RAMELIUS RESOURCES LIMITED — Interim / Quarterly Report 2017

Oct 27, 2016

28 October 2016

ISSUED CAPITAL

Ordinary Shares: 525M

DIRECTORS

NON-EXECUTIVE CHAIRMAN: Robert Kennedy NON-EXECUTIVE DIRECTORS: Kevin Lines Michael Bohm MANAGING DIRECTOR: Mark Zeptner

www.rameliusresources.com.au info@rameliusresources.com.au

RAMELIUS RESOURCES LIMITED

Registered Office

Suite 4, 148 Greenhill Road Parkside, Adelaide South Australia 5063 Tel +61 8 8271 1999 Fax +61 8 8271 1988

Operations Office Level 1, 130 Royal Street East Perth WA 6004 Tel +61 8 9202 1127

For Immediate Release 28 October 2016

September 2016 Quarterly Activities Report

HIGHLIGHTS – OPERATIONS, DEVELOPMENT & EXPLORATION

• Record group gold production of 36,179 ounces, exceeding the Guidance range of 31-35,000 ounces, at an AISC of A$915/oz (US$686/oz*) (Guidance A$1,100/oz or US$825/oz*)
• Blackmans open pit access road, clearing & initial grade control commenced
• Water Tank Hill underground finalising approvals, preparing for commencement
• Milky Way open pit maiden Ore Reserve announced as part of annual Resource & Reserves Statement in September 2016
• Burbanks Processing Plant sale of non-core asset for A$2.5M total consideration over 24 months
• Mt Magnet Exploration Mineral Resource modelling underway at Stellar & Stellar West and positive RC drilling results from the Morning Star area, including 14m at 40.71 g/t Au below the Morning Star pit

PRODUCTION GUIDANCE – DECEMBER 2016 QUARTER

• Group gold production for the December 2016 Quarter is expected to be 31- 35,000 ounces at an AISC of ~A$1,100/oz (US$825/oz*)
• Capital development expenditure of approximately A$9.0M:
  • o Blackmans pit set-up (Mt Magnet) A$0.5M (completed late-October)
  • o Water Tank Hill underground development (Mt Magnet) A$6.0M
  • o Exploration (Mt Magnet & Tanami) A$2.5M

* exchange rate assumed 0.75 US$ : A$

HIGHLIGHTS – CORPORATE

• Quarterly gold sales A$65.2M at an average sale price of A$1,661/oz
• Cash & gold on hand increased to A$88.7M (Jun-16 Qtr: A$49.7M), after A$23.4M net proceeds from a capital raise announced in July 2016 and A$11.7M capital development expenditure comprising Titan open pit pre-strip (A$8.2M), Blackmans open pit set-up (A$0.5M), Water Tank Hill underground set-up (A$0.5M), exploration (A$2.0M) and Kathleen Valley rehabilitation work (A$0.5M)
• At 30 September 2016, forward gold sales consisted of 110,556 ounces of gold at an average price of A$1,661/oz over the period to June 2018
• Nil corporate debt

ABOUT RAMELIUS

Figure 1: Ramelius' Operations & Development Project Locations

Ramelius owns the Mt Magnet gold mining and processing operation and is operating the high grade Vivien and Kathleen Valley gold mines near Leinster, in Western Australia.

PRODUCTION SUMMARY

	Units	MtMagnet	Vivien	KathleenValley	Total
Ore mined (high grade)	t	128,798	39,838	55,054	223,690
Ore processed	t	337,308	32,647	115,970	485,925
Head grade	g/t	1.79	8.22	3.30	2.58
Gold recovery	%	93	97	96	94
Gold recovered	oz	17,931	8,367	11,744	38,042
Fine gold poured	oz	17,121	7,956	11,102	36,179
Cash operating costs^	A$M				25.0
Cash operating cost (C1) ^	A$/oz				691
Gold sales	oz				39,240
All‐In Sustaining Costs (AISC) *^	A$M				35.9
AISC^	A$/oz				915
Gold sales	A$M				65.2
Average realised gold price	A$/oz				1,661

Table 1: Gold Production and Financial Information - September 2016 Quarter

* as per World Gold Council guidelines

^ net of by‐product credits

OPERATIONS

Mt Magnet Gold Mine (WA)

Mining continued strongly throughout the quarter with significant progress made on the new Titan open pit cutback. Mining in oxide and transitional material saw high productivities and significant low grade ore tonnages, additional to reserves, were identified and mined.

