Fund Manager Summary
The fund managers believe that the outlook for Ramelius Resources Ltd presents a compelling investment opportunity. They are particularly attracted to the company’s high-quality assets, which are anticipated to deliver between 270,000 and 300,000 ounces of gold in FY25. Recent discussions with management have reinforced their confidence in the firm’s strategic direction. The fund managers view the merger with Spartan Resources as a transformational move, potentially leading to a combined production of over 500,000 ounces annually at industry-leading unit costs. They expect upcoming details on the consolidated mine plan to highlight a robust and sustainable free cash flow outlook, further justifying their investment in Ramelius Resources.
Source: Trading View
Commentary From The Managers
Subscribe To Unlock
Date
Price
Summary
Unlock Recent Updates With ThesisTracker Pro
Don’t let information asymmetry undermine your investment returns. Join other engaged investors on ThesisTracker Pro.
Blackwattle Investment Partners
31 Oct 2025
$3.32
Summary
- Ramelius Resources is a mid-tier Australian gold producer with high-quality assets in Western Australia.
- Shares declined by -14.4% in October due to anticipation of the company’s 5-year outlook and mine plan.
- The 5-year plan, released at the end of October, showcased a clear and profitable pathway to producing over 500koz of gold annually.
- The plan was received positively by investors, reaffirming confidence in the company's strategy.
- Blackwattle Investment Partners continues to hold Ramelius Resources due to its disciplined, low-cost production model.
- There is significant leverage to a strengthening gold price environment, making Ramelius an attractive investment.
Text:
Text:
Text:
Summary
-
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua, ut enim ad minim veniam.
-
Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat, sed ut perspiciatis unde omnis iste.
-
Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur, at vero eos et accusamus et iusto odio dignissimos.pedita.
Text:
Text:
Text:
Summary
-
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua, ut enim ad minim veniam.
-
Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat, sed ut perspiciatis unde omnis iste.
-
Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur, at vero eos et accusamus et iusto odio dignissimos.pedita.
Text:
Text:
Text:
Summary
-
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua, ut enim ad minim veniam.
-
Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat, sed ut perspiciatis unde omnis iste.
-
Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur, at vero eos et accusamus et iusto odio dignissimos.pedita.
Text:
Text:
Text:
Summary
-
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua, ut enim ad minim veniam.
-
Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat, sed ut perspiciatis unde omnis iste.
-
Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur, at vero eos et accusamus et iusto odio dignissimos.pedita.
Text:
Text:
Text:
Summary
-
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua, ut enim ad minim veniam.
-
Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat, sed ut perspiciatis unde omnis iste.
-
Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur, at vero eos et accusamus et iusto odio dignissimos.pedita.
Text:
Text:
Text:
Summary
-
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua, ut enim ad minim veniam.
-
Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat, sed ut perspiciatis unde omnis iste.
-
Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur, at vero eos et accusamus et iusto odio dignissimos.pedita.
Text:
Text:
Text:
Summary
-
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua, ut enim ad minim veniam.
-
Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat, sed ut perspiciatis unde omnis iste.
-
Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur, at vero eos et accusamus et iusto odio dignissimos.pedita.
Text:
Text:
Text:
Summary
-
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua, ut enim ad minim veniam.
-
Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat, sed ut perspiciatis unde omnis iste.
-
Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur, at vero eos et accusamus et iusto odio dignissimos.pedita.
Updates are made available to members within 12 hours in accordance with the ThesisTracker Pro Service Level Agreement.
Please note: The completeness, accuracy or current status of the investments referenced are not guaranteed.
Commentary From The Managers
Blackwattle Investment Partners
31 Oct 2025
$3.32
- Ramelius Resources is a mid-tier Australian gold producer with high-quality assets in Western Australia.
- Shares declined by -14.4% in October due to anticipation of the company’s 5-year outlook and mine plan.
- The 5-year plan, released at the end of October, showcased a clear and profitable pathway to producing over 500koz of gold annually.
- The plan was received positively by investors, reaffirming confidence in the company's strategy.
- Blackwattle Investment Partners continues to hold Ramelius Resources due to its disciplined, low-cost production model.
- There is significant leverage to a strengthening gold price environment, making Ramelius an attractive investment.
Summary
Milford Asset Management
30 Sept 2025
$3.88
- Milford Asset Management continues to hold positions in Ramelius Resources Ltd (ASX:RMS).
- Gold has seen strong demand due to renewed US Federal Reserve easing and concerns about central bank independence.
- Top holdings include Ramelius Resources (+24.8%), Newmont (+15.9%), and Genesis Minerals (+30.6%).
- Geopolitical tensions and central bank buying have supported gold prices.
- After quarterly gains of 54% for Ramelius and 37% for Genesis, positions were trimmed.
- While Milford Asset Management remains constructive on gold in the medium term, the recent rally has pushed it into statistically overbought territory.
Summary
Endeavor Asset Management
30 Sept 2025
$3.88
- Ramelius Resources (RMS) was a top contributor with shares up 22%, driven by an 11% increase in the gold price.
- Management is targeting production of more than 500koz per annum by FY30.
- All-in sustaining costs are projected to be in the range of A$1,600–1,800/oz.
- With the current gold price near A$5,800/oz, the company is generating substantial cash flow.
- Cash flow is expected to expand significantly as production grows and unit costs decrease.
- This combination of scale, margin expansion, and supportive commodity pricing positions RMS favourably heading into the second half of the decade.
Summary
Endeavor Asset Management
31 Aug 2025
$3.32
- Ramelius Resources (RMS) experienced a strong month, supported by a 5% increase in gold prices.
