Results - ASX:RMS
Ramelius FY26: statutory profit down 75% to A$118.8m; 192,182oz gold at A$1,983/oz AISC
Ramelius reported FY26 gold production of 192,182oz at an all-in sustaining cost of A$1,983/oz, within its revised guidance, and underlying EBITDA of A$765.4m (down 7%). Statutory net profit fell 75% to A$118.8m after one-off acquisition, hedge-closure and royalty charges. Cash and gold on hand were A$649.6m at 30 June 2026, and FY27 guidance is still to come in the September 2026 quarter.
(price sensitive) - Ramelius Resources announced: "Appendix 4E and FY26 Annual Financial Report" (128 pages) - read the original
What investors must know
- FY26 gold production was 192,182oz (poured) and 190,261oz sold, at an AISC of A$1,983/oz, within the revised A$1,900-2,050/oz guidance.
- Revenue was A$1,032.8m (up 1%), underlying EBITDA A$765.4m (down 7%) and underlying NPAT A$319.9m (down 33%).
- Statutory NPAT was A$118.8m (down 75%), after A$133.2m of Spartan acquisition costs, a A$55.4m non-cash royalty fair value charge and A$28.4m to close the FY27 hedge book.
- Cash was A$608.4m and cash plus gold was A$649.6m at 30 June 2026, down from A$809.7m, after the Spartan cash payment, A$180.3m of mine development and A$141.8m of buy-backs. A A$500m revolving facility was undrawn.
- Operating cash flow was A$545.6m. Total dividends for FY26 are 6.0c per share, fully franked, with the 3.0c final payable 13 October 2026.
The drill intercepts, normalised
- Holes reported
- 0
- True widths
- Not stated - intervals are down-hole
- Hole spacing
- Not applicable. No drill spacing is reported in this document.
- Depth
- No drill depths are reported in this document beyond the single Hesperus assay.
Against the project's earlier holes
No new drill results are tabulated here. The Dalgaranga and Galaxy drilling is described only as exceptional or outstanding, so it cannot be compared with the earlier quarterly intercepts in the company history. The company own April and July 2026 intercepts remain the reference point, and this report does not add to them.
Against similar explorers
A single 0.5m assay at 8,590g/t is an outlier and says little about typical grade. Investors usually judge a release by gram-metres across a multi-metre interval; the earlier Mt Magnet hub intercepts of 822 and 241 gram-metres sit in the stellar and excellent ranges of the rough guide, but they are not part of this report.
Gram-metre calculator - gram-metres explained - the leaderboard
Money: can they follow it up?
- Period ending
- 2026-06-30
- Cash
- $608m
- Debt
- $79.5m
- Undrawn facilities
- $500m
- Operating cash flow (quarter)
- $546m
- Exploration spend (quarter)
- $60.2m
- Shares on issue
- 1,888.7m
- Options, rights & convertibles
- 11.4m
- Gold produced
- 192,182 oz
- AISC
- A$1,983/oz (margin about A$4,433/oz at the day's gold price)
- Revenue
- $1.0bn
- Guidance
- FY26 production guidance of 185,000-205,000oz met for the sixth consecutive year. AISC was within revised guidance of A$1,900-2,050/oz. FY27 guidance to be issued in the September 2026 quarter.
No Appendix 5B is included, so burn and funding quarters are not stated. Production is gold poured (192,182oz); gold sold was 190,261oz. Cash A$608.4m plus gold on hand A$41.2m gives cash and gold of A$649.6m. Debt is lease liabilities of A$79.5m; the A$135.2m future royalty obligation is not included. Exploration figure is the cash payments for tenements and exploration from the cash flow statement. FY26 share buy-backs cost A$141.8m and dividends paid in cash were A$114.3m. Shares outstanding exclude 0.4m treasury shares. No capital raising is reported.
Appendix 5B explained - why runway predicts raisings - every company's runway
Resource / reserve
- Tonnes
- 7.5 Mt
- Grade
- 8.80 g/t Au
- Contained metal
- 2.10 Moz
- What changed
- Restated from the Never Never PFS (October 2025), not a new estimate. The matching maiden Ore Reserve is 7.0Mt at 7.3g/t for 1.6Moz. The Rebecca-Roe Mineral Resource of 77Mt at 1.5g/t for 2.2Moz and Ore Reserve of 25Mt at 1.4g/t for 1.1Moz are also restated. Galaxy update is pending.
How the price reacted
News signal mixed, and on day 1 the stock moved +0.1% against the gold index (XGD). After 20 trading days: -3.4% against the XGD.
From the last close before the market could trade on it ($3.92 on 20 Aug 2026), with day-1 volume 1.4x 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 +1.1%.
The database records no share price reactions to earlier price-sensitive news from this company. The stock closed at A$3.92 before the release and was A$3.68 at the time of this analysis, a fall of about 6%. Over the same period the gold miner ETFs and the ASX gold index fell by more, so the move reflects the sector more than this report. Past analysed quarterly updates were scored 66 to 82, which is the closest comparable record.
Past reactions describe what happened, not what will. How prices react to results
The historical pattern
What share prices did after past results like this one, from DrillScore's own records. It describes the past: it isn't a forecast for RMS and it isn't advice.
After 39 other announcements read as 'mixed', stocks moved +0.5% by day 1, +0.9% by day 5 and +0.8% by day 20 against the XGD on average.
- Day 1
- +0.5%
- Day 5
- +0.9%
- Day 20
- +0.8%
After its earlier announcements, RMS moved +1.2% by day 1, +0.3% by day 5 and +1.1% by day 20 against the XGD on average.
