Guess which ASX 200 gold stock is rocketing 12% on record production

The ASX 200 gold miner reported all-time high quarterly gold production of 86,928 ounces.

| More on:
Girls at a party are surrounded by gold streamers, a golden ball and are having a fun time.

Image source: Getty Images

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

An already soaring S&P/ASX 200 Index (ASX: XJO) gold stock is shooting higher again today after reporting record quarterly gold production.

Shares in the ASX 200 gold miner closed yesterday, trading at $1.81. In early morning trade on Wednesday, shares are swapping hands for $2.03 apiece, up 12.2%.

For some context, the ASX 200 is down 0.5% at this same time.

And to better compare golden apples with golden apples, the S&P/ASX All Ordinaries Gold Index (ASX: XGD) – which also contains some smaller miners outside of ASX 200 gold stocks – is up 1.0% amid another uptick in the gold price to US$2,282 per ounce.

With today's big intraday gain factored in, this sees the gold miner's shares up a whopping 48.2% since the recent lows on 23 February.

Any guesses?

If you said Ramelius Resources Ltd (ASX: RMS), go to the head of the virtual class.

Created with Highcharts 11.4.3Ramelius Resources PriceZoom1M3M6MYTD1Y5Y10YALLwww.fool.com.au

Here's what's spurring ASX investor interest today.

ASX 200 gold stock achieves record production

Investors are bidding up the Ramelius Resources share price today after the miner announced it achieved an all-time high gold production of 86,928 ounces in the March quarter.

This tops the implied gold production guidance Ramelius gave for the quarter of 70,000 to 77,500 ounces. And it handily exceeds the prior record quarterly production of 86,516 ounces of gold, achieved in the June 2020 quarter.

The miner's Mt Magnet (including Penny) project produced 45,927 ounces of gold over the quarter, while Edna May (including Tampia, Marda & Symes) produced 41,001 ounces.

Ramelius Resources' current H2 FY2024 production guidance stands at 140,000 ounces to 155,000 ounces at an all-in-sustaining cost (AISC) of AU$1,700 per ounce to AU$1,800 per ounce.

The ASX 200 gold stock is also likely grabbing investor attention today after reporting its balance sheet "strengthened considerably" over the period.

Following record free cash flow of $125.3 million (exceeding the previous record free cash flow of $69.4 million in the June 2020 quarter), Ramelius Resources held net cash and gold of $407.1 million.

The company said that as a result, its AISC for the quarter is expected to be "well below" guidance for H2 FY 2024 of AU$1,700 to AU1,800 per ounce. The miner now expects AISC to fall in the range of AU$1,375 to AU$1,475 per ounce.

The company noted that it would provide additional details in its quarterly report, out later this month. That will include a review of how the March quarter's outperformance will "positively impact" its full-year FY 2024 gold production and AISC guidance.

Motley Fool contributor Bernd Struben has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

More on Share Gainers

Market up or down
Share Gainers

Here are the top 10 ASX 200 shares today

ASX investors had a rough end to the week...

Read more »

Man in an office celebrates at he crosses a finish line before his colleagues.
Share Gainers

4 ASX 200 shares racing ahead of the benchmark this week

ASX investors sent these four stocks soaring 12% to 18% this week. But why?

Read more »

Man pointing an upward line on a bar graph symbolising a rising share price.
Share Gainers

Why BHP, Coronado Global, EBR Systems, and Whitehaven Coal shares are pushing higher today

These shares are ending the week on a positive note. Let's find out why.

Read more »

a young woman looks happily at her phone in one hand with a selection of shopping bags in her other hand.
BNPL shares

Up 87% since April, why the Zip share price can keep flying higher into 2026

A leading fund manager expects more outsized gains from Zip shares ahead.

Read more »

Person pretends to types on laptop drawn in sand.
Share Gainers

Here are the top 10 ASX 200 shares today

It was a miserly session for investors today.

Read more »

Happy coal miner.
Share Gainers

Up 75% this week, why is this ASX All Ords stock rocketing again today?

Investors are piling into this ASX 300 stock on Wednesday. But why?

Read more »

A young woman smiles as she rides a zip line high above the trees.
Share Gainers

Here are the top 10 ASX 200 shares today

It was a bountiful session for investors this hump day.

Read more »

Man looking happy and excited as he looks at his mobile phone.
Share Gainers

Why Coronado, DroneShield, Lovisa, and Mayne Pharma shares are racing higher today

These shares are having a good time on hump day. But why?

Read more »