RAMELIUS RESOURCES LIMITED — Interim / Quarterly Report 2015

Apr 28, 2015

For Immediate Release 29 April 2015

Quarterly Activities Report for the Period Ending 31 March 2015

HIGHLIGHTS – OPERATIONS & DEVELOPMENT

• Mt Magnet (WA) - production and cost guidance achieved with 22,655 ounces of gold produced at a Cash Cost of A$663/oz (Dec 2014 Qtr: A$949/oz) & an AISC of A$1,097/oz (Dec 2014 Qtr: A$1,018/oz)

• Vivien Gold Project (WA) – Funding in final stages of due diligence, project fully permitted. Preliminary site works started in anticipation of June 2015 Quarter commencement of underground mine portal.

• Kathleen Valley Gold Project (WA) – BFS completed in February 2015, environmental permitting nearing completion, targeting June 2015 Quarter for commencement of open pit mining

• 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 – JUNE 2015 QUARTER & FY2015 FULL YEAR

• Mt Magnet is expected to produce 17,000-20,000 ounces in the June 2015 Quarter at a Cash Cost of approximately A$900/oz and an AISC of approximately A$1,250/oz, as operations transition away from the near completed Saturn & Mars open pits to the recently commenced Perseverance open pit

• Mt Magnet remains on track for upgraded full-year Guidance of 83,000 ounces at an AISC of A$1,150/oz

• Overall Group gold production for the full-year is expected to be 88,000 ounces at an AISC of A$1,100/oz

HIGHLIGHTS – CORPORATE

• Quarterly gold sales of A$35.2M at an average sale price of A$1,552/oz

• Forward gold sales contracts locked in for 47,200 ounces of gold at an average price A$1,582 per ounce representing approximately 40% of forecast Mt Magnet production volumes over the next two years

• Cash & gold on hand increased to A$35.8M (Dec 2014 Qtr:A$24.7M), an increase of A$11.1M or 45% from the previous Quarter

Ramelius Chief Executive, Mark Zeptner today said: “The March 2015 Quarter was particularly strong for the Company, both in terms of gold production and cash flow with the Mt Magnet operation returning near-record performance – a solid follow on from the breakout performance at the operation in the December 2014 Quarter. Ramelius has confidence in the team that as the Saturn and Mars open pits are completed in the next 3-4 months, a smooth transition to mining the new Perseverance pit will take place ahead of high grade feed being available from our new projects in the new financial year”.

ABOUT RAMELIUS

==> picture [270 x 64] intentionally omitted <==

==> picture [270 x 64] intentionally omitted <==

==> picture [270 x 65] intentionally omitted <==

==> picture [270 x 64] intentionally omitted <==

Figure 1: Ramelius’ Operations & Development Project Locations

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

PRODUCTION SUMMARY

Table 1: Gold Production and Financials March 2015 quarter

	Uit	Mt Mt	Bbk	G
	ns	agne	urans	roup
Ore mined(highgrade)	t	244,256	-	244,256
Oreprocessed	t	419,927	-	419,927
Headgrade	g/t	1.84	-	1.84
Gold recovery	%	93	-	93
Gold recovered	oz	23,114	-	23,114
Finegoldproduction	oz	22,655	4	22,659
Cash operatingcosts	$M	15.03	-	15.03
Cash operatingcost(C1)	$/oz	663	-	663
Gold sales	oz	22,698	4	22,702
All-In SustainingCosts(AISC)*	$M	24.90	-	24.90
AISC^	$/oz	1,097	-	1,097
Gold sales	$M	35.21	0.01	35.22
Average realisedgoldprice	$/oz	1,552	1,532	1,552

• as per World Gold Council guidelines

^ includes $92/oz representing non-sustaining capital associated with the Perseverance open pit

2

OPERATIONS

Mt Magnet Gold Mine

Mining continued at the Saturn and Mars open pits with the recently commenced Perseverance (“Percy”) open pit cutback also part of the mining schedule since early January 2015, with a total of 446,130 BCM’s mined in the March 2015 Quarter.

