EVOLUTION MINING LIMITED — Regulatory Filings 2017

Sep 17, 2017

18 September 2017

For Immediate Release

RAMELIUS TO ACQUIRE THE EDNA MAY GOLD MINE

Ramelius Resources Limited (ASX:RMS) (“Ramelius” or the “Company”), through its wholly owned subsidiary Ramelius Operations Pty Ltd, is pleased to announce that it has executed binding documentation to acquire the Edna May gold mine (“Edna May”) located near Westonia in Western Australia from ASX-listed Evolution Mining Limited (“Evolution”) (ASX:EVN).

ACQUISITION HIGHLIGHTS

• Ramelius to acquire the operating Edna May gold mine from Evolution for A$40M cash on completion plus capped royalty payments;

• Annualised Group production estimated to lift by ~54% to 195-205,000oz at an AISC of A$1,120-A$1,220/oz, with AISC expected to remain similar to previous ;

• Group Mineral Resources[1] to increase by 38.6% to 3.044Moz and Ore Reserves[1] increase by 105% to 831koz (JORC 2012); and

• Potential to take Edna May beyond the current 4 year mine plan with longer life open pit or underground options.

ACQUISITION CONSIDERATION

Total consideration payable to Evolution for the acquisition includes:

• A$40M upfront payment in cash upon completion, funded from cash on hand;

• Plus contingent consideration of:

• A$20M in cash or Ramelius shares, or a combination of both, at Ramelius’ sole election, upon a Board approved decision-to-mine the Edna May Stage 3 open pit;

• Royalty payments of up to a maximum of A$30M payable at A$60/oz from gold production over 200,000 ounces - (or up to A$50M payable at A$100/oz if Stage 3 open pit is not mined).

The total maximum consideration is A$90M with the initial consideration of A$40M to be funded from Ramelius’ cash reserves, which as at 30 June 2017 stood at A$89.9M cash and gold on hand.

Ramelius’ Managing Director, Mark Zeptner, today said:

“The acquisition of Edna May represents the next step in our stated ambition to build on the strength of our existing operations at Mt Magnet and Vivien. Upon completion, we become a 200,000 ounce pa gold producer, with all operations within a one hour flight from Perth.”

“Not only does this acquisition drive a significant increase in group Mineral Resources and Ore Reserves, as a going concern it also delivers excellent returns on our initial A$40M investment with minimal capex imposts.”

“We are also particularly excited about the potential for Edna May to significantly increase both its Ore Reserves and annual production via further extensions which represent huge optionality for Ramelius in the future.”

“Our management team has the skills and experience to collaborate with the existing Edna May workforce to deliver on the turnaround started by Evolution and in extending the future potential of the mine.”

GROUP PRODUCTION TARGETS [2 ]

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Figure 1: Life of Mine Production Profile

The acquisition of Edna May represents a step change in Ramelius’ overall production profile (refer Figure 1) whilst retaining overall group AISC within the current range. Production guidance for FY2018 increases to 195-205koz at an AISC of between A$1,120-A$1,220/oz.

Edna May’s contribution to the profile is approximately 40%, all from current open pit and underground Ore Reserves[1] . The total production in the overall profile now approaches 1,000,000oz , when combined with the original 545,000oz of Ramelius production.

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THE COMBINED OPERATIONS

The addition of Edna May to existing Ramelius operations form a compelling WA based gold mining group with:

• Total Mineral Resources of 831,000 ounces;

• Total Ore Reserves of 3.044 million ounces;

• An immediate uplift of annualised gold production to approximately 200,000 ounces per annum;

• Total milling capacity of approximately 4.4 million tonnes per annum;

• Diversification across 3 key operations (Mt Magnet, Vivien and Edna May) all within WA; and

• Existing management team in place to assist with reducing costs and driving growth within the Edna May operations.

TIMETABLE & NEXT STEPS

Completion of the acquisition is subject to customary closing conditions with the acquisition expected to settle on 3 October 2017.

