Ramelius Reports A$149.7M Operating Cash Flow and 45,610 Ounces Produced

Operational Performance and Production

Ramelius Resources delivered a solid operational performance in the December 2025 quarter, producing 45,610 ounces of gold at an all-in sustaining cost (AISC) of A$1,977 per ounce. This production was in line with the company’s FY26 guidance, despite a decline in ore grades primarily due to lower grades mined at Cue. The Mt Magnet operation, which includes the Penny, Cue, and Dalgaranga mines, processed 550,000 tonnes at a grade of 2.67 grams per tonne, recovering 45,219 ounces of gold with a recovery rate of 95.9%.

Ore mining at the Never Never underground mine commenced during the quarter, with 1,627 metres of lateral development completed, a 77% increase from the previous quarter, and 16,000 tonnes of ore mined at a grade of 3.52 grams per tonne. Additionally, development of the Never Never open pit began, with initial ore stockpiled in January 2026 awaiting haulage to Mt Magnet for processing in the March quarter.

Financial Highlights and Capital Allocation

The company reported an operating cash flow of A$149.7 million and an underlying free cash flow of A$54.7 million for the quarter, which included A$51 million in growth capital expenditure. Ramelius maintained its FY26 guidance and announced a significant A$250 million share buyback program, approved by the board and commenced with initial purchases in January 2026. Alongside this, the minimum dividend was increased to 2 cents per share per annum for FY26 and FY27, reflecting confidence in the company’s cash generation and capital management strategy.

Ramelius also completed its final large one-off income tax payment for FY25, totalling A$118.2 million, with future tax payments expected to be made monthly. The acquisition of Spartan Resources has introduced non-cash earnings adjustments related to third-party royalties and stamp duty, with the latter expected to impact FY26 earnings by approximately A$130 million when paid later in the financial year.

Project Development and Exploration Progress

Significant progress was made on key projects. The Mt Magnet plant upgrade advanced with engineering and early site works, including dismantling and refurbishment of key equipment. The integration of Dalgaranga ore processing into Mt Magnet’s expanded plant is underway, aiming to process 4.3 million tonnes per annum through separate crushing and grinding circuits.

The Rebecca-Roe Gold Project reached a major milestone with the Ramelius board granting a Financial Investment Decision, subject to environmental permitting for Roe. The company also executed a Native Title Mining Agreement with the Kakarra Part B Native Title Holders, a critical step in securing the project’s development pathway.

Exploration remained robust, with A$24.8 million invested during the quarter. Drilling at Mars and Saturn identified additional mineralisation beneath existing underground mines, with an exploration target of 6.0 to 7.0 million tonnes at grades between 2.1 and 2.6 grams per tonne, potentially yielding 400,000 to 600,000 ounces of gold. The high-grade exploration strategy continues with multiple rigs active across the portfolio.

Risk Management and Market Positioning

Ramelius continues to manage gold price exposure prudently. Forward contracts cover 21,000 ounces at an average price of A$3,507 per ounce for 2026, with zero premium collars protecting 22,500 ounces of FY27 production between A$4,200 and A$5,906 per ounce. Additionally, put options covering 40,000 ounces in FY28 were purchased at a strike price of A$5,750 per ounce, allowing the company to retain upside exposure while mitigating downside risk.

Safety performance showed no lost time injuries during the quarter, although there was a slight increase in restricted work injuries, prompting ongoing focus on proactive safety culture improvements.