Ramelius Resources Limited (ASX:RMS)

Ramelius Resources Limited’s September 2026 Quarterly Activities Report states that the company produced 48,839 ounces of gold in the September 2026 quarter at an all-in sustaining cost of A$2,656/oz, with production and costs affected by wet weather disrupting haulage from Penny and leaving 29kt of stockpiled ore grading 4.52g/t for 4,202 contained ounces to be processed in the following quarter; despite this, Ramelius said it remains on track to meet FY27 guidance of 205,000 to 225,000 ounces at an AISC of A$2,150 to A$2,350/oz, supported by higher-grade sequencing at Dalgaranga and Cue and a plan to increase production quarter-on-quarter through FY27. The company reported cash and gold of A$768 million at 30 September 2026, up from A$650 million at 30 June 2026, with operating cash flow of A$186 million and underlying free cash flow of A$62 million after sustaining capital, growth capital, exploration and tax payments, while also completing the A$300 million sale of the Edna May hub to Forrestania Resources, comprising A$210 million cash and A$90 million in shares. Operationally, Mt Magnet milled 526kt at 93.2% recovery, Stage 1 plant upgrade works were integrated during an October shutdown, and Primero was awarded the EPC contract for Stage 2, a new 3Mtpa Circuit 2 targeted for completion in the December 2027 quarter and commercial production in the March 2028 quarter. At Dalgaranga, the Never Never underground mine mined 130kt at 4.20g/t and processed 135kt at 4.15g/t through Mt Magnet, remaining on track for 500kt at 6.2g/t in FY27 and a 1Mtpa mining rate by July 2027, while Rebecca-Roe advanced after Roe received EPA Part V works approval. The report also highlighted an updated 4-year outlook released in September 2026 that lifted expected production over the period by 75,000 ounces and pointed to a FY30 production target of 560,000–610,000 ounces, supported by continued exploration success across the portfolio.