Ramelius Resources
Australian gold mining company operating Western Australian production hubs and satellite mines.
Last updated August 31, 2026
AI crawler reads
No AI crawler has read this profile since Oct 28, 2026.
Overview
Ramelius Resources is an Australian gold mining company headquartered in Perth, Western Australia. Listed on the Australian Securities Exchange under the code RMS, the company is a mid-tier gold producer whose activities span mineral exploration, mine development, open-pit and underground extraction, ore hauling, processing, and project evaluation. Its assets are concentrated in Western Australia, one of the world's major gold-producing jurisdictions. The company organizes much of its operating portfolio around a hub-and-spoke model. Central processing facilities receive ore from a number of nearby or regional open-pit and underground operations, allowing Ramelius to use established plants and infrastructure while adding satellite deposits over time. Its two principal operating hubs are Mt Magnet in the Murchison region and Edna May near Westonia in the Wheatbelt. The model is intended to extend plant utilization and create operating flexibility as individual mines move through different production phases. Ramelius's early growth was associated with the Wattle Dam mine near Kambalda. Mining began there in 2006, and the operation provided production and cash flow that supported further exploration and acquisitions. Wattle Dam ceased production in 2013 after producing approximately 266,000 ounces of gold. The company then expanded through the purchase of the Mt Magnet project from Harmony Gold in 2010. Mt Magnet became its primary production centre and includes historically significant assets such as Hill 50. Ramelius later added the Vivien mine as a satellite source and acquired the Edna May mine from Evolution Mining in 2017, establishing a second processing hub. During the 2020s, Ramelius broadened its resource base through acquisitions of exploration and development companies. The purchase of Spectrum Metals brought the Penny West project, subsequently developed as the Penny Gold Mine. The takeover of Apollo Consolidated added the Rebecca Gold Project, while the acquisition of Breaker Resources brought the Lake Roe project. Rebecca and Lake Roe were subsequently treated as a combined Rebecca-Roe development opportunity because of their geographic proximity. The acquisition of Musgrave Minerals added the Cue Gold Project and another potential satellite source for the Mt Magnet hub. The company's portfolio therefore combines producing mines, satellite deposits, exploration ground, and development projects. At Mt Magnet, ore has been sourced from pits including Eridanus, Galaxy, and Morning Star, as well as from regional assets such as Penny and Cue. The Edna May hub has processed ore from the Edna May deposits and has historically been associated with satellite sources including Tampia and Marda. The Rebecca-Roe project represents a longer-term growth option, with a pre-feasibility study completed in 2024 for a proposed large-scale open-pit development. Ramelius is positioned as a Western Australia-focused, mid-tier gold producer rather than a diversified global mining group. Its business performance is exposed to gold prices, operating costs, ore grades, production volumes, energy and labour costs, permitting, weather, infrastructure, and the success of exploration and development programs. For the financial year ended 30 June 2025, the company reported record revenue of approximately A$1.2 billion and net profit after tax of A$474.2 million, according to the cited Wikipedia reference. These figures reflect the company's then-current reporting period and should not be treated as a standing valuation or forecast.
