10 September 2021

RESOURCES AND RESERVES STATEMENT 2021

Mineral Resources up 15%, Ore Reserve depletion replaced

Ramelius Resources Limited (ASX: RMS) is pleased to announce new estimates of Mineral Resources and Ore Reserves as at 30 June 2021, with Mineral Resources up 15%, after mining depletion.

Total Mineral Resources are estimated to be;

• 110 Mt at 1.6 g/t Au for 5.4 Moz of gold

Total Ore Reserves are estimated to be;

• 17 Mt at 2.0 g/t Au for 1.1 Moz of gold

ISSUED CAPITAL

Ordinary Shares: 814M

10 September 2021

DIRECTORS

NON-EXECUTIVE CHAIR: Bob Vassie MANAGING DIRECTOR: Mark Zeptner NON-EXECUTIVE DIRECTORS: Michael Bohm David Southam Natalia Streltsova

COMPANY SECRETARY: Richard Jones

www.rameliusresources.com.au [email protected]

RAMELIUS RESOURCES LIMITED

Registered Office

Level 1, 130 Royal Street East Perth, WA 6004 Tel +61 8 9202 1127 PO Box 6070 East Perth, WA 6892

Increases in Mineral Resources were achieved via exploration drilling and resource additions at Ramelius' Eridanus, Galaxy and Edna May gold projects in Western Australia. As in previous years, the Company's ability to consistently meet production guidance has been underpinned by realistic resource modelling and deliverable reserve estimates. Ore Reserves have been maintained, with mining depletions matched by additions. Studies on conversion of the new resources to reserves are in progress.

This ASX announcement was authorised for release by the Board of Directors. For further information contact:

Investor enquiries:

Mark Zeptner

Managing Director Ramelius Resources Ltd Ph: +61 8 9202 1127

Tim Manners

Chief Financial Officer Ramelius Resources Ltd Ph: + 61 8 9202 1127

Media enquiries:

Jason Marocchi

Managing Partner GRA Partners Ph: +61 421 005 765

MINERAL RESOURCES

Table A: Mineral Resources

	MINERAL RESOURCES AS AT 30 JUNE 2021 - INCLUSIVE OF RESERVES
Project	Deposit		Measured			Indicated			Inferred			Total Resource
		t	g/t	oz	t	g/t	oz	t	g/t	oz	t	g/t	oz
	Morning Star				4,900,000	1.9	300,000	4,300,000	1.5	210,000	9,200,000	1.7	510,000
	Bartus Group	49,000	2.2	4,000	110,000	2.1	8,000	240,000	1.6	12,000	400,000	1.9	24,000
	Boomer				1,200,000	1.8	68,000	790,000	1.0	26,000	2,000,000	1.5	94,000
	Britannia Well				180,000	2.0	12,000				180,000	2.1	12,000
	Brown Hill				1,100,000	1.6	59,000	490,000	1.2	19,000	1,600,000	1.5	78,000
	Bullocks				200,000	3.3	21,000	40,000	2.5	3,000	240,000	3.1	24,000
	Eastern Jaspilite	150,000	2.2	10,000	120,000	2.8	11,000	130,000	2.5	11,000	400,000	2.5	32,000
	Eclipse				170,000	2.2	12,000	41,000	2.1	3,000	210,000	2.2	15,000
	Eridanus	980,000	1.1	35,000	14,000,000	1.3	580,000	4,000,000	1.0	130,000	19,000,000	1.2	750,000
	Franks Tower				2,000,000	1.5	97,000	480,000	1.5	23,000	2,400,000	1.5	120,000
	Golden Stream				150,000	2.9	14,000	67,000	1.2	2,700	220,000	2.4	17,000
	Golden Treasure				780,000	1.1	28,000	880,000	1.0	28,000	1,700,000	1.0	56,000
Mt Magnet Lone Pine					490,000	1.3	21,000	390,000	1.7	21,000	870,000	1.5	42,000
	Milky Way				820,000	1.1	29,000	1,600,000	1.1	57,000	2,400,000	1.1	86,000
	Orion				1,900,000	1.7	100,000	240,000	2.8	21,000	2,200,000	1.8	120,000
	Spearmont-Galtee							580,000	2.6	48,000	580,000	2.6	48,000
	Welcome - Baxter	220,000	1.6	11,000	280,000	1.6	15,000	200,000	1.8	11,000	700,000	1.7	37,000
	Open Pit deposits	1,400,000	1.3	60,000	29,000,000	1.5	1,400,000	14,000,000	1.3	620,000	45,000,000	1.4	2,100,000
	Galaxy UG				7,000,000	2.1	470,000	1,500,000	2.0	93,000	8,500,000	2.1	560,000
	Hill 50 Deeps	280,000	5.5	49,000	930,000	7.0	210,000	400,000	6.4	81,000	1,600,000	6.6	340,000
	Hill 60	310,000	3.7	36,000	160,000	3.3	17,000	30,000	2.0	2,000	500,000	3.4	56,000
	Morning Star Deeps				190,000	4.2	26,000	330,000	5.0	53,000	530,000	4.7	79,000
	Shannon	56,000	19.2	35,000	57,000	5.4	9,800	18,000	5.0	3,000	130,000	11.2	47,000
	UG deposits	640,000	5.8	120,000	8,300,000	2.7	730,000	2,200,000	3.2	230,000	11,000,000	3.0	1,100,000
	ROM & LG stocks	4,200,000	0.6	84,000							4,200,000	0.6	84,000
	Total Mt Magnet	6,300,000	1.3	260,000	37,000,000	1.8	2,100,000	17,000,000	1.6	850,000	60,000,000	1.7	3,200,000
	Edna May				23,000,000	1.0	730,000	7,000,000	1.0	230,000	30,000,000	1.0	960,000
	Edna May UG				290,000	4.3	40,000	36,000	5.2	6,000	320,000	4.4	46,000
Edna May	Greenfinch				970,000	0.9	29,000	520,000	0.8	14,000	1,500,000	0.9	43,000
	ROM & LG stocks	600,000	0.5	8,900							600,000	0.5	8,900
	Total Edna May	600,000	0.5	8,900	24,000,000	1.0	800,000	7,600,000	1.0	240,000	33,000,000	1.0	1,100,000
Vivien	Vivien UG	250,000	6.1	48,000	240,000	5.1	40,000	88,000	3.7	11,000	580,000	5.3	99,000
Symes	Symes Find				570,000	1.9	35,000	39,000	1.2	1,500	610,000	1.9	37,000
	Dolly Pot				340,000	1.7	18,000	47,000	1.6	2,400	390,000	1.7	21,000
	Python				340,000	1.7	18,000	180,000	1.8	10,000	520,000	1.7	28,000
Marda	Golden Orb				380,000	2.9	35,000	200,000	1.7	11,000	580,000	2.5	47,000
	King Brown				110,000	4.3	15,000	49,000	1.8	2,800	150,000	3.5	17,000
	Die Hardy				1,500,000	1.5	72,000	550,000	1.3	23,000	2,000,000	1.5	95,000
	ROM & LG stocks	360,000	1.7	19,000							360,000	1.6	19,000
	Total Marda	360,000	1.6	19,000	2,700,000	1.9	160,000	1,000,000	1.5	50,000	4,000,000	1.8	230,000
Tampia	Tampia	390,000	2.4	31,000	7,700,000	1.7	420,000	130,000	1.8	7,400	8,200,000	1.7	460,000
Penny	North, West & Magenta				420,000	19.0	260,000	200,000	6.6	42,000	620,000	15.0	300,000
	Total Resource	7,900,000	1.5	370,000	73,000,000	1.6	3,800,000	26,000,000	1.5	1,200,000	110,000,000	1.6	5,400,000

Figures rounded to 2 significant figures. Rounding errors may occur.

