Data gap leaves analysts guessing. Ramelius Resources (ASX: RMS) held its Q2 FY2026 earnings call on February 18, but the gold miner disclosed no EPS or revenue figures in the conference materials. The absence of key financial metrics—unusual for a quarterly update—leaves investors parsing operational commentary for clues on performance.
Production ramps at Kew. COO Tim Hewitt highlighted operational momentum from the prior quarter, noting the September period saw 560,000 tonnes of ore mined, a 63% jump quarter-over-quarter driven by mobilization of a third mining fleet at the Kew operation and a lower strip ratio. That production surge, if sustained, should translate to higher gold output, though the company has yet to publish ounce totals or realized pricing for Q2.
Cost pressures surface in Q&A. Analysts from RBC Capital Markets, Ord Minnett, and Euroz Hartleys pressed management on all-in sustaining costs, which came in “a little bit higher” than March guidance according to commentary from the call. CFO Darren Millman referenced the company’s M&A scorecard—a familiar slide for longtime followers—but offered no updated cost guidance beyond a stale target of A$1,800–1,900 per ounce tied to the Spartan acquisition completed last fiscal year. One analyst noted that Penny reserve grades had been pegged at 14 grams per tonne at the time of prior guidance, suggesting potential grade variance as a cost driver.
Market reaction unclear. With no stock price data available for the post-call session, it’s impossible to gauge how investors digested the operational progress against the cost headwinds. The lack of disclosed financials complicates any attempt to benchmark results against sector peers like Northern Star Resources or Evolution Mining, both of which reported Q2 results with full transparency.
The real story emerges tomorrow. Management indicated on the call that updated guidance would be released the following day, suggesting the company may be sandwiching its full financial disclosure between the operational update and forward outlook. That’s an unconventional cadence, but it means the market will have about 24 hours to digest production metrics before recalibrating expectations around costs and ounce output.
This article was generated using AlphaStreet’s proprietary financial analysis technology and reviewed by our editorial team.