the priority in these challenging times. Accordingly, the Company has implemented a range of measures across the business consistent with advice from State and Federal health authorities.

In addition, Regis joined the FIFO DETECT research program which is supported by resource companies to identify potential asymptomatic cases of COVID-19 with FIFO workers. The Company has also made donations to help support several charities as part of the Chamber of Minerals and Energy COVID-19 Community Support Initiative.

The overall impact to operations and the business have been controlled and well managed albeit with a marginal impact on costs. COVID-19 costs relate to additional medical supplies, travel and logistics costs along with the broader ongoing workforce FIFO DETECT testing across the business. This is likely to continue in the foreseeable future.

To date there have been no confirmed cases of COVID-19 across the business.

Significant Changes in the State of Affairs

There have been no significant changes in the state of affairs other than those listed in the review of operations above.

Significant Events after the Balance Date

Share issue

Subsequent to year end, 174,241 shares have been issued as a result of the exercise of employee options and the vesting of 30,890 performance rights.

Acquisition of additional tenure in the Duketon Greenstone Belt

On 12 August 2020 the Company announced the acquisition of a strategic tenement holding from Stone Resources Australia Limited for $10 million in Regis shares and a capped 1% Net Smelter Return ("NSR") royalty payable after the first 100,000 ounces of production. The 1% NSR payments are capped at $5 million, after which the royalty will revert to 0.0025% NSR for four years.

Dividends

On 25 August 2020, the directors proposed a final dividend on ordinary shares in respect of the 2020 financial year. Refer to note 6.

Other than the matters discussed above, there has not arisen in the interval between the end of the financial year and the date of this Report any item, transaction or event of a material and unusual nature which, in the opinion of the directors of the Group, has significantly affected or is likely to significantly affect:

• the operations of the Group;
• the results of those operations; or
• the state of affairs of the Group

in future financial years.

Likely Developments and Expected Results

There are no likely developments of which the directors are aware which could be expected to significantly affect the results of the Group's operations in subsequent financial years not otherwise disclosed in the Principal Activities and Operating and Financial Review or the Significant Events after the Balance Date sections of the Directors' Report.

Environmental Regulation and Performance

The operations of the Group are subject to environmental regulation under the laws of the Commonwealth and the States of Western Australia and New South Wales. The Group holds various environmental licenses issued under these laws, to regulate its mining and exploration activities in Australia. These licenses include conditions and regulations in relation to specifying limits on discharges into the air, surface water and groundwater, rehabilitation of areas disturbed during the course of mining and exploration activities and the storage of hazardous substances.

All environmental performance obligations are monitored by the Board of Directors and subjected from time to time to Government agency audits and site inspections. There have been no material breaches of the Group's licenses and all mining and exploration activities have been undertaken in compliance with the relevant environmental regulations.

Share Options

Unissued Shares

At the date of this report, the Company had the following unissued shares under unlisted options.

Maturity Date	Exercise Price	Numberoutstanding
Unlisted options1 July 2021	$3.90	100,000

Option holders do not have any right, by virtue of the option, to participate in any share issue of the Company or any related body corporate.

Details of options granted to directors and other key management personnel during the year are set out in the remuneration report.

Shares Issued as a Result of the Exercise of Options

During the financial year, employees exercised unlisted options to acquire 311,395 fully paid ordinary shares in Regis Resources Limited at a weighted average exercise price of $3.42 per share.

Peformance Rights

Unissued Shares

At the date of this report, the Company had the following unissued shares under unvested performance rights.

Vesting Date	Number outstanding
30 June 2021	160,766
30 June 2022	187,776
30 June 2023	606,715

Performance rights holders do not have any right, by virtue of the performance rights, to participate in any share issue of the Company or any related body corporate.

Details of performance rights granted to directors and other key management personnel during the year are set out in the remuneration report.

Indemnification and Insurance of Directors and Officers

The Company has entered into an Indemnity Deed with each of the directors which will indemnify them against liabilities incurred to a third party (not being the Company or any related company) where the liability does not arise out of negligent conduct including a breach of good faith. The Indemnity Deed will continue to apply for a period of 10 years after a director ceases to hold office. The Company has entered into a Director's Access and Insurance Deed with each of the directors pursuant to which a director can request access to copies of documents provided to the director whilst serving the Company for a period of 10 years after the director ceases to hold office. There are certain restrictions on the directors' entitlement to access under the deed. In addition, the Company will be obliged to use reasonable endeavours to obtain and maintain insurance for a former director similar to that which existed at the time the director ceased to hold office.

The Company has, during or since the end of the financial year, paid an insurance premium in respect of an insurance policy for the benefit of the directors, secretaries, executive officers and employees of the Company and any related bodies corporate as defined in the insurance policy. The insurance grants indemnity against liabilities permitted to be indemnified by the Company under Section 199B of the Corporations Act 2001. In accordance with commercial practice, the insurance policy prohibits disclosure of the terms of the policy including the nature of the liability insured against and the amount of the premium.

Directors' Meetings

The number of directors' meetings held (including meetings of Committees of the Board) and number of meetings attended by each of the directors of the Company during the financial year are:

	Directors' Meetings		Audit and RiskManagementCommittee		Audit Committee		Remuneration,Nomination andDiversity Committee		Risk, Safety,Environment andCommunityCommittee
	No.Scheduled toAttend	No.Attended	No.Scheduledto Attend	No.Attended	No.Scheduledto Attend	No.Attended	No.Scheduledto Attend	No.Attended	No.Scheduledto Attend	No.Attended
J Mactier	13	13	2	2	1	1	7	7	-	-
J Beyer	13	13	-	-	-	-	-	-	-	-
F Morgan	13	13	2	2	-	-	-	-	2	2
S Scudamore	13	13	2	2	1	1	7	7	2	2
L Burnett(i)	7	7	-	-	1	1	4	4	2	2
R Barwick(ii)	5	5	-	-	-	-	3	3	2	2
P Thomas(iii)	3	3	-	-	-	-	-	-	-	-
R Kestel(iv)	6	6	1	1	-	-	3	3	-	-

(i) Mrs Burnett was appointed as Non-Executive Director on 27 November 2019.

(ii) Mr Barwick was appointed as Non-Executive Director on 11 March 2020.

• (iii) Mr Thomas retired as Executive Director on 19 August 2019.
• (iv) Mr Kestel retired as Non-Executive Director on 26 November 2019.

Committee Membership

As at the date of this report, the Company had an Audit Committee, a Remuneration, Nomination and Diversity Committee and a Risk, Safety, Environment and Community Committee of the Board of Directors.

On 14 February 2020 the Board of the Company separated the previously existing Audit and Risk Management Committee into two separate committees – being the Audit Committee and the Risk, Safety, Environment and Community Committee.

Members of the committees of the Board during the year were:

Committee membership from 1 July 2019 to 14 February 2020:

Director	Audit and Risk Committee	Remuneration, Nomination and DiversityCommittee
James Mactier		
Fiona Morgan	
Steve Scudamore(iii)	Chairperson	Chairperson
Lynda Burnett(i)		
Ross Kestel(ii)	Chairperson	Chairperson

(i) Mrs Burnett was appointed as Non-Executive Director on 27 November 2019.

• (ii) Mr Kestel retired as Non-Executive Director on 26 November 2019.
• (iii) Mr Scudamore was Chairperson of the Audit and Risk and Remuneration, Nomination and Diversity committees from 27 November 2019 to 14 February 2020.

Committee membership from 15 February 2020 to 30 June 2020:

Director	Audit Committee	Risk, Safety, Environmentand Community Committee	Remuneration, Nominationand Diversity Committee
James Mactier			
Fiona Morgan		
Steve Scudamore	Chairperson		Chairperson
Lynda Burnett			
Russell Barwick(i)		Chairperson	

(i) Mr Barwick was appointed as Non-Executive Director on 11 March 2020.

Directors' Interests in the Shares and Options of the Company

As at the date of this report, the interests of the directors in the shares of the Company increased by 30,890 from the holdings as at 30 June 2020 as disclosed in the Remuneration Report. The directors' interests in the shares of the Company at the date of this report are set out in the table below.

	Number of ordinaryshares
J Mactier	45,000
J Beyer	59,890
F Morgan	510,780
S Scudamore	13,813
L Burnett	6,000
R Barwick	-

Auditor Independence and Non-Audit Services

During the year KPMG, the Group auditor, provided the following non-audit services. The directors are satisfied that the provision of non-audit services is compatible with the general standard of independence for auditors imposed by the Corporations Act 2001. The nature and scope of each type of non-audit service provided means that auditor independence was not compromised.

KPMG Australia received or are due to receive the following amounts for the provision of audit and non-audit services:

	$
Audit and review of financial statements	260,708
Other advisory services	9,100
Tax compliance services	55,890
	325,698

A copy of the auditor's independence declaration as required under Section 307C of the Corporations Act is attached to the Directors' Report.

Rounding off

The Company is of a kind referred to in ASIC Instrument 2016/191 dated 24 March 2016 and in accordance with that Instrument, amounts in the Financial Statements and Directors' Report have been rounded to the nearest thousand dollars, unless otherwise stated.

REMUNERATION REPORT (AUDITED)

Dear Shareholder,

The Board, through its independent Remuneration, Nomination and Diversity Committee, reviews both the level and structure of Executive and Non-Executive remuneration. Notwithstanding 98% approval of our 2019 Remuneration Report, we have again sought feedback from shareholders and advisers to assist us in this year's review.

When it comes to remuneration structures, there are of course, many different possibilities and opinions. Your Board seeks to implement remuneration structures and levels that it believes are:

• Fair and transparent;
• Consistent with the behaviours we expect;
• Aligned with shareholder interests; and
• Reward performance against our short and longer term business objectives and strategic goals.

For Key Management Personnel ("KMP"), remuneration comprises both fixed and variable components and is significantly weighted towards the variable, at-risk components of Short Term Incentives ("STI") and Long Term Incentives ("LTI"). Within the variable component, a greater emphasis is placed on LTIs.

In FY20, as detailed in this report, each KMP was awarded 70% of their maximum STI opportunity. No LTIs were scheduled for testing or vesting.

For FY21, in light of the current pandemic-induced global economic downturn and uncertainty and in keeping with our objective of weighting remuneration towards variable at-risk incentive opportunities, your Board has decided to keep KMP total fixed remuneration ("TFR") the same as in FY20 but has made various changes to the level and composition of the STIs and LTIs. Furthermore, we have sought to improve transparency of actual amounts awarded for FY20 and targets for FY21.

Of particular note, we have increased the weighting of safety in the STIs and replaced the EBITDA component with All-In-Sustaining-Costs to improve transparency and reduce the impact of the gold price and overlap with the production component. We have also customised STIs for each KMP to more accurately reflect their individual roles and responsibilities within the Company.

In relation to LTIs to be awarded in FY21, we have increased the maximum percentage opportunity for the Chief Executive Officer and Managing Director, reflecting peer comparison and our emphasis on longer term remuneration and equity participation. The weighting towards Relative Total Shareholder Return has been increased in order to reduce the impact of the gold price and overall market effect on remuneration but we have retained two Company specific objectives being Reserve Growth and the successful development of the McPhillamys Gold Project, which are key focus areas and value drivers for our business over the next 3 years. Rather than reduce the weightings of these to less meaningful levels, we have removed the Production Growth measure for this period, taking into account that we have already identified significant internal production growth opportunities with McPhillamys and the anticipated Garden Well underground development.

The no-fatality gateway on variable remuneration will be applied only to the STI for FY21 (previously also applied to LTIs) which we believe is more appropriate.

Remuneration for Non-Executive Directors ("NED") comprises fixed fees which are set at levels which we believe are necessary and appropriate to attract and retain the quality and diversity of NEDs that we expect. There are no proposed changes for FY21, other than through the effect of a full year of the new Board committee structure on some NEDs' fees and hence, the aggregate fees paid. The individual performance and contribution of each NED and of the Board itself is reviewed annually by the Chairman. NEDs are encouraged to purchase shares in the Company over time to promote greater alignment with shareholders.

The above is not a complete list of changes to our remuneration arrangements. Full details are set out in the following report and I encourage you to read in its entirety.

Steve Scudamore Chairman, Remuneration, Nomination & Diversity Committee

This remuneration report for the year ended 30 June 2020 outlines the remuneration arrangements of the Company and the Group in accordance with the requirements of the Corporations Act 2001 (the Act) and its regulations. This information has been audited as required by section 308(3C) of the Act.

The remuneration report details the remuneration arrangements for key management personnel (KMP) who are defined as those persons having authority and responsibility for planning, directing and controlling the major activities of the Company and the Group, directly or indirectly, including any director (whether executive or otherwise) of the parent company.

Key Management Personnel

Details of KMPs of the Company and Group and their movements during the year ended 30 June 2020 are set out below:

Name	Position	Term as KMP
Non-executive directors
J Mactier	Non-Executive Chairman	Full financial year
F Morgan	Non-Executive Director	Full financial year
S Scudamore	Non-Executive Director	Full financial year
L Burnett	Non-Executive Director	Appointed 27 November 2019
R Barwick	Non-Executive Director	Appointed 11 March 2020
R Kestel	Non-Executive Director	Retired 26 November 2019
Executive directors
J Beyer	Chief Executive Officer and Managing Director	Full financial year
P Thomas	Executive Director and Chief Operating Officer	Retired as Executive Director on 19 August 2019. Resignedas Chief Operating Officer on 30 September 2019
Other executives
S Gula	Chief Operating Officer	Appointed 19 December 2019
J Latto	Chief Financial Officer	Chief Financial Officer – full financial year
K Massey	Chief Financial Officer	Resigned 1 July 2019

Principles of Remuneration

The Remuneration, Nomination and Diversity Committee is charged with formulating the Group's remuneration policy, reviewing each director's remuneration and reviewing the Chief Executive Officer and Managing Director's remuneration recommendations for KMPs to ensure compliance with the Remuneration Policy and consistency across the Group. Recommendations of the Remuneration, Nomination and Diversity Committee are put to the Board for approval.

Remuneration levels for KMP are set to attract, retain and incentivise appropriately qualified and experienced directors and executives. The Company rewards executives with a level and mix of remuneration appropriate to their position, responsibilities and performance, in a way that aligns with the business strategy. The Company has implemented an Executive Incentive Plan for executive directors and other KMPs which sets out the performance hurdles for both Short Term Incentives and Long Term Incentives.

The objectives and principles of the Company's remuneration policy include:

• To align the objectives of the executive director and other KMP's with the interests of shareholders and reflect Company strategy;
• To provide competitive rewards to attract, retain and incentivise high calibre executives; and
• For total remuneration to include a competitive fixed component and an "at risk" component based on performance hurdles and key performance indicators ("KPI").

In FY20, the STI represented the annual component of the "at risk" reward opportunity which is payable 50% in cash and 50% in performance rights (which vest 12 months after the end of financial year) upon the successful achievement of financial and non-financial KPIs. These KPIs are chosen to represent the key drivers of short term success for the Company with reference to Regis' long term strategy.

The LTI refers to the "at risk" reward opportunity which takes the form of performance rights, being the issue of shares in Regis in the future, subject to meeting predetermined performance and vesting conditions.

Executive remuneration levels are reviewed at least annually by the Remuneration, Nomination and Diversity Committee. The chart below provides a summary of the structure of executive remuneration in the 2020 financial year:

Elements of Remuneration in FY20

Fixed remuneration

Fixed remuneration consists of base remuneration (including any fringe benefits tax charges related to employee benefits), as well as employer contributions to superannuation funds. The Group allows KMP to salary sacrifice superannuation for additional benefits (on a total cost basis).

Remuneration levels are reviewed at least annually by the Remuneration, Nomination and Diversity Committee through a process that considers individual and overall performance of the Group. In addition, external consultants and industry surveys may provide analysis and advice to ensure the KMP's remuneration is competitive in the market place, as required. In November 2019, BDO Remuneration and Reward Pty Ltd reviewed the existing remuneration arrangements of the Company's KMPs and made recommendations to the Remuneration, Nomination and Diversity Committee. Fees to BDO Remuneration and Reward Pty Ltd for this engagement totalled $30,500 exclusive of GST.

Performance linked remuneration

Performance linked remuneration includes both STI and LTI and is designed to reward KMP for meeting or exceeding their KPIs.

Short Term Incentive

Under the current arrangements, executives have the opportunity to earn an annual incentive. The STI recognises and rewards annual performance.

How is it paid?	Any STI award is paid 50% in cash and 50% in performance rights (which vest 12 months after theend of financial year), after the assessment of annual performance. If Shareholders do not approvethe proposed issue of the Performance Rights to the Chief Executive Officer and Managing Directorthe Board will need to consider alternative remuneration arrangements which may include cashpayments.
How much can current executivesearn?	In FY20, the Chief Executive Officer and Managing Director had a maximum STI opportunity of 70%of total fixed remuneration, and other executives had a maximum STI opportunity of 60% of totalfixed remuneration.
	An overarching review by the Board of each individual's performance against agreed performancemeasures and a review of quantitative factors around the Company's performance and the macroeconomic environment will determine the achievable percentage (between 0%-100%) of themaximum potential STI available to be awarded, subject further to the level of achievement againstdetailed KPI's listed below.
	This maximum achievable STI percentage will automatically be 0% in a given financial year in theevent of a work related fatality at any of the Company's operations in that year.
How is performance measured?	A combination of specific Company KPIs are chosen to reflect the core drivers of short termperformance and also to provide a framework for delivering sustainable value to the Group and itsshareholders.
	The following KPIs were chosen for the 2020 financial year:
	KPI 1: EBITDA relative to budget (20%(i));KPI 2: Production relative to stated guidance (20%(i));KPI 3: Safety and environmental performance measures (20%(i));KPI 4: Growth targets (30%) to be apportioned:
	−McPhillamys Project targets as determined by the Board (20%);
	−Garden Well Underground targets as determined by the Board (10%); andKPI 5: Individual performance against objectives (10%).
When is it paid?	The STI award is determined after the end of the financial year following a review of performanceover the year against the STI performance measures by the Remuneration, Nomination and DiversityCommittee. The Board approves the final STI award based on this assessment of performance and50% of the award is paid in cash within 3 months after the end of the financial year and theremaining 50% is paid in performance rights which vest 12 months after the end of financial yearsubject to shareholder approval for Directors.
What happens if executive leaves?	If an executive resigns or is terminated for cause before the end of the financial year, no STI isawarded for that year. If an executive ceases employment during the performance period by reasonof redundancy, ill health, death, or other circumstances approved by the Board, the executive will beentitled to a pro-rata cash payment based on assessment of performance up to the date of ceasingemployment for that year (subject to Board discretion).
What happens if there is a change ofcontrol?	In the event of a change of control, a pro-rata cash payment will be made based on assessment ofperformance up to the date of the change of control (subject to Board discretion).

(i) Represents the maximum award if stretch targets are met.

