OREMAVEN
XMM 7,722.00 -2.63% YTD +5.6% OM ASX 450.55 -2.56% YTD +0.1% OM PRECIOUS 349.20 -2.24% YTD +2.5% OM EX-PREC 418.91 -2.72% YTD -1.1% XAU 4,115.59 +2.31% YTD -4.9% GLD 375.49 +0.81% YTD -5.2% GDX 85.75 +1.37% YTD -0.0% SIL 77.33 -1.00% YTD -7.3% COPX 70.23 -5.81% YTD -1.8% URNM 40.07 -2.79% YTD -27.0%
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
—
1M
—
YTD
—
1Y
—
Fair value
Locked: sign in to view
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

People, delivery and responsibility

Management background checks

Evidence through 2026-10-31

Research assessment

Executive team

Rating locked: sign in to viewTeam rating and score are available to subscribers

The team has gold operating, project development and financial experience. The FY2026 production transition and prior-employer issues provide mixed context; coverage is a preliminary, low-confidence screen.

Decision-relevant facts

Material summary

Individual involvement and employer context shown separately

Mark Zeptner

Managing Director & Chief Executive Officer

Current
Full background report for Mark Zeptner
Company SuccessIssuer Reported · High materiality

Ramelius production and Dalgaranga

The FY2026 report records 192,182 ounces of gold, compared with 301,664 ounces in FY2025, and reports that the Never Never underground achieved commercial production in March 2026.

Role overlaps event; causation unproven · Zeptner was CEO; production reflects the broader workforce, assets and mine plans, not an individually measured contribution.

Annual report FY2026 · PDF page 4, visibly checked operational highlights
EnvironmentIssuer Reported · Medium materiality

Greenfinch clearing application and redesign

The original Greenfinch clearing application was refused and the appeal dismissed in 2019 because of environmental impacts; a revised, smaller 16.6-hectare clearing permit was subsequently granted subject to conditions. The later 2025 transaction booklet reports final environmental approval in January 2020 and subsequent clearing and mining.

Role overlaps event; causation unproven · He was managing director; the record concerns company permitting and does not establish personal misconduct.

Greenfinch project update · Page 1, original refusal and appeal
Greenfinch clearing permit granted · Page 1, reduced application and conditional grant
Spartan scheme transaction booklet · Section 6.6, Edna May progression and Greenfinch approval
Evidence gaps · 4
  • Independent credentials and memberships were not verified.
  • Person-specific searches and prior-employer litigation, safety, environment and governance research remain incomplete.
  • Contribution to company-wide outcomes and several prior-role dates remain unestablished.
  • The single broad person-specific web query was reused across adverse-topic rows; separate investigations of each topic and prior employer remain incomplete.

Full background report

Mark Zeptner

Managing Director & Chief Executive Officer

Career chronology

  • CEO from June 2014, MD from July 2015: Ramelius Resources — CEO and managing director. Leadership profiles (Mark Zeptner biography)

Contributions and company outcomes

Ramelius production and Dalgaranga

FY2025–FY2026 · issuer reported · high materiality

The FY2026 report records 192,182 ounces of gold, compared with 301,664 ounces in FY2025, and reports that the Never Never underground achieved commercial production in March 2026.

Attribution: Role overlaps event; causation unproven. Zeptner was CEO; production reflects the broader workforce, assets and mine plans, not an individually measured contribution.

Relevance: Relevant to delivery during portfolio transition.

Annual report FY2026 (PDF page 4, visibly checked operational highlights)

Environmental record

Greenfinch clearing application and redesign

2018–2020 · issuer reported · medium materiality

The original Greenfinch clearing application was refused and the appeal dismissed in 2019 because of environmental impacts; a revised, smaller 16.6-hectare clearing permit was subsequently granted subject to conditions. The later 2025 transaction booklet reports final environmental approval in January 2020 and subsequent clearing and mining.

Attribution: Role overlaps event; causation unproven. He was managing director; the record concerns company permitting and does not establish personal misconduct.

Relevance: Shows an environmental permitting setback and subsequent redesign.

Greenfinch project update (Page 1, original refusal and appeal); Greenfinch clearing permit granted (Page 1, reduced application and conditional grant); Spartan scheme transaction booklet (Section 6.6, Edna May progression and Greenfinch approval)

Evidence gaps

  • Independent credentials and memberships were not verified.

