RAMELIUS RESOURCES LIMITED — Capital/Financing Update 2016

Jun 13, 2016

14 June 2016 For Immediate Release

Ramelius to commence Stope Production at Vivien

Ramelius Resources Limited ( ASX:RMS ) is pleased to announce that the Vivien Gold Mine in Western Australia (refer Figures 1 & 2) is to commence stope production activities, ready for a full production year in FY2017.

Orebody reconciliation for development production at Vivien continues to be positive, as evidenced by the production achieved in the March 2016 Quarter and June 2016 Quarterto-date:

Period	Tonnes Grade Ounces Mine Claimed	Recov. Tonnes Grade Ounces Recov. Ounces Mill Reconciled	Recov. Tonnes Grade Ounces Recov. Ounces Mill Reconciled
Mar16 Qtr Apr + May16	9,122 6.72 1,972 13,210 8.91 3,784	7,571 7.46 1,816 98.0% 1,779 12,714 9.55 3,904 97.0% 3,787
Total	22,332 8.02 5,756	20,284 8.77 5,720 97.3% 5,567
End of May stockpile of		1,200 7.89 304

Note: Rounding errors may occur

Diamond drilling in the upper part of the mine, from Stockpile #1 (refer Figure 6), has been completed with encouraging results including;

• 3.5m at 7.6 g/t Au

 2.4m at 8.9 g/t Au A total of 8 holes were drilled (refer Table 1 for full details) and this area of the mine (refer also Figure 4) is currently being evaluated for development.

Further drill testing, both within and below the current Mineral Resource envelope, is expected to commence late in the September 2016 Quarter from drill drive locations planned lower down in the mine (refer Figure 4).

PRODUCTION UPDATE – JUNE 2016 QUARTER

The Company remains on track to deliver gold production Guidance of 28-32,000 ounces for the Quarter based on:

• Quarter-to-date (April & May only): fine gold production of 19,947 ounces

Ramelius Managing Director, Mark Zeptner today said:

“ The Vivien mine is being progressed very efficiently by the Ramelius management team along with our underground contractor, PYBAR, where initial capital development has been completed ahead of schedule and below forecast cost”.

“This excellent performance during the ramp up at Vivien and apparent out-performance on grade, combined with increasing ore grades from the Percy open pit at Mt Magnet, has the Company very well placed for a strong finish to the financial year”.

For further information contact: Mark Zeptner Managing Director Ramelius Resources Ltd Ph: +61 8 9202 1127

Duncan Gordon

Executive Director Adelaide Equity Partners Ph: +61 8 8232 8800

ABOUT RAMELIUS

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Figure 1: Ramelius’ Operations & Development Project Locations

Ramelius owns the Mt Magnet gold mining and processing operation and has commenced the high grade Vivien and Kathleen Valley gold mines near Leinster, in Western Australia. The Burbanks Treatment Plant is located approximately 9 kilometres south of Coolgardie in WA and is currently on care and maintenance.

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Figure 2: Ramelius’ Vivien project location

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Vivien Production

Vivien is located 15km west of Leinster, WA. It is 6.5km north-east of the Agnew gold mine (Gold Fields) and only 3km north of the sealed Leinster - Mt Magnet highway.

Following a capital development phase lasting 10 months, the Vivien decline reached the top production levels and ore development commenced in February 2016. Ore haulage and milling at the Mt Magnet processing plant followed immediately. Mine development to date has progressed to planned schedules.

Claimed mine production to date is 22,332 tonnes @ 8.02 g/t for 5,756 ounces. Reconciled milled production is 20,284 tonnes @ 8.77 g/t for 5,720 ounces, with an end of month stockpile of a further 1,200 tonnes of ore.

Grade control modelling for the first stope panel shows both increased width and grade, compared to the resource model, and hence a significant increase in contained gold. While it is still too early to confirm this trend for the entire deposit, the indications are very encouraging.