Long Term Incentives

Under the current arrangements, annual grants of performance rights are made to executives to align remuneration with the creation of shareholder value over the long-term.

How is it paid?	Executives are eligible to receive performance rights (being the issue of shares in Regis in thefuture).
How much can current executivesearn?	In FY20, the Chief Executive Officer and Managing Director had a maximum LTI opportunity of 80%of total fixed remuneration, and other executives had a maximum LTI opportunity of 65% of totalfixed remuneration.
	An overarching review by the Board of each individual's performance against agreed performancemeasures and a review of quantitative factors around the Company's performance and the macroeconomic environment will determine the achievable percentage (between 0%-100%) of themaximum potential LTI available to be awarded, subject further to the level of achievement againstdetailed KPI's listed below.
	This maximum achievable LTI percentage will automatically be 0% in a given financial year in theevent of a workplace fatality at any of the Company's operations in that year.
How is performance measured?	The vesting of performance rights are subject to a number of vesting conditions. The performancerights issued in FY20 are subject to the following vesting conditions:
	−Relative Total Shareholder Return (20%(i)) measured on a sliding scale against a select peergroup of comparator companies. (ASX code: EVN, NST, PRU, RSG, SAR, SBM, WGX, NCM, OGC,SLR, GOR, RMS);
	−Absolute Total Shareholder Return (20%(i));
	−Absolute earnings per share ("EPS") (15%(i)) measured against a pre-determined target(ii) set bythe Board (as an average across three 12 month periods);
	−LOM Reserve growth in excess of depletion over the three year vesting period (15%(i));
	−McPhillamys Project targets as determined by the Board (15%); and
	−Production Growth in excess of the levels contained in the Life of Mine Plan (15%).
When is performance measured?	The performance rights issued in FY19 and FY20 have a three year performance period with thevesting of the rights tested as at 30 June 2021 and 30 June 2022 respectively. Any performancerights that do not vest will lapse after testing. There is no re-testing of performance rights.
What happens if executive leaves?	Where an executive ceases to be an employee of any Group Company:
	−due to resignation or termination for cause, then any unvested rights will automatically lapse onthe date of the cessation of employment; or
	−due to any other reason, then a proportion of any unvested rights will lapse equivalent to theproportion of time remaining in the period during which the relevant vesting conditions mustbe satisfied and the remaining unvested rights will continue and are still capable of vesting inaccordance with the relevant vesting conditions at the end of that period, unless the Boarddetermines otherwise.
What happens if there is a change ofcontrol?	If a matter, event, circumstance or transaction occurs that the Board reasonably believes may leadto a change of control, the Board may in its discretion determine the treatment and timing of suchtreatment of any unvested rights and must notify the holder of any changes to the terms of therights as a result of such a decision. If a change of control occurs and the Board hasn't made such adecision, all unvested rights will vest.
	Are executives eligible for dividends? Executives are not eligible to receive dividends on unvested performance rights.

(i) Represents the maximum award if stretch targets are met.

Performance and Executive Remuneration Outcomes in FY20

Actual remuneration earned by executives in FY20

The actual remuneration earned by executives in the year ended 30 June 2020 is set out below. This provides shareholders with details of the remuneration actually paid to executives for performance in FY20 year and the value of LTIs that vested during the period.

Performance against STI measures

A combination of financial and non-financial measures is used to measure performance for STI rewards. Company performance against those measures is as follows for 2020:

Key Performance Indicator	Weighting	Metric	Achievement
KPI 1: EBITDA	20%	EBITDA relative to Budget.Stretch target achieved if EBITDA is 20% abovebudget.	Stretch target achieved – 100% awardActual EBITDA achieved was 60.1% abovebudget.
KPI 2: Production	20%	Production relative to stated guidance	Target not achieved – 0% award
KPI 3: Safety and Environment	20%	Reduction in safety and environmental measures.Stretch target achieved on 20% reduction in TRIFRand LTI, as well as zero environmental incidents andcompliance issues.	Threshold target achieved – 75% awardActual TRIFR reduction not achieved, 23%reduction in LTI's and no environmentalincidents or compliance issues.
KPI 4: Growth Targets
−McPhillamys Projecttargets	20%	McPhillamys Project targets as determined by theBoard	Stretch target achieved – 100% award
−Garden WellUnderground targets	10%	Garden Well Underground targets as determined bythe Board	Threshold target achieved – 80% award
KPI 5: Individual Performance	10%	Objectives set by the relevant KMP's manager	Threshold target achieved – 70% award

Based on this assessment, the STI cash payments for FY20 to executives were recommended as detailed in the following table:

Name	Position	Achieved STI	STI Awarded (50% cash component)
		%	$
Jim Beyer	Chief Executive Officer and Managing Director	70.0%	193,426
Stuart Gula(i)	Chief Operating Officer	70.0%	59,154
Jon Latto	Chief Financial Officer	70.0%	93,130

(i) The STI cash component for Mr Gula has been pro-rated based on his commencement date of 19 December 2019.

Performance against LTI measures

LTI awards granted in FY20 will be subject to testing at the end of the three year performance period on 30 June 2022. In November 2019, after receiving approval from shareholders at the AGM, 129,433 performance rights were granted to Executive Director Mr Jim Beyer and 58,343 performance rights were granted to executive Mr Jon Latto under the Group's Executive Incentive Plan ("EIP"). Further details of the grant, including performance conditions and the calculation of fair value is disclosed in the Note 23 to the financial statements.

LTI awards granted in FY19 will be subject to testing at the end of the three year performance period on 30 June 2021. In November 2018, after receiving approval from shareholders at the AGM, 160,766 and 129,187 performance rights were granted to Executive Directors Mr Jim Beyer and Mr Paul Thomas respectively, under the Group's Executive Incentive Plan ("EIP"). Mr Paul Thomas retired from his position as Executive Director on 19 August 2019. The forfeit of LTI rewards has been recognised during the year ended 30 June 2020 as his resignation notice was given during the period. Further details of the grant, including performance conditions and the calculation of fair value is disclosed in the Note 23 to the financial statements.

LTI awards granted in FY18 were to be tested at the end of the three year performance period on 30 June 2020. In November 2017, after receiving approval from shareholders at the AGM, 430,440 performance rights were granted in total to Executive Directors, Mr Mark Clark and Mr Paul Thomas, and to executive Mr Kim Massey. Mr Mark Clark retired from his position as Non-Executive Director on 23 November 2018, Mr Kim Massey resigned from his position as Chief Financial Officer on 1 July 2019 and Mr Paul Thomas retired from his position as Executive Director on 19 August 2019 and consequently all forfeited their LTI rewards. Further details of the grant, including performance conditions and the calculation of fair value is disclosed in the Note 23 to the financial statements.

None of the LTI performance rights granted have vested at 30 June 2020.

Statutory performance indicators

The Company aims to align its executive remuneration to its strategic and business objectives and the creation of shareholder wealth. The table below shows measures of the Group's financial performance over the past five years as required by the Corporations Act 2001. However, these measures are not directly used in determining the variable amounts of remuneration to be awarded to KMPs, as discussed above. As a consequence, there may not always be a direct correlation between the statutory key performance measures and the variable remuneration awarded.

	2020	2019	2018	2017	2016
	$'000	$'000	$'000	$'000	$'000
Revenue	756,657	654,807	606,495	543,799	502,019
Net profit/(loss) after tax	199,517	163,150	174,231	138,163	111,793
Basic earnings/(loss) per share (cents)	39.26	32.18	34.60	27.59	22.37
Diluted earnings/(loss) per share (cents)	39.18	32.12	34.35	27.29	22.22
Net assets	835,081	716,464	636,842	538,392	481,848

Performance and Executive Remuneration Arrangements in FY21

Subsequent to the end of the 2020 financial year, the Board resolved to set STI and LTI hurdles as follows for the 2021 financial year:

Total FixedSalaries awarded effective 1 July 2020 are used as the basis for determining the value component for the FY2021 STIRemunerationand LTI.(TFR)The maximum STI opportunity that each KMP can earn are:-Chief Executive Officer and Managing Director 70%
-Other executives60%
The maximum LTI opportunity that each KMP can earn are:-Chief Executive Officer and Managing Director 100%-Other executives65%
Short TermThe following KPIs were chosen for the 2021 financial year:Jim BeyerIncentives (STI)	Stuart GulaJon Latto
KPI 1: Safety targets:20%- TRIFR 20% reduction;- LTI 20% reduction;	20%10%
KPI 2: All in sustaining costs relative to guidance;15%	15%15%
KPI 3: Production relative to guidance;15%	15%15%
KPI 4: Environmental targets;10%	10%5%
KPI 5: Growth targets to be apportioned:30%- Approval of McPhillamys Project site works;- Exploration success on the Company's tenements orM&A- Commencement of new underground project;	20%20%
KPI 6: Implementation of companywide leadership and safety10%culture improvement program; and	10%-
KPI 7: Business improvement targets:
-- McPhillamys financing strategy delivered;	-10%
-- Review and upgrade of ERP and other company relatedplanning and reporting systems; or-- Completion of the McPhillamys DFS.	-25%10%-

The Board retains discretion to adjust the STI mechanism and amounts.

Long Term Incentives (LTI) The performance rights issued in 2021 will be subject to a three year vesting period and the following vesting conditions:

1. Relative Total Shareholder Return (50%(i))

Performance against comparator group(ii):

Between 50th percentile and the 75th percentile (i.e. 7th to 9th of 12 companies) will result in a straight-line pro-rata between 50% and 100% of Relative TSR performance rights vesting.

2. Life of Mine Reserve Growth in Excess of Depletion (25%)

Vesting will depend on the Company's growth in ore reserves net of depletion over the three-year performance period, calculated at the percentage that the Company's ore reserves as reported at 30 June 2023 (as per March 2023 Reserve Report) represent of the Company's ore reserves as at 30 June 2020 (as per March 2020 Reserve Report). Growth in reserves can arise from M&A activity.

If there are no new additions to Ore Reserves then nil vest.

As new reserves are added from nil to 120% of depletion, this will result in a straight-line pro-rata between zero and 100% of the Reserve Growth performance rights vesting.

3. McPhillamys Project Performance (25%)

The McPhillamys project has been completed within 10% of the Definitive Feasibility Study capital cost estimate (including owner's costs but excluding contingencies) and production and operating costs have each been within 10% of DFS estimates for a continuous period of at least 30 days. This will result in 100% of McPhillamys Project performance rights vesting.

• (i) Represents the maximum award if stretch targets are met.
• (ii) The Comparator Group, for LTI purposes, from 1 July 2020, will comprise the following gold producers:
  • 1. Evolution Mining Limited
  • 1. Northern Star Resources Limited
  • 1. Perseus Mining Limited
  • 1. Resource Mining Limited
  • 1. Saracen Mineral Holdings Limited
  • 1. St Barbara Limited
  • 1. Westgold Resources Limited
  • 1. Newcrest Mining Limited
  • 1. Oceana Gold Corporation Limited
  • 1. Silverlake Resources Limited
  • 1. Gold Road Resources Limited
  • 1. Ramelius Resources Limited

Service Contracts

The Group has entered into service contracts with each KMP. The service contract outlines the components of remuneration paid to each KMP but does not prescribe how remuneration levels are modified year to year. Remuneration levels are reviewed each year to take into account cost-of-living changes, any change in the scope of the role performed by the KMP and any changes required to meet the principles of the remuneration policy.

Each KMP, except as specified below, is subject to a notice period of 1 month which the Company may pay in part or full of the required notice period. The KMPs are also entitled to receive, on termination of employment, statutory entitlements of accrued annual and long service leave, and any accrued superannuation contributions would be paid to their fund. In the case of a genuine redundancy, executives would receive their statutory entitlements based on completed years of service.

Mr Jim Beyer, the Company's Chief Executive Officer and Managing Director, is employed under a contract with the following termination provisions:

	Notice Period	Payment in Lieu of Notice	Entitlement to Options and Rightson Termination
Employer initiated termination:
- without reason- with reason- serious misconduct	3 months plus 9 months' salaryNot less than 3 months0 – 1 month	12 monthsNot less than 3 months0 – 1 month	Options - 1 month to exercise,extendable at Board discretionRights - refer to LTI details
Employee initiated termination	3 months	Not specified	As above
Change of control	1 month plus 12 months' salary	Not specified	As above

Mr Stuart Gula, the Company's Chief Operating Officer, is employed under a contract with the following termination provisions:

	Notice Period	Payment in Lieu of Notice	Entitlement to Options and Rightson Termination
Employer initiated termination:
- without reason- with reason- serious misconduct	3 months plus 9 months' salaryNot less than 3 months0 – 1 month	12 monthsNot less than 3 months0 – 1 month	Options - 1 month to exercise,extendable at Board discretionRights - refer to LTI details
Employee initiated termination	3 months	Not specified	As above
Change of control	1 month plus 12 months' salary	Not specified	As above

Mr Jon Latto, the Company's Chief Financial Officer, is employed under a contract with the following termination provisions:

	Notice Period	Payment in Lieu of Notice	Entitlement to Options and Rightson Termination
Employer initiated termination:
- without reason- with reason- serious misconduct	3 months plus 9 months' salaryNot less than 3 months0 – 1 month	12 monthsNot less than 3 months0 – 1 month	Options - 1 month to exercise,extendable at Board discretionRights - refer to LTI details
Employee initiated termination	3 months	Not specified	As above
Change of control	1 month plus 12 months' salary	Not specified	As above

Non-Executive Directors

Total remuneration for all non-executive directors, last voted upon by shareholders at the 2019 AGM, is not to exceed $950,000 per annum including superannuation. At the date of this report, total non-executive directors' fees are $722,700 per annum including superannuation. Non-executive directors' fees cover all main board activities and membership of board committees. Non-Executive Directors do not receive performance-related compensation and are not provided with any retirement benefits, apart from statutory superannuation. From time to time, non-executive directors may provide additional services to the Company and in these cases they are paid fees in line with industry rates.

Key Management Personnel Remuneration

Table 1: Remuneration for the year ended 30 June 2020

		Short Term		Post Employment	Long-termShare-basedbenefitsPayment
2020	Salary &Fees	CashRewards	NonMonetaryBenefits*	Superannuation	Accruedannual &longserviceleave#	Options &Rights+	Termination payments	Total	PerformanceRelated
	$	$	$	$	$	$	$	$	%
Non-executive directors
J Mactier(i)	160,000	-	-	15,200	-	-	-	175,200	-
F Morgan(ii)	115,000	-	-	10,925	-	-	-	125,925	-
S Scudamore(iii)	127,477	-	-	12,110	-	-	-	139,587	-
L Burnett(iv)	71,475	-	-	6,790	-	-	-	78,265	-
R Barwick(v)	38,462	-	-	3,654	-	-	-	42,116	-
R Kestel(vi)	52,722	-	-	5,009	-	-	-	57,731	-
Executive directors
J Beyer	707,134	193,426	4,463	68,495	64,947	315,905	-	1,354,370	37.61%
P Thomas(vii)	111,844	-	1,116	6,253	(54,347)	(387,279)	-	(322,413)	-
Other executives
S Gula(viii)	238,277	59,154	2,232	22,636	21,375	-	-	343,674	17.21%
J Latto	405,000	93,130	4,463	38,475	33,333	39,047	-	613,447	21.55%
K Massey(ix)	-	-	-	164	(30,953)	-	-	(30,789)	-
Total	2,027,391	345,711	12,274	189,711	34,355	(32,328)	-	2,577,114

* Non-monetary benefits are presented at actual cost plus any fringe benefits tax paid or payable by the Group.

Long term benefits for accrued annual and long service leave are the movements in the provision, net of any leave taken.

+ Represents the statutory remuneration expensed based on fair value at grant date of options and rights over the vesting period of the award. Options have vested during the year for KMPs as detailed in Table 6. Table 6 reflects the realised benefits of share-based payments for the year. Where the amount is negative this represents a reversal of expense previously recognised where the KMP has foregone the LTI due to resignation or retirement.

• (i) Mr Mactier's fees of $160,000 per annum are inclusive of all committee fees for roles on the committees shown in Table 2 and Table 3 below.
• (ii) Mrs Morgan's fees include $5,000 for her roles on the committees shown in Table 2 and Table 3 below.
• (iii) Mr Scudamore's fees include $17,477 for his roles on the committees shown in Table 2 and Table 3 below.
• (iv) Mrs Burnett was appointed Non-Executive Director on 27 November 2019. Mrs Burnett's fees include $8,577 for her roles on the committees shown in Table 2 and Table 3 below.
• (v) Mr Barwick was appointed Non-Executive Director on 11 March 2020. Mr Barwick's fees include $4,615 for his roles on the committees shown in Table 3 below.
• (vi) Mr Kestel retired as a Non-Executive Director of Regis Resources Limited on 26 November 2019. Mr Kestel's fees include $8,111 for his roles on the committees shown in Table 2 below up to the date of his retirement from Regis Resources Limited on 26 November 2019.
• (vii) Mr Thomas retired as Executive Director on 19 August 2019 and continued in the role of Chief Operating Officer until his resignation on 30 September 2019. The Annual & Long Service Leave amount for Mr Thomas is negative due to the accrual being inclusive of superannuation benefits however superannuation benefits are not paid out on cessation of employment, Mr Thomas was also not eligible for long service leave upon termination. The Options & Rights amount for Mr Thomas is negative as this relates to the reversal of the previously recognised expense associated with 242,822 performance rights accumulated in FY18 & FY19 which were forfeited upon resignation.
• (viii) Mr Gula was appointed as Chief Operating Officer on 19 December 2019.
• (ix) Mr Massey resigned as Chief Financial Officer on 1 July 2019. The Annual & Long Service Leave amount for Mr Massey is negative due to the accrual being inclusive of superannuation benefits however superannuation benefits are not paid out on cessation of employment.

Table 2: Committee membership from 1 July 2019 to 14 February 2020

Director	Audit and Risk Committee	Remuneration, Nomination andDiversity Committee
James Mactier		
Fiona Morgan	
Steve Scudamore(iii)	Chairperson	Chairperson
Lynda Burnett(i)		
Ross Kestel(ii)	Chairperson	Chairperson

(i) Mrs Burnett was appointed as Non-Executive Director on 27 November 2019.

(ii) Mr Kestel retired as Non-Executive Director on 26 November 2019.

(iii) Mr Scudamore was Chairperson of the Audit and Risk and Remuneration, Nomination and Diversity committees from 27 November 2019 to 14 February 2020.

Table 3: Committee membership from 15 February 2020 to 30 June 2020

Director	Audit Committee	Risk, Safety, Environmentand Community Committee	Remuneration, Nominationand Diversity Committee
James Mactier			
Fiona Morgan		
Steve Scudamore	Chairperson		Chairperson
Lynda Burnett			
Russell Barwick(i)		Chairperson	

(i) Mr Barwick was appointed as Non-Executive Director on 11 March 2020.

