RAMELIUS RESOURCES LIMITED — Interim / Quarterly Report 2016

Oct 27, 2015

For Immediate Release 28 October 2015

September 2015 Quarterly Activities Report

HIGHLIGHTS – OPERATIONS & DEVELOPMENT

• Group gold production of 23,637 ounces, exceeding guidance of 19-21,000 ounces at an AISC of A$1,258/oz (Guidance A$1,350/oz)

• Mt Magnet (WA) - 17,869 ounces produced (Guidance 15,500oz)

• Kathleen Valley (WA) – 5,768 ounces produced (Guidance 4,500oz)

• Vivien gold mine (WA) – Underground development ahead of schedule with 473 metres of decline advance achieved for the Quarter, first development ore cut mined and trucked to surface on 25 October 2015

• Milky Way gold project (WA) – Significant bedrock gold mineralisation intersected below the existing shallow open pit 3.6km from Mt Magnet mill

PRODUCTION GUIDANCE – DECEMBER 2015 QUARTER

• Group gold production for the December 2015 Quarter is expected to be 23,000-25,000 ounces at an AISC of approximately A$1,250/oz

• Mt Magnet is forecast to contribute 12,000 ounces

• Kathleen Valley is forecast to contribute 12,000 ounces

UPGRADED FULL YEAR FY2016 PRODUCTION GUIDANCE

• Group gold production is now expected to exceed previous full year Guidance of 99,000 ounces at an AISC of A$1,250/oz, with forecast production for FY2016 now at 104,000 ounces at an AISC of A$1,200/oz

HIGHLIGHTS – CORPORATE

• Quarterly gold sales of A$35.8M at an average sale price of A$1,565/oz

• Cash & gold on hand increased to A$39.2M (Jun Qtr: A$36.3M), after A$6.4M expenditure on capital development at Vivien (A$5.0M), Kathleen Valley (A$0.2M) and greenfields exploration (A$1.2M)

• Continued gold deliveries into the forward sales program during the Quarter, consisting of 7,751 ounces at ~A$1,570/oz

• Additional short-term forward gold sales of 6,900 ounces at average of A$1,624/oz placed out to January 2016

• Nil corporate debt (CBA A$10M finance facility remains undrawn)

“The September 2015 Quarter was an excellent performance by the operations team, returning the Company back above the 20koz mark with the FY2016 year Guidance in turn upgraded to 104koz. Having both the new operations in production is certainly exciting for Ramelius and the Percy pit at Mt Magnet is starting to mine better grades around the old Hill 50 underground stopes. We are also hopeful of further positive results at the Milky Way project this coming Quarter”, Managing Director, Mark Zeptner said today.

ABOUT RAMELIUS

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Figure 1: Ramelius’ Operations & Development Project Locations

Ramelius owns the Mt Magnet gold mining and processing operation and has commenced the high grade Vivien and Kathleen Valley gold mines near Leinster, in Western Australia. The Burbanks Treatment Plant is located approximately 9 kilometres south of Coolgardie in WA and is currently on care and maintenance.

PRODUCTION SUMMARY

Table 1: Gold Production and Financials September 2015 Quarter

	Units	Mt Magnet	Kathleen Valley	Total
Ore mined(highgrade)	t	244,817	82,498	327,315
Oreprocessed	t	416,957	44,476	461,433
Headgrade	g/t	1.57	3.91	1.80
Gold recovery	%	92	97	93
Gold recovered	oz	19,326	5,425	24,751
Finegoldproduction	oz	17,869	5,768	23,637
Cash operatingcosts	A$M			17.55
Cash operatingcost(C1)	A$/oz			743
Gold sales ~	oz			22,871
All-In SustainingCosts(AISC)*	A$M			28.78
AISC	A$/oz			1,258
Gold sales	A$M			35.80
Average realisedgoldprice	A$/oz			1,565

• as per World Gold Council guidelines

~ includes 7,751oz of gold delivered to CBA under forward sales program

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OPERATIONS

Mt Magnet Gold Mine (WA)

Mining continued at the Percy, Saturn and Mars open pits. A significant milestone was achieved with the completion of mining at the 200 metre deep Saturn pit, after 4 years of continuous production. Saturn ore production for the Quarter totalled 125,207 t @ 2.18 g/t for 8,767 contained ounces. Claimed high-grade ore production for the pit since commencement totalled 2,467,457 t @ 1.52 g/t for 120,748 ounces. This compares favourably to the June 2011 Ore Reserve of 2.08 Mt @ 1.5 g/t for 103,000 ounces.

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Figure 2: Completion of mining at Saturn open pit

A total of 683,617 BCM’s was mined in the September 2015 Quarter from the 3 pits. The Mars open pit will be completed in the December 2015 Quarter. Increased access to the major Hill 50 & Perseverance BIF lode zones in the Percy pit will also occur in the December 2015 Quarter.

Mill production was excellent at 461,433 tonnes at a 1.80 g/t head grade (refer Figure 3), rebounding strongly from the June 2015 Quarter, with high throughput achieved and good grades available from the Mt Magnet and Kathleen Valley ore sources.

Gold production (refer Figure 4) was well above guidance, with 23,637 ounces of delivered gold poured and 22,871 ounces of gold sold for the period. Metallurgical recoveries were maintained at better than Budget levels again this Quarter, at 93%.

