Ramelius Resources has updated its medium-term production outlook to a FY30 target of 560,000 to 610,000 ounces of gold, representing an 11% increase from its October 2025 plan and marking a 205% production increase compared to FY26 levels. This substantial uplift arrives alongside FY27 production guidance of 205,000 to 225,000 ounces at an All-In Sustaining Cost of A$2,150 to A$2,350 per ounce, confirming the company’s trajectory as a significant gold producer with an expanding asset base.
What distinguishes this growth story is its capital efficiency. The company’s A$35 million investment into Galaxy and Cue in FY26 will displace 5.6 million tonnes of lower-grade material over the mine life, a deployment of capital that demonstrates disciplined portfolio management. The Mt Magnet hub, which will anchor production growth, is expected to operate at an AISC aligned with the sector-leading cost position Ramelius has cultivated, despite cost pressures affecting most gold miners. This cost discipline matters significantly for investor returns, particularly in a lower gold price environment.
The capital program required to deliver this growth is material but manageable. FY27 growth capital expenditure is expected between A$480 million and A$570 million, with the Mt Magnet processing plant expansion now budgeted at A$280 million, up from A$223 million previously due to inflationary impacts and expanded infrastructure to support mill capacity beyond the planned 4.3 million tonnes per annum. The company has selected Primero as EPC contractor for a new three million tonne per annum second circuit, a competitive procurement that should ensure value for money.
From a balance sheet perspective, Ramelius holds more than A$1 billion in cash, gold and investment holdings, meaning the growth program is fully funded without dilution or external capital requirements. The company projects up to A$1.5 billion in free cash flow by FY30 at an assumed gold price of A$5,500 per ounce, providing significant optionality for shareholders. Mt Magnet itself is on track to become a Top 10 global gold production hub with a mine life extending beyond 15 years to 2043, a trajectory that positions Ramelius as a meaningful producer by global standards.
Beyond the core production profile, the Gilbey’s Underground scoping study released alongside this guidance has displaced lower-grade material from FY30 to FY36 with processing optionality at the existing Mt Magnet hub or the Dalgaranga mill, creating further upside for later in the decade. Investors should monitor the permitting progress at Rebecca-Roe, capital discipline through the Mt Magnet expansion phase, and actual cost outcomes against the AISC guidance. 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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