Regis Resources : Mineral Resource and Ore Reserve Statement

For personal use only

8 June 2022

ASX ANNOUNCEMENT

ANNUAL MINERAL RESOURCE AND ORE RESERVE STATEMENT

HIGHLIGHTS

• Group Mineral Resources of 9.92Moz as at 31 December 2021
• Group Ore Reserves of 4.14Moz as at 31 December 2021
• An increase in new Mineral Resources of 150koz was offset by CY21 depletion (490koz) and revisions to Resource model assumptions (100koz)
• An increase in new Ore Reserves of 140koz (100%) was offset by CY21 depletion (490koz) and revisions to Reserve model assumptions (340koz)
• Long term gold price assumptions for the calculation of Reserves and Resources maintained at one of the lowest in the industry at a weighted average of $1,623/oz for
  Reserves and $2,015/oz for Resources
• Rosemont and Garden Well underground Reserve growth outpaced depletion as new intercepts continue to show excellent potential for further mine life extension at Duketon
• New intercepts at Tropicana and Boston Shaker continue to give confidence to a 10+ year mine life at the Tropicana JV.
• An area south of Rosemont on the Rosemont South Trend has returned some initially promising results including:
• • 12m @ 6.0 g/t gold from 40m
  • 10m @ 110 g/t gold from 140m to the end of hole

Jim Beyer, Regis' Managing Director and CEO said:

"We have a portfolio of long-life assets that are all in the Tier 1 location of Australia. Our Reserves underpin a Reserve life of more than 9 years and provide a strong platform for the company's ongoing growth. Our Ore Reserves are estimated at one of the lowest gold price assumptions in the industry thereby continuing to position the business to be resilient through the cycles. Duketon underground reserves growth continues to outpace depletion and regional exploration works continue to identify early stage, but exciting intercepts, in close proximity to our existing mills. Overall we are delivering outcomes that position Regis for ongoing value growth."

Group Mineral Resources and Ore Reserves are shown in Tables 1 and 2 respectively.

MINERAL RESOURCES as at 31 December 2021 (Regis Attributable)

MEASURED

INDICATED

INFERRED

TOTAL RESOURCES

Tonnes

Grade

Ounces

Tonnes

Grade

Ounces

Tonnes

Grade

Ounces

Tonnes

Grade

Ounces

(Mt)

(g/t)

(000s)

(Mt)

(g/t)

(000s)

(Mt)

(g/t)

(000s)

(Mt)

(g/t)

(000s)

Regis Total

40

0.9

1,210

199

1.1

6,770

48

1.3

1,940

287

1.1

9,920

Table 1: Group Mineral Resource

ORE RESERVES as at 31 December 2021 (Regis Attributable)

PROVEN

PROBABLE

TOTAL RESERVES

Tonnes

Grade

Ounces

Tonnes

Grade

Ounces

Tonnes

Grade

Ounces

(Mt)

(g/t)

(000s)

(Mt)

(g/t)

(000s)

(Mt)

(g/t)

(000s)

Regis Total

21

0.8

520

96

1.2

3,620

117

1.1

4,140

Table 2: Group Ore Reserves

All references to $ are Australian dollars unless otherwise noted.

Page 1

For personal use only

8 June 2022

ASX ANNOUNCEMENT

Regis Resources is pleased to release the Mineral Resource and Ore Reserve update for the 12 months ended 31 December 2021. The Group Mineral Resources and Ore Reserves provide the strong platform to launch the next phase of growth for the company.

Mineral Resources

The Group Mineral Resources as at 31 December 2021, reported in accordance with the JORC Code 2012, are estimated to be 287Mt at 1.1 g/t gold for 9.92Moz gold. This compares with the estimate at 31 December 2020 of 301Mt at 1.1 g/t Au for 10.36Moz of gold as announced 15 June 2021 post the acquisition of 30% of Tropicana.

Mineral Resources were estimated using a gold price of $2,015/oz (weighted average).

A summary of the year on year changes is shown in Figure 1:

10,360		9,870		140	9,920
	-490		-90
December 2020	Depletion	December 2020 (Net)	Tropicana	Duketon	December 2021

Figure 1: Mineral Resource changes from December 2020 to December 2021 (koz)

Ore Reserves

The Group Ore Reserves as at 31 December 2021, reported in accordance with the JORC Code 2012, are estimated to be 117Mt at 1.1 g/t gold for 4.14Moz gold. This compares with the estimate at 31 December 2020 of 145Mt at 1.0 g/t Au for 4.83Moz of gold as announced 15 June 2021 post the acquisition of 30% of Tropicana.

