UPDATE 1.25pm: Shares in Ramelius Resources surged after the gold miner flagged a possible sale of assets in a bid to maximise shareholder value.
The company said its board believed Ramelius was undervalued with an enterprise value of about $60 million (market capitalisation, plus debt, minority interest and preferred shares, minus total cash and cash equivalents).
The company said it held $48 million in cash and gold at the end of February.
Ramelius said it would conduct "a strategic review of its assets with the aim of realising greater shareholder value".
Ramelius said it had transitioned between production from its Wattle Dam mine to its Mt Magnet mine and expected to produce about 21,000 ounces of gold in the current quarter.
"The company also expects to produce approximately 19,000 ounces in the June quarter, predominately from Mt Magnet," Ramelius said in a statement.
Ramelius said its production would increase next financial year to more than 100,000 ounces a year with the addition of new high-grade projects such as Western Queen South, Coogee and Vivien.
Ramelius shares closed up three cents, or 9.52 per cent, at 34.5 cents after hitting an intraday peak of 36 cents.