Ramelius Resources has added almost two million ounces of newly discovered gold to its inventory, helping drive a near-80 per cent increase in ore reserves as the company builds towards a production ambition of 500,000-ounces.
The company’s 2026 resources and reserves statement shows group mineral resources increased 17 per cent to 260 million tonnes (Mt) at 1.7 grams per tonne (g/t) gold for 14 million ounces (Moz), while ore reserves rose to 70Mt at 1.9g/t for 4.3Moz – a 79 per cent increase.
The growth came despite 178,000 ounces of mining depletion, with Ramelius’ 2025-26 financial year (FY26) exploration, resource definition and grade control drilling adding approximately 1.8Moz to its mineral resource inventory.
Ramelius said the new ounces were discovered at an average cost of approximately $55 per ounce, highlighting the capital efficiency of its exploration program.
The Mt Magnet hub remains central to the company’s growth strategy, with mineral resources increasing 21 per cent to 10Moz.
Galaxy increased 42 per cent to 2.0Moz, while Cue rose 89 per cent to 1.4Moz and Dalgaranga increased 15 per cent to 3.0Moz.
Ore Reserve growth was supported by the maiden 1.6Moz Never Never underground reserve at Dalgaranga, a 260,000-ounce maiden reserve at Roe underground at Rebecca-Roe and a 100,000-ounce increase at Galaxy.
Ramelius said the enlarged resource base supports its progression towards 500,000 ounces of annual production by FY30 and beyond.
The company plans to spend $90–110 million on exploration and resource definition during FY27, including $30 million at Mt Magnet and $25 million at Dalgaranga.
Further upside is also being targeted through exploration programs at Galaxy, Perseverance South and the Lena and Break of Day systems at Cue.
Ramelius is due to release an updated production and cost outlook through to FY30, including FY27 guidance, in September.