Percy is located at the top of the Hill 50 and Perseverance BIF lodes, which form the historic Hill 50 underground mine. The cutback commenced in January 2015, will take two years to complete and provide the major ore source for Mt Magnet for the 2016 financial year. Mining at Perseverance has progressed well with high productivity and lower unit mining costs being incurred in the upper oxide zones (refer Figures 2 & 3). Waste was short-hauled and tipped into the adjacent historic Jupiter open pit

==> picture [400 x 199] intentionally omitted <==

Figure 2: Perseverance open pit cutback (east side)

Lower grade oxide ore blocks (0.8-1.5g/t) are expected to be encountered as mining progresses down to the higher grade, fresh rock material approximately 50 metres below surface. For this reason, mining has been accelerated at Percy, in order to be at the level of better grade ore once mining is completed at the Saturn and Mars open pit early in the 2016 financial year.

==> picture [405 x 201] intentionally omitted <==

Figure 3: Perseverance open pit cutback (west side)

3

The Mars pit provided the bulk of processed tonnes during the quarter, while a smaller mining fleet using 50 tonne articulated trucks was activated for mining to extend the base of the Saturn open pit. This fleet will enable a partial cutback and steeper and narrower ramp design to mine the bottom 20m of the pit (180-200 metre depth).

Processing of the resultant ore blend generated near record quarterly production with 22,655 ounces of gold poured in the March 2015 Quarter, based upon a mill throughput of 419,927 tonnes at a 1.84g/t head grade for 23,114 ounces recovered (refer Figures 4 & 5). Metallurgical recoveries were maintained at better than budget levels again this quarter, at 92.7%. A partial SAG mill reline took place in January 2015 and was accomplished on time and on budget, resulting in minimal impact on throughput which remained consistent throughout the quarter.

==> picture [468 x 321] intentionally omitted <==

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

Mt Magnet
Milled Tonnes & Head Grade
800,000 2.00
700,000
1.75
600,000
1.50
500,000
400,000 1.25
300,000
1.00
200,000
0.75
100,000
0 0.50
Milled Tonnes (LHS) Head Grade (RHS)
Milled Tonnes (t)
Head Grade (g/t)
----- End of picture text -----

Figure 4: Mt Magnet Quarterly Milled Tonnes & Grade

Mt Magnet production is expected to reduce somewhat as mining at the base of the Saturn and Mars pits slows. Oxide ore sourced from the Percy pit will assist milling throughput rates, however significant high grade ore production from the cutback is not expected for several months.

The midpoint of forecast production (18,500oz) and associated cash costs and AISC’s are shown in Figure 5, where the operation is forecast to post solid cash flows at current A$ gold prices. Annual Guidance for the Mt Magnet operation remains at 83,000 ounces at an AISC of approximately A$1,150 per ounce, whilst the overall Group gold production for the full-year is expected to be 88,000 ounces at an AISC of approximately A$1,100/oz.

4

==> picture [463 x 352] intentionally omitted <==

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

Mt Magnet
Gold Production & Costs
25,000 2,000
22,500 1,800
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 Forecast Production & Costs

5

PROJECT DEVELOPMENT

The high grade Vivien and Kathleen Valley gold projects are located 15km west and 50km north of the township of Leinster in Western Australia respectively (refer Figure 6). Both projects are situated close to sealed highway infrastructure.

The Vivien project was acquired from Gold Fields - Agnew on the 1[st] July 2014 whilst the Kathleen Valley project was acquired from Glencore subsidiary Xstrata Nickel Operations on the 1[st] September 2014.

==> picture [430 x 192] intentionally omitted <==

==> picture [430 x 191] intentionally omitted <==

==> picture [430 x 191] intentionally omitted <==

Figure 6: Vivien & Kathleen Valley Project Locations

6

Vivien Gold Project

The Vivien deposit is a high-grade, quartz vein hosted lode gold deposit. Ramelius proposes to mine it as a 3 year underground project with a total mining inventory of 451,000 tonnes at 7.6 g/t for 109,000 ounces (for further details refer ASX Release, `Vivien Gold Mine Feasibility Completed’, 30[th] May 2014). It displays an excellent gold recovery of 95%, with 60% gravity recoverable. All environmental approvals for the mine are in place.

In March 2015, Ramelius commenced preliminary surface works to prepare the project for full mining startup. These works include construction of an 8km dewatering pipeline to the Agnew gold mine, commencement of pit dewatering, surface site setup works and a partial open pit cutback to expose the portal position. The pit cutback involves a 100,000m³ trim of the east side of the Vivien pit (refer Figure 7) to access portal, vent fan and escape way locations in competent fresh rock on the south-east wall.

A formal Board decision on commencement of the underground decline is expected in the near future. It is also expected that surface works and underground commencement will progress from one to the other in a relatively seamless process. First ore will be accessed in late 2015. Financing options for the Vivien project are well advanced and details will be provided concurrent with project commencement.

