RAMELIUS RESOURCES LIMITED — Interim / Quarterly Report 2014

Jul 29, 2014

For Immediate Release 30 July 2014

Quarterly Report for the Period Ending 30 June 2014

HIGHLIGHTS – OPERATIONS & DEVELOPMENT

• Group quarterly production of 25,422 fine ounces of gold at a cash cost of A$1,013 per ounce (Mar Qtr: A$1,213).

• Mt Magnet achieved gold production of 19,215 fine ounces of gold refined at a cash cost of A$1,170 per ounce (Mar Qtr: A$1,428).

• Burbanks Mill achieved gold production of 6,207 fine ounces of gold refined at a cash cost of A$525 per ounce (Mar Qtr: A$636).

• Vivien Project permitting process well advanced with Mining Proposal and Project Management Plan applications approved.

PRODUCTION GUIDANCE – SEPTEMBER 2014 QUARTER

• Mt Magnet is expected to produce 18,000-19,000 ounces of gold in the September 2014 quarter, after allowing for a planned half-yearly SAG mill re-line in September 2014.

• Burbanks is expected to produce 3,000-4,000 ounces of gold in the September 2014 quarter, as the remaining Coogee ore is processed.

HIGHLIGHTS – CORPORATE

• Ramelius to acquire Kathleen Valley Gold Project from Xstrata Nickel Australasia, with completion expected by 31[st] August 2014.

• Quarterly gold sales of A$35.8M at an average sale price of A$1,376/oz.

• 4,476 ounces of gold repaid to Deutsche Bank under existing finance facility, leaving only 2,984 ounces of gold payable.

• Cash and gold on hand of A$16.6M at the end of the quarter, after final payment late in June 2014 for the Vivien project of A$5.5M.

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Figure 1: Ramelius Project Locations

Ramelius has active gold mining and processing operations at Mt Magnet and Burbanks and has acquired the high grade Vivien gold project near Agnew. A transaction to acquire the Kathleen Valley gold project is in progress.

PRODUCTION SUMMARY

Table 1: Gold Production June 2014 quarter

Operation	Mine Production ROM (t)	Milled Tonnes (t)	Head Grade (g/t Au)	Gold Recovery (%)	Production (recovered ounces)	Fine Gold Production (ounces)	Cash Cost* (A$/oz)
Mt Magnet	245,665	420,132	1.58	89	18,916	19,215	1,170
Burbanks	-	44,360	4.76	95	6,451	6,207	525
Total	245,655	464,492	1.88	90	25,367	25,422	1,013

• Note: From 1 July 2014 the Company has adopted the use of “All-In Sustaining Costs” (AISC) in accordance with World Gold Council guidance and will commence reporting AISC information in the September 2014 Quarterly Activities Report.

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MT MAGNET GOLD MINE

Mt Magnet performed well with higher mill throughput and gold production within guidance. Western Queen South high grade ore stocks were depleted during the quarter and head grade consequently decreased. However, with improved mill throughput, 18,916 ounces of gold were recovered, and 19,215 fine ounces of gold poured.

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----- Start of picture text -----

Mt Magnet Gold Mine
Production by Quarter
800,000 2.00
700,000
1.75
600,000
1.50
500,000
400,000 1.25
300,000
1.00
200,000
0.75
100,000
0 0.50
Milled Tonnes Recovered Gold Head Grade
Grade (g/t)
Tonnes / Gold (grams)
----- End of picture text -----

Figure 2: Mt Magnet Quarterly Production

The Checker mill processed 420,132 dry tonnes at a head grade of 1.58 g/t Au for the Quarter.

Mining in the Saturn pit saw improved ore grades mined as the cutback reached the base of the previously mined pit. Mining at the Mars pit was recommenced to schedule production effectively in line with the latest 2014/15 budget plan. Milled grade reflects the blending of fresh higher grade pit ore with stockpiled low grade oxide ore, at a 4:1 blend ratio, to achieve optimum throughput without damage to the SAG mill.

WESTERN QUEEN SOUTH OPEN PIT

Mining at the Western Queen South pit was completed in the March 2014 quarter. In the June quarter, the remaining ore was trucked to Mt Magnet and milled. Site clean-up and rehabilitation was mostly completed during the June quarter as per the approved mine closure plan.

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COOGEE OPEN PIT

Mining at the Coogee pit was completed in the March 2014 quarter. Site clean-up and rehabilitation was also completed during the June quarter as per the mine closure plan. Ore haulage to the Burbanks mill continued throughout the June quarter, with haulage actually completed on 30[th] June 2014.

BURBANKS MILL

Milling of Coogee ore continued steadily throughout the quarter. Grades have remained high and mill production for the quarter was 44,360 t @ 4.76 g/t for 6,451 oz recovered, whilst fine gold poured was 6,207 ounces. Remaining Coogee ore stocks are lower grade (~3.5 g/t) and will be depleted in the September 2014 quarter.

PROJECT DEVELOPMENT

Vivien Gold Project

Acquisition of the Vivien gold project was completed on the 1[st] July 2014, following a final payment of A$5.5M late in June 2014 and which included a GST amount of A$1M that will be recouped at the end of July 2014.

Ramelius completed a bankable feasibility study (BFS) including detailed mine design, financial evaluation, geotechnical, metallurgy, environmental, hydrology and heritage work. Regulatory approval processes are well advanced with all major approvals received including the Mining Proposal and Project Management Plan. The Ramelius BFS was reviewed by an external consultant and no significant issues were raised.

The study envisages mining a Total Mining Inventory of 451,000 tonnes at 7.6 g/t Au for 109,000 ounces over a period of 30 months, after 8 months of underground development. The Total Mining Inventory is based on the Ore Reserve and a small proportion of Inferred Mineral Resources (for full details please refer to ASX Release ‘Vivien Gold Mine Feasibility Completed’, 30 May 2014).

Kathleen Valley Gold Project

During the quarter, Ramelius signed a Sale and Purchase Agreement with Xstrata Nickel Australasia Operations Pty Limited (XNAO), a subsidiary of Glencore plc, and with Giralia Resources Pty Limited (Giralia) to acquire 100% of the XNAO Kathleen Valley tenements and 100% of the tenements held by XNAO and Giralia as the participants in the Kathleen Valley and Mount Harris Joint Ventures. Ramelius will pay a total of A$4.05M for the purchase and expects completion to occur by the 31[st] August 2014.

The XNAO Kathleen Valley tenements are located 50km north of Leinster in Western Australia (Figures 1 & 3) and contain Mineral Resources of 130,000 ounces of gold in three deposits - Mossbecker, Yellow Aster and Nils Desperandum (for Mineral Resource details please refer to ASX release ‘Acquisition of Kathleen Valley Gold Project’, 10 June 2014).

Ramelius intends to complete further resource definition drilling within the next six months to enable the Company to upgrade resource confidence and complete mine planning studies. Scoping studies undertaken on behalf of XNAO indicate the potential for high grade open pit developments with low capital costs.

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Figure 3: Kathleen Valley and Vivien gold projects – Leinster WA

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EXPLORATION SUMMARY

Exploration drilling focused at Vivien, Vivien Gem and Coogee during the quarter.

