Strong advancements in exploration for Ramelius

Ramelius Resources has made substantial advancements in exploration, particularly at the Eridanus site within its flagship Mt Magnet project in Western Australia.

Notable drill results included 18m at 9.53 grams per tonne gold (g/t) from 42m and 4.6m at 48.3g/t gold from 67.5m.

Exploration at other key sites such as Lena at Cue and Crescent-Kopai at the Rebecca-Roe Project also delivered high-grade intercepts, reinforcing the company’s robust exploration pipeline.

The Eridanus deposit is being primed for a new open-pit production target ranging from 12 to 16 million tonnes at 1.2–1.6g/t, yielding an anticipated 575,000–775,000 ounces of gold.

Ramelius is evaluating the optimal size for its Mt Magnet mill expansion, with studies indicating a preferred target of three million tonnes per annum to enhance throughput and reduce operating costs.

Full-year production guidance remains between 270,000 and 300,000 ounces, with Mt Magnet’s production expected to be weighted towards the second half of the year due to the high-grade Cue and Penny ore.

Ramelius Resources has reported quarterly gold production of 62,444 ounces, achieved at an all-in sustaining cost (AISC) of $1965 per ounce.

The cost includes a non-cash component of $376 per ounce associated with the draw-down of stockpiles at Edna May. Excluding this non-cash item, the group’s AISC drops to $1589 per ounce.

Production highlights for the quarter included the commencement of ore mining at the Cue project ahead of schedule, where 35,359 tonnes of high-grade ore have been stockpiled, grading at an impressive 10.2g/t for a total of 11,574 ounces.

Haulage to Mt Magnet for processing is set to begin in early November, with production expected to increase in the December quarter due to the high-grade Cue and Penny ore.