Table 4: Annual committee membership fees as at 30 June 2020

Director	Base Fee	Committee Fees	Total
James Mactier(i)	$160,000	-	$160,000
Fiona Morgan	$110,000	$5,000	$115,000
Steve Scudamore	$110,000	$25,000	$135,000
Lynda Burnett	$110,000	$15,000	$125,000
Russell Barwick	$110,000	$15,000	$125,000
Total	$600,000	$60,000	$660,000

(i) Mr Mactier's fees are inclusive of all committee fees.

(ii) Committee membership fees are $5,000 per committee or $10,000 for the committee Chairperson.

Table 5: Remuneration for the year ended 30 June 2019

	Short Term			PostEmployLong-termmentbenefits		Share-basedPayment
2019	Salary &Fees	CashRewards	NonMonetaryBenefits*	Superannuation	Accruedannual &long serviceleave#	Options &Rights+	Termination payments	Total	PerformanceRelated
	$	$	$	$	$	$	$	$	%
Non-executivedirectors
J Mactier(i)	144,256	-	-	13,704	-	-	-	157,960	-
R Kestel(ii)	130,000	-	-	12,350	-	-	-	142,350	-
F Morgan(iii)	115,000	-	-	10,925	-	-	-	125,925	-
S Scudamore(iv)	16,923	-	-	1,608	-	-	-	18,531	-
M Okeby(v)	236,525	-	-	24,645	-	-	-	261,170	-
Executive directors
J Beyer(vi)	501,667	389,428	4,142	47,658	44,994	89,384	-	1,077,273	44.45%
P Thomas(xi)	583,537	168,258	5,523	25,000	91,771	179,989	-	1,054,078	33.04%
M Clark(vii,xi)	249,843	-	2,301	13,705	6,242	(37,964)	-	234,127	-
Other executives
J Latto(viii)	48,333	-	460	4,592	-	-	-	53,385	-
K Massey(ix,xi)	454,155	116,486	5,523	26,479	68,470	(96,211)	-	574,902	20.26%
M Ertzen(x)	162,630	-	2,301	13,693	27,627	(44,014)	-	162,237	-
Total	2,642,869	674,172	20,250	194,359	239,104	91,184	-	3,861,938

* Non-monetary benefits are presented at actual cost plus any fringe benefits tax paid or payable by the Group.

Long term benefits for accrued annual and long service leave are the movements in the provision, net of any leave taken.

+ Represents the statutory remuneration expensed based on fair value at grant date of options and rights over the vesting period of the award. Where the amount is negative this represents a reversal of expense previously recognised where the KMP has foregone the LTI due to resignation or retirement.

• (i) Mr Mactier was appointed Non-Executive Chairman effective 23 November 2018. Previously he was a Non-Executive Director. Prior to his appointment as Non-Executive Chairman on 23 November 2018, Mr Mactier's fees included $10,000 pro-rata for his role on both the Audit Committee and the Remuneration Committee. Subsequent to this date, Mr Mactier's Director fees of $160,000 per annum are inclusive of all committee fees.
• (ii) Mr Kestel's fees include $20,000 for chairing the Board Committees.
• (iii) Mrs Morgan's fees include $5,000 for her role on the Audit Committee.
• (iv) Mr Scudamore was appointed Non-Executive Director on 13 May 2019 and his fees include $1,410 for his role on both the Audit and Risk Management Committee and the Remuneration, Nomination and Diversity Committee.
• (v) Mr Okeby retired on 20 February 2019, his fees include $156,664 for additional services relating to the McPhillamys project.
• (vi) Mr Beyer was appointed Chief Executive Officer and Managing Director on 15 October 2018. Cash rewards include a $240,000 sign-on bonus in lieu of benefits foregone.
• (vii) Mr Clark stepped down as Managing Director and Executive Chairman on 15 October 2018 and assumed the role of Non-Executive Chairman until his retirement on 23 November 2018.
• (viii) Mr Latto was appointed as Interim Chief Financial Officer on 20 May 2019 and as Company Secretary on 24 June 2019.
• (ix) Mr Massey resigned as Company Secretary on 24 June 2019.
• (x) Mr Ertzen resigned as Executive General Manager Growth effective 7 December 2018.
• (xi) Mr Clark, Mr Thomas and Mr Massey elected to receive a portion of their superannuation entitlements above the statutorily required maximum amount as salary.

Table 6: Voluntary information – Non-IFRS – Remuneration received by executives for the year ended 30 June 2020

The amounts disclosed below as executive KMP remuneration for 2020 reflect the realised benefits received by each KMP during the reporting period. The remuneration values disclosed below have been determined as follows:

Fixed remuneration

Fixed remuneration includes base salaries received, payments made to superannuation funds, the taxable value of non-monetary benefits received and any once-off payments such as sign-on bonuses or termination benefits, see Table 1 above for details. Fixed remuneration excludes any accruals of annual or long service leave.

Short-term incentives

The cash STI benefits represent the bonuses that were awarded to each KMP in relation to the prior financial year and were paid in the current financial year.

Long-term incentives

The value of vested options was determined based on the intrinsic value of the options at the date of vesting, being the difference between the share price on that date and the exercise price payable by the KMP. There were no performance rights that vested during the year.

	Fixed Remuneration	Awarded STI (cash)	Vested LTI	Total Value
	$	$	$	$
Executive directors
J Beyer	793,958	150,737	-	944,695
P Thomas(i)	234,537	169,731	-	404,268
Other executives
S Gula(ii)	263,145	-	-	263,145
J Latto	447,938	-	-	447,938
K Massey(iii)	187,283	117,506	-	304,789
Total executive KMP	1,926,861	437,974	-	2,364,835
Non-executive directors	618,824	-	-	618,824
Total KMP remuneration	2,545,685	437,974	-	2,983,659

(i) Mr Thomas retired from his role as Executive Director and Chief Operating Officer on 19 August 2019 and 30 September 2019 respectively. The remuneration presented above is for the period prior to his resignation.

• (ii) Mr Gula was appointed as Chief Operating Officer on 19 December 2019. The remuneration presented above is only for the period subsequent to his appointment.
• (iii) Mr Massey resigned as Chief Financial Officer on 1 July 2019. The remuneration presented above is for the period prior to his resignation and consists of annual leave and long service leave termination payments.

The amounts disclosed above are not the same as the remuneration expensed in relation to each KMP in accordance with the accounting standards ($2,577,114 for 2020, see Table 1 above). The directors believe that the remuneration received is more relevant to users for the following reasons:

• The statutory remuneration expensed is based on fair value determined at grant date but does not reflect the fair value of the equity instruments when they are actually received by the KMPs.
• The statutory remuneration shows benefits before they are actually received by the KMPs, noting that some components of the remuneration may not be received at all.
• Where options or performance rights do not vest because a market-based performance condition is not satisfied (e.g. absolute TSR), the Company must still recognise the full amount of expenses even though the KMPs will never receive any benefits.
• Share-based payment awards are treated differently under the accounting standards depending on whether the performance conditions are market conditions (no reversal of expense) or non-market conditions (reversal of expense where shares fail to vest), even though the benefit received by the KMP is the same (nil where equity instruments fail to vest).

The accuracy of information in this section has been audited together with the rest of the remuneration report.

Tables 7: Rights and options over equity instruments granted as compensation

All rights and options refer to rights and options over ordinary shares of Regis Resources Limited, which are exercisable on a one-for-one basis.

There were no options granted to KMPs as compensation during the current year.

Performance rights that were granted as compensation to each KMP during the current year and in previous years and which have vested during or remain outstanding at the end of the year are provided as follows:

Rights	Granted				Number of rights to	% Vestedduring theyear	% Forfeitedduring theyear
Incentives	Grant Date	Fair Value atGrant Date	Test Date	J Beyer	J Latto
Short Term Incentives
12 month servicecondition(ii)	26 Nov 19	$4.51	1 Jul 20	30,890	-	-	-
Long Term Incentives
Relative TSR	23 Nov 18	$0.77	30 Jun 21	32,153	-	-	-
Absolute TSR	23 Nov 18	$0.83	30 Jun 21	32,153	-	-	-
Earnings per share	23 Nov 18	$3.89	30 Jun 21	24,115	-	-	-
Ore reserves	23 Nov 18	$3.89	30 Jun 21	24,115	-	-	-
McPhillamys	23 Nov 18	$3.89	30 Jun 21	24,115	-	-	-
Rosemont Underground	23 Nov 18	$3.89	30 Jun 21	24,115	-	-	-
Relative TSR	26 Nov 19	$1.73	30 Jun 22	25,887	11,669	-	-
Absolute TSR	26 Nov 19	$1.05	30 Jun 22	25,887	11,669	-	-
Earnings per share	26 Nov 19	$4.17	30 Jun 22	19,415	8,751	-	-
Ore reserves	26 Nov 19	$4.17	30 Jun 22	19,415	8,751	-	-
McPhillamys	26 Nov 19	$4.17	30 Jun 22	19,415	8,751	-	-
Production growth	26 Nov 19	$4.17	30 Jun 22	19,414	8,752	-	-
				321,089	58,343
Value of rights granted during the year				$535,392	$178,492

(i) Mr Thomas resigned as Executive Director and Chief Operating Officer on 19 August 2019 and 30 September 2019 respectively. Mr Thomas forfeited the right to 113,636 (granted on 23 November 2017) and 129,186 (granted on 23 November 2018) unvested performance rights held at the date of his retirement on 30 September 2019.

(ii) 50% of Mr Beyer's STI for the year ended 30 June 2019 is paid in performance rights which vest 12 months after the end of the financial year.

In relation to the performance rights granted in November 2018, there is a three year performance period which ends on and 30 June 2021, with the testing to occur within 60 days after the end date. Any performance rights which do not vest will lapse after testing. There is no retesting of performance rights.

In addition to a continuing employment service condition, vesting of the performance rights is conditional upon the Group achieving certain performance hurdles. Details of the performance criteria are included in the long-term incentives discussion on page 18.

The value of rights granted during the year is the fair value of the rights calculated at grant date. The total value of the rights granted isincluded in the table above. This amount is allocated to remuneration over the vesting period (i.e. in years 1 July 2018 to 30 June 2022). No performance rights vested during the year.

Table 8: Rights and options over equity instruments

The movement during the reporting period, by number of options and performance rights over ordinary shares in the Company held, directly, indirectly or beneficially, by each key management person, including their related parties, is as follows:

	Held at startof period				Held at end ofperiod		Vested at 30 June 2020
	1 July 2019	Granted asremuneration	Exercised	Net changeother	30 June 2020	Total	Exercisable	Notexercisable
Rights
J Beyer	160,766	160,323	-	-	321,089	-	-	-
J Latto	-	58,343	-	-	58,343	-	-	-
P Thomas	242,823	-	-	(242,823)	-	-	-	-

There were no options granted to KMPs during the year.

Table 9: Shareholdings of key management personnel

The movement during the reporting period in the number of ordinary shares in Regis Resources Limited held, directly, indirectly or beneficially, by each KMP, including their related parties, is as follows:

	Held at1 July 2019	On exercise ofoptions/rights	Net change other	Held at30 June 2020
Non-executive directors
J Mactier	25,000	-	20,000	45,000
F Morgan	510,780	-	-	510,780
S Scudamore	-	-	13,813	13,813
L Burnett(i)	n/a	-	6,000	6,000
R Barwick(ii)	n/a	-	-	-
R Kestel(iii)	75,000	-	-	n/a
Executive directors
J Beyer	29,000	-	-	29,000
P Thomas(iv)	95,333	-	-	n/a
Other executives
S Gula(v)	n/a	-	2,000	2,000
J Latto	n/a	-	-	-
K Massey(vi)	69,333	-	-	n/a
Total	804,446	-	41,813	606,593

(i) Mrs Burnett was appointed as a Non-Executive Director on 27 November 2019. She held 6,000 shares at that date.

(ii) Mr Barwick was appointed as a Non-Executive Director on 11 March 2020.

(iii) Mr Kestel retired as a Non-Executive Director on 26 November 2019. He held 75,000 shares at that date.

(iv) Mr Thomas resigned as Executive Director and Chief Operating Officer on 19 August 2019 and 30 September 2019 respectively. He held 95,333 shares at 19 August 2019.

• (v) Mr Gula was appointed as Chief Operating Office on 19 December 2019.
• (vi) Mr Massey resigned as Chief Financial Officer on 1 July 2019. He held 69,333 shares at that date.
• Unless stated otherwise, "Net change other" relates to on-market purchases and sales of shares.

All equity transactions with KMP other than those arising from the exercise of remuneration options have been entered into under terms and conditions no more favourable than those the Group would have adopted if dealing at arm's length.

Loans to key management personnel and their related parties

There were no loans made to any director, key management personnel and/or their related parties during the current or prior years.

Other transactions with key management personnel

For the year ended 30 June 2020, services totalling $173,965 (2019: $453,384) have been provided on normal commercial terms to the Group by Mintrex Pty Ltd ("Mintrex"), of which Mrs Morgan is Managing Director, Chief Executive Officer and a shareholder. The Company engaged Mintrex during the financial year to engineer feasibility level plant designs for the McPhillamys Gold Project. Mrs Morgan and Mintrex have structured their management of this engineering project to ensure she has no involvement in the control or direction of the work. The balance outstanding at 30 June 2020 was $66,285, exclusive of GST.

Other than the ordinary accrual of personnel expenses at balance date and transactions disclosed above, there are no other amounts receivable from and payable to key management personnel and their related parties.

Signed in accordance with a resolution of the directors.

Mr James Mactier Non-Executive Chairman

Perth, 25 August 2020

Lead Auditor's IndependenceDeclaration under Section 307C of the Corporations Act 2001

To the Directors of Regis Resources Limited

I declare that, to the best of my knowledge and belief, in relation to the audit of Regis Resources Limited for the financial year ended 30 June 2020 there have been:

• i. no contraventions of the auditor independence requirements as set out in the Corporations Act 2001 in relation to the audit; and
• ii. no contraventions of any applicable code of professional conduct in relation to the audit.

KPMG D Meates Partner Perth 25 August 2020

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

For the year ended 30 June 2020

		Consolidated
		2020	2019
	Note	$'000	$'000
Revenue	2	756,657	654,807
Cost of goods sold	3	(452,011)	(401,970)
Gross profit		304,646	252,837
Other income/(expenses)	2	(150)	4,379
Investor and corporate costs		(3,408)	(2,521)
Personnel costs		(10,062)	(9,360)
Share-based payment expense	23	(144)	(1,082)
Occupancy costs		(245)	(1,005)
Other corporate administrative expenses		(1,052)	(659)
Impairment of non-current assets	12	(1,686)	(6,729)
Other expenses	3	(1,215)	(940)
Finance costs	18	(2,024)	(1,447)
Profit before tax		284,660	233,473
Income tax expense	5	(85,143)	(70,323)
Profit from continuing operations		199,517	163,150
Profit attributable to members of the parent		199,517	163,150
Other comprehensive income
Items that will not be reclassified to profit or loss:
Cash flow hedge reserve
Realised gains transferred to net profit		-	-
Tax effect		-	-
Other comprehensive (loss)/income for the period, net of tax		-	-
Total comprehensive income for the period		199,517	163,150
Total comprehensive income attributable to members of the parent		199,517	163,150
Basic earnings per share attributable to ordinary equity holders of theparent (cents per share)	4	39.26	32.18
Diluted earnings per share attributable to ordinary equity holders of theparent (cents per share)	4	39.18	32.12

The above statement of comprehensive income should be read in conjunction with the accompanying notes.

CONSOLIDATED BALANCE SHEET

As at 30 June 2020

20202019Note$'000$'000Current assetsCash and cash equivalents7192,428188,697Receivables87,7997,674Inventories974,43056,077Financial assets19270269Other current assets2,7782,198Total current assets277,705254,915Non-current assetsInventories963,50355,898Property, plant and equipment10261,676242,988Exploration and evaluation assets12230,260185,748Mine properties under development132,18844,163Mine properties14275,939167,713Intangible assets2,5722,572Right-of-use assets1138,034-Total non-current assets874,172699,082Total assets1,151,877953,997Current liabilitiesTrade and other payables1674,18167,613Income tax payable7,47112,224Provisions173,9943,479Lease liabilities1815,856793Total current liabilities101,50284,109Non-current liabilitiesDeferred tax liabilities22117,40891,305Provisions1775,84560,791Lease liabilities1822,0411,328Total non-current liabilities215,294153,424Total liabilities316,796237,533Net assets835,081716,464EquityIssued capital21435,145434,880Reserves2131,22331,079Retained profits368,713250,505Total equity835,081716,464		Consolidated

The above balance sheet should be read in conjunction with the accompanying notes.

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

For the year ended 30 June 2020

				Consolidated
		Issued capital	Share-basedpaymentreserve	Financialassetsreserve	Retainedprofits/(accumultedlosses)	Total equity
	Note	$'000	$'000	$'000	$'000	$'000
At 1 July 2019		434,880	29,362	1,717	250,505	716,464
Profit for the period		-	-	-	199,517	199,517
Other comprehensive income
Total other comprehensive income for the year, netof tax		-	-	-	-	-
Total comprehensive income for the year, net of tax		-	-	-	199,517	199,517
Transactions with owners in their capacity asowners:
Share-based payments expense		-	144	-	-	144
Dividends paid	6	-	-	-	(81,309)	(81,309)
Shares issued, net of transaction costs		265	-	-	-	265
At 30 June 2020		435,145	29,506	1,717	368,713	835,081
At 30 June 2018		433,248	28,280	1,717	173,597	636,842
Adjustment on adoption of AASB 15 on 1 July 2018(Note 2)		-	-	-	(5,046)	(5,046)
At 1 July 2018		433,248	28,280	1,717	168,551	631,796
Profit for the period		-	-	-	163,150	163,150
Other comprehensive income
Changes in the value of cash flow hedges, net of tax		-	-	-	-	-
Total other comprehensive income for the year, netof tax		-	-	-	-	-
Total comprehensive income for the year, net of tax		-	-	-	163,150	163,150
Transactions with owners in their capacity asowners:
Share-based payments expense		-	1,082	-	-	1,082
Dividends paid	6	-	-	-	(81,196)	(81,196)
Shares issued, net of transaction costs		1,632	-	-	-	1,632
At 30 June 2019		434,880	29,362	1,717	250,505	716,464

The above statement of changes in equity should be read in conjunction with the accompanying notes.

