Highlights

  • Ramelius reported FY25 revenue of AUD 1.20 billion, with increases in EBITDA and earnings per share.
  • A Native Title Mining Agreement for the Rebecca-Roe project was signed, enabling progress toward early works in 2026.
  • FY26–FY30 guidance outlines a pathway to approximately 525 koz of annual production by FY30.

Ramelius Resources Limited (ASX:RMS), a Western Australian gold producer operating since 2006, reported updated financial results, business developments, and guidance for the period ending 30 June 2025 (FY25). The company manages a portfolio of gold operations including Edna May, Marda, Mt Magnet, Penny, Symes, and Tampia.

FY25 Financial Performance

The company recorded revenue of AUD 1,203.40 million in FY25, up 36.35% from AUD 882.60 million in FY24, driven by 32% increase in realised gold prices and higher production mix. The yearly performance was driven by a 3% YoY rise in group gold production to 302 koz, supported by higher-grade output from Mt Magnet. EBITDA for the period reached AUD 818.60 million, an 81.35% increase from the prior year. Meanwhile, earnings per share rose to 41.10 AUD cents, compared with 19.50 AUD cents in FY24.

During FY25, working capital rose 70% to AUD 689.3 million, while net assets reached AUD 1.9 billion. The company distributed a fully franked dividend totalling 8 cents per share for FY25.

Native Title Mining Agreement Secured

On 4 December 2025, the company announced the signing of a Native Title Mining Agreement with the Kakarra Part B Native Title holders for the Rebecca-Roe gold project in Western Australia. The agreement clears a major approval requirement, enabling both initial development and long-term operational planning. With this agreement in place, Ramelius intends to advance optimisation studies, statutory approvals, and early site works, targeting commencement in early 2026.

Five-Year Growth Pathway 

In November 2025, the company released an investor presentation detailing its “5-Year Growth Pathway to +500koz.” The roadmap aims to position the company to deliver approximately 525 koz per year by FY30, supported by production from the Mt Magnet–Dalgaranga hub and the Rebecca-Roe project. FY26 production is projected at around 195 koz at an AISC near AUD 1,800/oz, rising to an expected 525 koz annually by FY30 at an average AISC of about AUD 1,975/oz over FY26–FY30.

Quarterly Update for September 2025

The September 2025 quarterly report showed group production of 55,013 oz at an AISC of AUD 1,836/oz. Cash and gold holdings at the end of the quarter totalled AUD 827.7 million, compared with AUD 809.7 million at the end of June.

Forward Outlook

Ramelius’ FY26 guidance forecasts group production of approximately 195 koz at an AISC around AUD 1,800/oz before planned growth projects scale up. From FY27 to FY30, production is projected to increase to about 525 koz each year, with an average AISC around AUD 1,975/oz across FY26–FY30 and lower levels anticipated beyond FY30.

The gold sector continues to see elevated prices due to macroeconomic conditions and safe-haven demand. Operational cost pressures from labour, energy, and equipment persist across the industry, while mid-tier producers remain focused on acquisitions and exploration in high-potential regions.

Share performance of RMS

RMS’s shares closed 1.13% lower at AUD 3.50 per share on 08 December 2025. Over the past year, RMS’s stock has gained 54.19%. It is down 4.11% over the past week and has gained 2.94% over the past month, and 3.55% over the past three months. Over the past six months, the stock price increased by 23.67%, and year-to-date it has gained 69.02%. The 52-week high for RMS is AUD 4.18, while the 52-week low is AUD 2.03.

Support and Resistance Summary

RMS Daily Technical Chart, Source: EODHD/Others

Note 1: Past performance is neither an Indicator nor a guarantee of future performance.

Note 2: The reference date for all price data, and currency, is 08 December 2025. The reference data in this report has been partly sourced from EODHD/Others.

 

Technical Indicators Defined:

Support: A level at which the stock prices tend to find support if they are falling, and a downtrend may take a pause backed by demand or buying interest. Support 1 refers to the nearby support level for the stock and if the price breaches the level, then Support 2 may act as the crucial support level for the stock.

Resistance: A level at which the stock prices tend to find resistance when they are rising, and an uptrend may take a pause due to profit booking or selling interest. Resistance 1 refers to the nearby resistance level for the stock and if the price surpasses the level, then Resistance 2 may act as the crucial resistance level for the stock.