Gold miner Ramelius Resources has reported a 396% increase to its statutory net profits after tax for the full year ended June. The gold miner reported statutory net profits after tax of A$61.6-million, up from the a$12.4-million reported in the 2022 financial year, due in part to lower non-cash impairments made to the Edna May operation last year.
PERTH – Gold miner Ramelius Resources has reported a 396% increase to its statutory net profits after tax for the full year ended June.
While gold mined during the full year declined by 10% to 281 000 oz, and production was down 3% to 240 996 oz, gold prices were up by 8% contributing to a 5% increase in revenue to A$631.4-million. “Despite the continued cost pressures faced across the industry, Ramelius has posted another solid set of underlying results for the period and remains in a secure, debt-free financial position. We finished FY23 very strongly generating $42.6-million in operating cashflow in the June quarter.
Guidance for FY24 is set at 250 000 oz to 275 000 oz at an all-in sustaining cost of A$1 550/oz to A$1 750/oz. Both production and costs are expected to be positively impacted by the increased contribution from high-grade, high-margin Penny ore as the year progresses.
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