==> picture [466 x 305] intentionally omitted <==

Figure 7: Vivien pit cutback - mining and dewatering looking NE

7

Kathleen Valley Gold Project

A maiden Ore Reserve was generated and announced in January 2015, using a gold price of A$1,400 per ounce. Two open pits, Mossbecker and Yellow Aster, were designed and are expected to produce a total of 418,000t @ 4.1 g/t for 56,000 oz of gold. A Feasibility Study was completed in February 2015 and forecasts an AISC of $936 per ounce and undiscounted cash flow of $27.8M.

For full details of the drilling, Mineral Resource and Ore Reserve refer ASX Release, ‘Maiden Ore Reserve boosts Kathleen Valley Gold Project’, 19 January 2015.

The March 2015 quarter saw significant activity on project permitting, with submissions to government departments - the DMP, DoW, DER and DAA being progressed. Upon completion of the approvals process, Ramelius expects mine development at the Kathleen Valley Gold Project to commence quickly, with low capital startup costs. The Mossbecker deposit virtually extends to surface, meaning that there is no pre-strip required. At Yellow Aster, ore is reached at approximately 30m depth (refer Figure 8). Project commencement is scheduled for the June 2015 quarter, once final environmental approvals are granted.

==> picture [459 x 108] intentionally omitted <==

==> picture [459 x 109] intentionally omitted <==

==> picture [459 x 109] intentionally omitted <==

==> picture [459 x 109] intentionally omitted <==

Figure 8: Oblique view south, Mossbecker & Yellow Aster pits

8

EXPLORATION SUMMARY

Ramelius currently has a suite of exploration projects at various stages of advancement, both greenfields and brownfields as shown on Figure 9.

Exploration during the quarter focused on Reverse Circulation (RC) drilling programmes at Mt Magnet (Blackmans) in Western Australia and the Tanami Joint Venture in the Northern Territory. Aircore drilling was completed at Coogee in Western Australia. Diamond drilling at Fraser Range is now scheduled for completion during the June 2015 quarter.

==> picture [334 x 49] intentionally omitted <==

==> picture [334 x 49] intentionally omitted <==

==> picture [334 x 48] intentionally omitted <==

==> picture [334 x 49] intentionally omitted <==

==> picture [334 x 49] intentionally omitted <==

Figure 9: Exploration Projects location plan

Blackmans (Mt Magnet, WA)

The Blackmans gold project is located on ML58/222, 30km north Mt Magnet. Ramelius conducted an infill drilling programme in February 2015 to follow-up its encouraging December 2014 drilling results.

Gold mineralisation at Blackmans extends over 350m strike and is associated with a shallow surficial transported laterite and a number of N-S striking, sub-parallel steeply dipping lodes hosted in oxidised ultramafic schists and clays.

A further 29 RC holes (BMRC0019 to BMRC0047) were completed for 1,957m. Reportable gold intersections above 0.5g/t were recorded for every hole. Highlight lode intersections (downhole width) include:

• 5m @ 4.65 g/t Au from 12m in BMRC0020

• 7m @ 2.86 g/t Au from 32m in BMRC0025

• 4m @ 15.51 g/t Au from 38m in BMRC0026

• 5m @ 10.04 g/t Au from 19m in BMRC0037

• 13m @ 2.31 g/t Au from 34m in BMRC0037

The near surface laterite gold zone also recorded several significant intersections, including:

• 5m @ 3.87 g/t Au from 3m in BMRC0022

9

• 11m @ 3.17 g/t Au from 6m in BMRC0033

• 6m @ 2.83 g/t Au from 6m in BMRC0039

For a full list of intersections and details of the drilling refer ASX Release, ‘Further High Grade Gold Intersected at Blackmans’, 9 March 2015.

Resource modelling has commenced with independent review of in-house block models to be carried out in accordance with standard Company practice. A maiden Mineral Resource is expected to be announced in the June 2015 Quarter. This will be followed by economic evaluation and Ore Reserve generation. Blackmans is at an early stage with respect to environmental and related technical studies, and if proved economic, will typically require 6-9 months before mining can be commenced.

Deeper RC and diamond drill testing to scope the northerly plunge projection of the East Lode (refer Figure 10) is planned during the June 2015 quarter.

