RAMELIUS RESOURCES LIMITED — Interim / Quarterly Report 2015

Jul 27, 2015

For Immediate Release 28 July 2015

June 2015 Quarterly Activities Report

HIGHLIGHTS – OPERATIONS & DEVELOPMENT

• Mt Magnet (WA) - Production guidance achieved with 17,218 ounces of gold produced at a Cash Cost of A$800/oz (Mar 2015 Qtr: A$663/oz) & an AISC of A$1,410/oz (Mar 2015 Qtr: A$1,097/oz)

• Group gold production for FY2015 full year of 86,653 ounces & gold sales of 88,706 ounces at a Cash Cost of A$849/oz & an AISC of A$1,178/oz respectively

• Kathleen Valley Gold Project (WA) – Site set-up completed and open pit mining commenced 25 June 2015 with first ore to be hauled Sept 2015 Qtr

• Vivien Gold Project (WA) – Portal established & underground development commenced with 53 metres of decline advance achieved by 30 June 2015

• Blackmans Project (WA) - Additional significant gold intersections from infill drilling, 30km north of Mt Magnet, including 5m at 10.04 g/t Au from 19m and 4m at 15.51 g/t from 38m

PRODUCTION GUIDANCE – SEPTEMBER 2015 QUARTER & FY2016 FULL YEAR

• Group gold production for the September 2015 Quarter is expected to be 19,000-21,000 ounces at an AISC of approximately A$1,350/oz

• Mt Magnet is forecast to contribute 15,500 ounces

• Kathleen Valley is forecast to contribute 4,500 ounces

• Group gold production for the FY2016 full-year is expected to be ~99,000 ounces at an AISC of approximately A$1,250/oz

• Mt Magnet is forecast to contribute 57,000 ounces

• Kathleen Valley is forecast to contribute 37,000 ounces

• Vivien is forecast to contribute 5,000 ounces

HIGHLIGHTS – CORPORATE

• Quarterly gold sales of A$27.9M at an average sale price of A$1,555/oz

• Forward sold an additional 39,489 ounces of gold in the quarter bringing the total to 86,689 ounces at an average price of A$1,570/oz - representing approximately 40% of forecast Group production volumes over two years

• Commenced gold deliveries into the forward sales program in the June 2015 Quarter, consisting of 7,418 ounces

• Cash & gold on hand increased to A$36.3M (Mar Qtr: A$35.8M), after A$5.9M expenditure on both development at Vivien & Kathleen Valley and greenfields exploration

• A$10M finance facility (undrawn) secured with Commonwealth Bank of Australia

• Nil corporate debt

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, also in Western Australia. The Burbanks Treatment Plant is located approximately 9 kilometres south of Coolgardie and is currently on care and maintenance.

PRODUCTION SUMMARY

Table 1: Gold Production and Financials June 2015 Quarter

	Units	Mt Magnet
Ore mined(highgrade)	t	317,626
Oreprocessed	t	372,392
Headgrade	g/t	1.41
Gold recovery	%	92
Gold recovered	oz	15,472
Finegoldproduction	oz	17,218
Cash operatingcosts	A$M	13.78
Cash operatingcost(C1)	A$/oz	800
Gold sales ~	oz	17,915
All-In SustainingCosts(AISC)*^	A$M	25.26
AISC^	A$/oz	1,410
Gold sales	A$M	27.86
Average realisedgoldprice	A$/oz	1,555

• as per World Gold Council guidelines

• ~ includes 7,418oz of gold delivered to CBA under forward sales program

• ^ net of by-product credits and excludes toll-treating

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Table 2: Gold Production and Financials FY2015 Full Year

	Units	Q1 2014	Q2 2014	Q3 2015	Q4 2015	FY15
Mt Magnet
Finegoldproduction	oz	18,575	23,235	22,655	17,218	81,683
Cash operatingcost(C1)^	A$/oz	1,161	949	663	800	887
Gold sales ~	oz	18,283	24,614	22,698	17,915	83,510
All-In SustainingCosts(AISC)*^#	A$/oz	1,391	1,018	1,097	1,410	1,205
Burbanks
Finegoldproduction	oz	3,960	1,006	4	-	4,970
Cash operatingcost(C1)^	A$/oz	272	66	-	-	230
Gold sales	oz	4,186	1,006	4	-	5,196
All-In SustainingCosts(AISC)*^	A$/oz	789	508	-	-	734
Group
Finegoldproduction	oz	22,535	24,241	22,659	17,218	86,653
Cash operatingcost(C1)^	A$/oz	1,005	912	663	800	849
Gold sales ~	oz	22,469	25,620	22,702	17,915	88,706
All-In SustainingCosts(AISC)*^#	A$/oz	1,279	998	1,097	1,410	1,178

