Ramelius Resources has reported a substantial 79% increase in Ore Reserves to 4.3 million ounces of gold as of 30 June 2026, signaling a significant improvement in the company’s ability to sustain long-term production. The Mineral Resource base also grew 17% to 14 million ounces at 1.7 grams per tonne, demonstrating the strength of both the company’s operational assets and its exploration pipeline. These increases come after the company successfully replaced mining depletion and represent a meaningful expansion of the resource inventory that underpins Ramelius’ growth strategy.
The distinction between Ore Reserves and Mineral Resources is critical for understanding the announcement’s implications. Ore Reserves represent material that has been defined well enough to be economically mineable under current conditions, whereas Mineral Resources include broader geological estimates. A 79% reserve increase means Ramelius has moved a substantial volume of material into the proven-to-mine category, reducing execution risk and providing confidence in the company’s ability to sustain operations. This is especially relevant given the company’s stated goal of reaching 500,000 ounces of annual production by FY30.
The Mt Magnet Hub, which serves as the operational heart of Ramelius’ portfolio, drove much of this growth. The company reported notable resource increases at its three main satellite operations: Galaxy added 0.6 million ounces at 1.9 g/t Au (up 42%), Cue added 0.7 million ounces at 1.1 g/t Au (up 89%), and Dalgaranga added 0.4 million ounces at 1.6 g/t Au (up 15%). These gains are particularly important because they represent higher-quality replacement ore, allowing the company to feed its mill with better grades and improve operating margins. The company explicitly noted progress on its strategic focus to replace lower-grade feed at the Mt Magnet mill.
FY26 drilling activity was exceptional, adding approximately 1.8 million ounces at an average discovery cost of around A$55 per ounce, marking the largest drilling-driven resource increase in Ramelius’ history. This discovery cost is attractive relative to current gold prices and industry benchmarks, indicating that exploration capital is generating strong economic returns. The company also established maiden ore reserves at Never Never and Roe underground operations, unlocking value from recent acquisitions and expansions.
Investors should watch for the company’s updated production and cost guidance through FY30, along with FY27 guidance, which Ramelius indicated will be provided in September 2026. These updates will clarify the pace at which the company can convert its expanding resource base into production and the capital intensity required to achieve the 500koz target. This announcement is price sensitive and has been flagged as material by the ASX.
View the full ASX announcement (PDF)
About Ramelius Resources Limited (ASX: RMS)
Ramelius Resources Limited is a gold mining and exploration company that engages in the exploration, evaluation, mine development, operation, production, and sale of gold. The company operates through three segments: Mt Magnet, Edna May, and Exploration, with a portfolio of projects in Australia. Based in Perth, Australia, the company was incorporated in 1979 and generates the majority of its revenue from gold mining operations.
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