REGIS RESOURCES LIMITED — Capital/Financing Update 2003

May 22, 2003

Johnson's Well Mining N.L.

ABN 28 009 174 761

Level 8, 580 St Kilda Road, Melbourne Victoria 3004, Australia

PO Box 6315, St Kilda Road Central Melbourne, Victoria 8008, Australia

Telephone: +61 3 8532 2830 Facsimile: +61 3 8532 2805 Email: johnsons@axisc.com.au

22 May 2003

Dear Optionholder

Options Expiring 15 June 2003.

According to our Register of Optionholders, you hold options expiring 15 June 2003. In accordance with ASX Listing Rules, we are writing to you to advise you that these options will expire on 15 June 2003 if you do not exercise the options.

In accordance with ASX Listing Rules, the Company provides you with the following information.

• 1. If you exercise your options, you will receive ten ordinary shares for each option exercised.
• 1. Quotation of the options on ASX will cease on 6 June 2003 and after this date, you will not be able to trade your options on ASX.
• 1. The market price of the ordinary shares on 21 May 2003 was 3 cents.
• 1. The ordinary shares of the Company have traded in the range of 2 cents on 15 May 2003, to 10 cents on 2 April 2003, over the last three months.

The Directors recommended that as the exercise price of the options is A$52.00 against a current share price of A$0.03, that you do not exercise your options.

Yours faithfully

PETER LEE General Manager Corporate & Company Secretary