The Ramelius Resources Ltd (ASX: RMS) share price is in focus after the company announced a 79% jump in Ore Reserves to 4.3 million ounces of gold and a 17% lift in Mineral Resources to 14 million ounces at 30 June 2026, signalling a significant step-up in its growth ambitions.
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What did Ramelius Resources report?
- Group Mineral Resources increased 17% to 14Moz of gold (260Mt at 1.7g/t)
- Ore Reserves surged 79% to 4.3Moz of gold (70Mt at 1.9g/t Au)
- FY26 drilling added 1.8Moz of new discovery ounces at an average cost of A$55/oz
- Key gains included a maiden 1.6Moz Ore Reserve for the Never Never underground (Dalgaranga) and 260koz at Roe underground (Rebecca-Roe)
- The Mt Magnet hub remains central, with reported Mineral Resources up 21% to 10Moz
What else do investors need to know?
Ramelius continued strengthening its core Mt Magnet hub while advancing higher-value, longer-life projects. The 2026 Resources and Reserves update was underpinned by historic levels of exploration, notably at Dalgaranga, Galaxy, and the Cue deposits.
The company achieved an attractive discovery cost of A$55/oz, supporting ongoing exploration spend (A$90–110 million is budgeted for FY27). Ramelius has also set a company-wide Exploration Target of up to 1.6Moz, showing confidence in future conversion.
A detailed production and cost outlook to FY30, including guidance for FY27, is expected in September. The updated resource base provides a platform for the company's longer-term production goal of 500,000 ounces per annum by FY30.
What's next for Ramelius Resources?
Ramelius is targeting further organic growth via aggressive exploration, aiming to convert more resources and boost production scale. With additional open pit and underground targets identified across Mt Magnet, Dalgaranga, and Roe, exploration will remain a key focus.
Investors can look forward to updated production, cost, and exploration plans in September, which should give more visibility around FY27 guidance and Ramelius' path towards its 500,000-ounce annual production target by 2030.
Ramelius Resources share price snapshot
The Ramelius Resources share price has been a strong performer over the past 12 months, outperforming the S&P/ASX 200 index (ASX: XJO) with a gain of around 30%.
