RAMELIUS RESOURCES LIMITED — AGM Information 2017

Nov 29, 2017

RAMELIUS RESOURCES LIMITED

2017 ANNUAL GENERAL MEETING

CHAIRMAN’S ADDRESS

Ladies and Gentlemen, welcome to the 15th Annual General Meeting of Australian gold miner, Ramelius Resources Limited.

It is my pleasure to report the financial and operational result for Ramelius in 2017.

Our third consecutive annual profit before tax was achieved in the year ended 30 June 2017 at A$25.1 million compared to 30 June 2016 of A$25.3 million. Although we had a sales increase from A$173.7 million to A$197.4 million, the cost environment consumed any additional margin. However, cash flows from operating activities increased from A$65.5 million to A$83.4 million reflecting recovery of sunk costs as we produce from our development assets. Sunk costs refer to those costs that have already been incurred, but which do not impact future decisions about a project. To complete the overall healthy position of the company, our net assets increased from A$127.6 million to A$169.8 million with cash at bank increasing from A$44.3 million to A$78.6 million. If we are to grow by discovery or acquisition, we need to recover our sunk costs, make a profit and add to our cash.

Industry conditions for the gold sector in the past year were somewhat volatile. However, the gold price operated in an almost A$300 range above A$1,531, peaking at A$1,821 in July 2016, then closing at A$1,616/oz on 30 June 2017. Ramelius achieved an average realised gold price of A$1,628/oz for the year ended 30 June 2017, compared to A$1,596 for the year ended 30th June 2016. The gold price increase during calendar year 2017 has been positive to the financial performance of the Company. The gold price this time last year was approximately A$1,648/oz compared to approximately A$1,706/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 operating costs in recent years, with the Company now operating profitably for the past three 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 on ASX around 49.0 cents and it is disappointing to see our shares trading at 38.5 cents at the close of business yesterday. In our view, we believe on a peer to peer comparison, RMS is undervalued and we look forward to a re-rating when the market recognises the value add of the Edna May gold mine acquisition.

The Edna May gold mine was acquired from Evolution Mining Limited on 3 October 2017 for an upfront cash consideration of A$40M plus contingent payments of up to A$50M for gold production above 200,000oz. The total maximum consideration is A$90M. The acquisition of Edna May strengthens our existing operations at Mt Magnet and Vivien and catapults Ramelius to a +200,000oz per annum gold producer.

Importantly, the acquisition of Edna May plays to Ramelius’s strength in that it is an established West Australian gold mine only three hours’ drive from our Perth office with both open pit and underground components, which we see as our ‘bread and butter’. The Edna May Mine has been quickly brought under the Ramelius operating umbrella and we are pleased with current progress.

Operationally, Ramelius continued mining at Mt Magnet and at the Vivien and Kathleen Valley sites near Leinster in Western Australia.

At Mt Magnet, the Perseverance open pit cut back was progressed and successfully completed early in 2017. Mining of the Titan pit cut back continued throughout the financial year reaching higher grade ore near the pit base towards the end of the year. Thirty kilometres to the north of Mt Magnet, Ramelius developed the Blackmans open pit gold mine hauling gold ore to the Checkers processing plant. This satellite pit was completed in the last quarter of 2016/17 followed by a small shallow extension mining operation stretching approximately 100 metres to the north of the pit.

At Kathleen Valley, the Company successfully completed the Yellow Aster North and Nil Desperandum small open cut pits in the first quarter of the financial year.

Mining activities at the Vivien underground high-grade gold mine were progressed which saw the decline advancing 630 metres during the year. Stoping commenced early in the financial year and the Vivien mine significantly increased gold ore production from both development and stoping activities.

Ore from Vivien and Kathleen Valley was trucked to the Company’s Checkers processing plant at Mt Magnet which processed a total of 1.9 million tonnes of gold ore during the year at an average grade of 2.17g/t for nearly 125,000 ounces of recovered gold. This was a significant increase from the 1.7 million tonnes in the previous year at an average 2.2g/t for approximately 110,000oz of fine gold.

