Want to see AU:RMS full AI Analyst Report?
Top Page
Ramelius Resources Limited
(Sydney:RMS)
Select Model
Select Model
Rating:66Neutral
Price Target:
AU$3.50
▲(16.67% Upside)
Action:Downgraded
Date:03/20/26
The score is driven primarily by strong financial performance (high margins, low leverage, and strong cash generation). This is partially offset by weak technical signals (price below key moving averages with negative MACD) and mixed earnings-call factors where strong profitability and balance sheet strength are tempered by lower near-term production/grades, higher costs, and near-term cash flow and one-off cost headwinds. Dividend yield provides modest support, while the negative P/E reduces valuation clarity.
Positive Factors
High profitability and margins
Sustained high gross and net margins indicate an efficient cost base and pricing advantage in operations. Over 2–6 months this improves resilience to lower gold prices, funds reinvestment and exploration, and supports durable cash flow generation for growth and shareholder returns.
Negative Factors
Lower near-term production
Reduced production guidance shrinks near-term cash generation and delays realization of scale advantages. Persistently lower ounces sold compress revenue and can defer payback on development spend, making multi-year growth targets more sensitive to execution and discovery.
Read all positive and negative factors
Positive Factors
Negative Factors
High profitability and margins
Sustained high gross and net margins indicate an efficient cost base and pricing advantage in operations. Over 2–6 months this improves resilience to lower gold prices, funds reinvestment and exploration, and supports durable cash flow generation for growth and shareholder returns.
Read all positive factors
Ramelius Resources Limited (RMS) vs. iShares MSCI Australia ETF (EWA)
Market Cap
AU$6.99B
Dividend Yield2.24%
Average Volume (3M)9.62M
Price to Earnings (P/E)14.2
Beta (1Y)1.78
Revenue Growth13.34%
EPS Growth-15.96%
CountryAU
Employees250
SectorBasic Materials
Sector Strength58
IndustryGold
Share Statistics
EPS (TTM)0.25
Shares Outstanding1,889,112,300
10 Day Avg. Volume13,631,870
30 Day Avg. Volume9,615,784
Financial Highlights & Ratios
PEG Ratio0.06
Price to Book (P/B)1.54
Price to Sales (P/S)2.44
P/FCF Ratio4.81
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
AU$4.86Price Target Upside61.85% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering9
EPS Forecast (FY)0.22
Revenue Forecast (FY)AU$1.36B
Ramelius Resources Limited Business Overview & Revenue Model
Company Description
Ramelius Resources Limited engages in the exploration, evaluation, mine development and operation, production, and sale of gold. The company operates through three segments: Mt Magnet, Edna May, and Exploration. It holds a portfolio of projects in...
How the Company Makes Money
Ramelius primarily makes money by producing and selling gold. Revenue is generated when gold-bearing ore is mined and processed into gold (typically poured as doré bars), which is then sold to third-party buyers such as bullion banks, refineries, ...
Ramelius Resources Limited Earnings Call Summary
Earnings Call Date:Feb 19, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Aug 24, 2026
Earnings Call Sentiment Positive
The half-year call presents strong financial and operational positives — record underlying EBITDA and margin, a robust cash position, balance sheet enhancement, an important operational milestone at Dalgaranga, and clear tax/acquisition synergies from Spartan. These positives are tempered by near-term lower production and grades, higher operating costs per tonne at Mt Magnet, significant one-off acquisition and noncash adjustments, and a modest free cash flow outflow plus an uncertain stamp duty timing. On balance, the call indicates positive momentum and strategic progress while acknowledging transitional and one-off costs.Positive Updates
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.
Negative Updates
Lower Production and Milled Tonnes
Half-year production was 101,000 ounces (the lowest in the displayed 2.5 year period) with FY '26 production guidance slightly below 200,000 ounces. Group milled tonnes were down due to Edna May being in care and maintenance.
Read all updates
Q2-2026 Updates
Positive
Negative
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.
