• Updated Mineral Resource of 7.5Mt at 8.8g/t Au for 2.1Moz
• Maiden Ore Reserve of 7.0Mt at 7.3g/t Au for 1.6Moz at the Never Never U/G deposit
• Expanded Mt Magnet plant to 5Mtpa capacity with two comminution circuits

Ramelius Resources Limited (ASX: RMS) has announced the results of its Never Never Pre-Feasibility Study (PFS) and the Mt Magnet-Dalgaranga Integration Study. The highlights include an updated Mineral Resource of 7.5Mt at 8.8g/t Au for 2.1Moz, a Maiden Ore Reserve of 7.0Mt at 7.3g/t Au for 1.6Moz at the Never Never U/G deposit, and a Mine Plan of 9.2Mt at 6.5g/t for 1.9Moz. The PFS also outlines 1.8Moz of gold production at an AISC of A$1,128/oz over an 11-year mine life, with an undiscounted cash flow of A$4.6Bn and an after-tax NPV5% of A$3.5Bn (at A$4,500/oz). The integration of the Never Never deposit with the planned processing plant upgrade at Mt Magnet to 5Mtpa capacity is expected to significantly increase production while ensuring Ramelius remains peer-leading from a cost perspective. The expanded Mt Magnet plant will have two comminution circuits, with one circuit repurposing and refurbishing the existing 2Mtpa plant to 1.3Mtpa and the other installing a new 3Mtpa circuit. The capital cost for the 5Mtpa processing plant is estimated at A$223M, with the mill operating unit cost reducing from the existing A$26/t (FY25) to A$22/t (FY37) when the plant is operating at 5Mtpa.

The Never Never PFS outlines 1.8Moz of gold production at an AISC of A$1,128/oz over an 11-year mine life.