The geometry of the lode between levels and ground conditions for stoping also look very positive in terms of ease of mining and the likelihood of low levels of dilution.

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5m wide @ 21.5g/t
5.54
23.6 42.3
20.8
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Figure 3: Vivien lode in Face 360N_064 with sample grades (Au g/t)

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Figure 4: Vivien development progress (black/grey) & planned drill locations

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Figure 5: Ramelius’ Board of Directors & Management Team at the Vivien portal (April 2016)

Vivien Diamond Drilling

An underground diamond drilling programme was conducted in the March 2016 Quarter, targeting the southern Vivien Inferred Resource area (Figure 6). Eight NQ core holes were drilled for a total of 1,061 metres and results are shown below:

Table 1: Vivien South Lode Intercept Results

Hole Id	Easting	Northing	RL	Az/Dip	F/Depth (m)	From (m)	To (m)	Interval (m)	g/t Au
VVDD1019	260,895.5	6,902,862.6	458.3	272/-26	146.3	103.8	104.5	0.7	14.4
VVDD1020	260,895.4	6,902,862.6	458.5	272/-20	122.6	101.7	102.7	1.0	11.0
VVDD1021	260,895.7	6,902,862.5	457.9	271/-35	132	111.0	114.5	3.5	7.60
VVDD1022	260,895.3	6,902,862.1	458.4	266/-20	136				NSI
VVDD1023	260,895.3	6,902,862.1	458.2	263/-25	139	114.0	116.0	2.0	3.30
VVDD1024	260,895.9	6,902,863.2	458.3	288/-25	130				NSI
VVDD1025	260,895.9	6,902,863.2	458.5	287/-20	126.4	104.2	105.4	1.2	9.80
VVDD1026	260,896.0	6,902,863.2	458.1	289/-36	129	107.4	109.8	2.4	8.90

NSI – no significant intercept

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Resource
Envelope
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Figure 6: 3D view to west - Vivien Stockpile #1 underground drill programme

While results showed significant variation, and this is comparable to earlier surface drilling, several holes were encouraging, especially the lowermost holes VVDD1021 – 3.5m @ 7.6 g/t and VVDD1026 – 2.4m @ 8.9 g/t . Intercept widths are close to true width. Further evaluation of the area is underway and a development drive to the south is being considered. This area can be mined without interfering with the current mine production schedule.

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RAMELIUS PRODUCTION TARGETS

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Figure 7: FY2016 Group Production Profile

Achievement of the midpoint of Guidance for the June 2016 Quarter (30,000 ounces) will see Ramelius produce over 108,000 ounces for the full 2016 financial year (refer Figure 7), up significantly on the 88,000 ounces produced in the previous year. Updated Guidance for the 2017 financial year will be provided in early July 2016.

Competent Person

The information in this report that relates to Exploration Results is based on information compiled by Rob Hutchison, a Member of the Australasian Institute of Mining and Metallurgy. Rob Hutchison has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity he is undertaking 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’. Rob Hutchison is a full time employee of the company and consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

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.

