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
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).
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
15.32M
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
13.79M
Maximum Profit (Gold):
$9,164.39M
$7,148.01M
n/a
$-2,016.39M
Maximum Profit (Silver):
n/a
n/a
n/a
$0.00M
Total Maximum Profit:
$9,164.39M
$7,148.01M
n/a
$-2,016.39M
Max Profit / Current MCap:
1.648
1.483
n/a
-0.164
Max Profit Per Share (Gold):
$4.82
$3.76
n/a
$-1.06
Max Profit Per Share (Silver):
n/a
n/a
n/a
$0.00
Total Max Profit Per Share:
$4.82
$3.76
n/a
$-1.06
Total Free Profit Per Share:
$0.73
$0.14
n/a
$-0.59
FD MCap / Gold Eq.:
$1,437.13
$1,245.09
n/a
$-192.04
FD MCap / Silver Eq.:
$21.49
$17.68
n/a
$-3.81
FD MCap / Per Metal as % Spot Price:
30.79%
30.02%
n/a
-0.76%
EV / Gold Eq.:
$1,317.17
$1,127.67
n/a
$-189.50
EV / Silver Eq.:
$19.70
$16.01
n/a
$-3.69
EV / Per Metal as % Spot Price:
28.22%
27.19%
n/a
-1.02%
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
35.64M
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
28.42M
Maximum Profit (Gold):
$18,882.91M
$14,728.22M
n/a
$-4,154.69M
Maximum Profit (Silver):
n/a
n/a
n/a
$0.00M
Total Maximum Profit:
$18,882.91M
$14,728.22M
n/a
$-4,154.69M
Max Profit / Current MCap:
3.395
3.057
n/a
-0.339
Max Profit Per Share (Gold):
$9.93
$7.75
n/a
$-2.19
Max Profit Per Share (Silver):
n/a
n/a
n/a
$0.00
Total Max Profit Per Share:
$9.93
$7.75
n/a
$-2.19
Total Free Profit Per Share:
$5.84
$4.13
n/a
$-1.72
FD MCap / Gold Eq.:
$697.48
$604.28
n/a
$-93.20
FD MCap / Silver Eq.:
$10.43
$8.58
n/a
$-1.85
FD MCap / Per Metal as % Spot Price:
14.94%
14.57%
n/a
-0.37%
EV / Gold Eq.:
$639.26
$547.29
n/a
$-91.97
EV / Silver Eq.:
$9.56
$7.77
n/a
$-1.79
EV / Per Metal as % Spot Price:
13.69%
13.20%
n/a
-0.50%
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
49.89M
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
34.83M
Maximum Profit (Gold):
$23,145.42M
$18,052.87M
n/a
$-5,092.55M
Maximum Profit (Silver):
n/a
n/a
n/a
$0.00M
Total Maximum Profit:
$23,145.42M
$18,052.87M
n/a
$-5,092.55M
Max Profit / Current MCap:
4.162
3.747
n/a
-0.415
Max Profit Per Share (Gold):
$12.18
$9.50
n/a
$-2.68
Max Profit Per Share (Silver):
n/a
n/a
n/a
$0.00
Total Max Profit Per Share:
$12.18
$9.50
n/a
$-2.68
Total Free Profit Per Share:
$8.09
$5.88
n/a
$-2.21
FD MCap / Gold Eq.:
$569.03
$492.99
n/a
$-76.04
FD MCap / Silver Eq.:
$8.51
$7.00
n/a
$-1.51
FD MCap / Per Metal as % Spot Price:
12.19%
11.89%
n/a
-0.30%
EV / Gold Eq.:
$521.53
$446.50
n/a
$-75.03
EV / Silver Eq.:
$7.80
$6.34
n/a
$-1.46
EV / Per Metal as % Spot Price:
11.17%
10.77%
n/a
-0.41%
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
$8,106.61M
n/a
$-1,018.51M
FD MCap:
$5,561.71M
$4,818.51M
n/a
$-743.20M
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%
191%
n/a
39%
FD MCap (Cash Flow):
$37,840.00M
$54,395M
n/a
16,555.00M
FD MCap Growth (Cash Flow):
580%
1,029%
n/a
449%
Estimated Price
USD:
$19.91
$28.61
n/a
$8.71
AUD:
$27.8270
$40.8653
n/a
$13.0383
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
481.85
n/a
-74.32
Silver Eq. Reserves:
15.89
13.77
n/a
-2.12
Gold Eq. Production:
13,904.27
8,380.02
n/a
-5,524.25
Silver Eq. Production:
397.26
239.43
n/a
-157.84
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
$387.88M
n/a
$-109.42M
Current Multiple:
11.18
12.42
n/a
1.24
Current FCF/MCap Ratio:
8.94%
8.05%
n/a
-0.89%
Current FCF/Share:
$0.26
$0.20
n/a
$-0.06
F U T U R E
@ current pm prices:
$787.22M
$832.04M
n/a
$44.82M
Multiple @ current pm prices:
7.06
5.79
n/a
-1.27
Growth @ current pm prices:
58.30%
114.51%
n/a
0.56
@ future prices:
$1,720.00M
$2,472.50M
n/a
$752.50M
Multiple @ future prices:
3.23
1.95
n/a
-1.28
Growth @ future prices:
537.45%
537.45%
n/a
2.92
Defaults
Defaults
08/25/2026 Last Analysis Data
Current Data
Change
Item
Value
Value
Updated
Value
Exchange Rates:
AUD 0.7153
AUD 0.7002
10/14/2026
Spot Gold:
$4,668.06
$4,147.03
10/14/2026
$-521.03
Spot Silver:
$69.81
$58.88
10/14/2026
$-10.93
Gold:Silver Ratio:
66.87
70.43
10/14/2026
3.56
Spot Gold (Future):
$7,000.00
$7,000.00
$0.00
Spot Silver (Future):
$200.00
$200.00
$0.00
Gold:Silver Ratio (Future):
35.00
35.00
0.00
Gold Avg. Recovery Rate:
75.00%
75.00%
0.00%
Silver Avg. Recovery Rate:
75.00%
75.00%
0.00%
Plausibility of P & P:
100.00%
100.00%
0.00%
Plausibility of M & I:
80.00%
80.00%
0.00%
Plausibility of Inferred:
50.00%
50.00%
0.00%
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