RAMELIUS RESOURCES LIMITED (RMS)
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RMS

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

$2.78

11 Aug
2025

-0.040

OPEN

$2.84

-1.42%

HIGH

$2.84

8,807,578

LOW

$2.73

TARGET
$3.147 13.2% upside
Franking for last dividend paid out: 100%
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FNARENA'S MARKET CONSENSUS FORECASTS
RMS: 1
Title FY23
Actual		 FY24
Actual		 FY25
Forecast		 FY26
Forecast
EPS (cps) xxx 19.5 38.2 xxx
DPS (cps) xxx 5.0 10.3 xxx
EPS Growth xxx 100.0% 95.6% xxx
DPS Growth xxx 100.0% 100.0% xxx
PE Ratio xxx N/A 7.3 xxx
Dividend Yield xxx N/A 3.7% xxx
Div Pay Ratio(%) xxx 25.6% 27.1% xxx

Dividend yield today if purchased 3 years ago: 4.85%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 1.80

Estimated Dividend Growth
(Average Of Past Three Years)

  %

Amount Invested

 $ 

Tell Me The Dividend After This Many Years
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 201920202021202220232024
EPS Basic xxxxxxxxxxxxxxx19.5
DPS All xxxxxxxxxxxxxxx5.0
Sales/Revenue xxxxxxxxxxxxxxx882.5 M
Book Value Per Share xxxxxxxxxxxxxxx116.3
Net Operating Cash Flow xxxxxxxxxxxxxxx452.6 M
Net Profit Margin xxxxxxxxxxxxxxx24.54 %

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title 201920202021202220232024
Return on Capital Employed xxxxxxxxxxxxxxx19.09 %
Return on Invested Capital xxxxxxxxxxxxxxx18.99 %
Return on Assets xxxxxxxxxxxxxxx15.35 %
Return on Equity xxxxxxxxxxxxxxx19.09 %
Return on Total Capital xxxxxxxxxxxxxxx23.91 %
Free Cash Flow ex dividends xxxxxxxxxxxxxxx350.7 M

Return on Capital Employed

Return on Invested Capital

Return on Assets

Return on Equity

Return on Total Capital

Free Cash Flow ex dividends

Title 201920202021202220232024
Short-Term Debt xxxxxxxxxxxxxxx9 M
Long Term Debt xxxxxxxxxxxxxxx1 M
Total Debt xxxxxxxxxxxxxxx10 M
Goodwill - Gross xxxxxxxxxxxxxxx-
Cash & Equivalents - Generic xxxxxxxxxxxxxxx424 M
Price To Book Value xxxxxxxxxxxxxxx1.65

Short-Term Debt

Long Term Debt

Total Debt

Goodwill - Gross

Cash & Equivalents - Generic

Price To Book Value

Title 201920202021202220232024
Capex xxxxxxxxxxxxxxx123.1 M
Capex % of Sales xxxxxxxxxxxxxxx13.95 %
Cost of Goods Sold xxxxxxxxxxxxxxx595 M
Selling, General & Admin. Exp & Other xxxxxxxxxxxxxxx11 M
Research & Development xxxxxxxxxxxxxxx-
Investments - Total xxxxxxxxxxxxxxx100 M

Capex

Capex % of Sales

Cost of Goods Sold

Selling, General & Admin. Exp & Other

Research & Development

Investments - Total

EXPERT VIEWS
Display All Commentary

Sentiment Indicator

1.0

No. Of Recommendations

3
BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

Shaw and Partners

xx/xx/xxxx

1

xxx

$xx.xx

xx.xx%

Broker commentary and detailed analysis is available for Full Members Only.
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Ord Minnett

30/07/2025

1

Buy

$3.15

13.31%

Ord Minnett assesses FY25 as a strong year for Ramelius Resources, with $810m of free cash flow generated. Production was pre-reported but the cost was -7% lower than the broker's forecast on lower capex and lower royalties.

Focus is now on the combination of the company and Spartan Resources ((SPR)) expected on July 31, with a new five-year outlook expected in the December quarter.

The broker recently incorporated Spartan's Dalgaranga gold mine into the base case forecasts but now tempered initial contributions from the mine. This resulted in a cut to FY26-27 estimates.

Buy. Target price $3.15.

FORECAST
Ord Minnett forecasts a full year FY25 dividend of 14.00 cents and EPS of 40.40 cents.
Ord Minnett forecasts a full year FY26 dividend of 1.80 cents and EPS of 24.00 cents.

Macquarie

xx/xx/xxxx

1

xxxxxxxxxx

$xx.xx

xx.xx%

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EXTRA COVERAGE
Display All Commentary

No. Of Recommendations

1

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

05/08/2025

1

Buy

$3.95

42.09%

Ramelius Resources produced 73koz in the June quarter, 5–7% ahead of Canaccord Genuity's expectations, with costs (AISC) down -10% to $1,339/oz and underlying free cash flow of $208m.

Following completion of the Spartan Resources ((SPR)) merger, integration studies are underway for Mt Magnet and Dalgaranga, with FY26 and five-year guidance expected in December quarter.

FY25 production of 302koz exceeded upgraded guidance, while costs of $1,551/oz landed just above the lower end, resulting in $695m free cash flow. This is before before tax, dividends, and investments related to Spartan Resources.

The balance sheet remains strong, assess the analysts, with $810m in cash and bullion, and $985m in total liquidity, while Ramelius remains debt-free.

Canaccord retains a Buy rating and lowers its target price to $3.95 from $4.20.

FORECAST
Canaccord Genuity forecasts a full year FY25 dividend of 12.00 cents and EPS of 39.00 cents.
Canaccord Genuity forecasts a full year FY26 dividend of 2.00 cents and EPS of 26.00 cents.
Access Extra Coverage Research History >

RMS STOCK CHART

FNArena News on RMS

1
Australian Broker Call *Extra* Edition – Aug 06, 2025

Aug 06 2025 - Daily Market Reports
2
Australian Broker Call *Extra* Edition – May 05, 2025

May 05 2025 - Daily Market Reports
3
Weekly Ratings, Targets, Forecast Changes – 02-05-25

May 05 2025 - Weekly Reports
4
Australian Broker Call *Extra* Edition – Apr 14, 2025

Apr 14 2025 - Daily Market Reports
5
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