The S&P/ASX 200 Index (ASX: XJO) is up a healthy 0.8%, but this ASX 200 gold stock is leaving those gains wanting.
The gold miner in question is Ramelius Resources Ltd (ASX: RMS).
Ramelius Resources shares closed on Friday trading for $1.89. In morning trade on Monday, shares are changing hands for $1.96 apiece, up 3.7%.
This comes following the release of Ramelius' quarterly update and FY 2025 guidance.
Here's what's happening.
ASX 200 gold stock lifts off on record production
The Ramelius Resources share price is charging higher after the ASX 200 gold stock reported record FY 2024 gold production of 293,033 ounces. That's at the high end of the miner's upgraded full-year production guidance range of 285,000 ounces to 295,000 ounces.
All-in sustaining costs (AISC) of AU$1,583 an ounce came in at the lower end of the guidance range of AU$1,550 to AU$1,650 an ounce.
The past quarter stayed on trend, with 82,058 ounces of gold produced at an AISC of A$1,362 an ounce, which is also at the upper end of the upgraded production guidance range of 75,000 ounces to 85,000 ounces and the lower end of the upgraded AISC guidance range of AU$1,350 to 1,450 an ounce.
Gold sales for the June quarter were 85,737 ounces at an average price of AU$3,243 an ounce, resulting in revenue of AU$278.1 million.
The ASX 200 gold stock highlighted the strong performance of its Mt Magnet gold mine. Mt Magnet reported a very low AISC of AU$982 an ounce for the quarter.
Management noted that Mt Magnet "benefited from the high-grade Penny gold mine as well the outperformance of the Eridanus ore body".
Looking ahead, Ramelius expects production from Mt Magnet to increase further in FY 2025 with the introduction of gold ore from the Cue project.
On the expense side, total capital and project development expenditure for FY 2024 came out to AU$49.6 million. Due to costs from the early commencement of pre-strip and clearing activities at the Cue project, this falls at the upper end of guidance of AU$45 million to AU$50 million.
Turning to the balance sheet, the ASX 200 gold stock held cash and gold of AU$446.6 million at the end of the quarter, up from AU$407.1 million three months prior.
Operating cash flow was reported at AU$162.8 million and an associated underlying free cash flow was AU$137.3 million, the best on record.
As for what investors can expect in the year ahead, Ramelius Resources provided gold production guidance for FY 2025 of 270,000 ounces to 300,000 ounces at an AISC of AU$1,500 – AU$1,700 an ounce.
With today's intraday gains factored in, shares in the ASX gold stock are up 54% over 12 months.
