Results - ASX:RMS
Ramelius FY26: underlying EBITDA A$765.4M at 74% margin, but gold sold down 37% and cash down 20%
Ramelius reported FY26 underlying EBITDA of A$765.4M at a record 74% margin, but gold sold fell 37% to 190,261 oz after Edna May was placed on care and maintenance in FY25. Underlying profit fell 33% to A$319.9M and cash and bullion fell 20% to A$649.6M. Shareholders get a 6.0cps dividend and A$141.7M of buy-backs, and FY27 guidance is promised for September 2026.
(price sensitive) - Ramelius Resources announced: "FY26 Financial Results and Dividend" (4 pages) - read the original
What investors must know
- Underlying EBITDA was A$765.4M, down 7%, and the margin rose to a record 74% (FY25: 69%).
- Gold sold fell 37% to 190,261 oz (FY25: 302,882 oz), while the realised price rose 36% to A$5,400/oz.
- AISC rose 28% to A$1,983/oz (FY25: A$1,551/oz), but underlying EBITDA per ounce rose to A$4,022/oz from A$2,726/oz.
- Statutory NPAT was A$118.8M after A$133.2M of Spartan deal costs, a A$55.4M royalty fair value adjustment and A$28.4M from closing the gold hedge book.
- Operating cash flow was A$702.1M, capital investment outflow A$396.7M, and dividends and buy-backs paid A$255.1M; cash and bullion closed at A$649.6M.
- The final dividend is 3.0cps fully franked (FY26 total 6.0cps), and A$141.7M of buy-backs have been bought to date with more planned shortly.
- The Galaxy mine life extension to 2032 needs about A$30m of extra sustaining capital in FY27 and is estimated to add about A$130/oz to AISC.
Money: can they follow it up?
- Period ending
- 2026-06-30
- Cash
- $650m
- Operating cash flow (quarter)
- $702m
- Gold produced
- 190,261 oz
- AISC
- A$1,983/oz (margin about A$4,433/oz at the day's gold price)
- Guidance
- No FY26 guidance is restated in this release. The April 2026 quarterly range of A$1,900-2,050/oz AISC (per DrillScore's record) is not mentioned here, but the FY26 AISC of A$1,983/oz sits inside it. FY27 guidance and the FY30 outlook are promised for September 2026.
Full-year figures to 30 June 2026, not a single quarter, so operating and investing cash flows are full-year amounts. Cash of A$649.6M is 'cash and bullion' per the release; the June quarter Appendix 5B on record shows cash of A$608.4M, so the gap of about A$41M appears to be bullion, which the release does not split out. Gold sold (190,261 oz) is the figure in this release; the June quarter report gave FY26 output of 192,182 oz, and the release does not reconcile the two. Investing cash flow of A$396.7M is the capital investment figure, which includes the Spartan investment (footnote 4). Exploration spend, debt, undrawn facilities, burn rate, funding quarters and share count are not stated in this release, and no Appendix 5B accompanies it. The A$300M Edna May sale (A$200M cash and A$100M shares, per the June announcement) is not included in this result. Cash position: A$649.6M after A$255.1M of shareholder returns and A$396.7M of capital investment suggests the company is self-funding at present, but the release does not give a funding runway.
Appendix 5B explained - why runway predicts raisings - every company's runway
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%.
DrillScore's database holds no recorded share price reactions to earlier price-sensitive news from Ramelius. The stock closed at A$3.92 before this release and was A$3.68 at the time of this reading, against a 52-week range of A$2.70 to A$5.16. Over the same period the sector fell sharply (GDX -18.2%, GDXJ -23.3%, XGD -8.1%), so the data cannot separate the release's effect from the sector move.
Past reactions describe what happened, not what will. How prices react to results
The historical pattern
What share prices did after past results like this one, from DrillScore's own records. It describes the past: it isn't a forecast for RMS and it isn't advice.
After 39 other announcements read as 'mixed', stocks moved +0.5% by day 1, +0.9% by day 5 and +0.8% by day 20 against the XGD on average.
- Day 1
- +0.5%
- Day 5
- +0.9%
- Day 20
- +0.8%
After its earlier announcements, RMS moved +1.0% by day 1, -0.3% by day 5 and +0.2% by day 20 against the XGD on average.
