Hi @Nnyck777 - have a very busy day today and don't expect to be online much after the next few minutes, so I'll answer your query properly tomorrow, however, for now I'll say that RMS are now expecting to be getting into the ASX100 index as well within the next year to 18 months on the back of their acquisition of Spartan and the additional gold production they are expecting to bring on line during the next 2 years. RMS is currently the largest gold position in my SMSF because I see more of a positive re-rating is due now that they have added the Spartan assets and the Spartan exploration team to Ramelius - best summarised by their D&D Presso which I linked to here in a couple of different posts.

I still like GOR for a short term arbitrage play (due to the various elements of their takeover by Gold Fields) plus I'm still bullish on NST, GMD, and all the other goldies I hold, but RMS and GMD have the best near-term growth coming in my view - of the larger Australian goldies, and with GMD most of that is already priced in - but with RMS it is not, yet. They are gaining more attention, but I believe that once they get into the ASX100 they're going to really get a LOT of attention, and rightfully so - they're already a $6.5 billion company, and I expect that market cap to grow significantly in the next couple of years, so that's why they're currently my largest gold producer position.

RMS are lower cost than both NST and GMD and that's because they have higher grades of gold in their ore than the average grades that the other two are mining. NST is going to keep rising also on the back of this high gold price and their KCGM expansion, but I think RMS will rise more in percentage terms.

Hope that helps. More tomorrow.

Hi @Nnyck777 - I've just updated my RMS price target ("Valuation" - although in my case I don't do valuations, I just set price targets based on realistic expectations that I have - which do take into account whether a sector is in favour or in the doghouse with the market, and the individual company's position within that sector relative to their peers, plus the outlook for both the sector and that company within it). I've added a fair bit to the bottom of that which I hope answers your questions about why I rate RMS highly.

Also, seeing as I am the only member here at this point who actually has a "valuation" number for RMS, the consensus view appears to be based solely on my own price target ("valuation") so now the consensus (once it updates) will reflect that RMS is actually undervalued by the market (in my view) rather than overvalued.

In terms of shorters, I think they'd be brave to be shorting RMS at this point. If they were going to short a gold producer, you'd assume they'd have a negative view on the gold price trajectory from here, at least in the short to medium term, so the obvious play is to short one or more of the higher cost producers who are going to be more negatively impacted by a falling gold price, not a low cost producer like RMS who will still be making money even if the gold price halved from here.

RMS' EBITDA margin in FY25 was 68% and they have low costs (A$1,551/oz AISC), zero debt and they had over A$800 million of cash and gold on June 30th:

They have a very strong balance sheet and the capacity to make another acquisition or two if they want to:

I'm not saying they will make another acquisition, but they have that optionality if a good enough opp comes their way. They have good form for creating shareholder value through both organic and inorganic growth, so I don't mind how they do it. Their future looks very bright to me either way.

Discl: Holding.

@Nnyck777 and @tomsmithidg this might interest you, concerning Ramelius:

29/9/2025: From @Jimmy's News Summary DJ Australian Equities Roundup -- Market Talk 29 Sep 2025 14:55:06 straw this arvo [thanks @Jimmy]

0307 GMT - Ramelius Resources is Morgans' top pick among ASX gold producers, thanks to consistent cash generation and a high-grade resource base, analyst Ross Bennett says. "In precious metals, grade is king and drives high margins," he says. The broker reinitiates coverage with an accumulate recommendation and a A$4.00 target. Ramelius has a robust balance sheet and "a platform for sustained, meaningful free cash flow," says Bennett. Shares trade at A$3.80, up 3.8% on Friday's close and 84% higher year to date, supported by a surge in gold prices. ([email protected]; @RhiannonHoyle)

Discl: Held.

RMS closed up +3.3% at $3.78 today, so not much upside to Ross Bennett's (at Morgans') $4.00 PT, but most brokers are playing catch-up when gold companies are running as hot as they are, so they'll generally keep raising their price targets as the share prices of these companies keep heading north east.