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RAMELIUS RESOURCES LIMITED Annual Report 2025

Sep 30, 2025

65718_rns_2025-09-30_97789341-097a-45eb-9cc4-51ea7b89f9ce.pdf

Annual Report

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1 OCTOBER 2025

RESOURCES & RESERVES STATEMENT 2025

Resources up 38%, Reserves up 118%

Ramelius Resources Limited ( ASX: RMS ) (“Ramelius”, “the Company” ) is pleased to announce new estimates of Mineral Resources and Ore Reserves as at 30 June 2025.

Total Mineral Resources are estimated to be:

  • 210 Mt at 1.8 g/t Au for 12 Moz of gold (refer table 1)

Total Ore Reserves are estimated to be:

  • 57 Mt at 1.3 g/t Au for 2.4 Moz of gold (refer table 2)

INCLUSIONS

Following record production in FY25, Ore Reserves increased substantially year-on-year due to:

  • Inclusion of Eridanus Ore Reserve 18Mt @ 1.2g/t Au for 680koz announced 11 March 2025

  • Inclusion of Open Pit Ore Reserves 20Mt @ 1.3g/t Au for 870koz from the Rebecca-Roe PFS announced 12 December 2024

  • A Maiden Ore Reserve of 0.48Mt @ 3.6g/t Au for 57koz for Break of Day underground at Cue

  • Conversion of Mineral Resource extensions in Cue open pit sources

EXCLUSIONS

Significant further increases in Ore Reserves, including a maiden Dalgaranga Ore Reserve, are expected during the December 2025 Quarter due to:

  • Completion of the Never Never (including Pepper) Underground PFS

  • Inclusion of the Roe Underground as part of the Rebecca-Roe DFS

The Company has guided to an exploration spend in FY26 of A$80-100M with emphasis on Dalgaranga, Penny, Cue, Mt Magnet (primarily the Galaxy and Eridanus areas) and the RebeccaRoe project area. Historical Mineral Resource growth is shown in Figure 1 below.

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14
12
10
8
6
4
2
0
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Measured Indicated Inferred
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Figure 1: Historical Mineral Resources (Moz)

RAMELIUS RESOURCES LIMITED | ACN 001 717 540 | ASX: RMS Registered Offce: Level 13, 58 Mounts Bay Road, Perth, WA, 6000 T: +61 8 9202 1127

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MINERAL RESOURCES

Table 1: Mineral Resources

MINERAL RESOURCES AS AT 30 JUNE 2025 - INCLUSIVE OF RESERVES MINERAL RESOURCES AS AT 30 JUNE 2025 - INCLUSIVE OF RESERVES MINERAL RESOURCES AS AT 30 JUNE 2025 - INCLUSIVE OF RESERVES MINERAL RESOURCES AS AT 30 JUNE 2025 - 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 Morning Star 4,900,000
1.9
300,000		 4,300,000
1.5
210,000		 9,200,000
1.7
510,000
Bartus Group 410,000
1.2
16,000		 420,000
1.2
16,000		 820,000
1.2
32,000
Boomer 230,000
1.3
9,400		 2,200,000
1.1
78,000		 1,200,000
1.4
55,000		 3,600,000
1.2
140,000
Britannia Well 180,000
2.0
12,000		 180,000
2.1
12,000
Brown Hill 230,000
1.1
8,100		 1,400,000
1.3
58,000		 770,000
1.0
24,000		 2,400,000
1.2
90,000
Bullocks 200,000
3.3
21,000		 40,000
2.5
3,000		 240,000
3.1
24,000
Eastern Jaspilite 150,000
2.2
10,000		 120,000
2.8
11,000		 130,000
2.5
11,000		 400,000
2.5
32,000
Eclipse 170,000
2.2
12,000		 41,000
2.1
3,000		 210,000
2.2
15,000
Eridanus OP 1,400,000
1.7
75,000		 15,000,000
1.7
830,000		 3,200,000
1.1
120,000		 20,000,000
1.6
1,000,000
Franks Tower 2,200,000
1.0
70,000		 700,000
1.2
26,000		 2,900,000
1.0
97,000
Golden Stream 150,000
2.9
14,000		 67,000
1.2
2,700		 220,000
2.4
17,000
Golden Treasure 540,000
1.3
23,000		 360,000
1.1
13,000		 900,000
1.2
36,000
Milky Way 820,000
1.1
29,000		 1,600,000
1.1
57,000		 2,400,000
1.1
86,000
Hesperus 7,800,000
1.0
240,000		 6,800,000
0.9
190,000		 15,000,000
0.9
430,000
Spearmont-Galtee 580,000
2.6
48,000		 580,000
2.6
48,000
Welcome - Baxter 170,000
1.7
9,200		 320,000
1.6
17,000		 130,000
1.8
7,400		 610,000
1.7
33,000
Open Pit deposits 2,200,000
1.6
110,000		 36,000,000
1.5
1,700,000		 20,000,000
1.2
780,000		 59,000,000
1.4
2,600,000
Galaxy UG 640,000
2.4
51,000		 4,300,000
2.8
390,000		 1,200,000
2.3
87,000		 6,200,000
2.7
530,000
Hill 50 Deeps 560,000
7.6
140,000		 580,000
5.0
92,000		 720,000
5.5
130,000		 1,900,000
6.0
360,000
Eridanus UG 2,300,000
2.3
170,000		 1,900,000
2.2
140,000		 4,200,000
2.3
310,000
Bartus East 2,000,000
2.8
160,000		 170,000
2.7
13,000		 2,200,000
2.4
170,000
UG deposits 1,200,000
4.9
190,000		 9,200,000
2.7
810,000		 4,000,000
2.9
370,000		 14,000,000
2.9
1,400,000
ROM & LG stocks 9,100,000
0.6
180,000		 9,100,000
0.6
180,000
Total Mt Magnet 12,000,000
1.2
480,000		 46,000,000
1.7
2,500,000		 24,000,000
1.5
1,200,000		 82,000,000
1.6
4,200,000
Cue Break of Day
White Heat
Lena
Leviticus
Big Sky
Numbers
Waratah
Amarillo		 78,000
11.5
29,000
55,000
11.2
20,000
220,000
1.4
10,000
110,000
2.0
7,000		 320,000
6.0
62,000
39,000
6.4
8,000
1,800,000
1.8
110,000
67,000
4.3
9,300
2,300,000
1.3
99,000
580,000
1.2
23,000
75,000
1.7
4,200
460,000
1.6
24,000		 18,000
7.6
4,300
870,000
2.0
56,000
23,000
2.8
2,100
2,300,000
1.1
81,000
28,000
0.9
790
49,000
1.0
1,600
270,000
1.4
12,000		 400,000
7.1
91,000
110,000
8.9
32,000
2,900,000
1.9
170,000
91,000
3.9
11,000
4,600,000
1.2
180,000
610,000
1.2
23,000
230,000
1.7
13,000
730,000
1.6
36,000
Open Pit Deposits 460,000
4.4
66,000		 5,700,000
1.8
340,000		 3,500,000
1.4
160,000		 9,700,000
1.8
560,000
Break of Day
White Heat
Lena		 220,000
7.2
52,000
4,900
3.1
490		 28,000
22.0
20,000
9,900
6.3
2,000
910,000
3.6
110,000		 250,000
8.9
72,000
9,900
6.3
2,000
910,000
3.6
110,000
UG Deposits 230,000
7.1
53,000		 950,000
4.2
130,000		 1,200,000
4.8
180,000
Total Cue 460,000
4.4
66,000		 5,900,000
2.0
390,000		 4,500,000
2.0
290,000		 11,000,000
2.1
740,000
Rebecca Rebecca
Duchess
Duke
Cleo		 17,000,000
1.5
820,000
7,300,000
0.9
220,000
2,000,000
1.1
73,000
730,000
1.1
26,000		 3,100,000
1.4
140,000
2,400,000
0.9
72,000
740,000
1.1
25,000
230,000
1.0
7,700		 20,000,000
1.5
960,000
9,700,000
0.9
290,000
2,700,000
1.1
98,000
960,000
1.1
34,000
Total Rebecca 27,000,000
1.3
1,100,000		 6,500,000
1.2
240,000		 33,000,000
1.3
1,400,000
Roe Bombora OP
Bombora UG
Crescent-Kopai
Claypan		 16,000,000
1.5
740,000
4,300,000
2.5
350,000
2,900,000
1.2
110,000		 3,100,000
1.3
130,000
4,700,000
2.1
320,000
1,500,000
0.9
45,000
2,000,000
1.1
69,000		 19,000,000
1.4
870,000
9,000,000
2.3
670,000
4,400,000
1.1
150,000
2,000,000
1.1
69,000
Total Roe 23,000,000
1.6
1,200,000		 11,000,000
1.6
560,000		 34,000,000
1.6
1,800,000
Edna May Edna MayOP 720,000
1.1
25,000		 23,000,000
1.0
700,000		 7,000,000
1.0
220,000		 30,000,000
1.0
940,000
Total Edna May 720,000
1.1
25,000		 23,000,000
1.0
700,000		 7,000,000
1.0
220,000		 30,000,000
1.0
940,000
Dalgaranga Never Never OP 670,000
2.1
45,000		 90,000
0.9
2,500		 760,000
2.0
48,000
Never Never UG 4,000,000
8.6
1,100,000		 1,200,000
9.4
350,000		 5,100,000
8.8
1,500,000
Pepper UG 2,000,000
12.2
770,000		 680,000
4.9
110,000		 2,600,000
10.3
870,000
Gilbeys UG 3,900,000
1.9
240,000		 2,200,000
1.9
140,000		 6,100,000
1.9
380,000
Plymouth UG 10,000
2.9
1,000		 110,000
3.2
11,000		 120,000
3.1
12,000
Sly Fox UG 120,000
3.1
12,000		 1,100,000
2.9
97,000		 1,200,000
2.9
110,000
Archie Rose OP 1,200,000
1.0
39,000		 1,200,000
1.0
39,000
Total Dalgaranga 11,000,000
6.3
2,200,000		 6,500,000
3.6
750,000		 17,000,000
5.3
2,900,000
Yalgoo Melville OP 3,400,000
1.5
160,000		 1,900,000
1.4
83,000		 5,200,000
1.4
240,000
Total Yalgoo 3,400,000
1.5
160,000		 1,900,000
1.4
83,000		 5,200,000
1.4
240,000
Penny Penny North 81,000
26.8
70,000		 34,000
10.7
12,000		 120,000
22.0
82,000
Penny West 92,000
9.5
28,000		 92,000
9.5
28,000
ROM & LG stocks 750
4.6
110		 750
4.6
110
Total Penny 82,000
26.6
70,000		 130,000
9.8
40,000		 210,000
16.4
110,000
To tal Resource 14,000,000
1.4
640,000		 140,000,000
1.9
8,300,000		 62,000,000
1.7
3,300,000		 210,000,000
1.8
12,000,000

Figures rounded to 2 significant figures. Rounding errors may occur.

