REGIS RESOURCES LIMITED — Investor Presentation 2017

Sep 20, 2017

REGIS RESOURCES LTD

INVESTOR PRESENTATION SEPTEMBER 2017

DISCLAIMER & COMPETENT PERSONS 2 STATEMENT

This presentation contains only a brief overview of Regis Resources Limited and its associated entities ("Regis or RRL") and their respective activities and operations. The contents of this presentation, including matters relating to the geology of Regis' projects, may rely on various assumptions and subjective interpretations which it is not possible to detail in this presentation and which have not been subject to any independent verification.

This presentation contains a number of forward-looking statements. Known and unknown risks and uncertainties, and factors outside of Regis' control, may cause the actual results, performance and achievements of Regis to differ materially from those expressed or implied in this presentation. To the maximum extent permitted by law, Regis does not warrant the accuracy, currency or completeness of the information in this presentation, nor the future performance of Regis, and will not be responsible for any loss or damage arising from the use of the information. The information contained in this presentation is not a substitute for detailed investigation or analysis of any particular issue. Current and potential investors and shareholders should seek independent advice before making any investment decision in regard to Regis or its activities.

The information in this presentation that relates to Exploration Results is extracted from the ASX announcement released 21 July 2017 entitled "Quarterly Report to 30 June 2017" and for which Competent Person's consents were obtained. The Competent Person's consents remain in place for subsequent releases by the Company of the same information in the same form and context, until the consent is withdrawn or replaced by a subsequent report and accompanying consent.

The information in this presentation that relates to Mineral Resources or Ore Reserves is extracted from the Mineral Resource and Ore Reserve Statement released to the Australian Securities Exchange on 14 July 2017 and the announcement entitled "Maiden Ore Reserve of 2.03 Million Ounces at McPhillamys Gold Project on 8 September 2017 and for which Competent Person's consents were obtained. The Competent Person's consents remain in place for subsequent releases by the Company of the same information in the same form and context, until the consent is withdrawn or replaced by a subsequent report and accompanying consent.

The Company confirms that it is not aware of any new information or data that materially affects the information included in the original ASX announcements released on 14 July 2017, 21 July 2017 and 8 September 2017 and, in the case of estimates or Mineral Resources or Ore Reserves, that all material assumptions and technical parameters underpinning the estimates in the original ASX announcement continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Person's findings are presented have not been materially modified from the original ASX announcement.

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

3 CORPORATE

CAPITAL STRUCTURE

Shares on issue	504m
Last price	A$3.91
Market capitalisation	A$1,970m
Daily turnover (no. shares)	5.4m
Unlisted options & rights	7.9m

OPERATIONS SNAPSHOT

• Duketon operations (WA) 10Mtpa for 350kozpa Resources (total) 8.2Moz Reserves 4.2Moz

FINANCIALS

NPAT FY17 A$138m Cash & bullion (30 Jun 17) A$152m 2017 Full year dividend 15cps (A$75m) 2016 Full year dividend 13cps (A$65m)

QUALITY AUSTRALIAN GOLD BUSINESS 4

REGIS AT A GLANCE Reserves 4.2 Moz Resources 8.2 Moz FY2018 production guidance: 335,000 – 365,000 ounces A$940 – 1,010/oz AISC Net Cash A$152 million (30 June 17) Dividends and organic growth

5 REGIS RESOURCES LTD: QUALITY OF RESERVES & JURISDICTION NOT YET REFLECTED IN RELATIVE VALUE

Regis projects are high quality, high margin and in low political risk jurisdiction Expect market to value McPhillamys as development progresses

Source: Capital IQ and Company filings Enterprise Value (EV) is a function of market capitalisation, debt, cash and minority interest. Market data as at 12-Sep-2017.