  • Person-specific searches and prior-employer litigation, safety, environment and governance research remain incomplete.

  • Contribution to company-wide outcomes and several prior-role dates remain unestablished.

  • The single broad person-specific web query was reused across adverse-topic rows; separate investigations of each topic and prior employer remain incomplete.

Darren Millman

Chief Financial Officer

Current
Full background report for Darren Millman
FailureIssuer Reported · High materiality

Centerra lost control of Kumtor

Centerra reported the Kyrgyz government imposed external management in 2021 and a 2022 agreement separated the parties, transferring Centerra’s interest in Kumtor and resolving disputes.

Role overlaps event; causation unproven · Millman was Centerra CFO; the government action and settlement do not establish personal causation.

Chief financial officer appointment · Page 1, Centerra CFO
Centerra annual filing and Kumtor settlement · Recent developments, July 2022 agreement
Centerra 2015 annual report · Printed page 5, CFO appointment effective April 2016
Centerra 2023 annual report · Executive Management Changes, CFO successor effective April 2024
SafetyIssuer Reported · Medium materiality

Öksüt mercury interruption and restart

Centerra suspended gold-room production in March 2022 after mercury detection; it reported mercury-abatement commissioning and full operations resumed in June 2023.

Role overlaps event; causation unproven · He was CFO; no personal role in the incident or corrective work was established.

Centerra Öksüt mercury suspension · Suspension and company response
Centerra 2023 ESG report · Öksüt mercury abatement section
Centerra 2015 annual report · Printed page 5, CFO appointment effective April 2016
Centerra 2023 annual report · Executive Management Changes, CFO successor effective April 2024
Evidence gaps · 5
  • Independent credentials and memberships were not verified.
  • Person-specific searches and prior-employer litigation, safety, environment and governance research remain incomplete.
  • Contribution to company-wide outcomes and several prior-role dates remain unestablished.
  • The single broad person-specific web query was reused across adverse-topic rows; separate investigations of each topic and prior employer remain incomplete.
  • Centerra announced a CFO successor effective 8 April 2024, but Millman’s exact final day was not independently established.

Full background report

Darren Millman

Chief Financial Officer

Career chronology

Business failures and setbacks

Centerra lost control of Kumtor

2021–2022 · issuer reported · high materiality

Centerra reported the Kyrgyz government imposed external management in 2021 and a 2022 agreement separated the parties, transferring Centerra’s interest in Kumtor and resolving disputes.

Attribution: Role overlaps event; causation unproven. Millman was Centerra CFO; the government action and settlement do not establish personal causation.

Relevance: Material financial and jurisdictional event during prior CFO tenure.

Chief financial officer appointment (Page 1, Centerra CFO); Centerra annual filing and Kumtor settlement (Recent developments, July 2022 agreement); Centerra 2015 annual report (Printed page 5, CFO appointment effective April 2016); Centerra 2023 annual report (Executive Management Changes, CFO successor effective April 2024)

Industrial safety

Öksüt mercury interruption and restart

2022–2023 · issuer reported · medium materiality

Centerra suspended gold-room production in March 2022 after mercury detection; it reported mercury-abatement commissioning and full operations resumed in June 2023.

Attribution: Role overlaps event; causation unproven. He was CFO; no personal role in the incident or corrective work was established.

Relevance: Material operational and safety context at a prior employer.

Centerra Öksüt mercury suspension (Suspension and company response); Centerra 2023 ESG report (Öksüt mercury abatement section); Centerra 2015 annual report (Printed page 5, CFO appointment effective April 2016); Centerra 2023 annual report (Executive Management Changes, CFO successor effective April 2024)

Evidence gaps

  • Independent credentials and memberships were not verified.

  • Person-specific searches and prior-employer litigation, safety, environment and governance research remain incomplete.

  • Contribution to company-wide outcomes and several prior-role dates remain unestablished.

  • The single broad person-specific web query was reused across adverse-topic rows; separate investigations of each topic and prior employer remain incomplete.

  • Centerra announced a CFO successor effective 8 April 2024, but Millman’s exact final day was not independently established.

Tim Hewitt

Chief Operating Officer

Current
Full background report for Tim Hewitt
SafetyIssuer Reported · Medium materiality

Ramelius workplace injury trends

Ramelius reported FY2026 total recordable injury frequency of 9.69 versus 11.12 in FY2025, while restricted-work injury frequency increased to 8.88 from 8.09.