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

Milled Tonnes & Head Grade
----- End of picture text -----

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

700,000 2.00
600,000
1.75
Mossbecker
500,000 pit
1.50
Saturn &
400,000 Mars pits
1.25
300,000
1.00
200,000
0.75
100,000
0 0.50
Milled Tonnes (LHS) Head Grade (RHS)
Figure 3: Mt Magnet Quarterly Milled Tonnes & Head Grade
Cash costs for the period were A$743/oz and AISC decreased to A$1,258/oz primarily as a result of better
grade and thus greater production at both the Mt Magnet and Kathleen Valley mines.
Gold Production & Costs
25,000 2,000
SAG mill
22,500 repairs Ball mill 1,800
motor
20,000 1,600
17,500 1,400
15,000 1,200
12,500 1,000
10,000 800
7,500 600
5,000 400
2,500 200
- -
Fine Gold Production (oz) - LHS C1 - Cash Cost (A$/oz) - RHS AISC (A$/oz) - RHS
Milled Tonnes (t)
Head Grade (g/t)
Costs A$/oz
Gold Production (oz)
----- End of picture text -----

Cash costs for the period were A$743/oz and AISC decreased to A$1,258/oz primarily as a result of better grade and thus greater production at both the Mt Magnet and Kathleen Valley mines.

Figure 4: Mt Magnet Quarterly Production & Costs

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Production for the December 2015 Quarter is expected to increase with the impact of improving ore grades from the Percy pit and further delivery of Kathleen Valley ore. The midpoint of forecast production (24,000oz) is expected to be delivered at an AISC of approximately A$1,250/oz.

PRODUCTION TARGETS

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Figure 5: FY2016 Group Production Profile

Gold production is expected to increase Quarter on Quarter through FY2016 as shown in Figure 5, due to an increasing head grade brought about by deliveries of Kathleen Valley and then Vivien high grade ore, plus improving ore grades from Mt Magnet’s Percy pit. The over-performance in the September 2015 Quarter, combined with a higher forecast for the December 2015 Quarter now means that previous full year FY2016 Guidance is expected to be exceeded. Previous Guidance of 99,000 ounces at an AISC of A$1,250/oz is effectively replaced with 104,000 ounces at an AISC of A$1,200/oz.

Kathleen Valley Gold Mine (WA)

The Kathleen Valley gold mine progressed smoothly throughout the Quarter. Mining is proceeding on Budget and ore production was strong with 82,498t @ 3.68 g/t for 9,747 ounces mined from the Mossbecker pit, which reached a depth of 20 metres.

Grade control is being conducted as a number of campaigns using light RC drilling and results have been highly encouraging. Grade control drilling is currently generating slightly less tonnes, at higher grades for overall ounces similar or better than Ore Reserve.

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Figure 6: Mossbecker grade control section

The second pit, Yellow Aster Deeps, was commenced mid-way through the Quarter. Ore production from this pit will commence toward the end of the December 2015 Quarter.

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Figure 7: Mossbecker open pit mining

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Ore haulage commenced on the 17[th] of August with milling following immediately. At the end of the Quarter mill production was 44,476t @ 3.91g/t for 5,425 recovered ounces. End of Quarter ore stockpiled at the Mossbecker ROM is estimated to be 34,794 tonnes.

Additional drilling has been conducted at the Nil Desperandum and Yellow Aster North resource areas. Results are encouraging and further drilling, modelling and evaluation is being undertaken and potential for adding two small pits is currently thought likely.

Vivien Gold Mine (WA)

Vivien underground development continued throughout the Quarter. The decline advanced 473 metres (70 metres vertical) during the Quarter and progress is approximately 20% ahead of schedule. Total development was 667 metres. Ground conditions in the host dolerite are generally very good.

The Quarter saw all significant site surface infrastructure completed. The primary ventilation raisebore hole was completed in early September and the primary ventilation fan was installed at the end of the Quarter (refer Figure 8). Several infrastructure items, including the ventilation fan, are carried over from the Wattle Dam underground gold operation.

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Figure 8: Vivien primary ventilation fan

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Subsequent to the end of the Quarter, the first cut of ore was mined and hauled to the surface (refer Figures 9 & 10). Ore development will gradually ramp up as the main ore levels are reached, with road-train haulage and milling commencing in early 2016 following bitumen sealing of the Vivien mine road - Leinster highway intersection.

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Figure 9: First Vivien ore face on the 400 Level (115m below surface)

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Figure 10: First Vivien ore load leaving portal

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PROJECT DEVELOPMENT

Blackmans Gold Project (WA)

Blackmans is located 30km north of Mt Magnet, relatively close to the Company’s Checker processing facility on the outskirts of Mt Magnet.

Gold mineralisation at Blackmans extends over at least 350m strike and is associated with a number of subparallel, steeply west dipping quartz-sulphide lodes developed within high magnesium basalt host rocks. Lodes are generally 2-5m wide, from 10-20m below surface and vary between 60 and 300m in strike length. The lodes are overlain by transported laterite cover of 8-12m thickness, which contains a flat lying 2-5m thick, enriched gold zone near the base.

Work completed during the Quarter included application for a Miscellaneous Licence over the access route, completion of flora & fauna surveys, hydrogeological investigation drilling and water flow testing. Two geotechnical diamond holes were commenced at the end of the Quarter. Completion of technical studies and mine design is required before an Ore Reserve can be reported, expected in the December 2015 Quarter.

