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RAMELIUS RESOURCES LIMITED AGM Information 2015

Nov 25, 2015

65718_rns_2015-11-25_be124b7d-c5b4-4d35-9b39-b8877b8a56b4.pdf

AGM Information

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RAMELIUS RESOURCES LIMITED

2015 ANNUAL GENERAL MEETING

CHAIRMAN’S ADDRESS

Ladies and Gentlemen, it is my pleasure to welcome you to the 13th Annual General Meeting of Ramelius Resources Limited.

Present with me today are my fellow directors, Mr Kevin Lines and Mr Mike Bohm, our Company Secretary Mr Dom Francese and also Mr Mark Zeptner, who on 1 July 2015 was appointed Managing Director. In order to create an incentive for Mark, your board proposed the grant of a number of options as set out in the Notice of Meeting at a time when the share price of the company was trading at 11.5 cents per share. The gratifying results since then have resulted in the share price rising as high as 24.5 cents (on 26 and 27 October 2015) recently and to be 18.5 cents at market close yesterday. Your board continues to recommend approval of the grant of options on the terms set out in the Notice of Meeting.

Ramelius made a significant turnaround in 2015 recording a return to profit before tax of $20.5 million. The 2016 financial year results are on track to at least meet guidance, if not exceed it.

In the year to 30 June 2015, Ramelius sold 88,706 ounces of gold at an average gold sales price of A$1,464 per ounce generating gold sales of $129.9 million despite gold price volatility. The gold price which was A$1,396 per ounce at the start of the financial year, ended the year at A$1,521 per ounce and more recent has traded above A$1,600 per ounce several times before retreating back below A$1,500 per ounce.

In May 2015 Ramelius entered into a $10 million standby finance facility which provided funding certainty and enabled the Ramelius Board to proceed with the development of the high grade Vivien gold mine. The finance facility remains undrawn however as part of the facility, Ramelius entered into a forward gold sales program over 86,689 ounces of gold at an average gold price of A$1,570 per ounce for delivery through the period to March 2017. Since 30 June 2015 the Company has completed some additional short term forward gold sales over 8,100 ounces of gold out to February 2016 at an average gold price of A$1,625 per ounce. The forward gold sales program locks in the gold price for part of the Company’s production which mitigates the commodity price risk over the relevant production period and that also, at today’s gold price, looks quite attractive.

During the past year Ramelius focused its mining efforts on the Galaxy pit cut-back at Mt Magnet, accessing the high grade ore zones below the historical Saturn and Mars open pits. In January 2015 the Company commenced the Perseverance open pit cut-back development, transitioning gold production from Saturn and Mars which, since year end, have both been completed.

As part of the Company’s strategy for the Checkers processing plant at Mt Magnet, your Board approved the development of the Vivien underground mining operation and the nearby Kathleen Valley open pit gold mine. Both mining projects are high grade operations located near Leinster in Western Australia approximately 300kms to the east of Mt Magnet. Ore from these projects will be trucked and processed at Mt Magnet which for Kathleen Valley, commenced in August 2015. The development of the underground decline at Vivien is progressing well and is on track for first gold production in early 2016.

In addition to its mining operations, Ramelius was also active in exploration.

During the year Ramelius intersected exciting high grade mineralisation at the Blackmans project. This project is located only 30kms to the north of Mt Magnet. Our exploration success resulted in a

maiden mineral resource estimate that our Managing Director will shortly elaborate on in his presentation. However, initial scoping studies have suggested a viable open pit mining operation and given the project’s proximity to Mt Magnet, a mining operation at Blackmans will add to current gold production at the Checkers processing plant.

Another achievement for Ramelius during the year was the exploration undertaken at the Tanami joint venture project in the Northern Territory which resulted in Ramelius earning an 85% interest from Tychean Resources Limited. The package of joint venture tenements are located within 100kms of Newmont’s 20 million plus ounce Callie Gold mine and Ramelius is excited about commencing a drilling program next year at the Highland Rocks tenement.

Exploration activities were also conducted during the year at our Kathleen Valley and Vivien Gem projects near Leinster, the Coogee project located south east of Kalgoorlie in Western Australia, at the Moonlight Creek gold project in Queensland and at the Condobolin joint venture gold project in New South Wales where Ramelius can earn an 80% interest.

