RAMELIUS RESOURCES LIMITED — AGM Information 2020

Nov 25, 2020

==> picture [159 x 752] intentionally omitted <==

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

26 November 2020
ISSUED CAPITAL
Ordinary Shares: 809M
DIRECTORS
ACTING NON-EXECUTIVE
CHAIRMAN:
Michael Bohm
MANAGING DIRECTOR:
Mark Zeptner
NON-EXECUTIVE DIRECTORS:
David Southam
Natalia Streltsova
COMPANY SECRETARY:
Richard Jones
www.rameliusresources.com.au
ramelius@rameliusresurces.com.au
RAMELIUS RESOURCES LIMITED
Registered Office
Level 1, 130 Royal Street
East Perth, WA 6004
Tel +61 8 9202 1127
PO Box 6070
East Perth, WA 6892
----- End of picture text -----

==> picture [386 x 71] intentionally omitted <==

26 November 2020

RAMELIUS RESOURCES LTD 2020 ANNUAL GENERAL MEETING

Ramelius Resources Limited (ASX: RMS) provides a copy of:

• (a) Chair’s address; and

• (b) Managing Director’s presentation,

ahead of its Annual General Meeting Thursday 26 November 2020 from 11am (WST).

This ASX announcement was authorised for release by Richard Jones, Company Secretary.

Ramelius Resources Limited

ACN: 001 717 540 Ramelius Resources Limited PO Box 6070 East Perth WA 6892 Level 1, 130 Royal Street, East Perth WA 6004 Tel: (08) 9202 1127

==> picture [83 x 79] intentionally omitted <==

Ladies and gentlemen, welcome to the 18[th] Annual General Meeting of Ramelius Resources Limited (ASX: RMS) ( Ramelius or the Company ).

It gives me great pleasure to address the meeting in my capacity as acting Chairman following the retirement of Kevin Lines at the end of September.

We will pay tribute to Kevin and the tremendous service he has given shortly, but first I’d like to touch on the financial and operational performance of your Company, which I’m sure you’ll agree has been very pleasing indeed.

For the financial year ended 30 June 2020, Ramelius reported:

• Net profit before tax of $149.5 million;

• Net profit after tax of $113.4 million;

• Gold sales of 228,210 ounces generating revenue of $460.6 million; and

• Cash and gold (net of debt) at 30 June 2020 of $161.1 million.

Each of these results was a record for Ramelius, reflecting excellent underlying operational performance and disciplined financial management across our multiple mining centres and the Mt Magnet and Edna May production hubs.

Such achievements are all the more meritorious considering the uncertainty presented throughout this year by the COVID-19 pandemic. I must applaud all in our team, particularly those on site for their efforts in ensuring the business has been able to continue on safely and largely unaffected despite the challenges everyone has to work through.

After putting in place a new dividend policy at our annual meeting two years ago and declaring a 1.0 cent per share fully franked dividend last year, our performance this year enabled us to double the fully franked payout to 2.0 cents per share. Being able to reward shareholders in this way is a point of pride and something we aim to keep doing.

Balanced against returning capital to shareholders, we have kept a strong focus on growth, both through investment in exploration and continuing to move on sensible, value-accretive acquisition opportunities.

The takeover of Spectrum Metals, launched and completed in the second half of the financial year, gave us ownership of the Penny Gold Project, near Youanmi in Western Australia, one of the highest grade undeveloped gold deposits in Australia.

The feasibility study on Penny, which was handed down earlier this month, demonstrated just how financially robust the project will be. Based on the outcomes of the study, the Board has approved its development, with first production anticipated late in the June quarter next year.

---

www.rameliusresources.com.au Page 1 of 2

In terms of exploration, Ramelius invested almost $20 million across its portfolio during the financial year. That investment, combined with the addition of Penny, translated into a 15% increase in Mineral Resources and a 32% increase in Ore Reserves for the year after accounting for mining depletion.

