# Ramelius December 2025 Quarterly Activities Report

Source Brief: https://evesgoldminers.com/research/source-briefs/ramelius-resources-ltd-2026-01-01-ramelius-december-2025-quarterly-activities-rep-b14f9f43
Original source: https://www.rameliusresources.com.au/wp-content/uploads/bsk-pdf-manager/2026/01/3016456.pdf
Original published: 2026-01-01
EGM generated: 2026-09-04
Company: Ramelius Resources Ltd (RMS)

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# Ramelius December 2025 Quarterly Activities Report

Source: https://www.rameliusresources.com.au/wp-content/uploads/bsk-pdf-manager/2026/01/3016456.pdf
Published: 2026-01-01T00:00:00+00:00
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# Ramelius December 2025 Quarterly Activities Report
Source: https://www.rameliusresources.com.au/wp-content/uploads/bsk-pdf-manager/2026/01/3016456.pdf
Published: 2026-01-01
29 JANUARY 2026
DECEMBER 2025 QUARTERLY ACTIVITIES REPORT
Operating Cash Flow of A$149.7M
HIGHLIGHTS
Operations
 Nil Lost Time Injuries recorded during the Quarter
 Quarterly Group gold production of 45,610 ounces at an AISC of A$1,977/oz
 Cash & gold of A$694.3M (Jun 2025 Qtr: A$827.7M), with operating cash flow of A$149.7M and
underlying free cash flow of A$54.7M, this includes A$51M in growth capital (refer to Figure 1)
 FY26 Guidance maintained
Dalgaranga update
 Never Never Pre-Feasibility Study (PFS) released in October 20251
 Total lateral development of 1,627m with commencement of ore mining at the Never Never
underground mine
 A total of 16kt of development ore was mined at a grade of 3.52g/t. Ore was stockpiled
awaiting haulage to Mt Magnet which will commence in the March 2026 Quarter
 Development of the Never Never open pit mine commenced in the Quarter with initial ore
stockpiled in January 2026 (no processing planned in FY26)
 Capital works focussed on paste plant civils and run-of-mine (ROM) ore pads
Mt Magnet plant upgrade update
 Mt Magnet integration study released in October 20251
 Mt Magnet plant expansion activities were focused on plant engineering works and
preliminary early site works
 Establishment of the execution team continued including the appointment of Mr. Simon
Schmid as the General Manager of Major Projects
Exploration
 Refer to Exploration Update released to the ASX on 22 January 20264
 Mars and Saturn drilling has identified additional mineralisation beneath existing
underground mines with an exploration target range set at 6.0 - 7.0Mt at a grade of 2.1 - 2.6g/t
for 400,000 - 600,000 ounces5
 High-grade exploration strategy continues with 12 surface rigs and 4 underground rigs
currently drilling across the portfolio, exploration spend (incl resource definition) in the
quarter was A$24.8 million
Rebecca-Roe update
 Definitive Feasibility Study (DFS) released in October 20252
 Financial Investment Decision (FID) obtained from the Ramelius Board, subject to
environmental permitting for Roe (Rebecca approval already in place)2
 Native Title Mining Agreement (NTMA) with Kakarra Part B Native Title Holders executed in
December 20253
5
The potential quality and grade of the exploration target is conceptual in nature, there has been insufficient exploration conducted to determine a
mineral resource and there is no certainty that further exploration work will result in the determination of a mineral resource or that an exploration
target will be realised.
RAMELIUS RESOURCES LTD | T +61 8 9202 1127 | REGISTERED OFFICE: LEVEL 13 / 58 MOUNTS BAY ROAD PERTH WA 6000
Page 1 of 23
PO BOX 2714 CLOISTERS SQUARE PO WA 6850 | ACN: 001 717 540 | RAMELIUSRESOURCES.COM.AU
Corporate
 Capital allocation pillars established with the Board approving A$250M in share buybacks and
an increase in the minimum dividend to 2 cents per share per annum across FY26 and FY27
 Fully franked Final FY25 Dividend of A$0.05 per share paid in October 2025. The dividend
totalled A$95.7M with a 37% take up in the Dividend Reinvestment Plan leaving a cash
dividend payment of A$60.3M
 Final income tax payment for FY25 of A$118.2M paid in the Quarter. Total income tax paid,
including instalments on FY25 earnings of A$127.8M. This was the last of the large one-off
income tax payments with Ramelius now making monthly instalments
 The acquisition of Spartan Resources has resulted in significant initial earnings adjustments
in H1 FY26 relating to stamp duty (cash) and the recognition and fair value estimates of the
existing third-party royalties (non-cash)
Movement in Cash & Gold for Quarter
Figure 1: Movement in cash & gold for Quarter
2
Conference Call
The Company wishes to advise that Tim Hewitt (COO), Darren Millman (CFO), Peter Ruzicka (EGM
Exploration) and Jake Ball (Group Resource & Mine Geology Manager) will hold an investor
conference call to discuss the Quarterly Activities Report along with the recently released
Exploration Update at 7:30am AWST / 10:30am AEDT on Thursday, 29 January 2026. To listen in
live, please click on the link below and register your details:
Event Registration
Please note it is best to log on at least five minutes before the scheduled commencement time
to ensure you are registered in time for the start of the call. Investors are advised that a recording
of the call will be available on the Company’s website after the conclusion of the call.
