Investors are selling at pace today.
The post Why is the Ramelius share price getting rained on today? appeared first on The Motley Fool Australia. –
The Ramelius Resources Limited (ASX: RMS) share price is trading 8% lower today at $1 apiece.
What did Ramelius announce?
The company advised that gold production is expected to fall “marginally short” of the current guidance range.
It noted that:
[M]ore persistent rain than forecast, especially recently, on some of the haulage routes to both the Mt Magnet and Edna May operations, ongoing staff shortages due to COVID/influenza and a lower than forecast head grade from Tampia, it is expected that gold production for FY22 will fall marginally short of the current guidance range of 260,000 â 265,000 oz.
This is despite the best efforts of the Ramelius and contractor teams in a challenging operating environment across the Western Australian resources industry.
Ramelius downgraded FY22 production guidance to 255,000â260,000 ounces as a result.
The company also noted it’s “too early” to provide definitive guidance on all-in-sustaining costs (AISC).
Still, an AISC of $1,475â$1,525/ounce is a reasonable expectation, it noted.
Actual results for FY22, in addition to FY23 guidance, will be provided in its quarterly report, set for release in July.
Turning to the trading session, investors weren’t pleased with the news and have sold en masse today. Already they’ve pushed trading volume towards the 4-week average of 3.9 million shares.
The loss also extends a difficult period for Ramelius on the chart. It is down 25% in the last month alone.
Meanwhile, in the last 12 months, the Ramelius share price has cratered more than 41% and 36% this year to date.
The post Why is the Ramelius share price getting rained on today? appeared first on The Motley Fool Australia.
When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for over ten years has provided thousands of paying members with stock picks that have doubled, tripled or even more.* Scott just revealed what he believes could be the “five best ASX stocks” for investors to buy right now. These stocks are trading at near dirt-cheap prices and Scott thinks they could be great buys right now
See The 5 Stocks
*Returns as of January 12th 2022
setButtonColorDefaults(“#43B02A”, ‘background’, ‘#5FA85D’);
setButtonColorDefaults(“#43B02A”, ‘border-color’, ‘#43A24A’);
setButtonColorDefaults(“#fff”, ‘color’, ‘#fff’);
Motley Fool contributor Zach Bristow 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.