History
Ramelius Resources was established in 2003 and listed on the Australian Securities Exchange in March of that year. Its initial development was closely tied to the Wattle Dam gold mine near Kambalda in Western Australia. Mining began at Wattle Dam in 2006, and the operation became an important source of production and cash flow for the young company. That early operating base helped fund additional exploration and supported a strategy of expanding through acquisitions. Wattle Dam eventually stopped producing in 2013, having yielded approximately 266,000 ounces of gold. A major change in scale came in July 2010, when Ramelius acquired the Mt Magnet gold project from Harmony Gold for A$40 million. Mt Magnet, located in the Murchison region of Western Australia, provided an established mining district and processing infrastructure. The operation includes the Hill 50 mine, a historically important underground mine that had previously been Australia's deepest underground gold mine. Mt Magnet subsequently became Ramelius's primary production centre and the foundation for its hub-and-spoke operating model. Ramelius continued to add satellite assets around its processing infrastructure. In 2015 it acquired the Vivien gold mine near Leinster. Vivien was used as a satellite source of ore for the broader Mt Magnet system. In October 2017, Ramelius acquired the Edna May gold mine from Evolution Mining for A$90 million. Edna May expanded the company's geographic footprint into the Westonia Greenstone Belt and created a second major processing hub. The two-hub structure allowed Ramelius to balance production from core mines with ore from smaller or more distant deposits. The company adopted a more active growth and consolidation strategy during the 2020s. In 2020, it acquired Spectrum Metals, securing the Penny West project, which later became the Penny Gold Mine. Penny provided an additional source of ore for Mt Magnet and illustrated Ramelius's preference for integrating satellite deposits with existing processing capacity rather than relying only on entirely new standalone operations. In 2022, Ramelius acquired Apollo Consolidated and obtained the Rebecca Gold Project. In 2023, it acquired Breaker Resources and added the Lake Roe Gold Project. Because Rebecca and Lake Roe are approximately 50 kilometres apart, the assets were brought together conceptually as the Rebecca-Roe development project. The combined opportunity broadened Ramelius's longer-term growth pipeline in the Kalgoorlie region. Also in 2023, Ramelius acquired Musgrave Minerals, adding the Cue Gold Project and another potential satellite source for Mt Magnet. By the mid-2020s, Ramelius's portfolio consisted of two principal operating and processing hubs, producing and satellite mines, exploration properties, and development assets. The Mt Magnet hub, about 500 kilometres northeast of Perth, processes ore from pits such as Eridanus, Galaxy, and Morning Star, together with material from regional sources including Penny and Cue. The Edna May hub near Westonia processes ore from the Edna May deposits and has historically been associated with satellite sources such as Tampia and Marda. The Rebecca-Roe project represented a major greenfield development option, with a pre-feasibility study completed in 2024 outlining a long-life open-pit operation. Ramelius remains focused on gold mining in Western Australia. Its operating model combines regional exploration, acquisition of resource companies and deposits, mine development, and the use of centralized processing facilities. Performance depends on gold prices, production volumes, grades, recoveries, costs, labour and energy availability, permitting, infrastructure, and the timing of new projects. For the financial year ended 30 June 2025, the company reported record revenue of approximately A$1.2 billion and net profit after tax of A$474.2 million, reflecting production contributions from assets including Penny and Cue and favourable gold-market conditions.
- 2025
Record financial result reported
[1]For the year ended 30 June 2025, Ramelius reported record revenue of approximately A$1.2 billion and net profit after tax of A$474.2 million.
- 2024
Rebecca-Roe pre-feasibility study completed
[1]A pre-feasibility study outlined a long-life open-pit development concept for the combined Rebecca-Roe opportunity.
- 2023
Breaker Resources and Musgrave Minerals acquired
[1]The acquisitions added Lake Roe and Cue, broadening the development pipeline and the satellite-feed options for Ramelius's hubs.
- 2022
Apollo Consolidated acquisition
[1]Ramelius acquired Apollo Consolidated and added the Rebecca Gold Project.
- 2020
Spectrum Metals acquisition
[1]The acquisition added the Penny West project, later developed as the Penny Gold Mine.
- 2017
Edna May acquired
[1]Ramelius purchased Edna May from Evolution Mining for A$90 million, creating a second processing hub.
- 2015
Vivien acquired
[1]The Vivien gold mine near Leinster was added as a satellite asset for the Mt Magnet system.
- 2013
Wattle Dam production ends
[1]Wattle Dam ceased production after producing approximately 266,000 ounces of gold.
- 2010
Mt Magnet acquired
[1]Ramelius acquired the Mt Magnet gold project from Harmony Gold for A$40 million.
