Financial Performance - Consolidated revenue for Q3 2025 was $57.0 million, a 15.9% increase from $49.2 million in Q3 2024[10] - Operating income improved to $5.0 million, a 22.9% increase compared to $4.1 million in Q3 2024[14] - Adjusted EBITDA for Q3 2025 was $7.1 million, up 31.5% from $5.4 million in the same quarter last year[20] - Net income for Q3 2025 was $0.3 million, a significant improvement from a net loss of $2.3 million in Q3 2024[18] - Adjusted net income for Q3 2025 was $1.3 million, compared to an adjusted net loss of $1.4 million in the same period last year[6] - Total revenue for Q3 2025 was $56.96 million, compared to $49.18 million in Q3 2024, reflecting a year-over-year increase of approximately 15.5%[37] - The company reported a net income of $250,000 for Q3 2025, compared to a net loss of $2.33 million in Q3 2024[37] - Net income for the nine months ended March 31, 2025, was $7,042,000, a significant improvement from a net loss of $141,000 in the same period of 2024[40] Cash Flow and Liquidity - Cash from operations reached $6.2 million, an increase of $6.5 million from $(0.3) million in Q3 2024, marking the second consecutive quarter of positive cash flow[6] - The company ended Q3 2025 with $13.3 million in cash and cash equivalents, and $127.4 million in outstanding borrowings[29] - Net cash provided by operating activities for the nine months ended March 31, 2025, totaled $7.0 million, an improvement of $14.1 million from the prior year[29] - Cash provided by operating activities for the nine months ended March 31, 2025, was $6,986,000, compared to cash used of $7,130,000 in the same period of 2024[40] - The company reported a total cash balance of $32,508,000 at the end of the period, up from $14,816,000 at the end of the same period in 2024[40] - Net cash provided by operating activities for Q3 2025 was $6,198,000, a significant improvement from a cash outflow of $280,000 in Q3 2024[70] - The net cash provided by operating activities excluding Ad Fund for Q3 2025 was $3,829,000, compared to $411,000 in Q3 2024[70] Revenue Breakdown - Franchise revenue for Q3 2025 was $38.0 million, a decrease of 20.7% compared to the prior-year quarter[22] - The company-owned salon revenue for Q3 2025 was $19.0 million, a substantial increase from $1.3 million in Q3 2024[26] - Company-owned salon revenue for Q3 2025 was $19.0 million, an increase of $17.7 million year-over-year[27] - Year-to-date revenue for the company-owned salon segment reached $23.2 million, up $18.2 million compared to the previous year[27] - Adjusted franchise revenue for Q3 2025 was $15,935,000, with franchise adjusted EBITDA as a percent of adjusted franchise revenue at 39.4%, up from 33.5% in Q3 2024[66] Operational Metrics - Same-store sales for Supercuts increased by 4.5% in April 2025, following a 1.1% increase in Q3 2025 compared to the previous year[3] - Year-to-date consolidated revenue declined by 2.5% to $149.7 million, primarily due to lower non-margin franchise rental income[11] - System-wide same-store sales for the total portfolio decreased by 1.3% for the nine months ended March 31, 2025, compared to an increase of 1.4% in the same period of 2024[43] - Total North American salons decreased from 4,295 as of June 30, 2024, to 3,681 as of March 31, 2025, reflecting a decline of approximately 14.3%[45] - The total number of franchise salons decreased from 4,391 as of June 30, 2024, to 3,776 as of March 31, 2025, a decline of approximately 14%[45] - The company-owned salons increased from 17 as of June 30, 2024, to 311 as of March 31, 2025, indicating a significant expansion in company-owned locations[45] Adjusted Metrics - Adjusted EBITDA for company-owned salons improved by $1.6 million year-over-year to $843,000 in Q3 2025[28] - Year-to-date adjusted EBITDA for company-owned salons increased by $2.8 million year-over-year to $1.2 million[28] - Adjusted EBITDA for the nine months ended March 31, 2025, was $21,902,000, compared to $19,740,000 for the same period in 2024, representing an increase of 10.9%[54] - Adjusted operating income for the nine months ended March 31, 2025, was $19,621,000, an increase from $18,364,000 in the same period of 2024[68] - Franchise adjusted EBITDA for Q3 2025 was $6,282,000, representing 16.5% of GAAP franchise revenue, compared to 12.8% in Q3 2024[66] - Franchise adjusted EBITDA for the nine months ended March 31, 2025, was $20,683,000, down from $21,346,000 in the same period of 2024[66] Capital Expenditures and Liabilities - The company incurred capital expenditures of $769,000 for the nine months ended March 31, 2025, compared to $372,000 in the same period of 2024[40] - Total assets as of March 31, 2025, were $511.25 million, down from $530.50 million as of June 30, 2024[36] - The company’s total liabilities decreased to $442.60 million as of March 31, 2025, from $473.71 million as of June 30, 2024[36] Stock-Based Compensation - Stock-based compensation for the nine months ended March 31, 2025, was $2,043,000, compared to $1,201,000 in the same period of 2024[68] Other Financial Adjustments - The change in Ad Fund Cash for Q3 2025 was a negative $2,369,000, contrasting with a positive $691,000 in Q3 2024[70] - Franchise rental income adjustments for the nine months ended March 31, 2025, totaled $(58,524,000), down from $(72,534,000) in the same period of 2024[66]