Perseverance open pit produced the bulk of ore tonnes for the Quarter and grade continued to perform well although mining rates were lower due to working around stope voids. Mining will continue through the December 2016 Quarter.

Activity commenced at the Blackmans open pit, located 30km north of Mt Magnet. Approvals for the Mining Proposal, Mine Closure and Project Management Plan were received and initial site works commenced in September 2016. Activities included survey mark-out of access road and mining areas, clearing and commencement of grade control drilling. Much of the grade control RC drilling programme has been completed from surface prior to the start of mining. Mining has since commenced (refer Figure 4) with an average of 5 metres of overburden before the flat-lying laterite ore is exposed.

Figure 2: Mt Magnet key mining areas

Claimed high-grade ore mined at Mt Magnet was 128,798 tonnes @ 2.70 g/t for 11,182 ounces with mill reconciled production (including the addition of stockpiled and Titan low grade) of 337,308 tonnes @ 1.79 g/t for 17,931 ounces recovered.

Mill production set a new record (refer Figure 5). Total mill production, including Kathleen Valley and Vivien ore, was 485,925 tonnes @ 2.58 g/t for 38,042 ounces recovered at 94.4% recovery.

Figure 3: Titan open pit cutback

Figure 4: Blackmans open pit commencement

Gold production (refer Figure 6) exceeded the Guidance range of 31-35,000 ounces, with 36,179 ounces of fine gold poured for the Quarter. Cash costs for the period decreased appreciably to A$691/oz and AISC also dropped to A$915/oz (Guidance A$1,100/oz). This was primarily a result of higher overall gold production and excellent cost management at all operations.

Production for the December 2016 Quarter is expected to be between 31,000 and 35,000 ounces. The midpoint of forecast production (33,000oz) is expected to be delivered at an AISC of A$1,100/oz. A planned full SAG mill reline is scheduled for mid-Quarter and this is factored into the throughput although recent efficiencies within the processing area mean that the total throughput will be higher than historical averages and the overall grade is expected to be slightly lower as additional low grade material is fed.

Figure 5: Mt Magnet Quarterly Milled Tonnes & Head Grade

Figure 6: Mt Magnet Quarterly Production & Costs

Kathleen Valley Gold Mine (WA)

Kathleen Valley mining was completed late in the Quarter. The Yellow Aster North open pit was completed in mid-August 2016, followed by the Nil Desperandum open pit (refer Figure 7) in mid-September 2016.

Significant progress on rehabilitation and closure activities was made by the end of the quarter. Mining equipment, workshop and offices were demobilised in late September 2016.

Figure 7: Nil Desperandum open pit - final truck load of ore

Ore haulage continued throughout the Quarter and Kathleen Valley attributed mill production was 115,970 tonnes @ 3.30 g/t for 11,744 recovered ounces. End of Quarter ore stockpiled at the mine site is estimated to be 14,605 t @ 3.81 g/t for 1,789 ounces. Total material movement for the quarter was 144,643 BCM.

Ore haulage and milling will continue in October and total site closure will occur soon after. Production and financial performance of the project has been excellent and final reconciled ounces will exceed Ore Reserves by around 10%. A summary of feasibility versus actual performance will be provided in the December 2016 Quarterly Activities Report.