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Figure 11: Blackmans conceptual open pit design

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EXPLORATION SUMMARY

Ramelius currently has a suite of gold exploration projects at various stages of advancement, as shown on Figure 12.

Exploration during the Quarter included Reverse Circulation (RC) drilling programmes at Mt Magnet (Blackmans and Milky Way) and the Cavanaghs Joint Venture (abutting Mt Magnet) plus the Tanami Joint Venture in the NT. An aggregate of 3,954m from 18 RC holes was drilled during the Quarter. The drill hole information summary table and JORC Table 1 are presented as attachments to this report.

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Figure 12: Exploration Projects location plan

Blackmans Gold Project (Mt Magnet, WA)

A single 222m deep exploration RC hole was completed at Blackmans during the Quarter. The RC hole was designed to test under the high grade Western Lode intersection of 10m at 15.76 g/t Au. The drill hole could not extend the Western Lode intersection but did return encouraging gold mineralisation along the Eastern Lode position, intersecting 5m at 4.70 g/t Au from 206m, including 2m at 10.64 g/t Au from 209m. Refer ASX Release dated 14 September, 2015.

Milky Way Gold Project (Mt Magnet, WA)

The Milky Way gold project is located 3.6km southwest of the Checkers Mill at Mt Magnet (Figure 13) and represents an exciting new porphyry gold exploration target. Five holes were drilled at Milky Way during the Quarter as part of a larger 10 hole, 2,376m reconnaissance programme targeting a number of buried porphyry and banded iron formation targets proximal to the mill. Highly encouraging results were returned from the Milky Way drill holes (see ASX Releases dated 14 September, 2015 and 13 October 2015) including the following significant (>0.5g/t Au) high grade intersections (refer Figure 14):

• 6m at 11.64 g/t Au from 189, including 2m at 33.4 g/t Au in GXRC1328

• 7m at 11.29 g/t Au from 232m in GXRC1336

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Subsequent to the end of the September 2015 Quarter, a 2,500m RC drilling programme commenced at Milky Way. The aim of the drilling is to further scope the strike and dip continuity of the mineralized porphyry within the northern 400m of the +800m long porphyry that has been modelled to date (Figure 15). Drilling will include a re-entry of the northern most hole (GXRC1334) that failed to penetrate the main porphyry unit and adequately test the northern strike extension of the target. Deeper drilling is proposed to further test the dip continuity of the newly discovered high grade mineralisation reported during the Quarter. It is also intended to complete a series of 50-100m spaced step out drill holes to test the modelled porphyry southwards.

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Figure 13: Location of the Milky Way Project relative to Checker Processing Plant

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Figure 14: Milky Way oblique section – cut 300 degrees off 6896650mN

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Figure 15: Isometric image of the Milky Way Porphyry (looking northwest).

The porphyry has been modelled over 800m strike to 340mbs, based upon historical shallow drilling plus recent gravity and magnetic inversion modelling. The modelling serves to highlight the paucity of deeper drill testing into the mineralised porphyry. The image also shows the proposed December 2015 Quarter step out drilling into the northern half of the porphyry. The cluster of mineralisation to the south of the Milky Way pit represents the eastern limit of the Andromeda pit (see Figure 13 for location reference). Mineralisation at Andromeda sits within the hangingwall of the Milky Way Porphyry and is wholly hosted by ultramafic rocks. Future drilling will also test the porphyry west of the Andromeda pit.

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Tanami Joint Venture (NT) – Ramelius 85%

Early in the Quarter, Ramelius advised Tychean Resources Limited (ASX:TYK) that it had met its earn in expenditure commitment and had acquired an 85% interest in the Tanami Joint Venture. Tychean retains a free carried 15% interest in the Joint Venture through to any decision to mine.

The Joint Venture partners still await the grant of the six Exploration Licence Applications (ELA’s) highlighted in Figure 16.

Ramelius drilled seven holes for an aggregate 1,356m within the granted Suplejack tenement (EL26625), during the Quarter (refer Figure 17). Six of the holes were angled RC, drilled 100m apart to provide important geological information along the sheared contacts of the various rock units (intersected during the reconnaissance drilling programmes), below the +2km striking gold anomalous interface anomaly.

Encouragingly the drilling confirmed the southern extension of the gold interface anomaly. Low order gold anomalism (+10ppb Au) was returned where it intersected a graphitic schist unit. The graphitic schist unit also returned elevated portable XRF trace element determinations up to 0.18% Cu and 56ppm As, suggesting the unit may be a preferential host where its structurally thickened around the fold closure further south. Detectable gold anomalism (2-5ppb Au) was returned on or near the eastern dolerite/siltstone contact and near the western sheared pelite/siltstone contact, further attesting to the prospectivity of the larger Suplejack target area.

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Figure 16: Suplejack (EL26625) location north of Newmont’s Callie Gold Mine (NT)

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Figure 17: Suplejack (EL26625) showing Ramelius drill hole locations within folded Tanami Group stratigraphy

Condobolin JV (NSW) – Ramelius earning 80%

Work during the Quarter progressed with the planning of an RC drilling programme designed to test a number of chargeable IP anomalies returned from Ramelius’ recent 3D-IP survey over the project area. The drilling will commence once all statutory approvals have been granted.

