Resource update - ASX:RMS
Ramelius 30 June 2026 update: Mineral Resources 14Moz (up 17%), Ore Reserves 4.3Moz (up 79%)
Ramelius's 30 June 2026 statement lifts Mineral Resources 17% to 14Moz of gold and Ore Reserves 79% to 4.3Moz. Most of the reserve jump came from the acquired Never Never deposit at Dalgaranga, and the company says drilling added 1.8Moz, but that drilling claim is not defined in this document. Several tables do not reconcile, so the headline numbers should be checked before they are relied on.
(price sensitive) - Ramelius Resources announced: "2026 Resources and Reserves Statement" (53 pages) - read the original
What investors must know
- Mineral Resources at 30 June 2026 are 260Mt at 1.7 g/t Au for 14Moz (Table 1), up 17% from 12Moz after 178koz of mining depletion.
- Ore Reserves are 71Mt at 1.9 g/t Au for 4.3Moz (Table 12), up 79% from 2.4Moz. The text headline says 70Mt.
- Figure 2 shows 1,632koz of the reserve increase came from project acquisition (the 1.6Moz Never Never maiden reserve at Dalgaranga), against 452koz from studies. The text credits Galaxy with a net 100koz increase.
- The company says FY26 drilling added about 1.8Moz of 'new discovery ounces' at about A$55/oz. Figure 1 shows that 1.8Moz includes exploration, resource definition and grade control drilling, and the cost method is not given.
- Exploration Targets total 14-21Mt at 1.9-2.4 g/t for 0.85-1.6Moz. The company says these are conceptual and may never become Mineral Resources.
- Reserves are estimated at A$3,500/oz gold, well below the A$6,551/oz spot price on the release date. The company's own pit shells for resources used A$5,750 to A$7,000/oz.
The drill intercepts, normalised
The 6 intervals the AI read were not found printed together in the PDF's own text (usually labels inside a figure's picture), so they are left out of the DrillScore and the comparisons.
- Drilling
- RC and diamond (mixed by project: Windbag RC, Perseverance South and Galaxy diamond and RC, Gilbey's underground diamond)
- Cut-off grade
- Not stated for the figure labels. Resource reporting cut-offs are open pit above 0.5 g/t, underground above 1.0 g/t, and Penny above 2.0 g/t (Appendix JORC Table 1).
- True widths
- Not stated - intervals are down-hole
- Hole spacing
- No single program spacing is stated for the labelled intercepts. Table 1 gives A-Zone and West Island at 40m x 20m, Dalgaranga at 20-40m in Indicated areas and up to 100m in Inferred areas. Galaxy and Perseverance South are infill or resource definition drilling, and Perseverance South and Gilbey's are priority FY27 underground targets.
- Depth
- Depths are not stated for the figure labels. Text gives these model depths: Windbag to 230m, Perseverance South to 600m, West Island and A-Zone to 200m, and the Galaxy underground Exploration Target to 700m or more below surface. Gilbey's underground model was extended 200-400m below the Inferred category. The announcement itself reports no new holes, and program totals are cited only per project (Perseverance South 41 holes, 13,096m since November 2024; Windbag 14 RC holes; A-Zone 29 holes; West Island 24 holes; nearly 15,000m at Gilbey's since January 2026).
Against the project's earlier holes
The announcement adds no new drilling result. Its labelled intercepts are mainly from the 22 July 2026 Exploration Update and other earlier releases. DrillScore's database already holds the 0.5m at 8,590 g/t and 20.2m at 40.7 g/t labels, dated 21 Aug and 29 Jul 2026. The 1.8Moz discovery claim is the only new-sounding drilling figure, and it is not tied to a drilling dataset here.
Against similar explorers
The top labels, such as 20.2m at 40.7 g/t, would rate highly on the rough gram-metre guide, but they are selected figure labels rather than program averages. The resource inventory average of 1.7 g/t is a bulk, producer-scale grade, not an explorer's discovery grade. This is not a like-for-like comparison with explorer drilling releases.
