8 September 2017

Manager Announcements Company Announcements Office Australian Securities Exchange Limited Level 4, 20 Bridge Street Sydney NSW 2000

ABN 28 009 174 761 www.regisresources.com Level 1, 1 Alvan Street Subiaco WA 6008 Australia P 08 9442 2200 F 08 9442 2290

MAIDEN ORE RESERVE OF 2.03 MILLION OUNCES AT McPHILLAMYS GOLD PROJECT

Highlights

Maiden Ore Reserve Estimate at the McPhillamys Gold Project (MGP) is 60.1 million tonnes at 1.05g/t Au for 2,034,000 ounces of gold.
- A gold price of A$1,400 per ounce was used in Ore Reserve pit optimisation
This increases Regis' total gold Reserves to in excess of 4.2 million ounces.
Pre-feasibility level study shows the MGP is a robust, large scale open pit gold mine:
- 7 million tonne per annum mining and processing operation
- Gold production averaging 192,000 ounces per annum over a nine year mine life
- Capital cost of development estimated at A$215 million (including water pipeline)
- Life of mine All In Sustaining Cost of operation estimated at A$990 per ounce
- Post capex, pre-tax NPV5% of A$525 million at A$1,600/oz gold price
Project will use well proven and simple mining and processing technology:
- Contractor mining of open pit with traditional truck and shovel operations
- Robust CIL processing flow sheet to achieve an 85% mill recovery
Board approval to complete remaining elements of DFS, targeted for December 2017.
Targeted development timetable, subject to completion of DFS and permitting:
- Submission of permitting applications March 2018 quarter
- Commencement of construction December 2018 quarter
- First gold production December 2019 quarter
After an extensive infill drill programme, the MGP Mineral Resource Estimate has been updated to 68.9 million tonnes at 1.04g/t Au for 2,307,000 ounces of gold.
No allowance has been made in the study for the mine scheduling and production benefits of development of the nearby Discovery Ridge satellite gold deposit, where a drill out is due to commence shortly to facilitate a maiden Ore Reserve estimate.

Regis Executive Chairman, Mark Clark commented:

"A maiden reserve in excess of 2 million ounces and the robust pre-feasibility economics at the McPhillamys Gold Project are a testament to the scale and quality of the project. We look forward to pushing ahead with completion of the final elements of the DFS and then submitting permitting applications immediately thereafter. Development of the project is an outstanding organic growth opportunity for Regis".

Announcement

The Board of Regis Resources Limited (Regis) is pleased to announce the estimation of a maiden Ore Reserve at the Company's 100% owned McPhillamys Gold Project (MGP) in NSW.

Regis has undertaken studies to a pre-feasibility level into the development of the MGP. The project study considers Regis' intention to develop, construct and operate a 7.0 Mtpa open pit gold mine including the process facility and supporting infrastructure. The study has been prepared in conjunction with Cube Consultants Pty Ltd (Cube) and Mintrex Pty Ltd (Mintrex).

The study assesses the technical and financial viability of the project to a PFS level and supports the estimation of a JORC compliant maiden Ore Reserve. Work will continue towards completion of a Definitive Feasibility Study (DFS) in the December 2017 quarter.

Maiden Ore Reserve

A breakdown of the maiden Ore Reserve is shown below:

Category	Tonnes	Grade	Ounces
(> 0.4g/t lower cut)	(MT)	(g/t)	(000's)
Probable Ore Reserve	60.1	1.05	2,034

Cube have estimated the Ore Reserve based on information supplied as follows:

Gold price of A$1,400/oz Regis;
Gold recovery of 85% Regis;
Mineral resource estimate Regis;
Pit optimisations and practical pit design Cube;
Geotechnical SRK Consulting;
Capital costs Mintrex and Regis;
Operating costs Mining contractor quotes and Regis; and
Royalties NSW State Government.

The project is planned to be developed as a standalone open pit mining and processing operation. The technical and financial studies on which this Ore Reserve estimate are based are summarised below in this announcement.

Updated Mineral Resource

The McPhillamys Mineral Resource Estimate (MRE) presented below has been updated by Regis using Ordinary Kriging (OK) and is JORC Code 2012 compliant.

Category(> 0.4g/t lower cut)	Tonnes(MT)	Grade(g/t)	Ounces(000's)
Indicated	67.7	1.05	2,282
Inferred	1.2	0.64	25
Total	68.9	1.04	2,307

The MRE update is the result of inclusion of data from a recent infill programme by Regis of 29 reverse circulation (RC) holes for 3,118m and 105 diamond drill (DD) holes for 40,572m. This has reduced the drill spacing on the deposit from generally 50m by 50m to a combination of 50m x 25m and 25m by 25m. Resource data is drawn from a total of 5,111m from 143 air core (AC) holes, 20,433m from 144 RC holes and 74,950m from 190 DD holes.

The updated MRE of 68.9Mt at 1.04g/t Au for 2,307,000 ounces compares to the previous (March 2017) MRE of 73.2Mt at 0.94g/t Au for 2,210,000 ounces. This update is a 5.9% reduction in ore tonnes, a 10.6% increase in ore grade for an overall increase in ounces of 4.4%.

Regis engaged SRK Consulting (SRK) to complete a structural study to help identify structural and geological controls on the mineralisation of the McPhillamys gold deposit. This study and the significantly increased drill density has enabled an improved understanding of the orientation of gold mineralisation as a result of determining that NNW to N trending structures are the dominant controls on the mineralisation. This has led to a modest change in interpreted orientation of mineralisation which has impacted the estimate by highlighting a coherent link in higher grade data. The earlier estimations using a previous orientation were downgrading the estimated grade by linking higher grade data with lower grade data and pushing low grade tonnes slightly across the optimal orientation.

The Mineral Resource was estimated by Regis with an independent check estimate undertaken by MPR Geological Consultants using multiple indicator kriging (MIK).

McPhillamys Gold Project - Pre-Feasibility Study

Regis has undertaken studies to a pre-feasibility level into the development of the McPhillamys Gold Project (MGP) in New South Wales. The study assesses the MGP to an appropriate level to support the estimation of a JORC compliant maiden Ore Reserve and to enable the Regis Board to determine the viability of the project so as to commit to workstreams required to complete a Definitive Feasibility Study (DFS) in the December 2017 quarter.

Life of Mine (LOM) Summary

Key life of mine physical results from the study, at a processing throughput of 7Mtpa, are summarised below:

Mining
Waste volume (BCM millions)	91.6
Ore volume (BCM millions)	21.3
Volume total (BCM millions)	112.9
W:O Strip Ratio	4.29
Milling
Dry Tonnes Per Hour	841
Plant Availability	95.0%
Ore Milled (Tonnes millions)	60.1
Milled Grade (g/t)	1.05
Recovery	85.0%
Ounces Recovered	1,728,264
Mine life (years)	9

Life of mine gold production is shown below:

Average gold production is approximately 192,000 ounces per annum over a mine life of 9 years for a total of 1.73 million ounces recovered. Gold production is lowest, at 143,000 ounces, in the first year of operations and peaks, at 224,000 ounces, in year eight as the grade profile increases with depth.

Project Location and Ownership

The MGP is located approximately 250 kilometres west of Sydney, 8 kilometres north east of Blayney and 35 kilometres south east of Orange in the Central West region of New South Wales. Regis is the registered and 100% beneficial owner of exploration licences and freehold land that fully encompass the McPhillamys deposit and all areas required for project infrastructure.

Geology

The McPhillamys gold deposit lies along one of a series of north-south trending splays/horsetail structures that occur at the inflection of the Godolphin-Copperhania Fault Zone where the orientation changes from NNW-SSE to SSW-NNE. The splays are defined by strong shearing and faulting and continue to the south for over 6km. The deposit is hosted by dacite-rich volcaniclastic rocks of the Silurian-aged Anson formation which vary in composition from crystal tuffs to agglomeratic, matrix-supported accretions.

The gold mineralisation is largely hosted by a north-south striking, east dipping, altered, coarse grained (strongly foliated) felsic to intermediate volcanic, volcaniclastic and intrusive rock complex. It is structurally controlled by the shear zone within the dacitic volcaniclastics. The mineralised shear zone is over 200m wide and sub-parallel to stratigraphy, dipping steeply at 70º to 80° to the east.

A cross section of the McPhillamys gold deposit is shown below:

Mineral Resource Estimate

As noted on page 2 above, the Mineral Resource Estimate has been updated as follows:

Category	Tonnes	Grade	Ounces
(> 0.4g/t lower cut)	(MT)	(g/t)	(000's)
Indicated	67.7	1.05	2,282
Inferred	1.2	0.64	25
Total	68.9	1.04	2,307

A summary of other material information pursuant to ASX LR 5.8 is on page 17. The Assessment and Reporting Criteria in accordance with JORC Code 2012 is provided in Appendix 1.

Ore Reserve Estimate

As noted on page 2 above, a maiden Ore Reserve has been estimated for MGP as follows:

	Tonnes	Grade	Ounces
	(MT)	(g/t)	(000's)
Probable Ore Reserve	60.1	1.05	2,034

This study summarises the material information required by ASX LR 5.8. The Assessment and Reporting Criteria in accordance with JORC Code 2012 is provided in Appendix 1.

Mining

A conventional load and haul mining method has been selected for the development of the MGP. Open pit mining activities are expected to be conducted by an experienced third-party earthmoving contractor.

All mining is proposed to take place 24 hours per day, 7 days per week using conventional excavators and haul trucks as used in open pit gold mining operations world-wide. The mineralised ore profile will be mined in benches of between 2.5 and 5.0 metres for grade and selectivity considerations. The ore boundaries will be determined by grade control drilling.

Allowance has been made in the mining schedule to blast 70% of the oxide domain (excluding clay zone defined as free dig) and 100% of the transitional and fresh domains prior to load and haul of the material to the waste dumps, low grade stockpile or ROM.

The mine production schedule has been developed for the MGP based on the Ore Reserves for the project. No allowance has been made in the study for the mine scheduling and production benefits of development of the nearby Discovery Ridge satellite gold deposit, where a drill out is due to commence shortly to facilitate a maiden Ore Reserve estimate.

The single open pit will be mined in two stages to assist in reducing total earthmoving production requirements and in particular the first two years of operation. Additional detailed scheduling will be required to further optimise material movement and manage the estimated 20 to 25% of Potentially Acid Forming (PAF) waste material contained within the pit.