Mt Magnet contributed 66,000oz of fine gold production for the 2016/17 financial year with a further 46,000oz coming from our high-grade Vivien gold mine. The balance of the 125,488oz total fine gold production for the year was from the completed Kathleen Valley open pit operation.

During the year, Ramelius was also busy with new project development activities. The Company progressed the Water Tank Hill project located 1.5km to the west of Mt Magnet and engaged Byrnecut Australia Pty Ltd as our underground mining contractor. Work was undertaken to rehabilitate the nearby St George decline to gain access to the Water Tank Hill underground gold deposit. Mining activities have progressed well at Water Tank Hill with first ore trucked to the Checkers processing plant in the June 2016/17 quarter.

Ramelius also successfully progressed our Milky Way open pit cut back project located 3.6km south of the Checkers plant, where geotechnical and metallurgical test work was completed. This work together with successful nearby drilling at Stellar and Stellar West as well at Shannon located approximately 500 metres south-west of Milky Way, were combined to produce a new mining proposal. Approval for this new Cosmos mine area which includes the Milky Way, Stellar, Stellar West and Shannon open pits as well as Brown hill and Vegas pits in the Galaxy area, was received in June 2017. Mining at Cosmos West commenced in the new 2017/18 financial year and is expected to significantly underpin gold production at our Mt Magnet operations for the next two to three years.

The Company conducted other exploration drilling at the Morning Star and Black Cat Deeps projects as well as in the Boogardie Basin and at the Paris pit where encouraging intersections were returned. Successful underground drilling was also carried out at the Vivien gold project which intersected a wider quartz vein some 200 metres below the current mine plan.

The success of the Company’s exploration program during the year generated new Ore Reserves for Stellar, Stellar West, Brown Hill, Vegas and Shannon as well as for the Vivien gold mine that for the second year running, saw Ramelius increase, after producing 125,000oz of gold during 2016/17, its Mineral Resource and Ore Reserve gold ounces as announced late in September 2017.

Ladies and Gentlemen, with a cash and gold balance of approximately A$55M and no debt as at 31 October 2017, Ramelius continues to have a strong financial balance sheet to enable it to integrate

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the newly acquired Edna May operations and to take advantage of any other corporate opportunities that may become available to grow your Company.

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

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

Ladies and gentlemen, thank you for your attention.

Bob Kennedy CHAIRMAN

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Ramelius Resources Limited

Mark Zeptner - Managing Director

Annual General Meeting – 30[th] November 2017

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Qualification

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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 forward-looking statement, or any events or results expressed or implied in any forward-looking statement, except to the extent required by law.

Competent Persons Statements

The Information in this report that relates to Mt Magnet & Vivien 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.

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) and Guy Davies (Ore Reserves – open pit), who are Competent Persons and Members of The Australasian Institute of Mining and Metallurgy. Greg Rawlinson and Guy Davies are full-time employees of the company. Greg Rawlinson and Guy Davies 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 and Guy Davies consent to the inclusion in this report of the matters based on their information in the form and context in which it appears.

Ramelius Resources Limited • Annual General Meeting – November 2017

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FY2017 – Consecutive Years of Record Production

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Operating Performance
2016 2017
Gold Production 110,839oz 4 125,488oz up 13%
Revenue A$173.7m 4 A$197.4m up 13%
EBITDA A$75.5m 4 A$84.6m up 12%
Net Profit Before Tax A$25.3m 4 A$25.1m down 1%
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Ramelius Resources Limited • Annual General Meeting – November 2017

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FY2017 – Consecutive Years of Record Production

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Further strengthened Balance Sheet
2016 2017
Cash and Gold A$49.7m 4 A$89.9m up 80%
Net Assets A$127.6m 4 A$169.8m up 33%
Borrowings Nil 4 Nil no change
Operating Cash Flows A$65.5m 4 A$83.4m up 27%
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September 2017 Quarter

