FY19 growth for Regis & Westgold, but costs to rise

Gold producers Regis Resources and Westgold both recorded small production increases for the 2019 financial year, but all-in sustaining costs are set to increase

Regis Resources has revealed record annual production of 363,418 ounces of gold for the 2019 fiscal year, hitting the top end of its guidance.

It said its AISC was $1,029 per ounce, which was the mid-point of its cost guidance range.

The financial year prior Regis hit production of 361,373oz, but its AISC was just $982/oz.

For the June quarter it recorded gold production of 90,966oz, slightly below its March quarter figure of 91,087oz.

Its AISC for the June quarter was $1,189/oz, compared with $1,019 in the quarter prior.

Regis said it was expecting output of between 340,000oz and 370,000oz for this financial year, but its AISC is expected to rise again to between $1,125/oz and $1,195/oz.

Regis managing director Jim Beyer said the financial year was excellent and he expected the trend to continue.

“The outlook for our company is exciting with guidance indicating another year of similarly strong production level,” he said.

Westgold recorded gold production of 255,221oz for the 2019 financial year, up from 253,210oz the year prior.

Its AISC was $1,408/oz, compared with $1,463/oz the year prior.

For the June quarter it recorded 71,374oz at an AISC of $1,336/oz, down from 74,004oz at an ASIC of $1,269/oz.

In the June quarter it completed the sale of its Higginsville Gold Operations for around $50 million amid efforts to increase its focus on its Murchison assets.

Shares in Regis were down 0.7 per cent to trade at $6.50 at 3.15pm AEST.

Shares in Westgold were down 5.7 per cent to trade at $2.00 at 4pm AEST.