Ramelius Resources
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Ramelius Resources (RMS) investor relations material

Ramelius Resources H1 2026 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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H1 2026 earnings summary19 Feb, 2026

Executive summary

  • Half year results to December 2025 delivered during a transition phase, with gold production at its lowest in recent years (100,623–101,000 ounces), mainly due to Edna May being placed into care and maintenance and lower mined grades; higher production is planned for Q4 FY26 with Dalgaranga high-grade ore.

  • First ore from the Never Never Deposit at Dalgaranga hauled to Mount Magnet, marking a key milestone post-Spartan acquisition.

  • Completed acquisition of Spartan Resources, adding Dalgaranga gold mine with significant reserves and resources, increasing net assets and providing substantial tax losses.

  • Released Pre-Feasibility Study for Never Never Underground Deposit and Definitive Feasibility Study for Rebecca-Roe Gold Project, both showing strong economic returns.

  • Production on track to deliver FY 2026 guidance just below 200,000 ounces, aiming for 500,000 oz by FY 2030.

Financial highlights

  • Revenue of AUD 485.6 million (USD 483.7 million), down 4% year-over-year due to lower gold production.

  • Underlying EBITDA reached AUD 347.7 million (72% margin), up 13% year-over-year, a record for H1.

  • Underlying NPAT was AUD 160 million, down 6% year-over-year; statutory net loss after tax was AUD 11.7 million due to acquisition and royalty costs.

  • Operating cash flow was AUD 311.6 million, in line with the prior period; free cash flow was an outflow of AUD 40 million due to acquisition and tax payments.

  • Closing cash and gold balance stood at AUD 694.3 million.

Outlook and guidance

  • FY26 gold production guidance is 185,000–205,000 ounces at AISC of AUD 1,700–1,900/oz, with higher grades expected from Dalgaranga in the June 2026 quarter.

  • Mining stope ore at Dalgaranga expected to commence in the June quarter, on or ahead of schedule.

  • Stamp duty of approximately AUD 131 million on the Spartan acquisition expected to be paid by the end of FY 2026.

  • No forward contract hedging in place from April 2026; collars and put options remain for FY27–FY28.

  • Mt Magnet plant upgrade to 5Mtpa capacity expected to be operational by September 2027.

Reconcile statutory loss to underlying profit
Rebecca-Roe: What is the permit status for Roe?
Rationale for zero forward hedging from April 2026
When does Never Never high-grade ore impact output?
Impact of Spartan acquisition costs on earnings?
What is the post-March gold price hedge exposure?
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Frequently asked questions

Ramelius Resources Limited (ASX:RMS) is a gold production company based in Western Australia, listed on the ASX since 2003 and operational since 2006. The company initiated its journey with the Wattle Dam mine, which was once the highest grade gold mine in Australia. Ramelius Resources has grown by operating several gold mines across Western Australia, including Mt Magnet, Edna May, Marda, Tampia, and Penny. These operations involve processing ore from both underground and open pit sources, with a focus on blending high-grade underground ore for optimal output. The company has expanded through strategic acquisitions, such as Apollo Consolidated Limited for the Lake Rebecca Gold Project, Breaker Resources NL for the Lake Roe Gold Project, and Musgrave Minerals Ltd for the Cue Gold Project, enhancing its exploration and production capabilities.The company is headquartered in Perth, Australia, and its shares are listed on the ASX.

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