• Gold production of 33,150oz, exceeded upper end of Guidance

• Cash and Gold increased to A$96m

• Paved the way for Edna May acquisition

Ramelius Resources Limited • Annual General Meeting – November 2017

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FY2017 – Consecutive Years of Record Production

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➢ Production level well established at +30,000 ounces per Quarter

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Ramelius Resources Limited • Annual General Meeting – November 2017

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FY2017 – Consecutive Years of Record Production

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➢ One of the best performing junior gold stocks in FY2017

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FY2017 Share Price Performance
20%
10%
1.1%
0%
MOY RRL ALK RMS EVN IGO NST SBM RSG SLR NCM SAR OGC AQG BDR PRU MLX BLK DRM TRY
-10%
Average
-20%
-30%
-40%
-50%
-60%
-70%
-80%
-90%
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Ramelius Resources Limited • Annual General Meeting – November 2017

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FY2017 – Consecutive Years of Record Production

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➢ Compared to ASX Gold Index (XGD), operational performance not fully recognised

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60%
50%
40%
Share Price Performance
Nov-16 to Nov-17
30%
20%
10%
XGD
0%
-10%
RMS
-20%
-30%
-40%
% CHange
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Ramelius Resources Limited • Annual General Meeting – November 2017

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Corporate Summary

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Corporate Structure: at 31 October 2017 Share Price Performance
Shares on Issue 526m 0.80
Market Cap A$200m @ 38c/sh (US$152m) 0.70
0.60
Cash & Gold A$55m (US$42m)
0.50
Debt Nil
0.40
Enterprise Value A$145m (US$110m)
0.30
Liquidity 30-day ave. 1.2m shares 0.20
0.10
Production Guidance
-
FY2018 Guidance 200,000oz @ AISC A$1,150 (US$874)
FY2017 Production 125,488oz @ AISC A$1,169 (US$888)
Mineral Resources 2.55Moz at 30 June 2017
Total Ore Reserves 0.45Moz at 30 June 2017 Board
Robert Kennedy Non Executive Chairman
Major Shareholders: at 31 October 2017
Mark Zeptner Managing Director
Ruffer LLP 8.0% Kevin Lines Non Executive Director
Van Eck Ass. Corp. 7.2% Mike Bohm Non Executive Director
Dimensional Fund Advisors LP 2.9% Dom Francese Company Secretary
USAA Investment Mgt. Co. 2.5%
Robert Kennedy 2.0%
Exchange rate assumed to be 0.76 US$:A$
Closing Share Price A$
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		Management
		Duncan Coutts	Chief Operating Officer
		Tim Manners	Chief Financial Officer
		Kevin Seymour	GM Exploration & BD
		Rob Hutchison	Manager Mine Geology
		Liz Jones	Acting GM - Mt Magnet
		Paul Marlow	Mine Manager - Vivien
		Tim Blyth	GM - Edna May

Ramelius Resources Limited • Annual General Meeting – November 2017

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Operations - Western Australia

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Mt Magnet - mines & mill	Mt Magnet - mines & mill	Mt Magnet - mines & mill
Mill Capacity		1.8Mtpa
Resource		2.3Moz
Reserve		349koz
Grade		1.8g/t
Life		~4 years
AISC		A$1,250/oz (US$950/oz)
	Vivien underground Resource 198koz Reserve 103koz Grade 7.3g/t Life ~4 years AISC A$990/oz (US$752/oz)
	Edna May - mine & mill
Mill Capacity		2.6Mtpa
Resource		848koz
Reserve		426koz
Grade		1.6g/t
Life		~4 years
AISC		A$1,190/oz (US$904/oz)

Ramelius Resources Limited • Annual General Meeting – November 2017

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Edna May acquisition - Update