REVIEW OF FY2017 OPERATIONS 6

DUKETON CONTINUES TO DELIVER STRONG CASHFLOW

	FY17	FY16
Ore mined (Mbcm)	4.6	4.6
Waste mined (Mbcm)	25.6	22.6
Stripping ratio (w:o)	5.6	4.9
Ore mined (Mtonnes)	10.8	10.8
Ore milled (Mtonnes)	9.8	10.2
Head grade (g/t)	1.11	1.0
Recovery (%)	93	90
Gold production(ounces '000)	324	305
Cash cost (A$/oz)	790	773
Cash cost inc royalty(A$/oz)	864	845
All in Sustaining Cost(A$/oz)1	945	927

OPERATIONS

• Q4 gold production 90,428 ounces
  • Run rate above FY16 and FY17 guidance of 300-330koz
• FY17 production 324,353 oz at top end of guidance
• FY17 grade of 1.11g/t: 11% higher than FY16
  • Positive impact of grade from Gloster & Erlistoun

COSTS

• FY17 cash costs $790/oz & AISC $945/oz
  • Both below bottom of FY17 guidance range

OPERATING CASH-FLOW

• FY17 operating cashflow $256m2 (FY16: $233m)
  • Continued strong operating cashflow underpinning cash build and dividends

1 AISC calculated on a per ounce of production basis

2 operating cash flow is quoted under the Appendix 5B classification protocol and as such does not include payments for pre-strip and deferred mining costs as these are classified as investing activities.

7 CASHFLOW WATERFALL

Strong cash-flow from operations of $256.1m1 for FY2017 underpinned payment of $80.1 million in dividends during the year.

1 Operating cash flow differs from the statutory Statement of Cash Flow "net cash from operating activities" as it is quoted under the Appendix 5B classification protocol and includes movement in gold bullion on hand and bullion on hand classified as inventory for statutory accounts (i.e. 4,532 oz's at $1,610/oz)

REMINDER OF HISTORY

• New management in 2009
• First plant built 2010 2mtpa name plate
• First production in 2011 100kozpa
• Now 10 million tonnes pa operation Australia's 5th largest gold processing project
• Now producing 335 365kozpa

THREE CRUCIAL GOALS OF ANY MINING BUSINESS

• Increase production
• Maintain or improve operating margin
• Replenish or increase reserves

GROWING PRODUCTION

MAINTAINING OR EXPANDING MARGIN

GROWING RESERVES

FY17 RESULTS - STRONG PERFORMANCE 13 ON ALL MEASURES

Earnings & Dividend per Share

14 DIVIDEND

FY2017 DIVIDENDS

• Final dividend declared
  • 8 cents per share fully franked ($40 million)
• Interim dividend
  • 7 cps fully franked ($35m paid March 2017)
• Final dividend (8cps) payout key metrics:
  • 4.1% basic dividend yield*
  • 5.8% grossed up (for 100% franking) div yield*
• Full year dividend (15cps) represents 14% of FY17 revenue and 54% of NPAT

* Annualised dividend yield of 16cps at a closing share price of $3.95 on 28 August 2017

COMMITMENT TO DIVIDENDS

• Regis has paid and/or declared 49 cps - $245 million in dividends since 2013
• Regis is an Australian gold industry leader on dividend payment metrics

15 OPERATIONS OUTLOOK

FY2018 GUIDANCE

• Gold production 335,000 365,000 ounces
• Cash costs $770 $840 per ounce
• AISC $940 $1,010 per ounce
• Growth Capex: $23m
  • Majority of growth capital related to pre production mining of Baneygo and Tooheys Well satellite operations
• FY18 production guidance higher than FY17 range of 300-330koz and FY17 actual of 324koz
  • Impact of positive grade of new operations
• Organic growth projects at Duketon to deliver increasing production and reducing cost profile

MARCH 2017 RESERVE UPDATE

Group Ore Reserves increased 3% to 2.18 Moz after mining depletion of 331,000 oz (March16: 2.13Moz)

