Highlights

  • Macquarie issued a Neutral rating with a AUD 4.80 target, while Ord Minnett set a Buy rating with a AUD 5.10 target.
  • Ramelius produced 45,610 ounces of gold and generated operating cash flow of AUD 149.7 million in the December quarter.
  • The stock has risen more than 70% over the past year amid broader gains in mining stocks.

Australian equities moved higher on Monday, with the S&P/ASX 200 Index closing at 8,870.10, up 161.30 points or 1.85%. Mining stocks outperformed the broader market, with the S&P/ASX 300 Metals & Mining Index gaining 234.80 points, or 3.07%. Against this backdrop, Ramelius Resources Ltd (ASX:RMS) shares advanced 5.53% to close at AUD 4.58 per share.

The gold producer has gained approximately 65% over the past six months and 74.14% over the past year.

Coming to broker rating, Macquarie Research issued a Neutral rating on the stock with a target price of AUD 4.80. Ord Minnett assigned a Buy rating, setting a target price of AUD 5.10. The broker updates might follow recent production results, capital allocation decisions and project milestones outlined in the company’s quarterly report.

December Quarter Production and Cash Flow

For the December 2025 quarter, Ramelius reported group gold production of 45,610 ounces at an all-in sustaining cost (AISC) of AUD 1,977 per ounce. Operating cash flow for the period totalled AUD 149.7 million, while underlying free cash flow reached AUD 54.7 million after including AUD 51 million in growth capital expenditure.

Cash and gold holdings stood at AUD 694.3 million at quarter-end, compared with AUD 827.7 million at the end of the June 2025 quarter. The company confirmed that its FY26 production guidance remains unchanged.

Development Progress Across Key Assets

At Dalgaranga, Ramelius continued underground development at the Never Never project. During the quarter, lateral development reached 1,627 metres, with ore mining commencing at the Never Never underground mine. A total of 16,000 tonnes of development ore grading 3.52 grams per tonne was mined and stockpiled ahead of planned haulage to Mt Magnet in the March 2026 quarter.

Development of the Never Never open pit also commenced, with initial ore stockpiled in January 2026. Capital works during the quarter focused on paste plant civil works and run-of-mine ore pads.

Exploration and Corporate Updates

Exploration drilling at Mars and Saturn identified additional mineralisation beneath existing underground operations, with an exploration target range of 6.0–7.0 million tonnes at grades of 2.1–2.6 grams per tonne, equating to an estimated 400,000–600,000 ounces. Exploration expenditure for the quarter totalled AUD 24.8 million.

On the corporate side, the Ramelius Board approved up to AUD 250 million in share buybacks and increased the minimum dividend to 2 cents per share per annum across FY26 and FY27.

Ramelius Resources shares moved higher alongside a rally in mining stocks, supported by broker updates and its latest quarterly report. With FY26 guidance maintained and multiple development and exploration programs underway, analyst coverage continues to focus on production, cash flow and project execution.

Frequently Asked Questions (FAQ)

Q1: What broker ratings has Ramelius Resources received?
Macquarie Research issued a Neutral rating with a AUD 4.80 target price, while Ord Minnett issued a Buy rating with a AUD 5.10 target.

Q2: How did Ramelius perform in the December 2025 quarter?
The company reported gold production of 45,610 ounces and operating cash flow of AUD 149.7 million.

Q3: How did the ASX market perform on Monday?
The S&P/ASX 200 Index rose 1.85%, while the S&P/ASX 300 Metals & Mining Index gained 3.07%.