Sydney, Feb 2, 2026, 17:38 AEDT — The market has closed.
- Ramelius fell 6.6% on Monday, dragged down by a broad selloff hitting gold miners amid slipping precious metals prices.
- The broader Australian market slipped roughly 1%, dragged down mainly by materials.
- Traders are eyeing Tuesday’s RBA decision and watching to see if the forced selling in metals slows down.
Ramelius Resources shares dropped 6.57%, closing at A$4.41 on Monday, dragged down by broad selling in precious metals hitting Australian gold miners hard. (StockAnalysis)
Gold and silver prices dropped further after CME Group hiked margin requirements—the cash traders must put up to maintain futures positions—following last week’s steep selloff sparked by reports that Donald Trump might nominate Kevin Warsh to head the U.S. central bank. Tim Waterer, chief market analyst at KCM Trade, attributed the move to “forced liquidations and margin increases.” (Reuters)
This is significant for Ramelius today since its stock now acts as a direct gauge of bullion sentiment. Strong realised prices boosted cash flow last quarter, but the market can shift fast once leverage disappears from commodities.
The S&P/ASX 200 slipped nearly 1% on Monday, dragged down by materials. Trading Economics highlighted steep losses among major gold miners—Newmont Corporation, Evolution Mining, and Northern Star Resources all fell between about 5.6% and 10%. Eyes now turn to Tuesday’s Reserve Bank of Australia decision, where a 25 basis point rate hike is widely anticipated. (Trading Economics)
Ramelius revealed in a Monday investor presentation that it produced 45,610 ounces of gold in the December quarter, with an all-in sustaining cost (AISC) of A$1,977 per ounce—a figure covering ongoing operating expenses and sustaining capital. Operating cash flow came in at A$149.7 million. The presentation also showed closing cash and gold holdings of A$694.3 million as of Dec. 31. The company flagged a A$250 million share buyback and raised its minimum dividends for FY26 and FY27. It noted first ore was mined from the Never Never underground mine during the quarter, with haulage set to begin in late February or March. Ore from Dalgaranga is expected to be available starting March. (Ramelius Resources)
The bigger market story remains deleveraging. Christopher Forbes, head of Asia and Middle East at CMC Markets, described it as “risk off and de-leveraging — a flushing out of leverage in the system” in a Reuters “Instant View” on the wider selloff. (Reuters)
But things could still get more complicated. Continued margin calls pushing sales might keep gold equities under pressure, even if spot prices level off. On top of that, cost assumptions in mine plans could quickly become outdated.
The currency will be in focus this week. Any unexpected move from the RBA could shake the Australian dollar, which miners watch closely since gold trades in U.S. dollars worldwide. A stronger Aussie can squeeze earnings when converted back into Australian dollars, if only slightly.
Tuesday’s RBA decision takes center stage, with markets focused on its implications for rates, the dollar, and risk appetite. Investors in Ramelius will be keeping a close eye on buyb
ack momentum and any additional details on commissioning and ore movement as the late-February and March deadlines near.
