# Ramelius 2025 Annual Report

Source Brief: https://evesgoldminers.com/research/source-briefs/ramelius-resources-ltd-2025-10-01-ramelius-2025-annual-report-b6066115
Original source: https://www.rameliusresources.com.au/wp-content/uploads/bsk-pdf-manager/2025/10/2025-Annual-Report-1.pdf
Original published: 2025-10-01
EGM generated: 2026-09-04
Company: Ramelius Resources Ltd (RMS)

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## Extracted Document Text

# Ramelius 2025 Annual Report

Source: https://www.rameliusresources.com.au/wp-content/uploads/bsk-pdf-manager/2025/10/2025-Annual-Report-1.pdf
Published: 2025-10-01T00:00:00+00:00
Fetched: 2026-05-06T14:41:50.215+00:00
Source artifact: b6066115-ee23-44e7-88c7-796a1119122e
Normalizer input: text

## Content

# Ramelius 2025 Annual Report
Source: https://www.rameliusresources.com.au/wp-content/uploads/bsk-pdf-manager/2025/10/2025-Annual-Report-1.pdf
Published: 2025-10-01
2025
Annual Report
Corporate Directory
Directors Company Secretary Share Registry
Bob Vassie Richard Jones Computershare Investor
FAusIMM, GAICD, BA (Hons), LLB Services Pty Limited
B.MinTech (Hons) Mining Level 5, 115 Grenfell Street
Independent Non-Executive Chair Adelaide SA 5000
Chief Operating Officer 1300 556 161 (within Australia)
Simon Lawson
MSc Tim Hewitt + 61 3 9415 4000 (outside Australia)
Independent Non-Executive Director BEng Mining (Hons), MBA (Fin),
and Deputy Chair MAusIMM, AICD
Auditor
Mark Zeptner
Deloitte Touche Tohmatsu
BEng (Hons) Mining, Chief Financial Officer Tower 2, Brookfield Place
MAusIMM, MAICD Darren Millman 123 St Georges Terrace
Managing Director and Chief BBus (Accounting), CA, AGIA, ICD.D Perth WA 6000
Executive Officer (Canada)
David Southam
B. Com, FCPA, MAICD Stock Exchange Listing
Independent Non-Executive Director Chief Development Officer Ramelius Resources Limited (RMS)
Alan Thom shares are listed on the Australian
Natalia Streltsova
BEng (Hons) (Mining), GDipAppFin, Securities Exchange (ASX)
MSc, PhD (Chem Eng), GAICD
GradDipBus, FFin, MAusIMM
Independent Non-Executive Director
Fiona Murdoch
LLB (Hons), MBA, GAICD Principal Registered Office
Independent Non-Executive Director Level 13, 58 Mounts Bay Road
Perth WA 6000
Colin Moorhead
BSc (Hons), FAusIMM, GAICD + 61 8 9202 1127
Independent Non-Executive Director
Deanna Carpenter Website
LLB, BEc
www.rameliusresources.com.au
Independent Non-Executive Director
Cover photo courtesy Lucas Fleming
Ramelius Resources 2025 Annual Report
Overview Review of Operations Resources and Reserves Sustainability Report Annual Financial Report
Table of Contents
Overview 2
Key Operational Highlights for the Year 2
Key Financial Highlights for the Year 6
Chair’s Report 10
Managing Director’s Report 12
Review of Operations 16
Overview 17
Mt Magnet Production Centre 19
Edna May Production Centre 20
Development Projects 21
Exploration Projects 22
Resources and Reserves 24
Company Summary 24
Mineral Resources 25
Ore Reserves 35
Forward Looking Statements 40
Competent Persons 40
Sustainability Report 42
Annual Financial Report 86
Directors’ Report 88
Remuneration Report 106
Auditor’s Independence Declaration 132
Financial Report 133
Income Statement 134
Statement of Comprehensive Income 134
Balance Sheet 135
Statement of Changes in Equity 136
Statement of Cash Flows 137
Notes to the Financial Statements 138
Directors’ Declaration 187
Independent Auditor’s Report 188
Shareholder Information 193
Ramelius Resources 2025 Annual Report 1
Overview
Key Operational
Highlights for the Year
Gold Production
Production
301,664oz
(FY24: 293,033)
Up 3%
Mineral Resources
12Moz
at 30 June 2025
Up 38%
Ore Reserves
2.4Moz Cue Gold Mine
at 30 June 2025
Up 118%
Ore mining at Cue commenced Total tonnes mined at Cue for the
in August 2024 with ore haulage year was 521kt at a grade of 6.82g/t
to Mt Magnet following shortly for 114,267 ounces of contained
thereafter once the Great Northern gold. Selective stockpiling allowed a
Highway intersection upgrades total of 295kt at a grade of 10.66g/t
were completed. Mining focussed to be hauled and processed at Mt
on the Break of Day and White Heat Magnet with 96,720 ounces of gold
