Ramelius Resources (RMS) Q2 2026 earnings summary

Executive summary

• Quarterly gold production was 46,510 ounces at an AISC of AUD 1,977/oz, with operating cash flow of AUD 149.7 million and free cash flow of AUD 54.7 million, supported by strong project milestones and exploration results.

• Cash and gold holdings at quarter-end were AUD 694.3 million, reflecting significant growth capital and tax payments.

• Announced a AUD 250 million share buyback and increased minimum dividend to AUD 0.02/share for FY 2026 and FY 2027, with a final FY25 dividend of AUD 95.7 million paid.

• Major project milestones included the Never Never PFS, Mount Magnet plant upgrade plan, Rebecca Roe DFS completion, and a native title agreement for Rebecca Roe.

Financial highlights

• Sold 55,610 ounces at an average realized price of AUD 5,175/oz, up 14% quarter-over-quarter, with total sales revenue of AUD 236 million.

• AISC margin reached AUD 3,198/oz (62%), the best ever achieved.

• Paid AUD 60.3 million in fully franked dividends and AUD 127.8 million in income tax during the quarter.

• Total liquidity at quarter-end was AUD 0.9 billion, including cash, gold, and an undrawn debt facility.

Outlook and guidance

• FY 2026 production and cost guidance remains unchanged, with higher production expected in Q4 as Dalgaranga high-grade ore is processed.

• Haulage and processing of Never Never ore to commence late February/March 2026.

• Exploration and resource definition spend for FY 2026 is set at AUD 80–100 million.

• Next reserve/resource update and guidance revision targeted for late August/early September.