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Mineral Resource Commentary

Mt Magnet is comprised of numerous gold deposits contained within a contiguous tenement holding and located within an 8km radius of the Checkers processing facility. The mining operations are currently focused on the Galaxy underground mine (Mars and Saturn) and the Cue open pits. Production at the Eridanus open pit ceased in December 2024 and resource definition drilling was carried out during the year that resulted in a Mineral Resources update in March 2025. A large Eridanus ore stockpile was generated during its production and provides a significant portion of the mill feed at Mt Magnet. Additionally, the historic Hesperus open pit deposit was optimised and a Scoping Study resulted in its classification as a new Mineral Resource in March 2025. Additional resource definition drilling targeting the Inferred Mineral Resources at Hesperus was conducted and provided another update for the 30 June 2025 resources.

The Penny mine was acquired early 2020. Both Penny West and Penny North are high-grade quartz-sulphide lodes. Penny West was discovered and mined by open pit in the early 1990s and project development progressed under Ramelius with a pit access cutback, camp, workshop and offices completed in 2022. Underground mining advanced to the 1,180mRL in Penny North and the 1,330mRL at Penny West in 2024. Ore is hauled 160km to Mt Magnet for processing. An exploration spend of A$10-12M is planned in FY26 with a primary focus on targeting extensions to the existing Penny North high-grade deposit to the southwest.

Cue includes the deposits Break of Day, White Heat, Lena, Waratah, Amarillo, Leviticus, Big Sky and Numbers. Cue is made up of classic Archean aged greenstones. The crustal scale Cuddingwarra Shear Zone truncates the western edge of the project. Structural complexity is common at Cue with the area dominated by local scale shears, notably the Lena Shear. The geology is generally sub-vertical and includes a range of igneous units (basalts, dolerite, granite, etc.), Banded Iron Formations (BIF) and felsic sediments. Open pit mining at the Break of Day pit commenced in June 2024 and ore haulage began in November 2024. Currently, White Heat and Lena open pits are also in production. Ore from Cue is hauled 40km to the processing plant at Mt Magnet. An exploration spend of A$13-16M is planned in FY26 with a primary focus on extending known high-grade underground deposits.

The Dalgaranga deposits were acquired by Ramelius in July 2025 and include the Never Never, Pepper and Gilbeys Mineral Resources as well as Sly Fox, Plymouth and Archie Rose. Most gold mineralisation at Dalgaranga is associated with shears situated within biotite-sericite-carbonate and pyrite altered schists with quartz-carbonate veining, hosted by a volcaniclastic-shale-mafic (dolerite, gabbro, basalt) rock package. The Never Never deposit is located at the northerly extension of the Gilbeys main zone which strikes northeast– southwest and dips moderately to the northwest. During the first stage of production, ore from Dalgaranga will be hauled 70km to Checkers mill at Mt Magnet. A spend of A$15-19M is planned in FY26 on studies and exploration programs, initially delivering the Never Never (including Pepper) Underground PFS to declare underlying Ore Reserves in the December 2025 quarter, then subsequently focusing on a drill program of up to 75,000m targeting West Winds, Four Pillars and Applewood to expand on the existing Gilbeys underground resource.

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The Edna May mine was acquired in October 2017 with the underground mine ceasing in May 2024. The deposit comprises the large-scale Edna May granitoid hosted, stockwork deposit. Two high-grade, cross-cutting quartz lodes were mined underground within the broader Edna May deposit. Underground mining at Edna May ceased in May 2024, while mill production from stockpiles at the satellite operations (Marda and Tampia) continued until April 2025 when the site was placed on care and maintenance. Mineral Resources at Edna May remain in the open pit.

The Rebecca project was acquired via acquisition of Apollo Consolidated in 2021. The project contains the substantial Rebecca deposit, plus the smaller Duchess, Duke and Cleo deposits, located 150km east of Kalgoorlie. Mineralisation occurs in large shear lodes with associated disseminated pyrrhotite, pyrite and silicification, hosted within a gneissic granodiorite.

The Roe project was acquired via acquisition of Breaker Resources in 2023. Resources at Roe include Crescent-Kopai, Claypan and the extensive Bombora deposit which are located 50km southwest of the Rebecca project and 100km east of Kalgoorlie. Roe mineralisation occurs as disseminated gold within stockwork and quartz veins associated with cross cutting shear zones in Archean mafics and fractionated dolerite intrusives.

An exploration spend of A$12-15M is planned in FY26 at Rebecca-Roe with a focus on delineating additional ounces at all known deposits.

All deposits have been depleted for mining during the 2025 financial year.

See RMS ASX releases below for additional Mineral Resource reporting details:

  • ‘Ramelius’ new 17-Year, 2.1Moz Mine Plan at Mt Magnet, up 37% from 2024’, 11 March 2025

  • ‘Transformational Combination of Ramelius and Spartan’, 17 March 2025

See SPR and GCY ASX releases below for additional Mineral Resource reporting details:

  • ‘24% Increase in Yalgoo Gold Resource to 243,613oz Strengthens Dalgaranga Growth Pipeline’, 6 December 2021

  • ‘Pepper Resource Soars 99% to 873koz at 103g/t Gold’, 2 December 2024

All Mineral Resources are based on combinations of RC and diamond drillholes. Underground deposits may also utilise grade control and face sampling data. Drill sampling has been via riffle or cone splitters (RC) or by sawn half core and whole core. Assay is carried out by commercial laboratories and accompanied by appropriate QAQC samples.

Generally, a substantial proportion of drill data is historic in nature or gathered by previous owners, however Ramelius has added significant further drilling for all deposits, especially those forming Ore Reserves. Mineralisation has been modelled via cross-sectional interpretations, using deposit appropriate lower cut-off grade shapes and geological interpretations. Geological understanding has formed the basis of all ore interpretations. Ore domain interpretations have then been wireframed using geological software, including Micromine, Leapfrog and Surpac.

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Mineralisation has been grouped by domain where required and statistical analysis, top-cutting and estimation carried out using anisotropic search ellipses. Estimation primarily uses Ordinary Kriging with a few models employing Inverse Distance methods in certain lodes. Modelling has been undertaken with recognition of the probable mining method and minimum mining widths and the resource classifications reflect drillhole age, spacing, data quality, geological and grade continuity.

Density information for fresh rock is generally well established and new measurements have frequently been obtained. All deposits listed, except Rebecca-Roe and Yalgoo have had some degree of recent production or historic mining.

Further details are available in previous RMS ASX Releases for individual projects. Additional detailed information relating to generation of the Resource estimates is attached below in JORC Table 1 Reporting Criteria.

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Figure 2: Resource Inventory Change in ounces from June 2024 to June 2025

Referring to the above waterfall chart in Figure 2, mining and depletion of ore stocks generally resulted in decreases for active projects such as Galaxy and Edna May. Modelling and categorisation changes contributed to an increase to the Mineral Resources with the addition of Hesperus. The largest increase in Mineral Resources in 2025 was primarily due to the addition of the Dalgaranga Gold Project resulting from the acquisition of Spartan Resources Limited.

Exploration and Resource definition drilling that occurred during the year resulted in the addition of approximately 700Koz to the Mineral Resources table as at 30 June 2025 and more than doubled the record number of ounces produced in 2025 (see RMS ASX release ‘Record FY25 Production of 301Koz’, 7 July 2025). These drill programs most notably contributed to upgrades for Mineral Resource Estimates for Eridanus and Hesperus as well as smaller contributions across other deposits at Mt Magnet and Cue.

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Mineral Resource Diagrams

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Figure 3: Cue Break of Day long section facing northeast with the Starlight lode displayed and previously released results.

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Figure 4: Break of Day mining area long section facing east

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B’
B
A’
A
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Figure 5: Mt Magnet mining locations. Section lines for Eridanus mine area (A – A’) and Galaxy mine area (B – B’) in yellow

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A A’
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Figure 6: Long section (A – A’) of Eridanus mining area facing northwest with pit cutback and underground mine plans and previously released drill results

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B B’
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Figure 7: Long section (B – B’) of Galaxy Group facing southwest including Hesperus, Saturn, Mars, Hill 50 and Brown Hill and previously released drill results

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Figure 8: Long section of Penny, showing previously released high-grade intercepts, location of planned exploration drilling, resources, current mine development and latest mine design (See RMS ASX Release “June 2025 Quarterly Activities Report”, 29 July 2025)

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Figure 9: Long section view of Never Never and Pepper Gold Deposit in the foreground (left), Four Pillars prospect (centre) and the West Winds and Applewood underground deposits (right) with recently released high-grade drill assays labelled in yellow. Juniper decline and completed mine development as of 25 August 2025 in orange (See RMS ASX Release “Dalgaranga & Mt Magnet Hub Integration Update” 9 September 2025)

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Figure 10: Rebecca deposit cross-section - drilling and lode interpretation

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Figure 11: Roe – Bombora deposit cross-section - drilling and lode interpretation. A$3,250/oz shell and conceptual underground mine stope optimisations shown for Tura and North Flats lodes (See RMS ASX Release ‘June 2024 Quarterly Activities Report’, 29 July 2024)

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ORE RESERVES

Table 2: Ore Reserves

ORE RESERVE STATEMENT AS AT 30 JUNE 2025 ORE RESERVE STATEMENT AS AT 30 JUNE 2025 ORE RESERVE STATEMENT AS AT 30 JUNE 2025
Project Mine Proven Probable Total Reserve
t
g/t
oz		 t
g/t
oz		 t
g/t
oz
Mt Magnet Boomer
Eridanus
Golden Stream
MorningStar		 520,000
1.0
16,000
18,000,000
1.2
680,000
85,000
2.6
7,200
1,700,000
1.3
74,000		 520,000
1.0
16,000
18,000,000
1.2
680,000
85,000
2.6
7,200
1,700,000
1.3
74,000
Total Open Pit 20,000,000
1.2
780,000		 20,000,000
1.2
780,000
Galaxy UG
Bartus UG		 1,900,000
2.7
160,000
1,300,000
2.1
87,000		 1,900,000
2.6
160,000
1,300,000
2.1
87,000
Total Underground 3,200,000
2.4
250,000		 3,200,000
2.4
250,000
ROM & LG stocks 9,100,000
0.6
180,000		 9,100,000
0.6
180,000
Mt Magnet Total 9,100,000
0.6
180,000		 23,000,000
1.4
1,000,000		 33,000,000
1.1
1,200,000
Cue Break of Day
White Heat
Lena
Waratah
Leviticus
Big Sky
Numbers
Amarillo		 600,000
3.6
69,000
120,000
5.6
21,000
820,000
1.2
31,000
38,000
1.6
2,000
72,000
3.0
6,900
800,000
1.2
32,000
620,000
1.0
20,000
270,000
1.4
12,000		 600,000
3.6
69,000
120,000
5.6
21,000
820,000
1.2
31,000
38,000
1.6
2,000
72,000
3.0
6,900
800,000
1.2
32,000
620,000
1.0
20,000
270,000
1.4
12,000
Total Open Pit 3,300,000
1.8
190,000		 3,300,000
1.8
190,000
Break of DayUG 480,000
3.6
57,000		 480,000
3.6
57,000
CueTotal 3,800,000
2.0
250,000		 3,800,000
2.0
250,000
Penny PennyUG 260,000
8.4
71,000		 260,000
8.4
71,000
Total Penny 260,000
8
71,000		 260,000
8
71,000
Rebecca Roe Rebecca
Duke
Duchess
Bombora		 15,000,000
1.3
630,000
500,000
0.9
15,000
2,400,000
0.9
71,000
2,900,000
1.6
150,000		 15,000,000
1.3
630,000
500,000
0.9
15,000
2,400,000
0.9
71,000
2,900,000
1.6
150,000
Total Open Pit 20,000,000
1.3
870,000		 20,000,000
1.3
870,000
Rebecca Roe Total 20,000,000
1.3
870,000		 20,000,000
1.3
870,000
Total Reserve 9,100,000
0.6
180,000		 48,000,000
1.4
2,200,000		 57,000,000
1.3
2,400,000

Figures rounded to 2 significant figures. Rounding errors may occur.