Hydrogeology

EMM Consulting (EMM) were engaged to complete the hydrogeological modelling for the MGP. A total of 21 bores distributed across 13 locations were constructed in 2016/2017 in order to provide sufficient spatial data for localised and regional hydrogeological modelling. A Groundwater Monitoring and Modelling Plan has been developed and submitted to the Department of Primary Industry – Water.

The estimated volume of water produced from pit dewatering and rainfall harvesting is expected to approximate 0.9Gl/annum, which will not be sufficient for the processing plant requirements. The remainder of the processing plant water requirement will be sourced externally (ref page 11).

Geotechnical

Regis engaged SRK Consulting to carry out geotechnical investigations for the McPhillamys deposit with a view to creating a geotechnical model and provide slope design recommendations including bench heights and angles, spill berm widths, inter-ramp and bench stack angles.

The geotechnical study included 23 drill holes in total, of which 10 were dedicated geotechnical holes (for 3,423 m) and 13 resource geology holes (for 2,573 m).

Pit slope design parameters have been developed to a level of confidence suitable for DFS level design. Based on the structural and geotechnical interpretations, a range of likely controlling slope failure mechanisms have been proposed, from bench-scale up to inter-ramp and overall slope.

The overall open pit slope averages approximately 43.5o to 46.6 o depending on geotechnical domain. Oxide, transition and fresh rock types vary in overall pit slope angles according to geotechnical advice and how many haul road passes occur in any given zone.

Geochemistry

The geochemical properties of the waste material within the McPhillamys deposit are classified as potentially acid forming (PAF), non-acid forming (NAF) and unclassified (UC). A series of drill holes were completed in the 2013 and 2017 drill programmes in order to produce representative samples for waste geochemistry testwork across the open pit.

Preliminary modelling based on the testwork results indicate that between 20% and 25% of the waste material could be classified as PAF. NAF waste material will be used to encapsulate PAF waste to mitigate the risk of acid mine drainage over the long term.

Metallurgy

Carbon in leach (CIL) testwork was completed on representative samples from three key mineralogical domains; oxide, transition and fresh with a resultant gold recovery of 85% being applied to the Ore Reserve across all mineralogical domains.

The most recent testwork conducted on representative drill samples from the 2017 drilling programme had 114 variability samples tested at a nominal P80 of 150µm. The samples were used to produce four composite samples representing the oxide, transition, upper fresh and lower fresh domains. The composite samples from the oxide domain achieved a gold recovery of 87% at a P80 grind of 150µm, whilst the composite samples from the transition and fresh domains achieved a gold recovery in excess of 85% at a P80 grind of 150µm, after a gravity concentrate (equating to 4% of the original sample weight) was recovered and subjected to ultra-fine grinding (UFG) to ~10µm.

Additional test work is now planned as part of the DFS test work program to establish the optimum mass pull for gravity recovery and UFG of the sulphide fraction with the aim of further increasing the transition ore and fresh ore gold recovery, along with establishing the thickening properties, cyanide detoxification parameters and cyanide speciation properties.

Physical Ore Properties

Physical test work was also undertaken on representative samples from the oxide, transition and fresh domains. The oxide and transition domains could be categorised as soft to medium in hardness and the fresh ore could be categorised as medium to hard in terms of milling, with all domains displaying abrasion properties in the lower range.

		Oxide	Transition	Fresh
Tonnes in deposit	%	4%	3%	93%
Gold Recovery1	%	87%	85%	85%
Lime Consumption	kg/t	1.75	0.50	0.50
Cyanide Consumption	kg/t	1.00	1.20	0.75
Bond Index (rod)	kWh/t	11.6	12.7	14.7
Bond Index (ball)	kWh/t	9.7	8.9	11.3
Abrasion Index	%	0.0248	0.0105	0.0458

The table below shows the key metallurgical results from the PFS testwork programme:

Note 1 – Gold recovery for transition and fresh composite is based on a P80 of 150um with ultra fine grinding of the gravity concentrate

Processing Plant

The process plant for the MGP will utilise conventional and well proven mineral processes incorporating equipment that ensures effective expenditure of capital while aiming toward minimising the operating costs for the project. The processing facility will be designed for a nominal 841tph milling rate and capacity of 7Mtpa for an operating life in excess of 10 years.

The process plant process flow diagram (PFD) has been developed from the process design criteria (PDC) prepared by Regis and Mintrex. The plant design proposed is simple but robust and broadly comprises the following:

Three stage crushing;
Grinding and classification;
Gravity recovery and ultrafine grinding;
Leaching and adsorption;
Tailings thickening;
Cyanide detoxification;
Elution and electro-winning; and
Smelting.

ROM ore will be fed to the crushing plant at a design rate of 1,250tph and reduced to a P80 of 15mm and then stored on the crushed ore stockpile (COS). The crushing circuit will be used on an as required basis with an expected daily usage of 16.8 hours per day. The grinding circuit will reduce the crushed material to a P80 of 150 microns. It will operate 7 days per week, with a plant utilisation of 95% to achieve the annual design capacity of 7,000,000 tonnes.

A gravity separation circuit is included in the design to recover approximately 4% of the feed material consisting of coarser gold particles and heavier sulphides that contain occluded gold particles. A UFG circuit will then reduce the gravity concentrate from a P80 of 150 microns to a P80 of 10 microns. The gold in the gravity tail will then be leached using oxygen and cyanide and adsorbed onto activated carbon using conventional CIL technology and the UFG gravity concentrate will be leached using a generic intensive cyanide reactor.

Tailings will be thickened prior to being processed through a cyanide detoxification circuit and then pumped to the Tailings Storage Facilitys. Water will be reclaimed via a decant arrangement and returned to the process facility.

Gold recovery from the activated carbon will be via an AARL stripping and electrowinning circuit operating 7 cycles per week. Gold doré bars will then be smelted and stored in the secure goldroom with electronic security surveillance systems.

A high level schematic representation of the process flowsheet is shown below:

Infrastructure

The MGP mine and processing plant will be supported by the following infrastructure:

Mine access roads;
Earthworks for process plant, access road and access tracks;
Mechanical infrastructure for the process plant including potable water supply, sewerage treatment, RO plant, process plant buildings and workshop, light vehicle fuel storage facility and site communication system;
Administration offices, workshops and stores;
Mechanical infrastructure for the mine including fuel storage facility, heavy vehicle workshop and stores, heavy vehicle wash bay;
Tailings storage facility;
Water supply pipeline;
Power supply from the network grid; and
Light vehicles and various mobile plant.

Water Supply

The MGP requires an overall makeup water supply of approximately 5Gl/annum. Based on preliminary hydrogeological modelling, approximately 0.5Gl/annum to 1.0Gl/annum will be provided from open pit dewatering and rainfall harvesting activities. This leaves a makeup requirement from external sources of up to 4.5Gl/annum.

As reported to ASX on 4 July 2017, Regis has progressed two long term water supply options for the project.

Option 1 – Water Supply from Mt Piper Power Station and Springvale Mine

Regis has had an ongoing dialogue with several parties for Regis to utilise water from the Mt Piper Power Station and Springvale Mine near Lithgow. This negotiation has culminated in the execution of a non-binding heads of agreement with those parties for the supply and offtake of water under the following agreed principles:

Quantity of water in the order of 4-5GLpa;
First availability of water around middle of calendar 2019;
10 year supply term with Regis having an option for a further 10 years, which shall not be unreasonably withheld by the counter parties;
Water supply to be made available to Regis at no cost, however Regis will be responsible for all capital and operating costs of the required pumping and piping infrastructure required to deliver the water approximately 70km to the MGP.

The parties to the non-binding heads of agreement are now working towards finalising a binding agreement as soon as possible, with completion targeted for the September 2017 quarter.

Option 2 – Groundwater Access Licenses

Parallel with progressing the above water supply agreement, Regis has also contractually secured approximately 4.5GLpa of water through long term lease and acquisition of unused Water Access Licenses over ground water allocations in a zone of the Lachlan catchment approximately 80km from McPhillamys. As with Option 1, Regis would be responsible for all capital and operating costs associated with the required pumping and piping infrastructure required to deliver the water to the McPhillamys site. This represents a viable and contractually secured alternative source of secure water supply, sufficient for a 7mtpa operation.

Power Supply

ECG Engineering (ECG) was engaged by Regis to undertake the engineering design of the power supply in conjunction with the network provider Essential Energy.

The approximately 18MW of power required for the MGP will be delivered from the NSW electricity grid. It is expected to be sourced from a nearby substation via an existing 66kV power line. The historical reliability of the power lines to be utilised have been assessed and are adequate to allow the MGP to achieve the proposed crusher and grinding circuit availabilities.

Tailings Storage Facility (TSF)

A valley style TSF will be engineered and constructed to contain the process plant tailings stream. Multiple location options were reviewed prior to the final selection to ensure that the facility could meet the necessary engineering requirements and that its location would minimise any impacts from an environmental and community perspective.

Preliminary geotechnical investigations indicate that the ground conditions across the TSF footprint can be worked using conventional earthmoving and compaction equipment to meet permeability requirements. The TSF will be constructed in two stages and will have a capacity of 70 million tonnes of tailings.

Environment

The MGP is located in the Blayney-Kings Plains area, where the principal land use for properties surrounding MGP is grazing, primarily cattle with some properties running sheep and more recently goats. Rural residential or hobby farm style properties are also present in the immediate surrounds.

Regis engaged RW Corkery & Co (RWC) to coordinate and compile the Environmental Impact Statement (EIS) that is required to be submitted to the NSW Department of Planning and Environment (DPE) for regulatory approval. Specialist subconsultants were engaged through RWC in all of the relevant disciplines to complete the required reports to a DFS level. Whilst most of these reports remain in progress at the current time, feedback from each subconsultant has confirmed that no fatal flaws have been identified.

The status of the key environmental components of the EIS include:

Air Quality baseline data monitoring completed and modelling in progress;
Noise baseline data monitoring completed and modelling in progress;
Heritage field surveys completed;
Ecology multiple field surveys completed;
Traffic field surveys completed;
Hydrogeology baseline data monitoring and modelling in progress; and
Soil field surveys completed and site verification certificate application in progress for biophysical strategic agricultural land (BSAL).

The data collection and / or fieldwork components of all of the environmental disciplines have either been completed or are nearing completion. Modelling for air quality, noise and hydrogeology will be completed after the mine optimisation and waste material stockpile locations are finalised.

Community

Regis has undertaken extensive community consultation since acquiring the MGP in 2012. The community consultation has been primarily focused on the nearby community, but has also included local authorities (Councils, etc), community groups and regulators.

