Ramelius Resources Limited (ASX: RMS) has delivered its preliminary production figures for the December 2025 quarter. The Western Australian gold producer announced results that keep the Company on track to meet its full-year guidance. Strong cash generation continues supporting the growth strategy toward 500,000 ounces annually by FY30.
Figure 1: Ramelius Resources personnel at an underground Western Australian gold operation. [Ramelius Resources]
The Ramelius Resources Q2 FY26 production update shows 45,610 ounces produced during the three-month period. Year-to-date production now totals 100,623 ounces, positioning Ramelius Resources ASX-listed operations to achieve guidance of 185,000 to 205,000 ounces for the full year. The Company maintains its cash balance above $694 million while advancing multiple development projects.
Ramelius Resources ASX: Strong Cash Generation Supports Growth
The Ramelius Resources Q2 FY26 production update highlights strong operational cash generation during the quarter. This cash flow supported tax obligations and shareholder returns while preserving balance sheet strength.
Cash and gold holdings remained substantial at the end of December, providing the Company with financial flexibility to fund its growth pipeline internally. Ramelius continues to progress development projects without the need for external financing or equity dilution.
In December 2025, the Company announced a $250 million share buyback programme, reinforcing confidence in its business outlook and capital position. Buyback activity is expected to commence following the release of the Half-Year Financial Report in February 2026.
Ramelius also increased its minimum dividend level, reflecting a balanced capital allocation approach that combines shareholder returns with ongoing investment in organic growth..
Never Never Ore Delivery Scheduled March Quarter
Ramelius Resources advanced the Dalgaranga mine development during the December quarter. The project remains on time and on budget with first Never Never ore targeted for delivery to the Mt Magnet hub in the March 2026 quarter. This milestone represents a key step in the Company’s production growth strategy.
Figure 2: Open-pit mining operations at Ramelius Resources’ Dalgaranga project in Western Australia. [Australian Mining]
Dalgaranga forms part of Ramelius’ broader pathway toward its FY30 production goal. The Company’s Five-Year Gold Production Outlook is underpinned by detailed technical studies and a fully funded development pipeline, providing long-term visibility for investors.
Chief Operating Officer Tim Hewitt noted that development activities are progressing as expected, with further updates anticipated from recently accelerated drilling programmes at priority targets.
Mt Magnet Plant Expansion: Engineering and Site Works Progress
Ramelius Resources ASX operations progressed Mt Magnet plant expansion activities during the December quarter. The Company focused on plant engineering works, preliminary site works and establishment of the execution team. Mr Simon Schmid was appointed General Manager of Major Projects, bringing leadership to the expansion programme.
Figure 3: Overview of Ramelius Resources’ Mt Magnet mining hub and surrounding satellite deposits. [Ramelius Resources]
The expansion supports increased throughput requirements as additional satellite deposits are brought online. Expansion activities are advancing alongside mine development, ensuring processing capacity aligns with future production growth.
Rebecca-Roe Project: Native Title Agreement Milestone
Ramelius Resources quarterly results showed a significant milestone on the Rebecca-Roe project during the December quarter. The Company signed the Native Title Mining Agreement with Kakarra Part B Native Title Holders. This agreement removes a key development hurdle and advances the project toward production.
Figure 4: Regional geology and gold deposit outlines at the Rebecca-Roe gold project in Western Australia. [Ramelius Resources]
The agreement reflects Ramelius Resources’ commitment to constructive engagement with traditional owners. With this milestone achieved, development planning can now proceed with greater certainty.
Rebecca-Roe forms part of Ramelius’ long-term growth pipeline, supporting its ambition to reach 500,000 ounces of annual gold production.
Drilling Programmes Accelerate Across Portfolio
Exploration activity continued across Ramelius’ portfolio during the December quarter, with a focus on both near-mine and regional targets. Several underground and surface prospects are expected to become priorities in the second half of FY26.
Recently accelerated drilling programmes aim to deliver additional upside for the Mt Magnet hub. Results from this work are expected in the coming weeks and could further extend mine life and operational flexibility.
Ramelius’ extensive tenement holding around Mt Magnet continues to provide opportunities for new discoveries capable of feeding the central processing facility.
Share Price Performance
Ramelius Resources shares last traded at $4.155 per share. The stock has moved within a 52-week range of $2.060 to $4.450 per share. The Company’s market capitalisation stands at $8.20 billion, reflecting investor confidence in the growth strategy and operational performance.
Figure 5: Ramelius Resources share price performance over the past six months. [ASX]
About Ramelius Resources Limited
Ramelius Resources Limited is an Australian gold producer operating exclusively in Western Australia. The Company operates the Mt Magnet processing hub, supported by multiple satellite deposits.
Its portfolio includes producing mines at Penny, Cue and the Galaxy Mine Area, alongside development projects such as Dalgaranga and Rebecca-Roe. Ramelius continues to target annual gold production of 500,000 ounces by FY30.
Final Thoughts: Execution Delivers Confidence
The Ramelius Resources Q2 FY26 production update demonstrates steady progress toward full-year guidance. Year-to-date production has passed a key milestone, positioning the Company well for the second half of the financial year.
Strong cash generation continues to underpin both shareholder returns and the advancement of growth projects. Upcoming exploration updates, quarterly results and half-year financials will provide further insight into operational momentum and financial strength.
FAQs
Q1. How much gold did Ramelius Resources produce in Q2 FY26?
Ans. Ramelius Resources produced 45,610 ounces of gold during the December 2025 quarter, with year-to-date production reaching 100,623 ounces and remaining on track for full-year guidance.
Q2. What is Ramelius Resources’ FY26 production guidance?
Ans. The Ramelius Resources Q2 FY26 production update confirms the Company remains on track to meet guidance of 185,000 to 205,000 ounces for the full year.
Q3. How much cash does Ramelius Resources have on hand?
Ans. Ramelius Resources ASX operations reported cash and gold balance of $694.3 million as at 31 December 2025, supporting the Company’s growth initiatives.
Q4. When will Dalgaranga first ore be delivered to Mt Magnet?
Ans. First Never Never ore from Dalgaranga is targeted for delivery to the Mt Magnet processing plant in the March 2026 quarter, with development on time and on budget.
