Some of WA’s mid-tier gold mainstays have lifted the lid on their results for the final quarter of the financial year, painting a rosy picture for the segment amid a record gold price environment.
Ramelius Resources told investors it pumped out 82,058 ounces of gold for the June quarter to deliver a company record of 293,033oz for the 2024 financial year.
The numbers were at the upper end of its upgraded guidance and the Mark Zeptner-led miner said given its “outstanding” production results the FY2024 all-in sustaining costs would be at the lower end of the guided range of between $1550 and $1650 an ounce.
Ramelius held $446.6 million of cash and bullion by June 30, pulling in $137.3m of cash in the June quarter but seeing $87.7m of that go out the door on a Spartan Resources stock spending spree late last month.
The share raid and growing war chest, including inking a $175m revolving debt facility last week, point to an imminent Ramelius takeover attempt on Spartan. This is despite Ramelius telling the market last month it “currently” has no intention to take control of the mining aspirant.
Meanwhile, after generating 106,400oz for the final three months of the financial year Regis Resources grew its liquid assets by $109m.
Regis subsequently broke its cash and bullion record to sit on $295m by the start of FY2025.
Cost guidance was not disclosed, but investors were undeterred by that omission and pushed shares in Regis up 5.1 per cent in early trade.
The freshly merged Red 5 also had a strong start to the week’s trade after announcing it produced 110,818oz of gold in the June quarter and had fully repaid its King of the Hills project financing debts.
Red 5 is now debt free as it looks to shatter production records after formally absorbing rival Silver Lake Resources last month.
Shares in Red 5 were up 4.5 per cent in early trade, arresting a slump since shareholders gave the Silver Lake tie-up the green light in May.
A month prior the gold price hit an all-time high by surpassing $3750/oz.
https://thewest.com.au/business/mining/records-tumble-as-ramelius-resources-regis-resources-and-red-5-unveil-june-quarter-curtain-raisers-c-15278547