▪ Located beside the township of Westonia, 350km east of Perth

▪ A$40m up-front payment, plus maximum of A$50m contingent

▪ Sale completion effected on 3 October 2017

▪ Implemented Improvement Program, already making inroads

▪ October 2017 estimated production;

• ➢ 7,427oz at an AISC of A$1,420/oz (+$150/oz lower than Sept. ‘17 Qtr)

• ➢ Capital development expenditure of A$1.1m (decline development)

• ➢ Mine cash flow of A$1.6m (after capex)

▪ Increasing production profile through FY2018, lower unit costs

• Decline development completed, u/g diamond drilling commenced

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Edna May Open-Pit

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Edna May Processing Facility

Ramelius Resources Limited • Annual General Meeting – November 2017

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Edna May acquisition - Update

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➢ On track after encouraging drop in AISC for October 2017

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Ramelius Resources Limited • Annual General Meeting – November 2017

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Production Targets - Combined Operations FY2018

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Ramelius Resources Limited • Annual General Meeting – November 2017

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*** Production Targets - Combined Operations LoM**

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*Production targets for contain Inferred Resources (6%), refer to slide 23 for further details. There is a low level of geological confidence associated with Inferred Resources and there is no certainty that further exploration work will result in the determination of indicated resources or that the production target itself will be realised.

Ramelius Resources Limited • Annual General Meeting – November 2017

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Mine Life Extensions - Mt Magnet

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➢ Shannon is a new style of deposit at Mt Magnet, some 6Moz and 100 years after discovery!

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Ramelius Resources Limited • Annual General Meeting – November 2017

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Mine Life Extensions – Shannon open pit/underground

➢ Shannon deposit – underground potential, with possible extensions down dip & south

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Mineral Resource	Tonnes	Grade	Ounces
Indicated	448,000	5.0	72,000
Inferred	133,000	3.3	14,000
Total	581,000	4.6	86,000

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Ramelius Resources Limited • Annual General Meeting – November 2017

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Exploration - Project Locations

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Ramelius Resources Limited • Annual General Meeting – November 2017

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– Exploration Yandan Nth (Qld)

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• Yandan Nth EPM located 10km north of Yandan mine (>350koz Au)

• • Initial 3 hole diamond drill program for 829m

• • encouraging reconnaissance intersections at the Firefly Prospect

• ➢ Follow up drilling in the December 2017 Qtr

Ramelius Resources Limited • Annual General Meeting – November 2017

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- Exploration Farm-in & JV Projects Nevada (US)

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South Monitor

• Farm-in & Joint Venture Agreement with Newmont Mining Corp.

• ➢ Ramelius has right to earn up to 80% by spending US$8m over 8 years

• ➢ Ramelius must spend US$250k in first year before withdrawal

• ➢ Newmont has right to clawback to 70% equity

• ➢ Ramelius to test near significant historical gold intersections

Jupiter

• Farm-in & Joint Venture Agreement with Renaissance Gold Inc.

• ➢ Ramelius has right to earn up to 75% by spending US$3m over 5 years

• ➢ Ramelius must spend US$250k in first year before withdrawal

• ➢ Drilling due to commence before calendar year end

Ramelius Resources Limited • Annual General Meeting – November 2017

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Where is the value in Aussie gold producers?

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➢ RMS well below average EV/Production multiple based on 200,000oz in FY18

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ASX-listed Australian Focused Gold Producers | FY18 Production Multiples
$6,000
$5,500
$5,000
$4,500
$4,000
$3,500
$3,000
$2,500
$2,000
$1,500
$1,000
$500
$-
EVN NST RRL SAR SBM WGX MOY DRM SLR BLK RMS
Based on FY18 production guidance or aspirational targets
EV data taken as at 21 November 2017 EV/FY18 Production EV/FY18 Production Average
MOY production based on CY17 guidance
EV/Production (A$ per oz)
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Ramelius Resources Limited • Annual General Meeting – November 2017

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Where is the value in Aussie gold producers?

