RAMELIUS RESOURCES LIMITED — Capital/Financing Update 2004

Jan 15, 2004

COMPANY OVERVIEW

DIRECTORS

BOB KENNEDY (CHAIRMAN)

JOE HOULDSWORTH (MANAGING DIRECTOR)

REG NELSON (NON EXECUTIVE DIRECTOR)

COMPANY MANAGEMENT

JOE HOULDSWORTH (MANAGING DIRECTOR)

GORDON DUNBAR (CONSULTING GEOLOGIST)

DOM FRANCESE (COMPANY SECRETARY)

ISSUED CAPITAL

36,289,002 fully paid ordinary shares 23,185,750 options (20 c) exp 31 Dec 07

Project Locations in Proven Areas + Royalty Interests

ᅟ Royalty Interests: Inactive

• Sandstone Herald Resources
• Siberia Aurion Gold $\bullet$
• Spargos Reward Amalg $\bullet$ Resources
• Eucalyptus Western $\bullet$ Metals
• Bulong Anglo Gold $\bullet$

Active

Edjudina - Sons of Gwalia

Current Projects Gold, Nickel, Copper - Zinc

Gold

• Advanced Black Cat, Wattle Dam $\bullet$
• Drill Targets Black Cat (3 Targets), Wattle Dam (3 Targets), $\bullet$ Bonnievale, Gnarlbine, Hilditch, North Widgie (4 Targets), Cuddingwarra (Total:14 Targets)
• Advanced Exploration Blue Hills, Gnarlbine, Parker Range, $\bullet$ Seabrook
• Greenfields Ida Fault, Logan-Larkinville

Nickel (+Copper-Zinc)

• Advanced Exploration -Hilditch (Ni Sulphide)
• Greenfields Ingebong Hills / Blue Hills / Rhodes (Cu-Zn)

Advanced Gold Projects Low Risk / Low Cost / Early Cashflow

Black Cat South – Black Cat Development Area

• 250,000t $@$ 2.7 g/t Au Resource (~22,000 oz)
• Toll Plant 40 km on public haul road $\bullet$
• In house PFS completed $-$ Infill drilling for reserves $+$ FS $\bullet$
• Target mining by 3Q 2004 at cash margin of $\sim$ $15/t

Wattle Dam 7800N - Spargoville Regional Area

• 150,000t @ 4.6 g/t Au Resource $(-22,000$ oz) $\bullet$
• Toll Plant at Coolgardie (~50 km) on sealed road $\bullet$
• Infill drilling for reserves + FS $\bullet$
• Target mining by 4Q 2004 at cash margin of $\sim$ $30/t $\bullet$

Black Cat South - Section 5000E Typical Resource Outline

$2050mN$ 2100mN ี 2150mN 2200mN 450mRL INGLORIES ZU SERVANDIT Et Lugary ZI-WOOD Elmany Anton Con Keps $\cdot$ 3 NESOURCE 400m5 OUTLEME CIVANIEE 350mRI EL CELLET 300mRL

RAMELIU

Potential For Major Gold Resource At Gnarlbine

• Large project area of approx. 230 Km2 – Granted 21/10/03
• Located in well- mineralised greenstone belt (+170koz gold production in 1990s)
• Two large geochemical targets: ←
  • Canyon anomaly partially drilled with bedrock gold values to 2 g/t (by 2Q2004)
  • $\rightarrow$ Triton anomaly yet to be drilled (by 2Q2004)
  • Ramelius equity 75% to 100%

Spargoville Regional Project

• Major Au & Ni Project
• First time in 40 years that the key 30 kms of the gold belt under majority control
• $\bullet$ Approx. 50 km from Coolgardie Au treatment plants via sealed road
• Ramelius equity 75 to 100%
  • Nearby Ni Production
• Additional Tenement Acquisitions 21/11/03

Hilditch Project AEROMAGNETICS IMAGE Total Magnetic Intensity

• Along strike from known $\qquad \qquad \bullet$ nickel resources "Spargoville 1A & 5A"
• Promising Ni geochemistry $\qquad \qquad \bullet$
• "Good ultramafics!"
• Infill TEM Survey on $\bullet$ "Identified bedrock conductor"
• Drilling to follow

BLUD HILLS

AN EMERGING GOLD PROJECT IN THE PROTEROZOIC EARAHEEDY BASIN

● 5 km long zone of Au anomalies (stream sediment geochemistry)