Vivien Deeps

An aggregate 1,515m from 5 holes (VVRC1000 to 1005) was drilled at Vivien to complete the programme started in the March 2014 quarter (refer ASX Releases dated 17[th] April 2014 and 29[th] May 2014). The drilling scoped for possible extensions to the hangingwall lode intersected in VVDD1005 (6.7m at 8.29 g/t Au) and returned encouraging hangingwall gold intersections up to 9m at 2.88 g/t Au from 127m, including 1m at 10.7 g/t Au in VVRC1000 (Figure 4). Assay results are tabled in Appendix 1.

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Figure 4: Longitudinal section – Vivien gold project

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Vivien Gem

The Company completed an aggregate 2,887m from 13 RC drill holes (VVRC1006 to 1018) to test the plunge of high grade mineralisation at Vivien Gem, located 2km north of Vivien (refer ASX Release dated 29[th] May 2014). Encouraging intersections included:

• 6m at 7.06 g/t Au from 212m in VVRC1011

• 10m at 6.56 g/t Au from 176m in VVRC1017, including 1m at 45.21 g/t Au from 180m

Complete drill hole results are compiled in Appendix 1.

Gold mineralisation at Vivien Gem is analogous to Vivien and is hosted by quartz-sulphide veining within a sheared dolerite unit. North of 6904950mN, the dolerite thins and is fault offset to the west. Only low grade gold mineralisation extends north of the fault. Further drilling is planned to test the interpreted plunge projection of the high grade gold mineralisation intersected to date (Figure 5).

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Figure 5: Longitudinal section – Vivien Gem

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Coogee Extensions

The Company completed step out RC drilling near the Coogee open pit during the quarter (refer ASX Release dated 29[th] May 2014) with an aggregate of 751m from 5 RC drill holes (CORC0010 to 14). Encouraging intersections were returned, including:

• 3m at 21.02 g/t Au from 104m in CORC0014, including 1m at 54.47 g/t Au from 105m

Assay results are tabled in Appendix 2.

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Figure 6: Coogee gold project drill hole locations over RTP aeromagnetic image

Tanami Joint Venture (Ramelius earning 85%)

During the quarter the Company signed a farm-in and joint venture agreement with Tychean Resources Ltd (ASX:TYK). Ramelius will farm-in on a package of two granted Exploration Licences (ELs) and six EL applications in the Australian Northern Territory’s Tanami Desert region (refer ASX Release dated 27[th] May 2014).

The package of tenements is located within 100km of Newmont’s plus 4.5 million ounce Callie gold mine and represents a unique opportunity to explore over 1,700km[2] of prospective Palaeoproterozoic stratigraphy within a significant yet under-explored gold province (Figure 7).

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Under the terms of the agreement:

• Ramelius paid Tychean $50,000 cash upon execution of the agreement to assist Tychean facilitate the grant of the Highland Rocks and Officer Hills South ELs within the land package

• Subject to all necessary statutory and regulatory approvals plus the grant of the two Highland Rocks and Officer Hills South ELs, Ramelius will commit to a minimum expenditure of $100,000 within 2 years

• Ramelius may earn an 85% interest in the project by spending $500,000 within 3 years

• Tychean will be free carried until a Decision to Mine at which time it may elect to contribute its interest or convert to a 1.5% NSR Royalty.

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Figure 7: Tanami JV project location

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CORPORATE & FINANCE

Mr Mark Zeptner succeeded Mr Ian Gordon as the Company’s CEO in June 2014. Mr Zeptner is a Mining Engineer with over 20 years’ experience in gold and nickel mining in Western Australia and has been the Company’s COO since March, 2012.

Gold sales for the June 2014 quarter were A$35.8M at an average price of A$1,376 / ounce.

At 30 June 2014, the Company held A$12.4M of cash and A$4.2M of gold bullion.

During the Quarter, the Company repaid 4,476 ounces of gold under its Pre-Pay finance facility with Deutsche Bank. This leaves 2 payments each of 1,492 ounces, or 2,984 ounces of gold, to be repaid in July and August 2014 to fully repay this facility.

Completion of the Vivien project acquisition was effected on the 1[st] July 2014, following a final payment of A$5.5M made by Ramelius late in June 2014. The final payment amount included A$1M of GST, which will be recouped at the end of July 2014.

For further information contact:

Mark Zeptner Chief Executive Officer Ph: 08 9202 1127

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Appendix 1: Significant (>0.5 g/t Au) RC drilling results within the Vivien and Vivien Gem prospects – Leinster WA

Hole Id	Easting	Northing	Az/Dip	F/Depth (m)	From (m)	To (m)	Interval (m)	g/t Au
VVRC1000	261097	6903266	299/-56	186 Incl.	127 127 179	136 128 180	9 1 1	2.88 (HW) 10.7 (HW) 3.12
VVRC1001	261222	6903329	297/-61	115			Hole	Abandoned
VVRC1002	261221	6903329	291/-56	325	309 315	310 319	1 4	3.73 1.62
VVRC1003	261204	6903311	293/-47	300 Incl.	232 236	240 240	8 4	1.73 3.09
VVRC1004	261203	6903284	295/-51	289 Incl.	263 264 273	267 265 275	4 1 2	2.65 8.73 3.14
VVRC1005	261233	6903347	290/-46	300	261 294	263 296	2 2	3.17 5.51
VVRC1006	260093	6904798	057/-61	227	211	216	5	0.89
VVRC1007	260115	6904760	060/-60	229	206	209	3	3.58
VVRC1008	260079	6904743	059/-57	101			Hole	Abandoned
VVRC1009	260075	6904741	059/-59	323				NSR
VVRC1010	260069	6904917	047/-58	190	112 135 167	116 136 168	4 1 1	1.43 1.82 9.21
VVRC1011	260045	6904889	057/-59	278	174 212	177 218	3 6	1.45 7.06
VVRC1012	259985	6904912	060/-58	108			Hole	Abandoned
VVRC1013	259990	6904915	059/-54	329	198 317	203 323	5 6	1.08 1.27
VVRC1014	260012	6904990	059/-54	217	148 211	151 214	3 3	0.47 5.41
VVRC1015	259974	6905012	065/-55	191	171	174	3	2.17
VVRC1016	259898	6905042	060/-55	300	272	273	1	3.71
VVRC1017	260095	6904802	060/-56	203 Incl. Incl.	176 178 180	186 184 181	10 6 1	6.56 10.59 45.21
VVRC1018	260115	6904763	060/-57	191	168 184	172 185	4 1	1.56 5.12

Reported significant gold assay intersections (using a 0.5 g/t Au lower cut) are calculated over a minimum down hole interval of 1m at plus 0.5 g/t gold and may contain up to 1m of internal dilution. NSR denotes no anomalous assays above 0.5 g/t Au. BLD denotes below analytical detection. Gold determination was by standard Fire Assay techniques using a 50 gram charge and AAS finish with a lower limit of detection of 0.01 g/t Au. True widths are estimated to represent 55-60% of the reported Main Lode down hole intersections. HW denotes hangingwall lodes where true thickness is 90-95% of reported downhole intersection.

