Gold · Mid-Tier · Producer · Australia
Last updated 21 June 2026
Data compiled from public filings — information only, not investment advice. AI‑assisted; see methodology.
Portfolio Aggregate · 1 project
Portfolio mode — asset rows are for context only; tab totals use the company aggregation.
Ramelius Resources Gold Portfolio
Portfolio · Operating
Project information
As at 30 June 2025
Description
As at 30 June 2025
Ramelius Resources (ASX:RMS) is an established Australian gold producer operating in Western Australia. FY25 group production reached a record 301,664oz at AISC of A$1,551/oz, with sales of 302,882oz at an average realised price of A$3,963/oz. The portfolio operates a hub-and-spoke model around the Checkers processing plant at Mt Magnet, fed by the Mt Magnet, Cue, and Penny mines, with Edna May placed into care and maintenance in March 2025. The transformational acquisition of Spartan Resources Limited completed on 31 July 2025 (post FY25 balance date) added the Dalgaranga gold project, including the high-grade Never Never and Pepper deposits and a 2.5Mtpa processing plant. Pro-forma Mineral Resources stand at 12Moz Au (210Mt @ 1.8g/t) and Ore Reserves at 2.4Moz Au (57Mt @ 1.3g/t), both inclusive. Strategic vision is to become a 500koz+ pa producer by FY30, supported by the Rebecca-Roe Gold Project DFS (due Dec 2025 Q) east of Kalgoorlie. Company market capitalisation exceeded $7B by late September 2025, propelling RMS into the ASX100.
Portfolio Aggregate
Multiple effective dates · inclusive
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Reserves & resources — detail
As at 30 June 2025
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Operating · 3 projects
Mt Magnet
Asset · Operating
Project information
As at 30 June 2025
Description
As at 30 June 2025
Ramelius' flagship gold operation in the Murchison region of Western Australia. The complex comprises multiple open-pit and underground deposits within an 8km radius of the Checkers processing facility, with deposits including Morning Star, Eridanus, Hesperus, Galaxy UG, Bartus, Boomer, Brown Hill, Bullocks, Hill 50 Deeps, and others. FY25 production was a record 248,108oz at AISC of A$1,314/oz (FY24: 160,765oz @ A$1,313/oz). Mt Magnet hosts the hub mill (Checkers) that processes ore from satellite mines at Cue (40km haul) and Penny (160km haul). A new 17-year, 2.1Moz mine plan released in March 2025 underpins long mine life, with maiden Ore Reserve for the Eridanus pit cutback (18Mt @ 1.2g/t for 680koz) included. Plant upgrade to 3.0Mtpa is being reassessed under Mt Magnet & Dalgaranga Integration Studies (5.0Mtpa combined possible). FY26 exploration spend ~A$80-100M across the group, with focus areas including Mt Magnet (Galaxy and Eridanus).
Mining metrics
Multiple effective dates · inclusive
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Reserves & resources — detail
As at 30 June 2025
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Cue
Asset · Operating
Project information
As at 30 June 2025
Description
As at 30 June 2025
High-grade satellite gold project located in the Murchison region, approximately 40km from the Mt Magnet Checkers processing plant. Acquired via the takeover of Musgrave Minerals in September 2023 for $206M net of cash acquired (fully repaid within eight months of ore processing). Cue comprises a series of open pit mines (Break of Day, White Heat, Lena, Waratah, Amarillo, Leviticus, Big Sky, Numbers) within classic Archean greenstones, with the Break of Day underground project advancing to PFS. Ore mining commenced August 2024, ore haulage November 2024. FY25 mining produced 521kt @ 6.82g/t for 114,267oz contained; 295kt @ 10.66g/t was hauled and processed at Mt Magnet for 96,720oz of attributable production. Break of Day and White Heat overperformed resource model by 136% and 130% respectively due to coarse gold in weathered zones. Cue generated $287.7M in free cash flow in FY25 and $270.6M in operating cash flow. FY26 exploration spend ~A$13-16M planned. Geology dominated by the Cuddingwarra Shear Zone and Lena Shear.
