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Ramelius Resources Limited
(Sydney:RMS)
Ramelius Resources Limited (RMS) vs. iShares MSCI Australia ETF (EWA)
Ramelius Resources Limited Business Overview & Revenue Model
Ramelius Resources Limited Earnings Call Summary
Ramelius Resources Limited Financial Statement Overview
| 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
Ramelius Resources Limited Peers Comparison
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
79 Outperform | AU$7.39B | 14.62 | 16.68% | 0.65% | 30.46% | ― | |
75 Outperform | AU$9.22B | 17.89 | 28.58% | 1.92% | 36.34% | 110.55% | |
72 Outperform | AU$6.22B | 75.73 | 13.09% | ― | 130.98% | ― | |
69 Neutral | $4.68B | 46.25 | 14.25% | ― | 17.59% | 0.98% | |
69 Neutral | $7.61B | 28.91 | 12.65% | 0.46% | 89.86% | -81.65% | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% |
Ramelius Resources Limited Corporate Events
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. The company emphasises that these measures, while useful for understanding its cost structure and profitability, are not standardised under Australian Accounting Standards and may not be comparable with peers.
The release confirms that qualified Competent Persons have reviewed and consented to the underlying exploration, mineral resource and ore reserve data supporting the company’s disclosures, and that there have been no material changes to the technical assumptions. Ramelius also cautions investors against placing undue reliance on non-IFRS data, noting that such information is unaudited and subject to the usual risks and uncertainties affecting its operations and reported results.
The most recent analyst rating on (AU:RMS) stock is a Hold with a A$4.80 price target. To see the full list of analyst forecasts on Ramelius Resources Limited stock, see the AU:RMS Stock Forecast page.
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 prices lifted EBITDA margins to 72%, bolstered gross margin per ounce and supported an unchanged fully franked interim dividend of 3.0 cents per share.
Underlying net profit after tax eased 6% to A$160 million and free cash flow fell 30%, while total cash and bullion declined to A$694.3 million as capital was deployed into growth projects. The company is progressing the Never Never underground development and Mt Magnet plant upgrades, and has replaced its A$175 million debt facility with an undrawn A$500 million facility to enhance balance sheet flexibility and funding options.
Statutory earnings were reduced to a small net loss due to one‑off Spartan acquisition costs, royalty fair value movements and other non‑recurring charges. Management described the period as transitional following the Spartan combination but broadly in line with its 5‑year growth pathway, indicating that Ramelius is trading current cash strength and higher margins for accelerated investment in its expanded asset base.
The most recent analyst rating on (AU:RMS) stock is a Hold with a A$4.80 price target. To see the full list of analyst forecasts on Ramelius Resources Limited stock, see the AU:RMS Stock Forecast page.
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 scheduled for 15 April, while shareholders have until 18 March to make or amend elections under the company’s dividend reinvestment plan, underscoring continued capital returns to investors.
The announcement signals the company’s confidence in its financial performance and cash generation over the half-year, providing income to shareholders while offering an option to reinvest via the DRP. These distributions may enhance Ramelius Resources’ appeal to yield-focused investors within the gold mining sector and reinforce its positioning as a consistent dividend payer in the Australian resources market.
The most recent analyst rating on (AU:RMS) stock is a Hold with a A$4.80 price target. To see the full list of analyst forecasts on Ramelius Resources Limited stock, see the AU:RMS Stock Forecast page.
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 year earlier. Despite the weaker earnings, the board has declared a fully franked interim dividend of 3.0 cents per share, supported by a higher net tangible asset backing of $2.06 per share and the availability of a dividend reinvestment plan, while the company also completed the acquisition of the remaining 81.1% of Spartan Resources to consolidate its growth pipeline.
The interim dividend, to be paid on 15 April 2026 with an ex-date of 16 March, follows substantial FY25 dividend payouts and signals ongoing capital returns even as earnings before interest and tax fell 87% and pre-tax profit dropped 83%. The completed Spartan Resources transaction, alongside ongoing joint venture interests in gold and base metals, underpins Ramelius’ strategy to expand and diversify its resource base, which may be pivotal for future production and earnings recovery after this weak half-year result.
