Ramelius Resources has achieved its best quarterly results for the 2023 financial year (FY23) so far with 68,752 ounces of gold produced within a guidance of 67,500–77,500 ounces.
240,996 ounces was produced for FY23 in total within the lower end of original guidance of 240,000–280,000 ounces. Ramelius’ FY23 also saw 243,263 ounces of gold sold.
Additionally, the company’s full year all in sustaining costs (AISC) is expected to remain within the upper end of the original cost guidance of $1750–1950 per ounce.
Operational highlights for the quarter includes the Mt Magnet Gold Mine, including the Penny Gold Mine, producing 45,380 ounces, and the Edna May Gold Mine producing 23,372 ounces.
“Whilst the Vivien underground mine ceased operations in January 2023, ore production from the Penny underground ramped up with a particularly strong June 2023 quarter leading to an excellent finish to the year at Mt Magnet,” the company said.
Ramelius’ cash and gold on hand increased to $272.1 million as at the end of the June quarter, a notable increase from $154.4 million recorded for the March 2023 quarter.
This was due to Ramelius’ cash and gold increasing during the quarter allowing for the $75.1 million acquired from the Breaker acquisition. It also delivered a positive cashflow of $42.6 million due to the forecasted increased production from the high-grade Penny mine.
The company is expected to provide further details in its full June 2023 quarterly report set to release later in July.
Ramelius’ solid June quarter results come as it entered into a bid implementation agreement with Musgrave Minerals.