- 2006
Wattle Dam mining begins
[1]Mining commenced at the Wattle Dam gold mine near Kambalda, providing the company's early production base.
Products and positioning
Western Australia-focused mid-tier gold producer using a hub-and-spoke operating model.
Precious metals
Gold
Gold is Ramelius Resources' principal commercial product. The company produces gold by mining ore from open-pit and underground operations, transporting material to centralized processing plants, and recovering the metal through its Western Australian processing infrastructure. Production is supported by a portfolio that includes core mines, satellite deposits, and development projects.
Gold mining and processing hub · 2010
Mt Magnet gold operation
The Mt Magnet hub is Ramelius's principal production centre in the Murchison region, approximately 500 kilometres northeast of Perth. It uses a central processing facility supplied by ore from pits within the Mt Magnet tenure, including Eridanus, Galaxy, and Morning Star, as well as satellite sources such as Penny and Cue. The operation includes the historically significant Hill 50 mine and has reported processing capacity of approximately 2.0 million tonnes per year.
Gold mining and processing hub · 2017
Edna May gold operation
Edna May is Ramelius's second major Western Australian production and processing hub, located near Westonia in the Wheatbelt region. The hub processes ore from the Edna May underground and open-pit deposits and has historically been associated with satellite sources including Tampia and Marda. Its acquisition expanded Ramelius into the Westonia Greenstone Belt and reduced reliance on a single operating centre.
Gold mine · 2020
Penny Gold Mine
Penny Gold Mine originated from the Penny West project acquired through Ramelius's purchase of Spectrum Metals in 2020. Located south of Mt Magnet, Penny functions as a regional satellite source whose ore can be transported to the Mt Magnet processing hub. The asset illustrates Ramelius's strategy of adding deposits that can use existing regional infrastructure.
Gold development project · 2023
Rebecca-Roe Gold Project
The Rebecca-Roe project combines the Rebecca Gold Project, acquired through Apollo Consolidated, with the Lake Roe Gold Project, added through the Breaker Resources acquisition. The deposits are approximately 50 kilometres apart in the Kalgoorlie region. A 2024 pre-feasibility study described a long-life, large-scale open-pit development concept, making the combined project a major part of Ramelius's longer-term growth pipeline.
Gold development and satellite project · 2023
Cue Gold Project
The Cue Gold Project was added through Ramelius's 2023 acquisition of Musgrave Minerals. Located in the broader Mt Magnet region, Cue provides exploration and development potential as well as a possible additional satellite source for the Mt Magnet processing hub.
Brand decisions
2024
Advance the Rebecca-Roe development projectStrategyBackground
The proximity of the Rebecca and Lake Roe deposits created an opportunity to evaluate them as a combined development rather than as entirely separate projects.
Action taken
Ramelius completed a pre-feasibility study outlining a long-life open-pit operation for the Rebecca-Roe opportunity.
Aftermath
The combined project became a central longer-term growth option alongside the company's producing hubs and satellite mines.
2023
Acquire Breaker Resources and Musgrave MineralsM&ABackground
Ramelius sought to increase its regional resource base and create additional feed options for its established processing hubs.
Action taken
Ramelius acquired Breaker Resources, adding Lake Roe, and acquired Musgrave Minerals, adding the Cue Gold Project.
Aftermath
Lake Roe was considered alongside Rebecca as the Rebecca-Roe project, while Cue expanded the potential satellite-feed base for Mt Magnet.
2022
Acquire Apollo ConsolidatedM&ABackground
Ramelius continued to build a pipeline of Western Australian gold resources beyond its producing hubs.
Action taken
The company took over Apollo Consolidated and added the Rebecca Gold Project.
Aftermath
Rebecca became one of the assets later combined with Lake Roe into the Rebecca-Roe development opportunity.
2020
Acquire Spectrum MetalsM&ABackground
Ramelius pursued exploration and development assets that could add future ore to its existing Western Australian processing network.