The most recent analyst rating on (AU:RMS) stock is a Hold with a A$4.80 price target. To see the full list of analyst forecasts on Ramelius Resources Limited stock, see the AU:RMS Stock Forecast page.
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 value per remaining share and signals ongoing capital management efforts to shareholders and the market.
The most recent analyst rating on (AU:RMS) stock is a Buy with a A$5.10 price target. To see the full list of analyst forecasts on Ramelius Resources Limited stock, see the AU:RMS Stock Forecast page.
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 Exploration Results, Mineral Resources and Ore Reserves. The company emphasises that the presentation contains non-IFRS financial measures and forward-looking statements subject to significant risks and uncertainties, cautioning investors not to place undue reliance on these metrics or projections as they are unaudited and may differ materially from actual future performance.
The most recent analyst rating on (AU:RMS) stock is a Hold with a A$4.80 price target. To see the full list of analyst forecasts on Ramelius Resources Limited stock, see the AU:RMS Stock Forecast page.
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 executives including the COO, CFO, Exploration General Manager and Group Resource & Mine Geology Manager will brief investors and analysts on the company’s operational and exploration performance, underscoring Ramelius’s emphasis on transparency and engagement with the market regarding its production and growth prospects.
The most recent analyst rating on (AU:RMS) stock is a Buy with a A$5.50 price target. To see the full list of analyst forecasts on Ramelius Resources Limited stock, see the AU:RMS Stock Forecast page.
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 signed off by qualified Competent Persons under the 2012 Australasian Code. The company also highlighted its use of non-IFRS financial measures, including AISC and AIC, alongside standard IFRS reporting to give stakeholders a more comprehensive view of operational performance and costs, while reiterating that these additional metrics are unaudited and should be read in conjunction with its statutory financial results.
The most recent analyst rating on (AU:RMS) stock is a Buy with a A$5.50 price target. To see the full list of analyst forecasts on Ramelius Resources Limited stock, see the AU:RMS Stock Forecast page.
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 FY26 production guidance. Operationally, the company advanced development at the Never Never underground and open pit mines at Dalgaranga, progressed engineering and early works for the Mt Magnet plant expansion, and continued an aggressive high-grade exploration program with 16 rigs and A$24.8 million in quarterly exploration spending, including defining a substantial exploration target at the Mars and Saturn prospects. The Rebecca-Roe project moved closer to development with the completion of a Definitive Feasibility Study, a conditional Final Investment Decision by the board and execution of a key Native Title Mining Agreement, laying groundwork for future production growth. On the corporate front, Ramelius strengthened its shareholder returns strategy by establishing capital allocation pillars, approving up to A$250 million in share buybacks and lifting the minimum dividend to 2 cents per share for FY26–FY27, while absorbing one-off tax payments and initial earnings adjustments from the Spartan Resources acquisition, signalling robust cash generation and a more mature capital management approach.
The most recent analyst rating on (AU:RMS) stock is a Buy with a A$5.50 price target. To see the full list of analyst forecasts on Ramelius Resources Limited stock, see the AU:RMS Stock Forecast page.
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 results, highlighted by some of the company’s highest-ever gold grades at the Hesperus prospect and standout intersections at Never Never, Plymouth, Break of Day, Windbag and Titan, underscore the significant exploration upside within its existing asset base and support its strategy of prioritising high-grade discoveries to bolster its five-year production outlook. Ramelius is expanding underground and surface drilling programs at key targets including Four Pillars, West Winds, Applewood, Sly Fox and Plymouth, while new mineralisation identified at Mars and Saturn, along with promising results at Break of Day and Austin North, point to further potential resource growth and extended mine life across its Western Australian hubs.
The most recent analyst rating on (AU:RMS) stock is a Buy with a A$5.50 price target. To see the full list of analyst forecasts on Ramelius Resources Limited stock, see the AU:RMS Stock Forecast page.
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. The lapse reduces the company’s potential future share dilution under its incentive arrangements, signalling that certain performance hurdles tied to these rights were not achieved, which may have implications for management incentives and capital structure planning but does not affect the company’s existing issued share capital.
