Ramelius Resources (RMS) H1 2025 earnings summary

Executive summary

• Record financial and operational results for H1 FY25, with net profit after tax up 313% to A$170.4 million, driven by a 19% increase in gold production to 148,000 ounces and strong gold prices.

• Mt Magnet became the primary earnings driver as Edna May operations wind down, with significant contributions from high-grade sources at Penny and Cue.

• Operating revenue reached A$508 million, up 46% year-over-year, with EBITDA up 119% to A$307.6 million and a margin of 61%.

• Declared a maiden, fully franked interim dividend of 3.0 cents per share, reflecting strong cash generation and commitment to shareholder returns.

• Strong cash generation enabled increased shareholder returns and continued investment in growth and exploration.

Financial highlights

• Revenue for the period was A$508 million, up 46% year-over-year, driven by higher gold sales and prices.

• EBITDA reached A$307.6 million (up 119%), with a margin of 61%; NPAT was A$170.4 million (up 313%).

• Basic EPS increased 287% to 14.82 cents per share.

• Operating cash flow rose 177% to A$327.3 million; free cash flow was A$81.2 million after capital investments and dividends.

• Cash and gold holdings at period end totaled A$501.7 million.

Outlook and guidance

• FY25 gold production guidance maintained at 270,000–300,000 ounces at AISC of A$1,500–1,700/oz.

• AISC margin expected to expand from 52% in H1 to 61% for the full year, supported by higher gold prices and increased Cue contribution.

• New Mt Magnet mine plan and Rebecca-Roe DFS are key near-term catalysts, with updates due in March 2025 quarter.

• Edna May site to be placed into care and maintenance in June 2025 after processing remaining stockpiles.

• Production expected to increase in H2 FY25 as Cue ore is processed for the full period.