Rebecca-Roe DFS Targets 130koz Annual Gold at A$2,625/oz AISC

Robust Economics in a New Gold District

Ramelius Resources Limited (ASX – RMS) has delivered a comprehensive Definitive Feasibility Study (DFS) for its Rebecca-Roe Gold Project, located approximately 150km east of Kalgoorlie in Western Australia. The study outlines a financially robust project with an after-tax net present value (NPV) of A$692 million based on a conservative gold price of A$4,500 per ounce. The internal rate of return (IRR) stands at a healthy 34%, underscoring the project's strong profitability potential.

The project targets a total gold production of approximately 1.2 million ounces over an initial nine-year mine life, averaging 130,000 ounces annually at an all-in sustaining cost (AISC) of A$2,625 per ounce. This positions Rebecca-Roe as a significant contributor to Ramelius’ growth strategy, complementing its existing operations at Mt Magnet and Dalgaranga.

Mining and Processing Plans

The mining plan combines open pit and underground operations. Open pit mining will extract 21 million tonnes at 1.3 grams per tonne (g/t) for 0.88 million ounces, while underground mining will add 4.4 million tonnes at 1.8 g/t for 0.26 million ounces. Mining is scheduled to commence in the December 2027 quarter, with first gold production expected by the December 2028 quarter.

Central to the project is a new 3.25 million tonnes per annum processing plant adjacent to the Rebecca deposit, with capital costs estimated at A$188 million. The plant design incorporates conventional crushing, grinding, gravity concentration, and carbon-in-leach (CIL) gold recovery, achieving an average metallurgical recovery of 91.5%. Supporting infrastructure includes a hybrid power station combining solar, gas, diesel, and battery storage, a sealed aerodrome, and a 460-room accommodation village designed to support workforce wellbeing.

Funding, Approvals, and Risks

Ramelius plans to fully fund the Rebecca-Roe development from its existing cash reserves, reflecting confidence in the project's economics and strategic importance. The company has already secured a financial investment decision (FID) from its board, contingent on environmental permitting, particularly for the Roe component. The Roe project referral to the Environmental Protection Authority (EPA) is planned for December 2025, with approvals expected to follow within a two-year assessment window.

Key risks highlighted include regulatory approval delays, gold price volatility, operational challenges, and supply chain constraints. The DFS incorporates sensitivity analyses showing strong project resilience even at lower gold prices, though the company remains vigilant on cost inflation and environmental compliance.

Strategic Growth and Exploration Upside

Managing Director Mark Zeptner emphasised Rebecca-Roe’s role in Ramelius’ five-year growth pathway, aiming to exceed 500,000 ounces of annual production. The project also establishes a new mining hub in an under-explored region, leveraging Ramelius’ proven hub-and-spoke operational model. Exploration upside remains significant, with ongoing drilling targeting extensions along strike and at depth, as well as nearby prospects at Yindi.

With mining slated to begin in late 2027 and production shortly after, Rebecca-Roe represents a pivotal chapter in Ramelius’ expansion, promising to enhance its standing among Australia’s leading gold producers.