Shares in Ramelius Resources Limited (ASX: RMS) are in the spotlight this morning after the company released a full-year production update. The Ramelius share price finished yesterday's trade at $1.75.
Let's take a look at how the Western Australia-focused gold producer performed over the financial year just gone.
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FY21 production update
Ramelius dug 272,109 ounces of gold out of the ground over the 12 months ended 30 June 2021, setting a new company record.
That number sits comfortably within its previous guidance of between 260,000 and 280,000 ounces for the financial year.
Impressively, Ramelius' record yearly production came about despite a poor June quarter.
Between 31 March and 30 June, the company produced 61,840 ounces of gold. Its previous production guidance for the quarter was between 65,000 and 70,000 ounces.
Of those 61,840 ounces, 35,208 were mined from the company's Mt Magnet Gold Mine while the remaining 26,632 were from its Edna May Gold Mine.
According to Ramelius' announcement, Edna May experienced several minor issues that impacted its production last month.
A shortage of workers and a COVID-19 lockdown limited its ability to ramp up production late in the quarter. Additionally, numerous rainfall events in the region reduced the amount of ore it could haul from its open pit project.
The company expects its all-in sustaining costs (AISC) for the June quarter to remain within its guidance of between $1,280 and $1,330 per ounce of gold produced.
Finally, Ramelius announced it now has $234 million worth of cash and gold in hand – up from $230.6 million at the end of the previous quarter.
It's also repaid its $8.1 million financial facility and increased its net cash position by $11.5 million over the quarter just gone.
Ramelius Resources share price snapshot
Despite a record-breaking financial year for Ramelius, its share price has been slumping.
It's fallen 1.9% since the start of 2021. It's also dropped 12.7% since this time last year.
The company has a market capitalisation of around $1.4 billion, with approximately 814 million shares outstanding.
