Record Underlying EBITDA and Margin
Underlying EBITDA of $347.0 million, a H1 record, representing a 42% margin and up 13% versus the prior period.
Strong Realized Gold Price and Per-Ounce Margins
Realized gold price increased 36% driven by a stronger AUD gold price and reduced hedge commitments; company reported an all-in sustaining cost margin of $2,921 per ounce sold and Mt Magnet gross margin of $2,413 per ounce sold.
Cash Generation and Balance Sheet Strength
Operating cash flow of $311.6 million; closing cash and gold balance of $694.3 million; working capital just under $600 million and net assets of $4.0 billion. Replaced a $175 million credit facility with a $500 million facility, improving funding optionality and terms.
Dalgaranga / Never Never Milestone Achieved
First ore from the Never Never deposit hauled to Mt Magnet; 31,000 tonnes stockpiled at 3.6 g/t. This milestone occurred ~200 days after the Spartan combination and is a key step toward the FY '30 500,000 oz production ambition. Higher-grade stockpile material expected to be introduced in the June 2026 quarter.
Mining and Throughput Improvements
Tonnes mined were up 64% following introduction of a third excavation fleet at Cue and lower strip ratio. Mt Magnet throughput improved ~18% due to an optimized material blend and high mechanical availability.
Spartan Acquisition Synergies
Total Spartan acquisition fair value $2.8 billion and net cost to Ramelius ~$2.3 billion after cash acquired; tax analysis identifies $105 million net cash benefit from Spartan tax losses (versus $90 million previously flagged), with ~ $20 million of losses used in the December half.
Shareholder Returns and Dividend
Declared a fully franked interim dividend of $0.03 per share (total $57.7 million), exceeding the committed minimum of $0.02; total shareholder returns over 5 years near $320 million (average ~18.8% p.a.).