Ramelius Maps Path to 610koz by FY30 With $1.5B Free Cash Flow Potential
Key Takeaways
- Ramelius has upgraded its FY30 production outlook to 560–610koz at an AISC of A$2,100–2,400/oz, representing 205% production growth versus FY26 and an 11% increase on the October 2025 plan.
- Primero has been appointed EPC contractor for the new 3Mtpa Circuit 2 at Mt Magnet, covering approximately 90% of capital, with commercial production targeted for the March 2028 Quarter.
- The Mt Magnet plant expansion cost has risen from A$223M at PFS stage to A$280M, with the company attributing the increase to inflation, fixed-price contractor coverage, and deliberate scope enhancements to future-proof throughput above 4.3Mtpa.
- Edna May sale proceeds of A$210M cash plus A$90M in Forrestania Resource Limited shares were received 4 September 2026, with current cash, gold and investment holdings exceeding A$1 billion and the growth plan described as fully funded.
- Scoping studies for Gilbey's Underground (250–300koz over nine years) and Lena Underground (90–120koz over 4.5 years) extend the production runway beyond FY30, with both projects leveraging existing infrastructure and permits.
Ramelius lifts FY30 production outlook to 610,000 ounces as growth plan takes shape
Ramelius Resources has upgraded its medium-term production outlook, now forecasting FY30 output of 560–610koz at an All-In Sustaining Cost (AISC, the total cost per ounce to mine and sell gold) of A$2,100–2,400/oz. That represents an 11% increase on the October 2025 plan and 205% production growth compared to FY26, making this a four-year strategic blueprint of genuine scale.
The company’s current cash, gold and investment holdings exceed A$1 billion, and at a gold price of A$5,500/oz, the plan is forecast to generate potential free cash flow of up to A$1.5 billion in FY30. FY27 guidance has been set at 205–225koz at an AISC of A$2,150–2,350/oz.
Managing Director Mark Zeptner
“Our targeted exploration strategy, combined with operational and technical expertise, has driven an 11 percent uplift in our FY30 production outlook to more than 600,000 ounces, reaffirming our position as Australia’s standout gold growth story, underpinned by a long term resilient low-cost advantage.”
FY26 marks Ramelius’ sixth consecutive year of meeting market guidance, providing a meaningful track record of delivery against stated targets.
FY27 guidance at a glance:
- Gold production: 205–225koz
- AISC: A$2,150–2,350/oz
- Total growth capex: A$480–570 million
- Stamp duty (Spartan acquisition): A$131M accrued in FY26, paid July 2026
- Edna May sale proceeds: A$210M cash + A$90M in Forrestania Resource Limited shares received 4 September 2026
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FY27 guidance and capital programme in detail
What the numbers show
Table 1 from the announcement sets out the full FY27 guidance. The key investor-relevant line items are reproduced below.
| Category | Unit | Mt Magnet | Rebecca-Roe | Group |
|---|---|---|---|---|
| Gold production | Koz | 205–225 | – | 205–225 |
| AISC | A$/oz | 2,150–2,350 | – | 2,150–2,350 |
| Mt Magnet plant expansion capex | A$M | 195–215 | – | – |
| Mt Magnet infrastructure (camp, power, water, roads) | A$M | 75–90 | – | – |
| Rebecca-Roe early works & infrastructure | A$M | – | 65–75 | – |
| Exploration & resource definition | A$M | 75–85 | 15–25 | 90–110 |
| Depreciation & amortisation | A$M | 370–410 | – | 370–410 |
| FY27 income tax payments | A$M | 50–70 (excludes tax on Edna May transaction) | ||
Total growth capex for FY27 is guided at A$480–570 million. The most-discussed line item is the Mt Magnet plant cost, which has increased from A$223M at Pre-Feasibility Study (PFS) stage to A$280M. The company attributes this to inflationary impacts, greater fixed-price coverage with contractors, and scope enhancements covering roads, power, water and camp infrastructure. Critically, those additions are designed to future-proof throughput capability above the planned 4.3Mtpa, meaning the higher spend is a deliberate investment in optionality rather than a cost overrun.
