Ramelius hikes gold production guidance after record quarter
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The news: Ramelius Resources upgraded its full-year production guidance after notching record quarterly gold production for the March quarter.
The numbers: Ramelius upgraded its full-year gold production to 285,000 to 295,000 ounces from 265,000 to 280,000. The company's all-in-sustaining costs (AISC) guidance was also upgraded to $1,550 to $1,650 per ounce from $1,750 to $1,850 per ounce.
Gold production guidance for the June quarter was upgraded to 75,000 to 85,000 ounces at an AISC of $1,350 to $1,450 per ounce. The previous implied guidance for the quarter was 70,000 to 77,500 ounces at an AISC of $1,700 to $1,800 per ounce.
Ramelius expects full-year cash and gold to be "well above" $500 million, having raised its holdings to $407.1 million by the end of March compared to $281.8 million in the December quarter.
Earlier this month, Ramelius reported record quarterly gold production for the March quarter, producing 86,928 ounces at an AISC of $1,344 per ounce. Production was above its guidance range of 70,000 to 77,500 ounces, while AISC fell below its guidance range of $1,375 to $1,475 per ounce.
The context: Ramelius, which ended talks with Canadian miner Karora Resources last month without a deal, said that "exceptionally strong forecast gold production" from its Mount Magnet and Edna May hubs led to the upgrade of its full-year guidance.
The source: ASX announcement
