Ramelius Resources (RMS) Mining Forum Americas 2026 summary

Production outlook and cash generation

• FY27 guidance: 205,000–225,000 oz; FY30 outlook: 560,000–610,000 oz, targeting over 600koz annually.

• AISC guidance: US$1,505–US$1,645/oz in FY27 and US$1,470–US$1,680/oz in FY30.

• FY27–30 AISC margin forecast to average ~63% versus ~50% in FY23–26; costs projected $320–$600/oz below peer averages annually.

• FY30 free cash flow forecast above A$1.1bn at A$5,500–A$6,000/oz gold; a separate projection gives US$1.1–US$1.3bn annually.

Hub development and execution

• Mount Magnet mill capacity targeted to increase from 2.0Mtpa to 4.3Mtpa, with potential for 5Mtpa by FY30; the hub is forecast to produce 420,000–460,000 oz that year.

• Mount Magnet production is forecast to rise from just over 200,000 oz in FY27 to ~440,000 oz at the midpoint in FY30; the hub is positioned among the top 10 globally by scale.

• Rebecca Roe has a completed DFS, Native Title agreement, final investment decision and approvals; construction is scheduled for December 2027 and first gold for Q4 CY28.

• Rebecca Roe is forecast to contribute 80,000 oz in FY29 and nearly 150,000 oz in FY30; its LOM average is 135koz p.a. at US$1,838/oz AISC.

• Mount Magnet expansion estimate is near $200m, with total spend of $240m–$250m including contingency; sequenced plant builds aim to reduce execution risk and maintain production continuity.

Exploration and resource upside

• Resource and reserve base reported at 14Moz and 4.3Moz; exploration replaced 1.3Mt of low-grade Mount Magnet feed, lifting planned FY30 head grade from 2.9g/t to 3.4g/t and output by 60,000 oz.

• Galaxy inventory stands at 2Moz, with mine life extending well beyond FY30; exploration targets are 400,000–600,000 oz at Galaxy and 200,000–400,000 oz at Perseverance South.

• Lena Underground adds to Cue growth potential, with deep drilling suggesting improved grades at depth; Gilbey’s has nearly 600,000 oz of resources and potential for an underground operation.

• Never Never drilling returned intercepts including 3.6m at 996g/t; FY27 exploration investment planned at US$70m.

• Ore Reserves have grown at a 27% CAGR since 2016, with ongoing exploration and resource replenishment supporting growth beyond the current base case.