RAMELIUS RESOURCES LIMITED — AGM Information 2019

Nov 21, 2019

RAMELIUS RESOURCES LIMITED

CHAIRMAN’S ADDRESS – 2019 AGM

Ladies and Gentlemen, welcome to the 17[th] Annual General Meeting of Australian gold miner, Ramelius Resources Limited (ASX: RMS) ( Ramelius or Company ).

I am pleased to report that Ramelius continued its recent record of strong financial and operational performances in the financial year ended 30 June 2019. The Company reported:

• Net Profit before tax of $30.4 million;

• Net Profit after tax of $21.8 million;

• Gold sales of 203,318 ounces generating revenue of $352.8 million;

• Cash flows from operating activities for the year of $137 million; and

• Cash and gold at 30 June 2019 of $106.8 million.

This operational and financial performance has underpinned the Company’s core strategies of securing both its immediate short-term future and building its capacity in the medium to longer term.

Complementing this strong operational performance has been a very active programme of corporate and asset level acquisitions, designed to strengthen and extend the mine lives of our two key processing facilities at Mt Magnet and Edna May.

At Edna May, 315km east of Perth, the decision was made early in FY19 to commit to the development of a new underground mine in preference to the Stage 3 expansion of the open pit. The acquisition of Marda, located 191km north-northeast of Edna May, and the Tampia Hill project, near Narembeen, 240km east of Perth, were designed to secure new gold resources to address the consequential excess processing capacity of the Edna May Mill. Both these transactions were successfully completed in February 2019 and were followed by an aggressive programme of planning and approvals.

In parallel with these initiatives the Company consolidated a strategic landholding to support exploration for new gold deposits in the region. Early success at Symes’ Find, south of Edna May, is very encouraging and supports the Company’s belief in the prospectivity of this under-explored terrain.

At Mt Magnet our exploration team has had a very successful year highlighted by the discovery of the Eridanus deposit, adjacent to the previously mined Lone Pine pit. This exciting discovery has been the focus of an accelerated drilling programme with an initial reserve of 3.1 million tonnes at 1.1g/t Au containing 110,000 ounces of gold[1] . The Eridanus discovery continues to build on earlier successes at Shannon and Stellar and reinforces the value of the Company’s commitment to ongoing exploration at Mt Magnet. Similarly, exploration has been ongoing at our Vivien underground mining operations near Leinster, with early results providing encouragement for extensions to mine life.

The combination of these Exploration, Corporate and Mine optimisation efforts has culminated during the year with the release, in June, of the Company’s first One Million Ounce mine plan[2] . This plan underpins production, for the next five years, at both of the Company’s processing centres resulting in gold output averaging approximately 200,000 ounces per annum. It is a very significant achievement for Ramelius and a credit to a great many employees across our operations.

The efforts of your Company have been appreciated by the market with a growing recognition, not just of the capability of our team to continuously deliver on forecasts, but of the expanding capacity of

1 See ASX announcement “Resources and Reserves Statement 2019” released 10 September 2019 2 See ASX announcement “Ramelius unveils 1 Million Ounce life of Mine plan” released 17 June 2019

Ramelius to action growth initiatives in a timely and cost-effective manner. As a result, in the period 30 June 2018 to 21 November 2019:

• Ramelius share price has risen by approximately 80%;

• Market Capitalisation has appreciated approximately 125%;

• Market Capitalisation (at A$1.045/share) has risen to approximately A$688 million; and

• Ramelius Resources has re-entered the ASX300.

It is particularly pleasing, following the release of Ramelius’ Dividend Policy at last year’s AGM, that your Board has been able to approve the payment of a fully franked dividend of 1.0 cent per share.

Whilst the dividend is the minimum allowed under our policy it is an important first step and represents a payout ratio of 27% when compared to Basic Earnings per share of 3.7 cents.

Since the end of the year under review the gold price, both in US$ and A$ terms, has appreciated substantially. This situation is beneficial for all Ramelius stakeholders and hopefully represents a new longer-term support level for gold globally. However, in this very dynamic price environment it can be challenging to confidently set the appropriate level of revenue protection via the Company’s gold hedging portfolio.

Your Board is very conscious of the need for the Company to balance the level for suitable downside insurance, through hedging, whilst maintaining exposure to any future upside in the gold price and will continue to actively manage our gold hedging to achieve best outcomes.

The year ahead will be both exciting and challenging for the Ramelius team with continued developments at the Marda and Tampia projects at Edna May and new mines, Eridanus and Shannon, at Mt Magnet.