The most recent analyst rating on (AU:RMS) stock is a Buy with a A$6.05 price target. To see the full list of analyst forecasts on Ramelius Resources Limited stock, see the AU:RMS Stock Forecast page.
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 A$67 million in underlying free cash flow before tax and dividends, ended the quarter with A$694.3 million in cash and gold, and underscored growth plans including development of the Dalgaranga mine, expansion works at the Mt Magnet plant, progress on the Rebecca‑Roe project via a Native Title Mining Agreement, and initiation of a A$250 million share buyback alongside a higher minimum dividend level, signalling both operational momentum and increased capital returns to shareholders.
The most recent analyst rating on (AU:RMS) stock is a Buy with a A$4.60 price target. To see the full list of analyst forecasts on Ramelius Resources Limited stock, see the AU:RMS Stock Forecast page.
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 from zero to this new figure. The ongoing daily buy-back activity underscores the company’s current capital management strategy, potentially supporting earnings per share and signalling confidence in the company’s valuation to existing and prospective shareholders.
The most recent analyst rating on (AU:RMS) stock is a Buy with a A$4.60 price target. To see the full list of analyst forecasts on Ramelius Resources Limited stock, see the AU:RMS Stock Forecast page.
Ramelius Resources has disclosed a change in the interests of Managing Director Mark William Zeptner, who has been issued 652,251 unvested, unlisted performance rights at no consideration. These new rights, approved by shareholders at the company’s 25 November 2025 annual general meeting, will vest on 1 July 2028 and expire on 1 July 2030, increasing Zeptner’s overall long-term equity-based exposure to the company and reinforcing the alignment of executive incentives with shareholder returns.
The most recent analyst rating on (AU:RMS) stock is a Buy with a A$4.60 price target. To see the full list of analyst forecasts on Ramelius Resources Limited stock, see the AU:RMS Stock Forecast page.
Ramelius Resources Limited, listed on the ASX under the code RMS, has filed an updated notice regarding the issue of unquoted securities. The announcement clarifies that Exception 14 under ASX Listing Rule 7.2 applies to securities issued to managing director Mark Zeptner, updating a previous notification made on the same date and indicating the issuance falls within an exemption framework under the exchange’s rules. This procedural update may reassure investors that the equity issuance to a key executive complies with ASX requirements and does not affect the company’s available placement capacity.
The most recent analyst rating on (AU:RMS) stock is a Buy with a A$4.60 price target. To see the full list of analyst forecasts on Ramelius Resources Limited stock, see the AU:RMS Stock Forecast page.
Ramelius Resources Limited has issued 3,763,858 unquoted performance rights under its employee incentive scheme, effective 19 December 2025. The new equity awards, which are subject to transfer restrictions and will not be quoted on the ASX until those restrictions lapse, underscore the company’s continued use of equity-based incentives to align staff and executive interests with long-term shareholder value, potentially leading to some future dilution once the rights vest.
The most recent analyst rating on (AU:RMS) stock is a Buy with a A$4.60 price target. To see the full list of analyst forecasts on Ramelius Resources Limited stock, see the AU:RMS Stock Forecast page.
Ramelius Resources Limited has applied to the ASX for quotation of 69,184 new ordinary fully paid shares issued on 19 December 2025 under an employee incentive scheme. The modest new issuance, which will rank alongside existing quoted shares, reflects the company’s ongoing use of equity-based remuneration to attract and retain staff, with limited immediate dilutionary impact for existing shareholders.
The most recent analyst rating on (AU:RMS) stock is a Buy with a A$4.60 price target. To see the full list of analyst forecasts on Ramelius Resources Limited stock, see the AU:RMS Stock Forecast page.
Bulletin Resources Limited has announced the sale of three tenements from its Lake Rebecca Gold Project to Ramelius Resources Limited for $500,000. These tenements, considered non-core, are adjacent to Ramelius’s Rebecca Gold project. This transaction allows Bulletin to concentrate on its larger, recently acquired 509 square kilometer tenement package. The sale will also see Bulletin reimbursed for statutory rents, rates, and taxes related to the sold tenements, and the company remains well-funded with cash and investments totaling $18.85 million as of September 2025.
