Ramelius Resources (RMS) H2 2026 earnings summary

Executive summary

• Achieved sixth consecutive year of meeting production and cost guidance, with sector-leading cash flows and strong operational performance.

• Completed acquisition of Dalgaranga Gold Mine and agreed to sell Edna May hub for A$300M, consolidating core assets.

• Increased shareholder returns with a A$250M share buy-back program (A$141.7M executed in FY26) and total FY26 dividends of 6.0cps.

• Transitioned Never Never underground to commercial production ahead of schedule, with a maiden Ore Reserve of 1.6Moz at 7.3g/t.

• Gold sold dropped 37% to 190,261 oz, but realised gold price surged 36% to A$5,400/oz.

Financial highlights

• Underlying EBITDA of A$765.4M from 192,000 ounces sold at a record 74% margin; underlying NPAT of A$319.9M.

• Operating cash flow of A$702.1M and underlying free cash flow of A$393.3M.

• Cash and gold on hand at year-end was A$649.6M, with total liquidity of A$1.15B including undrawn credit.

• Shareholder returns of A$255.7M, representing 65% of underlying free cash flow.

• All-in sustaining cost (AISC) for FY26 was A$1,840/oz (excluding early Never Never production); AISC increased to A$1,983/oz overall.

Outlook and guidance

• Four-year production outlook and FY27 guidance to be released in September.

• Five-year plan targets production above 500koz p.a. by FY30, with growth from Mt Magnet and Rebecca-Roe hubs.

• FY27 will see increased mining rates at Never Never and Galaxy, with Dalgaranga ramping up and Galaxy productivity expected to rise to ~800ktpa, requiring ~A$30M additional sustaining capital.

• Cost inflation expected, with FY27 costs trending 8% higher year-on-year, driven by higher gold prices, royalties, and fuel.

• No gold forward contracts remain, increasing exposure to gold price in FY27.