2024
ANNUAL
REPORT
Directors
Bob Vassie,
B.MinTech (Hons) Mining, FAusIMM, GAICD
Independent Non-Executive Chair
Mark Zeptner,
BEng (Hons) Mining, MAusIMM, MAICD
Managing Director and Chief Executive Officer
David Southam,
B. Com, CPA, MAICD
Independent Non-Executive Director
Natalia Streltsova,
MSc, PhD (Chem Eng), GAICD
Independent Non-Executive Director
Fiona Murdoch,
LLB (Hons), MBA, GAICD
Independent Non-Executive Director
Colin Moorhead,
BSc (Hons), FAusIMM, GAICD
Independent Non-Executive Director
Company Secretary
Richard Jones, BA (Hons), LLB
Chief Operating Officer
Duncan Coutts, BEng (Hons) Mining, MAusIMM
Chief Financial Officer
Darren Millman, BBus (Accounting), CA,
AGIA, ICD.D (Canada)
General Manager – Exploration
Peter Ruzicka, MSc (Ore Deposit Geology),
BAppSc (Geology), BSc, MAusIMM
Principal Registered Office
Level 1, 130 Royal Street
East Perth WA 6004
+ 61 8 9202 1127
Share Registry
Computershare Investor Services
Pty Limited
Level 5, 115 Grenfell Street
Adelaide SA 5000
1300 556 161 (within Australia)
+ 61 3 9415 4000 (outside Australia)
Auditor
Deloitte Touche Tohmatsu
Tower 2, Brookfield Place
123 St Georges Terrace
Perth WA 6000
Stock Exchange Listing
Ramelius Resources Limited (RMS) shares are
listed on the Australian Securities Exchange (ASX)
Website
www.rameliusresources.com.au
CORPORATE
DIRECTORY
Cover photo: Stephen Bell
TABLE OF
CONTENTS
Overview
2
Key operational highlights for the year
2
Key financial highlights for the year
6
Chair’s report
8
Managing Director’s report
10
Review of operations
12
FY25 production and cost guidance
13
Mt Magnet production centre
15
Edna May production centre
16
Development projects
17
Exploration projects
18
Resources and reserves
20
Company summary
20
Mineral resources
21
Ore reserves
27
Forward looking statements
31
Competent persons
31
Sustainability at Ramelius
32
Annual financial report
34
Directors’ report
35
Remuneration report
48
Auditor’s independence declaration
69
Financial report
70
Income statement
72
Statement of comprehensive income
72
Balance sheet
73
Statement of changes in equity
74
Statement of cash flows
75
Notes to the financial statements
76
Directors’ declaration
119
Independent auditor’s report
120
Shareholder information
125
OVERVIEW
REVIEW OF OPERATIONS
RESOURCES AND RESERVES
SUSTAINABILITY REPORT
FINANCIAL REPORT
RAMELIUS RESOURCES ANNUAL REPORT 2024
1
OVERVIEW
REVIEW OF OPERATIONS
RESOURCES AND RESERVES
SUSTAINABILITY REPORT
FINANCIAL REPORT
1
KEY
OPERATIONAL
HIGHLIGHTS
FOR THE YEAR
GOLD PRODUCTION
AND GUIDANCE
PRODUCTION
293,033oz
AISC A$1,583/oz
UPGRADED FY24 GUIDANCE
285,000-
295,000oz
@ A$1,550 – 1,650/oz
MINERAL RESOURCES
8.7Moz
at 30 June 2024
ORE RESERVES
1.1Moz
at 30 June 2024
up
14%
up
18%
OVERVIEW
RAMELIUS RESOURCES ANNUAL REPORT 2024
2
CUE GOLD MINE
ACQUISITION OF THE CUE
GOLD PROJECT (MUSGRAVE
MINERALS LIMITED)
On 3 July 2023 Ramelius Resources Ltd (ASX: RMS) (Ramelius
or the Company) announced a scrip and cash off-market
takeover offer for Musgrave Minerals Limited (Musgrave).
Under the offer Musgrave shareholders received one (1) Ramelius
share for every 4.21 Musgrave shares held and an additional
$0.04 in cash per Musgrave share.
Control was obtained on 28 August 2023 with Ramelius holding
a relevant interest in Musgrave of 55.01%, or 325,251,832
Musgrave shares. Ramelius proceeded with the compulsory
acquisition of Musgrave on 19 September 2023 when it held a
relevant interest in Musgrave of 91.37%. Ramelius obtained 100%
control on 26 October 2023.
A total of 140,430,586 Ramelius shares were issued to Musgrave
shareholders along with a total cash payment of $25.1 million
paid to share and option holders as part of the takeover.
Acquisition costs totalled $11.0 million which includes the first
and final stamp duty payment on the transaction.
The primary asset of Musgrave is the Cue Gold Project (Cue)
located in the richly endowed Murchison province. At the time
of acquisition Cue had a Mineral Resource estimate of 12.3Mt @
2.3 g/t for 927koz of contained gold.
Refer to Note 19 to the financial statements for further
information on this acquisition.
COMMENCEMENT OF OPERATIONS
AT THE CUE GOLD MINE
In June 2024, the Pre-Feasibility Study (PFS) on Cue was
completed along with the Key Mining Proposal approval being
received from the Department of Energy, Mines, Industry
Regulation and Safety (DEMIRS). The PFS included a maiden
Ore Reserve of 2.7Mt at 2.90g/t for 250koz1. This Ore
Reserve relates to the open pits only with the underground
evaluation targeted for later in the year. In addition, the PFS
provided an updated Mineral Resource of 12.0Mt at 2.40g/t
for 910koz1.
The PFS showed compelling economic returns with the Board
approving the commencement of operations at Cue in early
June 2024. By late June 2024 clearing and pre-strip activities had
commenced.
The first ore from Cue is expected to be hauled to, and
processed at, Mt Magnet in December 2024 Quarter.
Photo: Cue open pit mining commencement
1 Refer to ASX Announcement 4 June 2024, “Cue Project Approved for Commencement”.
KEY OPERATIONAL HIGHLIGHTS FOR THE YEAR
OVERVIEW
REVIEW OF OPERATIONS
RESOURCES AND RESERVES
SUSTAINABILITY REPORT
FINANCIAL REPORT
RAMELIUS RESOURCES ANNUAL REPORT 2024
3
INCREASE IN ERIDANUS MINERAL RESOURCE
In May 2024, Ramelius announced a 64% increase in the Eridanus Mineral Resource to 21Mt at 1.7g/t for 1.2Moz1.
The increased Mineral Resource is positive for both open pit and underground options, which remain available beyond the
current open pit. A 14,000-metre drill program commenced in June 2024, including 3,300m of diamond drilling, designed to
infill and extend mineral resources on the flanks of the current open pit to allow informed analysis of both the open pit and
underground mining options.
Mining at Eridanus initially commenced in June 2019 with an Ore Reserve of 3.1Mt at 1.10g/t for 110koz2. With mining of
the current pit at Eridanus expected to be completed in the first Quarter of FY25 the total expected production is 7.1Mt at
1.29g/t for 300koz, well in excess of the initial Ore Reserve. With a significant remaining mine life the project can potentially
provide six years of mill feed for the Mt Magnet processing plant by itself.
Figure 1: Eridanus open pit looking north-east with drill rigs on either side of pit
Figure 2: Eridanus open pit – recent diamond drilling
1 Refer to ASX Announcement 13 May 2024, “Eridanus Mineral Resource up 64% to 1.2Moz”.
2 Refer to ASX announcement 10 September 2019, “Resources and Reserves Statement 2019”.
KEY OPERATIONAL HIGHLIGHTS FOR THE YEAR
100m
N
RAMELIUS RESOURCES ANNUAL REPORT 2024
4
MT MAGNET MINE PLAN
In March 2024, for the first time, Ramelius announced a 10 Year
Mine Plan at Mt Magnet1 which included an updated Mineral
Resource and mine design extension for Penny, the addition of Cue,
and an attractive underground option for Eridanus with a potential
large open pit cut back also being considered.
Gold production in the Mine Plan totalled 1.5M ounces at an AISC
for the first three and half years of A$1,250 – 1,450 per ounce and
A$1,600 – 1,800 per ounce for the entirety of the Mine Plan.
The Mine Plan generated $1.7 billion in underlying free cash flow
at an assumed gold price of A$3,000 per ounce with $1.0 billion of
this coming in the first three and a half years. In the first six months
ending 30 June 2024, the Mine Plan generated actual underlying free
cash flow of $149.9 million.
Pleasingly, this long-term asset life has enabled Ramelius to invest
into sustainable energy solutions at Mt Magnet. In August 2024,
a power purchase agreement was signed with PWR Hybrid
for hybrid energy power supply to the Mt Magnet Gold Mine.
The hybrid power purchase agreement will design and deliver a
32MW hybrid power station consisting of 14MW gas generation,
3MW diesel generation, 6.7MWp solar photovoltaic (PV), and
8MW/10MWh battery energy storage systems. The agreement also
accommodates the future addition of 8.4MW of wind generation
or 6.7MWp expansion of solar PV, to support future operations,
decarbonisation ambitions and lower the cost of energy through
a larger hybrid power station.
STRATEGIC INVESTMENT IN
SPARTAN RESOURCES LIMITED
In June 2024, Ramelius purchased 98.5 million shares in Spartan
Resources Limited (ASX:SPR) (Spartan) as a strategic investment,
representing approximately 8.9% of Spartan’s ordinary shares on
issue. Spartan’s Dalgaranga Gold Project is located 65km north-west
of Mount Magnet in the Murchison Region of Western Australia.
Subsequent to June 2024, Ramelius increased this investment to
203.1 million shares representing approximately 18.35% of Spartan’s
ordinary shares on issue. The total acquisition cost for the complete
18.35% (including associated costs) was $185.2 million.
COMPLETION OF MINING
ACROSS THE EDNA MAY HUB
Mining activities across the Edna May hub were completed during
the year. At 30 June 2024, in total, across the Edna May hub, there
was just over 1.5Mt of high and low-grade ore stockpiled at an
average grade of 1.06g/t with the haulage and processing of these
stockpiles expected to continue into the third Quarter of the 2025
financial year.
EDNA MAY UNDERGROUND
Underground mining operations at Edna May were able to
be extended beyond forecasted levels with the water inflow
experienced in June 2023 reducing, and additional pumping
capacity combining, to result in less water related operational
issues. Production activities at the Edna May underground mine
were completed in May 2024 with pumping systems remaining
operational for the supply of water to the processing plant.
Mining at the Edna May underground mine commenced in
December 2018 with production totalling 1.2Mt at 3.46g/t and
recovery of 94.0% for 126k ounces of gold production.
MARDA
The final Die Hardy pit at Marda was completed in October
2023 with a total of 2.3Mt of high-grade ore at 1.90g/t for 143k
ounces of contained gold being mined over the life of the project.
The haulage of existing stockpiles is continuing.
SYMES
Mining operations at Symes commenced and completed within the
financial year with a total of 0.5Mt of high-grade ore at a grade of
2.41g/t for 42k ounces of contained gold being mined over the life
of the project. The haulage of existing stockpiles is continuing.
EDNA MAY STAGE 3 OPEN PIT
Ramelius has evaluated a potential Stage 3 cut back at Edna May
and the Board has determined that the project economics are not
sufficient to warrant the investment of approximately $300 million,
this predominantly consisting of pre-production mining costs and
ancillary equipment purchases including pumping upgrades. The
financial commitment required, combined with heightened technical
risk inherent in relocating ancillary processing infrastructure, and the
need for increased pumping capacity at depth, has resulted in the
decision to place the site on care and maintenance once processing
of existing stockpiles is completed. Care and maintenance costs,
including the current Mine Rehabilitation Fund (MRF) liability
of $213k per year, are not expected to be material. Current
employees will be deployed elsewhere within the business where
possible with relatively few redundancies expected.
KEY OPERATIONAL HIGHLIGHTS FOR THE YEAR
1 Refer to ASX Announcement 12 March 2024, “Ramelius delivers 10 Year Mine
Plan at Mt Magnet”.
OVERVIEW
REVIEW OF OPERATIONS
RESOURCES AND RESERVES
SUSTAINABILITY REPORT
FINANCIAL REPORT
RAMELIUS RESOURCES ANNUAL REPORT 2024
5
KEY FINANCIAL
HIGHLIGHTS
FOR THE YEAR
REVENUE
$882.6M
up 40% on 2023
UNDERLYING EBITDA1
$462.2M
up 67% on 2023
UNDERLYING NPAT1
$200.3M
up 166% on 2023
UNDERLYING FREE CASH FLOW
2
$315.8M
up 1,053% on 2023
CASH AND GOLD ON HAND
$446.6M
up 64% on 2023
FINAL DIVIDEND
5.0 cps
up 3.0cps on 2023
GOLD SOLD
293,966oz
up 21% on 2023
REALISED GOLD PRICE
A$2,995
up 16% on 2023
AISC OZ
A$1,583
down 16% on 2023
ORE TONNES MINED
3,582kt
down 11% on 2023
CONTAINED GOLD MINED
287koz
up 2% on 2023
MINED GRADE
2.49g/t
up 15% on 2023
FY24 FINANCIAL
HIGHLIGHTS
FY24 PRODUCTION
HIGHLIGHTS
1 Underlying results exclude the impact of asset and exploration impairments, fair value adjustments on investments and deferred consideration and
tax benefits arising on the recognition of acquired tax losses.
2 Free cash flow before income tax, deferred consideration, investments and acquisitions, asset sales, dividends, and borrowings. Less, finance costs
and lease payments and including the movement in gold bullion on had (at spot).
RAMELIUS RESOURCES ANNUAL REPORT 2024
6
FINANCIAL PERFORMANCE
Table 1: Group financial performance for the 2024 financial year
$M
Mt
Magnet
Edna
May
Corp /
Other
2024
2023
Change
%
Revenue
483.3
399.3
-
882.6
631.3
251.3
+ 40 %
Cash costs of production1
(199.2)
(198.8)
-
(398.0)
(349.4)
(48.5)
+ 14 %
Cash gross margin
284.1
200.5
-
484.6
281.9
202.8
+ 72 %
Depreciation & amortisation
(144.6)
(36.9)
-
(181.5)
(163.8)
(17.7)
+ 11 %
Inventory movements
56.0
(45.5)
-
10.5
18.2
(7.8)
- 43 %
Gross profit
195.5
118.1
-
313.6
136.3
177.3
+ 130 %
Impairment of mine development & PP&E
-
-
-
-
(6.9)
6.9
- 100 %
Impairment of exploration & evaluation assets
-
-
(8.6)
(8.6)
(10.2)
1.6
- 16 %
Corporate expenses & other amounts
-
-
(36.0)
(36.0)
(27.0)
(9.0)
+ 33 %
Earnings before interest and tax (EBIT)
195.5
118.1
(44.6)
269.0
92.2
176.8
+ 192 %
Net finance income / (cost)
-
-
8.0
8.0
(1.9)
9.9
- 521 %
Profit / (loss) before income tax
195.5
118.1
(36.6)
277.0
90.3
186.7
+ 207 %
Income tax expense
-
-
-
(60.4)
(28.7)
(31.7)
+ 110 %
Net profit / (loss) after tax (NPAT)
195.5
118.1
(36.6)
216.6
61.6
155.0
+ 252 %
1 Cash cost of production exclude depreciation & amortisation and inventory movements.
FIVE-YEAR HISTORICAL FINANCIAL PERFORMANCE
The 2024 financial year was a record year for Ramelius on many financial and operational metrics with a strong set of results being
recognised. The charts below in Figure 3 shows the five-year historical performance for key operational and financial metrics.
$1,164
$1,317
$1,523
$1,895
$1,583
FY20
FY21
FY22
FY23
FY24
$2,014
$2,282
$2,399
$2,591
$2,995
FY20
FY21
FY22
FY23
FY24
228
277
251
243
294
FY20
FY21
FY22
FY23
FY24
Gold sales ($M)
Average realised gold price (A$/oz)
All-in sustaining cost (A$/oz)
NPAT ($M)
Underlying NPAT1 ($M)
Dividends (cents per share)
113.4
126.8
12.4
61.6
216.6
FY20
FY21
FY22
FY23
FY24
106.8
120.9
73.0
75.3
200.3
FY20
FY21
FY22
FY23
FY24
2.0
2.5
1.0
2.0
5.0
FY20
FY21
FY22
FY23
FY24
Share price (30 June)
Basic earnings per share
Market capitalisation ($M) (30 June)
1.99
1.70
0.87
1.27
1.92
FY20
FY21
FY22
FY23
FY24
16.43
15.64
1.47
6.95
19.53
FY20
FY21
FY22
FY23
FY24
1,604
1,384
755
1,259
2,195
FY20
FY21
FY22
FY23
FY24
1 This is considered a non-IFRS measure. The adjustments to underlying NPAT includes CGU, asset, and exploration impairment charges, fair value adjustments
on deferred consideration and investments, tax benefits on acquired losses, and one-off asset sales. Refer to Table 6 in the Directors Report which sets out the
adjustments to underlying NPAT for the 2024 financial year.
Figure 3: Key financial achievements and shareholder return for the 2020 to 2024 financial years
OVERVIEW
REVIEW OF OPERATIONS
RESOURCES AND RESERVES
SUSTAINABILITY REPORT
FINANCIAL REPORT
RAMELIUS RESOURCES ANNUAL REPORT 2024
7
Continued strong performance from
existing operations, along with our new
high-grade Penny Gold Mine reaching
full rate, reduced our cost per ounce of
production at a time when gold prices were
breaking records. The resulting cash flow,
especially in the second half of the year,
was impressive, eclipsing much larger gold
companies.
The financial results contained within this
report detail a number of new records.
In particular, I would like to highlight
our cash balance at the end of the year.
We ended the year with $446.6 million
in cash and gold after an $87.7 million
strategic investment in Spartan Resources
Ltd (Spartan). Subsequent to the end of the
financial year, in early July, we announced
a $175 million revolving corporate facility.
This amounts to a seriously strong balance
sheet, which puts us in a great position to
pursue further growth initiatives. It also
allowed us to deliver a record dividend, at
the top end of our dividend policy (which
has a target maximum payout of 30% of
free cashflow).
Having options for growth and the ability
to execute these options, financially,
operationally and technically, in the right
way and the right time, is a key differentiator
of companies in our industry. As we deplete
our ore reserves, we need to at least
replace them and seek to add scale
in order to maintain a sustainable business
and deliver ongoing shareholder returns.
In the past, some external concerns had
been expressed about Ramelius’ limited
reserve life; addressing them has been a
keen focus for the Board and management,
and we have succeeded in building a solid
pipeline of growth.
Early in the financial year, the Company
completed the takeover of Musgrave
Minerals, which delivered the Cue Gold
Project in the Murchison region of Western
Australia. At the time of acquisition, Cue
contained a 927koz resource in close
proximity of our Mt Magnet hub. This
inorganic growth, combined with significant
organic growth from exploration, resource
development and studies, enabled the
delivery of a 10-year mine plan for Mt
Magnet, a mining camp that has been in
existence for over 100 years.
Mt Magnet is a gift that keeps on giving and
a great recent example of this is the growth
of the Eridanus resource which underpins
the new mine plan. This pit was started in
mid-2019 with reserves of only 110koz.
In May this year, we announced a 1.2 Moz
Resource.
The strategic investment in Spartan, whose
flagship project is also in the Murchison,
provides another attractive potential
growth opportunity, as does the Rebecca-
Roe project, east of Kalgoorlie, which is
the combined result of the acquisitions of
Apollo Consolidated and Breaker Resources
in recent years. We look forward to
delivering a pre-feasibility study on Rebecca-
Roe before the end of 2024.
Further growth from drilling on our
own tenements or from acquisitions is
especially important as our Edna May hub
nears its end, and we will continue to be
diligent in the allocation of capital to these
endeavours.
I would like to congratulate and thank the
team at Edna May. While we are not done
there yet, it is great to see the operation
deliver well in excess of what was
expected when it was acquired in 2017.
Indeed, the operation exceeded our plans
for FY24 and the high gold price means we
will be able to unlock further value from
stockpiles in FY25. It is never easy to bring
an asset into care and maintenance, and it
is pleasing to see that genuine commitment
from Mt Magnet and Edna May leadership
to offer opportunities for employees
to be accommodated elsewhere in the
Company’s operations.
This year we are releasing our fifth
Sustainability Report, providing an update
on our performance in this increasingly
important area. New Australian
sustainability reporting standards have been
introduced that will require businesses
to include the impact of climate change
risks on financial performance. Ramelius
is included in the first grouping that
must comply with the new reporting
requirements, starting next financial year.
As I have said previously, there is a big
difference in reporting on climate change
risks and doing something about addressing
them. To that end, I am thrilled that our
new 10-year plan at Mt Magnet has allowed
us to commit to a new hybrid power
CHAIR’S REPORT
Dear Fellow Shareholders,
I am very pleased to be writing to you after what
has been an outstanding year for Ramelius, a year in
which we saw records in production, cashflow and
profit. At the same time, material achievements
were made with both organic and inorganic
growth initiatives. These outcomes are all
the more pleasing given they were achieved
with a reduction in injury frequency rates.
The team should be extremely proud.
RAMELIUS RESOURCES ANNUAL REPORT 2024
8
solution that includes gas, solar, battery
and wind to progress our decarbonisation
ambitions and lower the costs of energy.
This is not a future plan: the new power
station is being constructed now and
the gas and solar components will be
commissioned in January. The power
purchase agreement with our provider
saves us money from year one. This is a
great outcome for our sustainable future
and will position Mt Magnet as the pre-
eminent processing hub in the Murchison.
Ramelius continues its focus on diversity
and inclusion. Our lean management
structure and relatively low corporate
turnover have not afforded us too many
opportunities to drive dramatic change,
however we have set objectives in this
regard that we are confident will deliver
improvement and growth. Through efforts
including a psychosocial workplace audit
(and the subsequent implementation of
an action plan) and ongoing workplace
behaviour training (with bystander and
leadership accountabilities) we continue to
strive to make Ramelius a safe and attractive
place to work.
I wish to thank my fellow directors and
Mark and his team for delivering such an
impressive year on all fronts, including safety,
operations, financials and growth. It puts
us in a very strong position to deliver on
our strategy for sustainable growth and
shareholder returns. The team is not only
very experienced and competent, but they
are also a great pleasure to work with.
The consistent operational delivery,
along with the balance sheet to pursue
value accretive growth and meaningful
exploration, makes Ramelius a great
company to work for and to invest in.
Thank you for your support.
Yours Sincerely,
Bob Vassie
Chair
Ramelius Resources Ltd
CHAIR’S REPORT
Loading at Brownhill open pit
Photo competition winner: Finlay Wilkinson
OVERVIEW
REVIEW OF OPERATIONS
RESOURCES AND RESERVES
SUSTAINABILITY REPORT
FINANCIAL REPORT
RAMELIUS RESOURCES ANNUAL REPORT 2024
9
Admittedly, the rising gold price provided
a decent tailwind. However, disciplined
investment over prior years set the
foundation for a significant reduction in
our cost base, which really started to show
through in the second half of the financial
year, positively impacting our margins in
much the same way as the gold price.
Consequently, we were able to showcase
the true cash-generating power of the
business.
Although we mined slightly fewer tonnes
year-on-year, improved grades at Penny
(averaging 12g/t) and Eridanus along with
increased haulage capacity across the
satellite operations feeding Edna May,
ensured we achieved record production
of 293,033 ounces of gold, at the upper
end of our upgraded guidance range of
285,000 – 295,000 ounces. All-in sustaining
costs (AISC) came in at a very competitive
A$1,583/oz, at the lower end of our
improved guidance range of A$1,550 –
1,650/oz.
This outstanding operational performance
set us up to deliver an exceptional set of
numbers, among the highlights of which
were:
• a 40% increase in revenue to $882.6
million;
• a 67% increase in underlying EBITDA to
$462.2 million, representing an industry
leading margin of 52%;
• free cash flow of $212.1 million, up
51% after accounting for the strategic
investment in Spartan Resources and the
cash component of the Musgrave Minerals
acquisition;
• a 166% increase in underlying net profit
after tax to $200.3 million;
• a 64% increase in cash and gold on hand
to $446.6 million; and
• a fully franked dividend of 5.0c per share,
150% higher than last year.
Ramelius has now declared six consecutive
annual dividends, returning a total of $131.4
million to shareholders in addition to the
capital growth we have delivered over
that time. Over the past five years, total
shareholder returns have averaged 21% per
annum.
Financial excellence would count for nothing
were we not operating safely. On that
front, we pleasingly saw a declining trend
in total recordable injury frequency rate
across the year. In May we recognised a
12-month lost-time injury free milestone.
Our commitment to driving further
improvement in safety remains as firm
as ever.
After several years of even contributions
from our processing hubs at Mt Magnet and
Edna May, in FY24 Mt Magnet reclaimed the
mantle as the Company’s flagship operation.
Its dominance will become even more
pronounced once Edna May goes on care
and maintenance in the March Quarter
next year.
As many of you will be aware, we
thoroughly investigated the Stage 3 open pit
cutback option at Edna May, which would
have prolonged the life of the operation.
But, ultimately, the Board determined that
the economic case for the project was not
strong enough to justify the ~$300 million
investment required. Heightened technical
risk added to the reluctance to move ahead
at this time.
The technical team’s attention has since
shifted to studying options for expanding
the Eridanus mine at Mt Magnet, either
by following the orebody underground or
developing a much larger open pit. Both
options represent a preferred use of capital
as they are expected to generate superior
returns compared to the Stage 3 cutback at
Edna May.
The findings of the Eridanus study and the
evaluation of an associated expansion of
the Mt Magnet mill will be handed down
in the December Quarter of this year. In
that same period, we also expect to deliver
the pre-feasibility study into the 3Moz-plus
Rebecca-Roe Project, east of Kalgoorlie,
which shapes as a future processing hub for
the Company.
Ramelius is well-placed to fund this exciting
organic pipeline of projects and maintains
the financial flexibility to move on attractive
acquisition opportunities as they arise.
As of early July, our cash and gold holdings
totalled $352.5 million, while we also have
access to an upsized, undrawn $175 million
revolving debt facility.
Our 18.35% stake in Spartan provides
additional liquidity. Acquired for $185.2
million near the end of the financial year,
it had appreciated in value by almost $100
million in the three months to the end of
September 2024.
Cash reserves should continue to grow
strongly in FY25, with production levels
to be maintained and the outlook for
the Australian dollar gold price remaining
positive. Inflationary pressures faced by
the industry in recent years also appear
to be easing.
MANAGING
DIRECTOR’S REPORT
It is with no small amount of pride that I look
back on Ramelius’ performance in FY24. For the
second year in a row, our financial results were,
on just about every metric, an improvement
on the prior year. For many of the most
important metrics – gold sales, earnings,
cashflow and dividends – we achieved
company records.
RAMELIUS RESOURCES ANNUAL REPORT 2024
10
FY25 guidance is for production of
270,000 – 300,000 ounces at an AISC of
A$1,500 – 1,700 an ounce. Mt Magnet is
expected to deliver 230,000 – 250,000
ounces at an AISC of A$1,300 – 1,500/
oz, with a further 40,000 – 50,000 ounces
coming from Edna May at an AISC of
A$2,500 – 2,700/oz. The contribution from
Edna May is higher than initially anticipated
as the prevailing gold price has allowed us
to unlock value in lower grade stockpiles.
While Edna May does have the higher
AISC of our two hubs, there is a non-cash
component associated with the depletion
of stockpiles, which is expected to be in the
range of $20 – 25 million, or ~A$500/oz in
FY25. To protect revenue from the lower
grade material, we have purchased put
options at A$3,400/oz over 41,500oz over
July 2024 to January 2025.
Budgeted growth capital for the year is
a relatively modest $20 – 30 million and
relates primarily to development and
pre-strip activities at Cue, the main project
acquired through the takeover of Musgrave
Minerals. A further $40 – 50 million has
been allocated to exploration and resource
definition activities.
Our track record for value creation through
acquisitions speaks for itself if you look at
the seven transactions completed during
the six-year period from 2017 to 2023.
While growth is important, it is not growth
at any cost. To this point, it is on the public
record that we explored tie-ups with fellow
Western Australian goldminers Westgold
Resources and Karora Resources during
FY24 but could not find common ground
with either.
We are proud of our disciplined approach
to M&A, which focuses on value accretion
and only adding profitable ounces to our
production profile, and don’t intend to relax
it just to meet some arbitrary relevance
threshold.
In recent years, Ramelius has taken major
strides in addressing one of its perceived
weaknesses: its short mine life. The 10-year
mine plan for Mt Magnet announced in
March was the result of clever, targeted
exploration and a lot of hard work from
the team.
At the top level, the Mt Magnet plan
outlines total gold production of 1.5 million
ounces at an average of 150,000 ounces
a year at an AISC of A$1,600 – 1,800/oz.
In the first three years, an AISC of A$1,250
– 1,450/oz is expected. At a gold price
of A$3,000/oz, Mt Magnet is forecast to
generate A$1.7 billion in cashflow over the
plan’s duration.
Having this sort of visibility on the future
has allowed the Board to confidently
sanction investment in a renewable power
solution for Mt Magnet. In August, we
signed a power purchase agreement with
PWR Hybrid for a 32MW hybrid power
station consisting of 14MW gas generation,
3MW diesel generation, 6.7MWp solar
photovoltaic and an 8MW/10MWh battery
energy storage system.
The agreement provides scope for the
future addition of wind generation and
an expansion of the solar PV component,
which could be expected to further lower
energy costs for Mt Magnet.
I have mentioned the efforts of our team
several times already, but I truly am grateful
to our entire team, including contractors
and suppliers, for the lengths they go to in
keeping our operations running smoothly
and the Company moving forward.
Thanks must also be extended to my fellow
Directors and dedicated chair Bob Vassie
for their support, guidance and wise counsel
over the past year and years prior.
Finally, thank you for your support as
shareholders. There is much to look
forward to in FY25 and we intend to stay
true to the formula that has delivered us the
results we have produced to date.
Yours Sincerely,
Mark Zeptner
Managing Director
Ramelius Resources Ltd
MANAGING DIRECTOR’S REPORT
Photo: Maxwell Greaves
OVERVIEW
REVIEW OF OPERATIONS
RESOURCES AND RESERVES
SUSTAINABILITY REPORT
FINANCIAL REPORT
RAMELIUS RESOURCES ANNUAL REPORT 2024
11
REVIEW OF
OPERATIONS
Figure 4: Ramelius operation & development project locations
Ramelius is an established mid-tier ASX gold
production and exploration company. Ramelius
produced a record 293,033 ounces in the 2024
financial year at an AISC of A$1,583/oz. Production
was at the upper end, and costs were at the lower
end, of the upgraded guidance published in April
2024 of 285,000 – 295,000 ounces at an AISC of
A$1,550 – 1,650/oz1.
1 Refer to ASX Announcement 22 April 2024, “Record March 2024 Quarterly Production & FY24 Production Guidance
Upgraded to 290koz.”
Photo: Robert Money
RAMELIUS RESOURCES ANNUAL REPORT 2024
12
AISC MARGIN
28%
29%
31%
42%
42%
37%
27%
47%
A$1,412/oz
1,400
1,800
2,200
2,600
1,000
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025(F)2
AISC
Realised Gold Price
A$ per ounce
3,000
3,400
52%
A$1,721/oz
GUIDANCE2
28%
1 Underlying earnings are a non-IFRS measure that have been adjusted for the impact of asset impairments, fair value
adjustments, and the recognition of tax losses acquired. Refer to Table 12 in this report.
2 The AISC Guidance is based on the mid-point of the Guidance ranges, refer to ASX Release “FY25 Gold Production & AISC
Guidance”, 29 July 2024. The gold price is based on the hedge book at 30 June 2024 and a spot price of A$3,500/oz.
OVERVIEW
Ramelius reported statutory net profit after tax (NPAT) of $216.6 million, which was 252% up on
the prior year. The underlying1 NPAT was $200.3 million (2023: $75.3 million). Earnings for the year
were improved from the prior year due to a lower cost per ounce and a higher realised gold price.
The lower cost per ounce is the result of improved mill feed grades with the excellent performance from
Eridanus, our large-scale open pit mine at Mt Magnet, an increasing contribution from Penny in terms
of both tonnages and grade, the extension of the Edna May underground beyond expectations, and the
introduction of higher-grade ore from our Symes mine. In addition to the improved A$ gold price in the
year, our realised gold price benefited from less hedging at a higher price.
The improved earnings translated to a 64% increase in the closing cash & gold position which was
$446.6 million at 30 June 2024 (2023: $272.1 million), which is after the $87.7 million strategic investment
in Spartan Resources Limited in late June 2024.
Sales for the year totalled 293,966 ounces (2023: 243,263 ounces), representing a 21% increase on the
prior year. The average realised gold price increased to A$2,995/oz (2023: A$2,591/oz) which represents
a 16% increase on the prior year. The increased realised price, coupled with the lower AISC, resulted in
the AISC margin more than doubling the prior year at A$1,412/oz, representing a 47% AISC margin.
REVIEW OF OPERATIONS
10 year AISC margin
Including forecast for FY25 based on the mid-point of guidance
Figure 5: AISC per ounce and realised gold price FY16 to FY24 + guidance for FY25
Further details on the financial performance of the Group for the 2024 financial year can be
found in the ‘Financial Review’ Section of this report.
OUR CULTURE IS DEFINED
BY A ‘FIT-FOR-PURPOSE’
AND ‘CAN-DO’ ATTITUDE
OUR VALUES
• We Empower our people
• We achieve Fit-for-purpose outcomes
• We Deliver and do it safely
• We are Authentic
OUR MISSION
To be a sustainable gold producer
that focuses on delivering superior
returns for stakeholders
OVERVIEW
REVIEW OF OPERATIONS
RESOURCES AND RESERVES
SUSTAINABILITY REPORT
FINANCIAL REPORT
RAMELIUS RESOURCES ANNUAL REPORT 2024
13
13
FY25 PRODUCTION AND
COST GUIDANCE
Production and cost guidance for the 2025 financial year has been
set at 270,000 – 300,000 ounces at an AISC of A$1,500 – 1,700/oz.
At Mt Magnet, the 2025 financial year production and cost guidance
is 230,000 – 250,000 ounces at an AISC of A$1,300 – 1,500/oz
with the production being weighted to the second half of the
financial year, which will see a commensurate decrease in AISC,
with increasing tonnages from Cue becoming available as well as
increasing grades from Penny. This production guidance, at the
mid-point, represents a 50% increase on the 2024 financial year.
The cost guidance (AISC) is comparable to the 2024 financial year
and in line with the guidance provided in the 10 Year Mt Magnet
Mine Plan1. The AISC includes an allowance for plant and gold room
upgrades to accommodate the higher grades expected in FY25,
a preventative repair and maintenance program to secure plant
structural integrity, power supply studies and infrastructure as
relating to the partial transition towards renewable power sources.
At Edna May, production for the 2025 financial year will be sourced
from existing stockpiles across Tampia, Marda, and Symes with
production expected to continue into the third Quarter of the
financial year. Production is greater than initially expected with the
prevailing gold price unlocking value in lower grade stockpiles with
Edna May expected to generate meaningful free cash flow in FY25.
Production and cost guidance for Edna May for FY25 is 40,000
– 50,000 ounces at an AISC of A$2,500 – 2,700/oz. The AISC
includes a non-cash component relating to the depletion of
existing stockpiles which is expected to be in the range of $20 to
$25 million, or ~ A$500/oz. Considering the higher costs and to
aid in unlocking value in the lower grade stockpiles, the Company
purchased put options in July 2024 for 41,500 ounces over the
period July 2024 to January 2025 at a strike price of A$3,400/oz
protecting the operations revenue. The put options ensure these
ounces will not be sold for below A$3,400/oz whilst maintaining full
exposure on these ounces to any A$ gold price upside above the
A$3,400/oz strike price, that is, Ramelius has the right to sell the
gold at A$3,400/oz, but not an obligation to do so.
Table 2: Summary of mining and milling operations for the 2024 financial year
Operational summary
Unit
Mt Magnet
Edna May
2024
2023
Change
Change %
Open pit
Ore mined
kt
1,857
872
2,729
3,112
(383)
- 12 %
Grade
g/t
1.58
2.16
1.76
1.64
0.12
+ 7 %
Contained gold
Oz
94,202
60,506
154,708
164,374
(9,666)
- 6 %
Underground
Ore mined
kt
587
266
853
911
(58)
- 6 %
Grade
g/t
5.46
3.42
4.83
3.99
0.84
+ 21 %
Contained gold
Oz
103,043
29,291
132,334
116,818
15,516
+ 13 %
Total
Ore mined
kt
2,444
1,138
3,582
4,023
(441)
- 11 %
Grade
g/t
2.51
2.45
2.49
2.17
0.32
+ 15 %
Contained gold
Oz
197,245
89,797
287,042
281,192
5,850
+ 2 %
Mill production
Tonnes milled
kt
1,746
2,149
3,895
3,769
126
+ 3 %
Grade
g/t
2.92
2.03
2.43
2.11
0.32
+ 15 %
Contained gold
Oz
164,190
140,413
304,603
255,136
49,467
+ 19 %
Recovery
%
97.0
93.7
95.4
94.7
0.7
+ 1 %
Recovered gold
Oz
159,228
131,506
290,734
241,704
49,030
+ 20 %
Gold poured
Oz
160,765
132,268
293,033
240,996
52,037
+ 22 %
Gold sold
Oz
160,350
133,616
293,966
243,263
50,703
+ 21 %
1 Refer to ASX Announcement 12 March 2024, “Ramelius delivers 10 Year Mine Plan at Mt Magnet”.
REVIEW OF OPERATIONS
Photo: Mikayla Ginbey
RAMELIUS RESOURCES ANNUAL REPORT 2024
14
MT MAGNET PRODUCTION
CENTRE
The Mt Magnet production centre includes the multi pit /
underground projects of the Mt Magnet Gold Mine along with
high-grade underground ore hauled from the Penny Gold Mine.
Gold production from the Mt Magnet production centre totalled
160,765 ounces for the year at an AISC of A$1,313/oz (2023:
127,943 ounces at an AISC of A$1,850/oz). Going forward the
Mt Magnet production centre will also include ore hauled from
the Cue Gold Mine.
MINING – MT MAGNET GOLD MINE
Open Pit
Open pit operations at the Mt Magnet Gold Mine focussed on
Eridanus in 2024 with the current pit expected to be completed in
the September 2024 Quarter before the open pit fleet relocates
to Cue. Mining at Eridanus exceeded expectations during the year
with 1.6Mt being mined at a grade of 1.63g/t representing a 103%
increase in tonnes on the prior year and a 56% increase in the
mined grade. In addition to mining at Eridanus, other smaller pits
were mined to provide oxide feed for the mill and to maintain
optimal mining rates.
At 30 June 2024 over 3.3Mt of ore at a grade of 0.95g/t was
stockpiled at Mt Magnet. Towards the end of the financial year,
site establishment and clearing activities commenced at Cue.
Underground
The main focus of the underground operations at Mt Magnet during
the year was the development of the Galaxy underground mine.
This was complemented with the mining of remnant and new
stopes from Water Tank Hill and St George. Mining at both Water
Tank Hill and St George has now completed with the sole focus
of the underground operations going forward being the Galaxy
mine which will provide a steady supply of underground ore at
Mt Magnet in the coming years.
For the year a total of 0.4Mt at a grade of 2.59g/t was mined at the
Mt Magnet underground mines.
MINING – PENNY GOLD MINE
At Penny, increased stoping areas became available in 2024 as
development progressed, which resulted in a significant increase in
tonnes mined from Penny in the year. Development has progressed
to the 1234mRL which continues to show exceptional face and vein
grades with mining performance continuing to be pleasing, incurring
minimal unplanned dilution.
For the year a total of 0.2Mt at a grade of 12.08g/t was mined
at Penny.
MILLING – MT MAGNET PRODUCTION CENTRE
Table 3: Mt Magnet milling for the 2024 financial year
Mt Magnet mill
Unit
2024
2023
Change
Change (%)
Tonnes milled
kt
1,746
1,844
(98)
- 5 %
Grade
g/t
2.92
2.28
0.64
+ 28 %
Contained gold
Oz
164,190
135,073
29,117
+ 22 %
Recovery
%
97.0
95.5
1.5
+ 2 %
Recovered gold
Oz
159,228
128,988
30,240
+ 23 %
Gold poured
Oz
160,765
127,943
32,822
+ 26 %
Gold sold
Oz
160,350
128,992
31,358
+ 24 %
Milled grades at Mt Magnet increased 28% on the prior year to 2.92g/t with the increased contribution from Penny and improved
grades from Eridanus, which provided the base load feed for the plant. The total tonnes milled at Mt Magnet were down 5%
on the prior year due to the impact of the conveyor repairs (CVO1), which were carried out over a period of nine weeks in
November and December 2023, and an increased proportion of Eridanus feed in the mill blend.
Overall gold production from Mt Magnet increased from the prior year with the reduced throughput being more than offset
by the higher mill grade. In the medium term, mill feed for the Mt Magnet will be sourced from Penny, Cue, Galaxy, and the
existing stockpiles.
REVIEW OF OPERATIONS
OVERVIEW
REVIEW OF OPERATIONS
RESOURCES AND RESERVES
SUSTAINABILITY REPORT
FINANCIAL REPORT
RAMELIUS RESOURCES ANNUAL REPORT 2024
15
EDNA MAY PRODUCTION
CENTRE
The Edna May production centre includes the Edna May
underground mine and ore trucked in from the Tampia, Marda,
and Symes Gold Mines. Gold production from Edna May totalled
132,268 ounces for the year at an AISC of A$1,906/oz (2023:
113,053 ounces at an AISC of A$1,945/oz). Gold production
increased 17% on the prior year with the introduction of higher-
grade ore from Symes and better than expected performance of
the Edna May underground mine.
MINING – EDNA MAY GOLD MINE
Pleasingly, underground mining operations at Edna May were able
to be extended beyond forecasted levels with the water inflow
experienced in June 2023 reducing, and additional pumping capacity
combining, to result in less water related operational issues.
This saw a notable increase in tonnes mined with a total of 0.3Mt
of ore mined at a grade of 3.42g/t for contained gold of 29,291
ounces. This represents a 44% increase in contained gold mined
when compared to the prior year.
Production activities at the Edna May underground mine were
completed in May 2024 with pumping systems remaining
operational for the supply of water to the processing plant.
MINING – SATELLITE SITES
During the year mining operations were completed at both the
Marda and Symes Gold Mines. At Marda, the total high-grade ore
mined over the life of the mine was 2.4Mt at a grade of 1.90g/t
for 143k ounces of contained gold. Whilst at Symes, operations
commenced and completed within the financial year with a total
of 0.5Mt of high-grade ore being mined at a grade of 2.41g/t for
42k ounces of contained gold.
A total of 1.9Mt was hauled to, and processed at, Edna May during
the year from Tampia, Marda, and Symes at a grade of 1.85g/t.
The tonnes hauled represents a 28% increase on the prior year
due to the mobilisation of additional haulage capacity. In total across
the Edna May hub there is just over 1.5Mt of high and low-grade
ore stockpiled at an average grade of 1.06g/t at 30 June 2024.
The processing of these stockpiles at Edna May is expected to
continue into the third Quarter of the 2025 financial year.
MILLING – EDNA MAY PRODUCTION CENTRE
Table 4: Edna May milling for the 2024 financial year
Edna May mill
Unit
2024
2023
Change
Change (%)
Tonnes milled
kt
2,149
1,925
224
+ 12 %
Grade
g/t
2.03
1.94
0.09
+ 5 %
Contained gold
Oz
140,413
120,063
20,350
+ 17 %
Recovery
%
93.7
93.9
(0.2)
- 0 %
Recovered gold
Oz
131,506
112,716
18,790
+ 17 %
Gold poured
Oz
132,268
113,053
19,215
+ 17 %
Gold sold
Oz
133,616
114,271
19,345
+ 17 %
Mill throughput at Edna May increased in the prior year with the introduction of Symes and increased production from the Edna
May underground both of which also improved the average mill grade for the year. The overall result for the Edna May mill was a
17% increase in recovered gold when compared to the prior year.
REVIEW OF OPERATIONS
RAMELIUS RESOURCES ANNUAL REPORT 2024
16
DEVELOPMENT PROJECTS
Ramelius’ development activities focussed on Eridanus, Cue, and Galaxy at Mt Magnet, and the Rebecca-Roe Gold Project in the
Eastern Goldfields. Resource definition drilling results have been detailed in the Quarterly reports released to the ASX. The table
below summarises the key areas development projects in the Ramelius portfolio.
Table 5: Key Ramelius development projects
Mt Magnet
Eridanus
During the year significant resource development work was undertaken at Eridanus which showed outstanding
results leading to an upgrade to the Mineral Resource at Eridanus in May 2024 to 21Mt at 1.7g/t for 1.2Moz1.
In June 2024, a new Resource Definition (RD) drilling program commenced consisting of 41 holes, 21 Diamond
Core and 20 Reverse Circulation (RC), for approximately 14,000m which are planned to convert the remaining
Inferred Mineral Resource below the A$2,500/oz shell. In addition this drilling will target the extension of the
granodiorite host and stockwork veining to a depth of 600m below surface. Additional drill targets beneath Lone
Pine and Theakston are also being investigated. The results of the new drill program will allow for a more informed
analysis of the future mining options being considered.
The Eridanus underground/open pit studies are targeted for release in December 2024, in parallel with the
Mt Magnet facility mill upgrade assessment.
Cue
A program of Resource Definition Diamond, RC, and Aircore (AC) drilling was undertaken across the Cue
project in the second half of the year focussing on infill, extensional, and geotechnical drilling. In addition to this
infrastructure definition drilling was undertaken in the areas surrounding the proposed pits.
In June, the Ramelius Board approved the commencement of operations at Cue following the completion of a
Pre-Feasibility Study and receipt of Key Mining Proposal approval from the Department of Energy, Mines, Industry
Regulation and Safety.2
Further information on the Cue Gold Mine can be found in the ‘Key Operational Highlights for the Year’ Section
of this report.
Galaxy
underground
mine
Development of the Mars ore body continued throughout the year reaching the sixth level of ore drives.
Towards the end of the year the focus turned to the advancement of the Saturn decline and incline to access the
new mining area.
Rehabilitation of the Hill 50 decline progressed to the 5,175mRL.
During the year underground diamond drilling programs targeting the Mars and Saturn ore bodies were completed.
The significant results returned from both Mars and Saturn confirmed mineralisation within the Boogardie Breaks
and banded iron formations (BIF) as anticipated.
Diamond drilling ceased in May 2024 to allow advancement of the Saturn decline further into the new underground
development area to gain access to additional drill platforms which will provide better angles for further resource
definition drilling. Underground drilling is expected to resume in the December 2024 Quarter and will include both
underground drilling and surface exploration drilling down-dip of the Saturn ore body.
Eastern Goldfields
Rebecca
Flora, vegetation, fauna, heritage, and lake ecology surveys are either in progress or scheduled to commence at
an appropriate time.
Integration of the Roe mineral resources into an overall project plan to enable compilation of a PFS level study for
a combined project, with targeted delivery in the December 2024 Quarter, continued throughout the Quarter.
Roe
Diamond and RC drilling was undertaken during the year in three stages. Firstly, diamond drilling targeting the Tura
and Northern Flat Lodes at Bombora with the aim of improving confidence in the Inferred Resources at depth and
conversion to Indicated Resources. Secondly, RC infill drilling within the currently conceptual open pit areas, and
thirdly, sterilisation and geotechnical drilling to advance the mining studies which are currently underway.
In addition to this, RD drilling was completed on Kopai-Cresent with the aim of improving confidence in the
Inferred Resources and conversion to Indicated Resources.