At the end of the financial year the Company had cash and gold on hand of $36.3 million which increased to $39.2 million at the end of the September 2015 quarter. I believe Ramelius is in a strong financial position to forge ahead with its mining operations at Mt Magnet, Kathleen Valley and Vivien to increase gold production at the Checkers processing plant and become Australia’s next 100,000 plus ounce gold producer.

Your Directors will continue looking for further opportunities to grow the Company and increase shareholder value.

I take this opportunity to thank our Managing Director and the Board, our Company Secretary and all the Ramelius team for their efforts during the past year.

I thank our shareholders for their continuing loyalty and support, especially those attending today.

Ladies and gentlemen, thank you for your attention.

Bob Kennedy CHAIRMAN

  • 2 -

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Ramelius Resources Limited ASX:RMS Annual General Meeting – 26 November 2015

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Forward Looking & Competent Persons Statements

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Forward Looking Statements

This presentation contains certain forward looking statements with respect to Ramelius’financial condition, results of operations, production targets and other matters that are subject to various risks and uncertainties. Actual results, performance or achievements could be significantly different from those expressed in or implied by those forward looking statements. Such forward looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors that are beyond the control of Ramelius that may cause actual results to differ materially from those expressed in the forward looking statements contained herein. Ramelius Resources Limited gives no warranties in relation to the information and statements within this presentation.

Competent Persons Statement

The Information in this report that relates to Exploration Results, Mineral Resources and Ore Reserves is based on information compiled by Kevin Seymour (Exploration Results), Rob Hutchison (Mineral Resources) and Mark Zeptner (Ore Reserves), who are Competent Persons and Members of The Australasian Institute of Mining and Metallurgy. Kevin Seymour, Rob Hutchison and Mark Zeptner are full-time employees of the company and 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 Exploration Results, Mineral Resources and Ore Reserves”. Kevin Seymour, Rob Hutchison and Mark Zeptner consent to the inclusion in this report of the matters based on their information in the form and context in which it appears.

Production Targets

Production targets presented for Vivien and Kathleen Valley projects contain Inferred Resources. For details covering the Mineral Resource and Ore Reserve classifications and proportions relating to the production targets refer to slide 25. Further evaluation work and appropriate studies are required to establish sufficient confidence that this target will be met.

Ramelius Resources Limited • Annual General Meeting – November 2015

2

12 Months in Review

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Mar-15 Qtr Jun-15 Qtr Sep-15 Qtr Dec-15 Qtr
Commenced mining Percy “Go Ahead” announced for Commenced mining Sep Quarter Gold Production
open pit (Mt Magnet) Kathleen Valley & Vivien Kathleen Valley & Vivien Guidance exceeded
High grade gold hits at A$10M finance facility with First ore mined at Vivien
Full Year profit for FY2015
Blackmans Project CBA secured Gold Mine
Maiden Ore Reserve at Forward Gold Sales Ore haulage commences Maiden Ore Reserve at
Kathleen Valley Project announced (2 [nd] tranche) from Kathleen Valley Blackmans Project
Forward Gold Sales Maiden Mineral Resource at High grade gold discovery at Milky Way exploration
announced Blackmans Project Milky Way (Mt Magnet) drilling results
Surface works commenced
at Vivien Project
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Ramelius Resources Limited • Annual General Meeting – November 2015

3

12 Months in Review

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Ramelius Resources Limited • Annual General Meeting – November 2015

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12 Months in Review

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Ramelius Resources Limited • Annual General Meeting – November 2015

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12 Months in Review

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Ramelius Resources Limited • Annual General Meeting – November 2015

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12 Months in Review

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Ramelius Resources Limited • Annual General Meeting – November 2015

7

Delivering on Strategy

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1. Focus on capital management

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2. Profitable operations

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3. High margin asset discovery

  • AISC represents All-In Sustaining Costs as per the World Gold Council guidance

Ramelius Resources Limited • Annual General Meeting – November 2015

8

Delivering on Strategy

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  • Forward Gold Sales (30 Sep 2015)

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Ramelius Resources Limited • Annual General Meeting – November 2015

9

Peer Comparison

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Ramelius Resources Limited • Annual General Meeting – November 2015

10

Corporate Summary

Capital Structure (as at 30 Sep 15)

