RAMELIUS RESOURCES LIMITED — Capital/Financing Update 2011

Nov 6, 2011

7 November 2011 For Immediate Release

Not for release or distribution in the United States

$40m Placement and $15m SPP

Highlights

• 34.8 million new placement shares to be issued at A$1.15 per share to raise A$40 million

• Placement to select institutional investors, primarily in North America

• • Existing eligible shareholders to be offered the opportunity to purchase up to A$15,000 worth of new shares under a SPP at the same price as the Placement

• Provides flexibility for more aggressive development of Mt Magnet gold mine in WA and asset level acquisitions amid sustained high gold prices

The Directors of Ramelius Resources Limited (“Ramelius” or “the Company”) are pleased to announce that the Company has successfully received firm allocations to raise A$40 million through the placement of 34.8 million new ordinary shares to institutional investors (“Placement”).

Ramelius is also pleased to advise that all eligible shareholders will be offered the opportunity to acquire new shares in the Company through a Share Purchase Plan (“SPP”) at the same price as shares issued under the Placement.

This Placement introduces a number of specialist US‐based gold funds onto the Ramelius register. Funds raised from both the Placement and SPP will provide the Company with the financial flexibility to undertake a more aggressive development and expansion program of its Mt Magnet gold mine in WA whilst maintaining the Company’s ability to explore asset level acquisition opportunities during the current sustained gold price environment.

Ramelius’ Managing Director, Mr Ian Gordon, said: “We are very pleased with the support received from our new shareholders for the Placement, and with the quality of the institutions we have been able to introduce to the share register.”

“The proceeds provide Ramelius with additional funding flexibility to examine a range of development and exploration opportunities at Mt Magnet as well as supporting our long term growth aspirations.”

Institutional Placement

The Company has placed 34.8 million new ordinary shares at $1.15 per share to institutional investors, in North America, Australia and Asia. The Placement was managed by Casimir Capital L.P. with the assistance of Argonaut Limited. The Company will not seek shareholder approval in relation to the Placement as it was completed under the Company’s placement capacity under ASX Listing Rule 7.1.

Share Purchase Plan

The Company is pleased to provide the opportunity for existing shareholders to subscribe for up to $15,000 worth of new fully paid ordinary shares at the same price as the Placement. The SPP is not underwritten and will raise up to a maximum of $15 million.

Ramelius retains the right to scale‐back applications under the SPP if the value of subscriptions exceeds $15 million. If there is a scale‐back, the Company may in its absolute discretion, determine to apply the scale‐back to the extent and in the manner that it sees fit.

Participation in the SPP is optional and is open to eligible shareholders who, at 5:00pm ACST on Friday, 4 November 2011 (“Record Date”), are registered as holders of fully paid ordinary RMS shares and whose registered address is in Australia or New Zealand.

The Company will not seek shareholder approval in relation to the SPP as it will be completed under Exception 15 in ASX Listing Rule 7.2.

Further details of the SPP will be mailed to eligible shareholders shortly.

Ramelius commenced mining operations at Mt Magnet in September and anticipates first gold pour from those operations in 1Q 2012, adding to the Company’s existing gold production stream from our Wattle Dam underground gold mine, also in Western Australia.

For further information contact:

Ian Gordon Managing Director Ph: 61 8 9202 1127

Important Notes

This announcement has been prepared for publication in Australia and may not be released or distributed in the United States. This announcement does not constitute an offer to sell, or a solicitation of an offer to buy, securities in the United States or any other jurisdiction. Any securities described in this announcement have not been, and will not be, registered under the US Securities Act of 1933 (as amended) and may not be offered or sold in the United States except in transactions exempt from, or not subject to, registration under the US Securities Act and applicable US state securities laws.

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