Thank you for standing by, and welcome to the Ramelius Resources full year financial teleconference. All participants are in a listen-only mode. There will be a presentation followed by a question and answer session. If you wish to ask a question, you will need to press the star key followed by the number one on your telephone keypad. I would now like to hand the conference over to Mr. Mark Zeptner, Managing Director. Please go ahead.
Thank you, Sagar. Good morning, everyone. Thank you for taking the time to dial in this morning to our FY24 results call. Alongside me is Chief Financial Officer, Darren Millman, who will drill down into the financials after I've covered off on the highlights. This morning we have uploaded to the ASX platform, along with our website, a number of documents, including our FY24 financial results summary and a presentation, which we'll be largely speaking to this morning, and also our audited statutory financial report. As mentioned, I'll initially discuss the high-level FY24 results, then Darren will dive into a bit more detail. Then we'll talk about the FY25 outlook, and also the dividend that we announced this morning.
Once we've done that, there'll also be an opportunity for listeners to ask questions. In terms of the presentation, if we and you hopefully got that handy, we jump to slide three with our mining and production highlights. Although we mined less ore tonnes in FY 2024 compared to the previous year, the contained gold mined, which is what counts, was up on the prior year due to a higher mine grade. The primary driver of the lower tonnes was the completion of mining activities across the Edna May Hub, most notably at Tampia, where mining activities were completed last year. Increased ore from Eridanus and the introduction of Symes offset this drop in tonnes in part.
The improved mine grade was driven by two factors: increased tonnages and grade from Penny, which reported a mine grade just over 12 grams per tonne for the year, and also a strong performance from Eridanus, which saw open pit tonnages at Mount Magnet increase 50%, but at a 60% higher grade than the prior year. If we move on to our processing activities, tonnes milled were up on the prior year, mainly as a result of additional haulage capacity across the Edna May Hub. Pleasingly, this increase in tonnes milled for the group was achieved despite the interruptions to the CV01 conveyor repairs carried out in November, December last year at Mount Magnet.
This increased throughput, combined with improved milled grade, resulted in a 22% increase in gold production to the record number of 293,000 ounces, which was at the upper end of our upgraded production guidance for FY 2024. AISC, as reported in the June quarterly, was AUD 1,583 an ounce, which is one of the best within our industry and something we're pretty proud of here at Ramelius. It is also most pleasing that we're able to deliver these results with a declining TRIFR, or Total Recordable Injury Frequency Rate, across the year, and also achieved the twelve-month LTI milestone in May 2024.
Before I hand over to Darren, I'd just like to note this is the second year in a row where we've--I've been able to comment that the annual results on just about every metric are an improvement on the prior year, and importantly, these results have not only been driven by the eight hundred dollar gold price, but also our low-cost base, which I believe distinguish us--distinguishes us from our peers, and we do anticipate that the positive results will continue into FY25. Over to you, Darren.
Thanks, Mark. For those following on the presentation, I'll be initially speaking to slide four. Before moving on to the discussion on earnings, I would like to highlight that I'll be talking to our underlying earnings. When we refer to underlying earnings, we are essentially backing out the large non-recurring items in an attempt to communicate what we believe is the most reflective results from our operations for the year and appropriate comparative to the prior year. The main difference between our underlying earnings and our statutory net profit after tax earnings for the current year relates to acquired tax losses.
In our underlying earnings, we removed the tax benefit of AUD 23.9 million associated with the recognition of tax losses that was acquired as part of the Musgrave and Breaker acquisitions made in FY 2023 and early FY 2024, respectively. Of this, AUD 14.6 million remains on our balance sheet for utilization on future periods. Indeed, since FY 2019, Ramelius has acquired tax losses over the years to the tune of AUD 24.5 million. This is a true realized savings in tax, in saving, cash tax payment savings. Lastly, before moving on to the financials, we have, for reference, provided a few appendices in this presentations, which reconciles the underlying earnings and cash flow for the statutory reports for the financial statements. I trust you will find this useful.
As a reminder, for FY 2024, the company achieved record production, record earnings, record cash flow, and a record dividend. With the backdrop, happy to discuss the numbers in a little bit more detail. We achieved a top-line revenue of AUD 882.6 million, which was 40% up from the prior year with gold sales of 293,966 ounces at a realized price of AUD 2,995 per ounce, a 16% increase on the prior year. The increased revenue was not only due to higher gold price, which added AUD 119 million, but also increased gold production, which added AUD 131 million when compared to FY 2023.
