RAMELIUS RESOURCES LIMITED — AGM Information 2016

Nov 22, 2016

RAMELIUS RESOURCES LIMITED

2016 ANNUAL GENERAL MEETING

CHAIRMAN'S ADDRESS

Ladies and Gentlemen, welcome to the 14th Annual General Meeting of Ramelius Resources Limited.

It is my pleasure to report an improved financial and operational result for Ramelius in 2016.

A few months ago, in August, Ramelius reported a 71% increase in profit after tax of A$27.5 million for the year ending 30 June 2016 compared to A$16.0 million in the previous financial year. Sales revenue increased 33% from A$130.4 million in 2015 to A$173.7 million in 2016 which saw the Company generate increased cash flow from operating activities of A$65.5 million, up 43% or nearly A$20 million from the A$45.7 million generated in the prior year.

Fortunately, industry conditions for the gold sector were not as volatile as in the previous few years. In particular, the gold price increase during calendar year 2016 has been positive to the financial performance of the Company and the share price. The gold price this time last year was approximately A$1,478/oz compared to approximately A$1,648/oz at close of business yesterday. I point out however, that apart from the gold price impact, Ramelius has also reaped the rewards of having reduced its costs in recent years, with the Company now operating profitably for the past two financial years. I congratulate our Managing Director and all employees for their efforts in this regard.

At the last Annual General Meeting, the Ramelius share price was trading around 17.5 cents and it is pleasing to see our shares trading at 49.0 cents at the close of business yesterday, an increase of 180% over that period.

Ramelius has had a busy year on several operational fronts. At the Mt Magnet Galaxy gold project, the Company successfully completed open pit mining at Saturn and Mars in the first half of the financial year and continued mining activities at Perseverance. The Saturn pit was mined for a continuous period of 4 years to a depth of 200 metres which resulted in total claimed high grade gold production since mining commenced there in 2011 of 2.46 million tonnes at 1.52g/t for 120,748 ounces of gold, exceeding the June 2011 Ore Reserve of 2.08 million tonnes at 1.5g/t for 103,000 ounces. The Mars pit was completed in October 2015 to a depth of 150 metres and resulted in total claimed high grade gold production since the start of mining of 1.40 million tonnes at 1.7g/t for 76,680 ounces of gold, also exceeding the 2011 Ore Reserve of 0.99 million tonnes at 2.1g/t for 67,000 ounces. Together, Saturn and Mars produced a total of nearly 228,000 ounces of fine gold. Ramelius is currently transitioning its main ore production source at the Mt Magnet Galaxy project from Perseverance, where mining is expected to be completed in early 2017, to the Titan pit.

300km to the east of Mt Magnet, Ramelius pressed ahead with the Kathleen Valley open pit and Vivien underground gold mining projects near Leinster, Western Australia. At Kathleen Valley the Company's focus during the year was on the Mossbecker and Yellow Aster Deeps open pits. In the middle of the financial year, two additional smaller pits were added to the Kathleen Valley mine plan; Yellow Aster North and Nil Desperandum, all of which have recently been successfully completed. Gold ore from Kathleen Valley was trucked to the Company's 100% owned Checkers processing plant at Mt Magnet which processed almost 1.7 million tonnes of ore during the financial year at a recovered average grade of 2.2g/t to produce nearly 111,000 ounces of fine gold. This was a significant increase from the 1.63 million tonnes at 1.55g/t for 81,683 fine ounces of gold produced in the prior year. It is my pleasure to also report today that our Checkers mill has now processed a total of approximately 388,000 ounces of fine gold since it was refurbished by Ramelius in 2011.

During the year Ramelius also progressed the development of its Vivien high grade underground gold mine near Leinster in Western Australia. The development of the underground decline was advanced approximately 1,200 metres and first development ore was accessed in February 2016 and trucked to Mt Magnet for processing at the Checkers mill. By 30 June 2016, approximately 7,200 ounces of gold was produced from the operation. The high-grade Vivien gold mine will be a significant contributor to total gold production in the year ahead.

Your Company also progressed the Blackmans gold project located 30km to the north of Mt Magnet for a new mining operation in 2016/17. Since the end of the financial year final mining approvals have been received and open pit mining activities have recently commenced with first gold ore accessed last week.

Ramelius also progressed its Water Tank Hill gold project located 1.5km to the west of the Mt Magnet Township. The Company undertook mine design and evaluation work in preparation for an underground mining operation expected to commence there in 2017.

The Company's other gold processing plant near Coolgardie in Western Australia was on care and maintenance and in August 2016, the plant was sold for a total consideration of A$2.5M to be received in several instalments over a period of 24 months from the sale date.