~ Q1 2014 includes 2,984oz of gold repaid to Deutsche Bank under previous gold pre-pay facility

• ~ Q4 2015 includes 7,418oz of gold delivered to CBA under forward sales program

Q3 includes $92/oz representing non-sustaining capital associated with the Perseverance open pit * as per World Gold Council guidelines

^ net of by-product credits and excludes toll-treating

OPERATIONS

Mt Magnet Gold Mine

Mining continued at the Saturn, Mars and the recently commenced Perseverance (“Percy” – refer Figure 2) open pit. A total of 1,238,168 BCM’s was mined in the June 2015 Quarter, with mining at Percy progressing rapidly.

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Figure 2: Perseverance open pit cutback (looking east)

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Percy is located at the top of the historic Hill 50 underground mine. The cutback commenced in January 2015 and will provide the major ore source for Mt Magnet for the 2016 financial year. Mining has been accelerated during the second half of financial year 2015, in order to access the higher grade, fresh ore which commences approximately 50 metres below surface level. The September 2015 Quarter will see increased access to ore at Percy as the main Hill 50 and Perseverance BIF lodes begin to be exposed.

Mining at the Saturn and Mars (refer Figure 3) open pits will be completed in the September 2015 Quarter, as the bottom 20 metres of ore is retrieved using the smaller 50 tonne capacity mining fleet.

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Figure 3: Mars open pit cutback (looking south)

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Mill throughput was 372,392 tonnes at a 1.41 g/t head grade (refer Figure 4) with lower throughput due a scheduled six monthly reline of the SAG and ball mills in late June 2015, and lower grade due to influence of increased ore tonnage from the Percy pit.

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

Milled Tonnes & Head Grade
700,000 2.00
600,000 1.75
500,000
1.50
400,000
1.25
300,000
1.00
200,000
0.75
100,000
0 0.50
Milled Tonnes (LHS) Head Grade (RHS)
Milled Tonnes (t)
Head Grade (g/t)
----- End of picture text -----

Figure 4: Mt Magnet Quarterly Milled Tonnes & Head Grade

Gold production (refer Figure 5) was within guidance, albeit toward the lower end, with 17,218 ounces of delivered gold poured and 17,915 ounces of gold sold for the period. Metallurgical recoveries were maintained at better than budget levels again this quarter, at 92%.

Cash costs for the period were A$800/oz and AISC increased to A$1,410/oz primarily as a result of lower ounces produced although increased costs associated with accelerated mining at Percy did influence the result. The increase in AISC through the initial phase of the Percy pit was expected and will remain higher than was the case in FY2015 until the second half of FY2016.

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

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
Costs A$/oz
Gold Production (oz)
----- End of picture text -----

Figure 5: Mt Magnet Production & Costs

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Production for the September 2015 Quarter is expected to increase with the impact of improving ore grades from the Percy pit and the initial deliveries of Kathleen Valley ore. The midpoint of forecast production (20,000oz) is expected to be delivered at an AISC of approximately A$1,350/oz.

Annual Guidance for Group gold production for the FY2016 full-year is expected to be ~99,000 ounces at an AISC of approximately A$1,250/oz, which demonstrates the expected improved cost performance in the second half of the financial year.

PRODUCTION TARGETS

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Figure 6: FY2016 Group Production Profile

Gold production is expected to increase quarter on quarter through FY2016 as shown in Figure 6, 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. Ramelius will be at a production run-rate greater than 100,000 ounces per annum by the March 2016 Quarter.

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Kathleen Valley Gold Mine

Final permitting approvals and board approval was received in May, with the project commenced immediately thereafter.

Located 50km north of Leinster (WA), two open pits, Mossbecker and Yellow Aster, are currently planned and expected to produce a total of 418,000t @ 4.1 g/t for 56,000 oz (refer ASX Release, “Maiden Ore Reserve boosts Kathleen Valley Gold Project”, 19[th] Jan 2015).