Ore Reserve Commentary

Ore Reserves have been reported from Measured and Indicated Mineral Resources only. Current operations are the Break of Day, White Heat and Lena open pits and the Penny and Galaxy underground mines. All current pit and underground operations were depleted to 30 June 2025.

All Ore Reserves have been generated from designs using appropriate cost, geotechnical, slope angle, stope span, dilution, cut-off grade and recovery parameters. Mining approvals are in place or have been applied for all Ore Reserves expected to be mined within the next two years.

A maximum A$3,500/oz gold price has been used to estimate Ore Reserves.

12

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Mill recoveries for all ore types are based upon operating experience or metallurgical test work.

Stockpiles consist of ROM stocks and low-grade stocks mined under Ramelius’ ownership.

Further detailed information relating to generation of the Ore Reserve estimates is attached below in JORC 2012 Table 1 Reporting Criteria.

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Figure 12: Ore Reserve Annual Change

Break of Day Underground (Mt Magnet, WA) – Pre-Feasibility Results

The Break of Day underground project to convert existing Mineral Resources (0.22Mt @ 8.9g/t for 72koz announced 12 March 2024) has progressed to the completion of a Pre-Feasibility Study (PFS).

Geology & Mineralisation

The Moyagee high-grade Break of Day trend consists of two deposits, Break of Day and White Heat-Mosaic and is located ~100 m east of the Lena Shear, entirely within the Starlight Basalt.

There is an extreme strain gradient between the Lena Shear and the Starlight Basalt, with the low-strain nature of the latter evidenced by the preservation of pristine pillow margins and amygdales.

Mineralisation on the high-grade trend occurs in three main orientations (refer Figure 13):

  • NW-striking lodes (e.g. Starlight, White Light, White Heat) – oriented ~85/230, sinistral strikeslip, interpreted to be part of a regional set of N to NW-striking mineralisation-related shear zones

  • N-striking lodes (e.g. Velvet, Twilight) – oriented ~88/275, interpreted to be high-strain zones within the ~parallel “S4” regional foliation

  • ENE-striking lodes (e.g. Mosaic) – oriented ~73/147, interpreted to be a subordinate dextral conjugate to the NW-striking lodes

13

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Starlight-style (NW-striking) lodes host high-grade in the Starlight Basalt, suggesting that brittle behaviour of the host is more important for gold deposition than Fe content. For Break of Daystyle (N-striking) lodes host high-grade mostly within a high Fe portion of the Starlight Basalt, suggesting that host Fe content perhaps is a factor in better mineralisation on those lodes.

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Figure 13: 3D plan view of the Break of Day and White Heat project areas, displaying the main lodes.

The mineralisation in each orientation is similar, suggesting they formed in a single mineralising event. Key common characteristics include breccia-textured and/or weakly laminated quartz reefs and pathfinder association of As-W ± Ag-Bi-Mo-Sb-Te and a proximal alteration assemblage of silica-sericite-carbonate-albite-sulphide (typically extending for less than 1m from the quartz reef). Gold associated sulphide mineralisation is predominantly pyrite, although minor chalcopyrite, pyrrhotite and sphalerite may be present.

Geotechnical Assessment

The mine design and sequence has been assessed following onsite geotechnical logging of core from 11 holes and experience gained in mining the Break of Day pit. Rocks at the project comprise very strong basalts (up to 250MPa) with exposure to ultramafic units to the west of lodes avoided.

Mining will be undertaken within 300m of surface, so no rock stress issues are anticipated.

Development ground support regime will consist of 2.4m split sets and mesh down to 3.5m from the floor.

Analysis has supported relatively extensive stope dimensions up to 80m in vertical extent.

14

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Dewatering

The groundwater inflow to the mine is expected to be low at less than 8L/sec. Groundwater is hypersaline.

Mine Design and Method

The Break of Day underground mine will be accessed from a decline portal located in the Break of Day pit (mining in progress). It is proposed to mine six different sub vertical lodes between a depth of 110 to 330m below surface.

The mining method will be top down longhole open stoping without fill. Level spacings are typically 20m floor to floor. Stope design cut-off grade is 1.8g/t. Minimum stope mining width is 2.0m with additional dilution allowance of 0.6m overbreak. 5% ore loss has also been allowed for.

The primary ventilation system will consist of primary ventilation fans situated in the return air decline drawing air from the series of interconnected longhole rises.

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Figure 14: Break of Day underground long section facing west

15

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Figure 15: Break of Day underground plan view

The underground schedule is based upon:

  • A single jumbo developing at 300m development advance per month

  • Long hole drill rig drilling 76mm holes

  • Up to 2 x LHDs

  • Up to 2 x 60t trucks

Ore will be hauled to surface by underground dump trucks and placed on stockpile. Road trains will then haul the ore to the Checkers processing plant at Mt Magnet.

Operating costs have been based on existing underground mining and haulage contracts.

Ore Reserves

A maiden Ore Reserve has been estimated for the project, as seen below in Table 3.

Table 3: Break of Day Underground Ore Reserve

Dit Proven Probable Probable Probable Total Reserve Total Reserve Total Reserve
epos kt g/t koz kt g/t koz kt g/t koz
Break of Day Underground - - - 480 3.6 57 480 3.6 57

Figures rounded to 2 significant figures. Rounding errors may occur.

Modifying factors for the project include 2.0m minimum stope mining width with allowance for 0.6m dilution and 5% ore loss.

16

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Infrastructure

Considerable existing infrastructure is already in place to enable this project such as mine offices, workshops, roads, highway intersection, processing and accommodation facilities.

Additional mine infrastructure (estimated at A$10M) identified in the capital estimate includes:

  • Contractor mobilisation and set up

  • Portal preparation work

  • Power station and distribution underground

  • Primary ventilation fans

  • Pumping stations and dewatering infrastructure

  • Light vehicles

Metallurgy

Break of Day ore is free milling, with very high gravity recoverable gold content and high overall gold recoveries. A metallurgical recovery of 94.6% based on previous owner’s test work factored to allow for the coarser grind currently utilised at the Checkers processing plant. Gold recoveries to date from the current open pit phase are 97.1%. The evaluation has used current processing and administration overhead costs and does not include the potential cost reduction benefits that are expected from an upgraded process plant at Mt Magnet.

Pre-Feasibility Study Results[#]

Table 4: Break of Day Underground Pre-Feasibility Study Summary

Parameter Unit Pre-Feasibility Study
General
Mining Method Longhole open stoping, top-down sequence, no backfll
Initial life Mths 28
Mining (underground)
Ore tonnes Mt 0.54
Grade g/t 4.3
Contained Gold koz 73
Processing
Ore processed Mt 0.54
Grade g/t 4.3
Recovery % 94.6
Gold Production koz 70
Financial
PPE Capital Cost A$M 10.0
Pre-Production Capitalised Cost A$M 17.8
AISC A$/oz 1,922

The Pre-Feasibility Study is a Production Target that contains a proportion of Inferred Mineral Resources (53kt @ 9.8g/t for 16.7koz). 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

17

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Permitting & Approvals

The project is situated on granted mining tenure. There are no additional permits required for groundwater or works approval aspects. A Mining Proposal was submitted in April 2025 which is expected to be approved well in advance of planned mining.

This ASX announcement was authorised for release by the Board of Directors. For further information contact:

Investor enquiries: Media enquiries:
Mark Zeptner
Managing Director
Ramelius Resources Ltd
Ph: +61 8 9202 1127		 Darren Millman
Chief Financial Offcer
Ramelius Resources Ltd
Ph: +61 8 9202 1127		 Luke Forrestal
Director
GRA Partners
Ph: +61 411 479 144

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

The information in this report that relates to Mineral Resources and Ore Reserves is based on information compiled by Jake Ball (Mineral Resources) and Paul Hucker (Ore Reserves), who are Competent Persons and Members of The Australasian Institute of Mining and Metallurgy. Jake Ball and Paul Hucker are full-time employees of the company. Jake Ball and Paul Hucker 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”. Jake Ball and Paul Hucker consent to the inclusion in this report of the matters based on their information in the form and context in which it appears.

18

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JORC 2012 TABLE 1 REPORTING CRITERIA
Project Mt Magnet Cue Rebecca Edna May Yalgoo D algaranga Roe Penny
Section 1 Sampling Techniques and Data
Project History Field discovered in
1891. Hill 50 UG mine
operated 1934-1976 &
1981-2007. Recorded
production of 6.0
Moz. Operated by
numerous companies
including WMC,
Metana Minerals, Hill
50 Gold and Harmony
Gold. Project
acquired by Ramelius
Resources Ltd (RMS)
in 2010, with
exploration, mining
and milling
recommencing early
2012.		 Small scale mining in
the region ceased in the
late 1930's. Exploration
was carried out in the
1980's and 1990's by
numerous companies
including Esso
Exploration, Molopo
Australia, Brunswick NL,
Noble Mining Company,
Hemlo Gold and Perilya
Mines Ltd. 100%
ownership of Cue
passed from Perilya
Mines to Silver Lake
Resources in 2008and
then to Musgrave
Minerals Ltd in 2018.
Ramelius acquired the
project by takeover in
late 2023.		 Duke &
Duchess
deposits
discovered &
drilled by
Aberfoyle &
Newcrest in
1990-2000
period.
Discovery of
Rebecca
deposit by
Apollo
Consolidated
in 2012, with
major drilling
2018-20.
Ramelius
acquisition via
friendly
takeover in
2021.		 Discovered in
1911. UG mining
of quartz reefs
from 1911-47
producing
360koz. Modern
mining
commencing
1984 with
Australian
Consolidated
Minerals,
followed by
Catalpa &
Evolution. Total
production over
1Moz &
continuing.
Acquired by
Ramelius in
2017.		 Early exploration
began in the area in
the 1930sand historic
mining of deposits
surrounding Melville
began in 1937 which
produced at least
5,300oz of gold with
grades ranging from
2.93g/t to 14.2g/t. The
lease was purchased
by prospectors in the
1990s but mining
during this period
proved uneconomic.
AngloGold acquired
the project in 1997
and completed
exploration over the
Melville area before
divesting to Comet
Resources in 1998.
Comet vended the
project again to
Prosperity Resources
in 2003 who
continued
exploration over
Melville and the
surrounding
deposits. Aurum
Minerals acquired
the Yalgoo Gold
Project in 2017
before Firefly
Resources (which
later became
Gascoyne, then		 The project was
mined and explored
by Gascoyne
resources, later
named Spartan
Resources, from
2013 to 2025. From
2018 to 2022, the
principal activity of
Gascoyne
Resources was the
mining of gold from
the various pits at
the Dalgaranga
Project. In
November 2022,
mining was
suspended and the
Dalgaranga project
transitioned to care
and maintenance.
From 2022, Spartan
Resources focused
on exploration and
resource and
growth and the only
mining activity that
took place was the
development of the
Juniper Exploration
Decline in 2024.
The Never
Never/Pepper gold
deposit was
discovered in 2021;
Never Never and
Pepper represents a
substantial high-		 Poseidon
Exploration Ltd and
Western Mining
Corporation Ltd
explored parts of
Bombora in the
1990's. Breaker
Resources Ltd
pegged the
tenements in 2014
and made the
primary discovery
in 2016. Resource
definition and
exploration
continued under
Breaker until
Ramelius acquired
via takeover in
early 2023.		 Penny West was
discovered and
mined in early
1990's. Spectrum
discovered
Penny North
lode in early
2019 and drill
defined high-
grade lode.
Ramelius
acquisition via
takeover in early
2020. Project
commenced
2021.

