December quarter gold production was 72,896 ounces, exceeding guidance of 67,000-72,000oz and 6% ahead of Macquarie's forecast.

Production comprised 43,055oz from Mt Magnet, including Vivien, and 29,841oz from Edna May, including Marda.

Half-year production was 144,240oz, ahead of the targeted 132,000-142,000oz of gold.

Cost figures will be released later this month with the company's full December quarter report.

Ramelius finished December with cash and gold of A$221.5 million, in line with the end of September.

Debt more than halved to $8.1 million, while the company paid $16.1 million in dividends and $10.7 million in stamp duty relating to the Spectrum Metals acquisition.

Net cash increased by $7.7 million to $213.4 million, or by $34.5 million excluding the dividend and stamp duty.

The company had a hedging position of 229,750oz at $2288 an ounce at the end of the quarter.

Macquarie lifted its earnings per share forecast for Ramelius for FY21 by 5% to 18.7c based on the result.

"While Ramelius beat our production expectations in 2QFY21 we look to the upcoming quarterly report for more detailed operational performance and cost details," analysts said.

"After a strong start to the year we model flat production from the group in 2HFY20 with Tampia to come online at Edna May towards the end of FY21."

Macquarie maintained a neutral rating and $1.90 price target.

Ramelius shares closed 3.8% lower yesterday at $1.77.