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Appendix 2: Significant (>0.5 g/t Au) RC drilling results within the Coogee gold project – Kambalda WA

Hole Id	Easting	Northing	Az/Dip	F/Depth (m)	From (m)	To (m)	Interval (m)	g/t Au
CORC0010	393107	6555553	Vertical	269	33 73 110	35 74 112	2 1 2	0.64 1.23 0.58
CORC0011	393382	6554850	090/-60	89	79	82	3	2.25
CORC0012	393326	6554850	090/-60	143	109	111	2	1.57
CORC0013	393340	6554815	090/-60	125	45 56 112	46 60 114	1 4 2	0.93 0.71 1.21
CORC0014	393345	6554833	090/-60	125 Incl.	104 105	107 106	3 1	21.02 54.47

Reported significant gold assay intersections (using a 0.5 g/t Au lower cut) are calculated over a minimum down hole interval of 1m at plus 0.5 g/t gold and may contain up to 1m of internal dilution. NSR denotes no anomalous assays above 0.5 g/t Au. BLD denotes below analytical detection. Gold determination was by standard Fire Assay techniques using a 50 gram charge and AAS finish with a lower limit of detection of 0.01 g/t Au. True widths are estimated to represent 60% of the reported down hole intersections in drill holes CORC0011 to 14 and 90% for the intersection reported in CORC0010.

The Information in this report that relates to Exploration Results is based on information compiled by Kevin Seymour. Mr Seymour is a full time employee of Ramelius Resources Ltd and is a Member of the Australasian Institute of Mining and Metallurgy. Mr Seymour has sufficient experience that is relevant to the styles of mineralisation and type of deposits 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 consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

The Information in this report that relates Mineral Resources and Ore Reserves is based on information compiled by Rob Hutchison. Mr Hutchison is a full time employee of Ramelius Resources Ltd and is a Member of the Australasian Institute of Mining and Metallurgy. Mr Hutchison has 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 consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

See ASX Release RMS ‘High Grade Gold Drilling Results’ 29 May 2014, for full details on the Exploration drilling information contained in this report.

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Updated ASX Releases, ‘Tanami Farm in and Joint Venture Agreement’, 27 May 2014 and ‘Acquisition of Kathleen Valley Gold Project’, 10 June 2014, are attached below. These releases have been updated to comply with JORC requirements. Changes are largely related to Table 1 JORC 2012 Reporting Criteria.

TANAMI FARM-IN AND JOINT VENTURE AGREEMENT

Highlights:

� Farm-in deal secured over a 1,700km[2] prospective land package within the Tanami Complex – Northern Territory

The Directors of gold miner Ramelius Resources Limited, (ASX:RMS) are pleased to announce that the Company has finalised terms with explorer Tychean Resources Limited (ASX:TYK) for Ramelius to farm-in on a package of two granted Exploration Licences (ELs) and six EL applications in the Australian Northern Territory.

The package of tenements is located within 100km of Newmont’s plus 4.5 million ounce Callie gold mine within the Northern Territory Tanami Complex (Figure 1). The land package represents a unique opportunity to explore over 1,700km[2] of prospective Palaeoproterozoic stratigraphy within a significant yet underexplored gold province.

Farm-out and Joint Venture Agreement Terms:

• Ramelius will pay Tychean $50,000 cash upon execution of the agreement to assist Tychean facilitate the grant of the Highland Rocks and Officer Hills South exploration licences within the land package

• Subject to all necessary statutory and regulatory approvals plus the grant of the two Highland Rocks and Officer Hills South ELs Ramelius will commit to a minimum expenditure of $100,000 within 2 years

• Ramelius may earn an 85% interest in the project by spending $500,000 within 3 years

• Tychean will be free carried until a Decision to Mine at which time it may elect to contribute its interest or convert to a 1.5% NSR Royalty.

Background:

Research by Geoscience Australia* (circa 2006) included the application and interpretation of deep seismic transects throughout the Tanami region in the Northern Territory. The regional seismic transects enabled Geoscience Australia to model the crustal architecture within the province and to interpolate that known lode gold deposits within the Tanami may be associated with major crustal penetrating shear zones and antiformal thrust stacks, nested on deep seated thrusts propagating off the Proterozoic-Archaean basement detachment. Linear magnetic trends, interpreted as thrust faults, extend into the Tychean tenements (Figure 2) and may represent potential conduits for the ingress of gold mineralising fluids. Tychean’s tenement package was originally applied for in 2010 to 2011. Ramelius will now advance exploration over the tenements within this under-explored and highly prospective gold province.

Over 80 line km of prospective structural trends are believed to exist within the Highland Rocks ELAs alone. These trends will be the focus of detailed regolith/outcrop mapping plus rock chip sampling along with shallow vacuum and surface soil sampling programmes over the next 12 months. Results will be reported as they become available.

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Figure 1: Tanami Farm-out project location

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Figure 2: Tanami regional gravity image highlighting interpreted seismic sutures (red lines) passing through the Tanami farm-in tenements – image modified after Goleby etal (2007). Gold occurrences are highlighted by the yellow dots

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Attachment 1: Tanami Farm-out tenement schedule

TenementId	Name	Area (Blocks)	GrantDate
EL27806	Talbot North	12	14/7/2010
EL26625	Suplejack	26	24/5/2011
ELA27921	Groundrush	18	Application
ELA28493	GroundrushSth	2	Application
ELA27997	MountSolitaire	57	Application
ELA27995	Officer Hills Sth	40	Application
ELA27511	HighlandRocks	151	Application
ELA29829	HighlandRocks2	250	Application

• Goleby, B., Lyons, P. and Huston, D. (2007) – New Model for Tanami Gold Mineralisation in AusGeo News, Issue No. 85 published by Geoscience Australia

The Information in this release that relates to Exploration Results is based on information compiled by Kevin Seymour.

Kevin Seymour is a Member of the Australasian Institute of Mining and Metallurgy and has sufficient experience which is relevant to the styles of mineralisation and type of deposits under consideration and to the activity he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Kevin Seymour is a full-time employee of Ramelius Resources Limited and consents to the inclusion in this report of the matters based on his information in the form and context in which it appears.

JORC Code, 2012 Edition –

Table 1 Report for Tanami Farm-out and JV

Section 1 Sampling Techniques and Data

(Criteria in this section apply to all succeeding sections.)

Criteria	JORC Code explanation	JORC Code explanation	Commentary	Commentary
Sampling	•	Nature and quality of sampling (eg cut	•	No sampling has been completed by Ramelius, hence
techniques		channels, random chips, or specific		there are no samples to report.
		specialised industry standard
		measurement tools appropriate to the
		minerals under investigation, such as
		down hole gamma sondes, or handheld
		XRF instruments, etc). These examples
		should not be taken as limiting the broad
		meaning of sampling.
	•	Include reference to measures taken to
		ensure sample representivity and the
		appropriate calibration of any
		measurement tools or systems used.
	•	Aspects of the determination of
		mineralisation that are Material to the
		Public Report.
	•	In cases where ‘industry standard’ work
		has been done this would be relatively
		simple (eg ‘reverse circulation drilling was
		used to obtain 1 m samples from which 3
		kg was pulverised to produce a 30 g
		charge for fire assay’). In other cases
		more explanation may be required, such
		as where there is coarse gold that has
		inherent sampling problems. Unusual
		commodities or mineralisation types (eg
		submarine nodules) may warrant
		disclosure of detailed information.

