Ramelius Resources is on track to develop its Mt Magnet operation into a “top five” Australian gold production hub by FY30, according to managing director Mark Zeptner.
This positive outlook follows encouraging results from the company’s Never Never Pre-Feasibility Study (PFS) and the Mt Magnet-Dalgaranga Integration Study.
“In March 2025, we announced our vision to become a 500,000-ounce producer by FY30 through the acquisition and integration of Spartan Resources,” Zeptner said. “As part of that vision, the Mt Magnet hub, processing ore from Spartan’s Dalgaranga project, mines at Mt Magnet and our satellite operations, would deliver 350,000 of those ounces.”
The integration of the high-grade Never Never deposit underpins this growth. The PFS delivered a robust maiden ore reserve for Never Never of 7.0Mt at 7.3 g/t Au for 1.6 million ounces. This supports a mine plan to produce 1.8 million ounces of gold over an 11-year mine life at a low all-in sustaining cost (AISC) of $1,128 per ounce.
To process this ore, the integration study confirmed a single, expanded 5Mtpa-capacity processing plant at Mt Magnet as the preferred option, with a capital cost of $223 million. This plant will feature two separate comminution circuits to handle the different ore types, per the Ramelius Resources report.
“The option we have chosen prioritises the processing of high-grade Dalgaranga ore and sets Mt Magnet on the path to become a top five Australian gold production hub by FY30,” Zeptner said.
Zeptner also added that while the PFS “may justify our acquisition price with an initial NPV of A$3.5B at a conservative gold price of A$4,500/oz, it still doesn’t represent the true value of Dalgaranga with the exploration opportunities we will be pursuing”.
