Ramelius Resources Shares Jump Over 8% as $300 Million Edna May Gold Hub Sale Advances This Year

PERTH — Shares of Ramelius Resources Ltd rose 8.12% on Wednesday to close at $3.395, as the Western Australian gold miner continued to attract investor interest following a string of positive operational updates and a $300 million asset sale that has allowed the company to sharpen its focus on its core growth projects.

The gain extends a period of strong performance for Ramelius shares, which have been buoyed both by a broader rally across Australian gold equities and by company-specific catalysts, including strong quarterly production results and continued progress on the sale of its non-core Edna May Gold Hub in Western Australia.

Selling a Non-Core Asset

In late June, Ramelius entered into a binding agreement to sell its 100% interest in the Edna May Gold Hub to Forrestania Resources for total consideration of $300 million, structured as a mix of at least $200 million in upfront cash and up to $100 million in Forrestania shares. The package includes the Edna May Gold Mine, a 2.9 million-tonne-per-annum processing plant, associated infrastructure and multiple satellite exploration tenements.

Ramelius managing director Mark Zeptner described the transaction as a logical one for both parties, saying it provides an excellent outcome for all stakeholders and realizes value for shareholders as the company focuses on the transformation of its Mt Magnet operation and the development of its Rebecca-Roe project. The shares Ramelius receives as part of the deal will be subject to an 18-month escrow period and a further six-month orderly sale commitment, with completion of the transaction expected in the September 2026 quarter.

Ramelius acquired the Edna May asset from Evolution Mining in 2017, and the mine produced 760,000 ounces of gold between 2018 and 2025 before being placed on care and maintenance in April 2025. Following completion of the sale, Ramelius is expected to become a substantial shareholder in Forrestania, giving the company ongoing exposure to any future value Forrestania creates through its planned restart of the Edna May processing plant, which is targeted for early 2027.

Strong Underlying Production

The asset sale comes as Ramelius has continued to deliver solid operational results across its remaining portfolio. The company reported June quarter production of 53,466 ounces, up 40% from the prior quarter, taking full-year fiscal 2026 output to 192,182 ounces and meeting production guidance for a sixth consecutive year. Ramelius ended the fiscal year with a cash and gold balance of approximately $650 million, though the company noted a $131 million stamp duty payment tied to its earlier $2.4 billion acquisition of Spartan Resources was due in July.

Ramelius's operating base now centers on two key hubs. Mt Magnet remains the foundation of the company's production, where it is progressing processing plant and camp expansions alongside a hybrid power project. Dalgaranga, acquired as part of the Spartan Resources acquisition, is ramping up production, with the company's high-grade Never Never underground operation reported to be on track according to its most recent quarterly update. Improved haulage rates, particularly at Dalgaranga, helped drive the sharp production increase recorded during the June quarter.

Growth Targets

Ramelius has set a target of group production exceeding 500,000 ounces annually by fiscal 2030, a goal the company says is supported by the ongoing simplification of its portfolio through transactions such as the Edna May sale, alongside continued investment in its Mt Magnet and Dalgaranga growth projects.

A Volatile Sector Backdrop

Like many of its Australian gold sector peers, Ramelius shares have experienced periods of notable volatility this year, including a pullback in mid-July when the stock fell nearly 3% amid a broader sector-wide reassessment of gold equities following an extended rally. Wednesday's gain suggests renewed investor confidence following the company's strong quarterly production numbers and continued progress on its portfolio simplification strategy.

With the Edna May transaction expected to complete in the coming months and Ramelius continuing to advance its growth projects at Mt Magnet and Dalgaranga, investors are likely to watch the company's upcoming full-year statutory results closely for further detail on its financial position and updated guidance for the year ahead.