As part of the EIS, subconsultants have been engaged to undertake social and economic impact assessment studies. The social impact assessment is considered to be a key component of the EIS. Since May 2017, Regis has formally met with approximately 65% of local residents (within a 4-5km radius of the MGP) and numerous other stakeholders. Hansen Bailey Environmental Consultants has been undertaking the formal social impact assessment for the EIS. An economic impact assessment will also be completed prior to submission of the EIS.

Project Approval

The following approvals, licences and consents are required for the MGP:

Development Consent from the Minister for Planning and Environment under Division 4.1 of the Environmental Planning and Assessment Act 1979.
An Environment Protection Licence issued by the Environment Protection Authority (EPA) under Section 47 of the Protection of the Environment Operations Act 1997;
A Mining Lease issued by the Department of Planning and Environment Division of Resources and Geoscience (DRG) under the Mining Act 1992. Regis currently holds EL5760 and EL6111 over the full extent of the project site;
Section 138 Permit and Work Authority Deed from the Roads and Maritime Service under the Roads Act 1993, for construction of the intersection of the Site Access Road and Mitchell Highway and for works within sections of the Dungeon Rd road reserve;
Approval from NSW Dams Safety Committee for design and construction of TSF;
An Aquifer Interference Approval and Water Access Licence issued by the DPI – Water under the Water Management Act 2000 for open cut mining activities within the fractured rock aquifer; and
Regulatory approval and associated easements along proposed pipeline route.

Capital Cost Estimate

The capital cost estimate has been developed for the design and construction of a 7.0Mtpa open cut mine and gold processing facility using all new equipment. The MGP capital cost is estimated at $215 million as summarised below.

Mintrex completed the processing plant capital cost estimate based on an EPCM approach where Regis accepts builders risk at +/- 25% accuracy with a 90% confidence level. The processing plant costing and design has been developed based on some preliminary and assumed design criteria, therefore some process and or equipment may change. Such changes would be tested and verified during the DFS process.

The capital cost estimates also include the supporting infrastructure for the operation including access road, power supply, water supply pipeline and TSF (Stage 1).

Estimates have been based upon preliminary engineering material quantity take-offs, budget price quotations (for major equipment) and current cost data for the remaining equipment and materials. Unit rates are based on competitive rates from the market place.

The costs of engineering, procurement, construction management and commissioning were estimated from knowledge of similar projects. The capital cost estimate is quoted in March 2017 Australian dollars (AUD). In line with Regis project management philosophy no contingency has been allowed in the estimate but will be incorporated in final financing decisions.

CAPITAL COST ESTIMATE
Work Area	A$'000
Treatment Plant
Construction Overheads	6.5
Bulk Earthworks	2.4
EPCM	12.9
Crushing	37.8
Milling & Classification	39.5
Leaching & Adsorption	24.0
Decant Return	5.6
Metal Recovery & Refining	4.2
Reagents	6.4
Services	2.9
	142.3
Other Infrastructure
Water Supply Pipeline	38.0
Power Supply	8.7
TSF	12.6
Site Infrastructure	1.4
Owners Costs (incl first fills, spares, etc)	5.6
Mine Contractor Area & Mobilisation	6.9
	73.2
Total Capital Cost Estimate	$215.4

Operating Cost Estimate

Mining cost estimates were prepared by Regis based on quotations from three mining contractors using the basis of activity, unit cost and schedule to formulate total costs for the mining programme.

A zero base cost model was developed for the estimation of process plant operating costs. This used the physical ore schedule, unit rates for reagent and consumable consumption, personnel costs (including on-costs) and scheduled maintenance expenditures.

Reagent and power consumption requirements were based on the metallurgical testwork, current supplier quotes and unit costs of various input items as currently being experienced at Regis' Duketon operations. The model also includes routine expenditures on a monthly basis and other fixed costs to calculate total expenditure. Unit costs for supply items were derived from third party supplier quotes.

Administration costs estimates were prepared by Regis based on Regis' Duketon operations with allowances for local conditions where relevant.

LIFE OF MINE OPERATING COST ESTIMATE
	Cost	Cost	Cost
	(A$'000)	Per Tonne (A$)	Per ounce (A$)
Mining Operating Costs
Labour	27,027	0.45	15.64
Contract Labour/Consultants	1,801	0.03	1.04
Grade Control	33,033	0.55	19.11
Pit Dewatering	3,003	0.05	1.74
Earthmoving - Ore	156,803	2.61	90.73
Earthmoving – Waste	493,434	8.22	285.51
Dayworks	4,519	0.08	2.62
Drill & Blast	206,049	3.43	119.22
Consumables	3,003	0.05	1.74
	928,676	537.35
Process Operating Costs
Labour	46,914	0.78	27.15
Contract Labour/Consultants	8,236	0.14	4.77
Crusher Feed	12,063	0.20	6.98
Power Supply	158,500	2.64	91.71
Reagents	248,214	4.13	143.62
Mill & Crusher Linings	27,027	0.45	15.64
Gravity, Elution & Goldroom	6,211	0.10	3.59
Water	16,232	0.27	9.39
Maintenance	87,479	1.46	50.62
Laboratory	2,718	0.05	1.57
	613,600	10.22	355.04
Administration Costs
Labour	12,727	0.21	7.36
Housing & Community	15,727	0.26	9.10
Miscellaneous and other	16,807	0.28	9.73
	45,261	0.75	26.19
Total Operating Cost Estimate	1,587,537	26.43	918.57

The life of mine operating cost estimate breakdown is shown below:

Implementation Strategy and Schedule

The MGP construction implementation is to be managed in-house at Regis by a project management team with significant previous experience in the design, procurement and implementation of similar projects. The in-house team will utilise the resources available from both Mintrex (design, engineering and reporting) and ECG (electrical engineering design and implementation) to manage suitably credentialed contractors to deliver the project.

The preliminary indicative timetable under which the development of the project is scheduled to proceed is as detailed below:

Milestone	Target Date
Complete & Board approval of DefinitiveFeasibility Study (DFS)	Dec 2017 Quarter
Submit Environmental Impact Statement (EIS)	Mar 2018 Quarter
Approval by NSW Department of Planning &Environment (DPE)	Sept 2018 Quarter
Commence plant construction	Dec 2018 Quarter
Commence Mining	June 2019 Quarter
Commence plant commissioning	Dec 2019 Quarter
Practical completion and first gold production	Dec 2019 Quarter

In summary, the MGP is scheduled to be delivered over a period of 14 to 18 months from regulatory approval and financing to completion of ore commissioning. A target start date (ground breaking) in the December 2018 quarter has been used to schedule the implementation activities with a target of the December 2019 quarter for practical completion and first gold production.

Financial Analysis

A summary of the key outputs from the Financial Analysis are shown below. Financial modelling has made no allowances for inferred resources that fall within the optimised pits or conversion of any resources outside the optimised pits to reserves. The outputs are based on a A$1,600/oz long term gold price.

Summary of Key Results
Revenue (at A$1,600/oz)	$2,765 million
Pre-production capital	$216 million
Operating costs	$1,588 million
Royalty, sustaining capital and rehabilitation	$123 million
Operating costs	$919/oz
All in sustaining costs	$990/oz
Project life	9.5 years
NPV5%post capex, pre tax	$525 million

At a gold price of A$1,800 per ounce the NPV5% is A$771 million and at a gold price of A$1,400 per ounce gold price the NPV5% is A$279 million.

Resources – Other Material Information Summary

A summary of other material information pursuant to ASX Listing Rules 5.8 is provided below for the updated McPhillamys Resource estimate. The Assessment and Reporting Criteria in accordance with JORC Code 2012 is presented in Appendix 1 to this announcement.

Geology and Geological Interpretation

The McPhillamys gold deposit is hosted in Silurian aged sheared intermediate volcaniclastic rocks in the Lachlan Fold Belt. Gold mineralisation is associated with strongly sheared volcaniclastics with strong quartz-carbonate-sericite-pyrite-pyrrhotite alteration. The gold mineralisation trends roughly north-south over a strike distance of 800m and dips steeply east at 70º to 80º.

Sampling and Sub-sampling

The deposit was sampled using reverse circulation drill holes (RC), diamond drill holes (DD), and aircore drill holes (AC) on a nominal 25m (northing) by 25m or 50m (easting).

The majority of the core was cut in half onsite (HQ and NQ2) with the half core samples for analysis collected from the same side in all cases. PQ precollars drilled in the hanging wall to the mineralised zone were sampled as 4m composite grab samples.

RC drilling utilised a cone splitter and AC a riffle splitter. The RC drilling utilised a cyclone to consistently produce dry samples.

Regis samples are entered into a tracking system at the laboratory, then weighed, dried and crushed to produce a sample with 70% of material <2mm in diameter. Samples are then riffle split and then pulverised to achieve 85% passing 75µm.

Sample Analysis Method

All gold assaying was completed by external laboratories using either a 30g or 50g charge for fire assay analysis with AAS finish.

Drilling Techniques

In the resource area AC drilling was completed with an 76.2mm diameter AC blade, RC drilling was completed with a 139mm diameter face sampling hammer and DD was completed at PQ triple tube, HQ triple tube and NQ2 sized core sized core. Core orientations were completed using REFLEX ACT III tool.

Estimation Methodology

The estimation methodology used was ordinary kriging (OK) with no change of support. Block model dimensions are 5m (east) by 10m (north) by 2.5m (elevation), with no sub-blocking. Estimation was completed into blocks of 10m (east) by 20m (north) by 5m (elevation).

The estimation was constrained within manually generated 0.1g/t Au mineralisation domains defined from the resource drillhole dataset, and guided by a geological model.

Detailed statistical and geostatistical investigations have been completed on the captured estimation data set. This includes exploration data analysis, boundary analysis and grade estimation trials. Appropriate high grade cuts were applied to the 1m composites for all domains and a three-pass search strategy was employed.

Resource Classification

The data spacing and distribution is sufficient to demonstrate spatial and grade continuity of the mineralised domains to support the definition of Inferred and Indicated Mineral Resources under the 2012 JORC code once all other modifying factors have been addressed.

Cut-off Grade

The cut-off grade of 0.4g/t for the stated Mineral Resource estimate is determined from standardised parameters used to generate the open pit shell that the Mineral Resource is quoted above, and reflects potential mining practices.

Mining and Metallurgical Methods and Parameters and other modifying factors considered to date

The Mineral Resources utilise standardised operating parameters and a gold price of A$2,000 per ounce to optimise an open pit shell. It assumes open cut mining practices with a moderate level of mining selectivity achieved during mining. It is also assumed that high quality grade control would be applied to ore/waste delineation processes.