Last year in handing down our Life of Mine Plan, we passed the one million-ounce milestone for the first time. This year it pleases me to say that we have built on that significantly again – the Life of Mine Plan handed down at the end of June detailed production of 1.45 million ounces primarily across the six years to FY2026.

This new Life of Mine Plan, based predominantly on Ore Reserves and Indicated Resources, will underpin average annual production of 250-270koz at an AISC of $1,250-1,350/oz over that six-year period.

There are multiple studies underway – including on the expansion of the Mt Magnet mill and assessing the option of bulk underground mining at Edna May – that have the potential to further increase the production profile, while the Company has expanded its exploration budget for this financial year to $25-30 million. We also retain the balance sheet capacity to pursue additional acquisitions should they make sense and improve the quality of our asset base.

Over the course of the financial year just gone, Ramelius benefited from a rising gold price and continued to adjust its hedge book accordingly. That is, we have been reducing the level of hedging cover gradually by not replacing 100% of the contracts as they mature. It can be a balancing act - ensuring a suitable level of downside protection through hedging and not overly limiting exposure to future upside in the gold price - so it is something that is constantly under review.

Pleasingly, the production and margin growth that the Board has overseen in recent years is being increasingly appreciated by investors. From July 1, 2019 to June 30, 2020, the Company’s share price increased 176% from 72c to $1.99, while its market capitalisation increased 236% to $1.6 billion.

Subsequent to the year end and following the September Quarter Rebalance of the S&P/ASX indices, Ramelius was, for the first time, included in the S&P/ASX200, a particularly important event for the Company that strengthens our appeal within the broader investment community.

Further recognition for the Company came just last month when Ramelius was named the Digger of the Year for 2020 at the Diggers and Dealers Conference in Kalgoorlie. In my opinion, this was just reward for the hard work and dedication to the cause demonstrated by our team led by Managing Director Mark Zeptner and supported by all of our employees and contractors. Thank you all for your efforts and well done.

It has been quite the journey from the Company’s humble beginnings on the ASX in 2003 and bringing the Wattle Dam gold mine into production in 2006. Kevin Lines joined during those Wattle Dam days and has spent the past 12 years as a valued member of the Board and has played an absolutely integral role in getting us to where we are today.

Critically, he took on the position of Chairman in 2018 upon the passing of our great friend, Bob Kennedy, and it is with no small sense of sadness that we say farewell to Kevin today. It was a great pleasure to work with Kevin as Ramelius grew and I know you will all join me in thanking Kevin for his service to the Company and wishing him and his wife, Heather, all the best in retirement.

I look forward to welcoming a new chairman once that search process has been concluded and continuing to serve alongside my fellow non-executive directors, David Southam and Natalia Streltsova and of course Mark as Managing Director.

Finally, on behalf of the entire Board, I would like to thank you, our shareholders, for your ongoing support and loyalty. Another prosperous year beckons for Ramelius.

_____________________ www.rameliusresources.com.au Page 2 of 2

Ramelius Resources Limited

Mark Zeptner Managing Director

ASX:RMS

Annual General Meeting th 26 November 2020

1

ANNUAL GENERAL MEETING - NOVEMBER 2020

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 2020 2

CORPORATE SUMMARY

Corporate Structure	Corporate Structure		Production Guidance	Production Guidance	Production Guidance	Production Guidance	Production Guidance
Shares on Issue	809M		Mineral Resources1		4.7Mozat 30 June 2020
Market Cap6	A$1.5B @ $1.80 per share		Ore Reserves1		1.1Mozat 30 June 2020
Cash & Gold2	A$221.9M		FY 2020 Production4 230,426oz @ AISC A$1,164/oz
Debt2,3	A$16.3M		FY 2021 Guidance5 260,000 - 280,000oz @ AISC A$1,230 - A$1,330/oz
			Board Mike Bohm Acting Non-Executive Chairman Mark Zeptner Managing Director David Southam Non-Executive Director Natalia Streltsova Non-Executive Director Richard Jones GM - Legal / HR / Risk & Sustainability / Company Secretary
			Board			Management
			Mike Bohm	Acting Non-Executive Chairman		Duncan Coutts	Chief Operating Officer
						Tim Manners	Chief Financial Officer
			Mark Zeptner	Managing Director
						Kevin Seymour	GM Exploration
			David Southam	Non-Executive Director		Liz Jones	GM - Mount Magnet
						Paul Marlow	Mine Manager - Vivien
			Natalia Streltsova	Non-Executive Director
						Tim Blyth	GM - Edna May
			Richard Jones	GM - Legal / HR / Risk & Sustainability / Company Secretary
						Andrew Bishop	Project Manager - Marda
						Hugh Trivett	Project Manager - Tampia

