REGIS RESOURCES LIMITED - Capital/Financing Update 2017

6 June 2017 Manager Announcements Company Announcements Office Australian Securities Exchange Limited Level 4, 20 Bridge Street Sydney NSW 2000

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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 AT TOOHEYS WELL TO FURTHER BOOST DUKETON PRODUCTION

Highlights

Maiden Ore Reserve Estimate at Tooheys Well has added 366,000 ounces to gold Ore Reserves at Regis’ wholly owned Duketon Gold project.
This increase in Duketon gold Ore Reserves effectively replaces expected 2017FY reserve depletion from production, after allowance for mill recovery.
Maiden Ore Reserve at Tooheys Well estimated at 7.1 million tonnes at 1.61g/t Au for 366,000 ounces of gold.
Mining at Tooheys Well, located only 2.5 kilometres from the Garden Well processing plant, is expected to commence in the March 2018 quarter and should add in the order of 4 years of additional supplementary mill feed to the Garden Well processing plant.
Gold production from Tooheys Well expected to be around 90,000 ounces per annum over its mine life.
Expected to increase total Regis Duketon gold production by in excess of 30,000 ounces per annum over the duration of the Tooheys Well mine life due to higher grade of Tooheys Well ore compared to Garden Well ore displaced from the milled tonnage.
Exploration at Duketon continues to deliver strong organic growth at a compelling discovery cost. Tooheys Well discovery cost of $24 per Reserve ounce.
Updated Tooheys Well JORC Mineral Resource estimate of 17.0 million tonnes at 1.16g/t Au for 630,000 ounces of gold, an increase of 15% for contained ounces from the previous JORC compliant Mineral Resource estimate.

Regis Executive Chairman, Mark Clark commented:

“The addition of 366,000 ounces of gold to Regis’ Ore Reserves from recent drilling at Tooheys Well demonstrates the excellent organic growth potential that aggressive exploration of the prospective Duketon greenstone belts controlled by Regis can deliver. With Regis’ 5Mtpa Garden Well processing plant located only 2.5km to the north, mining of Tooheys Well will generate significant value for the Company. It extends the mine life of the project and should increase total Duketon production by more than 30,000 ounces per annum due to its significantly higher grade than the grade of the displaced ore from Garden Well.”

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Announcement

The Board of Regis Resources Limited is pleased to announce an addition of 366,000 ounces to the Ore Reserves of the Company following the estimation of maiden Ore Reserves at the Tooheys Well gold project. The 100% owned project is located on a granted mining lease 2.5km south of the Garden Well gold mine and 5Mtpa processing plant.

The maiden Ore Reserve estimate will replace the bulk of the expected reserve depletion from production for the 2017 financial year.

A breakdown of the Ore Reserve is shown below:

	Tonnes	Grade (g/t)	Ounces
	(MT)		(000’s)
Tooheys Well
OreReserve (>0.5g/tlowercut)	7.1	1.61	366

Maiden Ore Reserve

The Tooheys Well maiden Ore Reserve has been estimated after completion of comprehensive studies which included:

open pit mining, road haulage to, and processing at, Garden Well processing plant;
pit optimisation completed by independent consultant using wall angles based on geotechnical drill holes and independent geotechnical advice;
pit design including provision for ramps, waste dumps and surface water management structures;
bulk densities and metallurgical parameters from test work;
mining costs based on contractor quotation;
road haulage based on contractor estimates;
processing, administration and other costs based on current Duketon costs; and
a gold price of A$1400 per ounce used for optimisation.

Key results of the reserve studies include:

Physical	Tooheys Well
Total pit volume (Mbcm)	25.7
Strip Ratio (waste bcm:ore bcm)	8.8
Ore tonnes (Mt)	7.1
Ore grade (g/t)	1.61
Contained Ounces (koz’s)	366
Processing Recovery (%)	85% to 90% depending on the domain
Recovered Ounces (koz’s)	327

It is envisaged that open cut mining will provide a supplementary higher-grade ore supply for the existing Garden Well processing plant. Mining is expected to commence in the March 2018 quarter (subject to final statutory approvals) with ore haulage and gold production to follow in the December 2018 quarter. Utilisation of Regis’ 5Mtpa Garden Well processing plant located 2.5km to the north, will see Tooheys Well produce in the order of 90,000 ounces of gold per annum for approximately 3.5 years. It extends the mine life of the Garden Well project and should increase total Duketon production by more than 30,000 ounces per annum due to its significantly higher grade than the grade of the Garden Well ore displaced from milling during the Tooheys Well mine life.

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There will be operational synergies in utilising Regis’ existing mining team and earthmoving contractor from the nearby Garden Well mine. Development will require only a very modest capital investment for minor infrastructure and haul road construction. All in sustaining costs for the project are expected to be similar to existing Duketon operating projects.

A map of the Duketon Gold Project is shown below which highlights the proximity of Tooheys Well and Regis’ other projects to the existing processing facilities.

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The Tooheys Well Ore Reserve has been estimated to a maximum pit depth of 230 metres. The top 30 metres from surface is relatively barren for most of the open pit, making the startup strip ratio high. The strip ratio then falls sharply once main ore zones are reached. A cross section showing Tooheys Well gold mineralisation and reserve pit outline is shown below.

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Regis drilling at Tooheys Well on cross section 6909340mN. Holes drilled towards 270°.

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Gold mineralisation at Tooheys Well was originally defined in two north south trending Western and Eastern shear zones 100 metres apart hosted in Banded Iron Formation (BIF), chert and fine grained sediments. RC and diamond drilling in the March 2016 quarter defined high grade gold mineralisation along the Eastern shear zone and this was followed-up with further RC and diamond drilling in the June 2016 quarter.

The eastern shear zone mineralisation appears to have steep dip of 80-90° to the east. Host rocks are BIF/chert and shale and weathering extends to 70 metre vertical depth. Gold mineralisation is associated with pyrrhotite hosted in Banded Iron Formation (“BIF”) which appears to be the dominant lithology at Tooheys Well. The pyrrhotite phase is restricted to BIF’s, and has replaced magnetite during hydrothermal alteration. The eastern shear zone is open down dip.

Updated Mineral Resource

An updated Mineral Resource estimate of 17.0 million tonnes at a grade of 1.16g/t Au for 630,000 ounces of gold has been completed. This is a 15% increase in contained ounces from the previous Mineral Resource estimate completed in July 2016 (14.6MT @ 1.16g/t for 547koz). This increase is the result of further extensional and infill RC drilling completed subsequent to the original resource estimate.

The Resource estimate was completed in-house (in compliance with the 2012 JORC Code and Guidelines) using the Ordinary Kriging estimation technique.

RESOURCES & RESERVES – OTHER MATERIAL INFORMATION SUMMARY

A summary of other material information pursuant to ASX Listing Rules 5.8 and 5.9 is provided below for the updated Tooheys Well Mineral Resource estimate. The Assessment and Reporting Criteria in accordance with JORC Code 2012 is presented in Appendix 1 to this announcement.

Mineral Resource Estimate

Geology and Geological Interpretation

Tooheys Well is a blind gold deposit with a 30 metre depletion zone at the top of the deposit.

The gold mineralisation is hosted in a steep-east dipping North-South trending Banded Iron Formation (BIF). Gold mineralisation is associated with sulphides (Pyrrhotite) replacing magnetite in the BIF. Weathering depths vary from 20m to 70m vertical depth.

Sampling and Sub-sampling

The Tooheys Well deposit was sampled using reverse circulation (RC), aircore (AC) and diamond drill holes (DD) on a nominal 20m by 20m grid spacing.

One metre AC samples were obtained by riffle splitter and 1m RC samples were obtained by cone splitter, with all being utilised for lithology logging and assaying.

Diamond core was used for geotechnical and density measurements as well as lithology logging and assaying. The core has predominantly been sampled at 1m intervals, with some sampling on geological intervals.