Cavanaghs JV (WA) – Ramelius earning 70%

Cavanaghs represents a newly signed farm-in and joint venture agreement targeting massive nickel sulphide mineralisation within a large intrusive mafic sill complex located 10km west of the Mt Magnet township. Ramelius may earn up to 70% interest in the project from a private company by sole funding $2 million in exploration expenditure within 4 years.

During the Quarter, Ramelius drilled one angled RC hole into a strongly conductive EM anomaly but failed to intersect any anomalous nickel sulphides (>0.1% Ni). An 8m thick graphitic shale unit adequately explained the source of the conductive anomaly.

Detailed mapping and surface soil/rock chip sampling over the larger intrusive sill complex is planned for the December 2015 Quarter.

Tomalla Option (NSW) – Ramelius withdrawn

No significant (>0.5g/t Au) mineralisation was returned from the diamond drilling into the Tomalla project reported last Quarter. No further exploration is planned and the property has been returned to the vendor.

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CORPORATE & FINANCE

Due to the increasing demand of regulatory requirements and ongoing growth of Ramelius, the roles of Company Secretary and Chief Financial Officer will be separated into two positions. This will enable the current incumbent Mr Dom Francese, who has diligently held both roles since Ramelius was listed on ASX in March 2003, to focus primarily on his Company Secretarial responsibilities and the Corporate Governance requirements of the Company. As a result, current Financial Controller Mr Simon Iacopetta has been promoted to Chief Financial Officer effective 1 November 2015. Mr Iacopetta is a Chartered Accountant who has 13 years in industry and joined Ramelius in March 2011.

Gold sales for the September 2015 Quarter were A$35.8M at an average price of A$1,565/oz.

At 30 September 2015, the Company had A$36.5M of cash (including sold bullion awaiting settlement) and A$2.7M of gold bullion on hand for a total of A$39.2M. This represents a A$2.9M increase from the June 2015 Quarter (A$36.3M) despite expenditure on capital development at Vivien (A$5.0M), Kathleen Valley (A$0.2M) and greenfields exploration (A$1.2M).

The A$10M financing facility secured with the Commonwealth Bank of Australia (CBA) in June 2015 remains undrawn.

At 30 September 2015, the forward gold sales program put in place in conjunction with the finance facility requires Ramelius to deliver a further 71,520 ounces of gold at an average price of A$1,570/oz over the period to March 2017. Additional forward gold sales totaling 6,900 ounces at an average price of A$1,624/oz have been taken out with deliveries out to the end of January 2016.

The Company has no corporate debt.

For further information contact:

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

Duncan Gordon Executive Director Adelaide Equity Partners Ph: (08) 8232 8800

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.

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COMPETENT PERSONS

The Information in this report that relates to Exploration Results, Mineral Resources and Ore Reserves is based on information compiled by Kevin Seymour (Exploration Results), Rob Hutchison (Mineral Resources) and Mark Zeptner (Ore Reserves), who are Competent Persons and Members of The Australasian Institute of Mining and Metallurgy. Kevin Seymour, Rob Hutchison and Mark Zeptner are full-time employees of the company. Kevin Seymour, Rob Hutchison and Mark Zeptner have sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Kevin Seymour, Rob Hutchison and Mark Zeptner consent to the inclusion in this report of the matters based on their information in the form and context in which it appears.

Attachment 1: Significant (>0.5 g/t Au) RC drilling data within Mt Magnet (Blackmans) – WA

Hole Id	Easting	Northing	Az/Dip	RL	F/Depth (m)	From (m)	To (m)	Interval (m)	g/t Au
BMRC0055	582718	6925083	143/-59	440	222 Incl.	206 209	211 211	5 2	4.70 10.64

Reported gold assay intersections (using a 0.5 g/t Au lower cut) are reported using 1m downhole intervals at plus 0.5 g/t Au with up to 2m of internal dilution. Gold determination was by Fire Assay, using a 50gm charge with ICP-MS finishes and a lower limit of detection of 0.01 g/t Au. NSR denotes no significant results. True widths are estimated to be 65% of downhole intersections. Coordinates are MGA94-Z50.

Attachment 2: Significant (>0.1 g/t Au) RC drilling data within Mt Magnet (Milky Way, Valhalla, Andromeda, Brown Hill and Golden Stream) – WA

Hole Id	Easting	Northing	Az/Dip	RL	F/Depth (m)	From (m)	To (m)	Interval (m)	g/t Au
GXRC1327 (Valhalla Pry)	579034	6896734	293/-58	442	204 Incl.	22 69 69 90	61 82 70 98	39 13 1 8	0.13 0.20 0.99 0.10
GXRC1328 (Milky Way Pry)	577725	6896650	268/-57	442	246 Incl. Incl. Incl. Incl. Incl. Incl. Incl. Incl. Incl.	0 66 129 133 152 154 154 162 164 175 189 189 190 204 215 225 226 232	30 80 146 135 159 159 155 168 167 181 210 195 192 206 245 244 234 233	30 14 17 2 7 5 1 6 3 6 21 6 2 2 30 19 8 1	0.26 0.28 0.56 1.04 1.99 2.74 7.73 0.65 1.00 0.83 3.62 11.64 33.4 1.29 0.82 1.22 2.31 7.34
GXRC1329 (Andromeda Pry)	577689	6895660	270/-56	442	246 Incl.	52 55 120 231	57 56 121 244	5 1 1 13	0.85 3.24 1.04 0.11
GXRC1330 (Brown Hill BIF)	577669	6898672	337/-55	442	132			Hole	Abn
GXRC1331 (Brown Hill BIF)	577669	6898676	329/-59	442	360	37 86 96 321	40 88 120 323	3 2 24 2	1.15 1.42 0.23 1.59

