Ramelius Resources sticks to guidance despite gold output dip, readies to bring Never Never into the fold

Ramelius Resources has affirmed it’s on track for full-year production targets and expecting first ore from the much-vaunted Never Never deposit in a matter of months. In the latest pre-quarterly update from the ASX’s gold miners Ramelius reported output of 45,610 ounces for the three months to December, down from 55,013oz in September. Despite the dip Ramelius maintained output of 100,623oz at the halfway mark of the year would be enough to meet a guidance range of between 185,000oz and 205,000oz. The stock was down 1.88 per cent during early trade to $4.18. The Mark Zeptner-led miner locked away one of the most anticipated gold mergers in July 2025 with Spartan Resources, a WA explorer that garnered huge market attention after unearthing the Never Never deposit north-west of Mt Magnet. The company was born out of Gascyone Resources, which fell into administration in 2019 and despite being revived had its flagship Dalgaranga gold mine placed into care and maintenance only years later during November 2022. After locking away a $2.5b cash and share deal for Spartan, Ramelius is aiming to have first ore from Never Never trucked to the anchor Mt Magnet mining and processing hub in the March quarter. “Importantly, the development of the Dalgaranga mine is on time and on budget,” Chief operating officer, Tim Hewitt said. Ramelius is undertaking a $223m upgrade to the mill and Mt Magnet to increase its throughput capacity to 4.3mtpa, with the works expected to be finished early in the September 2027 quarter. Off the back of an aggressive acquisition streak Ramelius wants to become a 500,000 ounce per annum producer within the next five years. Amid last year’s huge gold price run the miner launched a $250 million share buyback programme and set a new floor for its minimum dividend level to 2¢ per annum. A total of $60.3m was dished out to shareholders during the financial year. Like many of its cash-flush peers, Ramelius was sitting on a $694.3 million buffer as at 31 December 2025.