Ramelius Hits 54.5g/t Gold as It Maps Path to 500,000oz Annual Production by FY30
Ramelius drilling delivers high-grade hits as it builds toward 500,000oz production goal
Ramelius Resources has released its half-year exploration results, covering 165,000 metres of drilling completed over the half year period. The campaign delivered exceptional high-grade gold intercepts that strengthen the Company’s pathway toward achieving more than 500,000 ounces of production per annum by FY30 — an aspiration underpinned by continued resource growth and the development of new underground mines.
The standout results include 14.8m at 54.5g/t Au (including 0.52m at 740g/t Au) from Franks Tower and 20.2m at 40.7g/t Au (including 11.0m at 71.7g/t Au) from Galaxy’s Mars and Saturn underground targets. These intercepts, along with results from Dalgaranga’s Never Never and Gilbey’s Underground, reinforce Ramelius’ strategy of pursuing high-grade zones near existing infrastructure to extend mine life and improve margins.
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The standout intercepts driving the story
The following table presents the highest-impact results across Ramelius’ portfolio, grouped by project area to demonstrate the breadth of high-grade discovery across the Company’s Western Australian operations.
| Project | Prospect | Best Intercept | Included High-Grade | Significance |
|---|---|---|---|---|
| Mt Magnet (Eridanus) | Franks Tower | 14.8m @ 54.5g/t Au from 244.01m | incl. 0.52m @ 740g/t Au | Confirms Eridanus-style high-grade extension |
| Mt Magnet (Galaxy) | Mars & Saturn U/G | 20.2m @ 40.7g/t Au from 189.1m | incl. 11.0m @ 71.7g/t Au | Resource conversion + depth upside |
| Mt Magnet (Galaxy) | Perseverance South | 7.8m @ 8.05g/t Au from 164m | incl. 2.0m @ 25.0g/t Au | Adjacent to Galaxy U/G mine |
| Dalgaranga | Never Never (infill) | 13.0m @ 34.5g/t Au from 151.0m | 3.38m @ 996g/t Au from 101.6m | Reaffirms grades at next U/G mine |
| Dalgaranga | Gilbey’s U/G | 3.7m @ 38.2g/t Au from 408.7m | 1.6m @ 130g/t Au | Feeds MRE update + PFS |
| Cue | Lena | 9.0m @ 12.9g/t Au from 499m | incl. 3.0m @ 35.2g/t Au | High-grade depth extension |
Why underground high-grade discoveries matter for investors
Understanding grade and value
Gold grade is measured in grams per tonne (g/t Au). Higher-grade mineralisation generally translates to more profitable ounces because less rock needs to be processed to recover the same amount of gold. High-grade underground deposits can displace low-grade material in the mine plan, improving margins and extending mine life without requiring significant increases in processing capacity.
Ramelius’ exploration programme distinguishes between two key drilling types:
- Extensional drilling tests for new mineralisation beyond known boundaries. This work aims to grow the resource inventory and discover new high-grade shoots.
- Infill drilling converts Inferred Resources to Indicated Resources by increasing drill density and improving geological confidence. This work supports Pre-Feasibility and Feasibility Studies.
Exploration Targets and the concept of uncertainty
An Exploration Target is a conceptual estimate of the potential quantity and grade of mineralisation in a region where insufficient drilling has been completed to estimate a Mineral Resource. Exploration Targets are inherently uncertain — it is not guaranteed that further drilling will result in a Mineral Resource, nor is it certain that the target itself will be realised. The Company’s disclosed Exploration Targets at Gilbey’s Underground and Galaxy are presented with this caveat.
The near-term upside angle
Management has highlighted that exploration at Galaxy and Gilbey’s Underground has the ability to provide near-term upside for the 5-year production outlook by displacing low-grade material currently in the mine plan. High-grade discoveries near existing infrastructure can be brought online at lower cost and with shorter lead times compared to greenfield developments.
Peter Ruzicka, Executive General Manager Exploration
“The application of expanded exploration budget in FY26 resulted in successful identification and development of multiple high-grade targets… High grade underground opportunities have also been identified at Lena (Cue Gold Project) and at Perseverance South (Galaxy Mine Area – Mt Magnet Gold Project), situated immediately adjacent to the Galaxy underground mine.”
The exploration engine — where the money went and what’s next
Ramelius invested $33.9M in exploration during the June 2026 Quarter and $103.9M for the full FY26 — above the original guidance of $80–100M. This above-guidance spend reflects confidence in the quality of results returned during the year, particularly at Gilbey’s Underground, Never Never, Franks Tower, and the Galaxy mining area.
For FY27, the Board has approved a budget of $90–110M for exploration, with approximately 240,000 metres of drilling planned. The programme will continue to focus on high-grade targets across the portfolio, with aggressive extension drilling to drive resource growth and targeted infill drilling to upgrade Inferred Resources to Indicated.
Key catalysts on the horizon
Investors can expect the following near-term milestones:
- Late August 2026 — New Group Reserves and Resources statement expected to demonstrate the exploration programme’s success.
- Gilbey’s Underground — MRE update underway, to advance a Pre-Feasibility Study.
- Lena — Updated MRE feeding into a Scoping Study in FY27. The plan is to combine Lena with Break of Day into an extended underground project.
- Galaxy Mars/Saturn — MRE update pending, incorporating latest drill results.
The pipeline of resource-growth targets
Ramelius has announced two Exploration Targets, both of which are conceptual in nature. There has been insufficient exploration drilling conducted to estimate a Mineral Resource, and it is uncertain whether further exploration will result in the estimation of a Mineral Resource or that the Exploration Target will be realised.
- Gilbey’s Underground: 2.1–4.7Mt at 1.5–2.0g/t for 100–300koz
- Galaxy: 6.0–7.0Mt at 2.1–2.6g/t for 400–600koz
These targets represent meaningful upside if drilling in FY27 can convert potential into classified resources.
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The investment thesis in brief
Ramelius operates a diversified Western Australian portfolio spanning Mt Magnet, Cue, Penny, Dalgaranga, and development projects at Rebecca-Roe. Ore from high-grade underground and open pit sources feeds the central Mt Magnet processing hub, creating operational flexibility and blending optionality. High-grade discoveries near existing infrastructure — such as Perseverance South, accessible from the Galaxy underground mine — are lower-cost to bring online and can meaningfully improve the production profile. The Company’s continued aggressive exploration programme aims to expand the Mineral Resource inventory to underpin the aspiration of producing more than 500,000oz per annum by FY30.
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