Gram-metre calculator - gram-metres explained - the leaderboard
Disclosure checks - the ASX's own focus areas
- Drill-hole table (collars, dip, azimuth, depth, every intercept)n/a
- JORC Table 1, Section 1 - sampling techniques and datapass
- JORC Table 1, Section 2 - reporting of exploration resultspass
- Competent person statementpass
- No metal equivalents - grades as assayedpass
- Balanced reporting - low and high grades both showncaution
No drill-hole table is given and the figure labels are a selection. Holes drilled and reported, nil results and low-grade results cannot be checked from the document. The highest labels (0.5m at 8,590 g/t, 3.4m at 996 g/t) sit next to a resource inventory that is mostly lower grade. Recoveries of 91-97% are stated in Table 1, but no metal equivalents are used, so the equivalent tests do not apply.
- No visual estimates - assays onlypass
- Down-hole widths onlycaution
Down-hole intervals can overstate how thick the mineralisation really is.
Red flags and notes
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.
Why these matter: JORC Table 1 - metal equivalents - balanced reporting - visual estimates
Resource / reserve
- Tonnes
- 260.0 Mt
- Grade
- 1.70 g/t
- Contained metal
- 14.00 Moz
- Measured + Indicated
- 67%
- What changed
- Mineral Resources are up 17% from 12Moz at 30 June 2025 after 178koz of depletion. Figure 1 attributes about 1.8Moz to exploration, resource definition and grade control drilling. Ore Reserves are 71Mt at 1.9 g/t for 4.3Moz, up 79%. Figure 2 attributes 1,632koz to project acquisition and 452koz to studies. Measured plus Indicated is 175Mt of 260Mt in Table 1, calculated from table tonnages.
How the price reacted
News signal positive, and on day 1 the stock moved -1.3% against the gold index (XGD). After 20 trading days: +2.8% against the XGD.
From the last close before the market could trade on it ($4.01 on 24 Aug 2026), with day-1 volume 1.3x the 20-day average.
RMS's past price-sensitive news
After 9 earlier announcements, RMS rose on day 1 6 times and fell 3 times - an average move of +1.4%.
DrillScore's record holds no share price reactions to earlier price-sensitive news for RMS, so there is no stock-specific pattern to compare with. Since release, the stock has moved from A$4.01 (24 Aug close) to A$3.68, about 8% lower. Over the same period gold miner indices fell 21-26% (GDX and GDXJ). The sector move is therefore the larger driver on the evidence available, and past reactions cannot show how this type of statement will be received.
Past reactions describe what happened, not what will. How prices react to results
The historical pattern
What share prices did after past results like this one, from DrillScore's own records. It describes the past: it isn't a forecast for RMS and it isn't advice.
After 41 other announcements read as 'positive', stocks moved +1.9% by day 1, +2.4% by day 5 and +0.9% by day 20 against the XGD on average.
- Day 1
- +1.9%
- Day 5
- +2.4%
- Day 20
- +0.9%
After its earlier announcements, RMS moved +0.8% by day 1, -0.8% by day 5 and -0.4% by day 20 against the XGD on average.
- Day 1
- +0.8%
- Day 5
- -0.8%
- Day 20
- -0.4%
In the 20 trading days before this release the XGD gold index moved +32.8% (rising). After 38 past gold announcements released into a rising gold index, stocks moved +1.9% by day 1, +2.7% by day 5 and -4.4% by day 20 on average - before taking the market's own move out.
- Day 1
- +1.9%
- Day 5
- +2.7%
- Day 20
- -4.4%
A strand leans up or down when its day-5 average is 1% or more either way. Each is shown on its own and never added up into a prediction: small samples swing, and every result is different. The full backtest - how it's worked out
The market it landed in
| Market | On the day | Now | Since |
|---|---|---|---|
| Gold (US$/oz) | US$4,698 | US$3,886 | -17.3% |
| Gold (A$/oz) | A$6,551 | A$5,737 | -12.4% |
| Copper (US$/lb) | US$6.60 | US$6.09 | -7.7% |
| AUD/USD | 0.7171 | 0.6774 | -5.5% |
At the 24 August close, gold was US$4,698/oz and A$6,551/oz. It is now US$3,886/oz and A$5,737/oz, so the A$ price has held up better than the US$ price. The reserve price of A$3,500/oz is well below both points, while the A$7,000/oz shell price sits above both. FY26 all-in sustaining cost was A$1,983/oz (DrillScore record), leaving the margin at either spot level well above the stated costs. Since release, sector indices have fallen sharply (XGD down 10.9%, GDX down 21.2%, GDXJ down 25.9%, COPX down 26.8%). The AUD has weakened to 0.6774 from 0.7171, and the US 10-year yield has risen to 5.15% from 4.70%. Rising yields and a stronger US dollar generally weigh on gold, so the sector backdrop has moved against the announcement's tone.