All samples were dried, crushed and pulverised to at least 85% passing 75µm.

Sample Analysis Method

All gold assaying was completed by commercial laboratories, using a 50g charge for fire assay analysis with AAS finish.

Drilling Techniques

In the resource area AC drilling was completed with an 89mm diameter AC blade, RC drilling was completed with a 139mm diameter face sampling hammer and DD was completed at HQ3 and NQ3 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 used are 5m (east) by 10m (north) by 2.5m (elevation), with no subblocking.

The estimation was constrained within manually generated 0.3g/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 two-pass search strategy was employed, also employing a high-grade restriction method to reduce the influence of higher-grade data beyond a set distance.

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.

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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 $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 to determine Mineral Resources which has been based on potential recoveries indicated by metallurgical testwork in the Duketon area 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.

Ore Reserve Estimate

Material Assumptions for Ore Reserve

The following material assumptions apply to the Tooheys Well Ore Reserve:

Gold price of $1,400 per ounce used for the optimization;
No allowance was made for any capital cost in the reserve analysis. The economic analysis was based on total cash costs;
Metallurgical performance based on results of metallurgical testing designed by Regis personnel and completed in independent laboratories;
Geotechnical and hydrogeological recommendations from external consultant’s reviews.

Ore Reserve Classification

The classification of the Tooheys Well Ore Reserve has been carried out in accordance with the recommendations of the JORC Code 2012. It is based on the density of the drilling, estimation methodology and the mining method to be employed.

All Probable Ore Reserves have been derived from Indicated Mineral Resources.

Mining Method

The mining method assumed in the Ore Reserve study is open cut with conventional excavator and truck fleets.

Geotechnical and hydrogeological recommendations have been applied during pit optimisation and incorporated in design. No mining loss or recovery factor has been considered in the estimation of the Ore Reserve. This is considered consistent with the style of estimation and experience from Regis’ other Duketon operations which use the same estimation approach, and is consistent with the suitability of earthmoving equipment to the orebody type (moderate grade and wide mineralised zones).

Processing Method

The existing Garden Well CIL Processing facility will be utilised to treat the Ore Reserve and a recovery factor of 90% or 85% (domain dependant) has been assumed in the estimation of the Ore Reserve.

Comprehensive metallurgical test work has been completed on the Tooheys Well ore and have been incorporated into the Ore Reserve estimation.

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Based on the metallurgical test results, the resource is amenable to conventional CIL gold processing at the Garden Well Processing Plant.

Cut-off Grade

Variable lower OK block cut-off grades have been applied to the Resource block model in estimating the Ore Reserve. The lower cuts have been selected with consideration to mineability and cash operating margins. No upper cut has been applied to the Ore Reserve as this has been adequately dealt with in the Mineral Resource.

Estimation Methodology

Refer to Mineral Resource section.

Material Modifying Factors

There are no material modifying factors that need to be highlighted with the Ore Reserve. Tooheys Well will operate as a satellite mining operation and be processed at the existing Garden Well processing plant. All environmental studies are either completed or nearing completion and it is envisaged that all statutory approvals will be granted in due course.

Tooheys Well Mineral Resource Estimate

as at 1 March 2017

Gold	Gold	Gold	Measured	Measured	Measured	Indicated	Indicated	Indicated	Inferred	Inferred	Inferred	Total Resource	Total Resource	Total Resource	Competent Person1
Project	Type	Cut‐Off (g/t)	Tonnes (Mt)	Gold Grade (g/t)	Gold Metal (koz)	Tonnes (Mt)	Gold Grade (g/t)	Gold Metal (koz)	Tonnes (Mt)	Gold Grade (g/t)	Gold Metal (koz)	Tonnes (Mt)	Gold Grade (g/t)	Gold Metal (koz)
Tooheys Well	Open‐Pit	0.4	‐	‐	‐	15.9	1.17	598	1.1	0.89	31	17.0	1.16	630	A

Notes

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 noted

Refer to Competent Person Statement

Tooheys Well Ore Reserve Estimate

as at 1 March 2017

Gold	Gold	Gold	Proved	Proved	Proved	Probable	Probable	Probable	Total Ore Reserve	Total Ore Reserve	Total Ore Reserve	Competent Person2
Project	Type	Cut‐Off (g/t)1	Tonnes (Mt)	Gold Grade (g/t)	Gold Metal (koz)	Tonnes (Mt)	Gold Grade (g/t)	Gold Metal (koz)	Tonnes (Mt)	Gold Grade (g/t)	Gold Metal (koz)
Tooheys Well	Open‐Pit	> 0.5	‐	‐	‐	7.1	1.61	366	7.1	1.61	366	B

Notes

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.

Cutoff grades vary according to oxidation and lithology domains. Refer to Ore Reserve Lower Cut‐off Grade Note in Material Information Summary.
Refer to Competent Person Statement

Project	Profile	Domain	Lower Cut (g/t)
Tooheys Well	Oxide		0.5
	Transitional		0.6
	Fresh	Low Recovery	0.8
	Fresh		0.6

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 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.

Table 3: Competent Person table

Activity	Competent Person	Identifier	Institute
Tooheys Well Resource	Jarrad Price	A	Australasian Institute of Mining and Metallurgy
Tooheys Well 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.

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APPENDIX 1 JORC Code, 2012 Edition – Table 1 report – Tooheys Well Section 1 Sampling Techniques and Data

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

Criteria	JORC Code explanation	Commentary
Sampling	Nature and quality of sampling (e.g. cut channels, random chips, or specific	The Tooheys Well gold prospect was sampled using Reverse Circulation (RC –
techniques	specialised industry standard measurement tools appropriate to the minerals	491 holes for 69,930m), Aircore (AC – 25 holes for 933m) and Diamond (DD – 7
	under investigation, such as down hole gamma sondes, or handheld XRF	holes for 1,410m) drill holes on a nominal 20m east spaced holes on 20m north
	instruments, etc). These examples should not be taken as limiting the broad	grid spacing, which were drilled angled -60 degrees to 270 degrees.
	meaning of sampling.
	Include reference to measures taken to ensure sample representivity and the	Regis drill hole collar locations were picked up by site-based authorised surveyors
	appropriate calibration of any measurement tools or systems used.	using Trimble RTK GPS. Downhole surveying was measured by using either a
		Reflex EZ-Shot Downhole Survey Instrument or North Seeking Gyro based tool
		where magnetic host rock would affect azimuth readings. The surveys were
		completed every 30m down each drill hole.
		Core is aligned and measured by tape, comparing back to down hole core blocks
		consistent with industry practice.
		Regis drill hole sampling had certified standards and blanks inserted every 25th
		sample to assess the accuracy and methodology of the external laboratories, and
		field duplicates (RC only) were inserted every 20th sample to assess the
		repeatability and variability of the gold mineralisation. Laboratory duplicates were
		also completed approximately every 15th sample to assess the precision of the
		laboratory as well as the repeatability and variability of the gold mineralisation.
		Results of the QAQC sampling were considered acceptable for an Archaean gold
		deposit.
	Aspects of the determination of mineralisation that are Material to the Public	For the Regis RC and AC drilling 1m samples were obtained by cone splitter (2.5kg
	Report. In cases where ‘industry standard’ work has been done this would be	– 3.0kg) and were utilised for lithology logging and assaying. The drilling samples
	relatively simple (e.g. ‘reverse circulation drilling was used to obtain 1 m samples	were dried, crushed and pulverised to get 85% passing 75µm and were all Fire
	from which 3 kg was pulverised to produce a 30 g charge for fire assay’). In other	Assayed using a 50g charge (Aurum, Bureau Veritas and Kalassay).
	cases more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (e.g. submarine nodules) may warrant disclosure of detailed information.	Diamond drilling completed to industry standard using varying sample lengths (0.3 to 1.2m) based on geological intervals, which are then dried, crushed and pulverised to get 85% passing 75µm and were all Fire Assayed using a 50g charge
		(Aurum and Bureau Veritas).