Financial Data and Key Metrics Changes - The company reported total second quarter revenues of $46.7 million, a decline of $4.3 million or 8.5% compared to the prior year, primarily due to a reduction in no-margin franchise rental income and advertising fund revenue [51][52] - Adjusted EBITDA for the second quarter was up 12.7% year-over-year to $7.1 million versus $6.3 million a year ago [25][59] - Earnings per diluted share was $2.63, compared to $0.43 in the prior year quarter, including income from discontinued operations of $7.4 million [26][56] Business Line Data and Key Metrics Changes - The company-owned segment adjusted EBITDA was $725,000 for the quarter, an improvement of $1.1 million from the same quarter last year, primarily related to the addition of salons from the Alline acquisition [61] - The core franchise business adjusted EBITDA was $6.4 million in the quarter, a $218,000 decrease compared to $6.6 million in the prior year quarter, primarily due to lower franchise revenue and franchise bad debt [60] Market Data and Key Metrics Changes - Same-store sales declined 1.6% in the second quarter, with Supercuts showing a positive 0.5% growth while SmartStyle experienced a 6.4% decline [19][22] - The salons that closed during the second quarter and those projected to close had a roughly 130 basis points drag on overall comps for the second quarter [24] Company Strategy and Development Direction - The acquisition of the Alline Salon Group is seen as a strategic move to stabilize and grow the company, with a focus on integrating company-owned salons to complement the franchise business [3][10] - The company aims to enhance brand positioning and identity, particularly for the Supercuts brand, to attract a younger demographic and improve stylist recruitment and retention [29][30] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenges in the sales environment but expressed optimism about the potential for growth and profitability through strategic initiatives and operational improvements [25][46] - The company is focused on driving traffic to salons and increasing frequency of visits, recognizing the need for continued efforts to unlock growth [25][42] Other Important Information - The Alline acquisition was completed for an initial consideration of $22 million, which included $19 million in cash and approximately 140,000 shares of common stock valued at $3 million [13][14] - The acquired salons contributed $2.7 million in revenue and $0.5 million in EBITDA in the less than two weeks post-acquisition [49] Q&A Session Summary Question: What are the expectations for same-store sales moving forward? - Management indicated that while same-store sales have faced challenges, they are focused on driving traffic and improving performance through various initiatives [25] Question: How does the company plan to integrate the Alline salons? - The integration of Alline salons is progressing well, with a strong emphasis on systems, people, and culture integration as critical for long-term success [44] Question: What are the key initiatives to improve brand performance? - The company is working on refreshing and modernizing the Supercuts brand, alongside implementing brand excellence standards across all brands to enhance the guest experience [30][36]

Company Operations - As of December 31, 2024, Regis Corporation operated 4,248 locations, including 3,925 franchised salons and 323 company-owned salons[92]. - A net 152 franchise salons closed in the six months ended December 31, 2024, in addition to the 314 salons acquired as part of the Alline acquisition[97]. Financial Performance - System-wide revenue for the three months ended December 31, 2024, was $274.1 million, a decrease of 6.3% compared to $292.4 million in the same period of 2023[98]. - Total system-wide same-store sales decreased by 1.6% for the three months ended December 31, 2024, compared to an increase of 1.9% in the same period of 2023[98]. - Franchise revenue decreased by $6.0 million, or 12.2%, during the three months ended December 31, 2024, primarily due to a decrease in franchise salon count and negative same-store sales[124]. - Franchise