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.

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

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

• FY 2025 production guidance remains at 270,000–300,000 ounces at 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$211.0M for the quarter.

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

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

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

• Net cash, gold, and investments at quarter-end totaled A$731.5M, up from A$546.7M in June 2024.

Outlook and guidance

• FY 2025 production guidance reaffirmed at 270,000–300,000 ounces at AISC of A$1,500–1,700/oz.

• Mt Magnet production expected to increase in H2 as high-grade Cue and Penny ore is processed.

• Growth capital and exploration spend guidance for FY 2025 is A$20–30M and A$40–50M, respectively.

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

• Major capital spend for mill expansion expected mainly in FY 2026.