Ramelius Resources gold production reached 48,839 ounces in the three months to September 2026. Its FY27 production guidance remains at 205,000–225,000 ounces.
Those transactions help explain why the movement in cash and gold needs reading separately from the operating result.
Meanwhile, work continued on the projects intended to lift production over the next four years.
Figure 1: Archive image of the Checker processing plant at Mt Magnet, Western Australia. Image credit: GR Engineering Services.
Penny Ore Was Waiting for Transport
September’s wet weather disrupted haulage between the high-grade Penny mine and the Mt Magnet mill.
At quarter-end, Penny held 27,680 tonnes of stockpiled ore grading 4.78 grams of gold per tonne. Ramelius put the contained gold at 4,254 ounces.
That material still had to reach the mill and be processed. The contained ounces cannot simply be added to September’s production total.
Haulage has now resumed. Ramelius described the effect on quarterly output as marginal and said the timing delay was not expected to affect its full-year guidance.
For the next report, the useful question is how much of that stockpiled material has moved through the plant.
September Quarter Figures at a Glance
The Ramelius Resources September quarter update provides an early view of production and funding. A fuller activities report is due later in October.
| Measure | Reported figure |
| September-quarter gold production | 48,839 ounces |
| FY27 production guidance | 205,000–225,000 ounces |
| Underlying free cash flow | AUD60.2 million |
| Cash and gold at quarter-end | AUD768.0 million |
| Cash and gold at 30 June 2026 | AUD649.6 million |
| Penny stockpile contained gold | 4,254 ounces |
The release does not provide quarterly all-in sustaining costs, gold sales or the average realised selling price. Those gaps limit how far readers can assess operating margins from this update alone.
The Balance Increased, but Several Large Payments Passed Through
Cash and gold rose by AUD118.4 million over the quarter.
The closing AUD768 million includes gold holdings, so it should not be described entirely as cash in the bank. Nor does the increase represent the company’s underlying free cash flow, which was AUD60.2 million.
The Edna May sale completed on 4 September for total consideration of AUD300 million, including AUD210 million in cash.
There were substantial outgoings too. Ramelius paid AUD131 million in stamp duty associated with the Spartan transaction and AUD6.9 million in income tax. Another AUD18 million went towards share buybacks.
These figures explain some of the quarter’s financial activity, although the preliminary release does not contain a complete reconciliation.
Colitco’s coverage of Emerald Resources’ Okvau performance also examines how operating cash supports spending on the next generation of mines.
Mt Magnet Expansion Moves Into Construction Work
Ramelius has appointed Primero as the engineering, procurement and construction contractor for Mt Magnet’s new Circuit 2.
The circuit is planned to process three million tonnes of ore a year. Separately, a new crusher and gravity tower are being installed in Circuit 1 during a planned mill shutdown.
This work forms part of the four-year outlook released on 21 September.
Ramelius describes the growth plan as fully funded and expects it to take annual production above 600,000 ounces by FY30. The company says its resources and reserves support similar production levels into the late 2030s.
Those are company forecasts. Achieving them will require the plants, mine development and ore supply to progress together.
Chief Executive Mark Zeptner also reported increasing tonnages at Dalgaranga, commissioning of its new paste plant and grades and recoveries above expectations. The preliminary update does not break out Dalgaranga’s production.
Better Ore Is Changing the Later Mine Schedule
Exploration has already altered the planned feed for FY29 and FY30.
Ramelius says discoveries have displaced material grading less than one gram per tonne, allowing higher expected production in both years. The FY27 exploration programme will continue looking for opportunities to replace lower-grade feed.
The company also outlined an Exploration Target of 14–21 million tonnes grading 1.9–2.4 grams per tonne, containing an estimated 0.85–1.6 million ounces.
That target remains conceptual. There has not been enough drilling to establish a Mineral Resource, and further exploration may not deliver one.
For shareholders, the evidence to watch is whether drilling converts those possibilities into material that can enter the mine plan.
Roe Still Has Approvals to Secure
Rebecca-Roe passed another approval step during the period.
The Department of Water and Environmental Regulation granted a Works Approval under Part V of the Environmental Protection Act. Routine Mining Act approvals remain outstanding for Roe.
Rebecca has already secured its environmental and mining approvals.
Zeptner said Ramelius was bringing forward some capital expenditure at Rebecca-Roe as the remaining approvals approached completion. The update does not give a value for that accelerated spending.
Colitco’s earlier report on the Roe project’s approval progress sets out the steps behind the latest development update.
What Comes Next for FY27?
The Ramelius Resources FY27 outlook is unchanged after the first quarter.
The immediate operating checks are Penny haulage, ore processing at Mt Magnet and the continuing increase in activity at Dalgaranga. On development, attention turns to the mill expansion and Roe’s remaining approvals.
Its next report should give readers more detail on the money spent, operating performance and progress against the annual plan.
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FAQs
Q1. How much gold did Ramelius produce in the September quarter?
Ans. It produced 48,839 ounces in the three months to September 2026.
Q2. Did the weather disruption change FY27 guidance?
Ans. No. Ramelius retained its production guidance of 205,000–225,000 ounces after haulage from Penny resumed.
Q3. What was the quarter-end cash balance?
Ans. Ramelius reported a combined cash-and-gold balance of AUD768 million. The preliminary update does not separate the two components.
Q4. What remains outstanding at Roe?
Ans. Routine Mining Act approvals. Its Part V Works Approval has been granted, while Rebecca already holds its environmental and mining approvals.
Disclaimer
This article provides general information and is not financial advice. Figures and company forecasts are drawn from Ramelius Resources’ 8 October 2026 preliminary update. Production targets and development plans may change. Readers should review the company’s full announcements and consider their circumstances before making investment decisions.
Luke Carlino is a seasoned Copywriter, Content Strategist, and Social Media Manager specialising in Mining, Finance, and Business journalism. With more than a decade of industry experience, he brings rigorous editorial standards and commercial acuity to every project.
