RAMELIUS RESOURCES LIMITED — Capital/Financing Update 2017

Apr 3, 2017

04 April 2017 For Immediate Release

New Ore Reserves at Vivien and Mt Magnet & Exploration Update

HIGHLIGHTS

Ramelius Resources Limited ( ASX:RMS ) is pleased to announce that new Ore Reserves have been generated at both the Vivien and Mt Magnet operations in Western Australia (refer Figure 1), that will result in a revised life-of-mine plan being compiled within the next month. In addition, several exploration drill results have been received at the Mt Magnet operation as reported below.

VIVIEN UNDERGROUND MINE (WA)

Vivien Ore Reserves

Based upon the updated Mineral Resource of 854,000 tonnes at 7.2g/t for 198,000 ounces as at 31 December 2016 (see ASX Release, “December 2016 Quarterly Activities Report”, 31 January 2017), a new Ore Reserve totalling 525,000 tonnes @ 7.3 g/t for 123,000 ounces has been generated for the Vivien mine (refer Table 1) extending mine life to at least late 2019.

Underground diamond drilling for deeper extensions will be ready to commence in late-April 2017, with further mine development work carried out below the completed 247mRL Drill Drive to ensure all necessary escape way and ventilation requirements are met (refer Figure 3).

MT MAGNET (WA)

Stellar, Stellar West, Brown Hill, Vegas & Shannon Ore Reserves

New Ore Reserves totalling 1,682,000 tonnes @ 1.7 g/t for 94,000 ounces of gold has been generated for the Stellar, Stellar West, Brown Hill, Vegas & Shannon deposits (refer Table 3). These deposits are included in a multi-pit mining proposal, which also includes the Milky Way open pit (78,000 ounces) , that has been submitted to the DMP for approval (refer Figure 2).

Morning Star base of pit RC drilling

Infill RC drilling targeting the Star western limb and Evening Star BIF hosted zones from the base of the pit (13 holes), returned excellent results with best intercepts of:

• 41m at 1.95 g/t Au from 11m in GXRC0536

• 20m at 4.20 g/t Au from 24m in GXRC0540

• 34m at 6.62 g/t Au from 11m in GXRC0542

Morning Star & Black Cat South open pit RC drilling

Infill RC drilling targeting the saddle between the Morning Star and Black Cat South open pits, located 2km south of the processing plant (45 holes), has continued with better results received since the last market update including:

• 7m at 3.25 g/t Au from 109m in GXRC1540

• 7m at 4.06 g/t Au from 209m in GXRC1541

• 2m at 21.14 g/t Au from 63m in GXRC1564 and

• 3m at 15.95 g/t Au from 119m in GXRC1578, incl. 1m at 46.2 g/t Au

Resource modelling for the Morning Star open pit area, including the Black Cat South and Eddie Carson areas, is in progress and nearing completion (refer Figure 6).

Morning Star Upper RC drilling

Infill RC drilling following up the 10m @ 6.56 g/t from 290m in GXRC1464 (previously reported), located approximately 400mbs and 80m north from the existing Morning Star decline with a series of seven deeper RC holes over 300m strike has been completed. Strong shearing and sericite alteration was observed in the preferred felsic porphyry host over at least 100m strike. Assay results are awaited.

Morning Star Deeps diamond drilling

Diamond drilling following up the historic drill hole MSD0044 (previously reported), located approximately 1,200mbs, has commenced with 3 wedges completed to date. Best results include:

• 4.90m at 26.49 g/t Au from 1,277.30m in MSD0056C

• 4.80m at 4.70 g/t Au from 1,293.00m in MSD0056C

Diamond drilling is continuing.

Paris open pit RC drilling

Six RC holes targeting the southern extension of the small Paris deposit (refer Figure 2) have shown potential with best results of:

• 22m at 5.85 g/t Au from 31m in GXRC0530, incl. 7m at 13.05 g/t Au

• 22m at 1.77 g/t Au from 25m in GXRC0533

Zeus Prospect RC drilling

Exploration drilling adjacent to the Stellar West deposit has delineated significant gold mineralisation along the western flank of the Zeus Porphyry contact (Refer Figure 11). Previous RC drilling along the porphyry / ultramafic contact (GXRC1492) returned an intersection of 8m at 12.20 g/t Au from 65m to end of hole. This intersection appears to correlate with significant Aircore drill results, up to 19m at 1.31 g/t Au from 32m located 140m further north. Subsequent deeper RC drilling (7 holes) confirmed this with better infill results including:

• 15m at 4.10 g/t Au from 103m in GXRC1543, incl. 10m at 5.83 g/t Au and

• 20m at 1.84 g/t Au from 62m in GXRC1544

Exploration and Resource Development drilling is continuing throughout the Mt Magnet project leases.

For further information contact:

Mark Zeptner Managing Director Ramelius Resources Limited Ph: +61 8 9202 1127

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

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ABOUT RAMELIUS

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Figure 1: Ramelius’ Operations & Development Project Locations

Ramelius owns 100% of the Mt Magnet gold mine and associated processing plant located in the Murchison region of Western Australia. The Company is mining underground at the high-grade Vivien gold mine near Leinster, in addition to open pit mining at Mt Magnet and Blackmans, 30km north of Mt Magnet.

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Figure 2: Mt Magnet gold camp key project locations

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RESOURCE DEVELOPMENT

Vivien Ore Reserve

Based on the updated Vivien Resource estimate (see ASX Release ‘December 2016 Quarterly Activities Report’, 31 Jan 2017), a new Ore Reserve has been generated in March 2017:

Table 1: Vivien Ore Reserve at 31 Dec 2016

Category	Tonnes g/t Ounces
Probable	525,000 7.3 123,000

Note: Figures rounded to nearest 1,000 tonnes, 0.1g/t and 1,000 ounces. Rounding errors may occur.

The new figure represents a sizeable increase on the feasibility study Ore Reserve of 400,000 tonnes @ 7.9 g/t for 101,000 ounces, considering production of 32,410 ounces has been achieved by end of December 2016 and depleted from resources. Mine life will be extended to at least late 2019 and project NPV is boosted substantially.

Underground diamond drilling for deeper extensions will be ready to commence in late-April 2017, with further mine development work carried out below the completed 247mRL Drill Drive to ensure all necessary escape way and ventilation requirements are met.

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Figure 3: Vivien long section, showing revised Ore Reserve and planned drilling

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Ore Reserve Commentary

The Vivien deposit is a high-grade, quartz vein hosted lode deposit. It is steeply dipping (70°) and contains higher grade shoots which plunge shallowly to the north-east. The vein is typically between 2 and 6 metres wide. Underground mining commenced in mid-2015 and ore production commenced in early 2016. Mining comprises of conventional decline access, level development and long-hole stoping. Cemented rock fill sill and rib pillars are now being utilised to improve total extraction. Appropriate dilution and recovery factors are applied and vary for free versus remote bogging, lode width, etc. Cutoffs of 4.5g/t (development) and 3.9g/t (marginal stoping) are applied. Costs, metallurgical recovery and all other relevant criteria is well established. Reconciled mill production to 31 December 2016 is 104,078 tonnes @ 7.40 g/t for 24,766 ounces. Detailed information is given in Appendix A attached below.

Stellar, Stellar West, Brown Hill, Vegas & Shannon Resources & Reserves (Mt Magnet)

Using recently updated Mineral Resource models, new Ore Reserves were generated in March 2017.

Table 2: Mineral Resources

Deposit	Indicated Tonnes g/t Ounces	Inferred Tonnes g/t Ounces	Total Tonnes g/t Ounces
Brown Hill Vegas Shannon	1,131,000 1.7 61,000 644,000 1.4 28,000 249,000 3.3 27,000	486,000 1.2 19,000 98,000 1.2 4,000 81,000 3.9 10,000	1,617,000 1.5 80,000 742,000 1.3 32,000 330,000 3.5 37,000
Total	2,024,000 1.8 116,000	665,000 1.5 33,000	2,689,000 1.7 149,000

Note: Figures rounded to nearest 1,000 tonnes, 0.1g/t and 1,000 ounces. Rounding errors may occur. Mineral Resources are inclusive of Reserves

Mineral Resource Commentary

New RC drilling was conducted at each of the deposits and is combined with significant historic drilling. Drill spacing ranges from a 10m x 12.5m to a 25m x 30m hole spacing. Drilling used a 5.5” face sampling bit and 1m sample collection via a cone splitter. Interpretation was carried out on 10m or 12.5m spaced sections utilising appropriate geological and weathering interpretations. Brown Hill and Vegas are part of the Galaxy mining area and are dominantly BIF hosted, sub-vertical lode zones.

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Figure 4: Vegas Deposit cross-section

Shannon is hosted by a quartz-veined, moderately dipping, shear zone within felsic intrusive units. RC sub-samples were assayed by Fire Assay at a Perth commercial laboratory. Appropriate QAQC samples accompanied primary sample batches. Samples were composited to 1m intervals, top-cut and grade was estimated using constrained ID method and interpreted anisotropic searches. Block size is typically 5m x 10m x 5m or of similar scale. Resource classification was applied based on drill hole density and interpreted mineralisation continuity. Resources were reported above a 0.7 g/t lower cut-off. Resources have been generated in-house for evaluation by open-pit mining methods and have a maximum depth of 200m. Density values are based on established Mt Magnet values. Detailed information is given in Appendix B attached below.

