Australia · Delayed Price · Currency is AUD Ramelius Resources Earnings Call Transcripts
Fiscal Year 2026
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Gold production met expectations despite disruptions, with strong cash flow and record margins. FY 2026 guidance is maintained, costs updated, and growth projects are fully funded, supported by robust exploration and shareholder returns.
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Production is set to grow 170% by FY 2030, driven by Mount Magnet and Dalgaranga expansions, with robust free cash flow and shareholder returns supported by disciplined investment and exploration. All-in sustaining costs are targeted well below peers, and renewable energy initiatives are underway.
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Half year results showed resilient financial performance despite lower production, with strong EBITDA, robust margins, and a solid balance sheet. Strategic milestones included the first ore from Never Never, Spartan acquisition synergies, and a higher interim dividend.
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A robust growth strategy targets 500,000 ounces per year by FY 2030, underpinned by high-margin production, aggressive exploration, and integration of high-grade resources like Dalgaranga. Major investments in drilling and plant upgrades support long-term expansion.
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Gold production reached 46,510 ounces at an AISC of AUD 1,977/oz, generating AUD 54.7 million in free cash flow. Strong exploration results and project milestones support future growth, while a robust balance sheet enables a AUD 250 million buyback and increased dividends.
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Operational transition and strategic progress drove strong cash flow and liquidity, with 55,013 oz produced at a 59% margin and AUD 827.7 million in cash and gold. Integration of Spartan, increased exploration, and upcoming guidance set the stage for future growth.
Fiscal Year 2025
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Record gold production, a major merger, and entry into the ASX 100 marked a transformational year. Strong financials enabled increased dividends, major growth projects, and a clear path to 500,000 ounces annually by 2030, with all AGM resolutions supported.
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A fully funded five-year plan targets over 500,000 oz annual gold production by FY 2030, driven by major upgrades at Mount Magnet and the integration of high-grade Never Never and Dalgaranga ore. Exploration spend is ramping up, and a new capital allocation framework will support growing shareholder returns. Mount Magnet is set to become a top Australian gold hub with sector-leading costs.
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Strong financials and record production support ambitious growth, with integration of new assets and a doubled exploration budget. Aggressive drilling at Mount Magnet and Dalgaranga targets significant resource expansion and a path to 500,000 ounces annually by FY2030.
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Record FY2025 results featured a 36% revenue increase, 81% EBITDA growth, and doubled net profit, driven by high gold prices and operational excellence. Major acquisitions and integration plans support a path to 500,000 oz annual production by 2030, with strong liquidity and increased shareholder returns.
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A newly merged entity led by experienced executives is targeting 500,000 ounces of annual gold production by decade's end, leveraging strong cash flows, record FY 2025 output, and aggressive exploration. Integration of Dalgaranga and ongoing drilling at key assets underpin growth.
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Record gold production and cash flow were achieved, with strong performance at Mount Magnet, Penny, and Cue. Spartan integration and major exploration spend set the stage for future growth, while FY 2026 guidance is deferred pending integration studies.
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Record gold production and sector-leading cash flow margins were achieved, with nearly $700 million in free cash flow this year. Integration of Spartan’s Dalgoranga assets is on track, and exploration spend is set to rise, supporting a 500,000 oz production target by FY30.
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Record free cash flow and strong liquidity were achieved, driven by robust production at Mount Magnet and Cue, despite Edna May transitioning to care and maintenance. FY25 guidance was upgraded, exploration delivered high-grade results, and the Spartan combination is set to close soon.
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A recommended merger will create a leading Australian gold producer with a pro forma market cap of AUD 4.2 billion, combining complementary assets and skill sets. The deal offers significant synergies, cost savings, and a robust growth profile, targeting over 500,000 ounces of gold production per year by FY 2030.
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Mount Magnet's updated mine plan extends mill life to 17 years with over 2 million oz gold production, driven by the Eridanus cutback and a major mill upgrade. CapEx rises significantly, but strong cash flow and robust exploration support long-term growth.
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Record first half results featured a 46% revenue increase and 313% NPAT growth, driven by high-grade ore and strong gold prices. A maiden interim dividend was declared, with robust cash flow and a positive outlook for FY '25 and FY '26.
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Record free cash flow and gold production were achieved, driven by high grades at Cue and Penny, with costs falling below expectations. Over AUD 1 billion in liquidity supports ongoing project development, and FY 2025 guidance remains unchanged.
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Quarterly free cash flow reached AUD 89.6 million, with strong liquidity and gold prices supporting robust margins despite higher costs from development activities. Production is set to rise in coming quarters as higher grade ore is processed, and major capital projects are on track.
Fiscal Year 2024
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Rebecca-Roe PFS confirms robust economics with a projected after-tax NPV of AUD 332–600 million and IRR of 26%, targeting over 1 million ounces of gold production. Key milestones include DFS completion by July 2025, with first gold pour in July 2027 and strong cash flow expected from FY 30.
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Record operational and financial results were achieved, with strong cash flow, a record dividend, and major investments in growth projects and sustainability. Shareholders engaged on emission targets and remuneration, and all AGM resolutions were put to poll for ASX announcement.
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Record FY24 results with 22% higher gold production, 40% revenue growth, and a 166% surge in net profit. FY25 guidance anticipates similar production, strong cash flow, and a 150% higher dividend, supported by robust gold prices and low costs.
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Record FY 2024 gold production and free cash flow were achieved, with strong operational performance and robust liquidity. FY 2025 guidance anticipates similar production and cost levels, with key growth from Mount Magnet and Cue, while Edna May transitions to care and maintenance.