high-grade open pits, both of which production being attributable to Cue.
performed above expectations. The
These initial stages of Cue have
performance of the ore body was
performed exceptionally well with
attributable to two main factors,
the initial investment of $206 million
firstly, there was an unprecedented
(net of cash acquired) being repaid
amount of coarse gold present in the
within the eight months of the
weathered portions of the deposit,
commencement of the processing
and secondly, tight modelling and
of Cue ore (November 2024). In the
strict ore control practices minimised
financial year Cue generated $270.6
ore dilution.
million in operating cash flow.
The overperformance at Break
of Day was 136% of the predicted
ounces whilst at White Heat the
overperformance was 130% of the
predicted ounces. This resulted in an
additional 27,973 ounces of contained
gold mined.
2 Ramelius Resources 2025 Annual Report
Overview Review of Operations Resources and Reserves Sustainability Report Annual Financial Report
Key Operational Highlights for the Year
Rebecca-Roe Mt Magnet Mine Plan
Pre-Feasibility Study A new Mine Plan for Mt Magnet was announced in
March 20252. The new Mine Plan includes 2.1Moz over
In December 2024 the Company released the Pre- 17-years which represents a 37% increase on the March
Feasibility Study (PFS) on the combined Rebecca-Roe 2024 10-year Mine Plan. This mine plan will be superseded
Gold Project1. The PFS demonstrated strong economic by the pending integration study between Dalgaranga
returns and will provide a new mining hub in an under- and Mt Magnet.
explored mining region which is well positioned for
Ramelius’s proven hub-and-spoke model.
The focus for the second half of the year has been on The key highlights of the
the completion of the Definitive Feasibility Study (DFS) Mine Plan, at the time of
including environmental approval processes, with the
Rebecca Part V application submitted, completion release, include:
of geotechnical and hydrology work for the Roe • AISC in the first 2.5 years of A$1,500 – 1,700/oz
underground, and further exploration and refining of with AISC average over the first 10 years between
capital and operating cost models. A$1,750 – 1,950/oz.
The DFS is scheduled for completion in the December • Significant pre-tax cash flow generation over
2025 quarter with Board Financial Investment Decision the plan of A$2.5Bn at A$3,500/oz gold price and
(FID) to follow shortly thereafter. $4.3Bn at A$4,500/oz gold price.
• Maiden Ore Reserve (open pit) for the Eridanus
cutback of 18Mt at 1.2g/t for 680koz.
The key highlights of the
• Production Target of 4.3Mt at 1.4g/t for 200koz
Rebecca-Roe PFS include: in underground design below the Eridanus
• After-tax net present value (NPV5%) of cutback.
$332 million at a base case of A$3,500/oz
• $95 million upgrade to the Mt Magnet Mill to
increasing to $610 million at a A$4,000/oz
increase throughput to 3Mtpa capacity including
gold price.
a new crusher, SAG, ball mill, and additional
• Internal Rate of Return (IRR) of 26% at A$3,500/oz. leach tanks.
• Gold production averages 130,000 ounces per • Transition to 32MW hybrid power (solar, battery,
annum over the Life-of-Mine at an average AISC and wind).
of A$2,346 per ounce.
• Mine plan of 25Mt at 1.4g/t for 1.1Moz of contained
gold with an initial mine life of nine (9) years.
• $190 million for a planned three (3) million tonne
per annum processing plant to be located
adjacent to the Rebecca deposit.
1
Refer to ASX Announcement “Rebecca-Roe Gold Project
Pre‑Feasibility Study”, 12 December 2024.
• Maiden Ore Reserve of 20Mt at 1.3g/t Au for 2
Refer to ASX Announcement “Ramelius’ new 17-Year, 2.1Moz
0.85Moz. Mine Plan at Mt Magnet, up 37% from 2024”, 11 March 2025.
Ramelius Resources 2025 Annual Report 3
Key Operational Highlights for the Year
Acquisition of Spartan Transition of Edna May to
Resources Limited Care and Maintenance
In March 2025 Ramelius and Spartan Resources Following on from the completion of mining activities
Limited (Spartan) announced that they entered a across Edna May in the prior year, the focus of the