same-store sales declined by 1.5% for the three months ended December 31, 2024, compared to an increase of 1.9% in the same period of 2023[122]. - Company-owned salon revenue increased by $1.7 million, or 95.6%, during the three months ended December 31, 2024, primarily due to the acquisition of Alline[107]. - Company-owned salon revenue increased by $1.7 million, or 94.4%, during the three months ended December 31, 2024, primarily driven by the Alline acquisition[129]. - Cash provided by operating activities was $0.8 million during the six months ended December 31, 2024, compared to a cash use of $6.9 million in the same period of 2023[140]. Revenue and Expenses - Royalties decreased by $1.0 million, or 6.3%, during the three months ended December 31, 2024, primarily due to a decrease in franchise salon count[103]. - Franchise rental income decreased by $4.1 million, or 17.0%, during the three months ended December 31, 2024, due to a decrease in franchise salon count[106]. - Advertising fund contributions decreased by $1.3 million, or 19.1%, during the three months ended December 31, 2024, primarily due to lower contribution rates[105]. - Fees increased by $0.4 million, or 16.1%, during the three months ended December 31, 2024, primarily due to terminated franchise fees related to Alline salons[104]. - General and administrative expenses decreased by $0.6 million, or 5.1%, for the three months ended December 31, 2024, primarily due to lower headcount[108]. - Rent expense increased by $0.8 million, or 57.4%, during the three months ended December 31, 2024, primarily due to the lapping of prior year franchisee rent benefits[109]. - Interest expense decreased by $1.3 million, or 21.3%, for the three months ended December 31, 2024, primarily due to less debt outstanding compared to the same period in 2023[116]. Assets and Liabilities - The franchise reporting unit had goodwill of $172.4 million as of December 31, 2024, compared to $173.1 million as of June 30, 2024[95]. - The Company recorded long-lived asset impairment charges of $0.4 million during the six months ended December 31, 2024, compared to $0.2 million in the same period of 2023[115]. - As of December 31, 2024, cash and cash equivalents were $10.2 million, with $9.4 million in the United States and $0.8 million in Canada[134]. - The debt to capitalization ratio was 65.5% as of December 31, 2024, down from 67.0% as of June 30, 2024[144]. Stock Repurchase Program - The Board has authorized a total of $650.0 million for the stock repurchase program since May 2000, with $595.4 million spent to repurchase approximately 1.5 million shares by December 31, 2024[145]. - As of December 31, 2024, there is $54.6 million remaining under the approved stock repurchase program, but the Company does not anticipate repurchasing shares in the foreseeable future[145]. Risks and Uncertainties - The Company faces numerous risks and uncertainties that could materially affect future results, including changes in consumer shopping trends and economic conditions[147]. - Market risks include exposure to changes in interest rates and foreign currency exchange rates, with no material changes reported since the last annual report[149].

Financial Performance - Consolidated revenue for Q2 fiscal 2025 was $46.7 million, a decrease of $4.3 million or 8.4% compared to Q2 fiscal 2024[4] - Same-store sales decreased by 1.6% in Q2 fiscal 2025 compared to the same period last year[4] - Net income for Q2 fiscal 2025 was $7.6 million, or $2.71 per diluted share, compared to $1.0 million, or $0.43 per diluted share in Q2 fiscal 2024[12] - Adjusted EBITDA for Q2 fiscal 2025 was $7.1 million, an increase of $0.8 million or 12.7% compared to $6.3 million in Q2 fiscal 2024[13] - Franchise revenue in Q2 fiscal 2025 was $43.3 million, a decrease of $6.0 million or 12.2% compared to the prior year quarter[15] - Company-owned salon revenue increased to $3.5 million in Q2 fiscal 2025, up $1.7 million from the prior year[19] - Adjusted net income for Q2 fiscal 2025 was $1.7 million, compared to an adjusted net loss of $0.4 million in the prior year[4] - Total revenue for the three months ended December 31, 2024, was $46.719 million, a decrease of 8.6% compared to $51.053 million for the same period in 2023[29] - Net income for the six months ended December 31, 2024, was $6.792 million, compared to $2.191 million for the same period in 2023, representing a significant increase[32] - The company reported operating income of $5.497 million for the three months ended December 31, 2024, up from $4.779 million in the same period of 2023[29] - Reported net income for the three months ended December 31, 2024, was $7,645, compared to $997 for the same period in 2023, representing a significant