Ramelius Charts Fully Funded Path to 500,000oz Gold by FY30

A Clear Growth Trajectory

Ramelius Resources has laid out an ambitious yet fully funded five-year plan to scale its gold production to more than 500,000 ounces annually by fiscal year 2030. This strategy is underpinned by recent feasibility studies on key projects including Never Never, Mt Magnet-Dalgaranga integration, and Rebecca-Roe, which collectively form the backbone of the company’s growth outlook.

Managing Director Mark Zeptner highlighted the company’s confidence in this pathway, noting that the production targets are sustainable and supported by known reserves and resources, even before factoring in potential exploration success. The company is also positioned as a cost leader among its peers, with all-in sustaining costs (AISC) for FY26 guidance set between A$1,700 and A$1,900 per ounce.

Major Capital Projects and Operational Enhancements

A centerpiece of Ramelius’ growth plan is the significant upgrade of the Mt Magnet processing plant, scheduled to begin construction in early 2026. This upgrade will more than double the plant’s throughput capacity from 2 million tonnes per annum (Mtpa) to 5 Mtpa by FY28, enabling the processing of high-grade ore from Dalgaranga and other hubs at a targeted run-rate of 4.3 Mtpa through FY36.

Meanwhile, the Rebecca-Roe project’s processing plant construction has been rescheduled to commence in late 2027, with first gold production expected in FY29. This deferral prioritizes the Mt Magnet upgrade but also opens the possibility of accelerated development if environmental permitting processes shift favorably.

Financial Strength and Synergies

Ramelius enters this growth phase with a robust balance sheet, holding A$827.7 million in cash and bullion and an undrawn revolving credit facility of A$175 million, totaling around A$1 billion in liquidity. Despite FY26 being the lowest production year in the outlook due to elevated capital expenditure and one-off cash payments, the company forecasts maintaining a cash balance above A$500 million by year-end.

Importantly, the integration of the Spartan acquisition and Dalgaranga project has unlocked approximately A$1 billion in real synergies, including capital savings from equipment repurposing, operational cost reductions, and significant tax benefits. These efficiencies enhance Ramelius’ competitive position and underpin its forecast of generating over A$1 billion in free cash flow annually from FY30 through FY35, assuming a gold price of A$4,500 per ounce.

Resource Base and Exploration Upside

The company’s updated mineral resources stand at 210 million tonnes grading 1.8 grams per tonne for a total of 12 million ounces of gold, with ore reserves estimated at 69 million tonnes at 1.9 grams per tonne for 4.2 million ounces. These figures provide a solid foundation for the production outlook and leave room for upside through ongoing exploration, particularly at high-grade brownfield targets such as Penny, Cue, Dalgaranga, and Mt Magnet.

Ramelius’ disciplined capital allocation and exploration strategy aim to enhance production targets as early as FY27, potentially accelerating the pathway to its 500,000-ounce goal.

Looking Ahead

With a new capital framework set for release in the first half of 2026, Ramelius is signaling a focus on maintaining and growing shareholder returns through dividends and share buybacks as free cash flow ramps up. The company’s ability to execute on its plant upgrades, manage project timelines, and capitalize on exploration success will be critical to sustaining its growth momentum.