Ramelius Resources Achieves Record Gold Production and Strong Cash Flow in Q1 2024

 Ramelius Resources Ltd (ASX: RMS) is thrilled to announce its outstanding performance in the March 2024 Quarter, achieving record-breaking gold production of 86,928 ounces. This figure surpasses the implied gold production guidance for the quarter, which ranged from 70,000 to 77,500 ounces. The company's production has exceeded all expectations, marking a significant milestone in its operational history.

The previous record for group gold production stood at 86,516 ounces, achieved in the June 2020 Quarter. Ramelius has now eclipsed this milestone, demonstrating its continued growth and operational excellence.

Moreover, Ramelius reported a robust financial performance, with a substantial increase in its balance sheet strength. The company's cash and gold reserves reached $407.1 million, a notable rise from $281.8 million in December 2023. This significant improvement is attributed to the generation of record free cash flow amounting to $125.3 million during the quarter. The previous record for free cash flow was $69.4 million in the June 2020 Quarter, underscoring Ramelius' financial resilience and efficiency.

As a result of its exceptional production and financial achievements, Ramelius anticipates that its all-in sustaining costs (AISC) for the quarter will be substantially lower than guidance. The AISC for the second half of FY24 is projected to be in the range of A$1,700 to A$1,800 per ounce, with the actual outcome expected to fall between A$1,375 and A$1,475 per ounce. This reduction in costs further enhances the company's profitability and operational sustainability.

In terms of operational performance, Ramelius reported the following breakdown of quarterly gold production:

- Mt Magnet (including Penny): 45,927 ounces

- Edna May (including Tampia, Marda, and Symes): 41,001 ounces

The company has ceased the practice of releasing a separate production update prior to its quarterly report, in line with its commitment to continuous disclosure obligations. Any significant deviations from guidance will be promptly communicated in accordance with regulatory requirements.

Ramelius Resources' remarkable performance in the March 2024 Quarter underscores its position as a leading player in the gold mining industry. With a strong production base, solid financial fundamentals, and a commitment to operational excellence, the company is well-positioned for sustained growth and value creation in the future.