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Criteria	JORC Code explanation	Commentary
Drilling	Drill type (e.g. core, reverse circulation, open-hole hammer, rotary air blast,	RC drilling completed with a 139mm diameter face sampling hammer.
techniques	auger, Bangka, sonic, etc) and details (e.g. core diameter, triple or standard tube, depth of diamond tails, face-sampling bit or other type, whether core is oriented and if so, by what method, etc).	AC drilling was completed with an 89mm diameter AC blade bit. Surface diamond drilling carried out by using either NQ3 or HQ32 (triple tube) and NQ2 or HQ2 (standard tube) techniques.
		Core is routinelyorientated byREFLEX ACT III tool.
Drill sample	Method of recording and assessing core and chip sample recoveries and results	RC and AC recovery was visually assessed, with recovery being excellent except
recovery	assessed.	in some wet intervals which are recorded on logs. <1% of the overall mineralised
		zones have been recorded as wet.
		DD core was measured and compared to the drilled intervals, and recorded as a
		percentage recovery. Recovery in the oxidised rock was poor, and excellent in
		fresh.
	Measures taken to maximise sample recovery and ensure representative nature	RC and AC samples were visually checked for recovery, moisture and
	of the samples.	contamination. The drilling contractor utilised a cyclone and splitter to provide
		uniform sample size, and these were cleaned routinely (cleaned at the end of each
		rod and more frequently in wet conditions). A booster was also used in conjunction
		with the RC drill rig to ensure dry samples are achieved.
		The target zones ranged from oxidised rock near surface where recoveries were
		lower to highly competent fresh rock, where the DD method provided high
		recovery.
	Whether a relationship exists between sample recovery and grade and whether	Sample recoveries for RC and AC drilling are visually estimated to be medium to
	sample bias may have occurred due to preferential loss/gain of fine/coarse	high. No significant bias is expected although no recovery and grade correlation
	material.	study was completed.
		The DD drill sample recovery in the transitional and fresh rock zones is very high,
		and no significant bias is expected. Recoveries in the oxidised rock were lower.
Logging	Whether core and chip samples have been geologically and geotechnically	Lithology, alteration, veining, mineralisation and, on some holes, magnetic
	logged to a level of detail to support appropriate Mineral Resource estimation,	susceptibility were logged from the RC chips and saved in the database. Chips
	mining studies and metallurgical studies.	from every interval are also placed in chip trays and stored in a designated
		building at site for future reference.
		Lithology, alteration, veining, mineralisation and geotechnical information were
		logged from the DD core and saved in the database. Half core from every interval
		are also retained in the core trays and stored in a designated building at site for
		future reference.
	Whether logging is qualitative or quantitative in nature. Core (or costean,	All logging is qualitative except for magnetic susceptibility and geotechnical
	channel, etc) photography.	measurements. Wet and dry photographs were completed on the core.

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Criteria	JORC Code explanation	Commentary
	The total length and percentage of the relevant intersections logged.	All drill holes are logged in full.
Sub-sampling	If core, whether cut or sawn and whether quarter, half or all core taken.	Core was half cut with a diamond core saw with the same half always sampled
techniques and		and the surplus retained in the core trays. Non-competent clay zones are sampled
sample		as whole core where necessary due to difficulty in cutting.
preparation
	If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled	The RC and AC drilling utilised a cyclone and cone splitter to consistently produce
	wet or dry.	0.5kg to 3.0kg dry samples.
	For all sample types, the nature, quality and appropriateness of the sample	Samples are dried, crushed to 10mm, and then pulverised to 85% passing 75µm
	preparation technique.	(industry standard practice is assumed for the historical drilling). This is
		considered acceptable for an Archaean gold deposit.
	Quality control procedures adopted for all sub-sampling stages to maximise	Field duplicates (RC, AC) were inserted every 20th sample to assess the
	representivity of samples.	repeatability and variability of the gold mineralisation. Laboratory duplicates were
		also completed roughly every 15th sample to assess the repeatability and
		variability of the gold mineralisation.
	Measures taken to ensure that the sampling is representative of the in situ	Field RC duplicates (RC, AC) were taken at the rig from a second chute on the
	material collected, including for instance results for field duplicate/second-half	cone splitter allowing for the duplicate and main sample to be the same size and
	sampling.	sampling technique. Field duplicates are taken every 20th sample. Laboratory
		duplicates (sample preparation split) were also completed roughly every 15th
		sample.
		Field duplicates on core, i.e. other half of cut core, have not been routinely
		assayed.
	Whether sample sizes are appropriate to the grain size of the material being	Sample sizes (0.5kg to 3kg) are considered to be a sufficient size to accurately
	sampled.	represent the gold mineralisation based on the mineralisation style (hypogene
		associated with shearing and supergene enrichment), the width and continuity of
		the intersections, the sampling methodology, the coarse gold variability and the
		assay ranges for the gold.
		Field duplicates have routinely been collected to ensure monitoring of the sub-
		sampling quality. Acceptable precision and accuracy is noted in the field
		duplicates albeit the precision is marginally acceptable and consistent with a
		coarse gold Archaean gold deposit.

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Criteria	JORC Code explanation	Commentary
Quality of	The nature, quality and appropriateness of the assaying and laboratory	All gold assaying was completed by external commercial laboratories using a 50g
assay data and	procedures used and whether the technique is considered partial or total.	charge for fire assay analysis with AAS finish. This technique is industry standard
laboratory tests		for gold and considered appropriate.
	For geophysical tools, spectrometers, handheld XRF instruments, etc, the	Apart from magnetic susceptibility in targeted zones, no other geophysical
	parameters used in determining the analysis including instrument make and	measurements were routinely made.
	model, reading times, calibrations factors applied and their derivation, etc.
	Nature of quality control procedures adopted (e.g. standards, blanks, duplicates,	Certified Reference Material (CRM or standards) and blanks were inserted every
	external laboratory checks) and whether acceptable levels of accuracy (ie lack of	25th sample to assess the assaying accuracy of the external laboratories. Field
	bias) and precision have been established.	duplicates (RC, AC) were inserted every 20th sample to assess the repeatability
		from the field and variability of the gold mineralisation. Laboratory duplicates were
		also completed approximately every 15th sample to assess the precision of
		assaying.
		Evaluation of both the Regis submitted standards, and the internal laboratory
		quality control data, indicates assaying to be accurate and without significant drift
		for significant time periods. Excluding obvious errors, the vast majority of the CRM
		assaying report shows an overall mean bias of less than 5% with no consistent
		positive or negative bias noted. Duplicate assaying show high levels of correlation
		and no apparent bias between the duplicate pairs. Field duplicate samples show
		marginally acceptable levels of correlation and no relative bias.
		Results of the QAQC sampling were considered acceptable for an Archaean gold
		deposit. Substantial focus has been given to ensuring sampling procedures met
		industry best practise to ensure acceptable levels of accuracy and precision were
		achieved in a coarse gold environment.
Verification of	The verification of significant intersections by either independent or alternative	No independent personnel have visually inspected the significant intersections in
sampling and	company personnel.	RC chips. Numerous highly qualified and experienced company personnel from
assaying		exploration and production positions have visually inspected the significant
		intersections in RC chips.
	The use of twinned holes.	The spatial location and assaying accuracy of historical drilling was confirmed with
		RC twin holes. The Regis RC drilling spatial location and assaying accuracy was
		also twinned by Regis DD holes.
	Documentation of primary data, data entry procedures, data verification, data	All geological and field data is entered into excel spreadsheets with lookup tables
	storage (physical and electronic) protocols.	and fixed formatting (and protected from modification) thus only allowing data to
		be entered using the Regis geological code system and sample protocol. Data is
		then emailed to the Regis database administrator for validation and importation
		into a SQL database using Datashed.

