Ann: Update on McPhillamys Gold Project, page-2

Typically brief but good announcement from Regis. Water had long been the major issue for the project delaying development.

Now they have water secured and redundancy in case one of the supply options falls over.

It’s also the first time I’ve seen a figure around the size of the processing plant at 7 Mtpa. That suggests they are looking to produce ~200koz a year from McPhillamy’s given the resource is 0.94 g/t.

First water available from middle 2019, so 18 months from completion of the DFS to build the plant etc.

I got out at $3.80 but looking to re-enter if there is further gold price weakness.