New Ore Reserves are:

Table 3: Ore Reserves (>0.7g/t)

Pit	Category	Tonnes g/t Ounces
Brown Hill Vegas Stellar Stellar West Shannon	Probable Probable Probable Probable Probable	623,000 1.6 31,000 196,000 1.4 9,000 388,000 1.5 19,000 267,000 1.8 15,000 208,000 2.9 20,000
Total 1,682,000 1.7 94,000

Note: Figures rounded to nearest 1,000 tonnes, 0.1g/t and 1,000 ounces. Rounding errors may occur.

Ore Reserve Commentary

Ore Reserves have been generated using updated Resource models which incorporate recent, new RC drilling, revised geotechnical parameters, hydrogeological and environmental studies. Reserves are based on Indicated Resources only. See ASX Release; ‘Exploration & Resource Development Drilling Update, 19 Dec 2016’ for Resource details for Stellar and Stellar West. Open pit optimisations and designs are based on current and forecast contractor mining rates. Milling and other ore costs are based on budgeted Mt Magnet costs. Mining incorporates appropriate dilution and recovery

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factors and volumes for backfill and/or waste dump removal. All pits, except for Stellar West, have been previously mined. A Mining Proposal incorporating these pits was submitted to the DMP in March 2017. Detailed information is given in Appendix B attached.

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Figure 5: Shannon topography, resource and new pit design. Truncated 3D view to North.

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AUSTRALIAN EXPLORATION

MT MAGNET GOLD MINE – WA (RAMELIUS 100%)

An aggregate of 15,548m of exploratory RC drilling (GXRC1531 – 1617) has been completed throughout Mt Magnet since January 2017. Further, Ramelius has completed 3,262m in Resource Development RC drilling within and below several historical open pits (GXRC0522 – 547) and 18,111m of Aircore drilling (GXAC0688-1002) in addition to two wedges (MSD0056B and C) off the 1,425m deep parent diamond drill hole (MSD0056A) targeting the Morning Star Deeps during the same period. See Attachments 1, 2, 3 and 4 for a complete listing of significant drill hole intersections referred to in this release.

Aircore drilling, RC drilling and the Morning Star Deeps diamond drilling are all scheduled to continue at Mt Magnet as the push to expand the Company’s Resource and Reserve base continues.

Morning Star In-pit Drilling / Black Cat South Open Pits

Infill RC drilling has targeted the base of the Morning Star pit (refer Figures 6 and 7), the saddle between the Morning Star pit and the Black Cat South pit, in addition to the Eddie Carson Lode and the Northern Ramp access at Morning Star. The RC drilling was aiming to delineate additional gold mineralisation associated with steep dipping shears within the basaltic flows and volcaniclastics that host the Morning Star Underground Lodes, the Eddie Carson Lodes, as well as the sub-vertical dipping Evening Star Chert that passes through the Black Cat South pit and beyond towards the small 25,000 ounce Bullocks resource further south. Encouragingly, broad zones of strike continuous gold mineralisation were intersected along the western limb of the Morning Star Lodes. Better results included 41m at 1.95 g/t Au from 11m and 20m at 4.20 g/t Au from 24m (refer Figure 7).

The drilling below the Black Cat South pit intersected multiple lode positions including a hangingwall porphyry dominated lode, the main Evening Star Chert Lode before truncating the chert. Variable footwall lode positions hosted by volcaniclastics including rare shale units (interpreted as facies variants to the Evening Star Chert) occur south of the Black Cat South pit towards Bullocks. A long section of the drilling results completed to date are presented in Figure 8.

Morning Star Upper

Deeper exploratory RC drilling was completed within 400m below surface, 80m north of the Morning Star portal. The drilling aimed to scope the potential for additional high grade lodes to be developed within the sheared felsic porphyry/volcaniclastic host rocks. A reconnaissance drill hole into the target (GXRC1464) had previously returned 10m @ 6.56 g/t from 290m. Extensive shearing and sericite alteration was observed in the current drilling and the assay results remain awaited.

Morning Star Deeps

Deep exploratory navigational diamond drilling commenced at the Morning Star Deeps in February 2017 with the aim of delineating resource extensions below the current limit of underground mining (980mbs) down to approximately 1,500mbs. Initially the drilling has target the interpreted high grade keel of the Morning Star deposit where previous deep diamond drilling confirmed the depth continuity of the high-grade gold mineralisation. Better historical (Hill 50 Gold NL - circa 1992) diamond drill results, from the deepest hole, included 16m at 9.05 g/t Au. Drilling completed to date has shown good continuity of the mineralisation at depth, albeit the higher-grade keel appears further to the west than originally predicted. Diamond wedges MSD0056A and B failed to intersect the high grade mineralisation but wedge MSD0056C intersected significant high grade gold mineralisation including 4.9m at 26.49 g/t Au from 1,277.30m.

The plunge of the high-grade shoots is depicted in Figure 9. The mineralised keel intersections sit along the folded contact between basaltic flows and andesitic tuffs and is annotated as “KL” in Attachment 3. Younging indicators suggest the rocks are overturned, hence hangingwall lodes are annotated “U1”, “U2” and “U3” as they lie above the contact in the overlying (older) basaltic flows whilst footwall lodes are annotated “L1”, “L2” and “L3” as they lie below the contact in the underlying (younger) andesitic tuffs and flows. Diamond drilling is continuing.

Paris open pit

RC drilling was completed under the shallow Paris open pit located 1km south of Morning Star, half way towards the Water Tank Hill/St George portal. The mineralisation at Paris is hosted by banded iron formation, believed to be the strike extension of the Nathan BIF at Morning Star that extends southwards to Water Tank Hill/St George. Very

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encouraging gold intersections were encountered from this first pass test and additional step out drilling is planned (refer Figure 10). Better results include:

• 22m at 5.85 g/t Au from 31m in GXRC0530, incl. 7m at 13.05 g/t Au

• 22m at 1.77 g/t Au from 25m in GXRC0533

Zeus Prospect

Exploration drilling adjacent to the Stellar West deposit has delineated significant quartz vein hosted gold mineralisation along the western flank of the Zeus Porphyry (refer Figure 11). The abundance of quartz veining can often indicate healing of early (possibly D1 thrusts) gold mineralised structures as highlighted in the Stellar open pit. A single RC drill hole (GXRC1492) returned a highly encouraging intersection of 8m at 12.20 g/t Au from 65m to end of hole associated with the abundant quartz veining within altered porphyry on the contact with ultramafics. This intersection correlates well with the significant porphyry hosted Aircore drill results up to 19m at 1.31 g/t Au from 32m located 140m further north (refer Figure 12). Subsequent RC drilling has continued to show very encouraging intersections, including 15m at 4.10 g/t Au in GXRC1543 and 20m at 1.12 g/t Au from 70m in GXRC1542, within broader, anomalous, mineralised porphyry intervals up to 71m at 1.43 g/t Au from 54m in GXRC1543.

True widths remain undetermined at this stage given the multiple shear/lode orientations interpreted in the data to date. Infill RC and Aircore drilling is continuing.

Venus Prospect

Infill Aircore drilling down to 100 x 50m centres has enhanced the geochemical anomaly at Venus, located immediately south of the Boomer pit. Better 4m composite assay results include 12m at 0.85 g/t Au from surface in GXAC0795 and 41m at 0.54 g/t Au from 20m in GXAC0815. The anomalous geochemistry (0.1 – 0.5 g/t Au to bottom of hole) now defines a coherent north east trending corridor (interpreted to be the Latecomer Fault extension from Morning Star) over 700m and a north-west trend over 600m paralleling the western Boomer Porphyry contact, south of the small Golden Stream pit. Deeper RC drilling will target along the Latecomer Fault and the confluence of these trends in the June 2017 Quarter (refer Figure 13).

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Figure 6: Plan view over the Morning Star and Black Cat South pits highlighting long section traces, through Black Cat South (B – C) and the Morning Star Deeps (A – B’)

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Figure 7: Plan view of Morning Star Lodes around 150mbs below surface (20m below the base of the pit) highlighting good continuity of mineralisation between the Evening Star Chert and the as-mined Morning Star stopes

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Figure 8: Long section through Morning Star and Black Cat South pits highlighting Ramelius’ drill hole traces, including recent drilling into the saddle between the two pits

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Figure 9: Long section through A-B’ (see Figure 6 for location) through the Morning Star Deeps

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Figure 10: Cross section through Paris open pit drilling

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Figure 11: Overview map of the Boogardie Basin highlighting maximum downhole gold ppm from drilling. The gold geochemistry is overlying a 1VD-RTP aeromagnetic image and the mapped/interpreted extent of the felsic porphyry intrusions; as constrained by the magnetic data and drilling to date. Litho-structural corridors favourable for the ingress and deposition of significant gold mineralisation are now being highlighted. The confluence of structures and/or their intersection with buried porphyry contacts represent primary targets for shallow plunging ore shoots to be developed. This interpretive 3-D modelling is ongoing. The newly discovered Zeus Prospect (highlighted) is shown in the top left hand corner of this figure and now extends over 500m on or near the confluence of the NE trending shear and an inferred NNW trending thrust.