CONSOLIDATED STATEMENT OF CASH FLOWS

For the year ended 30 June 2020

		Consolidated
		2020	2019
	Note	$'000	$'000
Cash flows from operating activities
Receipts from gold sales		755,791	652,450
Payments to suppliers and employees		(348,923)	(326,680)
Option premium income received		-	1,366
Interest received		1,007	2,388
Interest paid		(1,105)	(85)
Proceeds from rental income		35	17
Income tax paid		(63,792)	(53,971)
Net cash from operating activities	7	343,013	275,485
Cash flows from investing activities
Acquisition of property, plant and equipment		(51,135)	(56,426)
Proceeds on disposal of property, plant and equipment		21	31
Payments for exploration and evaluation		(37,118)	(34,840)
Payments for acquisition of exploration assets		(21,281)	-
Proceeds on disposal of financial assets		-	77
Payments for mine properties under development		(57,307)	(35,632)
Payments for mine properties		(77,524)	(60,500)
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 dividends	6	(81,309)	(81,196)
Payment of lease liabilities (2019: Payment of Finance Lease Liability)		(13,894)	(1,052)
Net cash used in financing activities		(94,938)	(80,616)
Net increase 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	7	192,428	188,697

The above statement of cash flows should be read in conjunction with the accompanying notes.

	Basis of preparation	35
	Performance for the year	36
1.	Segment Information 36
2.	Revenue and Other Income 37
3.	Expenses39
4.	Earnings per Share41
5.	Current Income Tax 42
6.	Dividends42
7.	Cash and Cash Equivalents43
	Operating assets and liabilities	43
8.	Receivables 44
9.	Inventories44
10.	Property, Plant and Equipment 45
11.	AASB 16 Leases46
12.	Exploration and Evaluation Assets48
13.	Mine Properties under Development50
14.	Mine Properties50
15.	Impairment of Non-Financial Assets 51
16.	Trade and Other Payables52
17.	Provisions53
	Capital structure, financial instruments and risk	54
18.	Net Debt and Finance Costs54
19.	Financial Assets55
20.	Financial Risk Management 55
21.	Issued Capital and Reserves58
	Other disclosures	59
22.	Deferred Income Tax 59
23.	Share-based Payments60
24.	Related Parties64
25.	Parent Entity Information 65
26.	Commitments66
27.	Contingencies 66
28.	Auditor's Remuneration66
29.	Subsequent Events66
30.	New Accounting Standards and Interpretations67

Basis of preparation

Regis Resources Limited ("Regis" or the "Company") is a for profit company limited by shares, incorporated and domiciled in Australia, whose shares are publicly traded on the Australian Securities Exchange. Its registered office and principal place of business is:

Regis Resources Limited Level 2 516 Hay Street Subiaco WA 6008

A description of the nature of operations and principal activities of Regis and its subsidiaries (collectively, the "Group") is included in the Directors' Report, which is not part of these financial statements.

The financial statements were authorised for issue in accordance with a resolution of the directors on 25 August 2020.

The financial report is a general purpose financial report which:

• has been prepared in accordance with the requirements of the Corporations Act 2001, Australian Accounting Standards and other authoritative pronouncements of the Australian Accounting Standards Board (AASB) and complies with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB);
• has been prepared on a historical cost basis except for assets and liabilities and share-based payments which are required to be measured at fair value. The basis of measurement is discussed further in the individual notes;
• is presented in Australian dollars with all values rounded to the nearest thousand dollars ($'000) unless otherwise stated, in accordance with ASIC Instrument 2016/191;
• presents reclassified comparative information where required for consistency with the current year's presentation;
• adopts all new and amended Accounting Standards and Interpretations issued by the AASB that are relevant to the operations of the Group and effective for reporting periods beginning on or after 1 July 2019. Refer to Note 30 for further details;
• does not early adopt Accounting Standards and Interpretations that have been issued or amended but are not yet effective. Refer to Note 30 for further details.

Principles of consolidation

The consolidated financial statements comprise the financial statements of the Group. A list of controlled entities (subsidiaries) at year end is contained in note 24.

The financial statements of subsidiaries are prepared for the same reporting period as the parent company, using consistent accounting policies. Adjustments are made to bring into line any dissimilar accounting policies that may exist.

In preparing the consolidated financial statements, all intercompany balances and transactions, income and expenses and profits and losses resulting from intra-group transactions have been eliminated. Subsidiaries are consolidated from the date on which control is obtained to the date on which control is disposed. The acquisition of subsidiaries is accounted for using the acquisition method of accounting.

Foreign currencies

Both the functional currency of each entity within the Group and the Group's presentation currency is Australian dollars.

Transactions in foreign currencies are initially recorded in Australian dollars at the exchange rate on that day. Foreign currency monetary assets and liabilities are translated to Australian dollars at the reporting date exchange rate. Foreign currency gains and losses are generally recognised in profit or loss.

Other accounting policies

Significant and other accounting policies that summarise the measurement basis used and are relevant to an understanding of the financial statements are provided throughout the notes to the financial statements. Where possible, wording has been simplified to provide clearer commentary on the financial report of the Group. Accounting policies determined non-significant are not included in the financial statements. There have been no changes to the Group's accounting policies that are no longer disclosed in the financial statements.

Key estimates and judgements

In the process of applying the Group's accounting policies, management has made a number of judgements and applied estimates of future events. Judgements and estimates which are material to the financial report are found in the following notes.

Note 3	Expenses	Page 39
Note 9	Inventories	Page 44
Note 12	Exploration and evaluation assets	Page 48
Note 14	Mine properties	Page 50
Note 15	Impairment	Page 51
Note 17	Provisions	Page 53
Note 22	Deferred income tax	Page 59
Note 23	Share-based payments	Page 60

The notes to the financial statements

The notes include information which is required to understand the financial statements and is material and relevant to the operations and the financial position and performance of the Group. Information is considered relevant and material if, for example:

• the amount is significant due to its size or nature;
• the amount is important for understanding the results of the Group;
• it helps to explain the impact of significant changes in the Group's business; or
• it relates to an aspect of the Group's operations that is important to its future performance.

The notes are organised into the following sections:

• Performance for the year;
• Operating assets and liabilities;
• Capital structure and risk;
• Other disclosures.

A brief explanation is included under each section

Performance for the year

This section focuses on the results and performance of the Group. This covers both profitability and the resultant return to shareholders via earnings per share combined with cash generation and the return of cash to shareholders via dividends.

The Company's response to COVID-19 was initiated in February 2020 which included the establishment of a Crisis Management Team to coordinate and implement the Company's COVID-19 Response Plan to the pandemic. The wellbeing of Regis' employees, contractors and local communities continues to be the priority in these challenging times. Accordingly, the Company has implemented a range of measures across the business consistent with advice from State and Federal health authorities.

In addition, Regis joined the FIFO DETECT research program which is supported by resource companies to identify potential asymptomatic cases of COVID-19 with FIFO workers. The Company has also made donations to help support several charities as part of the Chamber of Minerals and Energy COVID-19 Community Support Initiative.

The overall impact to operations and the business have been controlled and well managed albeit with a marginal impact on costs. COVID-19 costs relate to additional medical supplies, travel and logistics costs along with the broader ongoing workforce FIFO DETECT testing across the business. This is likely to continue in the foreseeable future.

To date there have been no confirmed cases of COVID-19 across the business.

1. Segment Information

Operating segments are reported in a manner that is consistent with the internal reporting provided to the Chief Executive Officer and Managing Director and his executive management team (the chief operating decision makers). The Group has two reportable segments which comprise the Duketon Gold Project; being Duketon North Operations ("DNO"), currently comprising Moolart Well, Gloster, Anchor, Dogbolter-Coopers and Petra, and Duketon South Operations ("DSO"), currently incorporating Garden Well, Rosemont, Erlistoun, Tooheys Well and Baneygo. Dogbolter-Coopers, Petra, Baneygo and Rosemont Underground transitioned to operations during the financial year contributing to the increase in asset holdings at DNO and DSO. Expansionary activity at DSO, together with the right-of-use assets brought on balance sheet from 1 July 2019, has also contributed to the increase for this segment.

Unallocated items comprise corporate administrative costs (including personnel costs, share based payments, occupancy costs and investor and corporate costs), interest revenue, finance costs, net gains and losses on derivatives, exploration and evaluation assets relating to areas of interest where an economically recoverable reserve is yet to be delineated, cash, derivative assets and income tax assets.

Segment capital expenditure is the total cost incurred during the period to acquire property, plant and equipment, conduct exploration and evaluation activities and develop mine properties.

The following table presents financial information for reportable segments for the years ended 30 June 2020 and 30 June 2019:

	Duketon NorthDuketon SouthOperationsOperations				Unallocated	Total
	2020	2019	2020	2019	2020	2019	2020	2019
Continuing Operations	$'000	$'000	$'000	$'000	$'000	$'000	$'000	$'000
Segment revenue
Sales to external customers	203,384	161,014	552,407	491,436	-	-	755,791	652,450
Other revenue	-	-	-	-	866	2,357	866	2,357
Total segment revenue	203,384	161,014	552,407	491,436	866	2,357	756,657	654,807
Total revenue per thestatement of comprehensive
income							756,657	654,807
Interest expense	84	-	931	-	90	85	1,105	85
Impairment of non-currentassets	-	-	-	-	1,686	6,729	1,686	6,729
Depreciation and amortisation	17,837	14,414	89,619	59,489	1,155	529	108,611	74,432
Depreciation capitalised							(288)	(209)
Total depreciation andamortisation recognised in thestatement of comprehensive
income							108,323	74,223
Segment result
Segment net operatingprofit/(loss) before tax	78,877	57,908	223,402	192,265	(17,619)	(16,700)	284,660	233,473
Segment assets
Segment assets at balancedate	110,192	98,843	551,479	422,140	490,206	433,013	1,151,877	953,997
Capital expenditure for theyear	23,958	24,352	131,986	114,803	45,164	47,375	201,108	186,530

2. Revenue and Other Income

Accounting Policies

Gold sales

The Group recognises revenue from gold sales when it satisfies the performance obligation of transferring control of gold inventory to the customer. The Group's assessment is that this generally occurs when the sales contract has been entered into and the customer has physical possession of the gold, as this is the point at which the customer obtains the ability to direct the use and obtains substantially all of the remaining benefits of ownership of the asset. The transaction price is determined based on the agreed upon price and the number of ounces delivered. Payment is due upon delivery into the sales contract.

The impact on the consolidated financial statement upon the adoption of AASB 15 from 1 July 2018 under the cumulative effect approach is as follows:

• Gold bullion sales – Gold bullion awaiting settlement is gold that has physically left the mine site and is either at the refinery (not yet outturned) or outturned by the refinery, but not yet swapped into RRL's metal account. Gold bullion sales that occurred in the year ended 30 June 2018 met the revenue recognition criteria under the prevailing AASB 118 and was correctly recognised in the year ended 30 June 2018. The same sale however would not have met the recognition criteria under AASB 15, the standard required on adjustment of $5,046,000 to the opening Retained Earnings at 1 July 2018 and a recognition of that sale in the year ended 30 June 2019 which resulted in the below impacts on the Consolidated Statement of Comprehensive Income for the year ended 30 June 2019.

Extract of the Consolidated Statement of ComprehensiveIncome for the year ended 30 June 2019	Under AASB 15(as reported)$'000	Under AASB 118$'000	Impact of adoptionincrease/(decrease)$'000
Revenue	652,450	631,291	21,159
Gross profit	252,837	245,628	7,209
Profit before income tax	233,473	226,264	7,209
Net profit	163,149	158,103	5,046

Interest

Interest income from cash at bank is recognised as it accrues using the effective interest method.

	Consolidated
	2020	2019
	$'000	$'000
Revenue
Gold sales	755,791	652,450
Interest income	866	2,357
	756,657	654,807

Gold forward contracts

As part of the risk management policy, the Group has entered into gold forward contracts to manage the gold price of a proportion of anticipated gold sales. The counterparty to the gold forward contracts is Macquarie Bank Limited ("MBL").

It is management's intention to settle each contract through physical delivery of gold and as such, the gold forward sale contracts disclosed below do not meet the criteria of financial instruments for accounting purposes. This is referred to as the "normal purchase/sale" exemption. Accordingly, the contracts will be accounted for as sale contracts with revenue recognised once the gold has been delivered to MBL or its agent.

Open contracts at balance date are summarised in the table below:

	Gold for physicaldelivery		Contracted goldsale price		Value of committedsales		Mark-to-market(i)
	2020	2019	2020	2019	2020	2019	2020	2019
	ounces	ounces	$/oz	$/oz	$'000	$'000	$'000	$'000
Within one year
- Spot deferred contracts(ii)	399,494	426,514	1,614	1,598	644,716	681,466	(388,179)	(175,578)
- Spot	-	25,000	-	1,830	-	45,750	-	(4,485)
	399,494	451,514			644,716	727,216	(388,179)	(180,063)

Mark-to-market has been calculated with reference to the following spot price at period end $2,586/oz $2,009/oz

• (i) Mark-to-market represents the value of the open contracts at balance date, calculated with reference to the gold spot price at that date. A negative amount reflects a valuation in the counterparty's favour.
• (ii) The contracted gold sale price disclosed for spot deferred contracts reflects a weighted average of a range of contract prices. The range of prices at the end of the year was from $1,415/oz to $1,854/oz (2019: $1,425/oz to $1,878/oz).

The Company's current volume limits on the number of ounces hedged allowed at the end of each period are as follows:

Period	Volume
December 2019 – December 2020	600,000 ounces
January 2021 – December 2021	400,000 ounces
January 2022 – December 2022	200,000 ounces
January 2023 – June 2023	100,000 ounces
July 2023	Nil

As at 30 June 2020, the Group has no further gold sale commitments.

	Consolidated
	2020	2019
	$'000	$'000
Other income/(expenses)
Rehabilitation provision adjustment	(210)	2,976
Net gain on financial instruments at fair value through profit or loss	-	1,366
Rental income	35	17
Exploration rent refunds	25	20
	(150)	4,379

The net gain on financial instruments at fair value through profit or loss relates to sold gold call options that do not qualify for hedge accounting. During the current financial year, the Group sold nil call options (2019: 25,000 ounces at A$1,809/oz).

3. Expenses

Accounting Policies

Cash costs of production

Cash costs of production is a component of cost of goods sold and includes direct costs incurred for mining, milling, laboratory and mine site administration, net of costs capitalised to pre-strip and production stripping assets. This category also includes movements in the cost of inventory and any net realisable value write downs.

	Consolidated
	2020	2019
	$'000	$'000
Cost of goods sold
Cash costs of production	306,744	299,621
Royalties	37,361	28,447
Depreciation of mine plant and equipment (i)	50,626	31,014
Amortisation of mine properties	57,280	42,888
	452,011	401,970

(i)Depreciation and amortisation charges increased from the prior year predominantly as a result of new pits commencing production in FY20 and the adoption of the new standard AASB 16 – Leases which has contributed $8.7 million to this increase (Refer to Note 11).

Depreciation

Depreciation of mine specific plant and equipment and buildings and infrastructure is charged to the statement of comprehensive income on a unit-of-production basis over the economically recoverable reserves of the mine concerned, except in the case of assets whose useful life is shorter than the life of the mine, in which case the straight-line method is used. The unit of account is tonnes of ore milled.

Depreciation of non-mine specific plant and equipment assets is charged to the statement of comprehensive income on a straight-line basis over the estimated useful lives of each part of an item of plant and equipment in current and comparative periods as follows:

• Plant and equipment: 3 20 years
• Fixtures and fittings: 3 20 years
• Buildings and infrastructure: 3 10 years
• Leasehold improvements: 10 years

Depreciation methods, useful lives and residual values are reviewed at each reporting date.

Amortisation

Mine properties are amortised on a unit-of-production basis over the economically recoverable reserves of the mine concerned.

	Consolidated
	2020	2019
	$'000	$'000
Depreciation and amortisation
Depreciation expense (i)	51,331	31,543
Amortisation expense	57,280	42,889
Less: Amounts capitalised to exploration projects	(288)	(209)
Depreciation and amortisation charged to the statement of comprehensive
income	108,323	74,223

(i)Depreciation and amortisation charges increased from the prior year predominantly as a result of new pits commencing production in FY20 and the adoption of the new standard AASB 16 – Leases which has contributed $8.7 million to this increase (Refer to Note 11).

Key estimates and assumptions

Unit-of-production method of depreciation/amortisation

The Group uses the unit-of-production basis when depreciating/amortising life of mine specific assets which results in a depreciation/amortisation charge proportionate to the depletion of the anticipated remaining life of mine production. Each item's economic life, which is assessed annually, has due regard for both its physical life limitations and to present assessments of economically recoverable reserves of the mine property at which it is located.

		Consolidated
		2020	2019
		$'000	$'000
Employee benefits expense
Wages and salaries		47,381	42,192
Defined contribution superannuation expense		4,410	3,871
Share-based payments expense	23	144	1,082
Employee bonuses		1,072	1,424
Other employee benefits expense		3,979	4,212
		56,986	52,781
Less: Amounts capitalised to projects		(9,628)	(7,183)
Employee benefits expense recognised in the statement of comprehensiveincome		47,358	45,598
Lease payments and other expenses included in the statement ofcomprehensive income
Minimum lease payments – operating lease		-	766

Less: Amounts capitalised - (230) Recognised in the statement of comprehensive income - 536

		Consolidated
		2020$'000	2019$'000
Other expenses
Non-capital exploration expenditure	12	1,085	885
Loss on disposal of assets		130	55
		1,215	940

4. Earnings per Share

Accounting Policy

Earnings per share ("EPS") is the amount of post-tax profit attributable to each share. The Group presents basic and diluted EPS data for ordinary shares. Basic EPS is calculated by dividing the profit or loss attributable to ordinary shareholders of the Company by the weighted average number of ordinary shares outstanding during the period.

Diluted EPS takes into account the dilutive effect of all potential ordinary shares, being unlisted employee share options and performance rights on issue.

	Consolidated
	2020	2019
	$'000	$'000
Earnings used in calculating EPS
Net profit attributable to ordinary equity holders of the parent	199,517	163,150
Weighted average number of shares	No. shares('000s)	No. shares('000s)
Issued ordinary shares at 1 July	507,869	504,438
Effect of shares issued	296	2,574
Weighted average number of ordinary shares at 30 June	508,165	507,012
Effect of dilution:
Share options	97	335
Performance rights	926	559
Weighted average number of ordinary shares adjusted for the effect ofdilution	509,188	507,906

There have been no transactions involving ordinary shares between the reporting date and the date of completion of these financial statements which would impact on the above EPS calculations.

5. Current Income Tax

Accounting Policy

Current tax

Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantially enacted at the reporting date, and any adjustment to tax payable in respect of previous years.

