Regis Resources reports lower than expected gold production in March

Regis Resources Ltd (ASX: RRL), an Australian gold miner, has reported lower than expected gold production of 103,728 ounces in the March quarter 2023. The shortfall was caused by 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. Wet weather also impacted Duketon late in March, which has extended into April.

Due to the lower production, changes to mine schedules, and previously flagged inflationary pressures, the company's FY23 production and cost guidance has been revised. The new guidance includes gold production of 450,000-470,000 ounces, within the original guidance range, and all-in sustaining costs of AU$1,795- AU$1,845 per ounce. The growth capital is expected to be AU$195 million - AU$205 million, while exploration and McPhillamys are expected to be AU$66 million.

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