The most recent analyst rating on (AU:RMS) stock is a Buy with a A$4.60 price target. To see the full list of analyst forecasts on Ramelius Resources Limited stock, see the AU:RMS Stock Forecast page.
Ramelius Resources Limited has announced the application for quotation of 3,527 ordinary fully paid securities on the Australian Securities Exchange (ASX) under the code RMS. These securities are issued under an employee incentive scheme, reflecting the company’s commitment to aligning employee interests with corporate growth, potentially impacting stakeholder confidence positively.
The most recent analyst rating on (AU:RMS) stock is a Buy with a A$4.20 price target. To see the full list of analyst forecasts on Ramelius Resources Limited stock, see the AU:RMS Stock Forecast page.
Ramelius Resources Limited has announced a significant A$250 million share buyback program and an increase in the minimum dividend to 2 cents per share, as part of its capital allocation strategy for FY26 and FY27. This initiative reflects the company’s confidence in its ability to generate strong free cash flow and its commitment to enhancing shareholder value. Additionally, Ramelius is investing in the development of its mining operations, including the Never Never underground mine and the Mt Magnet hub, with plans to expand production capacity and explore new opportunities for growth.
The most recent analyst rating on (AU:RMS) stock is a Buy with a A$4.50 price target. To see the full list of analyst forecasts on Ramelius Resources Limited stock, see the AU:RMS Stock Forecast page.
Ramelius Resources Limited has announced an on-market buy-back of its ordinary fully paid shares, as per its latest notification to the ASX. This strategic move is likely aimed at optimizing the company’s capital structure and potentially enhancing shareholder value, reflecting a proactive approach in managing its financial resources.
The most recent analyst rating on (AU:RMS) stock is a Buy with a A$4.50 price target. To see the full list of analyst forecasts on Ramelius Resources Limited stock, see the AU:RMS Stock Forecast page.
Ramelius Resources Limited has successfully signed a Native Title Mining Agreement with the Kakarra Part B Native Title Holders for the Rebecca-Roe Gold Project. This agreement is a pivotal step in advancing the project’s development, allowing for the acceleration of key priorities such as optimization work streams and statutory approvals, with early works expected to commence in early 2026. The agreement is expected to deliver economic and social benefits to the Native Title Holders, securing the project’s long-term operational future.
The most recent analyst rating on (AU:RMS) stock is a Buy with a A$3.90 price target. To see the full list of analyst forecasts on Ramelius Resources Limited stock, see the AU:RMS Stock Forecast page.
Ramelius Resources Limited has announced the application for quotation of 100,956 ordinary fully paid securities on the Australian Securities Exchange, effective November 28, 2025. This move is part of an employee incentive scheme, indicating a strategic effort to enhance employee engagement and retention, which could positively impact the company’s operational efficiency and market positioning.
The most recent analyst rating on (AU:RMS) stock is a Buy with a A$4.20 price target. To see the full list of analyst forecasts on Ramelius Resources Limited stock, see the AU:RMS Stock Forecast page.
Ramelius Resources Limited announced the successful outcomes of its 2025 Annual General Meeting, where all proposed resolutions were passed by a significant majority. The resolutions included the adoption of the remuneration report, elections and re-elections of directors, and approvals related to performance rights and director fee pools, indicating strong shareholder support and a stable governance structure.
The most recent analyst rating on (AU:RMS) stock is a Buy with a A$4.20 price target. To see the full list of analyst forecasts on Ramelius Resources Limited stock, see the AU:RMS Stock Forecast page.
Ramelius Resources Limited announced a transformative year marked by record gold production and a strategic merger with Spartan Resources, enhancing its operational scale and financial strength. Despite a rise in recordable injuries, the company reported a significant increase in net profit and declared a maiden dividend, while outlining future growth plans including expansions and exploration investments.
The most recent analyst rating on (AU:RMS) stock is a Buy with a A$4.20 price target. To see the full list of analyst forecasts on Ramelius Resources Limited stock, see the AU:RMS Stock Forecast page.