Sydney, June 22, 2026, 02:05 AEST
- Regis finished Friday at A$6.94, slipping 1.98% on the day. The stock is still up 18.6% from its June 12 close.
- Regis put reserves at McPhillamys back to 1.89 million ounces and set post-tax NPV at A$1.13 billion, above the A$1.08 billion it expects to spend to build it.
- Gold fell for a third straight week. Regis’ planned merger with Vault Minerals is still awaiting approvals.
Regis Resources is set to start Monday’s session in Australia holding onto a big weekly gain. Shares dropped 1.98% on Friday, tracking weaker bullion prices. Stock closed at A$6.94. The company put out a new study for its McPhillamys project in New South Wales, which has been stalled.
Regis has put McPhillamys back in its growth column, though only on paper for now. That’s important as it tries to strike an all-share merger with Vault Minerals. The updated study doesn’t resolve the project’s permit or legal issues or move it to construction.
Regis jumped from A$5.85 on June 12 to A$6.94 by Friday, leaving the S&P/ASX 200 behind. The index picked up less than 0.3% for the week. On Friday, the benchmark fell 0.92% to 8,828.7. The gold sub-index dropped 3.8%. “Not a panic, but rather a buyers’ strike on the day,” said Moomoo strategist Michael McCarthy. Morningstar
Regis’s new pre-feasibility study put probable reserves back at 56 million tonnes at 1.1 grams per tonne, for 1.89 million ounces of gold. The company is targeting average output of 190,000 ounces a year in the first nine years. All-in sustaining cost is forecast at A$1,718 an ounce, which includes operating costs and money needed to keep production stable.
At a gold price of A$4,000 per ounce, the study puts lifetime revenue at A$7.1 billion, with a post-tax IRR of 21.8% and a post-tax NPV of A$1.13 billion. Net present value measures today’s worth of future project cash flow. Pre-production capex is estimated at A$1.08 billion, giving the project some scale but not much valuation headroom over its build cost.
Regis chief executive Jim Beyer said the company “worked methodically to identify an alternative development pathway that preserves the value of the project and provides optionality.” Regis is aiming for a final investment decision in the first half of 2028, pending approvals. Australian Mining
Regis has dropped the old plan for a tailings dam, switching to filtered tailings stored inside an integrated waste landform on its own land. The former site ran into trouble after a federal heritage declaration in 2024. Regis is seeking judicial review but is also pushing ahead with permits for the new waste setup, plus a water pipeline and power.
Regis’ proposed merger with Vault could put McPhillamys in play as a development project for the new group. The combined company is targeting over 700,000 ounces a year, which would make it the third largest gold producer on the ASX, just after Northern Star Resources and Evolution Mining. Regis shareholders stand to keep about 51% of the merged miner.
But risks are still obvious. The project depends on gold at A$4,000 an ounce. The capital cost is close to its present value, and any go-ahead is still almost two years out. If gold drops, costs rise, or permitting slips again, returns could weaken. Gold’s latest fall after a more hawkish Fed has also put more pressure on unhedged names like Regis.
Bullion and currency shifts may drive direction when markets open again. Investors are looking to Australia’s May CPI, out Wednesday at 11:30 a.m. AEST, for any impact on rate bets and the Aussie dollar. But any re-rating tied to the company likely depends on movement with McPhillamys approvals, the court case, or the Vault deal.