In May and June 2015, significant progress was made, including;

• Award of major contracts; Mining – WATPAC Civil & Mining Pty Ltd, Ore haulage - MLG OZ Pty Ltd

• Appointment of key personnel including, project manager, geologists and surveyors

• Construction of offices, fuel facility, workshop, dewatering dams, pipelines & explosives magazine

• Mobilisation of mining contractor & equipment, site clearing and road construction

• Initial RC grade control drilling program

• Blasting & waste mining commenced in the last week of the quarter

RC grade control drilling results for the north end of the Mossbecker pit have been received and solid assay results confirm ore reserve expectations to date. Mining commenced on the 25[th] of June 2015 and ore mining started mid-July 2015 with haulage and processing expected to commence in August 2015.

Kathleen Valley high grade ore is expected to make an immediate positive impact on group gold production in the September 2015 Quarter.

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Figure 7: Mossbecker open pit mining

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Vivien Gold Mine

Board approval for the commencement of the Vivien decline was obtained in May 2015. The Vivien deposit is a high-grade, quartz vein hosted, lode gold deposit. Ramelius plans to mine a 3 year underground project, with an initial decline development phase of 6 months. A mining inventory of 451,000 tonnes at 7.6 g/t for 109,000 ounces is quoted (refer ASX Release, `Vivien Gold Mine Feasibility Completed’, 30[th] May 2014).

Preliminary site works were largely complete prior to full project Board approval and consisted of;

• ³

• • Partial pit wall cutback above the portal location (100,000m )

• Site earthworks including roadways, turkeys nest, bunding and ore pad

• Office and workshop installation

• Dewatering of the existing Vivien pit

Mobilisation of the selected mining contractor (PYBAR Mining Services Pty Ltd) occurred upon formal commencement, during the second half of the quarter. Completed work included meshing, shotcreting and support of the pit wall surrounding the decline portal position. As at 30 June 2015, the decline had progressed 53m and was fully within fresh, competent dolerite host rock.

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Figure 8: Vivien decline portal

First ore is expected to be intersected in November 2015, with ore haulage to the Checker gold mill at Mt Magnet expected to start in January 2016.

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PROJECT DEVELOPMENT

Blackmans Gold Project

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 sub-parallel, 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.

After encouraging RC drilling programmes completed in December 2014 and February 2015, Ramelius announced a maiden Mineral Resource in June 2015 containing;

Table 3: Blackmans Mineral Resource (>1.0g/t)

Resource Category	Tonnes Grade Au (oz)
Indicated Inferred	361,000 2.6 30,000 129,000 2.3 9,000
Total	490,000 2.5 39,000

For full details refer to ASX Release, “Blackmans (Mt Magnet) – Maiden Resource & Exploration Update”, 9 June 2015.

Initial scoping suggests a viable open pit operation. Further mining and environmental studies and permitting processes are required and will be progressed during the remainder of 2015.

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EXPLORATION SUMMARY

Ramelius currently has a suite of gold exploration projects at various stages of advancement, as shown on Figure 9.

Exploration during the quarter included Reverse Circulation (RC) drilling programmes at Mt Magnet (Blackmans) plus Kathleen Valley in WA and the Tanami Joint Venture in the NT. Aircore drilling was completed at Coogee in WA and diamond drilling was completed at both the Fraser Range in WA and the Tomalla Option in NSW. Field work also commenced over the Condobolin JV in central NSW with the completion of a 3D-IP survey.

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Figure 9: Exploration Projects location plan

Blackmans Gold Project (Mt Magnet, WA)

The Blackmans gold project is located on ML58/222, 30km north Mt Magnet. Ramelius conducted 6 deeper exploratory RC drill holes during the quarter (BMRC0048 – 53) for an aggregate 924m below the resource block model.

Encouraging results included 10m at 15.76 g/t Au from 104m in BMRC0053 and 10m at 3.81 g/t Au from 63m in BMRC0048, both along the western lode. These results were reported to the ASX on 9[th] June 2015.

Additional deeper exploration drilling is planned during the September 2015 Quarter.

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Figure 10: Blackmans West Lode longitudinal section highlighting open northerly plunge projection

Kathleen Valley (WA)

An aggregate 1,289m from 20 holes (KVRC0001 – 0020) was completed during the quarter along the Mossbecker Shear. Best result was 5m at 2.15 g/t Au from 39m in KVRC0016, located below the Yellow Aster pit shell.

Anomalous (plus 0.5 g/t Au) drill hole data is appended as Attachment 1.

