Despite strong returns, finite reserves and relatively short mine life means Regis lacks a moat.
We raise our fair value estimate for no-moat Regis Resources to AUD 2.40 per share from AUD 2.20 after factoring in a 50% chance of development for McPhillamys deposit in New South Wales. First-quarter fiscal 2018 production was also strong and Regis is on track to achieve the top end of fiscal 2018 guidance range of 335,000 to 365,000 ounces of gold at a cash cost of AUD 770 to AUD 840 per ounce, including royalties.Regis is in a strong financial position to develop the mine and it should be f...
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