increase[49] - Adjusted EBITDA for the three months ended December 31, 2024, was $7,140, up from $6,295 in the same period of 2023, indicating a growth of 13.5%[49] - Adjusted earnings per share for the three months ended December 31, 2024, was $0.61, compared to a loss of $0.18 in the same period of 2023[56] Cash Flow and Debt - Cash provided by operating activities for the first half of fiscal 2025 totaled $0.8 million, an improvement of $7.6 million from the same period last year[21] - The company ended Q2 fiscal 2025 with $10.2 million in cash and cash equivalents and $126.4 million in outstanding borrowings[21] - Long-term debt increased to $111.532 million as of December 31, 2024, from $99.545 million as of June 30, 2024[28] - Cash and cash equivalents at the end of the period were $27.054 million, down from $29.313 million at the beginning of the period[32] - The company reported a net cash provided by financing activities of $7.673 million for the six months ended December 31, 2024[32] Operational Changes - The Alline acquisition, completed on December 19, 2024, is expected to enhance profitability and cash flow for Regis[1] - As of December 31, 2024, Regis Corporation operated 4,248 locations, including franchised and corporate salons[25] - Total North American salons decreased from 4,295 as of June 30, 2024, to 3,830 as of December 31, 2024, reflecting a decline of 10.8%[38] - The company-owned salons increased from 17 as of June 30, 2024, to 323 as of December 31, 2024, following the acquisition of 314 salons[38][39] - Total franchise and company-owned salons decreased from 4,408 as of June 30, 2024, to 4,248 as of December 31, 2024, a decline of 3.6%[38] Expenses and Income - General and administrative expenses for the three months ended December 31, 2024, were $11.155 million, slightly down from $11.772 million in the same period of 2023[29] - Reported general and administrative expenses for the three months ended December 31, 2024, were $11,155, down from $11,772 in the same period of 2023[52] - The company experienced a decrease in franchise rental income to $20.022 million for the three months ended December 31, 2024, compared to $24.087 million in the same period of 2023[29] Strategic Focus - The company plans to continue focusing on enhancing operational performance through non-GAAP measures to provide better insights into ongoing performance[42] - Franchise adjusted EBITDA as a percentage of GAAP franchise revenue increased to 14.8% for the three months ended December 31, 2024, compared to 13.5% in the same period of 2023[60] - System-wide same-store sales decreased by 1.6% for the three months ended December 31, 2024, compared to an increase of 1.9% in the same period of 2023[35]

Core Viewpoint - Regis Corporation announced the acquisition of Alline Salon on December 19, 2024, which is expected to enhance earnings significantly, providing approximately $14.8 per share of value to shareholders based on a 12x multiple of the projected earnings accretion of $4.3 million [1] Group 1 - The acquisition of Alline Salon is projected to yield an earnings accretion of about $4.3 million [1] - The transaction is valued at approximately $14.8 per share based on a 12x earnings multiple [1]

Earnings and Financial Performance - The company generated franchise revenue in line with projections, and Adjusted EBITDA was approximately $1 million higher than expected [1] Analyst's Position and Background - The analyst has over 20 years of experience in stressed and distressed investing across private and public markets, and was previously a partner at a multi-billion dollar hedge fund [1] - The analyst is close to a 5% holder of the company's shares and was previously an activist investor who filed a 13D [3] Disclosure and Relationship - The analyst has a beneficial long position in the company's shares through stock ownership, options, or other derivatives [2] - The analyst has no business relationship with any company whose stock is mentioned in the article [2]

Financial Data and Key Metrics Changes - Total first quarter revenues were $46.1 million, a decline of $7.3 million from the prior year, primarily due to a reduction in franchise rental income and advertising fund revenue [30] - Same-store sales in Q1 decreased by 1.1% compared to the prior year's quarter [5][31] - Adjusted EBITDA for the quarter was $7.6 million, down from $8.1 million a year ago, with adjusted EBITDA margins expanding by two percentage points to 40% [5][37] - Adjusted earnings per share for the quarter was $0.93, compared to $0.71 in the prior year, while reported GAAP earnings per share was a loss of $0.36, down from earnings of $0.51 in the prior year [6] Business Line Data and Key Metrics Changes - Core franchise