Mineral Resource Commentary

Mt Magnet is comprised of numerous gold deposits contained within a contiguous tenement holding, located within an 8km radius of the Checkers processing facility. Ramelius has operated the project continuously since 2012. Current and recent mining operations include the Eridanus, Milky Way, Stellar and Vegas open pits and the Hill 60 and Shannon underground mines.

The Edna May mine was acquired in October 2017. It comprises of the large-scale Edna May granitoid hosted, stockwork deposit and the related, adjacent Greenfinch deposit. Two higher grade cross-cutting quartz lodes, the Fuji and the Jonathan, are being mined underground within the broader Edna May deposit. Mining at the Greenfinch open pit provided the major ore source during 2021 and has recently been completed. Marda and Tampia will form major mill feed sources going forward.

Vivien is a high-grade quartz lode deposit, located near Leinster. Mining commenced in 2015 and Vivien has been a steady contributor with ore trucked to the Mt Magnet mill.

Marda mining operations commenced in late 2019. It consists of seven mainly BIF hosted deposits being mined by open pit. It is located 130km north of Southern Cross and ore is hauled and milled at Edna May.

All deposits reported in this update have been depleted for mining during the 2021 financial year.

Continued exploration, resource definition and grade control drilling has delivered increases to resources and reserves for many of the deposits including Eridanus, Galaxy, Edna May, Shannon and Vivien.

See RMS ASX releases below for additional Mineral Resource reporting details:

➢ 'Penny & Edna May Study Updates', 9 November 2020
➢ 'Mt Magnet & Edna May Study Updates', 28 January 2021
➢ 'Ramelius Mine Plan Increases 27% to 1.84Moz', 2 August 2021

Decreases were largely due to mining depletion with some minor re-modelling and/or re-classification.

The Tampia deposit is hosted within amphibolite facies mafic rocks 12km SE of Narembeen in the WA wheatbelt. Gold is hosted within shallow dipping lode/shear zones and associated with arsenopyrite. Mining commenced in April 2021 and ore is being hauled 140km to Edna May for milling.

Symes Find is located 120km SSE of Edna May, also in the WA wheatbelt, and consists of lateritic and primary mineralisation hosted in mafic gneiss units similar to Tampia.

The Penny project was acquired via the takeover of Spectrum Metals in early 2020. Penny West is a high grade quartzsulphide lode discovered and mined by open pit in the early 1990's. Spectrum discovered the high grade Penny North lode in early 2019 and rapidly drill defined a significant lode resource. Mining Approvals were received in 2021 and site infrastructure works are in progress.

All resources are based on combinations of RC and diamond drillholes. Sampling has been via riffle or cone splitters (RC) or by sawn half core. Assay is carried out by commercial laboratories and accompanied by appropriate QAQC samples. Generally a substantial proportion of drill data is historic in nature or gathered by previous owners, however Ramelius has added significant further drilling for all deposits, especially those forming Ore Reserves. Mineralisation has been modelled via cross-sectional interpretations using deposit appropriate lower cut-off grade envelopes and geological interpretations. Geological understanding has formed the basis of all ore interpretations and is generated prior to grade interpretations. Ore domain interpretations have then been wireframed using geological software, including Micromine, Leapfrog & Surpac. Mineralisation has been grouped by domain where required and statistical analysis, topcutting and estimation is carried out using anisotropic search ellipses. Estimation uses Ordinary Kriging and/or Inverse Distance methods. Modelling has been undertaken with recognition of the probable mining method and minimum mining widths and the resource classifications reflect drillhole spacing, data quality, geological and grade continuity.

Density information for fresh rock is generally well established and new measurements have frequently been obtained. Nearly all deposits listed, with the exceptions of Tampia and Symes, have had some degree of recent production or historic mining. Resources are reported using cut-offs approximating an A$1,800 - $2,300/oz gold price.

Further details are commonly available in prior RMS ASX Releases for individual projects. Additional detailed information relating to generation of the Resource estimates is attached below in Table 1 – JORC 2012 Reporting Criteria.

Figure 1: Mineral Resource Change

Mineral Resource Diagrams

Figure 2: Eridanus Longsection - looking North showing Drilling & Model, July 2021

Figure 3: Symes Find section – view to NW – RMS drilling & geology

Figure 4: Galaxy Underground BIF Drilling & Model – 3D view to NW

ORE RESERVES

Table B: Ore Reserves

	ORE RESERVE STATEMENT AS AT 30 JUNE 2021
	Mine		Proven			Probable			Total Reserve
Project		t	g/t	oz	t	g/t	oz	t	g/t	oz
	Boomer				130,000	2.7	11,000	130,000	2.7	11,000
	Brown Hill				620,000	1.6	31,000	620,000	1.6	31,000
	Eridanus				3,900,000	1.3	160,000	3,900,000	1.3	160,000
	Golden Stream				91,000	2.9	8,500	91,000	2.9	8,500
Mt Magnet	Morning Star				1,100,000	1.9	68,000	1,100,000	1.9	68,000
	Total Open Pit				5,800,000	1.5	280,000	5,800,000	1.5	280,000
	Hill 60	290,000	3.2	31,000	110,000	3.2	12,000	410,000	3.2	43,000
	Shannon	160,000	7.2	37,000	16,000	3.8	1,900	180,000	6.9	39,000
	Total Underground	190,000	5.9	36,000	470,000	3.7	55,000	660,000	4.3	91,000
	ROM & LG stocks	4,200,000	0.6	84,000				4,200,000	0.6	84,000
	Mt Magnet Total	4,700,000	1.0	150,000	6,000,000	1.5	290,000	11,000,000	1.3	440,000
Edna May	Edna May UG				380,000	3.2	40,000	380,000	3.2	40,000
	Greenfinch				200,000	1.2	7,800	200,000	1.2	7,800
	ROM & LG stocks	600,000	0.5	8,900				600,000	0.5	8,900
	Edna May Total	600,000	0.5	8,900	590,000	2.5	47,000	1,200,000	1.5	56,000
Vivien	Vivien UG				180,000	5.1	30,000	180,000	5.1	30,000
	Dolly Pot				100,000	1.6	5,300	100,000	1.6	5,300
	Python				38,000	3.8	4,600	38,000	3.8	4,600
	Golden Orb				290,000	2.7	25,000	290,000	2.7	25,000
	King Brown				65,000	3.9	8,100	65,000	3.9	8,100
	Die Hardy				790,000	1.5	38,000	790,000	1.5	38,000
	ROM & LG stocks	360,000	1.7	19,000				360,000	1.6	19,000
	Total Marda	360,000	1.6	19,000	1,300,000	2.0	82,000	1,600,000	1.9	100,000
Tampia	Tampia				3,000,000	2.4	230,000	2,500,000	2.7	230,000
Penny	Penny North & Magenta				500,000	14.0	230,000	500,000	14.0	230,000
	Total Reserve	5,600,000	1.0	180,000	11,000,000	2.5	910,000	17,000,000	2.0	1,100,000

Figures rounded to 2 significant figures. Rounding errors may occur.

