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2026-11-06
◂ Monitor RMS ASX

RAMELIUS RESOURCES LIMITED

Producer · Gold · Australia Rating locked: sign in to view v8 · rms-20261024t181140-full
Last 2026-11-06
A$3.67
1D
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1M
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YTD
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1Y
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Upside
Locked: sign in to view
Mkt cap
A$6.9B
EV
A$6.2B
Cash
A$608.4M
Debt
A$0
10 newer ASX announcements not yet reflected in this valuation

Funding, performance and ownership

Financials & Capital

As of 2026-06-30
Cash A$608.4M Self Funding
Debt A$0 Net cash A$608.4M
Basic shares 1.9B 2026-10-13
Runway Self Funding Positive operating cash flow; A$500m undrawn facility. Construction funding claim depends on gold cash generation; combined September cash and gold A$768m.

Liquidity

Financial position

FY27 growth capital A$480–570m and exploration A$90–110m create material cash demands. A$131m stamp duty paid in July is already in September liquid balance; A$50m sale tax remains.

Inventory composition1

Bullion is separate from cash. September preliminary liquid cash plus gold is A$768m; no standalone September cash or bullion split disclosed.

Gold bullion on hand at 30 June 2026
— carrying · 7,114 oz

Capital structure

Ownership and dilution

Ordinary shares
1.9B
Fully diluted
1.9B

FY25 issued 1,158,991,713; add 3,326,693 rights conversions, 10,695,940 DRP, and 752,904,179 Spartan consideration shares; deduct 36,806,201 bought back = 1,889,112,324 at June. Subsequent vestings and cancellations reconcile to latest Appendix 2A 1,886,646,738 including 925,231 DRP shares issued 13 October. Purchases not yet cancelled are not subtracted again; 8,653,452 current rights added for full dilution.

Security classes1
ClassTypeQuantityStrikeExpiry
Unquoted performance rightsPerformance Right8.7M——

KPI history

Operating metrics · Mt Magnet hub including Cue, Penny and Dalgaranga

Mt Magnet hub production shown
015,40430,80746,21161,615Sep-25: 55,013 ozSep-25Dec-25: 45,610 ozDec-25Mar-26: 38,093 ozMar-26Jun-26: 53,466 ozJun-26Sep-26 preliminary: 48,839 ozSep-26 preliminary
MetricUnitTrendSep-25Dec-25Mar-26Jun-26Sep-26 preliminary
Mt Magnet hub productionozSep-25: 55,013 ozDec-25: 45,610 ozMar-26: 38,093 ozJun-26: 53,466 ozSep-26 preliminary: 48,839 oz55,01345,61038,09353,46648,839
Mt Magnet hub aiscAUD/ozSep-25: 1,836 AUD/ozDec-25: 1,977 AUD/ozMar-26: 2,211 AUD/ozJun-26: 1,973 AUD/oz1,8361,9772,2111,973—
Operating metric source table9
MetricProjectPeriodPeriod typeValueStatus
Mt Magnet hub productionMt Magnet HubSep-25Quarter55,013 ozReported
Mt Magnet hub aiscMt Magnet HubSep-25Quarter1,836 AUD/ozReported
Mt Magnet hub productionMt Magnet HubDec-25Quarter45,610 ozReported
Mt Magnet hub aiscMt Magnet HubDec-25Quarter1,977 AUD/ozReported
Mt Magnet hub productionMt Magnet HubMar-26Quarter38,093 ozReported
Mt Magnet hub aiscMt Magnet HubMar-26Quarter2,211 AUD/ozReported
Mt Magnet hub productionMt Magnet HubJun-26Quarter53,466 ozReported
Mt Magnet hub aiscMt Magnet HubJun-26Quarter1,973 AUD/ozReported
Mt Magnet hub productionMt Magnet HubSep-26 preliminaryQuarter48,839 ozReported
Company guidance2
MetricProjectPeriodLowHighStatus
Productionmt-magnet-hubFY27205,000225,000 ozCurrent
AISCmt-magnet-hubFY272,1502,350 AUD/ozCurrent

Capital history

Capital events

2 events · newest first
DateEventAmountSharesPriceStatusTerms
2026-10-13Ann. 2026-08-21Dividend—925.2K—Completed—
2025-12-24Ann. 2025-12-10BuybackRms Ordinary Fully PaidA$250M43.1M—OngoingCumulative purchases include completed transactions; authorisation is not extra cancellation.Max 74M · Period 2025-12-24 to 2027-06-23 · On-market; completed paid consideration A$165,901,547.59 to 12 October · Canaccord

Contracts and ownership

Material economic arrangements These are deals that can affect sales, costs, funding or ownership. An arrangement marked “Included in valuation” may already be built into a project estimate or the bridge to shareholder value. A separate amount is shown only when one can be estimated; do not add it again.

