viewRamelius Resources Limited

Ramelius Resources boosts cash and gold reserves by $20 million in June quarter

The 58,285 ounces produced in the three months met the company’s production guidance.

Gold being poured at Ramelius’ Mt Magnet project in the Murchison goldfield in Western Australia.
A gold pour at Ramelius’ Mt Magnet project in the Murchison goldfield.

Ramelius Resources Limited (ASX:RMS) (FRA:RRZ) has increased its cash and gold at bank to $95.5 million after producing 58,285 ounces of gold in the June 2018 quarter.

The production figure met the group’s guidance target of 58,000-62,000 ounces and upped cash and gold on-hand by $20 million during the quarter.

Ramelius’ quarterly take also put full-year production results from its Western Australian operations in a target range at 208,118 ounces.

An ‘encouraging’ result

Managing director Mark Zeptner praised the company’s team: “Another great quarterly result from the operations team, producing over 58,000 ounces for the third consecutive quarter.

“It was particularly encouraging to see further production growth, up to almost 27,000 ounces, from the Edna May operation where about 21,000 ounces was being produced only six months ago,” he said.

READ: Ramelius Resources exceeds March quarter guidance on way to 200,000 ounces in 2018

The group had $241.09 million or 140,250 ounces of forward gold sales on June 30, with the orders which stretch to November 2019 having an average price of $1,719 per ounce.

Next steps

Ramelius is executing stage III of the Edna May open pit while completing underground mining studies it hopes to release in the September 2018 quarter.

The company said it was undertaking ongoing pre-strip activities of the Shannon open pit as it prepared for what it described as a “likely” underground project.

Ramelius reported that it was in the final stages of mine design work and estimating its ore reserves.

Quick facts: Ramelius Resources Limited

Price: 0.98 AUD

Market: ASX
Market Cap: $645.74 m

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