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Criteria	JORC Code explanation	Commentary
	Discuss any adjustment to assay data.	Any samples not assayed (i.e. destroyed in processing, listed not received) have
		had the assay value converted to a -9 in the database. Any samples assayed
		below detection limit (0.01 ppm Au) have been converted to 0.005 ppm (half
		detection limit) in the database.
Location of	Accuracy and quality of surveys used to locate drill holes (collar and down-hole	Regis drill hole collar locations were picked up by site-based authorised surveyors
data points	surveys), trenches, mine workings and other locations used in Mineral Resource	using Trimble RTK GPS, calibrated to a base station (expected accuracy of
	estimation.	20mm).
		Downhole surveying was measured by using either a Reflex EZ-Shot Downhole
		Survey Instrument or North Seeking Gyro based tool where magnetic host rock
		would affect azimuth readings.
		The surveys were completed every 30m down each drill hole.
	Specification of the grid system used.	The grid system is and AMG Zone 51 (AGD 84) for surveying pickups, as well as
		any modelling.
	Quality and adequacy of topographic control.	The topographic surface has been derived from a combination of the primary drill
		hole pickups and the pre-existing photogrammetric contouring.
Data spacing	Data spacing for reporting of Exploration Results.	The drilling has an effective spacing to 20 metres (east) by 20 metres (north) to a
and distribution		depth of 300 metres from surface, with limited deeper drilling extending to 350m
		from surface.
	Whether the data spacing and distribution is sufficient to establish the degree of	The data spacing and distribution is sufficient to demonstrate spatial and grade
	geological and grade continuity appropriate for the Mineral Resource and Ore	continuity of the mineralised domains to support the definition of Inferred and
	Reserve estimation procedure(s) and classifications applied.	Indicated Mineral Resources under the 2012 JORC code once all other modifying
		factors have been addressed.
	Whether sample compositing has been applied.	No sample compositing has been applied in the field within the mineralised zones.
Orientation of	Whether the orientation of sampling achieves unbiased sampling of possible	Drilling is orientated to best suit the mineralisation to be closely perpendicular to
data in relation	structures and the extent to which this is known, considering the deposit type.	both the strike and dip of the mineralisation. Intercepts are close to true-width in
to geological		most cases.
structure
	If the relationship between the drilling orientation and the orientation of key	It is not believed that drilling orientation has introduced a sampling bias.
	mineralised structures is considered to have introduced a sampling bias, this
	should be assessed and reported if material.
Sample	The measures taken to ensure sample security.	Samples are securely sealed and stored onsite, until delivery to Perth via contract
security		freight Transport, who then deliver the samples directly to the laboratory. Sample

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Criteria	JORC Code explanation	Commentary
		submission forms are sent with the samples as well as emailed to the laboratory,
		and are used to keep track of the sample batches.
Audits or	The results of any audits or reviews of sampling techniques and data.	No audits on sampling techniques and data have been completed.
reviews

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Section 2 Reporting of Exploration Results

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

Criteria	JORC Code explanation	Commentary
Mineral	Type, reference name/number, location and ownership including agreements or	The Tooheys Well prospect comprises M38/1251, an area of 9.109 km2(910.90
tenement and	material issues with third parties such as joint ventures, partnerships, overriding	hectares).
land tenure status	royalties, native title interests, historical sites, wilderness or national park and environmental settings.	Normal Western Australian state royalties apply and a further 2% NSR royalty exists to a third party.
	The security of the tenure held at the time of reporting along with any known	Current registered holders of the tenements are Regis Resources Ltd and Duketon
	impediments to obtaining a licence to operate in the area.	Resources Pty Ltd (100% Regis owned subsidiary). There are no registered
		Native Title Claims.
Exploration	Acknowledgment and appraisal of exploration by other parties.	Minor amounts of drilling by Ashton and Johnsons Well Mining was completed
done by other		although it was mainly shallow and not extensive enough to properly define the
parties		mineralisation.
Geology	Deposit type, geological setting and style of mineralisation.	The gold mineralisation is hosted in a vertical dipping North-South trending
		Banded Iron Formation (BIF). Gold mineralisation is associated with sulphides
		(Pyrrhotite) replacing magnetite in the BIF. Weathering depths vary from 20m to
		70m vertical depth.
Drill hole	A summary of all information material to the understanding of the exploration	Not applicable as there are no exploration results reported as part of this
Information	results including a tabulation of the following information for all Material drill	statement.
	holes:	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 in metres) 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 the information is
	not Material and this exclusion does not detract from the understanding of the
	report, the Competent Person should clearly explain why this is the case.
Data	In reporting Exploration Results, weighting averaging techniques, maximum	This release is in relation to a Mineral Resource estimate and Ore Reserve, with
aggregation	and/or minimum grade truncations (e.g. cutting of high grades) and cut-off grades	no exploration results being reported.
methods	are usually Material and should be stated.
	Where aggregate intercepts incorporate short lengths of high grade results and
	longer lengths of lowgrade results, theprocedure used for such aggregation

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Criteria	JORC Code explanation	Commentary
	should be stated and some typical examples of such aggregations should be
	shown in detail.
	The assumptions used for any reporting of metal equivalent values should be
	clearly stated.
Relationship	These relationships are particularly important in the reporting of Exploration	The Tooheys Well drill holes were drilled at -60º to 270° and the mineralised zone
between	Results.	is moderate to steep east dipping. The intercepts reported are close to true width.
mineralization widths and intercept	If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported.
lengths	If it is not known and only the down hole lengths are reported, there should be a
	clear statement to this effect (e.g. ‘down hole length, true width not known’).
Diagrams	Appropriate maps and sections (with scales) and tabulations of intercepts should	This release is in relation to a Mineral Resource estimate and Ore Reserve, with
	be included for any significant discovery being reported These should include,	no exploration results being reported, therefore no diagrams have been produced.
	but not be limited to a plan view of drill hole collar locations and appropriate
	sectional views.
Balanced	Where comprehensive reporting of all Exploration Results is not practicable,	Not applicable as there are no exploration results reported as part of this
reporting	representative reporting of both low and high grades and/or widths should be	statement.
	practiced to avoid misleading reporting of Exploration Results.
Other	Other exploration data, if meaningful and material, should be reported including	No other material exploration data to report.
substantive	(but not limited to): geological observations; geophysical survey results;
exploration	geochemical survey results; bulk samples – size and method of treatment;
data	metallurgical test results; bulk density, groundwater, geotechnical and rock
	characteristics; potential deleterious or contaminating substances.
Further work	The nature and scale of planned further work (e.g. tests for lateral extensions or	Further drilling is planned testing for gold mineralisation in the eastern shear zone
	depth extensions or large-scale step-out drilling).	to the north.
	Diagrams clearly highlighting the areas of possible extensions, including the main	This release is in relation to a Mineral Resource estimate and Ore Reserve, with
	geological interpretations and future drilling areas, provided this information is not	no exploration results being reported.
	commercially sensitive.

