The Regis Resources Ltd (ASX: RRL) share price is in focus today after the company reported strong growth in underground Ore Reserves at the Tropicana Gold Mine, with underground reserves growing over 500,000 ounces since 2021 and a material increase in confidence in long-term mine life.
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What did Regis Resources report?
- Regis 30% share of Tropicana JV Mineral Resources is 26Mt at 1.9 g/t Au for 1.6Moz as at 31 December 2025.
- Regis 30% share of Tropicana JV Ore Reserves is 12Mt at 1.5 g/t Au for 0.6Moz as at 31 December 2025.
- Underground Ore Reserves within the Tropicana joint venture (100%) have grown by 0.2Moz net of depletion in CY25, now totalling 0.9Moz.
- Total Tropicana JV Ore Reserves (100%) stand at 1.9Moz, including 0.8Moz open pit, 0.9Moz underground, and 0.3Moz stockpiles.
- Since the initial underground Ore Reserve was declared in 2018, total underground reserve growth of 1.3Moz has exceeded depletion by around 500koz (100%).
What else do investors need to know?
Exploration at Tropicana in 2025 focused on both expanding known mineralisation and identifying new underground targets. Drilling increased confidence in down-plunge extensions and uncovered new areas to support upcoming resource definition.
Underground resource classifications improved, with Measured and Indicated Mineral Resources increasing to 2.5Moz from 2.2Moz, demonstrating ongoing replacement of mined ounces and supporting future project life.
The Tropicana JV's work through the year has established a strong pipeline of underground growth projects, with further drilling planned to test high-priority zones like Boston Shaker, Havana, and the Cobbler conceptual target.
What did Regis Resources management say?
Chief Executive Officer and Managing Director Jim Beyer said:
It is very pleasing to see the Ore Reserves and Mineral Resources at Tropicana continue to grow and extend the mine life in line with our expectations. The ongoing, year on year growth delivered by the team is an excellent result for our shareholders and clearly continues the trend of underground Ore Reserves growth exceeding depletion. Impressively, before depletion, Ore Reserves within the undergrounds at Tropicana have grown by over 500k ounces of gold since 2021.
What's next for Regis Resources?
Ongoing drilling at Tropicana is expected to further define and extend underground reserves, with several high-priority areas identified for exploration. Management remains confident that these initiatives will underpin the mine's ability to generate strong cash flows well into the next decade.
The company continues to focus on replacing mined ounces each year, aiming to maintain a long mine life and robust resource base. Developments at Tropicana should support Regis Resources' long-term growth strategy and deliver ongoing value for shareholders.
Regis Resources share price snapshot
Over the past 12 months, Regis Resources shares have risen 181%, outperforming the S&P/ASX 200 Index (ASX: XJO) which has risen 9% over the same period.