19

Project Mt Magnet Cue Rebecca Edna May Yalgoo Dalgaranga Roe Penny
Spartan) took over
the project in 2020.		 grade
on th
weste
what
Sampling was completed using a combination of Reverse Circulation (RC) and Diamond Drilling (DD). RC drill samples were collected at 1m intervals in a cyclone at the side of the
drill rig and a sub-sample collected via a riffle or cone splitter. A split portion weighing 2-5kg was in collected in numbered sample bags. The remaining portion was laid out on the
ground for logging. Occasional wet samples were not split but collected in a plastic bag then spear sampled. Some historic samples were collected as 2m or 4m composites.
Diamond Drilling (DD) core was sampled as 1m or geologically selected intervals. Core was sawn to provide half core samples for analysis. Core outside lode or mineralised zones is
not always sampled
All sampling by conventional gold industry drilling methods. Recent RC drilling has duplicate samples collected to test sample representivity
Sampling Technique details for historic drilling are often partial or unknown. At Mt Magnet, numerous reports exist referencing similar methods of sampling, however detailed
information is incomplete or lacking for the majority of older data or exists in hardcopy formats which have not been systematically investigated. Early RC drill sampling (pre
'
Sampling
techniques		 1990s) is likely to have used cross-over subs which could affect sample recovery and contamination to a greater degree than modern face sampling hammers. Early RC drilling
may have been collected in bagged 1m samples and manually riffle split
At Roe, RC samples were composited at 4m to produce a bulk 3kg sample for initial analysis. If the 4 m composite sample was anomalous (Au>0.1 g/t), the original 1 m samples
were retrieved and submitted to the laboratory
Half core samples were taken with a diamond saw generally on 1m intervals or on geological boundaries where appropriate (minimum 0.3m to maximum of 1.3m). Whole core
sampling was conducted at Penny since 2023. Underground diamond holes at Dalgaranga were whole core sampled since 2025
The average weight of core samples was 3kg. Samples were sorted, dried, crushed to 10mm, pulverised to -75µm and split to produce either a 30g or 50g charge for fire assay
analysis for gold
Penny North and West face and diamond holes sampled since June 2023 and Roe RC and diamond holes since March 2024and Dalgaranga holes since 2023 were Photon
Assayed using whole core samples that were crushed to 90% passing 3.15mm and split into 500g aliquot jars for analysis. Dalgaranga samples were crushed to 85% passing 2mm
before being split into 500g jars for Photon Assay
Drilling
techniques		 Recent (+2009): 2228
RC and 104 DD
surface holes, plus UG
DD holes. RC using
face sampling bit.
Diamond drilling (DD)
consists of NQ or HQ
drill core. Most core is
orientated.Old:
Exploration/resource
database contains
74,000 holes, with
around 23,000 RC		 Between 2009-2023
Silver Lake and
Musgrave combined
drilled a total of 1,551 RC
holes (146,262m) and 159
DD holes (34,049m)
from surface. RC holes
were drilled with a 5.75
inch hammer. Diamond
core is a combination of
PQ, HQ and NQ. Core
was orientated where
possible and in areas of		 Between 1990-
2021, 843 holes
for 119,000m
were drilled by
previous
owners,
primarily RC
with 6 DD and
approx. 30 DD
core tails.
Apollo drilled
the 626 of
these holes,		 Deeper
resource drilling
below current
pit is largely
diamond or RC
pre-collared
diamond tail
holes. The non-
GC drill dataset
is over
200,000m. 227
holes are
greater than		 RC drilling
accompanied by
Auxiliary and Booster
and a 5.5” face
sampling hammer.
Down hole surveys
are undertaken at a
maximum of 30m
intervals using a
north seeking
gyroscopic tool not
subject to magnetic
interference. A total		 RC drilling used a
nominal 5 ½ inch
diameter face
sampling hammer.
The DD was
undertaken from
surface or as DD
tails from RC pre-
collars. A number of
diamond wedge
holes were cut from
primary parent
holes – up to 40m		 RC drilling was
undertaken using a
face-sampling
percussion
hammer with 5½”
bits.
Diamond core is
HQ3, HQ or NQ2.
Core is orientated
using Reflex
orientation tools,
with core initially
cleaned and pieced		 All Penny North
lode drilling is
new RC and DD
completed by
Spectrum or
RMS in 2019 &
2020. Historic
drilling from
1989 on exists
for Penny West
and Magenta
lodes and used
in combination

20

Project Mt Magnet Cue Rebecca Edna May Yalgoo Dalgaranga Roe Penny
and 5,000 DD. Not all
hole types recorded.
Older RC holes may
have used cross-over
subs. Some RAB, AC
or VAC holes may be
included in shallow
resource estimates
(i.e. surficial laterites).
Significant GC drilling
(RC & UG DD)
included for currently
active deposits.		 unconsolidated ground
a triple tube
configuration was used.
The drillhole database
also contains a further
146 RC holes (15,329m)
and 16 DD holes
(5,459m) drilled prior to
2009.
Ramelius has continued
drilling since taking over
the project in late 2023.		 largely post
2018. Ramelius
has continued
significant RC
drilling in 2022
(99 holes for
15,050m) and
recently
commenced
DD tails and
DD geotech
drilling.		 200m and
maximum
depth is 835m.
Typically NQ
core. Ramelius
drilled 108 holes
(100 DD) for
13,715m in
2017/18.
Significant UG
DD drilling
completed
2019-2021.		 of 41 RC holes were
drilled by FFR at
Melville and 20 RC
holes at Applecross.
Six diamond holes
for geotechnical and
metallurgical
sampling were
drilled at Melville.
.		 separ
achie
drillin
achie
 together at the drill
and site and fully
orientated by field
staff at Lake Roe
core yard.		 with additional
recent
Spectrum &
RMS infill
drilling.
Underground
diamond drilling
of orientated
NQ2 core using
reflex
orientation tools
was completed
in 2023.
Drill sample
recovery		 Core recovery has been logged at all projects for recent drilling (post 2009) and is generally excellent (≈100%). Minor wet intervals occur and can affect RC sample recovery. Chip
sample recovery is generally not logged but noted if wet sample or other issues (rare). Voids relating to historic UG workings are logged as open or filled stope voids.
Sample recovery at all deposits is generally excellent in weathered and fresh rocks. Recent drilling has utilised RC rigs of sufficient size and air capacity to maximise recovery and
provide dry chip samples or using significant diamond drilling. Surface DD and UGDD core was measured and orientated to determine recovery. No significant sample loss has
been recorded
No indication of sample bias is evident or has been established
Logging All recent RMS exploration & res-def drilling has been logged for lithology, oxidation, alteration, veining, textures and sulphides and all core is photographed and unsampled core
retained. Chip-trays are retained for most RC holes. Older drilling generally has a minimum of lithology is logged for +90% of holes, with varying degrees of other information. All
projects have a number of holes drilled and logged specifically for geotechnical purposes and the level of detail supports resource estimation, mining studies and metallurgical
understanding
Drillhole logging of RC chips & DD core is qualitative on visual recordings of rock forming minerals & estimates of mineral abundance. Photography exists for recent (+2002) DD
core from all projects
The entire length of drillholes are geologically logged
Sub-sampling
techniques and
sample
preparation		 Most diamond drill holes are sawn and sampled as half core. Some 1/4 core sampling has occurred as checks. Older drilling details incomplete but where available were similar. Old
Mt Magnet core may have been hand split in some instances. Some whole core sampling at underground projects in production (Penny, Galaxy and Dalgaranga) and for
metallurgical or geotechnical test work
Recent RC holes were sub-sampled by rig mounted cone or riffle splitter. Tampia used Metzke powered rotary splitter. Majority of old drilling details unknown. Occasional wet
samples spear sampled from plastic bags or dried and riffle split post drilling
Sub-sample methods appear appropriate for deposit and sample type using accepted industry practices
Recent RC samples have field duplicate samples taken at regular intervals and compared. For historic projects, sampling reports often exist referencing similar methods, however
detailed information is also often incomplete and lacking for the majority of older data or exists in hardcopy formats which have not been systematically investigated.
Diamond core sample intervals are based on geological intervals typically less than a nominal 1m
Quality control procedures involved the use of Certified Reference Materials (CRM) along with sample duplicates (submitted as quarter core). Selected samples are also re-
analysed to confirm anomalous results. Field duplicates have been routinely collected during RC drilling
Assay laboratory QAQC included insertion of certified standards, blanks, check replicates and fineness checks to ensure grind size of 85% passing -75µm as part of their own
internal procedures
All recent samples sub-sampled using accepted splitting techniques and have been delivered to laboratory for total preparation by crushing and pulverisation, before being sub-
sampled for analysis. Analysis of duplicates shows good to moderate correlation

