Sydney, January 30, 2026, 17:37 AEDT — Market closed
- Ramelius Resources (ASX: RMS) slipped 6.35% to close at A$4.72, after dipping as low as A$4.56 during the session
- Gold stocks slumped on the ASX after bullion dropped sharply from its record highs
- Investors are shifting focus to the half-year report, which will trigger buyback activity
Ramelius Resources closed Friday 6.35% lower at A$4.72, after swinging between A$4.56 and A$4.895 on roughly 16.5 million shares traded. The stock had gained 1.41% the previous session. (Investing)
Australian gold miners led the broader selloff, hitting the market hard. The S&P/ASX 200 finished down 0.7%, with the gold miners sub-index plunging 5.7%—its worst drop in three months. Evolution Mining slid 6.4%, while Northern Star Resources lost 1.9%. (Indo Premier)
Gold took a sharp hit. Spot bullion fell over 4% at one stage on Friday amid speculation the Federal Reserve might appoint a more hawkish chair, despite hitting fresh highs just a day earlier and rallying over 20% so far this month. “A potentially less dovish Fed Chairman pick… and gold giving way to overbought conditions” spurred the plunge, said KCM Chief Trade Analyst Tim Waterer. (Reuters)
Ramelius released new data today. Its December-quarter activities report shows gold production hitting 45,610 ounces. The all-in sustaining cost (AISC) came in at A$1,977 per ounce. This metric reflects the total ongoing expenses to produce each ounce, factoring in sustaining capital. (Company Announcements)
The company pointed to weaker grades, particularly from Cue, but confirmed it was sticking to its FY26 guidance. At December 31, it held cash and bullion totaling A$694.3 million. Operating cash flow came in at A$149.7 million, with underlying free cash flow hitting A$54.7 million after shelling out A$51 million on growth capital.
Ramelius flagged it has begun ore mining at the Never Never underground site at Dalgaranga, stacking development ore before hauling it to Mt Magnet in the March 2026 quarter. The company also highlighted ongoing engineering and early site work for the Mt Magnet plant expansion.
Near-term optics face a hurdle: the quarterly report highlighted first-half earnings adjustments from the Spartan Resources acquisition, such as a non-cash royalty fair-value charge and one-off stamp duty costs. The company also pointed out that its on-market buyback is restricted during a blackout period ahead of the interim report.
The combination — a steep drop in bullion prices alongside cost and accounting uncertainties ahead of earnings season — is usually what traders hit hardest first. If gold remains volatile, the stock’s swings could hinge as much on sentiment as on whether production beats or misses expectations.
The downside is clear: bullion prices fall, costs stay high, and project timelines slip. Any hold-ups in ramping up Dalgaranga or securing permits at Rebecca-Roe would increase spending and throw off cash-return schedules.
Earlier this month, Chief Operating Officer Tim Hewitt confirmed the company is still “on track to deliver our FY26 guidance” following year-to-date production of 100,623 ounces. Ramelius also noted it cannot proceed with the A$250 million buyback until after its half-year financial report due December 31, which it plans to release by February 20. (ASX Announcements)
Next week, attention turns to macro data and positioning. Traders are set to eye the Reserve Bank of Australia’s decision on Tuesday. Earnings season will also be under scrutiny to see if it can keep miners’ momentum alive following Friday’s profit-taking.
Ramelius is eyeing its half-year results and the potential restart of buybacks as the next major company catalysts. After that, investors will turn to the March-quarter update to track progress on hauling Never Never ore into Mt Magnet.