Against RMS's own history
Most of the high-grade labels in this statement already appear in DrillScore's database from 21 Aug and 29 Jul 2026, so they add little that is new. The June quarter 2026 record shows A$608m cash, 53,466oz gold at A$1,973/oz AISC, and FY26 output of 192,182oz at A$1,983/oz AISC. FY26 AISC guidance was lifted in April 2026 to A$1,900-2,050/oz. No capital raisings are on record. The Edna May sale to Forrestania for A$300m (A$200m cash and A$100m shares, subject to conditions), announced 29 June 2026, is not mentioned in this statement, although Edna May's 940koz is still in Table 1. This statement is dated 25 August 2026, earlier than the 1 October 2025 statement it references for Cue comparisons.
Risks & caveats
- The A$3,500/oz reserve price is well below spot, while the company's resource shells use higher prices. The release says reserve sensitivity to gold price was tested but does not report the results.
- Inferred Mineral Resources make up 85Mt of 260Mt, about one-third of the total. This includes new Inferred resources at West Island (11Mt at 0.8 g/t) and A-Zone (5.7Mt at 1.6 g/t).
- Project totals in Table 1 do not add cleanly to the group total, and Table 1 and Table 13 disagree on Mt Magnet tonnes.
- Some growth items are Exploration Targets or previously reported drilling, so they add no new tonnes to the statement.
- FY27 production and cost guidance and the FY30 outlook are deferred to September 2026, so the resource growth is not yet tied to production or costs.
What's next
- Updated production and cost outlook to FY30, including FY27 guidance - September 2026
- Drilling on Exploration Targets at Galaxy underground, Perseverance South, Lena-Break of Day and Gilbey's underground, listed as FY27 priorities - FY27
- Eridanus open pit cutback, with ore expected to reach the mill - FY27
- Checkers Mill upgrade commissioning - FY28
Questions worth asking
- How is the 1.8Moz 'discovery' figure split between exploration, resource definition and grade control, and what spend and attribution sit behind the A$55/oz cost?
- Why do Table 1 and Table 13 differ for Mt Magnet, and does the Figure 1 waterfall include the Dalgaranga acquisition ounces?
- What do Ore Reserves look like at other gold prices, including spot, given the release says sensitivity was tested but does not report it?
- Is Edna May's 940koz still in the group figures after the proposed sale to Forrestania, and what happens to its reserves and resources if the sale completes?
- What cut-off and reporting basis supports the new West Island and A-Zone Inferred resources, given the 0.25 g/t optimisation cut-off?
What it means
For someone following Ramelius, this statement describes a larger, longer-life gold inventory of 14Moz of resources and 4.3Moz of reserves. Much of the reserve increase came from the acquired Never Never deposit rather than new drilling. The headline 1.8Moz of discovery ounces at about A$55/oz is not separated from grade control and resource definition in this document, and several tables do not reconcile. The numbers should be checked against the September guidance and any follow-up Table 1 detail before they are relied on. Gold has fallen since release and the sector has sold off, so the market is now pricing a weaker backdrop than the one in the announcement. This is general information, not personal financial advice.
General information only - not financial advice. DrillScore's analyses are produced automatically by an AI model (Claude, by Anthropic) from the company's own ASX announcement and public market data, and scored by a fixed formula (how it works). They can be wrong or incomplete, don't consider your objectives or circumstances, and are not a recommendation to buy, sell or hold anything. Always read the original announcement and consider advice from a licensed adviser.
Decoded 15 Nov 2026, 8:17 am by claude-haiku-5-5 - confidence: medium. Spotted a mistake? Tell us.
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