Source: Kapitales ResearchHighlights

• Ramelius completed 165,000 metres of drilling during the half year, generating high-grade results across multiple assets.
• Never Never returned an exceptional 3.38 metres at 996g/t gold, alongside several broad, high-grade intersections.
• The FY27 exploration program targets approximately 240,000 metres of drilling with an AU$90–110 million budget.

Extensive Drilling Program Strengthens Growth PipelineRamelius Resources Limited (ASX: RMS) traded 2.15% higher at a CMP of AU$3.085 after releasing an extensive exploration update covering its Dalgaranga, Cue, Mt Magnet and Rebecca-Roe gold projects.Ramelius carried out around 165,000 metres of exploration drilling during the six-month reporting period. Management believes the results strengthen the development case for its next underground mine and support the company’s pathway towards annual production exceeding 500,000 ounces by FY2030.Never Never Delivers Standout Gold GradesDalgaranga’s Never Never underground deposit produced some of the strongest results in the update. Significant intersections included 3.38 metres at 996g/t gold from 101.6 metres, 13.0 metres at 34.5g/t from 151.0 metres and 16.1 metres at 14.0g/t from 131.0 metres.These results reinforce the interpreted grade profile and thickness of the orebody. At Gilbey’s Underground, drilling also intersected 1.6 metres at 130g/t gold and 3.7 metres at 38.2g/t, supporting further resource evaluation and underground development studies.Gilbey’s is undergoing a Mineral Resource Estimate revision, with the updated resource expected to support future pre-feasibility work. Its conceptual exploration target currently ranges between 2.1 million and 4.7 million tonnes grading 1.5–2.0g/t gold, containing an estimated 100,000–300,000 ounces.Galaxy Results Could Enhance Mine-Plan QualityAt the Galaxy underground area, Mars and Saturn drilling returned 20.2 metres at 40.7g/t gold, including 11.0 metres at 71.7g/t. The mineralisation remains open at depth, while the company is preparing an updated Mineral Resource Estimate that will incorporate results from its latest drilling campaign.The broader Galaxy exploration target stands at 6.0–7.0 million tonnes grading 2.1–2.6g/t gold, potentially containing 400,000–600,000 ounces. However, this remains conceptual and requires additional drilling before it can be classified as a Mineral Resource.Perseverance South Adds Near-Mine OptionalityPerseverance South delivered several commercially relevant intersections, including 24.05 metres at 3.47g/t gold, 7.8 metres at 8.05g/t and 4.33 metres at 9.70g/t.Importantly, drilling is defining discrete high-grade shoots close to the existing Galaxy underground mine. This proximity could support relatively efficient access if future resource modelling and economic studies confirm sufficient scale and continuity.Cue Portfolio Advances Underground PotentialAt the Cue Gold Project, Lena returned 19.7 metres at 5.73g/t gold, including 2.0 metres at 23.1g/t, while another hole produced 9.0 metres at 12.9g/t, including 3.0 metres at 35.2g/t.Ramelius plans to assess the potential integration of Lena and Break of Day into a larger underground operation. Lena currently contains an Inferred Mineral Resource of 910,000 tonnes grading 3.6g/t for 110,000 ounces. A further 18 holes are planned to improve resource confidence, with an updated estimate and scoping study targeted during FY27.Exploration Spending Remains ElevatedRamelius invested AU$33.9 million in exploration and resource definition during the June 2026 quarter, taking FY26 expenditure to AU$103.9 million. This exceeded the company’s AU$80–100 million guidance range.Following the strong drilling results, the Board approved an FY27 exploration budget of AU$90–110 million. Approximately 240,000 metres of drilling is planned, with continued emphasis on high-grade extensions and resource conversion across the portfolio.The Bottom LineRamelius’ latest exploration campaign has delivered high-grade results across several established mining centres, strengthening both near-mine development opportunities and longer-term resource optionality. The key investment consideration is whether these discoveries can be converted into economically mineable reserves that improve production scale, grade and mine-plan flexibility.Upcoming resource updates, including the Group Reserves and Resources statement expected in late August, represent important catalysts. While exploration outcomes remain inherently uncertain, the breadth of results across Dalgaranga, Mt Magnet and Cue provides meaningful support for Ramelius’ longer-term production growth strategy.Note- All data presented is based on information available at the time of writing.Disclaimer for Kapitales ResearchThe materials provided by Kapitales Research, including articles, news, data, reports, opinions, images, charts, and videos ("Content"), are intended for personal, non-commercial use only. The primary goal of this Content is to educate and inform readers. 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