Mid-tier producer Ramelius Resources has delivered first ore from the high-grade Never Never underground at Dalgaranga to its Mt Magnet processing hub.

The maiden haul comes as the company advances a suite of growth projects, including upgrades to the Mt Magnet processing plant, with engineering and early site works now under way.

Announcing its financial results on Friday, MD Mark Zeptner said that progress at Never Never highlighted the group’s operational momentum following last year’s combination with Spartan.

“It is pleasing to be able to report such strong financial results in what remains a transitional period for Ramelius following the combination with Spartan last year. Operationally, performance was in line with our expectations highlighted in the five-year growth pathway released in October 2025.

“The half-year financial performance benefited from a strong A$ gold price, our exposure to which will elevate further with the reduction in our hedge book commitments announced yesterday. Our overall financial strength has enabled the declaration of a fully franked interim dividend of 3.0cps, exceeding our commitment to pay a minimum dividend of 2c a share for FY26.

“The company’s current growth projects, including the development of the Never Never underground at Dalgaranga and the Mt Magnet processing plant upgrades, are progressing well with first ore from Never Never delivered to Mt Magnet this week and engineering/early site works under way for the plant upgrade.

“We have also taken the opportunity to improve the commercial terms and increase the tenure of the A$175-million debt facility we had in place, replacing it with a A$500-million facility. The facility remains undrawn whilst enhancing our balance sheet flexibility and funding optionality.”

Financial results for the six months to December 31, 2025, were released alongside the operational update.

Ramelius reported record half-year underlying earnings before interest, tax, depreciation and amortisation of A$347.7-million, up 13% on the prior corresponding period, driven by a 36% increase in realised gold price to A$4 822/oz.

Gold sales fell 30% to 100 304 oz, reflecting lower production following the placement of Edna May into care and maintenance in the 2025 financial year. All-in sustaining costs rose 12% to A$1 901/oz.

Underlying net profit after tax was A$160.0-million, down 6% year-on-year, while underlying earnings per share declined 40% to 8.9c. Operating cash flow eased 3% to A$311.6-million.

The company declared a fully franked interim dividend of 3.0c a share, with an ex-date of March 16, record date of March 17 and payment scheduled for April 15.