Your Board remains focussed on continuing to grow your investment in the Company by prudent use of capital on exploration, asset acquisition and corporate activities. In parallel with these initiatives Ramelius will continue to monitor an often rapidly changing external business environment to ensure the Company retains the necessary skills to manage change at all levels within the organisation.

As part of these initiatives the Board was very pleased to welcome Dr Natalia Streltsova to the Board as an Independent Non-Executive Director. Dr Streltsova’s very strong technical background and valuable Board experience will be of significant future value to our Company.

Your Board is also very conscious of the increasing focus, from sections of the investment community, on the involvement of companies in issues relating to the Environment, Social Impact and Corporate Governance. To address these issues, and to reflect the growing complexity of Ramelius, the Board has resolved to alter the Committee structure that currently serves to advise Board decisions. Dr Streltsova will Chair a new committee on Sustainability and Risk, while David Southam will Chair Audit, and Mike Bohm will Chair Nominations and Remuneration.

I thank our employees and contractors for their continuing efforts during past year. I also would like to particularly thank our Managing Director, Mark Zeptner and the management team, as well as my fellow non-executive directors, Mike Bohm, David Southam and Natalia Streltsova.

On behalf of the Board, I also thank all of you, our shareholders, for your ongoing support and loyalty and particularly thank those attending the Annual General Meeting today. I look forward to what I am sure will be a very interesting year ahead.

Thank you, Ladies and Gentlemen for your attention.

Kevin J Lines, Chairman

Ramelius Resources Limited

Mark Zeptner Managing Director

ASX:RMS

Annual General Meeting nd 22 November 2019

1

ANNUAL GENERAL MEETING - NOVEMBER 2019

QUALIFICATION

Forward Looking Statements

This presentation contains certain forward looking statements with respect to Ramelius Resources Ltd’s (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 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.

ANNUAL GENERAL MEETING - NOVEMBER 2019 2

CORPORATE SUMMARY

Corporate Structure:	Corporate Structure:	Corporate Structure:	Production Guidance	Production Guidance	Production Guidance	Production Guidance	Production Guidance
Shares on Issue	658M		FY2020 Guidance		205,000 - 225,000oz @ AISC A$1,225-1,325/oz
Market Cap1	A$718M @ $1.09 per share		FY2019 Production		196,679oz @ AISC A$1,192/oz
			Mineral Resources		4.10Moz at 30 June 2019
Cash & Gold2	A$92.8M
			Ore Reserves		0.84Moz at 30 June 2019
Debt3	Nil
Enterprise Value1	A$625M		Board			Management
			Kevin Lines	Non Executive Chairman		Duncan Coutts	Chief Operating Officer
Liquidity4	4.9M shares
						Tim Manners	Chief Financial Officer
			Mark Zeptner	Managing Director
						Kevin Seymour	GM Exploration & BD
Major Shareholders:
			Mike Bohm	Non Executive Director
						Rob Hutchison	Manager Mine Geology
Ruffer LLP		8.0%
			David Southam	Non Executive Director
						Liz Jones	GM - Mount Magnet
Van Eck Associates Corporation		5.3%	Natalia Streltsova	Non Executive Director		Paul Marlow	Mine Manager - Vivien
			Richard Jones	Manager Legal / Company Secretary		Tim Blyth	GM - Edna May
Vinva Investment Management		5.0%
						Andrew Bishop	Project Manager - Marda

1As at 15 November 2019 2As at 30 September 2019

3SFA signed for A$35.0M facility, currently undrawn 430 day average ANNUAL GENERAL MEETING - NOVEMBER 2019

3

2019 - RAMELIUS DELIVERED ACROSS THE BOARD

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$1.80 45
$1.60 Dividend 40
Payment
$1.40 35
1 Moz Mine
$1.20 30
Plan
$1.00 Corporate Actions 25
Exploration
(Explaurum, Marda)
$0.80 Success 20
$0.60 ASX300 15
Inclusion
$0.40 10
$0.20 5
$0.00 0
Jan-19 Feb-19 Mar-19 Apr-19 May-19 Jun-19 Jul-19 Aug-19 Sep-19 Oct-19 Nov-19
Ramelius Share Price (ASX:RMS) Volume
Volume (millions)
Ramelius Share Price (AUD)
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1Share price data sourced from IRESS 1 January 2019 to 15 November 2019

