RAMELIUS RESOURCES LIMITED (RMS)
Share Price Analysis and Chart

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RMS - RAMELIUS RESOURCES LIMITED

FNArena Sector : Gold & Silver

Year End: June

GICS Industry Group : Materials

Debt/EBITDA: 0.02

Index: ASX200 | ASX300 | ALL-ORDS

Ramelius Resources is a Western Australian gold producer. It currently operates four mines and associated processing plants. The company listed on the ASX in 2003.

LAST PRICE	CHANGE +/-	CHANGE %	VOLUME
$2.51 23 Apr 2025	-0.430 OPEN $2.79	-14.63% HIGH $2.79	17,209,459 LOW $2.49

TARGET

$2.763

10.1% upside

Franking for last dividend paid out: 100%

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FNARENA'S MARKET CONSENSUS FORECASTS

Title	FY23 Actual	FY24 Actual	FY25 Forecast	FY26 Forecast
EPS (cps)	xxx	19.5	35.3	xxx
DPS (cps)	xxx	5.0	8.5	xxx
EPS Growth	xxx	100.0%	80.6%	xxx
DPS Growth	xxx	100.0%	70.0%	xxx
PE Ratio	xxx	N/A	7.3	xxx
Dividend Yield	xxx	N/A	3.3%	xxx
Div Pay Ratio(%)	xxx	25.6%	24.1%	xxx

Dividend yield today if purchased 3 years ago: 3.31%

DIVIDEND YIELD CALCULATOR

Past performance is no guarantee for the future. Investors should take into account that heavy swings in share price or exceptional circumstances (a la 2009) can have a significant impact on short term calculations and averages

Last ex-div: 13/09 - ex-div 5c (franking 100%)

HISTORICAL DATA ARE ALL IN AUD

Copyright © 2025 FactSet UK Limited. All rights reserved

Title	2019	2020	2021	2022	2023	2024
EPS Basic	xxx	xxx	xxx	xxx	xxx	19.5
DPS All	xxx	xxx	xxx	xxx	xxx	5.0
Sales/Revenue	xxx	xxx	xxx	xxx	xxx	882.5 M
Book Value Per Share	xxx	xxx	xxx	xxx	xxx	116.3
Net Operating Cash Flow	xxx	xxx	xxx	xxx	xxx	452.6 M
Net Profit Margin	xxx	xxx	xxx	xxx	xxx	24.54 %

EPS Basic

Negative
Growth
Slowing

DPS All

Negative
Growth
Slowing

Sales/Revenue

Negative
Growth
Slowing

Book Value Per Share

Negative
Growth
Slowing

Net Operating Cash Flow

Negative
Growth
Slowing

Net Profit Margin

Negative
Growth
Slowing

Title	2019	2020	2021	2022	2023	2024
Return on Capital Employed	xxx	xxx	xxx	xxx	xxx	19.09 %
Return on Invested Capital	xxx	xxx	xxx	xxx	xxx	18.99 %
Return on Assets	xxx	xxx	xxx	xxx	xxx	15.35 %
Return on Equity	xxx	xxx	xxx	xxx	xxx	19.09 %
Return on Total Capital	xxx	xxx	xxx	xxx	xxx	23.91 %
Free Cash Flow ex dividends	xxx	xxx	xxx	xxx	xxx	350.7 M

Return on Capital Employed

Negative
Growth
Slowing

Return on Invested Capital

Negative
Growth
Slowing

Return on Assets

Negative
Growth
Slowing

Return on Equity

Negative
Growth
Slowing

Return on Total Capital

Negative
Growth
Slowing

Free Cash Flow ex dividends

Negative
Growth
Slowing

Title	2019	2020	2021	2022	2023	2024
Short-Term Debt	xxx	xxx	xxx	xxx	xxx	9 M
Long Term Debt	xxx	xxx	xxx	xxx	xxx	1 M
Total Debt	xxx	xxx	xxx	xxx	xxx	10 M
Goodwill - Gross	xxx	xxx	xxx	xxx	xxx	-
Cash & Equivalents - Generic	xxx	xxx	xxx	xxx	xxx	424 M
Price To Book Value	xxx	xxx	xxx	xxx	xxx	1.65

Short-Term Debt

Negative
Growth
Slowing

Long Term Debt

Negative
Growth
Slowing

Total Debt

Negative
Growth
Slowing

Goodwill - Gross

Cash & Equivalents - Generic

Negative
Growth
Slowing

Price To Book Value

Negative
Growth
Slowing

Title	2019	2020	2021	2022	2023	2024
Capex	xxx	xxx	xxx	xxx	xxx	123.1 M
Capex % of Sales	xxx	xxx	xxx	xxx	xxx	13.95 %
Cost of Goods Sold	xxx	xxx	xxx	xxx	xxx	595 M
Selling, General & Admin. Exp & Other	xxx	xxx	xxx	xxx	xxx	11 M
Research & Development	xxx	xxx	xxx	xxx	xxx	-
Investments - Total	xxx	xxx	xxx	xxx	xxx	100 M