Mining metrics
As at 30 June 2025 · inclusive
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Reserves & resources — detail
As at 30 June 2025
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Penny
Asset · Operating
Project information
As at 30 June 2025
Description
As at 30 June 2025
High-grade underground gold operation acquired by Ramelius in early 2020. Comprises Penny North and Penny West high-grade quartz-sulphide lodes, located approximately 160km from the Mt Magnet Checkers processing plant where ore is hauled for processing. Penny West was originally discovered and mined by open pit in the early 1990s. Underground development advanced to 1,180mRL at Penny North and 1,330mRL at Penny West by 2024. FY25 underground tonnage was 172kt (in line with prior year) at a mined grade of 14.44g/t (up 20% from prior year), among the highest-grade gold mines in Australia. FY26 exploration spend ~A$10-12M targeting southerly plunge of Penny North and infill drilling from an underground platform being developed at Penny West.
Mining metrics
As at 30 June 2025 · inclusive
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Reserves & resources — detail
As at 30 June 2025
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Development · 2 projects
Dalgaranga
Asset · Pre-feasibility
Project information
As at 30 June 2025
Description
As at 30 June 2025
High-grade gold project acquired by Ramelius via the Scheme of Arrangement takeover of Spartan Resources Limited, implemented on 31 July 2025 (post FY25 balance date). Total consideration on implementation: $270.6M cash + 752.9M new RMS shares. The project sits ~65-70km from Mt Magnet and includes a 2.5Mtpa processing plant currently in care and maintenance. Key deposits are the Never Never and Pepper underground discoveries (combined 2.3Moz @ 9.32g/t) plus Gilbeys, Sly Fox, Plymouth, Archie Rose, and exploration upside at West Winds, Four Pillars and Applewood. Most gold mineralisation is associated with shears within biotite-sericite-carbonate-pyrite altered schists hosted by a volcaniclastic-shale-mafic rock package. Mt Magnet & Dalgaranga Integration Studies (results expected December 2025 Q) will evaluate combined 3.0-5.0Mtpa milling capacity. Maiden Never Never (incl. Pepper) Underground PFS targeted for December 2025 Q. FY26 spend A$15-19M planned on studies and up to 75,000m exploration drilling.
Mining metrics
As at 31 July 2025 · inclusive
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Reserves & resources — detail
As at 30 June 2025
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Royalties & streams
All royalty and stream interests in the database that refer to this asset by name.
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Rebecca-Roe
District · Feasibility
Project information
As at 30 June 2025
Description
As at 30 June 2025
Greenfields gold development project east of Kalgoorlie in WA's Eastern Goldfields, acquired via the takeover of Apollo Consolidated (2021 - Rebecca) and Breaker Resources (2023 - Roe). The combined Rebecca-Roe PFS was released December 2024, demonstrating an after-tax NPV5% of A$332M at A$3,500/oz gold (rising to A$610M at A$4,000/oz) and IRR of 26%. LOM plan is 25Mt @ 1.4g/t for 1.1Moz across OP and UG sources from Rebecca, Duchess, Duke, Cleo (~150km E of Kalgoorlie) and Bombora, Crescent-Kopai, Claypan (Roe area, ~100km E of Kalgoorlie). LOM annual production averages 130koz pa at average AISC A$2,346/oz, with total project capital of A$538M including a planned 3Mtpa processing plant adjacent to Rebecca (A$190M). Mineralisation in shear lodes with disseminated pyrite/pyrrhotite/silicification hosted within gneissic granodiorite (Rebecca) and as disseminated gold within stockwork and quartz veins in Archean mafics and dolerite intrusives (Roe). DFS due December 2025 quarter, FID shortly thereafter. FY26 exploration A$12-15M.
Mining metrics
Multiple effective dates · inclusive
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Reserves & resources — detail
As at 30 June 2025
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Royalties & streams
All royalty and stream interests in the database that refer to this asset by name.
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Exploration · 1 project
Yalgoo
Asset · Exploration
Project information
As at 30 June 2025
Description
As at 30 June 2025
Gold exploration project in the Yilgarn Goldfields of Western Australia, anchored by the Melville open pit deposit. Acquired via the Spartan Resources Limited transaction completed 31 July 2025 (post FY25 balance date). The Yalgoo Mineral Resource was updated December 2021 to 243,613oz (referenced ASX release '24% Increase in Yalgoo Gold Resource'). Strengthens the Dalgaranga growth pipeline as a satellite resource feeding the broader Mt Magnet/Dalgaranga integration concept.
