Ramelius Resources Ltd
Ramelius Resources is an ASX-listed gold producer whose core asset is the Mt Magnet Hub (Western Australia). In July 2025 Ramelius completed its acquisition of Spartan Resources (0.6957 RMS shares + A$0.25 cash per Spartan share, Spartan holders ending up with 39.5% of the pro-forma enlarged company), adding the high-grade Dalgaranga portfolio -- including the Never Never underground deposit (maiden Ore Reserve 7.0Mt @ 7.3g/t for 1.6Moz gold), 65km northwest of Mt Magnet -- to the company's processing hub. FY26 (year ended 30 June 2026) group production was 192,182oz at an AISC of A$1,983/oz, meeting guidance for the sixth consecutive year; the June 2026 quarter alone (53,466oz at A$1,973/oz AISC) was ~40% higher than the prior quarter, driven by high-grade ore from Never Never's early commercial production. The company held a debt-free cash-and-gold balance of A$649.6M at 30 June 2026 (up from A$606.5M at 31 March 2026). Rebecca-Roe, a growth project south of Kalgoorlie, advanced from a Dec 2024 PFS to a completed Definitive Feasibility Study (DFS, released 28 Oct 2025) with materially improved economics: after-tax NPV5% of A$692M and 34% IRR at A$4,500/oz gold, a 15-year mine life, and Board FID obtained subject to environmental permitting for the Roe deposit -- mining is planned to commence at Rebecca in the Dec 2027 quarter. The company targets 500,000-550,000oz of annual production by FY2030 at sub-A$2,000/oz AISC and A$1B/yr free cash flow. Mark Zeptner has been Managing Director and CEO since June 2014.
Notable vs. Peers
- All-in sustaining cost of $1,394/oz is 29% lower than the peer producer average of $1,962/oz.
Lifecycle Milestones
Construction Milestones
5 of 5 reached- Reached — date not disclosed · Mt Magnet has been in production for decades under a series of owners predating Ramelius's current form; no single confirmed permit date was found to a primary source this pass. · Source
- Reached — date not disclosed · Not confirmed to a primary source this pass for the long-standing Mt Magnet hub. Never Never's own construction/development is comparatively recent (post-2025 Spartan acquisition) but a precise start date was not confirmed this pass. · Source
- Jan 2011 · Approximate -- Ramelius has operated Mt Magnet since around 2010-2011. Current production status is directly evidenced by FY26 group output of 192,182oz across Mt Magnet and Dalgaranga/Never Never. · Source
- Reached — date not disclosed · Genuinely reached, but no single company-wide commercial-production date exists: Ramelius operates a multi-mine, multi-decade Western Australian portfolio anchored by Mt Magnet (Dalgaranga, Cue, Galaxy, Eridanus, Never Never underground -- Mt Magnet has been producing under various owners since the 1980s) plus the Rebecca-Roe project area, assembled through years of acquisitions. FY2026 (year to 30 June 2026) results reported 192,182 oz gold produced at AISC of A$1,983/oz, with the June quarter (53,466 oz) the strongest of the year on high-grade Never Never ore. This row was missing entirely prior to 2026-08-21 -- a genuine data gap, not a stage error; Miner.stage was already correctly PRODUCTION. · Source
Milestones are recorded only from a company's own dated disclosure. A milestone with no date shown is one we can confirm was reached but for which no date was disclosed — we don't estimate one. "Not yet reached" means exactly that, not that a date is missing. An "Expected" line likewise only ever reflects the company's own guidance (e.g. a study or permit decision targeted for a stated quarter) — most not-yet-reached milestones have none, and that absence means no such guidance has been disclosed, not that one is overdue.
Combined view across 3 projects. Figures below are only combined where the underlying basis genuinely matches -- see the notes under each.
