Ramelius Resources (RMS) Investor update summary

Strategic Outlook and Production Growth

• Targeting gold production of 205,000–225,000 ounces in FY 2027, rising to 560,000–610,000 ounces by FY 2030, with all-in sustaining costs (AISC) between AUD 2,100–2,400 per ounce, maintaining a peer-leading cost position.

• Expansion is underpinned by two hubs: Mt Magnet and Rebecca-Roe, with a combined resource base of 14 million ounces and ore reserves of 4.3 million ounces.

• Mt Magnet hub production expected to reach 440,000 ounces by FY 2030, placing it among the top 10 global gold hubs, with a mine life extending to 2043.

• Rebecca-Roe development is fully permitted by early 2027, with first gold targeted for December 2028.

• Growth is capital efficient and fully funded by strong cash flow and a robust balance sheet, with all major projects self-funded.

Financial Performance and Capital Allocation

• Free cash flow generation projected to exceed AUD 1.5 billion annually by FY 2030 at AUD 6,000 gold price, with strong leverage to gold price and industry-leading FCF per ounce.

• Returned 65% of FY 2026 cash flow to shareholders via dividends and buybacks, with a disciplined capital allocation approach and historical IRR of 50%.

• Cash and gold on hand exceed AUD 800 million, with liquidity over AUD 1.3 billion and no need for additional funding for planned growth.

• Sustaining capital increases are primarily due to mine life extensions at Galaxy and Cue, with cost inflation of 8% factored into forecasts.

• Dividend yield and buybacks have delivered AUD 376 million in dividends and AUD 150 million in buybacks over the past 8 years.

Exploration and Resource Growth

• Exploration success has displaced 1.3 million tons of low-grade ore with high-grade ore at Mt Magnet, increasing average head grade by 16% and boosting FY 2030 output by 60,000 ounces.

• Ongoing exploration at Galaxy, Cue, and Gilbey’s UG is delivering new high-grade resources and extending mine life, with FY27 exploration spend of AUD 90–110 million.

• Mt Magnet and Rebecca-Roe combined mineral resources total 14Moz, with ore reserves of 4.3Moz as of June 2026.

• 10-year track record of resource replenishment, with a 27% CAGR in ore reserves and 20% CAGR in mineral resources net of depletion.

• Dalgaranga and Gilbey's underground drilling results support a 10% grade uplift and long-term production growth.