4

ANNUAL GENERAL MEETING - NOVEMBER 2019

HIGHLIGHTS - IMPROVED RESOURCES, RESERVES & GOLD SALES

	2018		2019	% Change
Mineral Resources 3.48Moz 4 4.10Moz 18.0%
Ore Reserves 0.70Moz 4 0.84Moz 20.3%
Gold Production 208,118oz 4 196,679oz (5.5%)
Gold Sales 203,085oz 4 203,318oz 0.1%
AISC A$1,191/oz 4 A$1,192/oz 0.1%
Average Price Received A$1,679/oz 4 A$1,726/oz 2.8%

ANNUAL GENERAL MEETING - NOVEMBER 2019 5

HIGHLIGHTS - ANOTHER STRONG SET OF FINANCIALS

OPERATING PERFORMANCE	2018		2019	% Change
Revenue A$341.8m 4 A$352.8m 3.2%
EBITDA A$127.0m 4 A$112.2m (11.7%)
Net Profit Before Tax A$45.5m 4 A$30.4m (33.2%)
Earnings Per Share (cents) 5.8 4 3.7 (36.0%)
Payout Ratio 0% 4 27% -
STRENGTHEN BALANCE SHEET	2018		2019	% Change
Cash and Gold A$95.5m 4 A$106.8m 11.8%
Shareholder’s Equity A$202.0m 4 A$278.9m 38.1%
Borrowings Nil 4 Nil -
Operating Cash Flow A$118.9m 4 A$137.0m 15.2%
Free Cash Flow A$34.9m 4 A$51.8m 48.4%

6

ANNUAL GENERAL MEETING - NOVEMBER 2019

HIGHLIGHTS - DELIVERED ON CORPORATE ACTIONS

• ➢ Ramelius delivered on its strategy of acquiring value accretive projects near existing production centres

• Acquired 100% of Explaurum for A$64M

• Purchased Marda Gold Project for A$13M

• Both projects proximal to Edna May gold mine

• ➢ The Tampia and Marda Gold Projects added 760koz Mineral Resources and 289koz Ore Reserves to Ramelius’ asset base[1]

• ➢ Mining from Marda commenced November 2019 with ‘Decision to Mine’ at Tampia likely in near term

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1See RMS ASX Release, “Resources and Reserves Statement 2019”, 10 September 2019

7

ANNUAL GENERAL MEETING - NOVEMBER 2019

HIGHLIGHTS - OUTSTANDING SHAREHOLDER RETURNS

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Share Price Performance [1]
➢ Ramelius has
250%
outperformed its
industry peers, achieving
200%
a 151% increase in share
price from 1 Nov 2018
to 15 Nov 2019 150% RMS
SLR
➢ Annualised total 100% WGX
shareholder return GOR
50% SAR
(TSR) of 184%, including
XGD
franked dividend of Gold
-
A$0.01 per share
SBM
DCN
(50%)
(100%)
Nov-18 Dec-18 Jan-19 Feb-19 Mar-19 Apr-19 May-19 Jun-19 Jul-19 Aug-19 Sep-19 Oct-19 Nov-19
Share Price Percentage Change
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1Share price data sourced from IRESS 1 November 2018 to 15 November 2019

8

ANNUAL GENERAL MEETING - NOVEMBER 2019

HIGHLIGHTS - AUSTRALIA’S NEWEST DIVIDEND PAYING GOLD PRODUCER

• ➢ Inaugural dividend paid in October 2019 - A$0.01 per share

• ➢ Ramelius currently has the lowest valuation (Enterprise Value) of its dividend paying, Australian gold producing peers in the market

• ➢ The Company aims to maintain sustainable dividends:

• Hurdles: A$50M cash, 5 year mine plan

• Payment: A$0.01 per share, up to 30% of free cashflow at Board discretion

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EV of Australian Dividend Paying Gold Producers [1]
8,000
7,000
6,000
5,000
4,000
3,000
2,000
1,000 625
0
EVN NST RRL SBM RMS
Enterprise Value ($Am)
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• 1Share Price data sourced from IRESS as at 15 November 2019

1Enterprise Value information sourced from EVN Quarterly Report dated 15 Oct 2019; NST Quarterly Report dated 17 Oct 2019; RRL Quarterly Report dated 25 Oct 2019; SBM Quarterly Report dated 21 Oct 2019; RMS Quarterly Report dated 29 Oct 2019