A relative ranking of how closely this company matches the profile of juniors that have actually been acquired — not a probability, and not a reason to buy. Acquisitions are rare: only a few dozen significant deals happen a year across a universe of thousands of juniors, so even a high score here describes a long shot. The strongest signal the underlying research identifies — whether a major already holds a JV, earn-in, or 5–19.9% strategic stake — isn't tracked yet and is absent from this score.
Your Rankings
Management Team
Managing Director and Chief Executive Officer of Ramelius Resources Ltd (joined as COO Mar 2012, CEO from Jun 2014, MD from Jul 2015). Mining engineer educated at the Western Australian School of Mines, Kalgoorlie, with 30+ years of industry experience. Before Ramelius, senior operational and management positions with WMC (Western Mining Corporation, later acquired by BHP Billiton in 2005) and Gold Fields Limited at their gold and nickel assets in Australia and offshore, including Acting VP Australasia, GM Technology & Innovation, and Production Superintendent at Gold Fields' St Ives gold mine. BEng (Hons) Mining; MAusIMM; MAICD.
Chief Financial Officer of Ramelius Resources Ltd since 1 May 2024 -- missing from this DB entirely before this batch (only the CEO was tracked). 25+ years of experience in financial management, capital markets and the mining industry. Accountant at Hall Chadwick early in his career, then Senior Manager at KPMG (2000-2007, across Canada, Australia and the UK, predominantly serving mining and construction clients). General Manager Finance and Company Secretary at Ivanhoe Australia (2007-2012), leading its ASX and TSX dual listing and financing activities (the company was later reorganised as Inova Resources Ltd, where Millman held an equivalent GM Finance/Company Secretary role -- treated as continuous, not a separate external employer). Joined Centerra Gold in 2013 as Treasurer, becoming VP Finance and Treasurer (Jan 2015) and then CFO (Apr 2016) until his 2024 move to Ramelius.
Insiders, Investors & Smart Money
Notable shareholders and insiders whose involvement is worth knowing about, plus what we're seeing from institutional/large-investor activity.
Two dedicated precious-metals funds appear on the register -- the Invesco Oppenheimer Gold & Special Minerals Fund at 2.96% and the USAA Precious Metals & Minerals Fund at 0.67% -- so specialist money has looked at this company, but both positions are small. Everything else is index: VanEck's two gold ETFs at a combined 9.1%, Vanguard, iShares and Dimensional. No producer or strategic investor holds a stake. These holdings were last refreshed in 2020-2021, so treat them as a historical snapshot rather than a current register.
No notable insiders tracked for this miner yet.
Reports, Presentations & Documents
Ramelius Resources is an ASX-listed gold producer whose core asset is the Mt Magnet Hub (Western Australia, see the Mt Magnet Hub Project row for that flagship's own figures) plus the Dalgaranga/Never Never portfolio acquired via the Jul 2025 Spartan Resources merger. [Task #868] The description's "after-tax NPV5% of A$692M and 34% IRR" / "15-year mine life" figures are for Rebecca-Roe, a separate, not-yet-built growth project south of Kalgoorlie (28 Oct 2025 DFS, A$4,500/oz gold price assumption; FID obtained subject to environmental permitting, mining planned to commence Dec 2027 quarter) -- distinct from the currently-operating Mt Magnet Hub that this Miner row's own ouncesFound (2.2Moz)/mineLifeYears (17yr)/aiscValue figures represent. Rebecca-Roe's economics are already fully researched, cited (rameliusresources.com.au's own 28 Oct 2025 DFS release) and stored on the Rebecca-Roe Project row (dcfNpvUsd=A$692M converted, irrPct=34, mineLifeYears=15, resourceOz=1.1Moz, all with ProjectMetricSource citations), independently re-verified live 2026-09-01 against multiple sources (Ramelius's own DFS PDF, TipRanks, mining.com coverage). Writing Rebecca-Roe's DFS economics into this Miner-level field would conflate a pre-FID growth project with the operating Mt Magnet Hub's own stats sitting in this same row -- the correct fix is the Project row that already exists, not this field.