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Section 3 Estimation and Reporting of Mineral Resources

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

Criteria	JORC Code explanation	Commentary
Database	Measures taken to ensure that data has not been corrupted by, for example,	All geological and field data is entered into excel spread sheets with lookup tables
integrity	transcription or keying errors, between its initial collection and its use for Mineral	and fixed formatting (and protected from modification) thus only allowing data to
	Resource estimation purposes.	be entered using the Regis geological code system and sample protocol. Data is
		then emailed to the Regis database administrator for validation and importation
		into a SQL database using Datashed. Sample numbers are unique and pre-
		numbered calico sample bags are used.
	Data validation procedures used.	Following importation, the data goes through a series of digital and visual checks
		for duplication and non-conformity, followed by manual validation by a company
		geologist and database administrator.
Site visits	Comment on any site visits undertaken by the Competent Person and the	The competent person has made site visits to Tooheys Well. No issues have been
	outcome of those visits.	noted and all procedures were considered to be of industry standard.
		In addition to the above site visits, all exploration and resource development drilling
		programmes are subject to review by experienced senior Regis technical staff.
		These reviews have been completed from the commencement of drilling and
		continue to the present.
	If no site visits have been undertaken indicate why this is the case.	Not applicable.
Geological	Confidence in (or conversely, the uncertainty of) the geological interpretation of	The confidence in the geological interpretation is high. The gold mineralisation is
interpretation	the mineral deposit.	hosted in a steep-east dipping North-South trending Banded Iron Formation (BIF).
		Gold mineralisation is associated with sulphides (Pyrrhotite) replacing magnetite
		in the BIF. Weathering depths vary from 20m to 70m vertical depth.
	Nature of the data used and of any assumptions made.	The geological data used to construct the geological model includes regional and
		detailed surface mapping, and logging/magnetic susceptibility of RC/diamond core
		drilling.
	The effect, if any, of alternative interpretations on Mineral Resource estimation.	The relationship between geology and gold mineralisation of the deposit is
		relatively clear, and the interpretation is considered robust. There is no apparent
		alternative to the interpretation in the company’s opinion.
	The use of geology in guiding and controlling Mineral Resource estimation.	A model of the lithology and weathering was generated prior to the mineralisation
		domain interpretation commencing enabling it to be used as a guide. The
		mineralisation geometry has a very strong relationship with the lithological
		interpretation and structure.

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Criteria	JORC Code explanation Commentary
	The factors affecting continuity both of grade and geology. A broad zone of shearing localises and controls the gold mineralisation in the more hypogene-controlled transitional and fresh horizons. In the oxide horizon, the gold mineralisation is also influenced by the redox fronts, where it is sometimes has a flatter dip than in fresh. Extents and continuity of mineralisation are not understood yet along strike and at depth due to lessening drilling density.
Dimensions	The extent and variability of the Mineral Resource expressed as length (along strike or otherwise), plan width, and depth below surface to the upper and lower limits of the Mineral Resource. The approximate dimensions of the deposit are 1,100m along strike (N-S), 350m across (E-W) and 320m below surface.
Estimation and modeling techniques	The nature and appropriateness of the estimation technique(s) applied and key assumptions, including treatment of extreme grade values, domaining, interpolation parameters and maximum distance of extrapolation from data points. If a computer assisted estimation method was chosen include a description of computer software and parameters used. The Mineral Resource estimate has been generated via Ordinary Kriging (OK) using a high-grade restriction, with no change of support. The OK estimation was constrained within Surpac generated 0.3g/t Au mineralisation domains defined from the resource drill hole dataset, and guided by a geological model created in Micromine. OK is considered an appropriate grade estimation method for Tooheys Well mineralisation given current drilling density and mineralisation style, which has allowed the development of robust and high confidence estimation constraints and parameters. The grade estimate is based on 1m down-the-hole composites of the resource dataset created in Surpac each located by their mid-point co-ordinates and assigned a length weighted average gold grade. The composite length of 1m was chosen because it is a multiple of the most common l sampling interval (1.0 metre), and is also an appropriate choice for the kriging of gold into the model blocks assuming open pit mining will continue to occur on approximately 2.5 metre benches. A high-grade population identified through statistical analysis was first flagged in the model, allowing a high-grade restriction to be used. This involves those flagged blocks being estimated by the total domain composite file cut to a higher upper-cut, with the remaining portions of the domain being estimated with the total domain composite file cut to a lower uppercut. The high-grade restriction and high grade cuts (as described below) have been applied to composites to limit the influence of higher grade data. Detailed statistical and geostatistical investigations have been completed on the captured estimation data set (1m composites). This includes exploration data analysis, boundary analysis and grade estimation trials. The variography applied to grade estimation has been generated using Snowden Supervisor. These investigations have been completed on each ore domain separately. KNA analysis has also been conducted in Snowden Supervisor in various locations on the domains to determine the optimum block size, minimum and maximum samples per search and search distance.

Criteria	JORC Code explanation Commentary
	The factors affecting continuity both of grade and geology. A broad zone of shearing localises and controls the gold mineralisation in the more hypogene-controlled transitional and fresh horizons. In the oxide horizon, the gold mineralisation is also influenced by the redox fronts, where it is sometimes has a flatter dip than in fresh. Extents and continuity of mineralisation are not understood yet along strike and at depth due to lessening drilling density.
Dimensions	The extent and variability of the Mineral Resource expressed as length (along strike or otherwise), plan width, and depth below surface to the upper and lower limits of the Mineral Resource. The approximate dimensions of the deposit are 1,100m along strike (N-S), 350m across (E-W) and 320m below surface.
Estimation and modeling techniques	The nature and appropriateness of the estimation technique(s) applied and key assumptions, including treatment of extreme grade values, domaining, interpolation parameters and maximum distance of extrapolation from data points. If a computer assisted estimation method was chosen include a description of computer software and parameters used. The Mineral Resource estimate has been generated via Ordinary Kriging (OK) using a high-grade restriction, with no change of support. The OK estimation was constrained within Surpac generated 0.3g/t Au mineralisation domains defined from the resource drill hole dataset, and guided by a geological model created in Micromine. OK is considered an appropriate grade estimation method for Tooheys Well mineralisation given current drilling density and mineralisation style, which has allowed the development of robust and high confidence estimation constraints and parameters. The grade estimate is based on 1m down-the-hole composites of the resource dataset created in Surpac each located by their mid-point co-ordinates and assigned a length weighted average gold grade. The composite length of 1m was chosen because it is a multiple of the most common l sampling interval (1.0 metre), and is also an appropriate choice for the kriging of gold into the model blocks assuming open pit mining will continue to occur on approximately 2.5 metre benches. A high-grade population identified through statistical analysis was first flagged in the model, allowing a high-grade restriction to be used. This involves those flagged blocks being estimated by the total domain composite file cut to a higher upper-cut, with the remaining portions of the domain being estimated with the total domain composite file cut to a lower uppercut. The high-grade restriction and high grade cuts (as described below) have been applied to composites to limit the influence of higher grade data. Detailed statistical and geostatistical investigations have been completed on the captured estimation data set (1m composites). This includes exploration data analysis, boundary analysis and grade estimation trials. The variography applied to grade estimation has been generated using Snowden Supervisor. These investigations have been completed on each ore domain separately. KNA analysis has also been conducted in Snowden Supervisor in various locations on the domains to determine the optimum block size, minimum and maximum samples per search and search distance.

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Criteria	JORC Code explanation	Commentary
	The availability of check estimates, previous estimates and/or mine production	An independent check estimate was completed (MIK) on the maiden Mineral
	records and whether the Mineral Resource estimate takes appropriate account of	Resource estimate for Tooheys Well in June 2016 which compared closely for
	such data.	ounces. No check estimate has been completed as part of the current study,
		although as the infill drilling has not significantly changed the estimated grade it
		was not deemed necessary.
	The assumptions made regarding recovery of by-products.	No by-products are present or modelled.
	Estimation of deleterious elements or other non-grade variables of economic	No deleterious elements have been estimated or are important to the project
	significance (e.g. sulphur for acid mine drainage characterisation).	economics\planning at Tooheys Well.
	In the case of block model interpolation, the block size in relation to the average	Block dimensions are 5m (east) by 10m (north) by 2.5m (elevation) (no sub-
	sample spacing and the search employed.	blocking) and was chosen as it approximates a quarter to half the drill hole spacing
		in the horizontal direction for the more adequately drilled areas and less than one
		quarter the drill hole spacing for the less densely drilled areas. The 2.5m elevation
		equals the mining bench height. The interpolation utilised 2 estimation passes,
		with category 1 adopting a 50m octant search in the major direction and 25m in
		the minor direction, 16 minimum/64, maximum composites used and a maximum
		of 4 composites per drill hole, with only 2 adjacent octants allowed to fail the search
		criteria. Category 2 uses a doubled search distance but 8 minimum composites,
		4 maximum per hole and 4 adjacent octants allowed to fail the criteria. The search
		on each category is orientated 17 degrees around z (163 degrees) and 70 degrees
		around y (-70 degrees to the east) and 19 degrees around x (19 degrees to the
		south) to align the search ellipse to the orientation of the mineralisation. Minor
		domains in the oxidised horizon used all of the same parameters apart from dip,
		which was assigned flatter to match the geometry 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 to control the resource	The grade estimate is based on mineralisation constraints which have been
	estimates.	interpreted based on a lithological and weathering interpretation, and a nominal
		0.3g/t Au lower cut-off grade. The mineralisation constraints have been used as
		hard boundaries for grade estimation wherein only composite samples within that
		domain are used to estimate blocks coded as within that domain. Statistical
		investigations have been completed to test the change in statistical and spatial

