Ramelius Resources' (ASX:RMS) expansion study, anticipated for release in December, is expected to increase production at the Mt Magnet mine, Euroz Hartleys said in a Friday note.

The investment firm said the study focused on the Eridanus resource should provide an upside to the production at the mine, with mill production now expected to be at 20,000 per year.

Euroz Hartleys expects the mining firm to transform Eridanus into an open pit and move toward underground mining upon mineral depletion.

Ahead of the pre-feasibility study results, the addition of Eridanus as a mining location, and the merger and acquisition potential of the project, Euroz Hartleys increased Ramelius Resources price target to AU$2.47 from AU$2.25 while maintaining its buy rating.

Ramelius Resources' shares were up almost 1% in recent Wednesday trade.

Price (AUD): $2.23, Change: $+0.02, Percent Change: +0.90%