The Ramelius Resources Limited (ASX: RMS) share price is trading higher on Thursday. This comes after the company released its June quarterly and full-year FY21 activities report.
At the time of writing, shares in the gold mining company are up 2.17% to $1.65.
What did Ramelius announce?
Investors are bidding the Ramelius share price higher this afternoon after the company's shares opened 1.54% lower at $1.595.
The mid-tier gold mining company reported record full-year FY21 production of 272,109 ounces at an all-in sustaining cost (AISC) of A$1,317/oz.
This compares to the company's revised guidance of 275,000 to 280,000 ounces at an AISC of A$1,280 to $1,330/oz
Pleasingly, the company's FY21 production figures represent an 18% increase from FY20 production of 230,426 ounces.
Ramelius advised it had a $228.5 million cash position and an addition $5.4 million of gold bullion on hand as at 30 June 2021.
In addition, the company managed to reduce its debt position to nil. This followed the final debt repayment of $8.1 million at the end of the quarter.
Looking ahead
Ramelius could be poised for more growth in FY22 with gold production forecasted to be between 260,000 and 300,000 ounces.
However, its costs are expected to increase with an FY22 AISC forecast of A$1,425 to A$1,525/oz.
The company is forecasting an exploration expenditure for FY22 of $32.1 million.
What's happening to the Ramelius share price in 2021?
It's been a tough year for both the Ramelius share price and the broader ASX gold mining sector.
Ramelius shares are down 6.46% year-to-date despite continuing to make headway in its production and exploration activities.
Top-tier ASX-listed mining shares — from low-cost producer Newcrest Mining Ltd (ASX: NCM) to growth-focused Northern Star Resources Ltd (ASX: NST) — also have negative year-to-date returns.
One of the major catalysts behind the weak performance of gold miners this year is the gold spot price. Gold prices have slumped 4.3% year-to-date from US$1,898 to US$1,816.