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GXRC1332 (Golden Stream Pry)	579389	6895820	269/-60	442	252 Incl.	100 119 153 209	123 120 199 233	23 1 46 24	0.27 1.21 0.19 0.19
GXRC1333 (Milky Way Pry)	577703	6896621	290/-55	443	234 Incl. Incl. Incl. Incl. Incl.	115 115 118 129 131 142 144 165 198	137 124 123 137 136 149 147 223 214	22 9 5 8 5 7 3 58 16	0.49 0.52 0.73 0.70 1.01 0.93 1.85 0.65 1.16
GXRC1334 (Milky Way Pry)	577724	6896656	300/-55	442	186 Incl. Incl. + Incl. + Incl.	76 84 84 114 114 122 143	135 100 87 133 119 132 157	59 16 3 19 5 10 14	0.82 1.43 6.11 1.09 1.91 1.00 0.40
GXRC1335 (Milky Way Pry)	577703	6896541	300/-56	441	246	126 140 164 186 199 214	133 147 176 191 205 246	7 7 12 5 6 32	0.88 1.31 0.12 0.22 0.69 0.30
GXRC1336 (Milky Way Pry)	577744	6896578	300/-57	441	270 Incl. Incl. Incl. Incl. + Incl.	118 124 180 181 199 219 232 232 252 265	140 125 215 186 210 270 239 237 258 270	22 1 35 5 11 51 7 5 6 5	0.42 7.03 0.36 0.75 0.35 2.01 11.29 15.37 1.06 1.93

Reported gold assay intersections (using a 0.1 g/t Au lower cut) are reported using 1m downhole intervals at plus 0.1 g/t Au with up to 4m of internal dilution. Gold determination was by Fire Assay, using a 50gm charge with ICP-MS finishes and a lower limit of detection of 0.01 g/t Au. NSR denotes no significant results. True widths of the high grade shear zone remain unclear but are interpreted to be 25-50% of the reported downhole intersection and are estimated to be 85% of downhole intersections within the broader mineralised porphyry (pry) or banded iron (BIF) units. Coordinates are MGA94-Z50. Abn denotes hole abandoned due to excessive deviation

Attachment 3: Anomalous (>10 ppb Au) Interface RC drilling data within the Tanami JV - Suplejack – NT

Hole Id	Easting	Northing	Az/Dip	RL	F/Depth (m)	From (m)	To (m)	Interval (m)	ppb Au
SJRC0048	614843	7796520	066/-60	367	192	91 120	92 121	1 1	29* 27
SJRC0049	614752	7796476	057/-60	367	204	116 139	118 140	2 1	36 15
SJRC0050	614659	7796440	058/-60	367	228	80 149 159 170 181 191 198 207 213	81 150 160 174 183 193 201 210 219	1 1 1 4 2 2 3 3 6	48* 15 31 14.3 10 12 13.3 12.7 10.3
									17

SJRC0051	614563	7796390	058/-60	367	198	88 94 104 166 171	90 95 105 169 172	2 1 1 3 1	17* 12 36 17.3 15
SJRC0052	614480	7796352	058/-60	367	192				NSR
SJRC0053	614382	7796316	058/-60	367	222	193	194	1	11
SJRC0054	614712	7796184	360/-90	367	120	80 82	81 83	1 1	11 12

Reported interface gold assay intersections marked by an *. Data is compiled using a 10ppb Au lower cut and are reported using 1m downhole intervals at plus 10 ppb Au. Gold determination was by Fire Assay, using a 40gm charge with ICP-MS finishes and a lower limit of detection of 1 ppb Au. NSR denotes no significant results. True widths are 100% of downhole intersections along the sub-horizontal unconformity. Coordinates are MGA94-Z52.

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JORC Code, 2012 Edition –

Table 1 Report for Suplejack RC Drilling

Section 1 Sampling Techniques and Data

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

Criteria	JORC Code explanation	Commentary
Sampling	• Nature and quality of sampling (e.g.	• Potential gold mineralised intervals are
techniques	cut channels, random chips, or	systematically sampled using industry standard
	specific specialised industry standard	1m intervals, collected from reverse circulation
	measurement tools appropriate to the	(RC) drill holes at Suplejack, no samples were
	minerals under investigation, such as	collected above the unconformity at Suplejack.
	down hole gamma sondes, or	• Drill hole locations were designed to allow for
	handheld XRF instruments, etc). These	spatial spread across the interpreted
	examples should not be taken as	mineralised zones being tested. All RC samples
	limiting the broad meaning of	were collected and riffle split to 3-4kg samples
	sampling.	on 1m metre intervals.
	• Include reference to measures taken	• Standard fire assaying was employed using a
	to ensure sample representivity and	40gm charge with ICP-MS finish for Suplejack.
	the appropriate calibration of any	Trace element determination was undertaken
	measurement tools or systems used.	using pXRF as a field guide for anomalous
	• Aspects of the determination of	geochemical trends only.
	mineralisation that are Material to
	the Public Report.
	• In cases where ‘industry standard’
	work has been done this would be
	relatively simple (e.g. ‘reverse
	circulation drilling was used to obtain
	1 m samples from which 3 kg was
	pulverised to produce a 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
	(e.g. submarine nodules) may warrant
	disclosure ofdetailed information.
Drilling	• Drill type (e.g. core, reverse	• RC Drilling at Suplejack was completed using
techniques	circulation, open-hole hammer, rotary	best practice 5 ¾” face sampling RC drilling
	air blast, auger, Bangka, sonic, etc)	hammers.
	and details (e.g. 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	• Bulk RC samples were visually inspected by the
recovery	core and chip sample recoveries and	supervising geologist to ensure adequate clean
	results assessed.	sample recoveries were achieved. Any wet,
	• Measures taken to maximise sample	contaminated orpoor sample returns are

