Half Year 2024 Ramelius Resources Ltd Earnings Call Transcript
Key Points
- Ramelius Resources Ltd (ASX:RMS) reported record half-year revenues of just under $350 million, driven by higher gold production and improved gold prices.
- The company achieved an EBITDA of over $140 million, representing a 40% increase from the prior period and a 40% margin.
- Production guidance for the second half of FY '24 indicates a material increase in gold production and a corresponding drop in all-in sustaining costs.
- The company has a strong balance sheet with $282 million in cash and gold, and no debt, providing a solid foundation for future investments.
- Labor constraints have eased, and high-grade ore sources like Penny are expected to contribute significantly to future production.
- Despite a slowing rate of cost increases, operational costs remain high, impacting overall profitability.
- Ore tonnes mined were down, although this was mitigated by higher grades and stockpiles.
- The underground operations at Mt Magnet saw a decrease in tonnages, although this was offset by higher grades from Penny.
- The company faces ongoing inflationary pressures, which could impact future cost management.
- There is some uncertainty around the timing and approvals process for new projects like Rebecca/Roe, which could affect future production timelines.
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 Mr. Mark Zeptner, Managing Director. Please go ahead.
Good morning, everyone. Thank you for taking the time to dial in to our half year results call. Joining me again this morning is Acting Chief Financial Officer, Ben Ringrose.
Given that today's focus is on the financial accounts, I'll leave Ben to do most of the talking, especially around the presentation that has been released to the ASX this morning before as always, opening up the line for questions. Before handing over, I will give an overview on how we saw the first half.
By way of an overall assessment, we believe this is a very competitive set of underlying results with improvement seen pretty much in all key metrics when compared to the prior corresponding period. The company continues to be in a strong
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