Regis Resources has taken a major step toward reviving its stalled McPhillamys gold project in New South Wales, unveiling a new pre-feasibility study (PFS) that reinstates the project’s 1.89-million-ounce ore reserve and outlines an alternative tailings management strategy.
The study confirms filtered tailings co-disposed within an integrated waste landform (IWL) as a viable development pathway.
“It is very pleasing to be able to reinstate the McPhillamys reserves of 56 million tonnes (Mt) at 1.1 grams per tonne (g/t) gold (Au) for 1.89 million ounces (Moz) (100 per cent probable), achieving a significant milestone for Regis,” Regis Resources managing director and chief executive officer Jim Beyer said.
“Since the disappointing Section 10 Declaration in August 2024, we have developed a dual path strategy to get the project back on track.”
Under the revised PFS, McPhillamys is forecast to produce an average of 190,000 ounces of gold annually over its first nine years, with all-in sustaining costs of $1718 per ounce.
At a gold price of $4000 per ounce, the project is expected to generate $7.1 billion in revenue.
Bayer said the company has worked methodically to identify an alternative development pathway that preserves the value of the project and provides optionality.
“The IWL approach is a technically sound and practical pathway forward, and one that keeps McPhillamys within the accessible project footprint,” he said.
Regis is continuing its Federal Court judicial review of the Section 10 Declaration while progressing approvals for the IWL, water supply pipeline and electricity transmission infrastructure.
The company is targeting a final investment decision in the first half of 2028, subject to permitting approvals.