Ramelius Resources (RMS) Q3 2025 earnings summary

Executive summary

• Quarterly gold production reached 80,455 ounces at an AISC of A$1,492/oz, with Mt Magnet contributing 67,464 oz at A$1,226/oz and Edna May 12,991 oz at A$2,802/oz.

• Achieved record underlying free cash flow of A$223 million for the quarter, with year-to-date free cash flow at A$487.1 million and operating cash flow of A$236.8 million.

• Closing cash and gold position exceeded A$657.1 million, with total liquidity surpassing A$832 million including undrawn debt facilities.

• Announced transformational combination with Spartan Resources, with integration planning underway and completion targeted for late July or early August 2025.

• Maiden fully franked interim dividend of A$0.03/share paid in April 2025.

Financial highlights

• Gold sales for the quarter were 84,200 ounces at an average realized price of A$4,251/oz, generating revenue of A$357.9 million.

• Group AISC margin was 65% for the quarter, with free cash flow margin also at 65%.

• Operating cash flow totaled A$236.8 million, with Mt Magnet contributing A$206.8 million and Edna May A$30 million.

• Paid income tax of A$67.6 million for FY24.

• Growth capital expenditure was A$7.5 million; exploration/resource definition spend was A$10.5 million for the quarter.

Outlook and guidance

• FY25 production guidance raised to 290,000–300,000 ounces at AISC of A$1,550–1,650/oz, reflecting operational outperformance and higher gold prices.

• Mt Magnet full year guidance: 237,500–245,000 ounces at AISC of A$1,350–1,450/oz; Edna May: 52,500–55,000 ounces at AISC of A$2,550–2,650/oz.

• Depreciation & amortization guidance reduced to A$160–180 million for FY25.

• Exploration expenditure to increase, focusing on resource growth and project pipeline.

• Completion of Spartan integration and delivery of Rebecca-Roe DFS targeted for late 2025.