Ramelius Resources (RMS) H1 2026 earnings summary

Executive summary

• Half year results to December 2025 delivered during a transition phase, with gold production at its lowest in recent years (100,623–101,000 ounces), mainly due to Edna May being placed into care and maintenance and lower mined grades; higher production is planned for Q4 FY26 with Dalgaranga high-grade ore.

• First ore from the Never Never Deposit at Dalgaranga hauled to Mount Magnet, marking a key milestone post-Spartan acquisition.

• Completed acquisition of Spartan Resources, adding Dalgaranga gold mine with significant reserves and resources, increasing net assets and providing substantial tax losses.

• Released Pre-Feasibility Study for Never Never Underground Deposit and Definitive Feasibility Study for Rebecca-Roe Gold Project, both showing strong economic returns.

• Production on track to deliver FY 2026 guidance just below 200,000 ounces, aiming for 500,000 oz by FY 2030.

Financial highlights

• Revenue of AUD 485.6 million (USD 483.7 million), down 4% year-over-year due to lower gold production.

• Underlying EBITDA reached AUD 347.7 million (72% margin), up 13% year-over-year, a record for H1.

• Underlying NPAT was AUD 160 million, down 6% year-over-year; statutory net loss after tax was AUD 11.7 million due to acquisition and royalty costs.

• Operating cash flow was AUD 311.6 million, in line with the prior period; free cash flow was an outflow of AUD 40 million due to acquisition and tax payments.

• Closing cash and gold balance stood at AUD 694.3 million.

Outlook and guidance

• FY26 gold production guidance is 185,000–205,000 ounces at AISC of AUD 1,700–1,900/oz, with higher grades expected from Dalgaranga in the June 2026 quarter.

• Mining stope ore at Dalgaranga expected to commence in the June quarter, on or ahead of schedule.

• Stamp duty of approximately AUD 131 million on the Spartan acquisition expected to be paid by the end of FY 2026.

• No forward contract hedging in place from April 2026; collars and put options remain for FY27–FY28.

• Mt Magnet plant upgrade to 5Mtpa capacity expected to be operational by September 2027.