ASX gold shares have been left reeling today as a number of producers and miners reported their earnings for the period.
Gold Road Resources Ltd (ASX: GOR), Ramelius Resources Ltd (ASX: RMS), and Alkane Resources Ltd (ASX: ALK) all reported mixed earnings today.
Gold Road reported its H1 2024 numbers, whereas the other two players reported their FY24 full-year earnings.
Whilst the reporting periods are different, the outcomes were each the same on Monday – all in the red.
Let's see what these companies posted.
ASX gold shares dip on earnings
Gold Road Resources shares finished 4.40% lower on the day at $1.74 apiece after reporting a challenging first half of 2024.
The company was impacted by a "protracted regional rain event" that led to a seven-week closure of the main access at its Gruyere site. This reduced production and lowered sales.
Revenue fell from $229 million last year down to $211 million as a result.
Gold sales also declined sharply, with the company selling 63,542 ounces, a significant decrease from 80,115 ounces in June 2023.
This reduction in production resulted in a drop in net profit, which was $43.1 million, down 25% from the previous year.
Additionally, Gold Road announced a reduction in its dividend to 0.5 cents per share, down from 1.2 cents previously.
Despite these challenges, CEO Duncan Gibbs expressed confidence that production would ramp up in the second half of 2024. This could impact the ASX gold share.
Ramelius Resources falls despite record profit
Ramelius Resources' share price also declined on Monday, falling 1.44% to $2.06 despite posting record net profit figures in its FY24 results.
The company reported a net profit of $216 million, a 252% increase from the previous year.
Growth was driven by gold sales of 293,966 ounces, achieved at an all-in-sustaining cost (AISC) of $1,583 per ounce.
The company's pre-tax earnings also increased by 76% year over year, reaching $451.3 million.
Unlike its counterpart above, Ramelius announced an increase in its dividend to 5 cents per share, which is 150% higher than the previous year.
Profit gains haven't translated into gains in market value today, with pressures in the broader gold sector weighing on the ASX gold share.
Alkane Resources slips as production declines
Alkane Resources shares finished down 4.76% to 40 cents apiece on Monday after reporting a decrease in gold production and revenue in its FY24 numbers.
For the year, gold revenues were down 9%, whereas gold production decreased by 19% compared to FY23.
The ASX gold share produced 57.2 million tonnes for the year and sold 57.6 ounces at an average sales price of $3,004 per ounce.
The AISC to produce this gold also came to $2,137 per ounce, delivering Alkane a net profit of $17.7 million.
At the end of the year, it reported a total of $54.5 million in cash and bullion.
However, the lower production levels and higher costs did not please investors, and the ASX gold share finished in the red today.
ASX gold shares snapshot
The 3 earnings results posted by these ASX gold shares on Monday produced mixed results in the market.