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JORC Code, 2012 Edition –

Table 1 Report for Vivien Drilling

Section 1 Sampling Techniques and Data

Criteria	JORC Code explanation	Commentary
Sampling	 Nature and quality of sampling (eg	 The mineralisation was systematically sampled
techniques	cut channels, random chips, or	using industry standard core samples, collected
	specific specialised industry standard	from NQ diamond drill holes.
	measurement tools appropriate to the	 Drill hole locations were designed to allow for
	minerals under investigation, such as	spatial spread across the interpreted
	down hole gamma sondes, or	mineralised zone.
	handheld XRF instruments, etc). These	 Standard fire assaying was employed using a
	examples should not be taken as	50gm charge with an AAS finish.
	limiting the broad meaning of
	sampling.
	 Include reference to measures taken
	to ensure sample representivity and
	the appropriate calibration of any
	measurement tools or systems used.
	 Aspects of the determination of
	mineralisation that are Material to
	the Public Report.
	 In cases where ‘industry standard’
	work has been done this would be
	relatively simple (eg ‘reverse
	circulation drilling was used to obtain
	1 m samples from which 3 kg was
	pulverised to produce a 30 g charge
	for fire assay’). In other cases more
	explanation may be required, such as
	where there is coarse gold that has
	inherent sampling problems. Unusual
	commodities or mineralisation types
	(eg submarine nodules) may warrant
	disclosure of detailed information.
Drilling	 Drill type (eg core, reverse circulation,	 Drilling was completed using best practice
techniques	open‐hole hammer, rotary air blast,	underground NQ diamond drilling
	auger, Bangka, sonic, etc) and details
	(eg core diameter, triple or standard
	tube, depth of diamond tails, face‐
	sampling bit or other type, whether
	core is oriented and if so, by what
	_method, etc). _
Drill sample	 Method of recording and assessing	 Core sample recovery was visually assessed and
recovery	core and chip sample recoveries and	is excellent, including the quartz vein lode
	results assessed.
	 Measures taken to maximise sample

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Criteria JORC Code explanation	Commentary
recovery and ensure representative nature of the samples.  Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material.
Logging  Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies.  Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography.  The total length and percentage of the relevant intersections logged.	 All RC drill samples are geologically logged on site by professional geologists. Details on the host lithologies, sulphide species and alteration minerals plus veining are recorded  Drill hole logging is qualitative on visual recordings of rock forming minerals and quantitative on estimates of mineral abundance.  100% of drill holes are geologically logged.
Sub‐sampling techniques and sample preparation  If core, whether cut or sawn and whether quarter, half or all core taken.  If non‐core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry.  For all sample types, the nature, quality and appropriateness of the sample preparation technique.  Quality control procedures adopted for all sub‐sampling stages to maximise representivity of samples.  Measures taken to ensure that the sampling is representative of the in situ material collected, including for instance results for field duplicate/second‐half sampling.  Whether sample sizes are appropriate to the grain size of the material being sampled.	 Samples were whole core sampled  All samples are pulverized prior to splitting in the laboratory to ensure homogenous samples with 85% passing 75um. 200gm is extracted by spatula that is used for the 50gm charge on standard fire assays.  Samples submitted to the laboratory are sorted and reconciled against the submission documents. In addition to duplicates a pulp standard is included in intervals throughout the sample batch  The sample size is considered appropriate for the type, style, thickness and consistency of mineralization.
Quality of assay data and laboratory tests  The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total.  For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining the analysis including instrument make and model, reading times, calibrationsfactors applied and their	 The fire assay method is designed to measure the total gold in the sample. The technique involves standard fire assays using a 50gm sample charge with a lead flux (decomposed in the furnace). The prill is totally digested by HCl and HNO3acids before measurement of the gold determination by AAS.  No field analyses of gold grades are completed. Quantitative analysis of the gold content and trace elements is undertaken in a controlled laboratoryenvironment.

