Ramelius Resources has laid the foundations for its growth to the 2030 financial year, announcing its fully-funded five-year gold production outlook and guidance for the 2026 financial year.
The production outlook and the FY26 guidance are underpinned by the Never Never pre-feasibility study, the Mt Magnet-Dalgaranga integration study and the Rebecca-Roe definitive feasibility study.
Managing director Mark Zeptner said that the studies have demonstrated a “clear path” to deliver on Ramelius’ vision to become a 500,000-ounce gold producer by FY30.
“Importantly, the pipeline is fully funded, we are peer leading from a cost perspective, the production level is sustainable with known reserves and resources (before exploration success),” he said.
“This is backed by annual free cash flow averaging more than $1 billion at $4500 per ounce a year from FY30 to at least FY35.”
Ramelius will prioritise the Mt Magnet plant upgrade in 2026 – taking into consideration that production from FY26 to FY28 will be “solely sourced” from this plant’s hub – with FY26 and FY27 looking at steady production of 200,000 ounces per year until FY29, when production at Rebecca-Roe commences.
Rebecca-Roe’s construction will begin in FY28, with the first production to be expected in FY29 and the plant nameplate targeted for FY30.
“We have continued our disciplined approach to capital allocation with an initial focus to start construction in early 2026 to upgrade the Mt Magnet plant,” Zeptner said.
“This upgrade will increase its existing nameplate capacity from two million tonnes per annum (Mtpa) to five Mtpa in FY28, with an initial targeted run-rate of 4.3 Mtpa from FY28 to FY36 whilst processing existing known Dalgaranga high-grade ore.
“Importantly, as part of the evaluation process, we have also been able to identify roughly $1 billion in real synergies, which is significant in consideration of the Spartan acquisition, which was valued at $2.5 billion.”
The single processing plant at Mt Magnet will see Ramelius with capital savings of $100 million and $175 million in operational savings, as well as $720 million in cash tax benefits established from the Spartan acquisition, avoiding up to $200 million in working capital tied to a stand-alone Dalgaranga restart.
The company detailed that FY26 will be its lowest production year of the five-year plan as Never Never develops and the grade over-performance at Cue begins to normalise.
Despite this, the company remains fully funded through the build phase and expects to finish FY26 with more than $500 million in cash at a $5000 per ounce gold price.
At the same time, ore from Never Never will be processed at Mt Magnet on a coarser grind until the plant upgrade is completed in FY28, with recovery rates expected at 80.5 per cent.
“We have set out FY26 guidance at 185,000 to 205,000 ounces at the Mt Magnet hub at an all-in-sustaining-cost (AISC) range of $1700 to $1900 per ounce,” Zeptner said.
“We are tracking well to achieve this with 55,013 ounces produced in the September 2025 quarter at an AISC of $1836 per ounce, with underlying free cash flow of $129 million.
“The Ramelius board recognises the need to maintain and grow shareholder returns in the form of dividends and/or share buybacks as our free cash flow significantly increases.”
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