Your Company was also active during the year conducting exploration activities on its suite of gold exploration projects. Significantly, more than 25,000 metres of RC drilling and a 201 metre diamond drill hole was carried out at Mt Magnet on porphyry hosted gold targets within the Boogardie basin, where Ramelius had exploration success, reporting a new high grade gold discovery at Milky Way in September 2015. Following this success, infill drilling confirmed significant mineralisation and a maiden mineral resource was announced in May 2016. Following further drilling, open pit optimisation and feasibility studies for a potential mining operation, a new Ore Reserve of 1.87 million tonnes at 1.3g/t for 78,000 ounces of gold was reported in September 2016. The Milky Way discovery demonstrates the potential for deeper gold mineral deposits at Mt Magnet and Ramelius is conducting exploration and step-out drilling at a number of targets within the Boogardie basin near Milky Way in its quest to discover additional gold deposits.

Earlier this year your directors conducted a site visit to review progress at its Western Australian operations which included a gold pour at the Checkers mill at Mt Magnet, I would now like to show shareholders present a very short video of that gold pour.

Video presentation.

Ladies and Gentlemen, with a cash balance of approximately A$90M and an undrawn finance facility with the CBA, Ramelius is well placed to take advantage of any corporate opportunities that may become available to grow the Company and create further shareholder value.

As I look forward to another interesting year ahead I take this opportunity to thank our Managing Director and the Board, our Company Secretary and all the Ramelius employees for their ongoing efforts during the past year.

I thank shareholders for their continuing support and loyalty, especially those attending the Annual General Meeting today.

Ladies and gentlemen, thank you for your attention.

Bob Kennedy CHAIRMAN

Ramelius Resources Limited

Mark Zeptner ‐ Managing Director

Annual General Meeting – 23rd November 2016

Qualification

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 Duncan Coutts (Ore Reserves), who are Competent Persons and Members of The Australasian Institute of Mining and Metallurgy. Kevin Seymour, Rob Hutchison and Duncan Coutts 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 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.

Production Targets

Production targets presented for Vivien and Kathleen Valley projects include Inferred Resources. For details covering the Mineral Resource and Ore Reserve classifications and proportions relating to the production targets refer to slide 32. Further evaluation work and appropriate studies are required to establish sufficient confidence that this target will be met.

Operating Performance

	2015		2016
lddiGPtoroucon	86635oz,		110839oz,	28%up
Revenue	$A1304m		$3A177m	%33up
EBITDA	$A469m		$A756m	%61up
ffiNPATttteroerax	$6A11m		$2A75m	%71up

Other Key Performance Indicators

All Ordinaries Index (Top 500) ‐ March 2016

Record gold production June 2016 Qtr was surpassed in Sep 2016 Qtr

FY2017 ‐ 22% increase to 135koz at AISC of A$1,050/oz (US$787/oz)

Strengthened Balance Sheet

	2015		2016
hdldCGasano	$363m		$A497m	32%up
NAttesses	$993Am		$26A17m	28%up
iBorrowngs	$()A11m		liN	d%100onw
hliOCFtperangasows	$A485m		$A655m	43%up

September 2016 Quarter

Record gold production totalling 36,179oz, exceeded upper end of Guidance

Cash and Gold increased to A$88.7m

Consistently achieving and exceeding Guidance

Growing margin to AISC reflected in Cash & Gold balance

Returns superior to the ASX Gold Index (GDX)

One of the best performing junior gold stocks in FY2016

Ramelius Resources Limited • Annual General Meeting – November 2016 8

Corporate Summary

CStttorporaerucure: at 31 Ober 2016cto
haSIssres onue	525M
keMCatarp	$A240M$(M)US180
iqidiLtyu	daha30‐1.9Mysres
h&ldCaGos	$A89M$(US67M)30Se2016atp

dididPGtrouconanuance
20GuidaFY17nce	$3000o@SC0015,AIA1,5($7)US78z
duionFY2016Prtoc	$@110,839oAISCA1,157 ($US868)z
inelMRerasources	2.22M30Ju2016ozatne
lToOrRetaeserves	0.42M30Ju2016ozatne

