ASX 200 Gold Stocks Rally Amid Rising Gold Prices

July 08, 2024 12:00 AM AEST | By Team Kalkine Media

ASX 200 Gold Stocks Rally Amid Rising Gold Prices — Image source: shutterstock.com

Ramelius Resources Ltd (ASX: RMS)

The share price of Ramelius Resources has climbed by 3.5% to $1.98. This increase comes after the company announced a production record of 293,033 ounces for FY 2024, hitting the upper end of its upgraded guidance range of 285,000 to 295,000 ounces.

Moreover, management expects the full-year all-in sustaining costs (AISC) to be at the lower end of the upgraded guidance range of A$1,550 to A$1,650 per ounce. This achievement has underpinned a total free cash flow of A$315.8 million for the 12 months, significantly boosting its cash and gold balance to A$446.6 million, up from A$272.1 million at the end of FY 2023.

Regis Resources Ltd (ASX: RRL)

Regis Resources' share price has surged by 6.5% to $1.89 following the release of its fourth-quarter update. During the quarter, the operational performance at its Duketon and Tropicana operations showed recovery from major rain events in March. Duketon produced 75,600 ounces of gold, resulting in FY 2024 gold production of 289,900 ounces, within its FY 2024 production guidance range.

While Tropicana faced more significant impacts from the rain and had a slower recovery, producing 30,800 ounces of gold and resulting in FY 2024 gold production of 127,800 ounces, which was below its production guidance range, the overall impact was mitigated. Regis Resources achieved a total production of 417,700 ounces of gold for the year, within its group production guidance range.

Furthermore, with the company now fully unhedged and receiving a $20 million tax refund, it reported a record $109 million increase in its quarterly cash and bullion balance. At the end of the period, its cash and bullion balance reached its highest-ever level of $295 million.

The recent positive developments for Ramelius Resources and Regis Resources, coupled with a solid rise in gold prices, have driven significant gains in their share prices. These updates highlight the strong operational performance and financial stability of these ASX 200 gold stocks, offering a bright outlook for investors.

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