Ramelius March quarter: 38,093oz at A$2,211/oz AISC; FY26 AISC guidance lifted to A$1,900-2,050/oz

What investors must know

1. Gold production of 38,093oz at an AISC of A$2,211/oz in the March 2026 quarter; year to date 138,716oz at A$1,987/oz.
2. FY26 production guidance held at 185,000-205,000oz; AISC guidance raised to A$1,900-2,050/oz from A$1,700-1,900/oz, mainly from reclassifying Never Never growth capital, diesel and royalties.
3. Net cash and gold of A$606.5M at 31 March 2026 (cash A$569.6M, bullion A$36.9M), down from A$694.3M in December after A$110.2M of buybacks.
4. Best new drilling hit is 4.1m at 22.43g/t Au from 463.9m in GXYD0602 (estimated true width 2m); 8.1m at 10.25g/t Au from 109.7m in GXYD0597 is the next best.
5. The Saturn exploration target of 6.0-7.0Mt at 2.1-2.6g/t Au for 400,000-600,000oz is conceptual, with insufficient drilling for a Mineral Resource.
6. About A$131M of stamp duty on the Spartan acquisition is expected to be paid in the June 2026 quarter.

The drill intercepts, normalised

Every interval, in numbers

Every interval as metal-metres: width x grade (gram-metres for gold, %-metres for copper). Gold bands are Stockhead's rule of thumb: over 50 good, 100-200 really good, 200-500 excellent, beyond that stellar (and under 10, low). Top share is how much of an interval comes from its richest sub-interval - the smearing check.

Checked against the PDF. Every interval above is printed in the announcement itself - each width and grade was found, together, in the PDF's own text.

Holes reported

10 of 11 drilled

Metres drilled

2,000

Drilling

Diamond (underground at Galaxy/Saturn, surface at Penny West)

Cut-off grade

0.50 g/t Au lower cut, as stated in Appendix 2 and 3 notes

Max internal dilution

Up to 2m internal dilution per Appendix notes; JORC Table 1 Section 2 says up to 4m or more where specifically indicated

True widths

Stated - Appendix 2 and 3 give an Est. True Width for every interval in the tables. Text quotes down-hole widths only.

Hole spacing

Saturn holes are fanned from one common collar (578160E, 6898251N) at dips of -41 to -65 degrees, targeting down-dip extensions of Boogardie Break mineralisation, so this is extension and resource definition drilling. Penny West holes sit within about 10m of each other. No spacing figure is given.

Depth

Table final depths: Saturn 437.6m to 611.6m for six holes; Penny West 150m to 185.8m. The text says about 2,000m for seven Saturn holes, which does not match the six-hole table total of more than 3,000m. Vertical depths are not stated.

Against the project's earlier holes

DrillScore has no earlier intercepts on record for this company, so no like-for-like comparison is possible. Within the report, the Saturn results include strong short intercepts (4.1m at 22.43g/t, 8.1m at 10.25g/t) and several longer moderate-grade intervals (14.2m at 3.07g/t, 12.5m at 3.62g/t). The announcement says the Penny West hit extends the vein, but it is one narrow interval.

Against similar explorers

By the rough gram-metre guide (50 good, 100 really good), the two best Galaxy intervals sit in the good band, just short of really good. Most other intervals are weaker. The high grades are real but narrow, which is typical for underground vein systems at this stage.

Gram-metre calculator - gram-metres explained - the leaderboard

Disclosure checks - the ASX's own focus areas

• Drill-hole table (collars, dip, azimuth, depth, every intercept)
  caution
• JORC Table 1, Section 1 - sampling techniques and data
  pass
• JORC Table 1, Section 2 - reporting of exploration results
  pass
• Competent person statement
  pass
• No metal equivalents - grades as assayed
  pass
• Balanced reporting - low and high grades both shown

  The announcement says seven Saturn holes were drilled but the table shows six. Nil results appear for two Penny West holes (RPWDD058, RPWDD060) but no Saturn holes are shown as nil. Figure 6 labels intervals not in Appendix 2 and shows holes with assays pending, which are not counted. Long intervals of 19.3m, 22m and 26.1m are reported with dilution rules that are described differently in two places.

  caution
• No visual estimates - assays only
  pass
• True widths stated
  pass

Red flags and notes

Why these matter: JORC Table 1 - metal equivalents - balanced reporting - visual estimates

Money: can they follow it up?

