McPhillamys, page-107

All good @crabpest. Was also a holder through the growth years 2009 to 2019. Had a few left and exited on the day Tropicana was announced.

My belief is that Tropicana was purchased partly in reaction to the hedge book criticism. In theory it lowered the risk and spread the ounces across a wider resource and income base. But the purchase of an asset must stand up in isolation. A strategic acquisition adds nothing if you overpay for it.

To describe Tropicana as “expensive” was controversial at the time amongst the throng of new investors, however there has been no recovery and that shares continue to trade well below the pre-Tropicana price.

Where to now for Regis? Costs are rising due to diminishing open cut feeds and inflationary pressures. There’s always exploration success but let’s face it that’s a Hail Mary. It’s really hard to see where the growth can come from, Twiggy was interested at $1.40! Perhaps, given geographical consolidation has become an industry trend, Regis might merge, but there is no obvious equal. In the mean time, like all gold producers, it’s fingers crossed for the metal price.