Regis Resources Limited (ASX: RRL) $7.44
Regis Resources (RRL) emerged from the battle for Vault with its balance sheet and price discipline intact, walking away from the contest in July rather than overpay and collecting a $50.7m break fee. With no debt and around $1.2bn of cash and bullion, Regis has ample firepower to pursue other opportunities, while its portfolio includes Duketon, a 30% stake in Tropicana alongside AngloGold Ashanti and the McPhillamys project in NSW. That makes RRL interesting from both sides of the M&A equation: it has the capacity to be a buyer, but its clean balance sheet, open register and valuable Tropicana stake could also make it an attractive target as consolidation continues across the sector.