Vivien Gold Mine (WA)

Stoping at Vivien commenced early in the Quarter on the 360-340 stoping level. Overall production jumped significantly with claimed ore mined (development and stoping) reaching 29,188 tonnes @ 8.89 g/t for 8,345 ounces.

Ore development continued on the 320 and 300 levels. The 280 level cross-cut drive also intersected the lode. The 320N drive was extended 115m past the design stop position due to a moderate to strong lode still being present (refer example below Figure 8). This additional development has all occurred in inferred and unclassified resource and represents significant additional production to the mine plan.

At the end of September, the decline had reached the 260mRL or 260m below surface (refer Figure 9). Decline development has slowed marginally as the extra ore development was prioritised.

Stoping performance has been closely reviewed with several small rib pillars left in-situ, in line with the original top-down mining sequence. Given the increased grade and value of the central stoping panels, a number of alternatives in sequencing and the use of cemented rock fill (CRF) pillars, to allow for 100% orebody extraction, are currently being investigated. This work is expected to be completed by the end of the calendar year.

Figure 8: 320N face #86 - sampled grade of 13.6g/t

Ore haulage continued throughout the Quarter and Vivien attributed mill production was 32,647 tonnes @ 8.22 g/t for 8,367 recovered ounces.

Figure 9: Vivien development progress (grey) - oblique view to east

PRODUCTION TARGETS

Figure 10: FY2017 Group Production Profile

PROJECT DEVELOPMENT

Water Tank Hill Project (WA)

The Water Tank Hill project lies 1.5km west of the town of Mt Magnet (refer Figure 2). The deposit is located 300m west of the St George deposit, which was mined by open pit and then underground methods between 2005 and 2007. Gold mineralisation at the Water Tank Hill deposit occurs within a fold and fault thickened portion of the Banded Iron Formation host rocks.

Current Ore Reserves, released in September 2016, have a combined total for Water Tank Hill and St George of 335,000 tonnes @ 4.9 g/t for 53,000 ounces (refer ASX Release; 'Resources and Reserves Statement' 30 September 2016).

Progress was made on the Water Tank Hill underground project. Mining Approvals were submitted and in progress and a tendering process for engagement of an underground mining contractor had commenced. Plans for infrastructure and staffing are also well advanced.

Milky Way Project (WA)

The Milky Way project is located 3.6km south of the Mt Magnet Checkers mill (refer Figure 2). The deposit was mined in 1999-2000 and produced 626,723 t @ 1.64 g/t for 33,073 oz. Gold mineralisation occurs as stockwork style of sericite-silica-pyrite veining and alteration within a thick altered felsic porphyry unit intruded into ultramafic flow sequences.

Ramelius has undertaken significant new drilling, including two geotechnical diamond holes. Geotechnical and hydrogeological studies, metallurgical testwork and density measurements were also undertaken. Further drilling was incorporated into a revised Mineral Resource generated in August and reported in ASX Release, 'Resource and Reserve Statement', 30 September 2016.

An external mining consultant was engaged for open pit optimisation and design work with a Pre-Feasibility study generated. The new Ore Reserve is;

Milky Way Ore Reserve (>0.65 g/t)

Category	Tonnes	Grade	Ounces
Probable	1,875,000	1.3	78,000

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

See ASX Release, 'Resource and Reserve Statement', 30 September 2016 for further details.

Follow up drilling was also planned for the Stellar and Stellar West area after preliminary modelling and optimisation work demonstrated that open pit mining may be economical. This additional RC drilling and remodelling work is planned to be completed by the end of the 2016 calendar year.

EXPLORATION SUMMARY

Ramelius currently has a suite of gold exploration projects at various stages of advancement, as shown on Figure 11.

Exploration during the Quarter focused on RC and reconnaissance Aircore drilling at Mt Magnet. The Company also undertook RC drilling at Kathleen Valley, the Tanami Joint Venture (ASX:RMS 85% / ASX:TYK 15%) and diamond drilling at Coogee. The Auburn and Eungella Projects were no longer considered prospective and were relinquished during the Quarter.