21

Project Mt Magnet Cue Rebecca Edna May Yalgoo Dalgaranga Roe Penny
Sample sizes are generally appropriate for grain size and material types being sampled, although nuggety gol
samples, i.e. half NQ core, may be less representative than larger RC samples or whole core		 d exists at Edna May, Cue, Dalagaranga and Penny and small
Quality of assay
data and
laboratory tests		 Recent assaying has all been by commercial laboratories including ALS, SGS, KalAssay, MinAnalytical and Genalysis, typically by 40-50g Fire Assay or 500g Photon Assay to give
total contained gold. Subsequent Screen Fire Assays have been used for some high-grade Fire Assays and replace earlier values. Historic assaying includes a number of
techniques and laboratories and details are often incomplete or unknown. Some older Mt Magnet assays use PAL method conducted by onsite laboratories. Recent assaying at
Penny, Dalgaranga and Roe has been conducted by Photon Assay analysis of a crushed 500g sample or sub-sample. Photon Assaying is a non-destructive technique that utilises
high energy X-Rays for gold detection		 lysis, typic
ace earlier
No field analyses of gold grades are completed. Quantitative analysis of the gold content and trace elements is undertaken in a controlled laboratory environment
Recent assaying has had QAQC measures including certified reference standards, field duplicates, blank samples and umpire laboratory check samples carried out for all
deposits and shows acceptable levels of accuracy and precision. For older data, reports and tables exist referencing similar QAQC methods, however detailed information is
incomplete or lacking for the majority of older data
Verification of
sampling and
assaying		 The Competent person has verified significant intersections of recent drilling during the resource modelling process
In most projects holes were not twinned deliberately, but there are frequent holes that effectively twin others due to varied drill angles, collar location restrictions or hole density.
All resources have holes drilled more recently as a check of older drilling data. The Eridanus resource has a number of scissor and orthogonal holes drilled as checks and to
understand geology. All projects that are in production and have recent grade control drilling available
Directional “wedging” was used in several deep diamond drill holes at Bombora which results in twinning of parent drill hole intersections in several areas of mineralisation. The
density and pattern of RC and diamond drilling also results in twinning of RC intersections by diamond drill holes in several other areas
Recent data is captured using logging software (i.e. Field Marshall or Logchief) and transferred to a central database (i.e. SQL). Assay results are loaded electronically. All drillhole
data is visually validated by the geologist prior to resource modelling. For older data, detailed information for verification of sampling and assaying is generally not available. In
limited cases, hardcopy data is available and checks have been conducted to verify original and electronic datasets
No adjustment of assay data other than results that are lower than detection limit which are assigned a value of half the detection limit to avoid the negative value prior to
estimation
Location of data
points		 Recent drill collars have been surveyed by DGPS instruments or by accredited surveyors to sub-metre accuracy. At Roe, GPS elevation values are corrected where necessary
using a digital elevation model from a LIDAR survey. Expected accuracy is +/- 4m for easting, northing and RL (GPS) and +/- 0.1m or less for surveyed and LIDAR elevation point
data. All recent holes were downhole surveyed using electronic camera or gyroscopic survey tools
Old: Collar survey method is not always recorded for all old holes, however at Mt Magnet mine site surveyors were available and used. Downhole surveys not always available for
older drilling. If present, downhole survey method frequently unknown. Tampia drilling post 2014 surveyed by commercial surveyor and downhole electronic camera tool
Most new drilling post 2009 uses GDA94 grid. Local grids have been used for resource modelling of most deposits, unless they are parallel to MGA grid. Older holes may have
been surveyed in local grid or AMG grids and then translated. Original survey coordinates are retained. GDA2020 is now used for Rebecca project. MGA94 Zone 50 is used for
Dalgaranga
Quality topographic surfaces have been generated more recently from aerial photogrammetry or detailed surveys. Some older drillhole RL data has been adjusted to match
accurate topography
Data spacing and
distribution		 The majority of Mt
Magnet deposits are
drilled on a 25m
based sections and
frequently closed to
12.5m. On section hole		 Break of Day:Drill holes
are on a nominal 25m x
12.5m grid spacing with
infill to 7.5m x 7.5m in
the central area.
White Heat:Drill holes		 Drilling is
typically on
20m x 20m
sections at
Rebecca, Duke,
Duchess and		 Resource holes
on 25m sections
with variable 10-
50m on section
spacing. Density		 Variable drill hole
spacings are used to
adequately test
targets and are
determined from
geochemical,		 Initial drilling was
conducted on 25 m
– 100 m northeast
aligned grid
spacing which
aligns with the		 Bombora:Drill
holes are on a
nominal spacing of
40m x 20m with
areas at a 20m x
20m spacing		 Surface drilling
largely of 40m
sections with
30m hole
spacing and
some 20m infill

22

Project Mt Magnet Cue Rebecca Edna May Yalgoo Dalgaranga Roe Penny
spacing is generally
20-50m, with
spacings generally
closer near surface
and wider at depth.
Some deposits are
drilled on 20m
section spacings.		 are on a nominal 50m x
25m grid spacing with
infill to 12.5m x 12.5m in
the central area.
Lena:Drill holes on a
nominal 20m x 8m grid
spacing with infill to
10m x 8m in the central
area.
Leviticus:Drill holes on a
nominal 15m x 10m grid
spacing.
Numbers:Drill holes a
nominal 20m x 20m
grid spacing with infill
to 20m x 10m in the
central area.
Big Sky:Drill holes on a
nominal 15m x 15m grid
spacing, with areas of
wider spaced drilling.
Waratah:Drill holes on a
nominal 30m x 20m
grid spacing.
Amarillo:Drill holes on a
nominal 20m x 20m
grid spacing.
Drill density decreases
with depth.		 Cleo. Density
decreasing at
depth.		 decreasing at
depth.		 geophysical and
geological data
together with
historical drilling
information.
At the centre of the
Melville orebody, a
general grid of 20m
drill spacings on 10-
25m spaced lines
was completed over
multiple drill
campaigns.
No sample
compositing has
been applied.		 main
and s
Defin
orien
 completed every
200 metres along
strike in the
shallow part of the
Bombora resource
to ~200-250 meters
below surface).
Claypan:The drill
spacing is on a
nominal 200m x
80m
reconnaissance
pattern.
Kopai-Crescent:
The drill spacing is
on a nominal 100m
x 40m with local
infill to 40m x 20m
in the southern
(Crescent) area.
Drilling outside the
Mineral Resource
areas is on an
irregular
reconnaissance
spacing.		 sections.
Underground
diamond drilling
has been on a
20x20m
spacing.

23

Project Mt Magnet Cue Rebecca Edna May Yalgoo Dalgaranga Roe Penny
Drill spacing is sufficient to establish appropriate continuity and the classifications applied
RC: Vast majority of samples are 1m, with minor 2 or 4m composites, generally outside mineralised areas. Diam
composited to 1m lengths for resource calculations		 ond: 1m s amples or geologically defined 0.3 - 1.5m samples. All data
Orientation of
data in relation
to geological
structure		 Orientation of
geological structure
and deposit
geometry is varied at
Mt Magnet. Intercept
angles are usually
orthogonal or high
angle to stratigraphy
and vary to suit
individual deposits.
Mineralisation is
frequently complex
with structurally
controlled
stratigraphic and
cross-cutting sub-
vertical trends.
Drillhole dip angles
are generally at a
moderate to high
angle to steeply
dipping stratigraphy
and mineralisation.		 Orientation of
geological structure and
deposit geometry is
varied at Cue. Drilling is
designed to cross the
mineralisation as close
to perpendicular as
possible on current
interpretation. Most
drillholes are designed
at a dip of
approximately -60°.		 Drillholes are
orientated
orthogonal to
the geological
and
mineralised
trend.
Intercept
angles are
often near
perpendicular.
Typically, as -
60° east
dipping holes
drilling 40-50°
west dipping
lodes. Selected
metallurgical
holes drill
down the
lodes.		 Drillholes are
orientated
orthogonal to
the geological
and mineralised
trend. Intercept
angles are
moderate to
high angle.
Typically, as -60°
south dipping
holes drilling a
steeply -80°
west dipping
gneiss unit.
High-grade UG
quartz reefs
have been
targeted with
orthogonal UG
DD holes		 Most historical drill
holes at the Melville
and Applecross
deposits
were drilled at a dip
of -60 degrees and
an azimuth of 090.
The mineralisation is
interpreted to dip
between 45-60
degrees and
striking NNE. The
true width of
historical intercepts
is interpreted to
be >75% of the drill
intersection width.
All current drilling is
being
undertaken at the
same orientation for
consistency and
validation
purposes.		 Drilling sections are
generally oriented
perpendicular to
the strike of the
mineralised host
rocks at
Dalgaranga. This
varies between
prospects and
consequently the
azimuth of the drill
holes varies to
reflect this. The
drilling is angled at -
50° to -60° which is
close to
perpendicular to
the dip of the
stratigraphy, some
of the deeper
diamond holes have
a steeper dip due to
platform availability.
Both Never Never
and Pepper
demonstrate a
west-northwest
trend, compared to
the main Gilbey’s
trend, which
appears spatially
related to a shale
unit with the same
or similar
orientation. Never
Never and Pepper
have a sharp
northern boundary
that is identifiable in
geophysics, the		 Bombora:Three
main mineralised
fault (lodes)
orientations have
been recognised:
steep lodes, flat
lodes and west
lodes. A
combination of
east- and west-
orientated drilling
is used overcome
potential biasing of
west-dipping lodes.
Claypan and Kopai-
Crescent:The
geometry of the
flat, north-plunging
mineralisation is
constrained by
diamond drilling
and is factored into
the modelling.
Wider drill spacing
introduces the
possibility that
other mineralised
geometries may be
present.
These issues are
well understood.		 Drillholes are
orientated
orthogonal to
the geological
and mineralised
trend. Intercept
angles are at a
moderate to
high angle to
the lode. Surface
drilling typically
as -60° W
dipping holes
drilling a -55° E
dipping lode
zone.
Underground
diamond holes
are -30º to -70º E
dipping at a
moderate to
high angle to
the lode.

24

Project Mt Magnet Cue Rebecca Edna May Yalgoo Dalgaranga Roe Penny
south
taper
thick
Pepp
No bias considered present for all deposits. Minor potential for orientation bias for some individual holes exists, but no bias is believed evident at deposit scales
Sample security Recent: All samples have been collected by Ramelius geological staff. Samples are transported to the laboratory by commercial transport companies. The laboratory receipts
received samples against the sample dispatch documents and issues a reconciliation report for every sample batch
Audits or reviews A formal audit and review was conducted on field sampling techniques, data collection and storage procedures by Cube Consultants (February 2018) did not identify any material
issues
Scanning of sample quality (recovery, wetness and contamination) as recorded by the geologist on the drill rig against assay results occurs regularly with no obvious issues
identified to date
Ongoing reviews of QA/QC data (CRM and duplicate samples) and RC composite v RC split metal content are regularly carried out as a part of RMS standard procedures
Section 2 Reporting of Exploration Results
Mineral
tenement and
land tenure
status		 Mt Magnet resources
and reserves fall
within the contiguous
Mt Magnet tenement
group. Total of 62
Mining Leases and 6
Prospecting leases
100% owned by Mt
Magnet Gold Pty Ltd,
a wholly owned
subsidiary of RMS.		 The Cue resources are
located on tenements
M21/106 (Break of Day,
Lena, White Heat and
Amarillo), M58/367
(White Heat and
Waratah) and M58/366
(Leviticus, Big Sky and
Numbers) owned by Mt
Magnet Gold Pty Ltd, a
wholly owned subsidiary
of RMS.		 Rebecca
deposits fall
within E28/1610
owned 100% by
RMS subsidiary
AC Minerals
Pty Ltd. A 1.5%
NSR royalty is
owned by a 3rd
party.		 Edna May falls
within M77/88
owned 100% by
RMS subsidiary
Edna May
Operations Pty
Ltd.		 The Melville and
Applecross Gold
Deposits are located
on granted
tenement E59/2077
in the Yalgoo
mineral field of
Western Australia.
The tenement is
100% owned by
Yalgoo Exploration
Pty Ltd., a wholly
owned subsidiary of
Ramelius Resources.		 The Dalgaranga
project is situated
on Mining Lease
Number M59/749
and the Never
Never and Pepper
Gold Deposits are
located on this
lease.
The tenement is
100% owned by GNT
Resources Ltd, a
wholly owned
subsidiary of		 The Roe resources
and deposits are
located on
tenement M28/388
and E28/2515,
which are held
100% by Lake Roe
Gold Mining Ltd, a
wholly owned
subsidiary of RMS.		 Penny falls
within M57/180
& M57/196
owned 100% by
Ramelius
subsidiary
Penny
Operations Ltd.