Exploration drilling during FY2016 will focus on testing depth extensions and repetitions to the blind, fault offset Boris lode, located west and down-dip of the shallow Mossbecker deposit.

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Figure 11: Kathleen Valley Boris Lode looking east (LHS) & looking north, relative to Mossbecker deposit (RHS)

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Tanami Joint Venture (NT) – Ramelius earning 85%

By early June 2015, the Central Land Council had consented to the grant of three Exploration Licence Applications (ELA) 27511, 27995 and 29829 within the Tanami JV. Subsequent to Quarter’s end, the Commonwealth Minister of Indigenous Affairs consented to allow the Northern Territory Mining Minister to proceed with the grant of these Exploration Licences. The locations of these ELA’s awaiting grant are shown on Figure 12.

During the quarter, Ramelius drilled 32 infill reconnaissance RC holes (SJRC0016 to SJRC0047) for an aggregate 2,532m within the granted Suplejack tenement (EL26625). The vertical holes infilled the drill spacing around the previously reported plus 10ppb Au interface anomaly, closing the hole spacing down to 250m (Figure 12). Encouragingly, the infill drilling confirmed strike continuity and extended the anomalous interface target (at plus 10ppb Au) to over 2km. A third phase of drilling is now planned.

Anomalous (plus 9ppb Au) drill hole data is appended as Attachment 2.

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Figure 12: Suplejack (EL26625) location north of Newmont’s Callie Gold Mine (NT)

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Figure 13: Suplejack (EL26625) showing Ramelius drill hole locations within the interpreted folded Tanami Group stratigraphy. Additional drilling is now proposed.

Condobolin JV (NSW) – Ramelius earning 80%

A detailed 3D-IP survey commenced over the Condobolin JV project towards the end of the quarter. Interpretation of the data is continuing.

Tomalla Option (NSW) – Option to acquire 80%

Ramelius completed two diamond drill holes during the quarter (TODD0001 and 0002) for an aggregate 259.9m during a 6 month option period at Tomalla, north of Gloucester in northern NSW.

The drilling was designed to confirm historical anomalous intersections. Both holes intersected conglomerates and sandstones with variable chlorite to intense silica-sericite alteration and disseminated to veined pyrite, arsenopyrite and pyrrhotite.

Drill hole details are included in Attachment 3. Assay results are awaited.

Fraser Range (WA)

A diamond tail was successfully completed during the quarter on RC hole (KNRC002). Final hole depth was 279.4m. The hole intersected a highly magnetic monzonite rock. The monzonite shows similar silica and selected major element contents to the Fraser Range “main gabbro”, based on published GSWA whole rock geochemistry, along with elevated copper assays (up to 100ppm Cu) but the monzonite appears

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unrelated to the typical weakly magnetic leucogranite suites observed elsewhere throughout the Nornalup Terrane or the main gabbro of the Fraser Range.

No significant gold assays (>0.5 g/t Au) were returned from the drill hole and no further drill testing is proposed at this stage.

Coogee Extensions (WA)

Disappointing results were returned from a small programme of infill aircore drilling around the anomalous drill results reported last quarter. An aggregate 469m was completed from 10 Aircore drill holes (COAC0126 to COAC0135) west of the Coogee open pit, within ML26/477, located 100km southeast of Kalgoorlie in Western Australia.

Significant results (>0.10 g/t Au) are appended as Attachment 4.

CORPORATE & FINANCE

Gold sales for the June 2015 Quarter were A$27.9M at an average price of A$1,555 per ounce.

At 30 June 2015, the Company had A$34.9M of cash (including sold bullion awaiting settlement) and A$1.4M of gold bullion for a total of A$36.3M. This represents a A$0.5M increase from the March 2015 Quarter (A$35.8M) despite expenditure of A$5.9M on both development at Vivien & Kathleen Valley and greenfields exploration during the quarter.

In June 2015, Ramelius secured a financing facility with the Commonwealth Bank of Australia. The A$10.0M facility is intended to assist with the Vivien underground project capital development phase, if and when required. The facility is currently undrawn. In conjunction with the finance facility, an additional forward gold sales program has been put in place. Combined with earlier forward gold sales, and subsequent to 7,418 ounces delivered up to 30 June 2015, Ramelius will deliver a further 79,271 ounces of gold at an average price of A$1,570 per ounce to March 2017.

