RameliusResources Ltd. produced 110,839 ounces in its fiscal 2016,exceeding guidance of 110,000 ounces for the year ended June 30.

Production in the June quarter was also over the28,000-ounce to 32,000-ounce guidance as output from its Western Australianoperations hit 32,752 ounces.

The 2016 unit costs are also expected to be significantlylower than the guidance of A$1,175 per ounce, the company said July 7.

In full year 2017, Ramelius expects to produce 135,000ounces, including 65,000 ounces from Mount Magnet, 15,000 ounces from and 55,000ounces from the Vivien mine.

The company had no corporate debt and possessed cash andgold worth A$49.7 million at the end of June.