Ramelius Resources (ASX:RMS): What Do September Gold Output and Mt Magnet Plans Reveal?

Aditi Sarkar

28 October 2026 06:10 PM AEDT

Ramelius Resources (ASX:RMS): What Do September Gold Output and Mt Magnet Plans Reveal?

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

Ramelius Resources (ASX:RMS) produced 48,839 ounces of gold during the September 2026 quarter.
Quarterly all-in sustaining costs were AUD 2,656 per ounce, while gold sales totalled 51,278 ounces.
Operating cash flow reached approximately AUD 186mn, with cash and gold of AUD 768mn at quarter-end.
FY27 guidance remains 205,000–225,000 ounces at AISC of AUD 2,150–2,350 per ounce.

Ramelius Resources Limited operates gold mining, processing and development assets in Western Australia, centred on the Mt Magnet hub and associated deposits. Its September 2026 quarterly report described production of 48,839 ounces, weather-related disruptions to ore transport and progress on processing upgrades. Amid these operational developments, Ramelius Resources (ASX:RMS) shares were quoted at AUD 3.565 on 28 October 2026, up 1.57% during the session. Attention now turns to higher-grade ore delivery, expansion milestones and execution against FY27 production and cost guidance.

Company Business

Ramelius Resources (ASX:RMS) produces gold from its Western Australian mining portfolio, which includes the Mt Magnet processing centre, ore sources at Penny and Cue, and the Dalgaranga operation acquired through the Spartan transaction. The business mines, transports and processes ore, then sells recovered gold.

Dalgaranga includes the Never Never underground deposit, whose higher-grade material contributes to the Mt Magnet production system. The group is also progressing the Rebecca-Roe gold project, a proposed separate development in Western Australia.

Recent Development

In its 26 October 2026 quarterly activities report, Ramelius Resources (ASX:RMS) reported 48,839 ounces of gold produced at all-in sustaining costs (AISC) of AUD 2,656 per ounce. September rainfall disrupted haulage from Penny to Mt Magnet, deferring processing of some higher-grade ore. Management indicated haulage had resumed and retained its FY27 output guidance.

The company is advancing the Mt Magnet plant expansion, including refurbishment and improvements to the existing circuit and a new three-million-tonne-per-annum processing circuit. Primero has been appointed engineering, procurement and construction contractor for the new circuit. At Dalgaranga, underground mining and infrastructure work continue as the company increases ore supply from Never Never.

The Rebecca-Roe project also remains part of the development schedule. Roe received an environmental works approval, although associated mining approvals remain necessary.

Financial Performance and Sector Context

Ramelius Resources (ASX:RMS) reported September-quarter gold sales of 51,278 ounces, with revenue of approximately AUD 308.6mn at an average realised gold price of AUD 6,019 per ounce. Operating cash flow was approximately AUD 186mn and underlying free cash flow about AUD 62mn. Cash and bullion totalled AUD 768mn at 30 September 2026, compared with approximately AUD 650mn at 30 June.

The quarter included the completion of the Edna May transaction for AUD 300mn, comprising cash and shares in Forrestania Resources. The group maintained FY27 gold production guidance of 205,000–225,000 ounces and AISC guidance of AUD 2,150–2,350 per ounce, implying a need for improvement from the September-quarter unit cost.

Gold producers remain exposed to realised bullion prices, fuel and labour expenses, processing recoveries and grades.

Risks to Consider

Ramelius Resources (ASX:RMS) faces execution risk in coordinating mining output, ore haulage and plant expansion work. Weather disruptions, geological variability, recovery performance and unplanned equipment downtime can affect production volumes and costs. The Mt Magnet expansion requires construction and commissioning expenditure, while Rebecca-Roe remains dependent on further regulatory approvals.

What to Watch Next

The main operating indicators are successive quarterly gold output, AISC and delivery of higher-grade material from Dalgaranga, Penny and Cue. Progress on Mt Magnet construction, additional ore-processing capacity and Rebecca-Roe permissions will provide measurable project milestones. Investors may also follow the relationship between operating cash flow, exploration spending, plant investment and the company’s FY27 guidance range.

Key Insights

Ramelius Resources (ASX:RMS) opened FY27 with 48,839 ounces of gold production, AISC of AUD 2,656 per ounce and quarter-end cash and bullion of AUD 768mn. Management kept full-year production and cost guidance unchanged despite temporary haulage disruption. Mt Magnet processing expansion, Dalgaranga ore supply and Rebecca-Roe approvals are central to subsequent updates, alongside cash generation and the pace of capital expenditure.

FAQs

Q: What is the ASX ticker for Ramelius Resources?

A: Ramelius Resources Limited trades under (ASX:RMS).

Q: How much gold did the company produce in September 2026?

A: It reported 48,839 ounces for the quarter.

Q: What were its quarterly all-in sustaining costs?

A: AISC was AUD 2,656 per ounce.

Q: What is the FY27 gold production guidance?

A: The company retained guidance of 205,000–225,000 ounces.

Q: Which major projects are being monitored?

A: Mt Magnet processing expansion, Dalgaranga production and Rebecca-Roe approvals.

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.