Australian gold producer Ramelius Resources Ltd. (ASX:RMS) reported a record underlying EBITDA margin of 74% for the fiscal year ended June 30, 2026, as record gold prices and cost discipline countered a 36% decline in production.
Underlying EBITDA reached A$765.4 million, with EBITDA per ounce hitting a company record of A$4,022. The realized gold price averaged A$5,400 per ounce, up 36% year-over-year. Net profit after tax fell 33% to A$319.9 million, reflecting lower volumes and higher costs at the Mt Magnet hub, where all-in sustaining costs rose 51% to A$1,983 per ounce.
Gold output totaled 192,000 ounces, within the guidance range of 185,000–205,000 ounces but down from 300,000 ounces in the prior year. Ore tonnes mined increased 75% to 2.3 million tonnes, though milled grade declined 51% to 2.79 g/t. Ore reserves stood at 69 million tonnes at 1.9 g/t for 4.2 million ounces, including 3.1 million ounces at the Mt Magnet hub.
The company’s Mt Magnet processing facility processed 2.03 million tonnes, up 12%, but gold production there fell 23% to 190,000 ounces. EBITDA at Mt Magnet rose 4% to A$813.4 million, supported by an EBITDA margin of 78.8% and A$4,275 per ounce.
Ramelius maintained its six-year streak of meeting production and cost guidance while advancing strategic initiatives. The Edna May hub was placed into care and maintenance, with a A$300 million disposal agreed. The Never Never underground project reached commercial production in March 2026, with a maiden ore reserve of 7.0 million tonnes at 7.3 g/t for 1.6 million ounces. A pre-feasibility study estimated a A$3.5 billion NPV at a A$4,500 per ounce gold price.
The Rebecca-Roe project’s definitive feasibility study showed an NPV of A$692 million, with a final investment decision pending environmental permitting. Ramelius outlined a five-year plan targeting production growth to over 500,000 ounces per annum by FY30, a 170% increase from current levels.
Total shareholder returns for FY26 amounted to A$255.7 million, equivalent to 65% of underlying free cash flow and A$1,332 per ounce sold. Fully franked dividends totaled A$114.0 million, including a 3-cent final dividend with a record date of September 16, 2026, and payment on October 13, 2026. Share buybacks reached A$141.7 million, representing 57% of a A$250 million program announced in December 2025.
Ramelius ended the year with A$1.15 billion in total liquidity, including A$649.6 million in cash and gold on hand and an undrawn A$500 million credit facility. The company set a A$100 million exploration budget for FY27.
