Key Takeaways
- 01 Capital discipline is reshaping commodity supply curves into 2026.
- 02 AI infrastructure capex is becoming a primary macro variable.
- 03 Central bank policy across AU, CA and US is converging on neutral.
Ramelius Resources Limited (ASX: RMS) wants the market to know it plans to grow, and grow fast. The Ramelius production growth FY27 story now comes with hard numbers, released to the ASX on 21 September 2026 in a 4 Year Outlook and FY27 Guidance announcement.
The update lifts the Company’s medium-term production target and sets a firm figure for the year ahead. It also confirms who is building the next phase of growth, and what it will cost.
FY27 Gold Guidance Set at 205,000 to 225,000 Ounces
The numbers below mark Ramelius’ first firm production year within the broader four-year growth plan, with the guidance based entirely on Ore Reserves at Mt Magnet.
| FY27 Guidance | Amount |
| Gold production | 205,000 to 225,000 oz |
| AISC | A$2,150 to A$2,350/oz |
| Growth capital expenditure | A$480m to A$570m |
| Exploration and resource definition | A$90m to A$110m |
| Estimated FY27 income tax payments | A$50m to A$70m |
The FY27 guidance is based exclusively on Ore Reserves at Mt Magnet, with no reliance on Inferred Resources. Corporate overheads of A$35 million to A$40 million are included within the AISC figure.
FY30 Target Lifted 11 Per cent to Up to 610,000 Ounces
Ramelius has upgraded its FY30 production target to a range of 560,000 to 610,000 ounces, at an AISC of A$2,100 to A$2,400 per ounce.
Key points from the upgrade:
- FY30 production target increased 11 per cent on the Company’s October 2025 plan
- Represents 205 per cent production growth compared with FY26
- Growth is fully funded, with free cash flow of up to A$1.5 billion forecast in FY30 at an A$5,500 per ounce gold price
- Current cash, gold and investment holdings exceed A$1 billion
- FY26 marks Ramelius’ sixth consecutive year of meeting market guidance
Managing Director Mark Zeptner said the Company expected to maintain its cost position through the growth phase. “We expect to maintain our sector-leading AISC position, despite the cost pressures being felt by all gold miners, while delivering a 205% increase in production by FY30,” he said.
Figure 1: Ramelius staged gold production and cost guidance [Courtesy: Ramelius Resources]
The production build is staged across four years, with output rising steadily from FY27 through FY30 as Mt Magnet’s expanded plant and the Rebecca-Roe project come online.
| Year | Mt Magnet (koz) | Rebecca-Roe (koz) | AISC (A$/oz) |
| FY27E | 205 to 225 | Nil | 2,150 to 2,350 |
| FY28E | 250 to 300 | Nil | 2,000 to 2,300 |
| FY29E | 335 to 375 | 75 to 85 | 2,400 to 2,700 |
| FY30E | 420 to 460 | 140 to 150 | 2,100 to 2,400 |
Mt Magnet Circuit 2 Expansion Gains Primero as EPC Contractor
Ramelius has appointed Primero as engineering, procurement and construction contractor for a new three million tonne per annum second circuit at Mt Magnet. Commercial production is targeted for the March 2028 quarter.
Total expenditure for the Mt Magnet plant has increased to A$280 million, up from a previous estimate of A$223 million. Ramelius attributed the increase to inflationary pressure, greater fixed price coverage, and added infrastructure works covering roads, power, water and camp facilities. Including contingency, the total Mt Magnet hub capital estimate now sits at A$340 million to A$360 million.
By FY30, Mt Magnet is targeted to become a top ten global gold production hub, with mine life extending to 2043.
Figure 2: Cost drivers behind the increase in Mt Magnet’s Circuit 2 capital estimate [Courtesy: Ramelius Resources]
Rebecca-Roe and Underground Studies Add Further Optionality
Ramelius has provided a Financial Investment Decision on its combined Rebecca-Roe project, subject to environmental approval for the Roe component. Approval for Rebecca is already in place, and approval for Roe is expected in the December 2026 quarter.
Two scoping studies published alongside the guidance point to further underground upside beyond FY30. The Gilbey’s Underground study calls for a production target of 250,000 to 300,000 ounces from 5.2 to 5.8 million tonnes at 1.5 to 1.7 grams per tonne.
Figure 3: Location of Ramelius Western Australian mines and development projects [Courtesy: Ramelius Resources]
Lena Underground study has a target of 120,000-160,000 ounces from 1.8-2.0 million tonnes grading 2.1-2.5 grams per tonne. Both remain Production Targets, not Ore Reserves, and carry a degree of Inferred Resource content.
Ramelius Shares Trade Near Record Highs
| Metric | Data |
| Last price | A$3.805 |
| Market capitalisation | A$6.75 billion |
| 52-week range | A$2.700 to A$5.160 |
| 1-week change | +1.74% |
| 1-year change | +8.40% |
| vs ASX 200 (1-year) | +8.69% |
Key Risks to the FY30 Growth Plan
The FY30 outlook is a Production Target and not a firm forecast, based on a gold price of A$5,500 per ounce and diesel at A$1.25 per litre from January 2027. Cost inflation, especially costs related to royalties and fuel, has already raised the AISC guidance above the Company’s previous plan.
Inferred Mineral Resources have a lower level of geological confidence and part of the FY30 to FY36 mine plan is based on them. There is no assurance that this material will ever be converted to Indicated Resources or that the stated Production Targets will be achieved. The timing of approval for the Roe portion of Rebecca-Roe also remains a gating item for that project.
Mining Herald will monitor how Ramelius performs against this guidance in the quarters ahead.
ALSO READ: Canadian Gold Exploration Heats Up: GoldinX Chases Large-Scale Discovery Upside in Central BC
FAQ
Q1: Is Ramelius’ growth plan fully funded?
Ans: Yes. Ramelius holds more than A$1 billion in cash, gold and investments, with growth capital fully funded from existing resources.
Q2: What is Ramelius’ updated FY30 production target?
Ans: Ramelius now targets 560,000 to 610,000 ounces by FY30, an 11 per cent increase on its October 2025 plan.
Q3: Who is building the Mt Magnet plant expansion?
Ans: Primero has been appointed EPC contractor for the new three million tonne per annum second circuit at Mt Magnet.
Q4: What is driving Ramelius’ production growth beyond Mt Magnet?
Ans: The Rebecca-Roe project and underground studies at Gilbey’s and Lena provide further upside beyond FY30.
Disclaimer
This article is intended for informational purposes only. If you follow the Australian financial services sector as an investor, all the data in this content is from third-party sources. Please check the complete share price and market data. Investing carries a high risk, and you should only invest at your own risk. Mining Herald has no involvement in the above-mentioned Company.
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About the author
Jonathon Brown
Jonathon Brown began his career as a broadcaster, working across markets in British Columbia before moving into financial journalism. Since 2017, he has specialised in stock market reporting, covering emerging companies across the healthcare, technology, mining and consumer sectors. He brings more than 15 years' experience to his reporting. A graduate of Vancouver Island University and the British Columbia Institute of Technology, Jonathon is focused on delivering clear, balanced reporting for investors.
