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ISSUED CAPITAL

Ordinary Shares: 867M

DIRECTORS

NON-EXECUTIVECHAIR:

Bob Vassie

MANAGING DIRECTOR:

Mark Zeptner

NON-EXECUTIVEDIRECTORS:

Michael Bohm

David Southam

Natalia Streltsova

Fiona Murdoch

COMPANY SECRETARY:

Richard Jones

www. ameliusresources.com.au

For

amelius@rameliusresources.com.au

RAMELIUS RESOURCES LIMITED

Registered Office

Level 1, 130 Royal Street

East Perth WA 6004

Tel +61 8 9202 1127

PO Box 6070

East Perth, WA 6892

28 January 2022

December 2021 Quarterly Activities Report

HIGHLIGHTS

  • Quarterly group gold production of 66,919 ounces at an AISC of A$1,493/oz o Mt Magnet (incl. Vivien) - 31,552 ounces
    o Edna May (incl. Marda & Tampia) - 35,367 ounces
  • Cash & gold of A$164.5M (Sep 2021 Qtr: A$273.9M), after
    1. Positive underlying cash contribution from operations of A$12.8M
    1. Net cash impact of Apollo Consolidated acquisition (A$67.0M)
    1. Income tax and dividend payments of A$31.6M and A$20.4M respectively
  • H1 FY22 group gold production of 132,605 ounces at an AISC of A$1,473/oz
  • COVID-19related labour shortages within Ramelius and contractor workforces becoming more evident during the Quarter; WA border re-opening delayed indefinitely
  • Encouraging early stage exploration results from deeper RC drilling at the Flinders JV Project in the Edna May region, including:
    1. 5m at 66.7g/t Au from 175m in FLRC002
    1. 4m at 14.1g/t Au from 136m in FLRC003
    1. 1m at 35.0g/t Au from 125m in FLRC004
    1. 13m at 4.37g/t Au from 182m in FLRC015
  • Continuing RC results from the emerging Bartus East Prospect at Mt Magnet including:
    1. 11m at 4.55g/t Au from 175m in GXRC0872
    1. 8m at 5.21g/t Au from 184m in GXRC0881 o 30m at 2.28g/t Au from 196m in GXRC0885
  • Completion of the off-market takeover of Apollo Consolidated Limited (ASX:AOP), preparing for drilling to commence in February 2022

PRODUCTION GUIDANCE - FULL YEAR FY22

  • Group gold production Guidance for FY22 remains 260,000 - 300,000 ounces at an AISC of A$1,425 - 1,525/oz, with forecasts predicting lower end of the production range will be achieved; however, whilst some allowance has been made, the actual impacts of the delayed WA border re-opening and/or any future COVID-19 infections to mine site personnel or supply pipeline disruptions are difficult to accurately assess at this time
  • No material changes to capital & project development expenditure for FY22 which remains at approximately A$70M

CORPORATE

  • Quarterly gold sales of 77,225 ounces for total revenue of A$182.0M from an average gold price of A$2,357/oz
  • Cash & gold on hand decreased to A$164.5M (Sep 2021 Qtr: A$273.9M) after the net cash component of the Apollo transaction, income tax & dividends payments and further investment, including A$6.7M on exploration and A$18.1M in project development costs
  • As at the end of December 2021, forward gold sales consisted of 218,500 ounces of gold at an average price of A$2,419/oz, for the period out to June 2024

For personal use only

DECEMBER 2021 QUARTER PRODUCTION & FINANCIAL SUMMARY

Table 1: December 2021 Quarter production & financial summary

Operations

Unit

Mt Magnet 1

Edna May 1

OP ore mined (high grade only)

t

337,611

122,913

OP grade mined

g/t

1.17

2.30

OP contained gold (high grade only)

Oz

12,649

9,085

UG ore mined (high grade only)

t

173,264

58,249

UG grade mined

g/t

3.92

3.99

UG contained gold (high grade only)

