Ramelius Resources (ASX: RMS) outlines growth aspirations to produce more than 525,000 ounces per annum by FY30. The Ramelius Resources 5-year gold production roadmap reveals a fully funded growth plan that will make it the country’s third-largest gold miner with tier-one assets.
Figure 1: Five-year production growth trajectory
The Company has a strong balance sheet with AUD 828 million as at 30 September 2025 in cash and gold, alongside 12 million ounces in Group Mineral Resources. The Company also has Group Ore Reserves of 4.2 million ounces. This financial fortitude is the foundation of Ramelius Resources’ 5-year gold production plan, which offers investors 170% growth in production from current levels.
Strategic Foundation for Ramelius Resources 500koz Gold Production Strategy
Ramelius Resources 500koz gold production strategy centres on three key initiatives. The Mt Magnet operation received a transformative boost with Ore Reserves surging 210% to 3.1 million ounces. The Never Never Underground mine achieved a maiden Ore Reserve of 7 million tonnes at 7.3 grams per tonne for 1.6 million ounces.
The Rebecca-Roe Definitive Feasibility Study demonstrates excellent economics with total Reserves of 1.1 million ounces. The Ramelius Resources growth to 500,000 ounce gold output final investment decision has been approved, subject to Roe’s permitting. These developments form the cornerstone of Ramelius Resources’ 5-year gold production roadmap.
Mt Magnet Expansion Anchors Ramelius Resources 5-Year Gold Production Roadmap
Mt Magnet emerges as the primary driver of Ramelius Resources 500koz gold production strategy, targeting 380,000 ounces per annum by FY30. The operation benefits from a mill expansion to 5 million tonnes per annum nameplate capacity, with an initial targeted run rate of 4.3 million tonnes per annum.
Figure 2: Mt Magnet 5-Year Outlook chart
The Never Never Underground mine schedule shows tonnages and grades increasing as the main ore body section becomes accessible from FY28 onwards. The Pepper zone enters full production by FY30. Metallurgical testwork indicates an 80.5% recovery rate at 175-micron grind, improving to 93.3% at 53-micron grind from FY28.
Figure 3: Plant layout diagram – Mt Magnet/Dalgaranga integration
Capital expenditure of AUD 223 million upgrades the Mt Magnet plant to process high-grade Dalgaranga ore. The Ramelius Resources 5-year gold production roadmap project includes relocation of Dalgaranga mill equipment, installation of new crushing circuits and additional leach tanks. Processing of Dalgaranga ore commences in H2 FY26.
Exceptional Economics from Never Never Underground Mine
The Never Never Pre-Feasibility Study demonstrates exceptional returns with an after-tax NPV of AUD 3.5 billion at a 5% discount rate and base case gold price of AUD 4,500 per ounce. Total pre-tax cash flow reaches AUD 5.6 billion with a post-tax Internal Rate of Return of 149%.
Production averages 175,000 ounces between FY27 and FY36 at an AISC of AUD 1,128 per ounce. Total production of 9.3 million tonnes at 6.45 grams per tonne delivers 1.8 million ounces of recovered gold. The project bears the full cost of Mt Magnet mill upgrades, totalling AUD 223 million.
Dalgaranga Integration Boosts Ramelius Resources 5-Year Gold Production Efficiency
Ramelius Resources 5-year gold production roadmap shoes the integration of Dalgaranga into the Mt Magnet Hub generates approximately AUD 1 billion in total synergies. Capital savings of around AUD 100 million arise from utilising a single upgraded Mt Magnet plant versus two separate processing facilities.
Figure 4: Top 20 Australian gold mines bar chart
Operational savings reach approximately AUD 175 million through reduced operating costs under a single plant, utilising economies of scale with reduced power costs. Cash tax benefits total AUD 720 million from the utilisation of Spartan’s historical tax losses and increased depreciation tax base. Working capital benefits of around AUD 200 million result from Mt Magnet’s ability to process Dalgaranga ore immediately.
Rebecca-Roe Feasibility Confirms Strong Returns and Expansion Readiness
The Rebecca-Roe Definitive Feasibility Study shows an after-tax NPV of AUD 692 million at a 5% discount rate. Total cash flow of AUD 1,418 million generates an average of approximately AUD 200 million per annum between FY30 and FY36, with a post-tax Internal Rate of Return of 34%.
Production averages 140,000 ounces between FY30 and FY36 at an AISC of AUD 2,625 per ounce. The project comprises an open-pit Ore Reserve of 20.0 million tonnes at 1.3 grams per tonne for 850,000 ounces and a maiden underground Ore Reserve of 4.1 million tonnes at 1.80 grams per tonne for 240,000 ounces. Total growth capital spend reaches AUD 340 million.
Exploration Upside Strengthens Future Resource Base
Ramelius Resources 5-year gold production roadmap identifies significant exploration opportunities to displace low-grade material in the mine plan. At Penny, a 37,000-metre drill programme costing AUD 10 million to AUD 12 million targets high-grade underground depth extensions. The Penny underground mine has historically contributed 456,000 tonnes at 12.4 grams per tonne.
Figure 5: Penny Underground Mine drilling map
At Cue, a 37,000-metre programme budgeted at AUD 13 million to AUD 16 million focuses on high-grade underground depth extensions at Break of Day and evaluates underground mine potential at White-Heat and Lena. Galaxy receives AUD 13 million to AUD 16 million for 56,000 metres of drilling to evaluate underground potential at Hesperus and Perseverance South.
Sequential Project Delivery Drives Strong Free Cash Flow Growth
Ramelius Resources expects significant free cash flow growth from FY28 onwards, driven by the completion of growth projects at Mt Magnet and Rebecca-Roe. The company generates strong ongoing free cash flow whilst funding major capital programmes sequentially.
Mt Magnet mill expansion and upgrade of AUD 223 million to an initial 4.3 million tonnes per annum capacity was completed in the early September 2027 quarter. The Dalgaranga site and underground infrastructure require AUD 82 million in FY26. Rebecca-Roe mill and infrastructure build of AUD 340 million commences in the December 2027 quarter with completion in the December 2028 quarter.
From FY30, Ramelius Resources 5-year gold production roadmap projects over AUD 1 billion in free cash flow per annum at an AUD 4,500 per ounce gold price. The fully funded pipeline supports the transition to tier-one production status without additional equity requirements.
Market Performance Mirrors Expansion Momentum
Ramelius Resources shares closed at AUD 3.545, reflecting a market capitalisation of AUD 6.83 billion. The stock has traded in a 52-week range of AUD 1.930 to AUD 4.180 per share.
Figure 6: Share price for the last 3 months
The Company recently joined the ASX100 index, reflecting its growing scale and liquidity profile among Australian gold producers.