Assay results from several drill holes were still pending at the end of the year. Resource model updates for Bombora
and Kopai-Cresent are underway which will include the results from the latest drilling and are expected to be
completed in the September 2024 Quarter.
1 Refer to ASX Announcement 13 May 2024, “Eridanus Mineral Resource Up 64% to 1.2Moz”.
2 Refer to ASX Announcement 4 June 2024, “ Cue Project Approved for Commencement”.
REVIEW OF OPERATIONS
OVERVIEW
REVIEW OF OPERATIONS
RESOURCES AND RESERVES
SUSTAINABILITY REPORT
FINANCIAL REPORT
RAMELIUS RESOURCES ANNUAL REPORT 2024
17
EXPLORATION PROJECTS
Ramelius’ exploration activities focussed on the Rebecca-Roe Gold Project in the Eastern Goldfields as well as the
Cue Gold Project which progressed to a development project in 2024 and is discussed under the Development
Projects and Key Highlights for the Year. Exploration and resource definition drilling results have been detailed in
the Quarterly reports released to the ASX. The table below summarises the key areas of interest in Ramelius’
exploration portfolio.
Table 6: Key Ramelius exploration projects
Eastern Goldfields
Roe
(Bombora)
RD drilling was undertaken with two lake diamond drill rigs at Bombora targeting the
Tura and Northern Flats Lodes at depth with the intent being to increase confidence in
the high-grade areas of the resource to progress the evaluation of underground potential.
RC drilling also extended to Crescent-Kopai located north of Bombara to test shallow
mineralisation for open pit potential.
Approximately 80% of all results have been returned.
In general, mineralisation at Bombora is controlled by the interaction of a series of variably
dipping – steep, west and flat structures with a favourable quartz-dolerite unit within the
broader Bombora Dolerite Sill.
The Northern Flat Lode array comprises a series of flat lying lodes at the northern
end of Bombora, collectively plunging to the north. Mineralised lodes are characterised
by vein quartz with silica-carbonate-albite-biotite alteration with pyrite and pyrrhotite
development. Lateral extent of the lodes is constrained by a favourable quartz-dolerite
host within the Bombora Sill (~150m wide).
Mineralisation at Crescent-Kopai is hosted by a broad stratigraphic package including mafic
to intermediate volcanics and dolerite and is associated with vein quartz and carbonate-
biotite-pyrite alteration in the primary zone beneath a moderately developed regolith.
Geometry comprises a shallow northeasterly dipping lode, with internal north-northwest
plunging high-grade shoots.
Roe
(Manna Gold)
(Ramelius 100%
gold rights)
Soil sampling at the Banjo prospect located in the southeastern area of the Manna Gold
tenements was completed with the results continuing to highlight the gold potential of
southern extensions of the Bombora structural corridor.
Rebecca Water
Exploration
Rebecca water exploration activity continued across the year with the drilling of first test
production bores and monitoring drill holes completed late in the financial year. Initial airlift
testing has recorded encouraging results and systematic pump testing is set to commence
shortly. Water exploration activity is focused in an area located 15km south-east of the
proposed Rebecca open pit.
Mt Magnet region
Bartus Trend
The Bartus group of deposits are located within the Boogardie Basin domain of the
Mt Magnet goldfield, 6.3km south of the Checkers processing plant.
Deep exploration diamond drilling at the historic Bartus mining area was undertaken to
test mineralisation extensions at both Bartus and Bartus East and to evaluate the potential
for an offset mineralised granodiorite position below Bartus East.
Bartus drilling indicated the continuity of the mineralised granodiorite at depth albeit at
a lower grade tenor whilst deeper drilling at Bartus East has indicated the likelihood of
further high-grade mineralisation extensions at depth is diminishing.
Initial RC drill testing of granodiorite targets interpreted from passive Ambient Noise
Tomography (ANT) targets along the broader Bartus Trend have been completed.
In regard to Target 4, the drilling suggests an east-west trending intrusive system comprised
of narrow dykes containing sporadic mineralisation with further work required to evaluate
the broader target area. Targets 5 and 6 in combination indicate a broad intrusive system
that is poorly drill tested and remains open along strike to the northeast and southwest.
Results are considered encouraging at this early stage.
REVIEW OF OPERATIONS
RAMELIUS RESOURCES ANNUAL REPORT 2024
18
OVERVIEW
REVIEW OF OPERATIONS
RESOURCES AND RESERVES
SUSTAINABILITY REPORT
FINANCIAL REPORT
RAMELIUS RESOURCES ANNUAL REPORT 2024
19
COMPANY SUMMARY
Ramelius is pleased to report the following estimates of Mineral Resources and Ore Reserves as at 30 June 2024.
Ore Reserves increased year-on-year following
record production during FY24 due to:
• Significant additional contribution from the Cue
Gold Project acquired in FY24, with additional
conversion of Resources to Reserves expected in
FY25 from the Break of Day Underground and
recent drilling likely to also expand open pit designs
• A Maiden Ore Reserve of 1.3Mt @ 2.1g/t for 87koz
for Bartus Underground
• Conversion of FY24 Penny Mineral Resource
extensions
Mineral Resources yet to convert to Ore
Reserves include the following (in size order):
• Roe (1.8Moz) and Rebecca (1.4Moz) with PFS due
December 2024 Quarter
• Eridanus (1.2Moz) with underground/open pit
studies due by December 2024
• Edna May (1.0Moz) to remain as a Resource only
given decision not to proceed
RESOURCES
AND RESERVES
MINERAL RESOURCES
Total mineral resources are estimated to be:
180Mt
at 1.5 g/t Au for 8.7 Moz of gold
(refer Table 7)
up 14%
ORE RESERVES
Total Ore reserves are estimated to be:
20Mt
at 1.6 g/t Au for 1.1 Moz of gold
(refer Table 8)
up 18%
Significant increases in Ore Reserves are expected during FY25 due to Mineral Resource conversion at both the
Rebecca-Roe and Eridanus projects.
The Company has guided to an exploration spend range in FY25 of A$40-50M which is focussed on
Mt Magnet (including Eridanus), Cue, Penny, and the Rebecca-Roe area. Historical Mineral Resource growth is
shown in the table below.
Mineral Resources (koz Au)
5,000
7,000
8,000
6,000
4,000
3,000
2,000
1,000
0
2016
172
118
256
240
380
370
610
530
1,262
1,448
2,119
2,700
3,000
3,800
4,300
4,900
762
953
1,100
1,200
1,400
1,200
1,300
2,200
2017
2018
2019
2020
2021
2023
670
5,700
2,300
2024
2022
9,000
Measured
Indicated
Inferred
Figure 6: Historical mineral resources
Photo: Marcus Haines
RAMELIUS RESOURCES ANNUAL REPORT 2024
20
MINERAL RESOURCES
Table 7: Mineral Resources as at 30 June 2024 – inclusive of reserves
Project
Deposit
Measured
Indicated
Inferred
Total Resource
t
g/t
oz
t
g/t
oz
t
g/t
oz
t
g/t
oz
Mt
Magnet
Morning Star
4,900,000
1.9
300,000
4,300,000
1.5
210,000
9,200,000
1.7
510,000
Bartus Group
410,000
1.2
16,000
420,000
1.2
16,000
820,000
1.2
32,000
Boomer
1,200,000
1.8
68,000
790,000
1.0
26,000
2,000,000
1.5
94,000
Britannia Well
180,000
2.0
12,000
180,000
2.1
12,000
Brown Hill
720,000
1.6
38,000
490,000
1.2
19,000
1,200,000
1.5
57,000
Bullocks
200,000
3.3
21,000
40,000
2.5
3,000
240,000
3.1
24,000
Eastern Jaspilite
150,000
2.2
10,000
120,000
2.8
11,000
130,000
2.5
11,000
400,000
2.5
32,000
Eclipse
170,000
2.2
12,000
41,000
2.1
3,000
210,000
2.2
15,000
Eridanus
1,300,000
1.8
75,000
14,000,000
1.8
830,000
5,400,000
1.5
250,000
21,000,000
1.7
1,200,000
Franks Tower
2,200,000
1.0
70,000
700,000
1.2
26,000
2,900,000
1.0
97,000
Golden Stream
150,000
2.9
14,000
67,000
1.2
2,700
220,000
2.4
17,000
Golden Treasure
540,000
1.3
23,000
360,000
1.1
13,000
900,000
1.2
36,000
Milky Way
820,000
1.1
29,000
1,600,000
1.1
57,000
2,400,000
1.1
86,000
Spearmont-Galtee
580,000
2.6
48,000
580,000
2.6
48,000
Welcome-Baxter
320,000
1.6
17,000
130,000
1.8
7,400
610,000
1.7
33,000
Open Pit deposits
1,600,000
1.8
94,000
26,000,000
1.7
1,500,000
15,000,000
1.4
690,000
43,000,000
1.6
2,200,000
Galaxy UG
570,000
2.2
40,000
7,000,000
2.1
480,000
640,000
1.9
39,000
8,200,000
2.1
560,000
Hill 50 Deeps
560,000
7.6
140,000
580,000
5.0
92,000
720,000
5.5
130,000
1,900,000
6.0
360,000
Bartus East
2,000,000
2.8
160,000
170,000
2.7
13,000
2,200,000
2.4
170,000
UG deposits
1,100,000
4.9
180,000
9,700,000
2.3
730,000
1,500,000
3.7
180,000
12,000,000
2.7
1,100,000
ROM & LG stocks
9,400,000
0.6
190,000
9,400,000
0.6
190,000
Total Mt Magnet
12,000,000
1.2
470,000
36,000,000
1.9
2,200,000
17,000,000
1.6
870,000
65,000,000
1.7
3,500,000
Cue
Break of Day
610,000
8.2
160,000
610,000
8.2
160,000
White Heat
160,000
9.4
50,000
23,000
4.8
3,600
190,000
8.8
53,000
Lena
1,300,000
1.7
72,000
1,700,000
2.0
110,000
3,000,000
1.9
180,000
Leviticus
67,000
4.3
9,300
23,000
2.8
2,100
91,000
3.9
11,000
Big Sky
2,300,000
1.3
99,000
2,300,000
1.1
81,000
4,600,000
1.2
180,000
Numbers
580,000
1.2
23,000
28,000
0.9
790
610,000
1.2
23,000
Waratah
250,000
2.0
16,000
49,000
1.0
1,600
300,000
1.8
17,000
Amarillo
460,000
1.6
24,000
270,000
1.4
12,000
730,000
1.6
36,000
Open Pit deposits
5,800,000
2.4
450,000
4,400,000
1.5
210,000
10,000,000
2.0
670,000
Break of Day
220,000
6.5
45,000
19,000
4.3
2,600
240,000
6.3
48,000
White Heat
9,900
6.3
2,000
9,900
6.3
2,000
Lena
860,000
3.5
97,000
860,000
3.5
97,000
UG Deposits
220,000
6.5
45,000
890,000
3.5
100,000
1,100,000
4.1
150,000
Total Cue
6,000,000
2.6
500,000
5,300,000
1.8
310,000
11,000,000
2.2
810,000
Rebecca
Rebecca
17,000,000
1.5
820,000
3,100,000
1.4
140,000
20,000,000
1.5
960,000
Duchess
7,300,000
0.9
220,000
2,400,000
0.9
72,000
9,700,000
0.9
290,000
Duke
2,000,000
1.1
73,000
740,000
1.1
25,000
2,700,000
1.1
98,000
Cleo
730,000
1.1
26,000
230,000
1.0
7,700
960,000
1.1
34,000
Total Rebecca
27,000,000
1.3
1,100,000
6,500,000
1.2
240,000
33,000,000
1.3
1,400,000
Roe
Bombora OP
16,000,000
1.5
740,000
3,100,000
1.3
130,000
19,000,000
1.4
870,000
Bombora UG
4,300,000
2.5
350,000
4,700,000
2.1
320,000
9,000,000
2.3
670,000
Crescent-Kopai
2,900,000
1.2
110,000
1,500,000
0.9
45,000
4,400,000
1.1
150,000
Claypan
2,000,000
1.1
69,000
2,000,000
1.1
69,000
Total Roe
23,000,000
1.6
1,200,000
11,000,000
1.6
560,000
34,000,000
1.6
1,800,000
Edna
May
Edna May
720,000
1.1
25,000
23,000,000
1.0
700,000
7,000,000
1.0
220,000
30,000,000
1.0
940,000
ROM & LG stocks
37,000
1.4
1,700
37,000
1.4
1,700
Total Edna May
750,000
1.1
27,000
23,000,000
1.0
700,000
7,000,000
1.0
220,000
30,000,000
1.0
950,000
Symes
ROM & LG Stocks
320,000
1.2
13,000
320,000
1.2
13,000
Marda
ROM & LG stocks
280,000
1.3
12,000
280,000
1.3
12,000
Tampia
ROM & LG stocks
770,000
0.9
23,000
770,000
0.9
23,000
Penny
North & West
140,000
29.0
130,000
160,000
15.0
76,000
24,000
16.0
12,000
320,000
21.0
220,000
ROM & LG stocks
800
9.3
240
800
9.3
240
Total Penny
140,000
29.0
130,000
160,000
15.0
76,000
24,000
16.0
12,000
320,000
21.0
220,000
Total Resource
14,000,000
1.4
670,000
110,000,000
1.6
5,800,000
47,000,000
1.5
2,200,000
180,000,000
1.5
8,700,000
Figures rounded to 2 significant figures. Rounding errors may occur.
RESOURCES AND RESERVES
OVERVIEW
REVIEW OF OPERATIONS
RESOURCES AND RESERVES
SUSTAINABILITY REPORT
FINANCIAL REPORT
RAMELIUS RESOURCES ANNUAL REPORT 2024
21
MINERAL RESOURCE COMMENTARY
Mt Magnet is comprised of numerous gold deposits contained within a contiguous tenement holding and located within an
8km radius of the Checkers processing facility. The main mining operations currently include the Eridanus open pit and the
Galaxy underground mine. A large low-grade stockpile has been generated from mining at Eridanus.
The Penny mine was acquired via the takeover of Spectrum Metals in early 2020. Both Penny West and Penny North
are high-grade quartz-sulphide lodes. Penny West was discovered and mined by open pit in the early 1990’s and project
development progressed under Ramelius with a pit access cutback, camp, workshop and offices completed in 2022.
Underground mining advanced to the eleventh level in Penny North and a decline to access the Penny West vein was added
to the mine plan in 2023. Ore is hauled 160km to Mt Magnet for processing.
Cue includes the deposits Break of Day, White Heat, Lena, Waratah, Amarillo, Leviticus, Big Sky and Numbers. After acquisition
from Musgrave Minerals (MGV) in July 2023, Ramelius carried out resource definition drilling and an update of the Mineral
Resource Estimate for each of the Cue Gold Project deposits. Cue is made up of classic Archean aged greenstones. The crustal
scale Cuddingwarra Shear Zone truncates the western edge of the project. Structural complexity is common at Cue with the
area dominated by local scale shears, notably the Lena Shear. The geology is generally sub-vertical and include a range of igneous
units (basalts, dolerite, granite, etc.), Banded Iron Formations (BIF) and felsic sediments. Ore from Cue will be hauled 40km to the
process plant at Mt Magnet.
The Edna May mine was acquired in October 2017 and the underground mine was operated until May 2024 when mining
ceased. The deposit comprises of the large-scale Edna May granitoid hosted, stockwork deposit. Two high-grade, cross-cutting
quartz lodes were mined underground within the broader Edna May deposit. Marda, Symes, and Tampia form major ore sources
for current mill feed.
Marda mining operations commenced in late 2019. Marda is located 130km north of Southern Cross and ore is hauled and
milled at Edna May. Marda consists of BIF hosted deposits that were mined as open pits. The Die Hardy open pit was the last
in a series of open pits that were mined since 2019, and it was completed in October 2023. Ore stockpiles from Marda will
continue to be hauled to Edna May for processing until the March 2025 Quarter.
Tampia mining operations commenced in April 2021 and ceased in May 2023. The deposit is hosted within amphibolite
facies mafic rocks, 12km SE of Narembeen in the WA wheatbelt. Gold is hosted within shallow dipping lode/shear zones and
associated with arsenopyrite. Ore is hauled 140km to Edna May for milling. Large site stockpiles have been generated and will
continue to feed the Edna May processing facility until the March 2025 Quarter.
Symes Find is located 120km SSE of Edna May, also in the WA wheatbelt and consists of lateritic oxide and primary
mineralisation hosted in mafic gneiss units comparable to Tampia. Mining commenced in June 2023 and the pit ceased operation
in May 2024.
All deposits have been depleted for mining during the 2024 financial year.
Mining and changes to modelling and/or categorisation generally resulted in decreases for most active projects, with the
exception of Eridanus which increased due to resource definition drilling. The increase in resource in 2024 was primarily due to
the addition of the Cue acquisition from Musgrave Minerals Ltd, as well as the 64% increase in the Eridanus Mineral Resource.
See RMS ASX releases below for additional Mineral Resource reporting details:
• ‘Eridanus Mineral Resource up 64% to 1.2Moz’, 13 May 2024;
• ‘Ramelius Makes Recommended Takeover Offer for Musgrave Minerals Ltd’, 3 July 2023; and
• ‘Ramelius Delivers 10 Year Mine Plan at Mt Magnet’, 12 March 2024.
The Rebecca project was acquired via acquisition of Apollo Consolidated in 2021. The project contains the substantial Rebecca
deposit, plus the smaller Duchess, Duke, and Cleo deposits and is located 150km east of Kalgoorlie. Mineralisation occurs in large
shear lodes with associated disseminated pyrrhotite, pyrite and silicification, hosted within a gneissic granodiorite.
The Roe project was acquired via acquisition of Breaker Resources in 2023. Resources at Roe include Cresent-Kopai, Claypan,
and the extensive Bombora deposit which are located 50km southwest of the Rebecca project and 100km east of Kalgoorlie.
Roe mineralisation occurs as disseminated gold within stockwork and quartz veins associated with cross cutting shear zones in
Archean mafics and fractionated dolerite intrusives.
Resource definition drilling that occurred during the year resulted in a conversion of Inferred to Indicated Mineral Resources
within the potential underground areas at Bombora (Tura and Northern Flat Lodes) and the Cresent-Kopai open pits, with
Indicated Resources increasing by 54% from 780,000 ounces in 2023 to 1,200,000 ounces in 2024. In terms of total Mineral
Resources, there was a slight increase from 1,700,000 ounces in 2023 to 1,800,000 ounces in 2024.
The Bartus group of deposits are located within the Boogardie Basin domain of the Mt Magnet goldfield, 6.3km south of the
Checkers processing plant. Mineralisation is hosted by sericite-silica-albite altered granodiorite intrusions with quartz-pyrite+/-
tourmaline vein stockworks and accessory molybdenite.
All Mineral Resources are based on combinations of RC and diamond drillholes. Underground deposits may also utilise grade
control and face sampling data. Drill sampling has been via riffle or cone splitters (RC) or by sawn half core and whole core.
Assay is carried out by commercial laboratories and accompanied by appropriate QAQC samples.
RESOURCES AND RESERVES
RAMELIUS RESOURCES ANNUAL REPORT 2024
22
Generally, a substantial proportion of drill data is historic in nature or gathered by previous owners, however Ramelius has
added significant further drilling for all deposits, especially those forming Ore Reserves. Mineralisation has been modelled via
cross-sectional interpretations, using deposit appropriate lower cut-off grade shapes and geological interpretations. Geological
understanding has formed the basis of all ore interpretations. Ore domain interpretations have then been wireframed using
geological software, including Micromine, Leapfrog, and Surpac. Mineralisation has been grouped by domain where required and
statistical analysis, top-cutting and estimation carried out using anisotropic search ellipses. Estimation uses Ordinary Kriging and/or
Inverse Distance methods. Modelling has been undertaken with recognition of the probable mining method and minimum mining
widths and the resource classifications reflect drillhole age, spacing, data quality, geological and grade continuity.
Density information for fresh rock is generally well established and new measurements have frequently been obtained.
All deposits listed, except Rebecca, Roe and Cue, have had some degree of recent production or historic mining.
Referring to the below waterfall chart, mining depletion was significantly larger than production due to the removal of
mineralised material below open pits no longer in production such as Die Hardy, Symes, and Brown Hill, and smaller
underground remnants from St George and Water Tank Hill, which are no longer part of Ramelius’ mine plans. The drilling
related additions more than doubled mining depletion and were mostly due to significant increases to the Eridanus Mineral
Resource. The project acquisition increase primarily relates to Cue at Mt Magnet.
Figure 7: Resource Inventory Change
RESOURCES AND RESERVES
9,000
6,500
7,000
7,500
8,000
8,500
6,000
5,500
5,000
4,500
June 2023
Resource
327
168
814
Mining
Depletion
Ore Stock
Change
Modelling and
Categorisation
Exploration,
Resource and
GC Drilling
Project
Acquisition
June 2024
Resource
11
718
Ounces (‘000)
7,600
8,700
OVERVIEW
REVIEW OF OPERATIONS
RESOURCES AND RESERVES
SUSTAINABILITY REPORT
FINANCIAL REPORT
RAMELIUS RESOURCES ANNUAL REPORT 2024
23
MINERAL RESOURCE DIAGRAMS
Figure 8: Cue Break of Day long section facing northeast with the Starlight lode displayed and previously
released results. (See RMS ASX Release “Cue Project Approved for Commencement”, 4 June 2024)
RESOURCES AND RESERVES
Figure 9: Long section of Penny, showing previously released high grade intercepts, resources, current
mine development, and latest mine design (See RMS ASX Release “December 2023 Quarterly Activities
Report”, 30 January 2024)
RAMELIUS RESOURCES ANNUAL REPORT 2024
24
Figure 10: Long section of Eridanus, showing previously released high grade intercepts, resources,
current mine design, and planned drill hole traces (see RMS ASX Release “March 2024 Quarterly
Activities Report and Guidance Update”, 22 April 2024)
RESOURCES AND RESERVES
OVERVIEW
REVIEW OF OPERATIONS
RESOURCES AND RESERVES
SUSTAINABILITY REPORT
FINANCIAL REPORT
RAMELIUS RESOURCES ANNUAL REPORT 2024
25
RAMELIUS RESOURCES ANNUAL REPORT 2024
Figure 11: Rebecca deposit cross-section June 2023 – drilling & lode interpretation
Figure 12: Roe – Bombora deposit cross-section June 2024 – drilling & lode interpretation. $3,250/oz
shell and conceptual underground Mine Stope Optimisations shown for Tura and North Flats Lodes
(See RMS ASX Release ‘June 2024 Quarterly Activities Report’, 29 July 2024)
RESOURCES AND RESERVES
RAMELIUS RESOURCES ANNUAL REPORT 2024
26
ORE RESERVES
Table 8: Ore Reserves statement as at 30 June 2024
Project
Mine
Proven
Probable
Total Reserve
t
g/t
oz
t
g/t
oz
t
g/t
oz
Mt
Magnet
Boomer
500,000
1.0
16,000
500,000
1.0
16,000
Brown Hill
170,000
0.5
2,800
170,000
0.5
2,800
Eridanus
180,000
2.0
12,000
180,000
2.0
12,000
Golden Stream
85,000
2.6
7,200
85,000
2.6
7,200
Morning Star
1,700,000
1.3
74,000
1,700,000
1.3
74,000
Total Open Pit
2,700,000
1.3
110,000
2,700,000
1.3
110,000
Galaxy UG
2,100,000
2.7
180,000
2,100,000
2.7
180,000
Bartus UG
1,300,000
2.1
87,000
1,300,000
2.1
87,000
Total Underground
3,400,000
2.5
260,000
3,400,000
2.5
260,000
ROM & LG stocks
9,400,000
0.6
190,000
9,400,000
0.6
190,000
Total Mt Magnet
9,400,000
0.6
190,000
6,000,000
1.9
380,000
15,000,000
1.1
570,000
Cue
Break of Day
880,000
4.5
130,000
880,000
4.5
130,000
White Heat
240,000
5.7
43,000
240,000
5.7
43,000
Lena
670,000
1.4
30,000
670,000
1.4
30,000
Waratah
110,000
1.6
5,700
110,000
1.6
5,700
Leviticus
69,000
3.1
6,900
69,000
3.1
6,900
Big Sky
390,000
1.5
19,000
390,000
1.5
19,000
Numbers
270,000
1.2
10,000
270,000
1.2
10,000
Amarillo
150,000
1.9
8,800
150,000
1.9
8,800
Total Cue
2,800,000
2.8
250,000
2,800,000
2.8
250,000
Edna
May
ROM & LG stocks
37,000
1.4
1,700
37,000
1.4
1,700
Total Edna May
37,000
1.4
1,700
37,000
1.4
1,700
Marda
ROM & LG stocks
280,000
1.3
12,000
280,000
1.3
12,000
Total Marda
280,000
1.3
12,000
280,000
1.3
12,000
Tampia
ROM Stocks
770,000
0.9
23,000
770,000
0.9
23,000
Total Tampia
770,000
0.9
23,000
770,000
0.9
23,000
Symes
ROM Stocks
320,000
1.2
13,000
320,000
1.2
13,000
Total Symes
320,000
1.2
13,000
320,000
1.2
13,000
Penny
Penny Underground
400,000
14
180,000
400,000
14
180,000
Total Penny
400,000
14
180,000
400,000
14
180,000
Total Reserve
11,000,000
0.7
240,000
9,200,000
2.7
810,000
20,000,000
1.6
1,100,000
Figures rounded to 2 significant figures. Rounding errors may occur.
RESOURCES AND RESERVES
OVERVIEW
REVIEW OF OPERATIONS
RESOURCES AND RESERVES
SUSTAINABILITY REPORT
FINANCIAL REPORT
RAMELIUS RESOURCES ANNUAL REPORT 2024
27
ORE RESERVE COMMENTARY
Ore Reserves have been reported from Measured and Indicated
Mineral Resources only. Current operations are the current phase
of Eridanus, Brown Hill and Break of Day open pits and the Penny
and Galaxy underground mines. All current pit and underground
operations were depleted to 30 June 2024.
All Ore Reserves have been generated from designs using
appropriate cost, geotechnical, slope angle, stope span, dilution, cut-
off grade and recovery parameters. Mining approvals are in place for
all Ore Reserves expected to be mined within the next two years.
Penny underground mine design has incorporated approximately
8koz of Inferred Mineral Resource mined coincidently whilst
extracting the Indicated Resource. The Penny mine plan is not
dependent upon Inferred Mineral Resource for profitability.
A maximum A$3,250/oz gold price has been used to estimate
Ore Reserves and determine appropriate cut-offs.
Mining, milling and additional overhead costs are based on currently
contracted and budgeted operating costs. Mill recoveries for all
ore types are based upon operating experience or metallurgical
testwork. Stockpiles consist of ROM stocks & low-grade stocks
mined under Ramelius’ ownership.
Mining depletion of the 2023 Ore Reserve was 31koz less than
total mined ore in FY24 as a result of:
• Mining ore outside of 2023 Ore Reserves at Symes and
Die Hardy
• Additional levels being mined at the Edna May Underground
during FY24.
The increase in Mt Magnet ore stocks of reflects the build-up of
stockpiles at Eridanus because of mining ore faster than processing
plant capacity allows treatment of this ore.
RESOURCES AND RESERVES
Figure 13: Ore Reserve Annual Change
2023 Ore
Reserve
Ounces (‘000)
264
Ore Stock
Change
Ore Reserve
Depletion
Resource
Defination
Addition
Project
Acquisition
2024 Ore
Reserve
1,000
1,200
800
600
400
200
0
31
104
252
930
1,100
RAMELIUS RESOURCES ANNUAL REPORT 2024
28
BARTUS UNDERGROUND (MT MAGNET, WA) –
PRE-FEASIBILITY RESULTS
The Bartus Underground project to convert existing Mineral
Resources (2.2Mt @ 2.4g/t for 170koz announced 12 March 2024)
has progressed to the completion of a Pre-Feasibility Study (PFS).
Geology and Mineralisation
The Bartus East granodiorite forms an elongated north-east to
south-west striking granodiorite unit measuring 250m in length
and up to 70m width, with several smaller and irregular apophyses
interpreted to branch off the main intrusive body.
The granodiorite appears to be very similar to the Eridanus
IGZ granodiorite and can be described as a medium grained
equigranular intermediate intrusive, comprising predominantly
of feldspar, quartz and minor/accessory amounts of chlorite.
Metasomatic alteration overprinting as a result of fluid alteration
has resulted in sericite-silica albite-pyrite alteration, together with
quartz/carbonate veining interpreted to be associated with the gold
mineralising event. Stronger alteration is usually associated with
higher vein density/abundance.
Quartz vein orientations were measured, having a moderate dip
of 20°-40° towards the NE (and striking NNW). Steeper veins,
although also present, are less evident in this granodiorite, especially
compared to the Eridanus deposit.
Veins consist primarily of quartz but sometimes have carbonate
and/or chlorite along the edges. Veins vary in width from a few
millimetres up to several metres and occasionally show small-scale
dilational jogs (sometimes with extension veins) or more random
stockwork-style. Vein textures that have been observed include
both brecciated as well as laminated veins and accessory sulphide
minerals include galena, sphalerite, molybdenite and arsenopyrite.
Visible gold was observed in several veins.
Geotechnical Assessment
The PFS mine design and sequence has been assessed following
onsite geotechnical logging of core from holes drilled in 2023.
Rocks at the Bartus deposit essentially comprise felsic intrusives
(IGZ, IGF, IZZ and IDZ) within the East Lode and ultramafics
(XUC and UAC) outside the lode.
Where development is anticipated to be within ultramafics, an
allowance for fibrecrete has been included in the ground support
regime.
Dewatering
The groundwater inflow to the mine is expected to be low at less
than 5L/sec.
Mine Design and Method
The Bartus underground mine will be accessed from twin decline
portals located in the Quasar pit. One -1:7, 5.5m x 5.5m decline will
be used for main access and haulage and the other will be used for
return air and second means of egress.
The mining method will consist of sub level caving in the upper
portions and core and shell stoping below (see Figure 10 and Figure
11 below). SLC drawpoints drive spacing is 15m (centreline to
centreline). The Core stope (extending from 90 level to 160 level)
is 75m high and 90m long at its longest point has been designed
with side walls of at least 10m stand off to the granodiorite/
ultramafic contact. Provision has been made for additional drill and
blast outside the targeted extraction to ensure caving progressed
as anticipated. Level spacings are typically 25m floor to floor.
Stope design cut-off grade is 1.2g/t. It is expected that emulsion
explosives will be utilised which is already the case at the existing
Galaxy operation.
The primary ventilation system will consist of primary ventilation
fans situated in the return air decline drawing air from the series of
interconnected longhole rises.
Figure 14: Bartus Underground Long section
RESOURCES AND RESERVES
OVERVIEW
REVIEW OF OPERATIONS
RESOURCES AND RESERVES
SUSTAINABILITY REPORT
FINANCIAL REPORT
RAMELIUS RESOURCES ANNUAL REPORT 2024
29
The 57-month underground schedule is based upon:
• A single jumbo developing at 240m development advance
per month
• Long hole drill rig drilling 89mm holes
• Up to 2 x LHDs
• Up to 2 x 60t trucks
Ore will be hauled to surface by underground dump trucks and
placed on stockpile. Roadtrains will then haul the ore to the
Checkers Process Plant.
Operating costs have been based on existing underground mining
and haulage contracts.
Ore Reserves
A maiden Ore Reserve has been estimated for the project, as seen
below in Table 9.
Table 9: Bartus Underground Ore Reserve
Deposit
Proven
Probable
Total Reserve
kt
g/t
koz
kt
g/t
koz
kt
g/t
koz
Bartus
UG
-
-
-
1,300
2.1
87
1,300
2.1
87
Figures rounded to 2 significant figures. Rounding errors may occur.
Modifying factors for the project include dilution allowance
of 20% in SLC and shell stopes to 10% in core open stopes.
Mining Recovery ranges from 95% in core stopes to 80% in shell
and SLC stopes.
Metallurgy
Bartus East ore is free milling, with very high gravity recoverable
gold content and high overall gold recoveries, the testwork showed
recoveries of more than 98% after 24 hours of cyanidation.
Historical gold recoveries from Bartus East, when treated via the
CMP and from historical testwork were quoted as being between
92-95%.
Five samples from 2023 drilling were selected for a test work
programme. All samples were half core taken with the compositing
defined by the Ramelius geological department.
The composite sample tested had a calculated head grade of 9.20g/t,
higher than the anticipated mined ore grade of 3.5g/t. The overall
leach characteristics of the Bartus East showed that it is fast leaching
and provides low gold residue grades. A recovery of 94.4% has been
selected for the Bartus East ore. These values are based on the
residue grade results from the 175µm and 125um tests and consider
the gravity and 24-hour leach testwork recoveries.
No plant upgrades, expansions or modifications are required for
the treatment of the Bartus East ore.
It is not considered that there are any fatal flaws, critical risks or
key concerns for the treatment of the Bartus East ore through the
Checkers Processing Plant. There is a high degree of confidence
in the amenability of the processing facility based on historical
treatment of similar ores and a number of testwork programmes.
Operating history across a range of ores, as well as the Bartus East
testwork supports that the throughput, gold recovery and operating
costs will be consistent with current processing parameters.
RESOURCES AND RESERVES
RAMELIUS RESOURCES ANNUAL REPORT 2024
30
Infrastructure
Considerable existing infrastructure is already in place at Mt Magnet
such as processing and accommodation facilities. Additional mine
infrastructure identified in the capital estimate includes:
• Contractor mobilisation and set up
• Portal preparation work
• Power reticulation including power line link to existing site grid
• Primary ventilation fans
• Pumping stations and dewatering infrastructure
• Light vehicles and ancillary
Permitting and Approvals
The project is situated on granted mining tenure. There are no
additional permits required for groundwater or works approval
aspects. A draft Mining Proposal is in an advanced state and
submission is expected to occur within the next 2 months.
Pre-Feasibility Study Results1
Table 10: Bartus Underground Pre-Feasibility Study Summary
Parameter
Unit
Pre-Feasibility Study
(Aug 2024)
General
Mining Method
SLC in upper levels then
Core and Shell Stoping
Initial life
Mths
57
Mining (underground)
Ore tonnes
Mt
1.4
Grade
g/t
2.1
Contained Gold
koz
95
Processing
Ore processed
Mt
1.4
Grade
g/t
2.1
Recovery
%
94.4
Gold Production
koz
90
Financial
PPE Capital Cost
A$M
8
Pre-Production
Capitalised Cost
A$M
56.7
AISC
A$/oz
1,889
1 The Pre-Feasibility Study is a Production Target that contains a proportion of Inferred
Mineral Resources (140kt @ 1.9g/t for 8.5koz). There is a low level of geological
confidence associated with inferred mineral resources and there is no certainty that
further exploration work will result in the determination of indicated mineral resources or
that the production target itself will be realised.
FORWARD LOOKING
STATEMENTS
This report contains forward looking statements.
The forward looking statements are based on current
expectations, estimates, assumptions, forecasts and
projections and the industry in which it operates as well as
other factors that management believes to be relevant and
reasonable in the circumstances at the date such statements
are made, but which may prove to be incorrect. The forward
looking statements relate to future matters and are subject
to various inherent risks and uncertainties. Many known
and unknown factors could cause actual events or results
to differ materially from the estimated or anticipated events
or results expressed or implied by any forward looking
statements. Such factors include, among others, changes in
market conditions, future prices of gold and exchange rate
movements, the actual results of production, development
and/or exploration activities, variations in grade or recovery
rates, plant and/or equipment failure and the possibility
of cost overruns. Neither Ramelius, its related bodies
corporate nor any of their directors, officers, employees,
agents or contractors makes any representation or warranty
(either express or implied) as to the accuracy, correctness,
completeness, adequacy, reliability or likelihood of fulfilment
of any forward looking statement, or any events or results
expressed or implied in any forward looking statement,
except to the extent required by law.
COMPETENT PERSONS
The information in this report that relates to Mineral
Resources and Ore Reserves is based on information
compiled by Jake Ball (Mineral Resources) and Paul Hucker
(Ore Reserves), who are Competent Persons and Members
of The Australasian Institute of Mining and Metallurgy.
Jake Ball and Paul Hucker are full-time employees of the
company. Jake Ball and Paul Hucker have sufficient experience
that is relevant to the style of mineralisation and type
of deposit under consideration and to the activity being
undertaken to qualify as a Competent Person as defined in
the 2012 Edition of the “Australasian Code for Reporting of
Exploration Results, Mineral Resources and Ore Reserves”.
Jake Ball and Paul Hucker consent to the inclusion in this
report of the matters based on their information in the form
and context in which it appears.
RESOURCES AND RESERVES
OVERVIEW
REVIEW OF OPERATIONS
RESOURCES AND RESERVES
SUSTAINABILITY REPORT
FINANCIAL REPORT
RAMELIUS RESOURCES ANNUAL REPORT 2024
31
SUSTAINABILITY
AT RAMELIUS
We believe a sustainable gold producer should deliver more
than just financial benefit. It’s about the way we do business,
the relationships we build with our people and communities
and the efforts we make to conserve the environment.
In FY24 we continued our participation in ESG benchmarking assessments undertaken by organisations
such as S&P Corporate Sustainability Assessment, Sustainalytics and MSCI and through membership of
leading industry bodies. Together with our commitments, partnerships and stakeholder feedback, these
assessments and memberships allow us to track our ESG performance against relevant standards and
peers to deliver continual improvement.
Our material topics reflect our corporate mission, strategic imperatives and stakeholder concerns.
We conduct comprehensive materiality assessments to ensure we are focused on managing impacts
and capturing opportunities for the most significant topics to our business and stakeholders.
01
OUR BUSINESS
• Organisational Governance
• Economic Performance
• Regulatory and Compliance
• Information Technology
• Innovation
02
OUR PEOPLE
• Health, Safety and Wellbeing
• Employment and Contractors
• Talent Attraction, Development and Retention
• Ethics and Human Rights
• Diversity
03
OUR COMMUNITIES
• First Nations Peoples and Native Title
• Taxes, Supplier Payments & Royalties
• Community Investment and Engagement
04
OUR ENVIRONMENT
• Water and Wastewater Management
• Greenhouse Gas Emissions and Energy
• Waste and Tailings Management
• Mine Closure and Rehabilitation
• Biodiversity
SUSTAINABILITY PILLARS
RAMELIUS RESOURCES ANNUAL REPORT 2024
32
SUSTAINABILITY AT RAMELIUS
We are focused on aligning our environmental, social and governance policies
and activities across our operations in accordance with the UN Sustainable
Development Goals (SDGs). These are considered the blueprint to achieving
a better and more sustainable future for all and as such represent a major
inspiration for the future prosperity of our stakeholders.
We continue to report against the 9 SDGs that most align to our business strategy and
stakeholder priorities. Throughout this report, we utilise the relevant SDG icons to highlight
where our activities contribute progress towards achieving the SDG goals and targets.
In addition to the SDGs, we are guided by the UN’s Global Compact and its Ten Principles
in the areas of human rights, labour, environment, and anti-corruption.
We look forward to the release of our FY24 Sustainability Report which
covers our current active operations, including producing mines, development
sites and exploration assets.
The Sustainability Report is aligned to the Sustainability Accounting Standards
Board (SASB) requirements for Metals and Mining.
Our FY24 Targets can be found in the FY23
Ramelius Sustainability Report.
OVERVIEW
REVIEW OF OPERATIONS
RESOURCES AND RESERVES
SUSTAINABILITY REPORT
FINANCIAL REPORT
33
RAMELIUS RESOURCES ANNUAL REPORT 2024
ANNUAL
FINANCIAL
REPORT
ABOUT RAMELIUS
Ramelius listed on the ASX in 2003 and is a well-established mid-tier
Australian gold mining company with operations in Western Australia.
Ramelius has processing centres at Mt Magnet and Edna May and
during the year operated at six locations with ore from the Penny Gold
Mine being hauled to, and processed at, Mt Magnet and ore from the
Tampia, Marda, and Symes Gold Mines being hauled to, and processed
at, Edna May.
From FY25 ore from the Cue Gold Mine will also be hauled to the
Mt Magnet mill for processing.
In addition, Ramelius has exploration projects throughout Western
Australia, notably the Rebecca and Roe Gold Projects located
approximately 145km and 100km east of Kalgoorlie respectively.
Ramelius produced 293,033 ounces of gold in the 2024 financial year
at an All-in Sustaining Cost (AISC) of A$1,583 per ounce. Guidance
for the 2025 financial year is for gold production of 270,000 to
300,000 ounces at an AISC of A$1,500 – 1,700 per ounce.
Ramelius has approximately 300 employees and over 500 contractors
working across its operating mines in Western Australia.
ABOUT THIS REPORT
This annual financial report is a summary of Ramelius and its subsidiary
companies’ operations, financial performance, and positions as at,
and for the year ended, 30 June 2024. In this report references to
‘Ramelius’, ‘the Company’, ‘the Group’, ‘we’, ‘us’, and ‘our’ refer to
Ramelius Resources Limited (ABN 51 001 717 540) and its controlled
entities, unless otherwise stated.
References in the report to a ‘year’ are to the financial year ended
30 June 2024 (the previous corresponding year is the financial year
ended 30 June 2023) unless otherwise stated. All dollar figures are
expressed in Australian dollars (AUD) unless otherwise stated.
References to AASB refer to the Australian Accounting Standards
Board and IFRS refers to the International Financial Reporting
Standards. There are references to IFRS and non-IFRS financial
information in this report. Non-IFRS financial measures are financial
measures other than those defined or specified under any relevant
accounting standard and may not be comparable with other
companies’ information. Non-IFRS financial measures are used to
enhance the information presented as well as the comparability of
information between reporting periods. Non-IFRS financial information
should be considered in addition to, and is not intended to be a
substitute for, IFRS financial information and measures. Non-IFRS
financial measures are not subject to audit or review.
TABLE OF CONTENTS
Directors’ report
35
Directors
35
Company Secretary
35
Principal activities
35
Key highlights for the year
35
Dividends
35
Events since the end of the financial year
35
Operations review
35
Financial review
36
Development and exploration projects
40
Investor relations
40
Material business risks
41
Environmental regulation
44
Information on Directors
45
Meetings of Directors
47
Remuneration report
48
Shares under option
68
Insurance of officers & indemnities
68
Proceedings on behalf of the company
68
Non-audit services
68
Auditor independence
68
Rounding of amounts
68
Auditor’s independence declaration
69
Financial report
70
Financial statements
72
Notes to the financial statements
76
Consolidated entity disclosure statement
118
Signed reports
119
Directors’ declaration
119
Independent auditor’s report to the members 120
Shareholder information
125
RAMELIUS RESOURCES ANNUAL REPORT 2024
34
Your Directors present their report on the consolidated entity
consisting of Ramelius Resources Limited and the entities it
controlled at the end of, or during, the year ended 30 June 2024.
DIRECTORS
The following persons were Directors of Ramelius Resources
Limited at the date of this report:
Bob Vassie
Mark Zeptner
David Southam
Natalia Streltsova
Fiona Murdoch
Colin Moorhead
All Directors served on the Board for the period 1 July 2023 to
30 June 2024.
The qualifications, experience, special responsibilities, and other
details of the Directors in office as at the date of this report appear
on pages 45 to 46.
COMPANY SECRETARY
The Company Secretary is Richard Jones. Mr Jones has over
20 years’ experience as a corporate commercial lawyer in both
private and in-house capacities and across various industries.
He has previously served as Company Secretary for ASX listed
and unlisted companies in the mining sector.
PRINCIPAL ACTIVITIES
The principal activities of the Group during the year were mine
operations (including the production and sale of gold), mine
development, and exploration & evaluation activities. There were
no significant changes to those activities during the year.
KEY HIGHLIGHTS FOR THE YEAR
Key highlights are included on pages 2 to 7 of this report.
DIVIDENDS
Dividends recommended but not yet paid
Since the end of the 2024 financial year the Directors have
recommended the payment of a fully franked final dividend of
5.0 cents per ordinary share. The fully franked final dividend will
have a record date of 16 September 2024 and a payment date of
17 October 2024.
This dividend will be eligible for participation in the Ramelius
Dividend Reinvestment Plan. The reinvestment price is based on a
2.0% discount to the 10-day volume weighted average price after
the date of election.
The financial effect of this final dividend has not been brought to
account in the financial statements for the year ended 30 June 2024
but will be recognised in subsequent financial reports.
Table 11: Dividends paid during the 2024 & 2023 financial year
Year ended 30 June 2024
2024
$M
2023
$M
Final ordinary dividend of 2.0 cents (2023:
1.0 cent) per fully paid share paid on 12
October 2023 (2023: 11 October 2022)
22.3
8.7
EVENTS SINCE THE END OF
THE FINANCIAL YEAR
Syndicated Facility Agreement
On 3 July 2024, Ramelius announced it executed a Syndicated
Facility Agreement (SFA) with Australia and New Zealand Banking
Group, Commonwealth Bank of Australia, National Australia Bank,
Natixis CIB and Westpac Banking Corporation. This is a revolving
corporate facility for $175 million for a four-year term with the
option to extend by a further year replacing the undrawn $100
million facility that expired upon execution of this SFA. The $175
million corporate facility is currently undrawn, and the Company
remains debt free.
Strategic investment in Spartan Resources
Limited
Refer to page 5 for commentary on the strategic investment in
Spartan.
There were no other matters or circumstances that have arisen
since 30 June 2024 that have, or may, significantly affect the Group’s
operations, results, or state of affairs, or may do so in the future.
OPERATIONS REVIEW
Information on the operations and financial position is included
on pages 2 to 18 of this report.
DIRECTORS’
REPORT
OVERVIEW
REVIEW OF OPERATIONS
RESOURCES AND RESERVES
SUSTAINABILITY REPORT
FINANCIAL REPORT
RAMELIUS RESOURCES ANNUAL REPORT 2024
35
FINANCIAL REVIEW
OVERVIEW
The record financial performance for the 2024 financial year was generated from revenue of $882.6 million on the sale of
293,966 ounces of gold from the combined processing centres of Mt Magnet and Edna May. The 2024 financial performance
also included the impact of items not in the ordinary course of business, which included the recognition of a tax benefit of
$23.9 million relating to the tax losses acquired from Breaker Resources NL and Musgrave Minerals Limited. Table 12 in this
report reconciles the statutory earnings to the underlying earnings, which has been adjusted for this, and other items.
PROFIT
The Group reported an EBIT of $269.0 million and NPAT of $216.6 million for the financial year ended 30 June 2024. This is
a 192% and 252% increase from the prior year respectively (2023: EBIT $92.2 million and NPAT of $61.6 million). As outlined at
Table 12 below, when normalising for the effects of impairment charges, fair value adjustments, and tax benefits recognised on
acquired tax losses, the underlying NPAT was $200.3 million (2023: $75.3 million) and the underlying earnings before interest,
tax, depreciation, and amortisation (EBITDA) was $462.2 million (2023: $276.3 million).
Gold sales were up on the 2023 financial year due to the higher realised gold price in the year and increased gold production.
Gold production increased on the prior year with an increasing contribution from Penny, improved grades from Eridanus
(bulk open pit ore source for the Mt Magnet mill), and increased throughput and grades at Edna May. Figure 6 below reconciles
the gold production from the 2023 financial year to the 2024 financial year.
The Mt Magnet operations reported a gross profit of $195.5 million, a 210% increase from the prior year (2023: $63.1 million).
These increased earnings were not only due to the higher gold price but also improved grades which resulted in a lower cost per
ounce when compared to the prior year. Importantly, the earnings were not only driven up by an increasing contribution from
our high-grade Penny mine but also improved grades at Mt Magnet, notably from Eridanus where the milled grade increased 51%
on the prior year.
At Edna May, a gross profit of $118.1 million was reported representing a 61% increase on the prior year (2023: $73.2 million
(pre-impairment)) due to the introduction of the higher-grade Symes ore and increased production from the Edna May
underground. The ability of Edna May to generate cash can be clearly seen in the cash gross margin of $200.5 million (2023:
$109.2 million).
