Ramelius has been one of our preferred local gold plays through 2026, and it looks on track to test higher in the coming weeks. The last 6 months for Ramelius were operationally mixed but strategically on track. The 1Q27 production and cost miss was weather-driven and largely temporary, with the deferred Penny ore expected to flow through in Q2. Dalgaranga’s ramp-up is proceeding ahead of schedule, the Mt Magnet expansion is progressing, and the balance sheet remains strong. Importantly, the company maintained FY27 guidance, suggesting the near-term disruption was a speed bump rather than a structural issue.
- We are initially targeting the $4.50 area for RMS, around 15% higher.
MM remains bullish towards RMS around $3.90
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