Ramelius Resources (RMS) investor relations material

Executive summary

• Q1 gold production was 48,839 oz at A$2,656/oz AISC; FY27 guidance remains 205,000–225,000 oz at A$2,150–2,350/oz AISC.

• Quarter-end cash and gold reached A$768M, supported by A$186.4M operating cash flow, A$62.1M underlying free cash flow and the Edna May sale.

• Wet weather disrupted Penny haulage and high-grade processing; production is expected to rise quarter on quarter as grades improve at Dalgaranga and Cue.

Financial highlights

• Gold sales were 51,278 oz at an average realized price of A$6,019/oz, down 3% QoQ; 3,750 oz were settled on zero-premium collars.

• Revenue was A$308.6M; AISC was A$2,656/oz, with an AISC margin of A$3,363/oz, or 56%.

• Underlying free cash flow was A$62.1M after A$53.5M growth capex, A$22.7M exploration and resource-definition spend, A$31M sustaining capital and A$14M income tax payments.

• Quarter-end cash and bullion totaled A$768M; cash was A$740M and bullion A$28M. Cash, gold and listed investments totaled A$1,043.3M.

Outlook and guidance

• FY27 guidance remains 205,000–225,000 oz of production at A$2,150–2,350/oz AISC; production is planned to increase and AISC to decline quarter on quarter.

• Never Never is on track to mine 500kt at 6.2g/t in FY27; Dalgaranga targets a 1Mtpa run rate by July 2027.

• Updated four-year outlook adds 75koz of expected production and targets 560–610koz in FY30, with potential to exceed 600kozpa.

• Mt Magnet Circuit 2 is targeted for completion in the December 2027 quarter, with commercial production targeted in the March 2028 quarter.

• FY30 free cash flow approaches A$2bn at A$6,000/oz gold; projections exclude exploration expenditure from operating cash flow.