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Criteria	JORC Code explanation	Commentary
	recovery and ensure representative	flagged and recorded in the database to ensure
	nature of the samples.	no sampling bias is introduced.
	• Whether a relationship exists	• Zones of poor sample return are recorded in the
	between sample recovery and grade	database and cross checked once assay results
	and whether sample bias may have	are received from the laboratory to ensure no
	occurred due to preferential loss/gain	misrepresentation of sampling intervals has
	of fine/coarse material.	occurred. Of note, excellent RC recovery is
		reported from all holes in allprogrammes.
Logging	• Whether core and chip samples have	• All RC drill samples are geologically logged on
	been geologically and geotechnically	site by professional geologists. Details on the
	logged to a level of detail to support	host lithologies, deformation, dominant
	appropriate Mineral Resource	minerals including sulphide species and
	estimation, mining studies and	alteration minerals plus veining are recorded
	metallurgical studies.	relationally (separately) so the logging is
	• Whether logging is qualitative or	interactive and not biased to lithology.
	quantitative in nature. Core (or	• Drill hole logging of RC is qualitative on visual
	costean, channel, etc) photography.	recordings of rock forming minerals and
	• The total length and percentage of	quantitative on estimates of mineral
	the relevant intersections logged.	abundance.
		• The entire length of each RC hole is geologically
		logged.
Sub-sampling	• If core, whether cut or sawn and	• Duplicate samples are collected every 25th
techniques	whether Quarter, half or all core	sample from the RC and diamond core (using ¼
and sample	taken.	core).
preparation	• If non-core, whether riffled, tube	• Dry 1m RC samples are riffle split to 3-4kg and ½
	sampled, rotary split, etc and whether	core samples are dispatched to the laboratory.
	sampled wet or dry.	Any wet RC samples are recorded in the
	• For all sample types, the nature,	database as such and allowed to dry before
	quality and appropriateness of the	splitting and dispatching to the laboratory.
	sample preparation technique.	• All RC samples are pulverized prior to splitting
	• Quality control procedures adopted	in the laboratory to ensure homogenous
	for all sub-sampling stages to	samples with 85% passing 75um. 200gm is
	maximise representivity of samples.	extracted by spatula that is used for the 50gm
	• Measures taken to ensure that the	charge on standard fire assays.
	sampling is representative of the in	• Samples submitted to the laboratory are sorted
	situ material collected, including for	and reconciled against the submission
	instance results for field	documents. In addition to duplicates a high
	duplicate/second-half sampling.	grade or low grade standard is included every
	• Whether sample sizes are appropriate	25thsample, a controlled blank is inserted every
	to the grain size of the material being	100thsample. The laboratory uses barren
	sampled.	flushes to clean their pulveriser and their own
		internal standards and duplicates to ensure
		industry best practice quality control is
		maintained.
		• The sample size is considered appropriate for
		the type, style, thickness and consistency of
		mineralization.
Quality of	• The nature, quality and	• The fire assay method is designed to measure
assaydata	appropriateness ofthe assayingand	the totalgold in the sample. The technique

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Criteria	JORC Code explanation	Commentary
and	laboratory procedures used and	involves standard fire assays using a 40gm or
laboratory	whether the technique is considered	50gm sample charge with a lead flux
tests	partial or total.	(decomposed in the furnace). The prill is totally
	• For geophysical tools, spectrometers,	digested by HCl and HNO3acids before
	handheld XRF instruments, etc, the	measurement of the gold determination by ICP-
	parameters used in determining the	MS for Suplejack.
	analysis including instrument make	• No field analyses of gold grades are completed.
	and model, reading times,	Quantitative analysis of the gold content and
	calibrations factors applied and their	trace elements is undertaken in a controlled
	derivation, etc.	laboratory environment.
	• Nature of quality control procedures	• Industry best practice is employed with the
	adopted (e.g. standards, blanks,	inclusion of duplicates and standards as
	duplicates, external laboratory	discussed above, and used by Ramelius as well
	checks) and whether acceptable levels	as the laboratory. All Ramelius standards and
	of accuracy (i.e. lack of bias) and	blanks are interrogated to ensure they lie within
	precision have been established.	acceptable tolerances. Additionally, sample
		size, grind size and field duplicates are
		examined to ensure no bias to gold grades
		exists.
Verification	• The verification of significant	• Alternative Ramelius personnel have inspected
of sampling	intersections by either independent or	the drill chips and core in the field to verify the
and assaying	alternative company personnel.	correlation of mineralised zones between assay
	• The use of twinned holes.	results and lithology, alteration and
	• Documentation of primary data, data	mineralization.
	entry procedures, data verification,	• All holes are digitally logged in the field and all
	data storage (physical and electronic)	primary data is forwarded to Ramelius’
	protocols.	Database Administrator (DBA) in Perth where it
	• Discuss any adjustment to assay data.	is imported into Datashed, a commercially
		available and industry accepted database
		software package. Assay data is electronically
		merged when received from the laboratory.
		The responsible project geologist reviews the
		data in the database to ensure that it is correct
		and has merged properly and that all the drill
		data collected in the field has been captured
		and entered into the database correctly.
		• The responsible geologist makes the DBA aware
		of any errors and/or omissions to the database
		and the corrections (if required) are corrected
		in the database immediately.
		• No adjustments or calibrations are made to any
		of the assay data recorded in the database.
		• No new mineral resource estimate is included in
		this report.
Location of	• Accuracy and quality of surveys used	• All reconnaissance drill hole collars are picked
data points	to locate drill holes (collar and down-	up using GPS survey control. All down hole
	hole surveys), trenches, mine	surveys are collected using downhole Eastman
	workings and other locations used in	single shot surveyingtechniquesprovided by

