How Are Dalgaranga and Mt Magnet Shaping Ramelius Resources (ASX:RMS) in FY27?

Aditi Sarkar

04 November 2026 11:27 PM AEDT

How Are Dalgaranga and Mt Magnet Shaping Ramelius Resources (ASX:RMS) in FY27?

Image Source: Shutterstock

You are reading a free article with opinions that may differ from the recommendation given by Kalkine in its paid research reports. Become a Kalkine member today to get access to our research reports, in-depth technical and fundamental research. Learn more

Start Your Free Trial Now!

Highlights

FY26 gold output was 192,182 ounces at an All-In Sustaining Cost (AISC) of AUD 1,983 per ounce.
September-quarter production was 48,839 ounces, with AISC of AUD 2,656 per ounce.
The group reported AUD 768.0 million in cash and gold at 30 September 2026.
FY27 production guidance is 205,000–225,000 ounces as development work continues.

Ramelius Resources Limited (ASX:RMS) operates Australian gold mines and develops mineral projects, including the Mt Magnet hub and Dalgaranga. Its 2026 reporting reflects a Business integrating acquired operations while investing in processing capacity and additional mine supply. The September quarter of FY27 brought new construction commitments, changes in cash holdings and an interruption to ore transport. These developments frame its production guidance and longer-term targets.

FY26 results and the cost baseline

For the year ended 30 June 2026, Ramelius Resources Limited (ASX:RMS) reported Revenue of AUD 1,032.8 million, up 1%, and underlying EBITDA of AUD 765.4 million, down 7%. Net profit after tax was AUD 118.8 million, a decline of 75%. These measures describe different parts of the income statement; the larger profit decline should not be attributed to any single transaction without a detailed reconciliation. Annual production was 192,182 ounces and AISC averaged AUD 1,983 per ounce. The company also reported net tangible assets of AUD 2.08 per share. The annual figures establish a cost and Earnings baseline against which subsequent mine development and quarterly operating performance can be assessed.

September-quarter operations and liquidity

In the September 2026 quarter, Ramelius Resources Limited (ASX:RMS) produced 48,839 ounces at AISC of AUD 2,656 per ounce, above its FY26 average. The company maintained FY27 production guidance of 205,000–225,000 ounces. Wet weather delayed haulage of ore from the Penny mine to the Mt Magnet processing plant, leaving a stockpile of 27,680 tonnes grading 4.78 grams per tonne at quarter-end. Haulage subsequently resumed, according to the company. Underlying quarterly free Cash Flow was AUD 60.2 million. Cash and gold increased from AUD 649.6 million at 30 June to AUD 768.0 million at 30 September, despite AUD 131 million of stamp duty paid in connection with the Spartan transaction.

Dalgaranga and Mt Magnet development

The Acquisition of Spartan brought Dalgaranga into the Ramelius Resources Limited (ASX:RMS) operating portfolio. At Dalgaranga, the company reported increasing processing tonnages and commissioning work on a paste plant. At Mt Magnet, it awarded an engineering, procurement and construction contract for a new processing circuit designed for 3 million tonnes annually. Work on the existing circuit includes a crusher and gravity-related upgrades. These are construction and commissioning activities, not completed production capacity. Their contribution will depend on project delivery, plant availability, ore Supply and achieved recoveries. Rebecca-Roe remains another development focus, with a works approval received for Roe while other required approvals and implementation steps continue.

Capital allocation and execution risks

Ramelius Resources Limited (ASX:RMS) completed the Edna May hub sale in September 2026 for total consideration of AUD 300 million, including AUD 210 million in cash. It also continued a previously announced AUD 250 million share buyback, with AUD 159 million repurchased by the end of September. Capital demands remain material because the Mt Magnet expansion and mine development must proceed alongside existing production. Weather-related haulage disruptions, construction schedules, operating costs and processing recoveries are company-specific risks. Management has discussed a longer-term annual production ambition above 600,000 ounces by FY30, but that is a target dependent on multiple projects and should not be confused with the FY27 production guidance.

Key Insights

Ramelius Resources Limited (ASX:RMS) is managing a transition involving acquired mine production, plant construction and capital returns. The near-term tests are FY27 production against the 205,000–225,000-ounce range, quarterly AISC, Dalgaranga ramp-up and delivery of the Mt Magnet processing works. These measures will indicate whether the planned capacity expansion is translating into operating performance.

Download Free Report – Explore 3 Stock Ideas & Industry Insights

Unlock 3 stock ideas and key industry insights in our free report. This information is general in nature and does not consider your personal objectives, financial situation, or needs. It is not financial advice.

All investments involve risk—consider independent advice before making any investment decisions.

View 3 Research Reports

Disclaimer:

This article (“Article”) has been prepared by Kalkine Pty Limited (ABN 34 154 808 312) (Australian financial services licence number 425376) (“Kalkine”) and its related bodies corporate who are authorised to provide general financial product advice. Kalkine.com.au and its associated pages are published by Kalkine.

Any information/advice provided in this article is general in nature and does not take into account your objectives, financial situation or needs. You should therefore consider whether the information is appropriate for your objectives, financial situation and needs before acting upon it.

There may be a Product Disclosure Statement, Information Memorandum or other offer document (“Offer Document”) for the securities or other financial products referred to in Kalkine articles. You should obtain a copy of the Offer Document and consider it before making any decision about whether to acquire the security or financial product.

Kalkine strongly recommends that you seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice) before acting on any advice/information in this Article or on the Kalkine website. Not all investments are appropriate for all people.

The information in this Article and on Kalkine website has been prepared from a wide variety of sources, which Kalkine, to the best of its knowledge and belief, considers accurate. Kalkine has made every effort to ensure the reliability of the information contained in its articles (including this Article), newsletters and websites. All information represents our views at the date of publication and may change without notice.

The information in this Article does not constitute an offer to sell securities or other financial products or a solicitation of an offer to buy securities or other financial products.

Kalkine does not issue, sell or deal in any financial products.

This Article may contain information on past performance of particular investments. Please note past performance is neither an indicator nor a guarantee of future performance.

To the extent permitted by law, and excluding any dishonesty or gross negligence by Kalkine, Kalkine disclaims and excludes all liability for any direct, indirect, implied, punitive, special, incidental or other consequential loss or damage arising from the use of or reliance on this Article, the Kalkine website and any information published on the Kalkine website without any warranties or representations by Kalkine to you. To the extent the law prohibits or limits this exclusion, Kalkine limits its liability to the resupply of services.

Please also read our Terms & Conditions and Financial Services Guide for further information.

Employees and/or associates of Kalkine and its related entities may hold interests in the securities or other financial products covered in this Article or on the Kalkine website. Any such employees and associates are required to comply with certain safeguards, procedures and disclosures as required by law.

Some of the images/music that may be used in the Article are copyright to their respective owner(s). Kalkine does not claim ownership of any of the pictures displayed/music used in the Article unless stated otherwise. The images/music that may be used in the Article are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source wherever it was indicated or was found to be necessary.

Kalkine Media Pty Ltd, an affiliate of Kalkine Pty Ltd, may have received, or be entitled to receive, financial consideration in connection with providing information about certain entity(s) covered on its website.