9

ANNUAL GENERAL MEETING - NOVEMBER 2019

KEY ASSETS & OUTLOOK

ANNUAL GENERAL MEETING - NOVEMBER 2019

10

2019 RESOURCES & RESERVES BY PRODUCTION CENTRE

Mt Ma net/Vivien Resources & Reserves[1] g ➢ Mineral Resources 2.34Moz ➢ Ore Reserves 0.40Moz Edna May, Marda & Tampia Resources & Reserves[1] ➢ Mineral Resources 1.73Moz ➢ Ore Reserves 0.44Moz Total Resources & Reserves[1] (at 30 June 2019)

• ➢ Mineral Resources 4.10Moz ➢ Ore Reserves 0.84Moz

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1See RMS ASX Release, “Resources and Reserves Statement 2019”, 10 September 2019

11

ANNUAL GENERAL MEETING - NOVEMBER 2019

RESOURCES & RESERVES[1] GROWTH

✓ Exploration success and the acquisition of the Tampia and Marda gold projects has increased both:

• ➢ Mineral Resources:

▪ 81 Mt @ 1.6g/t Au for 4.10 Moz

▪ 20% increase (after mining depletion)

• ➢ Mineral Reserves:

▪ 15 Mt @ 1.8g/t Au for 0.84 Moz

• 18% increase (after mining depletion)

✓ Revealed 1Moz Mine Plan with 200koz average production to FY24[2]

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Historical Resources and Reserves
4,500 900
840
4,000 800
698
3,500 1,200 700
3,000 600
1,100
452
2,500 500
424
405
2,000 953 400
765 762
2,700
1,500 300
2,119
1,000 200
1,277 1,262 1,448
500 100
185 172 118 256 240
0 0
2015 2016 2017 2018 2019
Measured Indicated Inferred Reserves
Resources (koz Au)
Reserves (koz Au)
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1See RMS ASX Release, “Resources and Reserves Statement 2019”, 10 September 2019

2See RMS ASX Release, “Ramelius Unveils 1 Million Ounce Life of Mine Plan”, 17 June 2019

12

ANNUAL GENERAL MEETING - NOVEMBER 2019

GOLD PRODUCTION - A RECORD SECOND HALF AHEAD

➢ FY2019 Actual[1] :

• Group production of 196,679oz

• AISC of A$1,192/oz

➢ FY2020 Guidance[1] :

• Gold production of 205 – 225,000oz

• AISC of A$1,225 – A$1,325/oz

• ➢ Sep 2019 Quarter Guidance Achieved[2] :

• Gold production of 44,182oz

• AISC of A$1,234/oz

➢ Record second half expected

Ramelius Gold Production

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80
70
60
53
51
50 47
45
44
40
30
20
10
-
Sep-18 Dec-18 Mar-19 Jun-19 Sep-19 Dec-19 Mar-20 Jun-20
Actual Production Guidance
Au Production (koz)
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• 1See RMS ASX Release, “June 2019 Quarterly Activities Report and Guidance”, 30 July 2019

2See RMS ASX Release, “September 2019 Quarterly Activities Report”, 29 September 2019

13

ANNUAL GENERAL MEETING - NOVEMBER 2019

MARGINS INCREASING - COST CONTROL & IMPROVING GOLD PRICE

✓ Very consistent AISC profile over past 5 years, varying less than 5% over timeframe

✓ 54% increase in AISC margin anticipated from FY15 to FY20 (guidance midpoint)

✓ Expanding margins in gold bull market, AUD price at record levels going into FY20 ✓ Gold production increased by 126% over 5 years

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Gold Production with Gold Price and AISC
250 $2,000
225
$1,750
200
$1,500
54% increase in AISC Margin
175
(FY15 – FY20 guidance)
$1,250
150
125 $1,000
100
$750
75
$500
50
$250
25
0 $-
FY15 FY16 FY 17 FY 18 FY 19 FY 20 Guidance
Mid Point
Gold Production (LHS) Realised Gold Price per Oz (RHS) AISC per Oz (RHS)
AISC (A$/oz)
Au Production (koz)
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*Based on spot gold price of A$2,200/oz plus remaining hedge book for FY20

ANNUAL GENERAL MEETING - NOVEMBER 2019 14

FORWARD SALES - PEER COMPARISON[1]

	RMS	RMS	RMS	SLR	SAR	SAR	SAR	EVN	EVN	EVN	NST	NST	NST	WGX	WGX	WGX	SBM	SBM	SBM	GOR	RRL	RRL	RRL
Amount Sold (koz)	243 177 377 375 335 214 221 125 439
Average Price (A$/oz)	1,890 1,879 1,874 1,848 1,836 1,864 1,772 1,837 1,615
(250) (200) (150) (100) (50) - A$m	Mark to Spot2
																			(36)
	(50) (44)												(56) (78)
	(95) (104) (97)
	(224)
	RMS SLR SAR EVN NST WGX SBM GOR RRL