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 Ramelius 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: Anomalous (>0.5 g/t Au) RC drilling data within Kathleen Valley – WA

Hole Id	Easting	Northing	Az/Dip	RL	F/Depth (m)	From (m)	To (m)	Interval (m)	ppb Au
KVRC0013	259861	6955093	075/-60	400	174	13 78 93 100	14 85 94 101	1 7 1 1	0.57 0.99 0.75 0.91
KVRC0015	259992	6954744	075/-60	400	44	22	26	4	1.01
KVRC0016	259965	6954633	075/-60	400	66	1 7 14 17 39 51 60	2 8 15 21 44 52 61	2 1 1 4 5 1 1	0.64 0.54 1.83 0.68 2.15 0.91 0.94
KVRC0018	259978	6954476	075/-60	400	90	28 56 71 76	29 57 72 77	1 1 1 1	0.60 0.57 0.87 0.79
KVRC0019	259930	6954463	075/-60	400	102	50 88	51 89	1 1	1.33 1.21
KVRC0020	259882	6954450	075/-60	400	102	37 60	38 61	1 1	0.72 0.88

Attachment 2: Anomalous (>9 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
SJRC0001*	614618	7795389	360/-90	400	102	81	82	1	54
SJRC0003*	613302	7796903	360/-90	400	84	70	71	1	24
SJRC0019	612782	7797116	360/-90	400	69	60	61	1	11
SJRC0022	613133	7797091	360/-90	400	78	65	66	1	11
SJRC0023	612938	7796931	360/-90	400	69	61	62	1	9
SJRC0029	613947	7796668	360/-90	400	90	81	82	1	15
SJRC0030	614201	7797324	360/-90	400	87	78	79	1	22
SJRC0036	613986	7797793	360/-90	400	81	72	73	1	17
SJRC0042	614302	7797102	360/-90	400	87	77	78	1	9
SJRC0045	614507	7796639	360/-90	400	99 Incl.	83 88 88 96	85 90 89 97	2 2 1 1	14.5 45.5 67 11
SJRC0046	614485	7796079	360/-90	400	93	79	80	1	10
SJRC0047	614753	7797315	360/-90	400	81	75	76	1	14

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Reported preliminary interface gold assay intersections (using a 9ppb Au lower cut) are reported using 1m downhole intervals at plus 9 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. * Denoted as assays were awaited when reported last quarter.

Attachment 3: Significant (>0.5 g/t Au) RC drilling results within the Tomalla Option Project – NSW

Hole Id	Easting	Northing	Az/Dip	RL	F/Depth (m)	From (m)	To (m)	Interval (m)	g/t Au
TODD0001	362070	6479377	160/-70	950	61.3			Results	Awaited
TODD0002	362070	6479377	160/-60	950	198.6			Results	Awaited

Reported significant gold assay intersections (using a 0.5 g/t Au lower cut) are reported using 1m downhole intervals at plus 0.5 g/t gold. Gold determination was by Fire Assay using a 40gm charge with AAS finishes and a lower limit of detection of 0.01 ppm Au. NSR denotes no significant results. True widths are XX% of the reported downhole intersections. Coordinates are MGA94-Z56

Attachment 4: Significant (>0.10 g/t Au) Aircore drilling results within the Coogee Gold Project – Kambalda WA

Hole Id	Easting	Northing	Az/Dip	RL	F/Depth (m)	From (m)	To (m)	Interval (m)	ppb Au
COAC0128	392199	6554527	360/-90	295	60	46	59	13	105
COAC0131	392165	6554219	360/-90	295	39	38	39	1	400

Reported significant gold assay intersections (using a 100 ppb Au lower cut) are reported using 4m down hole composite intervals at plus 100 ppb gold. Composite samples may contain up to 3m of internal dilution. Gold determination was by Fire Assay, using 50gm charges with AAS finishes and a lower limit of detection of 1 ppb Au. NSR denotes no significant results. EOH denotes mineralisation extends to the end of the drill hole. True widths remain unknown. Coordinates are MGA94-Z51.

