Highlights

  • September 2026 gold production reached 48,839 ounces at an All-In Sustaining Cost of AUD 2,656 per ounce.
  • Cash and gold totalled AUD 768 million at 30 September 2026.
  • FY27 guidance remained 205,000–225,000 ounces at an AISC of AUD 2,150–2,350 per ounce.
  • The Mt Magnet mill expansion and Rebecca-Roe approvals remain central to longer-term plans.

Ramelius Resources Limited (ASX:RMS) is a Western Australian gold producer with operations centred on its Mt Magnet processing hub and the Dalgaranga Mining complex. Its development portfolio includes the Rebecca-Roe project. During the September 2026 quarter, the company progressed processing infrastructure, underground mining and project approvals while maintaining its full-year production guidance.

September Quarter Production and Cash Flow

Ramelius Resources (ASX:RMS) produced 48,839 ounces of gold in the September 2026 quarter at an all-in sustaining cost (AISC) of AUD 2,656 per ounce. The quarterly cost exceeded its FY27 guided range, although the company maintained its full-year targets. Management attributed part of the production impact to wet weather that interrupted haulage from the Penny mine to the Mt Magnet processing plant.

At quarter-end, Penny held approximately 4,202 ounces of contained gold in stockpiled ore awaiting processing. The company expected this material to be processed in the following quarter. Operating Cash Flow reached AUD 186 million, while underlying free cash flow was approximately AUD 62 million, as reported in the later quarterly activities release.

Cash and gold increased to AUD 768 million at 30 September 2026 from approximately AUD 650 million at 30 June. Ramelius Resources (ASX:RMS) also completed the Edna May hub sale during September for AUD 300 million, comprising AUD 210 million in cash and approximately AUD 90 million in shares. The company identified an estimated AUD 45–55 million income tax payment associated with the sale, anticipated in December 2026.

Mt Magnet and Dalgaranga Development

The Mt Magnet plant upgrade is a major component of the company’s production strategy. During the September quarter, the company awarded an engineering, procurement and construction contract for a new three-million-tonne-per-annum processing circuit. Stage 1 equipment was integrated into the existing plant during a scheduled October shutdown. The new circuit is targeted for delivery in the December 2027 quarter, subject to execution and commissioning.

At Dalgaranga, the Never Never underground mine supplied 130,000 tonnes of ore at an average grade of 4.20 grams per tonne during the September quarter. The company reported 135,000 tonnes processed at Mt Magnet at an average grade of 4.15 grams per tonne. Ramelius Resources (ASX:RMS) expects higher underground mining rates to support the processing hub, but the timing and operating performance of that ramp-up remain important uncertainties.

Guidance, Reserves and Project Approvals

For FY27, Ramelius retained gold production guidance of 205,000–225,000 ounces and AISC guidance of AUD 2,150–2,350 per ounce. Management expects production to rise quarter by quarter during the year as mine sequencing changes at Dalgaranga and Cue.

The company’s longer-term outlook targets 560,000–610,000 ounces of annual gold production in FY30. Its reported 30 June 2026 Mineral Resources totalled approximately 14 million ounces and Ore Reserves approximately 4.3 million ounces.

At Rebecca-Roe, a Part V works approval was received for the Roe site in September 2026, while additional mining approvals remained necessary. Ramelius Resources (ASX:RMS) indicated that Rebecca already held the required environmental and mining approvals. Exploration spending during the September quarter was AUD 22.7 million; the company’s separate exploration target remains conceptual and should not be treated as an established Mineral Resource.

Key Insights

Ramelius Resources (ASX:RMS) enters the remainder of FY27 with unchanged guidance, a larger cash-and-gold balance and several development programmes under way. Quarterly costs, recovery rates, construction schedules and the remaining Roe approvals will determine how the production plan progresses.