0439 GMT - Morgans expects Ramelius Resources will estimate FY27 gold output between 200,000-220,000 oz, "likely trending to the upper-end." Ramelius held off from providing year-ahead guidance alongside its FY26 results last month, saying it would share its outlook in September alongside an updated four-year plan. The company produced 192,182 oz in FY26. Beyond FY27, Morgans thinks there's potential for higher output through FY30 than previously expected. "Increased mining rates at Break of Day following the Stage 2 cutback, along with mine life extensions at Penny, should drive higher head grades through FY27 and FY28," says the broker. Morgans keeps a buy rating on Ramelius, although it cuts its target to A$4.74/share from A$5.80/share following a change of analyst. The stock is up 1.1% at A$3.78.