16 FAMOUS BLUE GEOLOGY SATELLITE OPERATIONS COMMENCED IN FY17

GLOSTER

• 26km west of Moolart Well
• Mining commenced Q1, milling Q2
• Processed 536kt ore at 1.32g/t in Q4
• Processed 1.13mt ore at 1.29g/t YTD
• Adds 3+ years of mill feed to MW
• Grade increases production & recovery

ERLISTOUN

• 9km south of Garden Well
• Mining commenced Q2, milling Q3
• Processed 195kt ore at 1.22g/t in Q4
• Processed 312kt ore at 1.21g/t YTD
• Adds 4+ years of mill feed to GW
• Grade increases production & recovery

OUTLOOK

• Proving the quality & simplicity of strategy
• Full year production & falling strip in FY18
• Tooheys Well, Baneygo etal to follow

17 EXPLORATION UPDATE

DUKETON – CONTINUING TO DELIVER

Completed 167,000m of drilling in FY17

• Tooheys Well 2.5km S of Garden Well Drilling culminates in 366koz Reserve
• Rosemont Underground
  • Numerous +20gm intercepts over 500m strike
  • Intercepts outside current reserves
  • Opportunity to add O/P & U/G inventory
• Reichelts Find 12km S of Garden Well Encouraging results under historic open pit Up to 1.4km of poorly tested strike
• Focus returns to regional exploration 6 new large scale (1 - 2.5km strike) targets 27,000m of drilling planned for Q1 & Q2

Proximity to 10mtpa milling infrastructure presents excellent exploration opportunity

1818 TOOHEYS WELL GOLD PROJECT

MAIDEN RESERVE REPLACES REGIS FY17 PRODUCTION

• Located only 2.5km south of GW
• Gold shear zones hosted by chert, shale and BIF
• Extensive drill-out in 2015 and 16 culminated in maiden resource July 16
• Maiden Reserve quoted June 17:

	Tonnes	Grade	Gold
	(Mt)	(g/t)	(koz)
0.5g/tlower cut	7.1	1.61	366

• Replaces Duketon FY17 gold production
• Discovery cost of $24 per reserve ounce
• Mining to commence March18 quarter
• Production to commence Dec18 quarter
  • Approx 2MTpa for 90kozpa
  • Will increase group production due to higher grade than displaced ore from GW

ROSEMONT SOUTH & MAIN 1919 UNDERGROUND OPPORTUNITIES

3D long section from south east showing planned Rosemont South & Main drilling, phase 1 and 2

Phase 1 drill programmes underway at Rosemont South and below Rosemont Main Pit:

• Returning numerous high grade intercepts
• Drilling to continue in FY18Q1 and beyond

ROSEMONT MAIN PIT 2020 UNDERGROUND PROJECT

POTENTIAL FOR UNDERGROUND MINING INVENTORY EXTENSION

• Testing high grade shoots 100-200m vertically below ultimate open pit design depth
• Holes drilled to date are encouraging for underground opportunities
• 44 holes for 10,993m of RC drilled in Q4 excellent high grade results continue

ROSEMONT MAIN PIT 2121 UNDERGROUND PROJECT

DRILL RESULTS IN Q4

• Gold hosted in a steeply east dipping 345° trending quartz-dolerite unit
• Gold mineralised quartz-dolerite unit is approx 80m wide.

Q4 Results (all outside reserves):

• 10m @ 43.84g/t Au from 200m
• 7m @ 33.86g/t Au from 284m
• 4m @ 53.37g/t Au from 318m
• 2m @ 93.00g/t Au from 195m
• 6m @ 28.70g/t Au from 174m
• 10m @ 14.60g/t Au from 271m
• Drilling continuing with focus on establishing continuity and geometry of high grade mineralisation
• Maiden underground resource expected in FY18Q2