	Consolidated
	2020	2019
	$'000	$'000
The major components of income tax expense are:
Current income tax
Current income tax expense	59,040	53,631
Adjustment in respect of income tax of previous years	(2)	486
Deferred income tax
Relating to the origination and reversal of temporary differences	26,405	16,743
Adjustment in respect of income tax of previous years	(300)	(537)
Income tax expense reported in the statement of comprehensive income	85,143	70,323
A reconciliation between tax expense and the product of accounting profitbefore tax multiplied by the Group's applicable income tax rate is as follows:
Accounting profit before income tax	284,660	233,473
At the Group's statutory income tax rate of 30% (2019: 30%)	85,398	70,042
Share-based payments	4	325
Other non-deductible items	43	10
Adjustment in respect of income tax of previous years	(301)	(52)
Deductible equity raising costs	(1)	(2)
Income tax expense reported in the statement of comprehensive income	85,143	70,323
6.Dividends
		Consolidated
	2020	2019
	$'000	$'000
Declared and paid during the year:
Dividends on ordinary shares
Final dividend for 2019: 8 cents per share (2018: 8 cents per share)	40,654	40,570
Interim franked dividend for 2020: 8 cents per share (2019: 8 cents per share)	40,654	40,626
	81,308	81,196
Proposed by the directors after balance date but not recognised as a liability at30 June:
Dividends on ordinary shares
Final dividend for 2020: 8 cents per share (2019: 8 cents per share)	40,668	40,650

Dividend franking account

Amount of franking credits available to shareholders of Regis Resources Limited for subsequent financial years 61,321 37,129

The ability to utilise the franking credits is dependent upon the ability to declare dividends.

7. Cash and Cash Equivalents

Accounting Policy

Cash and cash equivalents

Cash and cash equivalents in the balance sheet comprise cash at bank and in hand. Cash at bank earns interest at floating rates based on daily bank deposit rates.

At 30 June 2020, the Group had no undrawn, committed borrowing facilities available (2019: nil). Refer to Note 18.

	Consolidated
	2020	2019
	$'000	$'000
Cash and cash equivalents in the balance sheet and cash flow statement
Cash at bank and on hand	192,428	188,697
	192,428	188,697

Restrictions on cash

The Group is required to maintain $503,000 (2019: $501,000) on deposit to secure bank guarantees in relation to the Perth office leases and two office leases in NSW. The amount will be held for the term of the lease.

		Consolidated
		2020	2019
		$'000	$'000
Reconciliation of profit after income tax to net cash inflow from operatingactivities
Net profit for the year		199,517	163,150
Adjustments for:
Impairment of non-current assets	15	1,686	6,729
Unwinding of discount on provisions	17	919	1,362
Loss on disposal of assets		130	55
Unrealised (loss)/gain on derivatives		-	-
Rent refunds		(25)	(20)
Share-based payments		144	1,082
Rehabilitation provision adjustment		210	(2,976)
Depreciation and amortisation		108,323	74,223
Adjustment on adoption AASB 15		-	(5,046)
Changes in assets and liabilities
(Increase)/decrease in receivables		(751)	(774)
(Increase)/decrease in inventories		3,409	3,329
(Increase)/decrease in other current assets		(552)	(843)
Increase/(decrease) in income tax payable		(4,754)	(2,018)
Increase/(decrease) in trade and other payables		3,498	21,527
Increase/(decrease) in deferred tax liabilities		26,105	16,207
Increase/(decrease) in provisions		5,154	(502)
Net cash from operating activities		343,013	275,485

Operating assets and liabilities

This section shows the assets used to generate the Group's trading performance and the liabilities incurred as a result. Liabilities relating to the Group's financing activities are addressed in the capital structure and finance costs section on page 54.

8. Receivables

Accounting Policy

Receivables are initially recognised at fair value and subsequently at the amounts considered receivable (financial assets at amortised cost). Balances within receivables do not contain impaired assets, are not past due and are expected to be received when due.

The Group does not have trade receivables in relation to gold sales. The only material receivables at year end are for GST and fuel tax credits receivable from the Australian Taxation Office and therefore, the Group's exposure to credit risk in relation to its receivables is not material.

Due to the short-term nature of these receivables, their carrying value is assumed to approximate fair value.

	Consolidated
	2020	2019
	$'000	$'000
Current
GST receivable	4,819	4,067
Fuel tax credit receivable	1,959	1,807
Security deposits for land acquisition	100	906
Interest receivable	28	170
Dividend trust account	619	490
Other receivables	274	234
	7,799	7,674

9. Inventories

Accounting Policy

Gold bullion, gold in circuit and ore stockpiles are physically measured or estimated and valued at the lower of cost and net realisable value. Cost is determined by the weighted average method and comprises direct purchase costs and an appropriate portion of fixed and variable overhead costs, including depreciation and amortisation, incurred in converting ore into gold bullion. Net realisable value is the estimated selling price in the ordinary course of business, less estimated costs of completion and costs of selling the final product, including royalties.

Consumable stores are valued at the lower of cost and net realisable value. The cost of consumable stores is measured on a first-in first-out basis.

Inventories expected to be sold (or consumed in the case of stores) within 12 months after the balance sheet date are classified as current assets, all other inventories are classified as non-current.

	Consolidated
	2020	2019
	$'000	$'000
Current
Ore stockpiles	48,545	31,696
Gold in circuit	13,759	11,201
Bullion on hand	8,601	9,830
Consumable stores	3,525	3,350
	74,430	56,077
Non-current
Ore stockpiles	63,503	55,898

At 30 June 2020, all inventories were carried at cost except for a portion of Rosemont ore stockpiles written back to net realisable value resulting in an expense totalling $115,000 being recognised in cost of goods sold.

At 30 June 2019, a portion of ore stockpiles were reclassified as non-current as a result of the annual update of life of mine plans and written down to net realisable value resulting in an expense totalling $438,000 being recognised in cost of goods sold. During the 2019 year, all other inventories were carried at cost except for a portion of Erlistoun ore stockpiles written down to net realisable value resulting in an expense totalling $216,000 being recognised in cost of goods sold.

Key estimates and assumptions

Inventories

Net realisable value tests are performed at each reporting date and represent the estimated forecast sales price of the gold when its expected to be realised, less estimated costs to complete production and bring the product to sale.

Stockpiles are measured by estimating the number of tonnes added and removed from the stockpile, the number of contained gold ounces based on assay data, and the estimated recovery percentage. Stockpile tonnages are verified by periodic surveys.

10. Property, Plant and Equipment

Accounting Policy

The value of property, plant and equipment is measured as the cost of the asset, less accumulated depreciation and impairment. The cost of the asset also includes the cost of replacing parts that are eligible for capitalisation, the cost of major inspections and an initial estimate of the cost of dismantling and removing the item from site at the end of its useful life (rehabilitation provisions). Changes in the rehabilitation provisions resulting from changes in the size or timing of the cost or from changes in the discount rate are also recognised as part of the asset cost.

Derecognition

An item of property, plant and equipment is derecognised when it is sold or otherwise disposed of, or when its use is expected to bring no further economic benefits. Any gain or loss from derecognising the asset (the difference between the proceeds on disposal and the carrying amount of the asset) is included in the income statement in the period the item is derecognised.

	Consolidated
	FreeholdLand	LeaseholdImprovements	Plant &Equipment	Furniture &Equipment	Buildings &Infrastructure	CapitalWIP	Total
	$'000	$'000	$'000	$'000	$'000	$'000	$'000
Net carrying amount at 1 July 2019	45,044	1,078	93,786	1,070	74,499	27,511	242,988
Additions	6,983	25	8,943	287	16,817	21,989	55,044
Depreciation expense	-	(299)	(22,062)	(407)	(19,811)	-	(42,579)
Transfers between classes	-	-	2,185	414	16,289	(18,888)	-
Rehabilitation provision adjustments	-	-	1,770	-	4,603	-	6,373
Disposals	-	-	(150)	-	-	-	(150)
Net carrying amount at 30 June 2020	52,027	804	84,472	1,364	92,397	30,612	261,676
At 30 June 2020
Cost	52,027	1,878	272,506	3,456	183,337	30,612	543,816
Accumulated depreciation	-	(1,074)	(188,034)	(2,092)	(90,940)		(282,140)
Net carrying amount	52,027	804	84,472	1,364	92,397	30,612	261,676
Net carrying amount at 1 July 2018	33,752	227	94,974	824	52,122	13,441	195,340
Additions	11,292	753	11,370	323	7,091	26,632	57,461
Depreciation expense	-	(240)	(18,009)	(295)	(12,999)	-	(31,543)
Transfers to mine properties	-	-	-	-	-	-	-
Transfers between classes	-	338	518	218	11,469	(12,562)	(19)
Rehabilitation provision adjustments	-	-	5,019	-	16,816	-	21,835
Disposals	-	-	(86)	-	-	-	(86)
Net carrying amount at 30 June 2019	45,044	1,078	93,786	1,070	74,499	27,511	242,988
At 30 June 2019
Cost	45,044	1,853	260,080	2,755	147,902	27,511	485,145
Accumulated depreciation	-	(775)	(166,294)	(1,685)	(73,403)	-	(242,157)
Net carrying amount	45,044	1,078	93,786	1,070	74,499	27,511	242,988

11. AASB 16 Leases

This note explains the impact of the adoption of AASB 16 Leases on the Group's financial statements and discloses the new accounting policy that has been applied from 1 July 2019.

The Group has adopted AASB 16 from 1 July 2019, but has not restated comparatives for the reporting periods prior to adoption, as permitted under the specific transitional provisions in the standard applying the Modified Retrospective Approach. The Group's retained earnings and net assets were unaffected by the transition at 1 July 2019.

The nature of the Group's leasing activities includes service contracts for mining services, drilling, haulage, and power generation contracts. Additionally, office leases and office equipment have also been included.

Accounting Policy

Until 1 July 2019, leases of property, plant and equipment were classified as either finance or operating leases as required by the previous accounting standard, AASB 117 Leases. Finance leases, which transfer to the Group substantially all the risks and benefits incidental to ownership for the lease item, were capitalised at the inception of the lease at the fair value of the leased asset or, if lower, at the present value of the minimum lease payments. Lease payments were apportioned between the finance charges and reduction of the lease liability so as to achieve a constant rate of interest on the remaining balance of the liability. Finance charges were recognised as an expense in profit or loss. Payments made under operating leases (net of any incentives received from the lessor) were charged to profit or loss on a straight-line basis over the period of the lease.

From 1 July 2019, leases are recognised as a right-of-use asset and a corresponding liability at the date at which the leased asset is available for use by the Group. Each lease payment is allocated between the liability and finance cost. The finance cost is charged to profit or loss over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period. The right-of-use asset is depreciated over the shorter of the asset's useful life and the lease term on a straight-line basis.

At inception of a contract, the Group assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. To assess whether a contract conveys the right to control the use of an identified asset, the Group uses the definition of a lease in AASB 16.

Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net present value of the following lease payments:

• Fixed payments (including in-substance fixed payments), less any lease incentives receivable.
• Variable lease payments that are based on an index or a rate.
• Amounts expected to be payable by the lessee under residual value guarantees.
• The exercise price of a purchase option if the lessee is reasonably certain to exercise that option.
• Payments of penalties for terminating the lease, if the lease term reflects the lessee exercising that option.

The lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be determined, the lessee's incremental borrowing rate is used, being the rate that the lessee would have to pay to borrow the funds necessary to obtain an asset of similar value in a similar economic environment with similar terms and conditions.

The lease liability is measured at amortised cost using the effective interest method. It is remeasured when there is a change in future lease payments arising from a change in an index or rate, if there is a change in the Group's estimate of the amount expected to be payable under a residual value guarantee, if the Group changes its assessment of whether it will exercise a purchase, extension or termination option or if there is a revised in-substance fixed lease payment.

Right-of-use assets are measured at cost comprising the following:

• The amount of the initial measurement of the lease liability.
• Any lease payments made at or before the commencement date less any lease incentives received.
• Any initial direct costs.
• Any restoration costs.

The right-of-use asset is subsequently depreciated using the straight-line method. In addition, the right-of-use asset is periodically reduced by impairment losses, if any, and adjusted for remeasurements of the lease liability.

Payments associated with short-term leases and leases of low-value assets are recognised on a straight-line basis as an expense in profit or loss. Short-term leases are leases with a lease term of 12 months or less. Low-value assets are assets with a replacement value of less than $5,000.

Adjustments recognised on adoption of AASB 16

On adoption of AASB 16, the Group recognised lease liabilities in relation to leases which had previously been classified as 'operating leases' under the principles of AASB 117 Leases. These liabilities were measured at the present value of the remaining lease payments, discounted using the lessee's incremental borrowing rate as of 1 July 2019. The weighted average lessee's incremental borrowing rate applied to the lease liabilities on 1 July 2019 was 3.79%.

For leases previously classified as finance leases, the Group recognised the carrying amount of the lease asset and lease liability immediately before transition as the carrying amount of the right-of-use asset and the lease liability at the date of initial application. The measurement principles of AASB 16 are only applied after that date.

	Consolidated
	As at30 June 2020	As at1 July 2019
	$'000	$'000
The lease liability recognised on date of transition is comprised as follows:
Discounted operating lease commitments using incremental borrowing rate at
1 July 2019		1,695
Finance lease liabilities recognised as at 30 June 2019		2,121
Additional lease liabilities from adopting AASB 16		29,679
Lease liability recognised as at 1 July 2019		33,495
Comprising:
Current	15,856	10,081
Non-current	22,041	23,414
	37,897	33,495

Right-of-use assets were measured at the amount equal to the lease liability, adjusted by the amount of any prepaid or accrued lease payments relating to that lease recognised in the balance sheet as at 30 June 2019.

	Consolidated
	As at30 June 2020	As at1 July 2019
	$'000	$'000
Plant & equipment	24,249	18,256
Furniture & equipment	57	125
Buildings & infrastructure	13,728	15,114
Total right-of-use assets	38,034	33,495

The change in accounting policy affected the following items in the balance sheet on 1 July 2019:

• Right-of-use assets increased by $33,495,000.
• Property, plant & equipment decreased by $2,121,000.
• Lease liabilities increased by $31,373,000.

Practical expedients applied

In applying AASB 16 for the first time, the Group has used the following practical expedients permitted by the standard:

• The use of a single discount rate to a portfolio of leases with reasonably similar characteristics.
• The accounting for operating leases with a remaining lease term of less than 12 months as at 1 July 2019 as short-term leases.
• The exclusion of initial direct costs for the measurement of the right-of-use asset at the date of initial application.
• The use of hindsight in determining the lease term where the contract contains options to extend or terminate the lease.

	Consolidated
Right-of-use assets	Plant &Furniture &EquipmentEquipment$'000$'000		Buildings &Infrastructure$'000	Total$'000
Balance at 1 July 2019	18,256	125	15,114	33,495
Depreciation charge for the year	(7,555)	(68)	(5,003)	(12,625)
Additions to right-of-use assets	13,548	-	3,617	17,165
Balance at 30 June 2020	24,249	57	13,728	38,034

Amounts recognised in profit or loss	Consolidated$'000
2020 – Leases under AASB 16
Interest on lease liabilities	1,068
Expenses relating to short-term leases	63
2019 – Operating leases under AASB 117
Lease expense (net of amounts capitalised)	536

The majority of the Group's service contracts that contain leases are structured as variable payments, which are not included in the measurement of lease liabilities under AASB 16. Variable lease payments for the year ended 30 June 2020 totalled $326,776,000(i).

	Consolidated
Amounts recognised in statement of cash flows	2020
	$'000
Total cash outflow for leases under AASB 16	13,894

(i) Includes non-lease components such as labour.

12. Exploration and Evaluation Assets

Accounting Policy

Exploration and evaluation expenditure is accumulated on an area of interest basis. Exploration and evaluation assets include the costs of acquiring licences, costs associated with exploration and evaluation activity, and the fair value (at acquisition date) of exploration and evaluation assets acquired in a business combination. Expenditure is carried forward when incurred in areas for which the Group has rights of tenure and where economic mineralisation is indicated, but activities have not yet reached a stage which permits a reasonable assessment of the existence or otherwise of economically recoverable reserves and active and significant operations in, or in relation to, the area of interest are continuing. Costs incurred before the Group has obtained the legal rights to explore an area are recognised in the statement of comprehensive income.

Once the technical feasibility and commercial viability of the extraction of mineral resources in an area of interest are demonstrable, exploration and evaluation assets attributable to that area of interest are first tested for impairment and then reclassified to mine properties under development. No amortisation is charged during the exploration and evaluation phase.

		Consolidated
		2020	2019
		$'000	$'000
Reconciliation of movements during the year
Balance at 1 July		185,748	171,570
Expenditure for the period		37,326	34,758
Acquisition of tenements		21,402	-
Impairment	15	(1,686)	(6,729)
Transferred to mine properties under development	13	(12,530)	(13,851)
Balance at 30 June		230,260	185,748

Impairment

Exploration and evaluation assets are assessed for impairment if (i) the period for which the right to explore in the area has expired during the period or will expire in the near future, and is not expected to be renewed, (ii) substantive expenditure on further exploration for and evaluation of mineral resources is neither budgeted nor planned, (iii) sufficient data exists to determine technical feasibility and commercial viability and (iv) facts and circumstances suggest that the carrying amount exceeds the recoverable amount. For the purposes of impairment testing, exploration and evaluation assets are allocated to cash-generating units ("CGUs") to which the exploration activity relates. The CGU is not larger than the area of interest.

Organic growth potential through exploration was given a major boost on 23 August 2019 when the Company acquired a large strategic tenement holding across the Duketon Greenstone Belt from Duketon Mining Limited for $20m cash and up to $5m in contingent payments. The acquisition tripled the Company's landholding resulting in a contiguous tenement area over 3,265km² and means that Regis now controls approximately 90% of the gold rights in this highly prospective belt.

Carrying value by area of interest
Duketon North Operations	15,796	14,560
Duketon South Operations	31,952	25,043
Duketon Gold Project satellite deposits	8,408	5,961
Regional WA exploration	37,841	13,656
NSW exploration	136,263	126,528
	230,260	185,748

Key estimates and assumptions

Impairment of exploration and evaluation assets

The future recoverability of capitalised exploration and evaluation expenditure is dependent upon a number of factors, including whether the Group decides to exploit the related lease itself or, if not, whether it successfully recovers the related exploration and evaluation asset through sale.

Factors that could impact future recoverability include the level of reserves and resources, future technological changes which could impact the cost of mining, future legal changes (including changes to environmental restoration obligations) and changes to commodity prices.

To the extent that capitalised exploration and evaluation expenditure is determined not to be recoverable in the future, profits and net assets will be reduced in the period in which the determination is made.

Exploration expenditure commitments

Exploration expenditure commitments represent tenement rentals and expenditure requirements that may be required to be met under the relevant legislation should the Group wish to retain tenure on all current tenements in which the Group has an interest.

The terms and conditions under which the Group retains title to its various mining tenements oblige it to meet tenement rentals and minimum levels of exploration expenditure as gazetted by the Western Australian and New South Wales state governments, as well as local government rates and taxes.

The exploration commitments of the Group not provided for in the consolidated financial statements and payable are as follows:

	Consolidated
	2020	2019
	$'000	$'000
Within one year	1,906	2,819

The tenement commitments shown above represent the minimum required to be spent on all granted tenements as at reporting date. Actual expenditure will vary as a result of ongoing management of the tenement portfolio including reductions and relinquishment of tenements not considered prospective, in whole or in part.

Tenement commitments are shown gross of exemptions that are likely to be available in the ordinary course of business as the financial impact of potential exemptions cannot be measured reliably in advance.