Upon completion of the transaction, Ramelius’ priorities at Edna May will be to:

• Transition operations to Ramelius ownership focusing on increasing productivity levels & reducing mine AISC;

• Deliver strong operational cashflows from the current mine plan to maximize ROI to shareholders;

• Embark on detailed studies in relation to ‘Stage 3’ large scale open pit mining; and

• Convert resources into reserves through both surface and underground drilling to extend mine life.

ADVISERS

Adelaide Equity Partners Limited acted as financial adviser and DMAW Lawyers acted as legal adviser to Ramelius with respect to the acquisition.

For further information contact:

Mark Zeptner Managing Director Ramelius Resources Limited Ph: +61 8 9202 1127

Duncan Gordon Executive Director Adelaide Equity Partners Ph: +61 404 006 444

ABOUT EDNA MAY

Edna May is located 350km east of Perth, Western Australia, near the town of Westonia (refer Figure 2). The current operation was developed by Catalpa Resources Ltd and commissioned in May 2010. Ore is currently sourced from a single open pit mine and is processed through a conventional carbon in leach processing facility. The mine produced 70,188 ounces of gold in FY2017.

Geology

The mine is located in the Westonia Greenstone Belt within the Southern Cross Province of the Western Australian Yilgarn Craton. The Westonia Greenstone Belt trends WNW as a sequence of north dipping amphibolite facies mafic, ultramafic plus sedimentary rocks and fault bound tonalitic gneissic intrusions. It extends from Marvel Loch, 30km south of Southern Cross, for over 100km towards the Edna May mine. The remainder of the terrane comprises granitic rocks and their metamorphosed equivalents.

The Edna May gold mineralisation consists of high-grade reef structures and associated stockwork veining hosted within three en-echelon tonalitic gneiss intrusions (Edna May, Greenfinch and Golden Point).

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Mining

Open pit mining is by conventional drill and blast, load and haul method. A bulk mining approach has been adopted to the extraction of remnant high-grade reef structures and associated stockwork mineralisation. A portal was established and rehabilitation of an underground decline commenced in June 2016 to access higher grade lodes beneath the planned limits of the current Stage 2 open pit.

Processing

The process plant was purchased and transported from the Big Bell mine site to the Edna May site in 2007 and consists of a 2.0MW SAG mill and a 3.7MW Ball Mill along with other components necessary to provide a steady-state capacity of 2.6 million tonnes per annum. The process plant consists of a conventional carbon in leach (CIL) process and SABC FF (SAG mill, Ball mill, pebble Crusher, Feed Forward) circuit. The ore is metallurgically consistent with a typical metallurgical recovery of 92-95%.

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Figure 2: Edna May location and tenement package

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Figure 3: Edna May Stage 2 open pit (LHS) and processing plant (RHS)

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ABOUT RAMELIUS

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Figure 4: Ramelius’ Operations & Development Project Locations

Ramelius owns 100% of the Mt Magnet gold mine and associated processing plant located in the Murchison region of Western Australia (refer Figure 4). The Company is mining underground at the high-grade Vivien gold mine near Leinster, in addition to both open pit and underground mining at Mt Magnet (refer Figure 5).

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Figure 5: Mt Magnet gold camp key project locations

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NOTES

1 Mineral Resources & Ore Reserves – Edna May

As at 31 December 2016, Evolution reported Mineral Resources and Ore Reserves for the Edna May project as below in Tables 1 and 2 (see Evolution ASX Release, “Annual Mineral Resources and Ore Reserves Statement”, 20 April 2017).

Table 1: Edna May Mineral Resource estimate at 31 December 2016 of 19.37Mt at 1.36g/t gold for 848koz

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Table 2: Edna May Ore Reserve estimate 31 December 2016 of 8.22Mt at 1.61g/t gold for 426koz

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Based on a A$1,350/oz gold price

2 Production Target Note – Combined Operations

The Group Production Target numbers are a production target. The overall target is based on current Probable Ore Reserves (78% ozs), Indicated Mineral Resources (17% ozs) and Inferred Mineral Resources (6% ozs). In respect to Inferred Mineral Resources ‘there is a low level of confidence associated with inferred mineral resources and there is no certainty that further exploration work will result in the determination of indicated mineral resources or that the production target itself will be realised’ .

