Ramelius Resources Limited · ASX:RMS
Ramelius Resources — H1 FY25 Earnings Presentation
28 slides from Ramelius Resources's earnings presentation, Jan 30, 2025
Slide 1: H1 FY25 Financial Results Presentation
Ramelius Resources Limited Mark Zeptner Darren Millman Ben Ringrose Managing Director Chief Financial Officer GM - Finance ASX:RMS H1 FY25 FINANCIAL RESULTS PRESENTATION FEBRUARY 2025 H1 FY25 FINANCIAL RESULTS • FEBRUARY 2025 July 2024 1
Slide 2: Qualification & Non-IFRS Financial Information
QUALIFICATION & NON-IFRS FINANCIAL INFORMATION Forward Looking Statements This presentation contains certain forward looking statements with respect to Ramelius Resources Ltd’s (Ramelius) financial condition, results of operations, production targets and other matters that are subject to various ris
Slide 3: H1 FY25 Mining & Production Highlights
H1 FY25 MINING & PRODUCTION HIGHLIGHTS ORE TONNES MINED (down 61%) MINED GRADE (up 117%) ORE TONNES MILLED (down 1%) 0.7Mt 4.92g/t 2.0Mt Completion of mining across Edna May hub; 3.2Mt Introduction of high-grade ore from Cue and Mill feed from current mining operations along of high-grade stockpiles
Slide 4: H1 FY25 Financial Highlights | Earnings
H1 FY25 FINANCIAL HIGHLIGHTS | EARNINGS UNDERLYING FREE CASH FLOW PER SHARE REVENUE (up 46%) EBITDA (up 119%) (up 409%) A$508.0 million A$307.6 million 22.9 cents (A$) Increased production and A$ gold price Improved grades, production, and A$ gold price BASIC EARNINGS PER SHARE (up 287%) NPAT (up 31
Slide 5: Underlying EBITDA by Operation
UNDERLYING EBITDA BY OPERATION EBITDA MARGIN (%) EBITDA MARGIN (A$M) UNDERLYING EBITDA MARGIN 61% as a percentage of revenue Very well placed within peer group ff A$2,151 per ounce sold UNDERLYING EBITDA BY OPERATION EBITDA PER OUNCE SOLD (A$/OZ) Mt Magnet making up a greater proportion of earnings
Slide 6: Mt Magnet - the engine room
MT MAGNET - the engine room Key Earnings Driver ➢ Makes up 85% of EBITDA ➢ Production in FY25 targeted to increase by ~ 50% on FY24 Superior Margins and Returns ➢ EBITDA margin 78% for Mt Magnet ➢ EBITDA of A$2,656/oz Poised for Growth ➢ Increased production from high-grade Penny and Cue mines ➢ Cue
Slide 7: H1 FY25 Financial Highlights | Cash
H1 FY25 FINANCIAL HIGHLIGHTS | CASH OPERATING CASH FLOW (up 181%) FREE CASH FLOW (up 202%) UNDERLYING FREE CASH FLOW (up 417%) A$320.9 million A$81.2 million A$264.1 million High-grade production and monetisation of Edna After further strategic investment in Spartan May stockpiles ($165.6 million) C
Slide 8: Cash Flow
CASH FLOW RETURN TO SHAREHOLDERS UNDERLYING FREE CASH FLOW CAPITAL INVESTMENT A$43.4 million A$264.1 million A$247.9 million Plus, A$14.0 million in dividend reinvestment, Cash flows strengthened across the year Including mine development, exploration, and total shareholder return of A$57.4 million
Slide 9: Balance Sheet Strength
BALANCE SHEET STRENGTH WORKING CAPITAL NET ASSETS CASH & GOLD A$410.4 million A$1,524.7million A$501.7million Remains strong after Spartan investment. Over $1.5 billion in net assets, driven by Liquidity of $1.0 billion including $175 million Includes $112.9 million in income tax earnings, investmen
Slide 10: Gold Production