Share Price Performance

()didHSBCCNALttusoyomneesus.
dy()dHSBCCuNoineAuLtotsmess.	14.0%
iicoinedCNoPLttytrpmes	7.6%
()dJPMNoineAuLtorganmess.	6.%1
diissiies()dCrSuSeEuLttteecurr.	2.2%
Guina&GlobaldEnInvPLtmtstytergyesen	%1.9

dBoar		Mtanagemen
bedyRoKetrnne	haNoExiveCirmtnecuan	DuCottsncanu	hfffCieOpingOiceterar
kMZetnarper	MingDiretoanagcr	SimIattaoncope	hflffCieiniaOiceFancr
ininKeLesv	iveireNoExDttonecucr	inKeSevymour	lo&GMExioBDtpran
ikehmMBo	NoExiveDirettonecucr	bhisoRoHutcn	inlogMGeMeoyanager
DoFrmancese	CoSetampanycrery	lyhTimBt	ldGMMMGottagne
		heDaDotynnyr	ldUMVivieGoMinne

Operational Locations ‐ Western Australia

Production Targets* ‐ 4 Year Plan

Life of Mine Plan a "Work in Progress" with revised Vivien, Milky Way timing and Morning Star upgrades being considered

*1,2FY2019 & FY2020 production targets for Mt Magnet & Vivien contain Inferred Resources (10%), refer to slide 32 for further details.There is a low level of geological confidence associated withinferred mineral resources andthere is no certainty that further exploration work will result in the determination of indicated mineralresources or that the production target itself will be realised.

Capital Requirements ‐ 4 Year Plan

Milky Way development & additional brownfields exploration expenditure to be brought forward

jPtroec	20FY17	208FY1	209FY1	2020FY
iiTttanopenp	$A45M
kllddWTHitaeranunergroun	$A11.5M
lkBitacmansopenp	$A1M
hdMMttagnecruserupgrae	$A1M
lkiiMWtyayopenp	$A15M	$A15M$(d)A15Mi2017m
llSiitttaeeopenps	$2AM	$A5M
((llffllddiiii&&EEttppoorraaoonnggrreeeenneessxx)bfldironesw	$$110AA5MM	$$10AA5MM$()A5MH2FY2017	$10AM	$A5M
lTtoa	$$AA3500MM$$(())UUSS327255MM	$$AA3100MM$$(())UUSS27255MM	$$AA1100MM$$(())UUSS7755MM	$$AA55MM$()US37M

Operations ‐ Mt Magnet Gold Mine

Operations ‐ Perseverance open pit

Operations – Titan open pit

Operations – Blackmans open pit

Operations – Water Tank Hill underground

Operations – Kathleen Valley gold project

Operations – Vivien underground

Mine Life Extensions ‐ Vivien Gold Mine

• • Upper level (S/P #1)
  • •Further infill drilling completed
• • Mid‐point drill cuddy (280mRL)
  • •Ready for drilling November 2016
• • Bottom drill cuddy (240mRL)
  • •On track to be developed by year end
  • •~3,700m of diamond drilling planned

Revised Mine Plan end of 2016

Mine Life Extensions ‐ Mt Magnet Gold Mine

Mine Life Extensions ‐ Mt Magnet Porphyry targets

• •Exploring for large, low strip ratio porphyry hosted deposits
• • Milky Way
  • •Mineral Resource of 3,918Kt @ 1.3g/t for 164koz
  • •Ore Reserve of 1,875Kt @ 1.3g/t for 78koz

•Stellar & Stellar West

• •Further RC drilling recently undertaken
• •Resource modelling complete by end of year

•Venus

• •Broad area of low grade mineralisation identified
• •Follow up drilling in December 2016 Quarter
• •Further Aircore drilling ongoing to identify additional targets e.g Zeus area NE of Stellar

Mine Life Extensions ‐ Morning Star targets

Opportunity exists to grow current open pit Reserves and underground Resources

Current open pit Ore Reserves

• •Morning Star ‐ 478,000 tonnes @ 2.8g/t for 43koz
• • Additional material identified between Morning Star pit, Black Cat South pit & below MS pit itself
• •Drilling ongoing in the December 2016 Quarter

Current underground Mineral Resources

• •Black Cat Deeps
• •Nil Resources ‐ new target
• •Morning Star Upper
• •Nil Resources ‐ new target
• •10m @ 6.56g/t (~400mbs & ~80m from decline)
• •Morning Star Deeps
• •528,000 tonnes @ 4.7g/t for 79koz
• •Not in current Life‐of‐Mine Plan
• •Long life potential

Mine Life Extensions ‐ Morning Star Deeps target

Mine	Per	dio		de	Ounces
	From	To	Tonnes	Gra
hafSStatr	1893	1987	882,849	8.4	238,431
SiPtatr	1988	1993	6,18,0307	3.4	634675,
deLograw	1988	1993	1,83,0007	0.85	48,277
lSinDetarce	1993	2005	3,29,0675	4.95	483,487
lGrdTotaan			2,22,91144	3.71	9821,445,