• 1 See RMS ASX Release “Resources and Reserves Statement 2020”, 28 September 2020 2 As at 30 September 2020, see RMS ASX Release “September 2020 Quarter Production Update”, 01 October 2020 3 Syndicated Facility Agreement for A$35.0M in place

• 4 See RMS ASX Release “June 2020 Quarter Record Production of 86,517oz” , 01 July 2020 5 References to production guidance are based on the Mineral Resource and Ore Reserve Statements contained within, as set out in Appendices and RMS ASX Release, “Ramelius Extends Life of Mine Plan by 34% to 1.45Moz”, 30 June 2020 6 As at 20 November 2020 ANNUAL GENERAL MEETING - NOVEMBER 2020 3

FY2020 HIGHLIGHTS - A RECORD YEAR

==> picture [756 x 319] intentionally omitted <==

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

Share Price Performance FY20 [^]
✓ Record Production
– 230koz produced (up 17% on FY19)
✓ Record Net Profit [] (after Tax)
– A$113.4M (up 420% on FY19)
✓ Best in Class Capital Returns []
– 176% share price appreciation in FY20
✓ Doubling of Dividend []
– 2.0c fully franked (from 1.0c in FY19)
✓ S&P/ASX 200 Index
– entry 21 September 2020
----- End of picture text -----*

^ Source: FactSet

• See RMS ASX Release “Ramelius Delivers 420% Increase in Net Profit After Tax and Declares 2.0cps Dividend”, 24 August 2020

ANNUAL GENERAL MEETING - NOVEMBER 2020 4

FY2020 HIGHLIGHTS - INCREASED FOCUS ON SAFETY & ESG

==> picture [801 x 339] intentionally omitted <==

5

ANNUAL GENERAL MEETING - NOVEMBER 2020

FY2020 HIGHLIGHTS - INCREASED RESOURCES, RESERVES & GOLD SALES

	2020	2019	% Change
Mineral Resources 4.70Moz 4.10Moz 15%
Ore Reserves 1.10Moz 0.84Moz 32%
Gold Production 230,426oz 196,679oz 17%
Gold Sales 228,210oz 203,318oz 12%
AISC A$1,164/oz A$1,192/oz (2%)
Average Price Received A$2,014/oz A$1,726/oz 17%

6

ANNUAL GENERAL MEETING - NOVEMBER 2020

FY2020 HIGHLIGHTS - A STANDOUT SET OF FINANCIALS

OPERATING PERFORMANCE	2020	2019	% Change
Revenue A$460.6m A$352.8m 31%
EBITDA A$256.0m A$112.2m 128%
Net Profit After Tax A$113.4m A$21.8m 420%
Earnings Per Share (cents) 16.4 3.7 339%
Dividend (cents) 2.0 1.0 100%
STRENGTHEN BALANCE SHEET	2020	2019	% Change
Cash and Gold A$185.5m A$106.8m 74%
Shareholder’s Equity A$515.2m A$278.9m 85%
Borrowings A$24.4m Nil -
Operating Cash Flow A$236.0m A$137.0m 72%
Free Cash Flow A$79.2m A$51.8m 53%

ANNUAL GENERAL MEETING - NOVEMBER 2020 7

FY2020 HIGHLIGHTS - A DIVIDEND PAYING GOLD PRODUCER

• ➢ October 2019 – inaugural fully franked $0.01 cent per share

• ➢ October 2020 – followed up with fully franked $0.02 per share (A$16M)