1As per RMS Quarterly Report dated 29 Oct 2019; SLR Quarterly Report dated 11 Oct 2019; SAR Quarterly Report dated 22 Oct 2019; EVN Quarterly Report dated 15 Oct 2019; NST Quarterly Report dated 17 Oct 2019; WGX Quarterly Report dated 24 Oct 2019; SBM Quarterly Report dated 21 Oct 2019; GOR Quarterly Report dated 22 Oct 2019; RRL Quarterly Report dated 25 Oct 2019 2Assuming USD Gold: US$1,480/oz; AUD Gold: A$2,125/oz; CAD Gold: C$1,925/oz

15

ANNUAL GENERAL MEETING - NOVEMBER 2019

LONG TERM PRODUCTION OUTLOOK[*] - ONE MILLION OUNCES OVER 5 YEARS

✓ FY19 production confirmed ~200,000oz production rate

✓ FY20 production guidance of 205-225,000oz[1]

✓ Track record of delivering on production & cost guidance

✓ Exploration contributes to mine life extension and “rolling plan”

✓ Updated Mine Plan targeted for March 2020 Quarter

Production Target[2]

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300 $1,500
Prior Year Mine Life
1,330
1,275 1,270 Extensions
1,240 1,250
250 1,192 $1,250
200 $1,000
69 130
134
147
82
150 $750
100 104 $500
146
115 118
50 101 $250
89
48
- $0
FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024
Mt Magnet Edna May Target Extensions AISC (A$/oz)
AISC (A$/oz)
Au Production (koz)
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*The Production Outlook is a Production Target that contains a proportion of Inferred Resources (12%). There is a low level of geological 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.

1See RMS ASX Release, “June 2019 Quarterly Activities Report and Guidance”, 30 July 2019

16

2Excludes Vivien extension as per RMS ASX Release, “Vivien Underground Extended to June 2021”, 12 September 2019

ANNUAL GENERAL MEETING - NOVEMBER 2019

EXPLORATION & DEVELOPMENT

ANNUAL GENERAL MEETING - NOVEMBER 2019

17

MT MAGNET CONTINUES TO DELIVER OUNCES

• ➢ New Eridanus open pit 4km south of Hill 50/Galaxy area

• ➢ Latest Ore Reserve[1] :

• 3.1Mt @ 1.1 g/t Au for 110,000oz

• ➢ Porphyry host with 60m wide granodiorite mineralised to >300mbs

• ➢ Early ore mining out-performing resource model

• ➢ Both underground and open pit potential currently being assessed

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• 1See RMS ASX Release, “Resources and Reserves Statement 2019”, 10 September 2019

ANNUAL GENERAL MEETING - NOVEMBER 2019 18

VIVIEN MINE LIFE EXTENDED TO LATE 2021

• ➢ Resource modelling below 140 Level has resulted in additional Resources & Reserves[1] ;

• Resource of 250kt @ 5.8g/t Au for 48koz Au

• Reserve of 197kt @ 4.8g/t Au for 30koz Au

• ➢ Board approval to extend;

• Decline re-started 1[st] October 2019 (Capex <A$2.0M)

• Production now extending to late FY21

• New drilling program underway (A$600k) to extend further in FY22

Vivien Extension Mine Design

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• 1See RMS ASX Release, “Vivien Underground Extended to June 2021”, 12 September 2019

19

ANNUAL GENERAL MEETING - NOVEMBER 2019

EDNA MAY - GREENFINCH CLEARING PERMIT GRANTED

• ➢ Greenfinch open pit, adjacent the Edna May process plant

• ➢ Ore Reserve[1] :

• 1.7Mt @ 1.2 g/t Au for 62,000oz

• ➢ Clearing Permit granted;

• 21 Day advertising period complete

• Offset Proposal submitted for approval

• ➢ Potential to commence earlier than planned in 1Moz Mine Plan i.e before the end of FY2020

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1See RMS ASX Release, “Resources and Reserves Statement 2019”, 10 September 2019

20

ANNUAL GENERAL MEETING - NOVEMBER 2019

EDNA MAY - REGIONAL DRILLING SUCCESS

• ➢ Symes’ Find initial Mineral Resource estimate of

• 0.54Mt @ 1.9g/t Au for 34,000oz Au[1]

• ➢ The first significant discovery (outside Edna May)

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• ➢ Tampia prospective for additional resources

