Ramelius Resources Aims for 525,000 Ounces Annual Gold Output by FY30 Backed by Dalgaranga and Rebecca-Roe Expansions

Dalgaranga Underground Project Driving Production Expansion Strategy

Ramelius Resources is progressing the Dalgaranga underground mine as a key element of its five-year growth plan. Recent updates highlight ongoing paste plant construction and underground pump station development, marking significant progress in underground mining infrastructure. Dalgaranga’s underground operation aims to access deeper ore zones and extend mine life, playing a vital role in meeting production targets. Early infrastructure work, including haul road construction to facilitate ore transport from Dalgaranga to Mt Magnet, has been completed, with road sealing scheduled for the next financial year.

This project supports Ramelius’s transition from surface to underground mining, involving substantial investments in paste backfill systems and water management to ensure safe, efficient operations. Construction milestones remain on schedule, with paste plant and underground facilities critical to bringing Dalgaranga into production and contributing to output growth from FY27 onward.

Mt Magnet Mill Expansion to 4.3 Million Tonnes Per Year

Ramelius is significantly expanding the Mt Magnet processing plant to increase throughput to 4.3 million tonnes per annum. The expansion includes refurbishing grinding circuit equipment, upgrading ball mill drive trains, and constructing a second ball mill. Site preparation and relocation of the laboratory from Dalgaranga to Mt Magnet have been completed, clearing the way for major capital works starting in the September 2026 quarter. These upgrades will enable processing of ore from Dalgaranga underground and surface mining operations across the Mt Magnet area.

Supporting infrastructure enhancements include expanding the Mt Magnet accommodation camp with 236 new rooms to support a larger workforce. Haul road completion enables faster ore transport from Dalgaranga. Removal of the Pachuca tank will make room for new processing equipment, and thickener installations are planned as part of the circuit upgrade. Additionally, hybrid power generation infrastructure is advancing, with wind turbine foundations completed and power reticulation design underway. These projects collectively build the capacity needed for significantly higher gold production.

Rebecca-Roe Project Set for 3.25 Million Tonnes Annual Processing Capacity

The Rebecca-Roe project forms the second major hub in Ramelius’s growth strategy, targeting 3.25 million tonnes per annum processing capacity. This operation complements Mt Magnet, enabling diversified ore processing across multiple sites and supporting the company’s goal of 525,000 ounces annual production by FY30. The combined milling capacity of 7.5 million tonnes per annum underpins the 170% production increase forecast between FY26 and FY30.

Rebecca-Roe’s development aligns with Ramelius’s objective to become a sustainable, large-scale gold producer generating significant free cash flow. Incorporated within the medium-term capital expenditure plan, the project is supported by the company’s strong balance sheet, including A$650 million in cash and gold and an undrawn A$500 million debt facility. Rebecca-Roe is progressing through development phases to reach full capacity during the forecast period.

FY26 Production Guidance Met with 192,000 Ounces Output

Ramelius confirmed it met its FY26 gold production guidance, achieving 192,000 ounces. This baseline performance validates the company’s operational stability and supports confidence in executing its growth strategy. The Mt Magnet and surface mining operations continue to perform as expected, underpinning the transition to expanded production through Dalgaranga and Rebecca-Roe.

The company’s evolution from a single-site to multi-asset gold producer is evident, with consistent output enabling self-funded expansion and sustained shareholder returns. Meeting FY26 guidance underscores operational reliability and project execution capabilities critical to the five-year growth plan. As Dalgaranga and Rebecca-Roe ramp up, existing operations will generate cash flow to fund capital investments while maintaining efficiency.

Competitive All-In Sustaining Cost of A$1,995 Per Ounce

Ramelius projects an average all-in sustaining cost (AISC) of A$1,995 per ounce over the next five years, positioning itself as a cost leader among peer gold producers. This AISC estimate includes corporate overheads and is based on midpoint production forecasts, assuming a gold price of A$4,500 per ounce. The metric covers direct mining, processing, site administration, and corporate costs, benchmarking Ramelius competitively within Western Australia and globally among mid-tier producers.

The company anticipates further AISC reductions post-FY30 as Dalgaranga matures and Rebecca-Roe reaches steady production, benefiting from operating leverage with higher output near 525,000 ounces annually. This cost improvement supports the target of generating over A$1 billion in annual free cash flow from FY30 at the assumed gold price. Peer AISC comparisons reference Visible Alpha data from October 2025.

