RAMELIUS RESOURCES LIMITED — Capital/Financing Update 2004

Jan 13, 2004

Ramelius Resources Limited

ACN 001 717 540

140 Greenhill Road, Unley SA 5061 GPO Box 1373, Adelaide SA 5001 DX 52003, Unley Telephone (08) 8373 6473 Facsimile (08) 8373 5933

ASX RELEASE

For Immediate Release Wednesday, 14 January 2004

General Manager The Company Announcements Office Australian Stock Exchange Limited PO Box H224 Australia Square Sydney NSW 1215

Dear Sir/Madam,

Rights Issue: Chairman's Letter to Overseas Shareholders

Attached is a copy of a letter from the Chairman to be sent to all overseas shareholders in relation to the 1 for 1 pro-rata renounceable rights issue that the Company announced on 24 December 2003.

Yours faithfully

Dom Francese Company Secretary

Ramelius Resources Limited

ACN 001 717 540

140 Greenhill Road, Unley SA 5061 GPO Box 1373, Adelaide SA 5001 DX 52003, Unlev Telephone (08) 8373 6473 Facsimile (08) 8373 5933

14 January 2004

Dear Overseas Shareholder

Ramelius Resources Limited - Rights Issue

On 24 December 2003, Ramelius Resources Limited ("Ramelius") announced a one for one pro-rata renounceable rights issue to its shareholders to raise approximately $4 million through the issue of up to 36,289,002 new fully paid ordinary shares in Ramelius and lodged an Offer Information Statement ("OIS") with the Australian Securities and Investments Commission ("ASIC") and the Australian Stock Exchange Limited ("ASX") in relation to rights issue ("Offer").

Ramelius has determined that it will not make the Offer to shareholders whose registered address is outside Australia ("Non-Participating Foreign Holders"). Accordingly, the Offer is not available for acceptance by you. Ramelius decided that it is unreasonable to make the Offer outside of Australia having regard to the number of holders outside Australia, the number and value of Shares that would be offered and the costs of complying with the legal requirements and requirements of regulatory authorities in places outside Australia.

Nominee for Non-Participating Foreign Holders

Ramelius has appointed Baker Young Stockbrokers Limited ACN 006 690 320, an Australian licensed securities dealer approved by ASIC, to arrange for the sale of the rights of Non-Participating Foreign Holders on the market conducted by ASX and to account to them for the net proceeds of the sale. The net proceeds of any sale of the rights will be distributed in Australian dollars on a pro-rata basis to the Non-Participating Foreign Holders. These arrangements are in accordance with the information set out in sections 4.3 to 4.5 of the OIS, a copy of which is enclosed for your reference.

If you have any queries, please contact the company secretary, Mr Dom Francese on $+61883736473$ .

Yours faithfully

R M Kennedy Chairman