Ramelius Resources Unveils Biggest Exploration Push in Years, Eyes Never Never Growth at Conference

Ramelius Resources (ASX:RMS) used a presentation at an exploration conference to emphasize that, alongside its established gold production profile, the company is ramping up what management described as one of its largest exploration programs in years. Speaker Mr. Lawson said Ramelius has built a track record of delivering on, or beating, production guidance for more than six years and is now “poised and executing” a major drilling-led growth strategy.

Scale, cash position, and production base

Lawson characterized Ramelius as one of Australia’s highest-margin gold producers, citing a market capitalization “around about AUD 8.5 billion” and “almost AUD 700 million” in cash. He said the company has a resource base of 12 million ounces and, with the addition of the high-grade Never Never orebody at Dalgaranga, a reserve position of 4.2 million ounces—stating that more than a third of resource ounces are in reserve.

Operationally, he put current production at 195,000 ounces at an all-in sustaining cost (AISC) of about AUD 1,800. Lawson also pointed to a five-year outlook slide showing increasing production while maintaining “tight-fisted” cost control, and said the company is on track for AUD 1 billion of free cash flow.

Portfolio overview and the Edna May comment

Lawson addressed conference “rumors” about the Edna May asset, saying the company “still own[s] Edna May.” He said it is in care and maintenance and that Ramelius is assessing “several options,” with a focus on unlocking value. He described Rebecca/Roe as the company’s growth asset and said the Mount Magnet hub has historically been the flagship operation, now “supercharged” with the addition of Dalgaranga.

Mount Magnet: near-mine drilling and an exploration target

A major portion of the presentation centered on Mount Magnet and near-mill exploration within roughly 10 kilometers of the Checkers processing plant. Lawson described the geology as highly prospective and argued the mine camp has significant remaining potential despite its long operating history.

He highlighted multiple targets and recent drilling themes:

• Windbag: Lawson said drilling beneath an old pit returned 45 meters at 2 grams per tonne, less than 100 meters from surface, calling it an example of immediate near-mine opportunity.
• Hesperus: He pointed to a hole showing 35 meters at 3 grams per tonne beneath a pit, arguing the grade and proximity to existing operations could support growth, and noted grade improvements with depth.
• Eridanus: Lawson said drilling below the pit delivered “over 250 gram intercepts” and suggested potential for discrete underground mining after open-pit operations.

Lawson also discussed Mars and Saturn—described as active mines—alongside the nearby Hill 50 mine, arguing there is “no reason” adjacent mineralization could not extend to at least 1,000 meters depth. He said an exploration target has been put out “for the first time” to illustrate potential, referencing a 56,000-meter drilling program and an AUD 16 million spend. The exploration target he cited covered 6 million to 7 million tonnes at roughly 2.1 to 2.6 grams per tonne, for about 500,000 ounces, noting it is not yet part of the company’s resource tables.

Exploration intensity and spending levels

Lawson said Ramelius is budgeting AUD 80 million to AUD 100 million on exploration, with “12 rigs on the surface and four from underground.” He said the company expects to move up within its peer group rankings for production and cost performance “without having to find an extra ounce,” while also asserting that additional ounces are being found through drilling.

Cue, Penny/Magenta, and Dalgaranga’s Never Never

Moving beyond Mount Magnet, Lawson said Cue remains prospective and referenced an AUD 16 million exploration budget there. He described Austin North as a shallow-covered opportunity with “really good drill hits” close to surface and highlighted additional targets including White Heat, which he said has “amazing unmined drill hits underneath it” and is being drilled.

At Penny, Lawson argued that what some view as a limited mine life could prove larger, citing a discovery to the north called Magenta with similar geometry and “very good drill hits” to date.

On Dalgaranga, Lawson emphasized the recently published reserve of 1.6 million ounces at 7.3 grams per tonne and said material from Never Never would be processed through the Mount Magnet plant, describing the timing as potentially within “the next sort of 24–48 hours.” He said this would be around two years earlier than what would have been achieved on a standalone basis. Lawson added that grade control drilling has been returning grades “consistently over double” the reserve grade, and argued that tighter drill spacing at Never Never has been associated with higher grades, which he attributed to a statistical “low bias” that can occur with broader drilling.

He also outlined a mining schedule “without finding another ounce” that contemplates 1 million tonnes per annum over more than 10 years, and said the company is spending up to AUD 19 million on exploration at Dalgaranga to look for additional high-grade ore bodies.

Closing, Lawson reiterated priorities around safety, talent retention, and maintaining guidance performance. He said the company’s strategy is to enhance high-grade production profiles by “displacing low-grade tons,” using targeted exploration to deliver more high-grade ounces into the mine schedule. He added that the company is awaiting environmental approval for Roe, which he said would fully permit Rebecca/Roe for development, and said near-term work includes getting Never Never underground on schedule, commencing a Never Never open pit, and modifying the Mount Magnet plant to 4.3 million tonnes per annum.

About Ramelius Resources (ASX:RMS)

Ramelius Resources Limited, together with its subsidiaries, engages in the exploration, mine development and operation, production, and sale of gold in Australia. It operates through three segments: Mt Magnet, Edna May, and Exploration. The company owns and operates the Mt Magnet, the Edna May, the Vivien, the Marda, the Tampia, the Rebecca, and the Penny gold mines located in Western Australia. It also develops Symes' Find prospect located in the Southern Cross Province of the Eastern Goldfields.