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Criteria	JORC Code explanation	JORC Code explanation	Commentary	Commentary
Drilling techniques	•	Drill type (eg core, reverse circulation, open-hole hammer, rotary air blast, auger,	•	No drilling has been completed by Ramelius, hence there is no drilling to report
		Bangka, sonic, etc) and details (eg core
		diameter, triple or standard tube, depth of
		diamond tails, face-sampling bit or other
		type, whether core is oriented and if so, by
		_what method, etc). _
Drill sample	•	Method of recording and assessing core	•	No drilling has been completed by Ramelius hence
recovery		and chip sample recoveries and results		there is no drill sampling to report
		assessed.
	•	Measures taken to maximise sample
		recovery and ensure representative nature
		of the samples.
	•	Whether a relationship exists between
		sample recovery and grade and whether
		sample bias may have occurred due to
		preferential loss/gain of fine/coarse
		material.
Logging	•	Whether core and chip samples have	•	No drilling has been completed by Ramelius, hence
		been geologically and geotechnically		there is no drill logging to report
		logged to a level of detail to support
		appropriate Mineral Resource estimation,
		mining studies and metallurgical studies.
	•	Whether logging is qualitative or
		quantitative in nature. Core (or costean,
		channel, etc) photography.
	•	The total length and percentage of the
		relevant intersections logged.
Sub-sampling	•	If core, whether cut or sawn and whether	•	No drilling has been completed by Ramelius hence
techniques		quarter, half or all core taken.		there is no drill sampling to report
and sample	•	If non-core, whether riffled, tube sampled,
preparation		rotary split, etc and whether sampled wet
		or dry.
	•	For all sample types, the nature, quality
		and appropriateness of the sample
		preparation technique.
	•	Quality control procedures adopted for all
		sub-sampling stages to maximise
		representivity of samples.
	•	Measures taken to ensure that the
		sampling is representative of the in situ
		material collected, including for instance
		results for field duplicate/second-half
		sampling.
	•	Whether sample sizes are appropriate to
		the grain size of the material being
		sampled.
Quality of assay data	•	The nature, quality and appropriateness of the assaying and laboratory procedures	•	No sampling has been completed by Ramelius hence there is no QAQC to report
and laboratory		used and whether the technique is
tests		considered partial or total.
	•	For geophysical tools, spectrometers,
		handheld XRF instruments, etc, the
		parameters used in determining the
		analysis including instrument make and
		model, reading times, calibrations factors
		applied and their derivation, etc.
	•	Nature of quality control procedures
		adopted (eg standards, blanks, duplicates,
		external laboratory checks) and whether
		acceptable levels of accuracy (ie lack of
		bias) andprecision have been established.
Verification of	•	The verification of significant intersections	•	No drilling has been completed by Ramelius hence
sampling and		by either independent or alternative		there is no assay sampling to report
assaying		company personnel.
	•	The use of twinned holes.

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Criteria	JORC Code explanation	JORC Code explanation	Commentary	Commentary
	•	Documentation of primary data, data entry
		procedures, data verification, data storage
		(physical and electronic) protocols.
	•	Discuss any adjustment to assay data.
Location of data points	•	Accuracy and quality of surveys used to locate drill holes (collar and down-hole	•	No drilling has been completed by Ramelius hence there is no location data to report
		surveys), trenches, mine workings and
		other locations used in Mineral Resource
		estimation.
	•	Specification of the grid system used.
	•	Quality and adequacy of topographic
		control.
Data spacing	•	Data spacing for reporting of Exploration	•	No drilling has been completed by Ramelius hence
and		Results.		there is no data to report
distribution	•	Whether the data spacing and distribution
		is sufficient to establish the degree of
		geological and grade continuity
		appropriate for the Mineral Resource and
		Ore Reserve estimation procedure(s) and
		classifications applied.
	•	Whether sample compositing has been
		applied.
Orientation of data in relation to	•	Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is	•	No drilling has been completed by Ramelius hence there is no data to report
geological		known, considering the deposit type.
structure	•	If the relationship between the drilling
		orientation and the orientation of key
		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	•	No samples have been collected by Ramelius
security		security.
Audits or	•	The results of any audits or reviews of	•	No audits have been undertaken as no new samples
reviews		sampling techniques and data.		have been collected

Section 2 Reporting of Exploration Results

(Criteria listed in the preceding section also apply to this section.)

Criteria	JORC Code explanation	JORC Code explanation	Commentary	Commentary
Mineral	•	Type, reference name/number, location	•	The results reported in this report are based on a
tenement and		and ownership including agreements or		compilation of regional datasets encompassing the
land tenure		material issues with third parties such as		group of tenements listed in Attachment 1. The
status		joint ventures, partnerships, overriding		exploration licences and exploration licence
		royalties, native title interests, historical		applications are located on pastoral lease or
		sites, wilderness or national park and		Aboriginal Freehold land as annotated in Figure 1.
		environmental settings.		Heritage surveys will be completed prior to any
	•	The security of the tenure held at the time		ground disturbing activities in accordance with the
		of reporting along with any known		Company’s responsibilities under the Aboriginal
		impediments to obtaining a licence to		Heritage Act.
		operate in the area.	•	At this time the two granted ELs are in good standing.
				There are no known impediments to obtaining a
				licence to operateinthe area.
Exploration done by other parties	•	Acknowledgment and appraisal of exploration by other parties.	•	Exploration by other parties has been reviewed and is used as a guide to Ramelius’ exploration activities. Previous parties have completed shallow RAB,
				Aircore and RC drilling, geophysical data collection
				and interpretation over portions of the licences. No
				new exploration results have been generated by
				Tychean or Ramelius at this stage.

17

Criteria	JORC Code explanation	JORC Code explanation	Commentary	Commentary
Geology	•	Deposit type, geological setting and style	•	The target mineralisation within the Tanami Province
		of mineralisation.		is for orogenic structurally controlled Proterozoic gold
				lode systems. The mineralisation is believed
				controlled by a NNW trending seismic sutures
				manifesting as shear zones passing through the
				availableland package.
Drill hole Information	•	A summary of all information material to the understanding of the exploration	•	All available historical exploration data currently available on open file that pertains to these tenements
		results including a tabulation of the		has been reviewed and it is concluded the land
		following information for all Material drill		package has not been adequately explored or drill
		holes:		tested.
		o easting and northing of the drill hole collar o elevation or RL (Reduced Level –	•	As the majority of the ground is still under application Tychean is negotiating land access and compensation agreements with the traditional owners
		elevation above sea level in metres) of		of the land.
		the drill hole collar
		o dip and azimuth of the hole
		o down hole length and interception
		depth
		o hole length.
	•	If the exclusion of this information is
		justified on the basis that the information is
		not Material and this exclusion does not
		detract from the understanding of the
		report, the Competent Person should
		clearly explain why this is the case.
Data	•	In reporting Exploration Results, weighting	•	No surface or drill hole samples have been collected
aggregation		averaging techniques, maximum and/or		by Ramelius hence there are no results to report
methods		minimum grade truncations (eg cutting of
		high grades) and cut-off grades are
		usually Material and should be stated.
	•	Where aggregate intercepts incorporate
		short lengths of high grade results and
		longer lengths of low grade results, the
		procedure used for such aggregation
		should be stated and some typical
		examples of such aggregations should be
		shown in detail.
	•	The assumptions used for any reporting of
		metal equivalent values should be clearly
		stated.
Relationship between	•	These relationships are particularly important in the reporting of Exploration	•	The project is early stage and conceptual in nature, there is no known mineralized trends from limited
mineralisation widths and	•	Results. If the geometry of the mineralisation with		historical drilling to gauge mineralization geometry
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 (eg ‘down
		_hole length, true width not known’). _
Diagrams	•	Appropriate maps and sections (with	•	A plan view is provided in this report to enable the
		scales) and tabulations of intercepts		reader to see the relationship between the interpreted
		should be included for any significant		structures and the available land package
		discovery being reported These should
		include, but not be limited to a plan view of
		drill hole collar locations and appropriate
		sectional views.
Balanced reporting	•	Where comprehensive reporting of all Exploration Results is not practicable,	•	No sampling or drilling has been completed by Ramelius hence no results are available at this stage
		representative reporting of both low and
		high grades and/or widths should be
		practiced to avoid misleading reporting of
		Exploration Results.