- The December quarter is anticipated to bring significant updates, including FY26 guidance and a refreshed five-year outlook.
- These updates will provide clarity on the integration of Dalgaranga (Spartan Resources) and progress at Rebecca-Roe.
- Endeavor Asset Management continues to hold due to the company's strategy aimed at achieving 500kozpa production.
- Ramelius is generating substantial cash flow with all-in costs of A$1,500/oz against a gold price of A$5,400/oz.
- This financial performance reinforces the strength of its balance sheet and growth ambitions.
Summary
Cerutty Macro Fund
31 July 2025
$2.52
- Cerutty Macro Fund maintains consistent exposure to the gold thematic as a hedge against macroeconomic volatility.
- Sector-wide valuations are no longer distressed, yet select opportunities offer compelling asymmetric upside.
- Ramelius Resources (ASX: RMS) is highlighted as a high-quality, mid-cap gold producer with a disciplined management team.
- The company has a well-capitalised balance sheet and a pipeline of low-risk growth projects.
- Proven operational execution and strategically timed acquisitions provide strong foundations for future outperformance.
- Macro conditions remain supportive of gold exposure due to global fiscal deterioration and elevated geopolitical tensions.
- Central banks continue to add gold to reserves at near-record levels, reinforcing structural support for the commodity.
- Ramelius is noted for strong cost control, low political risk, and operating leverage to the gold price.
- The company has consistently delivered on production and cost guidance over the past five years.
- Management’s reputation for executing acquisitions and delivering early returns is well-earned.
- The Cue Gold Project exemplifies management's ability to unlock value quickly through streamlined approvals and high-margin production.
- The recent Spartan merger is expected to add scale and enhance Ramelius’ long-term production profile.
- Management has indicated potential output growth beyond 350koz p.a. by FY28, with upside to 500koz p.a. by 2030.
- Valuation remains attractive with a market cap of ~$4.9bn and an enterprise value of ~$4.2bn.
- Consensus forecasts suggest ~$610m in EBITDA for FY26, implying a forward EV/EBITDA multiple of ~6.9x.
- Significant exploration upside exists across the expanded portfolio, with increased drilling expected in FY26.
- Ramelius is regarded as a high conviction holding in the portfolio due to its deep project pipeline and proven M&A capability.
Summary
Cerutty Macro Fund
28 July 2025
$2.60
- Cerutty Macro Fund continues to hold an interest in Ramelius Resources Ltd.
- Investment thesis is based on a bullish outlook for precious metals.
- Concerns over the US government's increasing debt are a key factor.
- The depreciation of the US dollar is expected to benefit gold prices.
- Ramelius is positioned well among small-cap peers in the gold mining sector.
Summary
Blackwattle Investment Partners
30 June 2025
$2.52
- Blackwattle Investment Partners notes a 12.5% decline in Ramelius Resources in June, aligning with the small cap gold sector's 10% drop.
- Post-June, Ramelius reported a strong 4Q update, exceeding expectations for production and cashflow.
- Shareholders approved the acquisition of Spartan Resources (SPR), effective July 22nd.
- The merger is seen as compelling, combining complementary long-life, low-cost, and high-grade assets.
- This merger is expected to generate strong cashflows with growth potential.
- Ramelius is backed by a solid management team and is considered at an attractive valuation.
Summary
Endeavor Asset Management
31 Mar 2025
$2.37
- Endeavor Asset Management initiated a position in Australian gold miner Ramelius Resources (RMS) due to its suite of high-quality assets.
- RMS is expected to deliver between 270,000 and 300,000 ounces of gold in FY25.
- Recent discussions with company management have strengthened Endeavor's conviction in RMS's strategic direction.
- In December, RMS announced a merger with Spartan Resources (SPR), viewed positively by the fund manager.
- The combined group could produce in excess of 500,000 ounces annually with industry-leading unit costs.
- Further details on the consolidated mine plan are expected, reinforcing a robust and sustainable free cash flow outlook.
Summary
Please note: The completeness, accuracy or current status of the investments referenced are not guaranteed.
ANALYST INSIGHT
Equity Research Analyst
"With a promising merger on the horizon, the potential for Ramelius Resources to redefine its production landscape appears tantalizing. As the dust settles, the focus will be on how effectively it can capitalize on its high-quality assets and deliver sustainable cash flow."
Last Updated: 31 Oct 2025
Query The Data
Frequently Asked Questions
Who is investing in Ramelius Resources Ltd (ASX:RMS)?
Fund managers including Endeavor Asset Management, Cerutty Macro Fund, Blackwattle Investment Partners and Milford Asset Management have invested in Ramelius Resources Ltd (ASX:RMS).
Why do fund managers invest in Ramelius Resources Ltd?
Fund managers are investing in Ramelius Resources Ltd due to its high-quality gold assets projected to yield 270,000 to 300,000 ounces in FY25. The recent merger with Spartan Resources is seen as a transformative move, potentially boosting production to over 500,000 ounces annually with competitive unit costs. Ongoing discussions with management have reinforced confidence in the company's strategic direction and anticipated free cash flow.
What happened to Ramelius Resources Ltd (ASX:RMS)?
Fund managers are investing in Ramelius Resources Ltd due to its strong fundamentals as a disciplined, mid-tier gold producer with a well-capitalized balance sheet and a proven management team. The company has successfully executed on production and cost guidance, demonstrating operational reliability in a volatile macroeconomic environment. With a clear growth strategy targeting over 500,000 ounces per annum by FY30 and significant cash flow generation, Ramelius is well-positioned to capitalize on rising gold prices and geopolitical uncertainties. Its recent acquisitions and exploration potential further enhance its attractiveness, making it a compelling investment opportunity.