binding Transaction Implementation Deed under current year was to process the remaining stockpiles
which it was proposed that Ramelius will acquire all across the hub.
of the issued ordinary shares of Spartan that it did not
For the year a total of 1,482kt was processed at 1.19g/t
already own by way of:
for gold production of 55,682 ounces. In March 2025, the
•  a scheme of arrangement under Part 5.1 of the Edna May mill and the mine sites were placed into care
Corporations Act 2001 (Cth) (Scheme) for $0.25 in and maintenance.
cash and 0.6957 new Ramelius shares for each
Spartan share; or There remains a Mineral Resource at Edna May (open
pit) for 30Mt at 1.0g/t for 940koz Au. The immediate focus
•  if the Scheme was not successful or terminated
for Ramelius is on the development of the Rebecca-Roe
in certain circumstances, a conditional off-market
Gold Project and the integration of Dalgaranga into the
takeover offer for the same consideration as that
Mt Magnet hub. Options for Edna May will be assessed
under the Scheme.
early in the 2026 calendar year.
On 11 July 2025 Spartan shareholders approved the
Scheme at a Scheme Meeting and on 21 July 2025
the Supreme Court of Western Australia approved
the Scheme.
The Implementation Date for the Scheme was
31 July 2025. On the Implementation Date Ramelius
paid $270,556,000 and issued 752,904,179 Ramelius
shares to Spartan shareholders.
The primary asset of Spartan is the Dalgaranga
Operation which has a Mineral Resource of 2.9Moz Au
at a grade of 5.6g/t1 as well as a 2.5Mtpa processing plant
which is currently in care & maintenance.
Ramelius is in the process of completing integration
studies on the combination of Mt Magnet and
Dalgaranga. Study results will include 2026 production,
costs, and capital Guidance as well as a 5-year plan
showing our path to achieving our vision to be a
+500koz pa producer by the 2030 financial year2. 1
Refer to SPR ASX Announcement “Pepper Soars 99% to 873,400oz
These studies, Guidance, and plan will be released in @ 10.3g/t”, 2 December 2024.
the December 2025 quarter. 2
Refer to ASX Announcement “Mining Forum Americas”, Page 3
Disclaimer - Aspirational Statement, 15 December 2025 ’
4 Ramelius Resources 2025 Annual Report
Overview Review of Operations Resources and Reserves Sustainability Report Annual Financial Report
Ramelius Resources 2025 Annual Report 5
Overview
Key Financial
Highlights for the Year
FY25 Financial FY25 Production
Highlights Highlights
Revenue Gold Sold
$1.2B 302,882oz
Up 36% - record revenue Up 3%
Underlying EBITDA1 Realised Gold Price
$818.6M $3,963/oz
Up 81% - record EBITDA Up 32%
Underlying NPAT AISC OZ
$474.2M $1,551/oz
Up 119% - record NPAT Down 2%
Underlying Free Cash Flow2 Ore Tonnes Mined
$694.9M 1.3Mt
Up 120% Down 63%
Cash and Gold on Hand Total Cash Flow3
$809.7M $359.4M
Up 81% Up 107%
Total Dividend Mined Grade
8.0 cps 5.70g/t
Up 129%
1
Underlying results exclude the impact of asset and exploration impairments, fair value adjustments on
investments and deferred consideration and tax benefits arising on the recognition of acquired tax losses.
2
Underlying FCF is underlying free cash flow which is total cash flow before one-off cash flows such as
acquisitions and investments, taxes, stamp duty payments, financing and dividends.
3
After dividend payments, income tax, and strategic investment in Spartan.
6 Ramelius Resources 2025 Annual Report
Overview Review of Operations Resources and Reserves Sustainability Report Annual Financial Report
Key Financial Highlights for the Year
Financial Performance
Mt Magnet Edna May Group
Change Change
Financial performance ($M) 2025 2024 2025 2024 2025 2024
$ %
Sales
Sales revenue 975.4 483.3 228.0 399.3 1,203.4 882.6 320.8 36%
Average realised gold price
$3,934 $3,002 $4,089 $2,987 $3,963 $2,995 $968 32%
(A$/oz)
Operating costs
Cash costs of sales (209.6) (199.2) (105.4) (198.8) (315.0) (398.0) 83.0 (21%)
Gross margin excl “non-
765.8 284.1 122.6 200.5 888.4 484.6 403.7 83%
cash” items
Amortisation & depreciation (156.1) (144.6) (6.8) (36.9) (162.9) (181.5) 18.6 (10%)
Increase/(decrease) in
15.2 56.0 (45.6) (45.5) (30.4) 10.5 (40.9) (390%)
in

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