18

Criteria	JORC Code explanation	JORC Code explanation	Commentary	Commentary
Other	•	Other exploration data, if meaningful and	•	No other exploration data that has been collected is
substantive		material, should be reported including (but		considered meaningful and material to this report.
exploration		not limited to): geological observations;
data		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 reconnaissance regolith
		work (eg tests for lateral extensions or depth extensions or large-scale step-out		and outcrop mapping, rock chip sampling followed by shallow auger/vacuum drilling and/or surface soil
		drilling).		sampling as required.
	•	Diagrams clearly highlighting the areas of
		possible extensions, including the main
		geological interpretations and future
		drilling areas, provided this information is
		not commercially sensitive.

19

ACQUISITION OF KATHLEEN VALLEY GOLD PROJECT

Highlights:

• Ramelius to acquire the high grade Kathleen Valley Gold Project in WA

• Kathleen Valley project located close to the Company’s new Vivien Gold Project

• Creates synergies for Ramelius’ integrated high grade WA gold development

Kathleen Valley Gold Project Acquisition

The Directors of Australian gold producer, Ramelius Resources Limited (ASX: RMS), are pleased to announce a further broadening of the Company’s gold operations in Western Australia.

Ramelius has signed a Sale and Purchase Agreement with Xstrata Nickel Australasia Operations Pty Limited (XNAO), a subsidiary of Glencore plc, and with Giralia Resources Pty Limited (Giralia) to acquire 100% of the XNAO Kathleen Valley tenements and 100% of the tenements held by XNAO and Giralia as the participants in the Kathleen Valley and Mount Harris Joint Ventures.

The XNAO Kathleen Valley tenements are located 50km north of Leinster in Western Australia (Figure 1) and contain a JORC (2012) Mineral Resource of 130,000 ounces of gold in three deposits - Mossbecker, Yellow Aster and Nils Desperandum (see Table 1).

Ramelius intends to complete further resource definition drilling within the next six months to enable the Company to upgrade the resources to Indicated, for use in future mine planning studies. Scoping studies undertaken on behalf of XNAO indicate the potential for high grade open pit developments with low capital costs.

Upon completion of the Sale and Purchase Agreement, the signing of ancillary Deeds of Assumption and Assignment plus a Nickel Offtake and Clawback Agreement with XNAO, Ramelius will pay XNAO A$3.645 million cash for 100% of its Kathleen Valley tenements. In addition Ramelius has agreed to pay A$405,000 cash to acquire 100% of the adjacent Kathleen Valley Joint Venture and Mt Harris Joint Venture. Collectively the package of three contiguous tenement groups will be referred to as the Kathleen Valley Gold Project.

Managing Director Ian Gordon said, “The acquisition of the Kathleen Valley Gold Project will add significantly to Ramelius’ recent acquisition of the Vivien Gold Project, enable cost reduction synergies across both projects and significantly build on the Company’s strategy to create a high yielding, positive cash flow mining business centred on its established Mt Magnet Milling Operations.”

20

==> picture [312 x 294] intentionally omitted <==

Figure 1: Ramelius’ Western Australian project locations

Kathleen Valley Mineral Resource Summary

Resources are generated from 475 RC and diamond holes drilled by previous companies between 1984 and 2012. All resources are located on ML36/375. Drillhole density is typically 12.5m by 25m to 25m x 50m. Mineralisation occurs as shallow dipping silica-sericite sulphide lenses within a granitic conglomerate proximal to a shallow dipping fault contact with underlying mafic units. Split RC sub-samples and half core were assayed by Aqua Regia and Fire Assay methods. Gold was estimated within 3D lode shapes interpreted using a 0.5 g/t cut-off and Ordinary Kriging methods. Metallurgical testwork shows high recovery suitable for normal CIP/CIL processing and open pit mining methods are assumed. Previous economic studies have been conducted by earlier companies, including XNAO, and show viable open pit mining. Detailed information is given in JORC Table 1 below.

21

==> picture [404 x 538] intentionally omitted <==

Figure 2: Kathleen Valley gold project land package, relative to the recently acquired Vivien Gold Project at Leinster

22

==> picture [410 x 576] intentionally omitted <==

Figure 3: Kathleen Valley drill hole collar location plan

23

==> picture [476 x 182] intentionally omitted <==

Figure 4: Mossbecker deposit 0.5 g/t mineralisation envelope and drilling, longsection looking east (local grid)

Table 1: Kathleen Valley Project Mineral Resources, > 0.5 g/t Au cut-off grade

Deposit	Category	Tonnes	Grade (g/t Au)	Ounces
Mossbecker	Indicated	130,000	3.0	13,000
	Inferred	390,000	4.1	51,000
	Total	520,000	3.8	63,000
Yellow Aster	Indicated	120,000	2.3	9,000
	Inferred	610,000	1.9	37,000
	Total	730,000	2.0	46,000
Nils Desperandum	Indicated	70,000	3.0	7,000
	Inferred	120,000	3.5	14,000
	Total	190,000	3.4	21,000
Total		1,440,000	2.8	130,000

Note: Figures are rounded to nearest 10,000 tonnes, 0.1 g/t and 1,000 ounces. Rounding errors may occur.

Table 2: Agreements Summary

Project	Vendors	Agreement Type	Agreement Term	Purchase Price to Exercise Agreements
Kathleen Valley Gold Project	XNAO	Sale and Purchase Agreement	N/A	A$3,645,000 cash only
Mt Harris JV Project	XNAO and Giralia Resources Pty Ltd	Sale and Purchase Agreement	N/A	A$202,500 cash only
Kathleen Valley JV Project	XNAO and Giralia Resources Pty Ltd	Sale and Purchase Agreement	N/A	A$202,500 cash only

The Information in this report that relates to Exploration Results is based on information compiled by Kevin Seymour, a Competent Person who is a Member of the Australasian Institute of Mining and Metallurgy. Kevin Seymour is a fulltime employee of Ramelius Resources Limited. Kevin Seymour has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent

24

Person as defined in the 2012 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Kevin Seymour consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

The Information in this report that relates to Mineral Resources is based on information compiled by Rob Hutchison, a Competent Person who is a Member of the Australasian Institute of Mining and Metallurgy. Rob Hutchison is a full-time employee of Ramelius Resources Limited. Rob Hutchison has 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 consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

