Data Check – Ramelius Resources (ASX:RMS)

Sonal Goyal

08 October 2026 07:58 PM AEDT

Data Check – Ramelius Resources (ASX:RMS)

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The article requires several corrections based on company disclosures and ASX announcements.

FY26 financial results: Revenue of A$1,032.8 million, underlying EBITDA of A$765.4 million, statutory NPAT of A$118.8 million, gold production of 192,182 ounces and AISC of A$1,983 per ounce are verified.
Profit decline explained: The original article did not adequately explain the difference between underlying and statutory earnings. The FY26 reconciliation identifies Acquisition costs, hedge-book closure costs, Royalty fair-value adjustments and other items.
Spartan acquisition: Confirmed completed on 31 July 2025, adding Dalgaranga to the company's operating portfolio.
Production outlook outdated: The earlier ambition of exceeding 500,000 ounces annually by FY30 has been superseded by the September 2026 four-year outlook, targeting 560,000–610,000 ounces in FY30.
Revenue approximation removed: The article's estimated A$5,400 per ounce has been replaced with the company's directly reported realised gold price.
Unnecessary information removed: Share-price performance, valuation ratios, market capitalisation, analyst opinions, competitive comparisons without supporting data and speculative Margin projections.

These corrections are supported by the company's FY26 results presentation, annual financial disclosures and subsequent operational announcements.

21 Aug 2026

Further verification confirms that the Edna May sale was completed on 4 September 2026, rather than remaining pending. The final consideration was A$300 million, comprising A$210 million in cash and A$90 million in shares. The September outlook also introduced FY27 production guidance of 205,000–225,000 ounces and AISC guidance of A$2,150–2,350 per ounce.

21 Sep 2026

Ramelius Resources (ASX:RMS) Advances Gold Portfolio Transformation Following Spartan Acquisition

Category: Mining

Highlights

Ramelius reported FY26 revenue of A$1,032.8 million, reflecting a 1% year-on-year increase.
Statutory net profit declined 75%, while underlying EBITDA decreased 7%.
The Spartan acquisition and Edna May divestment reshaped the company's Western Australian asset portfolio.
Management revised its production outlook following developments at Mt Magnet and Rebecca-Roe.

Ramelius Resources (ASX:RMS) is an Australian gold Mining company operating and developing gold Assets across Western Australia. Its portfolio includes Mt Magnet, Dalgaranga, Penny, Cue and Rebecca-Roe. During FY26, the company progressed the integration of Spartan Resources, restructured its asset portfolio and advanced development activities to support future gold production.

For FY26, Ramelius reported revenue of A$1,032.8 million, increasing approximately 1% from FY25. Underlying EBITDA declined 7% to A$765.4 million from A$825.6 million, while underlying net profit after tax decreased 33% to A$319.9 million.

Statutory net profit after tax declined approximately 75% to A$118.8 million. The difference between underlying and statutory Earnings reflected several adjustments, including A$133.2 million in Spartan acquisition costs, A$55.4 million in royalty fair-value adjustments and A$28.4 million associated with closing the gold forward hedge book.

Gold Production and Operating Costs

Ramelius produced 192,182 ounces of gold during FY26, while gold sales totalled 190,261 ounces compared with 302,882 ounces in FY25.

All-in sustaining costs increased 28% to A$1,983 per ounce from A$1,551 per ounce in FY25. The company attributed higher costs partly to gold royalties, fuel expenses and the earlier recognition of commercial production at Never Never.

Meanwhile, the realised gold price increased 36% to A$5,400 per ounce from A$3,963 per ounce. Higher realised prices supported revenue despite reduced sales volumes, although increased costs and lower production affected the company's operating performance.

Spartan Acquisition Reshapes Gold Operations

Ramelius completed its acquisition of Spartan Resources on 31 July 2025, incorporating the Dalgaranga gold operation into its portfolio.

Dalgaranga includes the Never Never deposit, which forms part of the company's plans to increase ore Supply to the Mt Magnet processing facility. The integration strategy involves coordinating underground mining, ore transportation and processing across the enlarged operational network.

The company has prioritised the development of Dalgaranga alongside the expansion of processing infrastructure at Mt Magnet. These activities will require ongoing expenditure and effective coordination of mining schedules to achieve the planned production profile.

Edna May Divestment Changes Asset Portfolio

In September 2026, Ramelius completed the sale of the Edna May Gold Hub for total consideration of A$300 million.

The transaction comprised A$210 million in cash and A$90 million in shares, allowing Ramelius to retain an Equity interest while transferring ownership of the operation.

Edna May had been placed on care and maintenance in April 2025. Its divestment forms part of Ramelius' portfolio restructuring, enabling management to concentrate resources on Mt Magnet, Dalgaranga and Rebecca-Roe.

The transaction also changes the company's exposure to operating assets, with future production increasingly dependent on the performance of its remaining mining and development projects.

Mt Magnet Expansion Supports Revised FY30 Outlook

Ramelius updated its four-year production outlook in September 2026, forecasting annual gold production of 560,000–610,000 ounces by FY30.

The revised outlook is supported by the expansion of the Mt Magnet processing plant and development of Rebecca-Roe. The Mt Magnet expansion is designed to increase processing capacity to approximately 4.3–5.0 million tonnes annually.

For FY27, management expects gold production of 205,000–225,000 ounces, with AISC guidance of A$2,150–2,350 per ounce.

The FY30 production outlook remains dependent on construction schedules, project approvals, operational ramp-up and the availability of capital required to complete planned developments.

Cash Flow and Shareholder Returns

Ramelius reported FY26 operating Cash Flow of A$702.1 million, declining 18% from A$853.2 million in FY25.

Underlying free cash flow decreased 43% to A$393.3 million, while cash and gold holdings stood at A$649.6 million at 30 June 2026.

The company declared total FY26 dividends of 6.0 cents per share, comprising fully franked interim and final dividends of 3.0 cents each.

Ramelius also repurchased approximately A$141.7 million of shares under its A$250 million buy-back programme during FY26.

Balancing capital expenditure, operational funding and shareholder distributions remains an important consideration as the company progresses its development pipeline.

Key Operational and Financial Risks

Ramelius faces risks associated with integrating Dalgaranga, commissioning expanded processing infrastructure and developing Rebecca-Roe.

Higher mining costs, contractor availability, production interruptions and delays in environmental approvals could affect operating performance and project schedules.

Additionally, exposure to movements in gold prices and future Capital Expenditure requirements may influence profitability and cash generation.

FAQs

Q: What was Ramelius Resources' net profit in FY26?

A: Ramelius reported statutory net profit after tax of A$118.8 million, representing a decline of approximately 75% from FY25.

Q: What is Ramelius Resources' production target for FY30?

A: The company expects annual gold production of 560,000–610,000 ounces by FY30, supported by Mt Magnet expansion and Rebecca-Roe development.

Q: How did the Spartan acquisition affect Ramelius Resources?

A: The acquisition added the Dalgaranga gold operation, including the Never Never deposit, to Ramelius' portfolio and expanded its planned ore supply network.

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