Key FY27 one-off cash flows investors should note
Three material one-off cash flows sit outside the recurring operating picture for FY27:
- Stamp duty of A$131M from the Spartan acquisition, accrued in FY26 and paid in July 2026.
- Edna May hub sale proceeds received 4 September 2026 (A$210M cash plus A$90M in Forrestania Resource Limited shares).
- Approximately A$50M in tax associated with the Edna May transaction, expected December 2026.
All three are known, already-actioned items that investors can factor into cash flow modelling with reasonable certainty.
What is an EPC contractor, and why Primero’s appointment matters
An Engineering, Procurement and Construction (EPC) contract means the contractor, in this case Primero, takes full responsibility for designing, sourcing materials, and building the facility to a fixed scope. For investors, the appointment of an EPC contractor converts a development plan on paper into a contracted, scheduled construction programme with defined accountability. It is a meaningful de-risking milestone.
Primero has been selected following a competitive Front-End Engineering Design (FEED) process as the EPC contractor for the new 3Mtpa Circuit 2 at the Mt Magnet processing plant. The EPC contract covers approximately 90% of the capital for the new and upgraded circuits, with approximately A$24M retained in contingency and approximately A$15M in owners’ costs. Key schedule targets are:
- Circuit 2 construction completion: December 2027 Quarter
- Commercial production target: March 2028 Quarter
- Combined plant throughput optionality: up to 5Mtpa or more (future-proofed)
- Mt Magnet Life-of-Mine: operational until 2043 (more than 15-year LoM)
The new Circuit 2 design leverages existing Dalgaranga equipment alongside new plant. Key components include:
- 6.5MW SAG mill relocated from Dalgaranga, plus pebble crushing circuit
- 3.5MW ball mill (ordered) and cyclone cluster (relocated)
- Seven new 2,500m³ leach/CIL tanks (Carbon-in-Leach, the process that extracts gold from ore)
- Split AARL elution circuit and gravity circuit with intensive leach reactor
- Tailings thickener and pumping infrastructure
Additional infrastructure investments supporting the expanded hub include a sealed haul road extension, camp expansion to 500 personnel (from 244), new water sources, and a power network upgrade connecting a new wind farm to the existing solar and battery system.
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Pipeline beyond FY30 — Gilbey’s and Lena scoping studies extend the runway
Gilbey’s Underground (Dalgaranga)
The Gilbey’s Underground Scoping Study, published alongside this announcement, outlines a post-FY30 growth option at Dalgaranga. The Production Target is 5.2–5.8Mt at 1.5–1.7g/t for 250–300koz, with gold production of 220–260koz over an initial nine-year mine life commencing late FY28. Processing optionality exists at either the Mt Magnet hub or the Dalgaranga mill (currently on care and maintenance).
Capital efficiency is a feature here. Access is planned via existing portals in the Gilbey’s pit, with power supply and other electrical infrastructure already in place. Mining is already fully permitted.
Importantly, the Production Target includes 75koz from Inferred Mineral Resources. There is a low level of geological confidence associated with Inferred Mineral Resources, and there is no certainty that further exploration work will result in the determination of Indicated Mineral Resources or that the Production Target itself will be realised.
Lena Underground (Cue complex)
The Lena Underground Scoping Study presents an extension to the existing Cue underground complex. The Production Target is 1.8–2.0Mt at 2.1–2.5g/t for 120–160koz, with gold production of 90–120koz over a 4.5-year mine life commencing mid-FY28. Environmental permitting applications are underway and are described as expected to be straightforward given existing approvals for Cue open pit mining and the Break of Day Underground mine.
As with Gilbey’s, the Production Target includes 74koz from Inferred Mineral Resources, and there is no certainty the Production Target will be realised.
Taken together, the picture Ramelius is building is one of layered, multi-asset growth rather than dependence on any single project. Mt Magnet is targeted to become a Top 10 global gold production hub by FY30. Rebecca-Roe environmental approval (Roe Part V) is expected in the December 2026 Quarter as the next major external catalyst. The growth plan is described by the company as fully funded, underpinned by current holdings in excess of A$1 billion, with six consecutive years of guidance delivery as the operational credibility anchor.
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