Ramelius Resources saw a five per cent increase in gold production during the half-year ending December 31 2023 (H1 FY24), compared to H1 FY23.
The increased gold production was the result of increased contribution from the Penny gold mine and the addition of the Symes gold mine at the Edna May hub, both in Western Australia.
Ramelius’ growth in gold production combined with the higher realised gold price led to the company achieving a record half-year revenue of $348.5 million, a 14 per cent increase from H1 FY23.
“The first half of FY24 followed on from the solid results in FY23 with free cashflow of $52.4 million, which is the second consecutive half-year period with free cashflow in excess of $50 million,” Ramelius managing director Mark Zeptner said.
“We expect this trend to continue over the medium term as production from Penny further increases with multiple stoping areas coming online.”
Ramelius’ net profit after tax for the period equalled $41.2 million, a 42 per cent increase from H1 FY23.
“Our business is in a very strong operational and financial position with our suite of assets, particularly at our flagship Mount Magnet operation,” Zeptner said.
“Operations at Mount Magnet will be further complemented with the addition of the recently acquired Cue gold project in FY25. I look forward to being able to deliver a new Mount Magnet mine plan, incorporating Cue, in the current March 2024 quarter.”
Ramelius’ run-of-mine stockpiles currently comprise Eridanus ore at Mount Magnet and under 1.3 million tonnes of higher-grade ore across the Edna May hub. The company will process these ores across the 2024 calendar year.
“With both the high-grade Penny ore and Cue providing a source of feed for Mount Magnet, it is indeed an exciting time for that operation,” Zeptner said.
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