- Day 1
- +1.2%
- Day 5
- +0.3%
- Day 20
- +1.1%
In the 20 trading days before this release the XGD gold index moved +17.3% (rising). After 38 past gold announcements released into a rising gold index, stocks moved +1.9% by day 1, +2.6% by day 5 and -4.2% by day 20 on average - before taking the market's own move out.
- Day 1
- +1.9%
- Day 5
- +2.6%
- Day 20
- -4.2%
A strand leans up or down when its day-5 average is 1% or more either way. Each is shown on its own and never added up into a prediction: small samples swing, and every result is different. The full backtest - how it's worked out
The market it landed in
| Market | On the day | Now | Since |
|---|---|---|---|
| Gold (US$/oz) | US$4,571 | US$3,886 | -15.0% |
| Gold (A$/oz) | A$6,416 | A$5,737 | -10.6% |
| Copper (US$/lb) | US$6.46 | US$6.09 | -5.7% |
| AUD/USD | 0.7125 | 0.6774 | -4.9% |
At the 20 August 2026 release, spot gold was A$6,416/oz, well above FY26 realised A$5,400/oz and the A$4,500/oz base case used in the Dalgaranga and Rebecca-Roe studies. Spot is now about A$5,737/oz, still far above the A$1,983/oz AISC, but the company hedges sit at A$4,200/oz floor (22,500oz FY27 collars, ceiling A$5,906/oz) and A$5,750/oz puts (40,000oz FY28). Sector mood weakened after the release: GDX fell 18.2%, GDXJ 23.3%, XGD 8.1%, and the ASX 300 Metals and Mining index 12.1%. A stronger US dollar, with the DXY up 4.6% and the 10-year yield at 5.15%, and a weaker Australian dollar (down 4.9% to US$0.677) partly cushion A$ gold prices.
Against RMS's own history
No new drilling is reported, so the earlier Mt Magnet hub intercepts (for example 20.2m at 40.7g/t in July 2026 and GXYD0602 at 22.43g/t in April 2026) are the reference set. Cash rose from A$569.6m at 31 March 2026 to A$608.4m at 30 June 2026, and no capital raising is on record. FY26 production met guidance, while the April 2026 quarterly had lifted AISC guidance to A$1,900-2,050/oz and reported A$2,211/oz for the March quarter, which fell to A$1,983/oz for the year. The reserve statement, FY27 guidance and EPC award are still pending.
Risks & caveats
- AISC rose sharply on the prior year, partly because a A$143/oz accounting reclassification of Dalgaranga growth capital to sustaining capital is included in the reported figure.
- Mt Magnet mill grade fell to 3.04g/t from 4.48g/t, and sales fell 37% on the prior year as Edna May ceased.
- A current tax liability of A$39.1m must be settled by 1 December 2026, and A$131.1m of Spartan stamp duty was paid in July 2026.
- Diesel is hedged for only 20-25% of expected FY27 use, at A$0.93/L against about A$1.43/L current pricing.
- The future royalty obligation of A$135.2m is revalued with the gold price, so it can drive further non-cash charges.
What's next
- FY27 production and cost guidance and the updated 4-Year Production Outlook - September 2026 quarter
- Award of the Mt Magnet Circuit 2 EPC contract (study capital estimate A$223m for the 5Mtpa plant) - September 2026 quarter
- Completion of the Edna May and Tampia sale to Forrestania (A$210m cash and A$90m Forrestania shares) - September 2026 quarter
- Final FY26 dividend of 3.0c fully franked paid; ex-date 15 September 2026, record date 16 September 2026 - 13 October 2026
- Payment of the A$39.1m current tax liability - 1 December 2026
- Updated Galaxy Mineral Resource (Mars and Saturn), described as pending - not stated
- Never Never ore recovery validation, to update the recovery assumption - first half of FY27
- Lena scoping study using an updated Mineral Resource - FY27
Questions worth asking
- What will FY27 guidance and the 4-Year Production Outlook show for AISC once the Dalgaranga growth capital is reclassified?
- What recovery does the Never Never ore achieve in practice, given the royalty model uses 93.3%, the 5-Year Plan used 81%, and the mill target is 92.4%?
- When will the FY26 Ore Reserve statement be released with a Competent Person, and does it confirm the 4.3Moz figure in the remuneration report?
- Has the Mt Magnet EPC contract been priced in line with the A$223m study estimate, and when will it be awarded?
- Will the Forrestania consideration shares need shareholder approval, and when will the Edna May sale complete?
What it means
For someone following Ramelius, this report confirms a producer that met its FY26 production guidance, held its cost position within revised guidance, and still has about A$650m of cash and gold. Statutory profit fell sharply because of one-off acquisition, hedge and royalty charges, so the underlying trend is the better guide. The main things still to watch are the FY27 guidance, the Mt Magnet mill EPC contract, the Edna May sale and the reserve statement. None of this is a recommendation, and the share price will respond to gold, the Australian dollar and sector sentiment as well as company news.
General information only - not financial advice. DrillScore's analyses are produced automatically by an AI model (Claude, by Anthropic) from the company's own ASX announcement and public market data, and scored by a fixed formula (how it works). They can be wrong or incomplete, don't consider your objectives or circumstances, and are not a recommendation to buy, sell or hold anything. Always read the original announcement and consider advice from a licensed adviser.
Decoded 15 Nov 2026, 8:17 am by claude-haiku-5-5 - confidence: high. Spotted a mistake? Tell us.
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