Half Year 2026 Ramelius Resources Ltd Earnings Call Transcript
Key Points
- Ramelius Resources Ltd (RMLRF) achieved a strong all-in sustaining cost margin of $2,921 per ounce sold, indicating efficient cost management.
- The company reported a record underlying EBITDA margin of 42%, driven by an improved realized gold price.
- The acquisition of Spartan has provided tax synergies, with tax losses offering a net cash benefit of $105 million.
- Ramelius Resources Ltd (RMLRF) declared an interim dividend, exceeding the minimum annual amount, reflecting strong shareholder returns.
- The company has enhanced its balance sheet flexibility by replacing its existing credit facility with a $500 million facility, improving commercial terms and tenure.
- Gold production was at its lowest level in the past 2.5 years, with only 101,000 ounces produced.
- The mine grade decreased by 46% to 2.66 g per ton, compared to a previous period with higher grades.
- Free cash flow was an outflow of $40 million, impacted by the acquisition of Spartan and increased exploration budget.
- The company faces a significant upcoming stamp duty payment of approximately $131 million related to the Spartan acquisition.
- The realized gold price increase was partially offset by lower gold production, resulting in a 4% decrease in revenue compared to the prior period.
Thank you for standing by, and welcome to the Ramelius Resources half-year results briefing. (Operator Instructions)
I would now like to hand the conference over to Mark Zeptner, CEO and Managing Director. Please go ahead.
Thank you, Travis. Good morning, everyone. Thank you for joining us to discuss our half-year results to December 2025. Alongside me is our CFO, Darren Millmann.
Today, I'll start with a brief overview of the operating performance and some recent updates at Dalgaranga before Darren goes through the underlying earnings and financials in more detail.
We have uploaded to the ASX this morning along with our website shortly a number of documents including our half-year '26 financial summary, the half-year accounts, interim dividend, and a presentation that we'll largely be speaking to this morning.
So we'll start on slide 3. Here we set out our gold production for the last 2.5 years. Operationally, performance was in
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