- Ramelius Resources (RMS) increases gold production from 61,840 ounces in the June quarter to 65,686 ounces of gold over the September quarter
- The gold came from the WA-based Mt Magnet and Edna May projects which produced 33,958 and 31,728 ounces of gold, respectively
- Of this, RMS sold 55,075 ounces of gold at an average price of $2317 per ounce which generated $127.6 million in revenue for the quarter
- Ramelius ended the period with $273.9 million in cash which marks an almost $40 million increase from the $234 million it started with
- Company shares are trading in the grey at $1.56 at 2:08 pm AEDT
Ramelius Resources (RMS) produced 65,686 ounces of gold over the September quarter at an all-in sustaining cost (AISC) of $1445 per ounce.
This marked a slight increase from the 61,840 ounces produced in the June quarter.
The gold came from the WA-based Mt Magnet and Edna May projects which produced 33,958 and 31,728 ounces of gold, respectively.
Of the total 65,686 ounces of gold produced, RMS sold 55,075 ounces of gold at an average gold price of $2317 per ounce. This generated $127.6 million in revenue for the quarter.
The company undertook an underground diamond drilling program at the Edna May underground mine. Drilling aimed to infill and extend two lodes as well as test more lode positions.
This program returned pleasing results including three metres at 57.2 grams of gold per tonne (g/t) from 132 metres and 3.8 metres at 26.5g/t gold from 66.2 metres.
Major progress was also made at the Tampia gold mine in WA which involved mining the open pit and starting ore haulage and milling.
Drilling was also conducted at Tampia which identified high-grade zones that were mined and gave a noticeable boost to milled grades late in the quarter.
Ramelius reported two lost time injuries and 10 restricted work injuries during the quarter with a total recordable injury frequency rate of 17.25.
The company has reaffirmed its gold production guidance of between 130,000 and 150,000 ounces at an AISC of between $1450 and $1550 per ounce for the first half of FY22.
The billion-dollar stock expects to spend around $32.1 million on exploration in the 2022 financial year, with the bulk of that budgeted for the six months ending December 31 2021.
At the end of the September quarter, Ramelius had $273.9 million in cash which marks an almost $40 million increase from the $234 million it started with. It also doesn’t have any outstanding debt.
Company shares were trading in the grey at $1.56 at 2:08 pm AEDT.