Ramelius Resources Limited (AU:RMS)
ASX:RMS
Top Page
Ramelius Resources Limited
(Sydney:RMS)
Select Model
Select Model
Rating:66Neutral
Price Target:
AU$4.00
▲(11.42% Upside)
Action:DowngradedDate: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 reflect strong cost management and operational efficiency, enabling robust operating cash generation. These margins support reinvestment, dividends and capital for growth, and provide resilience to cyclical commodity price moves over the medium term.
Negative Factors
Near-term lower production and grades
Material declines in mined and mill grades materially reduce ounces sold and widen unit cost exposure, weakening near‑term revenue and free cash flow. Until higher‑grade Dalgaranga ore blends into the mill, production shortfalls and grade variability remain a structural headwind to margin stability.
Read all positive and negative factors
Positive Factors
Negative Factors
High profitability and margins
Sustained high gross and net margins reflect strong cost management and operational efficiency, enabling robust operating cash generation. These margins support reinvestment, dividends and capital for growth, and provide resilience to cyclical commodity price moves over the medium term.
Read all positive factors
Ramelius Resources Limited (RMS) vs. iShares MSCI Australia ETF (EWA)
Market Cap
AU$6.86B
Dividend Yield1.92%
Average Volume (3M)9.62M
Price to Earnings (P/E)―
Beta (1Y)1.45
Revenue Growth36.34%
EPS Growth110.55%
CountryAU
Employees300
SectorBasic Materials
Sector Strength58
IndustryGold
Share Statistics
EPS (TTM)0.09
Shares Outstanding1,911,294,600
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$5.47Price Target Upside52.45% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering9
EPS Forecast (FY)0.19
Revenue Forecast (FY)AU$1.13B
Ramelius Resources Limited Business Overview & Revenue Model
Company Description
Ramelius Resources Limited, together with its subsidiaries, engages in the exploration, mine development and operation, production, and sale of gold in Australia. It operates through three segments: Mt Magnet, Edna May, and Exploration. The compan...
How the Company Makes Money
Ramelius makes money primarily by producing and selling gold. Revenue is generated when mined ore is processed into gold doré (typically at company-operated processing plants) and the contained gold is sold at prevailing market prices, often with ...
Ramelius Resources Limited Earnings Call Summary
Earnings Call Date:Feb 19, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Aug 31, 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
Negative
3.59
Price Trends
4.35
Negative
4.06
Negative
3.56
Positive
Market Momentum
-0.25
Positive
38.80
Neutral
34.98
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:RMS, the sentiment is Negative. The current price of 3.59 is below the 20-day moving average (MA) of 3.93, below the 50-day MA of 4.35, and above the 200-day MA of 3.56, indicating a neutral trend. The MACD of -0.25 indicates Positive momentum. The RSI at 38.80 is Neutral, neither overbought nor oversold. The STOCH value of 34.98 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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 |
|---|---|---|---|---|---|---|---|
75 Outperform | AU$4.82B | 4.43 | 27.80% | 0.65% | 30.46% | ― | |
67 Neutral | AU$5.30B | 7.97 | 12.35% | 0.46% | 89.86% | -81.65% | |
66 Neutral | AU$6.86B | -160.00 | 9.94% | 1.92% | 36.34% | 110.55% | |
66 Neutral | AU$3.43B | 14.26 | 14.62% | ― | 17.59% | 0.98% | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
61 Neutral | AU$4.15B | -40.43 | 13.09% | ― | 130.98% | ― |
* Basic Materials Sector Average
AU:RMS
Ramelius Resources Limited
3.59
1.25
53.48%
AU:EMR
Emerald Resources NL
5.19
1.50
40.65%
AU:RRL
Regis Resources Limited
6.36
2.53
66.01%
AU:WGX
Westgold Resources
5.61
2.83
102.02%
AU:VAU
Vault Minerals Limited
3.99
1.11
38.35%
Ramelius Resources Limited Corporate Events
Ramelius Resources Updates Market on Ongoing On-Market Share Buy-Back
Mar 23, 2026
Ramelius Resources Limited has provided an updated notification to the ASX on its ongoing on-market share buy-back program for its ordinary fully paid shares under code RMS. The company reported that as of 24 March 2026, it had repurchased a cumul...
Ramelius updates market on progress of on-market share buy-back
Mar 22, 2026
Ramelius Resources Limited has provided an updated notification to the ASX outlining progress under its on-market share buy-back program for its ordinary fully paid shares. The company reported that it had repurchased a cumulative total of 25,438,...
Ramelius Seeks ASX Quotation for New Shares from Employee Scheme
Mar 20, 2026
Ramelius Resources Limited has applied to the ASX for quotation of 50,920 new ordinary fully paid shares, to be issued on 20 March 2026. The securities arise from the company’s employee incentive scheme, incrementally increasing its quoted s...
