Quarterly - ASX:RMS
Ramelius September quarter: 48,839oz gold, FY27 guidance on track, cash and gold A$768m
Ramelius reported 48,839 oz of gold for the September 2026 quarter and said it remains on track for FY27 guidance of 205,000-225,000 oz. September wet weather delayed haulage of high-grade Penny ore, and the company says this should not affect the full-year outcome. Its cash and gold balance rose to A$768.0m, but that is a combined figure that includes gold, and the announcement contains no new drilling or resource estimate.
(price sensitive) - Ramelius Resources announced: "September 2026 Quarter Update" (2 pages) - read the original
What investors must know
- Gold produced in the September 2026 quarter was 48,839 oz, down from 53,466 oz in the June quarter and up from 38,093 oz in the March quarter, per DrillScore's records.
- FY27 production guidance of 205,000-225,000 oz is reaffirmed as on track, with the company saying the weather timing impact will not affect full-year achievement.
- Wet weather disrupted haulage of high-grade Penny ore to the Mt Magnet mill, leaving a stockpile of 27,680t at 4.78g/t (4,254 contained oz) at the mine; haulage has since recommenced.
- The cash and gold balance was A$768.0m at the quarter end, up from A$649.6m at 30 June 2026, but this combined figure includes gold on hand, so cash alone is not stated.
- The Edna May sale completed on 4 September 2026 for A$300m total consideration including A$210m cash, while A$131m of stamp duty on the Spartan transaction was paid in the quarter.
- Rebecca-Roe received a Works Approval under Part V of the Environmental Protection Act, and Primero was appointed EPC contractor for the new 3Mtpa Circuit 2 at Mt Magnet while Circuit 1 works proceed during a planned mill shutdown.
Money: can they follow it up?
- Period ending
- 2026-09-30
- Gold produced
- 48,839 oz
- Guidance
- On track for FY27 production guidance of 205,000-225,000 oz; the September weather timing impact is not expected to affect achievement of full-year guidance. AISC not stated in this update.
Cash and gold balance A$768.0m at 30 September 2026, against A$649.6m at 30 June 2026. This is a combined figure and cash alone is not stated, so cash_aud_m is left blank. Underlying free cash flow was A$60.2m (non-IFRS measure, not defined here). Quarter outflows included A$131m of stamp duty on the Spartan transaction and A$6.9m of income tax. The Edna May sale completed on 4 September 2026 for A$300m total consideration including A$210m cash. Buybacks were A$18m in the quarter and A$159m since inception of the A$250m program. gold_oz is gold produced, not sold. No currency conversion was needed.
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 +0.6% against the gold index (XGD). After 20 trading days: -0.9% against the XGD.
From the last close before the market could trade on it ($3.74 on 7 Oct 2026), with day-1 volume 0.7x 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 +1.3%; after quarterlies alone, +0.4%.
DrillScore holds no recorded share price reactions to this stock's earlier price-sensitive news, so no past pattern can be described. Since the release the shares have moved from A$3.74 to A$3.68. Over the same period the global miner funds and the ASX metals index fell more sharply, so any move is hard to separate from sector weakness. The reaction to this kind of production update cannot be inferred from the data supplied.
Past reactions describe what happened, not what will. How prices react to results
The historical pattern
What share prices did after past results like this one, from DrillScore's own records. It describes the past: it isn't a forecast for RMS and it isn't advice.
After 39 other announcements read as 'mixed', stocks moved +0.5% by day 1, +0.8% by day 5 and +0.7% by day 20 against the XGD on average.
- Day 1
- +0.5%
- Day 5
- +0.8%
- Day 20
- +0.7%
After its earlier announcements, RMS moved +1.3% by day 1, +0.5% by day 5 and +0.8% by day 20 against the XGD on average.
- Day 1
- +1.3%
- Day 5
- +0.5%
- Day 20
- +0.8%
In the 20 trading days before this release the XGD gold index moved -7.4% (falling). After 34 past gold announcements released into a falling gold index, stocks moved +2.0% by day 1, +4.4% by day 5 and +12.3% by day 20 on average - before taking the market's own move out.
