Why fund managers rate Ramelius Resources among the ASX's best-run gold miners

Ramelius Resources keeps delivering on production guidance while scaling toward 500,000 ounces a year, with fund managers pointing to its Cue and Spartan deals as proof of execution.

30 Jun 2026 · 6 min read

Gold producer Ramelius Resources has built one of the more consistent operational track records in the Australian gold sector, according to Cerutty Macro Fund's July 2025 Monthly Report, which highlighted the company's Cue Gold Project as a standout example: acquired via the Musgrave Minerals takeover in October 2023, permitted and mining-ready by August 2024, and generating $288 million in free cash flow within 12 months of first strip, with the full acquisition cost and development capex repaid in just nine months.

Scaling toward 500,000 ounces a year

Cerutty Macro Fund's report detailed the growth pathway built on that execution record: management has flagged a path to output beyond 350,000 ounces per annum by FY28, with further upside potential to 500,000 ounces per annum by 2030, aided by the Spartan Resources merger which adds scale and optionality across multiple assets. Endeavor Asset Management's September 2025 Monthly Report confirmed the trajectory, noting the company was targeting more than 500,000 ounces per annum by FY30 with all-in sustaining costs of A$1,600-1,800 per ounce, against a gold price then sitting near A$5,800 per ounce.

For a debt-free, growing gold producer with one of the sector's best management teams, we believe this represents a compelling risk-reward opportunity.

— Cerutty Macro Fund, Monthly Report, July 2025

Blackwattle Investment Partners' December 2025 Monthly Report detailed further capital management progress, noting shares rose on a stronger gold price and a run of positive updates including a $250 million share buy-back, an increased minimum dividend of 2 cents per share annually, and execution of the Native Title Mining Agreement with the Kakarra Native Title Holders for the Rebecca-Roe project. Seneca Financial Solutions' February 2026 Article added that the Spartan acquisition also brought the Youanmi asset, strategically located just 20 kilometres from Ramelius' Penny gold mine and 50 kilometres from its Mt Magnet mill.

What managers are watching next

Not every manager stayed invested through the broader 2026 gold sector volatility. Ryder Capital exited its position in the March 2026 quarter as part of a general move into cash, while Alliance Bernstein exited in April 2026 citing exposure to a potential fuel-rationing scenario given the company's roughly 6% diesel-linked all-in sustaining cost exposure. Endeavor Asset Management took the opposite view that same month, establishing a new position after the stock had fallen approximately 30% from its highs on rising bond yields and a rotation into energy, viewing the pullback as an attractive entry point into quality gold production with operational leverage to the gold price.