• ➢ Ramelius continues to have 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: from A$0.01 per share, up to 30% of free cashflow at Board discretion

==> picture [441 x 324] intentionally omitted <==

1Share Price data sourced from FactSet as at 13 November 2020

1Enterprise Value information sourced from NST Quarterly Report dated 27 Oct 2020; EVN Quarterly Report dated 27 Oct 2020; SBM Quarterly Report dated 21 Oct 2020; RRL Quarterly Report dated 23 Oct 2020; RMS Quarterly Report dated 27 Oct 2020

8

ANNUAL GENERAL MEETING - NOVEMBER 2020

FY2020 HIGHLIGHTS -VALUE ACCRETIVE CORPORATE ACTION CONTINUES

• ➢ Delivering on strategy of acquiring value accretive projects near existing production centres

• Acquired 100% of Spectrum for A$171M

• Proximal to Mt Magnet gold mine

• Near production opportunity with high value exploration potential

• ➢ Added 300koz to Mineral Resources[1] and 230koz to Ore Reserves[1]

• ➢ Fourth asset acquired in last three years

==> picture [330 x 318] intentionally omitted <==

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

9

ANNUAL GENERAL MEETING - NOVEMBER 2020

ASSET LOCATIONS & OUTLOOK

10

ANNUAL GENERAL MEETING - NOVEMBER 2020

2020 RESOURCES & RESERVES BY PRODUCTION CENTRE

Mt Ma net & Vivien Resources & Reserves[1] g ➢ Mineral Resources 2.70Moz ➢ Ore Reserves 0.51Moz Edna May, Marda & Tampia Resources & Reserves[1] ➢ Mineral Resources 2.00Moz ➢ Ore Reserves 0.62Moz Total Resources & Reserves[1] (at 30 June 2020) ➢ Mineral Resources 4.70Moz ➢ Ore Reserves 1.10Moz

==> picture [340 x 327] intentionally omitted <==

1See RMS ASX Release, “Resources and Reserves Statement 2020”, 28 September 2020

11

ANNUAL GENERAL MEETING - NOVEMBER 2020

CONSISTENT PRODUCTION GROWTH[#] WITH EXPANDING MARGINS

• ➢ 21.5% year-on-year gold production growth FY15-FY20

• ➢ Further 17% growth to 270koz midpoint in FY21

• ➢ Consistent AISC profile over past 6 ➔

• years varying <4%

• ➢ Expanding margins due to excellent cost management

AISC Margin increased from 20% in FY15 to 42% in FY20

*Includes mid-points of production and AISC guidance and a weighted average gold price from the RMS Hedge Book and as assumed A$2500/oz spot price

See RMS ASX Release, “June 2020 Quarter Record Production of 86,517oz”, 01 July 2020. References to production guidance are based on the Mineral Resource and Ore Reserve Statements contained within, as set out in Appendices and RMS ASX Release, “Ramelius Extends Life of Mine Plan by 34% to 1.45Moz”, 30 June 2020 ANNUAL GENERAL MEETING - NOVEMBER 2020

12

RESOURCES & RESERVES[1] GROWTH - ACCELERATING IN RECENT YEARS

• ➢ Growth achieved via ▪ Exploration ▪ Acquisition

• ➢ Foundation of 1.45Moz Mine Plan[2] ▪ 88% from Reserves/Indicated Resources

• ➢ Conversion rate ~23% ➢ Looking to improve Resource to Reserve conversion in FY21

==> picture [476 x 303] intentionally omitted <==

1See RMS ASX Release, “Resources and Reserves Statement 2020”, 28 September 2020 2See RMS ASX Release, “Ramelius Extends Life of Mine Plan by 34% to 1.45Moz”, 30 June 2020

13

ANNUAL GENERAL MEETING - NOVEMBER 2020

MINE PLAN[*] - GROWS BY 34% TO 1.45 MILLION OUNCES

==> picture [470 x 301] intentionally omitted <==

➢ Main Contributors to growth ▪ Eridanus Stage 2 open pit (Mining) ▪ Eridanus Underground (Scoping) ▪ Penny Gold Project (PFS) ➢ Early opportunities for FY22 ▪ Extension of Vivien underground ▪ Earlier production from the Penny Project

*Years FY2026 to FY2028 currently contain primarily low-grade stockpiles at Mt Magnet that will be processed at end of the current mine life. Production for the three years gradually tails off, with FY2026 at 100koz, FY2027 at 50koz and FY2028 at 30koz.