Ore Reserves were estimated at the long term gold price of $1,623/oz (weighted average) using the following gold price assumptions:

•	Duketon North:	$2,000 /oz
•	Duketon South:	$1,600 /oz
•	McPhillamys:	$1,600 /oz
•	Tropicana:	$1,633 /oz

A summary of the year on year changes is shown in Figure 2:

4,830
		4,340			110	30	4,140
	-490		-210	-130
December 2020	Depletion	December 2020	DNO	DSO	DSO	Tropicana	December 2021
		(Net)	Open Pit	Open Pit	Underground

Figure 2: Ore Reserves changes from December 2020 to December 2021 (koz)

Page 2

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8 June 2022

ASX ANNOUNCEMENT

EXPLORATION UPDATE

Exploration and resource definition continue to be a priority for the Company with 44,615m of drilling completed across Duketon and 19,194m completed at Tropicana from Oct 2021 to March 2022.

Tropicana JV

Boston Shaker Underground continuing to grow at Tropicana JV

Exploration drilling at Boston Shaker has continued to test and confirm the down-plunge mineralisation beyond the boundaries of the existing resources. Highly significant results were returned during the period highlighting the potential for the Boston Shaker UG resource to grow further (Figure 3). Significantly, BSD358 intersected further high-grade mineralisation 300m down-plunge of the nearest mineralisation and 325m from the closest effective drill hole (Figure 4) supporting the thesis that mineralisation continues down plunge. Highlights include:

•	22m @ 4.0 g/t gold from 969m	BSD357 (BS03 Lode)
•	25m @ 4.1 g/t gold from 934m	BSD358 (BS03 Lode)
•	26m @ 4.9 g/t gold from 608m	BSD368A (BS04 Lode)
•	14m @ 4.6 g/t gold from 593m	BSD371 (BS04 Lode)

These down plunge results have intersected strong mineralisation demonstrating the robustness of the lodes which will continue to grow resources (Figure 3).

Drill hole and sample details for all holes are included in Appendix C to this report. Boston Shaker intercepts above were calculated using a 0.7 g/t gold lower cut, no upper cut, maximum 2m internal dilution. All diamond drill assays determined on half core (NQ2) samples by fire assay.

A-A

Figure 3. Boston Shaker long-section displaying gram metre pierce points and 0.3g/t Au mineralisation zone and recent high grade intercepts outside of the current modelled mineralised zone.

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8 June 2022

ASX ANNOUNCEMENT

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Dyke

Figure 4: Boston Shaker Cross-sectionA-A showing the down-plunge continuation of economic mineralisation down plunge outside of the current modelled mineralised zone.

Growing the next Underground production area at Tropicana UG

The Tropicana underground forms part of the production schedule for the operation and continues to grow with further exploration. A programme of six RC/diamond holes were drilled from surface targeting the potential down-dip extension of the Tropicana mineralisation.

The holes continued to show encouraging intercepts with the best results including:

•	15m @ 1.6 g/t gold from 594m	TPD584
•	6m @ 3.8 g/t gold from 656m	TPD585

Figure 5: West facing long-section of Tropicana deposit showing drilling locations of recent intercepts outside of the current modelled mineralised zone.

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8 June 2022

ASX ANNOUNCEMENT

A third potential production zone shapes up at Havana Underground

The Havana underground programme is designed to convert a portion of the underground inferred resource to higher confidence indicated. This area lies beneath the base of the planned Havana Pit (Figure 6). Drill density will increase over the 550m strike and 150m down-dip zone delineated by the UG preliminary scoping work and is below the latest iteration of the Havana cutback pit shell. This drilling will contribute to the 2022 Havana UG Prefeasibility Study.

Select results include:
• 14m @ 2.0 g/t gold from 469m	HDD379
• 14m @ 1.8 g/t gold from 533m	HDD383
• 28m @ 2.0 g/t gold from 528m	HDD384
• 24m @ 4.4 g/t gold from 554m	HDD385
• 26m @ 3.2 g/t gold from 545m	HDD388AW1
• 20m @ 2.7 g/t gold from 531m	HDD392
• 13m @ 3.0 g/t gold from 544m	HDD396

Drill hole and sample details for all holes are included in Appendix C to this report. Havana UG intercepts above calculated using a 0.7 g/t gold lower cut, no upper cut, maximum 2m internal dilution. All diamond drill assays determined on half core (NQ2) samples by fire assay.

Figure 6: Long section of Havana deposit with conceptual UG design and recent intersections

Duketon

Garden Well Main underground potential takes shape

Drilling continued within the target area down plunge of the Garden Well Main (GWM) pit mineralisation (Figure 7). High grade shoots hosted in sheared mafic rocks have been identified and diamond drilling continued to test the continuity of the gold mineralisation.

Drilling results continue to firm up the high-grade south plunging shoots beneath Main Pit with the better intercepts below demonstrating the potential:

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