The target uses the current mine planning and budgeting methodology for the operating Mt Magnet and Vivien gold mines and was completed in May 2017. Gold price used is A$1,600/oz or current forward sold gold prices where they exist. Costs are based on current operating and contract rates. The Mineral Resources and Ore Reserves were prepared by the Competent Persons listed in the statement below.

The target uses the current mine planning methodology for the operating Edna May gold mine. Gold price used for Ore Reserves is A$1,350/oz with open pit reserves reported above a 0.5g/t gold cut-off and underground reserves reported above a 2.5g/t gold cut-off. The Mineral Resources and Ore Reserves used were prepared by the Competent Persons listed in the statement below.

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Details of the Mt Magnet & Vivien Mineral Resources and Ore Reserves used for the target can be found in Ramelius ASX Releases: ‘Resources and Reserves Statement 2016, 30 Sep 2016’, ‘Exploration & Resource Development Drilling Update, 19 Dec 2016’, ‘December 2016 Quarterly Activities Report, 31 Jan 2017’, ‘New Ore Reserves at Vivien and Mt Magnet & Exploration Update, 4 April 2017’.

Details of the Edna May Mineral Resources and Ore Reserves used for the target can be found in the ASX Release: ‘Annual Mineral Resources and Ore Reserves Statement’, 20 April 2017.

FORWARD LOOKING STATEMENTS

This report contains forward looking statements. The forward-looking statements are based on current expectations, estimates, assumptions, forecasts and projections and the industry in which it operates as well as other factors that management believes to be relevant and reasonable in the circumstances at the date such statements are made, but which may prove to be incorrect. The forward-looking statements relate to future matters and are subject to various inherent risks and uncertainties. Many known and unknown factors could cause actual events or results to differ materially from the estimated or anticipated events or results expressed or implied by any forward-looking statements. Such factors include, among others, changes in market conditions, future prices of gold and exchange rate movements, the actual results of production, development and/or exploration activities, variations in grade or recovery rates, plant and/or equipment failure and the possibility of cost overruns. Neither Ramelius, its related bodies corporate nor any of their directors, officers, employees, agents or contractors makes any representation or warranty (either express or implied) as to the accuracy, correctness, completeness, adequacy, reliability or likelihood of fulfilment of any forwardlooking statement, or any events or results expressed or implied in any forward-looking statement, except to the extent required by law.

COMPETENT PERSONS – MT MAGNET & VIVIEN

The information in this report that relates to the Mt Magnet & Vivien Mineral Resources and Ore Reserves is based on information compiled by Rob Hutchison (Mineral Resources) and Duncan Coutts (Ore Reserves), who are Competent Persons and Members of The Australasian Institute of Mining and Metallurgy. Rob Hutchison and Duncan Coutts are full-time employees of the company. Rob Hutchison and Duncan Coutts have sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the “Australasian Code for Reporting of Mineral Resources and Ore Reserves”. Rob Hutchison and Duncan Coutts consent to the inclusion in this report of the matters based on their information in the form and context in which it appears.

COMPETENT PERSONS – EDNA MAY

The information in this report that relates to the Edna May Mineral Resources and Ore Reserves is based on information compiled by Greg Rawlinson (Mineral Resources), Guy Davies (Ore Reserves – open pit) and Anton Kruger (Ore Reserves – underground), who are Competent Persons and Members of The Australasian Institute of Mining and Metallurgy. Greg Rawlinson, Guy Davies and Anton Kruger are full-time employees of the Evolution. Greg Rawlinson, Guy Davies and Anton Kruger have sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the “Australasian Code for Reporting of Mineral Resources and Ore Reserves”. Greg Rawlinson, Guy Davies and Anton Kruger consent to the inclusion in this report of the matters based on their information in the form and context in which it appears.

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