21

Criteria	JORC Code explanation	Commentary
	Mineral Resource estimation.	the drilling contractors.
	• Specification of the grid system used.	• All holes are picked up on MGA94-Zone 52 grid.
	• Quality and adequacy of topographic	• Topographic control is established DGPS RL
	control.	measurements, believed sufficiently accurate
		for the reconnaissance nature of the drilling.
Data spacing	• Data spacing for reporting of	• Reconnaissance exploration drill holes were
and	Exploration Results.	planned on nominal 250m x 250m partings at
distribution	• Whether the data spacing and	Suplejack, designed as a first pass infill test of
	distribution is sufficient to establish	the project.
	the degree of geological and grade	• Given the reconnaissance nature of the drilling
	continuity appropriate for the Mineral	at Suplejack these spacings are considered
	Resource and Ore Reserve estimation	adequate to define the continuity of
	procedure(s) and classifications	mineralisation, ahead of future infill drill testing
	applied.	as required.
	• Whether sample compositing has	• No sampling compositing has been applied
	been applied.	within keymineralised intervals.
Orientation	• Whether the orientation of sampling	• The drilling is drilled orthogonal to the
of data in	achieves unbiased sampling of	interpreted strike of the target horizon. No
relation to	possible structures and the extent to	diamond drilling has been completed by
geological	which this is known, considering the	Ramelius at Suplejack thus far.
structure	deposit type.	• Selected diamond twinning will be completed in
	• If the relationship between the drilling	due course to confirm a drilling orientation
	orientation and the orientation of key	and/or ensure no sampling bias is present.
	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	• Sample security is integral to Ramelius’
security	security.	sampling procedures. All bagged samples are
		delivered directly from the field to the assay
		laboratory in Townsville via road freight from
		the field, whereupon the laboratory checks the
		physically received samples against Ramelius’
		sample submission/dispatch notes.
Audits or	• The results of any audits or reviews of	• Sampling techniques and procedures are
reviews	sampling techniques and data.	reviewed prior to the commencement of new
		work programmes to ensure adequate
		procedures are in place to maximize the sample
		collection and sample quality on new projects.
		No external audits have been completed to
		date.

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Section 2 Reporting of Exploration Results

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

Criteria	JORC Code explanation	Commentary
Mineral	• Type, reference name/number,	• The results reported in this report are on
tenement	location and ownership including	granted (EL) 26625 (Suplejack). Ramelius is
and land	agreements or material issues with	earning 85% of Suplejack from Tychean
tenure status	third parties such as joint ventures,	Resources Ltd (ASX:TYK). Suplejack is located
	partnerships, overriding royalties,	on Aboriginal Freehold Land. Heritage surveys
	native title interests, historical sites,	are completed prior to any ground disturbing
	wilderness or national park and	activities in accordance with Ramelius’
	environmental settings.	responsibilities under the Aboriginal Heritage
	• The security of the tenure held at the	Act.
	time of reporting along with any	• At this time all the tenements are in good
	known impediments to obtaining a	standing. There are no known impediments to
	licence to operate in the area.	obtaining any licences to operate in any of the
		areas.
Exploration	• Acknowledgment and appraisal of	• Exploration by other parties has been reviewed
done by	exploration by other parties.	and is used as a guide to Ramelius’ exploration
other parties		activities. Previous parties have completed
		shallow RAB and RC drilling at Suplejack plus
		geophysical data collection and interpretation.
		This report concerns only exploration results
		generated byRamelius.
Geology	• Deposit type, geological setting and	• The mineralisation sought at Suplejack is typical
	style of mineralisation.	of orogenic structurally controlled gold lode
		systems. The mineralisation is controlled by
		anastomosing shear zones passing through
		competent rock units. The extent of the
		mineralized systems isyet to be defined.
Drill hole	• A summary of all information	• All the drill holes reported in this report have
Information	material to the understanding of the	the following parameters applied. All RC drill
	exploration results including a	holes completed, including holes with no
	tabulation of the following	significant results (as defined in the
	information for all Material drill holes:	Attachments) are reported in this
	o easting and northing of the drill	announcement. Anomalous plus 10 ppb Au
	hole collar	interface samples are reported for Suplejack
	o elevation or RL (Reduced Level –	• Easting and northing are given in MGA94
	elevation above sea level in	coordinates as defined in the Attachments.
	metres) of the drill hole collar	• RL is AHD
	o dip and azimuth of the hole	• Dip is the inclination of the hole from the
	o down hole length and interception	horizontal. Azimuth is reported in magnetic
	depth	degrees as the direction the hole is drilled.
	o hole length.	MGA94 and magnetic degrees vary by <10in the
	• If the exclusion of this information is	Suplejack project area.
	justified on the basis that the	• Down hole length is the distance measured
	information is not Material and this	along the drill hole trace. Intersection length is
	exclusion does not detract from the	the thickness of an anomalous gold intersection
	understanding of the report, the	measured along the drill hole trace.
	Competent Person should clearly	• Hole length is the distance from the surface to