JORC Code, 2012 Edition

Table 1 Report for Kathleen Valley Gold Project

Section 1 Sampling Techniques and Data

Criteria	JORC Code explanation	Commentary
Sampling	• Nature and quality of sampling (eg cut	•The Kathleen Valley deposits consisting of
techniques	channels, random chips, or specific	Mossbecker, Yellow Aster and Nils
	specialised industry standard	Desperandum were drilled by Newmont in the
	measurement tools appropriate to the	mid 1980’s, Sir Samuel Mines in the late 1980’s
	minerals under investigation, such as	and by Jubilee Mines in the early 1990’s.
	down hole gamma sondes, or	Xstrata undertook further drilling in 2012 to
	handheld XRF instruments, etc).	improve the confidence in the continuity of the
	These examples should not be taken	high grade gold mineralisation
	as limiting the broad meaning of	•RC samples were predominantly collected as
	sampling.	1m samples with 2m also used and subsampled
	• Include reference to measures taken	using a riffle or cone splitter to produce≈3kg
	to ensure sample representivity and	sub-samples. Diamond core was halved with a
	the appropriate calibration of any	diamond saw to produce representative sub-
	measurement tools or systems used.	samples on 1m or geologically selected intervals
	• Aspects of the determination of	•Drillhole locations were designed to allow for
	mineralisation that are Material to the	spatial spread across the interpreted mineralised
	Public Report.	zone. RC samples were riffle split to≈3-4kg
	• In cases where ‘industry standard’	samples on 1m metre intervals
	work has been done this would be	•No new drilling has been completed by
	relatively simple (eg ‘reverse	Ramelius. All drillhole data is historical with the
	circulation drilling was used to obtain	most recent completed by Xstrata in 2012
	1 m samples from which 3 kg was	•Drill samples were pulverized and assayed by
	pulverised to produce a 30 g charge	25g Aqua Regia or 50g Fire Assay, with an AAS
	for fire assay’). In other cases more	finish
	explanation may be required, such as
	where there is coarse gold that has
	inherent sampling problems. Unusual
	commodities or mineralisation types
	(eg submarine nodules) may warrant
	disclosure of detailed information.
Drilling	• Drill type (eg core, reverse circulation,	•RC drilling was completed using standard +5”
techniques	open-hole hammer, rotary air blast,	drill hammers. Diamond drillholes include HQ
	auger, Bangka, sonic, etc) and details	and NQ core sizes. Core was not orientated.
	(eg core diameter, triple or standard	•For Mossbecker 87% of the drilling was by RC
	tube, depth of diamond tails, face-	and 13% was by diamond drilling. For Yellow
	sampling bit or other type, whether	Aster & Nils Desperandum 96% of the drilling
	core is oriented and if so, by what	was by RC and 4% was by diamond drilling
	_method, etc). _

25

Criteria	JORC Code explanation	Commentary
Drill sample	• Method of recording and assessing	•No drill recovery information is available for RC
recovery	core and chip sample recoveries and	drilling. Core recovery recorded for 16 diamond
	results assessed.	drillholes is almost uniformly 100% and
	• Measures taken to maximise sample	inspection of core shows deposit is hosted by
	recovery and ensure representative	competent units which would be amenable to
	nature of the samples.	effective RC drilling
	• Whether a relationship exists between	•No indication of sample bias is evident or has
	sample recovery and grade and	been established
	whether sample bias may have
	occurred due to preferential loss/gain
	of fine/coarse material.
Logging	• Whether core and chip samples have	•RC and diamond drill samples were geologically
	been geologically and geotechnically	logged for lithology. Lessor amounts of logging
	logged to a level of detail to support	detail exist for sulphides, alteration, geotechnical
	appropriate Mineral Resource	and ore intercepts
	estimation, mining studies and	•Drillhole logging of RC chips is qualitative on
	metallurgical studies.	visual recordings of rock forming minerals and
	• Whether logging is qualitative or	quantitative on estimates of mineral abundance.
	quantitative in nature. Core (or costean, channel, etc) photography.	•The entire length of drillholes are geologically logged
	• The total length and percentage of the
	relevant intersections logged.
Sub-	• If core, whether cut or sawn and	•For older historic drilling, sub-sampling and
sampling	whether quarter, half or all core taken.	sample preparation techniques are unknown.
techniques	• If non-core, whether riffled, tube	For Xstrata drilling:
and sample	sampled, rotary split, etc and whether	•Sawn half diamond core samples and dry RC
preparation	sampled wet or dry.	samples are riffle split to≈3kg sub-samples.
	• For all sample types, the nature,	•Samples were entirely pulverized prior to sub-
	quality and appropriateness of the	sampling in the laboratory to ensure
	sample preparation technique.	homogenous samples with 85% passing 75um.
	• Quality control procedures adopted for	200gm is extracted by spatula that is used for
	all sub-sampling stages to maximise	the 50gm charge on standard fire assays.
	representivity of samples.	•For the 2012 drilling program Xstrata
	• Measures taken to ensure that the	implemented a programme of quality control on
	sampling is representative of the in	RC drilling involving certified reference
	situ material collected, including for	standards (1:20), field duplicates (1:20) blank
	instance results for field	samples (1:40) and umpire laboratory check
	duplicate/second-half sampling.	samples (1:40) to monitor the accuracy and
	• Whether sample sizes are appropriate	precision of laboratory data.
	to the grain size of the material being	•The sample size is considered appropriate for
	sampled.	the type, style, thickness and consistency of
		mineralization.
Quality of	• The nature, quality and	•The use of Aqua Regia method for many
assay data	appropriateness of the assaying and	historical assays (approximately 50%) may not
and	laboratory procedures used and	fully evaluate total gold in samples but would still
laboratory	whether the technique is considered	be indicative of the majority of gold present. Fire
tests	partial or total.	Assay would be more effective at measuring
	• For geophysical tools, spectrometers, handheld XRF instruments, etc, the	total gold and is considered appropriate. •No field analyses of gold grades are completed.
	parameters used in determining the	Quantitative analysis of the gold content and
	analysis including instrument make and	trace elements is undertaken in a controlled
	model, reading times, calibrations	laboratory environment.
	factors applied and their derivation, etc.	•QAQC measures were carried out by Xstrata
	• Nature of quality control procedures	and included certified reference standards, field
	adopted (eg standards, blanks,	duplicates, blank samples and umpire laboratory
	duplicates, external laboratory checks)	check samples
	and whether acceptable levels of	•QAQC measures are not available for the
	accuracy (ie lack of bias) and	majority of historic drilling.
	precision have been established.