• ➢ Drilling to re-commence after harvest (Dec ‘19)

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1See RMS ASX Release, “Resources and Reserves Statement 2019”, 10 September 2019

21

ANNUAL GENERAL MEETING - NOVEMBER 2019

NEW PROJECT DEVELOPMENT

Marda Gold Project

• ➢ Initial Mineral Resources and Ore Reserve[1]

• Resource 4.8Mt @ 2.0g/t Au for 300koz

• Reserves 1.1Mt @ 2.4g/t Au for 89koz

• ➢ Additional conversion to reserves anticipated

• ➢ Mining commenced, ore haulage later in Quarter

Tampia Gold Project

• ➢ Initial Mineral Resource and Ore Reserve[1]

• Resource 8.2Mt @ 1.7g/t Au for 460koz

• Reserves 2.2Mt @ 2.8g/t Au for 200koz

• ➢ Strategic Review completed June 2019

• ➢ Decision-to-mine target, end of calendar 2019 with updated Ore Reserves and capital estimates

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Ramelius Cash Flow by Project [2]
120
Care & Maintenance Still in Operation To Be DevelopedIn To Be
100 Development Developed
71
80
60
42
31
40
20 9
0
(13)
(1) (4)
(20) (10) (38)
(64)
(40)
(60)
(80)
Coogee Kathleen Vivien Edna May Marda Tampia
(2012) Valley (2014) (2014) (2017) (2019) (2019)
Purchase Price Cash Generated Net Cash Flow
Cash Flow (A$M)
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1See RMS ASX Release, “Resources and Reserves Statement 2019”, 10 September 2019 2As at 30 September 2019

22

ANNUAL GENERAL MEETING - NOVEMBER 2019

STRATEGIC FOCUS

• Continue to focus on meeting guidance and managing costs Operational Excellence

• Ensure new developments deliver the best possible returns

• A$20M exploration budget - Mt Magnet and Edna May

High Impact Exploration

• Continue to explore opportunities around production centres

• Assess strategic acquisition opportunities to deliver step change

Strategic Acquisitions

• Well placed to execute quickly on transactions

Shareholder Returns

• Disciplined approach to capital management

• Dividend policy established to ensure a shareholder return focus

• Marda commencing ore deliveries to Edna May mill

Near-term Catalysts

• Tampia decision-to-mine

23

ANNUAL GENERAL MEETING - NOVEMBER 2019

RAMELIUS – “BREAKING INTO A GALLOP”