Read all positive updates
Company Guidance
Management guided FY26 production at "a touch below 200,000 ounces" and reiterated the FY30 aim to be a 500,000 oz producer; Never Never’s first ore is now at Mt Magnet with a 31,000‑tonne stockpile at 3.6 g/t (reserve grade 7.3 g/t), blending from March and higher‑grade material to be introduced in the June 2026 quarter, with stoping scheduled to commence March–April and stope ore expected early in the June quarter. They highlighted operational and financial metrics underpinning the guidance — tonnes mined +64%, mine grade -46% to 2.66 g/t, Mt Magnet throughput +18% — and key financials and balance sheet items: realized gold price +36%, AISC margin A$2,921/oz, Mt Magnet gross margin A$2,413/oz, underlying EBITDA A$347m (42% margin), revenue A$485.6m, operating cash flow A$311.6m, free cash flow -A$40m, closing cash and gold A$694.3m, working capital ~A$600m, net assets A$4bn and a new A$500m facility; hedging actions include closing FY27 hedges at a cost of A$28.4m with FY27 collars covering 22,500 oz (floor A$4,200/ceiling A$5,906) and puts for 40,000 oz at A$5,750, and a Spartan acquisition stamp duty of ~A$131m expected by the back end of FY26.Ramelius Resources Limited Financial Statement Overview
Summary
Income Statement
85
Very Positive
Balance Sheet
78
Positive
Cash Flow
82
Very Positive
| Breakdown | TTM | Jun 2025 | Jun 2024 | Jun 2023 | Jun 2022 | Jun 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.18B | 1.20B | 882.51M | 631.20M | 603.56M | 633.96M |
| Gross Profit | 674.53M | 695.04M | 313.54M | 114.46M | 117.48M | 180.15M |
| EBITDA | 847.14M | 804.41M | 464.56M | 260.32M | 208.84M | 340.89M |
| Net Income | 292.08M | 474.17M | 216.58M | 61.56M | 12.40M | 126.78M |
Balance Sheet | ||||||
| Total Assets | 4.61B | 2.39B | 1.59B | 1.19B | 972.57M | 869.04M |
| Cash, Cash Equivalents and Short-Term Investments | 658.72M | 783.68M | 424.27M | 250.96M | 147.78M | 228.50M |
| Total Debt | 155.53M | 64.42M | 10.47M | 28.44M | 50.81M | 26.04M |
| Total Liabilities | 634.69M | 483.64M | 264.82M | 250.68M | 251.71M | 233.26M |
| Stockholders Equity | 3.97B | 1.91B | 1.33B | 940.25M | 720.87M | 635.78M |
Cash Flow | ||||||
| Free Cash Flow | 425.88M | 610.33M | 331.63M | 70.59M | 12.13M | 139.70M |
| Operating Cash Flow | 613.88M | 770.83M | 454.77M | 259.95M | 158.01M | 305.24M |
| Investing Cash Flow | -291.53M | -326.19M | -242.68M | -120.78M | -192.84M | -183.35M |
| Financing Cash Flow | -118.08M | -85.23M | -38.78M | -35.99M | -45.89M | -59.06M |
Ramelius Resources Limited Technical Analysis
Positive
3.00
Price Trends
3.12
Positive
3.35
Positive
3.70
Negative
Market Momentum
0.16
Negative
67.33
Neutral
84.72
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:RMS, the sentiment is Positive. The current price of 3 is below the 20-day moving average (MA) of 3.25, below the 50-day MA of 3.12, and below the 200-day MA of 3.70, indicating a neutral trend. The MACD of 0.16 indicates Negative momentum. The RSI at 67.33 is Neutral, neither overbought nor oversold. The STOCH value of 84.72 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for AU:RMS.
Ramelius Resources Limited Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
82 Outperform | AU$8.80B | 20.63 | 28.87% | ― | 149.69% | 209.07% | |
75 Outperform | AU$5.67B | 11.31 | 27.80% | 3.29% | 31.42% | ― | |
75 Outperform | AU$7.40B | 28.93 | 22.68% | 0.44% | 69.26% | 175.52% | |
67 Neutral | AU$7.45B | 20.22 | 12.39% | 2.08% | 16.69% | 3.17% | |
67 Neutral | AU$5.55B | 20.74 | 12.35% | 0.65% | 101.97% | 237.66% | |
66 Neutral | AU$6.99B | 14.16 | 9.94% | 2.72% | 13.34% | -15.96% | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% |
* Basic Materials Sector Average
AU:RMS
Ramelius Resources Limited
3.65
0.93
34.14%
AU:PRU
Perseus Mining
5.62
2.13
61.12%
AU:RRL
Regis Resources Limited
7.48
3.18
74.07%
AU:WGX
Westgold Resources
5.82
2.84
94.97%
AU:GMD
Genesis Minerals Limited
7.37
3.15
74.64%
AU:CMM
Capricorn Metals Ltd
16.06
6.40
66.27%
Ramelius Resources Limited Corporate Events
Ramelius clarifies reporting standards and use of non‑IFRS metrics
Aug 2, 2026
Ramelius Resources has issued a presentation outlining the basis for its reported exploration results, mineral resources and ore reserves, confirming that qualified Competent Persons within the company have compiled and consented to the technical ...
Ramelius Confirms Assumptions and Reporting Framework in June Quarter Update
Jul 28, 2026
Ramelius Resources has released its June 2026 quarterly results presentation, outlining financial and operational performance metrics that include both IFRS and non-IFRS measures such as all-in sustaining cost and all-in cost. The company reiterat...
Ramelius boosts cash, meets guidance as high-grade strategy and asset sale reshape portfolio
Jul 28, 2026
Ramelius Resources reported June quarter gold production of 53,466 ounces at an all-in sustaining cost of A$1,973 per ounce, contributing to full-year output of 192,182 ounces and underlying free cash flow of A$393.3 million. The company maintaine...
