Ramelius Resources (RMS) H2 2024 earnings summary

Executive summary

• Achieved record gold production of 293,000 ounces in FY24, up 22% year-over-year, driven by improved grades at Eridanus, Penny, and increased haulage at Edna May.

• Record net profit after tax reached A$216.6M, up 252% year-over-year, with underlying NPAT up 166% to A$200.3M.

• Operational excellence led to record earnings, cash flow, and dividends, with no Lost-Time Injuries recorded.

• Fully franked final dividend of 5.0 cents declared, up 150%, marking the sixth consecutive dividend payment.

Financial highlights

• Revenue rose 40% year-over-year to A$882.6 million, with gold sales of 293,966 ounces at A$2,995/oz, up 16%.

• EBITDA increased 76% to A$451.3M; underlying EBITDA up 67% to A$462.2M at a 52% margin.

• Statutory EPS was 19.5 cents, up 181% year-over-year.

• Free cash flow reached A$212.1M; cash and gold at year-end totaled A$446.6M, up 64%.

• All-in sustaining cost (AISC) was A$1,583/oz, among the lowest in the industry.

Outlook and guidance

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

• Mt Magnet production expected to increase by ~50% to 240,000 ounces at midpoint; Edna May to process stockpiles and then move to care and maintenance.

• FY25 margins forecast at 52% over AISC, the highest in 10 years, with strong cash flows anticipated.

• Growth capital and exploration budgeted at A$40–50 million, focusing on Mt Magnet, Penny, and Rebecca-Roe.

• Project evaluations underway for Eridanus underground/open pit and Mt Magnet mill expansion, with results targeted for December 2024 quarter.