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RAMELIUS RESOURCES LIMITED (RMS)


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General Information
Company Name: Ramelius Resources Limited
Stock Code: RMS
Website: www.rameliusresources.com.au
GICS Sub-Industry: Gold
Market Cap ($M): 69
Equiv. Shares (M): 338

Current Price Data+
Current Price Open High Low Last Close Volume Price Movement
$ 0.205 $ 0.205 $ 0.210 $ 0.205 $ 0.205 588,449 0%

Company Overview

Business Description:
Ramelius Resources Limited (RMS) is a gold mining and production which operates two main projects, Wattle Dam Gold Mine and Mt Magnet Gold Mine, in Western Australia. RMS also holds a portfolio of exploration and development projects located in Australia and USA.

Strategy Analysis:
Ramelius Resources strategy is to establish an early revenue stream from low risk and low cost advanced projects. This has seen it commence mining at the Wattle Dam gold project in Western Australia. RMS aims to focus on discovering high return, gold focused assets in proven mineral provinces. New discoveries and acquisitions will be the main driver of growth. The company hopes to increase exploration, whilst being funded from production. RMS' main focus is on the high grade, underground Wattle Dam project, which it believes has a 1Moz potential. The company is currently mining Wattle Dam as a small open put operation. . Ramelius Resources reported a net loss of $5.73m for the half-year ended 31 December 2012. Revenues from ordinary activities were $77.47m, up 68.25% from last year. Diluted EPS was (1.7) cents compared to 5.3 cents last year. Net operating cash flow was $30.73m compared to $23.67m last year. No dividend was declared.

Financial Summary
Year to Jun NPAT EPS EPS chg (%) PER DPS Yield (%) Franking (%)
2014  F 43.4 12.8 100.0 1.6 2.8 13.6 --
2013  F 21.6 6.4 814.3 3.2 -- 0.0 --
2012  A 2.3 0.7 -96.7 148.5 0.0 0.0 --
Source: Aspect actuals / Thomson IBES estimates

Peer Comparison
EPS Growth (%) P/E (%) Dividend Yield (%)
Company Mkt Cap 2012 A 2013 F 2014 F 2012 A 2013 F 2014 F 2012 A 2013 F 2014 F
Evolution Mining (EVN) $588 M -- 0.2450 0.2095 11.9597 9.6065 7.9426 0.0000 0.0108 0.0229
Newcrest Mining (NCM) $11,513 M -0.0378 -0.4475 0.0889 10.6156 19.2121 17.6436 0.0233 0.0215 0.0233
OZ Minerals (OZL) $1,244 M -0.6077 -0.5926 1.2746 9.8439 24.1603 10.6218 0.0732 0.0255 0.0437
Ramelius Resources (RMS) $69 M -0.9655 7.7671 0.9984 28.0822 3.2031 1.6028 0.0000 0.0000 0.1361
Regis Resources (RRL) $1,760 M 0.7775 1.2655 0.3111 24.3742 10.7589 8.2058 0.0000 0.0541 0.0791

Market Comparison
Earnings P/E Ratio P/B Ratio P/E Growth P/S Ratio
RMS 0.20 3.59 0.34 0.01 0.77
Market 0.83 14.9 1.29 1.81 1.77
Sector 0.56 8.96 0.71 1.83 6.67

Directors
Name Position Start Date
Mr Bob Kennedy Chairman 01 November 1995
Mr Ian James Gordon Chief Executive Officer,Managing Director 18 October 2007
Mr Michael A Bohm Non-Executive Director 29 November 2012
Mr Kevin James Lines Non-Executive Director 09 April 2008

Management
Name Position
Mark Zeptner Chief Operating Officer
Domenico Antonio Francese Company Secretary,Chief Finance Officer
Kevin Mark Seymour General Manager, Exploration & Business Development
Antony Webb Process Manager, Burbanks
Mike Casey Registered Mine Manager, WA General Manager, Mt Magnet
Denny Doherty Registered Mine Manager, WA, Operations Manager, Wattle Dam

Substantial Shareholders
Holding Name
23,648,913 (4.06%) Van Eck Associates Corporation
29,766,197 (8.86%) Sprott Asset Management Inc

Calendar of Events
Date Event
18 April 2014 Report (Quarterly)
20 February 2014 Report (Interim)
20 January 2014 Report (Quarterly)
28 October 2013 Report (Quarterly)
18 October 2013 Report (Annual)
27 August 2013 Report (Prelim)
29 July 2013 Report (Quarterly)
© 2011 Morningstar, Inc. All rights reserved. The data and content contained herein are not guaranteed to be accurate, complete or timely. Neither Morningstar, nor its affiliates nor their content providers will have any liability for use or distribution of any of this information. To the extent that any of the content above constitutes advice, it is general advice that has been prepared by Morningstar Australasia Pty Ltd ABN: 95 090 665 544, AFSL: 240892 (a subsidiary of Morningstar, Inc.), without reference to your objectives, financial situation or needs. Before acting on any advice, you should consider the appropriateness of the advice and we recommend you obtain financial, legal and taxation advice before making any financial investment decision. If applicable investors should obtain the relevant product disclosure statement and consider it before making any decision to invest. Some material is copyright and published under licence from ASX Operations Pty Limited ACN 004 523 782 ("ASXO"). DISCLOSURE: Employees may have an interest in the securities discussed in this report. Please refer to our Financial Services Guide (FSG) for more information at www.morningstar.com.au/fsg.asp.

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