Partial · as of 2026-10-13

Annual financial report and current issuer announcements; operating material royalties, price protection, EPC and minor JVs reconciled. Complete historical tenement-level royalty register not available.

Private royalties reduced in aggregate from 2.5% to 2.0%; private royalty obligation is measured at fair value in the financial statements.

Royalty · Active
Counterparties
OR Royalties · Taurus Mining Royalty Fund
Applies to
Mt Magnet hub including Cue, Penny and Dalgaranga · Gold
Economic direction
Burden
Period
Dates not stated
Key terms
Aggregate revenue royalty: 2 %
How it affects our valuation

No valuation treatment is available for this arrangement.

The original DFS applies 2.5% state royalty. Hub total AISC and developer published NPV include royalty cash cost once.

Royalty · Active
Counterparties
Western Australian Government
Applies to
Mt Magnet hub including Cue, Penny and Dalgaranga · Rebecca-Roe · Gold
Economic direction
Burden
Period
Dates not stated
Key terms
State ad valorem royalty: 2.5 %
How it affects our valuation

No valuation treatment is available for this arrangement.

1.5% NSR applies to the main Rebecca mining tenement, M28/400; already included in the reported DFS NPV and its gold-price sensitivity.

Royalty · Active
Counterparties
Third-party NSR holder not named in selected original DFS
Applies to
Rebecca-Roe · Gold
Economic direction
Burden
Period
Dates not stated
Key terms
Rebecca NSR: 1.5 %
How it affects our valuation

No valuation treatment is available for this arrangement.

22,500oz collar over FY27; 4,200 floor and 5,906 ceiling, zero premium.

Commodity Hedge · Active
Counterparties
Disclosed counterparties in cited issuer agreement
Applies to
Mt Magnet hub including Cue, Penny and Dalgaranga · Gold
Economic direction
Mixed
Period
Through 2027-06-30; start date not stated
Key terms
Hedged volume: 22,500 oz
Floor: 4,200 AUD/oz
Cap: 5,906 AUD/oz
How it affects our valuation

No valuation treatment is available for this arrangement.

40,000oz puts over FY28 at 5,750; A$12.4m premium paid before starting cash date.

Commodity Hedge · Active
Counterparties
Disclosed counterparties in cited issuer agreement
Applies to
Mt Magnet hub including Cue, Penny and Dalgaranga · Gold
Economic direction
Mixed
Period
Through 2028-06-30; start date not stated
Key terms
Hedged volume: 40,000 oz
Strike: 5,750 AUD/oz
Paid premium: 12,400,000 AUD
How it affects our valuation

No valuation treatment is available for this arrangement.

9.8m litres fixed at A$0.93/L through June 2027; partial cost protection included in AISC, not gold-price protection.

Other · Active
Counterparties
Disclosed counterparties in cited issuer agreement
Applies to
Mt Magnet hub including Cue, Penny and Dalgaranga
Economic direction
Burden
Period
Through 2027-06-30; start date not stated
Key terms
Volume: 9,800,000 L
Fixed price: 0.93 AUD/L
How it affects our valuation

No valuation treatment is available for this arrangement.

Nulla South and Mt Finnerty 75%; Kirgella earning 75%; Cue-Cyprium 20% JV with 100% gold rights in gold priority area. Selected exploration interests are separate from the wholly owned producing hubs.

Joint Venture · Active
Counterparties
Disclosed counterparties in cited issuer agreement
Applies to
Company-wide · Gold
Economic direction
Mixed
Period
Dates not stated
Key terms
Principal exploration interests: 75 %
How it affects our valuation

No valuation treatment is available for this arrangement.

18-month escrow plus six-month orderly-sale restriction on FRS holding, subject to customary exceptions.

Other · Active
Counterparties
Disclosed counterparties in cited issuer agreement
Applies to
Forrestania Resources equity holding · Gold
Economic direction
Burden
Period
Through 2028-09-04; start date not stated
Key terms
Escrow period: 18 months
Orderly sale period: 6 months
How it affects our valuation

No valuation treatment is available for this arrangement.

Primero EPC covers approximately 90% of plant capital; ~A$24m contingency and ~A$15m owner cost remain. Costs included in forward growth capital.

Other · Active
Counterparties
Disclosed counterparties in cited issuer agreement
Applies to
Mt Magnet hub including Cue, Penny and Dalgaranga · Gold
Economic direction
Burden
Period
Dates not stated
Key terms
Contract coverage: 90 %
How it affects our valuation

No valuation treatment is available for this arrangement.