The Life of Mine Plan 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. See RMS ASX Release, “Ramelius Extends Life of Mine Plan by 34% to 1.45Moz”, 30 June 2020 ANNUAL GENERAL MEETING - NOVEMBER 2020 14*

KEY PROJECT UPDATES

ANNUAL GENERAL MEETING - NOVEMBER 2020

15

PENNY PROJECT - ONE OF AUSTRALIA’S HIGHEST GRADE GOLD MINES

• ➢ Offer announced Feb 2020, completed Jun 2020

• ➢ Mineral Resources - 620kt @ 15.0g/t for 300koz[1 ]

• ➢ Ore Reserve - 500kt @ 14.0g/t for 230koz[1]

• ➢ Feasibility Study completed October 2020*

• AISC reduced to A$633/oz

• Upfront capital increased to A$34.5M (re-allocation)

• NPV5% of A$301M @ A$2,300/oz, A$370M @ A$2,650/oz

• IRR of 240%, payback of 26 months

• Mining to commence late June 2021 Quarter

==> picture [321 x 89] intentionally omitted <==

• ➢ Exploration drilling re-commenced Sep 2020

==> picture [452 x 312] intentionally omitted <==

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

.
----- End of picture text -----

1See RMS ASX Release, “Resources and Reserves Statement 2020”, 28 September 2020 *See RMS ASX Release, “Penny & Edna May Study Updates”, 09 November 2020

16

ANNUAL GENERAL MEETING - NOVEMBER 2020

ERIDANUS - STAGE 2 OPEN PIT UNDERWAY

• ➢ Significant Mineral Resource estimate of 13Mt @ 1.2 g/t Au for 500,000oz[1]

• ➢ Stage 2 open pit commenced in June 2020 Qtr, following excellent performance from Stage 1 open pit (see opposite)

• ➢ Earlier diamond drilling returned wider zones of mineralisation across the 60m wide Eridanus granodiorite

• Mineralisation wider & higher grade with depth

• ➢ Deeper diamond drilling underway from base of Stage 2 design (230mbs) to 500mbs

==> picture [461 x 308] intentionally omitted <==

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

.
----- End of picture text -----

1See RMS ASX Release, “Resources and Reserves Statement 2020”, 28 September 2020

17

ANNUAL GENERAL MEETING - NOVEMBER 2020

EDNA MAY - 22% LARGER RESOURCE AT 1.0M OUNCES

• ➢ Infill and extensional diamond drilling programme completed along with new resource model

• ➢ Updated Mineral Resources[1]

• 31Mt @ 1.1g/t for 1.0Moz[1 ] (overall resource)

• 490kt @ 4.5g/t for 72koz (included high grade lodes)

• ➢ Indicated Resource down to 480mbs with Inferred Resource extending to 540mbs

• ➢ Underground Study to include consideration of potential Stage 3 pit – 31 December 2020

==> picture [423 x 326] intentionally omitted <==

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

.
----- End of picture text -----

1See RMS ASX Release, “Penny & Edna May Study Updates”, 09 November 2020

18

ANNUAL GENERAL MEETING - NOVEMBER 2020

GREENFINCH -TAKING SHAPE NICELY

• ➢ Commenced mining in March 2020, on schedule for completion July 2021

• ➢ Mineral Resource - 4.3Mt @ 0.9g/t for 130koz[1]

• ➢ Ore Reserve - 1.5Mt @ 1.1g/t for 52koz[1]

• ➢ Reconciling well against Ore Reserves and productivity exceeding expectations

• ➢ Minimising impact to surrounding vegetation

==> picture [427 x 286] intentionally omitted <==

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

.
----- End of picture text -----

1See RMS ASX Release, “Resources and Reserves Statement 2020”, 28 September 2020

19

ANNUAL GENERAL MEETING - NOVEMBER 2020

TAMPIA - CAPITAL PROJECTS UNDERWAY

➢ Edna May Plant Upgrade

.

