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Ramelius Resources Ltd

www: www.rameliusresources.com.au   email: info@rameliusresources.com.au
Category: Major
Rating:
Upside Downside Quality
3.5 3.5 A-
Risk: Moderate View History

Rating History

Date Category Rating Risk
Upside Downside Quality
08/25/2026 Major 3.5 3.5A-Moderate
Current Major 3.5 3.5A-Moderate
Profile
Notes
Forum
Your Data

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chart

Price Data

Symbol Traded Checked Price
ASX:RMS 10/01/2026 10/02/2026 AUD 3.8800
OTCMKTS:RMLRF 09/30/2026 10/02/2026 USD 2.8900

Performance

+/-
since 		1 Day Last Friday 4 Weeks
0.65% 8.53% 8.53%
3 Months 6 Months 1 Year
30.20% 10.07% 6.16%

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Scorecard   (1 Star = Poor, 5 Stars = Excellent)

Category Don's Site Average Yours Category
Balance Sheet Balance Sheet
Costs (Exp/Dev/Prod) Costs (Exp/Dev/Prod)
Exploration Potential Exploration Potential
Management/Execution Management/Execution
Ownership/Hedging Ownership/Hedging
Project Locations/Taxes Project Locations/Taxes
Properties/Projects/Pipeline Properties/Projects/Pipeline
Share Structure/Dilution Share Structure/Dilution
Risk (1 = High, 5 = Low) Risk (1 = High, 5 = Low)
Upside Potential Upside Potential
8 Ratings

Your Summary (edit)

Stock Summary (from last analysis - 08/25/2026)

Ramelius Resources is a large gold producer in Western Australia. They are producing about 210,000 oz with an $1300 AISC and all-in costs (free cash flow) around $2300 per oz. Plus, they have $450 million in cash, and no debt. They are not cheap with an FD market cap of $5.5 billion, but do print as a 5-bagger. They have 14 million oz of resources. Investors like it for their potential. They likely will reach 400,000 oz of production by 2030.

Their Mt Magnet project, which includes about 4 producing open pits (Penny, Cue, Eridanus, Saturn, Mars) is their current producing mine. It has about 5 million oz and should produce 150,000 to 200,000 oz long term.

Their Rebecca-Roe project has 3.2M oz at 1.4 gpt and will produce 130K oz a year at $1550 AISC beginning in 2027.

They acquired Spartan Resources in 2025 and added 5M oz's at 6 gpt. Their Dalgaranga mine is on C&M and will likely restart in 2027. I would expect Dalgaranga to produce 200K oz a year. Costs won't be as low at Mt Magnet. They will no longer be a low-cost producer.

They have not yet provided guidance for FY2027, which began in July, for both production and costs. All we can do is guess.

Management is conservative, which is reflected in their balance sheet, which is cash-heavy, and they also like to hedge a portion of production, although that is coming to an end soon. They prefer to grow slowly and methodically.

Management considers itself to be a growth company, and it plans to grow via acquisitions. I expect consolidation of the mid-tier producers in Australia, and they will be a shark.

Steady growth at moderate costs.

2027: 300K
2028: 400K
2029: 500K


7/24/2026: Dalgaranga: Never Never (infill)

3.38m at 996g/t Au from 101.6m (typo?)
8.8m at 20.2g/t Au from 119.0m
13.0m at 34.5g/t Au from 151.0m
10.4m at 15.2g/t Au from 217.2m
16.1m at 14.0g/t Au from 131.0m