Oz

21,864

7,481

Total ore mined

t

510,875

181,162

Total tonnes processed

t

449,963

680,359

Grade

g/t

2.26

1.73

Contained gold

Oz

32,656

37,792

Recovery

%

96.6%

92.7%

Gold produced

Oz

31,545

35,032

Gold poured

Oz

31,552

35,367

Gold sales

Oz

35,264

41,961

Achieved gold price

A$/Oz

$2,357

$2,357

Cost summary

Mining - operating

$M

33.0

28.8

Processing

$M

9.5

13.2

Administration

$M

4.1

4.1

Stockpile movements

$M

(7.3)

(7.2)

C1 cash cost

$M

39.3

38.9

C1 cash cost

A$/prod oz

$1,246

$1,110

Mining costs - development

$M

4.5

6.1

Royalties

$M

3.1

2.8

Movement in finished goods

$M

5.9

9.0

Sustaining capital

$M

0.6

1.2

Corporate overheads

$M

1.9

2.1

AISC cost

$M

55.3

60.1

AISC per ounce

A$/sold oz

$1,569

$1,428

1 The Mt Magnet operation reported above includes Vivien and Penny whilst the Edna May operation includes Marda and Tampia.

Group

460,254

1.47

21,734

231,513

3.94

29,345

692,037

1,130,322

1.94

70,448

94.5%

66,577

66,919

77,225 $2,357

61.8

22.7

8.2

(14.5)

78.2

$1,175 10.6 5.9 14.9 1.8 4.0 115.4

$1,493

2

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DECEMBER 2021 YTD PRODUCTION & FINANCIAL SUMMARY

Table 2: December 2021 YTD production & financial summary

Operations

Unit

Mt Magnet 1

Edna May 1

OP ore mined (high grade only)

t

712,002

629,972

OP grade mined

g/t

1.21

2.10

OP contained gold (high grade only)

Oz

27,703

43,275

UG ore mined (high grade only)

t

356,020

110,745

UG grade mined

g/t

4.23

4.23

UG contained gold (high grade only)

Oz

48,362

15,064

Total ore mined

t

1,068,022

740,717

Total tonnes processed

t

901,632

1,367,817

Grade

g/t

2.35

1.66

Contained gold

Oz

68,004

73,134

Recovery

%

96.7%

93.1%

Gold produced

Oz

65,737

68,088

Gold poured

Oz

65,510

67,095

Gold sales

Oz

65,737

66,563

Achieved gold price

A$/Oz

$2,340

$2,340

Cost summary

Mining - operating

$M

63.6

52.9

Processing

$M

22.2

27.2

Administration

$M

8.8

8.4

Stockpile movements

$M

(19.2)

(13.8)

C1 cash cost

$M

75.4

74.7

C1 cash cost

A$/prod oz

$1,147

$1,097

Mining costs - development

$M

10.8

9.8

Royalties

$M

6.5

5.4

Movement in finished goods

$M

(0.5)

(1.0)

Sustaining capital

$M

3.9

1.8

Corporate overheads

$M

4.2

4.1

AISC cost

$M

100.3

94.8

AISC per ounce

A$/sold oz

$1,526

$1,420

1 The Mt Magnet operation reported above includes Vivien and Penny whilst the Edna May operation includes Marda and Tampia.

Group

1,341,974

1.65

70,978

466,765

4.23

63,426

1,808,739

2,269,449

1.93

141,138

94.8%

133,822

132,605

132,300 $2,340

116.5

49.4

17.2

(33.0)

150.1

$1,122 20.6 11.9 (1.5)

5.7

8.3

195.1

$1,473

3

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PRODUCTION TARGETS

Production for December 2021 Quarter

Production was within the lower end of Guidance for the Quarter. There were a few factors which influenced the outcome, but most notable were a slight drop in grade and throughput at Mt Magnet, due to a temporary shortage in oxide material, and the inability to haul as much ore from Tampia and Marda as planned due to workforce shortages in the haulage industry.

