Ramelius hauls maiden Never Never ore ‘in accordance with 5-year pathway’

Ramelius Resources (ASX:RMS) has achieved a milestone with the first gold ore hauled from the Never Never deposit at Dalgaranga. At the end of January, a total of 31,000 tonnes of ore at a grade of 3.6 grams per tonne for 3.6K ounces of gold was available for haulage to the company’s Mt Magnet processing plant.

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The successful commencement of Never Never haulage and recent positive infill drilling results have boosted the company’s confidence in the geological model and estimated grades as it heads towards a full mine development.

“Since finalising our combination with Spartan in July 2025, we have been focused on delivering the first Never Never ore to the Mt Magnet production hub in accordance with our five-year pathway,” MD Mark Zeptner said.

He added: “This is a key milestone in supercharging the Mt Magnet production hub to up to 380,000 ounces in annual production and realising our vision to become a 500,000-ounce producer by FY30.”

Ramelius successfully completed the acquisition of Spartan Resources last year by way of a scheme of arrangement.

Beginning next month, Ramelius will blend the initial lower-grade Never Never development ore with other Mt Magnet hub ore sources. Higher-grade Never Never stockpiles will then be introduced into production in the June CY26 quarter once fine-tuning has occurred at the Mt Magnet plant.

The company has upgraded the Never Never MRE to 7.5 million tonnes (Mt) at 8.8 g/t gold for 2.1 million ounces. It achieved a maiden ore reserve of 7.0 Mt at 7.3 g/t for 1.6 million ounces at the Never Never underground deposit.

The proposed mine plan is for production of 9.2Mt at 6.5 g/t for 1.9M ounces. Development of the Never Never mine remains on budget and on schedule.

The WA company has also revealed it has elected to significantly reduce its gold hedge book. “At this important juncture, we have also elected to close out our FY27 gold forward contract hedge book and pre-deliver June 2026 Quarter contracts in this March 2026 quarter,” Mr Zeptner said.

“By doing this, we will have increased exposure to the strong gold price.”

RMS is up +4.78%, to $4.60. Mkt cap $8.449B.

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