A gold recovery of 93% was used in the generation of the open pit Mineral Resource shell which has been based on potential recoveries indicated by metallurgical testwork completed by Regis, production data and ongoing testwork to determine cyanidable gold recoveries.

Where metallurgical testwork and actual recovery data exists it will be applied in the relevant Ore Reserve but is not back applied to the Mineral Resource estimate.

McPhillamys Gold Project – Mineral Resource Estimate and Ore Reserve

MineralEstimateResource
GoldIndicatedInferredTotalResource								Competent
Project	Type	Cut-Off(g/t)	Tonnes(Mt)	GoldGradeGoldMetal(g/t)(koz)			GoldGrade(g/t)	GoldMetal(koz)	Tonnes(Mt)	GoldGrade(g/t)	GoldMetal(koz)	Person1
McPhillamys	Open-Pit	0.4	67.7	1.05	2,282	1.2	0.64	25	68.9	1.04	2,307	A
The above data has been rounded to the nearest 100,000 tonnes, 0.01 g/t gold grade and 1,000 ounces. Errors of summation may occur due to rounding.All Mineral Resources are reported inclusive of Ore Reserves to JORC Code 2012 unless otherwise noted1. Refer to Competent Person Statement

						OreReserve
GoldProvedProbableTotalOreReserve
Project	Type	Cut-Off(g/t)	Tonnes(Mt)	GoldGrade(g/t)	GoldMetal(koz)	Tonnes(Mt)	GoldGrade(g/t)	GoldMetal(koz)	Tonnes(Mt)	GoldGrade(g/t)	GoldMetal(koz)	CompetentPerson1
McPhillamys	Open-Pit	0.4	-	-	-	60.1	1.05	2,034	60.1	1.05	2,034	B
The above data has been rounded to the nearest 100,000 tonnes, 0.01 g/t gold grade and 1,000 ounces. Errors of summation may occur due to rounding.1. Refer to Competent Person Statement

Competent Persons Statement

The information in this statement that relates to the Mineral Resources or Ore Reserves listed in the table below is based on work compiled by the person whose name appears in the same row. Mr Jarrad Price is a full-time employee of Regis Resources Limited, and Mr Quinton de Klerk is a full-time employee of Cube Consulting Pty Ltd. Each person is a Member of The Australasian Institute of Mining and Metallurgy and have sufficient experience which is relevant to the style of mineralisation and types of deposits under consideration and to the activity which they have undertaken to qualify as a Competent Person as defined in the JORC Code 2012. Each person named in the table below consents to the inclusion in this report of the matters based on their information in the form and context in which it appears.

Competent Person Table

Activity	Competent Person	Identifier	Institute
McPhillamys Resource	Jarrad Price	A	Australasian Institute of Mining and Metallurgy
McPhillamys Reserve	Quinton de Klerk	B	Australasian Institute of Mining and Metallurgy

Forward Looking Statements

This ASX announcement may contain forward looking statements that are subject to risk factors associated with gold exploration, mining and production businesses. It is believed that the expectations reflected in these statements are reasonable but they may be affected by a variety of variables and changes in underlying assumptions which could cause actual results or trends to differ materially, including but not limited to price fluctuations, actual demand, currency fluctuations, drilling and production results, Reserve estimations, loss of market, industry competition, environmental risks, physical risks, legislative, fiscal and regulatory changes, economic and financial market conditions in various countries and regions, political risks, project delay or advancement, approvals and cost estimates.

Forward-looking statements, including projections, forecasts and estimates, are provided as a general guide only and should not be relied on as an indication or guarantee of future performance and involve known and unknown risks, uncertainties and other factors, many of which are outside the control of Regis Resources Ltd. Past performance is not necessarily a guide to future performance and no representation or warranty is made as to the likelihood of achievement or reasonableness of any forward looking statements or other forecast.

___________________________________________________________________________________________________

Appendix 1 - JORC Code, 2012 Edition – Table 1 Report Template

Section 1 Sampling Techniques and Data

(Criteria in this section apply to all succeeding sections.)

Criteria	JORC Code explanation	Commentary
Samplingtechniques	Nature and quality of sampling (e.g. cut channels, random chips,or specific specialised industry standard measurement toolsappropriate to the minerals under investigation, such as down holegamma sondes, or handheld XRF instruments, etc). Theseexamples should not be taken as limiting the broad meaning ofsampling.	McPhillamys gold prospect was sampled using Reverse Circulation (RC –144holes for 20,433m), Aircore (AC –143 holes for 5,111m) and Diamond (DD –190holes for 74,950m) drill holes on a nominal 25m or 50m east spaced holes on 25mnorth grid spacing, which were drilled angled -60 degrees to 270 degrees.Of this drilling 29 RC holes for 3,418m and 105 DD holes for 40,572m have beendrilled since the 2014 Mineral Resource estimate.
	Include reference to measures taken to ensure samplerepresentivity and the appropriate calibration of any measurementtools or systems used.	Regis drill hole collar locations were surveyed by registered surveyors usingTrimble RTK GPS. Downhole surveying was measured by using either a ReflexEZ-Shot Downhole Survey Instrument or North Seeking Gyro based tool. Thesurveys were completed every 30m down each drill hole.
		Drill hole collar locations for historical drilling were surveyed by registeredsurveyors using a Trimble DGPS or Leica total station. Downhole surveying of ACdrill holes was completed at EOH using an Eastman single shot, and RC drill holeswere surveyed using either Eastman single shot (every 50m downhole), FlexITSmartTool multishot (every 30m downhole) or Inertial Navigation System (INS)Gyroscope (every5m downhole). DD holes were surveyed either using a REFLEXor other Electronic Multishot survey tool (every 30m downhole) a Gyroscope (every5m downhole), or an Eastman single shot (every 30m downhole).
		Core is aligned and measured by tape, comparing back to down hole core blocksconsistent with industry practice.
		Regis drill hole sampling had certified standards and blanks inserted every 25thsample to assess the accuracy and methodology of the external laboratories, andfield duplicates (RC only) wereinserted every 20th sample to assess therepeatability and variability of the gold mineralisation. Laboratory duplicates werealso completed approximately every 15th sample to assess the precision of thelaboratory as well as the repeatability and variability of the gold mineralisation.
		For historical drilling certified standards and blanks were inserted every 50thsample and 100th sample respectively to assess the accuracy and methodology ofthe external laboratories. Field duplicates were inserted every 50th sample toassess the repeatability and variability of the gold mineralisation.
	Aspects of the determination of mineralisation that are Material tothe Public Report. In cases where 'industry standard' work hasbeen done this would be relatively simple (e.g. 'reverse circulation	Historical drilling 1m and 3-4m composite AC samples were obtained by rifflesplitter or spear (1.5kg –2.0kg), 1m RC samples were obtained by riffle splitter or

Criteria	JORC Code explanation	Commentary
	drilling was used to obtain 1 m samples from which 3 kg waspulverised to produce a 30 g charge for fire assay'). In other casesmore explanation may be required, such as where there is coarsegold that has inherent sampling problems. Unusual commoditiesor mineralisation types (e.g. submarine nodules) may warrantdisclosure of detailed information.	spear (2.5kg –3.0kg). RRL 1m RC samples were obtained by cone splitter (2.5kg–3.0kg), all samples being utilised for lithology logging and assaying.
		Diamond drilling completed to industry standard using varying sample lengths (0.3to 1.2m) based on geological intervals.
		All samples were dried, crushed and pulverised to get 85% passing 75µm, andeither a 30g (some historical drilling) or 50g charge for fire assay analysis with AASfinish (ALS-Orange or SGS West Wyalong).
Drillingtechniques	Drill type (e.g. core, reverse circulation, open-hole hammer, rotaryair blast, auger, Bangka, sonic, etc) and details (e.g. corediameter, triple or standard tube, depth of diamond tails, facesampling bit or other type, whether core is oriented and if so, bywhat method, etc).	In the resource area AC was drilled using a 76.2mm diameter AC blade and RCdrilling was completed with a 139mm diameter face sampling hammer. Diamonddrilling comprises PQ triple tube, HQ triple tube and NQ2 sized core. Coreorientations were completed using Reflex Act II or ACT III RD orientation tools.
Drill samplerecovery	Method of recording and assessing core and chip samplerecoveries and results assessed.	RC recovery was visually assessed. DD core was measured and compared to thedrilled intervals, and recorded as a percentage recovery. No issues were notedwith recovery.
	Measures taken to maximise sample recovery and ensurerepresentative nature of the samples.	Diamond core was reconstructed for orientation and marking on V-channelorientation racks, and depths are checked and measured against those marked bythe drilling contractors on core blocks.
		RC samples were visually checked for recovery, moisture and contamination. Thedrilling contractor utilised a cyclone and splitter to provide uniform sample size,and these were cleaned routinely (cleaned at the end of each rod and morefrequently in wet conditions). A booster was also used in conjunction with the RCdrill rig to ensure dry samples were achieved.
		AC samples were visually checked for recovery, moisture and contamination. Thedrilling contractor utilised a riffle splitter to provide uniform sample size, and thesewere cleaned routinely (cleaned at the end of each rod andmore frequently in wetconditions).
	Whether a relationship exists between sample recovery and gradeand whether sample bias may have occurred due to preferentialloss/gain of fine/coarse material.	Sample recoveries for diamond and RC holes are high, especially within themineralised zones. No significant bias is expected although no recovery and gradecorrelation study was completed.
Logging	Whether core and chip samples have been geologically andgeotechnically logged to a level of detail to support appropriateMineral Resource estimation, mining studies and metallurgicalstudies.	Lithology, alteration, veining, mineralisation, magnetic susceptibility, recovery,RQD, density and geotechnical/structure were all logged for the diamond core andsavedin the database. Photography for every drillhole (both DD & RC) was taken,and all half core is retained in a core yard for future reference. Geotechnicalconsultants completed a geotechnical scoping study which included detailed

Criteria	JORC Code explanation	Commentary
		structural interpretation based on information from all drill holes in the database toassist with mine planning and pit design.
		Lithology, alteration, veining, mineralisation and magnetic susceptibility werelogged from the RC chips and saved in the database. Drill chips from every intervalare also placed in chip trays and stored in a designated building for futurereference.
	Whether logging is qualitative or quantitative in nature. Core (orcostean, channel, etc) photography.	All logging is qualitative except for density and magnetic susceptibility. Both wetand dry core photography has been completed.
	The total length and percentage of the relevant intersectionslogged.	All drillholes are logged in full.
Subsamplingtechniquesand samplepreparation	If core, whether cut or sawn and whether quarter, half or all coretaken.	Core was half cut with a diamond core saw with the same half always sampledand the surplus retained in the core trays. Non-competent clay zones are sampledas whole core where necessary due to difficulty in cutting.
		Some drill holes intersected the Sherlock Fault (on the footwall to the mineralisedzone) and no fresh rock was recovered, recoveries were poor and consisted ofclays with some saprock fragments. In these instances grab samples of whole corewere composited to achieve 2 -3kg sample weights.
	If non-core, whether riffled, tube sampled, rotary split, etc andwhether sampled wet or dry.	The RC drilling utilised a cyclone and cone splitter to consistently produce 0.5kgto 3.0kg dry samples.
		AC was sampled at 1m intervals using a riffle splitter as well as some spearsampling.
	For all sample types, the nature, quality and appropriateness ofthe sample preparation technique.	Samples are dried, crushed to 10mm, and then pulverised to 85% passing 75µm(industry standard practice is assumed for the historical drilling).This isconsidered acceptable for an Orogenic gold deposit.
	Quality control procedures adopted for all sub-sampling stages tomaximise representivity of samples.	Field duplicates (RC) were inserted every 20th sample to assess the repeatabilityand variability of the gold mineralisation. Laboratory duplicates were alsocompleted roughly every 15th sample to assess the repeatability and variability ofthe gold mineralisation.
		For historical drilling field duplicates were inserted every 50th sample to assess therepeatability and variability of the gold mineralisation.