Ramelius to Release 2.7 Million Escrowed Shares into Market
Jul 23, 2026
Ramelius Resources Limited has announced that 2,673,561 ordinary shares currently under escrow arrangements will be released on 31 July 2026. The release of these escrowed securities will increase the freely tradable share float, which may influen...
Ramelius Ramps Up High-Grade Exploration to Support Next Underground Mine
Jul 21, 2026
Ramelius Resources has reported a strong half year of exploration, completing 165,000 metres of drilling across its Western Australian portfolio and delivering multiple ultra high-grade gold intercepts. The results span its Dalgaranga, Cue, Galaxy...
Ramelius hits FY26 gold guidance and crystallises value with Edna May hub sale
Jul 7, 2026
Ramelius Resources has met its FY26 production guidance for the sixth consecutive year, delivering 192,182 ounces of gold and a 40% quarter-on-quarter production jump, while generating A$138.3 million in underlying free cash flow and ending June w...
Ramelius cancels over 7 million shares in on-market buy-back
Jul 3, 2026
Ramelius Resources Limited has cancelled 7,024,529 ordinary fully paid shares as part of an on-market share buy-back, effective 2 July 2026. The reduction in issued capital signals a capital management initiative that may enhance earnings per shar...
Ramelius Steps Up On-Market Buy-Back with Daily Share Repurchases
Jun 30, 2026
Ramelius Resources has continued its on-market share buy-back program, disclosing that it repurchased a total of 36,469,952 ordinary fully paid shares prior to the latest trading day. The company reported an additional 336,249 shares bought back o...
Ramelius Sells Edna May Gold Hub to Forrestania for A$300m
Jun 28, 2026
Ramelius Resources has agreed to sell its 100% interest in the Edna May Gold Hub to Forrestania Resources for A$300 million, in a mix of at least A$200 million cash and up to A$100 million in Forrestania shares. The package includes the Edna May G...
Ramelius Resources Reports Lapse of Performance Rights
Jun 26, 2026
Ramelius Resources Limited has notified the market of the lapse of 134,080 performance rights, identified under the ASX code RMSAD, after the conditions attached to these rights were not met or became incapable of being satisfied. The cessation of...
Ramelius Resources Updates Daily On-Market Share Buy-Back
Jun 24, 2026
Ramelius Resources Limited has provided an updated notification on its ongoing on-market share buy-back program for its ordinary fully paid shares traded under the code RMS. The latest filing confirms the buy-back remains active as part of the com...
Ramelius Updates Market on Progress of On‑Market Share Buy‑Back
Jun 23, 2026
Ramelius Resources Limited has provided an updated notification regarding its on-market share buy-back program for its ordinary fully paid shares. The company reported that a total of 34,847,676 shares had been bought back before the previous trad...
Ramelius Updates Progress on Ongoing On-Market Share Buy-Back
Jun 21, 2026
Ramelius Resources Limited has disclosed an update to its on-market share buy-back program covering its ordinary fully paid shares on the ASX under the code RMS. The update, dated 21 June 2026, reflects the company’s ongoing capital manageme...
Ramelius Resources Seeks ASX Quotation for New Employee Incentive Shares
Jun 19, 2026
Ramelius Resources has applied for quotation on the ASX of 8,903 new ordinary fully paid shares issued under its employee incentive scheme. The small-sized issuance, dated 19 June 2026, marginally increases the company’s quoted capital base ...
Ramelius Ramps Up On‑Market Share Buy‑Back Activity
Jun 18, 2026
Ramelius Resources has continued its on‑market share buy-back program, reporting that it has repurchased a cumulative total of 30,151,242 ordinary shares prior to the latest trading day. The company bought back an additional 3,099,581 shares...
Ramelius Discloses Final Shareholdings of Departing Director Simon Lawson
Jun 5, 2026
Ramelius Resources has announced that director Simon Irwin Lawson has ceased to be a director as of 5 June 2026, triggering a final disclosure of his interests in the company’s securities. The notice records Lawson’s holding of 2,673,4...
Ramelius Resources Deputy Chair Resigns as Board Reviews Growth Ambitions
Jun 5, 2026
Ramelius Resources has announced the resignation of Deputy Chair and Non‑Executive Director Simon Lawson, effective 5 June 2026, as he departs to pursue other interests. Lawson joined the board in July 2025 following Ramelius’ combinat...
Ramelius Resources Cancels 2.55 Million Shares After On-Market Buyback
Jun 2, 2026
Ramelius Resources has cancelled 2,553,409 ordinary fully paid shares following completion of an on-market share buyback, as notified to the ASX on 2 June 2026. The reduction in issued capital is expected to slightly enhance value per remaining sh...
Ramelius Resources Updates Market on Progress of On‑Market Share Buy‑Back
May 21, 2026
Ramelius Resources Limited has provided an updated notification to the ASX regarding its on‑market share buy‑back of ordinary fully paid shares. The filing, dated 21 May 2026, confirms the ongoing execution of the buy‑back progra...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.