Ramelius Resources (ASX:RMS)

The tables list 65 holes, including two holes with no significant intercept (DUG26056 and DUG26065), and include lower-grade intervals, which helps. However, the number of holes drilled in the batch is not stated, and grade-control drilling of about 18,000m at Galaxy and about 19,000m at Dalgaranga is not reported hole by hole. The text highlights the best intervals, so the typical result across the program cannot be judged.

Page 1 says the FY30 production target is more than 600,000 oz, and the CEO says the company will become a 600,000 oz producer by FY30. Footnote 2 gives the target as 560,000-610,000 oz. The range and its cautionary basis should be used consistently.

The highest-grade intervals (264 g/t, 137.6 g/t and 78.5 g/t) were assayed by photon analysis of 500g aliquots and no top cut was applied. The JORC Table 1 does not discuss coarse gold effects or confirmatory fire assays for these intervals.

The appendix notes allow up to 2m of internal dilution, while the JORC Table 1 commentary allows up to 4m or more where indicated. The intercepts tabled appear to use the 2m rule.

Figures 6, 7 and 10 show previously released intercepts next to new ones. The figures label recent and previous results separately, and the 25 Aug 1m at 236 g/t and 5.1m at 47.29 g/t results appear to be earlier releases, but the JORC statement that all results are new should be read with this in mind.

Table 1 shows Mt Magnet Indicated at 58,000kt and a total of 99,000kt. Table 13 shows 57,000kt and 98,000kt, and open pit Indicated is 45,000kt in Table 1 against 44,000kt in Table 13. The two tables should match.

The Figure 1 bars (178koz depletion, 11koz, 32koz, 31koz and 1,800koz drilling) sum to about 13.7Moz against the 14Moz stated. Figure 1 has no acquisition bar, though Dalgaranga was acquired in July 2025. Table 1 project totals add to about 255Mt and 13.7Moz against 260Mt and 14Moz stated. The text does not explain the gap.

The Lena underground reporting cut-off was reduced from 2.0 g/t to 1.0 g/t, adding 32koz at a lower grade of 2.4 g/t. The reason is given, but the statement does not show the old cut-off result alongside the new one, so the ounce gain is hard to assess.

West Island and A-Zone pit optimisations used a 0.25 g/t cut-off, below the above 0.5 g/t open pit reporting cut-off stated elsewhere. New Inferred resources of 11Mt at 0.8 g/t and 5.7Mt at 1.6 g/t are declared from these shells, and the reporting cut-off used for them is not stated.

The text says 7 holes were drilled at Saturn in the quarter, but the Galaxy table lists 6 holes, none with a nil result, so the seventh hole and any nil results are not shown.

Figure 6 shows intercepts such as 20.2m at 40.7 g/t and 5.1m at 47.29 g/t with no hole IDs or depths, and they do not match the tabled intervals. The caption calls them 'new and previously released' but does not mark which are new.

The Managing Director refers to targeted production of 1Mt per annum with grades above 7g/t. The June quarter mined grade was 5.95g/t and processed grade 5.37g/t, and the report gives no basis or cautionary statement for the target beyond the general forward-looking statement.