28/07/2022 - 16:09

Ramelius, Gold Road lifted on output

28/07/2022 - 16:09

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Mid-tiers Ramelius Resources and Gold Road Resources enjoyed elevated share prices after delivering strong output for the June quarter.

Ramelius, Gold Road lifted on output
Ramelius Resources managing director Mark Zeptner. Photo: Gabriel Oliveira

Mid-tiers Ramelius Resources and Gold Road Resources enjoyed elevated share prices after delivering strong output for the June quarter.

East Perth-based Ramelius Resources reported quarterly group gold output of 67,418 ounces for June, its highest producing period of the financial year so far.

Overall output for the year reached 258,625 ounces, falling in line with downgraded guidance of 255,000 ounces to 260,000 ounces Ramelius issued in June.

All-in sustaining costs were kept within targets of between $1,475 per ounce and $1,525 per ounce.

The company says it is targeting between 240,000 ounces and 280,000 ounces for the 2023 financial year, with costs between $1,750  and 1,950 per ounce due to expected inflationary pressures. 

Ramelius shares closed the day up 6.31 per cent to trade at $1.10, the highest its traded since late June. 

Fellow ASX-lister Gold Road Resources produced 85,676 ounces for the June quarter, with all-in sustaining cost at $1,250.

That's compared to 71,135 ounces in the previous quarter at $1,526 AISC.

Gold Road affirmed its 2023 guidance of between 300,000 and 400,000 ounces. 

Its shares closed the day up 8.5 per cent to trade at $1.34, its highest since early June. 

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