Period ending

2026-03-31

Cash

$570m

Undrawn facilities

$500m

Operating cash flow (quarter)

$171m

Exploration spend (quarter)

$26.4m

Gold produced

38,093 oz

AISC

A$2,211/oz (margin about A$4,198/oz at the day's gold price)

Revenue

$221m

Guidance

FY26 production guidance unchanged at 185,000-205,000oz, on track for the midpoint. FY26 AISC guidance raised to A$1,900-2,050/oz from A$1,700-1,900/oz. FY26 D&A guidance raised to A$310-330M from A$260-280M. Growth capital PP&E guidance cut to A$90-100M from A$192-212M; mine development growth capital cut to A$90-100M from A$105-120M. Exploration in line with guidance.

Cash is the A$569.6M cash on hand at 31 March 2026. Bullion of A$36.9M is excluded from cash_aud_m, giving net cash and gold of A$606.5M. Operating cash flow was A$171.3M and underlying free cash flow A$101.9M after growth capital of A$51.2M and exploration of A$26.4M. A$110.2M was spent on buybacks in the quarter, against a A$250M program. The report has no Appendix 5B, so burn, funding quarters and share counts are not given. Gold production is produced ounces, identical for Group and Mt Magnet. Revenue of A$221.1M is gold sales revenue. The A$500M revolving facility is described as undrawn, but total debt is not stated. About A$131M of stamp duty is due in the June 2026 quarter, which would be a large call on cash.

Appendix 5B explained - why runway predicts raisings - every company's runway

How the price reacted

From the last close before the market could trade on it ($3.67 on 28 Apr 2026), with day-1 volume 0.9x the 20-day average.

RMS's past price-sensitive news

After 9 earlier announcements, RMS rose on day 1 6 times and fell 3 times - an average move of +1.5%; after quarterlies alone, +0.7%.

• 23 Oct 26+1.5%
• 7 Oct 26-0.8%
• 18 Sep 26+6.2%
• 24 Aug 26-1.0%
• 20 Aug 26+1.5%
• 20 Aug 26+1.5%
• 28 Jul 26+3.3%
• 7 Jul 26-1.0%
• 26 Jun 26+2.3%

No past share price reactions are on record for this company. The share price was A$3.67 before release and A$3.68 now, about +0.3%. That span covers six months of market moves, including falls in gold and in junior gold miners, so it does not isolate the reaction on 29 April 2026. This is a description of what the data shows, not a prediction.

Past reactions describe what happened, not what will. How prices react to results

The historical pattern

What share prices did after past results like this one, from DrillScore's own records. It describes the past: it isn't a forecast for RMS and it isn't advice.

A strand leans up or down when its day-5 average is 1% or more either way. Each is shown on its own and never added up into a prediction: small samples swing, and every result is different. The full backtest - how it's worked out

The market it landed in

Gold was US$4,608/oz (A$6,409/oz) at release and is now US$3,886/oz (A$5,737/oz), about 10.5% lower in A$ terms. The revised FY26 guidance assumed royalties on A$4,750/oz and an expected FY26 average of A$6,185/oz, and spot is now below that average, which would lower royalty costs versus guidance but also cut the margin per ounce. The March quarter achieved A$5,795/oz and spot sales averaged A$7,039/oz. Diesel was about A$1.50/L at release against a A$2.00/L guidance assumption, and WTI has fallen from US$99.93 to US$88.56. Sector mood has been weaker: GDX is down 7.8% and GDXJ 15.2% since release, while the ASX gold index XGD is up 2.9%. Rising US yields (up 0.80 points) and a stronger US dollar index (up 4.9%) are headwinds for gold. No price forecast is made.

Against RMS's own history

DrillScore has no earlier intercepts, cash figures, raisings or announcements on record for this company. The report's own history shows Mt Magnet quarterly gold production falling from 72,575oz (June 2025 quarter) to 45,610oz (December 2025) and 38,093oz (March 2026), while AISC rose from A$1,310/oz to A$2,211/oz. Group net cash and gold went from A$809.7M (June 2025) to A$827.7M (September 2025), A$694.3M (December 2025) and A$606.5M (March 2026). Year-to-date group exploration was A$70.0M.

Questions worth asking

• Did Ramelius deliver FY26 production within 185,000-205,000oz and AISC within A$1,900-2,050/oz, as shown in the later June and September 2026 quarterly reports?
• Where is the seventh Saturn hole in the drill table, and how were the six Galaxy collar coordinates surveyed given they are identical?
• What was the net cash position after the A$131M Spartan stamp duty and buybacks, and how much of the A$250M buyback remains?
• What assay values sit behind the exceptional Gilbey's description, and what cut-off and dilution were used for the 19.3m, 22m and 26.1m intervals?
• With spot now below the FY26 average price assumption, how much royalty and hedge exposure remains for FY27 given the 22,500oz collars with a A$4,200/oz floor?