EBITDA of AUD 462.2 million was up 67% on the prior year and represents a margin of 52%, AUD 1,573 per ounce sold. On both metrics, we continue to be at the top of our peer group. Net profit after tax of AUD 200.3 million was up 166% on prior year, with earnings being driven by improved grades, with lower cost of production per ounce and a strong Aussie gold price. Statutory earnings per share of AUD 0.195 were up 181% on the prior year. Further analysis on EBITDA can be found on slide six, which shows a positive trend from H1 to H2, with the EBITDA margin increasing 40% in H1 to 60% in H2.
In addition to this, the earnings profile for Mount Magnet and Edna May can be seen, with Mount Magnet being the clear driver in earnings, recording EBITDA margin of 79% in H2. Looking at Mount Magnet in isolation on slide 7, shows EBITDA margin for FY 2024 of AUD 2,121 per ounce. This earning capacity of Mount Magnet bodes well for the future, with the production center poised for further growth in FY 2025. This will be driven by increased production from Penny, the introduction of Cue, and the exciting upside potential from Eridanus to be open pit or underground. Indeed, we see FY 2025 as another very strong year of cash build and earnings.
It's worth highlighting in FY25, we are guiding to a 50% increase in production at the Mount Magnet hub. Moving to cash, we believe it is important one of the most important financial measures of our business, and slides 8 and 9, you will see our key cash metrics. Our operating cash flow for the year was AUD 445 million, or Australian 1,515 per ounce. Investing cash flow totaled 242.7 million, which includes investments into our existing business for plant equipment, mine development, and exploration of 123.1 million, our acquisition of Musgrave, and our strategic investment in Spartan.
The free cash flow, being the net of operating and investing cash flow, was AUD 212.1 million, and after returning AUD 17.3 million to shareholders via our FY 2023 dividend and lease payments, total cash inflow for the year was AUD 173.3 million. Our low-cost production, coupled with our strong Australian gold price, results in Ramelius returning AUD 315.8 million in underlying free cash flow for FY 2024. Once again, one of the best returns amongst our peers. The resulting cash and gold at the end of year was AUD 446.6 million. Turning now to slide 10 and our cash balance sheet, which we consider to be one of our key strengths.
Our cash and gold bullion on hand are complemented with a further 65,000 ounces of gold contained in current stockpiles and within circuit, which we will monetize in the coming twelve months, leaving Ramelius with excellent liquidity. In addition to this, in July, we executed a new finance facility for AUD 175 million, which is an upsized replacement of our previous AUD 100 million dollar facility. The facility was undrawn at the reporting date and remains as of the same to this day. As we mentioned in the past, we're in the process of progressively reducing our hedge book, which at 30 June 2024, sat at 155,000 ounces at an average price of three thousand and eighty-one dollars per ounce.
The only new hedging put in place recently was that we put hedges of 41,500 ounces at Edna May production, out to January 2025, ensuring that the cost will not be sold below AUD 3,400 per ounce, locking in meaningful cash flow from the remaining Edna May stockpiles. With that, I'll hand it back to Mark.
Thanks, Darren. If we can jump to slides 11 to 13 now, touching on our portfolio and guidance for FY25. On gold production, you will see we expect our higher margin Mount Magnet operation to make up a higher proportion of gold production, with Edna May to be placed in care and maintenance once the existing stockpiles across that hub are processed. Overall, group production for FY25 is expected to be comparable to FY24. Our AISC is also expected to be largely in line with FY24, but with a higher gold price, which we have assumed at AUD 3,500 per ounce. It's per the chart on slide 12.
Plus, our existing hedge book will see us deliver some 92,000 ounces at AUD 2,945 per ounce in FY 2025. We'll see a further increase in cash margins. Production and the resultant lower all-in sustaining cost is expected to be weighted to H2 of FY 2025. Finally, on our guidance for FY 2025, I'd like to make two points, which we have made before. While Edna May does have a higher all-in sustaining cost, there is approximately AUD 500 an ounce of this that relates to non-cash drawdowns of existing stockpiles. Secondly, we are expecting a notable reduction in our growth capital spend in FY 2025, particularly in the second half. With the development of Cue, leveraging off in the first half, leveraging off our existing Mount Magnet plant.
infrastructure, such as airstrips and camps, realizing true regional synergies, there. We like to think we have a good reputation in the market for doing what we say and delivering on our promises. We see no reason for this not to continue into FY25, and also look forward to presenting a revised Mount Magnet mine plan, in the new year once we have the optimal design for Eridanus split, open pit or underground. Turning to Slide 14, perhaps the highlight, our declared dividend for FY24. We're proud of our track record on dividends, and today we are not only declaring our sixth consecutive dividend, but 150% increase on the prior year to AUD 0.05 per share, fully franked. This represents a payout ratio of 27% of free cash flow.
