Ramelius Resources has withdrawn forward-looking financial statements based on a high gold price assumption, issuing a revised investor presentation that reaffirms its strong production growth and shareholder return plans through to FY30.
- Retraction of forward-looking statements tied to A$7,000/oz gold price assumption
- Replacement presentation updates mineral resource and ore reserve disclosures
- 5-year growth pathway targeting 525,000 ounces annual gold production by FY30
- Strong balance sheet with A$694 million cash and gold holdings as of December 2025
- A$250 million share buyback program underway alongside ongoing dividend payments
Retraction and Compliance
On 17 March 2026, Ramelius Resources Limited (ASX:RMS) released an investor presentation that included forward-looking financial forecasts based on a gold price assumption of A$7,000 per ounce. In a swift follow-up, the company has retracted these specific forward-looking statements to comply with ASX Listing Rule 5.17, cautioning investors not to rely on these projections for investment decisions. The retraction highlights the regulatory sensitivity around optimistic price assumptions and underscores Ramelius’ commitment to transparent and compliant market communications.
Updated Presentation and Resource Disclosure
Alongside the retraction, Ramelius issued a replacement presentation that includes amended competent person statements and expanded tables detailing mineral resource estimates and ore reserves. These updates provide investors with a clearer and more comprehensive view of the company’s asset base, including key projects such as the Mt Magnet hub, Dalgaranga mine, and the Rebecca-Roe gold project. The company’s technical team, comprising experienced geologists and mining professionals, affirms that all material assumptions underpinning these estimates remain valid.
Growth Pathway and Production Outlook
Ramelius continues to pursue an ambitious 5-year growth strategy, aiming to increase gold production to approximately 525,000 ounces per annum by FY30. This growth is driven by the ramp-up of the Dalgaranga mine, expansion of the Mt Magnet processing mill from 2 to 4.3 million tonnes per annum, and the development of the Rebecca-Roe mine and mill, expected to commence production in FY29. The company projects a peer-leading all-in sustaining cost (AISC) averaging around A$1,975 per ounce over the next five years, supporting a high-margin business model.
Financial Strength and Shareholder Returns
As of 31 December 2025, Ramelius reported a robust balance sheet with A$694 million in cash and gold holdings, complemented by an undrawn credit facility. The company has initiated a A$250 million share buyback program and maintains a seven-year track record of paying fully franked dividends, with a minimum of 2 cents per share. Looking ahead, Ramelius targets increasing its dividend payout ratio to approximately 40%, signaling confidence in sustained free cash flow generation from FY27 onwards.
Exploration and Operational Progress
Ramelius is actively investing in exploration with a A$100 million program focused on high-grade extensions to replace lower-grade ore in its milling schedule. Exploration activities at key sites such as Penny, Cue, and Galaxy within the Mt Magnet hub, as well as ongoing drilling at Dalgaranga’s Never Never deposit, aim to unlock further resource upside. Operationally, milestones include the first truckload of Never Never ore delivered to Mt Magnet’s plant and ongoing construction of infrastructure such as the paste plant and camp expansions.
Bottom Line?
While Ramelius steps back from optimistic price-based forecasts, its solid asset base and disciplined growth strategy keep it firmly on the radar for investors seeking exposure to a high-quality Australian gold producer.
Questions in the middle?
- How will Ramelius adjust its financial models and guidance following the retraction of A$7,000/oz gold price assumptions?
- What are the risks associated with the inferred resources included in the 5-year production targets?
- How might ongoing exploration results impact the timing and scale of production growth beyond FY30?