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Criteria	JORC Code explanation	Commentary
		characteristics of the domains grouped by weathering showing there to be little
		variation between profiles, hence they have been estimated inclusively.
	Discussion of basis for using or not using grade cutting or capping.	A review of the composite data captured within the mineralisation constraints was
		completed to assess the need for high grade cutting (capping). This assessment
		was completed both statistically and spatially to determine if the high grade data
		clusters or were isolated. On the basis of the investigation it was decided to utilise
		a high-grade restriction, and appropriate high grade cuts were applied to all
		estimation domains.
	The process of validation, the checking process used, the comparison of model	The grade estimate was checked against the input drilling/composite data both
	data to drill hole data, and use of reconciliation data if available.	visually on section (cross and long section) and in plan, and statistically on swath
		plots. No production data is available for comparison.
Moisture	Whether the tonnages are estimated on a dry basis or with natural moisture, and	The Mineral Resource tonnage is reported using a dry bulk density and therefore
	the method of determination of the moisture content.	represents dry tonnage excluding moisture content.
Cut-off	The basis of the adopted cut-off grade(s) or quality parameters applied.	The cut-off grade of 0.4g/t for the stated Mineral Resource estimate is determined
parameters		from standardised parameters used to generate the open pit shell that the Mineral
		Resource isquoted above,and reflectspotential mining practices.
Mining factors	Assumptions made regarding possible mining methods, minimum mining	The Resource model assumes open cut mining is completed and a moderate to
or assumptions	dimensions and internal (or, if applicable, external) mining dilution. It is always	high level of mining selectivity is achieved in mining. It has been assumed that
	necessary as part of the process of determining reasonable prospects for	high quality grade control will be applied to ore/waste delineation processes using
	eventual economic extraction to consider potential mining methods, but the	AC/RC drilling, or similar, at a nominal spacing of 10m (north – along strike) and
	assumptions made regarding mining methods and parameters when estimating	5m (east – across strike), and applying a pattern sufficient to ensure adequate
	Mineral Resources may not always be rigorous. Where this is the case, this	coverage of the mineralisation zones.
	should be reported with an explanation of the basis of the mining assumptions
	made.
Metallurgical	The basis for assumptions or predictions regarding metallurgical amenability. It is	A gold recovery of 93% was used to generate the open pit shell above which the
factors or	always necessary as part of the process of determining reasonable prospects for	Mineral Resource has been quoted. This has been based on potential recoveries
assumptions	eventual economic extraction to consider potential metallurgical methods, but the	indicated in feasibility metallurgical testwork, production data and ongoing testwork
	assumptions regarding metallurgical treatment processes and parameters made	to determine cyanidable gold recoveries.
	when reporting Mineral Resources may not always be rigorous. Where this is the
	case, this should be reported with an explanation of the basis of the metallurgical
	assumptions made.
Environmental	Assumptions made regarding possible waste and process residue disposal	It has been assumed that current or similar operational approaches, protocols and
factors or	options. It is always necessary as part of the process of determining reasonable	facilities applied to environmental factors at Regis’ other operations in the Duketon
assumptions	prospects for eventual economic extraction to consider the potential	Belt will be applied at Tooheys Well.
	environmental impacts of the mining and processing operation. While at this
	stage the determination ofpotential environmental impacts, particularly for a

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Criteria	JORC Code explanation	Commentary
	greenfields project, may not always be well advanced, the status of early
	consideration of these potential environmental impacts should be reported.
	Where these aspects have not been considered this should be reported with an
	explanation of the environmental assumptions made.
Bulk density	Whether assumed or determined. If assumed, the basis for the assumptions. If	The bulk density values were derived from 155 measurements taken on the core
	determined, the method used, whether wet or dry, the frequency of the	via water immersion method. Due to the core being diamond tails off RC drillholes
	measurements, the nature, size and representativeness of the samples.	there are no measurements for oxide or upper transitional material, therefore the
		bulk density values for these two horizons have been assumed from similar rock
		types at the nearby Garden Well.
		There is little variation of bulk density values within the lower transitional and fresh
		oxidation profiles, therefore mean values have been applied to each horizon.
		Oxide is 1.8t/m3(assumed), upper saprock is 2.3t/m3(assumed), lower saprock is
		2.8t/m3and fresh is 3.0t/m3.
	The bulk density for bulk material must have been measured by methods that	The bulk density samples have all been measured onsite, with a final
	adequately account for void spaces (vugs, porosity, etc), moisture and	measurement completed to determine weight change from the initial dry weight to
	differences between rock and alteration zones within the deposit.	highlight if porosity or void spaces have affected the bulk density determination.
		Due to the fact that measurements were mostly taken on fresh and competent
		lower transitional core there are no issues anticipated.
	Discuss assumptions for bulk density estimates used in the evaluation process of	Little spatial variation is noted for the bulk density data within lithological and
	the different materials.	weathering boundaries and therefore an average bulk density has been assigned
		for tonnage reporting based on weathering coding.
Classification	The basis for the classification of the Mineral Resources into varying confidence	The data spacing and distribution is sufficient to demonstrate spatial and grade
	categories.	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.
		The estimation passes were used as a guide for the creation of a surface that was
		used to separate the higher confidence Indicated portions of the deposit from the
		Inferred portions of the deposit.
	Whether appropriate account has been taken of all relevant factors (ie relative	The Mineral Resource classification method which is described above has also
	confidence in tonnage/grade estimations, reliability of input data, confidence in	been based on the quality of the data collected (geology, survey and assaying
	continuity of geology and metal values, quality, quantity and distribution of the	data), the density of data, the confidence of the geological model and
	data).	mineralisation model, and the grade estimation quality.

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Criteria	JORC Code explanation	Commentary
	Whether the result appropriately reflects the Competent Person’s view of the	The reported Mineral Resource estimate is consistent with the Competent
	deposit.	Person’s view of the deposit.
Audits or	The results of any audits or reviews of Mineral Resource estimates.	An independent MIK check estimate was completed as part of the study for the
reviews		maiden Mineral Resource estimate at Tooheys Well in July 2016, which compared
		closely with the Regis OK Resource estimate. No reviews or check estimates have
		been completed as part of the current study.
Discussion of	Where appropriate a statement of the relative accuracy and confidence level in	The Resource has been classified based on the quality of the data collected, the
relative	the Mineral Resource estimate using an approach or procedure deemed	density of data, the confidence of the geological model and mineralisation model,
accuracy/	appropriate by the Competent Person. For example, the application of statistical	and the grade estimation quality. This has been applied to a relative confidence
confidence	or geostatistical procedures to quantify the relative accuracy of the resource	based on data density and zone confidence for Resource classification. No
	within stated confidence limits, or, if such an approach is not deemed	relative statistical or geostatistical confidence or risk measure has been generated
	appropriate, a qualitative discussion of the factors that could affect the relative	or applied.
	accuracy and confidence of the estimate.
		The reported Mineral Resources for Tooheys Well are within a pit shell created
	The statement should specify whether it relates to global or local estimates, and, if local, state the relevant tonnages, which should be relevant to technical and economic evaluation. Documentation should include assumptions made and the procedures used.	from an open pit optimisation using a $2,000 gold price and appropriate wall angles and costs for the location of the deposit. Material outside of the pit shell was examined for UG potential using a 2.5 g/t cut- off and a minimum tonnage requirement and nil material was generated.
	These statements of relative accuracy and confidence of the estimate should be	There is no production data to compare against.
	compared with production data, where available.