13. Mine Properties under Development

Accounting Policy

Mine properties under development represents the costs incurred in preparing mines for production and includes plant and equipment under construction and operating costs incurred before production commences. These costs are capitalised to the extent they are expected to be recouped through the successful exploitation of the related mining leases. Once production commences, these costs are transferred to property, plant and equipment and mine properties, as relevant, and are depreciated and amortised using the units-of-production method based on the estimated economically recoverable reserves to which they relate or are written off if the mine property is abandoned. Any proceeds from sales in the pre-production phase is deducted from the cost of the asset.

		Consolidated
		2020	2019
		$'000	$'000
Balance at beginning of period		44,163	29,578
Pre-production expenditure capitalised		45,649(i)	34,604
Transferred from exploration	12	12,530	13,851
Transferred to inventory		(9,427)	(4,720)
Transferred to mine properties	14	(90,727)(i)	(29,150)
Balance at end of period		2,188	44,163

(i) Costs associated with Dogbolter-Coopers, Petra, Baneygo and Rosemont Underground net of $21.2 million in pre-production sales.

14. Mine Properties

Accounting Policies

Pre-strip costs

In open pit mining operations, it is necessary to remove overburden and waste materials to access the ore. This process is referred to as stripping and the Group capitalises stripping costs incurred during the development of a mine (or pit) as part of the investment in constructing the mine ("pre-strip"). These costs are subsequently amortised over the life of mine on a units of production basis, where the unit of account is tonnes of ore milled.

Production stripping costs

Once access to the ore is attained, all waste that is removed from that point forward is considered production stripping activity. The amount of production stripping costs deferred is based on the extent to which the current period cost per tonne of ore mined exceeds the expected cost per tonne for the life of the identified component. A component is defined as a specific volume of the ore body that is made more accessible by the stripping activity, and is identified based on the mine plan.

The production stripping asset is initially measured at cost, which is the accumulation of costs directly incurred to perform the stripping activity that improves access to the identified component of the ore body. The production stripping asset is then carried at cost less accumulated amortisation and any impairment losses.

The production stripping asset is amortised over the expected useful life of the identified component (determined based on economically recoverable reserves), on a unit of production basis. The unit of account is tonnes of ore mined.

Other mine properties

Other mine properties represent expenditure in respect of exploration, evaluation, feasibility and pre-production operating costs incurred by the Group previously accumulated and carried forward in mine properties under development in relation to areas of interest in which mining has now commenced. Other mine properties are stated at cost, less accumulated amortisation and accumulated impairment losses. Other mine properties include Capital Development costs for underground pits.

Other mine properties are amortised on a unit-of-production basis over the economically recoverable reserves of the mine concerned. The unit of account is tonnes of ore milled. Capital development costs are amortised over the expected recovered ounces of the mine concerned. The unit of account is ounces recovered.

	Consolidated
	ProductionStripping Costs	Pre-stripCosts	Other MineProperties	Total
	$'000	$'000	$'000	$'000
Net carrying amount at 1 July 2019	60,673	82,080	24,960	167,713
Additions	47,009	16,080	2,573	65,662
Transfers from pre-production	7,760	21,608	61,359	90,727(i)
Rehabilitation provision adjustment	-	-	9,117	9,117
Amortisation expense	(20,716)	(28,240)	(8,324)	(57,280)
Net carrying amount at 30 June 2020	94,726	91,528	89,685	275,939
At 30 June 2020
Cost	165,988	189,678	174,326	529,993
Accumulated amortisation	(71,262)	(98,150)	(84,641)	(254,054)
Net carrying amount	94,726	91,528	89,685	275,939
Net carrying amount at 1 July 2018	60,917	36,358	26,841	124,116
Additions	16,197	43,510	-	59,707
Transfers from exploration and evaluation assets	-	-	-	-
Transfers from pre-production	1,271	18,530	9,349	29,150
Rehabilitation provision adjustment	-	-	(2,371)	(2,371)
Amortisation expense	(17,712)	(16,318)	(8,859)	(42,889)
Net carrying amount at 30 June 2019	60,673	82,080	24,960	167,713
At 30 June 2019
Cost	111,218	151,990	101,277	364,485
Accumulated amortisation	(50,545)	(69,910)	(76,317)	(196,772)
Net carrying amount	60,673	82,080	24,960	167,713

(i) Costs associated with Dogbolter-Coopers, Petra, Baneygo and Rosemont Underground net of $21.2 million in pre-production sales.

Key estimates and assumptions

Production stripping costs

The Group capitalises mining costs incurred during the production stage of its operations in accordance with the accounting policy described above. The identification of specific components will vary between mines as a result of both the geological characteristics and location of the ore body. The financial considerations of the mining operations may also impact the identification and designation of a component.

The expected cost per tonne is a function of an individual mine's design and therefore changes to that design will generally result in changes to the expected cost. Changes in other technical or economic parameters that impact reserves will also have an impact on the expected costs per tonne for each identified component. Changes in the expected cost per tonne are accounted for prospectively from the date of change.

15. Impairment of Non-Financial Assets

Accounting policy

At each reporting date, the Group assesses whether there is any indication that an asset may be impaired. Where an indicator of impairment exists, the Group makes a formal estimate of recoverable amount. Where the carrying amount of an asset exceeds its recoverable amount the asset is considered impaired and is written down to its recoverable amount.

The recoverable amount of other assets is the greater of their fair value less costs of disposal and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. For an asset that does not generate largely independent cash inflows, the recoverable amount is determined for the cash-generating unit to which the asset belongs.

Impairment losses are reversed when there is an indication that the impairment loss may no longer exist and there has been a change in the estimate used to determine the recoverable amount. An impairment loss is reversed only to the extent that the asset's carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortisation, if no impairment loss had been recognised.

Total impairment losses recognised in the statement of comprehensive income for the year were as follows:

		Consolidated
		2020	2019
		$'000	$'000
Exploration and evaluation assets	12	1,686	6,729

Exploration and evaluation assets

An impairment loss of $1,686,000 (2019: $3,000) has been recognised in relation to tenements that were surrendered, relinquished or expired during the year.

For the year ended 30 June 2020, no impairment (2019: $6,726,000) was recognised in relation to tenements where the Group has no immediate plans to incur substantive expenditure on further exploration activity.

Key judgements

Determination of mineral resources and ore reserves

The determination of mineral resources and ore reserves impacts the accounting for asset carrying values. The Group estimates its mineral resources and ore reserves in accordance with the Australian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves 2012 (the "JORC" Code). The information on mineral resources and ore reserves was prepared by or under the supervision of Competent Persons as defined in the JORC Code. The amounts presented are based on the mineral resources and ore reserves determined under the JORC Code.

There are numerous uncertainties inherent in estimating mineral resources and ore reserves, and assumptions that are valid at the time of estimation may change significantly when new information becomes available.

Changes in the forecast prices of commodities, exchange rates, production costs or recovery rates may change the economic status of reserves and may ultimately result in reserves being restated.

16. Trade and Other Payables

Accounting Policies

Trade payables

Trade and other payables are initially recognised at the value of the invoice received from a supplier and subsequently measured at amortised cost. They represent liabilities for goods and services provided to the Group prior to the end of the financial year that are unpaid and arise when the Group becomes obliged to make future payments in respect of the purchase of these goods and services. The amounts are unsecured and generally paid within 30 days of recognition.

Employee entitlements

A liability is recognised for the amount expected to be paid to an employee for annual leave they are presently entitled to as a result of past service. The liability includes allowances for on-costs such as superannuation and payroll taxes, as well as any future salary and wage increases that the employee may be reasonably entitled to.

	Consolidated
	2020	2019
	$'000	$'000
Current
Trade payables	30,178	28,716
Accrued expenses	28,343	26,310
Employee entitlements – annual leave payable	3,886	3,547
Other payables	11,774	9,040
	74,181	67,613

17. Provisions

Accounting Policies

Provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability. The unwinding of the discount is recognised as a finance cost. Refer to note 18.

Site rehabilitation

In accordance with the Group's published environmental policy and applicable legal requirements, a provision for site rehabilitation is recognised in respect of the estimated cost of rehabilitation and restoration of the areas disturbed by mining activities up to the reporting date, but not yet rehabilitated.

When the liability is initially recorded, the estimated cost is capitalised by increasing the carrying amount of the related mining assets. At each reporting date the site rehabilitation provision is re-measured to reflect any changes in discount rates and timing or amounts to be incurred. Additional disturbances or changes in rehabilitation costs will be recognised as additions or changes to the corresponding asset and rehabilitation provision, prospectively from the date of change. For closed sites, or where the carrying value of the related asset has been reduced to nil either through depreciation and amortisation or impairment, changes to estimated costs are recognised immediately in the statement of comprehensive income.

Long service leave

The Group's net obligation in respect of long-term employee benefits is the amount of future benefit that employees have earned in return for their service up to reporting date, plus related on costs. The benefit is discounted to determine its present value and the discount rate is the yield at the reporting date on high-quality corporate bonds that have maturity dates approximating the terms of the Group's obligations

	Consolidated
	2020	2019
	$'000	$'000
Current
Dividends payable	619	490
Long service leave	291	158
Rehabilitation	3,084	2,831
	3,994	3,479
Non-current
Long service leave	1,944	2,166
Rehabilitation	73,901	58,625
	75,845	60,791
Provision for rehabilitation
Balance at 1 July	61,456	44,544
Provisions made during the year	7,497	11,211
Provisions used during the year	(1,089)	(939)
Provisions re-measured during the year	8,202	5,278
Unwinding of discount	919	1,362
Balance at 30 June	76,985	61,456

Nature and purpose of provision for rehabilitation

The nature of rehabilitation activities includes dismantling and removing structures, rehabilitating mines, dismantling operating facilities, closure of plant and waste sites and restoration, reclamation and re-vegetation of affected areas. Typically, the obligation arises when the asset is installed at the production location.

Key estimates and assumptions

Rehabilitation obligations

The Group assesses site rehabilitation liabilities annually. The provision recognised is based on an assessment of the estimated cost of closure and reclamation of the areas using internal information concerning environmental issues in the exploration and previously mined areas, together with input from various environmental consultants, discounted to present value. Significant estimation is required in determining the provision for site rehabilitation as there are many factors that may affect the timing and ultimate cost to rehabilitate sites where mining and/or exploration activities have previously taken place. These factors include future development/exploration activity, changes in the cost of goods and services required for restoration activity and changes to the legal and regulatory framework. These factors may result in future actual expenditure differing from the amounts currently provided.

Capital structure, financial instruments and risk

This section outlines how the Group manages its capital, related financing costs and its exposure to various financial risks. It explains how these risks affect the Group's financial position and performance and what the Group does to manage these risks.

The Group's objectives when managing capital are to safeguard its ability to continue as a going concern, so that it can continue to provide returns to shareholders and benefits for other stakeholders and to maintain an efficient capital structure to reduce the cost of capital.

The Board's policy in relation to capital management is to regularly and consistently monitor future cash flows against expected expenditures for a rolling period of up to 12 months in advance. The Board determines the Group's need for additional funding by way of either share issues or loan funds depending on market conditions at the time. The Board defines working capital in such circumstances as its excess liquid funds over liabilities, and defines capital as being the ordinary share capital of the Company, plus retained earnings, reserves and net debt. In order to maintain or adjust the capital structure, the Board may adjust the amount of dividends paid to shareholders, return capital to shareholders, issue new shares or reduce debt.

There were no changes in the Group's approach to capital management during the year.

Neither the Company nor any of its subsidiaries are subject to externally imposed capital requirements.

18. Net Debt and Finance Costs

The carrying amounts of the Group's current and non-current borrowings approximate their fair value.

		Consolidated
		2020	2019
		$'000	$'000
Current interest-bearing liabilities
Lease liabilities (i) (2019: Finance Lease Liability)		15,856	793
Non-current interest-bearing liabilities
Lease liabilities (i) (2019: Finance Lease Liability)		22,041	1,328
Less: cash and cash equivalents	7	192,428	188,697
Net cash		154,531	186,576

(i) Lease liabilities has increased due to the adoption of the new standard AASB 16 – Leases (refer Note 11).

Interest-bearing liabilities

		Consolidated
	2020	2019
	$'000	$'000
Finance costs
Interest expense	1,105	85
Unwinding of discount on provisions	919	1,362
	2,024	1,447

Borrowing costs

Borrowing costs directly attributable to the acquisition, construction or production of a qualifying asset (i.e. an asset that necessarily takes a substantial period of time to get ready for its intended use or sale) are capitalised as part of the cost of that asset. All other borrowing costs are expensed as part of finance costs in the period incurred. Borrowing costs consist of interest and other costs that an entity incurs in connection with the borrowing of funds.

Unwinding of discount on provisions

The unwinding of discount on provisions represents the cost associated with the passage of time. Rehabilitation provisions are recognised at the discounted value of the present obligation to restore, dismantle and rehabilitate each mine site with the increase in the provision due to the passage of time being recognised as a finance cost in accordance with the policy described in Note 17.

19. Financial Assets

Accounting Policy

Financial assets are initially recognised at fair value, plus transaction costs that are directly attributable to its acquisition and subsequently measured at amortised costs or fair value depending on the business model for those assets and the contractual cash flow characteristics.

Equity instruments

Equity instruments are normally measured at fair value through profit or loss ("FVTPL") unless the Group chooses, on an instrument-byinstrument basis on initial recognition, to present fair value changes in other comprehensive income ("FVOCI"). This option is irrevocable and only applies to equity instruments which are neither held for trading nor are contingent consideration in a business combination. Gains and losses on equity instruments measured at FVOCI are not recycled through profit and loss or disposal and there is no impairment accounting. All gains and losses are recorded in equity through other comprehensive income.

	Consolidated
	2020	2019
	$'000	$'000
Current
Financial assets at amortised cost – term deposit	270	269

20. Financial Risk Management

The Group holds financial instruments for the following purposes:

• Financing: to raise finance for the Group's operations or, in the case of short-term deposits, to invest surplus funds. The principal types of instruments used include bank loans, cash and short-term deposits.
• Operational: the Group's activities generate financial instruments, including cash, receivables and trade payables.
• Risk management: to reduce risks arising from the financial instruments described above, including commodity swap contracts and gold call options.

It is, and has been throughout the year, the Group's policy that no speculative trading in financial instruments shall be undertaken.

The Group's holding of these financial instruments exposes it to the following risks:

• Credit risk
• Liquidity risk
• Market risk, including foreign currency risk, interest rate risk and commodity price risk

This note presents information about the Group's exposure to each of the above risks and its objectives, policies and processes for measuring and managing risk. These risks affect the fair value measurements applied by the Group. Further quantitative disclosures are included throughout this financial report.

The Board of Directors has overall responsibility for the establishment and oversight of the risk management framework. The Audit Committee is responsible for developing and monitoring financial risks and the Risk, Safety, Environment and Community Committee is responsible for developing and monitoring all other risk management policies. The committees report regularly to the Board of Directors on their activities.

Risk management policies are established to identify and analyse the risks faced by the Group, to set appropriate risk limits and controls, and to monitor risks and adherence to limits. Risk management policies and systems are reviewed regularly to reflect changes in market conditions and the Group's activities. The Group, through its training and management standards and procedures, aims to develop a disciplined and constructive control environment in which all employees understand their roles and obligations.

The Group's Risk, Safety, Environment and Community Committee oversees how management monitors compliance with the Group's risk management policies and procedures and reviews the adequacy of the risk management framework in relation to the risks faced by the Group.

Credit Risk

Credit risk is the risk of financial loss to the Group if the counterparty to a financial asset fails to meet its contractual obligation. Credit risk arises from cash and cash equivalents and gold bullion awaiting settlement. The Group has adopted the policy of dealing with creditworthy counterparties as a means of mitigating the risk of financial loss from defaults. Cash holdings are with Commonwealth Bank of Australia and Macquarie Bank Limited, Australian banks regulated by APRA with a short-term S&P rating of A-1+ and A-1 respectively. The Group has determined that it currently has no significant exposure to credit risk as at reporting date given banks have investment grade credit ratings.

Liquidity Risk

Liquidity risk is the risk that the Group will not be able to meet its financial obligations as they fall due. The Group's approach to managing liquidity is to ensure, as far as possible, that it will always have sufficient liquidity to meet liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Group's reputation.

The Group uses monthly cash forecasting to monitor cash flow requirements. Typically, the Group ensures that it has sufficient cash on demand to meet expected operational expenses, including the servicing of financial obligations; this excludes the potential impact of extreme circumstances that cannot reasonably be predicted, such as natural disasters and pandemics.

The following table analyses the Group'sfinancial liabilities, including net and gross settled financial instruments, into relevant maturity periods based on the remaining period at the reporting date to the contractual maturity date. The amounts disclosed in the table are the contractual undiscounted cash flows and hence will not necessarily reconcile with the amounts disclosed in the balance sheet.

30 June 2020($'000)	Carryingamount	Contractualcash-flows	6 mths or less	6-12 mths	1-2 years	2-5 years	More than 5years
Trade and other payables	69,949	(69,949)	(69,949)	-	-	-	-
Lease liabilities	37,897	(39,288)	(8,602)	(8,389)	(14,177)	(8,120)	-
Total	107,846	(109,237)	(78,551)	(8,389)	(14,177)	(8,120)	-
30 June 2019($'000)	Carryingamount	Contractualcash-flows	6 mths or less	6-12 mths	1-2 years	2-5 years	More than 5years
Trade and other payables	64,066	(64,066)	(64,066)	-	-	-	-
Finance leases	2,121	(2,231)	(447)	(412)	(1,372)	-	-
Total	66,187	(66,297)	(64,513)	(412)	(1,372)	-	-

Assets pledged as security

The finance lease liabilities are secured by the related assets. Ownership of the assets remains with Komatsu until all contractual payments have been made.

Financial guarantee liabilities

As at 30 June 2020, the Group did not have any financial guarantee liabilities (2019: Nil).

Market risk

Market risk is the risk that changes in market prices, such as foreign exchange rates, interest rates, commodity prices and equity prices will affect the Group's income or value of its holdings of financial instruments. The objective of market risk management is to manage and control market risk exposures within acceptable parameters, while optimising the return.

• Foreign currency risk: The Group is occasionally exposed to foreign currency risk when long lead items are purchased in a currency other than Australian dollars. The Group maintains all of its cash in Australian dollars and does not currently hedge these purchases. There is no significant exposure to foreign currency risk at reporting date.
• Interest rate risk: The Group is only exposed to interest rate risk through its cash deposits, which attract variable interest rates. The Group regularly reviews its current working capital requirements against cash balances and the returns available on short term deposits. There is no significant exposure to interest rate risk at reporting date.
• Commodity price risk: The Group's exposure to commodity price risk is purely operational and arises largely from gold price fluctuations or in relation to the purchase of inventory with commodity price as a significant input, such as diesel. The Group's exposure to movements in the gold price is managed through the use of gold forward contracts (Note 2). The gold forward sale contracts do not meet the criteria of financial instruments for accounting purposes on the basis that they meet the normal purchase/sale exemption because physical gold will be delivered into the contract. No sensitivity analysis is provided for these contracts as they are outside the scope of AASB 9 Financial Instruments.