==> picture [490 x 71] intentionally omitted <==

==> picture [490 x 71] intentionally omitted <==

==> picture [490 x 71] intentionally omitted <==

Figure 10: Blackmans East Lode longitudinal section highlighting the untested northerly plunge projection

Tanami Joint Venture (NT) – Ramelius earning 85%

The Tanami Joint Venture with Tychean Resources Ltd (ASX: TYK) progressed well during the quarter. Final copies of Mineral Exploration Agreements covering Highland Rocks (ELA27511 and 29829) plus Officer Hills South (ELA27995) in addition to the Groundrush (ELA27921), Mt Solitaire (ELA27997) and Groundrush South (ELA28493) applications were received from the Central Land Council. The locations of these ELA’s awaiting grant are shown on Figure 11.

During the quarter, Ramelius drilled 15 reconnaissance RC holes (SJRC0001 to SJRC0015) for an aggregate 1,206m over the granted Suplejack tenement (EL26625). The vertical holes were spaced 500m apart as a first pass drill test.

The Suplejack drilling was designed to scope for subtle base of unconformity anomalous geochemistry along the interface between the deformed and highly prospective Proterozoic Tanami Group stratigraphy and the overlying post deformation Ordovician basalt lava flows. Figure 12 highlights the thickness of the overlying basalt flows and attests to the targeting concept, where previous exploration over the project had failed to penetrate through the barren overburden.

10

Encouragingly, anomalous geochemical results have been returned for the drill hole assays received to date. The peak anomalous geochemical result is 2m at 27 ppb Au from 58m in SJRC004. Results from the adjacent hole SJRC003 are awaited. Unfortunately no anomalous gold (>10ppb Au) was recorded elsewhere in the drill holes. Nonetheless, compilation of the data is continuing and given the broad 500m spacing between the holes and the potential for depletion within the underlying weathered Tanami Group rocks the absence of any plus 0.5 g/t Au intersections is not considered discouraging at this stage. Trace element data is awaited. Trace element geochemistry and ASD (alteration logging) determination on fresher bottom of hole RC chips will assist in defining any bedrock trends worthy of further investigation. Infill drilling will be considered once all the gold and trace element results are available.

Anomalous (plus 10ppb Au) drill hole data is appended in Attachment 1

==> picture [466 x 121] intentionally omitted <==

==> picture [466 x 120] intentionally omitted <==

==> picture [466 x 121] intentionally omitted <==

==> picture [466 x 121] intentionally omitted <==

Figure 11: Suplejack (EL26625) location north of Newmont’s Callie Gold Mine in the Tanami Desert (NT)

11

==> picture [460 x 326] intentionally omitted <==

Figure 12: Suplejack (EL26625) showing Ramelius drill hole locations over an aeromagnetic image, highlighted the targeted folded Tanami Group stratigraphy. Black contours show the depth of unmineralised basalt cover. Yellow contours highlight an anomalous (plus 10ppb Au) interface trend between SJRC004 and 14 (over 1km), with results awaited from SJRC003.

Coogee Extensions (WA)

An aggregate 1,104m was completed from 27 Aircore drill holes (COAC0099 to COAC0125) west of the Coogee open pit, within ML26/477, located 100km southeast of Kalgoorlie in Western Australia.

Better results from the Aircore drilling included 4m at 2.76 g/t Au and 4m at 0.87 g/t Au. Mineralisation remains open to the north beyond the previously reported RC intersection of 23m @ 0.38 g/t Au and below historical, shallow, ineffective drilling. ASD (alteration mapping) determinations are currently being completed on the drill cuttings, prior to any follow-up drilling being planned. Significant results (>0.25 g/t Au) are appended in Attachment 2.

12

==> picture [463 x 79] intentionally omitted <==

==> picture [463 x 78] intentionally omitted <==

==> picture [463 x 78] intentionally omitted <==

==> picture [463 x 78] intentionally omitted <==

Figure 13: Coogee Project – highlighting recent Aircore drilling results

CORPORATE & FINANCE

Gold sales for the March 2015 Quarter were A$35.2M at an average price of A$1,552 per ounce.

At 31 March 2015, the Company had A$33.2M of cash (including sold bullion awaiting settlement) and A$2.6M of gold bullion for a total of A$35.8M which represents a significant increase from the December 2014 Quarter of A$24.7M. Forward gold sales contracts were locked in for 47,200 ounces of gold at an average price A$1,582 per ounce, representing ~40% of forecast Mt Magnet production volumes over the next two years.

The Company has no corporate debt.

