Underlying free cash flow record for Ramelius

Goldminer Ramelius Resources achieved a record underlying free cash flow of $223 million during the March 2025 quarter, up from $174.5 million from the previous quarter.

Earlier this week, gold rose above $5,000 per ounce for the first time; a move that not only resulted in benefits for goldminers over the past few months, but also a surge of prospecting licences being applied for in Western Australia. 

Despite this, Ramelius told the market its overall production for the period was 80,455 ounces, slightly down from 85,311oz in December 2024.

The Mark Zeptner-led company produced 147,775oz during the first six months of the 2025 financial year and has set a full-year production guidance range of 270,000-300,000oz.

Incorporating March 2025 production, the goldminer has now yielded 228,230oz, meaning it only needs a further 41,770oz to meet the bottom end of this target.

“The March 2025 quarter has delivered our second consecutive record underlying free cash flow, finishing the quarter with over $657 million in cash and bullion,” Mr Zeptner said.

“The operations team continues to maximise cash flows from our existing operations in this elevated gold price environment. 

“Ramelius looks forward to integrating our business with Spartan during the September 2025 quarter, following completion, and the subsequent release of an integrated study of Mt Magnet and Dalgaranga. 

“Activities associated with the transaction are proceeding to plan, with the Independent Expert appointed and well under way. 

“Feedback from meetings since the transaction was announced, regarding the potential of the combined entity, has been overwhelmingly positive.”

Last month, Ramelius announced it had made a $2.4 billion move for emerging developer Spartan Resources, amid its ambition to establish a 500,000oz gold producer by 2030. 

As of 11.10am AWST, Ramelius shares were up 5 per cent to $2.42.