26

Criteria	JORC Code explanation	Commentary
Verification	• The verification of significant	•Ramelius personnel have inspected the RC drill
of sampling	intersections by either independent or	sites in the field and available core holes to
and	alternative company personnel.	verify the correlation of mineralized zones
assaying	• The use of twinned holes.	between assay results and lithology, alteration
	• Documentation of primary data, data	and mineralization.
	entry procedures, data verification,	•Drillholes are frequently overlapping or
	data storage (physical and electronic)	confirmed by later close spaced drilling. 2012
	protocols.	Xstrata drillholes re-test numerous earlier holes,
	• Discuss any adjustment to assay data.	compare well and are the main verification of
		previous sampling and assay results.
		•Documentation of historic primary data, data
		entry and verification is generally unavailable.
		•No adjustments or calibrations are made to any
		ofthe assay datarecordedinthe database.
Location of data points	• Accuracy and quality of surveys used to locate drill holes (collar and down-	•Most drillhole collars were picked up using DGPS survey control. Only limited downhole
	hole surveys), trenches, mine	survey is available. Many holes are vertical and
	workings and other locations used in	unsurveyed.
	Mineral Resource estimation.	•Holes were transcribed to MGA94 – Zone 51
	• Specification of the grid system used.	grid coordinates.
	• Quality and adequacy of topographic	•Topographic control is established from DTMs
	control.	generated from mine surveyors’ total station final
		pickups of the surroundinglandforms.
Data spacing	• Data spacing for reporting of	•Drillhole spacing ranges from 12.5 x 25m to 25m
and	Exploration Results.	x 50m and frequently closer in core resource
distribution	• Whether the data spacing and	areas.
	distribution is sufficient to establish the	•Drill spacing is sufficient to establish Mineral
	degree of geological and grade	Resources and classifications applied.
	continuity appropriate for the Mineral	•No sample compositing has been applied within
	Resource and Ore Reserve estimation	key mineralised intervals.
	procedure(s) and classifications
	applied.
	• Whether sample compositing has
	been applied.
Orientation of data in	• Whether the orientation of sampling achieves unbiased sampling of	•The drilling is drilled orthogonal to the interpreted strike of the target horizon. Holes are
relation to	possible structures and the extent to	frequently vertical, intersecting sub-horizontal
geological	which this is known, considering the	mineralisation
structure	deposit type.	•Structural logging of available diamond core
	• If the relationship between the drilling	supports the drilling direction
	orientation and the orientation of key	•No drilling orientation and/or sampling bias has
	mineralised structures is considered to	been recognized in the data at this time.
	have introduced a sampling bias, this
	should be assessed and reported if
	material.
Sample	• The measures taken to ensure sample	•Historical data, measures unknown
security	security.
Audits or	• The results of any audits or reviews of	•Ramelius and others have reviewed sampling
reviews	sampling techniques and data.	techniques and data. A lack of detailed
		information on historic drilling methods and
		QAQC has been previously noted. However
		there are no indications that previous
		methodologies were below industry standard or
		data is biased.

27

Section 2 Reporting of Exploration Results

Criteria	JORC Code explanation	Commentary
Mineral	• Type, reference name/number,	•The results reported in this report are on granted
tenement	location and ownership including	Mining Lease ML36/375 being acquired by
and land	agreements or material issues with	Ramelius Resources Limited under Sale and
tenure status	third parties such as joint ventures,	Purchase Agreement with XNAO. The mining
	partnerships, overriding royalties,	lease is located on a pastoral lease. Heritage
	native title interests, historical sites,	surveys are completed prior to any ground
	wilderness or national park and	disturbing activities in accordance with
	environmental settings.	Ramelius’ responsibilities under the Aboriginal
	• The security of the tenure held at the	Heritage Act.
	time of reporting along with any known	•At this time all the tenements are in good
	impediments to obtaining a licence to	standing. There are no known impediments to
	operate in the area.	obtaininglicences to operate in the area.
Exploration done by	• Acknowledgment and appraisal of exploration by other parties.	•Exploration by other parties has been reviewed and is used as a guide to Ramelius’ exploration
other parties		activities. Previous parties have completed
		shallow RAB, Aircore and RC drilling,
		geophysicaldata collectionandinterpretation.
Geology	• Deposit type, geological setting and	•The mineralisation at the Kathleen Valley
	style of mineralisation.	deposits is typical of orogenic structurally
		controlled Archaean gold lode systems. The
		mineralisation is controlled by a flat lying N/S
		trending fault passing through the Jones Creek
		Conglomerate and overlying ultramafic rocks.
		The Mossbecker deposit, for example, extends
		over 350m strike. Gold mineralisation occurs in
		1 or 2 main sub-horizontal lodes 2-10m thick
		and 40-80m wide and plunges around 15°to the
		southwest.
Drill hole	• A summary of all information material	•No new exploration drilling has been undertaken
Information	to the understanding of the	by Ramelius.
	exploration results including a tabulation of the following information	•All drilling data is historical and described in Section 1 above.
	for all Material drill holes:	•Drill hole collars are shown in the attached
	o easting and northing of the drill	location plan.
	hole collar
	o elevation or RL (Reduced Level –
	elevation above sea level in
	metres) of the drill hole collar
	o dip and azimuth of the hole
	o down hole length and interception
	depth
	o hole length.
	• If the exclusion of this information is
	justified on the basis that the
	information is not Material and this
	exclusion does not detract from the
	understanding of the report, the
	Competent Person should clearly
	explain why this is the case.
Data	• In reporting Exploration Results,	•No new exploration results are reported.
aggregation	weighting averaging techniques,	•All data is historical and treatment for Resource
methods	maximum and/or minimum grade	estimation is described in Sections 1 & 3.
	truncations (eg cutting of high grades)
	and cut-off grades are usually Material
	and should be stated.
	• Where aggregate intercepts
	_incorporate short lengths of high _

28

Criteria	JORC Code explanation	Commentary
	grade results and longer lengths of
	low grade results, the procedure used
	for such aggregation should be stated
	and some typical examples of such
	aggregations should be shown in
	detail.
	• The assumptions used for any
	reporting of metal equivalent values
	should be clearly stated.
Relationship	• These relationships are particularly	•No new exploration results are reported.
between	important in the reporting of	•Historical drilling is generally orthogonal to
mineralisatio n widths and	Exploration Results. • If the geometry of the mineralisation	mineralisation geometry, often as vertical holes testing sub-horizontal lode zones.
intercept	with respect to the drill hole angle is
lengths	known, its 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 (eg ‘down hole length, true
	_width not known’). _
Diagrams	• Appropriate maps and sections (with	•Appropriate map and representative section are
	scales) and tabulations of intercepts	shown.
	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	•No new exploration results are reported.
reporting	Exploration Results is not practicable,
	representative reporting of both low
	and high grades and/or widths should
	be practiced to avoid misleading
	reporting of Exploration Results.
Other	• Other exploration data, if meaningful	•No new exploration results are reported.
substantive	and material, should be reported	•Historical data comprises of drillhole and assay
exploration	including (but not limited to):	data.
data	geological observations; geophysical	•Other relevant historical data is listed in sections
	survey results; geochemical survey	1 & 3.
	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 planned work includes infill RC and
	further work (eg tests for lateral	selected diamond twins to further validate the
	extensions or depth extensions or	resource and increase its confidence to an
	large-scale step-out drilling).	Indicated status. Ramelius also plans to drill
	• Diagrams clearly highlighting the	deeper holes below the Mossbecker deposit to
	areas of possible extensions,	better define the extent of the mineralisation.
	including the main geological
	interpretations and future drilling
	areas, provided this information is not
	commercially sensitive.

