Ramelius Resources (RMS) Q4 2026 earnings summary

Executive summary

• Quarterly gold production reached 53,466 ounces at an AISC of A$1,973/oz, with Never Never underground ore contributing 40% of output for the quarter and annual production for FY26 at 192,182 ounces, meeting guidance for the sixth consecutive year.

• Cash and gold holdings increased to A$649.6M at June 2026, with quarterly operating cash flow of A$191.2M and underlying free cash flow of A$138.3M.

• Major milestones included early commercial production at Never Never, Mt Magnet plant upgrades, Dalgaranga ramp-up, and environmental approvals for Rebecca-Roe.

• Sale agreement for Edna May Hub for A$300M (A$210M cash, A$90M shares) expected to complete in September 2026, enhancing cash flow.

• Shareholder returns totaled A$294M for the year via buybacks and dividends, with A$255M in cash and A$39M in dividend reinvestments.

Financial highlights

• Gold sales for the June quarter were 51,807 ounces at an average price of A$6,230/oz, up 8% from the March quarter.

• FY26 gold sales were 190,261 ounces at an average price of A$5,400/oz, generating revenue of A$1,027.4M.

• Underlying free cash flow for FY26 was A$393.3M, with A$138.3M generated in the June quarter.

• Operational cash flow for the quarter was A$191.2M, funding A$42.1M in growth capital and A$33.9M in exploration.

• 65% of annual free cash flow was returned to shareholders via dividends and buybacks.

Outlook and guidance

• FY27 exploration budget set at A$90–110M, focusing on mine life extensions and high-grade prospects.

• Updated mine plan and FY27 guidance to be provided later in the quarter, incorporating exploration results and mine extensions.

• Capital expenditures expected to be elevated in FY27 due to Mt Magnet mill upgrades and potential acceleration of Rebecca-Roe spending.

• Returns in FY26 and FY27 targeted to remain at FY25 levels, with growth expected from FY28 as expansion projects complete.

• Penny mine operations will extend into December 2026, with potential for mine-life extensions at Cue (Lena) and Galaxy.