Ramelius Resources delivered record financial results for the first half of the 2024–25 financial year (H1 FY25), and Regis Resources delivered record cash flow for the period.
Ramelius Resources
Ramelius Resources managing director Mark Zeptner described the company’s H1 FY25 as “record-breaking, achieving the highest level of production and profitability”.
Ramelius’ gold production increased by 19 per cent during H1 FY25 compared to the prior corresponding period, delivering a record 147,775 ounces (oz) of gold for the half-year.
The company credited the high-grade ore combination from the Penny and Cue operations in Western Australia being processed at the Mt Magnet hub as the reason for the production increase.
Ramelius also achieved record financial metrics across the board, including a record operating revenue of $508 million, a 46 per cent increase from H1 FY24.
The gold miner’s earnings before interest, taxes, depreciation, and amortisation (EBITDA) was also up 119 per cent, totalling a record $307.6 million, and its net profit after tax (NPAT) increased by 313 per cent, standing at a record $170.4 million.
Ramelius’ other record financial results include $327.3 million in cash flow from operations, $264.1 million in underlying free cash flow, and $501.7 million in cash and bullion.
“Cash flow generation was also at record levels with Mt Magnet alone generating $229.5 million in cash flow from operations for the period,” Zeptner said.
“We are on track to achieve FY25 guidance of 270,000–300,000 ounces at an AISC (all-in sustaining cost) of $1500–1700/oz with production to increase in H2 FY25 at Mt Magnet as we process the Cue ore for the entire six months.”
Ramelius invested $81.4 million in mine development, property, plant and equipment acquisitions, and exploration during H1 FY25, with the development activities focusing on the Galaxy underground mining area and establishing the Cue open-pit operations.
Exploration was also a priority, with resource definition works concentrated around the Rebecca-Roe gold project and the Eridanus pit at Mt Magnet.
“We are looking forward to releasing the Eridanus and the mill expansion studies, further enhancing the Mt Magnet mine plan, in the near future,” Zeptner said.
“In H2 FY25, our exploration efforts shift to greenfield exploration with a focus on Penny targets below the existing shallow ore bodies, Cue to the north of cross-cutting structure focused on Break-of-Day style targets and the Galaxy mine at depth.
“The team remains focused on achieving consistent operational performance while ensuring a pipeline of value enhancing development projects. This combination along with continued disciplined approach to capital allocation will enable further success at Ramelius.”
Regis Resources
Regis Resources produced 195,801oz at an AISC of $2403/oz during H1 FY25.
The gold miner’s sales revenue increased by 41 per cent to $777 million, driven by 197,690oz sold at an average price of $3932/oz.
Regis’ EBITDA also saw a 472 per cent boost, totalling $359 million for the six months ending December 31. An NPAT of $88 million also demonstrated strong profitability for the company.
Regis’ H1 FY25 was defined by record cash flow increasing by $234 million, with the company closing the half-year with $529 million in cash and bullion.
“Regis has delivered an outstanding financial turnaround over the past twelve months,” Regis managing director and chief executive officer Jim Beyer said.
“Our first half FY25 results demonstrate the operational and financial strengths of our business, with very strong EBITDA, solid NPAT and record cash flow … We are now debt free with liquidity and flexibility to pursue value-accretive growth opportunities and undertake capital management initiatives.”
Regis’ FY25 guidance remains unchanged at 350,000–380,000oz.
“We remain on track to deliver in line with guidance and in the prevailing gold price environment, we expect to see another period of significant cash generation and profitability,” Beyer said.
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