Ramelius June quarter: 53,466 oz at A$1,973/oz AISC, cash A$608m, FY27 guidance due in September

What investors must know

1. Production of 53,466 oz in the June quarter (sales 51,807 oz) at A$1,973/oz AISC, compared with 38,093 oz at A$2,211/oz in March.
2. Cash on hand was A$608.4m at 30 June (net cash and gold A$649.6m) after operating cash flow of A$191.2m and underlying free cash flow of A$138.3m, which is after growth capital of A$42.1m and exploration of A$33.9m.
3. FY26 output of 192,182 oz met guidance, but FY26 AISC of A$1,983/oz was about 10% above the midpoint of the original A$1,700-1,900/oz range, partly because about A$27m (A$143/oz) of Never Never costs were reclassified as sustaining.
4. The A$300m Edna May sale (now A$210m cash plus A$90m of FRS shares) is expected to close in the September 2026 quarter, with A$45-55m of income tax payable in December 2026.
5. The drill tables cover earlier results: the best tabled holes are 4.1m at 22.43 g/t Au and 8.1m at 10.25 g/t Au, and the report announces no new drilling results.
6. Saturn resource definition drilling in the quarter was 4,439m in 7 holes, and FY27 exploration spend is set at A$90-110m.

The drill intercepts, normalised

The interval the AI read was not found printed together in the PDF's own text (usually labels inside a figure's picture), so it is left out of the DrillScore and the comparisons.

Holes reported

10 of 7 drilled

Metres drilled

4,439

Drilling

Diamond core: underground NQ2 diamond (Galaxy/Saturn) and surface diamond (Penny West)

Cut-off grade

0.50 g/t Au lower cut (per the table notes)

Max internal dilution

Up to 2m (per the table notes); the JORC Table 1 text allows up to 4m for exploration drilling generally

True widths

Stated - Estimated true widths are shown in the Appendix 2 and 3 tables and are much smaller than the down-hole widths for several intervals (for example 8.1m down-hole at 2.1m estimated true width). Figure labels give no true widths.

Hole spacing

The tabled holes are resource definition and infill holes at Saturn (Galaxy underground) and Penny West. Hole spacing is not stated for these holes. The JORC Table 1 text says RC step-out drilling is on nominal 20-40m centres and that infill drilling is needed to define continuity.

Depth

Table depths run from 160m (Penny West) to 611.6m (Galaxy GXYD0599). The Saturn programme in the quarter was 4,439m in 7 holes. The 10 holes in the tables include 4 Penny West holes from earlier programmes.

Against the project's earlier holes

Nothing here is new. The Galaxy and Penny tables match results that DrillScore's database records from earlier announcements, and the best tabled holes (4.1m at 22.43 g/t and 8.1m at 10.25 g/t) are already on record. The report cites a 22 July 2026 Exploration Update for the Saturn results, but DrillScore's database dates the same intercepts to 29 April 2026, so the first release date is unclear from this document. The Figure 6 label of 20.2m at 40.7 g/t (including 11.0m at 71.7 g/t) does not appear in the database history at all, although it would rank above every recorded intercept if it is correctly labelled.

Against similar explorers

By the rough guide for gold drilling, the best tabled holes are good rather than exceptional, and most tabled intervals are modest. The Figure 6 label of 20.2m at 40.7 g/t would clear the 500 gram-metre 'stellar' guide by a wide margin if it is correct, but it cannot be checked against a hole table in this document.

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 text says 7 holes were drilled at Saturn in the quarter, but the Galaxy table lists only 6 holes and no nil results, so the seventh hole cannot be traced. The Penny table does show two nil holes (RPWDD058 and RPWDD060). The dilution rule differs between the table notes (up to 2m) and Table 1 (up to 4m for exploration drilling generally). The figures show more labelled intercepts than the tables, including high-grade ones that are not tabled. The report also describes the results as 'exceptional' without a balanced view of the full population. Representative reporting cannot be confirmed from this document.