• ➢ RMS trading in the middle of the pack compared to ASX-listed peers

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RMS
----------Trading Halt----------
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Ramelius Resources Limited • Annual General Meeting – November 2017

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2018 Key Focus Areas

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• Extensional drilling ongoing at Mt Magnet, Vivien & Edna May

Mine-life extensions

• Greenfields exploration at Yandan Nth and in Nevada (Dec ‘17)

• Actively pursue value accretive opportunities

• Accelerate commencement;

Fast-track project development

• ➢ Water Tank Hill u/g & Cosmos open pits (underway)

• ➢ Shannon, Morning Star & Greenfinch (in planning)

• Forecast for FY2018 of 200,000 ounces at AISC ~A$1,150/oz

Maintain strong capital position

• Strong $ balance, no corporate debt, risk mitigating forward sales

• Dividend options under regular review, growth currently preferred

Ramelius Resources Limited • Annual General Meeting – November 2017

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Thank you - first gold bar at Edna May

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Ramelius Resources Limited • Annual General Meeting – November 2017

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Production Targets, Mineral Resources & Ore Reserves Note

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The Production Target – Combined Operations LoM, numbers are a production target. The overall target is based on current Probable Ore Reserves (78% ozs), Indicated Mineral Resources (16% 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 previous statement.

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 previous statement.

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 2017, 29 Sep 2017’, ‘Shannon Resource & Exploration Update, 11 Sept 2017’.

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

Ramelius Resources Limited • Annual General Meeting – November 2017

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Mt Magnet & Vivien - Mineral Resource Statement

MINERAL RESOURCES AS AT 30 JUNE 2017 - INCLUSIVE OF RESERVES	MINERAL RESOURCES AS AT 30 JUNE 2017 - INCLUSIVE OF RESERVES	MINERAL RESOURCES AS AT 30 JUNE 2017 - INCLUSIVE OF RESERVES	MINERAL RESOURCES AS AT 30 JUNE 2017 - INCLUSIVE OF RESERVES	MINERAL RESOURCES AS AT 30 JUNE 2017 - INCLUSIVE OF RESERVES
Deposit	Measured	Indicated	Inferred	Total Resource
	kt g/t koz	kt g/t koz	kt g/t koz	kt g/t koz
Galaxy Morning Star Bartus Group Boomer Britannia Well Bullocks Eastern Jaspilite Eclipse Golden Stream Hill 60 Lone Pine Milky Way O'Meara Group Shannon Spearmont - Galtee Stellar Stellar West Welcome - Baxter	92 1.8 5 49 2.2 4 146 2.2 10 199 2.5 16 222 1.6 11	5,254 1.9 318 4,866 1.9 301 115 2.1 8 1,194 1.8 68 179 2.0 12 202 3.3 21 121 2.8 11 167 2.2 12 154 2.9 14 277 1.7 15 2,660 1.3 114 231 2.5 18 249 3.3 27 25 2.9 2 637 1.5 32 414 1.7 22 276 1.6 15	4,017 1.2 159 4,322 1.5 205 238 1.6 12 786 1.0 26 40 2.5 3 134 2.5 11 41 2.1 3 7 1.7 309 4.6 46 147 1.7 8 1,258 1.2 50 151 1.5 7 81 3.9 10 207 4.3 28 124 1.9 7 97 1.1 3 198 1.8 11	9,364 1.6 482 9,188 1.7 506 402 1.8 24 1,980 1.5 94 179 2.0 12 242 3.2 24 401 2.4 32 208 2.1 15 160 2.8 14 309 4.6 46 623 1.9 39 3,918 1.3 164 383 2.1 25 330 3.5 37 232 4.1 30 1.6 39 511 1.6 25 696 1.7 37
Total Open Pit Deposits	708 2.0 46	17,021 1.8 1,010	12,157 1.5 589	29,125 1.8 1,645
Hill 50 Deeps Morning Star Deeps Saturn UG Water Tank Hill UG	279 5.5 49	932 7.0 209 195 4.2 26 229 6.6 49	396 6.4 81 334 5.0 53 1,607 2.5 127 89 4.9 14	1,607 6.6 339 528 4.7 79 1,607 2.5 127 318 6.1 63
Total UG deposits	279 5.5 49	1,355 6.5 284	2,426 3.5 275	4,060 4.7 608
Mt Magnet Stockpiles	594 1.2 23	-	-	594 1.2 23
	Mt g/t koz	Mt g/t koz	Mt g/t koz	Mt g/t koz
Mt Magnet Total	1.58 2.3 118	18.38 2.2 1,294	14.58 1.8 864	33.78 2.1 2,276
Other Projects	kt g/t koz	kt g/t koz	kt g/t koz	kt g/t koz
Western Queen South Coogee Vivien Kathleen Valley		104 3.6 12 31 3.6 4 530 6.7 114 222 3.4 24	81 3.4 9 65 3.3 7 174 5.5 31 523 2.5 42	185 3.5 21 96 3.4 11 785 6.9 175 745 2.8 66
	Mt g/t koz	Mt g/t koz	Mt g/t koz	Mt g/t koz
Other Projects Total		0.89 5.4 154	0.84 3.3 89	1.81 4.7 273
Total Resources	1.58 2.3 118	19.26 2.3 1,448	15.43 1.9 953	35.59 2.2 2,549