25

Project Mt Magnet Cue Rebecca Edna May Yalgoo Dalgaranga Roe Penny
Rame
Ltd.		 lius Resources
Operating mine site.
No known
impediments.		 The tenements are in
good standing and no
known impediments
exist. Break of Day is a
currently operating
open pit mine.		 The tenements
are in good
standing and
no known
impediments
exist. Mining
Lease
application in
progress.		 Operating mine
site. No known
impediments.		 The tenure is
currently in good
standing.
The Yalgoo project
tenements are
partially subject to
standard Native
Title heritage
agreements and
state royalties. Third
party royalties are
present on some
individual
tenements.		 The t
in go		 The tenements are
in good standing
and no known
impediments exist.
Mining Lease
application in
progress.		 Operating mine
site. No known
impediments.
Exploration done
by other parties		 In all deposits significant exploration and development work has been carried out by previous owners. i.e. Mt Magnet - WMC, Metana Minerals, Hill 50 Gold and Harmony Gold.
Edna May - Westonia Mines, ACM, Catalpa. Penny - EastMet, Metana, GMA, Aquila and Spectrum. Roe - Poseidon Gold, Western Mining Corporation, Mt Kersey Mining, Great
Gold Mines and Breaker Resources. Yalgoo – AngloGold, Comet, Prosperity and Firefly/Gascoyne. Dalgaranga – BHP, Newcrest, Equigold, Gascoyne and Spartan Resources. Work
includes geological interpretation, soil sampling, exploration and resource drilling, geophysical surveys, data collation and modelling
Geology Archaean gold
mineralisation.
Mineralisation is
principally hosted
within Banded Iron
Formations (BIF)
where gold is spatially
associated with NE
trending faults and
associated with
pyrrhotite or pyrite
mineralisation.
Additionally, gold is
commonly found in
late stage felsic
intrusives or
structurally controlled
zones which cross-cut
stratigraphy on NE
trend. Interpretation
for Mt Magnet
resources is based on
a long-history of		 Geology comprises
typical Archaean Yilgarn
greenstone belt
lithologies and granitic
intrusives.
Two main styles of
mineralisation are
present, typical Yilgarn
Archaean lode gold and
volcanic massive
sulphide (VMS) base
metal and gold
mineralisation within
the Eelya Felsic
complex.
A crustal scale shear, the
Cuddingwarra Shear,
truncates the western
edge of the project.
Structural complexity is
common at Cue with
the area dominated by
local scale shears,		 Rebecca is
hosted by felsic
gneissic rocks
of granodiorite
& diorite
composition.
Gold
mineralisation
occurs in broad
lode/shear
zones of
disseminated
to veinlet style
pyrrhotite-
dominant
sulphides
accompanied
by increased
shear fabrics
and moderate
silicification.		 Hosted by the
Edna May
Gneiss, a
metamorphose
d granitoid with
strike length of
1km, width of
140m and depth
extent of 700m
and bounded by
a mafic-
ultramafic
stratigraphy.
Mineralisation
relates to
widespread
quartz veining,
which occurs as
thin sheeted
foliation parallel
or larger cross-
cutting reef
veins with a		 Gold mineralisation
at the Melville and
Applecross Gold
Deposits is
hosted in folded
Banded Iron
Formation
sediments within
the Norie Group.
Mineralisation is
characterised by
predominantly
stratiform to
stockwork alteration
zones within iron-
rich bands of the
Banded Iron
Formation host,
lesser high-grade
quartz veins and
mineralised
porphyritic		 Regionally, the
Dalgaranga project
lies in the Archean-
aged Dalgaranga
Greenstone Belt in
the Murchison
Province of Western
Australia. At the
Gilbey’s deposit,
most gold
mineralisation is
associated with
shears situated
within biotite-
sericite-carbonate
pyrite altered
schists with quartz-
carbonate veining
within a
volcaniclastic-shale-
mafic (dolerite,
gabbro, basalt) rock		 Archean orogenic
gold mineralisation
near major faults.
Gold at Bombora is
associated with
subsidiary faults of
the Claypan Shear
Zone and occurs
preferentially in the
Fe-rich part of a
fractionated
dolerite in an area
of shallow (5m to
20m) transported
cover. The dolerite
is folded into a
domal geometry
between two major
shear zones that
converge and bend
in the vicinity of the
project.
Mineralisation also		 Penny is an
orogenic
structurally
controlled
Archaean gold
lode system.
Gold
mineralisation
occurs within
narrow, steeply,
east dipping,
quartz-sulphide
lodes. The
quartz veins are
variably massive,
laminated or
brecciated with
a variable
sulphide
assemblage of
pyrite,
pyrrhotite,
galena,

26

Project Mt Magnet Cue Rebecca Edna May Yalgoo Dalgaranga Roe Penny
exploration, open-pit
and underground
mining. Numerous
geological
interpretations, pit
fact maps and reports
exist & almost all
resources have been
previously mined.		 notably the Lena Shear.
The geology is generally
sub-vertical and include
a range of igneous units
(basalts, dolerite,
granite, etc.), banded
Iron formations and
felsic sediments.
Gold mineralisation
most typically occurs as
steep dipping (+70°),
thin (2-10m) lodes with a
range of orientations
driven by local
structural controls.		 polymetallic
sulphide
assemblage.
Mineralisation
forms a broad
low-grade
stockwork
throughout the
gneiss.
Greenfinch
deposit very
similar.		 intrusives.
Northwest-striking
orthogonal shearing
appears to control
the structural
modification of the
BIF host and
subsequent
introduction of gold
mineralising fluids
into the north-
striking BIF.		 g pack
Main
The N
Gold
 occurs in other
predominantly
mafic rocks in the
hanging wall at
Bombora and at
the Crescent-Kopai
and Claypan
deposits.
Mineralisation
occurs as high-
grade, stockwork,
disseminated and
quartz vein hosted
within the dolerite.		 chalcopyrite and
sphalerite &
frequent VG.
High Ag grades
(1:1 Au) are
noted.

27

Project Mt Magnet Cue Rebecca Edna May Yalgoo Dalgaranga Roe Penny
Drill hole
information		 This report relates to resources and reserves based on existing drillhole datasets. No new exploration results ar
been previously reported		 e reported . All previous RMS significant new drilling results have
This report relates to resources and reserves based on existing drillhole datasets. No new exploration results are reported. All previous RMS significant new drilling results have
been previously reported		 e reported
Data
aggregation
methods		 No new exploration results are reported. Intercepts used in resource modelling are typically defined by cutoff and/or geological interpretation. Lower reporting cutoffs vary from
0.4 to 2 g/t based on deposit style and whether open pit or underground mining scenario. Topcuts are not generally applied to drill intercept reporting
Weighted averages are applied to determine the grade of the anomalous interval when irregular sample intervals have been used
No metal equivalents, gold only
Relationship
between
mineralisation
widths and		 This report relates to resources and reserves based on existing drillhole datasets. No new exploration results are reported. True width or relationship is generally reported where
known
intercept lengths
Diagrams Appropriate plans and section are reported with previous separate RMS drilling result releases. Example resource/reserve pictures are presented above
Balanced
reporting		 This report relates to resources and reserves based on existing drillhole datasets. No new exploration results are reported. All previous RMS significant new drilling results have
been previously reported. Generally, all holes are reported. Metallurgical results to date have been released, additional rounds of test work on Pepper and Never Never are
underway and will be released along with ongoing Technical Study progress reports
Other
substantive
exploration data		 All deposits have had some degree of additional sampling or test work regarding geotechnical investigation, geochemical characterisation, metallurgical test work and density
measurement, usually on specific selected diamond core holes. Other exploration data is useful in understanding geology and mineralisation types but is generally not material
to resource estimation
Further work Further work will consist of ongoing infill or extensional drilling on material projects likely to convert to reserves and extend mine life. Technical studies remain in progress on
several key projects
Further work mainly comprises of future drilling programs. Diagrams for key exploration areas were included in previous reports. Diagrams of possible extensions and future
drilling areas have been included in this report where appropriate
Section 3 Estimation and Reporting of Mineral Resources
Database
integrity		 Ramelius employs an SQL central database using Datashed information management software. User access to the database is regulated by specific user permissions. Only specific
users can overwrite data. Data collection uses Field Marshall or Log Chief software with fixed templates and lookup tables for collecting field data electronically. A number of
validation checks occur upon data upload to the main database. Recent data from Edna May (Evolution), Roe (Breaker), Penny (Spectrum)and Dalgaranga (Spartan) has employed
similar measures.Old: The majority of data has been inherited as SQL or access databases and integrity measures are largely unknown. Numerous old resource reports list previous
validation exercises, however new checks have not been systematically undertaken
All drill data is checked visually as part of modelling process. Other validation checks include electronic checks for missing assays and geology intervals, overlapping intervals,
duplicate assays, EOH depth, hole collar elevations and assay value detection limits, negative and zero values. Some historic data, has been checked against hardcopy logs
Site visits The Competent Person is a full-time employee of Ramelius Resources Ltd and has made site visits to all sites. Visits have confirmed understanding of deposits and datasets