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Figure 12: Cross section through recent RC drilling at the Zeus Prospect

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Figure 13: Venus Prospect >0.5 g/t Au Aircore geochemical anomaly defining regional structural trends including Latecomer Fault

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Attachment 1: Resource Definition RC Drilling Results below the Paris, Morning Star and Shannon pits – Mt Magnet, WA

Hole Id	Easting	Northing	Az/Dip	RL	F/Depth (m)	From (m)	To (m)	Interval (m)	g/t Au
GXRC0529 Paris Pit	581301	6896253	299/-52	439	95	17 38 53	35 44 58	18 6 5	1.09 1.03 1.80
GXRC0530 Paris Pit	581305	6896251	300/-60	439	95 Incl.	31 41 64	53 48 69	22 7 5	5.85 13.05 1.45
GXRC0531 Paris Pit	581297	6896242	300/-55	439	80	33 56	41 66	8 10	0.81 **1.92 **
GXRC0532 Paris Pit	581310	6896234	300/-55	439	90	44 76	53 81	9 5	1.00 0.94
GXRC0533 ParisPit	581292	6896231	300/-60	439	75	25	47	22	1.77
GXRC0534 Paris Pit	581303	6896225	300/-65	439	77	5 29 43 55 **62 **	9 36 47 59 66	4 7 4 4 4	0.94 0.97 0.93 1.06 3.48
GXRC0535 MS Pit	580877	6897387	140/-53	316	91	29 37 49 74	31 40 51 75	2 3 2 1	10.01 2.44 1.93 6.41
GXRC0536 MS Pit	580888	6897395	140/-53	316	100	5 11 72	8 52 74	3 41 2	0.84 1.95 2.75
GXRC0537 MS Pit	580897	6897400	085/-58	316	95	15 42 69 **84 **	20 63 77 95	5 21 8 11	0.98 3.05 0.56 3.41
GXRC0538 MS Pit	580899	6897401	138/-53	316	91	0 6 22 59	3 9 40 66	3 3 18 7	0.79 0.70 1.38 2.68
GXRC0539 MS Pit	580910	6897406	132/-53	316	85	2 23 57 74	4 30 67 76	2 7 10 2	1.54 2.73 1.93 3.65
GXRC0540 MS Pit	580908	6897410	079/-53	316	80	4 24 54 60	7 44 58 63	3 20 4 3	1.09 4.20 0.58 1.26
GXRC0541 MS Pit	580827	6897364	141/-55	320	60	3 10 20	7 13 33	4 3 13	0.90 0.72 **6.07 **
GXRC0542 MS Pit	580807	6897290	190/-55	323	76	2 11 50 64	5 45 61 69	3 34 11 5	1.46 6.62 1.16 0.63
GXRC0543 MS Pit	580876	6897388	155/-54	317	85	1 51 59	3 56 65	2 5 6	0.78 3.13 3.51
GXRC0544 MSPit	580794	6897222	185/-55	328	107	69	74	5	1.41
GXRC0545 Shannon Pit	577299	6895891	185/-55	440	287			Results	Awaited
GXRC0546 Shannon Pit	577299	6895909	300/-52	440	286			Results	Awaited
GXRC0547 Shannon Pit	577301	6895925	300/-52	440	275			Results	Awaited

Intercepts generally > 0.5 g/t, with up to 2m of internal dilution. NSR denotes no significant results. True widths generally 70% of interval width, Paris holes & GXRC0542 around 50%. Coordinates are MGA94-Z50.

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Attachment 2: Significant (>0.5 g/t Au) Exploration RC drilling data within Mt Magnet, WA

Hole Id	Easting	Northing	Az/Dip	RL	F/Depth (m)	From (m)	To (m)	Interval (m)	g/t Au
GXRC1540 Black Cat South	580726	6897024	074/-63	448	251	78 109 173	79 116 176	1 7 3	3.03 3.25 2.24
GXRC1541 Black Cat South	580713	6897032	076/-67	448	275	3 67 94 114 139 209	10 79 99 115 140 216	7 12 5 1 1 7	0.73 1.70 1.91 3.70 3.35 4.06
GXRC1542 Zeus	576300	6897360	300/-60	443	137 Incl. + +	53 70 106 118	136 90 114 134	83 20 8 16	0.63 1.12 1.36 0.69
GXRC1543 Zeus	576245	6897390	300/-55	443	130 Incl. + + Incl.	54 54 74 103 103	125 71 98 118 113	71 17 24 15 10	1.43 0.95 0.77 4.10 5.83
GXRC1544 Zeus	576250	6897270	300/-60	443	106	62 94	82 101	20 7	1.84 0.75
GXRC1545 Zeus	575870	6896800	090/-55	442	160				NSR
GXRC1546 Zeus	575870	6896750	090/-55	442	154	69	73	4	0.93
GXRC1547 Zeus	576840	6897650	090/-55	443	154	18	154	136	0.30
GXRC1548 Zeus	576405	6898200	270/-55	451	118	56	66	10	1.21
GXRC1549 Eddie Carson	581119	6897593	067/-79	442	198	141	146	5	2.41
GXRC1550 Eddie Carson	581120	6897591	077/-68	442	198	172	176	4	1.18
GXRC1551 Eddie Carson	581170	6897595	250/-70	441	204				NSR
GXRC1552 Eddie Carson	581115	6897602	077/-68	442	180	110	113	3	4.33
GXRC1553 Eddie Carson	581124	6897556	250/-50	442	150				NSR
GXRC1554 Eddie Carson	581121	6897645	297/-75	442	204				NSR
GXRC1555 Eddie Carson	581151	6897637	070/-85	442	198	42 58 84 101	50 62 92 104	8 4 8 3	4.32 3.19 2.78 1.63
GXRC1556 Eddie Carson	581145	6897810	070/-85	442	162	109 145	113 155	4 10	1.89 0.85
GXRC1557 MS Ramp	580951	6897810	100/-60	421	210 Incl.	86 111 117	93 118 118	7 7 1	1.09 4.61 27.2
GXRC1558 MsRamp	580970	6897823	100/-53	423	216	76	79	3	2.72
GXRC1559 Eddie Carson	581160	6897533	070/-85	442	240	121 145 155 195	124 146 158 204	3 1 3 9	4.29 3.03 4.07 0.69
GXRC1560 Eddie Carson	581224	6897740	250/-55	442	200	118	129	11	0.64
GXRC1561 Bartus East	579209	6892724	360/-62	423	191 Incl. +	113 145 166	189 146 167	76 1 1	0.86 38.7 3.80
GXRC1562 Bartus East	579179	6892715	340/-62	423	185 Incl. + +	102 120 137 173	182 125 140 182	80 5 3 9	0.56 1.78 3.48 1.40

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GXRC1563 BlackCat South	580757	6896984	084/-70	446	161				NSR
GXRC1564 Black Cat South	580763	6896999	073/-68	447	200 Incl.	55 55 63	57 56 65	2 1 2	8.82 17.05 21.14
GXRC1565 Eddie Carson	581183	6897545	070/-85	441	23				ABN
GXRC1566 Eddie Carson	581186	6897546	070/-85	441	29				ABN
GXRC1567 BlackCat South	581170	6897502	070/-78	442	60				NSR
GXRC1568 MSRamp	580873	6897824	075/-65	411	200				NSR
GXRC1569	576272	6897377		446	Not yet Drilled
GXRC1570 BlackCat South	580840	6896718	075/-65	442	192	6 142	12 150	6 8	1.62 1.06
GXRC1571 Eddie Carson	581168	6897512	070/-74	442	180				NSR
GXRC1572 Black Cat South	580700	6896674	070/-56	442	354	56 64 188 274	61 67 193 276	5 3 5 2	1.44 1.02 1.28 9.46
GXRC1573 Eddie Carson	581138	6897559	070/-85	442	210				NSR
GXRC1574 BlackCat South	580745	6896750	075/-65	443	180	126 160	129 162	3 2	1.41 2.05
GXRC1575 Eddie Carson	581165	6897510	066-64	442	150				NSR
GXRC1576 Black Cat South	580760	6896739	075/-65	443	210	54	64	10	0.74
GXRC1577 Eddie Carson	581171	6897503	070/-78	442	204				NSR
GXRC1578 Black Cat South	580755	6896739	075/-70	443	252 Incl.	24 119 119 155	32 122 120 158	8 3 1 3	0.99 15.95 46.2 1.09
GXRC1579 Eddie Carson	581157	6897525	255/-85	442	240	197	209	12	2.93
GXRC1580 BlackCat South	580774	6896729	075/-65	442	203			Results	Awaited
GXRC1581 Eddie Carson	581126	6897646	256/-78	442	204	115	124	9	1.12
GXRC1582	580821	6896684		442	Not Yet Drilled
GXRC1583 Eddie Carson	581116	6897570	250/-50	442	150	0 144	1 145	1 1	0.58 0.56
GXRC1584	580860	6896700		444	Not Yet Drilled
GXRC1585 Eddie Carson	581253	6897624	250/-64	442	282	81 128	87 137	6 9	1.45 1.46
GXRC1586 Black Cat South	580909	6896710	070/-63	444	143	30 54	35 55	5 1	0.64 1.52
GXRC1587 Eddie Carson	581167	6897621	250/-58	442	204				NSR
GXRC1588 Black Cat South	580909	6896741	070/-65	445	120	25 31 42 69 74	26 35 47 71 75	1 4 5 2 1	0.64 1.52 0.78 1.26 1.23
GXRC1589 Eddie Carson	581109	6897599	250/-50	442	192	181	184	3	2.45
GXRC1590 Nathan	581040	6896990	070/-60	448	239	206	207	1	1.54
GXRC1591 Eddie Carson	581142	6897799	070/-68	443	150	33 137	37 144	4 7	1.78 1.29
GXRC1592 Nathan	581000	6896955	070/-62	448	257	252	256	4	0.79

16

GXRC1593 Eddie Carson	581113	6897587	076/-68	442	204	178	180	2	1.22
GXRC1594 Black Cat South	580981	6896990		447	Not Yet Drilled
GXRC1595 Eddie Carson	581131	6897742	250/-52	423	252	25 122 150	28 128 151	3 6 1	1.22 2.13 1.38
GXRC1596 Black Cat South	580950	6897030		447	Not Yet Drilled
GXRC1597 MS Upper	580897	6897617	075/-70	363	300	12 22 40 79 94 120 184	14 24 43 80 95 124 185	2 2 3 1 1 4 1	5.58 3.89 3.84 4.13 2.71 0.51 1.32
GXRC1598					Not Yet Drilled
GXRC1599 MS Upper	580892	6897600	083/-60	362	234	12 28 39 80	16 29 43 81	4 1 4 1	6.72 1.05 1.50 1.45

Reported significant gold assay intersections (using a 0.5 g/t Au lower cut - excluding selected Zeus and Bartus East holes where the entire mineralised porphyry intervals have been recorded along geological contacts) are reported using 1m downhole intervals at plus 0.5 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 reported downhole intersections are estimated to be 65% of the reported downhole intersections for Black Cat South and Eddie Carson unless specified. True widths for Zeus and Bartus East remain unknown at this stage. Coordinates are MGA94-Z50. Location of holes are annotated in the table.