Shares on Issue 473.7M
Market Cap A$85.3M
Cash & Gold A$39.2M
Corporate Debt Nil
Enterprise Value A$46.1M
6 Month Trading Range A$0.11 - $0.18
Major Shareholders(as at 30 Sep 15)
JP Morgan Nominees Aus. Ltd 4.0%
Citicorp Nominees Aus. Ltd 3.6%
HSBC Custody Nominees Aus. Ltd 1.8%
Jetosea Pty Ltd 1.8%
Mandurang Pty Ltd 1.7%

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Board & Management

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Robert Kennedy Non Executive Chairman Mark Zeptner Managing Director Kevin Lines Non Executive Director Mike Bohm Non Executive Director

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Share Price v Gold Index

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Ramelius Resources Limited • Annual General Meeting – November 2015

11

Operations & Development Projects Overview

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----- Start of picture text -----

|||
|---|---|
|Blackmans Gold Project|
|Resource Tonnes|457kt|
|Resource Grade|2.6g/t|
|Resource Ounces|38koz|
|Mt Magnet Gold Mine|
|Mill Capacity|1.7Mtpa|
|Resource|1.8Moz|
|Reserve|268koz|
|Life|4 years|
|AISC|A$1,300/oz|
|UCF*|A$50M|
|Burbanks Treatment Plant|
|Mill Capacity|180ktpa|
|12 Mth Lease|Start date tba|
|Revenue p.a|~A$1.0M|

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|||
|---|---|
|Kathleen Valley Gold Mine|
|Resource|163koz|
|Reserve|55koz|
|Life|1.5 years|
|AISC|A$936/oz|
|UCF|A$28M|
|Vivien Gold Mine|
|Resource|184koz|
|Reserve|101koz|
|Life|3 years|
|Capex|A$16.3M|
|AISC|A$990/oz|
|UCF
|A$37M|

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*Undiscounted Cash Flow @ A$1,500/oz

Ramelius Resources Limited • Annual General Meeting – November 2015

12

Operations – Mt Magnet Production & Costs

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Milled Tonnes & Head Grade

Gold Production & Costs

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700,000 2.00
Western Percy Pit
Queen Pit
600,000
1.75
Mossbecker
500,000 pit
Saturn 1.50
& Mars
400,000 pits
1.25
300,000
1.00
200,000
0.75
100,000
0 0.50
Milled Tonnes (LHS) Head Grade (RHS)
Milled Tonnes (t)
Head Grade (g/t)
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25,000 2,000
SAG mill
22,500 Ball mill 1,800
repairs
motor
20,000 1,600
17,500 1,400
15,000 1,200
12,500 1,000
10,000 800
7,500 600
5,000 400
2,500 200
- -
Fine Gold Production (LHS) C1 - Cash Cost (RHS) AISC (RHS)
Costs (A$/oz)
Gold Production (oz)
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Ramelius Resources Limited • Annual General Meeting – November 2015

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Operations - Mt Magnet Gold Mine

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  • Saturn & Mars open pits complete

  • Saturn pit

  • 210m deep, final depth

  • 2.83Mt @ 1.41g/t for 128koz mined

  • Oct 2011 - Sep 2015

  • Mars pit

  • 140m deep, final depth

  • 1.40Mt @ 1.70g/t for 77koz mined

  • Oct 2011 - Oct 2015

  • Percy pit

  • 40m deep, 150m at base

  • Average grade 1.9g/t

  • 8:1 strip ratio

  • Commenced Jan 2015

Ramelius Resources Limited • Annual General Meeting – November 2015

14

Operations - Kathleen Valley Gold Mine

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Physicals Ore Reserve
June 2015
Mine Life 1.5 years
Mineral Resource 163koz
Ore Reserve 55koz
Grade 4.2 g/t
Recovery 95.0%
Recovered Ounces 52koz
Financials BFS
February 2015
Up Front Capital A$1.5M
C1 Cash Cost A$925/oz
AISC A$936/oz
Total Cost
(incl. Up Front)
A$975/oz
Cash Flow
@ A$1,500/oz

A$28M

Ramelius Resources Limited • Annual General Meeting – November 2015

15

Operations - Vivien Gold Mine

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Physicals Ore Reserve
June 2015
Mine Life 3 years
Mineral Resource 184koz
Mining Inventory 109koz2
Grade 7.6 g/t
Recovery 95.0%
Recovered Ounces 104koz
Financials Updated BFS
Oct 2014
Up Front Capital A$16.3M
C1 Cash Cost A$766/oz
Royalties A$120/oz
AISC A$990/oz
Total Cost
(incl. Up Front)
A$1,148/oz
Cash Flow @ A$1,500/oz A$37M

