Ramelius Resources (ASX:RMS) Achieves Record Cash Flow and Acquires Spartan Resources

Financial Performance

Ramelius Resources reported a record underlying free cash flow of A$223 million for the March 2025 quarter, up from A$174.5 million in the previous quarter. The company’s cash and gold balance increased to A$657.1 million from A$501.7 million. Quarterly gold production totaled 80,455 ounces, slightly down from 85,311 ounces in the December 2024 quarter.

Corporate Developments

The company announced a maiden interim dividend of A$0.03 per share, payable on 17 April 2025. Additionally, Ramelius has entered into a binding Transaction Implementation Deed with Spartan Resources Limited (ASX:SPR). Under the agreement, Ramelius will acquire all issued ordinary shares of Spartan through a scheme of arrangement offering A$0.25 in cash and 0.6957 new Ramelius shares for each Spartan share. If the scheme is not successful, a conditional off-market takeover offer with the same consideration will be made. The proposed implementation date is late July to early August 2025.

Executive Comments

Managing Director Mark Zeptner stated, “The March 2025 Quarter has delivered our second consecutive record underlying free cash flow, finishing the Quarter with over $657 million in cash and bullion. The operations team continues to maximise cash flows from our existing operations in this elevated gold price environment. Ramelius looks forward to integrating our business with Spartan during the September 2025 Quarter, following completion, and the subsequent release of an Integrated Study of Mt Magnet / Dalgaranga. Activities associated with the transaction are proceeding to plan, with the Independent Expert appointed and well underway. Feedback from meetings since the transaction was announced, regarding the potential of the combined entity, has been overwhelmingly positive.”

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