DRILL OUTS COMPLETE SO FOCUS 2222 RETURNS TO REGIONAL EXPLORATION

NEXT 6 SIGNIFICANT SCALE REGIONAL TARGETS

• Post successful delivery of Maiden Reserve at Tooheys Well, focus has returned to generating next suite of regional exploration targets.
• 6 new regional targets generated from data review and field investigations
  • Each has between 1 2.5km of untested greenstone strike
  • Targets based on combination of structure, lag anomalies, magnetics and no or ineffective previous drilling
  • Total untested strike in this suite of targets ≈12km
  • Targets have been field checked and are ready to drill
• Proposed first pass drilling:
  • 224 holes to approx. 120m depth
  • 27,000 metres over 16 lines
  • Generally 200m spaced lines over targets
  • 6 months of work

Continued generation of significant scale targets within trucking distance of Regis mills

23 McPHILLAMYS (NSW)

ORGANIC GROWTH PROJECT

• Located in Central-West NSW
  • Well established gold mining district
  • Cadia, Cowal, Northparkes +45Moz*
• Gold resource 2.31Moz
• Gold reserve 2.03 Moz
• One of Australia's larger undeveloped open pit opportunities
• PFS completed showing high quality and large scale project
• Targeting first production DecQ 2019
• Discovery Ridge project presents opportunity for higher grade, lower strip satellite for McPhillamys
• All 100% Regis owned
• Excellent organic growth for Regis

23

PROCESS WATER OPTIONS

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

• Non-binding heads of agreement for supply & offtake of 4-5GLpa of water for a 7Mtpa processing facility
• Water available from middle of 2019 with a 10 year supply term and further 10 year option
• Water supply at no cost to Regis however Regis must supply necessary piping and pumping infrastructure
• Aiming to complete formal binding agreement in the September 2017 quarter

PROCESS WATER OPTIONS

Option 2 – Groundwater Access Licenses

• Contractually secured 4.5GLpa of Water Access Licenses over ground water approx. 80km from McPhillamys
• Represents a viable and secured alternative source of water supply sufficient for 7mtpa operation

MAIDEN RESERVE REPORTED SEPTEMBER 2017

Infill Drilling Completed

• 44,000m of drilling over the last 9 months
• Reduced drill pattern to 50x25m (nominal)

Maiden Ore Reserve

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

• Ore Reserve estimated by Cube using:
  • 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; and
  • Operating costs – Mining contractor quotes & Regis

Maiden reserve confirms McPhillamys as one of Australia's larger undeveloped open pit projects

PFS GENERATES STRONG PROJECT – ORGANIC GROWTH WITH QUALITY & SCALE

PFS Results
Operating CostOre milled (Million tonnes)A$/tonne	60.1
Grade (g/t)A$/oz	1.05
MiningRecovery(%)	85
15.46LOMgoldproduced (ounces)	1,728,000
537Avg annual production (ounces)Processing	192,000
Mine life (years)10.22	9
Stripratio (volume w:o)355	4.29
AdministrationPre-production capex(A$m)	215
0.75Operating cost (A$/oz)26	919
AISC (A$/oz)26.43	990
919NPVpostcapex, pre tax5%	525

CapitalCost		A$m
Treatmentplant		142.3
Waterpipeline		38.0
Powersupply		8.7
TSF		12.6
Other		13.8
		215.4
Operating Cost	A$/tonne	A$/oz
Mining	15.46	537
Processing	10.22	355
Administration	0.75	26
	26.43	919

Now pushing ahead with completion of DFS and preparation of permitting applications

ROBUST PROCESSING FLOWSHEET & SIMPLE OPEN PIT MINING

7 MTPA PROCESSING PLANT

Plant design is simple & robust, broadly comprising:

• Three stage crushing
• Grinding and classification
• Gravity recovery & ultrafine grinding
  • UFG for 4% of total mass
• Leaching and adsorption
• Tailings thickening
• Cyanide detoxification
• Elution and electro-winning