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Criteria	JORC Code explanation	Commentary
	derivation, etc.	 Industry best practice is employed with the
	 Nature of quality control procedures	inclusion of duplicates and standards as
	adopted (eg standards, blanks,	discussed above, and used by Ramelius as well
	duplicates, external laboratory	as the laboratory. All Ramelius standards and
	checks) and whether acceptable levels	blanks are interrogated to ensure they lie within
	of accuracy (ie lack of bias) and	acceptable tolerances. Additionally, field
	precision have been established.	duplicates are examined to ensure no bias to
		gold grades exists.
Verification	 The verification of significant	 Alternative Ramelius personnel have inspected
of sampling	intersections by either independent or	core to verify the correlation of mineralized
and assaying	alternative company personnel.	zones between assay results and lithology,
	 The use of twinned holes.	alteration and mineralization.
	 Documentation of primary data, data	 All holes are digitally logged in the field and all
	entry procedures, data verification,	assay data is electronically merged when
	data storage (physical and electronic)	received from the laboratory. The responsible
	protocols.	project geologist reviews the data in the
	 Discuss any adjustment to assay data.	database to ensure that it is correct and has
		merged properly and that all the drill data
		collected in the field has been captured and
		entered into the database correctly.
		 No adjustments or calibrations are made to any
		of the assaydata recorded in the database.
Location of	 Accuracy and quality of surveys used	 All drill hole collars are picked up by Mine
data points	to locate drill holes (collar and down‐	Surveyors using a Total Station theodolite
	hole surveys), trenches, mine	 All holes are picked up in Vivien mine grid
	workings and other locations used in	coordinates.
	Mineral Resource estimation.	 Topographic control is established from DTMs
	 Specification of the grid system used.	generated from mine surveyors’ total station
	 Quality and adequacy of topographic	final pickups of the surrounding landforms.
	control.
Data spacing	 Data spacing for reporting of	 drill holes were planned on nominal 20m x 20m
and	Exploration Results.	pattern
distribution	 Whether the data spacing and	 Spacing is sufficient
	distribution is sufficient to establish	 No sampling compositing has been applied
	the degree of geological and grade	within key mineralised intervals.
	continuity appropriate for the Mineral
	Resource and Ore Reserve estimation
	procedure(s) and classifications
	applied.
	 Whether sample compositing has
	been applied.
Orientation	 Whether the orientation of sampling	 The drilling is drilled orthogonal to the lode
of data in	achieves unbiased sampling of	horizon.
relation to	possible structures and the extent to	 No drilling orientation and/or sampling bias has
geological	which this is known, considering the	been recognized at this time.
structure	deposit type.
	 If the relationship between the drilling
	orientation and the orientation of key

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Criteria	JORC Code explanation	Commentary
	mineralised structures is considered
	to have introduced a sampling bias,
	this should be assessed and reported
	if material.
Sample	 The measures taken to ensure sample	 Sample security is integral to Ramelius’
security	security.	sampling procedures. All samples are delivered
		directly from the field to the assay laboratory in
		Kalgoorlie, whereupon the laboratory checks
		the physically received samples against
		Ramelius’ sample submission/dispatch notes.
Audits or	 The results of any audits or reviews of	 Sampling techniques and procedures are
reviews	sampling techniques and data.	reviewed prior to the commencement of new
		work programmes to ensure adequate
		procedures are in place to maximize the sample
		collection and sample quality on new projects.
		No external audits have been completed to
		date.

Section 2 Reporting of Exploration Results

Criteria JORC Code explanation	Commentary
Mineral tenement and land tenure status  Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings.  The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area.	 The results reported in this report are on granted Mining Lease (ML) 36/34 (Vivien) being wholly owned by Ramelius Resources Limited  The tenements are in good standing. The site is an operating mine site
Exploration done by other parties  Acknowledgment and appraisal of exploration by other parties.	 Exploration by other parties has been reviewed and is used as a guide to Ramelius’ exploration activities. Previous parties have completed significant RC and diamond drilling. This report concerns only exploration results generated by Ramelius.
Geology  Deposit type, geological setting and style of mineralisation.	 The mineralisation is a typical orogenic structurally controlled Archaean gold lode system. The mineralisation is hosted by a 1‐6m wide quartz vein within a NE trending shear zone passing through the Vivien Dolerite Sill. The Vivien deposit extends over 400m strike and dips around 700to the southeast. High gradegold mineralisationplunges around 300to