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JORC Code, 2012 Edition –

Table 1 Report for Suplejack + Kathleen Valley RC, Tomalla Diamond and Coogee Aircore 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 Kathleen Valley + below the
	minerals under investigation, such as	unconformity around 50m from surface at
	down hole gamma sondes, or	Suplejack, no samples were collected above the
	handheld XRF instruments, etc). These	unconformity at Suplejack. 1m diamond ½ core
	examples should not be taken as	samples were collected throughout the drill
	limiting the broad meaning of	holes at Tomalla and 1m grab samples were
	sampling.	collected at Coogee.
	• Include reference to measures taken	• Drill hole locations were designed to allow for
	to ensure sample representivity and	spatial spread across the interpreted
	the appropriate calibration of any	mineralised zones being tested. All RC samples
	measurement tools or systems used.	were collected and riffle split to 3-4kg samples
	• Aspects of the determination of	on 1m metre intervals, while diamond core
	mineralisation that are Material to	samples were ½ cut, with ½ core retained for
	the Public Report.	future reference.
	• In cases where ‘industry standard’	• Standard fire assaying was employed using a
	work has been done this would be	50gm charge with an AAS finish for Kathleen
	relatively simple (e.g. ‘reverse	Valley, Coogee and Tomalla and a 40gm charge
	circulation drilling was used to obtain	with ICP-MS finish for Suplejack. Trace element
	1 m samples from which 3 kg was	determination was undertaken using a multi (4)
	pulverised to produce a 30 g charge	acid digest and ICP- AES finish for the Kathleen
	for fire assay’). In other cases more	Valley , Coogee + Tomalla samples and laser
	explanation may be required, such as	ablation ICP-MS for the Suplejack samples.
	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 and Kathleen Valley was
techniques	circulation, open-hole hammer, rotary	completed using best practice 5 ¾” face
	air blast, auger, Bangka, sonic, etc)	sampling RC drilling hammers while 3” NQ
	and details (e.g. core diameter, triple	diamond core was drilled from surface at
	or standard tube, depth of diamond	Tomalla. Industry standard Aircore gear was
	tails, face-sampling bit or other type,	used at Coogee.
	whether core is oriented and if so, by
	what method,etc).
Drill sample	• Method of recording and assessing	• Bulk Aircore, RC and diamond drill holes
recovery	core and chip sample recoveries and	samples were visually inspected by the

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

18

Criteria	JORC Code explanation	Commentary
		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
assay data	appropriateness of the assaying and	the total gold in the sample. The technique
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 or conventional AAS finish for
	analysis including instrument make	Tomalla, Coogee and Kathleen Valley.
	and model, reading times,	• No field analyses of gold grades are completed.
	calibrations factors applied and their	Quantitative analysis of the gold content and
	derivation, etc.	trace elements is undertaken in a controlled
	• Nature of quality control procedures	laboratory environment.
	adopted (e.g. standards, blanks,	• Industry best practice is employed with the
	duplicates, external laboratory	inclusion of duplicates and standards as
	checks) and whether acceptable levels	discussed above, and used by Ramelius as well
	of accuracy (i.e. lack of bias) and	as the laboratory. All Ramelius standards and
	precision have been established.	blanks are interrogated to ensure they lie within
		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

19

Criteria	JORC Code explanation	Commentary
		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 surveying techniques provided by
	Mineral Resource estimation.	the drilling contractors.
	• Specification of the grid system used.	• All Coogee and Kathleen Valley holes were
	• Quality and adequacy of topographic	picked up in MGA94 – Zone 51 grid coordinates,
	control.	Tomalla holes are picked up in MGA94 – Zone
		56 grid coordinates and Suplejack on MGA94-
		Zone 52 grid.
		• Topographic control is established from DTM
		survey bases at Blackmans and DGPS RL
		measurements for the other projects, 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. At Tomalla diamond drill holes
	the degree of geological and grade	were planned to intersect specific targets on
	continuity appropriate for the Mineral	different RLs, while selected step out holes
	Resource and Ore Reserve estimation	were drilled at Coogee and Kathleen Valley.
	procedure(s) and classifications	• Given the reconnaissance nature of the drilling
	applied.	at Coogee, Kathleen Valley, Suplejack and
	• Whether sample compositing has	Tomalla these spacings are considered
	been applied.	adequate to define the continuity of
		mineralisation, ahead of future infill drill testing
		as required.
		• No sampling compositing has 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 or Kathleen Valley thus
structure	deposit type.	far.
	• If the relationship between the drilling	• Selected diamond twinning will be completed in
	orientation and the orientation of key	due course to confirm a drilling orientation
	mineralised structures is considered	and/or ensure no sampling bias is present.
	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
		laboratoryin Perth(or Orange for Tomalla)via

20

Criteria	JORC Code explanation	Commentary
		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.

