RAMELIUS RESOURCES LIMITED — Capital/Financing Update 2016

Apr 3, 2016

4 April 2016 For Immediate Release

Milky Way Exploration Update – Mt Magnet, WA

Ramelius Resources Limited (ASX:RMS) is pleased to announce further dip and strike continuity to the high grade, bedrock gold mineralisation, reported last year from drilling beneath the Milky Way open pit. Milky Way is located 1km south of the Galaxy mine area & 3.6km southwest of the Checker Mill at Mt Magnet in Western Australia (refer Figures 1 & 2).

Ramelius has completed an aggregate 4,457m of infill resource development reverse circulation (RC) drilling below the Milky Way pit (GXRC0400 series) and 5,040m in step out deeper exploration drilling (including a diamond drill hole GXDD0046 for 201.5m) throughout the broader Boogardie Basin, south of the Galaxy mine area (GXRC1300 series) since January 2016 (refer Figure 3 for Boogardie Basin location).

MILKY WAY – INFILL DRILLING

Significant resource development infill drilling intersections (using 0.5g/t Au lower cut) include:

• 19m at 9.05 g/t Au from 104m in GXRC0452, incl. 2m at 66.88 g/t Au

• 6m at 7.05 g/t Au from 3m in GXRC0456, incl. 2m at 15.85 g/t Au

• 17m at 7.75 g/t Au from 60m in GXRC0457, incl. 5m at 20.81 g/t Au

• 15m at 12.62 g/t Au from 39m in GXRC0459, incl. 2m at 87.32 g/t Au

• 15m at 6.90 g/t Au from 102m in GXRC0466, incl. 2m at 24.28 g/t Au

• 12m at 4.66 g/t Au from 126m in GXRC0467, incl. 4m at 11.58 g/t Au

• 16m at 3.85 g/t Au from 131m in GXRC0473, incl. 1m at 39.60 g/t Au

• 15m at 3.60 g/t Au from 163m in GXRC0476, incl. 1m at 36.60 g/t Au

BOOGARDIE BASIN – STEP-OUT DRILLING

Significant step-out exploration drilling intersections (using 0.10g/t Au lower cut) targeting broad mineralised porphyry intervals below the resource development drilling and elsewhere throughout the larger Boogardie Basin include:

• 67m at 1.04 g/t Au from 126m in GXRC1347, incl. 32m at 1.62 g/t Au

• 74m at 0.82 g/t Au from 55m in GXRC1350, incl. 5m at 5.14 g/t Au

• 48m at 1.03 g/t Au from 101m in GXRC1351, incl. 20m at 1.80 g/t Au

• 42m at 1.36 g/t Au from 46m in GXRC1363, incl. 7m at 7.36 g/t Au

• 18m at 2.65 g/t Au from 54m in GXRC1364, incl. 1m at 45.30 g/t Au

• 19m at 4.50 g/t Au from 65m in GXRC1373, incl. 1m at 18.95 g/t Au

As previously reported the high grade gold mineralisation at Milky Way is associated with an anastomosing shear zone (Milky Way Fault) passing on or near the eastern contact of the 50m wide (estimated true width) felsic porphyry unit (Milky Way Porphyry) and subsidiary hangingwall felsic lenses (refer Figures 4 and 5).

The mineralised intersections returned to date and reported today are highly encouraging as they continue to demonstrate potential for a larger tonnage mineralised porphyry within the broader Mt Magnet gold camp. The Company is working towards a maiden Mineral Resource estimate for Milky Way early in the June 2016 Quarter.

Selected infill drilling along with further step out drilling along predicted high grade shear zones will also continue during the June 2016 Quarter. Results will be reported as they become available.

For further information contact:

Mark Zeptner Managing Director Ramelius Resources Limited Ph: (08) 9202 1127

Duncan Gordon Executive Director Adelaide Equity Partner Ph: +61 404 006 444

ABOUT RAMELIUS

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Figure 1: Ramelius’ Operations & Development Project Locations

Ramelius owns 100% of the Mt Magnet gold mine and associated Checker processing plant in Western Australia. The Company has commenced production from the high grade Vivien and Kathleen Valley gold mines near Leinster, also in Western Australia. The Burbanks Treatment Plant is located approximately 9 kilometres south of Coolgardie and is currently on care and maintenance.

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EXPLORATION

Mt Magnet Gold Mine (WA)

An aggregate of 9,356m of RC drilling and 141.5m of NQ diamond core has been completed over the larger Milky Way Porphyry target area since the beginning of January 2016. The drilling programme comprised infill resource development drilling (GXRC0400 series holes) ahead of planned resource estimation work (refer Figures 4 and 5) and step-out reconnaissance exploration drilling (GXRC1300 series holes) targeting favourable litho-structural repeats of the Milky Way Porphyry mineralisation elsewhere within the larger Boogardie Basin environment (refer Figure 6).