RAMELIU

• Targeting Major Proterozoic-style gold deposits eg Telfer, Ashburton basin, Tennant Ck etc.
• Planned program of soil sampling, geological mapping and rock chip sampling in 2004 field season

ADVANCED GOLD PROJECTS & Selected Resource Targets

	CURRENTRESOURCES	RESOURCETARGETS
BLACK CAT	$\sim$ 22,000 ozs(cut)	>3 X Current
WATTLE DAM	$\sim$ 22,000 ozs(cut)	>3 X Current
NORTH WIDGIE		>3 X Current
		+ Wattle Dam
GNARLBINE		$\sim$ 0.5M oz Resource
BLUE HILLS		$~1.0M$ oz Resource
TOTAL	$-44,000$ ozs(cut)

PROJECT STATUS Planned Activities

Project	Metal/Prospect	Program	Timing	Budget $000s
Black Cat	Au	Drilling, FS,Production	3Q2004	300
Wattle Dam	AU	As above	2Q2004	300
Black Cat	Au Targets	Drilling	By 2Q2004	150
Wattle Dam	Au Targets	Drilling	By 3Q2004	150
North Widgie	Au targets	Drilling	By 4Q2004	500
Gnarlbine	Canyon Au	Drilling	By 2Q2004	200
	Triton Au	Drilling	By 2Q2004	200
Hilditch	Au Target	Drilling	By 3Q2004	100
	Ni Target	Drilling	By 3Q2004	100
Blue Hills &Others	Au & BaseMetals	Targeting	2004	500
Total				2500

ACHIEVEMENTS SINCE LISTING

DRILLING

• ~9000m at Black Cat, Bonnievale and Cuddingwarra Projects ۰ RESOURCES
• Defined Resource at Black Cat South $\bullet$

ACQUISITIONS/FARM OUTS

North Widgie, Cuddingwarra, Black Cat Extension

EXPLORATION SAMPLING & MAPPING

Hilditch, Ingebong, Rhodes, Blue Hills

TITLE GRANTS / NATIVE TITLE AGREEMENTS

• Wattle Dam exploration licence
• Wattle Dam mining leases (7800N Prospect) $\bullet$
• Gnarlbine exploration licence & prospecting licences $\bullet$

SUMMARY OF EXPENDITURE TO SEPTEMBER 2003

Area	Description	$000s
Debt Repayment	Loans prior to listing	619
Vendor Payments	Project Acquisitions	209
IPO Related costs	Prospectus Preparation & Marketing and	804
	Pre-float Operating Costs
Exploration	Drilling, Sampling etc.	509
Fixed Assets	Office Computer, Equipment etc.	10 °
Other	Management & Overhead Costs,
	Directors etc.	151
	Balance of Funds	1,268
New Acquisitions	Black Cat	300
(post Sept. 03)	Spargoville - Widgiemooltha Gold Rights	250

RIGHTS ISSUE

E. Renounceable Rights Issue

One for One raising up to $4 million

36.3 million new shares

$0.11 per new share (pre-announcement market price $0.145)

24% discount to pre-announcement market price

● Shareholders can take up offer, sell rights, apply for additional shortfall shares

Purpose of the issue

accelerate exploration programmes on key gold projects fund exploration of additional projects acquired since listing corporate and asset acquisition opportunities additional working capital

RIGHTS ISSUE

PRO FORMA FINANCIAL POSITION

	30Jun03	RightsIssue *	Pro-Forma
	$000	$000	$000
Cash	1,558	3,692	5,250
Receivables & other	104		104
Current assets	1,662		5,354
Property, plant & equipmentExploration, evaluation &	10		10
development expenditure	1,819		1,819
Non-current assets	1,829		1,829
Total Assets	3,491		7,183
Payables & provisions	151		151
Current liabilities	151		151
Net Assets	3,340	3,692	7,032

Assumes issue costs of ~$300k, allowing for possible partial underwriting $\star$

RIGHTS ISSUE APPLICATION OF PROCEEDS

Use of Proceeds (Indicative estimates)	$000s
Planned exploration activities	2,500
Corporate & asset acquisition opportunities	700
Working capital	500

RIGHTS ISSUE Timetable

Date	Event
5 Jan 04	Rights trading commenced/shares trade ex rights
9 Jan 04	Record date for rights entitlements
13 Feb 04	Rights trading ends on ASX
16 Feb 04	First day of trading new shares (deferred settlement basis)
20 Feb 04	Closing date for acceptance & payment
12 Mar 04	Expected date for allotment of new shares &dispatch of holding statements