Smelting

OPEN PIT MINING

• Contractor mining proposed
• Traditional truck & shovel fleet

INDICATIVE DEVELOPMENT TIMETABLE

Milestone	Target Date
Complete Definitive FeasibilityStudy (DFS)	Dec 2017 Quarter
Submit Environmental ImpactStatement (EIS)	Mar 2018 Quarter
Approval by NSW DepartmentPlanning & Environment (DPE)	Sept 2018 Quarter
Commence plant construction	Dec 2018 Quarter
Commence Mining	June 2019 Quarter
Commence plantcommissioning	Dec 2019 Quarter
Practical completion and firstgold production	Dec 2019 Quarter

Targeting first gold production DecQ 2019

BOLT ON ACQUISITION EXPECTED TO DELIVER FURTHER SIGNIFICANT VALUE

• Acquired Blayney Gold Project for A$3.25m
• Contiguous to the McPhillamys project and hosts two quoted Mineral Resource Estimates*:
  • Discovery Ridge: 13.84Mt at 1.1g/t for 501koz
  • Bald Hill: 37.0Mt at 0.5g/t for 595koz
• Expands the McPhillamys footprint by 493 km2
• Discovery Ridge deposit located 32km away from the McPhillamys by a major highway
• 6,000m RC & DD infill drilling programme to commence shortly for maiden Reserve estimate
• Discovery Ridge will be studied as a satellite operation to be developed with McPhillamys
• Targeting a substantial satellite project with minimal capex, higher grade and lower strip ratio than early years of McPhillamys
• Expected to deliver significant value

31 RECAP OF PRESENTATION 31

• Q4 gold production 90,428 ounces at AISC of A$870/oz
• FY17 gold production 324,353 ounces at AISC of A$945/oz
  • FY17 production at top of guidance & AISC below bottom of guidance
• FY18 guidance increased to 335 365koz at AISC of A$940 $1,010/oz
• Cash-flow from operations A$74.2m for Q4 (Q3: $57.8m) & A$256.1m for FY17
  • Cash and bullion holdings A$151.7m (Q3: A$114.6m) A$37m cash build in Q4
• Exploration efforts continue to deliver at Duketon:
  • Tooheys Well maiden reserve at discovery cost of A$24/oz, high grade Rosemont U/G results - resource pending & 6 new large scale regional targets
• McPhillamys maiden Reserve of 2.03Moz takes group reserves to 4.2Moz
  • PFS reports robust project with average annual production of 192koz for 9 years
  • Capital cost estimated at A$215M and AISC estimated at A$990/oz
  • Plan to complete DFS in DecQ17, permitting applications thereafter
  • Targeting first gold production in DecQ19

Strong production & cashflow, industry leading dividends & large scale organic growth

32 APPENDIX 1 JORC COMPLIANT ORE RESERVE ESTIMATES 31 MARCH 2017

Gold				Proved			Probable		Total Ore Reserve	Competent
Project	Type	Cut-Off(g/t)2	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)	Person3
Moolart Well1	Open-Pit	> 0.4	1.8	0.98	57	1.0	0.82	27	2.8	0.92	83	D
Garden Well1	Open-Pit	> 0.4	6.1	0.76	149	17.6	0.92	520	23.7	0.88	669	D
Rosemont1	Open-Pit	> 0.4	1.9	1.53	92	7.8	1.40	350	9.7	1.42	442	D
Duketon Main Deposits	Sub Total		9.7	0.95	298	26.4	1.06	897	36.1	1.03	1,195
Tooheys Well3	Open-Pit	> 0.5	-	-	-	7.1	1.61	366	7.1	1.61	366	D
Gloster1	Open-Pit	> 0.5	0.2	0.85	6	7.1	1.06	243	7.3	1.05	248	D
Erlistoun1	Open-Pit	> 0.5	-	-	-	4.1	1.43	190	4.1	1.43	190	D
Baneygo	Open-Pit	> 0.4	-	-	-	3.6	1.16	136	3.6	1.16	136	D
Petra	Open-Pit	> 0.5	-	-	-	0.6	1.26	25	0.6	1.26	25	D
Dogbolter	Open-Pit	> 0.5	-	-	-	0.3	1.57	16	0.3	1.57	16	D
Anchor	Open-Pit	> 0.5	-	-	-	0.1	2.07	6	0.1	2.07	6	D
Duketon Satellite Deposits	Sub Total		0.2	0.85	6	23.0	1.33	981	23.2	1.32	987
McPhillamys4	Open-Pit	> 0.4	-	-	-	60.1	1.05	2,034	60.1	1.05	2,034	D
Regis	Grand Total		10.0	0.95	304	109.5	1.11	3,912	119.4	1.10	4,216