Ore Reserve Commentary

All Ore Reserves have been estimated from Measured and Indicated Resources only. All current pit and underground operations were depleted to 30 June 2021.

All Ore Reserves have been generated from design studies using appropriate cost, geotechnical, slope angle, stope span, dilution, cut-off grade and recovery parameters. Ore Reserves are utilised in the current Mine Plan. Mining approvals processes are in progress for the Die Hardy open pit.

A maximum A$2,250/oz gold price has been used to estimate Ore Reserves and determine appropriate cut-offs.

Mining, milling and additional overhead costs are based on currently contracted and budgeted operating costs. Mill recoveries for all ore types are based upon operating experience or metallurgical testwork. Stockpiles consist of ROM stocks & low-grade stocks mined under Ramelius's ownership.

Further detailed information relating to generation of the Ore Reserve estimates is attached below in Table 1 - JORC 2012 Reporting Criteria.

Figure 5: Ore Reserve Change

Ore Reserve Diagrams

Figure 6: Penny 3D long section looking W, partial pit cutback & underground development design

Figure 7: Tampia Open Pit commencement, looking North, July 2021

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 Mineral Resources and Ore Reserves is based on information compiled by Rob Hutchison (Mineral Resources) and Paul Hucker (Ore Reserves), who are Competent Persons and Members of The Australasian Institute of Mining and Metallurgy. Rob Hutchison and Paul Hucker are full-time employees of the company. Rob Hutchison and Paul Hucker 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". Rob Hutchison and Paul Hucker consent to the inclusion in this report of the matters based on their information in the form and context in which it appears.

Table 1: JORC 2012 REPORTING CRITERIA

Section 1	Sampling Techniques and Data
Project	Mt Magnet, includes Galaxygroup, Cosmos group, MorningStar, Eridanus, Shannon, Hill 60and numerous other deposits.	Edna May, includesEdna May UG lodes &Greenfinch deposit	Tampia	Marda	Vivien	Penny	Symes
Project History	Field discovered in 1891. Hill 50UG mine operated 1934-1976 &1981-2007. Recordedproduction of 6.0 Moz.Operated by numerouscompanies including WMC,Metana Minerals, Hill 50 Goldand Harmony Gold. Projectacquired by RameliusResources Ltd (RMS) in 2010,with exploration, mining andmilling recommencing early2012. Ramelius gold productionto 2019 is +600koz.	Discovered in 1911. UGmining of quartz reefsfrom 1911-47 producing360koz. Modern miningcomencing 1984 withAustralian ConsolidatedMinerals, followed byCatalpa & Evolution.Total production over1Moz. Acquired byRamelius in 2017.	Discovered by BHP in1987. Drilled by BHPand Nexus Minerals.Limited explorationuntil acqusition byAuzex Ltd in 2012.Company evolved intoExplaurum Ltd andsignificant resourcedrilling conducted2015-2018. Rameliusacquistion & drilling2019.	Marda areadiscovered in late1800's. Minorhistorical workings atDolly Pot deposit.Modern exploration byChevron 1980's,Cyprus Gold 1990's,Savage Resourceslate 1990's andSouthern CrossGoldfields/Black OakMinerals from 2011-2014. Rameliusacquistion & drilling2019.	Historic undergroundproduction in early1900's. Early drillingby Asarco, WilunaMines and AustralianGoldfields (AGFNL).Pit mined on 1997/98by AGFNL. Majordrilling by Agnew GoldMining Company in2000's. RMSacquisition & drilling2013. Ramelius goldproduction to date is150koz	Penny West wasdiscovered and minedin early 1990's.Spectrum discoveredPenny North lode inearly 2019 and drilldefined high gradelode. Rameliusacquistion viatakeover in early2020.	The Symes Findmining lease haspreviously been drilledand mined by smallscale prospectors andsyndicates. Broadshallow workingsoccur to around 10mdepth. RMS acquiredthe project in 2018and commenced aseries of drillprograms.
Samplingtechniques	Sampling was completed using a combination of Reverse Circulation (RC) and Diamond Drilling (DD). RC drill samples were collected at 1m intervals in a cyclone at the side of the drill rigand a sub-sample collected via a riffle or cone splitter. Tampia drilling used a Metzke powered rotary splitter. A split portion weighing 2-3kg was in collected in numbered sample bags. Theremaining portion was laid out on the ground for logging. Occasional wet samples were not split but collected in a plastic bag then spear sampled. Some historic samples were collected as2m or 4m composites. Diamond Drilling (DD) core was sampled as 1m or geologically selected intervals. Core was sawn to provide half core samples for analysis. Core outside lode ormineralised zones is not always sampled.All sampling by conventional gold industry drilling methods. Recent RC drilling has duplicate samples collected to test sample representivity. Tampia drilling had duplicate sample collectedfor all intervals.Sampling Technique details for historic drilling are often partial or unknown. At Mt Magnet numerous reports exist referencing similar methods of sampling, however detailed information isincomplete or lacking for the majority of older data or exists in hardcopy formats which have not been systematically investigated. Early RC drill sampling (pre 1990's) is likely to have usedcross-over subs which could affect sample recovery and contamination to a greater degree than modern face sampling hammers. Early RCdrilling may have been collected in bagged 1msamples and manually riffle split.