Section 2 Reporting of Exploration Results

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

Criteria	JORC Code explanation	Commentary	Commentary
Mineral	• Type, reference name/number,	• The results reported in this report are on
tenement	location and ownership including	granted Mining Lease (ML) 36/375 (Kathleen
and land	agreements or material issues with	Valley); ML26/477 (Coogee); Exploration
tenure status	third parties such as joint ventures,	Licence (EL) 7149 (Tomalla); and (EL) 26625
	partnerships, overriding royalties,	(Suplejack). Ramelius is earning 85% of
	native title interests, historical sites,	Suplejack from Tychean Resources Ltd
	wilderness or national park and	(ASX:TYK) and has the right to earn 80% equity
	environmental settings.	from a private prospector at Tomalla. Kathleen
	• The security of the tenure held at the	Valley and Coogee are 100% Ramelius. The
	time of reporting along with any	Tomalla tenement is located in NSW State
	known impediments to obtaining a	Forest,	Suplejack is located on Aboriginal
	licence to operate in the area.	Freehold Land while Coogee and Kathleen
		Valley are on pastoral land. Heritage surveys
		are completed prior to any ground disturbing
		activities in accordance with Ramelius’
		responsibilities under the Aboriginal Heritage
		Act.
		• At this time all the tenements are in good
		standing. There are no known impediments to
		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 Kathleen Valley,
		Coogee, Suplejack and Tomalla, plus
		geophysical data collection and interpretation.
		This report concerns only exploration results
		generated byRamelius.
Geology	• Deposit type, geological setting and	• The mineralisation sought at Coogee, Kathleen
	style of mineralisation.	Valley,	Suplejack and	Tomalla are typical of
		orogenic structurally		controlledgold lode

21

Criteria	JORC Code explanation	Commentary
		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. Only significant (>0.50g/t Au
	hole collar	intersections) are reported from the Tomalla
	o elevation or RL (Reduced Level –	diamond holes. Anomalous plus 9 ppb Au
	elevation above sea level in	interface samples are reported for Suplejack
	metres) of the drill hole collar	• Easting and northing are given in MGA94
	o dip and azimuth of the hole	coordinates as defined in the Attachments.
	o down hole length and interception	• RL is AHD
	depth	• Dip is the inclination of the hole from the
	o hole length.	horizontal. Azimuth is reported in magnetic
	• If the exclusion of this information is	degrees as the direction the hole is drilled.
	justified on the basis that the	MGA94 and magnetic degrees vary by <10in the
	information is not Material and this	Kathleen Valley and Suplejack project area,
	exclusion does not detract from the	while a magnetic declination of +70is noted at
	understanding of the report, the	Tomalla.
	Competent Person should clearly	• Down hole length is the distance measured
	explain why this is the case.	along the drill hole trace. Intersection length is
		the thickness of an anomalous gold intersection
		measured along the drill hole trace.
		• Hole length is the distance from the surface to
		the end of the hole measured along the drill
		hole trace.
		• No results currently available significant drilling
		results are excluded from this report. Only gold
		grade intersections >0.50 g/t Au with up to 2m
		of internal dilution are considered significant
		and are reported in this report for Kathleen
		Valley and Tomalla. 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 only
		reported in this instance at Coogee and
		Suplejack where >9ppb Au is considered
		anomalous.
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.	repeatabilityof the assayresults.

22

Criteria	JORC Code explanation	Commentary
	• 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
mineralisatio	Exploration Results.	width. When sufficient knowledge on the
n 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.
	• If it is not known and only the down	• The known geometry of the mineralisation with
	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 RC and diamond drill holes
reporting	Exploration Results is not practicable,	completed to date are reported in this report.
	representative reporting of both low
	and high grades and/or widths should
	bepracticed to avoid misleading

23

	Criteria JORC Code explanation Commentary
	reportingofExploration Results.
	Other substantive exploration data • Other exploration data, if meaningful and material, should be reported including (but not limited to): 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. • No other exploration data that has been collected is considered meaningful and material to this report.
	Further work • The nature and scale of planned further work (e.g. tests for lateral extensions or depth extensions or large-scale step-out drilling). • Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive. • Future exploration includes infill drilling at Suplejack and Tomalla to better define the extent of the mineralization + further step out drilling at Coogee and Kathleen Valley. • Cross section views will be presented once interpreted and will highlight the inferred dip and plunge extensions to the known mineralization and their predicted depth extensions.

24