29

Section 3 Estimation and Reporting of Mineral Resources

Criteria	JORC Code explanation	Commentary
Database	• Measures taken to ensure that data	•Data has been sourced from an Access
integrity	has not been corrupted by, for	Drillhole Database provided by XNAO
	example, transcription or keying	•Previous reports detail validation checks for
	errors, between its initial collection	missing assays and geology intervals,
	and its use for Mineral Resource	overlapping intervals, duplicate assays, EOH
	estimation purposes.	depth, hole collar elevations and assay value
	• Data validationprocedures used.	detection limits,negative andzerovalues
Site visits	• Comment on any site visits	•The Competent Persons have made one site
	undertaken by the Competent Person	visit viewing deposit areas, to view drill collar
	and the outcome of those visits.	locations, surface geological outcrop and a
	• If no site visits have been undertaken	number of representative diamond drillhole
	indicate why this is the case.	cores.
Geological	• Confidence in (or conversely, the	•Confidence in the geological interpretation is
interpretation	uncertainty of) the geological	high
	interpretation of the mineral deposit.	•Data used include drilling assay and geological
	• Nature of the data used and of any	logging, surface outcrop and minor historic
	assumptions made.	surface and underground workings, diamond
	• The effect, if any, of alternative	core logging and structure
	interpretations on Mineral Resource	•No alternate interpretation envisaged.
	estimation.	•Geology confirms primary grade interpretation
	• The use of geology in guiding and	•Grade continuity affected by relatively nuggety
	controlling Mineral Resource	gold mineralisation
	estimation.
	• The factors affecting continuity both
	_ofgrade andgeology. _
Dimensions	• The extent and variability of the	•The Mossbecker deposit extends over 350m
	Mineral Resource expressed as	strike. Gold mineralisation occurs in sub-
	length (along strike or otherwise),	horizontal lodes 2-10m thick and 40-80m wide
	plan width, and depth below surface	and plunges around 15° to the southwest. The
	to the upper and lower limits of the	other deposits are of similar dimensions and
	Mineral Resource.	nature.
Estimation	• The nature and appropriateness of	•Deposits were estimated using geological
and modelling	the estimation technique(s) applied	software using Ordinary Kriging within hard
techniques	and key assumptions, including	bounded mineralised domains. The estimation
	treatment of extreme grade values,	method is appropriate for the deposit type.
	domaining, interpolation parameters	•The deposits have been previously modelled
	and maximum distance of	and estimated and comparisons with the most
	extrapolation from data points. If a	recent model made
	computer assisted estimation method	•Only gold is estimated
	was chosen include a description of computer software and parameters used.	•No deleterious elements present •Block size was determined by kriging efficiency test. Parent cell of 12.5mN x 5mE x 5mRL
	• The availability of check estimates, previous estimates and/or mine production records and whether the Mineral Resource estimate takes appropriate account of such data. • The assumptions made regarding recovery of by-products. • Estimation of deleterious elements or other non-grade variables of economic significance (eg sulphur for acid mine drainage characterisation). • In the case of block model interpolation, the block size in relation to the average sample spacing and	•No assumption made on selective mining unit •Each domain was geostatiscally analysed and assigned appropriate search directions, top- cuts and kriging parameters •Geological interpretation matches grade domain interpretation with sub-horizontal lodes used to model deposit •Top cuts were applied to domains after review of grade population characteristics a 99.5% topcut of 60 g/t was applied •Validation included visual comparison against drillhole grades, global grade statistic comparisons and swath grade plots
	the search employed.

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Criteria	JORC Code explanation	Commentary
	• 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 the tonnages are estimated	•Tonnages are estimated on a dry basis
	on a dry basis or with natural
	moisture, and the method of
	determination of the moisture content.
Cut-off	• The basis of the adopted cut-off	•A 0.5 g/t grade cut-off has been used for ore
parameters	grade(s) or quality parameters	interpretation and resource reporting
	applied.	•This cutoff encapsulates the mineralisation
		effectively and typically discriminates economic
		material from waste
Mining factors	• Assumptions made regarding	•Resources are reported on the assumption of
or	possible mining methods, minimum	mining by conventional open pit grade control
assumptions	mining dimensions and internal (or, if	and mining methods. The majority of reported
	applicable, external) mining dilution. It	resource is less than 100m deep. Previous
	is always necessary as part of the	scoping studies show a significant proportion of
	process of determining reasonable	resources can be economic in an open pit
	prospects for eventual economic	scenario. Studies have included block
	extraction to consider potential mining	regularisation to simulate significant mining
	methods, but the assumptions made	dilution that would be incurred mining sub-
	regarding mining methods and	horizontal lodes
	parameters when estimating Mineral
	Resources may not always be
	rigorous. Where this is the case, this
	should be reported with an
	explanation of the basis of the mining
	assumptions made.
Metallurgical	• The basis for assumptions or	•Metallurgical testwork commissioned by XNAO
factors or	predictions regarding metallurgical	on composited drill core samples shows
assumptions	amenability. It is always necessary as	Mossbecker ore to be free milling with a high
	part of the process of determining	gravity gold and total recovery of +95%
	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	•Previous studies were completed by XNAO
factors or	possible waste and process residue	covering soil and wasterock characteristics,
assumptions	disposal options. It is always	flora and fauna, surface and groundwater
	necessary as part of the process of	hydrology
	determining reasonable prospects for eventual economic extraction to	•No specific issues beyond normal open pit mine licensingare envisaged

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Criteria	JORC Code explanation	Commentary
	consider the potential environmental	•Areas within the mining lease are available for
	impacts of the mining and processing	placement of a Waste Land Form. Waste rocks
	operation. While at this stage the	lack sulphides and are likely to be Non Acid
	determination of potential	Forming. Ore processing will take place at
	environmental impacts, particularly	existing mill facilities offsite
	for a greenfields project, may not	•Water inflows can be pumped to existing open
	always be well advanced, the status of early consideration of these	pit
	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 measurements were carried out by
	assumed, the basis for the assumptions. If determined, the	Jubilee on HQ diamond core using the water immersion method
	method used, whether wet or dry, the	•Densities of 2.3 for oxide, 2.5 for transitional
	frequency of the measurements, the	and 2.8 for fresh were applied
	nature, size and representativeness
	of the samples.
	• The bulk density for bulk material
	must have been measured by
	methods that 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	•While the deposits are relatively well drilled and
	Mineral Resources into varying	confidence in geological interpretation and
	confidence categories.	grade is good, the historical nature of drilling
	• Whether appropriate account has	and lack of detail on methodology and QAQC
	been taken of all relevant factors (ie	measures means Resource classification has
	relative confidence in tonnage/grade	been largely classed as Inferred. Some more
	estimations, reliability of input data,	recent drilling, areas of high drill density and
	confidence in continuity of geology	confidence have been classed as Indicated.
	and metal values, quality, quantity	•The resource classification accounts for all
	and distribution of the data).	relevant factors
	• Whether the result appropriately	•The classification reflects the Competent
	reflects the Competent Person’s view	Person’s view
	of the deposit.
Audits or	• The results of any audits or reviews	•No audits or reviews have been undertaken,
reviews	of Mineral Resource estimates.	however a number of previous resource
		estimates have been made and compared
Discussion of relative	• Where appropriate a statement of the relative accuracy and confidence	•Confidence in the relative accuracy of the estimates is reflected by the classifications
accuracy/	level in the Mineral Resource	assigned
confidence	estimate using an approach or procedure deemed appropriate by the Competent Person. For example, the	•The estimates are global estimates •No production data is available for comparison
	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, aqualitative discussion

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Criteria	JORC Code explanation	Commentary
	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.

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