Drillingtechniques	Recent (+2009): 2228 RC and104 DD surface holes, plus UGDD holes. RC using facesampling bit. Diamond drilling(DD) consists of NQ or HQ drillcore. Most core not orientated.Old: Exploration/resourcedatabase contains 74,000holes, with around 23,000 RCand 5,000 DD.Not all holetypes recorded. Older RC holesmay have used cross-oversubs. Some RAB, AC or VACholes may be included inshallow resource estimates (i.e.surficial laterites). Undergrounddrilling includes some smallercore sizes such as BQ andgrade control sludge holes.	All Penny North lodedrilling is new RC andDD completed bySpectrum or RMS in2019 & 2020. Historicdrilling from 1989 onexists for Penny Westand Magenta lodesand used incombination withadditional recentSpectrum & RMS infilldrilling.	RMS has drilled 330RC holes for around15,000m. This drillingeffectively replaces allhistoric drill data.Three diamond holescompleted late 2020.
Drill samplerecovery	Core recovery has been logged at all projects for recent drilling (post 2009) and is generally excellent (≈100%). Minor wet intervals occur and can affect RC sample recovery. Chip samplerecovery is generally not logged but noted if wet sample or other issues (rare). Voids relating to historic UG workings are logged as open or filled stope voids.Sample recovery at all deposits is generally excellent in weathered and fresh rocks. Recent drilling has utilised RC rigs of sufficient size and air capacity to maximise recovery and providedry chip samples or using significant diamond drilling, i.e. Edna May. At Tampia RC primary, duplicate and total sample was weighed and graphed at the rig to		check sample recovery and
	interval accuracy.No indication of sample bias is evident or has been established.
	Recent drilling (+2009) has been logged for lithology, oxidation, alteration, veining, textures and sulphides and all core isretained for most RC holes. Older drilling generally has a minimum of lithology is logged for +90% of holes, with varying degrees of other information. All projects have a number of holesdrilled and logged specifically for geotechnical purposes and the level of detail supports resource estimation, mining studies and metallurgical understanding.	photographed and unsampled core retained. Chip-trays are
Logging	Drillhole logging of RC chips & DD core is qualitative on visual recordings of rock forming minerals & estimates of mineral abundance. Photography exists for recent (+2002) DD core fromall projects.
	The entire length of drillholes are geologically logged
	Core holes are sawn and sampled as half core. Some 1/4 core sampling has occurred as checks. Older drilling details incomplete but where available were similar. Old Mt Magnet core mayhave been hand split in some instances. Some whole core logging at production underground projects, i.e. Vivien
Sub-samplingtechniques	Recent RC holes were sub-sampled by rig mounted cone or riffle splitter. Tampia used Metzke powered rotary splitter. Majority of old drilling details unknown. Occasional wet samples spearsampled from plastic bags or dried and riffle split post drilling.
and samplepreparation	Sub-sample methods appear appropriate for deposit and sample type using excepted industry practices.
	Recent RC samples have field duplicate samples taken at regular intervals and compared. Duplicate sample collected for all Tampia intervals. For older projects and sampling reports existreferencing similar methods, however detailed information is incomplete or lacking for the majority of older data or exists in hardcopy formats which have not been systematicallyinvestigated.

good to moderate correlation.

Recent assaying (+2002) has all been by commercial laboratories including ALS, SGS, KalAssay and Genalysis, typically by 40-50g Fire Assay to give total contained gold. SubsequentScreen Fire Assays have been used for some high grade Fire Assays and replace earlier values. Historic assaying includes a number of techniques and laboratories and details are oftenincomplete or unknown. Some older Mt Magnet assays use PAL method conducted by onsite laboratories.
No field analyses of gold grades are completed. Quantitative analysis of the gold content and trace elements is undertaken in a controlled laboratory environment. At Tampia handheldpXRF analysis of Arsenic was conducted in the field as a 1st pass indication of mineralised zones. Final Arsenic grade is generated by laboratory analysis.
Recent assaying (+2002) has had QAQC measures including certified reference standards, field duplicates, blank samples and umpire laboratory check samples carried out for all depositsand shows acceptable levels of accuracy and precision. For older data reports and tables exist, referencing similar QAQC methods, however detailed information is incomplete or lacking forthe majority of old data. Tampia resource drilling had significant QAQC measures conducted.
The Competent person has verified significant intersections of recent drilling during the resource modelling process
In most projects holes were not twinned deliberately, but there are frequent holes that effectively twin other due to varied drill angles, collar location limitations and hole density. Allsignificant projects have holes drilled more recently as a check of older drilling data. The new Eridanus resource has a number of scissor and orthogonal holes drilled as checks and tounderstand geology. Tampia has an area of 10m x 10m infill drilling which overlaps earlier Resource drilling.

No adjustment of assay data
cameratool.
All new drilling post 2009 uses MGA94 grid. Local grids have been used for resource modelling of most deposits, unless they are parallel to MGA grid. Older holes may have been surevyedin local grid or AMG grids and then translated. Original survey coordinates are retained.
Quality topographic surfaces have been generated more recently from aerial photogrammetry or detailed surveys. Some older drillhole RL data has been adjusted to match accuratetopography, i.e. Die Hardy (Marda)
The majority of Mt Magnetdeposits are drilled on a 25mbased sections and frequentlyclosed to 12.5m. On sectionhole spacing is generally 20-50m, with spacings generallycloser near surface and wider atdepth. Some deposits aredrilled on 20m section spacings.	Resource holes on 25msections with variable10-50m on sectionspacing. Densitydecreasing at depth.	Dominant resourcepattern of 40m x 40m.Ramelius has addedselected infill drillingon 20m infill sectionson variable 20-50mspacings. 6 lines of10m x 10m infill RCwere included in thecentral south area.	Marda Central 12.5sections x 12.5m,Golden Orb 20msections x 8-20m, KingBrown 12.5 sections x6-10m, Die Hardy 40msections x 10-20m,	Drilling patterngenerally on 25msections and 10-30meastings.	Drilling largely of 40msections with 30mhole spacing andsome 20m infillsections.	Dominant pattern of20m x 20m holes withfrequent closerspaced infill (20m x10m)
		may be less representative than larger RC samples.		data is available and checks have been conducted to verify original and electronic datasets.		All recent samples sub-sampled using accepted splitting techniques and have been delivered to laboratory for total preparation by crushing and pulverisation, before being sub-sampled foranalysis. At Tampia significant numbers of mineralised duplicate samples were selected based on Arsenic grade (by handheld pXRF analysis) and submitted. Analysis of duplicates showsSample sizes are generally appropriate for grain size and material types being sampled, although nuggety gold exists at Edna May, Penny & Shannon and small samples, i.e. half NQ core,Recent (+2002) data is captured using logging software (i.e. Field Marshall or Logchief)) and transferred to a central databases (i.e. SQL). Assay results are loaded electronically. Alldrillhole data is visually validated prior to resource modelling. For old data detailed information for verification of sampling and assaying is generally not available. In limited cases hardcopyRecent (+2002) collars have been surveyed by DGPS instruments or by minesite surveyors to sub-metre accuracy. All recent holes were downhole surveyed using electronic camera orgyroscopic survey tools. Old: Collar survey method is not always recorded for all old holes, however at Mt Magnet and Vivien mine site surveyors were available and used. Downholesurveys not available for all older drilling. If present, downhole survey method frequently unknown. Tampia drilling post 2014 surveyed by commercial surveyor and downhole electronic