28

Project Mt Magnet Cue Rebecca Edna May Yalgoo Dalgaranga Roe Penny
Geological
interpretation		 Confidence in the geological interpretation of the deposits is high. Most deposits have had a significant histo
Roe and Yalgoo. Geological interpretations have been formulated over many years and multiple drilling camp		 ry of explo
aigns		 ration and recent mining, with the exception of Rebecca,
Data used includes drilling assays & logging from several generations of drilling. Numerous geological interpretations, pit or underground maps and reports exist and most
resources have been previously mined to some degree. Drillhole geological logging and mapping data is the primary information used to interpret geological and fault wireframes		 rpretation
i if
No alternate interpretations have been considered necessary
Geology forms the base component of all interpretations. At Mt Magnet, mineralisation is principally hosted within Banded Iron Formations (BIF) where gold is spatially associated
with NE trending faults and associated with pyrrhotite and pyrite mineralisation. Additionally, gold is commonly as stockworks found in late stage felsic intrusives
(Eridanus/Hesperus) which crosscut stratigraphy in a NE trend. For resource modelling, the geology has generally been interpreted first followed by a separate interpretation of
mineralisation envelopes. At Penny, mineralisation is hosted by a laminated, steeply dipping quartz vein within a mafic to intermediate stratigraphy and strongly associated with
massive sulphide mineralisation within the quartz vein. Edna May is a large-scale vein stockwork within an altered metamorphosed granitoid, with several higher-grade quartz
'reefs'. Rebecca mineralisation occurs as shear lodes hosted within a wide felsic gneissic unit. The lodes are defined by gold grade and generally have good correlation with logged
sulphide content. Roe mineralisation occurs as high-grade, stockwork, disseminated and quartz vein hosted within dolerite which is crosscut by barren lamprophyre dykes.
Mineralisation across the Cue Gold Project is not confned to one lithology. Larger low-grade deposits are hosted in highly sheared zones, high-grade deposits are hosted in highly
fractured and quartz vein dominated units, with smaller resources scattered throughout the project. The Dalgaranga deposits are comprised of mafcs, volcaniclastics and shales
which are mylotinised and folded along local fault zones and display variable silica fooding and sericite alteration with disseminated sulphides. At Yalgoo, the mineralisation occurs
as large-scale enrichment along with discrete quartz veining and quartz-porphyry intrusives within and adjacent to the host BIF unit in both the Melville and Applecross deposits
Continuity is affected by geological extents and mineralisation as currently defined by drilling. Cross-cutting relationships such as barren dykes and faults have been incorporated
into the geology models and removed from the estimations where they are known to exist

29

Project Mt Magnet Cue Rebecca Edna May Yalgoo Dalgaranga Roe Penny
Dimensions Numerous variations.
Examples: Saturn pit
cutback 700m long,
350m wide & 190m
deep. Main Saturn BIF
hosted ore zone
strikes length of pit, is
5-30m wide,
subvertical and
currently drilled to
350m vertical depth.
Higher grade zones
typically occurring as
vertical shoots in BIFs.
Minimum width in
resource
interpretations
generally 3-4m,
example Golden
Stream narrow sub-
vertical BIF hosted
resource over 270m
strike length, drilled
to 90m down-dip.		 Break of Day:NW-SE
striking with lengths of
50-130m, a steep (+75°)
dip to the SW and
thicknesses of 2-12m
and N-S striking with
lengths of 30-190m, a
steep (+80°) dip to the
East and thicknesses of
2-8m.
White Heat:NW-SE
striking with lengths of
30-140m, a steep (+75°)
dip to the SW and
thicknesses of 1-10m
and NE-SW striking
with a length of 120m, a
steep (+75°) dip to the
SE and thicknesses of 1-
5m.
Lena:NE-SW striking
with lengths up to
720m, a steep (+80°) dip
to the West and
thicknesses of 1-15m.
Leviticus:N-S striking
with a length of 160m, a
steep (+70°) dip to the
East and thicknesses of
2-8m.
Numbers:N-S striking
with lengths of 140-
300m, a steep (+75°) dip
to the East and
thicknesses of 2-10m.
Big Sky:N-S striking
with lengths of 100-
590m, a steep (+80°) dip
to the East and
thicknesses of 1-5m.
Waratah:NE-SW
striking with lengths of
75-380m, a steep (+80°)
dip to the West and		 Rebecca
consists of
multiple
stacked lodes
which
collectively
strike for
approximately
1.7km and up
to 400m down
dip. Individual
lodes are 10-
30m thick.
Duchess is
similar but
smaller with
850m strike &
5-30m wide.
Duke strikes
for 350m, is
between 12m
to 20m wide
and 350m in
depth.		 Edna May
gneiss unit is a
lenticular body,
typically 50-
150m thick,
1000m long and
defined down-
dip to 700m. It
strikes east-
west and dips N
at 50-60°.
Internal high-
grade quartz
reefs occur and
strike N-NE and
dip 45-50 W.
These are
generally 100m
in length and 2-
4m wide.		 The Melville resource
covers and area
approximately 900m
long, 400m wide
and to a depth of
220m below surface.
The flat-lying, oxide
component of the
resource is included
in these extents.
Drill spacing is
typically 20m to 25m
across the length of
the resource with
many areas at 10m
to 15m drill spacing.
The Applecross
resource has overall
dimensions of 300m
(north), 400m (east)
and has been
projected to around
170m below surface.
Drill spacing is along
50m spaced lines.		 e
m		 Neve
Syste
thick
shoot
 Bombora:Extends
4,525m along
strike, has
horizontal width up
to 680m and
vertical extent of
722m.
Mineralisation
starts at 5m below
surface to ~825m
below surface.
Width of
mineralised zones
ranges from 2 to
15m for steep lodes,
up to ~150m for flat
lodes and 1 to 10m
for west dipping
lodes.
Claypan:Extends
~700m along strike,
has horizontal
width up to ~600m
and vertical extent
of 100m.
Mineralisation
starts at 20m
below surface to
~120m below
surface. Width of
mineralisation from
2 to 15m.
Kopai-Crescent:
Extends 2,100m
along strike, has
horizontal width up
to 1,400m and
vertical extent of
160m.
Mineralisation
starts at 10m below
surface to 160m
below surface.
Width of		 Penny lodes are
a narrow
vein/lode style.
Penny North
strikes N and
dips 55° to E.
Average width
around 2-3m,
ranging from 1m
to 6m. Strike
and dip extent
of 250m by
200m. Penny
West is similar
to Penny North
in orientation
and extent with
an average
width of 1-2m.

30

Project Mt Magnet Cue Rebecca Edna May Yalgoo Dalgaranga Roe Penny
thicknesses of 2-5m.
Amarillo:N-S striking
with lengths of 100-
460m, a moderate
(+65°) dip to the East
and thicknesses of 1-
10m.		 the ‘l
zone’
appro
200m
 mineralised zones
from 15 to 155m
(east-west
direction

31

Project Mt Magnet Cue Rebecca Edna May Yalgoo Dalgaranga Roe Penny
Estimation and
modelling
techniques		 3D mineralisation
wireframes are
interpreted in
Micromine. Often
multiple domains
were generated to
reflect geological
host, mineralisation
style or local spatial
trends and hard
bound assay
information at a
nominal 0.2 - 0.5g/t
(open-pit) cutoff.
Estimation by
anisotropic Ordinary
Kriging or ID
methods using 1m
composited assay
data in parent cells
only. Eridanus uses an
estimated grade
indicator values (+/-
0.25g/t) generate ore
& waste domains.
Topcuts applied by
domain determined
by review of
population stats. All
resources have
previous versions to
compare. Models
were validated
visually.		 3D mineralisation
wireframes interpreted
in Micromine. Sectional
lode shapes interpreted
based on 0.3-0.5g/t
cutoff. Hard bounded
grade estimation by
Ordinary Kriged method
using 1m composited
topcut assay data to
parent cells only.
Anisotropic search
ellipse based on
interpretation of
continuity. Topcuts
applied by domain
determined by review of
population stats. Models
were validated visually
against assay data.		 3D
mineralisation
wireframes
interpreted in
Micromine.
Sectional lode
shapes
interpreted
based on 0.3-
0.5g/t cutoff.
Hard bounded
grade
estimation by
Ordinary
Kriged method
using 1m
composited
topcut assay
data to parent
cells only.
Anisotropic
search ellipse
based on
interpretation
of continuity.
Models were
validated
visually against
assay data.		 The Edna May
Gneiss unit
forms the main
mineralised
domain and
grades were
generated
within it using
anisotropic
Ordinary
Kriging.
Population
statistics were
reviewed and
appropriate
topcuts and
parameters
applied. Quartz
reefs were
constrained
within
interpreted lode
shapes and
estimated
separately.		 Interpretation was
performed in
Seequent Leapfrog
and Maptek Vulcan
software.
Wireframing of ore
domains was
performed manually
in Vulcan software
on a section-by-
section basis.
Compositing of
sample data was
performed in Vulcan
software. Statistical
and spatial analyses
of composites was
performed in
Snowden Supervisor
software. Grade
estimation was by
Inverse Distance
Squared using
Vulcan. Three
estimation passes
were conducted
across each domain
with the first
pass having the
tightest limiting
parameters and
representing the
most confidence
through to the third
pass with more
relaxed parameters.
Interp
perfo
Leapf
estim
 3D mineralisation
wireframes
interpreted in
Leapfrog. Lode
domains
interpreted based
on a 0.1g/t Au
cutoff above
100mRL and 0.3g/t
Au cutoff below
100mRL. Grade
estimation by
Ordinary Kriging
using 1m
composited topcut
assay data.
Dynamic
anisotropy applied
to search
neighbourhoods
and three search
passes controlled
by variography
were applied.
Inverse distance
squared method
was used where a
reliable variogram
could not be
produced. 100% of
blocks were
estimated in the
first three passes.		 3D
mineralisation
wireframe
interpreted in
Micromine and
Leapfrog. Lode
domains are
interpreted
based on quartz
vein position,
with minimum
2m downhole
width. Grade
estimation by
Ordinary Kriging
using 1m
composited
topcut assay
data to parent
cells only.
Anisotropic
search ellipse
interpreted
plunge
continuity to the
south.
All deposits have previous resource estimates which have been used as checks against current estimates. Significant mining by RMS at Mt Magnet, Cue, Penny and Edna May has
also occurred and allows comparison of resource estimates to production. Multiple comparisons of Inverse Distance and Ordinary Kriging were used to validate each estimation