DIRECTORS’ REPORT
Full Moon Night at Camp
Photo competition runner-up: Veronique Nolet
RAMELIUS RESOURCES ANNUAL REPORT 2024
36
Figure 15: Reconciliation of gold production from FY23 to FY24
Table 12: Reconciliation of statutory NPAT to underlying NPAT, EBIT & EBITDA
Underlying result reconciliation ($M)
2024
NPAT
EBIT
EBITDA
Statutory NPAT
216.6
216.6
216.6
Add back: income tax expense
-
60.4
60.4
Less: net finance income
-
(8.0)
(8.0)
EBIT
-
269.0
-
EBIT margin (%)
-
31%
-
Depreciation & amortisation
-
-
182.3
EBITDA
-
-
451.3
EBITDA margin (%)
-
51%
Add:
Impairment charges – Exploration
8.6
8.6
8.6
Fair value adjustments1
2.3
2.3
2.3
Tax adjustments:
Less: Tax effect of adjustments
(3.3)
-
-
Less: Recognition of acquired tax losses
(23.9)
-
-
Underlying result
200.3
279.9
462.2
Underlying margin (%)
23%
32%
52%
1 Fair value adjustments relate to non-cash changes in the fair value of deferred consideration and investments measured at fair value through profit & loss.
275
300
250
225
200
175
150
FY23
Gold production (koz)
13
241
35
6
293
5
Throughput
(Edna May)
Throughput
(Mt Magnet)
Grade
(Mt Magnet)
Grade
(Edna May)
Recoveries
and GIC
FY24
7
DIRECTORS’ REPORT
OVERVIEW
REVIEW OF OPERATIONS
RESOURCES AND RESERVES
SUSTAINABILITY REPORT
FINANCIAL REPORT
RAMELIUS RESOURCES ANNUAL REPORT 2024
37
REVENUE
Revenue for the year increased by 40% to $882.6 million compared
to $631.3 million for the prior year as a result of improved gold
production and A$ spot and hedge book gold price. The realised
A$ gold price was A$2,995/oz compared to A$2,591/oz in the
prior year representing a 16% increase.
The total gold sales of 293,966 ounces included deliveries into the
opening hedge book of 117,000 ounces at a realised gold price of
A$2,646/oz and the remaining spot / short-term contract sales of
176,966 ounces at a realised gold price of A$3,226/oz. At 30 June
2024 the Group’s hedge book had reduced to 155,000 ounces at
an average price of A$3,081/oz, representing a 27% decrease in
committed ounces and 11% increase in the average price (2023:
211,000 ounces at A$2,772/oz).
Gross margin – Mt Magnet
The gross margin for Mt Magnet of $195.5 million (2023: $63.1
million) was up 210% on the prior year.
Earnings at Mt Magnet for the 2024 financial year improved from
the prior year benefiting from an increasing contribution from
Penny and improved grades from Eridanus, which provides the
bulk open pit feed to the mill. Grades from Eridanus, which were
planned to increase, exceeded expectations for the year, which led
to an increased resource definition focus resulting in a 64% increase
in the Eridanus Mineral Resource to 1.2Moz1.
The total operating cost per tonne for the Mt Magnet mine
(excluding Penny) was 11% lower than the prior year with the open
pits (which are of a lower cost per tonne, but typically lower grade,
than the undergrounds) providing a greater proportion of the ore
feed to the mill. With an increased contribution from Penny, the
total cost per tonne for the Mt Magnet CGU increased 11% on
the prior year. The ore from Penny is of a much higher grade than
other Mt Magnet sources but does have a higher cost per tonne,
of which more than half relates to depreciation & amortisation
of the existing mine development asset, which includes the initial
acquisition cost of the project.
The improved milled grade for the year at Mt Magnet more than
offset the higher cost per tonne resulting in a lower operating
cost per ounce at Mt Magnet of $1,795 (2023: $2,125). The gross
margin per ounce of $1,207 was over two times higher than the
prior year (2023: $484) with both the lower cost per ounce and
higher realised gold price contributing to this result.
The outlook for Mt Magnet remains very positive with multiple
stoping areas now available at Penny, the Galaxy underground now
entering its operational phase, and the development of Cue well
underway. These ore sources will be complemented by the existing
stockpiles of Eridanus ore, which, at June 2024, totalled more than
3.0Mt.
Gross margin – Edna May
The Edna May gross margin for the year was $118.1 million which
represented a 61% increase from the prior year (2023: $73.2
million (pre-impairment)). Increased earnings at Edna May are
attributable to increased production with more tonnages at a better
grade from the Edna May underground mine, the introduction of
the higher margin Symes ore in the year, as well as the improved
realised gold price.
Haulage capacity across the Edna May hub increased with the
introduction of Symes and resulted in a 28% increase in tonnes
hauled to the mill at Edna May. The operating cost per tonne
increased 14% on the prior year not only as a result of this
increased haulage but also the absence of the “free carry” historic
Edna May low-grade stockpiles. Whilst grades did improve, this was
not enough to offset the impact of the higher cost per tonne on
the cost per ounce which was $2,105 for the year (2023: $1,932).
The higher realised gold price for the year saw the gross margin per
ounce at Edna May increase to $882 (2023: $638).
Corporate & other costs
Corporate & other costs increased 32% on the prior year due
to increased employee costs, higher share-based payment costs
(non-cash) relating to the Service Rights issued to employees during
the prior year, and non-cash fair value adjustments on deferred
consideration & investments. Excluding the non-cash fair value and
the share-based payment amounts, corporate & other expenses
equated to $88 per ounce sold which is comparable to the prior
year (2023: $89 per ounce sold).
Other income
Other income for the year mainly comprises of realised gains on
diesel hedging. For the year Ramelius received $1.1 million from
counterparties on financially settled diesel contracts.
Income tax
The effective tax rate for the Group for the year ended 30 June
2024 was 22%, compared to 32% for the prior year. The effective
tax rate in the current year is lower than the statutory 30% rate
due to the recognition of tax losses acquired relating to Breaker
Resources NL and Musgrave Minerals Limited which totalled $23.9
million (gross: $79.7 million).
As at 30 June 2024, Ramelius had a current tax liability due to the
ATO of $68.0 million relating to the 2024 income tax return which
is in the process of being finalised.
The income tax expense, along with any deferred tax liabilities is
discussed further in Note 3 to the financial statements.
BALANCE SHEET
The net assets of the Group increased 41% to $1,329.1 million over
the year (2023: $940.3 million), mainly as a result of the NPAT for
the year and the acquisition of Musgrave Minerals Limited.
Current assets
Current assets increased from the prior year by $145.2 million
to $547.2 million which was attributable to the increasing cash
reserves of the Group. The cash balance increased 69% over the
year to $424.3 million on the back of the strong earnings for the
2024 financial year. Current inventories decreased over the year
with the processing of existing stockpiles across the Edna May hub.
Whilst the Eridanus stockpile at Mt Magnet did increase significantly,
the majority of this stockpile is considered to be non-current and
is discussed below. The current inventory balance is $113.8 million
(2023: $137.2 million) and contains approximately 65,000 ounces
of gold (2023: 91,000 ounces) for future, short-term cash flow
realisation.
All other current assets are largely in line with the prior year, with
the exception of the tax receivable as Ramelius is now in a tax
payable position.
DIRECTORS’ REPORT
1 Refer to ASX Announcement 13 May 2024, “Eridanus Mineral Resource up 64%
to 1.2Moz”.
RAMELIUS RESOURCES ANNUAL REPORT 2024
38
Current liabilities
Current liabilities increased by $49.9 million to $158.7 million over
the year, mainly as a result of the income tax payable at 30 June
2024. Trade creditors and accruals were lower than the prior year
with the completion of mining activities across the Edna May hub.
Trade payables include an accrual of $4.3 million for the stamp duty
on the Breaker acquisition (Roe Gold Project) for which the final
assessment from Revenue WA is pending.
The income tax payable relates to the earnings for the 2024
financial year. Refer to discussions above regarding income tax as
well as Note 3 to the financial statements for further details.
The net current asset position increased to $388.5 million from
$293.1 million in the prior year, mainly due to the increased cash
position. The working capital position of $406.2 million (2023:
$304.7 million) is shown above in Figure 17 and shows an equally
strong position.
In addition to the working capital, Ramelius now has access to a
$175 million revolving corporate facility1 (discussed further below).
Non-current assets
The balance of non-current assets at 30 June 2024 totalled
$1,046.8 million, which is $276.8 million higher than 30 June 2023.
The increase is due to the acquisition of Cue (via the Musgrave
acquisition) and the strategic investment made in Spartan Resources
Limited in late June 2024. In addition to this, with the increasing
stockpile at Eridanus (Mt Magnet) the value of the non-current
stockpile has increased. The Eridanus stockpile will be used for
blending purposes whilst ore is hauled in from Cue and Penny.
Non-current liabilities
Non-current liabilities were $106.2 million and were largely in line
with the prior year.
CASH FLOW
Cash provided by operating activities of $454.8 million was up 75%,
or $195.2 million, on the prior year. This increase is attributable to
improved cash flow from operations, notably the increased gold
production and gold price.
Total cash used in investing activities was $243.0 million which is
$123.9 million more than the prior year, mainly due to the prior
year including $74.2 million of cash acquired on the acquisition
of Breaker Resources NL, the strategic investment in Spartan
Resources Limited of $87.7 million, and the cash cost of the
acquisition of Musgrave Minerals Limited of $29.5 million (including
stamp duty paid).
A total of $123.1 million was reinvested into the existing business,
including:
• Payments for the development of open pit and underground
mines of $70.5 million;
• Payments for property, plant, & equipment, at both existing and
new sites, of $14.0 million; and
• Payments for tenements & exploration of $38.6 million.
A total of $38.8 million was used by financing activities in the year,
predominantly relating to lease payments and dividends paid to
shareholders.
Figure 16: Reconciliation of working capital at 30 June 2024
450
550
600
500
400
350
300
250
200
Cash
($M)
3.7
424.3
89.9
66.1
406.2
68.0
Receivables
Gold
(at spot)
Current stockpiles
and GIC (at cost)
Trade
payables
Tax
payable
Working
capital
22.4
DIRECTORS’ REPORT
1 The Syndicated Facility Agreement (SFA), and associated documents, providing the revolving corporate facility were executed on 2 July 2024.
This facility replaced the $100 million facility that expired upon execution of the SFA.
OVERVIEW
REVIEW OF OPERATIONS
RESOURCES AND RESERVES
SUSTAINABILITY REPORT
FINANCIAL REPORT
RAMELIUS RESOURCES ANNUAL REPORT 2024
39
Cash & gold at 30 June 2024 totalled $446.6 million (2023: $272.1
million) comprising cash and cash equivalents of $424.3 million
(2023: $251.0 million) and gold on hand of 6,411 ounces (2023:
7,344 ounces). Using a spot price of A$3,488/oz the gold on hand
had a value of $22.4 million (2023: $21.1 million at a spot price of
A$2,880/oz).
FINANCIAL RISK MANAGEMENT
Ramelius held forward gold sales contracts at 30 June 2024
totalling 155,000 ounces of gold at an average price of A$3,081
per ounce over a period to December 2026. This compared to
forward gold sales contracts at 30 June 2023 totalling 211,000
ounces of gold at an average price of A$2,772 per ounce over a
period to December 2025.
Subsequent to the reporting date, Ramelius purchased put options
for 41,500 ounces of Edna May gold production from July 2024 to
January 2025 ensuring those ounces will not be sold for less than
A$3,400/oz.
As part of its risk management program, Ramelius has fixed
the diesel price for a small portion of expected usage. In total,
3.2M litres have been hedged at an average price of $0.91/L
(excludes freight and fuel taxes) out to 31 December 2025.
On 3 July 2024 Ramelius executed a Syndicated Facility Agreement
(SFA) with Australia and New Zealand Banking Group,
Commonwealth Bank of Australia, National Australia Bank, Natixis
CIB, and Westpac Banking Corporation. The SFA and associated
documents provide Ramelius with a revolving corporate facility of
$175 million for a four-year term with the option to extend by
a further year. The new facility is an upsized replacement to the
previous undrawn $100 million facility that expired upon execution
of this SFA.
The $175 million corporate facility is currently undrawn, and the
Company remains debt free.
DEVELOPMENT AND
EXPLORATION PROJECTS
Development and exploration projects are included on pages 17
and 18 of this report.
INVESTOR RELATIONS
During the year the Company presented at several conferences
(both in person and virtually) and conducted road shows to
existing and prospective investors, analysts and stockbrokers.
These included:
• Noosa Mining Conference – July 2023;
• Diggers & Dealers – August 2023;
• Macquarie WA Forum – November 2023;
• RIU Conference – February 2024;
• BMO Global Metals – February 2024;
• Euroz Hartleys Rottnest Island – March 2024;
• Ord Minnett East Cost Mining Conference – March 2024; and
• Various virtual investor presentations.
Each presentation that contained new content was
released to the ASX and was made available on both the
ASX (www.asx.com.au) and the Ramelius Resources website
(www.rameliusresources.com.au).
Figure 17: Movement in cash for the 2024 financial year
450
550
650
700
600
500
400
350
300
250
200
Opening
cash
Operating
cash flow
(inc leases)
Capital,
exploration
and
mine dev.
Rehabilitation
Other
Opening
cash and
underlying
cash flow
Spartan
share
purchase
Acquisition
of
Musgrave
Deferred
consideration
Dividends
Tax
paid
Closing
cash
($M)
251.0
424.3
445.5
567.3
87.7
29.5
4.1
2.0
2.7
17.3
5.8
123.1
DIRECTORS’ REPORT
RAMELIUS RESOURCES ANNUAL REPORT 2024
40
MATERIAL BUSINESS RISKS
The material business risks for the Group include:
Fluctuations in the gold price and
Australian dollar
The financial results and position of the Group are reported
in Australian dollars. Gold is sold throughout the world based
principally on the USD price. Accordingly, the Group’s revenues are
linked to both the USD spot gold price and AUD/USD exchange
rate. Volatility in the gold price creates revenue uncertainty and
requires careful management to ensure that operating cash margins
are maintained should there be a sustained fall in the AUD spot
gold price. The Group uses AUD gold forward contracts, put
options, and zero cost collars, within certain Board approved limits,
to manage exposure to fluctuations in the AUD gold price.
Declining gold prices can also impact operations by requiring
a reassessment of the feasibility of mine plans and certain
projects and initiatives. The development of new ore bodies,
commencement and timing of open pit cutbacks, commencement
of development projects and the ongoing commitment to
exploration projects can all potentially be impacted by a decline in
the prevailing gold price. Even if a project is ultimately determined
to be economically viable, the need to conduct such a reassessment
could potentially cause substantial delays and/or may interrupt
operations, which may have a material adverse effect on Ramelius’
results of operations and financial condition.
Hedging risk
Ramelius has hedging agreements in place for the forward sale of
fixed quantities of gold production from its operations. There is a
risk that Ramelius may not be able to deliver the amount of gold
required under its hedging arrangements if, for example, there is a
production shortage. In this event, Ramelius’ financial performance
may be adversely affected.
Under the hedging agreements, rising gold prices could result in part
of Ramelius’ gold production being sold at less than the prevailing
spot price at the time of sale.
Ramelius also has a small number of hedging agreements in place
for fixed quantities of diesel over the next 18 months. These
hedging arrangements are financially settled monthly based on
the price fixed in the hedging agreement and actual floating diesel
price for the month being settled. There is a risk that Ramelius may
not physically use the diesel being hedged. In this event, Ramelius’
financial performance may be adversely affected.
Under the hedging agreements, falling diesel prices could result in
part of Ramelius’ diesel usage being purchased at prices higher than
the prevailing diesel price in the month of usage.
Government regulation
The Group’s mining, processing, development and exploration
activities are subject to various laws and statutory regulations
governing prospecting, development, production, taxes, royalty
payments, labour standards and occupational health, mine safety,
toxic substances, land use, water use, communications, native title
and cultural heritage, and land access.
No assurance can be given that new laws, rules and regulations
will not be enacted or that existing laws, rules and regulations will
not be applied in a manner which could have an adverse effect on
the Group’s financial position and results of operations. Any such
amendments to current laws, regulations and permits governing
operations and activities of mining and exploration, or more
stringent implementation thereof, could have a material adverse
impact on the Group. To the extent such approvals are required
and not retained or obtained in a timely manner or at all, Ramelius
may be curtailed or prohibited from continuing or proceeding with
production and exploration.
Operating risks and hazards
The Group’s mining operations, consisting of open pit and
underground mines, involve a degree of risk. The Group’s
operations are subject to all the hazards and risks normally
encountered in the exploration, development and production
of gold. Processing operations are subject to hazards such as
equipment failure, toxic chemical leakage, loss of power, fast moving
heavy equipment, failure of tailings disposal pipelines and retaining
dams around tailings containment areas, rain and seismic events
which may result in environmental pollution and consequent liability.
The impact of these events could lead to disruptions in production
and scheduling, increased costs and loss of facilities, which may have
a material adverse impact on the Group’s results of operations,
financial condition, license to operate and prospects. These risks are
managed by a structured operations risk management framework,
experienced employees and contractors and formalised procedures.
Ramelius also has in place a comprehensive insurance program with
a panel of experienced industry supportive underwriters.
Landholder access and Native Title
The grant and exercise of rights under mining tenements can be
affected by the type of underlying land ownership (for example,
whether private (freehold) land or subject to a pastoral lease) and
the nature of any improvements or other activities being conducted
on that land.
In addition, some of Ramelius’ tenements are located within
areas that are the subject of claims or applications for native title
determination. The Native Title Act 1993 (Cth) and related State
native title legislation and aboriginal heritage legislation may affect
the ability to obtain access to certain exploration areas or to obtain
mining production titles.
While access issues are faced by many mining companies and are
a common aspect of mining project development, the ability to
negotiate satisfactory commercial arrangements with landowners,
farmers, occupiers and native title groups is important.
Ramelius may be required to pay land compensation to landowners
and others who have an interest in the area covered by mining
tenements. The ability to resolve compensation issues and
compensation costs involved may have an impact on the timing of
access to land and, as such, the future development and financial
performance of operations. The degree to which this may impact
on activities will depend on a number of factors, including the status
of particular tenements and their locations. At this stage, Ramelius
is not able to quantify the impact, if any, of such matters on its
operations.
Geological and geotechnical conditions
There is a risk that unforeseen geological and geotechnical
difficulties may be encountered when developing and mining Ore
Reserves, such as unusual or unexpected geological conditions, pit
wall failures, rock bursts, seismicity and cave-ins. In any of these
events, a loss of revenue may be caused due to the lower than
expected production and/or higher than anticipated operation and
maintenance costs and/or on-going unplanned capital expenditure
in order to meet production targets.
DIRECTORS’ REPORT
OVERVIEW
REVIEW OF OPERATIONS
RESOURCES AND RESERVES
SUSTAINABILITY REPORT
FINANCIAL REPORT
RAMELIUS RESOURCES ANNUAL REPORT 2024
41
Production, cost and capital estimates
The ability of Ramelius to achieve production targets or meet
operating and capital expenditure estimates on a timely basis cannot
be assured. The assets of the Group, as any others, are subject
to uncertainty with ore tonnes, grade, metallurgical recovery,
geotechnical conditions, operational environment, funding for
development, regulatory changes, accidents and other unforeseen
circumstances such as unplanned mechanical failure of plant or
equipment.
Ramelius prepares estimates of future production, cash costs and
capital costs of production for its operations. No assurance can
be given that such estimates will be achieved. Failure to achieve
production or cost estimates or material increases in costs
(particularly in the current business environment with its associated
inflationary and supply pressures and resultant costs impact) could
have an adverse impact on Ramelius’ future cash flows, profitability,
results of operations and financial condition.
Costs of production may also be affected by a variety of factors,
including, changing waste-to-ore ratios, ore grade, metallurgy, labour
costs, cost of commodities, general inflationary pressures and
currency exchange rates. Ramelius is exposed to increased supply
and cost pressures impacting on the economy generally and the
resources sector in particular.
Production cost increases could result in Ramelius not realising its
operational or development plans or in such plans costing more
than expected or taking longer to realise than expected. Any of
these outcomes could have an adverse effect on Ramelius’ financial
and operational performance.
Ore Reserves and Mineral Resources
The Group’s estimates of Mineral Resources and Ore Reserves
are based on different levels of geological confidence and different
degrees of technical and economic evaluation, and no assurance
can be given that anticipated tonnages and grades will be achieved,
that the indicated level of recovery will be realised or that Ore
Reserves could be mined or processed profitably. The quality of
any Mineral Resources and Ore Reserves estimate is a function of
the quantity of available technical data and of the assumptions used
in engineering and geological interpretation and modifying factors
affecting economic extraction. Such estimates are compiled by
experienced and appropriately qualified personnel and subsequently
reported by Competent Persons under the JORC Code. Fluctuation
in gold prices, key input costs to production, as well as the results of
additional drilling, and the evaluation of reconciled production and
processing data subsequent to any estimate may require revision of
such estimates.
Actual mineralisation of ore bodies may be different from those
predicted, and any material variation in the estimated Ore Reserves,
including metallurgy, grade, dilution, ore loss, or stripping ratio at
the Group’s properties may affect the economic viability of its
properties, and this may have a material adverse impact on the
Group’s results of operations, financial condition and prospects.
There is also a risk that depletion of reserves will not be offset by
discoveries or acquisitions, or that divestitures of assets will lead to
a lower reserve base. The reserve base of the Group may decline if
reserves are mined without adequate replacement and the Group
may not be able to sustain production beyond current mine lives,
based on current production rates.
Exploration and development risk
The ability to sustain or increase the current level of production in
the longer term is in part dependent on the success of the Group’s
exploration activities and development projects, and the expansion
of existing mining operations. Ramelius must continually replace
Ore Reserves and Mineral Resources depleted by production to
maintain production levels over the long term. Ore Reserves and
Mineral Resources can be replaced by expanding known ore bodies,
locating new deposits or making acquisitions.
The exploration for, and development of, mineral deposits is
highly speculative in nature and involves significant risks that even a
combination of careful evaluation, experience and knowledge may
not eliminate. While the discovery of an ore body may result in
substantial rewards, few properties that are explored subsequently
have economic deposits of gold identified, and even fewer are
ultimately developed into producing mines. Major expenses may be
required to locate and establish mineral reserves, to establish rights
to mine the ground, to receive all necessary operating permits,
to develop metallurgical processes and to construct mining and
processing facilities at a particular site. Also, if a discovery is made,
it may take several years from the initial phases of drilling until
production is possible.
There is a risk that depletion of Ore Reserves and Mineral
Resources will not be offset by discoveries or acquisitions or that
divestitures of assets will lead to a lower reserve base. The Ore
Reserve and Mineral Resource base of Ramelius may decline if
Ore Reserves and Mineral Resources are mined without adequate
replacement and Ramelius may not be able to sustain production
beyond the current mine lives, based on current production rates.
Agreements with Third Parties
Ramelius is, and will, be subject to various contracts and agreements
with third parties. Ramelius’ operating model is to engage third
parties (contractors) for open pit and underground mining, ore
haulage, and drill & blast services. There is a risk of financial failure
or default by a counterparty to these arrangements. Any breach or
failure may lead to penalties or termination of the relevant contract.
In addition, Ramelius’ interest in the relevant subject matter may be
jeopardised.
Weather and climate change
Some of Ramelius’ sites and operations may from time to time
be subject to severe storms and high rainfall leading to flooding
and associated damage which may result in delays to or loss of
production.
Ramelius acknowledges that climate change effects have the
potential to impact our business. The highest priority climate
related risks include reduced water availability, extreme weather
events, changes to legislation and regulation, reputational risk, and
technological and market changes. The Group is committed to
understanding and proactively managing the impact of climate
related risks to our business. This includes integrating climate related
risks, as well as energy considerations, into our strategic planning
and decision making. Further details regarding Ramelius’ assessment
of environment, climate change and weather risks and its efforts
pursuant to the Task Force on Climate-Related Financial Disclosures
framework are outlined in its 2023 Sustainability Report.
Environmental risks
Mining and exploration have inherent risks and liabilities associated
with safety and damage to the environment, including the disposal
of waste products occurring as a result of mineral exploration
and production, giving rise to potentially substantial costs for
environmental rehabilitation, damage control and losses.
Ramelius is subject to environmental laws and regulations in
connection with its operations and could be subject to liability due
to risks inherent in its activities, including unforeseen circumstances.
In particular, the disposal of mining and process waste and
mine water discharge are under constant legislative scrutiny and
DIRECTORS’ REPORT
RAMELIUS RESOURCES ANNUAL REPORT 2024
42
regulation. Approvals are required for land clearing and ground
disturbing activities. Delays in obtaining such approvals could result
in the delay to Ramelius’ anticipated mining or exploration activities.
Loss of Key Personnel
Ramelius’ success depends on the competencies of its Directors,
senior management, and operational personnel. The loss of one
or more of the Directors or senior management could have an
adverse effect on Ramelius’ business, financial position, and results
of operations. The resulting impact from such an event would
depend on the timing and quality of any replacement. In the current
tight Western Australian labour market operational personal,
both staff and contractors, are in high demand. Whilst Ramelius
endeavours to be an employer of choice there is elevated turnover
in the industry that may impact the business depending on the
timing and quality of replacement operation personnel in current
vacant positions.
Community relations
Ramelius has an established community relations function, both
at a corporate level and at each of the operations. Ramelius has
developed a community engagement framework, including a set of
principles, policies and procedures designed to provide a structured
and consistent approach to community activities across its sites
whilst recognising that, fundamentally, community relations is about
people connecting with people. Ramelius recognises that a failure
to appropriately manage local community stakeholder expectations
may lead to dissatisfactions which have the potential to disrupt
production and exploration activities.
Acquisitions
Ramelius regularly identifies and assesses potential opportunities
for acquisitions and growth initiatives where it considers the
opportunities may create shareholder value and it will continue
to do so. While Ramelius intends to undertake appropriate due
diligence to properly assess such opportunities and initiatives,
benefits expected from investments, acquisitions or growth
opportunities may take longer than expected to be achieved, or
not be achieved at all, which may have a material impact on the
value of Ramelius. In the ordinary course of business, Ramelius
similarly evaluates various strategic options to maximise value
creation for shareholders, including in relation to its existing
businesses and assets.
Litigation Risks
Ramelius is exposed to possible litigation risks including contractual
disputes, occupational health and safety claims and employee claims.
Further, Ramelius may be involved in disputes with other parties in
the future which may result in litigation. Any such claim or dispute
if proven, may impact adversely on Ramelius’ operations, financial
performance and financial position. Ramelius is not currently
engaged in any litigation.
Risk of Conflict
Conflict events including, but not limited to, significant riots or acts
of terrorism, invasion, hostilities (whether war be declared or not),
or war may adversely affect the operating and financial performance
of Ramelius.
Cyber Security and IT
Ramelius relies on IT infrastructure and systems and the efficient
and uninterrupted operation of core technologies. Ramelius’
core technologies and other systems and operations could be
exposed to damage or interruption from system failures, computer
viruses, cyber-attacks, power or telecommunication provider’s
failure or human error. These events may cause one or more of
Ramelius’ core systems to become unavailable. Any interruptions
to these operations would impact Ramelius’ ability to operate
and could result in business interruption and loss of revenue and
could therefore adversely affect Ramelius’ operating and financial
performance.
Economic conditions
Factors such as (but not limited to) political movements, stock
market trends, interest rates, inflation levels, commodity prices,
foreign exchange rates, industrial disruption, environmental impacts,
international competition, taxation changes and legislative or
regulatory changes, may all have an adverse impact on Ramelius’
operating costs, profit margins and share price. These factors are
beyond the control of Ramelius and Ramelius cannot, to any degree
of certainty, predict how they will impact on Ramelius.
Prolonged deterioration in general economic conditions could
potentially have an adverse impact on Ramelius and its operations.
DIRECTORS’ REPORT
OVERVIEW
REVIEW OF OPERATIONS
RESOURCES AND RESERVES
SUSTAINABILITY REPORT
FINANCIAL REPORT
RAMELIUS RESOURCES ANNUAL REPORT 2024
43
ENVIRONMENTAL REGULATION
REGULATIONS
The operations of the Group in Australia are subject to environmental regulations under both Commonwealth and State
legislation. In the mining industry, many activities are regulated by environmental laws as they may have the potential to cause
harm and/or otherwise impact upon the environment. Therefore, the Group conducts its operations in accordance with the
environmental legislative framework.
All operations across the Group are managed in accordance with Part V of the Environmental Protection Act 1986 and therefore,
there are no ministerial statements required. The Group’s licences, permits and approvals are such that they are subject to audits
both internally and externally by the various regulatory authorities. These audits provide the Group with valuable information in
regard to compliance with statutory requirements, environmental performance and opportunities to further improve systems
and processes, which ultimately assist the business in minimising environmental risk.
REPORTING
Due to the various permits, licences and approvals the Group holds, annual environmental reporting (for a twelve-month period)
is an approval condition. The Group reported one environmental incident for the reporting year 2023-2024.
Table 13: Relevant statutory requirements for environmental management
Agency
Relevant Legislation
Reporting Requirement
Department of Water and Environmental
Regulation (DWER)
Environmental Protection Act 1986 (WA)
Contaminated Sites Act 2003 (WA)
Rights in Water and Irrigation Act 1914
(WA)
Prescribed Premises Licence
• Annual Environmental Report
• Annual Audit Compliance Report
Groundwater Abstraction Licence
• Annual Groundwater Monitoring
Summary
• Operating Strategy
Department of Energy, Mines, Industry
Regulation and Safety (DEMIRS)
Mining Act 1978 (WA)
Mining Rehabilitation Fund Act 2012 (WA)
Tenement Conditions
Native Vegetation Clearing Report
Annual Environmental Report
Mining Rehabilitation Fund Levy
Department of Biodiversity, Conservation
and Attractions (DBCA)
Biodiversity Conservation Act 2016 (WA)
Annual Monitoring Report
Department of Climate Change,
Energy, the Environmental and Water
(DCCEEW) (Cth)
Environmental Protection & Biodiversity
Conservation Act 1999 (Cth)
National Pollutant Inventory
Annual Compliance Report
Clean Energy Regulator (Cth)
National Greenhouse and Energy
Reporting Act 2007 (Cth)
National Greenhouse and Energy
Reporting Scheme (NGERS)
• Annual submission
SUSTAINABILITY
The Group is committed to sustainability and works closely with the regulatory authorities to minimise the environmental
impact and achieve sustainable operations. Continuous improvement processes are implemented to improve the operation
and environmental performance. The Group seeks to build relationships with all stakeholders to ensure that their views and
concerns are taken into account in regard to decisions made about the operations, to achieve mutually beneficial outcomes.
This includes current operations, future planning and post closure activities. Environmental, Social, and Corporate Governance
(ESG) performance is critical to maintaining our licences to operate, which in turn is fundamental to our financial performance.
Details of the Group’s environmental and social performance are set out in the annual Sustainability Report and details of the
Group’s governance framework and compliance are set out in the annual Corporate Governance Statement, both available at
rameliusresources.com.au.
DIRECTORS’ REPORT
RAMELIUS RESOURCES ANNUAL REPORT 2024
44
INFORMATION ON DIRECTORS
The following information is current as at the date of this report.
BOB VASSIE
Non-Executive
Independent Chair
FAusIMM GAICD B.MinTech (Hons) Mining
Experience
Mr Vassie is a mining engineer with more
than 35 years’ multi commodity and
international experience. Mr Vassie spent
18 years’ with Rio Tinto in global mining
and resource development Executive
roles followed by Managing Director
& Chief Executive Officer positions in
Ivanhoe Australia and St Barbara Ltd with
a focus on Executive leadership, resource
development and business development
including M&A.
Mr Vassie served as a board member for
the Minerals Council of Australia from
2014 to 2020 where he chaired the MCA
Gold Forum.
Interest in Shares and Options
154,649 Ordinary Shares
Special responsibilities
Chair of the Board
Member of Audit Committee
Member of Nomination & Remuneration
Committee
Member of Risk & Sustainability Committee
Directorships held in other listed
entities in the last three years
Non-Executive Director Aurelia Metals
Limited
MARK ZEPTNER
Managing Director &
Chief Executive Officer
BEng (Hons) Mining, MAusIMM, MAICD
Experience
Mr Zeptner has more than 30 years’
industry experience including senior
operational and management positions
with WMC and Gold Fields Limited at their
major gold and nickel assets in Australia and
offshore. He joined Ramelius Resources
Limited on 1 March 2012 as the Chief
Operating Officer, was appointed Chief
Executive Officer on 11 June 2014 and
Managing Director effective 1 July 2015.
Interest in Shares and Options
4,016,471 Ordinary Shares
132,758 Performance Rights over Ordinary
Shares vested and expiring on 1 July 2031
859,902 Performance Rights over Ordinary
Shares vesting on 1 July 2025 and expiring
on 1 July 2032
669,971 Performance Rights over Ordinary
Shares vesting on 1 July 2026 and expiring
on 1 July 2033
Special responsibilities
Chief Executive Officer
Directorships held in other listed
entities in the last three years
None
DIRECTORS’ REPORT
FIONA MURDOCH
Non-Executive
Independent Director
LLB (Hons) MBA GAICD
Experience
Ms Murdoch is a lawyer and senior
Executive leader with over 30 years’ of
commercial and operational experience in
the resources and infrastructure sectors
including with MIM Holdings, Xstrata
Queensland and the AMCI Group.
Ms Murdoch has extensive domestic
and international experience with major
projects and operations in Western
Australia, Northern Territory and
Queensland, and in the United Kingdom,
Germany, South America, Dominican
Republic, Papua New Guinea and the
Philippines.
Interest in Shares and Options
64,500 Ordinary Shares
Special responsibilities
Chair of Nomination & Remuneration
Committee
Member of Audit Committee
Directorships held in other listed
entities in the last three years
Non-Executive Director NRW Holdings
Ltd
Non-Executive Director Metro Mining
Limited
Previously Non-Executive Director of
KGL Resources Limited (resigned
15 October 2021)
OVERVIEW
REVIEW OF OPERATIONS
RESOURCES AND RESERVES
SUSTAINABILITY REPORT
FINANCIAL REPORT
RAMELIUS RESOURCES ANNUAL REPORT 2024
45
NATALIA STRELTSOVA
Non-Executive
Independent Director
MSc, PhD (Chem Eng), GAICD
Experience
Dr Streltsova is a PhD qualified Chemical
Engineer with more than 25 years’ minerals
industry experience, including over 10
years’ in senior technical and corporate
roles with mining majors – WMC, BHP
and Vale. She has a strong background in
mineral processing and metallurgy with
specific expertise in gold and base metals.
Dr Streltsova has considerable international
experience covering project development
and acquisitions in Africa, North and South
America, and Central Asia.
Interest in Shares and Options
62,000 Ordinary Shares
Special responsibilities
Chair of Risk & Sustainability Committee
Directorships held in other listed
entities in the last three years
Non-Executive Director of Neometals
Limited (resigned 30 June 2024)
Non-Executive Director of Centaurus
Metals Limited
Previously Non-Executive Chair Australian
Potash Limited (resigned 2 February 2024)
Previously Non-Executive Director
of Western Areas Limited (resigned
20 June 2022)
COLIN MOORHEAD
Non-Executive
Independent Director
BSc (Hons), FAusIMM, GAICD
Experience
Mr Moorhead is a geologist and very
experienced resources Executive having
spent 28 years’ with Newcrest Mining,
including 8 years’ on the Executive
committee responsible for global
exploration and resource development.
Following this, he joined PT Merdeka
Copper Gold Tbk as Chief Executive
Officer, leading the very successful
development of the Tujuh Bukit gold mine
in Indonesia. He went on to become an
Executive Director and later Non-Executive
Director until June 2020.
Interest in Shares and Options
33,700 Ordinary Shares
Special responsibilities
Member of Risk & Sustainability Committee
Directorships held in other listed
entities in the last three years
Executive Chairman of Sihayo Gold Limited
(delisted 14 August 2024)
Executive Chairman of Xanadu Mines
Limited
Non-Executive Director of Aeris Resources
Limited
Non-Executive Director of VHM Limited
(appointed 1 July 2024)
Previously Non-Executive Director of Coda
Minerals Limited (resigned 30 April 2024)
DIRECTORS’ REPORT
DAVID SOUTHAM
Non-Executive
Independent Director
B.Comm, CPA, MAICD
Experience
Mr Southam is a Certified Practicing
Accountant with more than 30 years’
experience in accounting, capital markets
and finance across the resources and
industrial sectors. Mr Southam has been
intimately involved in several large project
financings in multiple jurisdictions and has
completed significant capital market and
M&A transactions.
Interest in Shares and Options
20,817 Ordinary Shares
Special responsibilities
Chair of Audit Committee
Member of Nomination & Remuneration
Committee
Directorships held in other listed
entities in the last three years
Executive Chair of Cygnus Metals Limited
(Non-Executive Director from 1 November
2022 until 29 February 2023 and Managing
Director from 13 February 2023)
Non-Executive Director Mitre Mining
Corporation Limited
Previously Managing Director of Mincor
Resources NL (resigned 12 August 2022)
RAMELIUS RESOURCES ANNUAL REPORT 2024
46
MEETINGS OF DIRECTORS
The number of meetings of the Company’s Board of Directors and each Board Committee held during the year ended
30 June 2024, and number of meetings attended by each Director were:
Table 14: Director attendance at Board & Committee meetings for the 2024 financial year
Director
Full meetings of
Directors1
Meetings of Committees
Audit
Committee
Nomination &
Remuneration
Committee
Risk & Sustainability
Committee
A
B
A
B
A
B
A
B
Bob Vassie
16
16
4
4
4
4
4
4
Mark Zeptner
16
16
-
-
-
-
-
-
David Southam
16
16
4
4
4
4
-
-
Natalia Streltsova
16
16
-
-
-
-
4
4
Fiona Murdoch2
15
16
3
4
4
4
-
-
Colin Moorhead2
14
16
-
-
-
-
4
4
A = Number of meetings attended.
B = Number of meetings held during the time the Director held office or was a member of the Committee during the year.
1 The number of meetings of Directors included seven meetings which were called at short notice.
2 The meetings not attended related to meetings which were called at short notice.
DIRECTORS’ REPORT
OVERVIEW
REVIEW OF OPERATIONS
RESOURCES AND RESERVES
SUSTAINABILITY REPORT
FINANCIAL REPORT
RAMELIUS RESOURCES ANNUAL REPORT 2024
47
The Directors present the Ramelius Resources Limited 2024 Remuneration Report, outlining key aspects of our remuneration
policy and framework, and the remuneration awarded during the year. This Remuneration Report is prepared in accordance with
the requirements of the Corporations Act 2001 (the Act) and its regulations. In the interest of ease of access to information and
transparency this remuneration report includes both voluntary and statutory disclosures. The following information has been
audited as required by section 308(c) of the Corporations Act 2001.
TABLE OF CONTENTS
Background and governance
1.
Letter from the Chair of the Nomination & Remuneration Committee
49
2.
2024 Key Management Personnel (KMP)
51
3.
Remuneration governance
51
3.1 Determination of remuneration of Non-Executive Directors
51
3.2 Use of remuneration consultants
51
Executive remuneration
4.
Executive KMP remuneration framework & link to performance
52
5.
Executive KMP remuneration mix
54
6.
Fixed annual remuneration (FAR)
55
7.
Short-term at-risk remuneration
55
7.1 FY24 short-term at-risk incentive (STI) (to be paid after 30 June 2024)
55
8.
Long-term at-risk remuneration
57
8.1 FY21 – 23 LTI Plan (Performance Rights granted in FY21 vested during FY24)
59
8.2 FY22 – 24 LTI Plan (Performance Rights granted in FY22 unvested at 30 June 2024)
59
8.3 FY23 – 25 LTI Plan (Performance Rights granted in FY23 unvested at 30 June 2024)
60
8.4 FY24 – 26 LTI Plan (Performance Rights granted in FY24 unvested at 30 June 2024)
61
8.5 Service Rights granted in FY23 vested at 30 June 2024
61
8.6 Summary of Performance and Service Rights on issue at 30 June 2024
62
9.
Executive KMP remuneration summary (statutory disclosure)
63
10. Executive KMP share ownership
64
11. Executive KMP Performance and Service Rights held
64
12. Executive service agreements
65
Non-Executive Director remuneration
13. Non-Executive Directors
66
13.1 Overview of Non-Executive Director remuneration policy and arrangements
66
13.2 Non-Executive Director fees and other benefits
66
13.3 Non-Executive Director remuneration
67
13.4 Non-Executive Director share ownership
67
Other remuneration information
14. Further information on remuneration
67
14.1 Share trading restrictions
67
14.2 Other transactions and balances with Key Management Personnel
67
15. Independent audit of remuneration report
67
REMUNERATION
REPORT
RAMELIUS RESOURCES ANNUAL REPORT 2024
48
1. LETTER FROM THE CHAIR
OF THE NOMINATION &
REMUNERATION COMMITTEE
Dear Fellow Shareholders,
On behalf of the Board, I am pleased to present the Company’s
Remuneration Report for the financial year ended 30 June 2024.
We are proud of the Company’s exceptional performance in the
2024 financial year, with strong financial, operational and strategic
outcomes delivered.
I would like to thank our dedicated workforce of over 300, and our
contracting partners, for another successful year, and importantly
doing so safely. Our people are our most important resource, and
we acknowledge the vital contributions made by each of them.
Highlights for FY24 include:
• Record gold production of 293,033 ounces, at the upper end
of upgraded Guidance of 285,000 – 295,000 ounces.
• All-in sustaining costs (AISC) of A$1,583/oz, at the lower end
of the upgraded Guidance of A$1,550 – 1,650/oz.
• Record statutory net profit after tax (NPAT) of $216.6 million,
which was 252% up on the prior year.
• Record EBIT of $269.0 million, a 192% increase from the prior
year.
• Acquisition of Musgrave Minerals Limited, and its primary asset,
the Cue Gold Project (Cue) located in the richly endowed
Murchison province. In June 2024, the Pre-Feasibility Study
(PFS) on Cue was completed along with the Key Mining
Proposal approval being received from the Department of
Energy, Mines, Industry Regulation and Safety. The PFS included
a maiden Ore Reserve of 2.7Mt at 2.90g/t for 250koz. The Ore
Reserve relates to the open pits only with the underground
evaluation targeted for September 2024. The PFS showed
compelling economic returns with the Board approving the
commencement of operations at Cue in early June 2024.
By late June 2024 clearing and pre-strip activities had
commenced. The Cue Gold Mine will deliver ore to the
Mt Magnet hub in parallel with the Penny high-grade ore.
• Delivery of a 10 Year Mine Plan at Mt Magnet which included
an updated Mineral Resource and mine design extension for
Penny, the addition of Cue and an attractive underground
option for Eridanus with a potential large open put cut back
also being considered.
• A 64% increase in the Eridanus Mineral Resource which now
totals 21Mt at 1.7g/t for 1.2Moz.
• Underground mining operations at Edna May were able to
be extended beyond forecasted levels with the water inflow
experienced in June 2023 reducing, and additional pumping
capacity combining, to result in less water related operational
issues.
• The contribution of the higher-grade ore from our Symes mine
which commenced and completed within the financial year,
with the haulage of existing stockpiles continuing.
• An initial strategic investment of A$87.7 million in Spartan
Resources Limited representing approximately 8.9% of
Spartan’s ordinary share on issue. Spartan’s Dalgaranga Gold
Project is located 65km north-west of Mount Magnet in the
Murchison region. Subsequent to June 2024, Ramelius increased
this investment to approximately 18.35% of Spartan’s ordinary
shares on issue.
The value created for Shareholders in FY24 included an annual
share price increase of 51% as at 30 June 2024 and franked
dividends declared for FY24 of 5.0 cents per share.
REMUNERATION OUTCOMES IN FY24
We believe the remuneration outcomes for FY24 reflect the
performance of the Company and are aligned with the experience
of shareholders.
Key remuneration outcomes for the 2024 financial year:
• Strong corporate performances resulted in the award to our
Managing Director & Chief Executive Officer, Mark Zeptner,
of 66.4% compared to the maximum short term incentive
opportunity of 75%; and 53.1% compared to the maximum
short term incentive opportunity of 60% for each of the
Executive KMP. Refer to Section 7 for details.
• The FY22-24 LTI Plan, covering the three-year performance
period from 1 July 2021 to 30 June 2024, was assessed in
July 2024 and vested in August 2024 at 30% following strong
relative performance of the Company, noting that the absolute
share price performance over the three-year performance
period was less than the 15% compounded growth target
and accordingly that performance metric was not achieved.
This resulted in the vesting of performance rights after the
2024 financial year of 132,758 to the Managing Director &
Chief Executive Officer, Mark Zeptner; 47,414 to the Chief
Operating Officer, Duncan Coutts; 30,582 to the Company
Secretary & EGM – Legal/HR/Risk & Sustainability, Richard
Jones; and 26,078 to the EGM – Exploration, Peter Ruzicka.
Refer to Section 8.2, Table 29).
• As advised in our Remuneration Report last year, during the
2023 financial year Ramelius issued Service Rights to motivate
employees to remain employed by Ramelius considering the
extremely difficult labour market environment within Western
Australia in the 2022 calendar year. As part of this approach
Service Rights were issued to Executive KMP, excluding the
Managing Director & Chief Executive Officer. Under the
Ramelius Performance Plan approved at the 2022 AGM, the
number of Service Rights granted to Executive KMP was 33%
of the Executive’s FAR. The Service Rights were subject to a
24-month performance period, with the performance criteria
being that the Executive KMP must remain in the employment
of Ramelius for the full two-year period. The performance
period ended on 30 June 2024 and the following Service Rights
have vested: 205,416 to the Chief Operating Officer, Duncan
Coutts; 135,619 to the Company Secretary & EGM – Legal/HR/
Risk & Sustainability, Richard Jones; and 115,689 to the EGM –
Exploration, Peter Ruzicka. Refer to Section 8.5 for details.
• We undertook an independent review of Board fees. Following
that review the Board determined that Board Chair fee and
Director fees, would be increased by approximately 8% and
6% respectively, as well as an increase for Committee fees.
Changes to these fees took effect from 1 July 2023. Refer to
Section 13 for details.
REMUNERATION REPORT
OVERVIEW
REVIEW OF OPERATIONS
RESOURCES AND RESERVES
SUSTAINABILITY REPORT
FINANCIAL REPORT
RAMELIUS RESOURCES ANNUAL REPORT 2024
49
1. LETTER FROM THE CHAIR OF THE NOMINATION &
REMUNERATION COMMITTEE (continued)
LOOKING FORWARD – REMUNERATION FOR FY25
Following a remuneration benchmarking review, the Committee recommended, and the Board resolved, the following:
Fixed Annual Remuneration (FAR)
• To increase the fixed annual remuneration (salary and superannuation) of the Managing Director & Chief Executive Officer,
Mark Zeptner, from $852,563 to $920,000 to bring him in line with peer companies of similar scale and complexity. To increase the
fixed annual remuneration of the Chief Operating Officer, Duncan Coutts from $611,888 to $663,815; the Chief Financial Officer,
Darren Millman from $555,005 to $574,582; the Company Secretary & EGM – Legal/HR/Risk & Sustainability, Richard Jones from
$402,185 to $420,157; and EGM – Exploration, Peter Ruzicka from $342,307 to $364,480.
• These increases reflect the critical role each of our Executive KMP play in value creation for the Company and their depth of expertise
and talent at this important time in the Company’s growth.
Short-Term At-Risk Incentive (STI)
• The Managing Director & Chief Executive Officer, and the Executive KMP will continue to participate in the FY25 STI Plan.