	Drill spacing is sufficient to establish appropriate continuity and the classifications applied.
	RC: Vast majority of samples are 1m, with minor 2 or 4m composites, generally outside mineralised areas. Diamond: 1m samples or geologically defined 0.3 -1.5m samples. All datacomposited to 1m lengths for resource calculations.
Orientation ofdata in relationto geologicalstructure	Orientation of geologicalstructure and deposit geometryis varied at Mt Magnet.Intercept angles are usuallyorthogonal or high-angle tostratigraphy and vary to suitindividual deposits.Mineralisation is frequentlycomplex with structurallycontrolled stratigraphic andcross-cutting sub-verticaltrends. Drillhole dip angles aregenerally at a moderate to highangle to steeply dippingstratigraphy and mineralisation.	Drillholes are orientatedorthogonal to thegeological andmineralised trend.Intercept angles aremoderate to high angle.Typically as -60°southdipping holes drilling asteeply -80°westdipping gneiss unit.High grade UG quartzreefs have beentargeted withorthogonal UG DDholes	Drillholes areorientated orthogonalto the geological andmineralised trend.Intercept angles aremostly at a high angleand often >85°.Typically as -60°northwest dippingholes drilling shallow30° east dipping lodezones.	The core drilling andRC drilling iscompleted orthogonalto the interpretedstrike of the deposits.A number of scissorholes exist at mostdeposits. Marda orezones are generallyvertical. Die Hardy -40° SW dipping lodezone. New RMSdrilling is -60° to theNE.	Drillholes areorientated orthogonalto the geological andmineralised trend.Intercept angles are ata moderate to highangle to the lode.Typically as -60° NWdipping holes drilling a-75° SE dipping lodezone.	Drillholes areorientated orthogonalto the geological andmineralised trend.Intercept angles are ata moderate to highangle to the lode.Typically as -60° Wdipping holes drilling a-55° E dipping lodezone.	Drillholes generallyorthogonal withvertical to -70°holesintersecting flat toshallow dippingsupergene and lodezones.
	No bias considered present for all deposits. Minor potential for orientation bias for some individual holes exists, but no bias is believed evident at deposit scales.
Samplesecurity	Recent: All samples have been collected by Ramelius geological staff. Samples are transported to the laboratory by commercial transport companies. The laboratory receipts receivedsamples against the sample dispatch documents and issues a reconciliation report for every sample batch.
Audits orreviews	No external audits or reviews of sampling techniques and data collection have been undertaken.

Section 2	Reporting of Exploration Results
Mineraltenement andland tenurestatus	Mt Magnet resources andreserves fall within thecontiguous Mt Magnettenement group. Total of 62Mining Leases and 6Prospecting leases 100%owned by Mt Magnet Gold PtyLtd, a wholly owned subsidiaryof RMS.	Edna May falls withinM77/88 owned 100%by RMS subsidaryEdna May OperationsPty Ltd.	The Tampia deposit islocated on M70/815&M70/816, owned100% by Ramelius.	Marda ore depositsare located on MiningLeases owned 100%by RMS subsidaryMarda Operations Ltd.	Vivien falls withinM36/34 owned 100%Ramelius ResourcesLtd	Penny falls withinM57/180& M57/196owned 100% byRamelius subsidaryPenny Operations Ltd.	Symes falls withinM77/1111 owned100% by RameliusResources Ltd
	Operating mine site. No knownimpediments.	Operating mine site. Noknown impediments.	RMS owns underlyingfreehold farmland.Operating mine site.	Previous 2014 mineplan was granted aMining Approval &Clearing Permit.	Operating minesite.	Minesite indevelopment at June2021.	Lease is on Freeholdland. Mining accessdeal to be completed.

Explorationdone by otherparties	In all deposits significant exploration and development work has been carried out by previous owners. i.e. Mt Magnet -Asarco, Wiluna Mines, Australian Goldfields and Agnew Gold Mining Company. Edna May -Southern Cross Goldfields. Penny -surveys, data collation and modelling.		EastMet, Metana, GMA, Aquila and Spectrum. Work includes geological interpretation, soil sampling, exploration and resource drilling, geophysical		Westonia Mines, ACM, Catalpa. Tampia -	WMC, Metana Minerals, Hill 50 Gold and Harmony Gold. Vivien -BHP, Nexus, Explaurum. Marda -	Chevron, Cyprus,
Geology	Archaean gold mineralisation.Mineralisation is principallyhosted within Banded IronFormations (BIF) where gold isspatially associated with NEtrending faults and associatedwith pyrrhotite or pyritemineralisation. Additionally goldis commonly found in late stagefelsic intrusives or structurallycontrolled zones which crosscut stratigraphy on NE trend.Interpretation for Mt Magnetresources is based on a longhistory of exploration, open-pitand underground mining.Numerous geologicalinterpretations, pit fact mapsand reports exist & almost allresources (except Eridanus)have been previously mined	Hosted by the EdnaMay Gneiss, ametamorphosedgranitoid with strikelength of 1km, width of140m and depth extentof 700m and boundedby a mafic-ultramaficstratigraphy.Mineralisation relates towidespread quartzveining, which occursas thin sheeted foliationparallel or larger crosscutting reef veins with apolymetallic sulphideassemblage.Mineralisation forms abroad low-gradestockwork throughoutthe gneiss. Greenfinchdeposit very similar.	Tampia is hostedwithin Archaean maficfelsic granulite faciesunits. Goldmineralisation ishosted within a maficgniess unit dominatedby pyroxeneplagioclse -amphiboleminerals. Late graniticsills intrude the maficgniess. Goldmineralisation occursas shallow dipping(20°-30°), 2-20m thicklode zones subparallel to the graniticsills. Goldmineralisation ofassociated withdisseminatedpyrrhotite,arsenopyrite,chalcopyrite and rarepyrite.	Mineralisation is likelycontrolled by shearzones/fault zonespassing throughcompetent BIF rockunits, hosted withmafic/ultramaficstratigraphy. Gold isassociated with pyritealteration in brecciatedBIF, +/-quartz. Deepweathering has likelygenerated supergeneenhancement of goldwithin the weatheredzone.	Vivien is a typicalorogenic structurallycontrolled Archaeangold lode system. It isa steeply dippingnarrow quartz veinhosted within adolerite/gabbro unit. Ithas strong geologicalcontinuity and is wellunderstood fromdiamond drill core andhistoric mining andinvestigation.Mineralisation isrelated to a secondaryphase of quartzveining withassociated sulphidemineralisation.	Penny is an orogenicstructurally controlledArchaean gold lodesystem. Goldmineralisation occurswithin narrow, steeply,east dipping, quartzsulphide lodes. Thequartz veins arevariably massive,laminated orbrecciated with avariable sulphideassemblage of pyrite,pyrrhotite, galena,chalcopyrite andsphalerite & frequentVG. High Ag grades(1:1 Au) are noted.	Shallow dipping goldlodes are hostedwithin mafic gneissunits, often occurringbetween intrudingpegmatite sill units.Significantmineralisation occursin shallow flatsupergene or insurface laterites.
Drill hole	This report relates to resources and reserves based on existing drillhole datasets. No new exploration results are reported. All previous RMS significant new drilling results have beenpreviously reported.
information	This report relates to resources and reserves based on existing drillhole datasets. No new exploration results are reported. All previous RMS significant new drilling results have beenpreviously reported.
Data	No exploration results are reported. Intercepts used in resource modelling are typically defined by cutoff and/or geological interpretation. Lower reporting cutoffs vary from 0.4 to 2 g/t basedon deposit style and whether open pit or underground mining scenario. Topcuts not generally applied to drill intercept reporting.
aggregationmethods	Weighted averages are applied to determine the grade of the anomalous interval when irregular sample intervals have been used.
	No metal equivalents, gold only
Relationshipbetweenmineralisationwidths andinterceptlengths	This report relates to resources and reserves based on existing drillhole datasets. No new exploration results are reported. True width or relationship is generally reported where known.
Diagrams	Appropriate plans and section are reported with previous RMS drilling result releases. Example resource/reserve pictures are presented above.