32

Project Mt Magnet Cue Rebecca Edna May Yalgoo Dalgaranga Roe Penny
No by-products
Generally, no non-gold elements of significance. Low sulphur or sulphur directly related to ore grade material. Ag grades at Rebecca & Penny are notably higher (1:1 Au)
Eridanus block size
5m(X) x 5m(Y) x 5m(Z)
with limited subcells
(50%). Parent cell
estimation only.
Other deposits similar
sizes - frequently
5m(X) x 10m(Y) x
2.5m(Z). Anisotropic
searches - maximum
range 120m		 Block size 5mE x 10mN x
5mRL with subcells
down to 1.25mE x 2.5mN
x 1.25mRL (for Leviticus,
Big Sky and Waratah),
or 0.625mE x 0.625mN x
0.625mRL (all other
resources). Parent cell
estimation only. Blocks
rotated to 030 Azimuth
for Break of Day, White
Heat, Lena and Waratah
to align with principal
mineralisation strike.
Anisotropic first pass
search - maximum
range 100m		 Block size 5mE
x 10mN x 5mRL
with limited
subcells to
50%. Parent
cell estimation
only.
Anisotropic
search -
maximum
range 75m		 Block size
10m(X) x 5m(Y) x
5m(Z) with
limited subcells
(quartz reefs).
Parent cell
estimation only.
Anisotropic
search -
maximum
range 100m		 Unrotated parent
block of 5m (N) by
5m (E)
by 5m (Z) for various
reasons, including
equilateral block
size, relation to likely
Selective Mining
Unit (SMU) and a
rational subdivision
of the 20m to 25m
drill
spacing.
Sub-blocking was
completed at 0.5m
(N) by 0.5m (E) by
0.5m(Z)
as a rational
subdivision of parent
block size and to fill
domain volume.		 Estim
d		 Block size typically
10mE x 10mN x
5mRL with subcells
to minimum of
1mE x 1mN x
0.5mRL.
Anisotropic search
- maximum range
100m		 Block size 5mE x
10mN x 5mRL
with frequent
subcells to
minimum of
1mE x 2mN x
1mRL. Parent
cell estimation
only. Anisotropic
search -
maximum
range 75m
Parent block size is generally assumed to match SMU size
Grades assumed to correlate along mineralised trends/wireframes and/or estimated using anisotropic searches matching correlation directions
Mineralisation wireframes are constructed with reference to geological/mineralisation interpretations
All gold deposits with lognormal grade distributions. Top cutting used in all estimates as per normal industry practice, generally in 97.5 to 99.5 percentile range
Validation has generally included visual comparison against drillhole grades, volume comparisons, global grade statistic comparison and swath grade plots
Moisture All tonnages are estimated on a dry basis
Cut-off
parameters		 Reporting cut-off grades are adopted to be around operating ore cutoff grades, typically 0.5 - 2.0 g/t, with variances for deposit mineralisation tenor, location and mining method.
For most deposits, interpretation cutoff is typically in the 0.3 to 0.7g/t range. These cutoffs encapsulate the mineralisation effectively and typically discriminate economic material
from waste. Considerations of geology, nugget effect, width and shape continuity mean significant sub-grade material is often incorporated to create realistically mineable
resources. Open Pit resources are generally reported at a cutoff of >0.5g/t and Underground Resources are generally reported at >1.0g/t with the exceptions of Penny, Never Never
and Pepper underground resources which are reported at >2.0g/t

33

Project Mt Magnet Cue Rebecca Edna May Yalgoo Dalgaranga Roe Penny
Mining factors Eridanus, Morning Star and most Mt Magnet deposits, Rebecca, Roe and Yalgoo are modelled as open pit deposits. Factors include potential pit depths, minimum mineralisation
widths and economic cutoffs based on current contract mining equipment and milling facilities. UG deposits, including Galaxy, Break of Day, Lena, Edna May, Roe lodes below
100mRL, Dalgaranga and Penny are modelled with consideration of extraction by conventional sub-level open stoping methods. Edna May and Eridanus models are generated as
bulked low-grade models for open pit evaluation and bulked underground mining scenarios. Roe (Bombora) underground resources were considered using Mineable Shape
Optimiser in Deswick software with a cutoff of 1.5g/t, $3,250 gold price, 2m to 4m minimum width depending on steep or flat lode orientation, 95% recovery plus 5% additional
dilution on 10mH x 10mL blocks. Bartus East is considered a sub level cave and shell stoping mining method. Similar methods were applied to Break of Day and Dalgaranga which
are the subject of ongoing Technical Studies
Metallurgical
factors		 Metallurgical treatment is based on current ore production or metallurgical test work. Milling is occurring at Ramelius' Checkers Mill (Mt Magnet), a 2.0 Mtpa CIL gold plant. The
Edna May Mill (Westonia), a 2.8Mtpa CIL gold plant and Dalgaranga Mill (2.5Mtpa CIL gold plant) are currently on care and maintenance. Mt Magnet deposits are currently or have
recently been processed with recoveries around 91-94%. Edna May had significant gravity recoveries (≈50%) and high total recoveries (≈94%). Penny is processed at Mt Magnet with
recoveries of around 97%. Rebecca and Roe test work shows good recoveries are achievable at around 97% and 96%, respectively
Environmental
factors		 All sites are now operating or recently operating mine sites, with the exception of Rebecca, Roe and Yalgoo and compliant with all legal and regulatory requirements. No significant
environmental issues are envisaged. Approvals processes are underway for a number of projects. Rebecca and Roe are at Prefeasibility Study stage
Bulk density All deposits have a number of density measurements based on core samples using water immersion method. Calculated density is dry. The number of measurements is variable
but there are enough to give representative average density values to use in ore and waste tonnage calculations. At Tampia a gamma density probe was used for much of the
resource drilling a provides an extra density measurement, however these values are not directly used in modelling
Density measurements are available for fresh core, but limited measurements exist for oxidised or transitional materials. Oxidised densities used often include assumed values
based on previous mining data and the Competent Person's experience
All resources have dry densities assigned by geologically interpreted weathering horizon, plus rock type where appropriate. Downhole geophysical studies were applied to oxides
and transported cover where measurements were available
It is assumed the deposit densities can be represented by the average values determined or estimated by rock type and oxidation type
Classification Mineral Resources have been classified into Measured, Indicated and Inferred categories based on drillhole spacing, geological confidence, information quality and grade continuity.
Only a small proportion of resources have been classed as Measured and generally occur in areas of high drilling density where grade control data is available or underground
development and face sampling have been completed
Appropriate account has been taken of all factors
The classification reflects the Competent Person’s view
Audits or reviews The Edna May and Rebecca Mineral Resource Estimates have been reviewed by an external geological consultant. While a number of minor changes and enhancements were
recommended, no significant flaws to the resource models were found. Historic drilling data information quality was not reviewed. Penny and Eridanus MREs were externally
audited by Entech and Cube, respectively, with no high-risk or fatal flaws found. Roe was originally estimated externally by Snowden-Optiro and similar methodology was applied
to the RMS internal estimate used for this report. The Never Never Mineral Resource Estimate was externally reviewed by Blue Sky Potential Pty Ltd in July 2024 with no high-risk
or fatal flaws found
Discussion of
relative accuracy
/confidence		 All deposits have a number of previous resource estimates for comparison. Much of the drilling data used is historic (exceptions Eridanus, Penny, Roe & Rebecca, Dalgaranga) and
methodology detail and quality assurance information is not always complete or is in hardcopy records which have not been systematically investigated. Hence, the bulk of
resources have been assigned an Indicated or Inferred status. At the Mt Magnet deposits (Break of Day, Galaxy, Morning Star and Hill 50), historic underground mining voids exist
and proximal remnant resources are unclassified or classified as Inferred. Confidence levels are reflected by the classifications applied and reported. Variances to the tonnage,
grade and metal of the MRE are expected with further definition drilling. It is the opinion of the Competent Person that the classification criteria for Measured, Indicated and
Inferred Mineral Resources appropriately capture and communicate these variances and risks
The estimates are global estimates, expected to be reasonable for mine planning and reserve generation
Many of the resources have current production data to compare including Eridanus, Brown Hill, Galaxy, Penny, Cue and Edna May and all reconcile within -10% to +20% of
estimates

34

Section 4 Estimation and Reporting of Ore Reserves
Mineral Resource
estimate for
conversion to Ore
Reserves		 Ore reserves are based on resource estimates generated by Ramelius
Mineral Resources are reported inclusive of Ore Reserves
Site visits The Competent Person is a full-time employee of Ramelius Resources Ltd and has visited each site duringthe lastyear. Visits have confrmed understandingof ore reserve e lastear
Study status Ore Reserves have been generated after studies appropriate to the deposit type, mining method and scale and are considered to be at least Pre-Feasibility level. Mining studies
have been carried out both internally and using external consultants with appropriate geotechnical, hydrological, equipment, metallurgical and mining method information.
Environmental, social and other factors have been considered internally
Cut-offparameters Cut Offgrades for determination of ore / waste on surface varybetween 0.4g/t and 0.5g/t
Mining factors or
assumptions		 Models have been created with aparent block size to refect likelySMU block size and miningresolutionprior to optimisation and design work togenerate ore reserves
Open pit mining methods for open pit resources use 90t rigid dump trucks and excavators of 120 to 200t operating weight. Eridanus and Rebecca Pits will use larger feet
Galaxy and Bartus Undergrounds use bulk mining methods
Penny underground uses a narrow, top-down, long hole stoping method, with partial backflling
Break of Dayunderground uses narrow, top-down, longhole stopingmethod, without backfll
Geotechnical parameters are derived from current mining practises and regular inspection and reporting by geotechnical consultants for all operating mines. All new projects
have a number of geotechnical drillholes and assessments generated. Grade control processes are well established and generally consist of RC drilling within pits or face sample
grade control and drillingin undergrounds
Dilution factors are used for allpits and range based on deposit style, orientation and miningmethod
Openpits miningrecoveries 95%
Generallya minimum width of around 3m is assumed for openpit and 1.5 - 2m for underground with increased applied unplanned dilution assumptions for narrower widths
Inferred mineral resources for pits have been tested in optimisations but are not included in Ore Reserves
Portions of Inferred Mineral Resources are withinproduction targets for Bartus and Break of Dayundergrounds butproject viabilityis not dependent on the inferred resource
Metallurgical
factors or
assumptions		 Milling will use Checkers mill at Mt Magnet, conventional gravity recovery and CIL processing circuits
Signifcant millinginformation historical and/or current test work is available for all deposits
Process isproven technology
Metallurgical recoveries are based on operatingexperience or test work
No deleterious elementspresent
No bulk samples or bulk sample requirement
No specifcations,gold
Environmental Environmental studies including waste rock characterisation studies from drill samples, fora and fauna and hydrological surveys have been carried out for all projects. Mining
Approvals are currently granted for all reserve projects to be mined within the next 2 years and permitting for other Ore Reserve projects progressing and not expected to be an
issue
Infrastructure Site infrastructure is in place for current mining and milling operations
At Mt Magnet this includes accommodation camp, Checkers mill and tailings dams, offces, magazines, roads andgaspower station
Costs Capital costs based on current costs and budget model or recent Feasibilitystudies
Operatingcosts based on current costs and budget models
Usingrecent averagegoldprice
Cost models use Australian dollar
Transport cost based on contracted orquoted rates
Treatment costs based on known current millingcosts. Nopenalties or specifcations
Royaltycosts are included in budget models, fnancial evaluations and feasibilitymodels
Revenue factors All reserves aregenerated at A$3,500/oz or less

35

Market assessment Doré is sold direct to the Perth Mint at spotprice or used to fll hedgingobligations
Not an industrial mineral
Economic Discounted cash fows were carried out to determine relative NPV's, usinga 5% annual discount rate
Sensitivitytogoldprice,grade and costs was also evaluated
Social Agreements are inplace with stakeholders includingtraditional landowner claimants,pastoralists and the lo cal Shires for current operations to support reserveprojects
Other No material risks or impacts are identifed
Classifcation Reserves have been classifed as Probable ifyet to be mined with stockpiles classifed as Proven
Theyrefect the Competent Person's view
Noprobable reserves are derived from measured resources
Audits or reviews No recent external reviews
Discussion of
relative accuracy
/confdence		 Confdence is in line with gold industry standards and the companies aim to provide effective prediction for current and future mining operations. No statistical quantifcation of
confdence limits has been generated. The Ore Reserve is most sensitive to resource grade prediction and gold price.

36

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