Role overlaps event; causation unproven · Hewitt was COO; the company figures do not establish individual responsibility for incidents or changes.

Annual report FY2026 · PDF page 50, visually checked safety table
SafetyDocumented · Medium materiality

Gruyere cyanide audit

The 2020 cyanide management summary audit names Hewitt as Gruyere’s general manager and records full compliance with its cyanide-purchasing standard. This is a specific audit standard, not a full safety clearance.

Role overlaps event; causation unproven · The audit names him as responsible manager, but does not attribute the audit result personally.

Gruyere cyanide management audit · Pages 1 and 5, named responsible manager and standard 1.1
Evidence gaps · 4
  • Independent credentials and memberships were not verified.
  • Person-specific searches and prior-employer litigation, safety, environment and governance research remain incomplete.
  • Contribution to company-wide outcomes and several prior-role dates remain unestablished.
  • The single broad person-specific web query was reused across adverse-topic rows; separate investigations of each topic and prior employer remain incomplete.

Full background report

Tim Hewitt

Chief Operating Officer

Career chronology

  • From February 2025: Ramelius Resources — Chief Operating Officer. Annual report FY2025 (PDF page 113 (printed page 111), visually checked KMP transition table)

  • Before Ramelius: Gold Fields — GM Gruyere and senior technical roles. Management changes (Page 1, prior Gold Fields roles)

Industrial safety

Ramelius workplace injury trends

FY2025–FY2026 · issuer reported · medium materiality

Ramelius reported FY2026 total recordable injury frequency of 9.69 versus 11.12 in FY2025, while restricted-work injury frequency increased to 8.88 from 8.09.

Attribution: Role overlaps event; causation unproven. Hewitt was COO; the company figures do not establish individual responsibility for incidents or changes.

Relevance: Safety oversight evidence includes both improvement and a deteriorating component.

Annual report FY2026 (PDF page 50, visually checked safety table)

Gruyere cyanide audit

2020 · documented · medium materiality

The 2020 cyanide management summary audit names Hewitt as Gruyere’s general manager and records full compliance with its cyanide-purchasing standard. This is a specific audit standard, not a full safety clearance.

Attribution: Role overlaps event; causation unproven. The audit names him as responsible manager, but does not attribute the audit result personally.

Relevance: Provides limited independent evidence of past operational management.

Gruyere cyanide management audit (Pages 1 and 5, named responsible manager and standard 1.1)

Evidence gaps

  • Independent credentials and memberships were not verified.

  • Person-specific searches and prior-employer litigation, safety, environment and governance research remain incomplete.

  • Contribution to company-wide outcomes and several prior-role dates remain unestablished.

  • The single broad person-specific web query was reused across adverse-topic rows; separate investigations of each topic and prior employer remain incomplete.

Richard Jones

Company Secretary & Executive General Manager – Legal/Risk & Sustainability

Current
Full background report for Richard Jones
EnvironmentIssuer Reported · Medium materiality

Greenfinch permit process

Ramelius reported that its original Greenfinch clearing permit was refused and its appeal dismissed; a reduced application was granted later in 2019 subject to conditions. The later 2025 transaction booklet reports final environmental approval in January 2020 and subsequent clearing and mining.

Role overlaps event; causation unproven · Jones had joined Ramelius in 2018; his involvement in the application or appeal is not established.

Greenfinch project update · Page 1, refusal and appeal
Greenfinch clearing permit granted · Page 1, reduced permit
Leadership profiles · Richard Jones biography: joined 2018
Spartan scheme transaction booklet · Section 6.6, Edna May progression and Greenfinch approval
Role FitAnalyst Inference · Medium materiality

Legal and risk governance

Ramelius describes Jones as a corporate commercial lawyer with previous company secretary experience across listed and unlisted mining companies. His legal and risk remit appears relevant to approvals and governance.

Responsibility not applicable · This is a role-fit assessment; independent credential and prior-tenure records were not established.

Leadership profiles · Richard Jones biography
Evidence gaps · 4
  • Independent credentials and memberships were not verified.
  • Person-specific searches and prior-employer litigation, safety, environment and governance research remain incomplete.
  • Contribution to company-wide outcomes and several prior-role dates remain unestablished.
  • The single broad person-specific web query was reused across adverse-topic rows; separate investigations of each topic and prior employer remain incomplete.

