Ann: Chairman's Address to Shareholders, page-14

I no longer have a material position in Regis, but decided nevertheless to call into the AGM.
@ckwon2 (above) has beaten me to the punch in terms of offering a summary; well done, not much I can add. I do think the comment from the former director was well made. Here it is below (from a meeting transcript), along with management’s response.

Unknown Shareholder [53]
Yes. Marcus Rose. I'm a former Director of Regis Resources and one of the initial founders of the company, and it was quite instrumental in building it to its current state. And I've been a long-term holder after retiring from the Board. And I've been extremely pleased with the way the company had been run up until very recently. I think the Board has made a series of blunders very recently, particularly in relation to the acquisition of the McPhillamys and also the other investment, Tropicana. And my fear is -- my fear is and from what I'm hearing from the Board now is that you're going to exacerbate those mistakes. And particularly when it comes to McPhillamys, I agree with the -- given the position you're in that you desperately need to get to the point of approval.
But I would then suggest that you might consider not proceeding with the project at that point because I'm hearing that it will require a very significant capital outlay. I hear that you're saying things along the lines that it's going to take 2 years or so for the water to be made available and to be had at the mine site, et cetera. And I'm presuming that's going to be a very, very substantial investment. And so my word of advice is to hold off on that for the moment, focus attention on all those projects at Duketon and so forth where you spoke earlier about the wonderful prospects and the growth opportunities that you've got there, and I believe in them. And I'm sure you'll make a giant success of that with Tropicana.
You've made the investment. You've probably paid a $1 for something that's currently valued at about $0.60 at the present moment. But be that as it might, it will hopefully produce ongoing income that will enable you to pay dividends.
So just to repeat, without laboring the point, I think it's terribly important that you don't exacerbate the problem, particularly at McPhillamys and that is getting into a long, costly exercise in developing it where there won't be a dollar return for quite some time into the future.

Jim Beyer, Regis Resources Limited - CEO, MD & Director [54]
Thanks, Marcus. We appreciate your comments. I think is clearly isn't a question, so I'm not sure what to add to that apart from we obviously will -- we haven't pre-committed. The decision -- the final decision on McPhillamys is yet to be made. And when that time comes, I'm sure we'll be taking all of those factors into account that you've suggested. So -- and in relation to Tropicana, well, I think we've made a sufficient commentary on what we feel is -- we see in the detail that we used when we made the acquisition, and we continue to see more information coming out subsequent to that acquisition, that we think that, that was definitely the right investment for us to make, and it will prove to be valuable many, many years into the future, well beyond what people give it credit for.