• To increase the STI opportunity for the Managing Director & Chief Executive Officer to 80.0% (up from 75.0%). To increase the STI
opportunity for each of the Executive KMP to 65.0% (up from 60.0%).
• A personal KPI category for Executive KMP with a weighting of 20% has been introduced.
• A change to a free cash flow KPI, which replaces the NPAT KPI in FY24.
• The measures and relative weightings of each FY25 STI KPI have been updated as follows:
Sustainability
Production
Financial
Growth
Personal
Safety
(TRIFR)
ESG
Gold
production
AISC
Underlying free
cash flow
Reserve
addition
Individual
goals
Weighting
15.0%
7.5%
20.0%
15.0%
7.5%
15.0%
20.0%
Long-Term At-Risk Incentive (LTI)
• The Managing Director & Chief Executive Officer, and the Executive KMP will continue to participate in the FY25 – 27 LTI Plan.
• To increase the LTI opportunity for each of the Executive KMP to 75.0% (up from 70%).
• No additional Service Rights relating to retention have been issued to any employees, with the one-off program implemented in
December 2022 achieving the outcomes required.
We remain committed to our remuneration framework, a framework that we believe is working in the interests of our shareholders
and the Company. It is driving performance and behaviours that we are proud of and creating value to shareholder both in the short and
long term.
Thank you for your ongoing support of Ramelius Resources.
Fiona Murdoch
Chair – Nomination & Remuneration Committee
REMUNERATION REPORT
RAMELIUS RESOURCES ANNUAL REPORT 2024
50
2. 2024 KEY MANAGEMENT
PERSONNEL
The Ramelius Key Management Personnel (KMP) includes the
Directors of Ramelius Resources Limited and the Executive KMP.
An Executive KMP is defined as a person having authority and
responsibility for planning, directing, and controlling the major
activities of the Group, directly or indirectly, and whom is a direct
report to the Managing Director & Chief Executive Officer.
The KMP for the 2024 financial year are as follows:
Non-Executive Directors
Bob Vassie
These Directors were
members of the Board
of Ramelius Resources
Limited throughout
the whole of the 2024
financial year.
David Southam
Natalia Streltsova
Fiona Murdoch
Colin Moorhead
Executive KMP
Mark Zeptner,
Managing Director & Chief
Executive Officer
These Executive KMP
held their positions
throughout the whole of
the 2024 financial year.
Duncan Coutts,
Chief Operating Officer
Richard Jones,
Company Secretary & EGM –
Legal/HR/Risk & Sustainability
Peter Ruzicka,
Executive General Manager –
Exploration
Darren Millman,
Chief Financial Officer1
Commenced 1 May
2024.
Tim Manners,
Chief Financial Officer1
Resigned 12 January
2024.
3. REMUNERATION
GOVERNANCE
The Board is responsible for setting remuneration policy and
determining Non-Executive Director, Executive Director, and
Executive KMP remuneration. The Board also ensures that the
remuneration framework is aligned with the Group’s strategic and
business objectives, the creation of shareholder value, and remains
fair and competitive. In addition, the Board is responsible for
approving the remuneration of, and overseeing the performance
review, of the Managing Director, for approving the remuneration of
the other Executive KMP, and approving all targets and performance
conditions set under the Executive KMP variable (otherwise known
as “at-risk”) remuneration framework.
The Board delegates responsibility to the Nomination &
Remuneration Committee (NRC) for reviewing and making
recommendations to the Board on these matters. The NRC
calculates the achievement of performance conditions, including to
decrease or increase at-risk remuneration outcomes. The NRC may
exercise these powers when approving at-risk remuneration award
outcomes to ensure that they are fair and reasonable and may use
this discretion to decrease or increase the outcome as it considers
appropriate. Whilst the NRC takes on the responsibility of this role
the ultimate approval and accountability lies with the Board.
The NRC comprises Non-Executive Directors Fiona Murdoch
(Chair), Bob Vassie, and David Southam. The Committee
meets a minimum of four times a year, to review and make
recommendations to the Board in accordance with the Nomination
& Remuneration Committee Charter (the NRC Charter) to
ensure that Executive KMP remuneration remains aligned to the
remuneration framework. A copy of the NRC Charter is available
under the Corporate Governance Section of the Group’s website
at http://www.rameliusresources.com.au.
The NRC makes recommendations to the Board regarding all
aspects of Executive KMP remuneration. This includes making
recommendations in relation to the targets (including threshold,
target and stretch performance targets) to be included in the
assessment of any at-risk remuneration. The Managing Director
provides updates and makes recommendations to the NRC on
these matters in relation to his direct reports throughout the year
but is not involved in making recommendations in relation to his
own remuneration. To inform the Board and NRC, and to assist
with their decision-making processes, additional information and
data is sought from management and remuneration consultants,
as required.
Of the total valid available votes lodged on its Remuneration
Report for the 2023 financial year, Ramelius received a “FOR” vote
of 99.21%.
3.1 DETERMINATION
OF REMUNERATION OF
NON-EXECUTIVE DIRECTORS
The Board is responsible for assessing Non-Executive Director fees,
assisted by the NRC. In setting the Non-Executive Director fees,
including committee fees, the Board considers other Australian
ASX companies of a comparable size and complexity. In the
event of any proposed increase in fees, including committee
fees, an external remuneration consultant may be engaged. The
NRC and Board consider this benchmarking and any external
remuneration consultant opinion, along with other factors such as
the reasonableness of any change to the fees in the context of the
external environment and any regulatory changes impacting Board
accountability, before proposing any increase in fees. See Section 13
of this report for further information on Non-Executive Director
remuneration.
3.2 USE OF REMUNERATION
CONSULTANTS
During the financial year ended 30 June 2024, the NRC engaged
Remsmart to provide a detailed briefing and report to the Chair
of the NRC regarding the market remuneration arrangements
established for Chief Executive Officer’s, Chief Operating Officer’s
and Chief Financial Officer’s of companies of a comparable size
and complexity to the Company. The research entailed a review
of reward levels among incorporated companies with comparable
market capitalisation, and both gold peers and peer companies
in other commodities. This remuneration benchmarking was in
addition to other analysis reviewed by the Company.
REMUNERATION REPORT
1 During the interim period between Tim Manners resigning and Darren Millman
commencing Ben Ringrose was Acting Chief Financial Officer and was not considered
a KMP whilst acting in this role.
OVERVIEW
REVIEW OF OPERATIONS
RESOURCES AND RESERVES
SUSTAINABILITY REPORT
FINANCIAL REPORT
RAMELIUS RESOURCES ANNUAL REPORT 2024
51
3. REMUNERATION GOVERNANCE (continued)
The engagement of an independent remuneration consultant, together with other external analysis is to ensure the
remuneration, both fixed and at-risk, for the Company’s Executive KMP is aligned to market conditions. There was no
communication between the independent remuneration consultant and the Chief Executive Officer and Executive KMP to
ensure the risk of any potential undue influence on the remuneration consultant was mitigated.
The Board makes its remuneration-related decisions after considering the recommendations of the NRC and the advice from
the independent remuneration consultant and other available benchmarking data. The NRC considers this annual engagement
prudent to ensure the Company remains aligned to market norms and rewards its Executive KMP at the level the Board
considers appropriate to motivate long-term value creation through the realisation of its strategy and retain their services.
4. EXECUTIVE KMP REMUNERATION FRAMEWORK &
LINK TO PERFORMANCE
The primary objective of Ramelius is to create shareholder value. The guiding remuneration principles aim to attract, motivate,
and retain a skilled Executive team focusing on performance and behaviours consistent with this objective, as well as with the
Ramelius Essentials and the Group’s overall strategic priorities. The remuneration framework is based on several factors including
the experience and performance of the individual in meeting key objectives of Ramelius.
Key remuneration practices
1
Attract, incentivise, and maintain key talent with competitive and reasonable remuneration packages
2
Align with the Group’s strategic priorities and creation of shareholder value
3
Align management performance and shareholder interests through share and performance rights interest
4
Distinctly demonstrate a link between performance and remuneration
5
Structured to have a suitable mix of fixed and at-risk performance related components
6
Acceptable to shareholders
7
Transparent and fit for purpose
8
Benchmarked annually against similar organisations both within the industry and of comparable market size to ensure
conformity with market practices
9
Reflect individual roles, levels or seniority and responsibility that key personnel hold
10
Ramelius’ strong ‘one team’ focus is reflected in Group wide performance measures
11
Structured to take account of prevailing economic conditions
Ramelius’ remuneration framework combines elements of fixed remuneration and at-risk remuneration, comprising short and
long term incentive plans as detailed below. Incentive plans are regularly reviewed to ensure continued alignment with financial
and strategic objectives.
Table 15: Elements of Executive KMP Remuneration
Fixed Annual
Remuneration (FAR)
Short-Term At-Risk Incentive
(STI)
Long-Term At-Risk Incentive
(LTI)
Award
Cash salary, superannuation,
and direct costs of any
employee benefits.
Cash – Executive KMP can earn a
cash-based incentive by achieving
specific performance measures.
Rights – Executive KMP can participate in an
equity-based incentive through the award of
Performance Rights.
Performance
period
Duration of employment.
One-year performance period
beginning 1 July and ending 30 June
the following year. If an Executive
KMP commences part way through
the performance period, their STI
is pro-rated.
Three-year performance period beginning
1 July in the year of award up to vesting date.
Structure
Fixed.
The STI award is calculated as a
percentage of the Executive KMP’s
FAR (refer to Section 5 of this
Remuneration Report).
The number of Performance Rights granted
under the LTI award is based on a maximum
percentage of the Executive KMP’s FAR
and is dependent upon the individual’s skill,
responsibilities, and ability to influence financial
or other key objectives (refer to Section 5 of this
Remuneration Report).
The number of Performance Rights granted is
calculated by dividing the LTI remuneration dollar
by the 5-day Volume Weighted Average Price
(VWAP) of Ramelius shares up to and including
the start date of the performance period.
REMUNERATION REPORT
RAMELIUS RESOURCES ANNUAL REPORT 2024
52
4. EXECUTIVE KMP REMUNERATION FRAMEWORK &
LINK TO PERFORMANCE (continued)
Table 15 (continued): Elements of Executive KMP Remuneration
Fixed Annual
Remuneration (FAR)
Short-Term At-Risk Incentive
(STI)
Long-Term At-Risk Incentive
(LTI)
Purpose
Attract, engage and retain a
high performing workforce
to ensure the Group
delivers on its strategic
objectives.
Reward Executive KMP for
achievement of a Group wide
selection of structured key
performance measures which
are considered important for the
Group’s growth and profitability
and are core drivers of short-term
performance.
Align Executive KMP remuneration with the
creation of shareholder value over the long term.
Approach
Fixed remuneration is
reviewed annually through
a process that considers
market conditions,
individual performance, and
the overall performance
of the Group. Industry
remuneration surveys and
data are utilised to assist in
this process.
Annual STI performance objectives
and measures are set, and if the
minimum threshold is achieved, a
cash payment is made. Awards up
to the maximum amount payable
can be achieved when performance
is superior reflecting the
achievement of Stretch objectives.
The Annual STI performance
remuneration is weighted 100%
towards Group wide performance
metrics reflecting the “one team”
approach at Ramelius.
From 1 July 2024 personal KPIs,
weighted 20%, will be included in
STI awards.
Annual LTI objectives are set for Executive
KMP based on long-term value creation for
shareholders. Rights which vest following the
achievement of the objectives are eligible to be
converted to shares on and from the vesting
date.
Any Performance Rights that do not vest
will lapse.
There is no re-testing of Performance Rights.
Performance Rights have a $nil exercise price.
Key terms
Not applicable.
Continued employment.
Participants must remain employed
by the Group throughout the
performance period, up to, and
including the payment date. The
normal performance period being
one year.
There are several modifiers
considered by the Board which may
result in a downward reduction in
the STI.
Continued employment.
Participants must remain employed by the
Group throughout the performance period, up
to and including the vesting date for LTI awards
to vest. The normal performance period being
three years.
Where an Executive KMP ceases to be
an employee of the Group, any unvested
Performance Rights will lapse on the date of
cessation of employment, except in limited
circumstances that are approved by the Board
on a case-by-case basis.
Other
benefits
The Group allows an Executive KMP to salary sacrifice certain
items, including, but not limited to superannuation and motor
vehicles (on a total cost basis).
Not applicable.
Malus or
clawback
provisions
In the event of fraud, dishonesty, gross misconduct or a material misstatement of the financial statements, the Board
may make a determination that could include not conferring the amount of an STI otherwise payable, cancelling
unvested rights, and the forfeiture of shares allocated on vesting of rights that are at the relevant time unexercised,
to ensure Executives do not obtain an unfair benefit.
Board
discretion
The Board has the discretion to adjust the STI payment or the LTI Performance Rights awarded.
At the 2022 AGM shareholders approved the Ramelius Performance Plan which included the ability for the Company to award
Service Rights to Executive KMP (excluding the Managing Director). In addition to the FAR, STI, and LTI noted above, Executive
KMP (excluding the Managing Director) were issued Service Rights during the 2023 financial year. Refer to Section 8.5 of this
Remuneration Report for further information.
REMUNERATION REPORT
OVERVIEW
REVIEW OF OPERATIONS
RESOURCES AND RESERVES
SUSTAINABILITY REPORT
FINANCIAL REPORT
RAMELIUS RESOURCES ANNUAL REPORT 2024
53
5. EXECUTIVE KMP REMUNERATION MIX
The tables below provide information on the remuneration packages of Executive KMP, including the maximum at-risk
percentages for both the STI and LTI. Information is provided for the 2024 financial year incentives.
Table 16: Executive FAR and maximum at-risk payments for the 2024 financial year
Name
FAR1
Maximum at-risk
STI2
LTI3
Mark Zeptner
852,563
75%
100%
Duncan Coutts
611,888
60%
70%
Darren Millman4
91,667
60%
70%
Richard Jones
402,185
60%
70%
Peter Ruzicka
342,307
60%
70%
1 Fixed annual remuneration (salary and superannuation) for the 2024 financial year.
2 STI payment for FY24 performance which has been assessed and will be paid in the 2025 financial year (amount recognised in the 2024 financial report).
3 LTI Performance Rights granted in the 2024 financial year with the measurement period commencing on 1 July 2023. Three-year measurement period ends
30 June 2026 with vesting assessed shortly thereafter.
4 Commenced on 1 May 2024. The FAR shown here is the FAR actually earned during the year.
Information regarding the actual STI earned for the 2024 financial year by the Executive KMP is shown in Section 7 of this
Remuneration Report, for the actual LTIs vested in the year refer to Section 8.
The charts below show each component of the remuneration framework for the Managing Director & Chief Executive Officer
and other Executive KMP as a percentage of the total remuneration for the 2024 financial year. The at-risk cash remuneration
relates to the accrued amount for the 2024 financial year performance to be paid in the 2025 financial year.
Managing Director & Chief Executive Officer
Fixed Annual Remuneration
41.7%
At-Risk Remuneration – Cash-Foregone
4.0%
At-Risk Remuneration
54.3%
At-Risk Remuneration – Cash
29.9%
At-Risk Remuneration – Performance Rights
24.4%
Figure 18: Managing Director & Chief Executive Officer remuneration mix for FY24
Other Executive KMP
Fixed Annual Remuneration
53.5%
At-Risk Remuneration – Cash-Foregone
3.5%
At-Risk Remuneration
43.0%
At-Risk Remuneration – Cash
25.3%
At-Risk Remuneration – Performance and Service Rights
17.7%
Figure 19: Other Executive KMP remuneration mix for FY24
The following Sections 6 – 9 of this Report provide information regarding the components
of the Executive KMP remuneration.
REMUNERATION REPORT
RAMELIUS RESOURCES ANNUAL REPORT 2024
54
6. FIXED ANNUAL REMUNERATION
The fixed annual remuneration (FAR) comprises an employee’s cash salary, superannuation, and direct costs of any employee
benefits (such as car parking) and includes any fringe benefits tax charges related to these benefits. The Group allows an Executive
KMP to salary sacrifice certain items, including, but not limited to, superannuation and motor vehicles (on a total cost basis).
Table 30 in Section 10 below (Statutory Remuneration table) shows the FAR paid to Executive KMP in FY24 and FY23.
See Section 13 for the FAR payable to Executive KMP in FY25.
7. SHORT-TERM AT-RISK REMUNERATION
7.1 FY24 SHORT-TERM AT-RISK INCENTIVE (STI)
(TO BE PAID AFTER 30 JUNE 2024)
In the prior year ESG related actions and targets were reflected within the remuneration framework for the Executive KMP for
the first time. These actions and targets were updated in the 2024 financial year to reflect the progress Ramelius has made to
date on ESG matters, essentially resetting the targets for the 2024 financial year. Ramelius is committed to understanding and
responsibly managing the ways our operations impact the communities and environments in which we operate and therefore the
ESG targets continually evolve to ensure this is at the forefront of our mindset.
Table 17: FY24 STI Plan Executive KMP key components and operation
Plan Name
FY24 STI Plan
Participants
All employees. Non-Executive Directors cannot participate.
Performance Period
One year performance period beginning 1 July 2023 and ending 30 June 2024.
Award Value
Award value is equal to a percentage of the Executive KMP’s FAR as shown in Table 16 in Section 5 of this
Remuneration Report.
Testing Date
Incentive payments are determined in line with the approval of the Financial Statements for the end of the
performance period, being 30 June 2024.
Other Terms and
Conditions
For any at-risk payment to be paid two “gates” must be passed, these are:
• No loss of life at any project site; and
• No serious environmental, heritage, or community related breach.
Performance
Measures
The performance measures considered in the determination of the FY24 STI remuneration are detailed below.
The FY24 STI performance remuneration is weighted 100% towards Group wide performance metrics
reflecting the “one team” approach at Ramelius. From 1 July 2024 personal KPIs, weighted 20%, will be
included in STI awards.
The performance is measured relative to the Budget with Threshold, Target and Stretch cases considered.
Sustainability
Safety
The Total Reportable Injury Frequency Rate (TRIFR)
measures the rate of restricted work injuries (RWIs) and lost time
injuries (LTIs) that occur per million hours worked. Safety is key to
our licence to operate and our operational performance.
ESG
Environment, Safety, and Governance (ESG) targets and
actions. Ramelius strives to be a good corporate citizen and
support the communities in which we operate. Doing so supports
our current and future licence to operate which impacts the
operational performance of our business.
Production
Gold
production
Gold production is directly linked to the financial returns we
generate for our shareholders.
Financial
AISC
All-in sustaining cost (AISC) is an industry accepted measure of
how much each ounce of gold costs to produce. Disciplined cost
control and efficient use of capital is critical to maintaining control
over costs.
NPAT
Net Profit After Tax (NPAT) is a measure of the financial
returns we generate for our shareholders.
Growth
Discovery/
Reserve
addition
Discovery / Reserve addition to our Mine Plan is vital to
the continued operational and financial performance of our
business including discovery, Reserve additions, and mergers and
acquisitions.
REMUNERATION REPORT
OVERVIEW
REVIEW OF OPERATIONS
RESOURCES AND RESERVES
SUSTAINABILITY REPORT
FINANCIAL REPORT
RAMELIUS RESOURCES ANNUAL REPORT 2024
55
7. SHORT-TERM AT-RISK REMUNERATION (continued)
7.1 FY24 SHORT-TERM AT-RISK INCENTIVE (STI)
(TO BE PAID AFTER 30 JUNE 2024) (continued)
Table 18: Outcome for the FY24 short-term at-risk remuneration, to be paid in FY25
Annual KPI1
Weighting
Performance measures
Performance Outcome
Threshold
Target
Stretch
Sustainability
Safety (TRIFR)
20%
92.5%
85%
70%
Target / Stretch2
ESG
10%
50%
70%
90%
Stretch
Production
Gold production
20%
100%
102.5%
107.5%
Stretch
Financial
AISC
20%
100%
95%
90%
Target / Stretch2
NPAT
10%
110%
120%
130%
Stretch
Growth
Discovery / Reserve addition
20%
Replacement
1 Year
2 Years
Stretch
1 The performance measure percentages for Threshold, Target and Stretch categories in the table above are relative to the Board approved budgets or Mine Plan.
2 Actual performance achieved was between the Target and Stretch measures. The outcome for this KPI has been pro-rated based on the actual performance achieved.
The ESG component of the STI award contained multiple ESG related actions and targets which, along with the outcomes, are
detailed in the table below.
Table 19: ESG related actions and targets and STI outcome for FY24
Item / Area
Action / Target
Outcome
1. Ethics & human rights
All employees to receive whistleblower and workplace
behaviour awareness training.
Completed and part of
onboarding process.
2. Information technology
All employees to complete online cybersecurity training.
Completed and part of
onboarding process.
3. GHG emissions & energy
Set emissions reduction target for 2030 and Financial
Investment Decision (FID) made for Mt Magnet renewables
project.
Not achieved in full.
Targeted emission reductions for
2030 to be set in October 2024.
4. Water
Increase volume of water reused for mining and processing
activities.
Target met.
5. Waste & tailings
Generate zero impact to the surrounding environment
resulting from discharge of acid mine drainage.
Target met.
6. Mine closure &
rehabilitation
Achieve closure outcomes and criteria established in Mine
Closure Plans.
Target met.
7. Biodiversity
Ensure impacts on biodiversity are managed in compliance
with conditions of approvals and permits.
Target met.
8. Community engagement
& investments
Maintain contribution of up to $3/oz towards community
investment and engagement.
Target met.
9. Taxes, supplier payments,
and royalties
Improve proportion of procurement spend within regional
areas.
Target met.
10. Health, safety, and
wellbeing
Embed Principal Mining Hazard Standards.
Target met.
11. Health, safety, and
wellbeing
Deliver Intensive Safety Leadership training package.
Target met.
12. Talent attraction,
development, and retention
Maintain employee turnover below industry average.
Target met.
13. Employment &
contractors
Refine Performance Management System and embed into
annual cycle.
Target met.
14. Diversity
Increase female representation in workforce.
Target met.
REMUNERATION REPORT
RAMELIUS RESOURCES ANNUAL REPORT 2024
56
7. SHORT-TERM AT-RISK REMUNERATION (continued)
7.1 FY24 SHORT-TERM AT-RISK INCENTIVE (STI)
(TO BE PAID AFTER 30 JUNE 2024) (continued)
Table 20: Outcome for the FY24 short-term at-risk remuneration, to be paid in FY25
Maximum at-risk payment1
At-risk payment awarded1
At-risk payment foregone1
Name
%
$
%
$
%
$
Mark Zeptner
75.0%
712,956
66.4%
629,154
8.6%
83,803
Duncan Coutts
60.0%
409,353
53.1%
360,871
6.9%
48,481
Darren Millman2
60.0%
61,326
53.1%
54,257
6.9%
7,069
Richard Jones
60.0%
269,062
53.1%
236,753
6.9%
32,309
Peter Ruzicka
60.0%
229,004
53.1%
201,313
6.9%
27,691
1 Amounts disclosed above include superannuation attributable to the at-risk payment.
2 Commenced on 1 May 2024.
8. LONG-TERM AT-RISK REMUNERATION
Under the Ramelius Performance Plan, annual grants of Performance Rights are made to Executives to align remuneration
with the creation of shareholder value over the long-term. The Long-Term Incentives (LTI) are designed to focus Executives on
delivering long-term shareholder returns. Performance Rights (being entitlements to shares in Ramelius subject to satisfaction of
vesting conditions) issued to Executives as long-term incentives are determined by the Board in accordance with the terms and
conditions of the plan.
The plan provides selected Executives the opportunity to participate in the equity of Ramelius through the issue of rights as
a long-term incentive that is aligned to the long-term interests of shareholders.
Key features of Performance Rights issued between the 2021 financial year and 2023 financial year are as follows:
• A portion of the Performance Rights, noted in the individual Sections below, but typically half, vest depending on
Total Shareholder Returns (TSR) measured against a benchmark peer group.
Table 21: Proportion of Executive Rights that vest relative to the TSR
Relative TSR
Proportion vested
Below the 50th percentile
0%
At the 50th percentile
50%
Between the 50th and 75th percentile
Pro-rata between 50% and 100%
At and above the 75th percentile
100%
• The other Performance Rights granted will vest if the Ramelius TSR over the measurement period is greater than
15% compounded annual growth.
Key features of Performance Rights issued in the 2024 financial year (FY24 – 26 LTI Plan) are as follows:
• Of the Performance Rights issued:
- 50% will vest depending on the TSR measured against a benchmark peer group.
Table 22: Proportion of Executive Rights that vest relative to the TSR
Relative TSR
Proportion vested
Below the 50th percentile
0%
At the 50th percentile
50%
Between the 50th and 75th percentile
Pro-rata between 50% and 100%
At and above the 75th percentile
100%
REMUNERATION REPORT
OVERVIEW
REVIEW OF OPERATIONS
RESOURCES AND RESERVES
SUSTAINABILITY REPORT
FINANCIAL REPORT
RAMELIUS RESOURCES ANNUAL REPORT 2024
57
8. LONG-TERM AT-RISK REMUNERATION (continued)
- 25% will vest depending on the TSR over the measurement period as follows:
Table 23: Proportion of Executive Rights that vest based on the absolute TSR
Absolute TSR
Proportion vested
7.5% per annum
33%
Between 7.5% and 10.0% per annum
Pro-rata between 33% and 75%
10.0% per annum
75%
Between 10.0% and 15.0% per annum
Pro-rata between 75% and 100%
15.5% per annum or above
100%
- 25% will vest depending on the growth of the Company’s Ore Reserves over the measurement period. The growth is
based on the Baseline Ore Reserve at 30 June 2023 of 930,000 ounces. Vesting will occur as follows:
Table 24: Proportion of Executive Rights that vest based on the Ore Reserve Growth
2026 Company Ore Reserves
Proportion vested
Up to and including 100% of Baseline Ore Reserves
50%
Between 100% and 125% of Baseline Ore Reserves
Pro-rata between 50% and 100%
Over 125% of Baseline Ore Reserves
100%
The peer group that the LTI is measured against varies year-on-year. The NRC may recommend to the Board to either include or
exclude gold mining organisations available on this list to reflect changes in the industry.
Table 25: Relevant peer group for each issue of Performance Rights
Company
ASX Code
Financial year issued
2021
2022
2023
2024
Saracen Mineral Holdings Limited1
SAR
Pantoro Limited
PNR
Regis Resources Limited
RRL
Silver Lake Resources Limited1
SLR
Westgold Resources Limited
WGX
St Barbara Limited
SBM
Gold Road Resources Limited
GOR
Dacian Gold Limited1
DCN
Northern Star Resources Limited
NST
Resolute Mining Limited
RSG
Evolution Mining Limited
EVN
IGO Limited
IGO
Perseus Mining Limited
PRU
De Grey Mining Limited
DEG
Bellevue Gold Limited
BGL
Red 5 Limited
RED
Capricorn Metals Limited
CMM
Aurelia Metals Limited
AMI
OceanaGold Corporation
OGC
Alkane Resources Limited
ALK
– indicates peer included in comparison group for that year
– indicates peer excluded from comparison group for that year
1 Company no longer exists and will be removed from the relative peer group performance calculation.
REMUNERATION REPORT
RAMELIUS RESOURCES ANNUAL REPORT 2024
58
8. LONG-TERM AT-RISK REMUNERATION (continued)
8.1 FY21 – 23 LTI PLAN (PERFORMANCE RIGHTS GRANTED IN FY21
VESTED DURING FY24)
The key features of the Performance Rights issued in the 2021 financial year are as follows:
• Performance Rights were granted on 1 October 2020 (26 November 2020 for the Managing Director & Chief Executive
Officer).
• Performance Rights were measured for vesting during the 2024 financial year. The three-year performance period was from
1 July 2020 to 30 June 2023 and relates to Group performance (measurement period).
• Under the Ramelius Performance Plan, the number of Rights granted to Executives ranges up to 40% (100% for the
Managing Director & Chief Executive Officer) of the Executive’s FAR.
• 50% of Performance Rights granted will vest if the Ramelius TSR over the measurement period is greater than 15%
compounded annual growth.
• 50% of the Performance Rights issued will vest depending on the TSR measured against a benchmark peer group.
Table 26: LTI outcome for the FY21 – 23 LTI Plan, vested during FY24
Performance Metric
LTI Weighting
Target
Result
LTI Outcome
Absolute TSR
50%
Ramelius’ TSR is greater
than 15% compounded
annual growth
Ramelius’ TSR over the measurement period
was less than 15% compounded annual
growth and accordingly the vesting criteria
was not met.
0%
Relative TSR
50%
Ramelius’ TSR is
measured against a
benchmark peer group.
(Refer to Table 21)
Ramelius’ TSR measured against the relevant
peer group (Refer to Table 25) resulted in
the Company achieving the 70th percentile
and accordingly 70% of the Performance
Rights for this measure vested.
35%
Total
100%
35%
Table 27: LTI outcome for the Performance Rights issued in FY21 and measured for vesting in FY24
Name
Performance Rights
awarded
Total Performance
achieved (%)
Performance
Rights vested
Performance
Rights lapsed
Mark Zeptner
355,392
35%
124,387
231,005
Duncan Coutts
102,451
35%
35,858
66,593
Tim Manners
86,275
35%
30,196
56,079
Richard Jones
64,706
35%
22,647
42,059
8.2 FY22 – 24 LTI PLAN (PERFORMANCE RIGHTS GRANTED IN FY22
UNVESTED AT 30 JUNE 2024)
The key features of the Performance Rights issued in the 2022 financial year are as follows:
• Performance Rights were granted on 15 September 2021 (25 November 2021 for the Managing Director & Chief Executive
Officer).
• Performance Rights will be measured for vesting during the 2025 financial year. The three-year performance period was
from 1 July 2021 to 30 June 2024 and relates to Group performance (measurement period).
• Under the Ramelius Performance Plan, the number of Rights granted to Executives ranges up to 40% (100% for the
Managing Director & Chief Executive Officer) of the Executive’s FAR.
• 50% of Performance Rights granted will vest if the Ramelius TSR over the measurement period is greater than 15%
compounded annual growth.
• 50% of the Performance Rights issued will vest depending on the TSR measured against a benchmark peer group.
REMUNERATION REPORT
OVERVIEW
REVIEW OF OPERATIONS
RESOURCES AND RESERVES
SUSTAINABILITY REPORT
FINANCIAL REPORT
RAMELIUS RESOURCES ANNUAL REPORT 2024
59
8. LONG-TERM AT-RISK REMUNERATION (continued)
8.2 FY22 – 24 LTI PLAN (PERFORMANCE RIGHTS GRANTED IN FY22
UNVESTED AT 30 JUNE 2024) (continued)
Table 28: LTI outcome for the FY22 – 24 LTI Plan, unvested at 30 June 2024
Performance Metric
LTI Weighting
Target
Result
LTI Outcome
Absolute TSR
50%
Ramelius’ TSR is greater
than 15% compounded
annual growth
Ramelius’ TSR over the measurement period
was less than 15% compounded annual
growth and accordingly the vesting criteria
was not met.
0%
Relative TSR
50%
Ramelius’ TSR is
measured against a
benchmark peer group.
(Refer to Table 21)
Ramelius’ TSR measured against the relevant
peer group (Refer to Table 25) resulted in
the Company achieving the 60th percentile
and accordingly 60% of the Performance
Rights for this measure vested.
30%
Total
100%
30%
Table 29: LTI outcome for the Performance Rights issued in FY22 and measured for vesting after the 2024 financial year
Name
Performance Rights
awarded
Total Performance
achieved (%)
Performance
Rights vested
Performance
Rights lapsed
Mark Zeptner
442,528
30%
132,758
309,770
Duncan Coutts
158,046
30%
47,414
110,632
Richard Jones
101,940
30%
30,582
71,358
Peter Ruzicka
86,925
30%
26,078
60,847
8.3 FY23 – 25 LTI PLAN (PERFORMANCE RIGHTS GRANTED IN FY23
UNVESTED AT 30 JUNE 2024)
The key features of the Performance Rights issued in the 2023 financial year are as follows:
• Performance Rights were granted on 8 September 2022 (24 November 2022 for the Managing Director & Chief Executive
Officer).
• Performance Rights will be measured for vesting during the 2026 financial year. The three-year performance period is from
1 July 2022 to 30 June 2025 and relates to Group performance (measurement period).
• Under the Ramelius Performance Plan, the number of Rights granted to Executives ranges up to 50% (100% for the
Managing Director & Chief Executive Officer) of the Executive’s FAR.
• 50% of performance rights granted will vest if the Ramelius TSR over the measurement period is greater than 15%
compounded annual growth.
• 50% of the Performance Rights issued will vest depending on TSR measured against a benchmark peer group.
Table 30: FY23 Performance Rights on issue at 30 June 2024 which remain unvested at the date of this report.
Name
Performance Rights
Awarded
Lapsed (%)
Mark Zeptner
859,902
0%
Duncan Coutts
311,237
0%
Richard Jones
205,483
0%
Peter Ruzicka
175,286
0%
REMUNERATION REPORT
RAMELIUS RESOURCES ANNUAL REPORT 2024
60
8. LONG-TERM AT-RISK REMUNERATION (continued)
8.4 FY24 – 26 LTI PLAN (PERFORMANCE RIGHTS GRANTED IN FY24
UNVESTED AT 30 JUNE 2024)
The key features of the Performance Rights issued in the 2024 financial year are as follows:
• Performance Rights were granted on 28 November 2023 (23 November 2023 for the Managing Director & Chief Executive
Officer, 1 May 2024 for the Chief Financial Officer).
• Performance Rights were measured for vesting during the 2027 financial year. The three-year performance period is from
1 July 2023 to 30 June 2026 and relates to Group performance (measurement period).
• Under the Ramelius Performance Plan, the number of Rights granted to Executives ranges up to 70% (100% for the
Managing Director & Chief Executive Officer) of the Executive’s FAR.
• Of the Performance Rights issued:
- 50% will vest depending on TSR measured against a benchmark peer group;
- 25% will vest depending on absolute TSR; and
- 25% will vest depending on Ore Reserve growth.
Table 31: FY24 Performance Rights on issue at 30 June 2024 which remain unvested at the date of this report
Name
Performance Rights
Awarded
Lapsed (%)
Mark Zeptner
669,971
0%
Duncan Coutts
337,361
0%
Darren Millman
300,784
0%
Richard Jones
222,679
0%
Peter Ruzicka
189,934
0%
8.5 SERVICE RIGHTS GRANTED IN FY23 VESTED AT 30 JUNE 2024
On 1 December 2022, Ramelius issued Service Rights across the Group to motivate employees to remain in the employment
of Ramelius considering the extremely difficult labour market environment within Western Australia in the 2022 calendar year.
Employee retention in this labour market is key to the success of Ramelius as high employee turnover can negatively impact
safety, production, and costs. The approach was adopted to minimise the cost of new hires and to limit the poaching of Ramelius
employees within the industry after consultation with third party consultants.
As part of this approach Service Rights were issued to Executive KMP, excluding the Managing Director.
Under the Ramelius Performance Plan, the number of Rights granted to Executive KMP was 33% of the Executive’s FAR.
The number of Rights granted was calculated by dividing the LTI remuneration dollar amount by the volume weighted average
price of Ramelius shares traded on the Australian Securities Exchange during the 5-trading day period prior to 30 September
2022, being $0.94 per Ramelius share.
The Service Rights were subject to a 24-month performance period, commencing on 1 July 2022. The performance criteria
for these Service Rights is that the Executive KMP must remain in the employment of Ramelius for the full two year period.
The performance period ended on 30 June 2024.
Table 32: FY23 Service Rights on issue at 30 June 2024 which were measured for vesting in FY24
Service Rights
Name
Awarded
Vested (%)
Duncan Coutts
205,416
100%
Richard Jones
135,619
100%
Peter Ruzicka
115,689
100%
REMUNERATION REPORT
OVERVIEW
REVIEW OF OPERATIONS
RESOURCES AND RESERVES
SUSTAINABILITY REPORT
FINANCIAL REPORT
RAMELIUS RESOURCES ANNUAL REPORT 2024
61
8. LONG-TERM AT-RISK REMUNERATION (continued)
8.6 SUMMARY OF PERFORMANCE AND SERVICE RIGHTS
ON ISSUE AT 30 JUNE 2024
The terms and conditions of Performance and Service Rights on issue are as follows (the below table is for all Rights on issue,
not just those applicable to Executive KMP):
Table 33: Terms and Conditions of Performance and Service Rights on issue at 30 June 2024
Grant Date
Vesting Date
Expiry Date
Vested
Value1
Rights on issue
23 Nov 2016
1 Jul 2018
1 Jul 2025
Yes
$0.32
129,593
23 Nov 2016
1 Jul 2019
1 Jul 2026
Yes
$0.37
101,137
1 Jul 2017
1 Jul 2020
1 Jul 2027
Yes
$0.33
293,333
5 Sep 2018
1 Jul 2021
1 Jul 2028
Yes
$0.39
387,951
29 Nov 2018
1 Jul 2021
1 Jul 2028
Yes
$0.27
189,655
9 Oct 2019
1 Jul 2022
1 Jul 2029
Yes
$1.22
843,641
1 Oct 2020
1 Jul 2023
1 Jul 2030
Yes
$1.31
125,165
15 Sep 2021
1 Jul 2024
1 Jul 2031
No
$0.67
526,484
15 Sep 2021
1 Jul 2024
1 Jul 2031
No
$0.95
526,484
26 Nov 2021
1 Jul 2024
1 Jul 2031
No
$0.83
221,264
26 Nov 2021
1 Jul 2024
1 Jul 2031
No
$0.96
221,264
8 Sep 2022
1 Jul 2025
1 Jul 2032
No
$0.22
1,347,729
8 Sep 2022
1 Jul 2025
1 Jul 2032
No
$0.26
1,347,729
26 Nov 2022
1 Jul 2025
1 Jul 2030
No
$0.39
429,951
26 Nov 2022
1 Jul 2025
1 Jul 2030
No
$0.35
429,951
28 Nov 2023
1 Jul 2026
1 Jul 2031
No
$1.10
1,380,168
28 Nov 2023
1 Jul 2026
1 Jul 2031
No
$1.00
690,084
28 Nov 2023
1 Jul 2026
1 Jul 2031
No
$1.57
690,084
23 Nov 2023
1 Jul 2026
1 Jul 2031
No
$1.01
334,985
23 Nov 2023
1 Jul 2026
1 Jul 2031
No
$0.90
167,493
23 Nov 2023
1 Jul 2026
1 Jul 2031
No
$1.48
167,493
8 Feb 2024
1 Jul 2026
1 Jul 2031
No
$1.05
150,392
8 Feb 2024
1 Jul 2026
1 Jul 2031
No
$0.85
75,196
8 Feb 2024
1 Jul 2026
1 Jul 2031
No
$1.46
75,196
Sub-total Performance Rights
10,852,422
1 Dec 2022
31 Dec 2023
1 Jan 2026
Yes
$0.91
4,238,351
1 Dec 2022
30 Jun 2024
1 Jul 2026
Yes
$0.90
1,733,556
Sub-total Service Rights
5,971,907
Total (all Rights)
16,824,329
1 This is the value of each Performance or Service right on the Grant Date.
REMUNERATION REPORT
RAMELIUS RESOURCES ANNUAL REPORT 2024
62
REMUNERATION REPORT
9. EXECUTIVE KMP REMUNERATION SUMMARY (STATUTORY DISCLOSURE)
Table 34: Details of the remuneration expense recognised for the Group’s Executive KMP for the current and previous financial year measured in accordance with the requirements of the
accounting standards.
Name & Role
Year
Fixed Remuneration ($)
Variable Remuneration ($)
Total
($)
Perf.
related
($)
Cash
Salary1
Other
benefits1
Leave
provision
mvmt2
Super-
annuation
STI1, 4, 7
LTI Perf.
Rights3
LTI Service
Rights3
Mark Zeptner
Managing Director & Chief Executive
Officer
2024
825,063
7,135
18,845
27,500
629,154
512,646
n/a
2,020,343
56.5%
2023
780,808
6,666
51,433
27,500
465,386
389,820
n/a
1,721,613
49.7%
Duncan Coutts
Chief Operating Officer
2024
590,860
7,135
1,503
27,500
360,871
205,372
116,763
1,310,364
52.2%
2023
614,263
6,666
(61,476)
27,500
273,097
125,280
68,112
1,053,442
44.3%
Darren Millman5
Chief Financial Officer
2024
82,853
69,204
7,562
9,084
54,257
25,520
-
248,210
32.1%
2023
-
-
-
-
-
-
-
-
-
Tim Manners6
Chief Financial Officer
2024
257,781
3,812
(39,893)
15,686
-
(87,151)
(56,632)
93,603
0.0%
2023
454,004
6,666
584
27,500
231,936
104,717
56,632
882,039
44.6%
Richard Jones
Co Sec & EGM Legal / HR / Risk /
Sust.
2024
374,685
7,135
407
27,500
236,753
135,118
77,089
858,687
52.3%
2023
353,808
6,666
40,775
27,500
178,453
80,360
44,968
732,530
41.5%
Peter Ruzicka
Executive General Manager –
Exploration
2024
314,807
7,135
12,998
27,500
201,313
115,243
65,760
744,756
51.3%
2023
297,039
6,666
14,004
27,500
155,545
37,259
38,360
576,373
40.1%
Total
2024
2,445,779
101,556
1,422
134,770
1,482,348
907,108
202,980
5,275,963
49.1%
2023
2,499,922
33,330
45,320
137,500
1,304,417
737,436
208,072
4,965,997
45.3%
1 Short-term benefits as per Corporations Regulation 2M.3.03(1) Item 6. Other benefits comprise car parking benefits provided to Executive KMP and relocation benefits provided to Darren Millman.
2 Other long-term benefits as per Corporations Regulation 2M.3.03 (1) Item 8. The amounts disclosed in this column represent the movements in the associated provisions. They may be negative where an Executive KMP has taken more leave than accrued
during the year, has cashed out accrued leave entitlements, or has been paid out for entitlements on termination.
3 Performance and Service Rights relate to rights over ordinary shares issued to key management personnel. The fair value of Rights granted shown above is non-cash and was determined in accordance with applicable accounting standards and represents the
fair value calculated at the time Rights were granted and not when shares were issued.
4 Refer to Section 7 of this remuneration report for further information on the short-term incentives paid. The STI for the year ended 30 June 2024 will be paid in September 2024.
5 Darren Millman commenced on 1 May 2024.
6 Tim Manners resigned on 12 January 2024. In addition to the above Tim Manners was paid $41,627 for annual leave entitlements which had been accrued but not paid during his employment.
7 FY23 comparatives includes both the FY23 STI accrued as well as the FY22 STI cash payment, refer to 2023 Annual Report for further details.
OVERVIEW
REVIEW OF OPERATIONS
RESOURCES AND RESERVES
SUSTAINABILITY REPORT
FINANCIAL REPORT
RAMELIUS RESOURCES ANNUAL REPORT 2024
63
10. EXECUTIVE KMP SHARE OWNERSHIP
Table 35: Number of shares held directly, indirectly, or beneficially by the current Executive KMP (including their related parties)
Name
Balance at
start of year
Received during year
on exercising of
Performance Rights
Sold during
year
Balance at
end of year
Mark Zeptner1
4,583,587
124,387
(691,503)
4,016,471
Duncan Coutts
-
-
-
-
Darren Millman
-
-
-
-
Tim Manners2
-
30,196
(30,196)
-
Richard Jones
-
-
-
-
Peter Ruzicka
-
-
-
-
1 Performance Rights were exercised on 30 August 2023, the share price on that date was $1.38.
2 Performance Rights were exercised on 4 October 2023, the share price on that date was $1.47.
11. EXECUTIVE KMP PERFORMANCE & SERVICE RIGHTS HELD
Table 36: Number of Performance Rights held by the Executive KMP
Name
Balance at
start of year
Granted during
the year
Vested
Exercised
Balance at
end of year
Value to
vest1
Grant year
Number
Number
Number
%
Number
Vested
Unvested
$
Mark Zeptner
2021
355,392
-
124,387
35%
(124,387)
-
-
-
2022
442,528
-
-
-
-
-
442,528
-
2023
859,902
-
-
-
-
-
859,902
118,715
2024
-
669,971
-
-
-
-
669,971
491,313
Duncan Coutts
2020
247,294
-
-
-
-
247,294
-
-
2021
102,451
-
35,858
35%
-
35,858
-
-
2022
158,046
-
-
-
-
-
158,046
-
2023
311,237
-
-
-
-
-
311,237
26,309
2024
-
337,361
-
-
-
-
337,361
268,258
Darren Millman
2024
-
300,784
-
-
-
-
300,784
306,244
Tim Manners2
2021
86,275
-
30,196
35%
(30,196)
-
-
-
2022
131,178
-
-
-
-
-
-
-
2023
258,779
-
-
-
-
-
-
-
Richard Jones
2019
189,655
-
-
-
-
189,655
-
-
2020
160,014
-
-
-
-
160,014
-
-
2021
64,706
-
22,647
35%
-
22,647
-
-
2022
101,940
-
-
-
-
-
101,940
-
2023
205,483
-
-
-
-
-
205,483
17,369
2024
-
222,679
-
-
-
-
222,679
177,067
Peter Ruzicka
2022
86,925
-
-
-
-
-
86,925
-
2023
175,286
-
-
-
-
-
175,286
14,817
2024
-
189,934
-
-
-
-
189,934
151,029
1 The maximum value of the Performance Rights yet to vest has been determined as the amount of the grant date fair value of the Rights that is yet to be expensed.
2 Tim Manners resigned on 12 January 2024 with all unvested Performance Rights being forfeited.
REMUNERATION REPORT
RAMELIUS RESOURCES ANNUAL REPORT 2024
64
11. EXECUTIVE KMP PERFORMANCE & SERVICE RIGHTS HELD
(continued)
Table 37: Number of Service Rights held by the Executive KMP
Name
Balance at
start of year
Granted during
the year
Vested
Exercised
Balance at
end of year
Value to
vest1
Grant year
Number
Number
Number
%
Number
Vested
Unvested
$
Duncan Coutts
2023
205,416
-
205,416
100%
-
205,416
-
-
Tim Manners2
2023
170,794
-
-
0%
-
-
-
-
Richard Jones
2023
135,619
-
135,619
100%
-
135,619
-
-
Peter Ruzicka
2023
115,689
-
115,689
100%
-
115,689
-
-
1 The maximum value of the Service Rights yet to vest has been determined as the amount of the grant date fair value of the Rights that is yet to be expensed.
2 Tim Manners resigned on 12 January 2024 with all unvested Service Rights being forfeited.
The Managing Director was not eligible for the grant of Service Rights.
12. EXECUTIVE SERVICE AGREEMENTS
Remuneration and other terms of employment for Executives are formalised in service agreements. The service agreements
specify the components of remuneration, benefits and notice periods. Participation in short-term and long-term incentives
are at the discretion of the Board. Other major provisions of the agreements relating to remuneration are set out below.
Contracts with Executives may be terminated early by either party as detailed below.
Table 38: Terms of employment for Executive KMP
Name and Position
Term of
Agreement
20251
20241
Company /
Employee
Notice Period
Termination
Benefit 2
Mark Zeptner3
Managing Director & Chief Executive Officer
On-going, no
fixed term.
920,000
852,563
6 / 3 months
6 months
base salary
Duncan Coutts
Chief Operating Officer
On-going, no
fixed term
663,815
611,888
6 / 3 months
6 months
base salary
Darren Millman
Chief Financial Officer
On-going, no
fixed term
574,582
550,005
6 / 3 months
6 months
base salary
Richard Jones
Co Sec & EGM Legal / HR / Risk / Sust.
On-going, no
fixed term
420,157
402,185
6 / 3 months
6 months
base salary
Peter Ruzicka
Executive General Manager – Exploration
On-going, no
fixed term
364,480
342,307
3 / 3 months
3 months
base salary
1 Fixed annual remuneration (salary + superannuation) for the financial year noted.
2 Termination benefits are payable on early termination by the company, other than for gross misconduct, unless otherwise indicated.