Criteria	JORC Code explanation	Commentary
	Measures taken to ensure that the sampling is representative ofthe in situ material collected, including for instance results for fieldduplicate/second-half sampling.	RRL field RC duplicates were taken at the rig from a second chute on the conesplitter allowing for the duplicate and main sample to be the same size. Fieldduplicates are taken every 20th sample. The results of the field duplicates show anacceptable level of repeatability for an Orogenic gold deposit and demonstratedan expected level of nugget effect.
		Laboratory duplicates were also completed approximately every 25th sample toassess the precision of the laboratory as well as the repeatability and variability ofthe gold mineralisation. Laboratory blanks and standards were completedapproximately every 20th sample to assess the accuracy and methodology of theanalytical process. Results showing an acceptable level of repeatability for a shearhosted orogenic gold deposit.
	Whether sample sizes are appropriate to the grain size of thematerial being sampled.	Sample sizes (1.5kg to 3kg) at McPhillamys are considered to be a sufficient sizeto accurately represent the gold mineralisation based on the mineralisation style(hypogene gold mineralisation associated with shearing and hydrothermalalteration), the width and continuity of the intersections, the sampling methodology,and the assay ranges for the gold.
		Field duplicates have routinely been collected to ensure monitoring of the subsampling quality.Acceptable precision and accuracy is noted in the fieldduplicates and consistent with a shear hosted orogenic gold deposit.
Quality ofassay dataandlaboratorytests	The nature, quality and appropriateness of the assaying andlaboratory procedures used and whether the technique isconsidered partial or total.	All gold assaying was completed by commercial laboratories (ALS-Orange, SGSWest Wyalong, NSW) using either a 30g or 50g charge for fire assay analysis withAAS finish.This technique is industry standard for gold and consideredappropriate.
	For geophysical tools, spectrometers, handheld XRF instruments,etc, the parameters used in determining the analysis includinginstrument make and model, reading times, calibrations factorsapplied and their derivation, etc.	A handheld magnetic susceptibility meter (KT-10) was used to measure magneticsusceptibility for RC and diamond samples, and is recorded in the loggingspreadsheets. The results were not used in the delineation of mineralised zonesor lithologies.
	Nature of quality control procedures adopted (e.g. standards,blanks, duplicates, external laboratory checks) and whetheracceptable levels of accuracy (ie lack of bias) and precision havebeen established.	Certified Reference Material (CRM or standards) and blanks were inserted every25th sample to assess the assaying accuracy of the external laboratories. Fieldduplicates (RC, AC) were inserted every 20th sample to assess the repeatabilityfrom the field and variability of the gold mineralisation. Laboratory duplicates werealso completed approximately every 15th sample to assess the precision ofassaying.
		Evaluation of both the Regis submitted standards, and the internal laboratoryquality control data, indicates assaying to be accurate andwithout significant driftfor significant time periods. Excluding obvious errors, the vast majority of the CRMassaying report shows an overall mean bias of less than 5% with no consistent

Criteria	JORC Code explanation	Commentary
		positive or negative bias noted. Duplicate assaying show high levels of correlationand no apparent bias between the duplicate pairs. Field duplicate samples showmarginally acceptable levels of correlation and no relative bias.
		Results of the QAQC sampling were considered acceptable for a shear hostedorogenic gold deposit. Substantial focus has been given to ensuring samplingprocedures met industry best practise to ensure acceptable levels of accuracy andprecision were achieved.
Verificationof samplingandassaying	The verification of significant intersections by either independentor alternative company personnel.	No independent personnel have visually inspected the significant intersections incore or RC chips. Numerous highly qualified and experienced company personnelfrom exploration positions have visually inspected the significant intersections incore and RC chips.
	The use of twinned holes.	The spatial location and assaying accuracy of historical drilling was confirmed withRC and/or DD twin holes.
	Documentation of primary data, data entry procedures, dataverification, data storage (physical and electronic) protocols.	All geological and field data is entered into excel spreadsheets with lookup tablesand fixed formatting (and protected from modification) thus only allowing data tobe entered using the Regis geological code system and sample protocol. Data isthen emailed to the Regis database administrator for validation and importationinto a SQL database using Datashed.
	Discuss any adjustment to assay data.	Any samples not assayed (i.e.destroyed in processing, listed not received) havehad the assay value converted to a -9 in the database. Any samples assayedbelow detection limit (0.01ppm Au) have been converted to 0.005ppm (halfdetection limit) in the database.
Location ofdata points	Accuracy and quality of surveys used to locate drill holes (collarand down-hole surveys), trenches, mine workings and otherlocations used in Mineral Resource estimation.	Regis drill hole collar locations were picked up by registeredsurveyors usingTrimble RTK GPS, calibrated to a base station (expected accuracy of 20mm).Downhole surveying was measured by using either a Reflex EZ-Shot DownholeSurvey Instrument or North Seeking Gyro based tool.The surveys werecompleted every 30m down each drill hole.
		Drill hole collar locations for historical drilling were surveyed by RegisteredSurveyors using a Trimble DGPS or Leica total station. Downhole surveying of ACdrill holes was completed at EOH using an Eastman single shot, and RC drill holeswere surveyed using either Eastman single shot (every 50m downhole), FlexITSmartTool multishot (every 30m downhole) or Inertial Navigation System (INS)Gyroscope (every 5m downhole). DD holes were surveyed either using a REFLEXor other Electronic Multishot surveytool (every 30m downhole) a Gyroscope (every5m downhole), or an Eastman single shot (every 30m downhole).
		Magnetic azimuth is converted to AMG azimuth (12 degrees) in the database, andAMG azimuth is used in the resource estimation.

Criteria	JORC Code explanation	Commentary
	Specification of the grid system used.	The grid system is and GDA94 Zone 55 for surveying pickups, as well as anymodelling.
	Quality and adequacy of topographic control.	The topographic surface was derived from a combination of the primary drill holepickups and the pre-existing photogrammetric contouring.
Data	Data spacing for reporting of Exploration Results.	The nominal drillhole spacing is 25m (northing) by 25m or 50m (easting).
spacing anddistribution	Whether the data spacing and distribution is sufficient toestablishthe degree of geological and grade continuity appropriate for theMineral Resource and Ore Reserve estimation procedure(s) andclassifications applied.	The data spacing and distribution is sufficient to demonstrate spatial and gradecontinuity of the mineralised domains to support the definition of Inferred andIndicated Mineral Resources under the 2012 JORC Code.
	Whether sample compositing has been applied.	Less than 0.2% of the drilling by lengthhasbeen composited within the mineralisedzone.
Orientationof data inrelation togeologicalstructure	Whether the orientation of sampling achieves unbiased samplingof possible structures and the extent to which this is known,considering the deposit type.	The drilling is orientated west with a 30-70 degree dip through the ore zone whichis roughly perpendicular to the strike of the mineralisation. The mineralisation dips70°to 80°to the east thereforethe majority of the drill intercepts are approximatelyperpendicular to mineralisation.
	If the relationship between the drilling orientation and theorientation of key mineralised structures is considered to haveintroduced a sampling bias, this should be assessed and reportedif material.	It is not believed that drilling orientation has introduced a sampling bias.
Samplesecurity	The measures taken to ensure sample security.	Samples are securely sealed and stored onsite, until pickup by the independentlaboratoryand delivery to thelaboratories. Sample submission forms are sent withthe samples as well as emailed to the laboratory, and are used to keep track of thesample batches.
Audits orreviews	The results of any audits or reviews of sampling techniques anddata.	No external audits on sampling techniques and data have been completed.

Section 2 Reporting of Exploration Results

(Criteria listed in the preceding section also apply to this section.)
------------------------------------------------------------------------	--

Criteria	JORC Code explanation	Commentary
Mineraltenementand landtenurestatus	Type, reference name/number, location and ownership includingagreements or material issues with third parties such as jointventures, partnerships, overriding royalties, native title interests,historical sites, wilderness or national park and environmentalsettings.	The McPhillamys deposit is located on the tenement EL5760 granted in 2000.Lease area = 11,760Ha.The current registered holder of the tenement is LFBResources NL (100% subsidiary of Regis Resources). Normal NSW state royaltiesapply. There are no registered Native Title Claims. The project is located onfreehold farming land.
	The security of the tenure held at the time of reporting along withany known impediments to obtaining a licence to operate in thearea.
Explorationdone byother parties	Acknowledgment and appraisal of exploration by other parties.	Resource development drilling conducted by Newmont and then AlkaneResources in the 1990's.
Geology	Deposit type, geological setting and style of mineralisation.	The McPhillamys gold deposit is hosted in Silurian aged sheared intermediatevolcaniclastic rocks in the Lachlan Fold Belt. Gold mineralisation is associated withstrongly sheared volcaniclastics with strong quartz-carbonate-sericite-pyritepyrrhotite alteration. The gold mineralisation trends roughly north-south over astrike distance of 900m and dips steeply east at 70º to 80º.
Drill holeInformation	A summary of all information material to the understanding of theexploration results including a tabulation of the followinginformation for all Material drill holes:	Not applicable as there are no exploration results reported as part of thisstatement.Other relevant drill hole information can be found in Section 1 –"Sampling
	easting and northing of the drill hole collar	techniques, "Drilling techniques" and "Drill sample recovery".
	elevation or RL (Reduced Level –elevation above sea level inmetres) of the drill hole collar
	dip and azimuth of the hole
	down hole length and interception depth
	hole length.
	If the exclusion of this information is justified on the basis that theinformation is not Material and this exclusion does not detract fromthe understanding of the report, the Competent Person shouldclearly explain why this is the case.

