Ramelius Resources (RMS.AX): 4Q26 costs ahead; Refreshed multi-year outlook and resource update expected in Sep-Q; Buy

Research evidence excerpt

Ramelius Resources (RMS.AX): 4Q26 costs ahead; Refreshed multi-year outlook and resource update expected in Sep-Q; Buy

Equity Research

29 July 2026 | 7:26PM AEST

Ramelius Resources (RMS.AX): 4Q26 costs ahead; Refreshed multi-year

outlook and resource update expected in Sep-Q; Buy

RMS pre-reported group Jun-Q gold production of ~53koz, in-line with prior GSe Hugo Nicolaci

+61(2)9321-8323 |

and up ~40% QoQ, largely on higher mined/processing grades after previously hugo.nicolaci@gs.com

Goldman Sachs Australia Pty Ltd

forecasting a step change in grade into the 4Q as more material quantities of higher

Paul Young

grade material from Dalgaranga (Never Never) became available for processing. AISC +61(2)9321-8302 |

of A$1,973/oz was better than expected, partly on sustaining spend timing. As a paul.young1@gs.comGoldman Sachs Australia Pty Ltd

result, FY26 production of 192koz was within guidance, as was AISC of A$1,982/oz Marcus Dosanjh

(RMS noted costs were in-line with original guidance adjusting for earlier Never +61(2)9321-8780marcus.dosanjh@gs.com|

Never cost allocation). Goldman Sachs Australia Pty Ltd

FY27 production/cost/capex guidance is expected to be released in the Sep-Q

alongside an updated multi-year outlook (to FY30, and informed by the next

major reserve/resource update is expected in late Aug), though RMS noted prior

production guidance of 200-220koz was likely in-line to with some upside potential.

On exploration, RMS pre-guided FY27 spend of A$90-110mn, broadly flat YoY at the

mid-point and higher vs. prior market expectations, reflecting an approved

240,000m extensional drilling program focused on high-grade targets at all projects

within the portfolio.

RMS ended FY26 net cash of ~A$608mn excl. leases and total liquidity of ~A$1.1bn.