Ramelius Resources
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Ramelius Resources (RMS) investor relations material

Ramelius Resources Q4 2026 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2026 earnings summary29 Jul, 2026

Executive summary

  • Quarterly gold production reached 53,466 ounces at an AISC of A$1,973/oz, with Never Never underground ore contributing 40% of output for the quarter and annual production for FY26 at 192,182 ounces, meeting guidance for the sixth consecutive year.

  • Cash and gold holdings increased to A$649.6M at June 2026, with quarterly operating cash flow of A$191.2M and underlying free cash flow of A$138.3M.

  • Major milestones included early commercial production at Never Never, Mt Magnet plant upgrades, Dalgaranga ramp-up, and environmental approvals for Rebecca-Roe.

  • Sale agreement for Edna May Hub for A$300M (A$210M cash, A$90M shares) expected to complete in September 2026, enhancing cash flow.

  • Shareholder returns totaled A$294M for the year via buybacks and dividends, with A$255M in cash and A$39M in dividend reinvestments.

Financial highlights

  • Gold sales for the June quarter were 51,807 ounces at an average price of A$6,230/oz, up 8% from the March quarter.

  • FY26 gold sales were 190,261 ounces at an average price of A$5,400/oz, generating revenue of A$1,027.4M.

  • Underlying free cash flow for FY26 was A$393.3M, with A$138.3M generated in the June quarter.

  • Operational cash flow for the quarter was A$191.2M, funding A$42.1M in growth capital and A$33.9M in exploration.

  • 65% of annual free cash flow was returned to shareholders via dividends and buybacks.

Outlook and guidance

  • FY27 exploration budget set at A$90–110M, focusing on mine life extensions and high-grade prospects.

  • Updated mine plan and FY27 guidance to be provided later in the quarter, incorporating exploration results and mine extensions.

  • Capital expenditures expected to be elevated in FY27 due to Mt Magnet mill upgrades and potential acceleration of Rebecca-Roe spending.

  • Returns in FY26 and FY27 targeted to remain at FY25 levels, with growth expected from FY28 as expansion projects complete.

  • Penny mine operations will extend into December 2026, with potential for mine-life extensions at Cue (Lena) and Galaxy.

Explain Never Never classification impact on AISC
Mt Magnet strategy to displace low-grade ore
Dividend payout ratio target changes from FY28
Primary driver of FY26 growth capital underspend
Spartan acquisition stamp duty timing and amount
Strike price and volume of FY28 gold put options
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H2 202628 Aug, 2026
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