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Ramelius Resources Limited
(Sydney:RMS)
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Rating:77Outperform
Price Target:
AU$4.50
▲(13.35% Upside)
Action:Upgraded
Date:08/22/26
The score is driven primarily by strong financial strength (notably low leverage and positive free cash flow) and a bullish strategic outlook from the latest earnings call (robust liquidity, shareholder returns, and a funded growth pipeline). These positives are tempered by 2026 performance volatility and near-term cost/capex pressures, while technicals remain constructive but appear overbought.
Positive Factors
Very low leverage
Minimal debt reduces financial strain and preserves flexibility to fund exploration, mine development and infrastructure without relying heavily on external financing, supporting resilience through commodity-price or operating cycles.
Negative Factors
Sharp earnings and revenue deterioration
The material decline in revenue, net income and margins demonstrates earnings cyclicality and weaker recent operating performance, making future cash generation more sensitive to production changes and realized gold prices.
Read all positive and negative factors
Positive Factors
Negative Factors
Very low leverage
Minimal debt reduces financial strain and preserves flexibility to fund exploration, mine development and infrastructure without relying heavily on external financing, supporting resilience through commodity-price or operating cycles.
Read all positive factors
Ramelius Resources Limited (RMS) vs. iShares MSCI Australia ETF (EWA)
Market Cap
AU$7.24B
Dividend Yield2.09%
Average Volume (3M)7.57M
Price to Earnings (P/E)59.8
Beta (1Y)1.72
Revenue Growth-14.16%
EPS Growth-84.78%
CountryAU
Employees380
SectorBasic Materials
Sector Strength58
IndustryGold
Share Statistics
EPS (TTM)0.06
Shares Outstanding1,889,112,300
10 Day Avg. Volume8,364,170
30 Day Avg. Volume7,573,201
Financial Highlights & Ratios
PEG Ratio-0.54
Price to Book (P/B)1.38
Price to Sales (P/S)5.24
P/FCF Ratio18.79
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
AU$4.84Price Target Upside21.89% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering9
EPS Forecast (FY)0.22
Revenue Forecast (FY)AU$1.37B
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:Aug 20, 2026
(Q4-2026)
| % Change Since: |
Next Earnings Date:Feb 23, 2027
Earnings Call Sentiment Positive
The call presents a strongly positive strategic and financial position: excellent underlying profitability, robust cash generation, clear shareholder returns (dividends and buybacks), material reserve additions (Never Never 1.6 Moz) and attractive project NPVs (Dalgaranga and Rebecca-Roe). These positives are tempered by near-term cost inflation (~8% guidance), one-off acquisition and royalty accounting impacts, CapEx escalation risk (10–15% on the mill) and some production timing uncertainty as projects and upgrades ramp. Overall, the company retains strong liquidity and a funded development pipeline, and management signals confidence in achieving >500,000 oz pa by FY'30, so the positives materially outweigh the negatives.Positive Updates
Strong Financial Performance
Underlying EBITDA of $765 million from sales of 192,000 ounces at a record 74% margin; EBITDA per ounce > $4,000; underlying NPAT ~ $320 million.
Negative Updates
Production Decline from Edna May Exit
Drop in production year-on-year due to completion of Edna May operations; FY'26 sold ounces 192,000 which reflects a period of consolidation after closure of that hub.
Read all updates
Q4-2026 Updates
Positive
Negative
Strong Financial Performance
Underlying EBITDA of $765 million from sales of 192,000 ounces at a record 74% margin; EBITDA per ounce > $4,000; underlying NPAT ~ $320 million.
Read all positive updates
Company Guidance
Ramelius said it will provide full FY‑27 production and cost guidance in the week commencing 21 September once the Stage‑2 EPC and new Mt Magnet LOMs are finalised, while targeting >500,000 ozpa by FY‑30 (c.170% growth); key project metrics include Never Never’s maiden underground reserve of 1.6 Moz at 7.3 g/t and a Dalgaranga PFS NPV of A$3.5bn at A$4,500/oz (A$6.4bn at A$6,000/oz), a preferred single Mt Magnet mill option up to 5 Mtpa (Stage 1: 1.9 Mtpa ball mill refurb; Stage 2: new 3 Mtpa circuit), and Rebecca‑Roe DFS NPV A$692m (A$2.1bn at A$6,000/oz). Management flagged inflationary pressure with costs trending ~8% higher YoY (diesel assumption ~$1.25/l) and mill CapEx escalation of ~10–15%; Galaxy’s mine life is extended to 2032 with throughput planned to rise to 800 ktpa (from 600 ktpa), and planned FY‑27 development at Galaxy will add ~A$30m to AISC (~A$130/oz). FY‑26 context to frame guidance: sold 192 koz, underlying EBITDA A$765m (74% margin; >A$4,000/oz), underlying NPAT ~A$320m, underlying FCF A$393m (>A$2,000/oz), closing cash & gold A$650m (liquidity A$1.1bn), exploration guidance for FY‑27 A$90–110m (midpoint A$100m), and shareholder returns comprising A$0.06/share total dividends (final A$0.03 fully franked) plus a A$250m buyback program (A$142m executed).Ramelius Resources Limited Financial Statement Overview
Summary
Income Statement
72
Positive
Balance Sheet
88
Very Positive
Cash Flow
70
Positive