Ramelius Updates Daily On‑Market Share Buy-Back Totals
Mar 19, 2026
Ramelius Resources has provided an updated notification on its on‑market share buy-back program for its ordinary fully paid shares. As of 20 March 2026, the company reported that a cumulative 21,258,931 shares had been repurchased prior to t...
Ramelius retracts gold price‑based forecasts and issues compliant investor update
Mar 19, 2026
Ramelius Resources has withdrawn certain forward‑looking financial statements from a recent Euroz Hartleys investor presentation that modelled higher margins and cash flow based on an assumed gold price of A$7,000 an ounce. The company said ...
Ramelius issues new unquoted performance rights under employee incentive plan
Mar 19, 2026
Ramelius Resources Limited has issued 369,824 unquoted performance rights under its employee incentive scheme, with the new securities recorded under the ASX code RMSAD. The performance rights, which are subject to transfer restrictions and will n...
Ramelius Resources Continues On-Market Share Buy-Back Program
Mar 18, 2026
Ramelius Resources Limited has continued its on-market share buy-back program for its ordinary fully paid shares, as disclosed in an updated Appendix 3C notification to the ASX. The update confirms the cumulative number of shares repurchased to da...
Ramelius Resources Updates Daily On-Market Share Buy-Back Activity
Mar 17, 2026
Ramelius Resources Limited has reported an update to its on-market share buy-back program for its ordinary fully paid shares traded under the ASX code RMS. The company disclosed that a total of 17,693,797 shares had been repurchased before the pre...
Ramelius outlines 500koz growth pathway and clarifies non‑IFRS metrics
Mar 16, 2026
Ramelius Resources used a presentation at the Euroz Hartleys Institutional Investor Conference to outline its growth ambitions toward a 500,000 ounce annual production pathway. The company emphasised that its stated production targets and financia...
Ramelius Resources Updates Progress on On-Market Share Buy-Back
Mar 16, 2026
Ramelius Resources has provided an updated notification on its on-market share buy-back program for its ordinary fully paid shares. The company reported that a total of 15,693,797 shares had been repurchased prior to the previous trading day, with...
Ramelius Resources Continues On-Market Share Buy-Back With Daily ASX Update
Mar 15, 2026
Ramelius Resources Limited has provided an updated notification to the ASX confirming the ongoing execution of its on-market share buy-back for its ordinary fully paid shares. The update records a cumulative total of 13,693,797 shares repurchased ...
Ramelius Resources Updates ASX on Progress of On-Market Share Buy-Back
Mar 11, 2026
Ramelius Resources Limited has provided an updated notification to the ASX regarding its ongoing on-market share buy-back of ordinary fully paid shares under code RMS. The filing states that as of the latest reporting date, the company has bought ...
Ramelius Resources Updates Market on Ongoing On‑Market Share Buy‑Back
Mar 10, 2026
Ramelius Resources has provided an updated notification on its on-market share buy-back, confirming it is continuing to repurchase ordinary fully paid shares under the programme first announced in December 2025. The latest daily disclosure shows a...
Ramelius Resources Updates Market on Progress of On-Market Share Buy-Back
Mar 9, 2026
Ramelius Resources Limited has provided an updated notification regarding its on-market share buy-back program for its ordinary fully paid shares listed under code RMS on the ASX. The update confirms the company is continuing to actively repurchas...
Ramelius Updates Market on Progress of On‑Market Share Buy-Back
Mar 4, 2026
Ramelius Resources has provided an updated notification to the ASX regarding its ongoing on-market share buy-back program for its ordinary fully paid shares. The latest daily update, dated 5 March 2026, reports that a total of 1,533,288 shares had...
Ramelius Resources Cancels Shares Under On-Market Buy-Back
Mar 3, 2026
Ramelius Resources has cancelled 1,316,358 ordinary fully paid shares as part of an on-market buy-back, effective 3 March 2026. The reduction in issued capital through this buy-back program may enhance earnings per share and signal management̵...
Ramelius Updates Market on Ongoing On-Market Share Buy-Back
Feb 26, 2026
Ramelius Resources Limited has provided an updated notice to the ASX regarding its ongoing on-market share buy-back program for its ordinary fully paid shares. The company reported that a total of 1,475,726 shares had been repurchased prior to the...
Ramelius Reports Daily Progress on Ongoing On-Market Share Buy-Back
Feb 25, 2026
Ramelius Resources Limited has provided an updated notification to the ASX regarding its ongoing on-market share buy-back program for its ordinary fully paid shares. The company reported that, as of 26 February 2026, it had repurchased a cumulativ...
Ramelius director Fiona Murdoch cuts indirect shareholding in on-market trades
Feb 23, 2026
Ramelius Resources has disclosed a change in the shareholding of non-executive director Fiona Jane Murdoch, who holds her interests indirectly through Corporate Elements Pty Ltd and Verrierdale Pty Ltd as trustee for the Brush Box Superannuation F...
