Ramelius Resources (RMS) Diggers & Dealers Mining Forum 2026 summary

Strategic outlook and growth targets

• Five-year plan targets 500,000–550,000 ounces annual gold production by FY 2030, with AISC below AUD 2,000 and AUD 1 billion free cash flow per annum at AUD 4,500 gold price.

• Aims for 170% production growth from FY26 to FY30, driven by Dalgaranga and Rebecca-Roe projects, with 7.5Mtpa total mill capacity.

• Market cap stands at AUD 5.8 billion, with AUD 650 million cash and nearly AUD 100 million in listed investments, no debt.

• Ore reserves have increased 40% year-on-year at higher grades, with group mineral resources at 12.1Moz Au and 2.6Moz in ore reserves as of June 2025.

• Maintains sizable margin advantage over peers despite sector-wide cost inflation.

Operational achievements and project updates

• Dalgaranga mine brought into production within nine months, achieving commercial output a quarter early, impacting AISC by AUD 140/oz.

• Never Never underground mine outperformed PFS expectations on grade and recovery, with upgrades targeting 92.4% recovery.

• Mount Magnet expansion includes a second ball mill, new 3Mtpa train, and hybrid power solution, targeting AUD 500 million in synergies.

• Sale of Edna May Hub for AUD 300 million expected to close in September.

• FY26 gold production achieved guidance, with quarterly output ramping up and Dalgaranga outperforming on grade and recovery.

Cost management and shareholder returns

• Early conversion of Dalgaranga growth capital to AISC added AUD 143/oz, but fuel hedges and hybrid power mitigate cost pressures.

• Paid second fully franked interim dividend and completed AUD 30 million in share buybacks, totaling over AUD 140 million to date.

• Announced AUD 250 million share buyback program and paid fully franked interim dividend of 3cps in FY26.

• Cumulative cash returns to shareholders include AUD 320 million in dividends and AUD 142 million in buybacks over seven years.

• Plans to maintain returns in FY 2026–2027 and grow from FY 2028 as expansion projects complete.