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Criteria	JORC Code explanation	Commentary
		the southeast.
Drill hole	 A summary of all information	 All the drill holes reported in this report have
Information	material to the understanding of the	the following parameters applied. All drill holes
	exploration results including a	completed, including holes with no significant
	tabulation of the following	results are reported.
	information for all Material drill holes:	 Easting and northing are given in MGA94 – Zone
	o easting and northing of the drill	51 coordinates
	hole collar	 RL is AHD
	o elevation or RL (Reduced Level –	 Dip is the inclination of the hole from the
	elevation above sea level in	horizontal. Azimuth is reported in magnetic
	metres) of the drill hole collar	degrees as the direction the hole is drilled.
	o dip and azimuth of the hole	MGA94 and magnetic degrees vary by <10in the
	o down hole length and interception	project area.
	depth	 Down hole length is the distance measured
	o hole length.	along the drill hole trace. Intersection length is
	 If the exclusion of this information is	the thickness of an anomalous gold intersection
	justified on the basis that the	measured along the drill hole trace.
	information is not Material and this	 Hole length is the distance from the surface to
	exclusion does not detract from the	the end of the hole measured along the drill
	understanding of the report, the	hole trace.
	Competent Person should clearly	 No results currently available from the
	explain why this is the case.	exploration drilling are excluded from this
		report.
Data	 In reporting Exploration Results,	 Assay results relating to the quartz lode position
aggregation	weighting averaging techniques,	are reported
methods	maximum and/or minimum grade	 Weighted average techniques are applied to
	truncations (eg cutting of high	determine the grade of the lode interval when
	grades) and cut‐off grades are usually	geological intervals less than 1m have been
	Material and should be stated.	sampled.
	 Where aggregate intercepts	 No metal equivalent reporting is used or
	incorporate short lengths of high	applied.
	grade results and longer lengths of
	low grade results, the procedure used
	for such aggregation should be stated
	and some typical examples of such
	aggregations should be shown in
	detail.
	 The assumptions used for any
	reporting of metal equivalent values
	should be clearly stated.
Relationship	 These relationships are particularly	 The intersection length is measured down the
between	important in the reporting of	length of the hole in this case at very close to
mineralisatio	Exploration Results.	(>90%) of the true lode thickness
n widths and	 If the geometry of the mineralisation	 The geometry of the mineralization with
intercept	with respect to the drill hole angle is	respect to the drill holes reported in this report
lengths	known, its nature should be reported.	is well constrained from historical mining and
	 If it is not known and only the down	previous drill hole intersections.
	hole lengths are reported, there
	should be a clear statement to this

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Criteria	JORC Code explanation	Commentary
	effect (eg ‘down hole length, true
	_width not known’). _
Diagrams	 Appropriate maps and sections (with	 A longitudinal view of Vivien provided in this
	scales) and tabulations of intercepts	report to enable the reader to see the
	should be included for any significant	intersections relative to the deposit geometry
	discovery being reported These should	and previous drill hole intersections
	include, but not be limited to a plan
	view of drill hole collar locations and
	appropriate sectional views.
Balanced	 Where comprehensive reporting of all	 All RC drill holes completed to date are
reporting	Exploration Results is not practicable,	reported in this report and all material
	representative reporting of both low	intersections are reported.
	and high grades and/or widths should
	be practiced to avoid misleading
	reporting of Exploration Results.
Other	 Other exploration data, if meaningful	 No other exploration data that has been
substantive	and material, should be reported	collected is considered meaningful and material
exploration	including (but not limited to):	to this report.
data	geological observations; geophysical
	survey results; geochemical survey
	results; bulk samples – size and
	method of treatment; metallurgical
	test results; bulk density,
	groundwater, geotechnical and rock
	characteristics; potential deleterious
	or contaminating substances.
Further work	 The nature and scale of planned	 Future exploration includes deeper drilling
	further work (eg tests for lateral	below the reported intersections at Vivien to
	extensions or depth extensions or	test the extent of the mineralisation.
	large‐scale step‐out drilling).	 Test ore drive development of the lode is being
	 Diagrams clearly highlighting the	also considered.
	areas of possible extensions, including
	the main geological interpretations
	and future drilling areas, provided this
	information is not commercially
	sensitive.

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