Ramelius Resources has posted a striking 79% jump in Ore Reserves to 4.3Moz and a 17% increase in Mineral Resources to 14Moz as at 30 June 2026, driven by strong drilling results and strategic acquisitions.
- Ore Reserves up 79% to 4.3Moz gold
- Mineral Resources rise 17% to 14Moz gold
- FY26 drilling adds 1.8Moz at A$55/oz discovery cost
- Mt Magnet hub remains core growth driver
- FY27 exploration budget set at A$90–110M
Ore Reserve Growth Driven by Strategic Acquisitions and Drilling Success
Ramelius Resources Limited (ASX:RMS) has delivered a dramatic lift in its gold Ore Reserves, which surged 79% year-on-year to 4.3 million ounces as at 30 June 2026. This leap follows the maiden Ore Reserves declared for the Never Never underground at Dalgaranga (1.6Moz) and Roe underground at Rebecca-Roe (260koz), alongside a 100koz increase at the Galaxy deposit within the Mt Magnet hub. The Ore Reserves were estimated using a gold price assumption of A$3,500/oz, underscoring the robustness of these assets even under conservative pricing.
Mineral Resources Expand 17% to 14Moz, Bolstered by Record Drilling
Complementing the Ore Reserve growth, Ramelius reported a 17% increase in Mineral Resources to 14 million ounces of gold, up from 12 million ounces the previous year. This expansion was fuelled by FY26 exploration drilling that uncovered 1.8 million ounces at an attractive average discovery cost of approximately A$55 per ounce; a record internal milestone for the company. The Mt Magnet hub remains the cornerstone of the company’s resource base, with Mineral Resources rising 21% to 10 million ounces, driven by substantial increases at Galaxy (+0.6Moz), Cue (+0.7Moz), and Dalgaranga (+0.4Moz).
Exploration Targets and FY27 Investment Signal Confidence
Looking ahead, Ramelius has earmarked an ambitious FY27 exploration and resource definition budget of A$90–110 million. The company has set a company-wide Exploration Target ranging from 14 to 21 million tonnes at grades between 1.9 and 2.4 g/t, translating to 850,000 to 1.6 million ounces of gold. These targets, while conceptual and subject to drilling confirmation, highlight the depth of Ramelius’ pipeline, with priority focus on underground extensions at Galaxy, Perseverance South, Lena-Break of Day, and Gilbey’s Underground.
Mt Magnet Hub and Acquisitions Form Growth Backbone
The Mt Magnet hub continues to anchor Ramelius’ growth strategy, supported by ongoing resource definition and exploration drilling. Notably, the company’s acquisition of Dalgaranga in July 2025 has already contributed significantly to resource and reserve growth, with the Never Never deposit establishing a high-grade reserve of 6.8 million tonnes at 7.4 g/t for 1.6 million ounces. Similarly, the Rebecca-Roe project, acquired in 2021 and 2023 respectively, maintains a substantial resource base with steady development underway.
Production Outlook and Cost Guidance Pending
Ramelius has flagged that an updated production and cost outlook through to FY30, including FY27 guidance, will be released in September 2026. The enlarged resource and reserve base underpins the company’s ambition to reach 500,000 ounces per annum by FY30 and beyond. This growth trajectory is supported by a strong exploration pipeline and ongoing investment in mine development, particularly at Mt Magnet and Dalgaranga.
Exploration Efficiency Evident in Discovery Costs
The FY26 discovery cost of ~A$55/oz stands out as a marker of capital efficiency in Ramelius’ exploration program. This low cost, combined with the volume of ounces added, reflects the company’s effective targeting and drilling execution. The focus on converting Exploration Targets into Mineral Resources remains critical, although the company acknowledges inherent uncertainties in these conceptual estimates.
Bottom Line?
Ramelius’ substantial resource and reserve growth, underpinned by strategic acquisitions and disciplined exploration, sets a solid foundation for its FY30 production ambitions, though investors should watch for the September update on production and cost guidance.
Questions in the middle?
- How will the upcoming FY27 production and cost guidance influence market expectations?
- What are the key risks in converting the sizeable Exploration Targets into Mineral Resources?
- How will integration of Dalgaranga and Rebecca-Roe projects impact operational efficiency?