Figure 11: Current Brownfields and Greenfields Exploration Projects location plan

Mt Magnet Gold Project (WA)

An aggregate of 8,129m of RC drilling (GXRC1412 - 1420 + 1443 - 1472) was completed at Morning Star and around Stellar West while 94 reconnaissance Aircore holes (GXAC0216 – 309) for an aggregate 5,741m was undertaken to scope for additional porphyry targets within the Boogardie Basin during the Quarter.

MORNING STAR DRILLING

A series of deeper RC drill holes were completed below the Morning Star pit to test for blind mineralised porphyry and/or banded iron formation units away from the historically mined high grade lode positions (refer Figures 12 to 16). Highly encouraging results were returned from this initial drilling campaign and further step out and infill drilling is scheduled during the December 2016 Quarter. Better intersections returned to date include:

• 10m at 6.56 g/t Au from 290m in GXRC1464

• 21m at 1.91 g/t Au from 225m in GXRC1465 and

• 11m at 2.21 g/t Au from 259m in GXRC1465

• 7m at 5.16 g/t Au from 152m in GXRC1470, incl. 1m at 30.2 g/t Au

• 14m at 40.71 g/t Au from 39m in GXRC1471, incl. 3m at 186.3 g/t Au

• 12m at 2.06 g/t Au from 47m in GXRC1472

The bonanza grade intersection of 14m at 40.71 g/t Au reported in GXRC1471 is supported by 12m at 2.06 g/t Au in GXRC1472 located 15m below and an adjacent historical hole (DR0042) returning 7m at 8.11 g/t Au (refer Figure 12). These three intersections support strong continuity of the mineralised felsic porphyry host over 80 vertical metres below the Morning Star pit, proximal to the mapped position of the Latecomer Fault, but further assessment is required to determine if any meaningful strike continuity can be achieved.

Complete September 2016 Quarter drill hole assay data is provided in Attachment 1.

Figure 12: 320mRL level plan**,** 40m below the Morning Star pit (See Figure 14 for GXRC1471 location)

In conjunction with drill testing the Black Cat Deeps target, immediately south of Morning Star, and various footwall lode positions at Morning Star (refer Figure 15), including 10m at 6.56 g/t Au in GXRC1464, preparatory work has commenced on planning for deeper diamond drill testing below the current limit of underground mining at Morning Star (980mbs). Deeper exploratory diamond drilling down to 1,500mbs is proposed in order to follow-up on highly encouraging historical intersections, including:

• 16m at 9.05 g/t Au from 1,145m in MSD0044F and
• 11.6m at 9.99 g/t Au from 1,178m in MSD0044F and
• 8.0m at 10.20 g/t Au from 1,196m in MSD0044F

BOOGARDIE BASIN – AIRCORE DRILLING

Regional Aircore drilling traverses over the Boogardie Basin commenced during the Quarter. The Aircore drilling is targeting porphyry-ultramafic contacts in areas of ineffective historical drilling coverage as well as targeting shallow plus 100ppb gold in regolith anomalies and/or historical bottom of shallow RAB/Aircore anomalies where present. The drilling to date has successfully delineated coherent plus 100ppb gold in saprolite anomalies, below the limit of historical shallow drilling. Significant, mappable geochemical patterns are now being recognised along the northeast trending Boogardie Break corridors.

Significant (>0.4g/t Au) composite drill hole assay data is provided in Attachment 2.

