Ramelius December 2024 Quarterly Update

Record Underlying Free Cash Flow of A$174.5M

Gold Production & Cash Flow

  • Quarterly Gold Production:
    • Total: 85,311 ounces (Sep 2024 Qtr: 62,444 ounces)
      • Mt Magnet Hub: 67,050 ounces
      • Edna May Hub: 18,261 ounces
  • Cash and Gold Balance:
    • End of Quarter: A$501.7 million (Sep 2024 Qtr: A$438.6 million)
  • Record Underlying Free Cash Flow:
    • A$174.5 million, prior to:
      • Spartan Share Purchase: A$68.0 million to increase holding to 19.9%.
      • Dividend Payment: A$43.4 million.

Further details on FY25 guidance will be provided in the full December 2024 Quarterly Report later this month.

Key Projects & Outlook

  1. Eridanus & Mt Magnet Mill Studies:
    Final study results will be included in the updated Mt Magnet Mine Plan, set for release in the March 2025 Quarter. Remaining work includes:
    • Additional geotechnical drilling for the north wall of the Eridanus cutback.
    • Refinement of mill upgrade capital and operating cost estimates.
    • Optimization of mining sequences and ore blends to maximize mill throughput.
  2. Updated Mt Magnet Mine Plan:
    • Results will be combined with findings from the recent Rebecca-Roe Gold Project PFS to create a consolidated group production profile.

Managing Director’s Commentary

Managing Director Mark Zeptner expressed optimism, noting:

  • The addition of high-grade Cue ore into the Mt Magnet mill has exceeded expectations, delivering an outstanding production performance and record free cash flow.
  • The second half of FY25 will benefit from combined production at Penny and Cue for a full six months.
  • While work on Eridanus and the mill expansion has experienced minor delays, their incorporation into the updated Mt Magnet Mine Plan is expected to deliver positive impacts.

This strong performance underscores the company’s strategic focus on optimising operations and expanding production capacity, positioning it for continued growth in FY25 and beyond.