Ramelius Resources Limited • Annual General Meeting – November 2015

16

Development - Blackmans Gold Project

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Physicals Mineral Resource
June 2015
Resource Tonnes 457kt
Resource Grade 2.6g/t
Resource Ounces 38koz
Physicals Ore Reserve
Mine Life tba
Mineral Resource 38koz
Ore Reserve tba
Grade tba
Recovery tba
Recovered Ounces tba

Ramelius Resources Limited • Annual General Meeting – November 2015

17

Production Targets - FY2016

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Over-performance in Sep 2015 Qtr (23.6koz Actual vs 20koz Guidance) → 104koz forecast

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FY2016 - Group Production Profile
40,000 3.0
2.7
35,000
2.5
30,000 2.1
1.9 Mossbecker
1.8 2.0 Kathleen Valley
&
25,000
Mossbecker Yellow Aster Vivien
Mossbecker
& Mt Magnet
20,000 Guidance 20koz 1.5
Yellow Aster Guidance
Mossbecker
Vivien
Head Grade
15,000 Vivien
Saturn, 1.0
Mars Percy
10,000
& Percy &
Percy Percy Brown Hill 0.5
5,000
0 0.0
SEP 2015 QTR DEC 2015 QTR MAR 2016 QTR JUN 2016 QTR
Ounces g/t Au
----- End of picture text -----

Ramelius Resources Limited • Annual General Meeting – November 2015

18

Production Targets - 3 Year Plan[* ]

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Robust plan over next 3 years using primarily Ore Reserves (92%)

  • Strong focus on building quality LoM extensions during remainder of FY2016

RMS - Group Production Profile

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----- Start of picture text -----

1,250
140,000
1,200
Yellow Aster
120,000 1,100 1,000
KV extensions
1,000 Coogee
100,000 Vivien extensions Kathleen (Resources)¹
Mossbecker
Vivien 750 Kathleen (Reserves)
&
80,000 Vivien (Resources)²
Yellow Aster Vivien
Vivien (Reserves)
60,000 Vivien 500 Mt Magnet (Reserves)
Saturn
AISC
& Percy Titan Morning
40,000
& & Star
Mars
250
Brown Hill Water Tank &
20,000 Hill Satellites
0 0
FY2015 FY2016 FY2017 FY2018
A$/oz
Ounces
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*Note: FY2018 Production targets for Vivien & Kathleen Valley contain a proportion of Inferred Resources, refer to slide 25 for further details

Ramelius Resources Limited • Annual General Meeting – November 2015

19

Exploration - Project Locations

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Ramelius Resources Limited • Annual General Meeting – November 2015

20

Exploration - Mt Magnet (WA)

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  • New 3-D geological model created

  • Targeting large tonnage opportunities within felsic porphyry units

  • 1.5km south of Galaxy open pits

  • First target Milky Way open pit:

  • High grade intersections:

    • 6m @ 11.64g/t Au from 189m

    • 7m @ 11.29g/t Au from 232m

    • 3m @ 6.11g/t Au from 84m

  • Another 10 RC holes drilled

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  • ? awaiting results

Ramelius Resources Limited • Annual General Meeting – November 2015

21

Exploration - Tanami JV (NT)

  • 1,700km[2] of prospective geology

  • RMS earnt 85% from Tychean (ASX: TYK)

  • Within 100km of;

  • Newmont’s +20Moz Callie Gold Mine

  • Granites Treatment Plant

  • Suplejack EL 3 phases of drilling

  • Plus 10ppb interface gold anomaly over 2km strike

  • Highland Rocks ELA’s recommended for grant

  • Exploration work to commence March 2016

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Ramelius Resources Limited • Annual General Meeting – November 2015

22

2016 Focus Areas

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Australia’s next 100koz p.a. gold producer

  • Mine Life / Reserves

  • Profitable Operations

  • Exploration

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Ramelius Resources Limited • Annual General Meeting – November 2015

23

Thank you

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Contact details:

  • Mark Zeptner – Managing Director

  • Phone – +61 8 9202 1127

  • Email – [email protected]

Website – www.rameliusresources.com.au completed Saturn pit, looking north

Ramelius Resources Limited • Annual General Meeting – November 2015

24

Production Targets, Mineral Resources & Ore Reserves Note

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For detailed information relating to Mineral Resources and Ore Reserves see ASX release (RMS) 10 Sept 2015, ‘Resources and Reserves Statement’. All Mt Magnet Production targets are based on Ore Reserves.