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Section 4 Estimation and Reporting of Ore Reserves

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

Criteria	JORC Code explanation	Commentary
Mineral	Description of the Mineral Resource estimate used as a basis for the conversion	The Mineral Resource estimate for the Tooheys Well deposit used as a basis for
Resource	to an Ore Reserve.	conversion to the Ore Reserve estimate reported here was compiled by Jarrad
estimate for conversion to Ore Reserves	Clear statement as to whether the Mineral Resources are reported additional to, or inclusive of, the Ore Reserves.	Price of Regis using data supplied by Regis. The data included drilling and assay data, geological interpretation, density checks and comparisons to independent check estimates. This information was used as
		a basis to construct to influence method of estimation in the construction of an OK
		block model.
		The Tooheys Well Mineral Resource is inclusive of the Tooheys Well Ore Reserve
Site visits	Comment on any site visits undertaken by the Competent Person and the	A site visit was made by the Competent Person to the Tooheys Well deposit.
	outcome of those visits.	Discussions were held with Regis personnel on aspects of possible slope stability,
	If no site visits have been undertaken indicate why this is the case.	pit dewatering, temporary ramps, waste dumping and other issues relating to the estimation of Ore Reserves. Further work in the area of slope stability was carried
		out after these visits and the results incorporated both in the resource model, the
		optimisation and design of the reservepit.
Study status	The type and level of study undertaken to enable Mineral Resources to be	The Tooheys Well Gold Mine will be a fully operational open pit mining operation.
	converted to Ore	The Tooheys Well deposit has previously had a Mineral Resource estimated but
	Reserves.	no Ore Reserve completed. This Ore Reserve has been investigated based on being satellite ore feed for the Garden Well processing plant. The processing
	The Code requires that a study to at least Pre-Feasibility Study level has been	parameters are based on actual costs of the existing Garden Well processing plant
	undertaken to convert Mineral Resources to Ore Reserves. Such studies will	and expected reagent consumption. Mining costs are based on the pricing
	have been carried out and will have determined a mine plan that is technically	obtained from the existing Garden Well mining contractor via a schedule of rates
	achievable and economically viable, and that material Modifying Factors have	format. As such the confidence level in these parameters is considered to be very
	been considered.	high. All parameters have been subject to internal review.
Cut-off	The basis of the cut-off grade(s) or quality parameters applied.	Variable lower OK block cut-off grades have been applied to the Resource block
parameters		model in estimating the Ore Reserve. The lower cuts have been selected with
		consideration to mineability and cash operating margins. No upper cut has been
		applied to the Ore Reserve as this has been adequately dealt with in the Mineral
		Resource.
Mining factors	The method and assumptions used as reported in the Pre-Feasibility or	The resource model which forms the basis for estimation of the Ore Reserve was
or assumptions	Feasibility Study to convert the Mineral Resource to an Ore Reserve (i.e. either	used in an open pit optimisation process to produce a range of pit shells, the
	by application of appropriate factors by optimisation or by preliminary or detailed	analysis of which resulted in a target shell for the detailed pit design. The
	design).	optimisation used parameters generated from operating costs and other inputs
		derived from site operational reports and independent expert recommendations.

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Criteria	JORC Code explanation	Commentary
	The choice, nature and appropriateness of the selected mining method(s) and	The mining method assumed in the Ore Reserve study is open cut with
	other mining parameters including associated design issues such as pre-strip,	conventional excavator and truck fleets.
	access, etc.	Geotechnical recommendations made by independent consultants have been
	The assumptions made regarding geotechnical parameters (e.g. pit slopes, stope	applied in optimisation and incorporated in design. The independent consultants
	sizes, etc), grade control and pre-production drilling.	have reviewed previous and current geotechnical data for the Tooheys Well
	The major assumptions made and Mineral Resource model used for pit and	project, and will have an ongoing geotechnical involvement with the project.
	stope optimisation (if appropriate).	Mining dilution factors have been dealt with in the estimation of the OK Mineral
	The mining dilution factors used.	Resource (use of a broad 0.3g/t mineralised envelope as a primary constraint for
	The mining recovery factors used.	OK estimation). This is considered consistent with the style of estimation and experience from the other Duketon operations which utilise the same estimation
	Any minimum mining widths used.	approach. This methodology has provided good results based on site reconciliation at the Duketon operations over an extended production period and
	The manner in which Inferred Mineral Resources are utilised in mining studies	mined tonnage.
	and the sensitivity of the outcome to their inclusion.	No mining loss or recovery factor has been considered in the estimation of the Ore
	The infrastructure requirements of the selected mining methods.	Reserve. This is considered consistent with the style of estimation and experience
		from the other Duketon operations which use the same estimation approach, and
		is consistent with the suitability of earthmoving equipment to the orebody type (low
		to moderate grade and wide mineralised zones).
		No Inferred Mineral Resources are included in the Ore Reserve estimation and
		reporting process. They are not considered in any of the revenue matrices and
		are treated as waste in the estimation of Ore Reserves.
		As this will be a satellite operation there will be a requirement for upgrades to roads
		for haulage and minor administration infrastructure.
Metallurgical	The metallurgical process proposed and the appropriateness of that process to	The existing Garden Well CIL Processing facility will be utilised to treat the Ore
factors or	the style of mineralisation.	Reserve and a recovery factor of 90% and 85% (depending on the domain) has
assumptions	Whether the metallurgical process is well-tested technology or novel in nature.	been assumed in the estimation of the Ore Reserve.
	The nature, amount and representativeness of metallurgical test work undertaken, the nature of the metallurgical domaining applied and the	Comprehensive metallurgical test work has been completed on the Tooheys Well ore and have been incorporated into the Ore Reserve optimisation.
	corresponding metallurgical recovery factors applied.	Based on the metallurgical test results, the resource remains amenable to
	Any assumptions or allowances made for deleterious elements.	conventional CIL gold processing at the Garden Well Processing Plant.
	The existence of any bulk sample or pilot scale test work and the degree to which
	such samples are considered representative of the orebody as a whole.

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Criteria	JORC Code explanation	Commentary
	For minerals that are defined by a specification, has the ore reserve estimation
	been based on the appropriate mineralogy to meet the specifications?
Environmental	The status of studies of potential environmental impacts of the mining and	All environmental studies are either completed or nearing completion. Clearing
	processing operation. Details of waste rock characterisation and the	permit application is expected to be submitted to the DER for approval in the
	consideration of potential sites, status of design options considered and, where	September 2017 quarter. Consideration has been given to potential heritage
	applicable, the status of approvals for process residue storage and waste dumps	issues.
	should be reported.	Flood water flow analysis is underway allowing flood bunding to be designed to
		mitigate the risk of major rainfall events and subsequent inflows to the pit.
		Waste rock and tailings characterisation studies have been completed with some
		potentially acid forming material identified. Encapsulation of PAF waste rock using
		non-acid forming or acid neutralising waste will be required.
Infrastructure	The existence of appropriate infrastructure: availability of land for plant	Tooheys Well will be a satellite operation. It will only require infrastructure of a low
	development, power, water, transportation (particularly for bulk commodities),	level to sustain such an operation.
	labour, accommodation; or the ease with which the infrastructure can be
	provided, or accessed.
Costs	The derivation of, or assumptions made, regarding projected capital costs in the	No allowance was made for any capital cost in the reserve analysis. The economic
	study.	analysis was based on total cash costs.
	The methodology used to estimate operating costs.	Mining costs applied in the optimisation used parameters derived from tendered
	Allowances made for the content of deleterious elements.	contract rates.
	The derivation of assumptions made of metal or commodity price(s), for the principal minerals and co- products.	Drill and blast costs were derived by applying tendered contract costs, expected patterns and powder factors and cross checking these with drill and blast costs to date.
	The source of exchange rates used in the study.	Grade control costs were derived from existing grade control drilling and sampling
	Derivation of transportation charges.	costs.
	The basis for forecasting or source of treatment and refining charges, penalties	Transportation costs for the haulage of ore from the Tooheys Well stockpile to the
	for failure to meet specification, etc.	Garden Well ROM pad have been applied in line with extensive experience using
	The allowances made for royalties payable, both Government and private.	contractors for similar work at nearby Erlistoun mine. Gold transportation costs to the Mint are included in the refining component of the milling charges assumed in
		the study.
		Treatment costs applied in the Ore Reserve analysis are a combination of historical
		costs from processing of ore and physical testwork.
		No cost allowances have been made for deleterious elements.

