Regis Resources (ASX:RRL) has increased its cash and bullion position for the quarter ending 30 June 2024 to $295 million.
This is a $109 million increase from the previous quarter, which totalled $186 million cash and bullion at hand.
Regis, which has a market capitalisation of $1.34 billion, says during the second quarter of this year, operational performance across the Duketon and Tropicana mines continued to recover from major rain events in March.
As a result, Duketon produced 75,600 ounces of gold, resulting in 289,900 ounces of gold produced for the 2024 financial year, which is within its production guidance range.
Tropicana, on the other hand, had a slowed recovery due to significant impacts of rain. The mine produced 30,800 ounces of gold, resulting in 127,800 ounces of gold produced for financial year 2024, which is below the production guidance range.
The group production for the financial year was 417,700 ounces, which is within the production guidance range.
Regis Resources is an Australian gold producer and explorer. The company’s main assets are the wholly owned Duketon Gold Project and the 30% owned Tropicana Gold Mine, both located in Western Australia.
As of this morning, gold’s spot price is sitting at $3,543.52 per ounce.
The gold price gains are boosting profits for the larger producers and drawing increasing interest from investors, but that is yet to flow through to the junior players.
Northern Star Resources (ASX:NST), for example, sold 401,000 ounces of gold during the first quarter of this year. The company says it expects to sell 1.6 to 1.75 million ounces of gold during the 2024 financial year.
The $14.73 billion market capitalisation company has sold 1.18 million ounces of gold to date, valued at over $4.11 billion, based on the gold price at the start of the new financial year of $3,487.18 per ounce.
Write to Aaliyah Rogan at Mining.com.au
Images: Regis Resources
