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 23% lower than the peer producer average of $1,811/oz.
Lifecycle Milestones
Construction Milestones
5 of 5 reached- Reached — date not disclosed · Source
- Reached — date not disclosed · Source
- Reached — date not disclosed · Source
- Jan 2011 · Source
- Reached — date not disclosed · 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.
Not in place: grid power.
Not in place: grid power.
Not in place: mill, tailings facility, road access, grid power.
Combined view across 3 projects. Figures below are only combined where the underlying basis genuinely matches -- see the notes under each.
- 26%Dalgaranga / Never Never
- 34%Rebecca-Roe
- 17 yrsMt Magnet Hub
- 11 yrsDalgaranga / Never Never
- 15 yrsRebecca-Roe
Jurisdiction (40%)9/10
Western Australia: Fraser PPI 2025 is 88.53 of 100 (rank 13 of 68), which maps to 9 on this site's scale. All operations and development projects in Western Australia -- Tier-1 mining jurisdiction throughout.
Infrastructure (40%)7.1/10
A confirmed mill, confirmed road access, no confirmed grid power, and a confirmed tailings facility at Mt Magnet Hub.
Nearby producing mine (20%)Not yet researched
No producing mine within 50 km in our reference list (nearest listed: Cue (Tuckabianna plant) (Westgold Resources Limited), 72 km). That list doesn't cover every mining district yet, so a longer distance isn't scored as remote.
Acquisition Susceptibility
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 in the research, a producer that already owns part of the company, is scored from its disclosed strategic shareholders. A producer that is a joint-venture or earn-in partner on the project, rather than a shareholder, isn't captured yet.
How this score is built
- Disclosed pending dealSub-score: Not scored
A disclosed corporate action (not an acquisition or merger)
A corporate action of this kind says nothing about takeover susceptibility, so it isn't scored.
Weight 26.25% - Producer's strategic stakeSub-score: Not scored
No producer holds a disclosed stake on file (holder register researched) See holders
Not scored: most juniors that do get bought had no prior toehold, so a missing stake says little either way.
Weight 25% - Distance to a producing mineSub-score:4.3/10
Nearest producing mine: Cue (Tuckabianna plant) (Westgold Resources Limited), 72 km
10 next to a producing mine, 8 at 20 km, 5 at 50 km, 0 beyond 200 km.
Weight 22.5% · 46% here - Lifecycle stageSub-score:5.5/10
Stage: Production
Feasibility and permitting score 10, where deals cluster, and production 5.5; earlier stages score less, down to 1 at grassroots.
Weight 15% · 31% here - JurisdictionSub-score:9/10
Australia: jurisdiction score 9/10
Our jurisdiction score, used as is: higher means lower political and permitting risk.
Weight 6.75% · 14% here - CommoditySub-score:10/10
Primary commodity: Gold
Gold 10, copper 8, silver 5, nickel and uranium 4, others 2: most majors' deals are for gold.
Weight 4.5% · 9% here
Weight is each input's share of the full score. “Here” is its share of this company's score: inputs that aren't scored are left out and the rest re-weighted, never counted as zero.
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.
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' core asset is the Mt Magnet hub in Western Australia, alongside the Dalgaranga/Never Never assets acquired with Spartan Resources in July 2025. Its Rebecca-Roe growth project south of Kalgoorlie has an October 2025 definitive feasibility study showing an after-tax NPV5% of A$692M and a 34% IRR at A$4,500/oz over 15 years, with mining planned from the December 2027 quarter subject to environmental permitting. Ramelius sold the Edna May hub to Forrestania Resources, completing on 4 Sep 2026.