3 In certain circumstances, but always subject to the Corporations Act 2001 and ASX Listing Rules, the termination benefit may be 12 months base salary.
REMUNERATION REPORT
OVERVIEW
REVIEW OF OPERATIONS
RESOURCES AND RESERVES
SUSTAINABILITY REPORT
FINANCIAL REPORT
RAMELIUS RESOURCES ANNUAL REPORT 2024
65
13. NON-EXECUTIVE DIRECTORS
13.1 OVERVIEW OF NON-EXECUTIVE DIRECTOR REMUNERATION
POLICY AND ARRANGEMENTS
Non-Executive Director fees are determined using the following guidelines. Fees are:
• Determined by the nature of the role, responsibility and time commitment necessary to perform required duties;
• Not performance or incentive based but are fixed amounts; and
• Determined by the desire to attract a group of individuals with pertinent knowledge and experience.
In accordance with the Company’s Constitution, the total amount of remuneration of Non-Executive Directors is within the
aggregate limit of $1,000,000 per annum as approved by shareholders at the 2021 Annual General Meeting.
Non-Executive Directors may apportion any amount up to this maximum level amongst the Non-Executive Directors as
determined by the Board. Remuneration consists of Non-Executive Director fees, committee fees and superannuation
contributions.
Non-Executive Directors are also entitled to be paid reasonable travelling, accommodation and other expenses incurred in
performing their duties as Directors. Non-Executive Directors do not participate in any performance-based pay including plans
designed for the remuneration of an Executives, share rights or at-risk STI payments and are not provided with retirement
benefits other than salary sacrifice and superannuation.
All Non-Executive Directors enter into a service agreement with the Company in the form of a letter of appointment. The letter
summarises the Board policies and terms, including remuneration, relevant to the office of Director.
During the period, the Chair, Non-Executive Directors and Committee fees increased as detailed in Table 35 below. This increase
was based on independent remuneration benchmarking advice and due to various areas of governance becoming more complex,
and after considering the size and complexity of the Company’s operations.
13.2 NON-EXECUTIVE DIRECTOR FEES AND OTHER BENEFITS
Table 39: Details of remuneration fees paid for the Board and each Committee for the 2024 and 2023 financial years
Board & committee fees (excluding superannuation)
2024
2023
Board fees
Chair – Bob Vassie1
234,233
190,000
Members – all Non-Executive Directors
121,622
115,000
Committee fees
Audit Committee
Chair – David Southam
18,018
15,455
Members – Bob Vassie1, Fiona Murdoch
11,261
9,091
Risk & Sustainability Committee
Chair – Natalia Streltsova
18,018
15,455
Members – Bob Vassie1, Colin Moorhead
11,261
9,091
Nomination & Remuneration Committee
Chair – Fiona Murdoch
18,018
15,455
Members – Bob Vassie1, David Southam
11,261
9,091
1 For the 2024 financial year, Mr Vassie’s Chair fees are inclusive of all Committee fees for roles on the Committees shown in Table 40. This contrasts with the 2023
financial year, when Mr Vassie’s Chair fee was exclusive of the Committee fees.
REMUNERATION REPORT
RAMELIUS RESOURCES ANNUAL REPORT 2024
66
13. NON-EXECUTIVE DIRECTORS (continued)
13.3 NON-EXECUTIVE DIRECTOR REMUNERATION
Table 40: Remuneration fees paid to Non-Executive Directors
Name & role
Year
Base fee
Committee Fees
Super-
annuation
Total
Audit
Risk &
Sustainability
Nomination &
Remuneration
Bob Vassie1
2024
234,233
-
-
-
25,767
260,000
Non-Executive Chair
2023
190,000
9,091
9,091
9,091
22,814
240,087
David Southam
2024
121,622
18,018
-
11,261
16,599
167,500
Non-Executive Director
2023
115,000
15,455
-
9,091
14,652
154,198
Natalia Streltsova
2024
121,622
-
18,018
-
15,360
155,000
Non-Executive Director
2023
115,000
-
15,455
-
13,697
144,152
Fiona Murdoch
2024
121,622
11,261
-
18,018
16,599
167,500
Non-Executive Director
2023
115,000
9,091
9,091
15,455
15,606
164,243
Colin Moorhead2
2024
135,000
-
12,500
-
-
147,500
Non-Executive Director
2023
67,083
-
-
-
7,044
74,127
Total
2024
700,316
40,540
41,779
40,540
74,325
897,500
2023
602,083
33,637
33,637
33,637
73,813
776,807
1 For the 2024 financial year Mr Vassie’s Chair fees are inclusive of all Committee fees for roles on the Committees. This contrasts with the 2023 financial year, when
Mr Vassie’s Chair fee was exclusive of the Committee fees.
2 Colin Moorhead has provided a superannuation guarantee employer shortfall certificate allowing the superannuation entitlement to be taken as cash fees.
13.4 NON-EXECUTIVE DIRECTOR SHARE OWNERSHIP
Table 41: Details of Non-Executive Director share ownership
Name
Balance at
start of year
Acquired
during year
Sold during
year
Balance at
end of year
Bob Vassie
152,500
2,149
-
154,649
David Southam
20,528
289
-
20,817
Natalia Streltsova
62,000
-
-
62,000
Fiona Murdoch
64,500
-
-
64,500
Colin Moorhead
-
33,700
-
33,700
14. FURTHER INFORMATION ON REMUNERATION
14.1 SHARE TRADING RESTRICTIONS
The trading of shares is subject to, and conditional upon, compliance with the Company’s Securities Trading Policy. The Policy
is enforced through a system that includes a requirement that Executives confirm compliance with the policy and provide
confirmation of dealings in Ramelius securities. The ability for an Executive to deal with an option or a right is restricted by the
terms of issue and the plan rules which do not allow dealings in any unvested security. The Securities Trading Policy specifically
prohibits an Executive from entering into transactions that limit the economic risk of participating in unvested entitlements such
as equity-based remuneration plans. The Securities Trading Policy can be viewed on the Company’s website.
14.2 OTHER TRANSACTIONS AND BALANCES WITH KEY
MANAGEMENT PERSONNEL
There were no loans made to key management personnel or their personally related parties during the current or prior financial
year. There were no other transactions with key management personnel.
15. INDEPENDENT AUDIT OF REMUNERATION REPORT
The remuneration report has been audited by Deloitte Touche Tohmatsu (Deloitte). Please see page 124 of this financial report
for Deloitte’s report on the remuneration report.
Remuneration report ends.
REMUNERATION REPORT
OVERVIEW
REVIEW OF OPERATIONS
RESOURCES AND RESERVES
SUSTAINABILITY REPORT
FINANCIAL REPORT
RAMELIUS RESOURCES ANNUAL REPORT 2024
67
SHARES UNDER OPTION
UNISSUED ORDINARY SHARES
No unissued ordinary Shares of Ramelius Resources Limited are
under option at the date of this report.
INSURANCE OF OFFICERS
& INDEMNITIES
INDEMNIFICATION
Ramelius is required to indemnify its Directors and Officers against
any liabilities incurred by the Directors and Officers that may arise
from their position as Directors and Officers of Ramelius and its
controlled entities. No costs were incurred during the year pursuant
to this indemnity.
Ramelius has entered into deeds of indemnity with each Director
whereby, to the extent permitted by the Corporations Act 2001,
Ramelius agreed to indemnify each Director against all loss and
liability incurred as an officer of the company, including all liability in
defending any relevant proceedings.
Ramelius has agreed to indemnify its auditors, Deloitte, to the
extent permitted by law, against any claim by a third party arising
from Ramelius’ breach of their agreement. The indemnity stipulates
that Ramelius will meet the full amount of any such liabilities
including a reasonable amount of legal costs.
INSURANCE PREMIUMS
Since the end of the previous year Ramelius has paid insurance
premiums in respect of Directors’ and Officers’ liability and legal
expenses insurance contracts. The terms of the policies prohibit
disclosure of details of the amount of the insurance cover, the
nature thereof and the premium paid.
PROCEEDINGS ON BEHALF
OF THE COMPANY
No person has applied to the Court under section 237 of the
Corporations Act 2001 for leave to bring proceedings on behalf of
Ramelius or to intervene in any proceedings to which Ramelius is
a party, for the purpose of taking responsibility on behalf of
Ramelius for all or part of those proceedings. There were no
such proceedings brought or interventions on behalf of Ramelius
with leave from the Court under section 237 of the Corporations
Act 2001.
NON-AUDIT SERVICES
The Company may decide to engage the auditor (Deloitte Touche
Tohmatsu) on assignments additional to their statutory audit duties
where the auditor’s expertise and experience with the Company
and/or the Group are important.
Prior to the provision of any non-audit services the Board of
Directors considers the position and, in accordance with advice
received from the Audit Committee, ensures that it is satisfied
that the provision of the non-audit services is compatible with the
general standard of independence for auditors imposed by the
Corporations Act 2001.
On 1 July 2023 a Non-Assurance Services Procedure was
implemented to comply with APES 10 Code of Ethics for Professional
Accountants. This procedure formalises the process that must be
undertaken when and if the auditor is engage on any non-assurance
related work.
During the year NIL was paid for non-audit related services
provided by the auditor of the parent entity, its related practices
and non-related audit firms (2023: NIL). Further details of the
amounts paid or payable to the auditor for audit and non-audit
services during the year are disclosed in Note 28 of the financial
statements.
AUDITOR INDEPENDENCE
A copy of the auditor’s independence declaration as required under
section 307C of the Corporations Act 2001 is set out on page 124.
ROUNDING OF AMOUNTS
The Company is of the kind referred to in ASIC Legislative
Instrument 2016/191 relating to the ‘rounding off’ of amounts in
the financial statements. Amounts in the financial statements have
been rounded off in accordance with the instrument to the nearest
thousand dollars, or in certain cases, to the nearest dollar.
This report is made in accordance with a resolution of Directors.
Bob Vassie
Chair
Perth
26 August 2024
REMUNERATION REPORT
RAMELIUS RESOURCES ANNUAL REPORT 2024
68
AUDITOR’S INDEPENDENCE
DECLARATION
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OVERVIEW
REVIEW OF OPERATIONS
RESOURCES AND RESERVES
SUSTAINABILITY REPORT
FINANCIAL REPORT
RAMELIUS RESOURCES ANNUAL REPORT 2024
69
FINANCIAL
REPORT
TABLE OF CONTENTS
Financial statements
Income statement and statement of comprehensive income
72
Balance sheet
73
Statement of changes in equity
74
Statement of cash flows
75
Notes to the financial statements
76
Consolidated entity disclosure statement
118
Directors’ declaration
119
Independent auditor’s report to the members
120
RAMELIUS RESOURCES ANNUAL REPORT 2024
70
RAMELIUS RESOURCES ANNUAL REPORT 2024
OVERVIEW
REVIEW OF OPERATIONS
RESOURCES AND RESERVES
SUSTAINABILITY REPORT
FINANCIAL REPORT
71
INCOME STATEMENT
For the year ended 30 June 2024
Note
2024
$’000
2023
$’000
Revenue
1
882,572
631,339
Cost of sales
2
(568,972)
(494,946)
Gross profit
313,600
136,393
Other expenses
2
(38,069)
(28,906)
Impairment of mine development & PP&E
8,9
-
(6,908)
Impairment of exploration & evaluation assets
10
(8,600)
(10,205)
Other income
1
2,123
1,860
Interest income
13,262
3,939
Finance costs
2
(5,344)
(5,873)
Profit before income tax
276,972
90,300
Income tax expense
3
(60,390)
(28,739)
Profit for the year
216,582
61,561
Earnings per share
Cents
Cents
Basic earnings per share
16
19.53
6.95
Diluted earnings per share
16
19.17
6.81
STATEMENT OF COMPREHENSIVE INCOME
For the year ended 30 June 2024
Note
2024
$’000
2023
$’000
Profit for the year
216,582
61,561
Other comprehensive income, net of tax:
Items that may be reclassified to profit or (loss):
Exchange differences on translation of foreign operations
15
11
(125)
Items that may not be reclassified to profit or (loss):
Change in fair value of investments, net of tax
15
6,529
4,406
Other comprehensive income for the year, net of tax
6,540
4,281
Total comprehensive income for the year
223,122
65,842
FINANCIAL REPORT
RAMELIUS RESOURCES ANNUAL REPORT 2024
72
BALANCE SHEET
As at 30 June 2024
Note
2024
$’000
2023
$’000
Current assets
Cash & cash equivalents
4
424,274
250,958
Trade & other receivables
3,692
2,694
Tax receivable
-
7,433
Inventories
5
113,819
137,164
Other assets
6
5,380
3,669
Total current assets
547,165
401,918
Non-current assets
Other assets
988
961
Investments
7
100,132
2,737
Inventories
5
110,383
80,493
Property, plant & equipment
8
58,406
78,633
Mine development
9
441,241
295,253
Exploration & evaluation assets
10
335,633
311,891
Total non-current assets
1,046,783
769,968
Total assets
1,593,948
1,171,886
Current liabilities
Trade & other payables
11
66,071
69,595
Financial instruments at fair value through profit or loss
-
590
Lease liabilities
12
9,078
17,970
Deferred consideration
1,951
1,958
Tax payable
68,025
5,970
Provisions
13
13,525
12,707
Current liabilities
158,650
108,790
Non-current liabilities
Lease liabilities
12
1,389
10,468
Deferred consideration
113
921
Deferred tax liabilities
3
55,666
67,787
Provisions
13
49,002
43,668
Total non-current liabilities
106,170
122,844
Total liabilities
264,820
231,634
Net assets
1,329,128
940,252
Equity
Share capital
14
824,735
627,421
Reserves
15
(31,108)
(27,413)
Retained earnings
535,501
340,244
Total equity
1,329,128
940,252
FINANCIAL REPORT
OVERVIEW
REVIEW OF OPERATIONS
RESOURCES AND RESERVES
SUSTAINABILITY REPORT
FINANCIAL REPORT
RAMELIUS RESOURCES ANNUAL REPORT 2024
73
STATEMENT OF CHANGES IN EQUITY
For the year ended 30 June 2024
Share
capital
$’000
Share based
payment
reserve
$’000
Other
reserves
$’000
Retained
profits
$’000
Total
equity
$’000
Balance at 1 July 2022
465,184
6,020
(32,054)
281,717
720,867
Profit for the year
-
-
-
61,561
61,561
Other comprehensive gain
-
-
4,281
-
4,281
Total comprehensive income
-
-
4,281
61,561
65,842
Transfer of gain on disposal of equity investments at fair value
through other comprehensive income to retained earnings
-
-
(5,663)
5,663
-
Transactions with owners in their capacity as owners:
Shares issued under dividend reinvestment plan
1,478
-
-
-
1,478
Payment of dividends
-
-
-
(8,697)
(8,697)
Shares issued on settlement of deferred consideration
1,000
-
-
-
1,000
Share based payments
-
6,300
-
-
6,300
Shares issued of the exercise of performance rights
1,870
(1,870)
-
-
-
Shares issued for the acquisition of Breaker Resources NL
(Note 19)
157,889
-
(4,427)
-
153,462
Balance at 30 June 2023
627,421
10,450
(37,863)
340,244
940,252
Balance at 1 July 2023
627,421
10,450
(37,863)
340,244
940,252
Profit for the year
-
-
-
216,582
216,582
Other comprehensive gain
-
-
6,540
-
6,540
Total comprehensive income
-
-
6,540
216,582
223,122
Transactions with owners in their capacity as owners:
Shares issued under dividend reinvestment plan
4,922
-
-
-
4,922
Payment of dividends
-
-
-
(22,253)
(22,253)
Share-based payments
-
7,547
-
-
7,547
Non-vested performance rights
-
(928)
-
928
-
Shares issued on exercise of performance rights
6,750
(6,750)
-
-
-
Shares issued for the acquisition of Musgrave Minerals
Limited (Note 19)
185,642
-
(10,104)
-
175,538
Balance at 30 June 2024
824,735
10,319
(41,427)
535,501
1,329,128
FINANCIAL REPORT
RAMELIUS RESOURCES ANNUAL REPORT 2024
74
STATEMENT OF CASH FLOWS
For the year ended 30 June 2024
Note
2024
$’000
2023
$’000
Cash flow from / (used in) operating activities
Receipts from operations
883,739
630,810
Payments to suppliers and employees
(430,411)
(378,780)
Payments for site rehabilitation
13
(4,149)
(1,740)
Interest received
11,417
3,102
Income tax (paid) / refunded
(5,822)
6,244
Net cash provided by operating activities
4
454,774
259,636
Cash flow from / (used in) investing activities
Payments for property, plant, & equipment
8
(13,980)
(13,654)
Payments for mine development
9
(70,522)
(154,266)
Payments for mining tenements & exploration
10
(38,647)
(21,440)
Payments for deferred consideration
(2,674)
(2,388)
Payments for investments
(87,691)
-
Payments for the acquisition of subsidiary, net of cash acquired
19
(29,467)
-
Proceeds from sale of exploration tenements
299
-
Proceeds from sale of property, plant, & equipment
-
8
Payments for the acquisition of Apollo Consolidated Limited
-
(8,033)
Net cash acquired on the acquisition of Breaker Resources NL
-
74,227
Proceeds from the sale of financial assets
-
6,502
Net cash used in investing activities
(242,682)
(119,044)
Cash flow used in financing activities
Commitment fees & other finance costs
(2,211)
(1,428)
Payment of principal elements & interest for leases
12
(19,234)
(28,768)
Dividends paid
18
(17,331)
(7,219)
Net cash used in financing activities
(38,776)
(37,415)
Net increase in cash & cash equivalents
173,316
103,177
Cash & cash equivalents at the beginning of the financial year
250,958
147,781
Cash & cash equivalents at the end of the financial year
4
424,274
250,958
FINANCIAL REPORT
OVERVIEW
REVIEW OF OPERATIONS
RESOURCES AND RESERVES
SUSTAINABILITY REPORT
FINANCIAL REPORT
RAMELIUS RESOURCES ANNUAL REPORT 2024
75
NOTES TO THE
FINANCIAL STATEMENTS
TABLE OF CONTENTS
About this report
77
Segment information
78
Group performance
Note 1: Revenue
81
Note 2: Expenses
82
Note 3: Income tax expense
83
Group balance sheet
Note 4: Cash & cash equivalents
85
Note 5: Inventories
87
Note 6: Other assets
88
Note 7: Investments
88
Note 8: Property, plant, & equipment
89
Note 9: Mine development
90
Note 10: Exploration & evaluation assets
92
Note 11: Trade & other payables
94
Note 12: Lease liabilities
94
Note 13: Provisions
96
Capital
Note 14: Share capital
98
Note 15: Reserves
99
Note 16: Earnings per share
100
Risk
Note 17: Financial instruments & financial risk
management
101
Note 18: Capital risk management
105
Group information
Note 19: Asset acquisition
106
Note 20: Interests in other entities
107
Note 21: Parent entity information
109
Note 22: Deed of cross guarantee
110
Note 23: Related party transactions
112
Unrecognised items
Note 24: Contingent liabilities
113
Note 25: Commitments
113
Other information
Note 26: Events occurring after the
reporting period
114
Note 27: Share based payments
114
Note 28: Remuneration of auditors
117
Note 29: Accounting policies
117
RAMELIUS RESOURCES ANNUAL REPORT 2024
76
ABOUT THIS REPORT
Ramelius is a for profit company limited by shares incorporated and domiciled in Australia whose shares are publicly listed on the
Australian Securities Exchange Limited (ASX). The nature of the operations and principal activities of Ramelius and its controlled
entities are described in the segment information.
The consolidated general purpose financial report of the Group for the year ended 30 June 2024 was authorised for issue in
accordance with a resolution of the Directors on 26 August 2024. The Directors have the power to amend and reissue the
financial report.
The financial report is a general purpose financial report which:
• Has been prepared in accordance with Australian Accounting Standards and Interpretations issued by the Australian
Accounting Standard Board (AASB) and the Corporations Act 2001. The consolidated financial statements of the Group also
comply with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board
(IASB);
• Has been prepared under the historical cost convention except for equity investments, which have been measured at fair
value through profit & loss (FVPL) or fair value through other comprehensive income (FVOCI);
• Has been presented in Australian dollars and rounded to the nearest $1,000 unless otherwise stated, in accordance with
ASIC Legislative Instrument (Rounding in Financial/Directors Reports) Instrument 2016/191;
• Adopts all new and amended Accounting Standards and Interpretations issued by the AASB that are relevant to the Group
and effective for reporting periods beginning on or before 1 July 2023. Refer to Note 29 for further details;
• Does not early adopt Accounting Standards and Interpretations that have been issued or amended but are not yet effective.
Refer to Note 29 for further details.
Key Judgements, Estimates and Assumptions
In the process of applying the Group’s accounting policies, management has made a number of judgements and applied estimates
of future events. Judgements and estimates which are material to the financial report are found in the following notes:
Page
Note
Description
85
3
Recovery of deferred tax assets
90 – 93
8, 9 & 10
Impairment of assets
90 – 92
8 & 9
Depreciation & amortisation
91
9
Production stripping
91
9
Deferred mining expenditure
91
9
Ore Reserves
93
10
Exploration & evaluation expenditure
96
12
Leases
97
13
Provision for restoration & rehabilitation
97
13
Provision for long service leave
Principles of consolidation
The consolidated financial statements comprise the financial statements of the parent entity, Ramelius Resources Limited, and
its controlled entities. A list of controlled entities is contained in Note 20 to the consolidated financial statements. All controlled
entities have a 30 June financial year end.
In preparing the consolidated financial statements, all inter-company balances and transactions, income and expenses and profits
and losses resulting from intra-group transactions have been eliminated.
Subsidiaries are consolidated from the date on which control is obtained to the date on which control is disposed. The acquisition
of subsidiaries is accounted for using the acquisition method of accounting.
Foreign currency
The functional currencies of overseas subsidiaries are listed in Note 20. As at the reporting date, the assets and liabilities of
overseas subsidiaries are translated into Australian dollars at the rate of exchange ruling at the balance sheet date and the income
statements are translated at the average exchange rates for the year. The exchange differences arising on the translation are taken
directly to a separate component of equity.
Transactions in foreign currencies are initially recorded in the functional currency at the exchange rates ruling at the date of
the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling
at the balance sheet date. Exchange differences arising from the application of these procedures are taken to the income
statement, with the exception of differences on foreign currency borrowings that provide a hedge against a net investment in a
foreign entity, which are taken directly to equity until the disposal of the net investment and are then recognised in the income
statement. Tax charges and credits attributable to exchange differences on those borrowings are also recognised in equity.
NOTES TO THE FINANCIAL STATEMENTS
OVERVIEW
REVIEW OF OPERATIONS
RESOURCES AND RESERVES
SUSTAINABILITY REPORT
FINANCIAL REPORT
RAMELIUS RESOURCES ANNUAL REPORT 2024
77
ABOUT THIS REPORT (continued)
Other accounting policies
Material accounting policies that summarise the measurement basis used and are relevant to an understanding of the financial
statements are provided throughout the notes to the financial statements.
The notes to the financial statements
The notes include information which is required to understand the financial statements and is material and relevant to the
operations, financial position and performance of the Group. Information is considered material and relevant if, for example:
• The amount in question is significant because of its size or nature;
• It is important for understanding the results of the Group;
• It helps to explain the impact of significant changes in the Group’s business – for example acquisition and impairment write
downs; or
• It relates to an aspect of the Group’s operations that is important to its future performance.
The notes are organised into the following sections:
• Group performance: provides a breakdown of the individual line items in the income statement that the Directors consider
most relevant and summarises the accounting policies, judgements and estimates relevant to understanding these line items;
• Group balance sheet: provides a breakdown of the individual line items in the balance sheet that the Directors consider most
relevant and summarises the accounting policies, judgements and estimates relevant to understanding these line items;
• Capital: provides information about the capital management practices of the Group and shareholder returns for the year;
• Risk: discusses the Group’s exposure to various financial risks, explains how these affect the Group’s financial position and
performance and what the Group does to manage these risks;
• Group information: explains aspects of the Group structure and how changes have affected the financial position and
performance of the Group, as well as disclosing related party transactions and balances;
• Unrecognised items: provides information about items that are not recognised in the financial statements but could potentially
have a significant impact on the Group’s financial position and performance;
• Other information: provides information on items which require disclosure to comply with Australian Accounting Standards
and other regulatory pronouncements. However, these are not considered critical in understanding the financial performance
or position of the Group.
Significant items in the current reporting period
The financial position and performance of the Group was particularly affected by the following events and transactions during
the reporting period:
• The acquisition of Musgrave Minerals Limited (Cue Gold Project) which was completed in October 2023 (see Note 19).
This resulted in an increase in exploration & evaluation assets (Note 10) which has subsequently been reclassified as a mine
development asset (see Note 9).
For a detailed discussion about the Group’s performance and financial position please refer to our operating and financial review.
SEGMENT INFORMATION
Description of segments and principal activities
Management has determined the operating segments based on internal reports about components of the Group that are
regularly reviewed by the Chief Operating Decision Maker (CODM), being the Managing Director & Chief Executive Officer, to
make strategic decisions.
The Group has identified three reportable segments of its business:
• Mt Magnet: mining and processing of gold from the Mt Magnet region including the Penny and Cue Gold Mines.
• Edna May: mining and processing of gold from the Edna May region including the Marda, Tampia, and Symes Gold Mines.
• Exploration: exploration & evaluation of gold mineralisation, notably the Rebecca-Roe projects.
NOTES TO THE FINANCIAL STATEMENTS
RAMELIUS RESOURCES ANNUAL REPORT 2024
78
SEGMENT INFORMATION (continued)
The CODM monitors performance in these areas separately. Unless stated otherwise, all amounts reported to the CODM are
determined in accordance with accounting policies that are consistent to those adopted in the annual financial statements of the
Group. Operating segment performance details for financial years 2024 and 2023 are set out below:
Segment results
2024 Segment results
Mt Magnet
$’000
Edna May
$’000
Exploration
$’000
Total
$’000
Segment revenue
483,231
399,341
-
882,572
Cost of production
(258,267)
(204,280)
-
(462,547)
Depreciation & amortisation
(144,564)
(36,919)
-
(181,483)
Movement in inventory
56,067
(45,556)
-
10,511
Deferred mining costs
59,006
5,540
-
64,546
Gross margin
195,473
118,126
-
313,600
Exploration & evaluation costs & impairments
-
-
(8,600)
(8,600)
Segment margin
195,473
118,126
(8,600)
305,000
Interest income
13,262
Other income
2,123
Finance costs
(5,344)
Other expenses
(38,069)
Profit before income tax
276,972
Total segment assets
663,125
61,957
336,914
1,061,996
Total segment liabilities
75,736
48,045
4,267
128,048
2023 Segment results
Mt Magnet
$’000
Edna May
$’000
Exploration
$’000
Total
$’000
Segment revenue
337,280
294,059
-
631,339
Cost of production
(269,759)
(227,940)
-
(497,699)
Depreciation & amortisation
(109,493)
(54,309)
-
(163,802)
Movement in inventory
(102)
18,343
-
18,241
Deferred mining costs
105,201
43,113
-
148,314
Gross margin
63,127
73,266
-
136,393
Exploration & evaluation costs & impairments
-
-
(10,205)
(10,205)
Impairment of mine development & PP&E
-
(6,908)
-
(6,608)
Segment margin
63,127
66,358
(10,205)
119,280
Interest income
3,939
Other income
1,860
Finance costs
(5,873)
Other expenses
(28,906)
Profit before income tax
90,300
Total segment assets
459,055
135,143
312,653
906,851
Total segment liabilities
87,871
59,573
2,827
150,271
NOTES TO THE FINANCIAL STATEMENTS
OVERVIEW
REVIEW OF OPERATIONS
RESOURCES AND RESERVES
SUSTAINABILITY REPORT
FINANCIAL REPORT
RAMELIUS RESOURCES ANNUAL REPORT 2024
79
Segment margin reconciles to profit before income tax for the year ended 30 June 2024 and 30 June 2023 as follows:
Segment gross margin reconciliation
2024
$’000
2023
$’000
Segment margin
305,000
119,280
Other income
2,123
31
Interest income
13,262
3,939
Depreciation & amortisation
(842)
(693)
Employee benefit expense
(15,769)
(12,416)
Equity settled share-based payments
(7,547)
(6,300)
Exploration & evaluation costs
-
(461)
Change in the fair value of deferred consideration
(1,404)
1,710
Foreign exchange gain / (loss)
-
119
Fair value movements in Investments at FVPL
(885)
(495)
Change in fair value of Financial Instruments at FVPL
-
(722)
Loss on sale of property, plant & equipment
(288)
-
Finance costs
(5,344)
(5,873)
Other expenses
(11,334)
(7,819)
Profit before income tax
276,972
90,300
Segment assets
Operating segment assets are reconciled to total assets as follows:
Segment assets
1,061,996
906,851
Unallocated assets:
Cash & cash equivalents
424,274
250,958
Tax receivable
-
7,433
Other current assets
6,061
2,963
Other non-current assets
12
12
Investments
100,132
2,737
Property, plant, & equipment
1,473
932
Total assets as per the balance sheet
1,593,948
1,171,886
Segment liabilities
Operating segment liabilities are reconciled to total liabilities as follows:
Segment liabilities
128,048
150,271
Unallocated liabilities:
Trade & other payables
11,412
5,951
Current tax liabilities
68,025
5,970
Current provisions
1,205
961
Current lease liabilities
261
243
Non-current lease liabilities
-
261
Non-current provisions
203
190
Deferred tax liabilities
55,666
67,787
Total liabilities as per the balance sheet
264,820
231,634
Major customers
Ramelius sells its gold production to either The Perth Mint or delivers it into forward gold contracts.
Segments assets by geographical location
There are no non-current assets situated outside the geographic region of Australia.
NOTES TO THE FINANCIAL STATEMENTS
SEGMENT INFORMATION (continued)
RAMELIUS RESOURCES ANNUAL REPORT 2024
80
NOTE 1: REVENUE
The Group derives the following types of revenue:
2024
$’000
2023
$’000
Revenue
Gold sales
880,379
630,274
Silver sales
2,131
929
Other revenue
62
136
Total revenue
882,572
631,339
2024
$’000
2023
$’000
Other income
Gain on sale of non-core projects & royalties
268
28
Settlement of, and change in fair value of, financial instruments at FVPL
1,792
-
Other income
63
-
Gain on disposal of property, plant, & equipment
-
3
Foreign exchange gains
-
119
Change in fair value of deferred consideration
-
1,710
Total other income
2,123
1,860
Recognising revenue from major business activities
Gold bullion and silver sales
The Group generates revenue from the sale of gold and silver bullion. The Group delivers dore bars to refiners, who convert
the product into investment grade bullion for a fee, which is subsequently sold either to the refinery or third parties (financial
institutions). Revenue from the sale of these goods is recognised when control over the inventory has been transferred to the
customer.
Control is generally considered to have passed when:
• Physical possession and inventory risk is transferred (including via a third-party transport provider arranged by the refinery):
• Payment terms for the sale of goods can be clearly identified through the sale of metal credits received or receivable for the
transfer of control of the asset;
• The Group can determine with sufficient accuracy the metal content of the goods delivered; and
• The refiner has no practical ability to reject the product where it is within contractually specified limits.
NOTES TO THE FINANCIAL STATEMENTS
GROUP PERFORMANCE
OVERVIEW
REVIEW OF OPERATIONS
RESOURCES AND RESERVES
SUSTAINABILITY REPORT
FINANCIAL REPORT
RAMELIUS RESOURCES ANNUAL REPORT 2024
81
NOTE 2: EXPENSES
Profit before tax includes the following expenses whose disclosure is relevant in explaining the performance of the Group:
Note
2024
$’000
2023
$’000
Cost of sales
Mining & milling production costs
322,857
279,514
Employee benefits expense
49,286
49,985
Royalties
25,857
19,886
Depreciation & amortisation
181,483
163,802
Inventory movements
5
(10,511)
(18,241)
Total cost of sales
568,972
494,946
Note
2024
$’000
2023
$’000
Other expenses
Employee benefit expense
15,769
12,416
Equity settled share-based payments
27
7,547
6,300
Other expenses
11,334
7,819
Fair value losses on investments at FVPL
7
885
495
Change in fair value of deferred consideration
1,404
-
Depreciation & amortisation
842
693
Exploration & evaluation costs
288
461
Change in fair value of financial instruments at FVPL
-
722
Total other expenses
38,069
28,906
Note
2024
$’000
2023
$’000
Finance costs
Provisions: unwinding of discount
13
1,845
1,924
Deferred consideration: unwinding of discount
79
344
Interest on leases
12
1,209
2,177
Commitment fees & other finance costs
2,211
1,428
Total finance costs
5,344
5,873
Recognising expenses from major business activities
Depreciation & amortisation
Refer to Notes 8 and 9 for details on depreciation & amortisation.
Impairment
Impairment expenses are recognised to the extent that the carrying amounts of assets exceed their recoverable amounts.
Refer to Notes 8, 9, and 10 for further details on impairment.
Employee benefits expense
The Group’s accounting policy for liabilities associated with employee benefits is set out in Note 13. The policy relating to
share-based payments is set out in Note 27.
NOTES TO THE FINANCIAL STATEMENTS
GROUP PERFORMANCE (continued)
RAMELIUS RESOURCES ANNUAL REPORT 2024
82
NOTE 3: INCOME TAX EXPENSE
This note provides an analysis of the Group’s income tax expense, shows what amounts are recognised directly in equity and
how the tax expense is affected by non-assessable and non-deductible items. It also explains significant estimates made in relation
to the Group’s tax position.
2024
$’000
2023
$’000
The components of tax expense comprise:
Current tax
75,309
(8,432)
Deferred tax
(14,919)
37,171
Income tax expense
60,390
28,739
2024
$’000
2023
$’000
Recognition of income tax expense to prima facie tax payable:
Accounting profit before tax
276,972
90,300
Income tax expense calculated at 30%
83,092
27,090
Tax effects of amounts which are not deductible / (taxable) in calculating
taxable income:
Share-based payments
2,264
1,890
Prior year adjustment
(3)
(5)
Impairments & other
(1,066)
344
Tax losses utilised in current year previously not brought to account
(9,248)
-
Tax losses brought to account
(14,649)
(580)
Income tax expense
60,390
28,739
Applicable effective tax rate
22%
32%
Deferred tax movement:
30 June 2024
Note
1 July 2023
$’000
Other
comp.
income
$’000
Income
statement
$’000
30 June 2024
$’000
Deferred tax liability (DTL)
Exploration & evaluation
22,435
-
12,131
34,566
Investments at FVOCI
-
2,798
-
2,798
Mine development
63,501
(8,305)
55,196
Inventory – consumables
901
(192)
709
Total DTL
86,837
2,798
3,634
93,269
Deferred tax asset (DTA)
Property, plant, & equipment
(1,110)
-
3,262
2,152
Provisions
16,228
-
2,676
18,904
Leases
12
364
-
(158)
206
Tax losses
2,430
-
12,219
14,649
Other
1,138
-
554
1,692
Total DTA
19,050
-
18,553
37,603
Net deferred tax liability #
(67,787)
(2,798)
14,919
(55,666)
# Deferred tax assets and liabilities have been offset for presentation on the balance sheet pursuant to set off provisions
NOTES TO THE FINANCIAL STATEMENTS
GROUP PERFORMANCE (continued)
OVERVIEW
REVIEW OF OPERATIONS
RESOURCES AND RESERVES
SUSTAINABILITY REPORT
FINANCIAL REPORT
RAMELIUS RESOURCES ANNUAL REPORT 2024
83
30 June 2023
Note
1 July 2022
$’000
Transfers
$’000
Other
comp.
income
$’000
Income
statement
$’000
30 June 2023
$’000
Deferred tax liability (DTL)
Exploration & evaluation
14,901
(1,669)
-
9,203
22,435
Mine development
35,279
1,669
-
26,553
63,501
Inventory – consumables
1,448
(110)
-
(437)
901
Total DTL
51,628
(110)
-
35,319
86,837
Deferred tax asset (DTA)
Inventory – deferred mining costs
196
(196)
-
-
-
Inventory – stock
(269)
269
-
-
-
Property, plant, & equipment
1,238
-
-
(2,348)
(1,110)
Provisions
16,266
-
-
(38)
16,228
Leases
12
259
-
-
105
364
Investments at FVOCI
(248)
-
248
-
-
Tax losses
2,257
-
-
173
2,430
Other
1,065
396
-
(323)
1,138
Total DTA
20,764
469
248
(2,431)
19,050
Net deferred tax liability #
(30,864)
579
248
(37,750)
(67,787)
#Deferred tax assets and liabilities have been offset for presentation on the balance sheet pursuant to set off provisions.
2024
2023
Gross
Net (30%)
Gross
Net (30%)
Tax losses – Unused tax losses:
- for which a deferred asset has been recognised
48,831
14,649
8,096
2,429
- for which no deferred asset has been recognised
17,842
5,353
16,191
4,857
Total potential unused tax losses
66,673
20,002
24,287
7,286
During the year Ramelius recognised tax losses acquired relating to Breaker Resources NL and Musgrave Minerals Limited
totalling $79,657,000 (with a tax benefit of $23,897,000). Of this amount recognised, a total of $30,826,000 (with a tax benefit
of $9,248,000) was utilised in the current year. The remaining unused tax losses at 30 June 2024 were $48,831,000 (with a tax
benefit of $14,649,000) and relate to those tax losses which arose from the acquisition of Musgrave Minerals Limited. A deferred
tax asset has been recognised for these unused tax losses.
The utilisation of tax losses depends upon the generation of future taxable profits. Ramelius believes tax losses to be recoverable
based on current taxable income projections, which are underpinned by life of mine models. Utilisation is also subject to relevant
tax legislation associated with recoupment.
The unused tax losses for which no deferred tax asset has been recognised relates to unapplied carry forward capital losses.
NOTES TO THE FINANCIAL STATEMENTS
GROUP PERFORMANCE (continued)
NOTE 3: INCOME TAX EXPENSE (continued)
RAMELIUS RESOURCES ANNUAL REPORT 2024
84
Key judgement, estimates and assumptions:
Recovery of deferred tax assets
Judgement is required to determine whether deferred tax assets are recognised in the balance sheet. Deferred tax assets, including
those arising from unused tax losses, require management to assess the likelihood that the Group will generate sufficient taxable
earnings in the future periods in order to recognise and utilise those deferred tax assets. Judgement is also required in respect of the
expected manner of recovery of the value of an asset or liability (which will then impact the quantum of the deferred tax assets or
deferred tax liabilities recognised) and the application of existing laws in each jurisdiction.
Estimates of future taxable income are based on forecast cash flows from operations and existing tax laws in each jurisdiction.
These assessments require the use of estimates and assumptions such as exchange rates, commodity prices, the timing of production
profiles, and operating performance over the life of the assets. To the extent that cash flows and taxable income differ significantly
from estimates, the ability of the Group to realise the net deferred tax assets reported at the reporting date could be impacted.
Additionally, future changes in tax laws in the jurisdictions in which the Group operates could limit the ability of the Group to obtain
tax deductions and recover/utilise deferred tax assets in future periods.
Tax Consolidated Group
Ramelius Resources Limited and its wholly owned Australian subsidiaries have formed an income Tax Consolidated Group under
tax consolidation legislation. Each entity in the Group recognises its own current and deferred tax assets and liabilities. Such taxes
are measured using the ‘stand-alone taxpayer’ approach to allocation.
Current tax liabilities (assets) and deferred tax assets arising from unused tax losses and tax credits in the subsidiaries are
immediately transferred to the head entity.
The Tax Consolidated Group has entered into a tax funding arrangement whereby each Company in the Group contributes to
the income tax payable by the Group in proportion to their contribution to the Group’s taxable income. Differences between
the amounts of net tax assets and liabilities derecognised and the net amounts recognised pursuant to the funding arrangement
are recognised as either a contribution by, or distribution to the head entity.
Musgrave Minerals Ltd (Musgrave), and its controlled entities, entered the Ramelius tax consolidated Group on 26 October 2023.
GROUP BALANCE SHEET
NOTE 4: CASH & CASH EQUIVALENTS
Note
2024
$’000
2023
$’000
Cash & cash equivalents
Cash at bank & in hand
194,244
140,221
Deposits at call
230,030
110,737
Total cash & cash equivalents
424,274
250,958
NOTES TO THE FINANCIAL STATEMENTS
GROUP PERFORMANCE (continued)
NOTE 3: INCOME TAX EXPENSE (continued)
OVERVIEW
REVIEW OF OPERATIONS
RESOURCES AND RESERVES
SUSTAINABILITY REPORT
FINANCIAL REPORT
RAMELIUS RESOURCES ANNUAL REPORT 2024
85
Note
2024
$’000
2023
$’000
Reconciliation of net profit after tax to net cash flows from operations
Net profit
216,582
61,561
Non-cash items
Equity settled share-based payments
27
7,547
6,300
Depreciation & amortisation
182,325
164,495
Write off & impairment of exploration assets
10
8,600
10,205
Impairment of mine development & property, plant & equipment
8,9
-
6,908
Discount unwind on provisions
13
1,845
1,924
Discount unwind on deferred consideration
79
344
Change in fair value of deferred consideration
1,404
(1,710)
Net exchange differences
-
(119)
Fair value loss on investments at FVPL
7
885
495
Fair value (gain)/loss on financial assets at FVPL
(1,792)
722
Items presented as investing or financing activities
Gain on sale of non-core projects & royalties
1
(268)
(28)
Other
3,991
3,603
(Increase) / decrease in assets
Prepayments
(1,461)
(65)
Trade & other receivables
(1,119)
(272)
Inventories
(6,545)
(18,018)
Financial assets at FVPL
(688)
590
Deferred tax assets
(16,819)
24,348
Increase / (decrease) in liabilities
Trade & other payables
(7,507)
(9,540)
Current tax payable
69,488
(2,188)
Provisions
(3,673)
(2,246)
Deferred tax liabilities
1,900
12,327
Net cash provided by operating activities
454,774
259,636
Net cash reconciliation
This section sets out an analysis of net cash and the movements in the net cash for each of the financial years presented.
Cash & cash equivalents
424,274
250,958
Borrowings – leases repayable within one year
(9,078)
(17,970)
Borrowings – leases repayable after one year
(1,389)
(10,468)
Net cash
413,807
222,520
Leases
$’000
Cash
$’000
Net Cash
$’000
Balance at 1 July 2022
(50,815)
147,781
96,966
Cash flows
28,768
103,177
131,945
Lease additions (including interest)
(6,391)
-
(6,391)
Balance at 30 June 2023
(28,438)
250,958
222,520
Cash flows
19,234
173,316
192,550
Lease additions (including interest)
(1,263)
-
(1,263)
Balance at 30 June 2024
(10,467)
424,274
413,807
NOTES TO THE FINANCIAL STATEMENTS
GROUP BALANCE SHEET (continued)
NOTE 4: CASH & CASH EQUIVALENTS (continued)
RAMELIUS RESOURCES ANNUAL REPORT 2024
86
2024
$’000
2023
$’000
Current
Ore stockpiles
83,810
94,407
Gold in circuit
6,108
11,074
Gold bullion, nuggets & doré
11,748
15,563
Consumables & supplies
12,153
16,120
Total current inventories
113,819
137,164
Non-current
Ore stockpiles
110,383
80,493
Total non-current inventories
110,383
80,493
Inventory expense
The carrying value of net realisable value provision is nil (2023: $31,661,000), with write-ups through the cost of sales amounting
to $31,661,000 (2023: write down of $1,521,000). The reversal of net realisable value provisions in the current year is included
in the cost of sales in the income statement. No net realisable value provisions have been recognised on stockpiles as at 30 June
2024.
Non-current inventory
Ore stockpiles not expected to be processed in the twelve months after the reporting date are classified as non-current
inventory. There is a reasonable expectation that the processing of these stockpiles will have a future economic benefit to the
Group and accordingly the value of these stockpiles is the lower of cost and net realisable value.
The non-current ore stockpiles represent the stockpiles held at Eridanus that are not expected to be processed in the twelve
months following reporting date. The determination of the current and non-current portion of the ore stockpiles includes the
use of estimates and judgements about when ore stockpile drawdowns for processing will occur and are based on current
forecasts and mine plans.
Recognition and measurement
Inventories
Ore stockpiles, gold in circuit and poured gold bars (bullion and doré) are physically measured, or estimated, and valued at the
lower of cost and net realisable value. Cost represents the weighted average cost and includes direct costs and an appropriate
allocation of fixed and variable production overhead costs, including depreciation & amortisation.
Consumables and stores are valued on a weighted average cost basis and at the lower of cost and net realisable value. Costs of
purchased inventory are determined after deducting any applicable rebates and discounts. A periodic review is undertaken to
establish the extent of any surplus or obsolete items and where necessary a provision is made.
Net realisable value is the estimated selling price in the ordinary course of business, less estimated costs of completion of sale.
Ore stockpiles represent stockpiled ore that has been mined or otherwise acquired and is available for further processing.
If there is significant uncertainty as to whether the stockpiled ore will be processed, it is expensed. Where future processing of
ore can be predicted with confidence (e.g., it exceeds the mine cut-off grade), it is valued at the lower of cost and net realisable
value. Ramelius believes processing ore stockpiles will have a future economic benefit to the Group and all stockpiles are carried
at cost at 30 June 2024.
NOTES TO THE FINANCIAL STATEMENTS
GROUP BALANCE SHEET (continued)
NOTE 5: INVENTORIES
OVERVIEW
REVIEW OF OPERATIONS
RESOURCES AND RESERVES
SUSTAINABILITY REPORT
FINANCIAL REPORT
RAMELIUS RESOURCES ANNUAL REPORT 2024
87
NOTE 6: OTHER ASSETS
2024
$’000
2023
$’000
Current
Other financial assets
98
-
Prepayments
5,282
3,669
Total other current assets
5,380
3,669
NOTE 7: INVESTMENTS
Listed investment financial assets are measured at fair value and depending on their nature classified as either fair value through
profit & loss or fair value through other comprehensive income.
2024
$’000
2023
$’000
Investments at fair value through profit & loss
425
1,623
Investments at fair value through other comprehensive income:
Investment in Spartan Resources Limited
97,545
-
Other investments in listed equity securities
2,162
1,114
Investments at fair value through other comprehensive income
99,707
1,114
Total investments
100,132
2,737
Gain or loss recognised before income tax:
Loss recognised through profit & loss
(885)
(495)
Gains recognised in other comprehensive income
9,327
4,406
Investments at fair value through profit & loss
An investment is classified at fair value through profit & loss if it is classified as held for trading or is designated as such on
initial recognition. Investments are designated at fair value through the profit & loss if Ramelius manages such investments and
makes purchase and sale decisions based on their fair value in accordance with the risk management or investment strategy.
Attributable transaction costs are recognised in the profit & loss as incurred.
Investments at fair value through other comprehensive income
An investment at fair value through other comprehensive income comprises equity securities that are not held for trading, and
which the Group has irrevocably elected at initial recognition to recognise in this category. These are strategic investments and
Ramelius considered this classification to be more relevant.
Investments are classified as Level 1 in the fair value hierarchy.
