Ramelius FY26 gold output 192,182 oz within guidance; June quarter 53,466 oz, AISC still to come

What investors must know

1. FY26 gold production of 192,182 oz is within the 185,000-205,000 oz guidance range, the sixth consecutive year the company has met guidance.
2. June quarter output of 53,466 oz was up 40% on the March quarter as Dalgaranga haulage ramped up.
3. Underlying free cash flow for the quarter was A$138.3m, before a A$54.1m dividend, A$30.5m of buybacks and A$15.6m of tax instalments.
4. The A$649.6m cash and gold balance at 30 June 2026 is reported as one combined figure, so the cash portion is not shown separately.
5. A A$131m Spartan acquisition stamp duty payment falls due in July 2026, after quarter end, and will reduce the cash balance.
6. AISC has not been reported yet and will come in the full Quarterly Report due 29 July 2026, so the margin cannot be judged from this release.

Money: can they follow it up?

Period ending

2026-06-30

Gold produced

53,466 oz

Guidance

FY26 production guidance of 185,000-205,000 oz was achieved, with 192,182 oz produced, the sixth consecutive year of meeting guidance. AISC is to be finalised and reported in the full Quarterly Report. No cost guidance is restated in this release.

All figures A$. gold_oz is the June quarter figure (53,466 oz produced); the FY26 total is 192,182 oz. Underlying free cash flow of A$138.3m is the company's own measure, including growth capital and exploration, and is shown before the dividend (A$54.1m), buybacks (A$30.5m) and tax instalments (A$15.6m). It is not operating cash flow. The A$649.6m cash and gold balance at 30 June 2026 is combined and not split, so cash_aud_m is left blank. This preliminary update has no Appendix 5B, so burn, funding quarters, debt and undrawn facilities are not stated. The A$131m Spartan stamp duty is due in July 2026, after quarter end. Cumulative buybacks are A$140.7m under a A$250m program. The full Quarterly Report due 29 July 2026 should provide the Appendix 5B and AISC.

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 ($2.99 on 7 Jul 2026), with day-1 volume 0.8x 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 +1.4%; after quarterlies alone, +0.4%.

• 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%
• 26 Jun 26+2.3%
• 28 Apr 26-2.2%

DrillScore holds no earlier price reactions for Ramelius, so there is no stock-specific pattern to compare. The share price closed at A$2.99 on 7 July and was A$3.68 at the time of this analysis. Over the same period the sector indices moved strongly (XGD up 14.7%, GDX up 7.8%), so the price change cannot be attributed to this release alone.

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

At release on 7 July, gold was US$4,157 per oz (A$5,978). Now it is US$3,886 (A$5,737), down about 4% in A$ terms, so revenue per ounce is lower than at release. This release gives no AISC or price deck, so the margin cannot be measured against spot. The Australian dollar has eased from US$0.6955 to US$0.6774, which cushions A$ gold prices. Crude oil is up 25.7% since release to US$88.56/bbl, a cost pressure for diesel-reliant mining, although the company says its Mt Magnet fuel is on a long-term contract. The US 10-year yield (5.154%, up 0.63 points) and a firmer US dollar index (103.41) are headwinds for gold. Sector mood has improved since release: the ASX All Ordinaries Gold index is up 14.7% and GDX is up 7.8%, while GDXJ is roughly flat and COPX is down 7.2%.

Against RMS's own history

DrillScore holds no earlier intercepts, cash readings or capital raisings for Ramelius, so the cash and production figures cannot be compared with prior reports. The last analysed announcement was the 29 June 2026 Edna May sale (mixed, DrillScore 50). This update shows the sale was reshaped on 1 July, with cash rising from A$200m to A$210m and FRS shares falling from A$100m to A$90m. Production within guidance continues the company's record, which it cites as six consecutive years.

Questions worth asking

• What is the FY26 AISC and the June quarter AISC, and how do they compare with the cost guidance?
• What reconciled grades and metallurgical recoveries sit behind the 4.35g/t Never Never and 5.78g/t Penny stockpiles?
• How much of the A$649.6m is cash and how much is gold, and what is the net cash after the A$131m stamp duty?
• What conditions remain for the Edna May sale to Forrestania, and how is the A$90m FRS shareholding valued at completion?
• How much of the A$250m buyback remains, and how is it balanced against funding for Circuit 2 and the Mt Magnet expansion?