• •Mining ceased in July 2005 (gold price A$550/oz)
• •Hill 50 (Galaxy) underground was mined to ~1,500mbs

2017 Concept:

• •Current Resource 79koz (from 980 – 1,200mbs)
• •A$5M drilling from surface to prove 250koz Ore Reserve
• •250koz Reserve target based on 500m (1,000 – 1,500mbs) at 500ovm
• • Re‐entry costs will be based on actual Water Tank Hill re‐entry
  • A$400/oz margin returns A$100M operating cashflow
  • 50koz per year for 5 years from FY2020 (out to FY2025)

Exploration

Exploration ‐ Project Locations

Exploration ‐ Tanami JV (NT) → Ramelius 85%

• •1,700km2 of highly prospective geology
• •Tychean (ASX: TYK) free carried through to DTM
• •Strategic land holding within 100km of;
• Newmont's +20Moz Callie Gold Mine, and
• Granites Treatment Plant
• • Suplejack: >10ppb gold anomaly over 2km
  • No further work planned
• • Highland Rocks - granted December 2015
  • Completed 500m spaced reconnaissance soil sampling & regolith mapping over western half
  • low order (2–5 ppb Au) soil & lag anomalies
  • 6,000m Aircore over Renton in Oct & Nov 2016
  • Results awaited

Where is the value in Aussie gold producers?

RMS well below average EV/Production multiple based on 135,000 ounces in FY17

* Based on FY17 production guidance or aspirational targets

* EV data taken as at 22 November 2016

* MOY production based on CY16 guidance

* BLK production based on 100koz in FY17 as per DFS

Where is the value in Aussie gold producers?

RMS ‐ on par with ASX Gold Index since capital raise in late July 2016

2017 Key Focus Areas

Mine‐life extensions

• •Extensional drilling at Mt Magnet (ongoing) & Vivien (Dec '16)
• •Greenfields exploration follow up in the Tanami (Nov '16)

Fast‐track project development

• • Accelerate commencement;
  • Water Tank Hill underground (underway)
  • Milky Way open pit (mid 2017)
• •Actively pursue value accretive opportunities

Maintain strong capital position

• •Forecast for FY2017 of 135,000 ounces at AISC ~A$1,050/oz
• • Strong cash balance, nil corporate debt, risk mitigating forward sales ~A$1,660/oz to June 2018
• •Dividend option under regular review

Thank you

Production Targets, Mineral Resources & Ore Reserves Note

For detailed information relating to Mineral Resources and Ore Reserves see ASX Release (RMS) 30 Sept 2016, 'Resources and Reserves Statement'.

¹ Vivien Production Target based on (by ounces) Ore Reserves (55%), Indicated Mineral Resources (22%) and Inferred Mineral Resources (23%). 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 Mt Magnet Production Target based on (by ounces) Ore Reserves (73%), Indicated Mineral Resources (22%) and Inferred Mineral Resources (5%). 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.

