Regis Resources Limited has issued its March quarter production and fiscal 2023 guidance update, recording total gold production at 103,728 ounces.
The company also reported a $53 million increase in the cash and bullion balance to $204 million as of 31 March.
The balance includes the receipt of a $67 million tax refund.
According to the company, the lower-than-expected gold production results during the quarter were mainly attributable to a slower-than-planned ramp-up of the new Duketon Garden Well South underground, unplanned maintenance events at the Rosemont process plant, and lower underground performance at Tropicana.
Duketon also experienced wet weather impacts late in March, which have extended into April.
Regis said the non-weather-related issues had been rectified, with rates returning to plan in the early part of the June quarter.
Due to the lower production during the March quarter, the company’s fiscal 2023 production and cost guidance has been revised to an estimated 450,000 to 470,000 ounces of gold, which is still within Regis’ original guidance.
The company’s full March quarter operating, cost, and cash flow results will be provided in its report to be released on 27 April.
According to Regis Managing Director Jim Beyer, the performance during the quarter was below expectations, but the company remains on track to deliver on its long-term plans.
“Over the last two years, we have been investing heavily in our existing operations for a future of growth. We are coming to the end of that investment period and looking forward to entering the cash build phase over the June quarter,” he added.