GOLD PRODUCTION GOLD PRODUCTION PROFILE BY HALF-YEAR (Koz) RAMELIUS REGIONAL MAP OF OPERATIONS H1 FY25 FINANCIAL RESULTS • FEBRUARY 2025 10
Slide 11: AISC - delivering on increased margins
AISC - delivering on increased margins, even better than previously forecast 10-YEAR AISC MARGIN (including forecast for FY25 based on mid-point of Guidance)1 ➢ H1 FY25 margin 52% over AISC ➢ FY25 assumes a A$4,500/oz spot gold price, plus existing forward contracts1 ➢ FY25 margin 61% over AISC ➢ De
Slide 12: FY25 Gold Production & AISC Guidance
FY25 GOLD PRODUCTION & AISC GUIDANCE - proving to be a strong year of cash generation ➢ Full Year Guidance remains at 270,000 – 300,000 ounces at an AISC of A$1,500 – 1,700oz 1. Included within the Group is exploration and resource definition expenditure of A$17.5 million of costs on areas outside t
Slide 13: Dividends - Interim Dividend payment
DIVIDENDS - Interim Dividend payment on the back of record gold prices INTERIM DIVIDEND DIVIDEND HISTORY (A$M) ➢ Fully franked dividend at 3.0 cents (A$34.7M) ➢ Record / Payment date: 18 March / 17 April 2025 ➢ Pay-out ratio of 43% of free cash flow1 ➢ Returns A$235/oz produced ➢ Yield of 2.9%2 ➢ TS
Slide 14: Ramelius - well positioned for FY25 and beyond
RAMELIUS - well positioned for FY25 and beyond Proven management team adept in either greenfield development or Operational Excellence refurbishment & operation of both open pit and underground mines Strong balance sheet, disciplined approach to capital management with a focus Balance Sheet & Use of
Slide 15: Questions?
QUESTIONS? Ramelius Resources Limited ASX Code: RMS Level 1, 130 Royal Street East Perth WA 6004 Authorised for release to the ASX by the Managing Director. For further information contact: Investor enquiries: Media enquiries: Mark Zeptner Darren Millman Luke Forrestal Managing Director Chief Financ
Slide 16: Appendix 1: Financial Results
APPENDIX 1: FINANCIAL RESULTS Financial results Unit H1 FY25 H1 FY24 % Earnings Revenue A$M 508.0 348.5 + 46% EBITDA A$M 307.6 140.2 + 119% NPAT A$M 170.4 41.2 + 314% Basic earnings per share A$ cps 14.8 3.8 + 287% Gold sold Koz 143 124 + 16% Achieved realised price A$/oz $3,541 $2,809 + 26% EBITDA
Slide 17: Appendix 2: H1 FY25 Mt Magnet Highlights
APPENDIX 2: H1 FY25 MT MAGNET HIGHLIGHTS - Industry leading AISC ➢ Safety: one (1) Lost Time Injury and three (3) Restricted Work Injuries during the Quarter ➢ Production: 108,069 ounces of gold produced at Mt Magnet ➢ Costs: AISC of A$1,376/oz, amongst the lowest in the industry ➢ Operations: devel
Slide 18: Appendix 3: H1 FY25 Edna May Highlights
APPENDIX 3: H1 FY25 EDNA MAY HIGHLIGHTS - Unlocking value in stockpiles across the hub ➢ Safety: three (3) Restricted Work Injuries during the Quarter, no Lost Time Injuries ➢ Production: 39,686 ounces of gold produced at Edna May ➢ Costs: AISC of A$2,529/oz which includes a A$527/oz non-cash charge
Slide 19: Appendix 4: Reconciliation of Statutory and Underlying Earnings
APPENDIX 4: RECONCILIATION OF STATUTORY AND UNDERLYING EARNINGS Earnings ($M) H1 FY25 H2 FY24 H1 FY24 H2 FY23 H1 FY23 Statutory NPAT 170.4 175.4 41.2 32.5 29.1 Add: income tax expense 67.2 39.7 20.7 15.5 13.2 Add / (less): net finance cost / (income) (6.5) (5.2) (2.8) 0.3 1.6 EBIT 231.1 209.9 59.1 4