The infill resource development drilling confirms significant stockwork gold mineralisation is associated with the altered felsic porphyry host rock at Milky Way. The prospective Milky Way Porphyry is characterised as a sericite-silica-pyrite altered fine grained felsic unit intruded into the basal ultramafic flow sequences that dominate the larger Boogardie Basin at Mt Magnet. The apparent patchy nature of the high grade gold mineralisation is typical of other gold rich stockwork gold systems at Mt Magnet, including the high grade Latecomer Porphyry mined below the Morning Star open pit. At Morning Star, historical mine records (circa 1993 to 1996), as sourced from Harmony Gold, suggest the Latecomer Porphyry provided the bulk of the ore developed from Morning Star during that period, representing 486,604 tonnes milled and a recovered grade of 4.75 g/t Au.

The Morning Star gold mine is credited with producing over 1.3Moz of gold since gold was first discovered in 1894 through to the cessation of underground mining in 2005. Selected deeper exploration drilling, designed to target poorly explored porphyry bodies peripheral to the previously mined Latecomer Porphyry at Morning Star, will be undertaken during the June 2016 Quarter.

The Company also intends to follow-up highly encouraging reconnaissance drill intersections reported away from the Milky Way Porphyry, during the June 2016 Quarter (refer Figure 6). Drilling will target high grade intersections including 7m at 7.36 g/t Au from 47m in GXRC1363 at Brown Cow (refer Figure 7), 19m at 4.50 g/t Au from 65m in GXRC1373 located west of the old Stellar pit and 5m at 4.89 g/t Au from 140m in GXRC1369, located south of the old Franks Tower pit.

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Figure 2: Mt Magnet gold camp geology showing the felsic porphyry rock units, south of the Galaxy mining area

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Figure 3: Aerial photo highlights the location of the Milky Way pit. For reference Morning Star is located ~1.5km south of the Checker Mill. As shown, the Boogardie Basin broadly occupies the southwestern quadrant of the aerial photo image bound by the arcuate folded banded iron formation trend extending from the Galaxy Mining Area, through Boomer and towards St George/Water Tank Hill.

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Figure 4: Milky Way pit 2016 infill resource definition drilling plan. The north east trending dashed line represents the Milky Way Fault – see longitudinal section Figure 5.

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Figure 5: Longitudinal section along the trace of the vertical dipping Milky Way Fault (search +/-20m), highlighting the higher grade depth potential along the fault below the shallow oxide Milky Way pit

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Figure 6: Imaged gold ppm from historical shallow drilling @ 30mbs within the larger Boogardie Basin area, highlighting new infill drill targets beyond Milky Way to be targeted during the June 2016 Quarter

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Figure 7: Cross section through Brown Cow to the old Milky Way pit, located 400m east, highlighting the potential for new buried porphyry related gold mineralisation below the historical shallow drilling

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Attachment 1: Anomalous (>0.1 g/t Au) RC drilling data from Milky Way and environments - Mt Magnet, WA

Hole Id	Easting	Northing	Az/Dip	RL	F/Depth (m)	From (m)	To (m)	Interval (m)	g/t Au
GXRC1347	577530	6896356	300/-61	442	200 Incl. Incl. Incl. + + +	56 89 115 117 126 145 147 171 180 187	60 99 121 118 193 177 148 172 184 192	4 10 6 1 67 32 1 1 4 5	0.79 0.67 0.81 4.21 1.04 1.62 15.25 8.09 1.24 0.94
GXRC1348	577508	6896339	300/-61	442	200	100	166	66	0.40
GXRC1349	577548	6896362	270/-60	442	240	22 67 102 129 171	36 77 114 167 214	14 10 12 38 43	0.63 0.40 0.27 0.68 0.81
GXRC1350	577468	6896372	328/-51	443	140 Incl. Incl.	32 44 55 97 100 132	40 49 129 102 101 140	8 5 74 5 1 8	0.24 0.13 0.82 5.14 21.90 0.89
GXRC1351	577514	6896375	300/-56	442	204 Incl.	36 64 88 101 126	37 77 90 149 146	1 13 2 48 20	1.01 0.30 0.51 1.03 1.80
GXRC1352	577579	6896387	300/-67	442	90	33 43 80	40 69 85	7 26 5	0.23 0.48 0.83
GXRC1353	577609	6896824	270/-60	444	206	118 140	119 141	1 1	1.01 0.88
GXRC1354	577832	6895662	270/-55	436	162	104	106	2	2.21
GXRC1355	578450	6896097	270/-55	438	192	123 167	141 170	18 3	0.16 2.03
GXRC1356	578725	6895880	270/-51	437	174 Incl.	2 58	81 65	79 7	0.35 1.33
GXRC1357	578558	6895746	270/-60	437	132 Incl.	24 56 62	52 71 70	28 15 8	0.30 0.88 1.28
GXRC1358	578440	6895178	270/-60	435	168	119	135	16	0.21
GXRC1359	578577	6895178	270/-60	434	150	120	137	17	0.18
GXRC1360	579566	6895501	270/-55	436	102 Incl.	1 26 48	2 91 54	1 65 6	0.52 0.26 0.72
GXRC1361	579605	6895300	270/-60	413	100 Incl. +	29 36 48	62 38 50	33 2 2	0.29 1.31 1.30
GXRC1362	579712	6895371	270/-60	436	100	29	47	18	0.23
GXRC1363	577053	6896450	270/-55	440	186 Incl. Incl.	46 47 47 112	88 54 49 144	42 7 2 32	1.36 7.36 21.35 0.28
GXRC1364	577540	6896251	300/-55	442	300	54	72	18	2.65