NOTES TO THE FINANCIAL STATEMENTS
GROUP BALANCE SHEET (continued)
RAMELIUS RESOURCES ANNUAL REPORT 2024
88
NOTE 8: PROPERTY, PLANT, & EQUIPMENT
2024
Land &
buildings
$’000
Plant &
equipment
$’000
Assets under
construction
$’000
Right of
use assets
$’000
Total
$’000
As at 1 July 2023
Cost
16,874
185,161
7,237
113,819
323,091
Accumulated depreciation
(9,851)
(148,012)
-
(86,595)
(244,458)
Net book amount
7,023
37,149
7,237
27,224
78,633
Year ended 30 June 2024
Opening net book amount
7,023
37,149
7,237
27,224
78,633
Additions on the acquisition of subsidiary
265
263
-
53
581
Additions
-
2,483
11,497
-
13,980
Disposals
-
(12)
-
-
(12)
Transfers
928
12,837
(13,765)
-
-
Depreciation charge
(1,951)
(15,330)
-
(17,495)
(34,776)
Closing net book amount
6,265
37,390
4,969
9,782
58,406
As at 30 June 2024
Cost
18,067
200,973
4,969
113,940
337,949
Accumulated depreciation
(11,802)
(163,583)
-
(104,158)
(279,543)
Net book amount
6,265
37,390
4,969
9,782
58,406
2023
Land &
buildings
$’000
Plant &
equipment
$’000
Assets under
construction
$’000
Right of
use assets
$’000
Total
$’000
As at 1 July 2022
Cost
16,874
150,280
7,259
109,605
284,018
Accumulated depreciation
(6,434)
(115,966)
-
(59,656)
(182,056)
Net book amount
10,440
34,314
7,259
49,949
101,962
Year ended 30 June 2023
Opening net book amount
10,440
34,314
7,259
49,949
101,962
Transfers to mine development
-
277
-
-
277
Additions
-
4,562
9,092
4,214
17,868
Disposals
-
(311)
-
-
(311)
Transfers
-
8,795
(8,795)
-
-
Depreciation charge
(3,417)
(10,488)
-
(26,939)
(40,844)
Impairment
-
-
(319)
-
(319)
Closing net book amount
7,023
37,149
7,237
27,224
78,633
As at 30 June 2023
Cost
16,874
185,161
7,237
113,819
323,091
Accumulated depreciation
(9,851)
(148,012)
-
(86,595)
(244,458)
Net book amount
7,023
37,149
7,237
27,224
78,633
NOTES TO THE FINANCIAL STATEMENTS
GROUP BALANCE SHEET (continued)
OVERVIEW
REVIEW OF OPERATIONS
RESOURCES AND RESERVES
SUSTAINABILITY REPORT
FINANCIAL REPORT
RAMELIUS RESOURCES ANNUAL REPORT 2024
89
Depreciation
Items of plant & equipment are depreciated on a straight-line basis over their estimated useful lives, the duration of which reflects
the useful lives depending on the nature of the asset. The Group uses the straight-line method when depreciating property, plant,
& equipment, resulting in estimated useful lives for each class of depreciable assets as follows:
Class of fixed asset
Useful life
Land and buildings
1 – 40 years
Motor vehicles
2 – 12 years
Computers & communication equipment
2 – 10 years
Furniture & equipment
1 – 20 years
Plant & equipment
1 – 30 years
Key judgement, estimates and assumptions:
Depreciation
The estimations of useful lives, residual value and depreciation methods require management judgement and are reviewed biannually
for all major items of plant & equipment. If they need to be modified, the change is accounted for prospectively from the date of
reassessment until the end of the revised useful life (for both the current and future years).
Impairment of assets
The Group assesses assets including Cash Generating Unit’s (CGU) at least annually, to determine whether there is any indication
of impairment or reversal of a prior impairment. Where an indicator of impairment or reversal exists, a formal estimate of
the recoverable amount is made, which is deemed as being the higher of the fair value less costs to sell and value in use. These
assessments require the use of estimates and assumptions such as ore reserves, future production, commodity prices, discount rates,
exchange rates, operating costs, sustaining capital costs, any future development cost necessary to produce the reserves (including
the magnitude and timing of cash flows) and operating performance.
Some of the factors considered in management’s assessment as to whether there existed any indicators of impairment at the CGUs
included strong operational and financial performance of the CGUs, the extension of mine life across all CGUs, positive gold price
environment against budget, and acquisitions complementing the existing CGUs of the Group.
NOTE 9: MINE DEVELOPMENT
Note
2024
$’000
2023
$’000
Mine development
1,285,372
991,835
Less: accumulated amortisation & impairment
(844,131)
(696,582)
Net book amount
441,241
295,253
Mine development
Opening net book amount
295,253
268,999
Additions
70,522
154,266
Impairment loss
-
(6,589)
Restoration and rehabilitation adjustment
13
9,428
(3,334)
Transfer from exploration & evaluation asset
10
213,587
5,562
Amortisation
(147,549)
(123,651)
Closing net book amount
441,241
295,253
NOTES TO THE FINANCIAL STATEMENTS
GROUP BALANCE SHEET (continued)
NOTE 8: PROPERTY, PLANT, & EQUIPMENT (continued)
RAMELIUS RESOURCES ANNUAL REPORT 2024
90
Recognition and measurement
Mine development
Development assets represent expenditure in respect of exploration, evaluation, feasibility and development incurred by or
on behalf of the Group, including overburden removal and construction costs, previously accumulated and carried forward
in relation to areas of interest in which mining has now commenced. Such expenditure comprises net direct costs and an
appropriate allocation of directly related overhead expenditure.
All expenditure incurred prior to commencement of production from each development property is carried forward to
the extent to which recoupment out of future revenue from the sale of production, or from the sale of the property, is
reasonably assured.
When further development expenditure is incurred in respect of a mine property after commencement of production, such
expenditure is carried forward as part of the cost of the mine property only when future economic benefits are reasonably
assured, otherwise the expenditure is classified as part of the cost of production and expensed as incurred. Such capitalised
development expenditure is added to the total carrying value of development assets being amortised.
Deferred mining expenditure – Pre-production mine development
Pre-production mining costs incurred by the Group in relation to accessing recoverable reserves are carried forward as part of
‘development assets’ when future economic benefits are established, otherwise such expenditure is expensed as part of the cost
of production.
Deferred stripping costs
Mining costs incurred during the production stage of operations are deferred, this is generally the case where there are
fluctuations in deferred mining costs over the life of the mine, and the effect is material. The amount of mining costs deferred
is based on the ratio obtained by dividing the volume of waste material moved by the volume of ore mined.
Mining costs incurred in the period are deferred to the extent that the current period waste to ore ratio exceeds the life of mine
waste to ore (life of mine) ratio. The life of mine ratio is based on economically recoverable reserves of the operation.
In the production stage of some operations, further developments of the mine require a phase of unusually high overburden
removal activity that is similar in nature to pre-production mine development. The costs of such unusually high overburden
removal activity are deferred and charged against reported profits in subsequent periods on a unit of production basis.
The accounting treatment is consistent with that of overburden removal costs incurred during the development phase of a
mine before production commences. Deferred mining costs that relate to the production phase of the operation are carried
forward as part of ‘development assets’. The amortisation of deferred mining costs is included in site operating costs.
Impairment
A full review of potential impairment indicators for the Edna May and Mt Magnet CGUs was undertaken as at 30 June 2024, as
required by accounting guidance, and it was concluded that there were no indicators of a potential impairment at the CGU level for
Edna May and Mt Magnet.
Key judgement, estimates and assumptions:
Production stripping
The life of mine ratio is a function of an individual mine’s design and therefore changes to that design will generally result in changes
to the ratio. Changes in other technical or economic parameters that impact reserves will also have an impact on the life of mine
ratio even if they do not affect the mine’s design. Changes to the life of mine ratio are accounted for prospectively.
Deferred mining expenditure
The Group defers mining costs incurred during the production stage of its operations. Changes in an individual mine’s design will
generally result in changes to the life of mine waste to ore (life of mine) ratio. Changes in other technical and economic parameters
that impact reserves will also have an impact on the life of mine ratio even if they do not affect the mine’s design. Changes to the life
of mine ratio are accounted for prospectively.
Ore Reserves
The Group estimates Ore Reserves and mineral resources each year based on information compiled by Competent Persons as
defined in accordance with the Australian code for reporting Exploration Results, Mineral Resources and Ore Reserves 2012
(‘JORC code’). Estimated quantities of economically recoverable reserves are based upon interpretations of geological models and
require assumptions to be made including estimates of short- and long-term commodity prices, exchange rates, future operating
performance, and capital requirements. Changes in reported reserve estimates can impact the carrying value of plant and equipment
and development, provision for restoration & rehabilitation obligations as well as the amount of depreciation & amortisation.
NOTES TO THE FINANCIAL STATEMENTS
GROUP BALANCE SHEET (continued)
NOTE 9: MINE DEVELOPMENT (continued)
OVERVIEW
REVIEW OF OPERATIONS
RESOURCES AND RESERVES
SUSTAINABILITY REPORT
FINANCIAL REPORT
RAMELIUS RESOURCES ANNUAL REPORT 2024
91
NOTE 10: EXPLORATION & EVALUATION ASSETS
Note
2024
$’000
2023
$’000
Exploration & evaluation
335,633
311,891
Exploration & evaluation asset reconciliation:
Opening net book amount
311,891
216,615
Additions on the acquisition of subsidiary
19
207,313
89,603
Additions
38,648
21,440
Disposals
(32)
-
Impairment loss
(8,600)
(10,205)
Transfer to development asset
9
(213,587)
(5,562)
Closing net book amount
335,633
311,891
Transfer to development assets
A total of $213,587,000 was transferred from exploration & evaluation assets during the year relating to the Cue Gold Project
(2023: $5,562,000).
Regognition and measurement
Exploration & evaluation
Exploration & evaluation costs related to areas of interest are capitalised and carried forward to the extent that:
(a) Rights to tenure of the area of interest are current; and
(b) (i) Costs are expected to be recouped through successful development and exploitation of the area of interest or
alternatively by sale; or
(ii) Where activities in the area of interest have not yet reached a stage which permits a reasonable assessment of the
existence or otherwise of economically recoverable reserves, active and significant operations in, or in relation to, the
areas are continuing.
Such expenditure consists of an accumulation of acquisition costs and direct net exploration & evaluation costs incurred by or on
behalf of the Group, together with an appropriate portion of directly related overhead expenditure.
Amortisation and impairment
The Group uses the unit of production basis when depreciating / amortising mine specific assets which results in a depreciation /
amortisation charge proportional to the depletion of the anticipated remaining life of mine production. Economic life, which is
assessed annually, has due regard to both its physical life limitations and to present assessments of economically recoverable reserves
of the mine property. These calculations require the use of estimates and assumptions.
Development assets are amortised based on the unit of production method which results in an amortisation charge proportional
to the depletion of the estimated recoverable reserves. Where there is a change in the reserves the amortisation rate is adjusted
prospectively in the reporting period in which the change occurs. The net carrying values of development expenditure carried
forward are reviewed half yearly by Directors to determine whether there is any indication of impairment.
Currency and commodity forecast
Estimates of future USD gold prices are based on the Group’s best estimate of future market prices with reference to consensus
views of external market analyst forecasts. Future gold prices are reviewed at least annually. Forecast of the AUD/USD exchange rate
are based on the Group’s best estimate with reference to external market data and forward values, including analysis of broker and
consensus estimates.
The future gold price also considers the hedge book volume and contracted price at reporting date.
NOTES TO THE FINANCIAL STATEMENTS
GROUP BALANCE SHEET (continued)
NOTE 9: MINE DEVELOPMENT (continued)
RAMELIUS RESOURCES ANNUAL REPORT 2024
92
Deferred feasibility
Feasibility expenditure represents costs related to the preparation and completion of feasibility studies to enable a development
decision to be made in relation to an area of interest and is capitalised as incurred.
When production commences, relevant past exploration, evaluation and feasibility expenditure in respect of an area of interest
that has been capitalised is transferred to mine development where it is amortised over the life of the area of interest to which it
relates on a unit of production basis.
When an area of interest is abandoned, or the Directors decide it is not commercial, any accumulated costs in respect of that
area are written off in the year the decision is made. Each area of interest is reviewed at the end of each reporting period and
accumulated costs written off to the extent they are not expected to be recoverable in the future.
Mineral rights
Mineral rights comprise identifiable exploration & evaluation assets, mineral resources and ore reserves, which are acquired
as part of a business combination or a joint venture and are recognised at fair value at date of acquisition. Mineral rights are
attributable to specific areas of interest and are classified within exploration & evaluation assets.
Mineral rights attributable to each area of interest are amortised when commercial production commences on a unit of
production basis over the estimated economic reserve of the mine to which the rights related.
Key judgement, estimates and assumptions:
Exploration, evaluation and deferred feasibility expenditure
Judgement is required to determine whether future economic benefits are likely, from either exploitation or sale, or whether
activities have not reached a stage that permits a reasonable assessment of existence of reserves. In addition to these judgements,
the Group has to make certain estimates and assumptions. The determination of JORC resources is itself an estimation process
that involves varying degrees of uncertainty depending on how the resources are classified (i.e. measured, indicated or inferred).
The estimates directly impact when the Group capitalises exploration & evaluation expenditure. The capitalisation policy requires
management to make certain estimates and assumptions as to future events and circumstances, in particular, the assessment of
whether economic quantities of reserves will be found. Any such estimates and assumptions may change as new information
becomes available. The recoverable amount of capitalised expenditure relating to undeveloped mining projects can be particularly
sensitive to variations in key estimates and assumptions. If variation in key estimates or assumptions has a negative impact on
recoverable amount it could result in a requirement for impairment.
Impairment
Indicators of impairment
The carrying amounts of the Group’s exploration & evaluation assets are reviewed at each reporting date, to determine whether
any of the following indicators of impairment exists:
• Tenure over the tenement area has expired during the period or will expire in the near future, and is not expected to be
renewed; or
• Substantive expenditure on further exploration for, and evaluation of, mineral resources in the specific area is not budgeted
or planned; or
• Exploration for, and evaluation of, resources in the specific area have not led to the discovery of commercially viable
quantities of resources, and the Group has decided to discontinue activities in the specific area; or
• Sufficient data exists to indicate that, although a development is likely to proceed, the carrying amount of the exploration &
evaluation asset is unlikely to be recovered in full from successful development or from sale.
As a result, an exploration impairment of $8,600,000 was recognised during the year (2023: $10,205,000).
Key judgement, estimates and assumptions:
Impairment
Impairment of specific exploration & evaluation assets during the year have occurred where the Group has concluded that
capitalised expenditure is unlikely to be recovered by sale or future exploitation. At each reporting date the Group undertakes an
assessment of the carrying amount of its exploration & evaluation assets. During the year indicators of impairment were identified
on certain exploration & evaluation assets in accordance with AASB 6 Exploration for and Evaluation of Mineral Resources. As a result of
this review, an impairment expense of $8,600,000 (2023: $10,205,000) has been recognised in relation to areas of interest where the
Group has concluded that capitalised expenditure is unlikely to be recovered by sale or future exploitation.
NOTES TO THE FINANCIAL STATEMENTS
GROUP BALANCE SHEET (continued)
NOTE 10: EXPLORATION & EVALUATION ASSETS (continued)
OVERVIEW
REVIEW OF OPERATIONS
RESOURCES AND RESERVES
SUSTAINABILITY REPORT
FINANCIAL REPORT
RAMELIUS RESOURCES ANNUAL REPORT 2024
93
NOTE 11: TRADE & OTHER PAYABLES
2024
$’000
2023
$’000
Trade payables
13,258
24,015
Other payables and accruals
52,813
45,580
Total trade & other payables
66,071
69,595
Recognition and measurement
Trade & other payables
Trade payables are unsecured and are usually paid within 30 days from the end of the month of invoice. The carrying amounts of
trade & other payables are assumed to be the same as their fair values, due to their short-term nature.
Risk exposure
The Group’s exposure to cash flow risk is discussed in Note 17.
NOTE 12: LEASE LIABILITIES
Note
2024
$’000
2023
$’000
Current
Current
9,078
17,970
Non-current
1,389
10,468
Total lease liability
10,467
28,438
Set out below are the carrying amounts of lease liabilities and the movements during the year:
Note
2024
$’000
2023
$’000
Opening lease liability
28,438
50,815
Additions
54
4,214
Interest expense
2
1,209
2,177
Payments
(19,234)
(28,768)
Closing lease liability
10,467
28,438
Maturity analysis:
Year 1
9,424
19,178
Year 2
765
9,424
Year 3
733
765
Year 4
-
733
Gross lease liability
10,922
30,100
Less future interest charges
(455)
(1,662)
Total lease liability
10,467
28,438
NOTES TO THE FINANCIAL STATEMENTS
GROUP BALANCE SHEET (continued)
RAMELIUS RESOURCES ANNUAL REPORT 2024
94
Right of use assets
The Group has lease contracts for various items of mining equipment, power infrastructure, motor vehicles and buildings used in
its operations. These leases generally have lease terms between two and three years. The Group’s obligations under its leases are
secured by the lessor’s title to the leased assets. Generally, the Group is restricted from assigning and subleasing the leased assets.
The Group also has certain leases of assets with lease terms of twelve months or less and leases of storage containers and
equipment for which the assets are of low value. The Group applies the short-term lease and lease of low value assets
recognition exemptions for these leases.
Set out below are the carrying amounts of right of use assets recognised and the movements during the period (as shown in
property, plant, & equipment):
Land &
buildings
$’000
Plant &
equipment
$’000
Vehicles
$’000
Total
$’000
As at 1 July 2023
489
26,413
322
27,224
Additions
53
-
-
53
Depreciation charge
(297)
(16,876)
(322)
(17,495)
As at 30 June 2024
245
9,537
-
9,782
As at 1 July 2022
665
47,872
1,412
49,949
Additions
48
4,106
60
4,214
Depreciation charge
(224)
(25,565)
(1,150)
(26,939)
As at 30 June 2023
489
26,413
322
27,224
Impact on the income statement
The following amounts are recognised in the income statement:
Impact on income statement:
Note
2024
$’000
2023
$’000
The application of AASB 16 has resulted in the following amounts being recorded in the income statement:
Depreciation of right of use asset
8
17,495
26,939
Interest expense
2
1,209
2,177
Income tax benefit
3
(158)
(105)
Total amount recorded in the income statement resulting from AASB 16
18,546
29,011
Payments of $5,627,000 (2023: $1,503,000) for short term leases (lease terms of 12 months or less) were expensed in the
income statement for the year ended 30 June 2024.
Short term leases and leases of low value assets
The Group applies the short-term lease recognition exemption to its short-term leases (i.e., those leases that have a lease term
of twelve months or less from the commencement date and do not contain a purchase option). It also applies the lease of low
value assets recognition exemption to leases of plant and equipment that are of low value. Lease payments on short term leases
and leases of low value assets are recognised as expense as they are incurred.
NOTES TO THE FINANCIAL STATEMENTS
GROUP BALANCE SHEET (continued)
NOTE 12: LEASE LIABILITIES (continued)
OVERVIEW
REVIEW OF OPERATIONS
RESOURCES AND RESERVES
SUSTAINABILITY REPORT
FINANCIAL REPORT
RAMELIUS RESOURCES ANNUAL REPORT 2024
95
Key judgements, estimates and assumptions:
Identification of non-lease components
In addition to containing a lease, the Group’s mining services contracts involves the provision of additional services, including
personnel cost, low value materials, drilling, hauling related activities and other items. These are non-lease components, and the
Group has elected to separate these from the lease components.
Judgement is required to identify each of the lease and non-lease components. The consideration in the contract is then allocated
between the lease and non-lease components on a relative stand-alone price basis. This requires the Group to estimate stand-alone
prices for each lease and non-lease component based on quoted prices within the contract.
Identifying in substance fixed rates versus variable lease payments
The lease payments used to calculate the lease related balances under AASB 16 include fixed payments, in substance fixed
payments and variable payments based on an index or rate. Variable payments not based on an index or rate are excluded from the
measurement of lease liabilities and related assets.
For the Group’s mining services contracts, in addition to the fixed payments, there are payments that are variable payments because
the contract terms require payment based on a rate per hour. In terms of AASB 16, the Group uses judgement to determine that
no minimum hours or volumes within the contract are a fixed minimum that results in an amount payable that is unavoidable.
Therefore, the Group has had to apply judgement to determine that there are no in substance fixed payments included in the lease
payments used to calculate the lease related balances. Payments identified as variable not based on an index or rate, are excluded
from recognition and measurement of the lease related balances.
Estimating the incremental borrowing rate
The Group cannot readily determine the interest rate implicit in its leases. Therefore, it uses the relevant incremental borrowing rate
(IBR) to measure lease liabilities. The IBR is the rate of interest that the Group would have to pay to borrow over a similar term,
and with a similar security, the funds necessary to obtain an asset of a similar value to the right of use asset in a similar economic
environment. The IBR, therefore, reflects what the Group would have to pay, which requires estimation when no observable
rates are available and to make adjustments to reflect the terms and conditions of the lease. The Group estimates the IBR using
observable inputs (such as market interest rates) when available and considered certain contract and entity specific judgements
estimates (such as the lease term and credit rating). The IBR range used by the Group was between 6.14% and 7.52%.
NOTE 13: PROVISIONS
Note
2024
$’000
2023
$’000
Employee benefits
9,038
8,454
Rehabilitation & restoration costs
4,487
4,253
Total current provisions
13,525
12,707
Non-current
Employee benefits
907
717
Rehabilitation & restoration costs
48,095
42,951
Total non-current provisions
49,002
43,668
Rehabilitation & restoration costs
Opening book amount
47,204
49,686
Revision of provision during the year1
7,682
(2,666)
Expenditure on rehabilitation & restoration
(4,149)
(1,740)
Discount unwind
2
1,845
1,924
Total provision for rehabilitation & restoration
52,582
47,204
1 The revision of the provision for the year consisted of $9,428,000 capitalised to mine development assets and $1,746,000 credited to the income statement.
Revision of rehabilitation & restoration provision
Represents amendments to future restoration & rehabilitation liabilities resulting from changes to the approved mine plan in
the financial year, initial recognition of new rehabilitation provisions as well as a change in provision assumptions. Key provision
assumption changes include reassessment of costs and timing of expenditure.
NOTES TO THE FINANCIAL STATEMENTS
GROUP BALANCE SHEET (continued)
NOTE 12: LEASE LIABILITIES (continued)
RAMELIUS RESOURCES ANNUAL REPORT 2024
96
Recognition and measurement
Employee Benefits – Wages, salaries, salary at risk, annual leave and sick leave
Liabilities arising in respect of wages and salaries, at-risk payments, annual leave and any other employee benefits expected to
be wholly settled within twelve months of the reporting date are measured at their nominal amounts based on remuneration rates
which are expected to be paid when the liabilities are settled. These amounts are recognised in ‘trade & other payables’
(for amounts other than annual leave and at-risk payments) and ‘current provisions’ (for annual leave and at-risk payments) in
respect of employee services up to the reporting date. Costs incurred in relation to non-accumulating sick leave are recognised
when the leave is taken and are measured at the rate paid or payable.
Long service leave
The liability for long service leave is measured at the present value of the estimated future cash outflows to be made by the Group
resulting from employees’ services provided up to the reporting date. Liability for long service leave benefits not expected to be
settled within twelve months are discounted using the rates attaching to high quality corporate bonds at the reporting date, which
most closely match the terms of maturity of the related liability. In determining the liability for these long-term employee benefits,
consideration has been given to expected future increases in wage and salary rates, the Group’s experience with staff departures
and periods of service. Related on costs have also been included in the liability.
The obligations are presented current liabilities in the balance sheet if the entity does not have an unconditional right to defer
settlement for at least twelve months after the reporting period, regardless of when the actual settlement is expected to occur.
Defined contribution superannuation plans
Contributions to defined contribution superannuation plans are expensed when incurred.
Provision for restoration & rehabilitation
Estimated costs of decommissioning and removing an asset and restoring the site are included in the cost of the asset as at the date
the obligation first arises and to the extent that it is first recognised as a provision. The Group records the present value of the
estimated cost of constructive and legal obligations to restore operating locations in the period in which the obligation is incurred.
The nature of decommissioning activities includes dismantling and removing structures, rehabilitating mine sites, dismantling
operating facilities, closure of plant and waste sites and restoration, reclamation and revegetation of affected areas.
Typically, the obligation arises when the asset is installed, or the environment is disturbed at the development location. When the
liability is initially recorded, the present value of the estimated cost is capitalised by increasing the carrying amount of the related
mining assets. Over time, the discounted liability is increased for the change in the present value based on the discount rates that
reflect the current market assessments and the risks specific to the liability. Additional disturbances or changes in decommissioning
costs will be recognised as additions or changes to the corresponding asset and rehabilitation liability when incurred.
The unwind effect of discounting the provision is recorded as a finance cost in the Income Statement and the carrying amount
capitalised as a part of mining assets is amortised on a unit of production basis. Costs incurred that relate to an existing condition
caused by past operations, but do not have future economic benefits, are expensed as incurred.
Key judgement, estimates and assumptions:
Provision for restoration & rehabilitation
The Group assesses its mine restoration & rehabilitation provision biannually in accordance with the accounting policy. Significant
judgement is required in determining the provision for restoration & rehabilitation as there are many transactions and other factors
that will affect the ultimate liability payable to rehabilitate and restore the mine sites. The estimate of future costs therefore requires
management to make assessment of the future restoration and rehabilitation date, future environmental legislation, changes in
regulations, price increases, changes in discount rates, the extent of restoration activities and future removal and rehabilitation
technologies. When these factors change or become known in the future, such differences will impact the restoration &
rehabilitation provision in the period in which they change or become known. At each reporting date the rehabilitation & restoration
provision is remeasured to reflect any of these changes.
Provision for long service leave
Management judgement is required in determining the following key assumptions used in the calculation of long service leave at
balance sheet date:
• Future increase in salaries and wages;
• Future on cost rates; and
• Future probability of employee departures and period of service.
NOTES TO THE FINANCIAL STATEMENTS
GROUP BALANCE SHEET (continued)
NOTE 13: PROVISIONS (continued)
OVERVIEW
REVIEW OF OPERATIONS
RESOURCES AND RESERVES
SUSTAINABILITY REPORT
FINANCIAL REPORT
RAMELIUS RESOURCES ANNUAL REPORT 2024
97
NOTE 14: SHARE CAPITAL
Note
Number of
shares
$’000
Ordinary shares
Share capital at 30 June 2022
867,385,109
465,184
Shares issued from exercise of performance rights
2,637,718
1,870
Shares issued as consideration for the acquisition of Breaker Resources NL1
19
118,049,507
157,889
Shares issued under the dividend reinvestment program
18
2,273,463
1,478
Shares issued for settlement of deferred consideration
952,381
1,000
At 30 June 2023
991,298,178
627,421
Shares issued from exercise of performance rights
7,773,161
6,750
Shares issued as consideration for the acquisition of Musgrave Minerals Limited2
19
140,430,586
185,642
Shares issued under the dividend reinvestment program
18
3,468,448
4,922
At 30 June 2024
1,142,970,373
824,735
1 Represents the value of shares at the date of issue.
2 Represents the value of shares at the date of issue.
Recognition and measurement
Share capital
Ordinary share capital is classified as equity and is recognised at fair value of the consideration received by the Group.
Any transaction costs arising on the issue of ordinary shares and the associated tax are recognised directly in equity as a
reduction of the share proceeds received.
Ordinary shares
Holders of ordinary shares are entitled to receive dividends as declared from time to time and are entitled to one vote per
share at shareholders’ meetings other than voting exclusions as required by the Corporations Act 2001. In the event of winding up
of the company, ordinary shareholders rank after all creditors and are fully entitled to any proceeds of liquidation. These shares
have no par value.
Rights over shares
Refer Note 27 for further information on rights, including details of any rights issued, exercised and lapsed during the financial
year and rights over shares outstanding at financial year end.
NOTES TO THE FINANCIAL STATEMENTS
CAPITAL
RAMELIUS RESOURCES ANNUAL REPORT 2024
98
NOTE 15: RESERVES
Reserves
Share
based
payments
$’000
Investments
at FVOCI
$’000
NCI
acquisition
$’000
Foreign
currency
translation
$’000
Other
$’000
Total
$’000
At 1 July 2022
6,020
581
(33,215)
(54)
634
(26,034)
Share based payments expense (Note 27)
6,300
-
-
-
-
6,300
Performance rights exercised (Note 14)
(1,870)
-
-
-
-
(1,870)
Shares issued on the acquisition of Breaker
Resources NL (Note 19)
-
-
(4,427)
-
-
(4,427)
Other comprehensive income:
Change in fair value of investments, net of tax
-
4,406
-
-
-
4,406
Translation of foreign operation
-
-
-
(125)
-
(125)
Other comprehensive income
-
4,406
-
(125)
-
4,281
Transfer to retained earnings
-
(5,663)
-
-
-
(5,663)
At 30 June 2023
10,450
(676)
(37,642)
(179)
634
(27,413)
At 1 July 2023
10,450
(676)
(37,642)
(179)
634
(27,413)
Share based payments expense (Note 27)
7,547
-
-
-
-
7,547
Performance rights exercised (Note 14)
(6,750)
-
-
-
-
(6,750)
Performance rights not vested
(928)
-
-
-
-
(928)
Shares issued on the acquisition of Musgrave Minerals
Limited (Note 19)
-
-
(10,104)
-
-
(10,104)
Other comprehensive income:
Change in fair value of investments, net of tax
-
6,529
-
-
-
6,529
Translation of foreign operation
-
-
-
11
-
11
Other comprehensive income
-
6,529
-
11
-
6,540
At 30 June 2024
10,319
5,853
(47,746)
(168)
634
(31,108)
Share-based payments reserve
Share-based payments reserve records items recognised as expenses on valuation of employees share options and rights.
Investments at FVOCI
The Group has elected to recognise changes in the fair value of certain investments in equity securities in other comprehensive
income (OCI). These changes are accumulated within the FVOCI reserve within equity. The Group transfers amounts from this
reserve to retained earnings when the relevant equity securities are disposed.
NOTES TO THE FINANCIAL STATEMENTS
CAPITAL (continued)
OVERVIEW
REVIEW OF OPERATIONS
RESOURCES AND RESERVES
SUSTAINABILITY REPORT
FINANCIAL REPORT
RAMELIUS RESOURCES ANNUAL REPORT 2024
99
Non-Controlling Interest (NCI) acquisition reserve
When the proportion of equity held by non-controlling interests changes, Ramelius adjusts the carrying amounts of the
controlling and non-controlling interests to reflect changes in the relative interests in the acquiree. NCI acquisition reserve
represents accumulated differences between the amount by which the non-controlling interests are adjusted and the fair value
of the consideration paid, which is attributed to the owners of the parent. This reserve relates to the acquisitions of Spectrum
Metals Limited, Explaurum Limited, Apollo Consolidated Limited, Breaker Resources NL and Musgrave Minerals Limited.
Foreign currency translation reserve
Foreign currency translation reserve comprises all foreign exchange difference arising from the translation of the financial
statements of foreign operations where their functional currency is different to the presentation currency of the reporting entity.
NOTE 16: EARNINGS PER SHARE
2024
Cents
2023
$’000
Basic earnings per share
Basic earnings per share attributable to the ordinary equity holders of the Company
19.53
6.95
Diluted earnings per share
Diluted earnings per share attributable to the ordinary equity holders of the Company
19.17
6.81
Number
Number
Weighted average number of shares used as the denominator
Weighted average number of ordinary shares used as the denominator in calculating basic earnings per share
1,109,029,941
886,131,291
Adjustments for calculation of diluted earnings per share:
Share rights and options
20,697,102
17,733,605
Weighted average number of ordinary shares used as the denominator in calculating diluted
earnings per share
1,129,727,044
903,864,896
Calculation of earnings per share
Basic earnings per share is calculated by dividing:
• The profit attributable to owners of the Company, adjusted to exclude costs of servicing equity other than ordinary shares,
• By the weighted average number of ordinary shares outstanding during the financial year, adjusted for bonus elements in
ordinary shares issued during the year.
Diluted earnings per share adjusts the figures used in determining basic earnings per share to take into account the:
• After income tax effect of interest and other financing costs associated with dilutive potential ordinary shares,
• Weighted average number of additional ordinary shares that would have been outstanding assuming the conversion of all
dilutive potential ordinary shares.
Earnings used in the calculation of earnings per share
Both the basic and diluted earnings per share have been calculated using the profit after tax as the numerator.
Classification of securities
All ordinary shares have been included in basic earnings per share.
Classification of securities as potential ordinary shares
Rights to shares granted to Executives and senior managers are included in the calculation of diluted earnings per share and
assume all outstanding rights will vest. Rights are included in the calculation of diluted earnings per share to the extent they are
dilutive. Rights are not included in basic earnings per share.
NOTES TO THE FINANCIAL STATEMENTS
CAPITAL (continued)
NOTE 15: RESERVES (continued)
RAMELIUS RESOURCES ANNUAL REPORT 2024
100
NOTE 17: FINANCIAL INSTRUMENTS & FINANCIAL RISK MANAGEMENT
The Directors are responsible for monitoring and managing financial risk exposures of the Group. The Group holds the following
financial assets and liabilities:
2024
$’000
2023
$’000
Financial assets
Cash at bank
194,244
140,221
Term deposits
230,030
110,737
Trade & other receivables
3,692
2,694
Tax receivable
-
7,433
Other security bonds & deposits
988
961
Investments
100,132
2,737
Financial instruments at fair value through profit & loss
98
-
Total financial assets
529,184
264,783
2024
$’000
2023
$’000
Financial liabilities
Trade & other payables
66,071
69,593
Financial instruments at fair value through profit & loss
-
590
Lease liabilities
10,467
28,438
Deferred consideration
2,064
2,879
Total financial liabilities
78,602
101,500
Recognition and measurement
Initial recognition and measurement
Financial instruments, other than trade debtors, are initially measured at fair value plus, in the case of a financial instrument not
at fair value through profit or loss, transaction costs. For financial instruments classified as at fair value through profit or loss,
transaction costs are expensed in the income statement immediately. Trade debtors are initially measured at transaction price.
Financial assets at fair value through profit or loss
Financial assets at fair value through profit or loss are carried in the balance sheet at fair value with net changes in fair value
recognised in the income statement.
Classification and subsequent measurement
Financial instruments are subsequently measured at fair value through profit or loss, fair value through other comprehensive
income or, amortised cost using the effective interest rate method. Fair value represents the price that would be received to
sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.
Quoted prices in an active market are used to determine fair value where possible.
Amortised Cost
Financial assets are categorised at amortised cost if they are held within a business model whose objective is to hold the assets in
order to collect contractual cash flows and the contractual terms of the financial asset give rise on specified dates to cash flows
that are solely payments of principal and interest on the principal amount outstanding. These financial assets are subsequently
measured at amortised cost using the effective interest rate method.
NOTES TO THE FINANCIAL STATEMENTS
RISK
OVERVIEW
REVIEW OF OPERATIONS
RESOURCES AND RESERVES
SUSTAINABILITY REPORT
FINANCIAL REPORT
RAMELIUS RESOURCES ANNUAL REPORT 2024
101
Financial liabilities
Non-derivative financial liabilities (excluding financial guarantees) are subsequently measured at amortised cost using the effective
interest rate method.
Fair value through other comprehensive income (FVOCI)
On initial recognition, the Group can elect to irrevocably classify its equity investments as equity instruments designated at
fair value through OCI if they meet the definition of equity in AASB 132. For these financial assets, gains and losses are never
recycled to the income statement. Dividends from these assets are recognised as other income in the income statement when
the right of payment has been established, except to the extent that the proceeds are a recovery of part of the cost of the
financial asset, in which case, such gains are recorded in OCI. Equity instruments designated at fair value through OCI are not
subject to impairment assessment.
Fair value
Fair value is determined based on current bid prices for all quoted investments. Valuation techniques are applied to determine
the fair value for all unlisted securities, including recent arm’s length transactions, reference to similar instruments and option
pricing models.
Expected credit losses
The Group recognises allowances for expected credit losses (ECLs) for all debt instruments not held at fair value through profit
or loss based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows
that the Group expects to receive, discounted at an approximation of the original effective interest rate where applicable.
For trade receivables the Group applies a simplified approach in calculating ECLs in which it recognises a loss allowance based
on lifetime ECLs at each reporting date using a provision matrix that is based on its historical credit loss experience, adjusted for
forward-looking factors specific to the debtors and the economic environment.
Management of financial risk
The Group’s management of financial risk is aimed at ensuring cash flows are sufficient to:
• Withstand significant changes in cash flow at risk scenarios and meet all financial commitments as and when they fall due;
and
• Maintain the capacity to fund future project development, exploration and acquisition strategies.
The Group continually monitors and tests its forecast financial position against these criteria.
The Group is exposed to the following financial risks: liquidity risk, credit risk and market risk (including foreign currency risk,
commodity price risk and interest rate risk).
Liquidity risk
The Group manages liquidity risk by monitoring immediate and forecasted cash requirements and ensures adequate cash
reserves are maintained to pay debts as and when due.
Prudent liquidity risk management implies maintaining sufficient cash and marketable securities and the availability of funding
through an adequate amount of committed credit facilities to meet obligations when due. At the end of the financial year the
Group held short-term on demand cash balances of $194,244,000 (2023: $140,221,000) that is available for managing liquidity
risk. In addition to this, short-term deposits at call totalled $230,030,000 (2023: $110,737,000). At 30 June 2024, the Group had
an undrawn $100 million revolving corporate facility. On 3 July 2024, Ramelius announced it executed a new Syndicated Facility
Agreement (SFA) for $175 million replacing the undrawn $100 million facility that expired upon execution of this SFA. Refer to
Note 26 for further details.
Management monitors rolling forecasts of the Group’s available cash reserve on the basis of expected cash flows to manage any
potential future liquidity risks.
NOTES TO THE FINANCIAL STATEMENTS
RISK (continued)
NOTE 17: FINANCIAL INSTRUMENTS & FINANCIAL RISK MANAGEMENT
(continued)
RAMELIUS RESOURCES ANNUAL REPORT 2024
102
Maturities of financial liabilities
The tables below analyse the Group’s financial liabilities into relevant groupings based on their contractual maturities.
The amounts disclosed in the table are the contractual undiscounted cash flows. Balances due within twelve months equal
their carrying balances as the impact of discounting is not significant.
Maturities of financial liabilities
Less than 6
months
$’000
6 – 12
months
$’000
Between 1
and 2 years
$’000
Between 2
and 5 years
$’000
Total
contractual
cash flows
$’000
Carrying
amount of
liabilities
$’000
As at 30 June 2024
Trade & other payables
66,071
-
-
-
66,071
66,071
Lease liabilities
4,712
4,712
765
733
10,922
10,467
Deferred consideration
1,833
125
125
-
2,083
2,064
Total non-derivatives
72,616
4,837
890
733
79,076
78,602
As at 30 June 2023
Trade & other payables
69,595
-
-
-
69,595
69,595
Financial instruments at FVPL
245
245
100
-
590
590
Lease liabilities
10,462
8,715
9,424
1,499
30,100
28,438
Deferred consideration
1,462
554
1,000
-
3,016
2,879
Total non-derivatives
81,764
9,514
10,524
1,499
103,301
101,502
Credit risk exposures
Credit risk represents the loss that would be recognised if counterparties failed to perform as contracted. The Group’s credit risk
arises from cash & cash equivalents as well as gold sales, financial and other smaller counterparties. The Group has adopted the
policy of trading with recognised creditworthy counterparties as a means of mitigating the risk of loss from financial defaults.
Cash is deposited only with institutions with a reputable credit rating. The Group does not have any other significant credit risk
exposure to a single counterparty or any group of counterparties having similar characteristics.
In determining the recoverability of Trade & other receivables, the Group applied a simplified approach in calculating ECLs in
which it recognises a loss allowance based on lifetime ECLs at each reporting date and where necessary an impairment loss is
recognised in profit or loss. The Group does not have any impaired Trade & other receivables as at 30 June 2024 (2023: nil).
No allowance for ECLs has been recognised in profit or loss for the year as the duration of associated exposures is short and/or
the probability of default over the life of these receivables is negligible.
Market risk
Foreign currency risk
The Group undertakes transactions impacted by foreign currencies; hence exposures to exchange rate fluctuations arise.
The majority of the Group’s revenue is affected by movements in USD:AUD exchange rate that impacts on the Australian gold
price whereas the majority of costs (including capital expenditure) are in Australian dollars. The Group considers the effects
of foreign currency risk on its financial position and financial performance and assesses its option to hedge based on current
economic conditions and available market data.
Commodity price risk
The Group’s revenue is exposed to commodity price fluctuations, in particular to gold prices. Price risk relates to the risk that the
fair value of future cash flows of gold sales will fluctuate because of changes in market prices largely due to demand and supply
factors for commodities and gold price commodity speculation. The Group is exposed to commodity price risk due to the sale
of gold on physical delivery at prices determined by markets at the time of sale.
The Group’s expenses are exposed to commodity price fluctuations, in particular to diesel prices. Price risk relates to the
risk that diesel prices will fluctuate largely due to demand and supply factors for commodities and diesel price commodity
speculation. The Group is exposed to commodity price risk due to the use of diesel in mining & milling activities at prices
determined by markets at the time of sale.
The Group manages commodity price risk as follows:
Forward sales contracts
Gold price risk is managed through the use of forward sales contracts which effectively fix the Australian Dollar gold price and
thus provide cash flow certainty. These contracts are accounted for as sale contracts with revenue recognised once gold has
NOTES TO THE FINANCIAL STATEMENTS
RISK (continued)
NOTE 17: FINANCIAL INSTRUMENTS & FINANCIAL RISK MANAGEMENT
(continued)
OVERVIEW
REVIEW OF OPERATIONS
RESOURCES AND RESERVES
SUSTAINABILITY REPORT
FINANCIAL REPORT
RAMELIUS RESOURCES ANNUAL REPORT 2024
103
been physically delivered into the contract. The physical gold delivery contracts are considered a contract to sell a non-financial
item and therefore do not fall within the scope of AASB 9 Financial Instruments. At 30 June 2024, the Group had 155,000 ounces
in forward sales contracts at an average price of A$3,081. Refer to Note 25 for further details.
Diesel price risk is managed through the use of forward contracts which effectively fix the Australian Dollar diesel price for an
agreed volume and thus limiting the exposure for the agreed volumes to fluctuating diesel prices. These contracts are accounted
for as Financial Instruments, which are financially settled monthly based on the price fixed in the forward contract and actual
floating price for the month being settled. At 30 June 2024, the Group had 3.2m litres in forward sales contracts at an average
price of A$0.91/L.
Put options
Gold price risk is also managed with the use of gold put options to establish gold “floor prices” in Australian dollars over the
Group’s gold production. However, this is generally at levels lower than current market prices. These put options enable Ramelius
to retain full exposure to current, and any future rises in the gold price while providing protection to a fall in the gold price below
the strike price.
Subsequent to year end, the Group purchased put options for 41,500 ounces of Edna May gold production from July 2024 to
January 2025 ensuring those ounces will not be sold for less than A$3,400/oz.
Gold prices, cash flows and economic conditions are constantly monitored to determine whether to implement a hedging
program.
Other market risk
The primary goal of the Group’s investment in equity securities is to hold the investments for the long term for strategic
purposes.
Equity price sensitivity analysis
The Group has performed a sensitivity analysis relating to its exposure to equity price risk at reporting date. For investments
classified at fair value through other comprehensive income (FVOCI), a 5% change at the reporting date is considered to be
a reasonably possible change in the relevant index and would have increased/(decreased) equity by the amounts shown below.
This analysis assumes that all other variables remain constant.
2024
$’000
2023
$’000
Impact on equity
Increase 5%
4,995
81
Decrease 5%
(4,995)
(81)
Gold price sensitivity analysis
The Group has performed a sensitivity analysis relating to its exposure to gold price risk at reporting date. This sensitivity analysis
demonstrates the effect on the current year results and equity.
Based on gold sales of 176,966oz (293,966oz less deliveries into the opening hedge book of 117,000oz) in 2024 and 135,263oz
(243,263oz less forward sales of 108,000oz) in 2023, if gold price in Australian dollars had changed by + / – A$100, with all other
variables remaining constant, the estimated realised impact on pre-tax profit (loss) and equity would have been as follows:
2024
$’000
2023
$’000
Impact on pre-tax profit
Increase in gold price by A$100
17,697
13,526
Decrease in gold price by A$100
(17,697)
(13,526)
Impact on equity
Increase in gold price by A$100
17,697
13,526
Decrease in gold price by A$100
(17,697)
(13,526)
NOTES TO THE FINANCIAL STATEMENTS
RISK (continued)
NOTE 17: FINANCIAL INSTRUMENTS & FINANCIAL RISK MANAGEMENT
(continued)
RAMELIUS RESOURCES ANNUAL REPORT 2024
104
Fair value measurement
The financial assets and liabilities of the Group are recognised on the balance sheet at their fair value in accordance with
the Group’s accounting policies. Measurement of fair value is grouped into levels based on the degree to which fair value is
observable in accordance with AASB 7 Financial Instruments: Disclosure.
• Level 1 – fair value measurements are those derived from quoted prices (unadjusted) in active markets for identical assets
or liabilities.
• Level 2 – fair value measurements are those derived from inputs other than quoted prices included within Level 1 that are
observable for the asset or liability, either directly (as prices) or indirectly (derived from prices).
• Level 3 – fair value measurements are those derived from valuation techniques that include inputs for the asset or liability
that are not based on observable market data (unobservable inputs).
Fair value measurement of financial instruments
Derivative financial assets are measured at fair value using valuation techniques which maximise the use of observable market
data and rely as little as possible on entity specific estimates. The valuations would be recognised as a Level 2 in the fair value
hierarchy as they have been derived using inputs from a variety of market data. Investments in listed equity instruments are
measured at fair value using the closing price on the reporting date as listed on the Australian Securities Exchange Limited (ASX).
Investments in listed equity instruments are recognised as a Level 1 in the fair value hierarchy as defined under AASB 7 Financial
Instruments: Disclosures. The carrying amounts of trade receivables and payables are assumed to approximate their fair values due
to their short-term nature.
NOTE 18: CAPITAL RISK MANAGEMENT
Risk management
The Group’s objectives when managing capital are to:
• Safeguard their ability to continue as a going concern, so that they can continue to provide returns for shareholders and
benefits for other stakeholders, and
• Maintain an optimal capital structure to reduce the cost of capital.
In order to maintain or adjust the capital structure, the Group may adjust the amount of dividends paid to shareholders, return
capital to shareholders, or issue new shares.
Loan covenants
Under the terms of the Syndicated Facility Agreement (SFA) the Group is required to comply with financial and non-financial
covenants. The Group has complied with these covenants throughout the financial year.
Dividends
Ordinary shares
2024
$’000
2023
$’000
Final ordinary dividend for the year ended 30 June 2024 of 2.0 cents (2023: 1.0 cent) per
fully paid share paid on 12 October 2023
22,253
8,697
Total dividends paid
22,253
8,697
The dividend for the 2023 financial year was settled by cash of $17,331,000 and the issue of 3,468,448 Ramelius shares with a
value of $4,922,000 as part of the dividend reinvestment plan. The dividend for the 2022 financial year was settled by cash of
$7,219,000 and the issue of 2,273,463 Ramelius shares with a value of $1,478,000 as part of the dividend reinvestment plan.
Franked dividends
Franking credits available for subsequent reporting periods based on a tax rate of 30%
134,456
62,257
The above represents the balance of the franking account as at the end of the reporting period, adjusted for:
• Franking credits / debits that will arise from payment of any current tax liability / current tax asset, and
• Franking debits that will arise from the payment of dividends recognised as a liability at the reporting date.
NOTES TO THE FINANCIAL STATEMENTS
RISK (continued)
NOTE 17: FINANCIAL INSTRUMENTS & FINANCIAL RISK MANAGEMENT
(continued)
OVERVIEW
REVIEW OF OPERATIONS
RESOURCES AND RESERVES
SUSTAINABILITY REPORT
FINANCIAL REPORT
RAMELIUS RESOURCES ANNUAL REPORT 2024
105
NOTE 19: ASSET ACQUISITION
(a) Musgrave Minerals Limited (Cue Gold Project)
On 3 July 2023 Ramelius announced a scrip and cash off-market takeover offer for Musgrave. Under the offer Musgrave
shareholders received one (1) Ramelius share for every 4.21 Musgrave shares held and an additional $0.04 in cash per Musgrave
share. On the same day the Musgrave Board unanimously recommended that Musgrave shareholders accept the Ramelius offer,
in the absence of a superior proposal.