During the Quarter, there was an increase in ROM stocks at Tampia and Marda of approximately 200,000 tonnes. In total, there are now 785,000 tonnes of high-grade ore containing over 40,000 ounces in those stockpiles. At a A$2,500/oz spot gold price, this ore would generate over $60 million in free cash flow once processed.

FY22 Gold Production & AISC

Group gold production Guidance for FY22 remains 260,000 - 300,000 ounces at an AISC of A$1,425 - 1,525/oz, with current forecasts predicting lower end of the production range will be achieved; however, whilst some allowance has been made, the actual impacts of the delayed WA border re-openingand/or any future COVID-19infections to mine site personnel or supply pipeline disruptions are difficult to accurately assess at this time.

The projected capital requirements for FY22, by Half, are shown below in Table 3.

Table 3: FY22 Group Non-Sustaining Capital Expenditure

Operation (A$M)

FY22 1st Half

FY22 2nd Half

FY22

(Actual)

(Forecast)

(Forecast)

Mt Magnet

0.8

8.0

8.8

Penny

20.3

18.7

39.0

Marda

3.4

6.2

9.6

Tampia

12.5

0.2

12.7

Total - Non-Sustaining Capital

37.0

33.1

70.1

FY22 Exploration Expenditure

The forecast exploration expenditure for FY22 remains A$32.1 million, with A$14.1 million spent in H1 of FY22 and A$18.0 million forecast for H2. The main areas of focus and expenditure are highlighted below in Figure 1, with the Rebecca Gold Project forecast of $4.6M added to the portfolio in the second half.

Figure 1: FY22 Exploration Expenditure

4

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OPERATIONS

Safety, Environment, Heritage & Community

There was one Lost Time Injury and seven Restricted Work Injuries during the Quarter. The Total Recordable Injury Frequency Rate (TRIFR) was 15.70 as at the end of December 2021 (refer Figure 2).

Figure 2: Ramelius Group Injury Statistics & TRIFR

In terms of COVID-19, Ramelius maintains certain procedures, related to physical distancing and pre-commute screening. The Company continues to apply new restrictions as they are introduced, including wearing of clinical masks on aircraft where required, as well as carrying out temperature testing and screening processes prior to commuting to sites. Ramelius has secured sufficient supplies of PPE and rapid antigen test kits for testing required upon a COVID-19 outbreak. The Company has run COVID-19on-site emergency drills and corporate crisis management exercises in order to be as prepared as possible.

Mandatory vaccination requirements, introduced by the government during the Quarter, have resulted in the loss in approximately 2.5% of Ramelius employees (7 out of 300) and reportedly a similar percentage of contractor employees. These workers may be in position to return to their roles if they become fully vaccinated, with indications that some are waiting for the Novavax vaccine to become available.

There were no significant environmental, heritage or community related incidents reported during the Quarter.

Mt Magnet (Murchison)

Open Pits

Mining operations continued to concentrate on the Eridanus open pit. A total of 327,602 tonnes of ore grading 1.08 g/t was mined in the Quarter for 11,367 ounces of contained gold. The sustained high production means higher grade ore is again being preferentially milled and surplus ore stockpiled.

Underground

Shannon underground production continued steadily and generated high grade ore. Production totalled 64,524 tonnes at a mined grade of 4.14g/t for 8,587 ounces of contained gold. The 1125 Level development was extended and a remnant drive completed on the 1205 Level.

The Hill 60 underground mine continued throughout the Quarter with a focus on stope production. A total of 60,058 tonnes at 3.33g/t was mined for 6,435 ounces of contained gold. Development of the 120 Level was completed and stoping commenced.

Vivien (Leinster)

At Vivien, 309m of development was completed for the Quarter (228m of ore development). Stoping continued on the main and east (hangingwall) vein. Vivien attributed mill production was 58,285 tonnes at 4.06g/t for 7,463 recovered ounces.

5

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Ramelius Resources Limited published this content on 27 January 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 27 January 2022 21:34:41 UTC.