Ann: June 2018 Quarterly Results Presentation, page-11

Gold Sales & Hedging
„In the June 2018 quarter, Regis sold 102,545 ounces of gold at an average price of A$1,731 per ounce (Mar17: 76,399 ounces at A$1,688 per ounce). During the quarter the Company delivered gold into a combination of spot deferred contracts and at the prevailing spot price. The total hedging position at the end of the quarter was 388,711 ounces of forward contracts with a delivery price of A$1,556 per ounce.“

—> I will not be very smart from this message. 388,711 ounces will be hedged in the future (how long should that be?) at a price of just 1,556 Aud. 1.556 Aud is a very low price for me. Why do you secure so many ounces at such a low price? What is the intention behind it? so that you are sure that the Phillamys mine can be paid or a security for a lender?

the market would certainly have clarified some questions about the financing of Phillamys, maybe a reason why the share price has fallen so high

- if the new Phillamys mine is to go into production (cost maybe about 215 million Aud) how are these costs financed? out of the cash? (208 Mio Aud actually). if so, will the dividend be canceled or reduced or will it stay that way? are extra loans taken? i think this is an important question that the market would like to have clarified. for many, the dividend is a key investment reason.

Regis is optimally positioned for the future and will become the 600,000-ounce producer. a very good opportunity now to collect low courses imo.