Ramelius Resources' two mines performed ahead of expectation in the September quarter and a stronger December quarter is expected, leading the broker to assume a beat on cost guidance.

The Edna stage 3 study and the potential acquisition of Apollo Consolidated ((AOP)) would change the broker's outlook, but in the latter case, Gold Road Resources ((GOR)) has gazumped Ramelius' offer and now holds a blocking stake.

Outperform and $1.90 target retained.

Sector: Materials.

Target price is $1.90.Current Price is $1.55. Difference: $0.35 - (brackets indicate current price is over target). If RMS meets the Macquarie target it will return approximately 18% (excluding dividends, fees and charges - negative figures indicate an expected loss).

© 2021 Acquisdata Pty Ltd., source FN Arena