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					Incl.	67 101 130 144 180	68 111 131 169 226	1 10 1 25 46	45.3 0.15 0.49 0.13 0.23
GXRC1365	577353	6896117	320/-55	441	198 Incl.	64 72	78 75	14 3	0.51 1.50
GXRC1366	577214	6896035	320/-57	441	156				NSR
GXRC1367	576965	6896012	135/-55	439	200	103	124	21	0.19
GXRC1368	577703	6894574	313/-55	433	168 Incl.	37 47 77	38 150 80	1 103 3	1.05 0.25 0.83
GXRC1369	577466	6894415	315/-60	431	150 Incl.	33 36 67 140	43 37 115 145	10 1 48 5	1.46 10.75 0.17 4.89
GXRC1370	578003	6895013	313/-55	435	150 Incl.	12 67 126 126	27 87 133 127	15 20 7 1	0.11 0.10 0.23 1.11
GXRC1371	578805	6892905	123/-55	424	288	146 250	151 253	5 3	1.60 1.00
GXRC1372	577580	6896360	270/-68	443	288 Incl. Incl. + + + + +	42 47 62 81 144 157 180 181 189 207 235 251 260	52 48 63 84 145 161 266 182 203 208 243 252 264	10 1 1 3 1 4 86 1 14 1 8 1 4	1.65 11.4 0.51 1.09 0.91 0.45 0.56 0.51 1.32 0.81 0.79 0.99 2.60
GXRC1373	576445	6897134	331/-60	445	195 Incl.	14 59 65 75 89 97 108 115 125 131 136 141 146 154 162 167 176 193	16 62 84 76 90 98 110 117 127 132 137 143 147 155 163 168 183 194	2 3 19 1 1 1 2 2 2 1 1 2 1 1 1 1 7 1	1.37 0.58 4.50 18.95 10.35 0.55 0.64 1.25 0.53 1.27 0.93 0.76 0.56 13.65 0.53 2.33 0.86 3.42
GXDD0046	577520	6896364	300/-57	443	201.5 Incl. + + +	84.50 110.45 111.45 116.45 117.45 128.45	85.50 188.50 112.45 122.60 117.75 130.45	1 78.05 1 6.15 0.30 2	0.52 0.62 0.52 1.88 29.2 0.66

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	+	135.45	139.45	4	0.67
	+	143.45	144.45	1	3.60
	+	150.45	151.45	1	1.29
	+	155.45	159.60	4.15	1.53
	+	164.60	168.65	4.05	0.95
	+	172.65	178.55	5.90	1.34
		190.20	198.10	7.90	0.72

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Reported significant gold assay intersections (using a 0.1 g/t Au lower cut) are reported using 1m downhole intervals at plus 0.1 g/t gold, with up to 4m of internal dilution. Gold determination was by Fire Assay using a 50gm charge with AAS finishes and a lower limit of detection of 0.01 ppm Au. NSR denotes no significant results. True widths of the high grade shear zone are interpreted to be 25-50% of reported downhole intersections while the broader porphyry intersections are estimated to be 85% of the reported downhole intersections. Coordinates are MGA94-Z50.

Attachment 2: Anomalous (>0.50 g/t Au) Resource Development RC drilling from Milky Way - Mt Magnet, WA

Hole Id	Easting	Northing	Az/Dip	RL	F/Depth (m)	From (m)	To (m)	Interval (m)	g/t Au
GXRC0444	577564	6896424	300/-51	442	138	43 69 85 95 111 124 137	64 75 92 96 112 127 138	21 6 7 1 1 3 1	1.07 0.52 0.54 1.04 1.40 0.72 0.72
GXRC0445	577560	6896427	120/-60	442	100 Incl.	34 35 40 49 51	41 37 41 87 79	7 2 1 38 28	0.91 2.61 0.55 1.31 1.73
GXRC0446	577572	6896680	180/-51	391	126 Incl.	0 0 37 46 52 72 78	18 6 41 49 53 74 85	18 6 4 3 1 2 7	0.66 1.40 0.66 2.35 0.59 0.70 0.60
GXRC0447	577592	6896730	139/-52	394	54				NSR
GXRC0448	577458	6896454	303/-74	422	120				NSR
GXRC0449	577468	6896446	315/-82	422	126	38 47 52 61 69 80 98 104 109 116	40 49 53 66 74 92 100 105 111 124	2 2 1 5 5 12 2 1 2 8	0.55 0.58 0.67 0.56 1.16 0.86 1.00 0.63 1.05 0.98
GXRC0450	577444	6896435	241/-72	423	90	10 17 28 50 65 76 80	11 18 36 53 72 77 84	1 1 8 3 7 1 4	0.86 0.58 0.47 0.52 2.89 0.91 0.98
GXRC0451	577446	6896438	293/-79	422	126	2 13 27	3 16 28	1 3 1	0.59 3.34 0.56

