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    Major gold miners’ FY26 results: cashflow and capex signals for mine planners

    August 21, 2026|

    Reviewed by Joe Ashwell

    Major gold miners’ FY26 results: cashflow and capex signals for mine planners

    First reported on Australian Mining

    30 Second Briefing

    Major Australian gold producers have reported strong FY26 results, with Ramelius Resources posting underlying EBITDA of $765.4 million and a record earnings margin despite slower-than-expected production. The company’s performance was driven by higher realised gold prices and disciplined cost control across its Western Australian operations, including Mt Magnet and Edna May. For mine planners and financiers, the numbers signal robust cash generation capacity even under production headwinds, supporting continued investment in brownfield expansions and targeted exploration.

    Technical Brief

    • Operational delivery was affected by slower-than-forecast mine production rates over the financial year.
    • Higher realised gold prices offset production underperformance, materially improving revenue per ounce mined and milled.
    • Cost discipline was applied across open pit and underground fleets, processing plants and site support functions.
    • Margin strength provides additional headroom for sustaining capital on pits, underground development and plant upgrades.
    • Cash generation at current price levels improves bankability of brownfield cutbacks and underground extensions in WA.
    • For comparable mining assets, FY26 results reinforce the value of price hedging and tight operating cost control.

    Our Take

    The FY26 underlying EBITDA of $765.4 million for Ramelius Resources is being generated alongside ramp‑up at the high‑grade Never Never underground deposit, which our coverage shows has been steadily increasing ore tonnage and grade through 2026; this suggests a growing contribution from underground ounces to group margins in coming periods.

    EPA confirmation that the Roe gold project in Western Australia can proceed under the standard Part V pathway indicates Ramelius’ Australian growth pipeline is advancing without the extended approvals timelines seen in some other gold items in our database, which may help sustain or lift EBITDA beyond the FY26 result.

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    Prepared by collating external sources, AI-assisted tools, and Geomechanics.io’s proprietary mining database, then reviewed for technical accuracy & edited by our geotechnical team.

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