This ASX announcement was authorised for release by the Board of Directors. For further
information contact:
Investor enquiries: Media enquiries:
Mark Zeptner Darren Millman Luke Forrestal
Managing Director Chief Financial Officer Director
Ramelius Resources Ltd Ramelius Resources Ltd GRA Partners
Ph: +61 8 9202 1127 Ph: +61 8 9202 1127 Ph: +61 411 479 144
1
See RMS ASX Release “Never Never PFS – Maiden 1.6Moz Ore Reserve”, 28 October 2025
2
See RMS ASX Release “Rebecca-Roe Gold Project Definitive Feasibility Study”, 28 October 2025
3
See RMS ASX Release “Rebecca-Roe Gold Project – Agreement signed with Kakarra Part B Native Title Holders”, 4 December 2025
4
See RMS ASX Release “Exploration Update – High-Grade Strategy & Discovery”, 22 January 2026
3
SAFETY, ENVIRONMENT, HERITAGE & COMMUNITY
Safety
There were seven (7) Restricted Work Injuries (RWI) recorded during the Quarter (no Lost Time
Injuries). The Total Recordable Injury Frequency Rate (TRIFR) was 12.18 (refer Figure 2), which was
marginally higher than at the end of the previous Quarter. This is an extremely disappointing
result. We have investigated all of these incidents and the learnings from these have been shared
with all of our sites including our contract partners. The Company’s safety focus continues to be
on driving a pro-active safety culture.
Figure 2: Ramelius Group Injury Statistics & TRIFR
Environment, Heritage & Community
There were no significant environmental, heritage or community related incidents reported
during the Quarter.
PRODUCTION & FINANCIAL SUMMARIES
Production for December 2025 Quarter
Group and Mt Magnet gold production was 45,610 ounces at an AISC of A$1,977/oz for the
December 2025 Quarter. Lower production was the result of lower grades which was in line with
plan expectations and as advised in the September 2025 Quarterly Report. The decline in grade
was primarily due to lower grades mined from Cue during the Quarter.
Production and cost Guidance remains as per the FY26 Guidance announced in October 20256.
Growth Capital (Non-Sustaining Capital) and Exploration for December 2025 Quarter
Growth capital investment for the Quarter was A$51M which related to underground
development at Never Never, the commencement of the Stage 2 cutback at Break of Day and
infrastructure at both Dalgaranga and Mt Magnet. Exploration, resource definition and project
study investment for the Quarter totalled A$24.8M and was focussed at Mt Magnet, Penny and
Rebecca-Roe. Refer to the Exploration Update4 released to the ASX on 22 January 2026 for further
discussion on exploration activities in the Quarter.
Both growth capital and exploration investment remains in line with FY26 Guidance6.