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						34 42 46 62 78 93 99 112 122	43 43 53 63 79 96 104 113 123	9 1 7 1 1 3 5 1 1	0.78 0.96 0.98 0.57 0.77 0.64 1.21 0.82 4.80
GXRC0452	577455	6896426	169/-68	423	132 Incl.	1 10 49 67 73 79 93 104 107 131	2 11 50 70 75 84 94 123 109 132 EOH	1 1 1 3 2 5 1 19 2 1	1.09 0.84 0.63 0.49 0.70 0.64 0.95 9.05 66.88 1.54
GXRC0453	577456	6896431	288/-85	423	133 Incl.	6 10 34 51 70 74 84 89 99 119 123	7 11 47 66 71 75 85 95 116 126 125	1 1 13 15 1 1 1 6 17 7 2	0.91 1.08 0.62 0.82 1.40 1.89 0.71 0.78 1.75 3.90 10.98
GXRC0454	577572	6896681	120/-52	391	98	5 39 55 68	9 43 57 69	4 4 2 1	1.07 1.52 0.88 0.54
GXRC0455	577580	6896707	123/-52	393	80	1 13 52 62 70	9 14 57 66 72	8 1 5 4 2	1.05 2.39 1.22 1.56 0.58
GXRC0456	577618	6896732	149/-52	395	60 Incl. +	3 3 8 15 23 31 37 43	9 5 9 19 25 33 40 59	6 2 1 4 2 2 3 16	7.05 15.85 8.88 0.48 0.72 0.64 0.90 1.10
GXRC0457	577622	6896654	261/-50	404	132 Incl. +	10 16 21 40 49 60 60 72 82 86	12 18 23 41 54 77 65 73 83 93	2 2 2 1 5 17 5 1 1 7	0.67 0.77 1.04 0.52 0.95 7.75 20.81 17.60 0.70 1.28
GXTC0458	577614	6896638	241/-66	406	110	13 21 27	16 23 28	3 2 1	1.30 0.87 1.01

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						42 53 82 90 99 109	43 77 83 93 102 110	1 24 1 3 3 1	0.70 1.05 2.76 0.63 0.51 0.97
GXRC0459	577595	6896598	270/-57	412	132 Incl. Incl.	18 35 39 44 44 60 82 101 108 118 128	25 36 54 46 45 68 83 105 110 121 129	7 1 15 2 1 8 1 4 2 3 1	1.17 0.65 12.62 87.32 158.0 0.67 0.54 0.76 0.73 0.71 0.54
GXRC0460	577567	6896573	268/-53	416	135	8 21 49 69 87 101 127	16 22 53 70 88 104 135 EOH	8 1 4 1 1 3 8	1.09 0.66 0.88 0.62 0.90 1.12 0.49
GXRC0461	577544	6896548	271/-54	420	140 Incl.	36 40 74 80 90 99 112 125	52 41 75 81 95 106 114 128	16 1 1 1 5 7 2 3	1.98 13.5 0.65 0.86 1.38 0.59 2.41 0.78
GXRC0462	577578	6896577	234/-79	415	114	0 14 22 65 75 104	1 17 32 66 80 105	1 3 10 1 5 1	0.61 2.62 0.87 0.86 0.51 0.70
GXRC0463	577532	6896526	270/-55	421	141	7 23 37 44 60 77 91 10	8 29 38 45 61 86 95 107	1 6 1 1 1 9 4 6	2.56 0.63 3.57 13.82 0.57 0.73 2.42 1.03
GXRC0464	577536	6896520	200/-66	421	110 Incl.	29 29 40 58 95 109	36 30 52 83 104 110	7 1 12 25 9 1	1.86 10.47 0.71 1.52 1.48 1.94
GXRC0465	577492	6896501	202/-59	422	135	18 25 38 56 60 66 71 118	23 27 52 57 62 67 79 126	5 2 14 1 2 1 8 8	1.08 1.37 1.34 1.41 11.71 4.25 1.14 0.61

