Regis Resources : Mineral Resource and Ore Reserve Update at Tropicana

For personal use only

23 February 2022

ASX ANNOUNCEMENT

MINERAL RESOURCE AND ORE RESERVE UPDATE AT TROPICANA

HIGHLIGHTS

• Tropicana JV updated its Mineral Resources Estimate ("MRE") to 6.95Moz (100%) and Ore Reserves Estimate ("ORE") to 2.38Moz (100%) as 31 December 2021
• Regis' 30% share of Tropicana JV MRE 38Mt at 1.7 g/t Au for 2.09Moz as at 31 December 2021
• Regis' 30% share of Tropicana JV ORE 13Mt at 1.7 g/t Au for 0.71Moz as at 31 December 2021
• The addition of 250koz (Regis' 30% share 75koz)) of new Mineral Resources was offset by CY21 depletion of 420koz (Regis' 30% share 126koz) and increases in cost assumptions for mining and processing by 540koz (Regis 30% share 162koz)
• The addition of 300koz (Regis' 30% share 90koz) of new Ore Reserves was offset by CY21 depletion of 400koz (Regis' 30% share 120koz) and increases in cost assumptions for mining and processing by 130koz (Regis' 30% share 39koz)
• Tropicana Underground delivered a maiden Reserve of 80koz (100%)
• Significant near mine and regional exploration programs continue around Tropicana to unlock new discovery and mine life extensions across this Tier 1 ore body
• The Mineral Resources and Ore Reserves underpin an expected mine life of 10+ years

Jim Beyer, Regis' Managing Director and CEO said:

"Since the acquisition of the 30% interest in Tropicana in May 2021 it has continued to deliver on our expectations. Following these Resource and Reserve additions we continue to view Tropicana as a world class asset in a Tier 1 location that will continue to grow and be a long life, low cost producer for the next 10+ years. Today's update reinforces that Tropicana has the orebody to underpin strong financial returns and deliver on our strategic objectives.

Regis continues to be excited to invest with AngloGold Ashanti in this underexplored greenstone belt to identify new discoveries and unlock a long future of production at the operation. Delivery of the maiden Reserve at Tropicana is a particular source of excitement as the momentum growing production and extending the life of the underground mines continues to build."

1

Regis Resources Limited	Level 2, 516 Hay Street	P 08 9442 2200
(ABN 28 009 174 761)	Subiaco WA 6008 Australia	F 08 9442 2290

For personal use only

23 February 2022

ASX ANNOUNCEMENT

Tropicana Mineral Resources as at 31 December 2021 are as follows:

	Estimate			JORC Class		Mineral Resources - Tropicana Gold Mine (100%)
				Tonnes	Gold Grade	Gold Metal
						(Mt)	(g/t)	(Moz)
	Open Pit			Measured		7.5	1.5	0.36
				Indicated		42.1	1.5	1.98
				Inferred		1.3	1.0	0.04
				Subtotal		51.0	1.5	2.38
	Underground			Measured		8.2	2.8	0.74
				Indicated		4.4	3.0	0.43
				Inferred		32.6	2.6	2.76
				Subtotal		45.2	2.7	3.93
	Stockpiles			Measured		30.0	0.7	0.63
	Total			Measured		45.7	1.2	1.74
				Indicated		46.5	1.6	2.41
				Inferred		34.0	2.6	2.80
				Tropicana Total		126.2	1.7	6.95
				Tropicana (30%)		37.9	1.7	2.09

• Open pit block cut-offs are >0.3g/t Au for oxide and transitional, otherwise >0.4g/t Au for fresh using the regularised LUC model
• The CY21 underground MRE estimate was reported using Ordinary Kriged with a cut-off of >1.7g/t Au
• Some totals and averages are affected by rounding
• The MRE is notionally inclusive of ORE for CY21

Tropicana Ore Reserves as at 31 December 2021 are as follows:

	Estimate			JORC Class		Ore Reserves - Tropicana Gold Mine (100%)
				Tonnes	Gold Grade	Gold Metal
						(Mt)	(g/t)	(Moz)
	Open Pit			Proved		4.5	2.0	0.29
				Probable		22.3	2.0	1.41
				Subtotal		26.8	2.0	1.7
	Underground			Proved		3.1	2.9	0.29
				Probable		0.4	3.4	0.04
				Subtotal		3.5	2.9	0.33
	Stockpiles			Proved		12.7	0.9	0.35
	Total			Proved		20.3	1.4	0.92
				Probable		22.7	2.0	1.46
				Tropicana Total		43.1	1.7	2.38
				Tropicana (30%)		12.9	1.7	0.71

