Ramelius Reports 12Moz Gold Resources and 2.4Moz Ore Reserves at June 2025

Significant Resource and Reserve Growth

Ramelius Resources Limited (ASX – RMS) has unveiled a robust update to its Mineral Resources and Ore Reserves as at 30 June 2025, showcasing a 38% increase in total Mineral Resources to 210 million tonnes grading 1.8 grams per tonne gold, equating to 12 million ounces. More strikingly, Ore Reserves have surged by 118% to 57 million tonnes at 1.3 grams per tonne, representing 2.4 million ounces of gold. This leap is largely driven by the inclusion of new assets and successful conversion of resources to reserves.

The additions include the Eridanus Ore Reserve, contributing 680,000 ounces, and the Rebecca-Roe open pit reserves, adding 870,000 ounces. Notably, Ramelius has declared a maiden Ore Reserve of 57,000 ounces for the Break of Day underground project at Cue, signaling a new development pipeline.

Break of Day Underground – A New Growth Catalyst

The Break of Day underground project has progressed to a completed Pre-Feasibility Study (PFS), outlining a 28-month mine life with an estimated 480,000 tonnes at 3.6 grams per tonne gold, yielding approximately 70,000 ounces of gold production. The study highlights a mining method of longhole open stoping without backfill, supported by strong geological continuity and favourable geotechnical conditions.

Operating costs are projected at an all-in sustaining cost (AISC) of A$1,922 per ounce, underpinned by existing infrastructure at Mt Magnet, including processing facilities and accommodation. The project’s capital expenditure is estimated at A$17.8 million, with metallurgical recoveries expected to be high at 94.6%. The ore will be hauled to the Checkers processing plant, leveraging Ramelius’ established logistics.

Strategic Exploration and Future Outlook

Ramelius has earmarked an ambitious exploration budget of A$80-100 million for the 2026 financial year, focusing on key projects such as Dalgaranga, Penny, Cue, Mt Magnet, and Rebecca-Roe. The company anticipates further Ore Reserve increases in the December 2025 quarter, driven by ongoing studies including the Never Never underground PFS and the Rebecca-Roe definitive feasibility study.

The Dalgaranga acquisition, completed in July 2025, has already contributed significantly to resource growth, with exploration programs targeting extensions and new discoveries. Similarly, the Penny mine continues to show promise with underground development advancing and targeted drilling to expand high-grade zones.

Robust Geological and Operational Foundations

Ramelius’ resource and reserve estimates are supported by extensive drilling campaigns, geological modelling, and metallurgical test work. The company employs industry-standard practices for sampling, assay quality control, and resource classification under the JORC Code. Mining approvals are in place or progressing for all projects expected to be mined within the next two years, ensuring operational readiness.

The company’s diversified portfolio across Western Australia, including Mt Magnet, Cue, Dalgaranga, and Rebecca-Roe, positions it well to sustain production and growth. The integration of recent acquisitions and ongoing exploration underpin a positive outlook for Ramelius’ medium-term production profile and value creation.