Capex

Negative
Growth
Slowing

Capex % of Sales

Negative
Growth
Slowing

Cost of Goods Sold

Negative
Growth
Slowing

Selling, General & Admin. Exp & Other

Negative
Growth
Slowing

Research & Development

Investments - Total

Negative
Growth
Slowing

Negative

Growth

Slowing

EXPERT VIEWS
EXTRA COVERAGE

EXPERT VIEWS

Display All Commentary

Sentiment Indicator

0.8

No. Of Recommendations

BROKER	DATE	RATING	RECOMMENDATION	TARGET PRICE	% TO REACH TARGET	COMMENTARY
Ord Minnett	xx/xx/xxxx	2	xxxxxxxxxx	$xx.xx	xx.xx%	Broker commentary and detailed analysis is available for Full Members Only. Login above or Get a Free Trial
Macquarie	04/04/2025	1	Outperform	$2.60	3.59%	Ramelius Resources announced preliminary 3Q25 results, including production of 80.5koz, which was above Macquarie's estimate by 9% and above consensus by 4%, with robust output from Mt Magnet and Edna May, the analyst details. Pre-tax free cash flow came in at $223m, which was higher than the broker's estimate by 21% and 7% above consensus forecast. Cash and gold balance finished the period up at $657m from $501.7m in the previous quarter. Macquarie lifts FY25 EPS forecast by 7% and FY26 by 10%, with an accompanying rise in the target price of 4% to $2.60. No change to Outperform rating. FORECAST Macquarie forecasts a full year FY25 dividend of 9.00 cents and EPS of 35.50 cents. Macquarie forecasts a full year FY26 dividend of 1.00 cents and EPS of 12.50 cents.
Shaw and Partners	xx/xx/xxxx	1	xxx	$xx.xx	xx.xx%	Broker commentary and detailed analysis is available for Full Members Only. Login above or Get a Free Trial

BROKER

DATE

RATING

RECOMMENDATION

TARGET PRICE

% TO REACH TARGET

COMMENTARY

Ord Minnett

xx/xx/xxxx

xxxxxxxxxx

$xx.xx

xx.xx%

Broker commentary and detailed analysis is available for Full Members Only.
Login above or Get a Free Trial

Macquarie

04/04/2025

Outperform

$2.60

3.59%

Ramelius Resources announced preliminary 3Q25 results, including production of 80.5koz, which was above Macquarie's estimate by 9% and above consensus by 4%, with robust output from Mt Magnet and Edna May, the analyst details.

Pre-tax free cash flow came in at $223m, which was higher than the broker's estimate by 21% and 7% above consensus forecast.

Cash and gold balance finished the period up at $657m from $501.7m in the previous quarter.

Macquarie lifts FY25 EPS forecast by 7% and FY26 by 10%, with an accompanying rise in the target price of 4% to $2.60.

No change to Outperform rating.

FORECAST
Macquarie forecasts a full year FY25 dividend of 9.00 cents and EPS of 35.50 cents.
Macquarie forecasts a full year FY26 dividend of 1.00 cents and EPS of 12.50 cents.

Shaw and Partners

xx/xx/xxxx

xxx

$xx.xx

xx.xx%

Broker commentary and detailed analysis is available for Full Members Only.
Login above or Get a Free Trial

Access Stockbroker Research History >

EXTRA COVERAGE

Display All Commentary

No. Of Recommendations

Please note: unlike Broker Call Report, BC Extra is not updated daily. The info you see might not be the latest. FNArena does its best to update ASAP.

BROKER	DATE	RATING	RECOMMENDATION	TARGET PRICE	% TO REACH TARGET	COMMENTARY
Canaccord Genuity	13/04/2025	1	Buy	$3.55	41.43%	Canaccord Genuity revised forecasts for precious metals prices, and provided estimates for production and costs ahead of the March quarter update. The broker lifted gold price forecasts in USD for the March quarter by 7.7% and around 10-12% each year until 2028, with the long-term price raised by 11.5%. The AUD/USD forecasts were lowered until 2027, and left unchanged after that. This resulted in a bigger lift in gold price in AUD terms until 2027, with the forecasts thereafter in line with increases in USD price. Silver prices were raised for the March quarter in USD terms but lowered for the rest of the forecast period, resulting in an increase in AUD terms until 2026, but lower from 2028. For Ramelius Resources, the broker is forecasting a March quarter production of 80koz vs a consensus of 79. The forecast for costs is $1,515/oz vs consensus of $1,482koz. Buy. Target price rises to $3.55 from $2.90. FORECAST Canaccord Genuity forecasts a full year FY25 dividend of 8.00 cents and EPS of 32.00 cents. Canaccord Genuity forecasts a full year FY26 dividend of 6.00 cents and EPS of 21.00 cents.

BROKER

DATE

RATING

RECOMMENDATION

TARGET PRICE

% TO REACH TARGET

COMMENTARY

Canaccord Genuity

13/04/2025

Buy

$3.55

41.43%

Canaccord Genuity revised forecasts for precious metals prices, and provided estimates for production and costs ahead of the March quarter update.

The broker lifted gold price forecasts in USD for the March quarter by 7.7% and around 10-12% each year until 2028, with the long-term price raised by 11.5%.

The AUD/USD forecasts were lowered until 2027, and left unchanged after that. This resulted in a bigger lift in gold price in AUD terms until 2027, with the forecasts thereafter in line with increases in USD price.

Silver prices were raised for the March quarter in USD terms but lowered for the rest of the forecast period, resulting in an increase in AUD terms until 2026, but lower from 2028.

For Ramelius Resources, the broker is forecasting a March quarter production of 80koz vs a consensus of 79. The forecast for costs is $1,515/oz vs consensus of $1,482koz.

Buy. Target price rises to $3.55 from $2.90.

FORECAST
Canaccord Genuity forecasts a full year FY25 dividend of 8.00 cents and EPS of 32.00 cents.
Canaccord Genuity forecasts a full year FY26 dividend of 6.00 cents and EPS of 21.00 cents.

Access Extra Coverage Research History >

RMS STOCK CHART

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Dividend Yield Today On Last Actual Payout :	1.94
Estimated Dividend Growth (Average Of Past Three Years)	%
Amount Invested	$
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RAMELIUS RESOURCES LIMITED (RMS)
Share Price Analysis and Chart