• Open pit ORE block cut-off >0.7g/t Au for fresh rock, otherwise >0.6g/t Au; Underground ORE block cut-off 2.7g/t Au in Boston Shaker and 2.1 g/t in Tropicana.
• Some totals and averages are affected by rounding

2

Regis Resources Limited	Level 2, 516 Hay Street	P 08 9442 2200
(ABN 28 009 174 761)	Subiaco WA 6008 Australia	F 08 9442 2290

23 February 2022

ASX ANNOUNCEMENT

For personal use only

Foreign exchange and metal prices

Metal prices and the foreign exchange (FX) rate between the Australian dollar (A$) and United States dollar (US$) are critical for the economic evaluation and reporting of OREs and MREs and for establishing reporting cut-offs.

AngloGold Ashanti Australia determines the Tropicana gold price and FX assumptions as per the table below:

	Year Ending		Unit			Price or FX
			MRE		ORE
	31 December 21		US$/oz		1,500		1,200
			A$/oz		2,072		1,633
			FX		0.72		0.74

Regis will release the full company Reserve and Resource in June quarter 2022.

3

Regis Resources Limited	Level 2, 516 Hay Street	P 08 9442 2200
(ABN 28 009 174 761)	Subiaco WA 6008 Australia	F 08 9442 2290

For personal use only

Competent Persons Statement

The table below is a listing of the names of the Competent Persons who are taking responsibility for reporting Regis' results and estimates. This Competent Person listing includes details of professional memberships, professional roles, and the reporting activities for which each person is accepting responsibility for the accuracy and veracity of Regis' results and estimates. Each Competent Person in the table below has provided Regis with a sign-off for the relevant information provided by each contributor in this report.

	Competent Persons for JORC Code 2012 reportable results and estimates
			Professional Association	Role
Code	Activity	Competent Person	Membership	Number	Activity
				responsibility
F	Mineral	Fraser Clark	AusIMM	226390	Manager Mine	Tropicana estimates
Resources	Geology (AGAA)

Manager

Joanne Endersbee

AusIMM

334537

Integrated

Tropicana open pit

Planning

estimates

(AGAA)

G, H

Ore Reserves

Senior Planning

Tropicana

Glenn Reitsema

AusIMM

228391

Engineer

underground

(AGAA)

estimates

• MAusIMM = Member of the Australasian Institute of Mining and Metallurgy and MAIG/RPGeo = Member of the Australian Institute of Geoscientists and Registered Professional Geoscientist.
• Information in this report that relates to Mineral Resources or Ore Reserves is based on the information compiled by the relevant Competent Persons and activities listed above.
• All AGAA personnel are full time employees of AGAA.

Forward Looking Statements

This ASX announcement may contain forward looking statements that are subject to risk factors associated with gold exploration, mining and production businesses. It is believed that the expectations reflected in these statements are reasonable but they may be affected by a variety of variables and changes in underlying assumptions which could cause actual results or trends to differ materially, including but not limited to price fluctuations, actual demand, currency fluctuations, drilling and production results, Reserve estimations, loss of market, industry competition, environmental risks, physical risks, legislative, fiscal and regulatory changes, economic and financial market conditions in various countries and regions, political risks, project delay or advancement, approvals and cost estimates.

Forward-looking statements, including projections, forecasts and estimates, are provided as a general guide only and should not be relied on as an indication or guarantee of future performance and involve known and unknown risks, uncertainties and other factors, many of which are outside the control of Regis Resources Ltd. Past performance is not necessarily a guide to future performance and no representation or warranty is made as to the likelihood of achievement or reasonableness of any forward looking statements or other forecast.

This announcement has been authorised for release to the ASX by the Board of Directors of Regis Resources.

4

Regis Resources Limited	Level 2, 516 Hay Street	P 08 9442 2200
(ABN 28 009 174 761)	Subiaco WA 6008 Australia	F 08 9442 2290

