Macquarie keeps Hold on Ramelius Resources stock at AUD 4.20 target

Published on 10/07/2026 at 01:38 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Ramelius targets 560,000-610,000 ounces by fiscal 2030 under new guidance. Ramelius Resources stock had a EUR 2.33 prior close on October 5, 2026.

Ramelius Resources, AU000000RMS4, Illustration mit AI erstellt.

Macquarie maintained a Hold rating on Ramelius Resources and set a AUD 4.20 price target on October 1, 2026, according to Markets Insider. The analyst view follows a growth plan that raises the production ambition while also increasing capital requirements.

Production target reaches 610,000 ounces

On September 21, 2026, Ramelius set fiscal 2027 production guidance at 205,000-225,000 ounces and lifted its fiscal 2030 target to 560,000-610,000 ounces, as reported by The Motley Fool Australia. The upper end of the fiscal 2030 range represents an 11.00 percent increase from the earlier 500,000-550,000-ounce plan, according to StockLight.

The production increase is tied to the Mt Magnet and Rebecca-Roe hubs. The plan calls for fiscal 2027 growth capital of AUD 480 million-AUD 570 million, while Mt Magnet plant spending rises to AUD 280 million, according to The Motley Fool Australia.

Growth requires heavier investment

Ramelius also expects all-in sustaining costs of AUD 2,150-AUD 2,350 per ounce in fiscal 2027 and AUD 2,100-AUD 2,400 per ounce in fiscal 2030. The cost ranges matter because the company is expanding capacity while working against inflation and higher infrastructure spending.

The company said the Mt Magnet operation is intended to reach a steady-state processing rate of 4.3 million tonnes per year in March 2028. The Rebecca-Roe project is advancing through permitting and design work, while exploration at Galaxy and Cue adds further operating optionality, according to The Motley Fool Australia.

Analyst target stays below the growth story

Macquarie's AUD 4.20 target is lower than the AUD 5.07 consensus target cited by Markets Insider on October 1, 2026. That contrast leaves the rating at Hold even as Ramelius presents a larger production profile, making execution, capital discipline and cost delivery central to the investment case.

Prior close remains EUR 2.33

Ramelius Resources stock had a prior close of EUR 2.33 at Lang & Schwarz on October 5, 2026. The Australian primary listing is ASX:RMS, and the company operates in the Basic Materials sector and Gold industry.

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