Control was obtained on 28 August 2023 with Ramelius holding a relevant interest in Musgrave of 55.01%, or 325,251,832
Musgrave shares. Ramelius proceeded with the compulsory acquisition of Musgrave on 19 September 2023 when it held a
relevant interest in Musgrave of 91.37%. Ramelius obtained 100% control on 26 October 2023.
A total of 140,430,586 Ramelius shares were issued to Musgrave shareholders along with a total cash payment of $25.1 million
paid to share and option holders as part of the takeover. Acquisition costs totalled $11.0 million which includes an estimate of
the stamp duty payable on the transaction.
The primary asset of Musgrave is the Cue Gold Project (Cue) located in the richly endowed Murchison province. At the time of
acquisition Cue had a Mineral Resource estimate of 12.3Mt @2.3 g/t for 927koz of contained gold. Ore from Cue is planned to
be hauled to the Mt Magnet processing facility located 35km to the south of the Cue Gold Project.
The Group has determined that the transaction does not constitute a business combination in accordance with AASB 3
Business Combinations. The acquisition of the net assets has been accounted for as an asset acquisition. In making this
determination Ramelius considered whether the acquisition of Musgrave consisted of inputs and processes, which it did not,
and the concentration test, which noted substantially all of the fair value was concentrated in exploration and evaluation assets.
Both considerations support that the acquisition was an asset acquisition.
When an asset acquisition does not constitute a business combination, the assets and liabilities are assigned a carrying amount
based on their relative fair values in an asset purchase transaction and no deferred tax will arise in relation to the acquired assets
and assumed liabilities as the initial recognition exemption for deferred tax under AASB 112 Income Taxes is applied. No goodwill
arises on the acquisition and transaction costs of the acquisition are included in the capitalised cost of the asset.
Details of the purchase consideration and the net assets acquired are as follows:
$’000
Purchase consideration:
Cash paid
25,078
Ordinary shares issued (140,430,586)
185,642
Non-controlling interest (NCI) reserve
(10,104)
Acquisition costs
10,977
Total purchase consideration
211,593
The fair value of the shares issued to Musgrave shareholders is the Ramelius share price on 28 August 2023 (the date on which
control was obtained) of $1.25 per share. The value of the shares recorded in the share capital of Ramelius is the $1.25 up to
the date of control and then the Ramelius share price of the date of issue for shares issued after the control date. The difference
between this share price and that at the date of control has been recorded in the NCI acquisition reserve.
$’000
Net assets acquired:
Cash & cash equivalents
6,588
Trade & other receivables
181
Financial assets
593
Property, plant, & equipment
581
Exploration & evaluation assets
207,313
Trade & other payables
(3,286)
Deferred consideration
(377)
Net identifiable assets acquired
211,593
NOTES TO THE FINANCIAL STATEMENTS
GROUP INFORMATION
RAMELIUS RESOURCES ANNUAL REPORT 2024
106
$’000
Net cash inflow on the acquisition of subsidiary:
Cash consideration
(25,078)
Acquisition costs
(10,977)
Less: cash balance acquired
6,588
Net outflow of cash – investing activities
(29,467)
Parts of the Cue Gold Project have third party royalty agreements in place.
(b) Roe Gold Project (Breaker Resources NL)
On 29 June 2023, the Group completed the acquisition of Breaker Resources NL (Breaker). The total purchase consideration
was $159,031,000 comprising cash paid of $66,000, shares issued (net of NCI reserve) of $153,462,000, and acquisition related
costs of $5,503,000. The Group determined that the transaction did not constitute a business combination in accordance with
AASB 3 Business Combinations. The acquisition of net assets meets the definition of, and has been accounted for, as an asset
acquisition.
Details of the acquisition were disclosed in Note 20 of the Group’s annual financial statements for the year ended 30 June 2023.
NOTE 20: INTERESTS IN OTHER ENTITIES
Controlled entities
The Group’s principal subsidiaries at 30 June 2024 are set out below. Unless otherwise stated, they have share capital consisting
solely of ordinary shares that are held directly by the Group, and the proportion of ownership interests held equals the voting
rights held by the Group. The country of incorporation or registration is also their principal place of business.
Name of entity
Country of
incorporation
Functional
currency
Percentage
owned
2024
%
Percentage
owned
2023
%
Parent entity
Ramelius Resources Limited
Australia
Australian dollars
n/a
n/a
Subsidiaries of Ramelius Resources Limited
Mt Magnet Gold Pty Limited
Australia
Australian dollars
100
100
RMSXG Pty Limited
Australia
Australian dollars
100
100
Ramelius USA Corporation
USA
US dollars
100
100
Ramelius Operations Pty Limited
Australia
Australian dollars
100
100
Explaurum Limited
Australia
Australian dollars
100
100
Ramelius Kalgoorlie Pty Limited
Australia
Australian dollars
100
100
Ramelius Canada Inc
Canada
Canadian dollars
100
-
Subsidiaries of Mt Magnet Gold Pty Limited
Spectrum Metals Limited
Australia
Australian dollars
100
100
Musgrave Minerals Limited
Australia
Australian dollars
100
-
Subsidiaries of Musgrave Minerals Limited
Musgrave Exploration Pty Limited
Australia
Australian dollars
100
-
Subsidiaries of Spectrum Metals Limited
Penny Operations Pty Limited
Australia
Australian dollars
100
100
NOTES TO THE FINANCIAL STATEMENTS
GROUP INFORMATION (continued)
NOTE 19: ASSET ACQUISITION (continued)
OVERVIEW
REVIEW OF OPERATIONS
RESOURCES AND RESERVES
SUSTAINABILITY REPORT
FINANCIAL REPORT
RAMELIUS RESOURCES ANNUAL REPORT 2024
107
Name of entity
Country of
incorporation
Functional
currency
Percentage
owned
2024
%
Percentage
owned
2023
%
Subsidiaries of Ramelius Operations Pty Limited
Edna May Operations Pty Limited
Australia
Australian dollars
100
100
Marda Operations Pty Limited
Australia
Australian dollars
100
100
Subsidiaries of Explaurum Limited
Tampia Operations Pty Limited
Australia
Australian dollars
100
100
Ninghan Exploration Pty Limited
Australia
Australian dollars
100
100
Subsidiaries of Ramelius Kalgoorlie Pty Ltd
Apollo Consolidated Limited
Australia
Australian dollars
100
100
Breaker Resources NL
Australia
Australian dollars
100
100
Subsidiaries of Apollo Consolidated Limited
AC Minerals Pty Limited
Australia
Australian dollars
100
100
Aspire Minerals Pty Limited
Australia
Australian dollars
100
100
AC28 Pty Ltd
Australia
Australian dollars
100
100
Subsidiaries of Aspire Mineral Pty Ltd
Mount Fouimba Resources Côte d’lvoire S.A.
Côte d’lvoire
West African frank
100
100
Subsidiaries of AC28 Pty Limited
Apollo Guinea SARLU
Guinea
Guinean franc
100
100
Subsidiaries of Breaker Resources NL
Breaker Resources Lithium Pty Limited
Australia
Australian dollars
100
100
Lake Roe Gold Mining Pty Ltd
Australia
Australian dollars
100
100
Joint operations
The Group has the following direct interests in unincorporated joint operations at 30 June 2024 and 30 June 2023:
Joint operation
project
Joint operation
partner
Principal
activity
Interest (%)
2024
2023
Nulla South
Chalice Gold Mines Limited
Gold
75%
75%
Mt Finnerty
Rouge Resources1
Gold
75%
75%
Jupiter
Kinetic Gold2
Gold
0%
0%
Kirgella
Unlisted entity
Gold
75%*
75%*
Louisa
IGO Newsearch Pty Ltd
(previously Independence Newsearch Pty Ltd)3
Nickel, Platinum Group Elements (PGE)
and Base Metals
25%^
25%^
Cue
Cyprium Metals Limited
Gold, Copper
20%#
-
* Ramelius earning in
^ Ramelius farming out
# Ramelius holds 20% of JV and 100% of gold rights over a gold priority area
1 Rouge Resources is a subsidiary of Westar Resources Limited
2 Kinetic Gold is a subsidiary of Renaissance Gold Inc.
3 IGO Newsearch Pty Ltd is a subsidiary of IGO Limited
NOTES TO THE FINANCIAL STATEMENTS
GROUP INFORMATION (continued)
NOTE 20: INTERESTS IN OTHER ENTITIES (continued)
RAMELIUS RESOURCES ANNUAL REPORT 2024
108
The share of assets in unincorporated joint operations is as follows:
2024
$’000
2023
$’000
Non-current assets
Exploration & evaluation assets
4,802
4,049
Recognition and measurement
Under AASB 11 Joint Arrangements investments in joint arrangements are classified as either joint operations or joint ventures.
The classification depends on the contractual rights and obligations of each investor as well as the legal form of the joint
arrangement. In making this assessment Ramelius considers its rights and obligations arising under the arrangement. Ramelius has
exploration related joint arrangements which are considered joint operations. Ramelius recognises its direct right to the assets,
liabilities, revenues and expenses of joint operations and its share of any jointly held or incurred assets, liabilities, revenues and
expenses. These have been incorporated in the financial statements under the appropriate headings.
NOTE 21: PARENT ENTITY INFORMATION
The financial information of the parent entity, Ramelius Resources Limited, has been prepared on the same basis as the
consolidated financial statements, other than investments in controlled entities which were carried at cost less impairment.
2024
$’000
2023
$’000
Summary financial information
Financial statement for the parent entity shows the following aggregate amounts:
Current assets
429,425
185,817
Total assets
976,360
695,949
Current liabilities
(77,030)
(6,016)
Total liabilities
(77,417)
(6,305)
Net assets
898,943
689,644
2024
$’000
2023
$’000
Equity
Share capital
824,735
627,421
Reserves
Share based payment reserve
10,186
10,317
Other reserves
6,249
(678)
Retained earnings
57,773
52,584
Total equity
898,943
689,644
Income statement
Profit/(Loss) after income tax
5,187
(15,685)
Total comprehensive income/loss
5,187
(15,685)
Minimum exploration & evaluation commitments
In order to maintain current rights of tenure to exploration tenements, Ramelius is required to perform minimum exploration
work to meet minimum expenditure requirements. These obligations are subject to renegotiation and may be farmed out or
relinquished. These obligations are not provided for in the parent entity financial statements.
Within one year
249
370
Later than one year but not later than five years
628
1,374
Later than five years
-
799
Total minimum exploration & evaluation commitments
877
2,543
NOTES TO THE FINANCIAL STATEMENTS
GROUP INFORMATION (continued)
NOTE 20: INTERESTS IN OTHER ENTITIES (continued)
OVERVIEW
REVIEW OF OPERATIONS
RESOURCES AND RESERVES
SUSTAINABILITY REPORT
FINANCIAL REPORT
RAMELIUS RESOURCES ANNUAL REPORT 2024
109
Contingent liabilities
The Directors are of the opinion that the recognition of a provision is not required in respect of the following matters, as it is not
probable that a future sacrifice of economic benefits will be required, or the amount is not capable of reliable measurement.
Bank guarantees
Ramelius has negotiated a number of bank guarantees in favour of various government authorities and service providers. The total
nominal amount of these guarantees at the reporting date is $81,940 (2023: $81,940). These bank guarantees are fully secured by
cash on term deposit.
Guarantees in relation to debts of subsidiaries
The parent entity and all subsidiaries of Ramelius, except for Ramelius USA Corporation (including all of its subsidiaries), Ramelius
Canada Inc and African incorporated subsidiaries of Apollo Consolidated Limited (the Closed Group) have entered into a Deed
of Cross Guarantee.
The effect of the Deed is that Ramelius has guaranteed to pay any deficiency in the event of winding up of the abovementioned
subsidiaries under certain provisions of the Corporations Act 2001. The subsidiaries have also given a similar guarantee in the event
that Ramelius is wound up.
NOTE 22: DEED OF CROSS GUARANTEE
Pursuant to ASIC Instrument 2016/785, wholly owned controlled entities of the parent entity, except for Ramelius USA
Corporation (including all of its subsidiaries), Ramelius Canada Inc and African incorporated subsidiaries of Apollo Consolidated
Limited, are relieved from the Corporations Act 2001 requirements for preparation, audit and lodgement of its financial reports
and Director’s Report.
It is a condition of the Class Order that the company and each of its eligible controlled entities enter into a Deed of Cross
Guarantee.
A Consolidated Statement of Comprehensive Income and Consolidated Balance sheet comprising the Closed Group which are
parties to the Deed of Cross Guarantee, after eliminating all transactions between parties to the Deed is set out below.
Statement of comprehensive income
2024
$’000
2023
$’000
Sales revenue
882,572
631,339
Cost of sales
(568,972)
(494,946)
Gross profit
313,600
136,393
Other expenses
(38,052)
(28,865)
Impairment of exploration & evaluation assets
-
(10,205)
Impairment of mine development and property, plant & equipment
(8,600)
(6,908)
Other income
2,123
1,860
Interest income
13,262
3,939
Finance costs
(5,344)
(5,873)
Profit before income tax
276,989
90,341
Income tax expense
(60,390)
(28,739)
Profit for the year
216,599
61,602
Other comprehensive income
Net change in fair value of investments
6,529
4,406
Other comprehensive income for the year
6,529
4,406
Total comprehensive income for the year
223,128
66,008
NOTES TO THE FINANCIAL STATEMENTS
GROUP INFORMATION (continued)
NOTE 21: PARENT ENTITY INFORMATION (continued)
RAMELIUS RESOURCES ANNUAL REPORT 2024
110
Balance sheet
2024
$’000
2023
$’000
Current assets
Cash & cash equivalents
424,274
250,958
Trade & other receivables
3,692
2,694
Tax receivable
-
7,433
Inventories
113,819
137,164
Other assets
5,380
3,669
Total current assets
547,165
401,918
Non-current assets
Other assets
988
961
Investments
100,132
2,737
Inventories
110,383
80,493
Property, plant, & equipment
58,406
78,633
Mine development
441,241
295,253
Exploration & evaluation assets
335,633
311,891
Total non-current assets
1,046,783
769,968
Total assets
1,593,948
1,171,886
Current liabilities
Trade & other payables
66,073
69,595
Financial instruments at FVPL
-
590
Lease liability
9,078
17,970
Deferred consideration
1,951
1,958
Tax payable
68,025
5,970
Provisions
13,525
12,707
Current liabilities
158,652
108,790
Non-current liabilities
Lease liability
1,389
10,468
Deferred consideration
113
921
Deferred tax liabilities
55,666
67,787
Provisions
49,002
43,668
Total non-current liabilities
106,170
122,844
Total liabilities
264,822
231,634
Net assets
1,329,126
940,252
Equity
Share capital
824,735
627,421
Reserves
(30,943)
(27,234)
Retained earnings
535,334
340,065
Total equity
1,329,126
940,252
NOTES TO THE FINANCIAL STATEMENTS
GROUP INFORMATION (continued)
NOTE 22: DEED OF CROSS GUARANTEE (continued)
OVERVIEW
REVIEW OF OPERATIONS
RESOURCES AND RESERVES
SUSTAINABILITY REPORT
FINANCIAL REPORT
RAMELIUS RESOURCES ANNUAL REPORT 2024
111
NOTE 23: RELATED PARTY TRANSACTIONS
Transactions with related parties are on normal commercial terms and at conditions no more favourable than those available to
other parties unless otherwise stated.
2024
$
2023
$
Key management personnel compensation:
Short-term employee benefits1
4,852,858
4,540,661
Post-employment benefits
209,094
211,314
Other long-term benefits
1,422
45,320
Share based payments
1,110,088
945,508
Total key management personnel compensation
6,173,462
5,742,803
1 Short term benefits as per Corporations Regulation 2M.3.03(1) Item 6.
Detailed remuneration disclosures are provided in the Remuneration Report.
Subsidiaries
Interests in subsidiaries are set out in Note 20.
Transactions with other related parties
There were no other transactions with related parties during the year. There were no amounts receivable from or payable to
Directors and their related entities at reporting date.
NOTES TO THE FINANCIAL STATEMENTS
GROUP INFORMATION (continued)
RAMELIUS RESOURCES ANNUAL REPORT 2024
112
NOTE 24: CONTINGENT LIABILITIES
The Directors are of the opinion that the recognition of a provision is not required in respect of the following matters, as it is
not probable that a future sacrifice of economic benefits will be required, or the amount is not capable of reliable measurement.
Bank guarantees
The Group has negotiated a number of bank guarantees in favour of various government authorities and service providers.
The total nominal amount of these guarantees at the reporting date is $81,940 (2023: $81,940). These bank guarantees are fully
secured by cash on term deposit.
NOTE 25: COMMITMENTS
Gold delivery commitments
Forward sale contracts are accounted for as sale contracts with revenue recognised once gold has been physically delivered.
The physical gold delivery contracts are considered own use contracts and therefore do not fall within the scope of AASB 9
Financial Instruments: Recognition and Measurement. As a result, no derivatives are required to be recognised. Forward gold sale
contract delivery commitments are shown below:
Gold for physical
delivery
Oz
Contracted sales
price
A$/oz
Committed gold
sales value
$’000
As at 30 June 2024:
Within one year
92,000
$2,945
270,940
Between one and five years
63,000
$3,280
206,640
Total
155,000
$3,081
477,580
As at 30 June 2023:
Within one year
114,000
$2,646
301,612
Between one and five years
97,000
$2,921
283,361
Total
211,000
$2,772
584,973
Capital expenditure commitments
2024
$’000
2023
$’000
Capital expenditure contracted but not provided for in the financial statements:
Within one year
3,449
3,832
Minimum exploration & evaluation commitments
In order to maintain current rights of tenure to exploration tenements, the Group is required to perform minimum exploration
work to meet minimum expenditure requirements. These obligations are subject to renegotiation and may be farmed out or
relinquished. These obligations are not provided for in the financial statements.
2024
$’000
2023
$’000
Within one year
8,074
6,714
Between one and five years
21,252
19,667
Due later than five years
24,069
21,535
Total minimum exploration & evaluation commitments
53,395
47,916
NOTES TO THE FINANCIAL STATEMENTS
UNRECOGNISED ITEMS
OVERVIEW
REVIEW OF OPERATIONS
RESOURCES AND RESERVES
SUSTAINABILITY REPORT
FINANCIAL REPORT
RAMELIUS RESOURCES ANNUAL REPORT 2024
113
NOTE 26: EVENTS OCCURRING AFTER THE REPORTING PERIOD
On 3 July 2024, Ramelius announced it executed a Syndicated Facility Agreement (SFA) with Australia and New Zealand
Banking Group, Commonwealth Bank of Australia, National Australia Bank, Natixis CIB and Westpac Banking Corporation.
This is a revolving corporate facility for $175 million for a four-year term with the option to extend by a further year replacing
the undrawn $100 million facility that expired upon execution of this SFA.
The facility remains undrawn at the date of this report.
In June 2024, Ramelius purchased 98.5 million shares in Spartan Resources Limited (ASX:SPR) (Spartan) as a strategic
investment, representing approximately 8.9% of Spartan’s ordinary shares on issue. Spartan’s Dalgaranga Gold Project is located
65km north-west of Mount Magnet in the Murchison Region of Western Australia.
During the month of July 2024, Ramelius purchased a further 104.6 million shares of Spartan for $97.5 million cash.
Ramelius’ total investment increased to 203.1 million shares representing approximately 18.35% of Spartan’s ordinary shares on
issue. The total acquisition cost for the complete 18.35% holding (including associated costs) was $185.2 million.
There were no other matters or circumstances that have arisen since 30 June 2024 that have significantly affected, or may
significantly affect:
(a) The Group’s operations in future financial years,
(b) The results of operations in future financial years, or
(c) The Group’s state of affairs in future financial years.
NOTE 27: SHARE-BASED PAYMENTS
Performance rights
Under the Ramelius Performance Plan eligible employees are granted performance rights (each being an entitlement to an
ordinary fully paid share) subject to the satisfaction of vesting conditions and on the terms and conditions as determined by the
Board. Performance rights are issued for no consideration and have a nil exercise price.
For performance rights issued between 1 July 2021 and 30 June 2023, there are two equally weighted performance hurdles,
relative total shareholder returns (TSR) measured against a benchmark peer group and 15% absolute TSR. Prior to 1 July 2021,
the only performance hurdle was relative TSR. Once vested, performance rights remain exercisable for a period of seven years.
Performance rights issued after 30 June 2023, there are three performance hurdles, relative TRS measured against a benchmark
peer group, (50% weighting), absolute TSR (25% weighting), and Ore Reserve Growth (25% weighting). Refer to Section 9 of
the Remuneration Report for further information.
Performance rights issued under the plan carry no voting or dividend rights.
NOTES TO THE FINANCIAL STATEMENTS
OTHER INFORMATION
RAMELIUS RESOURCES ANNUAL REPORT 2024
114
Service Rights
During the 2023 financial year Ramelius issued Service Rights across the Group to motivate employees to remain in the
employment of Ramelius considering the extremely difficult labour market environment within Western Australia in the 2022
calendar year. As part of this approach Service Rights were issued to all employees (who were employed at 1 July 2022 or
entered into an employment agreement with Ramelius before 31 December 2022) excluding the Managing Director & Chief
Executive Officer, and Non-Executive Directors.
Under the Ramelius Performance Plan, the number of Rights granted to employees ranged between 25 – 33% of the employee’s
Fixed Annual Remuneration (FAR), depending on their organisational level. The number of Rights granted was calculated
by dividing the employees FAR by the volume weighted average price of Ramelius shares traded on the Australian Securities
Exchange during the 5-trading day period prior to 30 September 2022, being $0.94 per Ramelius share.
The Service Rights were issued on 1 December 2022 and were subject to a performance period ranging between 18 and
24 months, commencing on 1 July 2022. The performance criteria for these Service Rights is that the employee must remain
in the employment of Ramelius for the full performance period. The performance periods end on 31 December 2023 and
30 June 2024.
The table set out below summarises the performance and service rights (collectively incentive rights) granted:
2024
Service
Rights
2024
Performance
rights
2023
Service
Rights
2023
Performance
rights
As at 1 July
12,642,500
10,018,079
-
9,733,070
Incentive rights granted
-
3,833,828
13,682,577
4,496,951
Incentive rights forfeited
(626,378)
(1,270,539)
(1,040,077)
(1,574,224)
Incentive rights exercised
(6,044,215)
(1,728,946)
-
(2,637,718)
As at 30 June
5,971,907
10,852,422
12,642,500
10,018,079
Vested and exercisable at 30 June
4,050,392
2,070,475
Nil
3,421,320
The fair value at grant date is independently determined using a Monte Carlo Simulations pricing model that takes into account
the exercise price, the term of the performance right, the share price at grant date, expected price volatility of the underlying
share and the risk free rate for the term of the performance right. The expected price volatility is based on historic volatility
(based on the remaining life of the performance right). Model inputs for performance rights granted during the year are as
follows:
Performance rights granted:
Metric
23 Nov 2023
28 Nov 2023
08 Feb 2024
Exercise price
$nil
$nil
$nil
Grant date
23 Nov 2023
28 Nov 2023
08 Feb 2024
Life
2.6 years
2.6 years
2.4 years
Share price at grant date
$1.54
$1.63
$1.51
Expected price volatility
50%
50%
50%
Risk free rate
4.19%
4.21%
4.11%
NOTES TO THE FINANCIAL STATEMENTS
OTHER INFORMATION (continued)
NOTE 27: SHARE-BASED PAYMENTS (continued)
OVERVIEW
REVIEW OF OPERATIONS
RESOURCES AND RESERVES
SUSTAINABILITY REPORT
FINANCIAL REPORT
RAMELIUS RESOURCES ANNUAL REPORT 2024
115
Performance and service rights outstanding at the end of the year have the following expiry date:
Grant date
Expiry date
2024
Rights on issue
2023
Rights on issue
23 November 2016
1 July 2024
-
101,138
23 November 2016
1 July 2025
129,593
129,593
23 November 2016
1 July 2026
101,137
161,819
1 July 2017
1 July 2027
293,333
772,933
5 September 2018
1 July 2028
387,951
746,399
29 November 2018
1 July 2028
189,655
189,655
9 October 2019
1 July 2029
843,641
1,319,783
1 October 2020
1 July 2030
125,165
362,451
1 October 2020
1 July 2030
-
362,451
26 November 2020
1 July 2030
-
177,696
26 November 2020
1 July 2030
-
177,696
15 September 2021
1 July 2031
526,484
592,073
15 September 2021
1 July 2031
526,484
592,073
26 November 2021
1 July 2031
221,264
221,264
26 November 2021
1 July 2031
221,264
221,264
8 September 2022
1 July 2032
1,347,729
1,514,946
8 September 2022
1 July 2032
1,347,729
1,514,946
26 November 2022
1 July 2030
429,951
429,951
26 November 2022
1 July 2030
429,951
429,951
23 November 2023
1 July 2031
334,985
-
23 November 2023
1 July 2031
167,493
-
23 November 2023
1 July 2031
167,493
-
28 November 2023
1 July 2031
1,380,168
-
28 November 2023
1 July 2031
690,084
-
28 November 2023
1 July 2031
690,084
-
08 February 2024
1 July 2031
150,392
-
08 February 2024
1 July 2031
75,196
-
08 February 2024
1 July 2031
75,196
-
Sub-total Performance rights
10,852,422
10,018,082
1 December 2022
1 January 2026
4,238,351
10.738.150
1 December 2022
1 July 2026
1,733,556
1,904,350
Sub-total Service rights
5,971,907
12,642,500
Total (all Rights)
16,824,329
22,660,582
Weighted average remaining contractual life of performance rights outstanding at
the end of the year
6.62 years
7.21 years
Weighted average remaining contractual life of service rights outstanding at the
end of the year
1.65 years
2.85 years
Expenses arising from share-based payment transactions
Total expenses arising from share-based payment transactions recognised during the period as part of employee benefits
expense were as follows:
2024
$’000
2023
$’000
Performance rights
5,672
1,107
Service rights
1,875
5,193
Total share-based payment expense
7,547
6,300
NOTES TO THE FINANCIAL STATEMENTS
OTHER INFORMATION (continued)
NOTE 27: SHARE-BASED PAYMENTS (continued)
RAMELIUS RESOURCES ANNUAL REPORT 2024
116
Recognition and measurement
The Group provides benefits to employees (including the Managing Director & Chief Executive Officer) in the form of
share-based compensation, whereby employees render services in exchange for shares or options and/or rights over shares
(equity settled transactions).
The cost of these equity settled transactions with employees is measured by reference to the fair value of the equity instruments
at the date at which they are granted. The Group issues share based remuneration in accordance with the employee share
acquisition plan, the performance plan or as approved by the Board as follows:
(i) Performance plan
The Group has a Performance Plan where key management personnel may be provided with rights to shares in Ramelius.
Fair values of rights issued are recognised as an employee benefits expense over the relevant service period, with a corresponding
increase in equity. Fair value of rights are measured at effective grant date and recognised over the vesting period during which
key management personnel become entitled to the rights. There are a number of different methodologies that are appropriate
to use in valuing rights. Fair value of rights granted is measured using the most appropriate method in the circumstances, taking
into consideration the terms and conditions upon which the rights were issued.
(ii) Other long-term incentives
The Board may at its discretion provide share rights either to recruit or as a long-term retention incentive to key Executives and
employees.
The fair value of options and/or rights granted is recognised as an employee benefits expense with a corresponding increase in
equity. The total amount to be expensed is determined by reference to the fair value of the options and/or rights granted, which
includes any market performance conditions and the impact of any non-vesting conditions but excludes the impact of any service
and non-market performance vesting conditions.
Non-market vesting conditions are included in assumptions about the number of options that are expected to vest. The total
expense is recognised over the vesting period, which is the period over which all of the specified vesting conditions are to be
satisfied. At the end of each period, the entity revises its estimates of the number of options and/or rights that are expected to
vest based on the non-market vesting conditions. It recognises the impact of the revision to original estimates, if any, in profit or
loss, with a corresponding adjustment to equity.
Upon exercise of the rights, the balance of the share-based payments reserve relating to those rights remains in the share-based
payments reserve until it is transferred to retained earnings.
NOTE 28: REMUNERATION OF AUDITORS
During the year the following fees were paid or payable for services provided by the auditor of the parent entity, its related
practices and non-related audit firms:
2024
$
2023
$
Audit or review of financial reports of the Group
244,000
271,750
Total remuneration of Deloitte Touche Tohmatsu
244,000
271,750
NOTE 29: ACCOUNTING POLICIES
New standards and interpretations not yet adopted
The Group has adopted all of the new and revised Standards and Interpretations issued by the Australian Accounting Standards
Board (the AASB) that are relevant to its operations and effective for an accounting period that begins on or after 1 July 2023.
Certain new accounting standards and interpretations have been published that are not mandatory for 30 June 2024 reporting
periods and have not been early adopted by the Group. The Group has assessed that these new standards and interpretations
will not have a material impact on the entity in the current or future reporting periods and on foreseeable future transactions.
NOTES TO THE FINANCIAL STATEMENTS
OTHER INFORMATION (continued)
NOTE 27: SHARE-BASED PAYMENTS (continued)
OVERVIEW
REVIEW OF OPERATIONS
RESOURCES AND RESERVES
SUSTAINABILITY REPORT
FINANCIAL REPORT
RAMELIUS RESOURCES ANNUAL REPORT 2024
117
The Consolidated Entity Disclosure Statement has been prepared in accordance with the Corporations Act 2001 and includes
required information for each entity that was part of the consolidated entity as at the end of the financial year.
Section 295 (3A) of the Corporations Act 2001 defines tax residency as having the meaning in the Income Tax Assessment Act 1997.
The determination of tax residency involves judgement as there are currently several different interpretations that could be adopted,
and which could give rise to a different conclusion on residency.
Entity type
% of share
capital
Country of
incorporation
Tax residency
Name of entity
Australian or
foreign
Foreign
jurisdiction
Ramelius Resources Limited
Body corporate
n/a
Australia
Australian1
N/A
Mt Magnet Gold Pty Limited
Body corporate
100
Australia
Australian1
N/A
RMSXG Pty Limited
Body corporate
100
Australia
Australian1
N/A
Ramelius USA Corporation
Body corporate
100
USA
Australian1, 2
N/A
Ramelius Operations Pty Limited
Body corporate
100
Australia
Australian1
N/A
Explaurum Limited
Body corporate
100
Australia
Australian1
N/A
Ramelius Kalgoorlie Pty Limited
Body corporate
100
Australia
Australian1
N/A
Ramelius Canada Inc
Body corporate
100
Canada
Australian1, 2
N/A
Spectrum Metals Limited
Body corporate
100
Australia
Australian1
N/A
Musgrave Minerals Limited
Body corporate
100
Australia
Australian1
N/A
Musgrave Exploration Pty Limited
Body corporate
100
Australia
Australian1
N/A
Penny Operations Pty Limited
Body corporate
100
Australia
Australian1
N/A
Edna May Operations Pty Limited
Body corporate
100
Australia
Australian1
N/A
Marda Operations Pty Limited
Body corporate
100
Australia
Australian1
N/A
Tampia Operations Pty Limited
Body corporate
100
Australia
Australian1
N/A
Ninghan Exploration Pty Limited
Body corporate
100
Australia
Australian1
N/A
Apollo Consolidated Limited
Body corporate
100
Australia
Australian1
N/A
Breaker Resources NL
Body corporate
100
Australia
Australian1
N/A
AC Minerals Pty Limited
Body corporate
100
Australia
Australian1
N/A
Aspire Minerals Pty Limited
Body corporate
100
Australia
Australian1
N/A
AC28 Pty Ltd
Body corporate
100
Australia
Australian1
N/A
Mount Fouimba Resources Côte d’lvoire S.A.
Body corporate
100
Côte d’lvoire
Foreign
Côte d’lvoire
Apollo Guinea SARLU
Body corporate
100
Guinea
Foreign
Guinea
Breaker Resources Lithium Pty Limited
Body corporate
100
Australia
Australian1
N/A
Lake Roe Gold Mining Pty Ltd
Body corporate
100
Australia
Australian1
N/A
1 This entity is part of a tax-consolidated group under Australian taxation law, for which Ramelius Resources Limited is the head entity.
2 Classified as an Australian tax resident under ITAA 1997 but is a tax resident of its country of incorporation under that country’s law.
CONSOLIDATED ENTITY
DISCLOSURE STATEMENT
As at 30 June 2024
RAMELIUS RESOURCES ANNUAL REPORT 2024
118
In the Directors’ opinion:
(a) the financial statements and notes set out on pages 72 to 117 are in accordance with the Corporations Act 2001, including:
(i) complying with Accounting Standards, the Corporations Regulations 2001 and other mandatory professional reporting
requirements, and
(ii) giving a true and fair view of the consolidated entity’s financial position as at 30 June 2024 and of its performance for the
financial year ended on that date, and
(b) there are reasonable grounds to believe that the company will be able to pay its debts as and when they become due and
payable
(c) the consolidated entity disclosure statement on page 118 is true and correct, and
(d) at the date of this declaration, there are reasonable grounds to believe that the members of the extended Closed Group
identified in Note 22 will be able to meet any obligations or liabilities to which they are, or may become, subject by virtue of
the deed of cross guarantee described in Note 22.
The ‘About this report’ Section of the notes to the financial statements confirms that the financial statements also comply with
International Financial Reporting Standards as issued by the International Accounting Standards Board.
The Directors have been given the declarations by the Chief Executive Officer and Chief Financial Officer required by section
295A of the Corporations Act 2001.
This declaration is made in accordance with a resolution of the Directors.
Bob Vassie
Chair
Perth
26 August 2024
DIRECTORS’
DECLARATION
OVERVIEW
REVIEW OF OPERATIONS
RESOURCES AND RESERVES
SUSTAINABILITY REPORT
FINANCIAL REPORT
RAMELIUS RESOURCES ANNUAL REPORT 2024
119
INDEPENDENT AUDITOR’S REPORT
to the Members of Ramelius Resources Limited
>ŝĂďŝůŝƚLJůŝŵŝƚĞĚďLJĂƐĐŚĞŵĞĂƉƉƌŽǀĞĚƵŶĚĞƌWƌŽĨĞƐƐŝŽŶĂů^ƚĂŶĚĂƌĚƐ>ĞŐŝƐůĂƚŝŽŶ͘
DĞŵďĞƌŽĨĞůŽŝƚƚĞƐŝĂWĂĐŝĨŝĐ>ŝŵŝƚĞĚĂŶĚƚŚĞĞůŽŝƚƚĞŽƌŐĂŶŝƐĂƚŝŽŶ͘
ZĞƉŽƌƚŽŶƚŚĞƵĚŝƚŽĨƚŚĞ&ŝŶĂŶĐŝĂůZĞƉŽƌƚ
KƉŝŶŝŽŶ
tĞŚĂǀĞĂƵĚŝƚĞĚƚŚĞĨŝŶĂŶĐŝĂůƌĞƉŽƌƚŽĨZĂŵĞůŝƵƐResources Limited (the “Company”) and its subsidiaries (the “Group”)
ǁŚŝĐŚĐŽŵƉƌŝƐĞƐ ƚŚĞďĂůĂŶĐĞƐŚĞĞƚĂƐĂƚϯϬ:ƵŶĞϮϬϮϰ͕ ƚŚĞŝŶĐŽŵĞƐƚĂƚĞŵĞŶƚ͕ƚŚĞ ƐƚĂƚĞŵĞŶƚŽĨĐŽŵƉƌĞŚĞŶƐŝǀĞ
ŝŶĐŽŵĞ͕ƚŚĞƐƚĂƚĞŵĞŶƚŽĨĐŚĂŶŐĞƐŝŶĞƋƵŝƚLJĂŶĚƚŚĞƐƚĂƚĞŵĞŶƚŽĨĐĂƐŚĨůŽǁƐĨŽƌƚŚĞLJĞĂƌƚŚĞŶĞŶĚĞĚ͕ĂŶĚŶŽƚĞƐƚŽƚŚĞ
ĨŝŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ͕ ŝŶĐůƵĚŝŶŐ ŵĂƚĞƌŝĂů ĂĐĐŽƵŶƚŝŶŐ ƉŽůŝĐLJ ŝŶĨŽƌŵĂƚŝŽŶ ĂŶĚ ŽƚŚĞƌ ĞdžƉůĂŶĂƚŽƌLJ ŝŶĨŽƌŵĂƚŝŽŶ͕ ƚŚĞ
directors’ declaration and the consolidated entity disclosure statement.
/ŶŽƵƌŽƉŝŶŝŽŶ͕ƚŚĞĂĐĐŽŵƉĂŶLJŝŶŐĨŝŶĂŶĐŝĂůƌĞƉŽƌƚŽĨƚŚĞ'ƌŽƵƉŝƐŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞŽƌƉŽƌĂƚŝŽŶƐĐƚϮϬϬϭ͕
ŝŶĐůƵĚŝŶŐ͗
•
Giving a true and fair view of the Group’s financial position as at 30 June 2024 and of its financial performance for
ƚŚĞLJĞĂƌƚŚĞŶĞŶĚĞĚ͖ĂŶĚ
•
ŽŵƉůLJŝŶŐǁŝƚŚƵƐƚƌĂůŝĂŶĐĐŽƵŶƚŝŶŐ^ƚĂŶĚĂƌĚƐĂŶĚƚŚĞŽƌƉŽƌĂƚŝŽŶƐZĞŐƵůĂƚŝŽŶƐϮϬϬϭ͘
ĂƐŝƐĨŽƌKƉŝŶŝŽŶ
tĞĐŽŶĚƵĐƚĞĚŽƵƌĂƵĚŝƚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƵƐƚƌĂůŝĂŶƵĚŝƚŝŶŐ^ƚĂŶĚĂƌĚƐ͘KƵƌƌĞƐƉŽŶƐŝďŝůŝƚŝĞƐƵŶĚĞƌƚŚŽƐĞƐƚĂŶĚĂƌĚƐ
are further described in the Auditor’s Responsibilities forƚŚĞƵĚŝƚŽĨƚŚĞ&ŝŶĂŶĐŝĂůZĞƉŽƌƚƐĞĐƚŝŽŶŽĨŽƵƌƌĞƉŽƌƚ͘tĞ
ĂƌĞŝŶĚĞƉĞŶĚĞŶƚŽĨƚŚĞ'ƌŽƵƉŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞĂƵĚŝƚŽƌŝŶĚĞƉĞŶĚĞŶĐĞƌĞƋƵŝƌĞŵĞŶƚƐŽĨƚŚĞŽƌƉŽƌĂƚŝŽŶƐĐƚ
ϮϬϬϭĂŶĚƚŚĞĞƚŚŝĐĂůƌĞƋƵŝƌĞŵĞŶƚƐŽĨƚŚĞĐĐŽƵŶƚŝŶŐWƌŽĨĞƐƐŝŽŶĂůΘ ƚŚŝĐĂů^ƚĂŶĚĂƌĚƐBoard’s APES 110 Code of Ethics
ĨŽƌWƌŽĨĞƐƐŝŽŶĂůĐĐŽƵŶƚĂŶƚƐ;ŝŶĐůƵĚŝŶŐ/ŶĚĞƉĞŶĚĞŶĐĞ^ƚĂŶĚĂƌĚƐͿ;ƚŚĞŽĚĞͿƚŚĂƚĂƌĞƌĞůĞǀĂŶƚƚŽŽƵƌĂƵĚŝƚŽĨƚŚĞ
ĨŝŶĂŶĐŝĂůƌĞƉŽƌƚŝŶƵƐƚƌĂůŝĂ͘tĞŚĂǀĞĂůƐŽĨƵůĨŝůůĞĚŽƵƌŽƚŚĞƌĞƚŚŝĐĂůƌĞƐƉŽŶƐŝďŝůŝƚŝĞƐŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞŽĚĞ͘
tĞĐŽŶĨŝƌŵƚŚĂƚƚŚĞŝŶĚĞƉĞŶĚĞŶĐĞĚĞĐůĂƌĂƚŝŽŶƌĞƋƵŝƌĞĚďLJƚŚĞŽƌƉŽƌĂƚŝŽŶƐĐƚϮϬϬϭ͕ǁŚŝĐŚŚĂƐďĞĞŶŐŝǀĞŶƚŽƚŚĞ
directors of the Company, would be in the same terms if given to the directors as at the time of this auditor’s report.
