Gold miner Ramelius Resources has unveiled a fully funded five-year growth strategy that charts a clear path to producing more than 500 000 oz/y by the 2030 financial year, underpinned by studies for its Never Never, Mt Magnet–Dalgaranga and Rebecca–Roe projects.

MD Mark Zeptner said on Tuesday that Ramelius’ production outlook was sustainable and cash-generative, supported by known reserves and resources and an aggressive exploration programme expected to lift production from 2027.

“We have now demonstrated a clear path to deliver on our vision to become a 500 000 oz gold producer by FY30,” Zeptner said. “Importantly, the pipeline is fully funded, we are peer-leading from a cost perspective, the production level is sustainable with known reserves and resources … and is backed by annual free cash flow averaging more than A$1-billion (at A$4 500/oz) a year from FY30 to at least FY35.”

The company will start construction in early 2026 to upgrade the Mt Magnet processing plant, expanding capacity from two-million tonnes a year to five-million tonnes by 2028, with a targeted run rate of 4.3-million tonnes a year while processing high-grade Dalgaranga ore.

Ramelius has identified about A$1-billion in real synergies through its integration of the Spartan Resources and Dalgaranga operations, including capital and processing cost savings and tax benefits.

Following completion of the Mt Magnet upgrade, the development team will transition to building the Rebecca–Roe project in early 2028, with first production targeted for the 2029 financial year.

FY26 GUIDANCE
Further, Ramelius has set its 2026 financial year gold production guidance at between 185 000 oz and 205 000 oz at an all-in sustaining cost (AISC) of A$1 700/oz to A$1 900/oz.

Production will come from the Mt Magnet hub, which includes the Cue, Penny and Dalgaranga operations. The company produced 55 013 oz in the September quarter at an AISC of A$1 836/oz, generating A$129-million in underlying free cash flow.

At September 30, Ramelius had A$827.7-million in cash and bullion, and an undrawn A$175-million credit facility, providing total liquidity of A$1-billion.

The company expects 2026 to represent the lowest production level in its five-year plan, as it undertakes one-off payments and elevated growth capital spending. From 2027, free cash flow is forecast to grow year-on-year, averaging more than A$1-billion a year from 2030.

A new capital framework outlining the company’s approach to shareholder returns via dividends or buybacks will be released in the first half of 2026.

Ramelius said the Mt Magnet–Dalgaranga integration and Rebecca–Roe development would provide a solid production platform through 2035, with exploration success at brownfield targets such as Penny, Cue and Mt Magnet offering upside to the current base case.