Balancedreporting	This report relates to resources and reserves based on existing drillhole datasets. No new exploration results are reported. All previous RMS significant new drilling results have beenpreviously reported. Generally all holes are reported.
Othersubstantiveexplorationdata	All deposits have had some degree of additional sampling or testwork in regard to geotechnical investigation, geochemical characterisation, metallurgical testwork and densitymeasurement, usually on specific selected diamond core holes. Other exploration data is useful in understanding geology and mineralisation types but is generally not material to resourceestimation.
	Further work will consists of ongoing infill or extensional drilling on material projects likely to convert to reserves and extend mine life.
Further work	Further work mainly comprises of further drilling programmes. No details or diagrams are attached for this announcement.

Section 3	Estimation and Reporting of Mineral Resources
Databaseintegrity	Recent (+2002): Ramelius employs an SQL central database using Datashed information management software. User access to the database is regulated by specific user permissions.Only specific users can overwrite data. Data collection uses Field Marshall or Log Chief software with fixed templates and lookup tables for collecting field data electronically. A number ofvalidation checks occur upon data upload to the main database. Recent data from Edna May (Evolution), Vivien (AGMC), Tampia (Explaurum) & Penny (Spectrum) has employed similarmeasures. Old: The majority of data has been inherited as SQL or access databases and integrity measures is largely unknown. Numerous old resource reports list previous validationexercises, however new checks have not been systematically undertaken.
	Validation checks include electronic checks for missing assays and geology intervals, overlapping intervals, duplicate assays, EOH depth, hole collar elevations and assay value detectionlimits, negative and zero values. Some historic data, has been checked against hardcopy logs.
Site visits	The Competent Person is a full time employee of Ramelius Resources Ltd and has made multiple site visits to all deposits, except Symes. Visits have confirmed understanding of depositsand datasets.
	Confidence in the geological interpretation of the deposits is high. Most deposits have had a significant history of exploration and recent mining. Mining has just commmenced at Tampia.Geological interpretations have been formulated over many years and multiple drilling campaigns.
	Data used includes drilling assays & logging from a number of generations of drilling. Numerous geological interpretations, pit or underground maps and reports exist and most resourceshave been previously mined to some degree. Drillhole geological loggingand mapping data is the primary information used to interpret geological and fault wireframes.
	No alternate interpretations have been considered necessary
Geologicalinterpretation	Geology forms the base component of all interpretations. At Mt Magnet mineralisation is principally hosted within Banded IronFormations (BIF) where gold is spatially associated with NEtrending faults and associated with pyrrhotite and pyrite mineralisation. Additionally gold is commonly found in late stage felsic intrusives which cross-cut stratigraphy in NE trend. Forresource modelling the geology has generally been interpreted first followed by a separate interpretation of mineralisation envelopes. At Vivien & Penny mineralisation is hosted by a steeplydipping quartz veins within a mafic to intermediate stratigraphy and strongly associated with sulphide mineralisation within the vein. At Edna May is a large scale vein stockwork within analtered metamorphosed granitoid, with a number of higher grade quartz 'reefs'. Tampia mineralisation is hosted in a mafic gniess and occurs in shallow dipping lode/shear zones sub-parallelto the banding and granitic sills.
	Continuity is affected by geological extents and mineralisation as currently defined by drilling

Dimensions	Numerous variations.Examples: Saturn pit cutback700m long, 350m wide & 190mdeep. Main Saturn BIF hostedorezone strikes length of pit, is5-30m wide, subvertical andcurrently drilled to 350m verticaldepth. Higher grade zonestypically occurring as verticalshoots in BIFs. Minimum widthin resource interpretationsgenerally 3-4m, exampleGolden Stream narrow subvertical BIF hosted resourceover 270m strike length, drilledto 90m down-dip.	Edna May gneiss unit isa lenticular body,typically 50-150m thick,1000m long anddefined down-dip to700m. It strikes eastwest and dips N at 50-60°.Internal high-gradequartz reefs occur andstrike N-NE and dip 45-50 W.	The deposit has astrike of 1000m, downdip width of around400m and depthextent of around150m. The maficgniess, granite sillsand mineralised lodeshave a shallow SEdipping, gently foldedorientation forming a'bowl' shapedgeometry.	Lode and shearhosted styles. Strikesrange from 140m(Dugite) to 450m(Golden Orb) and dipat 70-90°. Averagelode widthapproximately 10m,mostly rangingbetween 2-20m.Down-dip extentstypically 50-75m.	Narrow vein/lodestyle. Strikes NNE anddips at 70° to ESE.Average widthapproximately 2.7m,ranging between 1-7m. Established strikelength of 600m anddown dip extent of400m.	Penny lodes are anarrow vein/lode style.Penny North strikes Nand dips 55°to E.Average width around2-3m, ranging from1m to 6m. Strike anddip extent of 250m by200m. Penny Westsimilar and Magenta &Columbia are muchsmaller.	The main shallow lodezone has a strike of120m to NE and dipsaround 25° to the SEwith a thickness of 4-12m. Flat lyingsupergene zones arearound 20-40m wideand 40-100m long.Laterite ore isextensive i.e. 500m xup to 200m, exceptwhere previouslymined.
Estimation andmodellingtechniques	3D mineralisation wireframesare interpreted in Micromine.Often multiple domains weregenerated to reflect geologicalhost, mineralisation style orlocal spatial trends and hardbound assay information at anominal 0.2 -0.5g/t (open-pit)cutoff. Estimation by anisotropicOrdinary Kriging or ID methodsusing 1m composited assaydata in parent cells only.Eridanus uses a estimatedgrade indicator values (+/-0.25g/t) generate ore & wastedomains. Topcuts applied bydomain determined by review ofpopulation stats. All resourceshave previous versions tocompare. Models werevalidated visually against assaydata.All deposits have previous resource estimates which have been used as checks against current estimates. Significant mining byoccurred and allowed comparison of resource estimates to production.No by-products	The Edna May Gneissunit forms the mainmineralised domain andgrades were generatedwithin it usinganisotropic OrdinaryKriging. Populationstatistics were reviewedand appropriate topcutsand parametersapplied. Quartz reefswere constrained withininterpreted lode shapesand estimatedseparately.	3D mineralisationwireframes interpretedin Micromine. Lodedomains interpretedbased on 0.2-0.5g/tcutoff and or/+400ppmAs. A minimumthickness of 2-3m isused. Two internalhigh-grade subdomains whereinterpreted to controlzones of notablyhigher grade. Gradewithin each domain isestimated usingInverse Distance¹.Ordinary Kriginggrades weregenerated andcompared.	3D mineralisationwireframes interpretedin Micromine. Lodedomains interpretedbased on 0.6-0.8g/tcutoff. Hard boundedgrade estimation byInverse Distancemethod using 1mcomposited topcutassay data to parentcells only. Anisotropicsearch ellipse basedon interpretation ofcontinuity.	3D mineralisationwireframe interpretedin Micromine. Singlelode domaininterpreted based onquartz vein position,with minimum 1.5mdownhole width.Grade estimation byOrdinary Krigingmethod using 1mcomposited topcutassay data to parentcells only. Anisotropicsearch ellipse usingstrike and dip and withNE plunge usedreflecting previousinterpretations andvariography.	3D mineralisationwireframe interpretedin Micromine. Lodedomains areinterpreted based onquartz vein position,with minimum 2mdownhole width.Grade estimation byInverse Distancemethod using 1mcomposited topcutassay data to parentcells only. Anisotropicsearch ellipseinterpreted plungecontinuity to the south.RMS at Mt Magnet, Vivien, Edna May and Marda has also	3D mineralisationwireframes interpretedin Micromine. Oredomains interpretedbased on a nominal0.5g/t cutoff. Hardbounded gradeestimation by InverseDistance methodusing 1m compositedtopcut assay data toparent cells only.Anisotropic searchellipse interpretedcontinuity.

