Ramelius Resources (ASX: RMS) – September 2026 Quarterly Activities Report

Ramelius Resources has completed the sale of its Edna May hub to Forrestania Resources for A$300 million, receiving A$210 million in cash and A$90 million in Forrestania shares. The transaction enhances the company’s already strong financial position, with cash and gold holdings reaching A$768 million as of 30 September 2026. This capital injection arrives at a critical juncture as the company executes a multi-year expansion aimed at tripling production by FY30.

The company’s September quarter produced 48,839 ounces of gold at an all-in sustaining cost of A$2,656 per ounce, tracking toward its full-year guidance of 205,000 to 225,000 ounces at A$2,150 to A$2,350 per ounce. The quarter’s AISC ran above guidance due to weather-related disruptions at the Penny mine that delayed ore haulage and resulted in 29,000 ounces of contained gold sitting in stockpiles. Management noted these stockpiles would be processed in the subsequent quarter, suggesting Q2 production should benefit from higher throughput once wet season impacts ease.

The operational highlight of the quarter came from the Mt Magnet processing plant upgrade, where management secured Primero as the engineering, procurement and construction contractor under a lump sum fixed-price agreement. This arrangement covers approximately 90 percent of the total capital spend for the new 3 million tonne per annum Circuit 2, substantially de-risking the A$53 million quarterly growth capital investment. The Stage 1 infrastructure integration was completed during a scheduled maintenance shutdown in October, and commissioning of Circuit 2 is targeted for the December 2027 quarter with commercial production in March 2028.

Equally significant is the Environmental Protection Authority Part V works approval received for the Roe site. The company has now secured key permitting for both Rebecca (already fully permitted) and Roe, removing a material development risk for the Rebecca-Roe project. Early works capital of approximately A$50 million has been brought forward to FY27, including camp, airstrip, access roads and borefield development. The Definitive Feasibility Study completed in October 2025 underpins the financial investment decision already provided by the board.

Exploration success continues to support the company’s growth narrative. The September quarter saw drilling across twelve surface and underground rigs, with the Never Never underground mine on track to deliver 500,000 tonnes this financial year and achieve a 1 million tonne per annum mining rate by July 2027. The updated four-year outlook released in September increased FY30 production guidance to more than 600,000 ounces, a 75,000-ounce uplift driven by exploration success in FY26.

Investors should monitor the execution of Circuit 2 construction against the fixed-price contract and the Rebecca-Roe early works program as the company transitions from a 200,000-ounce producer to a 600,000-ounce platform. The company has also maintained its capital management discipline, completing A$15 million of share buybacks in the quarter and paying a fully franked final dividend of A$0.03 per share. 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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