For further information contact:

Mark Zeptner Chief Executive Officer Ramelius Resources Limited Ph: (08) 9202 1127

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

13

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 (>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
SJRC0001	614618	7795389	360/-90	400	102			Results	Awaited
SJRC0003	613302	7796903	360/-90	400	84			Results	Awaited
SJRC0004	612971	7797271	360/-90	400	72	58	60	2	27
SJRC0008	613640	7796514	360/-90	400	90				NSR*
SJRC0014	614093	7797557	360/-90	400	90	73	74	1	12*

Reported interface gold assay intersections (using a 10ppb Au lower cut) 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. * Denotes incomplete downhole assay data received to date.

Attachment 2: Significant (>0.25 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)	g/t Au
COAC0105	392470	6554377	360/90	400	54	44	48	4	0.32
COAC0107	392188	6554377	360/90	400	42	29	33	4	2.76
COAC0118	392188	6554660	360/90	400	47	40	44	4	0.87

Reported significant gold assay intersections (using a 0.25 g/t Au lower cut) are reported using 4m down hole composite intervals at plus 0.25 g/t 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.

14

JORC Code, 2012 Edition –

Table 1 Report for Suplejack RC 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 below the unconformity around
	minerals under investigation, such as	50m below surface at Suplejack, no samples
	down hole gamma sondes, or	were collected above the unconformity at
	handheld XRF instruments, etc). These	Suplejack. 4m composite samples were
	examples should not be taken as	collected throughout the Coogee Aircore drill
	limiting the broad meaning of	holes
	sampling.	• Drill hole locations were designed to allow for
	• Include reference to measures taken	spatial spread across the interpreted
	to ensure sample representivity and	mineralised zones being tested. All RC samples
	the appropriate calibration of any	were collected and riffle split to 3-4kg samples
	measurement tools or systems used.	on 1m metre intervals, while composite Aircore
	• Aspects of the determination of	samples are speared from the bulk samples
	mineralisation that are Material to	deposited on the ground.
	the Public Report.	• Standard fire assaying was employed using a
	• In cases where ‘industry standard’	50gm charge with an AAS finish for Coogee and
	work has been done this would be	a 40gm charge with ICP-MS finish for Suplejack.
	relatively simple (e.g. ‘reverse	Trace element determination was undertaken
	circulation drilling was used to obtain	using a multi (4) acid digest and ICP- AES finish
	1 m samples from which 3 kg was	for the Coogee samples and laser ablation ICP-
	pulverised to produce a 30 g charge	MS for the Suplejack samples.
	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 while 3” Aircore blades are utilized for
	and details (e.g. core diameter, triple	the drill programme at Coogee.
	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 and Aircore drill holes samples were
recovery	core and chip sample recoveries and	visually inspected by the supervising geologist

15

Criteria	JORC Code explanation	Commentary
	results assessed.	to ensure adequate clean sample recoveries
	• Measures taken to maximise sample	were achieved. Any wet, contaminated or poor
	recovery and ensure representative	sample returns are flagged and recorded in the
	nature of the samples.	database to ensure no sampling bias is
	• Whether a relationship exists	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 RC and Aircore drill
		recovery is reported from all holes in all
		programmes.
Logging	• Whether core and chip samples have	• All RC and Aircore drill samples are geologically
	been geologically and geotechnically	logged on site by professional geologists.
	logged to a level of detail to support	Details on the host lithologies, deformation,
	appropriate Mineral Resource	dominant minerals including sulphide species
	estimation, mining studies and	and alteration minerals plus veining are
	metallurgical studies.	recorded relationally (separately) so the logging
	• Whether logging is qualitative or	is interactive and not biased to lithology.
	quantitative in nature. Core (or	• Drill hole logging of RC and Aircore chips is
	costean, channel, etc) photography.	qualitative on visual recordings of rock forming
	• The total length and percentage of	minerals and quantitative on estimates of
	the relevant intersections logged.	mineral abundance.
		• The entire length of each RC and Aircore 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 RC and Aircore chips.
and sample	taken.	• Dry 1m samples are riffle split to 3-4kg as drilled
preparation	• If non-core, whether riffled, tube	and dispatched to the laboratory. Any wet
	sampled, rotary split, etc and whether	samples are recorded in the database as such
	sampled wet or dry.	and allowed to dry before splitting and
	• For all sample types, the nature,	dispatching to the laboratory. 4m composites
	quality and appropriateness of the	are speared from the 1m intervals to produce
	sample preparation technique.	the composite.
	• Quality control procedures adopted	• All samples are pulverized prior to splitting in
	for all sub-sampling stages to	the laboratory to ensure homogenous samples
	maximise representivity of samples.	with 85% passing 75um. 200gm is extracted by
	• Measures taken to ensure that the	spatula that is used for the 50gm charge on
	sampling is representative of the in	standard fire 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
		industry best practice quality control is
		maintained.