Slide 20: Appendix 5: Reconciliation of Cash Flow
APPENDIX 5: RECONCILIATION OF CASH FLOW Cash flow (A$M) H1 FY25 H2 FY24 H1 FY24 H2 FY23 H1 FY23 Receipts from customers 508.0 548.1 335.6 326.2 304.6 Payments to suppliers (187.7) (214.9) (215.5) (181.5) (197.3) Interest received 7.5 7.0 4.4 1.8 1.3 Lease payments (6.9) (8.7) (10.5) (13.2) (15.6) Op
Slide 21: Appendix 6: Reconciliation of Working Capital
APPENDIX 6: RECONCILIATION OF WORKING CAPITAL Working capital (A$M) H1 FY25 H2 FY24 H1 FY24 H2 FY23 H1 FY23 Cash 454.5 424.2 249.3 251.0 138.5 Gold bullion on hand (at spot) 47.2 22.4 32.5 21.1 15.5 Receivables 5.3 3.7 7.7 2.7 1.7 Current stockpiles & gold in circuit (at cost) 70.2 89.8 108.5 105.5
Slide 22: Appendix 7: Half-Year Production History
APPENDIX 7: HALF-YEAR PRODUCTION HISTORY MINED GRADE (g/t) CONTAINED GOLD MINED (Koz) MILLED GRADE (g/t) GOLD PRODUCTION (Koz) ACHIEVED GOLD PRICE (A$/oz) AISC (A$/oz) Refer to Appendix 10 for definitions on operating and financial metrics H1 FY25 FINANCIAL RESULTS • FEBRUARY 2025 22
Slide 23: Appendix 8: Half-Year Earnings History
APPENDIX 8: HALF-YEAR EARNINGS HISTORY REVENUE (A$M) EBITDA (A$M) NPAT (A$M) INCREASE IN CASH & GOLD (A$M) UNDERLYING FREE CASH FLOW BASIC EARNINGS PER SHARE (cps) (A$) (INCLUDING BULLION) (A$M) Refer to Appendix 10 for definitions on operating and financial metrics H1 FY25 FINANCIAL RESULTS • FEBRU
Slide 24: Appendix 9: Half-Year Margins History
APPENDIX 9: HALF-YEAR MARGINS HISTORY GROSS PROFIT MARGIN (%) GROSS PROFIT PER OUNCE (A$/oz) EBITDA MARGIN (%) EBITDA PER OUNCE (A$/oz) AISC MARGIN (%) AISC MARGIN PER OUNCE (A$/oz) Refer to Appendix 10 for definitions on operating and financial metrics H1 FY25 FINANCIAL RESULTS • FEBRUARY 2025 24
Slide 25: Appendix 10: Definitions
APPENDIX 10: DEFINITIONS AISC: All-In Sustaining Cost calculated in accordance with World Gold Council Guidance Note on AISC and AIC released on 14 November 2018 AIC: All-In Cost calculated in accordance with World Gold Council Guidance Note on AISC and AIC released on 14 November 2018 NPAT: Net pro
Slide 26: Appendix 11: Cash Flow - industry leading free cash flow per ounce
APPENDIX 11: CASH FLOW - industry leading free cash flow per ounce produced Refer to Appendix 12 &13 for peer metric calculations Refer to Appendix 10 for definitions on operating and financial metrics H1 FY25 FINANCIAL RESULTS • FEBRUARY 2025 26
Slide 27: Appendix 12: Q2 FY25 Supporting Cash Flow Workings
APPENDIX 12: Q2 FY25 SUPPORTING CASH FLOW WORKINGS Hedge Operating Working Underlying Investment Dividends Opening Closing Growth book Total cash Net cash / Company cash flow Exploration Capital free cash & / Share Financing Tax Other cash & cash & Debt Source Capital closure & flow (debt) (inc leas
Slide 28: Appendix 13: H1 FY25 Supporting Cash Flow Workings
APPENDIX 13: H1 FY25 SUPPORTING CASH FLOW WORKINGS Hedge Operating Working Underlying Investment Dividends Opening Closing Growth book Total cash Net cash / Company cash flow Exploration Capital free cash & / Share Financing Tax Other cash & cash & Debt Source Capital closure & flow (debt) (inc leas