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Criteria	JORC Code explanation	Commentary
		Administration costs are based on recent actual costs from the existing Duketon
		operations.
		All financial analyses and gold price have been expressed in Australian dollars so
		no direct exchange rates have been applied.
		Royalties payable to both the Western Australian state Government and a third
		party have been considered in the analysis of the Ore Reserve.
		� Western Australian State royalty 2.5%
		� Third party royalty 2.0%
Revenue	The derivation of, or assumptions made regarding revenue factors including head	A gold price of A$1,400/oz has been used in the optimisation of the Tooheys Well
factors	grade, metal or commodity price(s) exchange rates, transportation and treatment	Ore Reserve and reporting cut-off grade calculation. Revenue factors within the
	charges, penalties, net smelter returns, etc.	optimisation process were used to produce a range of nested optimisation shells
	The derivation of assumptions made of metal or commodity price(s), for the	to assist in the analysis and shell selection for pit design.
	principal metals, minerals and co-products.
Market	The demand, supply and stock situation for the particular commodity,	N/A, there is a transparent quoted derivative market for the sale of gold.
assessment	consumption trends and factors likely to affect supply and demand into the future.
	A customer and competitor analysis along with the identification of likely market
	windows for the product.
	Price and volume forecasts and the basis for these forecasts.
	For industrial minerals the customer specification, testing and acceptance
	requirements prior to a supply contract.
Economic	The inputs to the economic analysis to produce the net present value (NPV) in	The Ore Reserves have been evaluated through a standard financial model. All
	the study, the source and confidence of these economic inputs including	operating and capital costs as well as revenue factors were included in the financial
	estimated inflation, discount rate, etc.	model. This process has demonstrated the estimated Ore Reserves have a
	NPV ranges and sensitivity to variations in the significant assumptions and	positive economic value.
	inputs.
Social	The status of agreements with key stakeholders and matters leading to social	The Tooheys Well Gold Mine is located on leasehold pastoral land in Central
	licence to operate.	Western Australia. A compensation agreement will be made with the local
		pastoralist for operation of the mine in line with other such agreements with the
		same pastoralist for other Duketon operations. The relevant local Aboriginal
		community have been engaged during the licencing of the project for operation.
		There is currently no Native Title claim over the project and the mine is covered by
		a granted Mining Lease.

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Criteria	JORC Code explanation	Commentary
Other	To the extent relevant, the impact of the following on the project and/or on the	Gold production from the Tooheys Well Gold Mine will be sold into a mix of forward
	estimation and classification of the Ore Reserves:	gold contracts or at spot price. A royalty of 2.5% of gold production is payable to
	Any identified material naturally occurring risks.	the State of Western Australia and a royalty of 2.0% payable to third parties.
	The status of material legal agreements and marketing arrangements.	The mine and waste rock dumps are situated on approved Mining Leases. Clearing permits and mining proposals will be submitted shortly where no problems are
	The status of governmental agreements and approvals critical to the viability of	anticipated given the low impact and simple nature of the Tooheys Well project,
	the project, such as mineral tenement status, and government and statutory	similar to other projects executed by Regis several times over the past several
	approvals. There must be reasonable grounds to expect that all necessary	years. It is envisaged that the Mining Proposal will be granted to cover the
	Government approvals will be received within the timeframes anticipated in the	operation in due course.
	Pre-Feasibility or Feasibility study. Highlight and discuss the materiality of any
	unresolved matter that is dependent on a third party on which extraction of the
	reserve is contingent.
Classification	The basis for the classification of the Ore Reserves into varying confidence	The classification of the Tooheys Well Ore Reserve has been carried out in
	categories.	accordance with the recommendations of the JORC code 2012. It is based on the
	Whether the result appropriately reflects the Competent Person’s view of the deposit.	density of the drilling, estimation methodology, the orebody experience and the mining method employed.
	The proportion of Probable Ore Reserves that have been derived from Measured Mineral Resources (if any).	Results of optimisation and design reasonably reflect the views held by the Competent Person of the deposit.
		All Probable Ore Reserves have been derived from Indicated Mineral Resources.
Audits or	The results of any audits or reviews of Ore Reserve estimates.	An internal review of the Ore Reserve estimate has been carried out.
reviews
Discussion of	Where appropriate a statement of the relative accuracy and confidence level in	Whilst appreciating that reported Ore Reserves are an estimation only and subject
relative	the Ore Reserve estimate using an approach or procedure deemed appropriate	to numerous variables common in mining operations, it is the opinion of the
accuracy/	by the Competent Person. For example, the application of statistical or	Competent Person that there is a reasonable expectation of achieving the reported
confidence	geostatistical procedures to quantify the relative accuracy of the reserve within	Ore Reserves commensurate with the Probable classification, due largely to the
	stated confidence limits, or, if such an approach is not deemed appropriate, a	fact that this deposit is part of a mature, existing operation, with well understood
	qualitative discussion of the factors which could affect the relative accuracy and	and reported production results within budget controlled costs.
	confidence of the estimate.
	The statement should specify whether it relates to global or local estimates, and,
	if local, state the relevant tonnages, which should be relevant to technical and
	economic evaluation. Documentation should include assumptions made and the
	procedures used.
	Accuracy and confidence discussions should extend to specific discussions of
	any applied Modifying Factors that may have a material impact on Ore Reserve

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Criteria	JORC Code explanation	Commentary
	viability, or for which there are remaining areas of uncertainty at the current study
	stage.
	It is recognised that this may not be possible or appropriate in all circumstances.
	These statements of relative accuracy and confidence of the estimate should be
	compared with production data, where available.

AI assistant

REGIS RESOURCES LIMITED — Capital/Financing Update 2017

65733_rns_2017-06-05_168a6fd5-24b2-4c8d-992e-9afac8ad034c.pdf

MAIDEN ORE RESERVE AT TOOHEYS WELL TO FURTHER BOOST DUKETON PRODUCTION

Highlights

Announcement

Maiden Ore Reserve

Updated Mineral Resource

RESOURCES & RESERVES – OTHER MATERIAL INFORMATION SUMMARY

Mineral Resource Estimate

Geology and Geological Interpretation

Sampling and Sub-sampling

Sample Analysis Method

Drilling Techniques

Estimation Methodology

Resource Classification

Cut-off Grade

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

Ore Reserve Estimate

Material Assumptions for Ore Reserve

Ore Reserve Classification

Mining Method

Processing Method

Cut-off Grade

Estimation Methodology

Material Modifying Factors

Tooheys Well Mineral Resource Estimate

as at 1 March 2017

Notes

Tooheys Well Ore Reserve Estimate

as at 1 March 2017

Notes

Competent Persons Statement

Forward Looking Statements

APPENDIX 1

JORC Code, 2012 Edition – Table 1 report – Tooheys Well Section 1 Sampling Techniques and Data

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

Section 2 Reporting of Exploration Results

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

Section 3 Estimation and Reporting of Mineral Resources

Section 4 Estimation and Reporting of Ore Reserves

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REGIS RESOURCES LIMITED Capital/Financing Update 2017