Targeting Over A$1 Billion Annual Free Cash Flow by FY30 to Support Returns

Ramelius aims to generate more than A$1 billion in annual free cash flow from FY30, based on a gold price of A$4,500 per ounce. This robust cash flow target reflects disciplined capital management and operational synergies across assets. It forms the basis for ongoing dividends, share buybacks, and potential debt reduction. The company’s strong balance sheet, with A$650 million in cash and gold holdings plus an undrawn A$500 million debt facility, provides ample funding flexibility.

Free cash flow is sensitive to gold prices, with higher prices supporting increased payouts. Previous guidance from October 2025 indicated that at A$6,000 per ounce, FY28 and FY29 dividends would target a 40% payout ratio. The rise in free cash flow from FY30 results from combined production growth and cost efficiencies as new assets reach full operation. This financial outlook underpins Ramelius’s commitment to sustaining and growing shareholder returns.

Share Buyback and Dividend Policies Reinforce Shareholder Value

In December 2025, Ramelius launched a A$250 million share buyback program, completing A$141.7 million (56%) by 30 June 2026, including A$1.0 million traded on 30 June and settled on 2 July 2026. This program complements the company’s dividend policy, which guarantees a minimum annual dividend of 2 cents per share. An interim fully franked dividend of 3 cents per share was paid on 15 April 2026, exceeding the minimum for FY26. These returns reflect confidence in free cash flow generation to fund growth and shareholder distributions.

The company’s shareholder returns approach follows a "maintain, then grow" strategy, targeting a 30% payout ratio currently, with plans to increase to 40% from FY28 based on cash flows at A$6,000 per ounce. FY27 dividend guidance assumes completion of the buyback program and a minimum 2 cents per share dividend, reflecting a transition from investment to higher-yield cash generation. The combination of dividends and buybacks demonstrates flexibility in capital allocation.

Robust Balance Sheet Supports Capital Expansion

Ramelius maintains a strong financial position with A$650 million in cash and gold holdings and an undrawn A$500 million debt facility as of 30 June 2026. The company’s market capitalisation stood at A$5.5 billion, with a closing share price of A$2.92 on that date. This financial strength enables funding of capital-intensive projects at Dalgaranga and Rebecca-Roe, while sustaining Mt Magnet operations and shareholder returns.

The availability of multiple funding sources reduces refinancing risk and provides capital allocation flexibility. The company manages its balance sheet by maintaining minimum cash and gold reserves for operations and prioritizing investment in high-return projects. Market confidence is reflected in broker coverage by Van Eck, State Street, First Sentier, L1 Capital, and Vanguard, all significant shareholders.

Production Growth and Long-Term Sustainability Outlook

Ramelius projects gold production growth from 192,000 ounces in FY26 to approximately 525,000 ounces annually by FY30, a 170% increase. This reflects a shift from a single-asset producer to a diversified multi-site operation with expanded ore sources and processing capacity. The growth is weighted toward the latter forecast years, with Dalgaranga and Rebecca-Roe contributing significantly from FY27 onward. The combined 7.5 million tonnes per annum milling capacity supports sustained production at this scale.

Resource and reserve estimates underpinning this outlook were compiled by qualified company employees Peter Ruzicka, Jake Ball, and Paul Hucker, members of the Australasian Institute of Mining and Metallurgy. The company confirms no new data materially affects these estimates, and assumptions remain valid. The long-term production target reflects confidence in resource base and operational viability beyond the five-year horizon.

Advantages of Western Australian Gold Mining Jurisdiction

Ramelius operates within Western Australia, a globally recognized gold mining jurisdiction. Its Mt Magnet, Dalgaranga, and Rebecca-Roe assets benefit from established mining infrastructure, skilled labor, and proven geological potential. The region’s mining-friendly regulations, stable tax environment, and reliable supply chains provide operational advantages for large-scale producers. Western Australia hosts multiple mines producing over 500,000 ounces annually.

The company’s location facilitates workforce recruitment, equipment supply, and service development. Proximity between Dalgaranga and Mt Magnet enables efficient ore haulage and processing integration, reducing logistics costs and enhancing operational efficiency. These jurisdictional benefits complement Ramelius’s technical and financial capabilities in executing its expansion plan within a stable regulatory framework.