Our Assets

Ramelius acquired Mt Magnet Gold Pty Ltd from Harmony Gold in 2010 and restarted operations in late 2011.

Since then, the Mt Magnet production hub has grown into a significant regional production centre, incorporating the Eridanus and Cue open pits, Galaxy underground mine at Mt Magnet, the Never Never underground mine at Dalgaranga and the Penny underground mine. Together, these assets form an integrated mining hub centred on the Mt Magnet processing plant.

With a strong resource base, a growing pipeline of high-quality ore sources and ongoing exploration upside, Mt Magnet is positioned to become one of Australia’s leading gold production hubs.

As part of Ramelius’ vision to become a 500,000 ounce per year gold producer by FY30, the Mt Magnet processing plant is central to that ambition, with the Mt Magnet Hub targeted to deliver 350,000 ounces of that annual production.

The Mt Magnet–Dalgaranga Integration Study, released in 2025, sets out the strategic business case for processing high-grade Dalgaranga ore through the Mt Magnet processing plant. To support this expanded production profile, Ramelius will invest A$223 million to increase mill throughput capacity to between 4.3Mtpa and 5Mtpa.

The expanded Mt Magnet plant will have two comminution circuits, both circuits planned to be operational in the September 2027 Quarter (Q1 FY28):

Circuit 1: Repurpose and refurbish the existing Mt Magnet 2Mtpa plant to 1.3Mtpa and reduce the grind size from 175µm (current) to a grind size of 53µm to obtain optimal recoveries from the Dalgaranga ore.

Circuit 2: Install a new 3Mtpa circuit at a grind size of 175µm to process Mt Magnet ore sources. This will include relocation and repurposing of existing equipment from the Dalgaranga plant.

The Dalgaranga deposits were acquired by Ramelius through its merger with Spartan Resources in July 2025, adding significant Resources to the Company’s portfolio. The Dalgaranga portfolio includes Never Never, Gilbeys, Plymouth, Sly Fox and Archie Rose deposits.

Gold mineralisation at Dalgaranga is predominantly associated with shear zones within altered schist sequences, characterised by biotite-sericite carbonate and pyrite alteration with quartz-carbonate veining. These shears are hosted within a volcaniclastic-shale-mafic rock package, comprising dolerite, gabbro and basalt lithologies.

The Never Never deposit, one of the key assets within the Dalgaranga portfolio, is situated at the northerly extension of the Gilbeys main zone. The mineralised zone strikes northeast–southwest and dips moderately to the northwest.

Located in the Murchison region of Western Australia, the Cue project comprises eight satellite gold deposits including Break of Day, White Heat, Lena, Waratah, Amarillo, Leviticus, Big Sky and Numbers.

Situated predominantly between the townsites of Mount Magnet and Cue, and approximately 40 kilometres north of the Mt Magnet Processing Plant, Cue benefits from its proximity to established processing infrastructure.

Gold mineralisation at Cue is hosted within classic Archean-aged greenstone sequences, characteristic of the highly prospective Murchison region, one of Western Australia’s most enduring and productive gold terranes.

The Galaxy underground mine, comprising the Mars and Saturn gold deposits, represents a key cornerstone of Ramelius’ current mining operations at Mt Magnet. All deposits sit within a contiguous tenement holding, located within an eight kilometre radius of the Mt Magnet processing facility, providing a significant logistical advantage and supporting efficient, low-cost ore delivery to the processing plant.

The higher gold prices of the 1980s saw several large open pits developed across the Galaxy mining area, including the Mars and Saturn pits. Ramelius subsequently mined the Galaxy open pits from 2012 to 2018 before transitioning to underground operations, with the Galaxy underground mine now serving as the primary source of ore at Mt Magnet.

Geological interpretations suggest the two dominant mineralised bars, Saturn and Hill 50, are isoclinally folded equivalents, based on the mapped distribution of hanging wall and footwall mafic and ultramafic units within the Mars, Saturn and Perseverance pits. In the footwall of the Sirdar Formation, the Boogardie Basin is dominated by talc-carbonate altered ultramafic sequences and peridotitic sills, intruded by domal felsic dacite to rhyolitic porphyry bodies.

Located approximately 150 kilometres south-east of the Mt Magnet operations and around 550 kilometres north-east of Perth, the Penny Gold Mine is one of Ramelius’ highest-grade assets, with ore hauled along existing access roads to the Mt Magnet processing plant.

The Penny North underground operation utilises conventional small-scale mechanised development and stoping methods, with longhole drilling and blasting of up-hole bench stopes underway, in combination with in-situ pillars and cement rock fill stope support.

Penny continues to be an active focus for exploration, with ongoing drilling targeting strike and depth extensions to the known resource area.

The Penny West deposit was first discovered in 1990 and mined as a high-grade open pit in 1990/91, producing approximately 154,000t at 18.0g/t Au for 89,000oz. Following a period of limited activity, Spectrum Metals discovered the Penny North lode zone in March 2019, and Ramelius acquired the project in 2020 through an off-market takeover offer of Spectrum Metals Limited.

Gold mineralisation is hosted within large quartz-sulphide lode veins occurring within a steeply dipping greenstone stratigraphy dominated by mafic and ultramafic units, with minor felsic and granitoid intrusive units. Overall, mineralisation at Penny is controlled by a northerly trending structural corridor known as the Penny Shear Zone.

Discovered by Ramelius in late 2017, Eridanus has grown from an early-stage open pit into one of the most significant deposits in the Mt Magnet hub.

Mining of the Stage 1 pit commenced in mid-2019, with ongoing drilling success and significant resource growth prompting the development of a larger Stage 2 pit, which commenced in June 2020 and was designed to reach a depth of 235 metres below surface.

Mineralisation at Eridanus occurs as stockwork veins concentrated within the east-west orientated Eridanus Granodiorite, which has intruded into felsic aphyric to porphyritic intrusive rocks. This style of large-scale, bulk-tonnage mineralisation distinguishes Eridanus from the higher-grade lode deposits elsewhere in the Mt Magnet field and underpins its potential as a major, long-life source.