¹ Kathleen Valley production target based on Ore Reserves plus a proportion of Inferred Mineral Resource (15% oz). There is a low level of geological confidence associated with inferred mineral resources and there is no certainty that exploration work will result in the determination of indicated resources or that the production target will be realised. The stated production target is based on the company’s current expectations of future results or events and should not be solely relied upon by investors when making investment decisions. Further evaluation work and appropriate studies are required to establish sufficient confidence that this target will be met.

² Vivien Production Target based on Ore Reserves plus a proportion of Inferred Mineral Resource (16% oz). For detailed information relating to Vivien Mining Inventory and Ore Reserve see ASX release (RMS) 30 May 2014, ‘Vivien Gold Mine Feasibility Completed’. There is a low level of geological confidence associated with inferred mineral resources and there is no certainty that exploration work will result in the determination of indicated resources or that the production target will be realised. The stated production target is based on the company’s current expectations of future results or events and should not be solely relied upon by investors when making investment decisions. Further evaluation work and appropriate studies are required to establish sufficient confidence that this target will be met.

The Company confirms that it is not aware of any new information or data that materially affects the information included in this presentation and that all material assumptions and technical parameters underpinning the estimates continue to apply and have not materially changed.

Ramelius Resources Limited • Annual General Meeting – November 2015

25

Mineral Resource Statement

MINERAL RESOURCES AS AT 30 JUNE 2015- INCLUSIVE OF RESERVES MINERAL RESOURCES AS AT 30 JUNE 2015- INCLUSIVE OF RESERVES MINERAL RESOURCES AS AT 30 JUNE 2015- INCLUSIVE OF RESERVES MINERAL RESOURCES AS AT 30 JUNE 2015- INCLUSIVE OF RESERVES MINERAL RESOURCES AS AT 30 JUNE 2015- INCLUSIVE OF RESERVES
Deposit Measured Indicated Inferred Total Resource
Tonnes
Au
Au
('000s)
g/t
Oz
Tonnes
Au
Au
('000s)
g/t
Oz
Tonnes
Au
Au
('000s)
g/t
Oz
Tonnes
Au
Au
('000s)
g/t
Oz
Galaxy
MorningStar
823
1.5
40,000
6,318
1.9
393,000
1,765
1.8
103,000
4,436
1.3
180,000
4
1.4
-
11,577
1.6
613,000
1,770
1.8
103,000
Total major deposits 823
1.5
40,000
8,084
1.9
496,000
4,441
1.3
180,000
13,347
1.7
716,000
Bartus Group
Blackmans
Boomer
Britannia Well
Bullocks
Eastern Jaspilite
Eclipse
Golden Stream
Hill 60
Lone Pine
O'Meara Group
Shannon
Spearmont - Galtee
Stellar
Welcome - Baxter
49
2.2
4,000
146
2.2
10,000
199
2.5
16,000
94
2.5
8,000
160
2.1
11,000
222
1.6
11,000
115
2.1
8,000
336
2.6
28,000
1,194
1.8
68,000
179
2.0
12,000
202
3.3
21,000
121
2.8
11,000
167
2.2
12,000
154
2.9
14,000
277
1.7
15,000
231
2.5
18,000
35
2.5
3,000
25
2.9
2,000
87
1.9
5,000
276
1.6
15,000
238
1.6
12,000
121
2.6
10,000
786
1.0
26,000
40
2.5
3,000
134
2.5
11,000
41
2.1
3,000
7
1.7
-
309
4.6
46,000
147
1.7
8,000
151
1.5
7,000
42
2.6
3,000
207
4.3
28,000
59
1.8
3,000
198
1.8
11,000
402
1.8
24,000
457
2.6
38,000
1,980
1.5
94,000
179
2.0
12,000
242
3.2
25,000
401
2.4
32,000
208
2.1
14,000
160
2.8
15,000
309
4.6
46,000
623
1.9
38,000
383
2.1
26,000
170
2.5
14,000
232
4.1
31,000
306
2.0
19,000
696
1.7
37,000
Total satellite deposits 869
2.1
60,000
3,399
2.1
232,000
2,480
2.1
171,000
6,748
2.1
463,000
Hill 50 Deeps
Morning Star Deeps
Saturn UG
St George UG
Water Tank Hill UG
279
5.5
49,000
110
4.9
17,000
932
7.0
209,000
195
4.2
26,000
149
4.2
20,000
229
6.6
49,000
396
6.4
81,000
334
5.0
53,000
1,607
2.5
127,000
42
4.0
5,000
89
4.9
14,000
1,607
6.6
339,000
528
4.7
79,000
1,607
2.5
127,000
302
4.4
42,000
318
6.1
63,000
Total UG deposits 390
5.3
66,000
1,504
6.3
304,000
2,468
3.5
280,000
4,362
4.6
650,000
Mt Magnet Stockpiles 794
0.7
19,000
-
-
-
-
794
0.7
19,000
Mt Magnet Total 2,876
2.0
185,000
12,987
2.5
1,032,000
9,388
2.1
631,000
25,251
2.3
1,848,000
Western Queen South
Coogee
Vivien
Kathleen Valley
Mossbecker
Yellow Aster/Nils D.
104
3.6
12,000
31
3.6
4,000
499
8.8
141,000
463
4.0
59,000
205
4.4
29,000
81
3.4
9,000
65
3.3
7,000
306
4.4
43,000
186
2.3
14,000
960
2.0
61,000
185
3.5
21,000
96
3.4
11,000
805
7.1
184,000
650
3.5
73,000
1,165
2.4
90,000
Non Mt Magnet Total 1,302
5.9
245,000
1,599
2.6
134,000
2,901
4.1
379,000
Total Resources 2,876
2.0
185,000
14,289
2.8
1,277,000
10,987
2.2
765,000
28,152
2.5
2,227,000