  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

2026-06-30

Cash

$608m

Operating cash flow (quarter)

$191m

Exploration spend (quarter)

$33.9m

Gold produced

53,466 oz

AISC

A$1,973/oz (margin about A$3,807/oz at the day's gold price)

Revenue

$323m

Guidance

FY26 production guidance met for the sixth consecutive year, and the revised FY26 AISC guidance was achieved (FY26 AISC A$1,983/oz). FY26 AISC was about 10% above the midpoint of the original A$1,700-1,900/oz range. FY27 guidance and the FY30 outlook will be issued later in the September 2026 quarter.

Gold production is 53,466 oz produced in the quarter; gold sales were 51,807 oz at an achieved price of A$6,230/oz, with revenue of A$322.7m. All figures are in A$ and no US$ conversion was needed. Cash on hand was A$608.4m, and net cash and gold was A$649.6m including A$41.2m of bullion. Listed investments were A$100.8m, mainly Benz Mining, giving net cash, gold and investments of A$750.4m. The quarter's cash flows were operating +A$191.2m, growth capital -A$42.1m, exploration -A$33.9m, buybacks -A$30.5m, tax pre-payment -A$15.6m, interim dividend -A$54.1m and Edna May deposit +A$5.0m. No Appendix 5B is included, so undrawn facilities, total outgoings and funding quarters are not stated; DrillScore's record shows A$500m undrawn at March 2026, which this report does not restate. Known future outflows are about A$131m of Spartan stamp duty and A$45-55m of Edna May tax in December 2026, against A$210m of cash expected on the Edna May completion.

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 ($3.08 on 28 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 5 times and fell 4 times - an average move of +0.9%; after quarterlies alone, -0.6%.

• 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%
• 7 Jul 26-1.0%
• 26 Jun 26+2.3%
• 28 Apr 26-2.2%

DrillScore holds no earlier price reactions to Ramelius news. Since release the shares have moved from A$3.08 (28 July close) to A$3.68 now, about 19% higher. Over the same period the ASX gold index rose about 18% and the GDX gold miners ETF about 10%, so the move broadly matched the sector. This describes what has happened and does not isolate this announcement's effect.

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, gold was A$5,780/oz, and the June quarter achieved price was A$6,230/oz against an AISC of A$1,973/oz, so margins were wide. Spot has since eased to about A$5,737/oz, which is roughly 2.9 times AISC. Spot now sits just under the A$5,750/oz FY28 put strike and below the A$5,906/oz ceiling on the FY27 collars, so those hedges are close to the money at current prices. Since release, the US 10-year yield has risen to 5.15% from 4.60% and the US dollar index has risen about 2%, both usually a headwind for gold. Oil is up 11.7% to US$88.56/bbl, which raises diesel exposure, although 9.8m litres are hedged at A$0.93/L to June 2027. Sector mood has been firm: the ASX gold index (XGD) is up about 18% and the GDX miners ETF about 10% since release. The report contains no FY27 price deck, so no comparison with assumed prices is possible.

Against RMS's own history

Against the 29 April 2026 March quarter (38,093 oz at A$2,211/oz AISC, cash of A$569.6m and A$500m undrawn per DrillScore's record), this quarter's output is about 40% higher, AISC is A$238/oz lower and cash on hand is up A$38.8m. In April the company lifted FY26 AISC guidance to A$1,900-2,050/oz, per DrillScore's record. The FY26 result of A$1,983/oz sits inside that updated range but above the original A$1,700-1,900/oz. DrillScore's 8 July note already covered FY26 ounces, so this report adds the AISC, cash and capital details. The drill intercepts match earlier database entries, so there is no new drilling record. DrillScore holds no capital raisings or price reactions for Ramelius. The 29 June Edna May sale is now reflected in a higher cash component and a smaller share component.

Questions worth asking

• What is the updated Never Never recovery figure, and how does it change the FY27 production and cost outlook?
• Where are the results for the seventh Saturn hole drilled in the quarter, and were there any nil holes?
• What drives the FY27 AISC guidance once diesel, royalties and the cost reclassification are taken into account?
• What is the cash position after the Spartan stamp duty, Edna May tax, buybacks and dividends, and how much undrawn facility remains?
• What is the basis for the Never Never target of 1Mtpa with grades above 7g/t, and when will it be supported by a reserve or study?