In approving the final dividend, the board gave consideration to the additional strategic investment in Spartan, internal growth opportunities at Eridanus, and potential mill expansions at Mount Magnet, as well as potential capital commitment requirements for Rebecca/Roe. The dividend represents a yield of 2.6% based on 30 June share price, and a total shareholder return over the last five years of 21% per annum. Our dividend reinvestment plan has now been in place for a couple of years now, with last year's participation, at 22%. It is pleasing to see an increasing number of shareholders opting to take up the opportunity to use their dividends, to purchase additional Ramelius shares.
That opportunity will again be available, with the price of shares to be calculated at a 2% discount to the ten-day VWAP from the date of election. Last year's dividend payment amounted to AUD 22.3 million in cash and reinvestment. This year, the return will be up to AUD 57.2 million, which will be paid in October. Last slide. Moving on to slide 15, where we're looking at our focus areas. I'll skip to the final two areas, being exploration opportunities and near-term catalysts. We have budgeted to invest another 40 to 50 million in exploration this year, with opportunities at Mount Magnet, Penny, and Rebecca/Roe areas shaping as, having high potential to deliver additional resource answers, and further bolstering reserves.
There are a number of near-term catalysts that we see, including the progression of drilling at Cue, Eridanus and Galaxy, which will culminate more likely in an upgraded Mount Magnet mine plan. In addition to this, we look forward to providing updated mineral resource inventory for Roe, and ultimately the publication of the associated PFS for the combined Re- Rebecca/Roe project. That concludes the presentation. I'll now hand back to the operator, Sagar. If you could open the line for questions, please.
Thank you. If you wish to ask a question, please press star one on your telephone and wait for your name to be announced. If you wish to cancel your request, please press star two. If you are on a speakerphone, please pick up the handset to ask a question. Your first question comes from Paul Keenan from Ord Minnett. Please go ahead.
Yeah. Hi, gents. Thanks for taking my questions. A couple here, if I may. So firstly, on tax, thanks for giving that income tax guidance for FY25, but how should we think about cash tax paid for the FY25?
Yeah, thanks, Paul. As I noted in the numbers there, we had that advantage in 2024. In 2025 and beyond, we have approximately AUD 25 million available. In 2025, we're probably expecting around AUD 15 million to have a similar tax cash benefit. That is our expectation for 2025.
Yeah, that's great. And then maybe one for you, Mark, just on capital returns. I think your payout was about 27% of free cash flow, and your policy allows for up to 30%. I guess any thoughts on changing this policy, or are you sort of happy capping at 30% and then, I guess, using the remainder of the free cash flow on sort of organic and inorganic opportunities?
Yeah, we obviously had a lengthy discussion at board level. To summarize, we're happy with our policy. We didn't quite go all the way to 30%, but we'd like... We have got a number of internal projects coming up, and we felt that we struck a balance between returns to shareholders and providing cash for those projects.
Yeah, no dramas. That's it from me. I'll pass it on.
Thanks, Paul.
Thank you. Once again, if you wish to ask a question, please press star one on your telephone and wait for your name to be announced. There are no further questions at this time. I'll now hand back to Mr. Zeptner for closing remarks.
Thank you, Sagar. I can't remember the last time we only had one question, but we must have covered everything. So to wrap up, just three points. A record year for earnings and cash generation in FY 2024 for Ramelius. A similarly strong outlook for FY 2025 and beyond, and a AUD 0.05 fully franked dividend announced today being the sixth consecutive year of dividend payments, a 150% increase on the prior year, with over AUD 130 million potentially returned to shareholders. Thank you all for listening in today. Enjoy the rest of your day. Thank you.
Thank you. That does conclude our conference for today. Thank you for participating. You may now disconnect.