Ramelius Resources (RMS) Mining Forum Europe 2026 summary

Strategic growth and asset development

• Acquired a major asset for AUD 2.5 billion, boosting production outlook and consolidating operations around Mount Magnet, targeting 350,000 ounces per annum at full production.

• Rebecca Roe project, combining two deposits (Rebecca: 800,000 oz, Roe: 300,000 oz), is fully permitted for Rebecca and advancing approvals for Roe, aiming for development in FY 2027 and production in FY 2028-2029.

• Mount Magnet expansion includes increasing mill capacity from 1.9 million to 4.3 million tons, with Dalgaranga ore contributing higher grades and lower costs, and a separate circuit being built for optimal recovery.

• Exploration investment of AUD 100 million focuses on high-grade targets to displace lower-grade material, aiming to extend mine life and enhance production mix.

• Fully funded growth profile with AUD 600 million cash and AUD 500 million credit facility, supporting ongoing and future developments.

Financial performance and shareholder returns

• Share buyback policy of AUD 250 million and minimum AUD 0.02 dividend per year set for FY 2026 and FY 2027, even during high investment periods.

• Free cash flow projections: just under AUD 750 million in FY 2028, over AUD 1 billion in FY 2029, and nearly AUD 1.75 billion in FY 2030, with a targeted 40% payout ratio from FY 2028.

• Consistent dividend growth with a payout ratio of 29% up to FY 2025, maintaining returns during reinvestment phases.

• Historical margins have grown with rising gold prices, targeting 50%-60% margin at AUD 4,500 gold price, with current prices at AUD 6,700 further boosting profitability.

• Paid out hedge book in March, which would have placed returns on capital among top industry performers.

Production guidance and operational highlights

• FY 2026 production guidance set at 195,000-205,000 ounces, with Mount Magnet as the main contributor and Dalgaranga ramping up.

• Production expected to grow 170% from FY 2026 to FY 2030, with all-in sustaining costs targeted under AUD 2,000/oz, significantly lower than peers.

• Dalgaranga mine development ahead of schedule, delivering higher-than-expected grades and generating early cash flow.

• Separate mill circuit for Dalgaranga to improve gold recovery, with initial lower recovery rates improving as new circuit comes online in September 2027.

• Mount Magnet projected to become a top five Australian production hub, reaching up to 360,000 ounces at under AUD 1,600/oz all-in sustaining cost.