Attachment 3: Significant (>0.5 g/t Au) Morning Star Deeps Exploration Diamond drilling Mt Magnet, WA

Hole Id	Easting	Northing	Az/Dip	RL	F/Depth (m)	From (m)	To (m)	Interval (m)	g/t Au
MSD0056A	580624	6896627	005/-82	442	1425.00				NSR
MSD0056B	580624	6896627	005/-82	442	1382.00	1239.00 1252.00 1268.00 1306.00	1241.00 1254.00 1269.00 1307.00	2.00 2.00 1.00 1.00	3.03 (U3) 5.06 (U2) 0.92 (U1) NSR (KL)
MSD0056C	580624	6896627	005/-82	442	1384.50	1271.00 1277.30 1293.00 1306.00 1309.50	1274.00 1282.20 1297.80 1307.00 1311.00	3.00 4.90 4.80 1.00 1.50	1.97 (U2) 26.49 (U1) 4.70 (KL) 15.35 (L1) 3.53 (L2)

Reported significant gold assay intersections (using a 0.5 g/t Au lower cut) are reported using geological contacts or up to 1m downhole intervals at plus 0.5 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 reported downhole intersections are estimated to be +90% of the reported downhole intersections depending upon the lift of the drill holes. Coordinates are MGA94-Z50. Location of holes are annotated in the table. See the report text for a description on the annotation of the various lode positions

Attachment 4: Anomalous Exploration Aircore drilling 4m composite intersections (>0.40 g/t Au over 4m or greater) within the Boogardie Basin - Mt Magnet, WA.

Hole Id	Easting	Northing	Az/Dip	RL	F/Depth (m)	From (m)	To (m)	Interval (m)	g/t Au
GXAC0700 Morning Star W.	580498	6897895	360/-60	447	84	36	48	12	0.76
GXAC0742 Britannia Well	579459	6890599	270/-60	432	55	28	48	20	0.66
GXAC0745	579606	6890599	270/-60	422	54	20	44	24	0.83

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Britannia Well
GXAC0782 Venus	579422	6895800	270/-60	436	67	0	12	12	0.64
GXAC0785 Venus	579572	6895801	270/-60	436	67	28	66	38	0.44
GXAC0795 Venus	579423	6895601	270/-60	436	61	0	12	12	0.85
GXAC0796 Venus	579476	6895599	270/-60	436	67	28	40	12	0.61
GXAC0815 Venus	579803	6896097	270/-60	436	61	20	61	41	0.54

Reported anomalous gold assay intersections are constrained using a 0.40 g/t Au lower cut for the 4m composite interval, 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. EOH denotes end of hole depth. True widths remain unknown at this stage of exploration. Coordinates are MGA94-Z50. Assay results available to GXAC0926 only.

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.

COMPETENT PERSONS

The information in this report that relates to Exploration Results, Mineral Resources and Ore Reserves is based on information compiled by Kevin Seymour (Exploration Results), Rob Hutchison (Mineral Resources) and Duncan Coutts (Ore Reserves), who are Competent Persons and Members of The Australasian Institute of Mining and Metallurgy. Kevin Seymour, Rob Hutchison and Duncan Coutts are full-time employees of the company. Kevin Seymour, Rob Hutchison and Duncan Coutts have sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being 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, Rob Hutchison and Duncan Coutts consent to the inclusion in this report of the matters based on their information in the form and context in which it appears.

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Appendix A – JORC Table 1 Report – Vivien Deposit

Sections 1, 2, 3 see ASX Release ‘December 2016 Quarterly Activities Report’, 31 Jan 2017

Section 4 Estimation and Reporting of Ore Reserves

Criteria JORC Code explanation	Commentary
Mineral Resource estimate for conversion to Ore Reserves  Description of the Mineral Resource estimate used as a basis for the conversion to an Ore Reserve.  Clear statement as to whether the Mineral Resources are reported additional to, or inclusive of, the Ore Reserves.	 The resource model_MODViv1701_was used to for Ore Reserve generation. The model is a conventional geologically derived, narrow lode, block model, using composited, top‐cut drill data, anisotropic ordinary kriging estimation. Economic resource is outlined by a broad longsectional 10 gram x metres envelope.  Mineral Resources are reported inclusive of Ore Reserves
Site visits  Comment on any site visits undertaken by the Competent Person and the outcome of those visits.  If no site visits have been undertaken indicate why this is the case.	 The Competent Person is a full time employee of Ramelius Resources Ltd and has made multiple site visits to Vivien
Study Status  The type and level of study undertaken to enable Mineral Resources to be converted to Ore Reserves  The Code requires that a study to at least Pre‐Feasibility Study level has been undertaken to convert Mineral Resources to Ore Reserves. Such studies will have been carried out and will have determined a mine plan that is technically achievable and economically viable, and that material Modifying Factors have been considered. The effect, if any, of alternative interpretations on Mineral Resource estimation.	 A Feasibility Study was undertaken prior to commencement of mining in 2014. All material aspects were considered internally or with external consultation, including resource estimation, mine design, costs, ground and surface water, geotechnical, metallurgical and environmental areas. Some aspects notably ground and surface water and metallurgy rely on previous external reports and testwork commissioned by Agnew Gold Mining Company (AGMC) in earlier Feasibility studies.
Cut‐off parameters  The basis of the cut‐off grade(s) or quality parameters applied.	 A development operating cut‐off grade of 4.5 g/t and a marginal stoping cut‐off grade of 3.9 g/t were calculated. These cut‐off grades were used to optimize economic areas within the orebody resource.
Mining factors or assumptions  The method and assumptions used as reported in the Pre‐Feasibility or Feasibility Study to convert the Mineral Resource to an Ore Reserve (i.e. either by application of appropriate factors by	 All ore mining will be carried out by underground methods. A 5.5mW x 5.5mH decline is being excavated with associated ore access development and other required capital development (ventilation, dewatering & escape‐

19

	optimisation or by preliminary or		way development).
	detailed design).		Ore drives are excavated at a nominal 4mW x
	 The choice, nature and appropriateness		4.5mH at 20m vertical spacing.
	of the selected mining method(s) and		Current Stoping is a bottom up retreat method
	other mining parameters including		with small dilution control island pillars and larger
	associated design issues such as pre‐		CRF sill & rib pillars left (with rock backfilling).
	strip, access, etc.		Remote bogging will be used for 90% of stope ore
	 The assumptions made regarding		production.
	geotechnical parameters (e.g. pit		Minimum stope width of 1.5m was assumed with
	slopes, stope sizes, etc.), grade control		20% dilution (0 g/t) and 10% dilution if wider than
	and pre‐production drilling.		2m. Mining recoveries of 95% has been assumed
	 The major assumptions made and		for areas that utilise island pillars & 98% for areas
	Mineral Resource model used for pit		that utilise CRF pillars.
	and stope optimisation (if appropriate).		The mining method is appropriate for a narrow
	 The mining dilution factors used.		sub‐vertical lode orebody.
	 The mining recovery factors used.
	 Any minimum mining widths used.
	 The manner in which Inferred Mineral
	Resources are utilised in mining studies
	and the sensitivity of the outcome to
	their inclusion.
	 The infrastructure requirements of the
	selected mining methods.
Metallurgical	 The metallurgical process proposed and		Processing by conventional CIL/CIP gold milling at
factors or	the appropriateness of that process to		Mt Magnet Checkers Mill
assumptions	the style of mineralisation		Metallurgical testwork has been previously carried
	 Whether the metallurgical process is		out including gravity recovery, leach recovery,
	well‐tested technology or novel in		bond work index and concentrate mineralogy
	nature.		studies. Samples were collected as composited
	 The nature, amount and		diamond half core ore zones and were
	representativeness of metallurgical test		representative.
	work undertaken, the nature of the		The deposit is free milling, has high gravity
	metallurgical domaining applied and		recovery (+50%) and high overall recovery (+95%).
	the corresponding metallurgical
	recovery factors applied.
	 Any assumptions or allowances made
	for deleterious elements.
	 The existence of any bulk sample or
	pilot scale test work and the degree to
	which such samples are considered
	representative of the orebody as a
	whole.
	 For minerals that are defined by a
	specification, has the ore reserve
	estimation been based on the
	appropriate mineralogy to meet the
	specifications?
Environmental	 The status of studies of potential		Environmental studies completed previously and
	environmental impacts of the mining		all approvals in place
	and processing operation. Details of		No significant PAF waste material occurs for the