DD

General Details

Financial 08/25/2026
Last
Analysis
Data
Current Data
Change
Item Value Value Updated Value
MCap (FD): $5,561.71M $5,120.79M 08/25/2026 $-440.92M
MCap (OS): $5,526.93M $5,088.77M 08/25/2026 $-438.16M
Total Assets: $1,716.78M $1,666.23M 08/25/2026 $-50.55M
Total Liabilities: $345.50M $335.33M 08/25/2026 $-10.17M
Current Assets: $496.43M $481.82M 08/25/2026 $-14.62M
Current Liabilities: $62.23M $60.40M 08/25/2026 $-1.83M
Total Debt: $0.00M $0.00M 08/25/2026 $0.00M
Cash: $464.25M $450.58M 08/25/2026 $-13.67M
Debt (Net): $-464.25M $-450.58M $13.67M
Enterprise Value: $5,097.46M $4,670.21M $-427.25M
Cash Flow: $497.29M $386.31M never $-110.99M
Cash Flow Multiple: 11.18 13.26 never 2.07
Net Debt to
Cash Flow Ratio:		 n/a n/a never 0.00
Finance within 1 year: 08/25/2026 n/a
Misc 08/25/2026
Last
Analysis
Data
Current Data
Change
Item Value Value Updated Value
Shares Outstanding: 1,889,112,324 1,889,112,324 08/25/2026 0
Shares (FD): 1,901,000,000 1,901,000,000 08/25/2026 0
Insider Ownership: n/a n/a 08/25/2026 n/a
Dividend (Annual): n/a n/a 09/21/2026 n/a
Company Type: Mostly Gold Mostly Gold never n/a
Group: Producer Producer never n/a
Production ETA: n/a n/a 08/25/2026 n/a
Production (Gold Eq Oz.): (guess) 
210,000		 (guess) 
210,000		 08/25/2026 0
Production (Silver Eq Oz.): (guess) 
14,042,295		 (guess) 
14,459,541		 08/25/2026 417,246
Development Phase: Producer (Multiple Mines) Producer (Multiple Mines) 08/25/2026 n/a
Optionality Play: none No
F
U
T
U
R
E		 % of Spot: 20
Producer: Growth Potential
 20
Producer: Growth Potential
 08/25/2026 0
Cash Flow Multiple: 22 22 08/25/2026 0.00

Resource Data

GOLD 08/25/2026
Last Analysis
Data
Current Data
Change
Item Value Value Updated Value
O
U
N
C
E
S		 T
O
T
A
L
 Proven & Probable: 4.30M 4.30M 08/25/2026 0.00M
Measured & Indicated: 10.00M 10.00M 08/25/2026 0.00M
Inferred: 4.00M 4.00M 08/25/2026 0.00M
Reserves & Resources: 14.00M 14.00M never 0.00M
P
L
A
U
S
I
B
L
E		 Proven & Probable: 3.87M 3.87M 08/25/2026 0.00M
Measured & Indicated: 7.97M 7.97M 08/25/2026 0.00M
Inferred: 1.80M 1.80M 08/25/2026 0.00M
Reserves & Resources: 9.77M 9.77M never 0.00M
C
U
R
R
E
N
T		 Annual Production: (guess) 
210,000oz.		 (guess) 
210,000oz.		 08/25/2026 0oz.
Cash Cost: $1,300 $1,300 08/25/2026 $0.00
Extra Operating Cost: $1,000 $1,000 08/25/2026 $0.00
Total: $2,300 $2,300 08/25/2026 $0.00
Margin (Free Cash Flow): $2,368 (51%) $1,840 (44%) $-528.50
MCap / Production (AuEq): $26,484.32 $24,384.71 $-2,099.62
EV / Production (AuEq): $24,273.63 $22,239.11 $-2,034.52
G
R
A
D
E		 Underground (Avg): 5.00 g/t 5.00 g/t 08/25/2026 n/a
Open Pit (Avg): n/a 1.20 g/t 08/25/2026 n/a
Recovery Rate: (CG)  90.00% (CG)  90.00% 09/21/2026 0.00%
F
U
T
U
R
E		 Proven & Probable: 10.00M 10.00M 08/25/2026 0.00M
Annual Production: 400,000oz. 575,000oz. 09/21/2026 175,000oz.
Cash Cost: $1,700 $1,700 08/25/2026 $0
Extra Operating Cost: $1,000 $1,000 08/25/2026 $0
SILVER 08/25/2026
Last Analysis
Data
Current Data
Change
Item Value Value Updated Value
O
U
N
C
E
S		 T
O
T
A
L
 Proven & Probable: n/a n/a 08/25/2026 0.00M
Measured & Indicated: n/a n/a 08/25/2026 0.00M
Inferred: n/a n/a 08/25/2026 0.00M
Reserves & Resources: n/a n/a never 0.00M
P
L
A
U
S
I
B
L
E		 Proven & Probable: n/a n/a 08/25/2026 0.00M
Measured & Indicated: n/a n/a 08/25/2026 0.00M
Inferred: n/a n/a 08/25/2026 0.00M
Reserves & Resources: n/a n/a never 0.00M
C
U
R
R
E
N
T		 Annual Production: n/a n/a 0oz.
Cash Cost: n/a n/a 08/25/2026 $0.00
Extra Operating Cost: n/a n/a 08/25/2026 $0.00
Total: n/a n/a 08/25/2026 $0.00
Margin (Free Cash Flow): n/a $0.00
MCap / Production (AgEq): $396.07 $354.15 $-41.92
EV / Production (AgEq): $363.01 $322.98 $-40.02
G
R
A
D
E		 Underground (Avg): n/a n/a 08/25/2026 n/a
Open Pit (Avg): n/a n/a 08/25/2026 n/a
Recovery Rate: n/a n/a 08/25/2026 0.00%
F
U
T
U
R
E		 Proven & Probable: n/a n/a 08/25/2026 0.00M
Annual Production: n/a n/a 08/25/2026 n/a
Cash Cost: n/a n/a 08/25/2026 n/a
Extra Operating Cost: n/a n/a 08/25/2026 n/a