	No non-gold elements of significance. Low sulphur or sulphur directly related to ore grade material. Arsenic grade is estimated at Tampia and used in the calculation of mill recoveries.
	Eridanus block size 5m(X) x5m(Y) x 5m(Z) with limitedsubcelling (50%). Parent cellestimation only. Other depositssimilar sizes -frequently 5m(X)x 10m(Y) x 2.5m(Z). Anisotropicsearches -maximum range120m	Block size 10m(X) x5m(Y) x 5m(Z) withlimited subcells (quartzreefs). Parent cellestimation only.Anisotropic search -maximum range 100m	Block size 5mE x10mN x 5mRL withsub-cells to minimumof 1mE x 2mN x1mRL. Parent cellestimation only.Anisotropic search -maximum range 100m	Block size typically10mE x 5mN x 5mRLwith subcelling tominimum of 2mE x1mN x 2.5mRL.Parent cell estimationonly. Anisotropicsearch -maximumrange 75m	Block size 5m(X) x5m(Y) x 5m(Z) withsubcells. Parent cellestimation only.Anisotropic search -maximum range 65m	Block size 5mE x10mN x 5mRL withfrequent subcelling tominimum of 1mE x2mN x 1mRL. Parentcell estimation only.Anisotropic search -maximum range 75m	Block size 5m(X) x5m(Y) x 5m(Z) withsubcells. Parent cellestimation only.Anisotropic search -maximum range 60m
	Parent block size is generally assumed to match SMU size.
	Grades assumed to correlate along mineralised trends/wireframes and/or estimated using anisotropic searches matching correlation directions
	Mineralisation wireframes are constructed with reference to geological/mineralisation interpretations
	All gold deposits with lognormal grade distributions. Top cutting used in all estimates as per normal industry practice, generally in 97.5 to 99.5 percentile range.
	Validation has generally included visual comparison against drillhole grades, volume comparisons, global grade statistic comparison and swath grade plots
Moisture	All tonnages are estimated on a dry basis
Cut-offparameters	Reporting cut-off grades are adopted to be around operating ore cutoff grades, typically 0.5 -1.0 g/t, with variances for deposit mineralisation tenor, location and mining method. For mostdeposits interpretation cutoff is typically in the 0.2 to 0.8g/t range. Tampia interpretation cutoffs range around 0.2-0.5 g/t Au and 200-400ppm As. Arsenic is an important indicator of themineralised zone where gold grade is highly nuggety. These cutoffs encapsulate the mineralisation effectively and typically discriminate economic material from waste. Considerations ofgeology, nugget effect and mineability may mean significant sub-grade material is incorporated if required for some deposits.
Mining factors	Eridanus, Morning Star and most Mt Magnet deposits, Tampia, Symes & Marda are modelled as open pit deposits. Factors include potential pit depths, minimum mineralisation widths andeconomic cutoffs based on current contract mining equipment and milling facilities. UG deposits, including Galaxy, Hill 60, Shannon, Vivien, Edna May lodes and Penny are modelled withconsideration of extraction by conventional sub-level open stoping methods. Edna May, Galaxy and Eridanus models are generated for bulked low grade model for open pit evaluation andbulked underground mining scenarios.
Metallurgicalfactors	Metallurgical treatment is based on current ore production or metallurgical testwork. Milling is occurring at Ramelius' Checker mill (Mt Magnet), a 1.7 Mtpa CIL gold plant and the Edna Maymill (Westonia), a 2.8Mtpa CIL gold plant. Mt Magnet deposits are currently or have recently been processed with recoveries around 91-94%. Edna May has significant gravity recoveries(≈50%) and high totalbeen carried out. Recovery is variable and appears to relate to presence of arsenopyrite and loellingite (FeAs²). A calculated recovery factor was generated per block based on arsenicgrade for use in evaluations.	recoveries (≈94%). Vivien is processed at Mt Magnet with recoveries of around 96%. For Tampia siginifcant number of historic and recent metallurgical tests have
Environmentalfactors	All sites are now operating or recently operating mine sites (except Symes) and compliant with all legal and regulatory requirements. No significant environmental issues are envisaged.Approvals processes are underway for a number of projects.
Bulk density	All deposits have a number of density measurements based on core samples using water immersion method. Calculated density is dry. The number of measurements is variable but thereare enough to give representative average density values to use in ore and waste tonnage calculations. At Tampia a gamma density probe was used for much of the resource drilling aprovides an extra density measurement, however these values are not directly used in modelling.
	Density measurements are available for fresh core, but limited measurements exist for oxidised or transitional materials. Oxidised densities used often include assumed values based onprevious mining data and the CP's experience.

