While the first quarter result for Ramelius Resources came in as Ord Minnett expected, some exciting drill results from the Bartus East Prospect at Mt Magnet were released. FY22 guidance was unchanged.

The broker upgrades its FY22 forecast earnings by 5%, largely due to non-cash inventory movements, and lifts its target price to $1.65 from $1.45. The Accumulate rating is unchanged.

Sector: Materials.

Target price is $1.65.Current Price is $1.55. Difference: $0.10 - (brackets indicate current price is over target). If RMS meets the Ord Minnett target it will return approximately 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

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