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GXRC0466	577542	6896525	116/-74	421	117 Incl. + Incl. Incl.	6 17 35 53 63 70 76 83 84 102 110	7 24 36 71 64 71 79 88 85 117 EOH 112	1 7 1 18 1 1 3 5 1 15 2	2.61 1.15 0.62 2.44 15.35 17.30 6.42 4.28 17.50 6.90 24.28
GXRC0467	577563	6896454	300/-62	443	138 Incl.	38 58 75 84 89 98 126 132	39 59 80 85 93 102 138 136	1 1 5 1 4 4 12 4	0.66 1.33 0.66 0.53 0.57 0.82 4.66 11.58
GXRC0468	577606	6896429	300/-61	443	90	27 34 46 56 71	28 42 49 58 83	1 8 3 2 12	8.77 1.79 0.87 0.59 1.05
GXRC0469	577602	6896461	300/-62	443	90	23 35 40 47 54	27 37 42 48 62	4 2 2 1 8	1.37 0.88 4.64 10.25 1.38
GXRC0470	577622	6896506	300/-60	443	90 Incl. + +	31 36 41 41 42 52 67 72 77	32 37 59 42 44 57 68 74 78	1 1 18 1 2 5 1 2 1	0.58 0.80 1.57 10.35 0.96 0.75 0.51 0.57 0.61
GXRC0471	577642	6896524	300/-60	443	90	42 52 67 72 77	44 57 68 74 78	2 5 1 2 1	0.96 0.75 0.51 0.57 0.61
GXRC0472	577698	6896636	300/-50	444	150 Incl.	3 5 16 38 53 60 88 93 105 115 146	8 6 17 39 54 62 90 102 110 121 147	5 1 1 1 1 2 2 9 5 6 1	2.75 9.24 0.50 0.52 0.54 0.53 0.87 0.70 2.07 1.66 0.92
GXRC0473	577706	6896658	300/-50	444	150 Incl.	1 32 89 116 131 141	5 33 108 125 147 142	4 1 19 9 16 1	0.55 0.95 0.98 0.95 3.85 39.60

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GXRC0474	577694	6896611	282/-52	444	216	1 66 85 145 166 172 179	5 67 90 146 167 173 184	4 1 5 1 1 1 5	0.64 0.88 0.75 0.69 0.52 0.70 0.56
GXRC0475	577634	6896539	290/-55	443	216 Incl. Incl.	32 42 47 55 94 107 124 146 156 174 189 197 209	43 43 49 58 119 108 125 152 162 177 193 198 215	11 1 2 3 25 1 1 6 6 3 4 1 6	1.26 9.64 1.28 0.80 1.87 28.1 1.53 1.04 0.89 1.91 0.92 1.99 0.55
GXRC0476	577636	6896540	315/-56	443	198	86 120 129 142 152 163 164 185 195	90 121 137 148 157 178 165 192 198	4 1 8 6 5 15 1 7 3	1.32 0.58 2.22 1.21 2.08 3.60 36.60 0.99 1.29
GXRC0477	577537	6896456	298/-55	443	180	37 45 57 86 98 118 129	42 46 62 87 113 120 140	5 1 5 1 15 2 11	1.04 2.75 1.08 0.75 2.06 3.99 1.38
GXRC0478	577474	6896360	302/-55	443	120	32 36 40 45 51 58 64 70	33 37 42 46 53 61 66 78	1 1 2 1 2 3 2 8	3.10 0.74 0.80 0.66 1.00 1.12 0.61 0.49
GXRC0479	577624	6896731	135/-50	395	80	16 25 44 52	18 26 45 55	2 1 1 3	1.49 4.56 1.17 4.29

Reported significant gold assay intersections (using a 0.50 g/t Au lower cut) are reported using minimum 1m downhole intervals at plus.0.50 g/t gold, with up to 2m of internal dilution. Gold determination was by Fire Assay using a 50gm charge with AAS finishes and a lower limit of detection of 0.01 ppm Au. NSR denotes no significant results. True widths of the high grade shear zone are interpreted to be 25-50% of reported downhole intersections while the broader porphyry intersections are estimated to be 85% of the reported downhole intersections. Coordinates are MGA94-Z50.

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Competent Person

The Information in this report relates to Exploration Results based on information compiled by Kevin Seymour whom is a Competent Person and Member of the Australasian Institute of Mining and Metallurgy. Kevin Seymour is a full-time employee of Ramelius Resources Limited.

Kevin Seymour has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity they have 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”. Kevin Seymour consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

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JORC Table 1 Report for Milky Way, RC + Diamond Drilling

Section 1 Sampling Techniques and Data

Criteria	JORC Code explanation	Commentary
Sampling	• Nature and quality of sampling (eg	• Potential gold mineralised intervals are
techniques	cut channels, random chips, or	systematically sampled using industry standard
	specific specialised industry standard	1m intervals, collected from reverse circulation
	measurement tools appropriate to the	(RC) drill holes and geological intervals for
	minerals under investigation, such as	diamond drill core.
	down hole gamma sondes, or	• Drill hole locations were designed to allow for
	handheld XRF instruments, etc). These	spatial spread across the interpreted
	examples should not be taken as	mineralised zone. All RC samples were
	limiting the broad meaning of	collected and riffle split to 3-4kg samples on 1m
	sampling.	metre intervals. Diamond core is half cut, with
	• Include reference to measures taken	one half dispatched to the laboratory and the
	to ensure sample representivity and	remainder retained for reference material
	the appropriate calibration of any	• Standard fire assaying was employed using a
	measurement tools or systems used.	50gm charge with an AAS finish. Trace element
	• Aspects of the determination of	determination was undertaken using a multi (4)
	mineralisation that are Material to	acid digest and ICP- AES finish.
	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 ofdetailed information.
Drilling	• Drill type (eg core, reverse circulation,	• Drilling was completed using best practice 5 ¾”
techniques	open-hole hammer, rotary air blast,	face sampling RC drilling hammers for all RC drill
	auger, Bangka, sonic, etc) and details	holes, and NQ-2 diamond core for the one
	(eg core diameter, triple or standard	diamond tail
	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	• Bulk RC drill holes samples were visually
recovery	core and chip sample recoveries and	inspected by the supervising geologist to ensure
	results assessed.	adequate clean sample recoveries were
	• Measures taken to maximise sample	achieved. Any wet, contaminated or poor
	recovery and ensure representative	sample returns are flagged and recorded in the
	nature of the samples.	database to ensure no sampling bias is
	• Whether a relationshipexists	introduced.

