Ramelius Resources Limited (ASX:RMS) announces new estimates of Mineral Resources and Ore Reserves as at 30 June 2024

Ramelius Resources Limited (ASX:RMS) has announced the new estimates of Mineral Resources and Ore Reserves as at 30 June 2024. The total Mineral Resources are estimated to be 180 Mt at 1.5 g/t Au for 8.7 Moz of gold, while the total Ore Reserves are estimated to be 20 Mt at 1.6 g/t Au for 1.1 Moz of gold. The increase in Ore Reserves is attributed to the significant additional contribution from the Cue Gold Project acquired in FY24, with additional conversion of Resources to Reserves expected in FY25 from the Break of Day Underground and recent drilling likely to also expand open pit designs. The company has guided to an exploration spend range in FY25 of A$40-50M which is focused on Mt Magnet, Cue, Penny, and the Rebecca-Roe area.

Executive Commentary on Mineral Resources and Ore Reserves

The increase in Mineral Resources and Ore Reserves is a testament to our continued focus on exploration and development activities. We are pleased with the significant additional contribution from the Cue Gold Project acquired in FY24, and we expect further conversion of Resources to Reserves in FY25 from the Break of Day Underground and recent drilling. Our exploration spend range in FY25 of A$40-50M, focused on Mt Magnet, Cue, Penny, and the Rebecca-Roe area, reflects our commitment to future growth and sustainability.

Summary of ASX Announcement

Ramelius Resources Limited (ASX:RMS) has reported a substantial increase in Mineral Resources and Ore Reserves for FY24. The company anticipates significant increases in Ore Reserves during FY25 due to Mineral Resource conversion at both the Rebecca-Roe and Eridanus projects. With a guided exploration spend range in FY25 of A$40-50M, the company remains focused on growth and development. The acquisition of the Cue Gold Project and the Maiden Ore Reserve of 1.3Mt @ 1.1g/t for 87koz for Bartus Underground have contributed to the positive outlook. The company's commitment to exploration and development activities underscores its ambitions for future expansion and sustainability.