Action taken
Ramelius acquired Spectrum Metals and secured the Penny West project.
Aftermath
Penny West was subsequently developed as the Penny Gold Mine and became a satellite source for the Mt Magnet hub.
2017
Acquire Edna May from Evolution MiningM&ABackground
Ramelius sought to diversify its operating base and add a second processing centre in Western Australia.
Action taken
The company acquired the Edna May gold mine from Evolution Mining for A$90 million.
Aftermath
Edna May became the company's second major production and processing hub and expanded its footprint into the Westonia Greenstone Belt.
Acquisition price. A$90 million (October 2017 acquisition)
2010
Acquire the Mt Magnet gold projectM&ABackground
Ramelius needed a larger, longer-life operating base after its early growth around Wattle Dam. Mt Magnet offered an established Western Australian mining district, processing infrastructure, and significant underground and open-pit potential.
Action taken
Ramelius purchased the Mt Magnet gold project from Harmony Gold for A$40 million and developed it into the company's principal operating hub.
Aftermath
Mt Magnet became the centre of Ramelius's production system and later received ore from regional satellite assets.
Acquisition price. A$40 million (July 2010 acquisition)
Recent events
- 2025
Ramelius Resources reports record FY2025 revenue and profit[1]
Other
For the financial year ended 30 June 2025, Ramelius Resources reported revenue of approximately A$1.2 billion and net profit after tax of A$474.2 million. The reported result was associated with contributions from assets including Penny and Cue and a strong gold-price environment.
- 2025
Ramelius Resources reports record financial performance for financial year 2025[1]
Other
The company reported record revenue of A$1.2 billion and net profit after tax of A$474.2 million for the year ended 30 June 2025. The result was associated with contributions from the Penny and Cue deposits and a strong gold-price environment.
- 2024
Rebecca-Roe project advances after pre-feasibility study[1]
Other
A pre-feasibility study outlined a potential long-life open-pit development combining the Rebecca and Lake Roe assets.
- 2023
Ramelius Resources expands its portfolio through the Musgrave Minerals acquisition[1]
M&A
The acquisition of Musgrave Minerals added the Cue Gold Project to Ramelius's portfolio and created another potential satellite source for the Mt Magnet processing hub.
- 2023
Breaker Resources acquisition adds Lake Roe to Ramelius portfolio[1]
M&A
Ramelius acquired Breaker Resources, securing the Lake Roe Gold Project. Lake Roe was subsequently considered alongside the nearby Rebecca project as part of the Rebecca-Roe development opportunity.
- 2023
Ramelius expands its portfolio through Musgrave Minerals acquisition[1]
M&A
The acquisition of Musgrave Minerals added the Cue Gold Project to Ramelius’s portfolio and supplied another potential satellite source for the Mt Magnet processing hub.
- 2023
Breaker Resources acquisition adds Lake Roe project[1]
M&A
Ramelius acquired Breaker Resources, securing the Lake Roe Gold Project and creating the basis for the combined Rebecca-Roe development concept.
- 2022
Apollo Consolidated acquisition adds Rebecca Gold Project[1]
M&A
The takeover of Apollo Consolidated gave Ramelius control of the Rebecca Gold Project, a development asset later linked with Lake Roe because of the projects' geographic proximity.
- 2022
Apollo Consolidated takeover adds Rebecca Gold Project[1]
M&A
The acquisition of Apollo Consolidated gave Ramelius control of the Rebecca Gold Project in Western Australia.
- 2020
Spectrum Metals acquisition secures Penny West project[1]
M&A
Ramelius acquired Spectrum Metals, adding the Penny West project to its portfolio. The asset later became the Penny Gold Mine and supplied ore to the Mt Magnet hub.
Showing the 10 most recent.
Sources1 sources
Cite this profile: Cite the canonical profile. /brand-wiki/ramelius-resources · Editorial policy · How profiles are compiled