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Criteria	JORC Code explanation	Commentary
	between sample recovery and grade	• Zones of poor sample return both in RC and
	and whether sample bias may have	diamond core are recorded in the database and
	occurred due to preferential loss/gain	cross checked once assay results are received
	of fine/coarse material.	from the laboratory to ensure no
		misrepresentation of sampling intervals has
		occurred. Of note, excellent RC drill recovery is
		reported from all RC holes.
Logging	• Whether core and chip samples have	• All drill samples are geologically logged on site
	been geologically and geotechnically	by professional geologists. Details on the host
	logged to a level of detail to support	lithologies, deformation, dominant minerals
	appropriate Mineral Resource	including sulphide species and alteration
	estimation, mining studies and	minerals plus veining are recorded relationally
	metallurgical studies.	(separately) so the logging is interactive and not
	• Whether logging is qualitative or	biased to lithology.
	quantitative in nature. Core (or	• Drill hole logging is qualitative on visual
	costean, channel, etc) photography.	recordings of rock forming minerals and
	• The total length and percentage of	quantitative on estimates of mineral
	the relevant intersections logged.	abundance.
		• The entire length of each drill hole is
		geologicallylogged.
Sub-sampling	• If core, whether cut or sawn and	• Duplicate samples are collected every 25th
techniques	whether quarter, half or all core	sample from the RC chips and diamond core.
and sample	taken.	• Dry RC 1m samples are riffle split to 3-4kg as
preparation	• If non-core, whether riffled, tube	drilled and dispatched to the laboratory. Half
	sampled, rotary split, etc and whether	cut diamond core cut along geological contacts
	sampled wet or dry.	up to 1m maximum length are also sampled.
	• For all sample types, the nature,	Any wet samples are recorded in the database
	quality and appropriateness of the	as such and allowed to dry before splitting and
	sample preparation technique.	dispatching to the laboratory.
	• Quality control procedures adopted	• All samples are pulverized prior to splitting in
	for all sub-sampling stages to	the laboratory to ensure homogenous samples
	maximise representivity of samples.	with 85% passing 75um. 200gm is extracted by
	• Measures taken to ensure that the	spatula that is used for the 50gm charge on
	sampling is representative of the in	standard fire assays.
	situ material collected, including for	• All samples submitted to the laboratory are
	instance results for field	sorted and reconciled against the submission
	duplicate/second-half sampling.	documents. In addition to duplicates a high
	• Whether sample sizes are appropriate	grade or low grade standard is included every
	to the grain size of the material being	25thsample, a controlled blank is inserted every
	sampled.	100thsample. The laboratory uses barren
		flushes to clean their pulveriser and their own
		internal standards and duplicates to ensure
		industry best practice quality control is
		maintained.
		• The sample size is considered appropriate for
		the type, style, thickness and consistency of
		mineralization.
Quality of	• The nature, quality and	• The fire assay method is designed to measure
assay data	appropriateness of the assaying and	the total gold in the sample. The technique
and	laboratory procedures used and	involves standard fire assays using a 50gm
	whether the technique is considered	sample charge with a lead flux(decomposed in

