Ramelius Resources has announced the results of its Never Never pre-feasibility study (PFS) and the Mt Magnet-Dalgaranga integration study, saying it is on track to turn Mt Magnet into a top five Australian gold production hub.
Ramelius managing director Mark Zeptner said the company’s vision to become 500,000-ounce producer was on target because of its successful acquisition and ongoing integration of Spartan Resources.
“In March 2025, we announced our vision to become a 500,000-ounce producer by FY30 through the acquisition and integration of Spartan Resources,” Zeptner said.
“As part of that vision, the Mt Magnet hub, processing ore from Spartan’s Dalgaranga project, mines at Mt Magnet and our satellite operations, would deliver 350,000 of those ounces,” he said.
“Today, we have delivered the Never Never PFS and the Mt Magnet-Dalgaranga Integration Study, which not only validates our vision but sets a new target at Mt Magnet of 380,000 ounces (midpoint of FY30 outlook) and that is before any exploration upside.
Zeptner said the company had reached the milestone thanks to the work of the Mt Magnet operations team “who conceived the processing option that has been settled on – a single 5Mtpa capacity processing plant with two separate comminution circuits located at Mt Magnet – and our external consultants.”
“The option we have chosen prioritises the processing of high-grade Dalgaranga ore and sets Mt Magnet on the path to become a top five Australian gold production hub by FY30.
“The Never Never PFS may justify our acquisition price with an initial NPV of $3.5B at a conservative gold price of $4,500/oz but it still doesn’t represent the true value of Dalgaranga with the exploration opportunities we will be pursuing.”
Following the PFS, Never Never has an updated mineral resource of 7.5Mt at 8.8g/t Au for 2.1Moz and a maiden ore reserve of 7.0Mt at 7.3g/t Au for 1.6Moz at the Never Never U/G deposit (including Pepper). It has a mine plan of 9.2Mt at 6.5g/t for 1.9Moz, with 1.8Moz of gold production at an all-in sustaining cost (AISC) of $1,128/oz.
The company has allocated capex of $223 million to expand the Mt Magnet processing plant initially to 4.3Mtpa.
As part of the Mt Magnet-Dalgaranga integration study, a single processing plant option at Mt Magnet of up to 5Mtpa capacity has been selected as the preferred option. The expanded Mt Magnet plant will have two comminution circuits, both circuits operational in the September 2027 quarter.
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