Australian gold miner Ramelius Resources has confirmed it is still on course to hit its annual production targets, even after reporting a dip in output for the final quarter of 2025. The company also announced it is just months away from processing first ore from the highly anticipated Never Never gold deposit.
Quarterly Dip Doesn't Derail Annual Forecast
In a pre-quarterly update to the ASX, Ramelius reported production of 45,610 ounces for the three months ending December 2025. This marked a decrease from the 55,013 ounces achieved in the September quarter.
Despite this quarterly decline, the company's half-yearly output of 100,623 ounces has kept it firmly within its guidance range for the full financial year. Ramelius is maintaining its forecast of producing between 185,000 and 205,000 ounces of gold.
The company's share price experienced a slight drop in early trading following the announcement, falling 1.88 per cent to $4.18.
Never Never Integration and Expansion Plans Advance
A major focus for Ramelius is the imminent integration of the high-grade Never Never deposit, acquired through its $2.5 billion cash and share takeover of Spartan Resources in July 2025. Spartan had captured significant market attention after discovering the deposit north-west of Mt Magnet.
Chief operating officer Tim Hewitt stated that development at the nearby Dalgaranga mine, which is key to the plan, is progressing well. "Importantly, the development of the Dalgaranga mine is on time and on budget," Hewitt said.
Ramelius is now targeting the March quarter of 2026 to begin trucking the first ore from Never Never to its central processing hub at Mt Magnet.
To handle increased feed from its expanding asset base, Ramelius is undertaking a major $223 million upgrade of the Mt Magnet mill. This project aims to boost processing capacity to 4.3 million tonnes per annum, with completion expected early in the September quarter of 2027.
Aggressive Growth Strategy and Strong Financial Position
Riding a wave of aggressive acquisitions, Ramelius has set an ambitious goal of becoming a 500,000-ounce-per-annum producer within the next five years.
The company's financial health appears robust. Benefiting from strong gold prices in 2025, Ramelius launched a $250 million share buyback programme and established a new minimum dividend floor of 2 cents per share annually. In the last financial year, it returned $60.3 million to shareholders.
Like many of its well-funded peers in the sector, Ramelius finished the calendar year with a substantial cash buffer. As of 31 December 2025, the company was sitting on a healthy war chest of $694.3 million.
The company's leadership, including managing director and chief executive Mark Zeptner, continues to steer its growth strategy, aiming to solidify Ramelius's position as a major mid-tier Australian gold producer.