Property

Last Analysis Data  (08/25/2026)
Stage Name Owned
%		 NPV
$M		 IRR
%		 CapEx
$M		 Au Ag Cu Notes
Prod Dalgaranga
100 show
2.4 million oz (5 gpt) deposit

Past producing mine with a working mil.
Prod Edna May
100 show
1 million oz mine.
Prod Mt Magnet
100 show
2 million oz resource. Production began in 2012.

Size: 1 ha
Prod Que
100 show
900,000 oz at 2.3 gpt

Still early exploration.

Size: 20,000 ha
Dev Tampia
100 show
700,000 oz at 1.9 gpt

45% IRR

$75 Capex

Production in 2019

Size: 30,000 ha
Exp Glenburgh
100 show
500K oz.
Exp Lake Roe
100 show
High grade discovery.

Mine in the making.

Size: 55,000 ha
Exp Penny
100 show
Early exploration.

Past producing open pit.

High grade.
Exp Rebecca
100 show
Early exploration.

Gold discovery.

Historical drilling.

Size: 25,000 ha
Exp Yalgoo
100 show
The Yalgoo Gold Project includes the advanced Melville gold deposit, which hosts a JORC 2004 Mineral Resource of
2.75Mt grading 1.57g/t Au for 140,000 ounces of contained gold (0.8g/t cut-off)1
(Melville Deposit).
Current Data
Stage Name Owned
%		 NPV
$M		 IRR
%		 CapEx
$M		 Au Ag Cu Notes
Prod Dalgaranga
100 show
2.4 million oz (5 gpt) deposit

Past producing mine with a working mil.
Prod Edna May
100 show
1 million oz mine.
Prod Mt Magnet
100 show
2 million oz resource. Production began in 2012.

Size: 1 ha
Prod Que
100 show
900,000 oz at 2.3 gpt

Still early exploration.

Size: 20,000 ha
Dev Tampia
100 show
700,000 oz at 1.9 gpt

45% IRR

$75 Capex

Production in 2019

Size: 30,000 ha
Exp Glenburgh
100 show
500K oz.
Exp Lake Roe
100 show
High grade discovery.

Mine in the making.

Size: 55,000 ha
Exp Penny
100 show
Early exploration.

Past producing open pit.