Sunrise at Edna May gold mine

24

ANNUAL GENERAL MEETING - NOVEMBER 2019

2019 MINERAL RESOURCE STATEMENT

		MINERAL RESOURCES AS AT 30 JUNE 2019- INCLUSIVE OF RESERVES	MINERAL RESOURCES AS AT 30 JUNE 2019- INCLUSIVE OF RESERVES	MINERAL RESOURCES AS AT 30 JUNE 2019- INCLUSIVE OF RESERVES	MINERAL RESOURCES AS AT 30 JUNE 2019- INCLUSIVE OF RESERVES
Project	Deposit	Measured	Indicated	Inferred	Total Resource
		t g/t oz	t g/t oz	t g/t oz	t g/t oz
Mt Magnet	Galaxy Group Morning Star Bartus Group Boomer Britannia Well Bullocks Eastern Jaspilite Eclipse Eridanus Golden Stream Lone Pine Milky Way O'Meara Group Spearmont - Galtee Stellar Welcome-Baxter	92,000 1.8 5,400	4,100,000 1.6 220,000	2,300,000 1.3 96,000	6,600,000 1.5 320,000
			4,900,000 1.9 300,000	4,300,000 1.5 210,000	9,200,000 1.7 510,000
		49,000 2.2 4,000	110,000 2.1 8,000	240,000 1.6 12,000	400,000 1.9 24,000
			1,200,000 1.8 68,000	790,000 1.0 26,000	2,000,000 1.5 94,000
			180,000 2.0 12,000		180,000 2.1 12,000
			200,000 3.3 21,000	40,000 2.5 3,000	240,000 3.1 24,000
		150,000 2.2 10,000	120,000 2.8 11,000	130,000 2.5 11,000	400,000 2.5 32,000
			170,000 2.2 12,000	41,000 2.1 3,000	210,000 2.2 15,000
			2,800,000 1.3 120,000	690,000 1.1 23,000	3,500,000 1.3 150,000
			150,000 2.9 14,000	67,000 1.2 2,700	220,000 2.4 17,000
			490,000 1.3 21,000	390,000 1.7 21,000	870,000 1.5 42,000
			1,400,000 1.3 58,000	880,000 1.1 30,000	2,300,000 1.2 88,000
			180,000 2.5 14,000	230,000 1.7 12,000	410,000 2.0 27,000
			25,000 2.9 2,000	210,000 4.3 28,000	230,000 4.0 30,000
			380,000 2.1 26,000		380,000 2.1 26,000
		220,000 1.6 11,000	280,000 1.6 15,000	200,000 1.8 11,000	700,000 1.7 37,000
	Open Pit deposits	510,000 1.9 30,000	17,000,000 1.7 920,000	11,000,000 1.4 480,000	28,000,000 1.6 1,400,000
	Hill 50 Deeps Hill 60 Morning Star Deeps Saturn UG Shannon	280,000 5.5 49,000	930,000 7.0 210,000	400,000 6.4 81,000	1,600,000 6.6 340,000
			200,000 4.4 28,000	160,000 4.3 22,000	360,000 4.3 50,000
			190,000 4.2 26,000	330,000 5.0 53,000	530,000 4.7 79,000
				1,600,000 2.5 130,000	1,600,000 2.5 130,000
			330,000 5.9 63,000	290,000 4.2 39,000	620,000 5.1 100,000
	UG deposits	280,000 5.5 49,000	1,700,000 6.1 330,000	2,800,000 3.6 320,000	4,700,000 4.6 700,000
	ROM & LG stocks	1,500,000 0.7 33,000			1,500,000 0.7 33,000
	Total Mt Magnet	2,300,000 1.5 110,000	18,000,000 2.1 1,200,000	13,000,000 1.9 810,000	34,000,000 2.0 2,200,000
	Edna May Edna May UG Greenfinch ROM & LG stocks		21,000,000 0.9 580,000	5,100,000 0.8 130,000	26,000,000 0.9 720,000
			310,000 6.9 70,000	12,000 6.7 2,700	330,000 6.9 73,000
Edna May			2,700,000 1.1 94,000	1,700,000 1.1 60,000	4,400,000 1.1 150,000
		1,700,000 0.5 25,000			1,700,000 0.5 25,000
	Total Edna May	1,700,000 0.5 25,000	24,000,000 1.0 750,000	6,800,000 0.9 200,000	32,000,000 0.9 970,000
Vivien	Vivien UG	370,000 5.8 68,000	41,000 3.9 5,100	34,000 2.9 3,100	440,000 5.4 77,000
Kathleen Valley	Mossbecker Yellow Aster Nil Desperandum		110,000 2.6 8,900	120,000 3.4 13,000	230,000 3.0 22,000
			91,000 3.8 11,000	300,000 2.0 18,000	390,000 2.4 30,000
			23,000 5.8 4,400	100,000 2.9 9,500	120,000 3.5 14,000
	Total KV		220,000 3.4 24,000	520,000 2.5 41,000	750,000 2.7 66,000
Coogee	Coogee		31,000 3.6 3,600	65,000 3.3 7,000	96,000 3.4 11,000
WesternQueen	WQ South		100,000 3.6 12,000	81,000 3.4 8,800	180,000 3.5 21,000
	Dolly Pot Dugite Python Goldstream Golden Orb King Brown Die Hardy Red Legs		560,000 1.7 31,000	44,000 1.7 2,300	610,000 1.7 34,000
			250,000 1.9 15,000		250,000 1.9 15,000
			760,000 1.9 47,000	170,000 1.8 10,000	940,000 1.9 57,000
Marda			100,000 2.5 8,300	130,000 1.4 5,900	230,000 1.9 14,000
			370,000 3.0 35,000	190,000 1.8 11,000	560,000 2.6 46,000
			130,000 4.3 18,000	41,000 1.9 2,600	170,000 3.7 21,000
			1,100,000 1.6 54,000	450,000 1.5 21,000	1,500,000 1.6 75,000
				370,000 2.9 34,000	370,000 2.9 34,000
	Total Marda		3,200,000 2.0 210,000	1,400,000 2.0 87,000	4,600,000 2.0 300,000
Tampia	Tampia	390,000 2.4 31,000	7,700,000 1.7 420,000	130,000 1.8 7,400	8,200,000 1.7 460,000
Tot	al Resource	4,700,000 1.6 240,000	53,000,000 1.6 2,700,000	22,000,000 1.6 1,200,000	81,000,000 1.6 4,100,000
Figures rounde	d to 2 significant figures.	Rounding errors may occur.