• Vibrating screens installed and leach thickener footings complete (see opposite)

➢ Approvals

• Land Access – continuing negotiations with freehold landowners

• Project Management Plan – approved by DMIRS

• Mining Proposal – in progress with DMIRS

➢ Roads

• Working with Shires on Road Usage Agreements, which include intersection upgrades

==> picture [154 x 186] intentionally omitted <==

==> picture [771 x 144] intentionally omitted <==

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

➢ Narembeen Accommodation Camp
▪ Shire land lease, water & power supply all secured
▪ Camp tender awarded and build commenced
➢ Contracts
▪ Surface Mining Contract – tender documents to go out shortly
▪ Ore Haulage – in tender process currently
Edna May Processing Plant
----- End of picture text -----

20

ANNUAL GENERAL MEETING - NOVEMBER 2020

MARDA - IN FULL SWING

==> picture [426 x 320] intentionally omitted <==

• ➢ Commenced mining in November 2019

• ➢ Located 170km by road from the Edna May processing plant

• ➢ Mineral Resource - 4.4Mt @ 2.0g/t for 280koz[1]

• ➢ Ore Reserve - 1.3Mt @ 2.1g/t for 93koz[1]

• ➢ Conversion of Marda north resources (100koz) currently a priority:

• Die Hardy 1.3Mt @ 1.6g/t for 66koz[1]

• Red Legs 370kt @ 2.9g/t for 34koz[1]

• ➢ At 30 September, a significant 330kt ore stockpile had been built, representing approximately 6 months of ore haulage

1See RMS ASX Release, “Resources and Reserves Statement 2020”, 28 September 2020

21

ANNUAL GENERAL MEETING - NOVEMBER 2020

THE INVESTMENT CASE

22

ANNUAL GENERAL MEETING - NOVEMBER 2020

ORGANIC GROWTH - MINING/PROCESSING STUDIES

. ➢ Mount Magnet ▪Eridanus Underground: completion of deeper drilling and associated Scoping Study ▪Processing Facility Upgrade: carry out cost/benefit analysis on upgrade from 2.0 to 2.4Mtpa ▪Mt Magnet Undergrounds: complete extension drilling and evaluation at Shannon/Hill 60/Water Tank Hill ▪Galaxy (Saturn, Mars, Titan, Hill 50): underground studies to convert a % of ~470koz of mineral resources1 ▪Morning Star: underground study to convert a % of ~80koz mineral resources1 ➢ Edna May ▪Underground: bulk underground option and compare to current high-grade lode only mine plan ▪Stage 3 Open Pit: re-visit large cutback on the original Stage 2 pit, based on updated resource model

Estimated Completion

31 December 2020 31 December 2020 30 June 2021 30 June 2021 30 June 2021 31 December 2020 31 December 2020

1See RMS ASX Release, “Resources and Reserves Statement 2020”, 28 September 2020.

ANNUAL GENERAL MEETING - NOVEMBER 2020 23

ACQUISITIONS - A HISTORY OF ADDING VALUE[* ]

==> picture [521 x 314] intentionally omitted <==

• ➢ Track record of generating positive (net) cash flow from new projects

• ➢ Marda now in production (330kt ore stockpile, ~A$25M in free cashflow)

• ➢ Tampia commenced capital expenditure program

• ➢ Penny capital program start brought forward from FY22 into FY21

• ➢ Balance sheet strength to be applied to new opportunities

• Unaudited cash flows by project

24

ANNUAL GENERAL MEETING - NOVEMBER 2020

FOCUS FOR FY2021

• Continue focus on meeting guidance, managing costs & improving safety

Operational Excellence

• Mining & processing studies underway to optimise resource conversion

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

High Impact Exploration

Accretive Acquisitions

Shareholder Returns

• Additional A$5M for Penny Project, taking total to A$25M

• Assess strategic acquisition opportunities to deliver step change • Well placed to execute quickly on transactions