Mineral Resource Statement

	SOUCES AS ACLSIVOFSESMINERAL RERT 30JUNE2016- INUERERVE
		Measu	red		Indica	ted		Inferred		Tot	al Reso	urce
Deitpos	Tonnes	Au	Au	Tonnes	Au	Au	Tonnes	Au	Au	Tonnes	Au	Au
	('000s)	g/t	Oz	('000s)	g/t	Oz	('000s)	g/t	Oz	('000s)	g/t	Oz
Galaxy	780	1.5	00037,	5,531	1.9	0329,00	4,040	1.2	0160,00	10,351	1.6	526,000
MorniStngar				1,765	1.8	103,000	4	1.4	-	1,770	1.8	103,000
Totaljordesitmapos	780	1.5	00037,	7,296	1.8	0432,00	4,044	1.2	0160,00	12,121	1.6	629,000
Bas Grturoup	49	2.2	004,0	115	2.1	8,000	238	1.6	12,000	402	1.8	24,000
Blackmans				334	2.5	00027,	134	2.4	10,000	468	2.5	37,000
Boomer				1,194	1.8	00068,	786	1.0	00026,	1,980	1.5	94,000
Britaia Wellnn				179	2.0	12,000				179	2.0	12,000
Bullocks				202	3.3	00021,	40	2.5	003,0	242	3.2	25,000
EasteJailiternsp	146	2.2	00010,	121	2.8	00011,	134	2.5	00011,	401	2.4	32,000
Eclipse				167	2.2	00012,	41	2.1	003,0	208	2.1	14,000
Golden Stream				154	2.9	14,000	7	1.7	-	160	2.8	15,000
Hill 60							309	4.6	046,00	309	4.6	46,000
LoPinene	199	2.5	00016,	277	1.7	00015,	147	1.7	008,0	623	1.9	38,000
MilkyWay				2,660	1.3	0114,00	1,258	1.2	00050,	3,918	1.3	164,000
O'MeGararoup				231	2.5	00018,	151	1.5	007,0	383	2.1	26,000
Shannon	94	2.5	008,0	35	2.5	3,000	42	2.6	003,0	170	2.5	14,000
Spt -Galteeearmon				25	2.9	002,0	207	4.3	28,000	232	4.1	31,000
Stellar	160	2.1	00011,	87	1.9	5,000	59	1.8	003,0	306	2.0	19,000
WelcBaxteome -r	222	1.6	00011,	276	1.6	00015,	198	1.8	00011,	696	1.7	37,000
Totaltellitedesitsapos	869	2.1	00060,	6,056	1.8	0345,00	3,751	1.8	00221,0	10,676	1.8	626,000
Hill 50Deeps	279	5.5	049,00	932	7.0	209,000	396	6.4	00081,	1,607	6.6	339,000
MorniStDengareps				195	4.2	00026,	334	5.0	53,000	528	4.7	79,000
SaGturn U							1,607	2.5	0127,00	1,607	2.5	127,000
StGee UGorg	110	4.9	00017,	149	4.2	00020,	42	4.0	005,0	302	4.4	42,000
Water Tk Hill UGan				229	6.6	049,00	89	4.9	14,000	318	6.1	63,000
TotalUGdesitpos	390	5.3	00066,	1,504	6.3	0304,00	2,468	3.5	0280,00	4,362	4.6	650,000
MtMaetStockilesgnp	313	0.9	009,0		-	-		-	-	313	0.9	9,000
MtMt Totalagne	2,352	2.3	0172,00	14,857	2.3	0001,081,	10,262	2.0	00661,0	27,472	2.2	1,914,000
Wn QSouthteresueen				104	3.6	00012,	81	3.4	009,0	185	3.5	21,000
Coogee				31	3.6	004,0	65	3.3	007,0	96	3.4	11,000
Vivien				485	8.8	137,000	306	4.4	43,000	791	7.1	180,000
Kathln Valleeey				238	3.7	00028,	523	2.5	42,000	761	2.9	70,000
Non Mt Mt Tlotaagne				857	6.6	181,000	976	3.2	0101,00	1,833	4.8	282,000
TotalResources	2,352	2.3	0172,00	15,714	2.5	0001,262,	11,238	2.1	0762,00	29,305	2.3	2,196,000

For detailed information relating to Mineral Resources see ASX Release (RMS) 30 Sept 2016, 'Resources and Reserves Statement 2016'. No material change has occurred.

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

Ore Reserve Statement

	ORE	RESERV	ESTATE	MENTASA	T30JUN	E2016
	Proven			Prbableo			TotalReserve
	Tonnes	Au	Au	Tonnes	Au	Au	Tonnes	Au	Au
	()'000s	/tg	Oz	()'000s	/tg	Oz	()'000s	/tg	Oz
GalaxPitsy
Titan	667	41.	030,00	483	41.	021,00	1,150	41.	51,000
Perseverance				162	42.	012,00	162	42.	12,000
BrHillown				109	62.	09,00	109	62.	9,000
SCuMinbaktatorngrc
SMoingtarnr				478	82.	043,00	478	82.	43,000
SalliPitetets
MilkyWay				1,875	1.3	078,00	1,875	31.	78,000
Boomer				132	2.9	012,00	132	92.	12,000
LoPinene				258	1.8	015,00	258	81.	15,000
O'Meara				46	3.4	05,00	46	43.	5,000
GoldeStrenam				95	3.0	09,00	95	03.	9,000
Undedrgroun
WteTakHillarn				176	6.5	037,00	176	56.	37,000
SGetorge	37	63.	08,00	86	3.0	08,00	195	33.	16,000
Sikplestoc	313	90.	09,00				313	90.	9,000
MtMtTotalagne	1,035	41.	04007,	3,900	2.0	0249,00	4,935	91.	296,000
VivieUndednrgroun				382	8.0	098,00	382	08.	98,000
KahleValleteny	68	3.1	0007,	28	4.5	04,00	95	3.5	11,000
TolRetaserves	1,121	51.	054,00	4,309	52.	351,000	5,430	32.	405,000

For detailed information relating to Ore Reserves see ASX Release (RMS) 30 Sept 2016, 'Resources and Reserves Statement 2016'.

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