My guess is the hedging and McPhillamys.RRL have a very large...

My guess is the hedging and McPhillamys.
RRL have a very large out of the money hedge book but are selling the vast majority of their contracts at spot Gold. The hedges are spot deferred.
However the hedge counterparties (Macquarie, Citi etc) wont just write those off, you have to pay up at some point.
From the company itself in previous reports - "As previously noted Regis is undertaking a strategy to reduce the exposure to approximately 200,000 ounces of its lowest priced hedges. It is doing this by delivering into these hedges at a rate of at least 10,000 ounces per quarter."

10k per quarter so 40k per year and they have close to 400k hedges at around AU$1600-AU$1650 per ounce so that will take them 10 years, for the full 400k ozs or 5 years to do just the 200k ozs I.E not feasible.
To the value part - 400k oz multiplied by ~AU$900 per ounce (the gap between RRL hedge price and spot) is AU$360m the market may discount from RRL's market cap.

Second is the McPhillamys project in NSW. If Regis are to maintain current product levels they will need to pump close to $300m capex into this project in the next couple of years. Project riks and a large capex chunk.

But with a rising gold price, I think the majority of the market is continuing to ignore the hedges and Mcphillamys capex. As you point out RRL are much better value than some other goldies on most metrics so I am happy to keep holding until at least the end of the year when that McPhillamys decision is likely due by.