Criteria	JORC Code explanation	Commentary
Dataaggregationmethods	In reporting Exploration Results, weighting averaging techniques,maximum and/or minimum grade truncations (e.g. cutting of highgrades) and cut-off grades are usually Material and should bestated.	This release is in relation to a Mineral Resource estimate and Ore Reserve, withno exploration results being reported.
	Where aggregate intercepts incorporate short lengths of highgrade results and longer lengths of low grade results, theprocedure used for such aggregation should be stated and sometypical examples of such aggregations should be shown indetail.
	The assumptions used for any reporting of metal equivalentvalues should be clearly stated.
Relationshipbetween	These relationships are particularly important in the reporting ofExploration Results.	The holes at were drilled at -30ºto -70º(mostly -60º)towards270° and themineralised zone is steeply east dipping. The intercepts reported can overstatetrue widths.
mineralization widths andintercept	If the geometry of the mineralisation with respect to the drill holeangle is known, its nature should be reported.
lengths	If it isnot known and only the down hole lengths are reported,there should be a clear statement to this effect (e.g. 'down holelength, true width not known').
Diagrams	Appropriate maps and sections (with scales) and tabulations ofintercepts should be included for any significant discovery beingreportedThese should include, but not be limited to a plan view ofdrill hole collar locations and appropriate sectional views.	Relevant diagrams are located in the body of the announcement.
Balancedreporting	Where comprehensive reporting of all Exploration Results is notpracticable, representative reporting of both low and high gradesand/or widths should be practiced to avoid misleading reporting ofExploration Results.	Not applicable as there are no exploration results reported as part of thisstatement.
Othersubstantiveexplorationdata	Other exploration data, if meaningful and material, should bereported including (but not limited to): geological observations;geophysical survey results; geochemical survey results; bulksamples –size and method of treatment; metallurgical test results;bulk density, groundwater, geotechnical and rock characteristics;potential deleterious or contaminating substances.	The McPhillamys diamond holes were also utilised for bulk density measurements.Geotechnical logging has determined suitable ground conditions for open pitmining.
Further work	The nature and scale of planned further work (e.g. tests for lateralextensions or depth extensions or large-scale step-out drilling).	Further drilling along strike and at depth will continue in 2017.

Criteria	JORC Code explanation	Commentary

	Diagrams clearly highlighting the areas of possible extensions,including the main geological interpretations and future drillingareas, provided this information is not commercially sensitive.	See diagrams in main text

Section 3 Estimation and Reporting of Mineral Resources

Criteria	JORC Code explanation	Commentary
Databaseintegrity	Measures taken to ensure that data has not been corrupted by, forexample, transcription or keying errors, between its initialcollection and its use for Mineral Resource estimation purposes.	All geological and field data is entered into excel spread sheets with lookup tablesand fixed formatting (and protected from modification) thus only allowingdata tobe entered using the Regis geological code system and sample protocol. Data isthen emailed to the Regis database administrator for validation and importationinto a SQL database using Datashed. Sample numbers are unique and prenumbered calico sample bags are used.
	Data validation procedures used.	Following importation, the data goes through a series of digital and visual checksfor duplication and non-conformity, followed by manual validation by acompanygeologist and database administrator.
Site visits	Comment on any site visits undertaken by the Competent Personand the outcome of those visits.	The Competent Person for MRE has made a site visit to McPhillamys. No issueshave been noted and all procedures were considered to be of industry standard.
		In addition to the above site visit, all exploration and resource development drillingprogrammes are subject to review by experienced senior Regis technical staff.These reviews have been completed from the commencement of drilling andcontinue to the present.
	If no site visits have been undertaken indicate why this is thecase.	Not applicable.
Geologicalinterpretation	Confidence in (or conversely, the uncertainty of) the geologicalinterpretationof the mineral deposit.	The confidence in the geological interpretation is high. The McPhillamys golddeposit is hosted in Silurian aged sheared intermediate volcaniclastic rocks in theLachlan Fold Belt. Gold mineralisation is associated with strongly shearedvolcaniclastics with strong quartz-carbonate-sericite-pyrite-pyrrhotite alteration.
	Nature of the data used and of any assumptions made.	The geological data used to construct the geological model includes regional anddetailed surface mapping, logging of AC/RC/diamond core drilling and multielement assaying. The geological model has then been utilised in generating themineralisation constraints. A nominal 0.1g/t Au lower cut-off grade was applied tothe mineralisation model generation.
	The effect, if any, of alternative interpretations on MineralResource estimation.	The relationship between geology and gold mineralisation of the deposit isrelatively clear, and the interpretation is considered robust. There is no apparentalternative to the interpretation in the company's opinion.
	The use of geology in guiding and controlling Mineral Resourceestimation.	A model of the lithology and weathering was generated prior to the mineralisationdomain interpretation commencing. The mineralisation geometry has a verystrong relationship with the lithological interpretation and structure.
	The factors affecting continuity both of grade and geology.	A broad zone of shearing localises and controls the gold mineralisation. Northsouth trending structures control the mineralisation as well as constrain it on boththe hanging and footwall, with cross-cutting structures displacing and reorientingthe mineralisation.

(Criteria listed in section 1, and where relevant in section 2, also apply to this section.)

Criteria	JORC Code explanation	Commentary
Dimensions	The extent and variability of the Mineral Resource expressed aslength (along strike or otherwise), plan width, and depth belowsurface to the upper and lower limits of the Mineral Resource.	The approximate dimensions of the deposit are 900m along strike (N-S), 200macross (E-W), and 800m below surface.
Estimationandmodelingtechniques	The nature and appropriateness of the estimation technique(s)applied and key assumptions, including treatment of extremegrade values, domaining, interpolation parameters and maximumdistance of extrapolation from data points. If a computer assistedestimation method was chosen include a description of computersoftware and parameters used.	The Mineral Resource estimate has been generated via Ordinary Kriging (OK),with no change of support. The OK estimation was constrained within Surpacgenerated 0.1g/t Au mineralisation domains defined from the resource drill holedataset, and guided by ageological model created in Leapfrog. OK is consideredan appropriate grade estimation method for McPhillamys mineralisation givencurrent drilling density and mineralisation style, which has allowed thedevelopment of robust and high confidence estimation constraints andparameters.
		The grade estimate is based on 1m down-the-hole composites of the resourcedataset created in Surpac each located by their mid-point co-ordinates andassigned a length weighted average gold grade. The composite length of 1m waschosen because it is a multiple of the most common sampling interval (1.0 metre),and is also an appropriate choice for the kriging of gold into the model blocksassuming open pit mining will occur on benches of at least 2.5 metres. High gradecuts (asdescribed below) have been applied to composites to limit the influenceof higher grade data.
		Detailed statistical and geostatistical investigations have been completed on thecaptured estimation data set (1m composites). This includes exploration dataanalysis, boundary analysis and grade estimation trials. The variography appliedto grade estimation has been generated using Snowden Supervisor. Theseinvestigations have been completed on each ore domain separately. KNA analysishas also been conductedin Snowden Supervisor in various locations on thedomains to determine the optimum block size, minimum and maximum samplesper search and search distance.
	The availability of check estimates, previous estimates and/ormine production records and whetherthe Mineral Resourceestimate takes appropriate account of such data.	An independent check estimate was completed (MIK) as part of the study whichcompared closely for ounces.
	The assumptions made regarding recovery of by-products.	No by-products are present or modelled.
	Estimation of deleterious elements or other non-grade variables ofeconomic significance (e.g. sulphur for acid mine drainagecharacterisation).	No deleterious elements have been estimated or are important to the projecteconomics\planning at McPhillamys.
	In the case of block model interpolation, the block size in relationto the average sample spacing and the search employed.	Block dimensionsestimated into are10m (east) by 20m (north) by 5m (elevation)(no sub-blocking) and was chosen as it approximates half the drill hole spacing inthe horizontal direction for the more adequately drilled areas and one quarter thedrill hole spacing for the less densely drilled areas, and suits the broadmineralisation widths. The 5m elevation is also suitable for the mineralisation inconjunction with the east and north block size. The interpolation utilised 3estimation passes, with category 1 adopting a 60m octant search in the major

Criteria	JORC Code explanation	Commentary
		direction and 30m in the minor direction, 16 minimum/64 maximum compositesused and a maximum of 8 composites per drill hole, with only 1 adjacent octantallowed to fail the search criteria. Category 2 uses a 100m maj/50m min searchdistance, 16 minimum/64 maximum composites, 8 maximum per hole and 2adjacent octants allowed to fail the criteria. Category 3 uses a 150m maj/75m minsearch distance but 8 minimum/64 maximum composites, 8 maximum per holeand 4 adjacent octants allowed to fail the criteria. Thesearch on each category isorientated 5 degrees around z (175 degrees) and 67degrees around y (-67degrees to the east) and 28degrees around x (28degrees to the north) to alignthe search ellipse to the orientation of the mineralisation.
	Any assumptions behind modelling of selective mining units.	No selective mining units were assumed in this estimate.
	Any assumptions about correlation between variables.	No correlated variables have been investigated or estimated.
	Description of how the geological interpretation was used tocontrol the resource estimates.	The grade estimate is based on mineralisation constraints which have beeninterpreted based on a lithological and weathering interpretation, and a nominal0.1g/t Au lower cut-off grade. The mineralisation constraints have been used ashard boundaries for grade estimation wherein only composite samples within thatdomain are used to estimate blocks coded as within that domain. Statisticalinvestigations have been completed to test the change in statistical and spatialcharacteristics of the domains grouped by weathering showing there to be littlevariation between profiles, hence they have been estimated inclusively.
	Discussion of basis for using or not using grade cutting orcapping.	A review of the composite data captured within the mineralisation constraints wascompleted to assess the need for high grade cutting (capping). This assessmentwas completed both statistically and spatially to determine if the high grade dataclusters or were isolated. On the basis of the investigation it was decided to utiliseappropriate high grade cuts which were applied to all estimation domains.
	The process of validation, the checking process used, thecomparison of model data to drill hole data, and use ofreconciliation data if available.	The grade estimate was checked against the input drilling/composite data bothvisually on section (cross and long section) and in plan, and statistically on swathplots. No production data is available for comparison.
Moisture	Whether thetonnages are estimated on a dry basis or with naturalmoisture, and the method of determination of the moisturecontent.	The resource tonnage is reported using a dry bulk density and therefore representdry tonnage excluding moisture content.
Cut-offparameters	The basis of the adopted cut-off grade(s) or quality parametersapplied.	The cut-off grade of 0.4g/t for the stated Mineral Resource estimate is determinedfrom standardised parameters used to generate the open pit shell that the MineralResourceis quoted above, and reflects potential mining practices.
Miningfactors orassumptions	Assumptions made regarding possible mining methods, minimummining dimensions and internal (or, if applicable, external) miningdilution. It is always necessary as part of the process ofdetermining reasonable prospects for eventual economic	The resource model assumes open cut mining is completed and a moderate levelof mining selectivity is achieved in mining. It has been assumed that high qualitygrade control will be applied to ore/waste delineation processes using RC drilling,or similar, at a nominal spacing of 10m (north –along strike) and 5m (east –across

