RAMELIUS RESOURCES LIMITED — Earnings Release 2017

Oct 9, 2016

10 October 2016 For Immediate Release

RECORD PRODUCTION EXCEEDS GUIDANCE RANGE – SEPTEMBER 2016 QUARTER

Ramelius Resources Limited ( ASX:RMS ) is pleased to announce record gold production and exceeded Guidance for the September 2016 Quarter with 36,179 ounces of gold produced from the Company’s operations in Western Australia. A brief update on operational, development and corporate activities follow;

OPERATIONS

• Group quarterly production of 36,179 ounces (Guidance: 31-35,000 ounces) o Mt Magnet contribution of 17,121 ounces

  • Kathleen Valley contribution of 11,102 ounces

  • Vivien contribution of 7,956 ounces

• Given that gold production exceeded the Guidance range, the unit costs (AISC/oz) are expected to be significantly lower than Guidance of A$1,100/oz (US$825/oz)

DEVELOPMENT (MT MAGNET)

• Blackmans open pit - access road, clearing and initial grade control commenced

• Water Tank Hill underground - finalising approvals, preparing for commencement

• Milky Way open pit - maiden Ore Reserve announced as part of annual Resources & Reserves Statement in September 2016

CORPORATE

• Cash and gold on hand increased to A$88.7M (Jun 2016 Qtr: A$49.7M)

• A$23.4M net proceeds from the capital raise announced in July 2016

• A$11.7M expenditure on capital development in the Quarter at;

  • Titan open pit pre-strip (Mt Magnet) - A$8.2M

  • Blackmans open pit set-up (Mt Magnet) - A$0.5M

  • Water Tank Hill set-up activities (Mt Magnet) - A$0.5M

  • o Exploration - A$2.0M

  • Kathleen Valley rehabilitation work - A$0.5M

• Nil corporate debt

Ramelius Managing Director, Mark Zeptner today said:

“Consecutive record quarters from the operations team, is an excellent performance result, carried out with a minimum of fuss. The December 2016 quarter will be a particularly busy period with Kathleen Valley winding down and mining commencing at both Blackmans & Water Tank Hill although, to be honest, we are well experienced in this area. The bottom line cash generation by the Company is undeniable at current A$ gold price levels.

On the exploration front, it is great to bring Milky Way into Reserve but I also look forward to a number of positive exploration updates across our portfolio over the next 3-6 months.”

Further details will be available in the full quarterly report later this month.

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

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