Several new target areas including the Venus Prospect (refer Figures 17 & 18), south of the historical Boomer open pit, have been identified from the drilling programme and will be the focus of deeper RC drill testing during the December 2016 Quarter. Better drill results from the Venus Prospect include:

28m at 0.67 g/t Au from 36m to EOH in GXAC0222, incl. 8m at 1.48 g/t Au 31m at 0.43 g/t Au from 36m to EOH in GXAC0227

Figure 13: Location of the Boogardie Basin & Morning Star pit relative to the active Galaxy mine area

Figure 14: Morning Star pit highlighting recent Ramelius drill hole locations

Figure 15: Longitudinal section through the Morning Star underground mine (looking east)

Figure 16: North-south section through the Black Cat South pit looking east

Figure 17: Imaged gold ppm from shallow historical drilling 30mbs, highlighting the plus 100ppb Au geochemical anomaly and drill section through the Venus Prospect

Figure 18: East-west cross section through the Venus Prospect Aircore traverse

Tanami Joint Venture (NT) – Ramelius 85%

RC drilling was completed over the Suplejack EL during the quarter. Eighteen holes were drilled for an aggregate 1,494m. Results were generally disappointing with only patchy anomalous interface responses (up to 74ppb Au) being returned at the base of the overlying, post mineralizing, basalt cover.

No further exploration drilling is planned over Suplejack at this stage.

Regional Aircore drilling is scheduled over the Renton Prospect area within the Highland Rocks EL in the December 2016 Quarter (refer Figure 19).

Figure 19: Highland Rocks ELs soil sampling & historical Newmont drilling results over the Renton Prospect area

Kathleen Valley Gold Project (WA) – Ramelius to retain 100% gold rights only

No significant results (>0.5 g/t Au) were returned from a programme of 6 deeper RC drill holes (1,267m), targeting the down dip faulted offset to the Mossbecker pit mineralisation, referred to as the Boris Zone. No further exploration is proposed.

A binding conditional Tenement Sale Agreement allowing Liontown Resources Limited (ASX: LTR) to acquire all of the Kathleen Valley Project tenements; including 100% of the rare metal rights (lithium, tantalum and associated metals) was announced during the quarter (see ASX Release from LTR dated 4 August 2016). Under the terms of the Tenement Sale Agreement Ramelius retains 100% of the gold rights to the tenement package and will continue to review any deeper gold exploration targets within the project.

Coogee Gold Project (WA)

Two shallow diamond drill holes were completed for an aggregate 240m towards the end of the quarter. The drilling was testing below gold anomalous bottom of hole aircore intersections reporting up to 1m at 1.38 g/t Au from 27m. Assay results are awaited.

CORPORATE & FINANCE

Gold sales for the September 2016 Quarter were A$65.2M at an average price of A$1,661/oz.

At 30 September 2016, the Company had A$88.7M of cash and no gold bullion on hand for a total of A$88.7M. This represents a A$39.0M increase from the June 2016 Quarter (A$49.7M) after net proceeds of A$23.4M from a capital raise announced in July 2016 and A$11.7M of capital development expenditure comprising Titan open pit pre-strip at Mt Magnet (A$8.2M), Blackmans open pit set-up at Mt Magnet (A$0.5M), Water Tank Hill underground set-up at Mt Magnet (A$0.5M), exploration primarily at Mt Magnet & Kathleen Valley (A$2.0M), and rehabilitation work at Kathleen Valley (A$0.5M).

During the Quarter, the Company completed the sale of the Burbanks Processing Plant to Maximus Resources Ltd (ASX:MXR) for a total consideration of A$2.5M over a 24 month period. A$0.5M has been paid as part of the completion process and the remaining A$2M will be paid in two A1$M installments in August 2017 and August 2018. The plant had been on care & maintenance since December 2015 and the Company reasoned that the asset is better placed in the hands of a company with exploration and mining interests in the immediate area such as Maximus Resources Limited.

