The S&P/ASX 200 Index (ASX: XJO) is up 1.6% in early morning trade on Tuesday, with two ASX 200 gold stocks helping boost the benchmark index.
Ramelius Resources Ltd (ASX: RMS) shares are tracking the benchmark gains, up 1.6% at time of writing at $3.74 apiece.
Capricorn Metals Ltd (ASX: CMM) shares are enjoying an even stronger run, up 4.9% at $11.48 each.
This follows the release of preliminary March quarterly updates from both Aussie gold miners.
Here's what we know.
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Ramelius Resources shares lift on guidance outlook
Starting with Ramelius, the ASX 200 gold stock is marching higher after releasing its preliminary March quarter production update.
The miner reported gold production of 38,093 ounces for the three months, down more than 52% from the 80,455 ounces produced in the prior corresponding quarter.
Ramelius said the big decline in the quarterly production was caused in part by heavy rainfall from Cyclone Narelle. On the positive side, this has left the miner with significant high-grade mine stockpiles at the end of the quarter.
Management also said that operations have not been impacted to date by diesel supply chain disruptions.
And despite the March decline, the ASX 200 gold stock said it remains on track to achieve the midpoint of its full year FY 2026 production guidance of 185,000 to 205,000 ounces of gold, forecasting a strong June quarter.
As at 31 March, Ramelius Resources had a cash and gold balance of $606.5 million.
Commenting on the results, Ramelius Resources managing director Mark Zeptner said:
Ramelius remains committed to maintaining and growing shareholder returns. With $110 million in share buybacks during the quarter, we are executing on another element of our plan to deliver value to shareholders.
ASX 200 gold stock lifts on another strong quarter
Turning to Capricorn Metals, investors are bidding up the gold miner after the company reported producing 30,358 ounces of gold in the March quarter from its Karlawinda Gold Project (KGP). That's broadly in line with the 30,599 ounces of gold produced in the prior corresponding quarter.
Management said that KGP has now produced 93,152 ounces of gold over the first three quarters of FY 2026. This positions the ASX 200 gold stock to achieve the upper end of its full year production guidance of 115,000 ounces to 125,000 ounces of gold.
Capricorn Metals expects to produce that gold at an all-in sustaining cost (AISC) of $1,530 to $1,630 per ounce.
Capricorn said it is also not currently impacted by any diesel fuel supply issues. But the miner noted that this remains a material risk across the Australian mining industry.
At the end of the quarter, the miner had a cash and gold balance of $507.6 million.
