Ramelius Resources (RMS) H2 2025 earnings summary

Executive summary

• Achieved record FY2025 operational and financial results, with significant growth in revenue, earnings, and cash flow, supported by strong gold production and the integration of Spartan Resources.

• Mt Magnet emerged as the primary earnings driver, while Edna May transitioned to care and maintenance in March 2025.

• Strategic investments, increased exploration budget, and the integration of Dalgaranga and Spartan set a clear path to 500,000 oz annual production by 2030.

• Declared a fully franked final dividend of 5.0cps, bringing the total FY25 dividend to 8.0cps, up 60%.

Financial highlights

• Revenue reached A$1.2 billion, up 36% year-over-year, driven by higher gold prices and production.

• EBITDA increased 81% to A$818.6 million, with a 68% margin; net profit after tax surged 119% to A$474.2 million, with EPS of 41.1 cents.

• Operating cash flow up 92% to A$856.4 million; underlying free cash flow up 120% to A$694.9 million.

• All-in sustaining cost decreased 2% to A$1,551/oz, with a realized gold price of A$3,963/oz, yielding a margin of A$2,400/oz.

• Net cash and bullion at year-end totaled A$809.7 million, up 81%.

Outlook and guidance

• Five-year plan and FY2026 guidance, including Dalgaranga integration, to be released in the December 2025 quarter.

• Targeting 500,000 oz annual production by 2030, with integration studies and updates on Rebecca DFS expected late 2025.

• Exploration budget doubled to A$80–$100 million for FY2026, focusing on high-grade resource definition and new discoveries.

• Fully funded to achieve growth vision, with undrawn A$175 million debt facility.