Criteria	JORC Code explanation	Commentary
	extraction to consider potential mining methods, but theassumptions made regarding mining methods and parameterswhen estimating Mineral Resources may not always be rigorous.Where this is the case, this should be reported with an explanationof the basis of the mining assumptions made.	strike), and applying a pattern sufficient to ensure adequate coverage of themineralisation zones.
Metallurgicalfactors orassumptions	The basis for assumptions or predictions regarding metallurgicalamenability. It is always necessary as part of the process ofdetermining reasonable prospects for eventual economicextraction to consider potential metallurgical methods, but theassumptions regarding metallurgical treatment processes andparameters made when reporting Mineral Resources may notalways be rigorous. Where this is the case, this should bereported with an explanation of the basis of the metallurgicalassumptions made.	A gold recovery of 93% was used to generate the open pit shell above which theMineral Resource has been quoted. This has been based on potential recoveriesindicated in feasibility metallurgical testwork and ongoing testwork to determinecyanidable gold recoveries.
Environmental factors orassumptions	Assumptions made regarding possible waste and process residuedisposal options. It is always necessary as part of the process ofdetermining reasonable prospects for eventual economicextraction to consider the potential environmental impacts of themining and processing operation. While at this stage thedetermination of potential environmental impacts, particularly for agreenfields project, may not always be well advanced, the statusof early consideration of these potential environmental impactsshould be reported. Where these aspects have not beenconsidered this should be reported with an explanation of theenvironmental assumptions made.	It is assumed that sufficient capacity is available for waste rock and tailingsmaterial.
Bulk density	Whether assumed or determined. If assumed, the basis for theassumptions. If determined, the method used, whether wet or dry,the frequency of the measurements, the nature, size andrepresentativeness of the samples.	The bulk density values were derived from 2,954 measurements taken on the core.188 were taken by an independent laboratory via water immersion method withwaxcoating used on porous samples, with the remaining samples being takenonsite on transitional and fresh samples via water immersion method without waxcoating. The non-oxidised mineralised zone has low porosity, but as a check afinal measurement was taken after water immersion to see if the sample had takenwater. The independent measurements confirm that the onsite measurements areaccurate and representative.
		McPhillamys displays 5 zones of differing bulk density, but little variation withineach zone therefore mean values have been applied. Oxide material is 1.8 t/m3,transitional is 2.0 t/m3, a higher bulk density fresh-rock core which is 2.92 t/m3, amiddle zone which is 2.82 t/m3 and an outer fresh rock zone which is 2.7 t/m3

Criteria	JORC Code explanation	Commentary
	The bulk density for bulk material must havebeen measured bymethods that adequately account for void spaces (vugs, porosity,etc), moisture and differences between rock and alteration zoneswithin the deposit.	Oxide horizon and porous transitional horizon samples have been measured byexternal laboratories using wax coating to account for void spaces, whereascompetent samples have been completed both by the external laboratory andonsite.The independent laboratory measurements confirm that the onsitemeasurements are accurate and representative, therefore the applied densityvalues are considered reasonable and representative.
	Discuss assumptions for bulk density estimates used in theevaluation process of the different materials.	Little spatial variation is noted for the bulk density data within the 5 zones listedabove and therefore an average bulk density has been assigned for tonnagereporting based on the coding of these zones.
Classification	The basis for the classification of the Mineral Resources intovarying confidence categories.	The data spacing and distribution is sufficient to demonstrate spatial and gradecontinuity of the mineralised domains to support the definition of Inferred andIndicated Mineral Resources underthe 2012 JORC code once all other modifyingfactors have been addressed.The strategy adopted in the current study uses category 1and 2 from the 3 passoctant search strategy as Indicated and category 3 as Inferred. This results in ageologically sensible classification whereby Category 1 and 2 are surrounded bydata in close proximity. Category 3 blocks may occur on the peripheries of drillingbut are still related to drilling data within reasonable distances. No Measuredhasbeen applied in the classification method.
	Whether appropriate account has been taken of all relevantfactors (ie relative confidence in tonnage/grade estimations,reliability of input data, confidence in continuity of geology andmetal values, quality, quantity and distribution of the data).	The Mineral Resource classification method which is described above has alsobeen based on the quality of the data collected (geology, survey and assayingdata), the density of data, the confidence of the geological model andmineralisation model, and the grade estimation quality.
	Whether the result appropriately reflects the Competent Person'sview of the deposit.	The reported resource is consistent with the Competent Person's view of thedeposit.
Audits orreviews	The results of any audits or reviews of Mineral Resourceestimates.	An independent MIK check estimate was completed as part of the study, whichcompares closely with the Regis OK Resource estimate.
Discussionof relativeaccuracy/confidence	Where appropriate a statement of the relative accuracy andconfidence level in the Mineral Resource estimate using anapproach or procedure deemed appropriate by the CompetentPerson. For example, the application of statistical or geostatisticalprocedures to quantify the relative accuracy of the resource withinstated confidence limits, or, if such an approach is not deemed	The resource has been classified based on the quality of the data collected, thedensity of data, the confidence of the geological model and mineralisation model,and the grade estimation quality. This has been applied to a relative confidencebased on data density and zone confidence for resource classification. No relativestatistical or geostatistical confidence or risk measure has been generated orapplied.

Criteria	JORC Code explanation	Commentary
	appropriate, a qualitative discussion of the factors that could affectthe relative accuracy and confidence of the estimate.
	The statement should specify whether it relates to global or local	The reported Mineral Resources for McPhillamys are within a pit shell created froman open pit optimisation using a A$2,000 gold price and appropriate wall anglesand costs for the location of the deposit.
estimates, and, if local, state the relevant tonnages, which shouldbe relevant to technical and economic evaluation. Documentationshould include assumptions made and the procedures used.	Material outside of the pit shell was examined for UG potential using a 2.5 g/t cutoff and a minimum tonnage requirement and nil material was generated.
	These statements of relative accuracy and confidence of theestimate should be compared with production data, whereavailable.	There is no production data to compare against.

Section 4 Estimation and Reporting of Ore Reserves

Criteria	JORC Code explanation	Commentary
MineralResourceestimate forconversionto OreReserves	Description of the Mineral Resource estimate used as a basis forthe conversion to an Ore Reserve.	The Mineral Resource estimate for the McPhillamys deposit used as a basis forconversion to the Ore Reserve estimate reported here was compiled by JarradPrice of Regis using data supplied by Regis.
	Clear statement as to whether the Mineral Resources are reportedadditional to, or inclusive of, the Ore Reserves.	The data included drilling and assay data, geological interpretation, density checksand comparisons to independent check estimates. The August 2017 McPhillamysMineral Resource is inclusive of the August 2017McPhillamys Ore Reserve.
Site visits	Comment on any site visits undertaken by the Competent Personand the outcome of those visits.	A site visit was made by the Competent Person for Ore Reserve to theMcPhillamys deposit in July 2017. Discussions were held with Regis personnel onaspects of possible slope stability, pit dewatering, temporary ramps, waste
	If no site visits have been undertaken indicate why this is thecase.	dumping, contractor pricingandother issues relating to the estimation of OreReserves. Further work in the area of slope stability was carried out after thesevisits and the results incorporated both in the resource model, the optimisation anddesign of the openpit.
Study status	Thetype and level of study undertaken to enable MineralResources to be converted to OreReserves.	The McPhillamys Gold Mine will be a fully operational open pit mining operationwith anoperating stand-alone CIL processing facility. The McPhillamys Gold Minewas the subject of a pre-feasibility study (PFS) including the estimation of a Mineral
	The Code requires that a study to at least Pre-Feasibility Studylevel has been undertaken to convert Mineral Resources to Ore	Resource and Ore Reserve for the McPhillamys open pit. The August 2017 OreReserve has includedall aspects of the PFS study.
	Reserves. Such studies will havebeen carried out and will havedetermined a mine plan that is technically achievable andeconomically viable, and that material Modifying Factors havebeen considered.	Operational costs and modifying factors have been applied in optimisation anddesign of the Reserve pit. All parameters have been subject to review.
Cut-offparameters	The basis of the cut-off grade(s) or quality parameters applied.	A lower OK block cut-off grade of 0.4g/t has been applied in estimating the OreReserve. The lower cuts have been calculated using the ore based costs,recoveries and net realised revenue inclusive of royalty payments.
Miningfactors orassumptions	The method and assumptions used as reported in the PreFeasibility or Feasibility Study to convert the Mineral Resource toan Ore Reserve (i.e. either by application of appropriate factors byoptimisation or by preliminary or detailed design).	The Resource model which formed the basis for estimation of the Ore Reservewas used in an open pit optimisation process to produce a range of pit shells usingoperating costs and other inputs derived from site operational experience at otherRegis sites. Mining contractor costs were sourced via a request for pricing processwith several experiencedmining contractors operating in Australia. The resultant
	The choice, nature and appropriateness of the selected mining	optimal shell was then used as a basis for detailed design.The mining method assumed in the Ore Reserve study is open cut with
	method(s) and other mining parameters including associateddesign issues such as pre-strip, access, etc.	conventional excavator and truck fleets. The open pit will be developed using atwo stage design.
		Geotechnical recommendations made by independent consultantshave beenapplied in optimisation and incorporated in design.

(Criteria listed in section 1, and where relevant in sections 2 and 3, also apply to this section.)