16

Criteria	JORC Code explanation	Commentary
laboratory	partial or total.	the furnace). The prill is totally digested by HCl
tests	• For geophysical tools, spectrometers,	and HNO3acids before measurement of the
	handheld XRF instruments, etc, the	gold determination by AAS.
	parameters used in determining the	• No field analyses of gold grades are completed.
	analysis including instrument make	Quantitative analysis of the gold content and
	and model, reading times,	trace elements is undertaken in a controlled
	calibrations factors applied and their	laboratory environment.
	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, sample
	precision have been established.	size, grind size and field 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	the RC chips and the diamond core in the field
and assaying	alternative company personnel.	to verify the correlation of mineralised zones
	• The use of twinned holes.	between assay results and lithology, alteration
	• Documentation of primary data, data	and mineralization.
	entry procedures, data verification,	• All holes are digitally logged in the field and all
	data storage (physical and electronic)	primary data is forwarded to Ramelius’
	protocols.	Database Administrator (DBA) in Perth where it
	• Discuss any adjustment to assay data.	is imported into Datashed, a commercially
		available and industry accepted database
		software package. Assay data is electronically
		merged when received from the laboratory.
		The responsible project geologist reviews the
		data in the 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.
		• The responsible geologist makes the DBA aware
		of any errors and/or omissions to the database
		and the corrections (if required) are corrected
		in the database immediately.
		• No adjustments or calibrations are made to any
		of the assay data recorded in the database.
		• No new mineral resource estimate is included in
		this report.
Location of	• Accuracy and quality of surveys used	• All drill hole collars are picked up using accurate
data points	to locate drill holes (collar and down-	DGPS survey control. All down hole surveys are
	hole surveys), trenches, mine	collected using downhole Eastman single shot
	workings and other locations used in	surveying techniques provided by the drilling
	Mineral Resource estimation.	contractors.
	• Specification of the grid system used.	• All Mt Magnet holes are picked up in MGA94 –
	• Quality and adequacy of topographic	Zone 50 grid coordinates.
	control.	• DGPS RL measurements captured the collar
		surveys of the drill holesprior to the resource

17

Criteria	JORC Code explanation	Commentary
		estimation work.
Data spacing	• Data spacing for reporting of	• Exploration and resource development drill
and	Exploration Results.	holes were planned on nominal 40m parting at
distribution	• Whether the data spacing and	Milky Way to better define ore continuity.
	distribution is sufficient to establish	• Given the limited understanding of the target
	the degree of geological and grade	horizon this spacing was considered adequate
	continuity appropriate for the Mineral	to help define the continuity of mineralisation,
	Resource and Ore Reserve estimation	ahead of further step out drilling.
	procedure(s) and classifications	• No sampling compositing has been applied
	applied.	within key mineralised intervals.
	• Whether sample compositing has
	been applied.
Orientation	• Whether the orientation of sampling	• The drilling is completed orthogonal to the
of data in	achieves unbiased sampling of	interpreted strike of the target horizon.
relation to	possible structures and the extent to	Orientations were completed on the diamond
geological	which this is known, considering the	drill core.
structure	deposit type.	• The diamond drill hole represented a twin of
	• If the relationship between the drilling	previous drilling designed to confirm the
	orientation and the orientation of key	distribution of gold down the hole. No drilling
	mineralised structures is considered	orientation and/or sampling bias is present,
	to have introduced a sampling bias,	albeit the true orientation of the high grade
	this should be assessed and reported	structure(s) is yet to be confirmed.
	if material.
Sample	• The measures taken to ensure sample	• Sample security is integral to Ramelius’
security	security.	sampling procedures. All bagged samples are
		delivered directly from the field to the assay
		laboratory in Perth, 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.

18

Section 2 Reporting of Exploration Results

Criteria	JORC Code explanation	Commentary
Mineral	• Type, reference name/number,	• The results reported in this report are on
tenement and	location and ownership including	granted Mining Lease (ML) 58/136 (Mt Magnet
land tenure	agreements or material issues with	– Milky Way) owned 100% by Ramelius
status	third parties such as joint ventures,	Resources Limited. The tenement is located on
	partnerships, overriding royalties,	pastoral/grazing leases. Heritage surveys were
	native title interests, historical sites,	completed prior to any ground disturbing
	wilderness or national park and	activities in accordance with Ramelius’
	environmental settings.	responsibilities under the Aboriginal Heritage
	• The security of the tenure held at the	Act.
	time of reporting along with any	• At this time all the tenements are in good
	known impediments to obtaining a	standing. There are no known impediments to
	licence to operate in the area.	obtaininga licence to operate in the area.
Exploration	• Acknowledgment and appraisal of	• Exploration by other parties has been reviewed
done by other	exploration by other parties.	and is used as a guide to Ramelius’ exploration
parties		activities. Previous parties have completed
		shallow RAB, Aircore, RC drilling and shallow
		open pit mining at Milky Way plus geophysical
		data collection and interpretation. This report
		concerns only exploration results generated by
		Ramelius.
Geology	• Deposit type, geological setting and	• The mineralisation at Milky Way is typical of
	style of mineralisation.	porphyry hosted orogenic structurally
		controlled Archaean gold lode systems. The
		mineralisation is controlled by anastomosing
		shear zones passing through competent rock
		units, brittle fracture and stockwork
		mineralization is common on the competent
		porphyry rock. The bedrock Milky Way
		mineralisation currently extends over 400m
		strike and dips steeply eastwards along the
		eastern flank of the NE striking Milky Way
		Porphyry. The plunge of the system appears to
		be steepsoutherly.
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 as defined in the Attachments) are
	information for all Material drill holes:	reported in this announcement.
	o easting and northing of the drill	• Easting and northing are given in MGA94
	hole collar	coordinates as defined in the Attachments.
	o elevation or RL (Reduced Level –	• RL is AHD
	elevation above sea level in	• Dip is the inclination of the hole from the
	metres) of the drill hole collar	horizontal. Azimuth is reported in magnetic
	o dip and azimuth of the hole	degrees as the direction the hole is drilled.
	o down hole length and interception	MGA94 and magnetic degrees vary by <10in the
	depth	project area.
	o hole length.	• Down hole length is the distance measured
	• If the exclusion of this information is	along the drill hole trace. Intersection length is
	justified on the basis that the	the thickness of an anomalousgold intersection