	All resources have dry densities assigned by geologically interpreted weathering horizon, plus rocktype where appropriate. At Vivien a variable density calculation is applied to fresh quartzlode based on ore grade. This fits with measured densities and the correlation between sulphide content with gold grade.
	It is assumed the deposit densities can be represented by the average values determined or estimated by rocktype and oxidation type.
	Mineral Resources have been classified into Measured, Indicated and Inferred categories based on drillhole spacing, geological confidence, information quality and grade continuity. Only asmall proportion of resources have been classed as Measured and generally occur in areas of high drilling density where grade control data is available.
Classification	Appropriate account has been taken of all factors
	The classification reflects the Competent Person's view
Audits orreviews	The Edna May and Vivien mineral resource estimates have been reviewed by an external geological consultant. While a number ofminor changes and enhancements were recommended,no significant flaws to the resource models were found. Historic drilling data information quality was not reviewed. Other Mt Magnet resources have not been externally reviewed. ForTampia a resource geological consultant was used to generate alternative slightly earlier versions of the resource and several methodologies were adopted from this work. This also gave amodel for comparison.
Discussion ofrelativeaccuracy/confidence	All deposits have a number of previous resource estimates for comparison. Much of the drilling data used however is historic (exceptions Eridanus, Penny & Tampia) and methodology detailand quality assurance information is not always complete or in hardcopy records which have not been systematically investigated. Hence the bulk of resources have been assigned anindicated or inferred status. At the Mt Magnet deposits: Galaxy, Morning Star, Hill 60 and at Vivien, historic underground mining voids exist and surrounding remnant resources if existing aregiven a maximum of Indicated status. Confidence levels are reflected by the classifications applied and reported.
	The estimates are global estimates
	Many of the resources have current production data to compare, including, Eridanus, Shannon, Hill 60, Vivien, Marda and Edna May and reconcile within -10% to +20% of estimates.

Section 4	Estimation and Reporting of Ore Reserves
MineralResourceestimate forconversion toOre Reserves	Mt Magnet ore reserves arebased on revised resourceestimates generated by RMSfrom 2012 to 2021	Edna May ore reservesare based on currentRamelius resourcemodels	Tampia ore reservesare based on currentRamelius resourcemodels	Marda ore reservesare based on currentRamelius resourcemodels	Vivien ore reservesare based on currentGrade Control model	Penny ore reservesbased on currentRamelius resourcemodel	N/A
	Mineral Resources are reported inclusive of Ore Reserves
Site visits	The Competent Person is a full time employee of Ramelius Resources Ltd and has made multiple site visits, except Symes. Visits have confirmed understanding of reserve work.
	At Mt Magnet, Edna May and Vivien reserves are based on budgeted production, life of mine planning, feasibility and pre-feasibility studies conducted within the last 4 years.
Study status	Ore Reserves have been generated after studies appropriate to the deposit type, mining method and scale and are considered tobe at least Pre-Feasibility level. Mining studies have beencarried out both internally and using external consultants with appropriate geotechnical, hydrological, equipment, metallurgical and mining method information. Costs have been used fromcurrent budgeted mining, milling and administration costs. Environmental, social and other factors have been considered internally.
Cut-offParameters	Cut Off grades vary between 0.6 and 0.9g/t depending upon haulage and processing costs of treatment plant. Cut Off grades are					inclusive of administration overheads.

Mining factorsor assumptions	Models have been created with a parent block size to reflect likely SMU block size and mining resolution prior to optimisation and design work to generate ore reserves. Some models havehad blocks regularised to generate an appropriate SMU size.
	Appropriate mining methods are used. Open pit mining methods for open pit projects using current design, mining equipment andcost parameters. Selective open stoping undergroundmethods are used for Mt Magnet & Edna May underground reserves. For Vivien andPenny a conventional, narrow, top-down, long hole stoping method, with partial backfilling is used.
	Geotechnical parameters are derived from current mining practises and regular inspection & reporting by geotechnical consultants for all operating mines. All new projects have a number ofgeotechnical drillholes and assessments generated. Grade control processes are well established and generally consist of RC drilling within pits or face sample grade control and drilling inundergrounds.
	Dilution factors are used for all pits and range between 2 -15% based on deposit style, resource model block size, orientation and mining method. Underground ore reserves are basedupon designed excavations indicative of planned dilution and additional unplanned dilution allowances.
	Open pits mining recoveries range between 85-98%. Underground mining recoveries include allowances for designed pillars, minimum mining widths and unplanned dilution.
	Generally a minimum width of around 3m is assumed for open pit and 1.5 -2m for underground with increased applied dilutions for narrower widths.
	Inferred mineral resources for pits have been tested in optimisations but are not included in Ore Reserves or final pit economic evaluations. The project viability is not dependent on theinferred resource.
	Milling will use Checkers mill at Mt Magnet and Edna May mill, conventional gravity recovery and CIL processing circuits. Significant milling information historical and/or current testwork isavailable for all deposits.
	Process is proven technology.
Metallurgicalfactors orassumptions	For Tampia significant testwork was used to generate a recovery curve based on Arsenic grade. A recovery calculation is applied to the block model and recoveries range from 40-95%.Average recovery is partially dependent on ore cutoff grade but is around 87%. The Edna May mill will be operated to target grind size to 125µm for processing of Tampia ore.
	No deleterious elements present
	No bulk samples or bulk sample requirement
	No specifications, gold
Environmental	Environmental studies including waste rock characterisation studies from drill samples, flora and fauna and hydrological surveys have been carried out for all projects. Mining Approvals arecurrently granted for the Mt Magnet & Edna May & Marda pits. Mining Approvals are being prepared or in progress for the Die Hardy pit (Marda).
Infrastructure	Site infrastructure is in place for current mining and milling operations. Additional infrastructure required and not yet in place to support the ore reserve include an airstrip and road upgradesat Penny and road upgrades at Die Hardy (Marda).
Costs	Capital costs based on current costs and budget model or recent Feasibility studies.
	Operating costs based on current costs and budget models.
	No deleterious elements present
	Using recent average gold price

	Cost models use Australian dollar
	Transport (Vivien, Marda & Tampia ore haulage) cost based on contracted or quoted rates
	Treatment costs based on known current milling costs. No penalties or specifications
	Royalty costs are included in budget models, financial evaluations and feasibility models
Revenuefactors	All reserves are generated at $2250/oz or less.
Marketassessment	Doré is sold direct to the Perth Mint at spot price or used to fill hedging obligations
	Not industrial mineral
Economic	Discounted cash flows were carried out to determine relative NPV's, using a 5% annual discount rate.
	Sensitivity to gold price, grade and costs was also evaluated.
Social	Agreements are in place with stakeholders including traditional land owner claimants, pastoralists and the local Shires for current operations. Additional agreements required at Penny,Tampia and Symes
Other	No material risks or impacts are identified.
Classification	Reserves have been classified according to Resource classification. The majority are Probable with a limited amount of Proven
	They reflect the Competent Person's view
	No probable reserves are derived from measured resources
Audits orreviews	No recent external reviews
Discussion ofrelativeaccuracy/confidence	Confidence is in line with gold industry standards and the companies aim to provide effective prediction for current and future mining operations. No statistical quantification of confidencelimits has been generated. Estimates are global by deposit. The Ore Reserve is most sensitive to a) resource grade prediction, and b) gold price.

AI assistant

RAMELIUS RESOURCES LIMITED Capital/Financing Update 2021

65718_rns_2021-09-09_65e4d7b4-ee34-48a8-8b0c-ff8e2fe34bbd.pdf

RESOURCES AND RESERVES STATEMENT 2021

Mineral Resources up 15%, Ore Reserve depletion replaced