Mining metrics
As at 30 June 2025 · inclusive
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Reserves & resources — detail
As at 30 June 2025
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Suspended · 1 project
Edna May
Asset · Suspended
Project information
As at 30 June 2025
Description
As at 30 June 2025
Gold operation acquired by Ramelius in October 2017, comprising the large-scale Edna May granitoid-hosted stockwork deposit. Two high-grade cross-cutting quartz lodes were mined underground within the broader Edna May deposit until May 2024, when underground mining ceased. No mining took place during FY25; the operations focused on processing remaining stockpiles across the Marda, Tampia, Symes and Edna May satellites (which were either disposed of or rehabilitated). The Edna May mill was placed into care and maintenance in March 2025. FY25 milled 1,482kt @ 1.19g/t for 53,556oz produced at AISC of A$2,608/oz, generating $109.4M in operating cash flow due to elevated gold prices. A significant open-pit Mineral Resource remains (30Mt @ 1.0g/t for 940koz Au) requiring substantial capital for cutback access. Options for Edna May will be reassessed early in 2026 after Ramelius prioritises Mt Magnet/Dalgaranga integration and Rebecca-Roe development.
Mining metrics
Multiple effective dates · inclusive
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Reserves & resources — detail
As at 30 June 2025
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Assumptions
- The projects listed here reflect the information captured in this workspace and are not necessarily a complete picture of the company's portfolio. For authoritative figures, refer to the company's official filings.
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How to read this tab
- The tables below list unit codes most often used in the Precious Metals sector for this company. MetalPilot stores contained metal or product in the codes below; grade and tonnage use separate fields. In side-by-side comparison views (stock page Portfolio tab, watchlist By sector), heterogeneous source units are converted to each commodity's preferred display unit (for example Moz Au, kt Cu, MMbbl oil) before summing; the same canonical codes appear in project data.
What the Portfolio tab shows
- The Portfolio tab presents a project-level view of the company's reported assets, built from publicly disclosed information (technical reports, annual filings, MD&A, investor presentations, MRMR / R&R statements, NI 43-101 / NI 51-101 / SEC S-K 1300 / SEC S-K 1200 / JORC / SAMREC / PERC / PRMS / COGEH filings, and similar primary sources).
- Figures are grouped by project type (mining, oil & gas, royalty, stream, processing facility, development, portfolio aggregate) and are shown alongside the headline reserve base, headline production, headline grade / quality, cost benchmarks, estimated lifetime, commercial terms (for royalties / streams), operational capacity (for processing) and a single-figure rating where the underlying data supports one.
- Each data table on the Portfolio tab is followed by ONE Assumptions footnote describing the modelling choices for that table; KPI stat-card assumptions appear in the bottom block instead. All legal and section disclaimers are merged into a single disclaimer list at the bottom of the Portfolio tab.
Concepts in your sector — Precious metals
- Resources vs Reserves. Resources are geological estimates that could one day be mined; Reserves are the subset with a feasibility study and plausible positive economics. Measured → Indicated → Inferred describe increasing geological uncertainty; Proven → Probable are reserve labels from Measured/Indicated. Inferred resources are not convertible to reserves under most codes.
- Grade (g/t) is the headline number on gold/silver pages. High-grade is often above 5 g/t; >10 g/t is bonanza territory; below 1 g/t is bulk low-grade. Open-pit cut-offs are typically lower than underground.
- AISC (All-In Sustaining Cost) is direct cash costs + sustaining capex + royalties + corporate overhead + reclamation, per ounce produced. C1 strips sustaining capex and corporate overhead. Both are non-GAAP and defined differently across issuers.
- By-product credits. Polymetallic deposits credit by-product value against the main metal cost; negative AISC after credits does not mean the main metal is sold below cash cost.
Portfolio tab — table guide
- Portfolio KPIs — company-level headline numbers aggregated from the featured projects (project counts, attributable annual production by commodity, attributable resource base by commodity, last filing date, operator share). USD value lines multiply attributable volumes by the resolved snapshot price.
- Portfolio snapshot — one-screen summary of the portfolio: counts by type and status, country mix, reporting standards used, operator share, primary commodity, attributable annual production summary and attributable resource base summary.
- Mining — one row per mining project, with columns for project name, location, status, primary commodities, production (with rating), reserves & resources (with rating), grade (with rating), costs and estimated lifetime. Multi-commodity projects emit one summary row per commodity.