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For detailed information relating to Mineral Resources see ASX release (RMS) 10 Sept 2015, ‘Resources and Reserves Statement’. No material change has occurred.

Note: Figures rounded to nearest 10,000 tonnes, 0.1 g/t and 1,000 ounces. Rounding errors may occur.

Ramelius Resources Limited • Annual General Meeting – November 2015

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Ore Reserve Statement

ORE RESERVE STATEMENT AS AT 30 JUNE 2015 ORE RESERVE STATEMENT AS AT 30 JUNE 2015 ORE RESERVE STATEMENT AS AT 30 JUNE 2015
Proven Probable Total Reserve
Tonnes
Au
Au
('000s)
g/t
Oz
Tonnes
Au
Au
('000s)
g/t
Oz
Tonnes
Au
Au
('000s)
g/t
Oz
Galaxy Pits
Saturn
Mars
Titan
Perseverance
Brown Hill
Morning Star Cutback
Morning Star
Satellite Pits
Boomer
Lone Pine
O'Meara
Golden Stream
Underground
Water Tank Hill
St George
Stockpiles
21
1.5
1,000
20
1.9
1,000
667
1.4
30,000
73
3.6
8,000
794
0.7
19,000
92
2.2
7,000
65
1.7
4,000
483
1.4
21,000
452
2.7
39,000
109
2.6
9,000
478
2.8
43,000
132
2.9
12,000
258
1.8
15,000
46
3.4
5,000
95
3.0
9,000
176
6.5
37,000
86
3.0
8,000
113
2.1
8,000
84
1.8
5,000
1,150
1.4
51,000
452
2.7
39,000
109
2.6
9,000
478
2.8
43,000
132
2.9
12,000
258
1.8
15,000
46
3.4
5,000
95
3.0
9,000
176
6.5
37,000
159
3.3
16,000
794
0.7
19,000
Mt Magnet Total 1,575
1.2
59,000
2,471
2.6
209,000
4,045
2.1
268,000
Vivien Underground 400
7.9
101,000
400
7.9
101,000
Mossbecker pit
Yellow Asterpit
321
4.1
42,000
88
4.6
13,000
321
4.1
42,000
88
4.6
13,000
Kathleen Valley Total 408
4.2
55,000
408
4.2
55,000
Total Reserves 1,575
1.2
59,000
3,279
3.5
365,000
4,854
2.7
424,000

==> picture [104 x 76] intentionally omitted <==

For detailed information relating to Ore Reserves see ASX release (RMS) 10 Sept 2015, ‘Resources and Reserves Statement’. No material change has occurred.

Note: Figures rounded to nearest 10,000 tonnes, 0.1 g/t and 1,000 ounces. Rounding errors may occur.

Ramelius Resources Limited • Annual General Meeting – November 2015

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