business achieved adjusted EBITDA of $8 million, a decrease of $600,000 compared to the prior year [39] - Company-owned segment reported a loss of $300,000 for the quarter, an improvement of $200,000 from the same quarter last year [39] Market Data and Key Metrics Changes - The company closed a net 41 franchise locations and eight company-owned locations in the first quarter [31] - The average trailing 12-month sales volume of closed franchise locations was $140,000, compared to a top quartile salon average of $460,000, indicating significant performance gaps [31] Company Strategy and Development Direction - The company is focused on increasing operational rigor and optimizing its digital platform to drive traffic back to salons and improve franchisee sales and profitability [9][18] - A brand excellence standards initiative has been launched to enhance the guest experience across salons, with a focus on uniformity in service and salon upkeep [10][12] - The company is implementing a loyalty program and has completed the rollout of the Zenoti point-of-sale system to enhance digital engagement with guests [19][24] Management's Comments on Operating Environment and Future Outlook - Management believes the current initiatives are critical for long-term success and is optimistic about the potential for adjusted EBITDA growth in fiscal 2025 despite ongoing challenges [29] - The company anticipates that the pace of salon closures will slow in the coming years, with 2025 expected to be the last year of significant closures [33] Other Important Information - The company reported a GAAP operating income of $2.1 million in the first quarter, down from $7.4 million in the prior year, driven by lower core business revenue and increased G&A expenses [34] - As of September 30, the company had $21.9 million of available liquidity, including $15.7 million of revolver capacity and $6.3 million of cash [42] Q&A Session Summary - No specific questions or answers were provided in the transcript regarding the Q&A session [45]

Financial Performance - Consolidated revenue for Q1 fiscal 2025 was $46.1 million, a decrease of $7.3 million or 13.7% compared to $53.4 million in Q1 fiscal 2024[2] - Net loss for Q1 fiscal 2025 was $0.9 million, or a loss of $0.36 per diluted share, compared to a net income of $1.2 million, or $0.51 per diluted share in the same period last year[7] - Adjusted net income for Q1 fiscal 2025 was $2.6 million, an increase of $0.9 million or 52.9% from $1.7 million in the prior year[2] - Adjusted EBITDA for Q1 fiscal 2025 was $7.6 million, a decline of $0.5 million or 6.2% from $8.1 million in Q1 fiscal 2024[8] - Operating income for the three months ended September 30, 2024, was $2,134,000, down from $7,434,000 in the prior year, representing a decline of 71.3%[21] - Reported net loss for the three months ended September 30, 2024, was $(853) thousand, compared to a net income of $1,194 thousand for the same period in 2023[30] Sales and Revenue Trends - Same-store sales decreased by 1.1% year-over-year, compared to an increase of 1.8% in the prior year[3] - System-wide same-store sales decreased by 1.1% for the three months ended September 30, 2024, compared to an increase of 2.4% in the same period of the previous year[23] - Franchise revenue decreased by $6.1 million, or 11.9%, to $45.3 million in Q1 fiscal 2025 compared to $51.4 million in the prior year[10] - GAAP franchise revenue for the three months ended September 30, 2024, was $45,275 thousand, down from $51,436 thousand in the same period of 2023[35] - Adjusted franchise revenue for the three months ended September 30, 2024, was $17,998 thousand, compared to $19,543 thousand in the prior year[35] Salon Operations - Company-owned salon revenue declined by $1.1 million to $0.8 million, driven by the closure of 47 loss-generating salons[13] - Total franchise salons decreased to 4,350 from 4,745, a reduction of 395 salons year-over-year[9] - The number of total franchise salons decreased to 4,350 as of September 30, 2024, from 4,391 as of June 30, 2024, a decrease of 0.9%[24] - The company-owned salons decreased to 9 as of September 30, 2024, down from 17 as of June 30, 2024, a reduction of 47.1%[24] Cash and Liabilities - The company ended Q1 fiscal 2025 with $6.3 million in cash and cash equivalents and $110.4 million in outstanding borrowings[15] - Total current assets decreased to $35,426,000 as of September 30, 2024, down from $42,050,000 as of June 30, 2024, reflecting a decline of 15.7%[20] - Total liabilities decreased to $452,533,000 as of September 30, 2024, from $473,709,000 as of June 30, 2024, a reduction of 4.5%[20] - Cash and cash equivalents decreased to $6,259,000 as of September 30, 2024, down from $10,066,000 as of June 30, 