Full background report

Richard Jones

Company Secretary & Executive General Manager – Legal/Risk & Sustainability

Career chronology

  • Joined 2018: Ramelius Resources — Company Secretary and EGM Legal, Risk and Sustainability. Leadership profiles (Richard Jones biography)

Environmental record

Greenfinch permit process

2018–2020 · issuer reported · medium materiality

Ramelius reported that its original Greenfinch clearing permit was refused and its appeal dismissed; a reduced application was granted later in 2019 subject to conditions. The later 2025 transaction booklet reports final environmental approval in January 2020 and subsequent clearing and mining.

Attribution: Role overlaps event; causation unproven. Jones had joined Ramelius in 2018; his involvement in the application or appeal is not established.

Relevance: Relevant company-level environmental approval and governance context.

Greenfinch project update (Page 1, refusal and appeal); Greenfinch clearing permit granted (Page 1, reduced permit); Leadership profiles (Richard Jones biography: joined 2018); Spartan scheme transaction booklet (Section 6.6, Edna May progression and Greenfinch approval)

Suitability for the current role

Legal and risk governance

Before and during Ramelius · analyst inference · medium materiality

Ramelius describes Jones as a corporate commercial lawyer with previous company secretary experience across listed and unlisted mining companies. His legal and risk remit appears relevant to approvals and governance.

Attribution: Responsibility not applicable. This is a role-fit assessment; independent credential and prior-tenure records were not established.

Relevance: Provides a limited basis for assessing governance role fit.

Leadership profiles (Richard Jones biography)

Evidence gaps

  • Independent credentials and memberships were not verified.

  • Person-specific searches and prior-employer litigation, safety, environment and governance research remain incomplete.

  • Contribution to company-wide outcomes and several prior-role dates remain unestablished.

  • The single broad person-specific web query was reused across adverse-topic rows; separate investigations of each topic and prior employer remain incomplete.

Alan Thom

Chief Development Officer

Current
Full background report for Alan Thom
Company SuccessIssuer Reported · Medium materiality

Dalgaranga development

Ramelius reports that Never Never underground reached commercial production in March 2026, three months early. Its December 2024 announcement describes Thom’s remit as oversight of key growth projects.

Role overlaps event; causation unproven · He was chief development officer; the reported outcome reflects a project team and his specific contribution was not independently established.

Annual report FY2026 · PDF page 4, visually checked
Management changes · Page 1, development responsibilities
Role FitAnalyst Inference · Medium materiality

Mining and development background

The issuer and Lachlan Star describe Thom as a mining engineer with prior Northern Star business-development and operational experience; this is relevant to a development role but the qualifications were not independently verified.

Responsibility not applicable · Assessment is based on issuer biographies, not independent verification of credentials or individual deal credit.

Management changes · Page 1, biography
Lachlan Star general meeting notice · Page 8, director biography
Evidence gaps · 4
  • Independent credentials and memberships were not verified.
  • Person-specific searches and prior-employer litigation, safety, environment and governance research remain incomplete.
  • Contribution to company-wide outcomes and several prior-role dates remain unestablished.
  • The single broad person-specific web query was reused across adverse-topic rows; separate investigations of each topic and prior employer remain incomplete.

Full background report

Alan Thom

Chief Development Officer

Career chronology

  • From December 2024: Ramelius Resources — Chief Development Officer. Annual report FY2025 (PDF page 113 (printed page 111), visually checked KMP transition table)

  • Before Ramelius: Northern Star Resources — Principal business development. Lachlan Star general meeting notice (Page 8, professional biography)

Contributions and company outcomes

Dalgaranga development

2024–2026 · issuer reported · medium materiality

Ramelius reports that Never Never underground reached commercial production in March 2026, three months early. Its December 2024 announcement describes Thom’s remit as oversight of key growth projects.

Attribution: Role overlaps event; causation unproven. He was chief development officer; the reported outcome reflects a project team and his specific contribution was not independently established.

Relevance: Relevant to development delivery.

