Ramelius Resources (RMS) Q1 2025 earnings summary

Executive summary

• Quarterly gold production was 62,444 ounces at an AISC of A$1,965/oz, with no Lost Time Injuries since May 2023 and strong safety performance maintained.

• Underlying free cash flow reached A$89.6M, with operating cash flow of A$111.2M and cash & gold holdings at A$438.6M at quarter-end.

• Ore mining at Cue commenced ahead of schedule, stockpiling 11,574 ounces of high-grade ore for imminent processing.

• Full year production guidance remains at 270,000–300,000oz at an AISC of A$1,500–1,700/oz, with production weighted to later quarters as higher grade ore is introduced.

• Strategic investment in Spartan Resources increased to 18.35% with an additional A$97.6M invested.

Financial highlights

• Gold sales totaled 62,806 ounces at an average realized price of A$3,359/oz, generating revenue of A$211M for the quarter.

• Group AISC was A$1,965/oz, including a non-cash stockpile drawdown; excluding this, AISC was A$1,589/oz.

• Operating cash flow was A$111.2M, with Mt Magnet contributing A$68.4M and Edna May A$42.8M.

• Free cash flow for the quarter was A$89.6M.

• Total liquidity, including a new A$170–175M debt facility, exceeded A$600M.

Outlook and guidance

• FY25 production guidance remains at 270,000–300,000oz at an AISC of A$1,500–1,700/oz, with production weighted to later quarters as higher grade ore is processed.

• Cost guidance for Mt Magnet is A$1,300–1,500/oz and for Edna May A$2,525–2,725/oz.

• Growth capital and exploration spend guidance for FY25 is A$20–30M and A$40–50M, respectively.

• Major capital expenditures for mill expansion and Eridanus are expected mainly in FY26.

• Rebecca–Roe PFS and updated Eridanus Mineral Resource/mill expansion study targeted for December 2024.