For detailed information relating to Mineral Resources see ASX Releases (RMS) “Resources and Reserves Statement 2019”, 10 September 2019 and “Vivien Underground Extended to June 2021”, 12 September 2019.

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.

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ANNUAL GENERAL MEETING - NOVEMBER 2019

2019 ORE RESERVE STATEMENT

		ORE RESERVE STATEMENT AS AT 30 JUNE 2019	ORE RESERVE STATEMENT AS AT 30 JUNE 2019	ORE RESERVE STATEMENT AS AT 30 JUNE 2019
Project	Mine	Proven	Probable	Total Reserve
		t g/t oz	t g/t oz	t g/t oz
Mt Magnet	Boomer Brown Hill		130,000 2.9 12,000 620,000 1.6 31,000	130,000 2.9 12,000 620,000 1.6 31,000 3,100,000 1.1 110,000 95,000 3.0 9,200 200,000 1.2 7,800 1,100,000 1.9 68,000 170,000 2.7 15,000 180,000 1.3 7,500
	Eridanus		3,100,000 1.1 110,000
	Golden Stream Milky Way Morning Star Stellar Vegas		95,000 3.0 9,200 200,000 1.2 7,800 1,100,000 1.9 68,000 170,000 2.7 15,000 180,000 1.3 7,500
	Total Open Pit		5,600,000 1.4 260,000	5,600,000 1.4 260,000
	Hill 60 Shannon		240,000 3.2 25,000 290,000 5.1 48,000	240,000 3.2 25,000 290,000 5.1 48,000
	Total Underground		530,000 4.3 73,000	530,000 4.3 73,000
	ROM & LG stocks	1,500,000 0.7 33,000	- - -	1,500,000 0.7 33,000
	Mt Magnet Total	1,500,000 0.7 33,000	6,100,000 1.7 330,000	7,600,000 1.5 360,000
	Edna May UG	1,700,000 0.5 25,000	420,000 4.7 63,000 1,700,000 1.2 62,000	420,000 4.7 63,000 1,700,000 1.2 62,000 1,700,000 0.5 25,000
	Greenfinch
	ROM & LG stocks		- - -
	Edna May Total	1,700,000 0.5 25,000	2,100,000 1.9 130,000	3,700,000 1.3 150,000
Vivien	Vivien UG	220,000 6.2 44,000	-	220,000 6.2 44,000
	Dolly Pot Dugite Python Goldstream Golden Orb East Golden Orb West King Brown		300,000 1.7 16,000 170,000 2.0 11,000 320,000 2.2 22,000 71,000 2.6 6,000 64,000 4.2 8,600 140,000 2.7 12,000 75,000 5.3 13,000	300,000 1.7 16,000 170,000 2.0 11,000 320,000 2.1 22,000 71,000 2.6 6,000 64,000 4.2 8,600 140,000 2.7 12,000 75,000 5.4 13,000
Marda
	Marda Total	- - -	1,100,000 2.5 89,000	1,100,000 2.5 89,000
Tampia	Tampia	170,000 3.7 20,000	2,000,000 2.7 180,000	2,200,000 2.8 200,000
	Total Reserve	3,600,000 1.1 120,000	11,000,000 2.0 720,000	15,000,000 1.8 840,000
Figures rounded t	o 2 significant figures. Rounding err	ors may occur.

For detailed information relating to Ore Reserves see ASX Releases (RMS) “Resources and Reserves Statement 2019”, 10 September 2019 and “Vivien Underground Extended to June 2021”, 12 September 2019.

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.

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ANNUAL GENERAL MEETING - NOVEMBER 2019

APPENDIX - PEER DATA SOURCES

Peer Enterprise Value data sourced from the following announcements:

Company	Release Date	Announcement
Silver Lake Resources Limited 11 Oct 2019 Quarterly Activities Report
Saracen Mineral Holdings Limited 22 Oct 2019 Quarterly Activities Report
Evolution Mining Limited 15 Oct 2019 September 2019 Quarterly Report
Northern Star Resources Limited 17 Oct 2019 September 2019 Quarterly Activities Report
Westgold Resources Limited 24 Oct 2019 Quarterly Activities Report
St Barbara Limited 21 Oct 2019 Quarterly Report Q1 September FY20
Gold Road Resources Limited 22 Oct 2019 Quarterly Reports – September 2019
Regis Resources Limited 25 Oct 2019 Quarterly Activities Report

*Share Price data taken as at 15 November 2019

ANNUAL GENERAL MEETING - NOVEMBER 2019 27