Two major contracts secured worth ~$313M
NRW Holdings (ASX: NWH) has secured two contract awards in a single announcement totalling approximately $313M combined. The awards span two distinct growth sectors: gold processing infrastructure, won through subsidiary Primero Group for client Ramelius Resources Ltd (ASX: RMS), and transport infrastructure, won through subsidiary NRW Contracting Pty Ltd for Main Roads Western Australia.
The dual-sector nature of the announcement signals meaningful diversification in NRW’s order book additions, reinforcing the group’s position as a large-scale contractor capable of competing across both resources and civil construction simultaneously.
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Primero wins Ramelius Mount Magnet expansion project
Primero Group, a wholly owned NRW subsidiary and established engineering, procurement and construction (EPC) contractor, has been awarded the Ramelius Resources Mount Magnet Expansion Project. The scope covers the construction of a new crushing circuit and coarse ore stockpile, installation of a new grinding circuit, additional leach tanks, and associated gold processing infrastructure.
The works are designed to deliver an additional 3 Mtpa of processing capacity operating in parallel to the existing 2 Mtpa plant, which will process Dalgaranga ore at a finer grind at a nominal 1.3 Mtpa. The project is intended to support the efficient integration of multiple ore sources into the Mt Magnet production hub.
The award further strengthens Primero’s standing as an EPC contractor in Australian minerals processing, building on its track record in the delivery of complex resources projects.
Michael Gollschewski, Managing Director of Primero
“This award represents an important milestone for Primero and reflects the confidence that Ramelius has placed in our team and delivery capability. We look forward to working closely with Ramelius to execute this strategically important project safely, efficiently and to the highest standard.
The project further demonstrates Primero’s ability to deliver large-scale EPC solutions for leading Australian resource companies and continues to build on our strong track record in the gold sector.”
Tonkin Highway optional works awarded — project now worth ~$300M
NRW Contracting Pty Ltd was originally awarded the Tonkin Highway Grade Separations (Hale Road and Welshpool Road East) project by Main Roads Western Australia, first announced on 7 May 2026. The Optional Works associated with that project have now been formally awarded, lifting the total contract value to approximately $300M.
The original Tonkin Highway award, announced on 7 May 2026, was structured with no material capital outlay required and included embedded optionality for additional scope at Hale Road, which Main Roads Western Australia has now formally exercised.
The Optional Works scope comprises the construction of a half-diamond interchange at Hale Road with north-facing ramps, together with associated civil, drainage, pavement, structural, utility, and ancillary works. The access date for the Optional Works is 5 October 2026, representing near-term revenue conversion for NRW’s civil construction division.
The expansion of scope by Main Roads Western Australia to NRW Contracting signals client confidence in the group’s delivery capability on complex transport infrastructure.
Jules Pemberton, Chief Executive Officer of NRW Holdings
“The award of the Optional Works is a strong endorsement of NRW’s capability and track record in delivering complex transport infrastructure projects for Main Roads Western Australia. This additional scope increases the project value to approximately $300 million and further strengthens our civil construction order book. We look forward to continuing our collaborative relationship with Main Roads and successfully delivering these important infrastructure upgrades for the Western Australian community.”
Snapshot — two contracts at a glance
| Contract | Client | NRW Subsidiary | Scope Summary | Approx. Value |
|---|---|---|---|---|
| Mt Magnet Expansion | Ramelius Resources (ASX: RMS) | Primero Group | EPC — crushing circuit, grinding circuit, leach tanks, gold processing infrastructure | Not individually disclosed |
| Tonkin Highway Grade Separations (incl. Optional Works) | Main Roads Western Australia | NRW Contracting Pty Ltd | Grade separations + half-diamond interchange at Hale Road with north-facing ramps | ~$300M |
| Combined Total | ~$313M |
Note: The individual contract value for the Mt Magnet Expansion project was not disclosed in the announcement. The ~$313M figure represents the combined total only.
What NRW’s order book strength means for investors
For a contract services company, the order book is a forward measure of secured revenue. When a contractor wins a contract, the value of that work is added to the order book, giving investors visibility over future earnings before the work is physically performed. A growing order book reduces near-term revenue uncertainty and provides a clearer picture of workload pipeline, which is particularly relevant when assessing a company’s capacity utilisation and earnings trajectory.
NRW’s dual-sector contract wins carry added weight from a portfolio perspective. Gold processing infrastructure and civil transport construction operate on largely independent demand cycles. When one sector softens, the other may remain active, reducing the group’s concentration risk. The Mt Magnet award taps into what NRW’s CEO Jules Pemberton described as “the rapidly growing gold sector,” while the Tonkin Highway project reflects sustained government investment in Western Australian transport infrastructure.
At the group level, NRW operates with a workforce of around 14,000 people supporting more than 200 projects across Australia, Canada, the United States, and New Zealand. That operational scale means the group can absorb significant new project additions without material disruption to existing commitments.
Jules Pemberton, Chief Executive Officer of NRW Holdings
“Securing the Mt Magnet Expansion project is a significant achievement for Primero and NRW Group, and highlights the value of our end-to-end engineering, procurement and construction capabilities in the mining and minerals processing sector.
The award expands our exposure to the rapidly growing gold sector and further strengthens the Group’s order book, providing a strong platform for future growth.”
Key investor-relevant takeaways from the announcement include:
- Approximately $313M in new work secured in a single announcement
- Order book strengthened across both civil and resources divisions
- Access date for Tonkin Optional Works set at 5 October 2026, indicating near-term revenue conversion
- Primero’s EPC credentials reinforced with a named ASX-listed gold client (Ramelius Resources)
- Awards reflect end-to-end capability across engineering, procurement and construction, as highlighted by the CEO
For investors exploring how the current contract awards fit within NRW’s broader financial trajectory, our full explainer on NRW Holdings FY26 results covers the record $4.3 billion revenue outcome, the 53% dividend increase, and FY27 guidance of $4.6-$4.8 billion supported by $7.5 billion of work in hand.
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