- Ramelius Resources (RMS) says production in the September quarter was in line with its expectations
- The company produced 61,244 ounces of gold at its Edna May and Mt Magnet operations in Washington and sold 59,750 ounces for $147 million in revenue
- The company maintains group production guidance for FY23 in the range of 240,000 to 280,000 ounces at AISC of $1,750 to $1,950 per ounce.
- Ramelius had $177.2 million in cash and gold at the end of the September quarter
- Shares in RMS rose 4.8 per cent to trade at 65.5 cents at 2.01pm AEDT
Shares of Ramelius Resources ( RMS ) rose following the release of its September quarterly report.
The company produced 61,244 ounces of gold from it Edna May and Mt Magnet operations at an all-in sustaining cost (AISC) of $1,930/oz.
Of the two mines located in WA, Edna May produced 32,804oz, with Mt Magnet trailing with 28,440oz of gold. The company said production met its expectations.
On the sales side, Ramelius sold 59,750 ounces of gold at an average price of $2,460 per ounce, generating $147 million in gold sales revenue.
Cash and gold increased $4.3 million quarter-on-quarter to $177.2 million after investing $26.5 million in the underground development of the Penny mine (part of Mt Magnet), other non-supported capital and exploration.
During fiscal 2023, Romelius expects capital expenditures of $58 million, with most of that expected in the first half of the year.
Exploration and resource determination expenditures for FY23 are projected at approximately $25 million.
The company said its FY23 gold production guidance is on target for 240,000 to 280,000 ounces at an AISC of $1,750 to $1,950 an ounce.
AISC is expected to be lower in the second half of the financial year due to an increase in high-grade Penny ore entering the Mt Magnet mill.
Shares in RMS were up 4.8 per cent at 65.5 cents at 2.01pm AEDT.