20

	waste rock characterisation and the	deposit.
	consideration of potential sites, status	 Waste has been placed in the existing Vivien pit
	of design options considered and, where	and used as backfill for UG stope voids.
	applicable, the status of approvals for
	process residue storage and waste
	dumps should be reported.
Infrastructure	 The existence of appropriate	 Infrastructure requirements comprising of offices,
	infrastructure: availability of land for	workshop, generators, underground fan,
	plant development, power, water,	dewatering pumps, pipeline and UG magazine are
	transportation (particularly for bulk	complete.
	commodities), labour, accommodation;	 Excess water is delivered to the Agnew Gold Mine
	or the ease with which the	processing storage system.
	infrastructure can be provided, or	 Milling and accommodation facilities utilise
	accessed.	existing Mt Magnet and Leinster based
		infrastructure.
Costs	 The derivation of, or assumptions made,	 Capital & Operating Costs have been derived from
	regarding projected capital costs in the	actual unit rate costs were possible, including
	study.	mining, haulage, milling, administration and
	 The methodology used to estimate	capital costs.
	operating costs.	 Rates have been applied within an extensive mine
	 Allowances made for the content of	design scheduling/costing/production
	deleterious elements.	spreadsheet.
	 The derivation of assumptions made of	 Mt Magnet treatment costs based on known
	metal or commodity price(s), for the	current milling costs.
	principal minerals and co‐ products.	 Applicable royalties are included.
	 The source of exchange rates used in	 No deleterious elements present
	the study.	 Cost models use Australian dollars
	 Derivation of transportation charges.
	 The basis for forecasting or source of
	treatment and refining charges,
	penalties for failure to meet
	specification, etc.
	 The allowances made for royalties
	payable, both Government and private.
Revenue Factors	 The derivation of, or assumptions made	 Gold price of $1600/oz used
	regarding revenue factors including
	head grade, metal or commodity
	price(s) exchange rates, transportation
	and treatment charges, penalties, net
	smelter returns, etc.
	 The derivation of assumptions made of
	metal or commodity price(s), for the
	principal metals, minerals and co‐
	products.
Market	 The demand, supply and stock situation	 Doré is sold direct to the Perth Mint at spot price
Assessment	for the particular commodity,	 Market window unlikely to change
	consumption trends and factors likely to	 Price is likely to go up, down or remain same
	affect supply and demand into the	 Not industrial mineral
	future.
	 A customer and competitor analysis

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along with the identification of likely market windows for the product.  Price and volume forecasts and the basis for these forecasts.  For industrial minerals the customer specification, testing and acceptance requirements prior to a supply contract.
Economic  The inputs to the economic analysis to produce the net present value (NPV) in the study, the source and confidence of these economic inputs including estimated inflation, discount rate, etc.  NPV ranges and sensitivity to variations in the significant assumptions and inputs.	 Discounted cash flows were carried out to determine relative NPV's, using a 5% annual discount rate.
Social  The status of agreements with key stakeholders and matters leading to social licence to operate.	 Agreements are in place with stakeholders including traditional land owner claimants, pastoralists and the relevant Shires
Other  To the extent relevant, the impact of the following on the project and/or on the estimation and classification of the Ore Reserves:  Any identified material naturally occurring risks.  The status of material legal agreements and marketing arrangements.  The status of governmental agreements and approvals critical to the viability of the project, such as mineral tenement status, and government and statutory approvals. There must be reasonable grounds to expect that all necessary Government approvals will be received within the timeframes anticipated in the Pre‐Feasibility or Feasibility study. Highlight and discuss the materiality of any unresolved matter that is dependent on a third party on which extraction of the reserve is contingent.	 No material risks are identified
Classification  The basis for the classification of the Ore Reserves into varying confidence categories.  Whether the result appropriately reflects the Competent Person’s view of the deposit.  The proportion of Probable Ore Reserves that have been derived from Measured Mineral Resources (if any)	 Ore Reserves are classed as Probable based on Indicated Resource classification and reflect the Competent Person's views
Audits or reviews  The results of any audits or reviews of	 An external review of the previous Feasibility

22

	Ore Reserve estimates.	study was undertaken by an independent mining
		consultant, no fatal flaws were identified
Discussion of	 Where appropriate a statement of the	 Confidence is in line with gold industry standards
relative	relative accuracy and confidence level in	and the company's aim to provide effective
accuracy/confiden	the Ore Reserve estimate using an	prediction for current and future mining
ce	approach or procedure deemed	operations
	appropriate by the Competent Person.	 Estimate is global by deposit
	For example, the application of	 The Reserve is most sensitive to a) gold price and
	statistical or geostatistical procedures	b) resource grade prediction
	to quantify the relative accuracy of the	 Recent ore production is performing well against
	reserve within stated confidence limits,	resource/reserve estimates
	or, if such an approach is not deemed
	appropriate, a qualitative discussion of
	the factors which could affect the
	relative accuracy and confidence of the
	estimate.
	 The statement should specify whether it
	relates to global or local estimates, and,
	if local, state the relevant tonnages,
	which should be relevant to technical
	and economic evaluation.
	Documentation should include
	assumptions made and the procedures
	used.
	 Accuracy and confidence discussions
	should extend to specific discussions of
	any applied Modifying Factors that may
	have a material impact on Ore Reserve
	viability, or for which there are
	remaining areas of uncertainty at the
	current study stage.
	 It is recognised that this may not be
	possible or appropriate in all
	circumstances. These statements of
	relative accuracy and confidence of the
	estimate should be compared with
	production data, where available.

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Appendix B – JORC Table 1 Report

Section 1 Sampling Techniques and Data: Brown Hill, Vegas and Shannon Deposits plus Exploration Aircore, RC and Diamond Drilling

Criteria	JORC Code explanation	Commentary
Sampling	 Nature and quality of sampling (e.g.	 Sampled by RC drilling with samples collected as 1m
techniques	cut channels, random chips, or specific	samples and sub‐sampled using a riffle or cone
	specialised industry standard	splitter to produce ≈3kg sub‐samples. Drillhole
	measurement tools appropriate to the	locations were designed to cover the spatial extents
	minerals under investigation, such as	of the interpreted mineralisation.
	down hole gamma sondes, or handheld	 4m composites were collected for all Aircore drilling
	XRF instruments, etc.). These examples	 Selected geological contacts and/or up to 1m
	should not be taken as limiting the broad	intervals sampled from all diamond drilling
	meaning of sampling.	 Drill hole locations were designed to allow for spatial
	 Include reference to measures taken	spread across the interpreted mineralised zone.
	to ensure sample representivity and the	 Standard fire assaying was employed using a 50gm
	appropriate calibration of any	charge with an AAS finish.
	measurement tools or systems used.	 The majority of drilling is historic in nature. New
	 Aspects of the determination of	drilling confirms location and tenor of previous
	mineralisation that are Material to the	drilling.
	Public Report.
	 In cases where ‘industry standard’
	work has been done this would be
	relatively simple (e.g. ‘reverse circulation
	drilling was used to obtain 1 m samples
	from which 3 kg was pulverised to
	produce a 30g 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 (e.g. submarine
	nodules) may warrant disclosure of
	detailed information.
Drilling	 Drill type (e.g. core, reverse circulation,	 RC Drilling was completed using best practice 5 ¾”
techniques	open‐hole hammer, rotary air blast,	face sampling RC drilling hammers, 3” Aircore bits.
	auger, Bangka, sonic, etc.) and details	Diamond drilling engaged NQ (~50cm diameter)
	(e.g. core diameter, triple or standard	rods.
	tube, depth of diamond tails, face‐	 Minor historical RAB & Aircore drilling was
	sampling bit or other type, whether core	completed within the upper laterite zone to improve
	is oriented and if so, by what method,	continuity, otherwise only RC or diamond drill hole
	etc.).	data was utilized for all resource estimation work
		throughout Mount Magnet.
Drill sample	 Method of recording and assessing core	 Bulk RC and Aircore drillholes samples were visually
recovery	and chip sample recoveries and results	inspected by the supervising geologist to ensure
	assessed.	adequate clean sample recoveries were achieved.
	 Measures taken to maximise sample	 Zones of poor sample return are recorded in the
	recovery and ensure representative	database and cross checked once assay results are
	nature of the samples.	received from the laboratory to ensure no
	 Whether a relationship exists between	misrepresentation of sampling intervals has
	sample recovery and grade and whether	occurred. Excellent RC and diamond drill recovery is
	sample bias may have occurred due to	reported from all RC and diamond holes.

