Regis spent $4.7M in the last quarter and plan on spending $4M...

Regis spent $4.7M in the last quarter and plan on spending $4M in December quarter, so call it $15-20M for the FY. Northern Star spend is more like $40M but they are short reserves at most operations so need to drill a lot. Regis exploration spend probably won't have as dramatic effect on the share price in the near term as NST since mine life is really only an issue at Moolart Well at this point. If they define new higher grade resources and build them into the mine plan in the next 2-3 years to increase the overall grade then it would definitely boost the share price.

The main driver of the share price in my opinion will be a return of investor confidence and a return of institutional money that had left and gone to NST and EVN. The exploration story is a good way of keeping the company in the front of minds of investors though.