For personal use only

SUPPLEMENTARY INFORMATION - JORC CODE TABLE 1 CHECKLIST

							SECTION 1 - TROPICANA - SAMPLING AND DATA
		JORC Criteria			Explanation
		Sampling			•	AngloGold Ashanti Australia Pty Ltd (AGAA) has used drilling and subsampling of the cuttings or cores as the data basis for the
		techniques				Mineral Resource estimates (MREs) of the Tropicana deposits. Details are given in the following subsection of this Table 1
						section.
				• Drill hole spacings range from 25mE by 25mN (mine) grids to 100mE by 100mN grids. Most of the open pit MRE is drilled on a
						25mE by 25mN or 50mE x 50mN grid.
					• The Boston Shaker underground MRE is drilled at 50mE by 25mN in the upper levels and up to 100m by 100m at deeper levels.
					• The Tropicana underground MRE is drilled to 25m x 25m spacing in the upper levels, and up to 100m by 100m at deeper levels
					• The underground MRE down-plunge extensions of Havana Deeps have been tested using a 100 by 100m grid. Deep >800m
						deep step-out holes have been drilled on nominal ~200 by 100m to test the high-grade mineralisation of Havana Deeps.
					• All holes drilled from surface are drilled plunging towards the west to intersect the east dipping mineralised zones at a high
						angle. Holes drilled from underground are generally drilled from the hanging-wall.
		Drilling			•	Reverse circulation (RC) percussion drilling using face-sampling bits (5¼ inch or 133mm diameter) have been used to collect
		techniques				samples from the shallower (up-dip) part of the deposits with a nominal maximum RC depth of ~150m.
					• Diamond core drilling (DD) has been used for deeper holes, with diamond tails drilled from RC pre-collars. To control the
						deviation of deep DD holes drilled since 2011, many of these holes were drilled from short ~60m RC pre-collars or using
						63.5mm (HQ) diameter core from surface.
					• Diamond core drilling for MRE definition is predominantly 47.6mm (NQ) diameter core, with a lesser number of holes drilled for
						collection of metallurgical and/or geotechnical data using 63.5mm (HQ2, HQ3) or 85mm (PQ) core diameters.
					• In fresh rock, cores are oriented wherever possible for collection of structural data. Prior to 2009, core orientations are made
						using the EzyMark tool with the Reflex Ace Tool replacing the system in later drilling programs.
		Drill sample			•	RC recovery:
		recovery				-	Prior to 2008 semi-quantitative assessment was made regarding RC sample recovery with recovery visually estimated as
							25%, 50%, 75% or 100% of the expected volume of a 1m drilling interval.
						-	Since 2008, AGAA has implemented quantitative measure on every 25th interval where the masses of the sample splits are
							recorded and compared to the theoretical mass of the sampling interval for the rock type being drilled.
						-	AGAA found that overall RC recovery in the regolith was >80% and total recovery in fresh rock.
					•	DD recovery:
						-	DD recovery has been measured as a percentage of the total length of core recovered compared to the drill interval.
						-	Core recovery is consistently high in fresh rock with minor losses occurring in heavily fractured ground or for DD in the
							regolith.
					• The main methods to maximise recovery have been recovery monitoring as described above and DD below a ~150m depth.
					• No relationship exists between sample recovery and grade and the Competent Person considers that grade and sample biases
						due to the preferential loss or gain of fine or course material are unlikely.
		Logging			•	RC cuttings and DD cores have been logged geologically and geotechnically with reference to AGAA's logging standard library,
						to levels of detail that support MRE work, Ore Reserve estimation (ORE) and metallurgical studies.
					• Qualitative logging includes codes for lithology, regolith, and mineralisation for both RC and DD samples, with sample quality
						data recorded for RC such as moisture, recovery, and sub-sampling methods.
					• DD cores are photographed, qualitatively and structurally logged with reference to orientation measurements where available.
					• Geotechnical quantitative logging includes QSI, RQD, matrix and fracture characterisation.
					• The total lengths of all drill holes have been logged.
		Sub-sampling			•	RC - Primary splitting:
		techniques and				− Prior to 2007, RC samples were collected from the RC cyclone stream using a tiered riffle splitter. From 2007, a static cone
		sample					splitter was introduced and replaced the use of riffles splitting on all rigs.
		preparation				− The RC sampling interval is generally 1m but from 2016, 2m intervals were introduced for RC pre-collar holes.
						− The splitters collected a ~12% split from the primary lot with two 12% splits collected - the first for laboratory submission
							and second as a reference or replicate.
						− Most samples were collected dry with <2% of samples recorded as being split in moist or wet state.
						− The main protocol to ensure the RC samples were representative of the material being collected was monitoring of sample
							recovery and collection and assay of replicate samples.
					• DD - Primary sample:
						− DD cores are collected of intervals determined by geological boundaries but generally targeting a 1m length
						− All NQ cores have been half-core sampled with the core cut longitudinally with a wet diamond blade.
						− A few of the DD whole cores have been sampled from HQ3 cores drilled to twin RC holes in the regolith or for geotechnical
							or metallurgical testing.
						− In 2005, some 1,150m of cores drilled in the oxide zone were chisel split rather than wet-cut, but this poorer sub-sampling
							represents <0.01% of the core drilled.
					•	Laboratory preparation:

31 December 2021 Tropicana Mineral Resources and Ore Reserves

| Page 1