Annual report FY2026 (PDF page 4, visually checked); Management changes (Page 1, development responsibilities)

Suitability for the current role

Mining and development background

Prior and current roles · analyst inference · medium materiality

The issuer and Lachlan Star describe Thom as a mining engineer with prior Northern Star business-development and operational experience; this is relevant to a development role but the qualifications were not independently verified.

Attribution: Responsibility not applicable. Assessment is based on issuer biographies, not independent verification of credentials or individual deal credit.

Relevance: Relevant experience for project and development oversight.

Management changes (Page 1, biography); Lachlan Star general meeting notice (Page 8, director biography)

Evidence gaps

  • Independent credentials and memberships were not verified.

  • Person-specific searches and prior-employer litigation, safety, environment and governance research remain incomplete.

  • Contribution to company-wide outcomes and several prior-role dates remain unestablished.

  • The single broad person-specific web query was reused across adverse-topic rows; separate investigations of each topic and prior employer remain incomplete.

Peter Ruzicka

Executive General Manager – Exploration

Current
Full background report for Peter Ruzicka
FailureDocumented · Medium materiality

CopperCo entered administration

A 2008 transaction document identifies Ruzicka as CopperCo exploration manager in June 2008. The Takeovers Panel reports CopperCo and some subsidiaries entered voluntary administration in November 2008, followed by receivership. His departure date is not established.

Employer context; no individual link established · The only dated individual role precedes administration; tenure overlap and personal responsibility are not established.

CopperCo transaction booklet · Section 8.3, exploration manager
Cape Lambert MinSec reasons · Paragraph 9, administration and receivers
Personal SuccessIssuer Reported · Medium materiality

Issuer-reported Paddington resource work

Ramelius credited Ruzicka with growing the Paddington mineral resource base to more than 10 million ounces during his Norton Gold Fields career. This is an issuer attribution, not independent confirmation of his personal contribution or economic value.

Individual involvement documented · Ramelius attributes the resource increase to him; independent resource-by-resource attribution was not obtained.

March 2021 quarterly report · Corporate and Finance: Ruzicka appointment
Evidence gaps · 4
  • Independent credentials and memberships were not verified.
  • Person-specific searches and prior-employer litigation, safety, environment and governance research remain incomplete.
  • Contribution to company-wide outcomes and several prior-role dates remain unestablished.
  • The single broad person-specific web query was reused across adverse-topic rows; separate investigations of each topic and prior employer remain incomplete.

Full background report

Peter Ruzicka

Executive General Manager – Exploration

Career chronology

  • From April 2021: Ramelius Resources — Exploration manager, later executive general manager exploration. March 2021 quarterly report (Corporate and Finance, appointment)

  • June 2008: CopperCo — Exploration Manager. CopperCo transaction booklet (Section 8.3, senior managers)

  • Before 2021: Norton Gold Fields — Geological exploration leadership. March 2021 quarterly report (Corporate and Finance, previous employer)

Personal achievements

Issuer-reported Paddington resource work

Before April 2021 · issuer reported · medium materiality

Ramelius credited Ruzicka with growing the Paddington mineral resource base to more than 10 million ounces during his Norton Gold Fields career. This is an issuer attribution, not independent confirmation of his personal contribution or economic value.

Attribution: Individual involvement documented. Ramelius attributes the resource increase to him; independent resource-by-resource attribution was not obtained.

Relevance: Relevant exploration track record with evidence limits.

March 2021 quarterly report (Corporate and Finance: Ruzicka appointment)

Business failures and setbacks

CopperCo entered administration

2008–2009 · documented · medium materiality

A 2008 transaction document identifies Ruzicka as CopperCo exploration manager in June 2008. The Takeovers Panel reports CopperCo and some subsidiaries entered voluntary administration in November 2008, followed by receivership. His departure date is not established.

Attribution: Employer context; no individual link established. The only dated individual role precedes administration; tenure overlap and personal responsibility are not established.

Relevance: Material former-employer outcome, with important attribution limits.

CopperCo transaction booklet (Section 8.3, exploration manager); Cape Lambert MinSec reasons (Paragraph 9, administration and receivers)

Evidence gaps

  • Independent credentials and memberships were not verified.

  • Person-specific searches and prior-employer litigation, safety, environment and governance research remain incomplete.

  • Contribution to company-wide outcomes and several prior-role dates remain unestablished.

  • The single broad person-specific web query was reused across adverse-topic rows; separate investigations of each topic and prior employer remain incomplete.