Ramelius Resources Limited (RMS) has closed out its 2026 fiscal year by successfully meeting production guidance for the sixth consecutive year. The company reported group gold production of 192,182 ounces for the full year at an all-in sustaining cost (AISC) of A$1,983 per ounce. For the June quarter specifically, the miner delivered 53,466 ounces, contributing to an underlying free cash flow of A$138.3 million for the three-month period.

Operations at the core Mt Magnet project drove this performance, largely due to a ramping up of activity at the Never Never underground mine. Production figures from the site showed a significant advancement compared to previous months. During the March quarter, the company mined 49,000 tonnes of ore at a grade of 3.49g/t. In the June quarter, that output increased to 115,000 tonnes at an average grade of 5.95g/t.

"In the June Quarter, the Company delivered 53,466 ounces at a relatively low AISC of A$1,973/oz. For the full Year, we met production Guidance with 192,182 ounces produced at an AISC of A$1,983/oz."

"The Mt Magnet underground mine once at targeted production of 1Mt per annum, with grades in excess of 7g/t, will transform the Mt Magnet hub to Tier 1 status."

— Mark Zeptner, Managing Director

The company’s cash position has also strengthened, ending the June quarter with A$649.6 million in cash and gold, up from A$606.5 million reported in March. This liquidity comes as Ramelius continues to invest heavily in growth capital and exploration. During the quarter, the company allocated A$42.1 million toward growth capital, including infrastructure improvements like a paste plant and ongoing plant upgrades, alongside A$33.9 million in exploration spending aimed at extending mine life across its operations.

The expansion of the processing capacity at Mt Magnet remains a critical operational priority. Management is currently progressing with engineering and preliminary site work, focusing on a staged upgrade to the processing plant. The company anticipates awarding an engineering, procurement, and construction contract for the Stage 2 processing plant upgrade during the September 2026 quarter.

Beyond operational output, corporate activity has been busy. Ramelius has agreed to the sale of its Edna May hub to Forrestania Resources for a total of A$300 million. This transaction, which involves a mix of cash and shares, is expected to close within the September 2026 quarter. Meanwhile, the company continues to manage its portfolio through share buybacks, having completed A$30.5 million in such efforts during the recent quarter as part of a larger A$250 million program.

Looking ahead, Ramelius plans to provide further clarity on its long-term trajectory later this year. The company confirmed it will issue its fiscal year 2027 production guidance and an updated production outlook through to 2030 during the September 2026 quarter. This update is expected to provide deeper insight into the mine life extensions at current operations, including potential developments at the Penny, Cue, and Galaxy mines, which remain central to the company’s objective of reaching annual production of 500,000 ounces by 2030.

Read the full announcement: June 2026 Quarterly Report