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Ramelius Resources produced 86,928 ounces (oz) of gold in the March 2024 quarter, marking a new record for the company.

The gold miner’s previous quarterly record was the 86,516oz it produced in the June 2020 quarter.

The March 2024 production figure is higher than Ramelius’ implied gold production guidance for the quarter, which was 70,000–77,500oz.

The Mount Magnet gold mine and the Penny gold mine produced 45,927oz for the period, while the Edna May gold mine – including the Tampia, Marda and Symes mines – produced 41,001oz.

Ramelius recently revealed its 10 year mine plan for the Mount Magnet mine, with the plan including mineral resource and production from its Penny, Cue, Eridanus and Bartus tenements.

The company’s production guidance for the second half of the 2023–24 financial year (H2 FY24) is set at 140,000–155,000oz at an all-in sustaining cost (AISC) of $1700–$1800/oz.

“Further, the company’s balance sheet strengthened considerably with net cash and gold of $407.1 million following record free cash flow of $125.3 million,” Ramelius said.

“As a result, the AISC for the quarter is expected to be well below (H2 FY24) guidance with an outcome in the range of $1375–$1475/oz.”

Ramelius’ record gold production comes after it ended takeover discussions with Karora Resources last week.

“Following its usual disciplined due diligence process, Ramelius advises that no final agreement, including on value, was reached and that discussions with Karora regarding a potential corporate transaction have concluded,” Ramelius said.

Ramelius confirmed it had entered talks with Karora in early March but it didn’t disclose the value of the potential deal.