Ramelius Posts 55,013oz Gold at A$1,836/oz and A$129M Free Cash Flow

• 55,013 ounces gold produced at AISC of A$1,836/oz
• Underlying free cash flow of A$129 million for the quarter
• Completion of Spartan Resources acquisition and board integration
• Significant high-grade drill results across multiple projects
• Definitive Feasibility Study for Rebecca-Roe due 28 October 2025

Strong Operational Performance

Ramelius Resources reported a solid September 2025 quarter, producing 55,013 ounces of gold at an all-in sustaining cost (AISC) of A$1,836 per ounce. This performance aligns with company expectations despite a reversion of grades at Cue closer to ore reserve estimates and a shift towards lower-grade areas at Penny. The Mt Magnet processing plant maintained robust throughput, processing 498,000 tonnes at a recovery rate of 97.1%, underscoring operational efficiency.

Financial Strength and Cash Flow

The company generated an underlying free cash flow of A$129 million during the quarter, supported by operating cash flow of A$159.1 million. Ramelius ended the quarter with cash and gold holdings valued at A$827.7 million, complemented by an undrawn revolving credit facility of A$175 million, bringing total liquidity to approximately A$1 billion. This financial position provides a strong foundation for ongoing growth and exploration activities.

Transformational Spartan Acquisition

Ramelius completed its transformational acquisition of Spartan Resources on 31 July 2025 via a scheme of arrangement. The integration of Spartan’s assets and personnel is underway, with Spartan’s Executive Chairman Simon Lawson and Deanna Carpenter joining the Ramelius board. This acquisition expanded Ramelius’ portfolio to include the Dalgaranga Gold Project and associated underground development at Never Never, where significant progress was made with 920 metres of lateral development completed during the quarter.

Exploration Success Across Portfolio

Exploration expenditure increased to A$18.8 million for the quarter, focusing on resource definition and infill drilling at Mt Magnet, Penny, Dalgaranga, and Rebecca-Roe projects. Noteworthy drill intercepts included high-grade results such as 25.4 metres at 11.4 g/t gold at Never Never and 9.44 metres at 8.82 g/t at Perseverance South. These results reinforce the potential for resource growth and underpin the company’s aspirational vision to become a +500,000 ounce per annum producer by FY30.

Advancing Feasibility and Integration Studies

Ramelius is progressing integration and optimization studies for Mt Magnet and Dalgaranga, with metallurgical test work guiding processing plant design options. The Definitive Feasibility Study (DFS) for the Rebecca-Roe Gold Project is scheduled for release on 28 October 2025, expected to provide clarity on development pathways. These studies are critical to unlocking synergies from the combined asset base and achieving economies of scale.

Corporate and Safety Highlights

The company declared a fully franked final dividend of A$0.05 per share, bringing total FY25 dividends to A$0.08 per share, a 60% increase over FY24. Safety performance was mixed, with no lost time injuries recorded but a slight increase in restricted work injuries, particularly during ramp-up phases at exploration and Dalgaranga operations. Ramelius continues to emphasize a proactive safety culture through initiatives such as Life Saving Rules.

Bottom Line?

As Ramelius integrates Spartan and advances key studies, investors will watch closely for how these developments translate into sustained production growth and cost efficiencies.

Questions in the middle?

• How will the integration of Spartan’s assets impact Ramelius’ production profile and cost structure in FY26 and beyond?
• What are the key outcomes expected from the upcoming Definitive Feasibility Study for Rebecca-Roe?
• How will Ramelius manage grade variability at Cue and Penny to maintain consistent production and margins?