19

Criteria	JORC Code explanation	Commentary
	information is not Material and this	measured along the drill hole trace.
	exclusion does not detract from the	• Hole length is the distance from the surface to
	understanding of the report, the	the end of the hole measured along the drill
	Competent Person should clearly	hole trace.
	explain why this is the case.	• No results currently available from the
		exploration drilling are excluded from this
		report. Gold grade intersections >0.1 g/t Au
		with up to 4m of internal dilution are
		considered significant in the broader felsic
		porphyry host rock as a strong demarcation
		between the mineralized porphyry and the non-
		mineralised ultramafic rocks is noted. The
		porphyry hosted results are reported in this
		report. Gold grades greater than 0.5 g/t Au are
		highlighted where good continuity of higher
		grade mineralization is observed.
Data	• In reporting Exploration Results,	• The first gold assay result received from each
aggregation	weighting averaging techniques,	sample reported by the laboratory is tabled in
methods	maximum and/or minimum grade	the list of significant assays. Subsequent repeat
	truncations (eg cutting of high	analyses when performed by the laboratory are
	grades) and cut-off grades are usually	checked against the original to ensure
	Material and should be stated.	repeatability of the assay results.
	• Where aggregate intercepts	• Weighted average techniques are applied to
	incorporate short lengths of high	determine the grade of the anomalous interval
	grade results and longer lengths of	when geological intervals less than 1m have
	low grade results, the procedure used	been sampled.
	for such aggregation should be stated	• Exploration drilling results are generally
	and some typical examples of such	reported using a 0.1 g/t Au lower cut-off (as
	aggregations should be shown in	described above and reported in the
	detail.	Attachments) and may include up to 4m of
	• The assumptions used for any	internal dilution. Significant resource
	reporting of metal equivalent values	development drill hole assays are reported
	should be clearly stated.	greater than 0.5 or 8.0 g/t Au and are also
		reported separately. For example the broader
		plus 1.0 g/t Au intersection of 6.5m @ 30.5 g/t
		Au contains a higher grade zone running plus 8
		g/t Au and is included as 4m @ 48.5 g/t Au.
		Where extremely high gold intersections are
		encountered as in this example, the highest
		grade sample interval (eg 1.0m @ 150 g/t Au) is
		also reported. All assay results are reported to
		3 significant figures in line with the analytical
		precision of the laboratory techniques
		employed.
		• No metal equivalent reporting is used or
		applied.
Relationship	• These relationships are particularly	• The intersection length is measured down the
between	important in the reporting of	length of the hole and is not usually the true
mineralisation	Exploration Results.	width. When sufficient knowledge on the
widths and	• If the geometry of the mineralisation	thickness of the intersection is known an
	with respect to the drill hole angle is	estimate of the true thickness isprovided in the

20

Criteria	JORC Code explanation	Commentary
intercept	known, its nature should be reported.	Attachment.
lengths	• If it is not known and only the down	• The known geometry of the mineralisation with
	hole lengths are reported, there	respect to the drill holes reported in this report
	should be a clear statement to this	is now better constrained than from previous
	effect (eg ‘down hole length, true	drill hole intersections at Milky Way , ahead of
	width not known’).	pendingresource estimation work
Diagrams	• Appropriate maps and sections (with	• Drillhole plan and sectional views of Milky Way
	scales) and tabulations of intercepts	have been provided in this release and previous
	should be included for any significant	releases to enable the reader to see the
	discovery being reported These should	intersections relative to previous mining and
	include, but not be limited to a plan	previous drill hole intersections plus the current
	view of drill hole collar locations and	interpretation of the overall lode geometry.
	appropriate sectional views.	Given the steep dip of the mineralisation at
		Milky Way the long sectional view presentation
		is currently considered the best 2-D
		representation of the known spatial extent of
		the mineralization intersected to date.
Balanced	• Where comprehensive reporting of all	• All drill holes completed to date are reported in
reporting	Exploration Results is not practicable,	this report and all material intersections as
	representative reporting of both low	defined) are reported.
	and high grades and/or widths should
	be practiced to avoid misleading
	reportingofExploration 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 contaminatingsubstances.
Further work	• The nature and scale of planned	• Future exploration includes further step out
	further work (eg tests for lateral	drilling below and along strike of the reported
	extensions or depth extensions or	intersections at Milky Way to better define the
	large-scale step-out drilling).	extent of the mineralization discovered to date.
	• Diagrams clearly highlighting the
	areas of possible extensions, including
	the main geological interpretations
	and future drilling areas, provided this
	information is not commercially
	sensitive.

21