6
See RMS ASX Release “5-Year Growth Pathway to +500koz”, 28 October 2025
4
December 2025 Quarter & FY26 Production & Financial Summary
Table 1: December 2025 Quarter & FY26 YTD Production & Financial Summary
Mt Magnet7
Operations Unit Dec 2025 Qtr. FY26 YTD
Open pit
Material moved Kbcm 2,306 3,994
Tonnes mined Kt 341 740
Grade g/t 1.44 1.98
Contained gold Oz 15,736 47,026
Underground
Tonnes mined Kt 208 376
Grade g/t 4.47 4.01
Contained gold Oz 29,866 48,424
Total mined
Tonnes mined Kt 549 1,116
Grade g/t 2.59 2.66
Contained gold Oz 45,602 95,450
Processing
Tonnes Kt 550 1,048
Grade g/t 2.67 2.97
Contained gold Oz 47,160 99,933
Recovery % 95.9% 96.5%
Recovered gold Oz 45,219 96,457
Gold production Oz 45,610 100,623
Gold on hand
Ore stockpiles – contained gold9 Oz 78,518
Gold in circuit Oz 2,007
Bullion on hand Oz 5,512
Mt Magnet7
Financials Unit Dec 2025 Qtr. FY26 YTD
Sales
Gold sales Oz 45,531 100,304
Achieved gold price A$/oz $5,175 $4,822
Gold sales revenue A$M 235.6 483.6
Cost summary
Open pit – operating A$M 9.7 27.6
Underground - operating A$M 22.2 41.6
Open pit – development A$M 0.4 4.7
Underground - development A$M 10.5 24.7
Ore haulage A$M 5.8 11.0
Processing A$M 10.1 22.8
Site administration A$M 6.1 12.5
Royalties A$M 9.0 18.4
Stockpile movements A$M 5.6 7.2
Bullion & GIC movements A$M 0.2 (1.1)
Cash operating cost A$M 79.6 169.4
Cash operating cost A$/oz $1,748 $1,688
Sustaining capital A$M 1.6 4.7
Corporate overheads & other A$M 8.7 16.6
All-in sustaining cost (AISC) A$M 89.9 190.7
AISC per ounce A$/oz $1,977 $1,901
Mine operating cash flow10 A$M 149.7 308.7
See following page for footnotes
5
December 2025 Quarter & FY26 Production & Financial Summary (continued)
Table 1: December 2025 Quarter & FY26 YTD Production & Financial Summary (continued)
December 2025 Quarter Year to Date
Financials Unit Mt Magnet7 Group8 Mt Magnet7 Group8
Sales
AISC per ounce A$/oz $1,977 $1,977 $1,901 $1,901
Exploration8 A$M 15.9 24.8 28.0 43.6
Growth capital A$M 51.0 51.0 70.0 70.0
All-in cost (AIC) A$M 156.8 165.7 288.7 304.3
All-in cost (AIC) per ounce A$/oz $3,445 $3,641 $2,879 $3,034
7
The Mt Magnet operation reported above includes Penny, Cue and Dalgaranga
8
Included within the Group exploration expenditure is A$8.9M (December 2025 Qtr) and A$15.6M (FY26 YTD) of exploration costs on areas outside the
Mt Magnet operation
9
Includes mill ROM stockpiles and high-grade stockpiles only
10
Mine operating cash flow is calculated as gold sales revenue less AISC (excluding movements in stockpiles, GIC and bullion) and including the
movement in the value of gold bullion on hand
OPERATIONS
Mt Magnet (Murchison)
Figure 3: Mt Magnet current mining locations
6
Figure 4: Cue current mining locations
Open Pits - Cue
Material movement for the Quarter was 31% higher than the prior Quarter with the third
excavation fleet in place for the entire Quarter and operations focussed on the cutback for Stage
2 of the Break of Day pit. This was supplemented with mining at the White Heat, Lena and
Leviticus open pits with the overall strip ratio across Cue being marginally higher than the prior
Quarter as a result. Total open pit tonnes mined were 15% down on the prior Quarter with the
mined grade being 41% lower due to lower grades in the initial cutback at Stage 2 Break of Day.
All open pit mining, whilst down on the prior Quarter, was in line with expectations.
After a period of positive reconciliation (as detailed in previous Quarterly Reports), mine
reconciliation performance at Cue has returned to closer to the model predictions as the pits
transitioned from the weathered zone into fresh rock.
7
For the Quarter, a total of 341kt of ore grading at 1.44g/t was mined for 15,736 ounces of contained
gold from the Break of Day, White Heat, Leviticus and Lena pits at Cue.
Haulage of Cue ore to Mt Magnet was uninterrupted in the Quarter with tonnages increasing 19%
from the prior Quarter. A total of 240kt of ore at a grade of 2.01g/t was hauled to and processed
at Mt Magnet during the Quarter. At the end of the Quarter a total of 506kt of ore was stockpiled
at an average grade of 0.95g/t.
Figure 5: Cue open pit mining - Break of Day (Stage 1&2, facing east with White Heat in top right)
Underground - Galaxy
At the Mt Magnet underground operation (Galaxy), tonnes mined, as well as grade mined, were
comparable

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