2024, a decline of 37.7%[20] Adjusted Metrics - Adjusted EBITDA margin improved to 40% in Q1 fiscal 2025 from 38% in the prior year, reflecting better cost management[2] - Adjusted EBITDA for the three months ended September 30, 2024, was $7,636 thousand, down from $8,093 thousand in the prior year[30] - Adjusted net income for the three months ended September 30, 2024, was $2,591 thousand, compared to $1,679 thousand for the same period in 2023[32] - Adjusted earnings per share for the three months ended September 30, 2024, was $0.93, an increase from $0.71 in the prior year[33] - Franchise adjusted EBITDA as a percent of adjusted franchise revenue was 44.4% for the three months ended September 30, 2024, compared to 44.0% in the prior year[35] Other Financial Details - Stock-based compensation expense included in adjusted EBITDA was $1,430 thousand for the three months ended September 30, 2024, up from $630 thousand in the prior year[30] - Discrete items impacting adjusted EBITDA included one-time professional fees and legal settlements, totaling $2,597 thousand for the three months ended September 30, 2024[30] - The company plans to exclude stock-based compensation expenses from adjusted EBITDA calculations starting in fiscal year 2025, retroactively applied to prior periods[30]

Company Operations - As of September 30, 2024, Regis Corporation operated 4,359 locations, including 4,350 franchised salons and 9 company-owned salons[78]. Financial Performance - System-wide revenue for the three months ended September 30, 2024, was $285.6 million, a decrease of 6.5% from $306.6 million in the same period of 2023[84]. - Total system-wide same-store sales decreased by 1.1% for the three months ended September 30, 2024, compared to an increase of 1.8% in the same period of 2023[84]. - Royalties decreased by $0.9 million, or 5.5%, primarily due to a decrease in franchise salon count and negative same-store sales[89]. - Franchise revenue decreased by $6.1 million to $45.3 million for the three months ended September 30, 2024, compared to $51.4 million in the same period of 2023[102]. - Franchise same-store sales declined by 1.2% for the three months ended September 30, 2024, compared to an increase of 1.7% in the prior year[102]. - Franchise adjusted EBITDA totaled $8.0 million, a decrease of $0.6 million from $8.6 million in the same period of 2023[103]. - Company-owned salon revenue decreased by $1.1 million, or 59.5%, due to a reduction in company-owned salon count[91]. - Company-owned salon revenue decreased by $1.1 million to $1.9 million for the three months ended September 30, 2024, primarily due to a decrease in salon count[106]. Expenses and Costs - General and administrative expenses increased by $3.3 million, or 30.8%, primarily due to severance costs of $2.3 million and stock-based compensation[92]. - Interest expense decreased by $1.4 million, primarily due to less debt outstanding compared to the same period in 2023[95]. Cash and Debt Management - As of September 30, 2024, cash and cash equivalents were $6.3 million, with $5.4 million in the United States and $0.9 million in Canada[110]. - The company's total debt to capitalization ratio was 66.2% as of September 30, 2024, down from 67.0% in June 2024[119]. - Cash used in operating activities improved to $1.3 million for the three months ended September 30, 2024, compared to $2.8 million in the same period of 2023[116]. - The company has a $25.0 million revolving credit facility that matures in June 2029, with $15.7 million of unused available credit as of September 30, 2024[111]. Tax and Income - The effective tax rate for the three months ended September 30, 2024, was 11.1%, compared to (14.1)% in the same period of 2023[97]. - Income from discontinued operations increased by $1.0 million, primarily due to proceeds from the sale of OSP related to salons migrating to the Zenoti platform[98]. Future Expectations - The company expects additional proceeds of approximately $7.0 to $7.5 million from the sale of its OSP software-as-a-service solution in fiscal year 2025[112]. - No shares were repurchased during the three months ended September 30, 2024, with approximately 1.5 million shares repurchased cumulatively for $595.4 million[121].

AngloGold Ashanti plc (AU) and its Tropicana joint venture partner Regis have authorized the Havana underground project in Western Australia. This move is set to increase gold production at the Tropicana mine and extend its life. AngloGold Puts Efforts to Boost Production at Tropicana The Havana underground project is planned to enhance gold output between 2027 and 2029 beyond the Tropicana mine's existing production levels. Tropicana's gold production will be increased by three separate, underground source ...