Interest rate risk

At the reporting date the interest rate profile of the Group's interest-bearing financial instruments was:

		Consolidated
	2020	2019
	$'000	$'000
Fixed rate instruments
Term deposits	270	269
Lease liabilities	(37,897)	(2,121)
	(37,627)	(1,852)
Variable rate instruments
Cash and cash equivalents	192,302	188,585

Fair value sensitivity analysis for fixed rate instruments

The Group does not account for any fixed rate financial assets and liabilities at fair value through profit or loss. Therefore, a change at reporting date would not affect profit or loss.

Cash flow sensitivity analysis for variable rate instruments

A sensitivity analysis has not been disclosed in relation to the variable interest rate cash on deposit as the result has been determined to be immaterial to the statement of comprehensive income for both the current and prior financial years.

Fair Values

The carrying amounts and estimated fair values of all of the Group's financial instruments recognised in the financial statements are materially the same. The methods and assumptions used to estimate the fair value of the financial instruments are disclosed in the respective notes.

Valuation of financial instruments

For all fair value measurements and disclosures, the Group uses the following to categorise the method used:

• Level 1: the fair value is calculated using quoted prices in active markets.
• Level 2: the fair value is estimated using inputs other than quoted prices included in Level 1, that are observable for the asset or liability, either directly (as prices) or indirectly (derived from prices). The most frequently applied valuation techniques include forward pricing and swap models using present value calculations. The models incorporate various inputs including the credit quality of counterparties, foreign exchange spot and forward rates, and spot and forward rate curves of the underlying commodity.
• Level 3: the fair value is estimated using inputs for the asset or liability that are not based on observable market data. The Group does not have any financial assets or liabilities in this category.

For financial instruments that are carried at fair value on a recurring basis, the Group determines whether transfers have occurred between Levels in the hierarchy by reassessing categorisation (based on the lowest level input that is significant to the fair value measurement as a whole) at the end of each reporting period. There were no transfers between levels during the year.

21. Issued Capital and Reserves

Accounting Policy

Ordinary shares are classified as equity. Transaction costs directly attributable to the issue of shares or options are recognised as a deduction from equity, net of any related income tax effects.

	Consolidated
	2020	2019
	$'000	$'000
Ordinary shares – issued and fully paid	435,145	434,880
	No. shares('000s)	$'000
Movement in ordinary shares on issue
At 1 July 2018	504,438	433,248
Issued on exercise of options	3,431	1,697
Transaction costs	-	(65)
At 30 June 2019	507,869	434,880
Issued on exercise of options	311	279
Transaction costs	-	(14)
At 30 June 2020	508,180	435,145

The holders of ordinary shares are entitled to receive dividends as declared from time to time and, on a poll, are entitled to one vote per share at meetings of the Company. The Company does not have authorised capital or par value in respect of its issued shares.

	Share-based paymentreserve$'000	Financial assetsreserve$'000	Total Reserves$'000
Balance at 1 July 2018	28,280	1,717	29,997
Net gain on financial instruments recognisedin equity	-	-	-
Tax effect of transfers and revaluations	-	-	-
Share-based payment transactions	1,082	-	1,082
Balance at 30 June 2019 and 1 July 2019	29,362	1,717	31,079
Net gain on financial instruments recognisedin equity	-	-	-
Tax effect of transfers and revaluations	-	-	-
Share-based payment transactions	144	-	144
Balance at 30 June 2020	29,506	1,717	31,223

Nature and purpose of reserves

Share-based payment reserve

The share-based payment reserve is used to record the value of share-based payments and performance rights provided to employees, including KMP, as part of their remuneration, as well as non-employees.

Financial assets reserve

The financial assets reserve records fair value changes on financial assets designated at fair-value through other comprehensive income.

Other disclosures

This section provides information on items which require disclosure to comply with Australian Accounting Standards and other regulatory pronouncements.

22. Deferred Income Tax

Accounting Policy

Deferred tax balances are determined using the balance sheet method, which provides for temporary differences at the balance sheet date between accounting carrying amounts and the tax bases of assets and liabilities.

Deferred income tax liabilities are recognised for all taxable temporary differences, other than for the exemptions permitted under accounting standards. At 30 June 2020 there are no unrecognised temporary differences associated with the Group's investment in subsidiaries (2019: $nil).

Deferred income tax assets are recognised for all deductible temporary differences, carry-forward of unused tax assets and unused tax losses, to the extent that it is probable that future taxable profits will be available to utilise these deductible temporary differences. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realised.

Deferred income tax assets and liabilities are measured at the tax rates that are expected to apply to the temporary differences when they reverse, based on the laws that have been enacted or substantively enacted by the reporting date. Deferred tax assets and liabilities are only offset if a legally enforceable right exists to set off current tax assets against current tax liabilities and the deferred tax assets and liabilities relate to the same taxable entity and the same taxation authority.

Deferred income tax at 30 June relates to the following:

	Consolidated
	2020	2019
	$'000	$'000
Deferred tax liabilities
Receivables	588	542
Inventories	8,521	1,377
Prepayments	205	140
Property, plant and equipment	23,150	21,620
Exploration and evaluation expenditure	39,513	33,057
Mine properties under development	-	9,599
Mine properties	76,799	51,394
Gross deferred tax liabilities	148,776	117,729
Set off of deferred tax assets	(31,368)	(26,424)
Net deferred tax liabilities	117,408	91,305
Deferred tax assets
Trade and other payables	1,410	1,421
Provisions	23,766	19,134
Expenses deductible over time	3	3
Mine properties under development	1,222	-
Tax losses carried forward	4,967	5,866
Gross deferred tax assets	31,368	26,424
Set off of deferred tax assets	(31,368)	(26,424)
Net deferred tax assets	-	-

Reconciliation of deferred tax, net:
Opening balance at 1 July – net deferred tax assets/(liabilities)	(91,305)	(75,098)
Income tax (expense)/ benefit recognised in profit or loss	(26,103)	(16,207)
Income tax (expense)/benefit recognised in equity	-	-
Closing balance at 30 June – net deferred tax (liabilities)/ assets	(117,408)	(91,305)

Key judgements

Recovery of deferred tax assets

Judgement is required in determining whether deferred tax assets are recognised on the balance sheet. Deferred tax assets, including those arising from unutilised tax losses, require management to assess the likelihood that the Group will generate taxable earnings in future periods, in order to utilise recognised deferred tax assets. Estimates of future taxable income are based on forecast cash flows from operations and the application of existing tax laws in Australia.

To the extent that future cash flows and taxable income differ significantly from estimates, the ability of the Group to realise the net deferred tax assets recorded at the reporting date could be impacted. Additionally, future changes in tax laws in Australia could limit the ability of the Group to obtain tax deductions in future periods.

Tax consolidation

The Company and its wholly-owned Australian resident entities became part of a tax-consolidated group on 14 December 2006. As a consequence, all members of the tax-consolidation group are taxed as a single entity from that date. The head entity within the taxconsolidation group is Regis Resources Limited.

The head entity, in conjunction with other members of the tax-consolidated group, have entered into a tax funding arrangement which sets out the funding obligations of members of the tax-consolidated group in respect of tax amounts. Any current tax liabilities (or assets) and deferred tax assets arising from unused tax losses of the subsidiaries are assumed by the head entity and are recognised by the Company as intercompany receivables (or payables). Contributions to fund the current tax liabilities are payable as per the tax funding arrangement and reflect the timing of the head entity's obligation to make payments for tax liabilities to the relevant tax authorities.

The Company recognises deferred tax assets arising from unused tax losses of the tax-consolidated group to the extent that it is probable that future taxable profits of the tax-consolidated group will be available against which asset can be utilised.

Any subsequent period adjustment to deferred tax assets arising from unused tax losses as a result of revised assessments of the probability of recoverability is recognised by the head entity only.

The head entity in conjunction with other members of the tax-consolidated group has also entered into a tax sharing agreement. The tax sharing agreement provides for the determination of the allocation of income tax liabilities between the entities should the head entity default on its tax payment obligations. No amounts have been recognised in the financial statements in respect of this agreement as payment of any amounts under the tax sharing agreement is considered remote.

23. Share-based Payments

Accounting Policy

The value of options or performance rights granted to employees is recognised as an employee expense, with a corresponding increase in equity, over the period that the employees become unconditionally entitled to the options or performance rights (the vesting period), ending on the date on which the relevant employees become fully entitled to the option or performance right (the vesting date).

At each subsequent reporting date until vesting, the cumulative charge to the statement of comprehensive income is the product of:

• The grant date fair value of the option or performance right;
• The current best estimate of the number of options or performance rights that will vest, taking into account such factors as the likelihood of employee turnover during the vesting period and the likelihood of non-market performance conditions being met; and
• The expired portion of the vesting period.

	Consolidated
	2020$'000	2019$'000
Recognised share-based payments expense
Employee share-based payments expense	(91)	1,037
Performance rights expense	235	45
Total expense arising from share-based payment transactions	144	1,082

There have been no cancellations or modifications to any of the plans during the current or prior years.

Employee share option plan (ESOP)

The Company has one ESOP, being the Regis Resources Limited 2014 Share Option Plan (the "Option Plan"). The objective of the Option Plan is to assist in the recruitment, reward, retention and motivation of eligible persons of the Group. Under the Option Plan, the board or Remuneration, Nomination and Diversity Committee may issue eligible employees with options to acquire shares in the future at an exercise price fixed by the board or Remuneration, Nomination and Diversity Committee on grant of the options.

The vesting of all options is subject to service conditions being met whereby the recipient must meet the eligible employee criteria as defined in the Option Plan.

Summary of options granted

The following table illustrates the number (No.) and weighted average exercise prices (WAEP) of, and movements in, share options issued during the year:

	2020		2019
	No.	WAEP	No.	WAEP
Outstanding at the beginning of the year	1,625,000	$3.6923	5,822,500	$2.1480
Granted during the year	-	-	-	-
Forfeited during the year	(400,000)	$3.9000	(200,000)	$3.9000
Exercised during the year	(675,000)	$3.4185	(3,997,500)	$1.4325
Expired during the year	(5,000)	$1.4000	-	-
Outstanding at the end of the year	545,000	$3.9000	1,625,000	$3.6923
Exercisable at the end of the year	(50,000)	-	135,000	-

	2020	2019
Weighted average share price at the date of exercise	$5.48	$4.25
Weighted average remaining contractual life	1 year	1.8 years
Range of exercise prices	$1.40 - $3.90	$1.40 - $3.90
Weighted average fair value of options granted during the year	n/a	n/a

Option pricing model

The fair value of the equity-settled share options granted under the ESOP is estimated as at the date of grant using a Black-Scholes option pricing model taking into account the terms and conditions upon which the options were granted. There were no new grants of employee options during the year ended 30 June 2020 and 30 June 2019.

Performance Rights

2017 Performance Rights

In November 2017, 430,440 performance rights were granted to the executive directors, Mr Mark Clark and Mr Paul Thomas, and other executives, Mr Kim Massey and Mr Peter Woodman under the Group's Executive Incentive Plan ("EIP").

Mr Paul Thomas resigned as COO on 30 September 2019 and 113,636 performance rights lapsed on the date of his resignation in accordance with terms and conditions. In accordance with AASB 2, expenses recognised for Mr Paul Thomas shall be reversed.

Mr Kim Massey resigned on 1 July 2019 and 71,625 performance rights granted to Mr Massey lapsed upon the date of the resignation in accordance with the terms and conditions. In accordance with AASB 2, expenses recognised for Mr Kim Massey shall be reversed

Mr Mark Clark retired on 23 November 2018 and 173,554 performance rights granted to Mr Clark lapsed upon the date of the retirement in accordance with the terms and conditions.

Mr Peter Woodman resigned on 29 March 2018 and 71,625 performance rights granted to Mr Woodman lapsed upon the date of the resignation in accordance with the terms and conditions.

The performance conditions that the Board has determined will apply to the Performance Rights are summarised below:

Tranche	Weighting	Performance Conditions
Tranche A	25% of the Performance Rights	The Company's relative total shareholder return ("TSR") measured against the TSR's of18 comparator mining companies
Tranche B	25% of the Performance Rights	The Company's absolute TSR measured against specific thresholds
Tranche C	25% of the Performance Rights	The growth in the Company's earnings per share ("EPS") measured against specificthresholds
Tranche D	25% of the Performance Rights	The growth in the Company's Ore Reserve measured against specific thresholds

The fair value at grant date of Tranches A and B was estimated using a Monte Carlo simulation, and a Black Scholes option pricing model was used to estimate the fair value at grant date of Tranches C and D.

The table below details the terms and conditions of the grant and the assumptions used in estimating fair value:

Item	Tranche A & B	Tranche C & D
Grant date	23 November	23 November
	2017	2017
Value of the underlying security at grant date	$4.09	$4.09
Exercise price	nil	nil
Dividend yield	4.00%	4.00%
Risk free rate	1.90%	1.90%
Volatility	50%	50%
Performance period (years)	3	3
Commencement of measurement period	1 July 2017	1 July 2017
Test date	30 June 2020	30 June 2020
Expiry Date	30 August 2020	30 August 2020
Remaining performance period (years)	Nil	Nil

The weighted average fair value of the Performance Rights granted during the year was $nil as these have all been forfeited.

2018 Performance Rights

In November 2018, 373,924 performance rights were granted to the executive directors Mr Jim Beyer and Mr Paul Thomas, and other executives, Mr Kim Massey under the Group's Executive Incentive Plan ("EIP").

Mr Paul Thomas resigned as COO on 30 September 2019 and 129,187 performance rights lapsed on the date of his resignation in accordance with terms and conditions. In accordance with AASB 2, expenses recognised for Mr Paul Thomas shall be reversed.

Mr Kim Massey resigned on 1 July 2019 and 83,971 performance rights lapsed upon the date of the resignation in accordance with the terms and conditions. In accordance with AASB 2, expenses recognised for Mr Kim Massey shall be reversed.

The performance conditions that the Board has determined will apply to the Performance Rights are summarised below:

Tranche	Weighting	Performance Conditions
Tranche A	20% of the Performance Rights	The Company's relative total shareholder return ("TSR") measured against the TSR's of10 comparator mining companies
Tranche B	20% of the Performance Rights	The Company's absolute TSR measured against specific thresholds
Tranche C	15% of the Performance Rights	The growth in the Company's earnings per share ("EPS") measured against specificthresholds
Tranche D	15% of the Performance Rights	The growth in the Company's Ore Reserve measured against specific thresholds
Tranche E	15% of the Performance Rights	McPhillamys progress against timetable and budget including permitting and scheduling
Tranche F	15% of the Performance Rights	Rosemont Underground against specific performance requirements

The fair value at grant date of Tranches A and B was estimated using a Monte Carlo simulation, and a Black Scholes option pricing model was used to estimate the fair value at grant date of Tranches C, D, E and F, which have non market-based performance conditions.

The table below details the terms and conditions of the grant and the assumptions used in estimating fair value:

Item	Tranche A & B	Tranche C & D	Tranche E & F
Grant date	23 November 2018	23 November 2018	23 November 2018
Value of the underlying security at grant date	$4.34	$4.34	$4.34
Exercise price	nil	nil	nil
Dividend yield	4.30%	4.30%	4.30%
Risk free rate	2.11%	2.11%	2.11%
Volatility	35%	35%	35%
Performance period (years)	3	3	3
Commencement of measurement period	1 July 2018	1 July 2018	1 July 2018
Test date	30 June 2021	30 June 2021	30 June 2021
Remaining performance period (years)	1	1	1

The fair value of the Performance Rights granted during the year was $426,480 and the weighted average fair value was $2.65.

2019 Performance Rights

In November 2019, 764,794 performance rights were granted to the Executive Director Mr Jim Beyer, CFO Mr Jon Latto and other executives, under the Group's Executive Incentive Plan ("EIP").

The performance conditions that the Board has determined will apply to 129,433 and 58,343 LTI Performance Rights granted to Mr Jim Beyer and Mr Jon Latto respectively, are summarised below:

Tranche	Weighting	Performance Conditions
Tranche A	20% of the Performance Rights	The Company's relative total shareholder return ("TSR") measured against the TSR's of12 comparator mining companies
Tranche B	20% of the Performance Rights	The Company's absolute TSR measured against specific thresholds
Tranche C	15% of the Performance Rights	The growth in the Company's earnings per share ("EPS") measured against specificthresholds
Tranche D	15% of the Performance Rights	The growth in the Company's Ore Reserve measured against specific thresholds
Tranche E	15% of the Performance Rights	McPhillamys progress against timetable and budget including permitting and scheduling
Tranche F	15% of the Performance Rights	Annual production growth above levels contained in the Life of Mine Plan. Growth inproduction can arise from M&A activity.

The fair value at grant date of Tranches A and B was estimated using a Monte Carlo simulation, and a Black Scholes option pricing model was used to estimate the fair value at grant date of Tranches C, D, E, and F, which have non market-based performance conditions.

30,890 STI Performance Rights were granted to Mr Jim Beyer with the balance of the 2019 Performance Rights (being 546,128 Performance Rights) granted to senior executives vesting progressively over a four year period from 1 July 2019 to 30 June 2023 (Tranche G).

The following table details the terms and conditions of the grant and the assumptions used in estimating fair value:

Item	Tranche A & B	Tranche C & D	Tranche E & F	Tranche G
				STI	LTI
Grant date	26 November 2019	26 November 2019	26 November 2019	26 November 2019	26 November 2019
Value of the underlyingsecurity at grant date	$4.62	$4.62	$4.62	$4.62	$4.62
Exercise price	nil	nil	nil	nil	nil
Dividend yield	4.00%	4.00%	4.00%	4.00%	4.00%
Risk free rate	0.73%	0.73%	0.73%	0.77%	0.77%
Volatility	35%	35%	35%	35%	35%
Performance period (years)	3	3	3	0.6	4
Commencement ofmeasurement period	1 July 2019	1 July 2019	1 July 2019	1 July 2019	1 July 2019
Test date	30 June 2022	30 June 2022	30 June 2022	1 July 2020	30 June 2023
Remaining performance	2	2	2	Nil	3

period (years)

The fair value of the Performance Rights granted during the year was $3,178,560 and the weighted average fair value was $4.16 (Tranche A-F: $574,477, $3.06, and Tranche G: $2,604,082, $4.51).

Key estimates and assumptions

Share-based payments

The Group is required to use key assumptions, such as volatility, in respect of the fair value models used in determining share-based payments to employees in accordance with the requirements of AASB 2 Share–based payment. The accounting estimates and assumptions relating to equity-settled share-based payments would have no impact on the carrying amounts of assets and liabilities within the next annual reporting period but may impact expenses and equity.