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

At 30 September 2016, forward gold sales consisted of 110,556 ounces of gold at an average price of A$1,661oz over the period to June 2018. The hedge book summary is shown below in Table 2;

Hedge Book	Dec-16 Half	Jun-17 Half	Dec-17 Half	Jun-18 Half	Total
Ounces	15,547	33,009	32,000	30,000	110,556
Price $A/oz	1,577	1.598	1,609	1,830	1,661

		Table 2: Hedge Book Summary

For further information contact:

Mark Zeptner Duncan Gordon Managing DirectorExecutive Director Ramelius Resources Limited Adelaide Equity Partners Ph: +61 8 9202 1127 Ph: +61 8 8232 8800

FORWARD LOOKING STATEMENTS

This report contains forward looking statements. The forward looking statements are based on current expectations, estimates, assumptions, forecasts and projections and the industry in which it operates as well as other factors that management believes to be relevant and reasonable in the circumstances at the date such statements are made, but which may prove to be incorrect. The forward looking statements relate to future matters and are subject to various inherent risks and uncertainties. Many known and unknown factors could cause actual events or results to differ materially from the estimated or anticipated events or results expressed or implied by any forward looking statements. Such factors include, among others, changes in market conditions, future prices of gold and exchange rate movements, the actual results of production, development and/or exploration activities, variations in grade or recovery rates, plant and/or equipment failure and the possibility of cost overruns. Neither Ramelius, its related bodies corporate nor any of their directors, officers, employees, agents or contractors makes any representation or warranty (either express or implied) as to the accuracy, correctness, completeness, adequacy, reliability or likelihood of fulfilment of any forward looking statement, or any events or results expressed or implied in any forward looking statement, except to the extent required by law.

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 Duncan Coutts (Ore Reserves), who are Competent Persons and Members of The Australasian Institute of Mining and Metallurgy. Kevin Seymour, Rob Hutchison and Duncan Coutts are full-time employees of the company. Kevin Seymour, Rob Hutchison and Duncan Coutts 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 Duncan Coutts consent to the inclusion in this report of the matters based on their information in the form and context in which it appears.

Attachment 1: Significant (>0.5 g/t Au) RC drilling, Mount Magnet, WA

Hole Id	Easting	Northing	Az/Dip	RL	F/Depth(m)	From (m)	To (m)	Interval(m)	g/t Au
GXRC1412(Andromeda)	577576	6896158	270/-55	441	205				NSR
GXRC1413	577090	6896504	270/-60	441	246	104	105	1	0.96
(Brown Cow)						124	125	1	0.61
GXRC1414	576973	6896404	300/-60	440	132	36	37	1	0.64
(Brown Cow)						49	50	1	1.08
						87	110	23	0.46
					Incl.	92	98	6	1.19
GXRC1415(O'Meara)	577195	6895118	330/-56	436	193	59	60	1	0.58
GXRC1416	577256	6895205	331/-54	437	210	132	136	4	0.77
(O'Meara)						205	208	3	0.49
GXRC1417	577247	6895034	330/-55	436	205	63	64	1	1.93
(O'Meara)						98	102	4	1.32
						108	109	1	1.25
GXRC1418	577060	6894821	331/-54	435	157	68	69	1	0.54
(O'Meara)						104	107	3	0.52
GXRC1419	577824	6896958	270/-55	443	259	11541	11942	41	0.512.52
(Milky Way)						58	63	5	0.90
						126	127	1	1.31
GXRC1420	577096	6897072	325/-55	444	187	111	116	5	0.80
(Stellar West)
GXRC1443	576638	6897192	330/-55	446	114	61	62	1	0.56
(Stellar West)						108	109	1	0.50
GXRC1444	576647	6897176	330/-54	446	148	71	72	1	3.54
(Stellar West)						81	82	1	1.29
						120	126	6	1.16
						145	146	1	1.01
GXRC1445	576713	6897247	330/-60	446	144	36	37	1	0.79
(Stellar West)						130141	132142	21	1.170.60
GXRC1446	576744	6897211	330/-59	446	132				NSR
(Stellar West)
GXRC1447	576680	6897222	330/-56	446	121	63	64	1	0.54
(Stellar West)						114	116	2	0.82
GXRC1448	576691	6897200	330/-55	446	169	60	61	1	3.56
(Stellar West)						86	87	1	1.07
						135	137	2	0.60
						140	149	9	0.70
GXRC1449	576374	6897275	270/-55	446	163	16132	16233	11	0.901.13
(Stellar West)						59	60	1	2.91
GXRC1450	576430	6897175	270/-55	446	68	17	18	1	2.56
(Stellar West)						55	61	6	0.63
GXRC1451	576198	6897351	120/-55	446	127	40	41	1	0.59
(Stellar West)						56	58	2	1.17
						78	82	4	0.92
						89107	90115	18	0.521.94
GXRC1452	576008	6897230	120/-60	446	199	122	125	3	1.13
(Stellar West)						195	197	2	0.99
GXRC1453	575960	6897143	120/-60	445	174	138	139	1	3.41
(Stellar West)						149	157	8	0.78
						169	170	1	0.73
						173	174	1	1.67
GXRC1454	580660	6896872	100/-56	444	342	112	113	1	2.61
						153	156	3	2.67
						165213	166215	12	1.370.63
						223	225	2	0.66
						235	237	2	0.83

