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- Ramelius Resources (RMS) says production in the September quarter was in line with its expectations
- The gold company produced 61,244 ounces from its Edna May and Mt Magnet operations in WA and sold 59,750 ounces, generating $147 million in revenue
- The company maintains its FY23 group production guidance of between 240,000 and 280,000 ounces at an AISC of $1750 and $1950 per ounce
- At the end of the September quarter, Ramelius had $177.2 million in cash and gold
- RMS shares are up 4.8 per cent and trading at 65.5 cents at 2:01 pm AEDT
Ramelius Resources’ (RMS) shares are up after releasing its September quarterly report.
The company produced 61,244 ounces of gold from its Edna May and Mt Magnet operations at at an all-in sustaining cost (AISC) of $1930 per ounce.
Of the two WA-based mines, Edna May produced 32,804 ounces and Mt Magnet followed closely behind with 28,440 ounces of gold produced. The company said production was in line with its expectations.
In terms of sales, Ramelius sold 59,750 ounces of gold at at an average $2460 per ounce, generating $147 million in gold sales revenue.
Cash and gold increased by $4.3 million quarter-on-quarter to $177.2 million after investing $26.5 million in underground development at the Penny mine (part of Mt Magnet), other non-sustaining capital and exploration.
Over the course of the 2023 financial year, Ramelius expects capital expenditure requirements will be $58 million, however, the majority of this is expected in the first half of the year.
Exploration and resource definition expenditure for FY23 is on track to be approximately $25 million.
The company said its gold production guidance for FY23 is on track for between 240,000 and 280,000 ounces at an AISC of $1750 and $1950 per ounce.
AISC in the second half of the financial year is expected to be lower due to increasing quantities of high-grade Penny ore being fed into the Mt Magnet mill.
RMS shares were up 4.8 per cent to trade at 65.5 cents at 2:01 pm AEDT.
