RECORD GOLD PRODUCTION BOOSTS RAMELIUS QUARTERLY PERFORMANCE

Exceptional Gold Output and Cash Flow Surpass Expectations

Ramelius Resources Ltd (ASX:RMS) has delivered a stunning performance with a record gold production of 86,928 ounces and a free cash flow of $125.3M for the March 2024 quarter, significantly exceeding its guidance and previous records.

Quarterly Production Triumph:

  • The company smashed its own record with a quarterly gold output surpassing guidance figures of 70,000 – 77,500oz, marking a historic high since its previous best of 86,516oz in the June 2020 quarter.
  • This substantial increase in gold production has also led to a remarkable free cash flow jump, towering over the previous record of $69.4M achieved in the June 2020 quarter.

Financials:

  • With a robust cash and gold balance of $407.1M, Ramelius Resources is in a formidable financial position. The company has reported a significant improvement in free cash flow, now reaching $125.3M.
  • Reflecting on this financial uptick, the All-In Sustaining Cost (AISC) for the quarter is projected to drop well below the H2 FY24 guidance of A$1,700 – 1,800/oz, with estimates indicating a figure between A$1,375 – 1,475/oz.

Operational Breakdown:

  • The record production has been primarily attributed to the outstanding performance of its Mt Magnet and Edna May operations, which collectively contributed over 86,000 ounces to the quarterly total.

The company anticipates the momentum to continue as they head into a promising H2 FY24 with an updated AISC that underscores efficient and cost-effective operations.

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