16

Criteria	JORC Code explanation	Commentary
		• 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	Coogee.
	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 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 assaydata recorded in the database.

17

Criteria	JORC Code explanation	Commentary
		• 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 holes are picked up in MGA94 –
	• Quality and adequacy of topographic	Zone 51 grid coordinates and Suplejack on
	control.	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 500m x 500m partings at
distribution	• Whether the data spacing and	Suplejack, designed as a first pass test of the
	distribution is sufficient to establish	project. At Coogee, Aircore drill holes were
	the degree of geological and grade	planned on 200x100m centres.
	continuity appropriate for the Mineral	• Given the reconnaissance nature of the drilling
	Resource and Ore Reserve estimation	at Suplejack and Coogee these spacings are
	procedure(s) and classifications	considered adequate to define the continuity of
	applied.	mineralisation, ahead of future infill drill testing
	• Whether sample compositing has	as required.
	been applied.	• 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 on any of these projects 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 Perth 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
		workprogrammes to ensure adequate

18

Criteria	JORC Code explanation	Commentary
		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
Mineral	• Type, reference name/number,	• The results reported in this report are on
tenement	location and ownership including	granted Mining Lease (ML) 26/477 (Coogee);
and land	agreements or material issues with	(EL) 26625 (Suplejack). Coogee is owned 100%
tenure status	third parties such as joint ventures,	by Ramelius Resources Limited, while Ramelius
	partnerships, overriding royalties,	is earning 85% of Suplejack from Tychean
	native title interests, historical sites,	Resources Ltd (ASX:TYK). The Coogee tenement
	wilderness or national park and	is located on a pastoral/grazing lease, while
	environmental settings.	Suplejack is located on Aboriginal Freehold
	• The security of the tenure held at the	Land. Heritage surveys are completed prior to
	time of reporting along with any	any ground disturbing activities in accordance
	known impediments to obtaining a	with Ramelius’ responsibilities under the
	licence to operate in the area.	Aboriginal Heritage Act.
		• At this time all the tenements are in good
		standing. There are no known impediments to
		obtaininga licence to operate in the area.
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, Aircore and RC drilling at Suplejack
		and Coogee, plus geophysical data collection
		and interpretation. This report concerns only
		exploration resultsgenerated byRamelius.
Geology	• Deposit type, geological setting and	• The mineralisation sought at	Suplejack and
	style of mineralisation.	Coogee are typical of orogenic structurally
		controlled Archaean/Proterozoic gold lode
		systems. The mineralisation is controlled by
		anastomosing shear zones passing through
		competent rock units. The extent of the
		mineralized systems at Suplejack and Coogee
		areyet 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 (>0.25g/t Au
	hole collar	intersections) are reported from the Coogee
	o elevation or RL (Reduced Level –	Aircore holes. Anomalous plus 10 ppb Au
	elevation above sea level in	interface samples are reported for Suplejack

19

Criteria	JORC Code explanation	Commentary
	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	project area, excluding Moonlight Creek where
	exclusion does not detract from the	a magnetic declination of 70is noted.
	understanding of the report, the	• Down hole length is the distance measured
	Competent Person should clearly	along the drill hole trace. Intersection length is
	explain why this is the case.	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 >0.25 g/t Au with up to 2m
		of internal dilution are considered significant
		and are reported in this report for Coogee.
		Gold grades less than 0.25 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
		Suplejack where >10ppb 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.	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
		extremelyhighgold intersections are

20

Criteria	JORC Code explanation	Commentary
		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 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 RC drill holes completed to date are
reporting	Exploration Results is not practicable,	reported in this report and all material Aircore
	representative reporting of both low	intersections as defined) are reported.
	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 infill drilling at
	further work (e.g. tests for lateral	Suplejack and Coogee to better define the
	extensions or depth extensions or	extent of the mineralisation.
	large-scale step-out drilling).	• Cross section views will bepresented once

21

Criteria	JORC Code explanation	Commentary
	• 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.

22