Ramelius Resources has ended the June quarter in good stead, hitting a record annual gold production of 293,033 ounces (oz) for the 2023–24 financial year (FY24).
Ramelius achieved this milestone at an all in sustaining cost (AISC) of $1583 per oz, positioning it at the upper end of the upgraded production guidance range and the lower end of its cost range.
For the June quarter alone, Ramelius was able to produce 82,058oz of gold at an AISC of $1362 per oz, surpassing production forecasts while continuing to manage costs efficiently. The Mount Magnet gold mine in Western Australia reported the most significant cost-effective production with an AISC of $982 per oz.
Notably, Ramelius maintained its impressive safety record with no lost time injuries since May 2023.
The company highlighted the substantial capital and project development expenditure FY24, which amounted to $49.6 million including the early commencement of pre-strip and clearing activities at the Cue gold project in WA.
Ramelius’ exploration activities also yielded significant results, with notable drill intersections of 9.4m at 11.8 grams per tonne (g/t) of gold from 120.7m and 26.1m at 6.01 g/t gold from 126.4m at Mount Magnet.
Ramelius announced an updated mineral resource estimate (MRE) for the Eridanus project within Mount Magnet, increasing the resource to 21 million tonnes at 1.7g/t for 1.2 million oz, marking a 64 per cent rise from the previous year.
The company has set its production guidance for FY25 at 270,000–300,000 oz of gold at an AISC range of $1500–1700 per oz.
Ramelius said the company’s ongoing commitment to safety, efficiency, and strategic project development positions it well for continued success in the upcoming financial year.
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