Ramelius Resources Reports Strong Quarterly Results and Production Guidance for FY24

Strong Production and Cash Balance

Ramelius Resources reported a quarterly group gold production of 68,752 ounces, marking a 27% increase compared to the previous quarter. The increase is attributed to additional ore from high-grade Penny underground, while the All-In Sustaining Costs (AISC) reduced by 12% for largely the same reason. The FY23 group production has remained within the guidance of 240,996 ounces at an AISC of A$1,895/oz. This result was consistent with the projected outcome of 240,000 – 250,000oz, with the AISC also being in line with the guidance of A$1,750 - $1,950/oz. The cash and gold reserve of Ramelius Resources has increased to A$272. 1M, up by A$117. 7M.

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Focus on Exploration and Development

Ramelius Resources has invested A$12. 1M in development at Galaxy UG (Mt Magnet) and A$7. 6M in exploration and resource definition. The company acquired A$75. 1M in cash from the Breaker Resources NL acquisition. The new exploration drilling highlights include impressive results from Penny Underground and Bartus East (Mt Magnet), demonstrating further potential at these sites. Additionally, Ramelius Resources has commenced early site infrastructure work at Symes (Edna May).

Production Guidance for FY24

The group gold production guidance for FY24 is expected to be between 250,000 – 275,000 ounces at an AISC of A$1,550 – 1,750/oz. The guidance includes 160,000 ounces (mid-point) for Mt Magnet, and 102,500 ounces (mid-point) for Edna May (Tampia, Marda & Symes). This guidance is broadly in line with the FY24 in 3 Year Production Outlook1 released in late 2022. Ramelius Resources plans to spend approximately A$50 – A$60M for capital and project development expenditure in FY24.

Corporate Updates

Ramelius Resources has acquired 93. 94% of Breaker Resources NL and has moved to acquire the remaining shares through the compulsory acquisition process under the Corporations Act 2001 (Cth). In addition, Ramelius Resources made a recommended off-market cash and scrip takeover offer for Musgrave Minerals Ltd (ASX:MGV) on 3 July 2023. At the date of the report, Ramelius Resources has received acceptances representing 17. 71% of Musgrave shares.

Overall, Ramelius Resources has demonstrated a strong financial position with positive growth prospects, showcasing the company's commitment to exploration, development, and responsible mining.

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