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

1. Mineral Resources and Ore Reserves are reported inclusive of ROM Stockpiles at cut-off grade of 0.4 g/t.

2. Cutoff grades vary according to oxidation and lithology domains. Refer to Group Ore Reserves Lower Cut Notes.

3. As reported 4th July 2017

4. As reported 8th September 2017

APPENDIX 2 33 JORC COMPLIANT MINERAL RESOURCES 31 MARCH 2017

	Gold			Measured			Indicated			Inferred			Total Resource		Competent
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)	Person2
Moolart Well1	Open-Pit	0.4	5.2	0.87	144	17.1	0.70	384	12.2	0.71	278	34.5	0.73	806	A
Garden Well1	Open-Pit	0.4	6.8	0.76	164	52.5	0.83	1,401	10.8	0.78	271	70.1	0.82	1,837	A
Rosemont1	Open-Pit	0.4	2.4	1.45	111	20.5	1.30	858	1.8	1.72	97	24.7	1.34	1,066	A
Duketon Main Deposits	Sub Total		14.3	0.91	420	90.2	0.91	2,643	24.7	0.81	646	129.2	0.89	3,709
Tooheys Well3	Open-Pit	0.0	-	-	-	15.9	1.17	598	1.1	0.89	31	17.0	1.16	630	A
Gloster1	Open-Pit	0.4	0.2	0.85	6	15.0	0.83	399	6.1	0.66	129	21.3	0.78	534	A
Baneygo	Open-Pit	0.4	-	-	-	9.2	0.96	283	1.9	0.95	57	11.1	0.96	340	A
Erlistoun1	Open-Pit	0.4	0.0	0.95	0	6.0	1.31	253	0.8	1.05	28	6.9	1.28	282	A
Dogbolter	Open-Pit	0.4	-	-	-	3.5	1.11	128	0.5	1.02	16	4.0	1.10	144	A
Russells Find	Open-Pit	0.4	-	-	-	2.1	1.07	71	0.3	0.90	10	2.4	1.05	81	A
Petra	Open-Pit	0.4	-	-	-	1.2	1.08	42	0.1	1.09	2	1.3	1.08	44	A
King John	Open-Pit	0.4	-	-	-	-	-	-	0.8	1.56	42	0.8	1.56	42	A
Reichelts Find	Open-Pit	0.4	-	-	-	-	-	-	0.8	1.11	28	0.8	1.11	28	A
Anchor	Open-Pit	0.4	-	-	-	0.2	1.75	9	0.1	0.95	2	0.2	1.53	11	A
Duketon Satellite Deposits	Sub Total		0.2	0.85	6	53.0	1.05	1,784	12.5	0.86	346	65.7	1.01	2,136
Duketon	Total		14.5	0.91	426	143.1	0.96	4,427	37.2	0.83	991	194.9	0.93	5,845
McPhillamys4	Total	0.4	-	-	-	67.7	1.05	2,282	1.2	0.64	25.46	68.9	1.04	2,307	A
Regis	Grand Total		14.5	0.91	426	210.9	0.99	6,709	38.4	0.82	1,017	263.8	0.96	8,152

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.

1. Mineral Resources and Ore Reserves are reported inclusive of ROM Stockpiles at cut-off grade of 0.4 g/t.

2. Refer to Group Competent Person Notes.

3. As reported 4th July 2017

4. As reported 8th September 2017