For detailed information relating to Mineral Resources see ASX Release (RMS) 29 Sept 2017, ‘Resources and Reserves Statement 2017’. No material change has occurred.

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Note: Deposits rounded to nearest 1,000 tonnes, 0.1 g/t and 1,000 ounces. Totals rounded to M t. Differences may occur due to rounding.

Ramelius Resources Limited • Annual General Meeting – November 2017

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Mt Magnet & Vivien - Ore Reserve Statement

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	ORE RESERVE STATEMENT AS AT 30 JUNE 2017	ORE RESERVE STATEMENT AS AT 30 JUNE 2017	ORE RESERVE STATEMENT AS AT 30 JUNE 2017
	Proven	Probable	Total Reserve
	kt g/t koz	kt g/t koz	kt g/t koz
Galaxy Pits Titan Brown Hill Brown Hill North Vegas Cosmos Pits Milky Way Stellar Stellar West Shannon Morning Star Pit Morning Star Satellite Pits Boomer Lone Pine O'Meara Golden Stream Underground Water Tank Hill Stockpiles	8 1.6 - 594 1.2 23	213 1.5 11 623 1.6 31 18 2.6 2 192 1.4 8 1,836 1.3 77 388 1.5 19 267 1.8 15 208 2.9 20 1,099 1.9 68 132 2.9 12 258 1.8 15 46 3.4 5 95 3.0 9 167 6.5 34	221 1.5 11 623 1.6 31 18 2.6 2 192 1.4 8 1,836 1.3 77 388 1.5 19 267 1.8 15 208 2.9 20 1,099 1.9 68 132 2.9 12 258 1.8 15 46 3.4 5 95 3.0 9 167 6.5 34 594 1.2 23
Mt Magnet Total	602 1.2 23	5,541 1.8 326	6,143 1.8 349
Vivien Underground		440 7.3 103	440 7.3 103
	Mt g/t koz	Mt g/t koz	Mt g/t koz
Total Reserves	0.60 1.2 23	5.98 2.2 429	6.58 2.1 452

For detailed information relating to Ore Reserves see ASX Release (RMS) 29 Sept 2017, ‘Resources and Reserves Statement 2017’.

Note: Deposits rounded to nearest 1,000 tonnes, 0.1 g/t and 1,000 ounces. Totals rounded to M t. Differences may occur due to rounding.

Ramelius Resources Limited • Annual General Meeting – November 2017

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Edna May - Mineral Resources & Ore Reserve Statements

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

Ramelius Resources Limited • Annual General Meeting – November 2017

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