Criteria	JORC Code explanation	Commentary
	The assumptions made regarding geotechnical parameters (e.g.pit slopes, stope sizes, etc), grade control and pre-productiondrilling.	Mining dilution factors have been dealt with in the estimation of the OK MineralResource (use of a broad 0.1g/t mineralised envelope as a primary constraint forOK estimation). This is considered consistent with the style of estimation andexperience from the other Regis operations which utilise the same estimation
	The major assumptions made and Mineral Resource model usedfor pit and stope optimisation (if appropriate).	approach. This methodology has provided good results based on sitereconciliation at Regis' Duketon operations over an extended production periodand significant mined/milled tonnage.
	The mining dilution factors used.	No mining loss or recovery factor has been considered in the estimation of the Ore
	The mining recovery factors used.	Reserve. This is considered consistent with the style of estimation and experiencefrom the Regis' Duketon operations which use the same estimation approach, and
	Any minimum mining widths used.	is consistent with the suitability of earthmoving equipment to the orebody type (lowto moderate grade and wide mineralized zones).
	The manner in which Inferred Mineral Resources are utilised inmining studies and the sensitivity of the outcome to their inclusion.	No Inferred Mineral Resources are included in the Ore Reserve estimation andreporting process and are therefore not included in any revenue estimates and are
	The infrastructure requirements of the selected mining methods.	treated as waste in the estimation of Ore Reserves.
Metallurgicalfactors or	The metallurgical process proposed and the appropriateness ofthat process to the style of mineralisation.	The Ore Reserve will be processed through a conventional crush, grind, carbon inleach (CIL) processing plant to be located at McPhillamys to produce gold doré. Inthe Competent Person's view, the process for this style of mineralisation is
assumptions	Whether the metallurgical processis well-tested technology or	appropriate.
	novel in nature.	Comprehensive metallurgical test work has been completed on McPhillamys ore
	The nature, amount and representativeness of metallurgical test	and a recovery factor of 85% has been incorporated into the Ore Reserveoptimisation.
	work undertaken, the nature of the metallurgical domainingapplied and the corresponding metallurgical recovery factorsapplied.	Basedon the metallurgical test results, the resource remains amenable toconventional CIL gold processing at the McPhillamysProcessing Plant.
	Any assumptions or allowances made for deleterious elements.
	The existence of any bulk sample or pilot scale test work and thedegree to which such samples are considered representative ofthe orebody as a whole.
	For minerals that are defined by a specification, has the orereserve estimation been based on the appropriate mineralogy tomeet the specifications?
Environmental	The status of studies of potential environmental impacts of themining and processing operation. Details of waste rockcharacterisation and the consideration of potential sites, status ofdesign options considered and, where applicable, the status of	Environmental studies have been completed for all disciplines to pre-feasibilitylevel or definitive feasibility level. These studies include but are not limited to airquality, noise, visual amenity, ecology, hydrogeology, heritage, traffic, social andeconomic.

Criteria	JORC Code explanation	Commentary
	approvals for process residue storage and waste dumps shouldbe reported.	No fatal flaws have been identified in any of these environmental studies. Thesestudy results along with any further work where necessary will be incorporated intoan Environmental Impact Statement (EIS). The EIS will be submitted to the NSWDepartment of Planning and Environment (DPE), who will assess the project forapproval status.
		Waste rock characterisation studies have been completed, identifying PAF andNAF waste distribution and are considered representative of the waste expectedto be mined at McPhillamys. Appropriate dump design, waste rock (PAF)management and waste dump sequencing will be required and has been includedin the cost estimates for the project.
Infrastructure	The existence of appropriate infrastructure: availability of land forplant development, power, water, transportation (particularly forbulk commodities), labour, accommodation; or the ease withwhich the infrastructure can be provided, or accessed.	PFS level project layouts have been completed to include key infrastructure suchas waste rock dumps, open pit, haul roads, processing facilities, TSF, offices,workshops etc.
		The project is located in an area of New South Wales that has a considerablemining presence and population to facilitate construction and operations. Theproject will be operated as a residential mine, with labour and support servicessourced locally wherever possible.
		High tension electrical power of sufficient capacity is located close to the project.
		Two long term process water supply options for the project have progressed to anadvanced stage. The first via a non-binding heads of agreement with the Mt PiperPower Station/Springvale Mine and the second through groundwater accesslicences near the Lachlan River.
Costs	The derivation of, or assumptions made, regarding projectedcapital costs in the study.	The majority of the capital costs for the project are accounted for in the processingfacility. All capital costs have been estimated to PFS level of confidence +/-25%
	The methodology used to estimate operating costs.	Mining costs applied in the optimisation used mining contract rates sourcedthrough a requestfor pricing process with suitablyexperienced Australian based
	Allowances made for the content of deleterious elements.	mining contractors.
	The derivation of assumptions made of metal or commodityprice(s), for the principal minerals and co-products.	Drill and blast costs were derived by applying contract costs, expected patternsand powder factors and cross checking these with drill and blast costs at otherRegis operations.
	The source of exchange rates used in the study.	Grade control costs were broadly based on existinggrade control drilling and
	Derivation of transportation charges.	sampling costs experienced at Regis' Duketon operations.
	The basis for forecasting or source of treatment and refiningcharges, penalties for failure to meet specification, etc.	Ore will be delivered directly from the pit to the ROM beside the planned processplant site and are included in the contract mining rates. Gold transportation coststo the Mint are included in the refining component of the milling charges assumedin the study.
	The allowances made for royalties payable, both Government andprivate.	Treatment costs applied in the Ore Reserve analysis are based on metallurgicaltestwork coupled with estimated labour, consumables and power costs.

Criteria	JORC Code explanation	Commentary
		No cost allowances have been made for deleterious elements.
		Administration costs are guided by actual costs from the Duketon operations andadjusted for the residential nature of the project.
		All financial analyses and gold price have been expressed in Australian dollars sono direct exchange rates have been applied.
		Royalties payable to the New South Wales State Government have been includedin the analysis of the Ore Reserve.
Revenuefactors	The derivation of, or assumptions made regarding revenue factorsincluding head grade, metal or commodity price(s) exchangerates, transportation and treatment charges, penalties, net smelterreturns, etc.	A gold price of A$1,400/oz has been used in the optimisation of the McPhillamysOre Reserve and reporting cut-off grade calculation. Revenue factors within theoptimisation process were used to produce a range of nested optimisation shellsto assist in theanalysis and shell selection for pit design.
	The derivation of assumptions made of metal or commodityprice(s), for the principal metals, minerals and co-products.
Marketassessment	The demand, supply and stock situation for the particularcommodity, consumption trends and factors likely to affect supplyand demand into the future.	N/A, there is a transparent quoted derivative market for the sale of gold.
	A customer and competitor analysis along with the identification oflikely market windows for the product.
	Price and volume forecasts and the basis for these forecasts.
	For industrial minerals the customer specification, testing andacceptance requirements prior to a supply contract.
Economic	The inputs to the economic analysis to produce the net presentvalue (NPV) in the study, the source and confidence of theseeconomic inputs including estimated inflation, discount rate, etc.	The Ore Reserves have been evaluated through a standard financial model. Alloperating and capital costs as well as revenue factors were included in the financialmodel. This process has demonstrated the estimated Ore Reserves have apositive economic value.The project has been tested for sensitivity tokey input
	NPV ranges and sensitivity to variations in the significantassumptions and inputs.	parameters such as gold price, metallurgical recoveries and discount rate andfound to be robust.
Social	The status of agreements with key stakeholders and mattersleading to social licence to operate.	The McPhillamys Gold Mine is located on freehold land owned by Regis and withinRegis controlled exploration leases.
		Extensive community consultation has been undertaken with residents in thevicinity of the project as well as local Councils and community interest groups. Allof this community consultation forms part of the social impact assessment, whichhas not identified any fatal flaws.

Criteria	JORC Code explanation	Commentary
		Legaldue diligence on the project area has not identified any issues, includingNative Title that would preclude the development of the project.
Other	To the extent relevant, the impact of the following on the projectand/or on the estimation and classification of the Ore Reserves:Any identified material naturally occurring risks.The status of material legal agreements and marketingarrangements.The status of governmental agreements and approvals critical tothe viability of the project, such asmineral tenement status, andgovernment and statutory approvals. There must be reasonablegrounds to expect that all necessary Government approvals willbe received within the timeframes anticipated in the Pre-Feasibilityor Feasibility study. Highlight and discuss the materiality of any	Gold production from the McPhillamys Mine will besold in the majority onthe SpotMarket with a small portion hedged at a price above the current spot market. Aroyaltyon gold production is payable to the State of New South Wales.A development application, which requires the submission of an EIS to the NSWDPE for assessment has not as yet been made for McPhillamys.
	unresolved matter that is dependent on a third party on whichextraction of the reserve is contingent.
Classification	The basis for the classification of the Ore Reserves into varyingconfidence categories.	The classification of the McPhillamys Ore Reserve has been carried out inaccordance with the recommendations of the JORC Code 2012. It is based on thedensity of the drilling, estimation methodology, the orebody experience and themining method to be employed.
	Whether the result appropriately reflects the Competent Person'sview of the deposit.	Results of optimisation and design reasonably reflect the views held by the
	The proportion of Probable Ore Reserves that have been derived	Competent Person of the deposit.All Probable Ore Reserves have been derived from Indicated Resources.
	fromMeasured Mineral Resources (if any).
Audits orreviews	The results of any audits or reviews of Ore Reserve estimates.	An internal review of the Ore Reserve estimate has been carried out.
Discussionof relativeaccuracy/confidence	Where appropriate a statement of the relative accuracy andconfidence level in the Ore Reserve estimate using an approachor procedure deemed appropriate by the Competent Person. Forexample, the application of statistical or geostatistical proceduresto quantify the relative accuracy of the reserve within statedconfidence limits, or, if such an approach is not deemedappropriate, a qualitative discussion of the factors which couldaffect the relative accuracy and confidence of the estimate.	Whilst appreciating that reported Ore Reserves are an estimation onlyand subjectto numerous variables common in mining operations, it is the opinion oftheCompetent Person that there is a reasonable expectation of achieving the reportedOre Reserves commensurate with the Probable classification.

Criteria	JORC Code explanation	Commentary
	The statement should specify whether it relates to global or localestimates, and, if local, state therelevant tonnages, which shouldbe relevant to technical and economic evaluation. Documentationshould include assumptions made and the procedures used.
	Accuracy and confidence discussions should extend to specificdiscussions of any applied Modifying Factors that may have amaterial impact on Ore Reserve viability, or for which there areremaining areas of uncertainty at the current study stage.
	It is recognised that this may not be possible or appropriate in allcircumstances. These statements of relative accuracy andconfidence of the estimate should be compared with productiondata, where available.