High grade.
Exp Rebecca
100 show
Early exploration.

Gold discovery.

Historical drilling.

Size: 25,000 ha
Exp Yalgoo
100 show
The Yalgoo Gold Project includes the advanced Melville gold deposit, which hosts a JORC 2004 Mineral Resource of
2.75Mt grading 1.57g/t Au for 140,000 ounces of contained gold (0.8g/t cut-off)1
(Melville Deposit).

Profitability (by resource)

Proven &
Probable		 08/25/2026
Last Analysis
Data
Current Data
Change
Item Value Value Updated Value
Percentage Gold: 100.00% 100.00% n/a 0.00%
Percentage Silver: n/a n/a n/a 0.00%
Total (Gold Eq. Oz.): 4.30M 4.30M n/a 0.00M
Total (Silver Eq. Oz.): n/a n/a n/a 8.54M
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 3.87M 3.87M n/a 0.00M
Silver Eq. Oz.: n/a n/a n/a 7.69M
Maximum Profit (Gold): $9,164.39M $7,119.10M n/a $-2,045.30M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $9,164.39M $7,119.10M n/a $-2,045.30M
Max Profit / Current MCap: 1.648 1.390 n/a -0.258
Max Profit Per Share (Gold): $4.82 $3.74 n/a $-1.08
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $4.82 $3.74 n/a $-1.08
Total Free Profit Per Share: $0.73 $0.00 n/a $-0.73
FD MCap / Gold Eq.: $1,437.13 $1,323.20 n/a $-113.93
FD MCap / Silver Eq.: $21.49 $19.22 n/a $-2.27
FD MCap / Per Metal
as % Spot Price:		 30.79% 31.96% n/a 1.18%
EV / Gold Eq.: $1,317.17 $1,206.77 n/a $-110.40
EV / Silver Eq.: $19.70 $17.53 n/a $-2.17
EV / Per Metal
as % Spot Price:		 28.22% 29.15% n/a 0.94%
Measured &
Indicated		 08/25/2026
Last Analysis
Data
Current Data
Change
Item Value Value Updated Value
Percentage Gold: 100.00% 100.00% n/a 0.00%
Percentage Silver: n/a n/a n/a 0.00%
Total (Gold Eq. Oz.): 10.00M 10.00M n/a 0.00M
Total (Silver Eq. Oz.): n/a n/a n/a 19.87M
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 7.97M 7.97M n/a 0.00M
Silver Eq. Oz.: n/a n/a n/a 15.84M
Maximum Profit (Gold): $18,882.91M $14,668.65M n/a $-4,214.26M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $18,882.91M $14,668.65M n/a $-4,214.26M
Max Profit / Current MCap: 3.395 2.865 n/a -0.531
Max Profit Per Share (Gold): $9.93 $7.72 n/a $-2.22
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $9.93 $7.72 n/a $-2.22
Total Free Profit Per Share: $5.84 $3.84 n/a $-2.01
FD MCap / Gold Eq.: $697.48 $642.19 n/a $-55.29
FD MCap / Silver Eq.: $10.43 $9.33 n/a $-1.10
FD MCap / Per Metal
as % Spot Price:		 14.94% 15.51% n/a 0.57%
EV / Gold Eq.: $639.26 $585.68 n/a $-53.58
EV / Silver Eq.: $9.56 $8.51 n/a $-1.05
EV / Per Metal
as % Spot Price:		 13.69% 14.15% n/a 0.45%

