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Ramelius Resources has commenced work on the stage 3 open-pit cutback at its Eridanus gold deposit in Western Australia, advancing a major source of future ore for its expanding Mt Magnet processing hub.
The development marks the next chapter for Eridanus, which was discovered by Ramelius in 2017 and has become one of the major deposits supporting its Mt Magnet operations.
Mining at the stage 1 open pit commenced in mid-2019, followed by stage 2 in June 2020, with continued exploration success supporting subsequent resource growth and expansion plans.
The latest cutback will provide additional ore to the Mt Magnet processing hub over the coming years, supporting Ramelius’ ambition to exceed 600,000 ounces of annual gold production by the 2030 financial year (FY30).
Eridanus hosts a mineral resource of approximately 30 million tonnes grading 1.6 grams per tonne (g/t) gold for 1.5 million ounces, based on its June 2025 estimate.
The deposit is characterised by large-scale, bulk-tonnage mineralisation hosted within the Eridanus Granodiorite, distinguishing it from higher-grade lode deposits elsewhere in the Mt Magnet field.
The commencement follows Ramelius’ earlier expansion of its Mt Magnet mine plan, which identified Eridanus as a key contributor to the operation’s longer-term production profile.
More recently, Ramelius outlined its expanded production ambitions, targeting group gold output of 560,000–610,000 ounces in FY30.
The growth strategy includes a significant increase in processing capacity at Mt Magnet, with engineering, procurement and construction contractor Primero awarded the contract to deliver a new three-million-tonne-per-annum circuit.
As previously reported, the new circuit will operate alongside the existing two-million-tonne-per-annum plant, lifting total installed processing capacity to approximately five million tonnes annually.
The upgrade is designed to accommodate additional ore sources from across Ramelius’ portfolio, including high-grade material from the Dalgaranga gold project.
Dalgaranga was brought into Ramelius’ portfolio following its acquisition of Spartan Resources, providing access to the Never Never and Pepper underground deposits.
The company’s latest mineral resources and ore reserves update further strengthened its development pipeline, with group ore reserves increasing 79 per cent to 4.3 million ounces in FY26.
Meanwhile, Ramelius continues progressing its Rebecca–Roe gold project, which is expected to provide another major source of production as the company advances its longer-term growth strategy.
With the Eridanus stage 3 cutback now underway, Ramelius said it is progressing both mining and processing developments intended to support higher production across its Western Australian operations.
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