24

Criteria	JORC Code explanation	Commentary
	preferential loss/gain of fine/coarse	 No indication of sample bias is evident or has been
	material.	established
Logging	 Whether core and chip samples have	 All drill samples are geologically logged on site by
	been geologically and geotechnically	RMS geologists. Details on the host lithologies,
	logged to a level of detail to support	deformation, dominant minerals including sulphide
	appropriate Mineral Resource estimation,	species and alteration minerals plus veining are
	mining studies and metallurgical studies.	recorded relationally (separately).
	 Whether logging is qualitative or	 Drillhole logging of chips or core is qualitative on
	quantitative in nature. Core (or costean,	visual recordings of rock forming minerals and
	channel, etc.) photography.	estimates of mineral abundance.
	 The total length and percentage of the	 The entire length of drillholes are geologically logged
	relevant intersections logged.
Sub‐sampling	 If core, whether cut or sawn and whether	 Duplicate samples are collected every 25thsample
techniques	quarter, half or all core taken.	from the drill chips or core samples.
and sample	 If non‐core, whether riffled, tube	 Dry RC 1m samples are riffle split to 3kg as drilled
preparation	sampled, rotary split, etc. and whether	and dispatched to the laboratory. Any wet samples
	sampled wet or dry.	are recorded in the database as such and allowed to
	 For all sample types, the nature, quality	dry before splitting and dispatching to the
	and appropriateness of the sample	laboratory. 4m Aircore composites were grabbed
	preparation technique.	sampled from drill spoil deposited on the ground.
	 Quality control procedures adopted for all	 All samples are pulverized prior to splitting in the
	sub‐sampling stages to maximise	laboratory to ensure homogenous samples with 85%
	representivity of samples.	passing 75um. 200gm is extracted by spatula that is
	 Measures taken to ensure that the	used for the 50gm charge on standard fire assays.
	sampling is representative of the in situ	 All samples submitted to the laboratory are sorted
	material collected, including for instance	and reconciled against the submission documents.
	results for field duplicate/second‐half	In addition to duplicates a high grade or low grade
	sampling.	standard is included every 25thsample, a controlled
	 Whether sample sizes are appropriate to	blank is inserted every 100thsample.
	the grain size of the material being	 The sample size is considered appropriate for the
	sampled.	type, style, thickness and consistency of
		mineralization.
Quality of	 The nature, quality and appropriateness	 The fire assay method is designed to measure the
assay data and	of the assaying and laboratory	total gold in the sample. A standard 50g charge is
laboratory	procedures used and whether the	fired followed by acid digestion and measurement
tests	technique is considered partial or total.	by AAS.
	 For geophysical tools, spectrometers,	 No field analyses of gold grades are completed.
	handheld XRF instruments, etc., the	Quantitative analysis of the gold content and trace
	parameters used in determining the	elements is undertaken in a controlled laboratory
	analysis including instrument make and	environment.
	model, reading times, calibrations factors	 Industry best practice is employed with the inclusion
	applied and their derivation, etc.	of duplicates and standards as discussed above, and
	 Nature of quality control procedures	used by Ramelius as well as the laboratory. All
	adopted (e.g. standards, blanks,	Ramelius standards and blanks are interrogated to
	duplicates, external laboratory checks)	ensure they lie within acceptable tolerances.
	and whether acceptable levels of	Additionally, sample size, grind size and field
	accuracy (i.e. lack of bias) and precision	duplicates are examined to ensure no bias to gold
	have been established.	grades exists.
Verification of	 The verification of significant	 Alternative Ramelius personnel have inspected the
sampling and	intersections by either independent or	chips and diamond core in the field to verify the
assaying	alternative company personnel.	correlation of mineralised zones between assay
	 The use of twinned holes.	results and lithology, alteration and mineralization.
	 Documentation of primary data, data	 All holes are digitally logged in the field and all
	entry procedures, data verification, data	primary data is forwarded to Ramelius’ Database
	storage (physical and electronic)	Administrator (DBA) in Perth where it is imported
	protocols.	into Datashed. Assaydata is electronicallymerged

25

Criteria	JORC Code explanation	Commentary
	 Discuss any adjustment to assay data.	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 in to 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
		assaydata
Location of	 Accuracy and quality of surveys used to	 Hole collars are picked up using accurate DGPS
data points	locate drill holes (collar and down‐hole	survey control. All down hole surveys are collected
	surveys), trenches, mine workings and	using downhole electronic single shot or gyro
	other locations used in Mineral Resource	surveying techniques provided by the drilling
	estimation.	contractors.
	 Specification of the grid system used.	 All holes are picked up in MGA94 – Zone 50 grid
	 Quality and adequacy of topographic	coordinates.
	control.	 Topographic control is established from DTM survey
		control bases
Data spacing	 Data spacing for reporting of Exploration	 Resource definition drillholes were generally
and	Results.	planned on a minimum 25m x 25m spacing.
distribution	 Whether the data spacing and	Exploration holes spacing is contingent on the scale
	distribution is sufficient to establish the	of the anomalism being targeted.
	degree of geological and grade continuity	 This resource spacing is considered adequate to
	appropriate for the Mineral Resource and	define the geological and grade continuity of
	Ore Reserve estimation procedure(s) and	mineralisation
	classifications applied.	 No sampling compositing has been applied within
	 Whether sample compositing has been	key mineralised intervals.
	applied.
Orientation of	 Whether the orientation of sampling	 The drilling is drilled orthogonal to the interpreted
data in	achieves unbiased sampling of possible	strike of the target horizon. Aircore drilling is
relation to	structures and the extent to which this is	completed on MGA east‐west or north‐south
geological	known, considering the deposit type.	traverses for convenience, with holes nominally 50m
structure	 If the relationship between the drilling	apart.
	orientation and the orientation of key	 No significant bias has been recognised
	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	 All bagged drill samples are delivered directly from
security	security.	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	 No external audits have been completed to date.
reviews	sampling techniques and data.

26

Section 2 Reporting of Exploration Results - Brown Hill, Vegas & Shannon Deposits

Criteria	JORC Code explanation	Commentary
Mineral	 Type, reference name/number, location	 The results reported in this report are on granted
tenement and	and ownership including agreements or	Mining Leases throughout Mount Magnet, all owned
land tenure	material issues with third parties such as	100% by Ramelius Resources Limited.
status	joint ventures, partnerships, overriding	 At this time all the tenements are in good standing.
	royalties, native title interests, historical	There are no known impediments to obtaining a
	sites, wilderness or national park and	licence to operate in the area.
	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.
Exploration	 Acknowledgment and appraisal of	 Previous work consists of RAB/AC and RC drilling
done by other	exploration by other parties.	drilled by previous owners including WMC, Hill 50
parties		Gold NL and Harmony Gold.
Geology	 Deposit type, geological setting and style	 All drill targets are orogenic structurally controlled
	of mineralisation.	Archean gold deposits. Brown Hill and Vegas are
		part of the Galaxy mining area. Mineralisation is
		mostly hosted by BIF units in a sub‐vertical
		stratigraphy with mafic, ultramafic and felsic units.
		Grade is best developed where ‘Boogardie Break’
		faults cross‐cut stratigraphy. Gold related to pyrite,
		pyrrhotite sulphidation.
		 Shannon is hosted in felsic intrusive units or the
		Boogardie Formation. Mineralisation is confined to
		40‐50° East dipping shear zone. Gold mineralisation
		is related quartz veins, disseminated sulphides and
		silica‐sericite alteration.
		 Morning Star consists of mineralized BIF (Evening
		Star Chert) and quartz veins/lodes hosted in
		andesitic volcaniclastics rocks, folded and
		overprinted by late stage penetrative foliation
		parallel mineralizedquartz veins in shear zones
Drill hole	 A summary of all information material to	 All the drill holes reported in this report have the
Information	the understanding of the exploration	following parameters applied. All drill holes
	results including a tabulation of the	completed, including holes with no significant results
	following information for all Material drill	(as defined in the Attachments) are reported in this
	holes:	announcement.
	o easting and northing of the drill hole	 Easting and northing are given in MGA94
	collar	coordinates as defined in the Attachments.
	o elevation or RL (Reduced Level –	 RL is AHD
	elevation above sea level in metres) of	 Dip is the inclination of the hole from the horizontal.
	the drill hole collar	Azimuth is reported in magnetic degrees as the
	o dip and azimuth of the hole	direction the hole is drilled. MGA94 and magnetic
	o down hole length and interception	degrees vary by <10in the project area.
	depth	 Down hole length is the distance measured along the
	o hole length.	drill hole trace. Intersection length is the thickness
	 If the exclusion of this information is	of an anomalous gold intersection measured along
	justified on the basis that the information	the drill hole trace.
	is not Material and this exclusion does not	 Hole length is the distance from the surface to the
	detract from the understanding of the	end of the hole measured alongthe drill hole trace.

27

Criteria	JORC Code explanation	Commentary
	report, the Competent Person should	 No results currently available from the exploration
	clearly explain why this is the case.	drilling are excluded from this report. Gold grade
		intersections >0.4 g/t Au within 4m Aircore
		composites at Mount Magnet, or >0.5 g/t Au within
		single metre RC and diamond samples (with up to
		4m of internal dilution) are considered significant
		(based upon the known distribution of gold
		mineralization within each project) in the broader
		mineralised host rocks
		 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 sample
aggregation	weighting averaging techniques,	reported by the laboratory is tabled in the list of
methods	maximum and/or minimum grade	significant assays. Subsequent repeat analyses when
	truncations (e.g. cutting of high grades)	performed by the laboratory are checked against the
	and cut‐off grades are usually Material	original to ensure repeatability of the assay results.
	and should be stated.	 Weighted average techniques are applied to
	 Where aggregate intercepts incorporate	determine the grade of the anomalous interval when
	short lengths of high grade results and	geological intervals less than 1m have been sampled.
	longer lengths of low grade results, the	 Exploration drilling results are generally reported
	procedure used for such aggregation	using a 0.1 g/t Au lower cut‐off (as described above
	should be stated and some typical	and reported in the Attachments) and may include
	examples of such aggregations should be	up to 4m of internal dilution. Significant resource
	shown in detail.	development drill hole assays are reported greater
	 The assumptions used for any reporting of	than 0.5 or 8.0 g/t Au and are also reported
	metal equivalent values should be clearly	separately. For example, the broader plus 1.0 g/t Au
	stated.	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 (e.g. 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 reportingis used or applied.
Relationship	 These relationships are particularly	 The intersection length is measured down the length
between	important in the reporting of Exploration	of the hole and is not usually the true width.
mineralisation	Results.	 True widths are noted within the intercept tables.
widths and	 If the geometry of the mineralisation with
intercept	respect to the drill hole angle is known, its
lengths	nature should be reported.
	 If it is not known and only the down hole
	lengths are reported, there should be a
	clear statement to this effect (e.g. ‘down
	_hole length, true width not known’). _
Diagrams	 Appropriate maps and sections (with	 Representative example maps and sections are
	scales) and tabulations of intercepts	included in the text.
	should be included for any significant
	discovery being reported These should
	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 new RC and diamond drillhole intercepts
reporting	Exploration Results is not practicable,	completed by RMS are reported.
	representative reporting of both low and

28

Criteria	JORC Code explanation	Commentary
	high grades and/or widths should be
	practiced to avoid misleading reporting of
	Exploration Results.
Other	 Other exploration data, if meaningful and	 No other exploration data that has been collected is
substantive	material, should be reported including	considered meaningful and material to this report.
exploration	(but not limited to): geological
data	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 further	 Future exploration includes ongoing Aircore drilling,
	work (e.g. tests for lateral extensions or	RC drilling deeper diamond drilling plus geotechnical
	depth extensions or large‐scale step‐out	diamond core drilling to better define the depth
	drilling).	extent and confirm design parameters.
	 Diagrams clearly highlighting the areas of
	possible extensions, including the main
	geological interpretations and future
	drilling areas, provided this information is
	not commercially sensitive.