tĞďĞůŝĞǀĞƚŚĂƚƚŚĞĂƵĚŝƚĞǀŝĚĞŶĐĞǁĞŚĂǀĞŽďƚĂŝŶĞĚŝƐƐƵĨĨŝĐŝĞŶƚĂŶĚĂƉƉƌŽƉƌŝĂƚĞƚŽƉƌŽǀŝĚĞĂďĂƐŝƐĨŽƌŽƵƌŽƉŝŶŝŽŶ͘
<ĞLJƵĚŝƚDĂƚƚĞƌƐ
<ĞLJĂƵĚŝƚŵĂƚƚĞƌƐĂƌĞƚŚŽƐĞŵĂƚƚĞƌƐƚŚĂƚ͕ŝŶŽƵƌƉƌŽĨĞƐƐŝŽŶĂůũƵĚŐĞŵĞŶƚ͕ǁĞƌĞŽĨŵŽƐƚƐŝŐŶŝĨŝĐĂŶĐĞŝŶŽƵƌĂƵĚŝƚŽĨ
ƚŚĞĨŝŶĂŶĐŝĂůƌĞƉŽƌƚĨŽƌƚŚĞĐƵƌƌĞŶƚƉĞƌŝŽĚ͘dŚĞƐĞŵĂƚƚĞƌƐǁĞƌĞĂĚĚƌĞƐƐĞĚŝŶƚŚĞĐŽŶƚĞdžƚŽĨŽƵƌĂƵĚŝƚŽĨƚŚĞĨŝŶĂŶĐŝĂů
ƌĞƉŽƌƚĂƐĂǁŚŽůĞ͕ĂŶĚŝŶĨŽƌŵŝŶŐŽƵƌŽƉŝŶŝŽŶƚŚĞƌĞŽŶ͕ĂŶĚǁĞĚŽŶŽƚƉƌŽǀŝĚĞĂƐĞƉĂƌĂƚĞŽƉŝŶŝŽŶŽŶƚŚĞƐĞŵĂƚƚĞƌƐ͘
ĞůŽŝƚƚĞdŽƵĐŚĞdŽŚŵĂƚƐƵ
EϳϰϰϵϬϭϮϭϬϲϬ
dŽǁĞƌϮ
ƌŽŽŬĨŝĞůĚWůĂĐĞ
ϭϮϯ^ƚ'ĞŽƌŐĞƐdĞƌƌĂĐĞ
WĞƌƚŚtϲϬϬϬ
'WKŽdžϰϲ
WĞƌƚŚtϲϴϯϳƵƐƚƌĂůŝĂ
dĞů͗нϲϭϴϵϯϲϱϳϬϬϬ
&Ădž͗нϲϭϴϵϯϲϱϳϬϬϭ
ǁǁǁ͘ĚĞůŽŝƚƚĞ͘ĐŽŵ͘ĂƵ
Independent Auditor’s Report
ƚŽƚŚĞŵĞŵďĞƌƐŽĨ
ZĂŵĞůŝƵƐZĞƐŽƵƌĐĞƐ>ŝŵŝƚĞĚ
RAMELIUS RESOURCES ANNUAL REPORT 2024
120
INDEPENDENT AUDITOR’S REPORT
<ĞLJƵĚŝƚDĂƚƚĞƌ
,ŽǁƚŚĞƐĐŽƉĞŽĨŽƵƌĂƵĚŝƚƌĞƐƉŽŶĚĞĚƚŽƚŚĞ<ĞLJƵĚŝƚDĂƚƚĞƌ
ĐĐŽƵŶƚŝŶŐĨŽƌDŝŶĞĚĞǀĞůŽƉŵĞŶƚ
Ɛ Ăƚ ϯϬ :ƵŶĞ ϮϬϮϰ͕ ƚŚĞ ĐĂƌƌLJŝŶŐ ǀĂůƵĞ ŽĨ ŵŝŶĞ
ĚĞǀĞůŽƉŵĞŶƚ ĂƐƐĞƚƐ ĂŵŽƵŶƚƐ ƚŽ Ψϰϰϭ͘Ϯ ŵŝůůŝŽŶ ĂƐ
ĚŝƐĐůŽƐĞĚŝŶEŽƚĞϵ͘
ĐĐŽƵŶƚŝŶŐĨŽƌŵŝŶĞƉƌŽƉĞƌƚŝĞƐƌĞƋƵŝƌĞƐŵĂŶĂŐĞŵĞŶƚ
ƚŽĞdžĞƌĐŝƐĞƐŝŐŶŝĨŝĐĂŶƚũƵĚŐĞŵĞŶƚŝŶĚĞƚĞƌŵŝŶŝŶŐƚŚĞ
ĂƉƉƌŽƉƌŝĂƚĞĞƐƚŝŵĂƚĞƐƚŽďĞĂƉƉůŝĞĚŝŶƚŚĞĂƉƉůŝĐĂƚŝŽŶ
of the Company’s accounting policy, including:
• the allocation of mining costs between operating
ĂŶĚĐĂƉŝƚĂůĞdžƉĞŶĚŝƚƵƌĞ͖ĂŶĚ
• determination of the units of production used to
ĂŵŽƌƚŝƐĞŵŝŶĞƉƌŽƉĞƌƚŝĞƐ͘
ŬĞLJ ĚƌŝǀĞƌ ŽĨ ƚŚĞ ĂůůŽĐĂƚŝŽŶ ŽĨ ĐŽƐƚƐ ďĞƚǁĞĞŶ
ŽƉĞƌĂƚŝŶŐ ĂŶĚ ĐĂƉŝƚĂů ĞdžƉĞŶĚŝƚƵƌĞ ŝƐ ƚŚĞ ƉŚLJƐŝĐĂů
ŵŝŶŝŶŐĚĂƚĂĂƐƐŽĐŝĂƚĞĚǁŝƚŚƚŚĞŵŝŶŝŶŐĂĐƚŝǀŝƚŝĞƐ͘
&Žƌ
ƵŶĚĞƌŐƌŽƵŶĚ
ŽƉĞƌĂƚŝŽŶƐ
ƚŚŝƐ
ŝŶĐůƵĚĞƐ
ĐŽŶƐŝĚĞƌĂƚŝŽŶŽĨƚŚĞĚĞǀĞůŽƉŵĞŶƚŽĨĚĞĐůŝŶĞƐ͕ůĂƚĞƌĂů
ĂŶĚ ǀĞƌƚŝĐĂů ĚĞǀĞůŽƉŵĞŶƚ͕ ĂƐ ǁĞůů ĂƐ ĐĂƉŝƚĂů ŶŽŶͲ
ƐƵƐƚĂŝŶŝŶŐĐŽƐƚƐ͘
KƉĞŶƉŝƚŵŝŶŝŶŐƌĞƋƵŝƌĞƐůŝĨĞŽĨŵŝŶĞƐƚƌŝƉƌĂƚŝŽƐƚŽďĞ
ĚĞƚĞƌŵŝŶĞĚĂŶĚĐŽŶƚŝŶƵŽƵƐůLJƌĞǀŝĞǁĞĚĂƐƉƌŽĚƵĐƚŝŽŶ
ƉƌŽŐƌĞƐƐĞƐ͘ ŽƐƚƐ ĂƌĞ ĐĂƉŝƚĂůŝƐĞĚ ƚŽ ƚŚĞ ĞdžƚĞŶƚ ƚŚĞLJ
ƌĞůĂƚĞ ƚŽ ĞdžƉĞŶĚŝƚƵƌĞƐ ŝŶĐƵƌƌĞĚ ŝŶ ĐƌĞĂƚŝŶŐ ĨƵƚƵƌĞ
ĂĐĐĞƐƐƚŽŽƌĞƌĂƚŚĞƌƚŚĂŶĐƵƌƌĞŶƚƉĞƌŝŽĚŝŶǀĞŶƚŽƌLJ͘
ŵŽƌƚŝƐĂƚŝŽŶŝƐĂƉƉůŝĞĚƚŽĞĂĐŚĂƌĞĂŽĨŝŶƚĞƌĞƐƚĂŶĚŝƐ
ďĂƐĞĚŽŶƚŚĞŵŽƐƚƌĞĐĞŶƚKƌĞZĞƐĞƌǀĞƐ͘ŵŽƌƚŝƐĂƚŝŽŶ
ƌĂƚĞƐĂƌĞƵƉĚĂƚĞĚǁŚĞŶĞƐƚŝŵĂƚĞĚůŝĨĞŽĨŵŝŶĞŽƵŶĐĞƐ
ĂƌĞƌĞǀŝƐĞĚ͘
ZĞŐĂƌĚŝŶŐƚŚĞĂůůŽĐĂƚŝŽŶŽĨŵŝŶŝŶŐĐŽƐƚƐŽƵƌƉƌŽĐĞĚƵƌĞƐŝŶĐůƵĚĞĚ͕ďƵƚ
ǁĞƌĞŶŽƚůŝŵŝƚĞĚƚŽ͗
•
ŽďƚĂŝŶŝŶŐ ĂŶ ƵŶĚĞƌƐƚĂŶĚŝŶŐ ĂŶĚ ƚĞƐƚŝŶŐ ŽĨ ƚŚĞ ŬĞLJ ĐŽŶƚƌŽůƐ
ŵĂŶĂŐĞŵĞŶƚ ŚĂƐ ŝŶ ƉůĂĐĞ ŝŶ ƌĞůĂƚŝŽŶ ƚŽ ƚŚĞ ĐĂƉŝƚĂůŝƐĂƚŝŽŶ ŽĨ
ƵŶĚĞƌŐƌŽƵŶĚŵŝŶŝŶŐĞdžƉĞŶĚŝƚƵƌĞĂŶĚƚŚĞƉƌŽĚƵĐƚŝŽŶŽĨƉŚLJƐŝĐĂů
ƵŶĚĞƌŐƌŽƵŶĚŵŝŶŝŶŐĚĂƚĂ͖
•
ĂƐƐĞƐƐŝŶŐƚŚĞĂƉƉƌŽƉƌŝĂƚĞŶĞƐƐŽĨƚŚĞĂůůŽĐĂƚŝŽŶŽĨĐŽƐƚƐďĞƚǁĞĞŶ
ŽƉĞƌĂƚŝŶŐ ĂŶĚ ĐĂƉŝƚĂů ĞdžƉĞŶĚŝƚƵƌĞ ďĂƐĞĚ ŽŶ ƚŚĞ ŶĂƚƵƌĞ ŽĨ ƚŚĞ
ƵŶĚĞƌůLJŝŶŐ ĂĐƚŝǀŝƚLJ͕ ĐŽŶƐŝĚĞƌŝŶŐ ƌĞůĞǀĂŶƚ ŝŶƚĞƌŶĂů ĐŽŶƚƌŽůƐ ŽǀĞƌ
ĐŽƐƚ ĂůůŽĐĂƚŝŽŶƐ͕ ĂŶĚ ƌĞĐĂůĐƵůĂƚŝŶŐ ƚŚĞ ĂůůŽĐĂƚŝŽŶ ďĂƐĞĚ ŽŶ ƚŚĞ
ƵŶĚĞƌůLJŝŶŐƉŚLJƐŝĐĂůĚĂƚĂ͖
•
ĂƐƐĞƐƐĞĚƚŚĞĚĞĨĞƌƌĞĚƐƚƌŝƉƉŝŶŐŵŽĚĞůďLJĂŐƌĞĞŝŶŐŵŽŶƚŚůLJƐƚƌŝƉ
ƌĂƚŝŽƐƚŽƵŶĚĞƌůLJŝŶŐƉŚLJƐŝĐĂůĚĂƚĂĂŶĚƉĞƌĨŽƌŵŝŶŐĂĐŽŵƉĂƌŝƐŽŶƚŽ
ůŝĨĞ ŽĨ ĂƌĞĂ ƐƚƌŝƉ ƌĂƚŝŽƐ ďĂƐĞĚ ŽŶ ŵŽƐƚ ƌĞĐĞŶƚ ůŝĨĞ ŽĨ ŵŝŶĞ
ŝŶĨŽƌŵĂƚŝŽŶ͖ĂŶĚ
•
ĐŚĞĐŬŝŶŐƚŚĞŵĂƚŚĞŵĂƚŝĐĂůĂĐĐƵƌĂĐLJŽĨƚŚĞŵŽĚĞůůŝŶŐ͘
For the Group’s unit of production amortisation calculations our
ƉƌŽĐĞĚƵƌĞƐŝŶĐůƵĚĞĚ͕ďƵƚǁĞƌĞŶŽƚůŝŵŝƚĞĚƚŽ͗
•
ŽďƚĂŝŶŝŶŐĂŶƵŶĚĞƌƐƚĂŶĚŝŶŐŽĨƚŚĞŬĞLJĐŽŶƚƌŽůƐŵĂŶĂŐĞŵĞŶƚŚĂƐ
ŝŶƉůĂĐĞŝŶƌĞůĂƚŝŽŶƚŽƚŚĞĚĞƚĞƌŵŝŶĂƚŝŽŶŽĨƚŚĞƵŶŝƚŽĨƉƌŽĚƵĐƚŝŽŶ
ĂŵŽƌƚŝƐĂƚŝŽŶƌĂƚĞ͖
•
ƚĞƐƚŝŶŐƚŚĞŵĂƚŚĞŵĂƚŝĐĂůĂĐĐƵƌĂĐLJŽĨƚŚĞƌĂƚĞƐĂƉƉůŝĞĚ͖ĂŶĚ
•
ĂŐƌĞĞŝŶŐƚŚĞŝŶƉƵƚƐƚŽƐŽƵƌĐĞĚŽĐƵŵĞŶƚĂƚŝŽŶ͕ŝŶĐůƵĚŝŶŐ͗
o
ƚŚĞĂůůŽĐĂƚŝŽŶŽĨƚŽŶŶĞƐƚŽƚŚĞƐƉĞĐŝĨŝĐŵŝŶĞƉƌŽƉĞƌƚŝĞƐ͖
ĂŶĚ
o
ƚŚĞƚŽŶŶĞƐƚŽƚŚĞĂƉƉůŝĐĂďůĞƌĞƐĞƌǀĞƐƐƚĂƚĞŵĞŶƚ͘
tĞĂůƐŽĂƐƐĞƐƐĞĚƚŚĞĂĚĞƋƵĂĐLJŽĨƚŚĞĚŝƐĐůŽƐƵƌĞƐŝŶĐůƵĚĞĚŝŶEŽƚĞϵƚŽ
ƚŚĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͘
OVERVIEW
REVIEW OF OPERATIONS
RESOURCES AND RESERVES
SUSTAINABILITY REPORT
FINANCIAL REPORT
RAMELIUS RESOURCES ANNUAL REPORT 2024
121
INDEPENDENT AUDITOR’S REPORT
<ĞLJƵĚŝƚDĂƚƚĞƌ
,ŽǁƚŚĞƐĐŽƉĞŽĨŽƵƌĂƵĚŝƚƌĞƐƉŽŶĚĞĚƚŽƚŚĞ<ĞLJƵĚŝƚDĂƚƚĞƌ
ZĞŚĂďŝůŝƚĂƚŝŽŶƉƌŽǀŝƐŝŽŶƐ
ƐĂƚϯϬ:ƵŶĞϮϬϮϰ͕ĂƌĞŚĂďŝůŝƚĂƚŝŽŶƉƌŽǀŝƐŝŽŶŽĨΨϱϮ͘ϲ
ŵŝůůŝŽŶŚĂƐďĞĞŶƌĞĐŽŐŶŝƐĞĚĂƐĚŝƐĐůŽƐĞĚŝŶEŽƚĞϭϯ͘
:ƵĚŐĞŵĞŶƚ ŝƐ ƌĞƋƵŝƌĞĚ ŝŶ ƚŚĞ ĚĞƚĞƌŵŝŶĂƚŝŽŶ ŽĨ ƚŚĞ
ƌĞŚĂďŝůŝƚĂƚŝŽŶƉƌŽǀŝƐŝŽŶ͕ŝŶĐůƵĚŝŶŐ͗
•
ĂƐƐƵŵƉƚŝŽŶƐ ƌĞůĂƚŝŶŐ ƚŽ ƚŚĞ ŵĂŶŶĞƌ ŝŶ ǁŚŝĐŚ
ƌĞŚĂďŝůŝƚĂƚŝŽŶǁŝůůďĞƵŶĚĞƌƚĂŬĞŶ͖
•
ƐĐŽƉĞĂŶĚƋƵĂŶƚƵŵŽĨĐŽƐƚƐ͕ĂŶĚƚŝŵŝŶŐŽĨƚŚĞ
ƌĞŚĂďŝůŝƚĂƚŝŽŶĂĐƚŝǀŝƚŝĞƐ͖ĂŶĚ
•
ƚŚĞ ĚĞƚĞƌŵŝŶĂƚŝŽŶ ŽĨ ĂƉƉƌŽƉƌŝĂƚĞ ŝŶĨůĂƚŝŽŶ ĂŶĚ
ĚŝƐĐŽƵŶƚƌĂƚĞƐƚŽďĞĂĚŽƉƚĞĚ͘
KƵƌƉƌŽĐĞĚƵƌĞƐŝŶĐůƵĚĞĚ͕ďƵƚǁĞƌĞŶŽƚůŝŵŝƚĞĚƚŽ͗
▪
ŽďƚĂŝŶŝŶŐ ĂŶ ƵŶĚĞƌƐƚĂŶĚŝŶŐ ŽĨ͕ ĂŶĚ ĂƐƐĞƐƐŝŶŐ ƚŚĞ ĚĞƐŝŐŶ ĂŶĚ
ŝŵƉůĞŵĞŶƚĂƚŝŽŶŽĨ͕ƚŚĞŬĞLJĐŽŶƚƌŽůƐŵĂŶĂŐĞŵĞŶƚŚĂƐŝŶƉůĂĐĞƚŽ
ĞƐƚŝŵĂƚĞƚŚĞƌĞŚĂďŝůŝƚĂƚŝŽŶƉƌŽǀŝƐŝŽŶ͖
▪
ĂŐƌĞĞŝŶŐ ƌĞŚĂďŝůŝƚĂƚŝŽŶ ĐŽƐƚ ĞƐƚŝŵĂƚĞƐ ƚŽ ƵŶĚĞƌůLJŝŶŐ ƐƵƉƉŽƌƚ͕
ŝŶĐůƵĚŝŶŐ ǁŚĞƌĞ ĂƉƉůŝĐĂďůĞ ƌĞƉŽƌƚƐ ĨƌŽŵ ĞdžƚĞƌŶĂů ĞdžƉĞƌƚƐ ĂŶĚ
ĐŚĂůůĞŶŐŝŶŐƚŚĞƌĞĂƐŽŶĂďůĞŶĞƐƐŽĨŬĞLJĂƐƐƵŵƉƚŝŽŶƐĂŶĚĞƐƚŝŵĂƚĞƐ
ƵƐĞĚŝŶƚŚĞƵŶĚĞƌůLJŝŶŐĐŽƐƚĞƐƚŝŵĂƚĞƐ͖
▪
ĂƐƐĞƐƐŝŶŐ ƚŚĞ ŝŶĚĞƉĞŶĚĞŶĐĞ͕ ĐŽŵƉĞƚĞŶĐĞ ĂŶĚ ŽďũĞĐƚŝǀŝƚLJ ŽĨ
ĞdžƉĞƌƚƐƵƐĞĚďLJŵĂŶĂŐĞŵĞŶƚ͖
▪
ĐŚĂůůĞŶŐŝŶŐƚŚĞĐŽŵƉůĞƚĞŶĞƐƐŽĨƉƌŽǀŝƐŝŽŶƐĐŽŶƐŝĚĞƌŝŶŐĂĐƚŝǀŝƚŝĞƐ
ƵŶĚĞƌƚĂŬĞŶĚƵƌŝŶŐƚŚĞLJĞĂƌ͖
▪
ĐŽŶĨŝƌŵŝŶŐ ƚŚĞ ĐůŽƐƵƌĞ ĂŶĚ ƌĞůĂƚĞĚ ƌĞŚĂďŝůŝƚĂƚŝŽŶ ĚĂƚĞƐ ĂƌĞ
ĐŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚĞůĂƚĞƐƚĞƐƚŝŵĂƚĞƐŽĨůŝĨĞŽĨŵŝŶĞƐ͖
▪
ĐŽŵƉĂƌŝŶŐƚŚĞŝŶĨůĂƚŝŽŶĂŶĚĚŝƐĐŽƵŶƚƌĂƚĞƐƚŽĂǀĂŝůĂďůĞŵĂƌŬĞƚ
ŝŶĨŽƌŵĂƚŝŽŶ͖ĂŶĚ
▪
ƚĞƐƚŝŶŐƚŚĞŵĂƚŚĞŵĂƚŝĐĂůĂĐĐƵƌĂĐLJŽĨƚŚĞƌĞŚĂďŝůŝƚĂƚŝŽŶƉƌŽǀŝƐŝŽŶ
ŵŽĚĞů͘
tĞĂůƐŽĂƐƐĞƐƐĞĚƚŚĞĂĚĞƋƵĂĐLJŽĨƚŚĞĚŝƐĐůŽƐƵƌĞƐŝŶĐůƵĚĞĚŝŶEŽƚĞϭϯ
ƚŽƚŚĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͘
KƚŚĞƌ/ŶĨŽƌŵĂƚŝŽŶ
dŚĞĚŝƌĞĐƚŽƌƐĂƌĞƌĞƐƉŽŶƐŝďůĞĨŽƌƚŚĞŽƚŚĞƌŝŶĨŽƌŵĂƚŝŽŶ͘dŚĞŽƚŚĞƌŝŶĨŽƌŵĂƚŝŽŶĐŽŵƉƌŝƐĞƐƚŚĞDirectors’ report,ǁŚŝĐŚ
we obtained prior to the date of this auditor’s report, and also includes the following information which will be incluĚĞĚ
in the Group’s annual report but does not include the financial report and our auditor’s report thereon: Key
Operational Highlights for the Year, Key Financial Highlights for the Year, Chair’s Report, Managing Director’s Report,
ZĞǀŝĞǁŽĨKƉĞƌĂƚŝŽŶƐ͕ZĞƐŽƵƌĐĞƐĂŶĚZĞƐĞƌǀĞƐĂŶĚ^ƵƐƚĂŝŶĂďŝůŝƚLJZĞƉŽƌƚ͕ǁŚŝĐŚŝƐĞdžƉĞĐƚĞĚƚŽďĞŵĂĚĞĂǀĂŝůĂďůĞƚŽ
ƵƐĂĨƚĞƌƚŚĂƚĚĂƚĞ͘
KƵƌŽƉŝŶŝŽŶŽŶƚŚĞĨŝŶĂŶĐŝĂůƌĞƉŽƌƚĚŽĞƐŶŽƚĐŽǀĞƌƚŚĞŽƚŚĞƌŝŶĨŽƌŵĂƚŝŽŶĂŶĚǁĞĚŽŶŽƚĂŶĚǁŝůůŶŽƚĞdžƉƌĞƐƐĂŶLJĨŽƌŵ
ŽĨĂƐƐƵƌĂŶĐĞĐŽŶĐůƵƐŝŽŶƚŚĞƌĞŽŶ͘
/ŶĐŽŶŶĞĐƚŝŽŶǁŝƚŚŽƵƌĂƵĚŝƚŽĨƚŚĞĨŝŶĂŶĐŝĂůƌĞƉŽƌƚ͕ŽƵƌƌĞƐƉŽŶƐŝďŝůŝƚLJŝƐƚŽƌĞĂĚƚŚĞŽƚŚĞƌŝŶĨŽƌŵĂƚŝŽŶŝĚĞŶƚŝĨŝĞĚĂďŽǀĞ
ĂŶĚ͕ŝŶĚŽŝŶŐƐŽ͕ĐŽŶƐŝĚĞƌǁŚĞƚŚĞƌƚŚĞŽƚŚĞƌŝŶĨŽƌŵĂƚŝŽŶŝƐŵĂƚĞƌŝĂůůLJŝŶĐŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚĞĨŝŶĂŶĐŝĂůƌĞƉŽƌƚŽƌŽƵƌ
ŬŶŽǁůĞĚŐĞŽďƚĂŝŶĞĚŝŶƚŚĞĂƵĚŝƚ͕ŽƌŽƚŚĞƌǁŝƐĞĂƉƉĞĂƌƐƚŽďĞŵĂƚĞƌŝĂůůLJŵŝƐƐƚĂƚĞĚ͘/Ĩ͕ďĂƐĞĚŽŶƚŚĞǁŽƌŬǁĞŚĂǀĞ
performed on the other information that we obtained prior to the date of this auditor’s report, we conclude that there
ŝƐĂŵĂƚĞƌŝĂůŵŝƐƐƚĂƚĞŵĞŶƚŽĨƚŚŝƐŽƚŚĞƌŝŶĨŽƌŵĂƚŝŽŶ͕ǁĞĂƌĞƌĞƋƵŝƌĞĚƚŽƌĞƉŽƌƚƚŚĂƚĨĂĐƚ͘tĞŚĂǀĞŶŽƚŚŝŶŐƚŽƌĞƉŽƌƚŝŶ
ƚŚŝƐƌĞŐĂƌĚ͘
When we read the Key Operational Highlights for the Year, Key Financial Highlights for the Year, Chair’s Report,
Managing Director’s Report, Review of Operations, Resources anĚZĞƐĞƌǀĞƐĂŶĚ^ƵƐƚĂŝŶĂďŝůŝƚLJZĞƉŽƌƚ͕ŝĨǁĞĐŽŶĐůƵĚĞ
ƚŚĂƚƚŚĞƌĞŝƐĂŵĂƚĞƌŝĂůŵŝƐƐƚĂƚĞŵĞŶƚƚŚĞƌĞŝŶ͕ǁĞĂƌĞƌĞƋƵŝƌĞĚƚŽĐŽŵŵƵŶŝĐĂƚĞƚŚĞŵĂƚƚĞƌƚŽƚŚĞĚŝƌĞĐƚŽƌƐĂŶĚƵƐĞ
ŽƵƌƉƌŽĨĞƐƐŝŽŶĂůũƵĚŐĞŵĞŶƚƚŽĚĞƚĞƌŵŝŶĞƚŚĞĂƉƉƌŽƉƌŝĂƚĞĂĐƚŝŽŶ͘
RAMELIUS RESOURCES ANNUAL REPORT 2024
122
INDEPENDENT AUDITOR’S REPORT
ZĞƐƉŽŶƐŝďŝůŝƚŝĞƐŽĨƚŚĞŝƌĞĐƚŽƌƐĨŽƌƚŚĞ&ŝŶĂŶĐŝĂůZĞƉŽƌƚ
dŚĞĚŝƌĞĐƚŽƌƐŽĨƚŚĞŽŵƉĂŶLJĂƌĞƌĞƐƉŽŶƐŝďůĞ͗
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&ŽƌƚŚĞƉƌĞƉĂƌĂƚŝŽŶŽĨƚŚĞĨŝŶĂŶĐŝĂůƌĞƉŽƌƚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞŽƌƉŽƌĂƚŝŽŶƐĐƚϮϬϬϭ͕ŝŶĐůƵĚŝŶŐŐŝǀŝŶŐĂƚƌƵĞ
ĂŶĚĨĂŝƌǀŝĞǁŽĨƚŚĞĨŝŶĂŶĐŝĂůƉŽƐŝƚŝŽŶĂŶĚƉĞƌĨŽƌŵĂŶĐĞŽĨƚŚĞ'ƌŽƵƉŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƵƐƚƌĂůŝĂŶĐĐŽƵŶƚŝŶŐ
^ƚĂŶĚĂƌĚƐ͖ĂŶĚ
•
&ŽƌƐƵĐŚŝŶƚĞƌŶĂůĐŽŶƚƌŽůĂƐƚŚĞĚŝƌĞĐƚŽƌƐĚĞƚĞƌŵŝŶĞŝƐŶĞĐĞƐƐĂƌLJƚŽĞŶĂďůĞƚŚĞƉƌĞƉĂƌĂƚŝŽŶŽĨƚŚĞĨŝŶĂŶĐŝĂůƌĞƉŽƌƚ
ŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞŽƌƉŽƌĂƚŝŽŶƐĐƚϮϬϬϭ͕ŝŶĐůƵĚŝŶŐŐŝǀŝŶŐĂƚƌƵĞĂŶĚĨĂŝƌǀŝĞǁŽĨƚŚĞĨŝŶĂŶĐŝĂůƉŽƐŝƚŝŽŶĂŶĚ
ƉĞƌĨŽƌŵĂŶĐĞŽĨƚŚĞ'ƌŽƵƉ͕ĂŶĚŝƐĨƌĞĞĨƌŽŵŵĂƚĞƌŝĂůŵŝƐƐƚĂƚĞŵĞŶƚ͕ǁŚĞƚŚĞƌĚƵĞƚŽĨƌĂƵĚŽƌĞƌƌŽƌ͘
/ŶƉƌĞƉĂƌŝŶŐƚŚĞĨŝŶĂŶĐŝĂůƌĞƉŽƌƚ͕ƚŚĞĚŝƌĞĐƚŽƌƐĂƌĞƌĞƐƉŽŶƐŝďůĞĨŽƌĂƐƐĞƐƐŝŶŐƚŚĞĂďŝůŝƚLJŽĨƚŚĞ'ƌŽƵƉƚŽĐŽŶƚŝŶƵĞĂƐĂ
ŐŽŝŶŐ ĐŽŶĐĞƌŶ͕ ĚŝƐĐůŽƐŝŶŐ͕ ĂƐ ĂƉƉůŝĐĂďůĞ͕ ŵĂƚƚĞƌƐ ƌĞůĂƚĞĚ ƚŽ ŐŽŝŶŐ ĐŽŶĐĞƌŶ ĂŶĚ ƵƐŝŶŐ ƚŚĞ ŐŽŝŶŐ ĐŽŶĐĞƌŶ ďĂƐŝƐ ŽĨ
ĂĐĐŽƵŶƚŝŶŐ ƵŶůĞƐƐ ƚŚĞ ĚŝƌĞĐƚŽƌƐ ĞŝƚŚĞƌ ŝŶƚĞŶĚ ƚŽ ůŝƋƵŝĚĂƚĞ ƚŚĞ 'ƌŽƵƉ Žƌ ƚŽ ĐĞĂƐĞ ŽƉĞƌĂƚŝŽŶƐ͕ Žƌ ŚĂƐ ŶŽ ƌĞĂůŝƐƚŝĐ
ĂůƚĞƌŶĂƚŝǀĞďƵƚƚŽĚŽƐŽ͘
Auditor’s Responsibilities for the Audit of the Financial Report
KƵƌŽďũĞĐƚŝǀĞƐĂƌĞƚŽŽďƚĂŝŶƌĞĂƐŽŶĂďůĞĂƐƐƵƌĂŶĐĞĂďŽƵƚǁŚĞƚŚĞƌƚŚĞĨŝŶĂŶĐŝĂůƌĞƉŽƌƚĂƐĂǁŚŽůĞŝƐĨƌĞĞĨƌŽŵŵĂƚĞƌŝĂů
misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable
ĂƐƐƵƌĂŶĐĞŝƐĂŚŝŐŚůĞǀĞůŽĨĂƐƐƵƌĂŶĐĞ͕ďƵƚŝƐŶŽƚĂŐƵĂƌĂŶƚĞĞƚŚĂƚĂŶĂƵĚŝƚĐŽŶĚƵĐƚĞĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞƵƐƚƌĂůŝĂŶ
ƵĚŝƚŝŶŐ^ƚĂŶĚĂƌĚƐǁŝůůĂůǁĂLJƐĚĞƚĞĐƚĂŵĂƚĞƌŝĂůŵŝƐƐƚĂƚĞŵĞŶƚǁŚĞŶŝƚĞdžŝƐƚƐ͘DŝƐƐƚĂƚĞŵĞŶƚƐĐĂŶĂƌŝƐĞĨƌŽŵĨƌĂƵĚŽƌ
ĞƌƌŽƌĂŶĚĂƌĞĐŽŶƐŝĚĞƌĞĚŵĂƚĞƌŝĂůŝĨ͕ŝŶĚŝǀŝĚƵĂůůLJŽƌŝŶƚŚĞĂŐŐƌĞŐĂƚĞ͕ƚŚĞLJĐŽƵůĚƌĞĂƐŽŶĂďůLJďĞĞdžƉĞĐƚĞĚƚŽŝŶĨůƵĞŶĐĞ
ƚŚĞĞĐŽŶŽŵŝĐĚĞĐŝƐŝŽŶƐŽĨƵƐĞƌƐƚĂŬĞŶŽŶƚŚĞďĂƐŝƐŽĨƚŚŝƐĨŝŶĂŶĐŝĂůƌĞƉŽƌƚ͘
ƐƉĂƌƚŽĨĂŶĂƵĚŝƚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞƵƐƚƌĂůŝĂŶƵĚŝƚŝŶŐ^ƚĂŶĚĂƌĚƐ͕ǁĞĞdžĞƌĐŝƐĞƉƌŽĨĞƐƐŝŽŶĂůũƵĚŐĞŵĞŶƚĂŶĚ
ŵĂŝŶƚĂŝŶƉƌŽĨĞƐƐŝŽŶĂůƐĐĞƉƚŝĐŝƐŵƚŚƌŽƵŐŚŽƵƚƚŚĞĂƵĚŝƚ͘tĞĂůƐŽ͗
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/ĚĞŶƚŝĨLJĂŶĚĂƐƐĞƐƐƚŚĞƌŝƐŬƐŽĨŵĂƚĞƌŝĂůŵŝƐƐƚĂƚĞŵĞŶƚŽĨƚŚĞĨŝŶĂŶĐŝĂůƌĞƉŽƌƚ͕ǁŚĞƚŚĞƌĚƵĞƚŽĨƌĂƵĚŽƌĞƌƌŽƌ͕ĚĞƐŝŐŶ
ĂŶĚ ƉĞƌĨŽƌŵ ĂƵĚŝƚ ƉƌŽĐĞĚƵƌĞƐ ƌĞƐƉŽŶƐŝǀĞ ƚŽ ƚŚŽƐĞ ƌŝƐŬƐ͕ ĂŶĚ ŽďƚĂŝŶ ĂƵĚŝƚ ĞǀŝĚĞŶĐĞ ƚŚĂƚ ŝƐ ƐƵĨĨŝĐŝĞŶƚ ĂŶĚ
ĂƉƉƌŽƉƌŝĂƚĞƚŽƉƌŽǀŝĚĞĂďĂƐŝƐĨŽƌŽƵƌŽƉŝŶŝŽŶ͘dŚĞƌŝƐŬŽĨŶŽƚĚĞƚĞĐƚŝŶŐĂŵĂƚĞƌŝĂůŵŝƐƐƚĂƚĞŵĞŶƚƌĞƐƵůƚŝŶŐĨƌŽŵ
ĨƌĂƵĚŝƐŚŝŐŚĞƌƚŚĂŶĨŽƌŽŶĞƌĞƐƵůƚŝŶŐĨƌŽŵĞƌƌŽƌ͕ĂƐĨƌĂƵĚŵĂLJŝŶǀŽůǀĞĐŽůůƵƐŝŽŶ͕ĨŽƌŐĞƌLJ͕ŝŶƚĞŶƚŝŽŶĂůŽŵŝƐƐŝŽŶƐ͕
ŵŝƐƌĞƉƌĞƐĞŶƚĂƚŝŽŶƐ͕ŽƌƚŚĞŽǀĞƌƌŝĚĞŽĨŝŶƚĞƌŶĂůĐŽŶƚƌŽů͘
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KďƚĂŝŶĂŶƵŶĚĞƌƐƚĂŶĚŝŶŐŽĨŝŶƚĞƌŶĂůĐŽŶƚƌŽůƌĞůĞǀĂŶƚƚŽƚŚĞĂƵĚŝƚŝŶŽƌĚĞƌƚŽĚĞƐŝŐŶĂƵĚŝƚƉƌŽĐĞĚƵƌĞƐƚŚĂƚĂƌĞ
ĂƉƉƌŽƉƌŝĂƚĞŝŶƚŚĞĐŝƌĐƵŵƐƚĂŶĐĞƐ͕ďƵƚŶŽƚĨŽƌƚŚĞƉƵƌƉŽƐĞŽĨĞdžƉƌĞƐƐŝŶŐĂŶŽƉŝŶŝŽŶŽŶƚŚĞĞĨĨĞĐƚŝǀĞŶĞƐƐŽĨƚŚĞ
Group’sŝŶƚĞƌŶĂůĐŽŶƚƌŽů͘
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ǀĂůƵĂƚĞƚŚĞĂƉƉƌŽƉƌŝĂƚĞŶĞƐƐŽĨĂĐĐŽƵŶƚŝŶŐƉŽůŝĐŝĞƐƵƐĞĚĂŶĚƚŚĞƌĞĂƐŽŶĂďůĞŶĞƐƐŽĨĂĐĐŽƵŶƚŝŶŐĞƐƚŝŵĂƚĞƐĂŶĚ
ƌĞůĂƚĞĚĚŝƐĐůŽƐƵƌĞƐŵĂĚĞďLJƚŚĞĚŝƌĞĐƚŽƌƐ͘
•
Conclude on the appropriateness of the directors’ use of the going concern basis of accounting and, based oŶƚŚĞ
ĂƵĚŝƚĞǀŝĚĞŶĐĞŽďƚĂŝŶĞĚ͕ǁŚĞƚŚĞƌĂŵĂƚĞƌŝĂůƵŶĐĞƌƚĂŝŶƚLJĞdžŝƐƚƐƌĞůĂƚĞĚƚŽĞǀĞŶƚƐŽƌĐŽŶĚŝƚŝŽŶƐƚŚĂƚŵĂLJĐĂƐƚ
ƐŝŐŶŝĨŝĐĂŶƚĚŽƵďƚŽŶƚŚĞGroup’sĂďŝůŝƚLJƚŽĐŽŶƚŝŶƵĞĂƐĂŐŽŝŶŐĐŽŶĐĞƌŶ͘/ĨǁĞĐŽŶĐůƵĚĞƚŚĂƚĂŵĂƚĞƌŝĂůƵŶĐĞƌƚĂŝŶƚLJ
ĞdžŝƐƚƐ͕ǁĞĂƌĞƌĞƋƵŝƌĞĚƚo draw attention in our auditor’s report to the related disclosures in the financial report
Žƌ͕ŝĨƐƵĐŚĚŝƐĐůŽƐƵƌĞƐĂƌĞŝŶĂĚĞƋƵĂƚĞ͕ƚŽŵŽĚŝĨLJŽƵƌŽƉŝŶŝŽŶ͘KƵƌĐŽŶĐůƵƐŝŽŶƐĂƌĞďĂƐĞĚŽŶƚŚĞĂƵĚŝƚĞǀŝĚĞŶĐĞ
obtained up to the date of our auditor’s report. HoweǀĞƌ͕ĨƵƚƵƌĞĞǀĞŶƚƐŽƌĐŽŶĚŝƚŝŽŶƐŵĂLJĐĂƵƐĞƚŚĞ'ƌŽƵƉƚŽ
ĐĞĂƐĞƚŽĐŽŶƚŝŶƵĞĂƐĂŐŽŝŶŐĐŽŶĐĞƌŶ͘
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ǀĂůƵĂƚĞƚŚĞŽǀĞƌĂůůƉƌĞƐĞŶƚĂƚŝŽŶ͕ƐƚƌƵĐƚƵƌĞĂŶĚĐŽŶƚĞŶƚŽĨƚŚĞĨŝŶĂŶĐŝĂůƌĞƉŽƌƚ͕ŝŶĐůƵĚŝŶŐƚŚĞĚŝƐĐůŽƐƵƌĞƐ͕ĂŶĚ
ǁŚĞƚŚĞƌƚŚĞĨŝŶĂŶĐŝĂůƌĞƉŽƌƚƌĞƉƌĞƐĞŶƚƐƚŚĞƵŶĚĞƌůLJŝŶŐƚƌĂŶƐĂĐƚŝŽŶƐĂŶĚĞǀĞŶƚƐŝŶĂŵĂŶŶĞƌƚŚĂƚĂĐŚŝĞǀĞƐĨĂŝƌ
ƉƌĞƐĞŶƚĂƚŝŽŶ͘
OVERVIEW
REVIEW OF OPERATIONS
RESOURCES AND RESERVES
SUSTAINABILITY REPORT
FINANCIAL REPORT
RAMELIUS RESOURCES ANNUAL REPORT 2024
123
INDEPENDENT AUDITOR’S REPORT
•
KďƚĂŝŶ ƐƵĨĨŝĐŝĞŶƚ ĂƉƉƌŽƉƌŝĂƚĞ ĂƵĚŝƚ ĞǀŝĚĞŶĐĞ ƌĞŐĂƌĚŝŶŐ ƚŚĞ ĨŝŶĂŶĐŝĂů ŝŶĨŽƌŵĂƚŝŽŶ ŽĨ ƚŚĞ ĞŶƚŝƚŝĞƐ Žƌ ďƵƐŝŶĞƐƐ
ĂĐƚŝǀŝƚŝĞƐǁŝƚŚŝŶƚŚĞ'ƌŽƵƉƚŽĞdžƉƌĞƐƐĂŶŽƉŝŶŝŽŶŽŶƚŚĞĨŝŶĂŶĐŝĂůƌĞƉŽƌƚ͘tĞĂƌĞƌĞƐƉŽŶƐŝďůĞĨŽƌƚŚĞĚŝƌĞĐƚŝŽŶ͕
ƐƵƉĞƌǀŝƐŝŽŶĂŶĚƉĞƌĨŽƌŵĂŶĐĞŽĨƚŚĞGroup’s audit. We remain solely responsible for our audit opinion.
tĞĐŽŵŵƵŶŝĐĂƚĞǁŝƚŚƚŚĞĚŝƌĞĐƚŽƌƐƌĞŐĂƌĚŝŶŐ͕ĂŵŽŶŐŽƚŚĞƌŵĂƚƚĞƌƐ͕ƚŚĞƉůĂŶŶĞĚƐĐŽƉĞĂŶĚƚŝŵŝŶŐŽĨƚŚĞĂƵĚŝƚĂŶĚ
ƐŝŐŶŝĨŝĐĂŶƚĂƵĚŝƚĨŝŶĚŝŶŐƐ͕ŝŶĐůƵĚŝŶŐĂŶLJƐŝŐŶŝĨŝĐĂŶƚĚĞĨŝĐŝĞŶĐŝĞƐŝŶŝŶƚĞƌŶĂůĐŽŶƚƌŽůƚŚĂƚǁĞŝĚĞŶƚŝĨLJĚƵƌŝŶŐŽƵƌĂƵĚŝƚ͘
tĞĂůƐŽƉƌŽǀŝĚĞƚŚĞĚŝƌĞĐƚŽƌƐǁŝƚŚĂƐƚĂƚĞŵĞŶƚƚŚĂƚǁĞŚĂǀĞĐŽŵƉůŝĞĚǁŝƚŚƌĞůĞǀĂŶƚĞƚŚŝĐĂůƌĞƋƵŝƌĞŵĞŶƚƐƌĞŐĂƌĚŝŶŐ
ŝŶĚĞƉĞŶĚĞŶĐĞ͕ĂŶĚƚŽĐŽŵŵƵŶŝĐĂƚĞǁŝƚŚƚŚĞŵĂůůƌĞůĂƚŝŽŶƐŚŝƉƐĂŶĚŽƚŚĞƌŵĂƚƚĞƌƐƚŚĂƚŵĂLJƌĞĂƐŽŶĂďůLJďĞƚŚŽƵŐŚƚƚŽ
ďĞĂƌŽŶŽƵƌŝŶĚĞƉĞŶĚĞŶĐĞ͕ĂŶĚǁŚĞƌĞĂƉƉůŝĐĂďůĞ͕ĂĐƚŝŽŶƐƚĂŬĞŶƚŽĞůŝŵŝŶĂƚĞƚŚƌĞĂƚƐŽƌƐĂĨĞŐƵĂƌĚƐĂƉƉůŝĞĚ͘
&ƌŽŵƚŚĞŵĂƚƚĞƌƐĐŽŵŵƵŶŝĐĂƚĞĚǁŝƚŚƚŚĞĚŝƌĞĐƚŽƌƐ͕ǁĞĚĞƚĞƌŵŝŶĞƚŚŽƐĞŵĂƚƚĞƌƐƚŚĂƚǁĞƌĞŽĨŵŽƐƚƐŝŐŶŝĨŝĐĂŶĐĞŝŶƚŚĞ
ĂƵĚŝƚŽĨƚŚĞĨŝŶĂŶĐŝĂůƌĞƉŽƌƚŽĨƚŚĞĐƵƌƌĞŶƚƉĞƌŝŽĚĂŶĚĂƌĞƚŚĞƌĞĨŽƌĞƚŚĞŬĞLJĂƵĚŝƚŵĂƚƚĞƌƐ͘tĞĚĞƐĐƌŝďĞƚŚĞƐĞŵĂƚƚĞƌƐ
in our auditor’s report unless law or regulation precludes public disclosure about the matter or when, in extremely
ƌĂƌĞĐŝƌĐƵŵƐƚĂŶĐĞƐ͕ǁĞĚĞƚĞƌŵŝŶĞƚŚĂƚĂŵĂƚƚĞƌƐŚŽƵůĚŶŽƚďĞĐŽŵŵƵŶŝĐĂƚĞĚŝŶŽƵƌƌĞƉŽƌƚďĞĐĂƵƐĞƚŚĞĂĚǀĞƌƐĞ
ĐŽŶƐĞƋƵĞŶĐĞƐ ŽĨ ĚŽŝŶŐ ƐŽ ǁŽƵůĚ ƌĞĂƐŽŶĂďůLJ ďĞ ĞdžƉĞĐƚĞĚ ƚŽ ŽƵƚǁĞŝŐŚ ƚŚĞ ƉƵďůŝĐ ŝŶƚĞƌĞƐƚ ďĞŶĞĨŝƚƐ ŽĨ ƐƵĐŚ
ĐŽŵŵƵŶŝĐĂƚŝŽŶ͘
ZĞƉŽƌƚŽŶƚŚĞZĞŵƵŶĞƌĂƚŝŽŶZĞƉŽƌƚ
KƉŝŶŝŽŶŽŶƚŚĞZĞŵƵŶĞƌĂƚŝŽŶZĞƉŽƌƚ
tĞŚĂǀĞĂƵĚŝƚĞĚƚŚĞZĞŵƵŶĞƌĂƚŝŽŶZĞƉŽƌƚŝŶĐůƵĚĞĚŝŶƉĂŐĞƐϰϴƚŽϲϳof the Directors’ Report for the year ended 30
:ƵŶĞϮϬϮϰ͘
/ŶŽƵƌŽƉŝŶŝŽŶ͕ƚŚĞZĞŵƵŶĞƌĂƚŝŽŶZĞƉŽƌƚŽĨZĂŵĞůŝƵƐZĞƐŽƵƌĐĞƐ>ŝŵŝƚĞĚ͕ĨŽƌƚŚĞLJĞĂƌĞŶĚĞĚϯϬ:ƵŶĞϮϬϮϰ͕ĐŽŵƉůŝĞƐ
ǁŝƚŚƐĞĐƚŝŽŶϯϬϬŽĨƚŚĞŽƌƉŽƌĂƚŝŽŶƐĐƚϮϬϬϭ͘
ZĞƐƉŽŶƐŝďŝůŝƚŝĞƐ
dŚĞĚŝƌĞĐƚŽƌƐŽĨƚŚĞŽŵƉĂŶLJĂƌĞƌĞƐƉŽŶƐŝďůĞĨŽƌƚŚĞƉƌĞƉĂƌĂƚŝŽŶĂŶĚƉƌĞƐĞŶƚĂƚŝŽŶŽĨƚŚĞZĞŵƵŶĞƌĂƚŝŽŶZĞƉŽƌƚŝŶ
ĂĐĐŽƌĚĂŶĐĞ ǁŝƚŚ ƐĞĐƚŝŽŶ ϯϬϬ ŽĨ ƚŚĞ ŽƌƉŽƌĂƚŝŽŶƐ Đƚ ϮϬϬϭ͘ KƵƌ ƌĞƐƉŽŶƐŝďŝůŝƚLJ ŝƐ ƚŽ ĞdžƉƌĞƐƐ ĂŶ ŽƉŝŶŝŽŶ ŽŶ ƚŚĞ
ZĞŵƵŶĞƌĂƚŝŽŶZĞƉŽƌƚ͕ďĂƐĞĚŽŶŽƵƌĂƵĚŝƚĐŽŶĚƵĐƚĞĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƵƐƚƌĂůŝĂŶƵĚŝƚŝŶŐ^ƚĂŶĚĂƌĚƐ͘
>K/dd dKh, dK,Dd^h
<ŶĚƌĞǁƐ
WĂƌƚŶĞƌ
ŚĂƌƚĞƌĞĚĐĐŽƵŶƚĂŶƚƐ
WĞƌƚŚ͕ϮϲƵŐƵƐƚϮϬϮϰ
RAMELIUS RESOURCES ANNUAL REPORT 2024
124
SHAREHOLDER
INFORMATION
Additional information required by the Australian Securities Exchange Limited Listing Rules and not disclosed elsewhere in this
report is set out below.
VOTING RIGHTS
FULLY PAID ORDINARY SHARES
Other than voting exclusions required by the Corporations Act 2001 and subject to any rights or restrictions attached to
any class of shares, at a meeting of members, on a show of hands, each member presents (in person, by proxy, attorney or
representative) has one vote and on a poll, each member present (in person, by proxy, attorney or representative) has one vote
for each fully paid share they hold.
OPTIONS AND PERFORMANCE RIGHTS
There are no options on issue by the Company.
Details of performance rights on issue by the Company as at 7 October 2024 are as follows:
Number of performance rights
Exercise price
Expiry Date
45,305
Nil
01/07/2025#
16,310
Nil
01/07/2026#
293,333
Nil
01/07/2027#
577,606
Nil
01/07/2028#
596,347
Nil
01/07/2029#
72,704
Nil
01/07/2030#
106,390
Nil
01/07/2031#
3,555,360
Nil
01/07/2028*
3,731,091
Nil
01/07/2028*
Performance rights holders will be entitled on payment of the exercise price shown above to be allotted one fully paid ordinary
share in the Company for each performance right exercised.
# These performance rights are exercisable in whole or in part at any time until the expiry date. Any performance right not exercised before expiry will lapse.
* These performance rights are subject to vesting conditions and once vested are exercisable in whole or in part at any time until the expiry date. Any vested performance
rights not exercised before expiry will lapse.
OVERVIEW
REVIEW OF OPERATIONS
RESOURCES AND RESERVES
SUSTAINABILITY REPORT
FINANCIAL REPORT
RAMELIUS RESOURCES ANNUAL REPORT 2024
125
SHAREHOLDER INFORMATION
UNQUOTED AND RESTRICTED EQUITY SHARES
Fully Paid Ordinary Shares
There are no unpaid restricted fully paid shares on issue.
Performance Rights
There are no options on issue. Details of performance rights on issue as at 7 October 2024 which are unquoted restricted
securities held by employees as long-term incentives are as follows:
Date until securities
are vested
Number of unquoted
securities on issue
Number of
holders
Vesting
date
Exercise
price
Expiry –
exercisable until
Vested
45,305
1
-
Nil
01/07/2025
Vested
16,310
2
-
Nil
01/07/2026
Vested
293,333
1
-
Nil
01/07/2027
Vested
577,606
4
-
Nil
01/07/2028
Vested
596,347
6
-
Nil
01/07/2029
Vested
72,704
5
-
Nil
01/07/2030
Vested
106,390
7
-
Nil
01/07/2031
01/07/2025**
3,555,360
28
01/07/2025
Nil
01/07/2027
01/07/2026**
3,731,091
34
01/07/2026
Nil
01/07/2028
Vested performance rights may not be transferred or used as collateral.
** These securities are unvested performance rights exercisable when vested which may not be transferred or used as collateral.
ORDINARY FULLY PAID SHARES
Ordinary Fully Paid Shares (Total)
Range of Units As Of 3/10/2024
Composition : ORD
Range
Total holders
Units
% Units
1 – 1,000
3,691
1,806,254
0.16
1,001 – 5,000
5,032
13,713,796
1.19
5,001 – 10,000
2,240
17,229,666
1.50
10,001 – 100,000
3,516
106,683,978
9.29
100,001 Over
451
1,008,694,244
87.86
Rounding
0.00
Total
14,930
1,148,127,938
100.00
Unmarketable Parcels
Minimum Parcel Size
Holders
Units
Minimum $ 500.00 parcel
at $ 2.1000 per unit
239
853
46,495
RAMELIUS RESOURCES ANNUAL REPORT 2024
126
SHAREHOLDER INFORMATION
TOP HOLDERS (UNGROUPED) AS OF 3 OCTOBER 2024
Ordinary Fully Paid Shares (Total)
Composition : ORD
Rank
Name
Units
% Units
1
HSBC CUSTODY NOMINEES (AUSTRALIA) LIMITED
433,996,319
37.80
2
CITICORP NOMINEES PTY LIMITED
178,993,190
15.59
3
J P MORGAN NOMINEES AUSTRALIA PTY LIMITED
163,925,828
14.28
4
BNP PARIBAS NOMS PTY LTD
31,745,439
2.76
5
NATIONAL NOMINEES LIMITED
18,993,795
1.65
6
STRAMIG HOLDINGS PTY LTD
9,600,000
0.84
7
BNP PARIBAS NOMINEES PTY LTD
8,780,963
0.76
8
WEST TRADE ENTERPRISES PTY LTD
5,400,000
0.47
9
BNP PARIBAS NOMINEES PTY LTD
5,100,320
0.44
10
MR RICHARD ARTHUR LOCKWOOD
4,796,913
0.42
11
BNP PARIBAS NOMINEES PTY LTD
4,590,970
0.40
12
CITICORP NOMINEES PTY LIMITED
3,239,632
0.28
13
HSBC CUSTODY NOMINEES (AUSTRALIA) LIMITED
2,957,898
0.26
14
MR MARK WILLIAM ZEPTNER
2,753,971
0.24
15
HSBC CUSTODY NOMINEES (AUSTRALIA) LIMITED
2,556,171
0.22
16
MUSGRAVE MINERALS LIMITED
2,030,395
0.18
17
MR KENNETH JOSEPH HALL
2,000,000
0.17
17
MR HENDRICUS PETRUS INDRISIE
2,000,000
0.17
19
BNP PARIBAS NOMS PTY LTD
1,950,343
0.17
20
UBS NOMINEES PTY LTD
1,788,552
0.16
Totals: Top 20 holders of ORDINARY FULLY PAID SHARES (Total)
887,200,699
77.27
Total Remaining Holders Balance
260,927,239
22.73
OVERVIEW
REVIEW OF OPERATIONS
RESOURCES AND RESERVES
SUSTAINABILITY REPORT
FINANCIAL REPORT
RAMELIUS RESOURCES ANNUAL REPORT 2024
127
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