Ramelius Resources (RMS) Q4 2024 earnings summary

Executive summary

• Achieved record annual gold production of 293,033 oz for FY 2024 at an AISC of AUD 1,583/oz, with Q4 production of 82,058 oz at AISC of AUD 1,362/oz, within guidance and at the higher end of production and lower end of cost ranges.

• Underlying free cash flow for FY 2024 totaled AUD 315.8 million, with AUD 263 million generated in the second half and Q4 free cash flow of AUD 137.3 million.

• No Lost Time Injuries recorded during the quarter, highlighting strong safety performance.

• Received key mining approval for Cue Project and updated Eridanus Mineral Resource Estimate up 64% to 1.2Moz.

• Strategic investment in Spartan Resources (~18% stake) and secured a new AUD 175 million revolving debt facility, providing over AUD 600 million in available liquidity.

Financial highlights

• June 2024 quarter operations generated cash flow of AUD 162.8 million, with underlying free cash flow of AUD 137.3 million.

• Gold sales for the quarter were 85,737 oz at an average realized price of AUD 3,243/oz, generating revenue of AUD 278.1 million.

• Closing cash and gold position at AUD 446.6 million, up 10% from March and 65% year-over-year.

• FY 2024 gold sales revenue totaled AUD 880 million, with an AISC margin of over AUD 400 million (47%).

• Total liquidity exceeds AUD 600 million, including the new debt facility.

Outlook and guidance

• FY 2025 production guidance set at 270,000–300,000 oz at an AISC of AUD 1,500–1,700/oz.

• Mount Magnet expected to contribute 230,000–250,000 oz at a sector-leading AISC of AUD 1,300–1,500/oz.

• Edna May to contribute 40,000–50,000 oz, mainly in the first half, with higher AISC due to lower grades, before transitioning to care and maintenance.

• Capital guidance for FY 2025 is AUD 20–30 million, focused on Q development.

• Exploration and resource definition spend guided at AUD 40–50 million for FY 2025.