Section 3 Estimation and Reporting of Mineral Resources. Brown Hill, Vegas and Shannon Deposits

Criteria	JORC Code explanation	Commentary
Database	 Measures taken to ensure that data has	 Data has been sourced from the RMS drillhole
integrity	not been corrupted by, for example,	database using the Datashed system
	transcription or keying errors, between	 Validation checks were conducted for overlapping
	its initial collection and its use for	intervals, duplicate assays, EOH depth and negative
	Mineral Resource estimation purposes.	or zero assay values
	 Data validationprocedures used.
Site visits	 Comment on any site visits undertaken	 The Competent Person has visited the site and
	by the Competent Person and the	confirmed observations available in drill cuttings
	outcome of those visits.	and surface features.
	 If no site visits have been undertaken
	indicate why this is the case.
Geological	 Confidence in (or conversely, the	 Confidence in the geological interpretation is
interpretation	uncertainty of) the geological	reasonable. The geometry and nature of
	interpretation of the mineral deposit.	mineralisation is similar to neighbouring deposits
	 Nature of the data used and of any	 Data used include drilling assay and geological
	assumptions made.	logging and minor historic surface workings
	 The effect, if any, of alternative	 No alternate interpretation envisaged
	interpretations on Mineral Resource
	estimation.
	 The use of geology in guiding and
	controlling Mineral Resource estimation.
	 The factors affecting continuity both of
	_grade andgeology. _
Dimensions	 The extent and variability of the Mineral	 Brown Hill and Vegas 100‐150m NW strike, 4‐20m
	Resource expressed as length (along	wide, sub‐vertical mineralised BIF zones
	strike or otherwise), plan width, and	 Shannon 120m N‐S strike, 5‐10m thick lode zone
	depth below surface to the upper and	dippingeast around 45°

29

	lower limits of the Mineral Resource.
Estimation and	 The nature and appropriateness of the	 Deposits were estimated using geological software
modelling	estimation technique(s) applied and key	using ID or OK methods inside constrained
techniques	assumptions, including treatment of	mineralisation domains. The estimation method is
	extreme grade values, domaining,	appropriate for the deposit type.
	interpolation parameters and maximum	 Previous models existed for all deposits, except for
	distance of extrapolation from data	Stellar West
	points. If a computer assisted estimation	 Only gold is estimated
	method was chosen include a description	 No deleterious elements present
	of computer software and parameters	 Parent cell of 5mN x 10mE x 5mRL or similar used.
	used.	Subcells (x 50%) used at topographic and
	 The availability of check estimates,	mineralisation boundaries boundary. Parent cell
	previous estimates and/or mine	estimation only.
	production records and whether the	 No selective mining unit assumptions applied.
	Mineral Resource estimate takes	 Domains were statistically analysed and assigned
	appropriate account of such data.	appropriate search directions, top‐cuts and
	 The assumptions made regarding	estimation parameters
	recovery of by‐products.	 Constrained grade interpretation for each resource.
	 Estimation of deleterious elements or	 Samples were composited within ore domains to
	other non‐grade variables of economic	1m lengths
	significance (e.g. sulphur for acid mine	 Top cuts were applied to domains after review of
	drainage characterisation).	grade population characteristics.
	 In the case of block model interpolation,	 Validation included visual comparison against
	the block size in relation to the average	drillhole grades
	sample spacing and the search
	employed.
	 Any assumptions behind modelling of
	selective mining units.
	 Any assumptions about correlation
	between variables.
	 Description of how the geological
	interpretation was used to control the
	resource estimates.
	 Discussion of basis for using or not using
	grade cutting or capping.
	 The process of validation, the checking
	process used, the comparison of model
	data to drill hole data, and use of
	reconciliation data if available.
Moisture	 Whether te tonnages are es�mated on a	 Tonnages are estimated on a dry basis
	dry basis or with natural moisture, and
	the method of determina�on of the
	moisture content.
Cut‐off	 The basis of the adopted cut‐off grade(s)	 A 0.7 g/t grade cut‐off has been used for resource
parameters	or quality parameters applied.	reporting
Mining factors	 Assumptions made regarding possible	 Resources are reported on the assumption of
or assumptions	mining methods, minimum mining	mining by conventional open pit grade control and
	dimensions and internal (or, if applicable,	mining methods. Parent block size is regarded as a
	external) mining dilution. It is always	reasonable SMU equivalent.
	necessary as part of the process of
	determining reasonable prospects for
	eventual economic extraction to consider
	potential mining methods, but the
	assumptions made regarding mining
	methods and parameters when
	estimating Mineral Resources may not
	always be rigorous. Where this is the

30

	case, this should be reported with an
	explanation of the basis of the mining
	assumptions made.
Metallurgical	 The basis for assumptions or predictions	 A 92% recovery factor is used and is based on
factors or	regarding metallurgical amenability. It is	testwork and well established Mt Magnet recovery
assumptions	always necessary as part of the process	data.
	of determining reasonable prospects for
	eventual economic extraction to consider
	potential metallurgical methods, but the
	assumptions regarding metallurgical
	treatment processes and parameters
	made when reporting Mineral Resources
	may not always be rigorous. Where this
	is the case, this should be reported with
	an explanation of the basis of the
	metallurgical assumptions made.
Environmental	 Assumptions made regarding possible	 Environmental studies and waste characterisation
factors or	waste and process residue disposal	testing completed
assumptions	options. It is always necessary as part of	 No significant issues with waste rock or tailings
	the process of determining reasonable	 Ore treatment and tailings generation would occur
	prospects for eventual economic	at the current Mt Magnet Checkers mill site.
	extraction to consider the potential
	environmental impacts of the mining and
	processing operation. While at this stage
	the determination of potential
	environmental impacts, particularly for a
	greenfields project, may not always be
	well advanced, the status of early
	consideration of these potential
	environmental impacts should be
	reported. Where these aspects have not
	been considered this should be reported
	with an explanation of the environmental
	assumptions made.
Bulk density	 Whether assumed or determined. If	 Density values are adopted from recent testwork
	assumed, the basis for the assumptions.	on the nearby Milky Way deposit and established
	If determined, the method used, whether	Mt Magnet values
	wet or dry, the frequency of the	 Density measurements were completed on the
	measurements, the nature, size and	geotechnical diamond core holes using the weight
	representativeness of the samples.	in air/weight in water method.
	 The bulk density for bulk material must	 They have been assigned by geological and
	have been measured by methods that	weathering domains
	adequately account for void spaces
	(vugs, porosity, etc.), moisture and
	differences between rock and alteration
	zones within the deposit.
	 Discuss assumptions for bulk density
	estimates used in the evaluation process
	of the different materials.
Classification	 The basis for the classification of the	 The resources have been classified as Indicated or
	Mineral Resources into varying	Inferred category’s based on geological and grade
	confidence categories.	continuity and drill hole spacing.
	 Whether appropriate account has been	 The resource classification accounts for all relevant
	taken of all relevant factors (i.e. relative	factors
	confidence in tonnage/grade	 The classification reflects the Competent Person’s
	estimations, reliability of input data,	view
	confidence in continuity of geology and
	metal values, quality, quantity and

31

	distribution of the data).
	 Whether the result appropriately reflects
	the Competent Person’s view of the
	deposit.
Audits or	 The results of any audits or reviews of	 No audits or reviews conducted.
reviews	Mineral Resource estimates.
Discussion of	 Where appropriate a statement of the	 Confidence in the relative accuracy of the estimates
relative	relative accuracy and confidence level in	is reflected by the classifications assigned
accuracy/	the Mineral Resource estimate using an	 The estimate is a global estimate
confidence	approach or procedure deemed	 Historic production data and from comparable
	appropriate by the Competent Person.	nearly pits is available for comparison
	For example, the application of statistical
	or geostatistical procedures to quantify
	the relative accuracy of the resource
	within stated confidence limits, or, if such
	an approach is not deemed appropriate,
	a qualitative discussion of the factors
	that could affect the relative accuracy
	and confidence of the estimate.
	 The statement should specify whether it
	relates to global or local estimates, and,
	if local, state the relevant tonnages,
	which should be relevant to technical and
	economic evaluation. Documentation
	should include assumptions made and
	the procedures used.
	 These statements of relative accuracy
	and confidence of the estimate should be
	compared with production data, where
	available.

