Ramelius Resources (ASX:RMS) sets sights on $1.7B gold haul from Mount Magnet

Mining explorer Ramelius Resources unveiled a 10-year mine plan for the Mount Magnet site in Western Australia, targeting 1.5 million ounces of gold production at an annual average of 150,000 ounces.

The plan anticipates $1.7 billion in cash flow at a gold price of $3,000/oz.

The mine plan spans at least 10 years, extendable through ongoing exploration.

The company projects an additional $100 million in the third quarter of FY24 and aims to reach over $400 million in cash and gold holdings by June.