• Disciplined approach to capital management, strong balance sheet

• Dividend policy established to ensure a shareholder return focus

Near-term Catalysts

• Eridanus Underground Scoping Study & Mt Magnet mill evaluation

• • Edna May Underground & Stage 3 open pit evaluation

25

ANNUAL GENERAL MEETING - NOVEMBER 2020

THANK YOU

Ramelius Resources Limited ASX Code: RMS Level 1, 130 Royal Street East Perth WA 6004 Authorised for release to the ASX by the Managing Director. For further information contact: Investor enquiries: Media enquiries: Mark Zeptner Tim Manners Luke Forrestal Managing Director Chief Financial Officer Associate Director Ramelius Resources Ltd Ramelius Resources Ltd Media & Capital Partners Ph: +61 8 9202 1127 Ph: +61 8 9202 1127 Ph: +61 411 479 144

Photo: Ramelius team at Diggers & Dealers accepting ‘Digger of the Year’ Award 2020

26

ANNUAL GENERAL MEETING - NOVEMBER 2020

APPENDIX - RELATIVE SHARE PRICE PERFORMANCE OVER FY20^

==> picture [776 x 299] intentionally omitted <==

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

250% 250% ▪ “Best in Class” for FY20
225% 225%
▪
200% 200% Record breaking 4 [th] Quarter
COVID-19
175% 175%
Onset
150% 150% ▪ Element of catch-up from
prior periods of being under
125% 125%
valued (management view)
100% 100%
75% 75% ▪ Market metrics based on
50% 50% FY20 results (Earnings &
25% 25% Cashflow relative to EV)
0% 0% leave RMS well positioned
relative to peers
-25% -25%
-50% -50%
Jul-19 Aug-19 Sep-19 Oct-19 Nov-19 Dec-19 Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20
Ramelius Silver Lake Saracen Northern Star Evolution
Gold Road Westgold Red 5 St. Barbara
----- End of picture text -----

^ Source: FactSet

27

ANNUAL GENERAL MEETING - NOVEMBER 2020

APPENDIX - FORWARD SALES PEER COMPARISON[1]

==> picture [761 x 98] intentionally omitted <==

==> picture [624 x 201] intentionally omitted <==

1As per RMS Quarterly Report dated 27 Oct 2020; DCN Quarterly Report dated 28 Oct 2020; SLR Quarterly Report dated 21 Oct 2020; GOR Quarterly Report dated 23 Oct 2020; SBM Quarterly Report dated 21 Oct 2020; WGX Quarterly Report dated 9 Oct 2020; SAR Quarterly Report dated 22 Oct 2020; EVN Quarterly Report dated 27 Oct 2020; NST Quarterly Report dated 27 Oct 2020; RRL Quarterly Report dated 23 Oct 2020 2Assuming: AUD:CAD exchange rate of 0.95 as at 13 Nov 2020

3Assuming: AUD Gold of A$2,602/oz and CAD Gold of C$2,482/oz as at 13 Nov 2020

28

ANNUAL GENERAL MEETING - NOVEMBER 2020

APPENDIX - 2020 MINERAL RESOURCE STATEMENT

==> picture [274 x 333] intentionally omitted <==

For detailed information relating to Mineral Resources see ASX Releases (RMS) “Resources and Reserves Statement 2020”, 28 September 2020 and “Penny & Edna May Study Updates”, 09 November 2020.

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.

29

ANNUAL GENERAL MEETING - NOVEMBER 2020

APPENDIX - 2020 ORE RESERVE STATEMENT

==> picture [352 x 333] intentionally omitted <==

For detailed information relating to Ore Reserves see ASX Releases (RMS) “Resources and Reserves Statement 2020”, 28 September 2020.

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.

30

ANNUAL GENERAL MEETING - NOVEMBER 2020