Reserves &
Resources		 08/25/2026
Last Analysis
Data
Current Data
Change
Item Value Value Updated Value
Percentage Gold: 100.00% 100.00% n/a 0.00%
Percentage Silver: n/a n/a n/a 0.00%
Total (Gold Eq. Oz.): 14.00M 14.00M n/a 0.00M
Total (Silver Eq. Oz.): n/a n/a n/a 27.82M
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 9.77M 9.77M n/a 0.00M
Silver Eq. Oz.: n/a n/a n/a 19.42M
Maximum Profit (Gold): $23,145.42M $17,979.86M n/a $-5,165.56M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $23,145.42M $17,979.86M n/a $-5,165.56M
Max Profit / Current MCap: 4.162 3.511 n/a -0.650
Max Profit Per Share (Gold): $12.18 $9.46 n/a $-2.72
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $12.18 $9.46 n/a $-2.72
Total Free Profit Per Share: $8.09 $5.58 n/a $-2.51
FD MCap / Gold Eq.: $569.03 $523.92 n/a $-45.11
FD MCap / Silver Eq.: $8.51 $7.61 n/a $-0.90
FD MCap / Per Metal
as % Spot Price:		 12.19% 12.66% n/a 0.47%
EV / Gold Eq.: $521.53 $477.82 n/a $-43.71
EV / Silver Eq.: $7.80 $6.94 n/a $-0.86
EV / Per Metal
as % Spot Price:		 11.17% 11.54% n/a 0.37%

Future Valuation (Cash Flow & Totals)

Totals 08/25/2026
Last
Analysis
Data
Current Data
Change
Item Value Value Updated Value
C
U
R
R
E
N
T		 R & R Valuation: $9,125.12M $8,092.01M n/a $-1,033.11M
FD MCap: $5,561.71M $5,120.79M n/a $-440.92M
Annual Gold Production: (guess) 
210,000oz.		 (guess) 
210,000oz.		 08/25/2026 0oz.
Annual Silver Production: n/a n/a 0oz.
F

U

T

U

R

E		 FD MCap (Resources): $14,000.00M $14,000.00M n/a $0M
FD MCap Growth (Resources): 152% 173% n/a 22%
FD MCap (Cash Flow): $37,840.00M $54,395M n/a 16,555.00M
FD MCap Growth (Cash Flow): 580% 962% n/a 382%
Estimated
Price		 USD: $19.91 $28.61 n/a $8.71
AUD: $27.8270 $41.2149 n/a $13.3879
Ratio FD MCap (Resources : Cash Flow): 0.37 0.26 n/a -0.11
Annual
Production		 Gold: 400,000 oz. 575,000 oz. n/a 175,000 oz.
Silver: n/a n/a n/a n/a
Current
FD MCap / 		Gold Eq. Reserves: 556.17 512.08 n/a -44.09
Silver Eq. Reserves: 15.89 14.63 n/a -1.26
Gold Eq. Production: 13,904.27 8,905.72 n/a -4,998.55
Silver Eq. Production: 397.26 254.45 n/a -142.82
P&P
Reserves
(oz.)		 Gold: 10.00M 10.00M 08/25/2026 n/a
Silver: n/a n/a 08/25/2026 n/a
Gold Eq.: 10.00M 10.00M 08/25/2026 n/a
Silver Eq.: 350.00M 350.00M 08/25/2026 n/a
P&P Reserves
per FD
Share (oz.)		 Gold: 0.005 0.005 n/a n/a
Silver: n/a n/a n/a n/a
Gold Eq.: 0.005 0.005 n/a n/a
Silver Eq.: 0.184 0.184 n/a n/a
Free Cash Flow 08/25/2026
Last
Analysis
Data
Current Data
Change
Item Value Value Updated Value
Current: $497.29M $386.31M n/a $-110.99M
Current Multiple: 11.18 13.26 n/a 2.07
Current FCF/MCap Ratio: 8.94% 7.54% n/a -1.40%
Current FCF/Share: $0.26 $0.20 n/a $-0.06
F
U
T
U
R
E		 @ current pm prices: $787.22M $827.75M n/a $40.52M
Multiple @ current pm prices: 7.06 6.19 n/a -0.88
Growth @ current pm prices: 58.30% 114.27% n/a 0.56
@ future prices: $1,720.00M $2,472.50M n/a $752.50M
Multiple @ future prices: 3.23 2.07 n/a -1.16
Growth @ future prices: 540.03% 540.03% n/a 2.94

Defaults