23

Criteria	JORC Code explanation	Commentary
	explain why this is the case.	the end of the hole measured along the drill
		hole trace.
		• No results currently available showing
		significant drilling results are excluded from this
		report. Gold grade intersections >0.50 g/t Au
		with up to 2m of internal dilution are
		considered. Gold grades less than 0.50 g/t Au
		are not considered economic due to their low
		grade but may still indicate patterns and trends
		worthy of further exploration drill testing. Sub
		0.25 g/t Au assays are reported for Suplejack
		where >10ppb Au is considered anomalous to
		definegeochemical trends.
Data	• In reporting Exploration Results,	• The first gold assay result received from each
aggregation	weighting averaging techniques,	sample reported by the laboratory is tabled in
methods	maximum and/or minimum grade	the list of significant assays. Subsequent repeat
	truncations (e.g. cutting of high	analyses when performed by the laboratory are
	grades) and cut-off grades are usually	checked against the original to ensure
	Material and should be stated.	repeatability of the assay results.
	• Where aggregate intercepts	• Weighted average techniques are applied to
	incorporate short lengths of high	determine the grade of the anomalous interval
	grade results and longer lengths of	when geological intervals less than 1m have
	low grade results, the procedure used	been sampled.
	for such aggregation should be stated	• Results are usually reported using a 0.5 g/t Au
	and some typical examples of such	lower cut-off (unless alternative cut-offs are
	aggregations should be shown in	detailed in the Attachments) and may include
	detail.	up to 2m of internal dilution. Significant assays
	• The assumptions used for any	greater than 8.0 g/t Au are reported separately
	reporting of metal equivalent values	as contained within the broader lower grade
	should be clearly stated.	intervals. For example the broader plus 1.0 g/t
		Au intersection of 6.5m @ 30.5 g/t Au contains
		a higher grade zone running plus 8 g/t Au and is
		included as 4m @ 48.5 g/t Au. Where
		extremely high gold intersections are
		encountered as in this example, the highest
		grade sample interval (e.g. 1.0m @ 150 g/t Au)
		is also reported. All assay results are reported
		to 3 significant figures in line with the analytical
		precision of the laboratory techniques
		employed.
		• No metal equivalent reporting is used or
		applied.
Relationship	• These relationships are particularly	• The intersection length is measured down the
between	important in the reporting of	length of the hole and is not usually the true
mineralisation	Exploration Results.	width. When sufficient knowledge on the
widths and	• If the geometry of the mineralisation	thickness of the intersection is known an
intercept	with respect to the drill hole angle is	estimate of the true thickness is provided in the
lengths	known, its nature should be reported.	Attachment.
	• Ifit is not known and onlythe down	• The knowngeometryof the mineralisation with

24

Criteria	JORC Code explanation	Commentary
	hole lengths are reported, there	respect to the drill holes reported in this report
	should be a clear statement to this	remains poorly constrained.
	effect (e.g. ‘down hole length, true
	width not known’).
Diagrams	• Appropriate maps and sections (with	• Plan views of the drill holes are provided in this
	scales) and tabulations of intercepts	report to enable the reader to see the
	should be included for any significant	intersections relative to previous mining and
	discovery being reported These should	previous drill hole intersections. Given the poor
	include, but not be limited to a plan	understanding on the controls on
	view of drill hole collar locations and	mineralization at this stage the plan view
	appropriate sectional views.	presentation for Suplejack is currently
		considered the best 2-D representation of the
		known spatial extent of the mineralization
		intersected to date.
Balanced	• Where comprehensive reporting of all	• All material drill holes completed to date are
reporting	Exploration Results is not practicable,	reported in this report.
	representative reporting of both low
	and high grades and/or widths should
	be practiced to avoid misleading
	reportingofExploration Results.
Other	• Other exploration data, if meaningful	• No other exploration data that has been
substantive	and material, should be reported	collected is considered meaningful and material
exploration	including (but not limited to):	to this report.
data	geological observations; geophysical
	survey results; geochemical survey
	results; bulk samples – size and
	method of treatment; metallurgical
	test results; bulk density,
	groundwater, geotechnical and rock
	characteristics; potential deleterious
	or contaminatingsubstances.
Further work	• The nature and scale of planned	• Future exploration includes extension drilling at
	further work (e.g. tests for lateral	Suplejack to better define the extent of the
	extensions or depth extensions or	mineralization.
	large-scale step-out drilling).	• Cross section views will be presented once
	• Diagrams clearly highlighting the	interpreted and will highlight the inferred dip
	areas of possible extensions, including	and plunge extensions to the known
	the main geological interpretations	mineralization and their predicted depth
	and future drilling areas, provided this	extensions.
	information is not commercially
	sensitive.

25