Ramelius Resources, Vault Minerals and Capricorn Metals delivered steady gold production across its operations during the December 2024 quarter, and Gold Road Resources achieved operational records.
Ramelius Resources
Ramelius produced 85,311 ounces (oz) of gold during the quarter, a notable increase from the 62,444oz delivered in the previous quarter.
A total of 67,050oz came from the Mt Magnet hub in Western Australia during the period, with the balance coming from the Edna May hub in WA.
This brings Ramelius’ first half-year 2024–25 financial year (FY25) results to 147,755oz, with the company maintaining its full-year guidance at 270,000–300,000oz.
“The Mt Magnet production performance for the quarter was the standout, particularly the record breaking underlying free cash flow, realising $161.1 million in the quarter and year-to-date of $229.5 million,” Ramelius managing director Mark Zeptner said.
“The team’s performance at the Edna May hub is also to be commended with underlying free cash flow, realising $32.5 million in the quarter and year-to-date of $75.3 million with stockpiles continuing to perform above our expectations.”
Ramelius is currently working on an updated Mt Magnet mine plan, which is expected to be combined with the recently released Rebecca-Roe gold project pre-feasibility study (PFS) to form a consolidated group production profile.
“The Rebecca-Roe PFS reported during the quarter has demonstrated strong economic returns supporting our original acquisition decisions with a DFS (definitive feasibility study) and final investment decision targeted for the September 2025 quarter,” Zeptner said.
“The Eridanus and the mill expansion studies will be incorporated into an updated Mt Magnet mine plan in this March 2025 quarter where the positive impacts and sustainability of our operations will be demonstrated.”
Ramelius closed the December quarter with $501.7 million in cash and gold, an operating cash flow of $193.6 million and an underlying free cash flow of $174.5 million, all before the company purchased $68 million in Spartan Resources shares and paid $43.4 million in dividends.
Vault Minerals
Vault Minerals has continued its winning streak, producing 97,924oz of gold during the December quarter.
The result is a steady increased from the 97,493oz produced in the previous quarter, bringing Vault’s year-to-date production to 195,417oz.
Vault also sold 96,899oz during the quarter, bringing its year-to-date total sales to 199,428oz.
“The December quarter saw Vault build on the foundations of the September quarter, with continued strong free cash flow generation considering elevated investment in waste stripping and delivery into the reducing legacy hedge book,” Vault said.
“The underlying free cashflow generation positions Vault to internally fund the next phase of its Leonora strategy with an $80 million internally funded investment to expand the King of the Hills processing facility to 6Mtpa (million tonnes per annum).”
The Mount Monger operation in WA produced 19,156oz and sold 19,700oz, The Deflector operation in WA delivered 28,050oz and sold 28,434oz, and the Leonora operation in WA produced 50,717 and sold 48,767oz.
Vault said the December quarter has seen “significant investment in open pit waste stripping at the Leonora and Mount Monger operations”, which is expected to deliver increased ore tonnes and grade in the second half of FY25 and FY26.
“Furthermore, Vault has re-commenced in-mine exploration at the King of the Hills and Darlot underground operations with drilling scheduled to increase throughout (the second half of) FY25,” Vault said.
“Vault believes there is potential within its established Leonora operations and its regional landholding to support further processing optimisation and expansion of the King of the Hills processing facility to 7Mtpa and accordingly included elements of this potential expansion into the 6Mtpa scope of work.”
Vault has narrowed its FY25 guidance to 390,000–410,000oz in gold sales at an all-in sustaining cost (AISC) of $2250–$2450/oz.
The company closed the December quarter with $52.2 million in underlying free cash flow generation and no debt.
Capricorn Metals
Capricorn Metals’ Karlawinda gold project in WA produced 28,702oz at an AISC of 1490/oz during the December 2024 quarter, a steady increase from the previous quarter.
The amount brings the company’s total half-yearly production to 54,261oz, positioning it above budget for this point in the year and on track to achieve the mid-point of its FY25 guidance of 110,000–120,000oz.
Capricorn also achieved record quarterly cash flow from its operations, generating $52.6 million.
“Gold production for the quarter was a product of the continued focus on total material movement from the Bibra open-pit to maintain the budgeted pit face positions for end of quarter,” Capricorn said.
“The above budget mine production year to date, has resulted in the Bibra pit now being well established for what is a planned, higher production period in (the second half) of FY25.
“Encouragingly, gold recovery rates continued at the budgeted rate of 92 per cent in this quarter and pre-stripping works commenced at the Southern Corridor extension of Bibra.”
Other operational highlights included the expansion of Karlawinda being greenlit and supported by a $200 million funding package.
Exploration was also a highlight for Capricorn, with 30,627m drilled across Mt Gibson during the December quarter. Ongoing drilling at Mt Gibson led to a 41 per cent increase in the project’s ore reserve estimate, which now sits at 105.4Mt at 0.8g/t for 3.9Moz. The installation of the 400-room accommodation village at Mt Gibson is also nearing completion.
Capricorn said it expects its production to increase throughout the rest of FY25, driven by increased ore volumes and higher delivered grade in line with Karlawinda’s FY25 mine plan.
The company closed the December quarter with $363.1 million in cash and gold on hand, representing a $31.2 million cash build from operations before discretionary capital expenditure at Mt Gibson.
Gold Road Resources
After revealing its 2025 guidance and three-year production outlook for the Gruyere joint venture in WA earlier this week, Gold Road Resources has unveiled record gold production and sales from the operation.
Gruyere produced a record 91,631oz at an AISC of $1811 per attributable ounce during the December quarter, processing 2.4 Mt of ore at a head grade of 1.28 grams per tonne of gold with metallurgical recovery of 92.2 per cent.
The process plant achieved throughput at an annualised rate of 9.6Mt per annum.
Gold Road also sold a record 47,745oz at an average sales price of $4093/oz. These operational records increased Gold Road’s attributable operating cash flow to $141.7 million and its quarterly free cash flow to $76.2 million.
“Total material movement increased quarter on quarter to a record 15.4Mt following a continued improvement in mining productivity,” Gold Road said.
“As guided, the December quarter mining and production rates reflect full access to the ore body during the December quarter, following restricted access to ore during the first three quarters of 2024.
“Mined ore tonnes increased to 2.9Mt at a grade of 1.24 g/t providing a substantially increased proportion of higher grade mined ore delivered to the process plant, reducing the need to supplement milled ore feed with lower grade stockpiles. However, limited blending with lower grade oxide ore will continue, in order to optimise process plant performance.”
Gold Road continued to develop its Yamarna mine readiness project in WA, with the Gilmour gold project’s PFS completed and published.
“The next steps at Gilmour include completing all activities required for a final investment decision and conducting further infill and extension drilling,” Gold Road said.
“These activities include finalising native title agreements, permitting and approvals, as well as further optimisation to the ongoing Gruyere life of mine plan.”
Gold Road closed the December quarter with 3Mt at 0.84 g/t in ore stockpiles and $173.9 million in cash and equivalents.
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