Section 4 Estimation and Reporting of Ore Reserves. Brown Hill, Vegas, Stellar, Stellar West & Shannon Deposits

Criteria	JORC Code explanation	Commentary
Mineral Resource estimate	 Description of the Mineral Resource	 Mineral Resource models described above
for conversion to Ore	estimate used as a basis for the	were evaluated using mining dilution and
Reserves	conversion to an Ore Reserve.	recovery factors
	 Clear statement as to whether the	 Mineral Resources are reported inclusive of
	Mineral Resources are reported	Ore Reserves
	additional to, or inclusive of, the Ore
	Reserves.
Site visits	 Comment on any site visits	 The Competent Person has made multiple
	undertaken by the Competent Person	site visits
	and the outcome of those visits.  If no site visits have been undertaken	 Visit verified understanding of deposit and available information
	indicate why this is the case.
Study Status	 The type and level of study	 A pre‐feasibility study has been carried out
	undertaken to enable Mineral	appropriate to the deposit type, mining
	Resources to be converted to Ore	method and scale. The study was carried out
	Reserves	internally and externally using consultants

32

 The Code requires that a study to at where appropriate least Pre‐Feasibility Study level has been undertaken to convert Mineral Resources to Ore Reserves. Such studies will have been carried out and will have determined a mine plan that is technically achievable and economically viable, and that material Modifying Factors have been considered. The effect, if any, of alternative interpretations on Mineral Resource estimation.

Cut‐off parameters	 The basis of the cut‐off grade(s) or	 Cutoff is calculated as part of current mine
	quality parameters applied.	operations and is 0.7 g/t
Mining factors or	 The method and assumptions used as	 The Mineral Resource models were
assumptions	reported in the Pre‐Feasibility or	optimised and evaluated using mining
	Feasibility Study to convert the	dilution and recovery factors
	Mineral Resource to an Ore Reserve	 Mining method is conventional open‐pit
	(i.e. either by application of	with drill and blast, excavate, load and haul.
	appropriate factors by optimisation	Parent blocks reflect expected SMU size for
	or by preliminary or detailed design).	grade control density and mining equipment
	 The choice, nature and	size
	appropriateness of the selected	 An external geotechnical report was
	mining method(s) and other mining	commissioned based on previous and new
	parameters including associated	geotechnical logging information and gives
	design issues such as pre‐strip,	recommended pit design parameters
	access, etc.	 Mining dilutions were Brown Hill ‐ 15%,
	 The assumptions made regarding	Vegas – 6%, Shannon – 12%
	geotechnical parameters (e.g. pit	 Mining recoveries were Brown Hill ‐ 95%,
	slopes, stope sizes, etc.), grade	Vegas ‐ 95%, Shannon – 96%
	control and pre‐production drilling.	 Minimum width reflected by SMU block
	 The major assumptions made and	(5m)
	Mineral Resource model used for pit	 Inferred Resources were tested, but are not
	and stope optimisation (if	used or included in optimisation or final
	appropriate).	designs
	 The mining dilution factors used.	 No additional infrastructure required
	 The mining recovery factors used.
	 Any minimum mining widths used.
	 The manner in which Inferred Mineral
	Resources are utilised in mining
	studies and the sensitivity of the
	outcome to their inclusion.
	 The infrastructure requirements of
	the selected mining methods.
Metallurgical factors or	 The metallurgical process proposed	 Processing by conventional CIL/CIP gold
assumptions	and the appropriateness of that	milling at Mt Magnet Checkers Mill
	process to the style of mineralisation	 Well‐tested existing technology
	 Whether the metallurgical process is	 Typical Mt Magnet recovery of 92% applied.
	well‐tested technology or novel in	 No deleterious elements are present
	nature.
	 The nature, amount and
	representativeness of metallurgical
	test work undertaken, the nature of
	the metallurgical domaining applied
	and the corresponding metallurgical
	recovery factors applied.

33

	 Any assumptions or allowances made
	for deleterious elements.
	 The existence of any bulk sample or
	pilot scale test work and the degree
	to which such samples are considered
	representative of the orebody as a
	whole.
	 For minerals that are defined by a
	specification, has the ore reserve
	estimation been based on the
	appropriate mineralogy to meet the
	specifications?
Environmental	 The status of studies of potential	 Environmental studies completed and
	environmental impacts of the mining	Mining Proposal lodged
	and processing operation. Details of
	waste rock characterisation and the
	consideration of potential sites,
	status of design options considered
	and, where applicable, the status of
	approvals for process residue storage
	and waste dumps should be reported.
Infrastructure	 The existence of appropriate	 All infrastructure in place as part of current
	infrastructure: availability of land for	Mt Magnet gold operations
	plant development, power, water,	 The project has low infrastructure
	transportation (particularly for bulk	requirements of a temporary nature
	commodities), labour,
	accommodation; or the ease with
	which the infrastructure can be
	provided, or accessed.
Costs	 The derivation of, or assumptions	 Little or no capital expenditure required
	made, regarding projected capital	 Significant pit pre‐strip costs exist
	costs in the study.  The methodology used to estimate operating costs.  Allowances made for the content of	 Operating costs based on current Mt Magnet milling costs and mining rates  No deleterious elements present
	deleterious elements.	 Using prior 6‐month average gold price
	 The derivation of assumptions made	 Cost models use Australian dollars
	of metal or commodity price(s), for	 Treatment costs based on known current
	the principal minerals and co‐ products.  The source of exchange rates used in	milling costs. No penalties or specifications  State royalty of 2.5% used
	the study.
	 Derivation of transportation charges.
	 The basis for forecasting or source of
	treatment and refining charges,
	penalties for failure to meet
	specification, etc.
	 The allowances made for royalties
	payable, both Government and
	private.
Revenue Factors	 The derivation of, or assumptions	 Gold price of A$1,600/oz used
	made regarding revenue factors
	including head grade, metal or
	commodity price(s) exchange rates,
	transportation and treatment
	charges, penalties, net smelter

34

	returns, etc.
	 The derivation of assumptions made
	of metal or commodity price(s), for
	the principal metals, minerals and co‐
	products.
Market Assessment	 The demand, supply and stock	 Doré is sold direct to the Perth Mint at spot
	situation for the particular	price
	commodity, consumption trends and factors likely to affect supply and demand into the future.	 Market window unlikely to change  Price is likely to go up, down or remain same
	 A customer and competitor analysis	 Not industrial mineral
	along with the identification of likely
	market windows for the product.
	 Price and volume forecasts and the
	basis for these forecasts.
	 For industrial minerals the customer
	specification, testing and acceptance
	requirements prior to a supply
	contract.
Economic	 The inputs to the economic analysis	 No NPV applied
	to produce the net present value	 Projects are relatively short life at around 1‐
	(NPV) in the study, the source and	2 years
	confidence of these economic inputs
	including estimated inflation,
	discount rate, etc.
	 NPV ranges and sensitivity to
	variations in the significant
	assumptions and inputs.
Social	 The status of agreements with key	 Stakeholders have been consulted
	stakeholders and matters leading to	 Heritage surveys completed
	social licence to operate.
Other	 To the extent relevant, the impact of	 No material risks are identified
	the following on the project and/or	 Primary risks are Resource accuracy and gold
	on the estimation and classification	price
	of the Ore Reserves:
	 Any identified material naturally
	occurring risks.
	 The status of material legal
	agreements and marketing
	arrangements.
	 The status of governmental
	agreements and approvals critical to
	the viability of the project, such as
	mineral tenement status, and
	government and statutory approvals.
	There must be reasonable grounds to
	expect that all necessary Government
	approvals will be received within the
	timeframes anticipated in the Pre‐
	Feasibility or Feasibility study.
	Highlight and discuss the materiality
	of any unresolved matter that is
	dependent on a third party on which
	extraction of the reserve is
	contingent.

35

Classification	 The basis for the classification of the	 Reserves are classified according to
	Ore Reserves into varying confidence	Resource classifications
	categories.	 They reflect the Competent Person’s view
	 Whether the result appropriately	 No Measured Resource exists. All Reserves
	reflects the Competent Person’s view	are Probable category and based on
	of the deposit.	Indicated Resources
	 The proportion of Probable Ore
	Reserves that have been derived from
	Measured Mineral Resources (if any)
Audits or reviews	 The results of any audits or reviews of	 No audits carried out
	Ore Reserve estimates.
Discussion of relative	 Where appropriate a statement of	 Confidence is in line with gold industry
accuracy/confidence	the relative accuracy and confidence	standards and the company’s aim to provide
	level in the Ore Reserve estimate	effective prediction for current and future
	using an approach or procedure	mining projects. No statistical quantification
	deemed appropriate by the	of confidence limits has been applied
	Competent Person. For example, the	 Estimates are global
	application of statistical or	 The Reserve is most sensitive to; a) resource
	geostatistical procedures to quantify	grade accuracy, b) gold price
	the relative accuracy of the reserve	 Reserve confidence is reflected by the
	within stated confidence limits, or, if	Probable category applied, which in turn
	such an approach is not deemed	reflects the confidence of the Mineral
	appropriate, a qualitative discussion	Resource
	of the factors which could affect the	 Recent ore production from Mt Magnet
	relative accuracy and confidence of	Perseverance and Titan pits is reconciling
	the estimate.	well.
	 The statement should specify whether
	it relates to global or local estimates,
	and, if local, state the relevant
	tonnages, which should be relevant
	to technical and economic evaluation.
	Documentation should include
	assumptions made and the
	procedures used.
	 Accuracy and confidence discussions
	should extend to specific discussions
	of any applied Modifying Factors that
	may have a material impact on Ore
	Reserve viability, or for which there
	are remaining areas of uncertainty at
	the current study stage.
	 It is recognised that this may not be
	possible or appropriate in all
	circumstances. These statements of
	relative accuracy and confidence of
	the estimate should be compared
	with production data, where
	available.

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