Ramelius Resources (RMS) Q3 2026 earnings summary

Executive summary

• Quarterly gold production was 38,093 oz at an AISC of AUD 2,211/oz, with production expected to increase in Q4 due to higher-grade Dalgaranga ore and YTD production at 138,716 oz at AISC of AUD 1,987/oz.

• Operating cash flow for the quarter was AUD 171.3M, with underlying free cash flow of AUD 101.9M after growth and exploration investments.

• FY26 production guidance remains at 185,000–205,000 oz, with a strong Q4 expected and Dalgaranga set to contribute over 30% of production.

• Share buybacks of AUD 110.2M completed, representing 44% of the AUD 250M program, and an interim dividend of AUD 0.03 per share paid.

• First ore from Never Never processed, marking a milestone as Dalgaranga transitions into the Mt Magnet hub.

Financial highlights

• Sales revenue for the quarter was AUD 221.1M, with 38,150 oz sold at an average realized price of AUD 5,795/oz.

• Free cash flow for the March quarter was AUD 101.9M, with operational cash flow reaching AUD 171.3M.

• All-in sustaining margin was AUD 3,584/oz, a record 62%, with realized gold price up 12% quarter-on-quarter.

• Cash and gold holdings at quarter end were AUD 606.5M, down from AUD 694.3M in the previous quarter after share buybacks and hedge book close-out costs.

• Growth capital investment was AUD 51.2M; exploration spend was AUD 26.4M.

Outlook and guidance

• FY26 production guidance unchanged at 185,000–205,000 oz, with Q4 expected to be the strongest quarter and 56,000 oz planned.

• FY26 AISC guidance updated to AUD 1,900–2,050/oz due to earlier commercial production at Dalgaranga, higher royalties, and diesel costs.

• Growth capital for FY26 revised to AUD 90–100M, with some expenditure shifted to FY27.

• Depreciation/amortization guidance for FY26 revised to AUD 310–330M.

• Mt Magnet plant expansion and Dalgaranga infrastructure upgrades are ongoing, with key contracts and engineering work scheduled for the next quarter.