- Day 1
- +2.0%
- Day 5
- +4.4%
- Day 20
- +12.3%
A strand leans up or down when its day-5 average is 1% or more either way. Each is shown on its own and never added up into a prediction: small samples swing, and every result is different. The full backtest - how it's worked out
The market it landed in
| Market | On the day | Now | Since |
|---|---|---|---|
| Gold (US$/oz) | US$4,141 | US$3,886 | -6.1% |
| Gold (A$/oz) | A$5,931 | A$5,737 | -3.3% |
| Copper (US$/lb) | US$6.60 | US$6.09 | -7.7% |
| AUD/USD | 0.6982 | 0.6774 | -3.0% |
At release, gold was A$5,930.54/oz (US$4,140.7/oz at AUD/USD 0.6982). Now it is A$5,737.08/oz (US$3,886.3/oz at 0.6774), down 3.3% in A$ and 6.1% in US$ since release. The weaker Australian dollar cushioned the fall in A$ terms. Spot gold remains well above the company's recent AISC of A$1,973/oz in the June quarter and A$1,983/oz for FY26, so the margin at spot is wide on those cost figures, although this release gives no quarterly AISC. The sector has weakened since release: GDXJ is down 9.3%, GDX down 4.5%, COPX down 17.2% and the ASX 300 Metals and Mining index down 5.8%. The XGD fell only 0.8% since release and is up 4.1% over the month. The US 10-year yield is 5.154%, down from 5.277%, and the US dollar index is up 1.1%. This announcement states no gold price deck, so no comparison with a company price assumption is possible.
Against RMS's own history
The 48,839 oz is below the June quarter's 53,466 oz (reported 29 July 2026, DrillScore 73 Strong) and above the March quarter's 38,093 oz (reported 29 April 2026, DrillScore 58 Solid, AISC A$2,211/oz). DrillScore's database holds two different June 2026 cash figures, A$608.4m and A$649.6m, and this release uses A$649.6m at 30 June 2026, so the June quarter report should be checked. The Edna May sale was first announced on 29 June 2026 as A$200m cash plus A$100m shares, and this update gives A$210m cash within A$300m. The A$250m buyback has used A$159m. Earlier drilling was strong, including the 25 August 2026 Galaxy, Eridanus and Cue intercepts such as 22.7m at 10.8g/t, but none of it is repeated here. No capital raisings are on record.
Risks & caveats
- Quarterly output of 48,839 oz is below one quarter of the lower end of FY27 guidance, so the company needs a stronger remaining three quarters to meet the range.
- The headline cash and gold balance moves with gold prices and is not a clean measure of spendable cash; the Edna May proceeds and A$131m stamp duty also distort the quarter-on-quarter change.
- The 600,000 oz FY30 plan and the Exploration Target depend on approvals, the Circuit 2 build and further exploration success, none of which is evidenced in this announcement.
- No all-in sustaining cost (AISC) for the quarter is given, so the cost trend cannot be judged from this release.
- Gold prices have fallen since the release, with gold down 3.3% in A$ and 6.1% in US$ from the release-day close.
What's next
- Full September 2026 Quarterly Activities Report, which the announcement says will be released later this month - Stated as later in October 2026
- FY27 production against the 205,000-225,000 oz guidance - FY27 (year to 30 June 2027)
- Routine Mining Act approvals needed for the Roe part of Rebecca-Roe - not stated
- Construction progress on the 3Mtpa Circuit 2 at Mt Magnet with Primero as EPC contractor - not stated
- Resumption of high-grade Penny ore haulage to the Mt Magnet mill after the September weather disruption - Haulage has recommenced; date not stated
Questions worth asking
- What was the September quarter AISC, and how does it compare with the FY27 AISC guidance in the 21 September 2026 outlook?
- What is the cash balance excluding gold, and what gold price was used to value the gold on hand?
- How much Penny stockpile ore has been hauled since haulage recommenced, and how much of the 4.78g/t ore is in the FY27 plan?
- How will the Circuit 2 build and the Rebecca-Roe capital works be funded, and what is the basis for calling the FY30 600,000 oz plan fully funded?
- Why does the Edna May cash component show A$210m when the June announcement described A$200m, and which conditions remain outstanding?
What it means
For someone following Ramelius, this update is mainly a production and cash update rather than a discovery story. The company says it remains on track for FY27 guidance, but September quarter output was below the June quarter. The cash rise is helped by a one-off asset sale and includes gold on hand, so the underlying cash generation is harder to judge. The approvals at Rebecca-Roe, the Circuit 2 build and the cost figures in the full quarterly report are the main things to track. Nothing in this release changes the drilling or resource picture, which is referred to earlier announcements. This is general information, not personal financial advice.
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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