| Breakdown | Jun 2026 | Jun 2025 | Jun 2024 | Jun 2023 | Jun 2022 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 1.03B | 1.20B | 882.51M | 631.20M | 603.56M |
| Gross Profit | 450.67M | 695.04M | 313.54M | 114.46M | 117.48M |
| EBITDA | 763.88M | 804.41M | 464.56M | 260.32M | 208.84M |
| Net Income | 118.83M | 474.17M | 216.58M | 61.56M | 12.40M |
Balance Sheet | |||||
| Total Assets | 4.88B | 2.39B | 1.59B | 1.19B | 972.57M |
| Cash, Cash Equivalents and Short-Term Investments | 608.40M | 783.68M | 424.27M | 250.96M | 147.78M |
| Total Debt | 79.47M | 64.42M | 10.47M | 28.44M | 50.81M |
| Total Liabilities | 954.93M | 483.64M | 264.82M | 250.68M | 251.71M |
| Stockholders Equity | 3.93B | 1.91B | 1.33B | 940.25M | 720.87M |
Cash Flow | |||||
| Free Cash Flow | 287.87M | 610.33M | 331.63M | 70.59M | 12.13M |
| Operating Cash Flow | 543.43M | 770.83M | 454.77M | 259.95M | 158.01M |
| Investing Cash Flow | -396.71M | -326.19M | -242.68M | -120.78M | -192.84M |
| Financing Cash Flow | -322.00M | -85.23M | -38.78M | -35.99M | -45.89M |
Ramelius Resources Limited Technical Analysis
Positive
3.97
Price Trends
3.30
Positive
3.36
Positive
3.73
Positive
Market Momentum
0.19
Negative
58.91
Neutral
66.13
Neutral
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 3.97 is above the 20-day moving average (MA) of 3.72, above the 50-day MA of 3.30, and above the 200-day MA of 3.73, indicating a bullish trend. The MACD of 0.19 indicates Negative momentum. The RSI at 58.91 is Neutral, neither overbought nor oversold. The STOCH value of 66.13 is Neutral, 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$8.60B | 14.72 | 18.86% | 2.08% | 12.65% | 11.08% | |
79 Outperform | AU$9.65B | 15.24 | 33.52% | ― | 89.36% | 165.30% | |
78 Outperform | AU$6.30B | 8.47 | 35.03% | 3.29% | 42.59% | 180.54% | |
78 Outperform | AU$7.53B | 24.84 | 20.93% | 0.44% | 44.67% | 70.20% | |
77 Outperform | AU$7.24B | 59.82 | 3.01% | 2.72% | -14.16% | -84.78% | |
73 Outperform | AU$6.01B | 12.85 | 19.72% | 0.65% | 79.44% | 1173.17% | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% |
* Basic Materials Sector Average
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Ramelius Resources Limited Corporate Events
Mitsubishi UFJ exits substantial holder position in Ramelius Resources
Aug 24, 2026
Mitsubishi UFJ Financial Group, Inc., a major Japanese financial institution, has lodged a Form 605 notice confirming it has ceased to be a substantial holder in Ramelius Resources Limited. The filing details a series of trades and securities borr...
First Sentier Group exits substantial holding in Ramelius Resources
Aug 21, 2026
Ramelius Resources Limited has disclosed that First Sentier Group Limited and a broad network of related entities, ultimately linked to Mitsubishi UFJ Financial Group, have ceased to be substantial shareholders in the company as of 19 August 2026....
Ramelius declares fully franked 2026 final dividend and activates DRP
Aug 20, 2026
Ramelius Resources has declared a fully franked final dividend of A$0.03 per share for the year ended 30 June 2026, payable in Australian dollars, with ex-dividend, record, and payment dates scheduled between mid-September and mid-October 2026. Th...
Ramelius Resources Affirms 2026 Results and Resource Estimates
Aug 20, 2026
Ramelius Resources has released its 2026 financial year results presentation, outlining its operating performance using both IFRS and non-IFRS measures such as all-in sustaining cost, all-in cost and EBITDA. The company emphasises that these metri...
Ramelius lifts margins and payouts despite lower FY26 earnings
Aug 20, 2026
Ramelius Resources Limited is an Australian gold producer listed on the ASX, operating a portfolio of high-grade, low-cost gold mines and processing hubs in Western Australia. The company focuses on maximising margins through selective mining, inc...
Ramelius Resources Declares 3-Cent Dividend After 2026 Financial Year
Aug 20, 2026
Ramelius Resources Limited has announced a new dividend for holders of its ordinary fully paid shares, reflecting results for the 12-month period ended 30 June 2026. The distribution has been set at AUD 0.03 per share, reinforcing the miner’...
Ramelius Resources Profit Slumps Despite Higher Revenue and Asset Expansion
Aug 20, 2026
Ramelius Resources reported FY26 revenue of A$1.03 billion, up 1% year-on-year, but underlying EBITDA fell 7% and net profit after tax dropped 75% to A$118.8 million amid weaker discontinued operations. Despite the profit decline, the company lift...
Ramelius Sets Investor Call to Discuss FY26 Financial Results
Aug 16, 2026
Ramelius Resources Limited has announced it will release its financial year 2026 results to the ASX before market open on Friday, 21 August 2026, underscoring its ongoing commitment to timely disclosure. The gold miner is coordinating the announce...
Ramelius Resources Cancels Shares Following On‑Market Buy‑Back
Aug 4, 2026
Ramelius Resources Limited has confirmed the cessation of 336,249 ordinary fully paid shares following an on-market buy-back conducted on 4 August 2026. The cancellation of these securities reduces the company’s issued capital and signals an...
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...
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.