- Day 1
- +1.0%
- Day 5
- -0.3%
- Day 20
- +0.2%
In the 20 trading days before this release the XGD gold index moved +17.3% (rising). After 38 past gold announcements released into a rising gold index, stocks moved +1.9% by day 1, +2.6% by day 5 and -4.2% by day 20 on average - before taking the market's own move out.
- Day 1
- +1.9%
- Day 5
- +2.6%
- Day 20
- -4.2%
A strand leans up or down when its day-5 average is 1% or more either way. Each is shown on its own and never added up into a prediction: small samples swing, and every result is different. The full backtest - how it's worked out
The market it landed in
| Market | On the day | Now | Since |
|---|---|---|---|
| Gold (US$/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 release (20 Aug close), gold was US$4,571.4/oz or A$6,416/oz. Today it is US$3,886.3/oz or A$5,737.08/oz. FY26 realised gold was A$5,400/oz against AISC of A$1,983/oz, so spot still sits well above cost, though the margin has narrowed since release. The release says there are no gold forward contracts in place, so earnings will track spot more directly. The AUD fell from US$0.7125 to US$0.6774, which cushions the A$ gold price against the US$ fall but not fully. Since release, the US dollar index rose 4.6% and the US 10-year yield rose from 4.696% to 5.154%, both headwinds for gold. Sector mood weakened sharply: GDX fell 18.2%, GDXJ 23.3%, and the XGD 8.1%. No price deck or study is involved in this release.
Against RMS's own history
Against the June quarter report (29 July 2026), the FY26 AISC of A$1,983/oz is close to the June quarter figure of A$1,973/oz, and the year closed below the March quarter's A$2,211/oz. Cash of A$649.6M compares with A$608.4M cash in the June quarter record, with the difference likely bullion. FY26 gold sold of 190,261 oz is slightly below the 192,182 oz output reported in July. The Edna May sale for A$300M was announced on 29 June 2026 (A$200M cash, A$100M shares, subject to conditions) and is described here as a June 2026 sale. DrillScore's record has no capital raisings. DrillScore also holds an earlier entry for this same release (21 Aug 2026, labelled mixed), and the two should be read together.
Risks & caveats
- Volumes fell sharply in FY26, so the strong margin rests on a much smaller ounce base.
- Cost inflation of about 8% is expected in FY27, including higher gold price-linked royalties and diesel costs.
- Gold forward contracts have been closed out, so exposure to the spot gold price will rise; spot has fallen since the release.
- Statutory earnings are far below underlying earnings after several one-off items.
What's next
- FY27 production, cost and capital guidance and an updated four-year outlook to FY30 - September 2026 (the release said 'next month')
- Resumption of share buy-backs - shortly, as stated in the release
- Final FY26 dividend: ex-date, record date and payment date - Ex-date 15 September 2026; record date 16 September 2026; payment 13 October 2026
- Galaxy mine life extension to 2032 with productivity rising to about 800ktpa from about 600ktpa - FY27 (as stated)
Questions worth asking
- How much of the A$649.6M is bullion, and were the A$200M cash proceeds from the Edna May sale received before 30 June 2026?
- What FY27 production and AISC guidance will be given in September, and how much of the ~A$130/oz Galaxy impact and ~8% cost inflation is included?
- How much of the A$141.7M buy-back has been completed, and how will further buy-backs be funded given lower cash?
- Why do gold sold (190,261 oz) and FY26 output (192,182 oz) differ, and what drove the gap?
- What is the difference between the A$256M of dividends and buy-backs in the text and the A$255.1M paid in the table?
What it means
For someone following Ramelius, this release shows a business with very strong unit margins, but with lower volume, lower cash and rising costs. The release itself is the record of FY26; the next key data points are the FY27 guidance and four-year outlook promised for September, which will show whether volumes and AISC stabilise after the Galaxy ramp-up. The cash balance after A$255.1M of shareholder returns and A$396.7M of capital investment is the figure to track. This is general information, not personal financial advice, and any decision should reflect an individual's own circumstances.
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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