24. Related Parties

Key management personnel compensation

The key management personnel compensation included in employee benefits expense (Note 3) and share-based payments (Note 23), is as follows:

	Consolidated
	2020	2019
	$	$
Short-term employee benefits	2,039,665	3,337,291
Post-employment benefits	189,711	194,359
Long-term benefits	34,355	239,104
Termination benefits	-	-
Share-based payment	203,311	91,184
Total compensation	2,467,042	3,861,938

Individual directors' and executives' compensation disclosures

Information regarding individual directors' and executives' compensation and equity instrument disclosures required by s300A of the Corporations Act and Corporations Regulations 2M.3.03 are provided in the Remuneration Report section of the Directors' Report.

No director has entered into a material contract with the Group either in the current or prior financial year and there were no material contracts involving directors' interests existing at year end, other than advised elsewhere in this report.

Subsidiaries

The consolidated financial statements include the financial statements of Regis Resources Limited and the subsidiaries listed in the following table:

	Country of	% Equity Interest		Investment $'000
Name	Incorporation	2020	2019	2020	2019
Duketon Resources Pty Ltd	Australia	100%	100%	30,575	30,575
Artane Minerals NL	Australia	100%	100%	-	-
Rosemont Gold Mines Pty Ltd	Australia	100%	100%	-	-
LFB Resources NL	Australia	100%	100%	73,941	73,941
				104,516	104,516

Ultimate parent

Regis Resources Limited is the ultimate Australian parent entity and the ultimate parent entity of the Group.

Transactions with related parties

A loan is made by the Company to Duketon Resources and represents the subsidiary's share of payments for exploration and evaluation expenditure on commercial joint ventures existing between the Company and Duketon Resources. The loan outstanding between the Company and Duketon Resources has no fixed date of repayment and is non-interest-bearing. As at 30 June 2020, the balance of the loan receivable was $30,935,000 (2019: $26,392,000).

A loan is made by the Company to LFB Resources and represents the subsidiary's share of payments for exploration and evaluation expenditure. The loan outstanding between the Company and LFB Resources has no fixed date of repayment and is non-interest-bearing. As at 30 June 2020, the balance of the loan receivable was $98,508,000 (2019: $83,667,000).

Transactions with key management personnel

For the year ended 30 June 2020, services totalling $173,965 (2019: $453,384) have been provided on normal commercial terms to the Group by Mintrex Pty Ltd, of which Mrs Morgan is Managing Director, Chief Executive Officer and a shareholder. The Company engaged Mintrex during the financial year to engineer feasibility level plant designs for the McPhillamys Project. Mrs Morgan and Mintrex have structured their management of this engineering project to ensure she has no involvement in the control or direction of the work. The balance outstanding at 30 June 2020 was $66,285, exclusive of GST.

Other than the ordinary accrual of personnel expenses at balance date and transactions disclosed above, there are no other amounts receivable from and payable to key management personnel and their related parties.

25. Parent Entity Information

The following details information related to the parent entity, Regis Resources Limited, at 30 June 2020. The information presented here has been prepared using consistent accounting policies as detailed in the relevant notes of this report.

	2020$'000	2019$'000
Current assets	277,055	253,503
Non-current assets	878,338	708,809
Total assets	1,155,393	962,312
Current liabilities	101,486	84,093
Non-current liabilities	185,320	125,402
Total liabilities	286,806	209,495
Issued capital	435,145	434,880
Share-based payment reserve	31,223	31,079
Retained profits	402,219	286,858
Total equity	868,587	752,817
Net profit for the year	196,670	169,647
Other comprehensive income for the period	-	-
Total comprehensive income for the period	196,670	169,647

The parent entity has not guaranteed any loans of its subsidiaries.

All commitments are commitments incurred by the parent entity, except for $1,352,00 (2019: $1,297,000) of the exploration expenditure commitments disclosed at Note 12.

26. Commitments

Operating lease commitments – Group as lessee

The Group leases office premises in Perth, WA and Blayney, NSW under normal commercial lease arrangements. The Perth office lease was entered into on 1 June 2018 for an initial period of 3 years. Two office leases were entered into for Blayney, NSW, for an initial period of 3 years each, effective from 1 November 2017.

The Group is under no legal obligation to renew the lease once the extended lease term has expired. All office lease arrangements will qualify as a lease under the new accounting standard, AASB 16 Leases.

Future minimum rentals payable under non-cancellable operating leases at 30 June are as follows:

	Consolidated
	2020	2019
	$'000	$'000
Within one year	-	956
Between one and five years	-	557
Total minimum lease payments	-	1,513

27. Contingencies

As at 30 June 2020, the Group did not have any material contingent assets or liabilities (30 June 2019: nil).

28. Auditor's Remuneration

	Consolidated
	2020	2019
	$	$
Audit services
KPMG Australia
Audit and review of financial statements	260,708	240,702
Other services
Other advisory services	9,100	-
Taxation compliance services	55,890	18,963
Total auditor's remuneration	325,698	259,665

29. Subsequent Events

Share issue

Subsequent to year end, 174,241 shares have been issued as a result of the exercise of employee options and the vesting of 30,890 performance rights.

Acquisition of additional tenure in the Duketon Greenstone Belt

On 12 August 2020 the Company announced the acquisition of a strategic tenement holding from Stone Resources Australia Limited for $10 million in Regis shares and a capped 1% Net Smelter Return ("NSR") royalty payable after the first 100,000 ounces of production. The 1% NSR payments are capped at $5 million, after which the royalty will revert to 0.0025% NSR for four years.

Dividends

On 25 August 2020, the directors proposed a final dividend on ordinary shares in respect of the 2020 financial year. Refer to Note 6.

Other than the matters discussed above, there has not arisen in the interval between the end of the financial year and the date of this Report any item, transaction or event of a material and unusual nature which, in the opinion of the directors of the Group, has significantly affected

or is likely to significantly affect the operations of the Group; the results of those operations; or the state of affairs of the Group in future financial years.

30. New Accounting Standards and Interpretations

Changes in accounting policy

The Group has adopted the following new and revised accounting standards, amendments and interpretations as of 1 July 2019:

• AASB 16 Leases (Note 11)

New standards and interpretations issued but not yet effective

The following standards, amendments to standards and interpretations have been identified as those which may impact the entity in the period of initial application. They are available for early adoption at 30 June 2020 but have not been applied in preparing this financial report. Except where noted, the Group has evaluated the impact of the new standards and interpretations listed below and determined that the changes are not likely to have a material impact on its financial statements.

AASB 2018-6 Amendments to Australian Accounting Standards – Definition of Material

The amendments clarify the definition of "material" and its application across AASB Standards and other pronouncements. The principal amendments are to AASB 101 Presentation of Financial Statements.

Application date of Standard: 1 January 2020 Application date for Group: 1 July 2020

AASB 2014-10 Amendments to Australian Accounting Standards – Sale or Contribution of Assets between an Investor and its Associate or Joint Venture

The amendments clarify that a full gain or loss is recognised when a transfer to an associate or joint venture involves a business as defined in AASB 3 Business Combinations. Any gain or loss resulting from the sale or contribution of assets that does not constitute a business, however, is recognised only to the extent of unrelated investors' interests in the associate or joint venture.

AASB 2015-10 defers the mandatory effective date (application date) of AASB 2014-10 so that the amendments are required to be applied for annual reporting periods beginning on or after 1 January 2022 instead of 1 January 2018.

Application date of Standard:	1 January 2022	Application date for Group:	1 July 2022
-------------------------------	----------------	-----------------------------	-------------

AASB 2020-3 Amendments to Australia Accounting Standards – Annual Improvements 2018-2020 and Other Amendments The subject of the principal amendments to the Standards are set out below:

AASB 1 First-time Adoption of Australian Accounting Standards

The amendment allows a subsidiary that becomes a first-time adopter after its parent to elect to measure cumulative translation differences for all foreign operations at the carrying amount that would be included in the parent's consolidated financial, based on the parents date of transition, if no adjustment were made for consolidation procedures and for the effects of the business combination in which the parent acquired the subsidiary.

AASB 9 Financial Instruments

The amendment clarifies that an entity includes only fees paid or received between the borrower and the lender and fees paid or received by either the borrower or the lender on the other's behalf when assessing whether the terms of a new or modified financial liability are substantially different from the terms of the original financial liability.

AASB 116 Property, Plant and Equipment

The amendment requires an entity to recognise the sales proceeds from selling items produced while preparing property, plant and equipment for its intended use and the related costs in profit or loss, instead of deducting the amounts received from the cost of the asset.

Without a detailed assessment being performed at this stage, this amendment will be expected to have an impact on the presentation of net profit after tax, net assets and financial position for the year ending 30 June 2023.

AASB 137 Provisions, Contingent Liabilities and Contingent Assets

The amendment specifies the costs an entity includes when assessing whether a contract will be loss-making consists of the incremental costs of fulfilling that contract and an allocation of other costs that relate directly to fulfilling contracts.

Application date of Standard: 1 January 2022 Application date for Group: 1 July 2022

DIRECTORS' DECLARATION

In accordance with a resolution of the directors of Regis Resources Limited, I state that:

• 1. In the opinion of the directors:
  • (a) The financial statements, notes and additional disclosures included in the directors' report designated as audited, of the Company and the consolidated entity are in accordance with the Corporations Act 2001, including:
    • (i) Giving a true and fair view of the consolidated entity's financial position as at 30 June 2020 and of its performance for the financial year ended on that date; and
    • (ii) Complying with Accounting Standards and the Corporations Regulations 2001; and
  • (b) There are reasonable grounds to believe that the Company and Group will be able to pay its debts as and when they become due and payable.
• 1. The Directors have been given the declarations required by Section 295A of the Corporations Act 2001 from the Chief Executive Officer and Chief Financial Officer for the financial year ended 30 June 2020.
• 1. The directors draw attention to the notes to the consolidated financial statements, which include a statement of compliance with International Financial Reporting Standards.

On behalf of the board

Mr James Mactier Non-Executive Chairman

Perth, 25 August 2020

Independent Auditor's Report

To the shareholders of Regis Resources Limited

Report on the audit of the Financial Report

Opinion

We have audited the Financial Report of Regis Resources Limited (the Company).

In our opinion, the accompanying Financial Report of Regis Resources Limited is in accordance with the Corporations Act 2001, including:

• giving a true and fair view of the Group's financial position as at 30 June 2020 and of its financial performance for the year ended on that date; and
• complying with Australian Accounting Standards and the Corporations Regulations 2001.

The Financial Report comprises the:

• Consolidated Balance Sheet as at 30 June 2020
• Consolidated Statement of Comprehensive Income, Consolidated Statement of Changes in Equity and Consolidated Statement of Cash Flows for the year then ended
• Notes including a summary of significant accounting policies
• Directors' Declaration.

The Group consists of Regis Resources Limited (the Company) and the entities it controlled at the year end or from time to time during the financial year.

Basis for opinion

We conducted our audit in accordance with Australian Auditing Standards. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the Financial Report section of our report.

We are independent of the Group in accordance with the Corporations Act 2001 and the ethical requirements of the Accounting Professional and Ethical Standards Board's APES 110 Code of Ethics for Professional Accountants (including Independence Standards) (the Code) that are relevant to our audit of the Financial Report in Australia. We have fulfilled our other ethical responsibilities in accordance with the Code.

Key Audit Matters

The Key Audit Matters we identified are:

• Valuation and classification of non-current ore stockpiles
• Valuation of exploration and evaluation assets

Key Audit Matters are those matters that, in our professional judgement, were of most significance in our audit of the Financial Report of the current period.

These matters were addressed in the context of our audit of the Financial Report as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

Valuation and Classification of non-current ore stockpiles

AU $63,503 (thousand)

Refer to Note 9 Inventories

The key audit matter	How the matter was addressed in our audit
Significant judgement is required to be exercisedby the Group in assessing the value andclassification of non-current ore stockpiles whichwill be used to produce gold bullion in the future.The valuation and classification of non-current orestockpiles is a key audit matter because:	Our procedures included:•Testing the Group's key controls in relation tothe preparation and review of inventoryreconciliations which utilise underlying data suchas production and processing costs, geologicalsurvey reports, mill production reports andmetallurgical survey reports.•Assessing the methodology applied by theGroup in determining the value of non-currentore stockpiles against the requirements of theaccounting standards.•Assessing the methodology and keyassumptions in the Group's model used todetermine the value of non-current orestockpiles by:
•Additional non-current ore stockpiles havebeen created from the continuation of miningactivities; and•Significant judgement is required by us inevaluating and challenging the key
assumptions within the Group's assessment.The Group's assessment is based on a modelwhich estimates future revenue expected to bederived from gold contained in the non-current ore
stockpiles, less selling costs and future processingcosts, to convert stockpiles into gold bullion. Weplaced particular focus on those assumptionslisted below which impact the valuation and	Comparing future processing costs tooprevious actual costs, and for consistencywith the Group's latest life of mine plan.
classification of ore stockpiles:•Future processing and selling costs of noncurrent ore stockpiles.•The estimated quantity of gold containedwithin the non-current ore stockpiles.	Comparing the estimated quantity of goldocontained within stockpiles to the Group'sinternal geological survey results andhistorical trends. We assessed the scope,competence and objectivity of the Group'sinternal expert involved in preparing thegeological survey results.
•Future commodity prices expected to prevailwhen the gold from existing non-current orestockpiles is processed and sold.	Comparing commodity prices to publishedoexternal analysts' data for prices expectedto prevail in the future.
•Estimated timing of conversion of non-currentore stockpiles into gold bullion, which drivesthe classification of non-current ore stockpilesas current or non-current assets.	Assessing the relevance of currentoprocessing and selling costs for futureproduction taking into consideration theGroup's planned changes in operations.
Assumptions are forward looking or not based onobservable data and are therefore inherentlyjudgmental to audit.	•Critically evaluating the Group's classification ofnon-current ore stockpiles as current/noncurrent by assessing the estimated timing ofprocessing the stockpiles against the Group'slatest life of mine plan and the historicaloperating capacity of the Group's processingplants.

Valuation of exploration and evaluation ("E&E") assetsAU $230,260 (thousand)
Refer to Note 12 Exploration and Evaluation Assets
The key audit matter	How the matter was addressed in our audit
The valuation of E&E assets is a key audit matterdue to:•The significance of the E&E balance (beingapproximately 20% of the Group's total assets);and•The greater level of audit effort to evaluate theGroup's application of the requirements of theindustry specific accounting standard AASB 6Exploration for and Evaluation of MineralResources, in particular the presence ofimpairment indicators. The presence ofimpairment indicators would necessitate adetailed analysis by the Group of the value ofE&E, therefore given the criticality of this to thescope and depth of our work, we involvedsenior team members to challenge the Group'sdetermination that no such indicators existed.In assessing the presence of impairment indicators,we focused on those that may draw into questionthe commercial continuation of E&E activities forareas of interest within the Duketon region of WAas well as the McPhillamys project of NSW wheresignificant capitalised E&E exists. In performing theassessments above, we paid particular attention to:•The Group's compliance with key licenseconditions to maintain current rights to tenurefor an area of interest, particularly minimumexpenditure requirements.•The ability of the Group to fund the continuationof activities for areas of interest.•Results from latest activities regarding thepotential for a commercial viable quantity ofreserves and the Group's intention to continueE&E activities in each area of interest as aresult.	Our procedures included:•We evaluated the Group's accounting policy torecognise exploration and evaluation assetsusing the criteria in the accounting standard.•We tested the Group's current right of tenureand compliance with minimum expenditurerequirements for a sample of explorationlicences by corroborating the ownership of therelevant license and expenditure recorded togovernment registries.•We obtained corporate budgets which wecompared for consistency to areas of interestwith capitalised E&E, for evidence of the abilityto fund the continuation of activities.•We evaluated Group documents, such asminutes of board meetings, internalmanagement plans and reports lodged withrelevant government authorities forconsistency with the Group's stated intentionsfor continuing E&E in certain areas, thepotential for commercially viable quantities ofreserves to exist and information regarding theresults of activities. We assessed this throughinterviews with key operational and financepersonnel and announcements made by theGroup to the ASX.•We looked for consistency regarding theexistence of reserves to the treatment of E&Eand the requirements of the accountingstandard.

Other Information

Other Information is financial and non-financial information in Regis Resources Limited's annual reporting which is provided in addition to the Financial Report and the Auditor's Report. The Directors are responsible for the Other Information.

The Other Information we obtained prior to the date of this Auditor's Report was the Directors' Report. The remaining Other Information, which includes the Chairman's Report, Corporate, Duketon Gold Project, Gold Exploration and ASX Additional Information is expected to be made available to us after the date of the Auditor's Report.

Our opinion on the Financial Report does not cover the Other Information and, accordingly, we do not express an audit opinion or any form of assurance conclusion thereon, with the exception of the Remuneration Report and our related assurance opinion.

In connection with our audit of the Financial Report, our responsibility is to read the Other Information. In doing so, we consider whether the Other Information is materially inconsistent with the Financial Report or our knowledge obtained in the audit, or otherwise appears to be materially misstated.

We are required to report if we conclude that there is a material misstatement of this Other Information, and based on the work we have performed on the Other Information that we obtained prior to the date of this Auditor's Report we have nothing to report.

Responsibilities of the Directors for the Financial Report

The Directors are responsible for:

• preparing the Financial Report that gives a true and fair view in accordance with Australian Accounting Standards and the Corporations Act 2001;
• implementing necessary internal control to enable the preparation of a Financial Report that gives a true and fair view and is free from material misstatement, whether due to fraud or error; and
• assessing the Group and Company's ability to continue as a going concern and whether the use of the going concern basis of accounting is appropriate. This includes disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless they either intend to liquidate the Group and Company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the Financial Report

Our objective is:

• to obtain reasonable assurance about whether the Financial Report as a whole is free from material misstatement, whether due to fraud or error; and
• to issue an Auditor's Report that includes our opinion.

Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with Australian Auditing Standards will always detect a material misstatement when it exists.

Misstatements can arise from fraud or error. They are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the Financial Report.

A further description of our responsibilities for the audit of the Financial Report is located at the Auditing and Assurance Standards Board website at:

http://www.auasb.gov.au/auditors\_responsibilities/ar1\_2020.pdf. This description forms part of our Auditor's Report.

Report on the Remuneration Report

Opinion

In our opinion, the Remuneration Report of Regis Resources Limited for the year ended 30 June 2020, complies with Section 300A of the Corporations Act 2001.

Directors' responsibilities

The Directors of the Company are responsible for the preparation and presentation of the Remuneration Report in accordance with Section 300A of the Corporations Act 2001.

Our responsibilities

We have audited the Remuneration Report included in the Directors' report for the year ended 30 June 2020.

Our responsibility is to express an opinion on the Remuneration Report, based on our audit conducted in accordance with Australian Auditing Standards.

KPMG D Meates Partner Perth 25 August 2020