Ramelius underscores compliant reporting and cost metrics in pursuit of 500koz growth pathway
Feb 22, 2026
Ramelius Resources used its presentation at the BMO Global Metals, Mining Critical Minerals Conference to outline technical and reporting foundations underlying its growth ambitions toward a production pathway above 500,000 ounces of gold annuall...
Ramelius Outlines Basis of Half-Year Results and Non-IFRS Disclosures
Feb 19, 2026
Ramelius Resources has released its half-year financial results for the period ended 31 December 2025, outlining its use of non-IFRS measures such as all-in sustaining cost, all-in cost and EBITDA to present operational and financial performance. ...
Ramelius lifts EBITDA to record on strong gold price, backs growth with higher debt headroom
Feb 19, 2026
Ramelius Resources has reported a strong first half for FY26, driven by a record underlying EBITDA of A$347.7 million, up 13% despite lower gold sales volumes after placing the Edna May operation into care and maintenance. Higher realised gold pri...
Ramelius Resources Declares A$0.03 Interim Dividend for Half-Year to December 2025
Feb 19, 2026
Ramelius Resources has declared an ordinary interim dividend of A$0.03 per fully paid share, covering the six-month reporting period ended 31 December 2025. The dividend will trade ex on 16 March 2026, with a record date of 17 March and payment sc...
Ramelius Swings to Half-Year Loss but Maintains Dividend and Completes Spartan Acquisition
Feb 19, 2026
Ramelius Resources has reported a sharp deterioration in profitability for the half-year to 31 December 2025, with revenue down 4% to $485.6 million and EBITDA halving, while net profit swung to a $11.7 million loss from a $170.4 million profit a ...
Ramelius Resources Cancels Shares Under On-Market Buy-Back
Feb 2, 2026
Ramelius Resources Limited has cancelled 159,368 ordinary fully paid shares as part of an on-market buy-back, effective 2 February 2026. The buy-back-driven share cancellation slightly reduces the company’s issued capital, which may enhance ...
Ramelius Outlines Growth Pathway with Caution on Forward-Looking and Non-IFRS Metrics
Feb 1, 2026
Ramelius Resources has released an investor presentation outlining its growth pathway, supported by mineral resource and ore reserve estimates compiled by qualified Competent Persons in accordance with the Australasian Code for Reporting of Explor...
Ramelius Schedules Investor Call to Discuss December Quarter and Exploration Update
Jan 29, 2026
Ramelius Resources Limited has released its December 2025 Quarterly Activities Report to the ASX and scheduled an investor conference call for 29 January 2026 to discuss the results along with a recently issued exploration update. Senior executive...
Ramelius Underscores Competent Reporting and Non‑IFRS Metrics in December Quarter Disclosure
Jan 28, 2026
Ramelius Resources released its December 2025 quarterly information with a strong emphasis on compliance and reporting quality, confirming that key technical disclosures on exploration results, mineral resources and ore reserves are prepared and s...
Ramelius Delivers Strong Cash Flow as Growth Projects and Capital Returns Accelerate
Jan 28, 2026
Ramelius Resources reported quarterly group gold production of 45,610 ounces at an all-in sustaining cost of A$1,977 per ounce, generating operating cash flow of A$149.7 million and underlying free cash flow of A$54.7 million while maintaining FY2...
Ramelius Resources Unveils High-Grade Drill Results to Bolster Long-Term Gold Production
Jan 21, 2026
Ramelius Resources has reported a strong quarter of exploration activity, completing a 65,000m drilling campaign that returned multiple high-grade gold intercepts across its Dalgaranga, Mt Magnet (Galaxy and Eridanus), Penny and Cue projects. The ...
Ramelius Resources Lapses 309,519 Performance Rights After Vesting Conditions Fail
Jan 15, 2026
Ramelius Resources Limited has announced the cessation of 309,519 performance rights (ASX code RMSAD) after the conditional rights lapsed because their vesting conditions were not met or became incapable of being satisfied as of 15 January 2026. T...
Ramelius on Track for FY26 Gold Guidance as Cash Builds and Growth Projects Advance
Jan 7, 2026
Ramelius Resources reported December quarter gold output of 45,610 ounces, bringing year‑to‑date production to 100,623 ounces and keeping the company on track to meet its FY26 guidance of 185,000 to 205,000 ounces. The miner generated ...
Ramelius Resources Updates Market on Daily On-Market Share Buy-Back
Dec 30, 2025
Ramelius Resources Limited has provided an update on its on-market share buy-back program, confirming that 159,368 ordinary fully paid shares were repurchased on the previous trading day, bringing the total number of shares bought back to date fro...
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.