Regis Resources has proclaimed that it will not give up on its McPhillamys gold project in New South Wales after the project was halted by a federal government heritage declaration in 2024.
Regis Chairman James Mactier told shareholders that the company had launched Federal Court proceedings challenging the decision, with the court scheduled to hear arguments in early December.
The company is investigating alternative project configurations, with initial studies appearing favourable. However, there is no certainty that Regis can come up with a viable alternative.
Mactier stressed that Regis is committed to the project given its scale and long-term potential.
“The project is so significant in its potential that we are not giving up and will continue to invest time and a relatively modest amount of expenditure to see it through to development,” he said.
Regis described McPhillamys as one of Australia’s largest underdeveloped open-pittable gold resources. In March 2023, the project was approved by the NSW Independent Planning Commission and the federal government, subject to a range of consent conditions.
However, work on the project was stalled after the Federal Minister for the Environment and Water announced a Section 10 declaration over a part of McPhillamy on August 16, 2024.
Despite setbacks with its McPhillamys project, Regis had a standout performance in fiscal 2025, driven by an increase in the Australian dollar gold price and its robust operating performance, Mactier said.
The company decided to fully repay its AU$300 million bank debt in February, leaving it well-positioned to invest in growth and to pay dividends.
