S&P/ASX 200 Index (ASX: XJO) gold stock Regis Resources Ltd (ASX: RRL) is edging higher today.
Regis Resources shares closed yesterday trading for $4.60. In morning trade on Tuesday, shares are changing hands for $4.61 apiece, up 0.2%. This sees the Regis Resources share price up a whopping 114.2% over 12 months.
For some context, the ASX 200 is up 0.8% today and up 6.3% over the past full year.
Here's why the ASX 200 gold miner is catching investor interest today.
Image source: Getty Images
ASX 200 gold stock gains on reserves update
Investors are bidding up Regis Resources shares this morning following the miner's Mineral Resource and Ore Reserve update covering the 12 months to 31 December.
The ASX 200 gold stock reported an 8.7% year-on-year increase in its total Mineral Resources, estimated at 192Mt at 1.2g/t Au for 7.5 million ounces of gold.
Toal Ore Reserves are estimated at 42Mt at 1.2 g/t Au for 1.7 million ounces of gold, down 52.7% from December 2023. In regard to this fall, the miner said that, "due to the Section 10 declaration at McPhillamys, Regis withdrew the previously reported Ore Reserves associated with the Project".
The ASX 200 gold stock's Duketon gold mine continues to be a standout project, with open pit Ore Reserves growing to 640,000 ounces across several open pits and stockpiles.
Regis Resources noted this represents the fifth consecutive year of underground Ore Reserves growth at Duketon. Since 2019, this asset has delivered underground Ore Reserve growth of around 550%, including cumulative mining depletion.
Management also highlighted the success of the Tropicana gold mine. Since 2018, Tropicana has delivered underground Ore Reserve growth of some 202%, net of depletion.
Exploration and drilling continue apace at the miner's Garden Well, Rosemont, Ben Hur, and Tropicana assets.
What did management say?
Commenting on the reserves update from the ASX 200 gold stock today, Regis Resources CEO Jim Beyer said, "We're proud of the consistent value growth we've delivered across our business."
Beyer added:
This year's update reflects the strength of our disciplined and systematic investment in exploration and mine-planning. At Duketon, we've grown open pit Ore Reserves and achieved a fifth consecutive year of underground Reserve growth, a direct outcome of the team's deep geological insight and focus on converting Resources into Reserves.
At Tropicana, we've seen strong Reserve growth in the underground areas, further reinforcing the long-term value from that operation.
Our exploration programs continue to enhance the Mineral Resource base, and we remain confident in the ongoing potential for further growth and life extension across our portfolio.
