Gold miner Regis Resources says it is "not giving up" on its McPhillamys gold project in New South Wales, despite the project being partially halted by a federal government heritage declaration earlier this year.

Chairperson James Mactier told shareholders at the company’s AGM on Friday that Regis had launched Federal Court proceedings challenging the validity of the decision, with a hearing set for early next month.

In the meantime, Regis has begun assessing alternative development configurations for McPhillamys. “Initial studies appear favourable, but there is no certainty of a viable alternative being realised,” Mactier cautioned.

He stressed, however, that the project’s scale and long-term potential justified continued work. “The project is so significant in its potential that we are not giving up and will continue to invest time and a relatively modest amount of expenditure to see it through to development,” he said.

The regulatory setback comes during a year in which Regis posted record financial metrics, underpinned by a stronger Australian dollar gold price and consistent operational delivery. The company has now produced more than 350 000 oz/y for several consecutive years, supported by its underground mines and established surface infrastructure.

Earlier this year, the company fully repaid its A$300-million bank debt, leaving Regis debt-free and unhedged for the first time since production began 13 years ago. The board declared a fully franked final dividend of A$0.05 a share, lifting cumulative dividends paid since 2013 to nearly A$585-million. Mactier said Regis expected to maintain fully franked dividends and would issue payout guidance with its half-year results early in 2026.

Operationally, the company is advancing multiple growth fronts. At Tropicana, development of a third underground mine at Havana is under way, supported by strong exploration results across the joint venture. At Duketon, Regis has committed to extending openpit mining and milling at Duketon North through to the early 2030s, while underground extensions at Rosemont and Garden Well continue to progress.

Regis completed more than 345 km of drilling in the 2025 financial year, split between Tropicana and Duketon, underscoring confidence in extending mine life at both operations.

The company also highlighted improvements in safety, reporting a lost time injury frequency rate of 0.4, materially below industry averages. Sustainability work advanced across the portfolio, with the Tropicana renewables project—now one of the largest hybrid power systems in the Australian mining sector—reaching completion. Regis rehabilitated 201 ha of disturbed land at Duketon and continued efforts to reduce bore water use.

The board is undergoing planned renewal, with Lynda Burnett to assume the role of chair of the remuneration and nominations committee, and both Mactier and director Fiona Morgan intending to retire within the next 12 months.

Mactier paid tribute to staff, contractors, communities and joint venture partner AngloGold Ashanti for their contribution to the year’s performance.