- Royalty — one row per royalty interest held by the company. Columns cover the underlying project, operator, commodity, commercial terms (rate, type, cap, area-of-interest), attributable production, attributable reserves and estimated lifetime.
- Stream — one row per metal stream held by the company. Each row shows the underlying project, the streamed commodity, the headline stream percentage, the ongoing per-ounce / per-tonne payment, and attributable production / reserves.
- Processing facilities — one row per midstream / processing facility (pipeline, fractionator, LNG train, storage cavern, refinery, smelter, mill, heap-leach pad, CPP, etc.). Columns include nameplate capacity, contracted capacity, feedstock commodities and operational footprint.
- Development — projects in development status or in a pre-production lifecycle phase. The production column is re-labelled 'Targeted production (rating)' to highlight that the figures are plans, not actuals.
- Portfolio Aggregate — a single company-level row used when the company itself publishes a portfolio rollup (e.g. company-wide 2P barrels across all properties).
- Reserves & resources — detail — a leaf-category pivot showing every reserve and resource category disclosed across the projects.
- NPV (grouped) — all NPV rows captured from the filings, grouped by commodity, resource category, development status and pricing case. Each NPV figure is shown with its discount rate, basis (before-tax / after-tax), currency and value scale.
Ownership / Working interest
- Ownership percentage means the company's working-interest share of the asset: its slice of the project before royalties and before government take. It is shown on a 0–100 scale.
- Mines, oil and gas fields, and processing facilities — this is how much of the asset belongs to the company under that working-interest idea. One hundred percent is fully owned; a lower number usually means partners share the rest.
- Royalties and streaming agreements — the percentage is often not the story; what matters economically is usually the royalty or stream rate, shown elsewhere alongside these figures.
- Oil and gas — read this as gross working interest only. Do not treat it as net production or net wells after royalties; when filings distinguish gross from net, that shows up in how the resource numbers themselves are labelled.
- Below 100% — the short summary for each project names other owners and their stakes when the source says who they are.
- NRI vs WI (O&G). Working interest (WI) is the obligation to pay a share of costs; net revenue interest (NRI) is the share of revenue after royalties and overriding-royalty interests. A 100% WI well rarely produces 100% NRI; typical onshore U.S. NRI is 75–87.5% of WI depending on the lease royalty.
- Operator vs non-operator. The operator runs day-to-day operations; non-operating partners pay their WI share of costs but do not run the asset. Some Portfolio rows show operator share where disclosed.
- Consolidation method — how the issuer accounts for the asset. Separate from how much the company owns (ownership %) and who operates it, this accounting treatment decides whether an asset's figures sit inside the company's reported group totals or are stripped out to a single net line. It applies to operating assets (mines, oil & gas fields, processing facilities) and is left blank for royalties, streams, and company-level portfolio rollups.
- Consolidated — the company controls the asset and includes 100% of its figures in the group total; the portion it does not own is carried as a non-controlling interest (NCI). Control is not the same as a majority, so a company can consolidate an asset it holds less than half of. Where ownership is below 100%, the Portfolio shows the NCI percentage (100 minus the company's stake).
- Proportionate — a jointly-operated asset the company includes at its own share, line by line; the share is inside the group total.
- Equity method — an associate or joint venture shown on a single net line, with its revenue excluded from the group total. This is the usual reason a company's reported total is smaller than the sum of its individual assets; the Portfolio flags the share of a commodity total that is equity-accounted.
- Cost / other — a passive or fair-value holding, excluded from the group total.
Unit codes, conversion cheat sheets, cost benchmarks (AISC, C1–C3), reporting standards (NI 43-101, JORC, SEC S-K 1300) and resource/reserve category definitions live in the full terminology & units reference.
Each table lists the numeric band for scores 1–5 (production and resource base; grade where applicable for mining commodities) using the same thresholds as project rating stat cards. Only commodities that appear on featured projects for this document are listed.
Gold
Copper uses kt Cu bands; lb-scale copper resources are converted to kt. Lithium grade uses hard-rock % Li₂O bands unless brine-style extraction or brine units appear on featured projects.
Assumptions
- Presented values are denominated in currency of the country where the company is headquartered. Values like market capitalization might differ from the values visible in other parts of the page, where the currency is always USD.
Commodity guides
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