Hole Id	Easting	Northing	Az/Dip	RL	F/Depth(m)	From (m)	To (m)	Interval(m)	g/t Au
						241246255264	242249261270	1366	0.573.992.710.64
GXRC1455	581071	6897971	070/-81	447	198	01528119182	21629132183	211131	1.100.550.552.642.90
GXRC1456	581136	6897924	250/-68	446	252	6	7	1	0.60
GXRC1457	581164	6897545	070/-65	442	198	687496107	6975101109	1152	0.651.185.312.53
GXRC1458	581245	6897719	226/-51	443	318	112234246270	114235259279	21139	10.140.951.781.90
GXRC1459	580699	6897753	100/-51	446	156				NSR
GXRC1460	580702	6897752	110/-57	446	402	8190174201242258266280305312371	8293175202245263271281306313375	13113551114	0.711.230.510.783.800.800.632.111.130.980.71
GXRC1461	580642	6897628	105/-66	448	228	91135143158172	94136144159173	31111	5.891.191.211.590.52
GXRC1462	580637	6897240	090/-75	448	300	8243845110146150171247263269274282	9254051111147151172251264270275283	1126111141111	0.560.513.380.930.900.610.750.850.860.872.090.920.94
GXRC1463	580879	6897399	100/-80	318	132	09142741527990114	111183449538593115	124781631	0.820.780.720.592.020.750.920.520.53
GXRC1464	580885	6897396	115/-81	318	402	8173039476469	13213642566676	5463927	0.681.840.680.751.140.720.85

Hole Id	Easting	Northing	Az/Dip	RL	F/Depth(m)	From (m)	To (m)	Interval(m)	g/t Au
						87102144187273290337	88121149188276300338	119513101	0.804.160.610.684.956.561.00
GXRC1465	580724	6897020	100/-70	448	300	016235868115136141145172225251259	117366071117137142146173246254270	1113232111121311	0.503.852.951.336.418.713.661.500.610.651.910.972.21
GXRC1466	580396	6896634	070/-55	443	240	127141148154	129144149158	2314	1.050.740.570.77
GXRC1467	580055	6896339	070/-61	447	252	5671100231235	5875102232236	24211	1.131.620.570.570.52
GXRC1468	580170	6896185	100/-55	447	276	159165	161166	21	1.100.71
GXRC1469	580971	6897661	034/-60	348	300	273045617699131136169	2835466378102133137170	151223211	0.570.520.661.741.163.648.230.720.57
GXRC1470	580972	6897652	355/-60	349	240Incl.	566145152152164	679148159153166	1133712	1.132.102.555.1630.21.98
GXRC1471	580981	6897654	090/-58	348	120Incl.Incl.	12394545717884	14534846737985	21431311	3.5140.71186.3471.01.680.780.87
GXRC1472	580976	6897654	090/-62	348	120	721303747104	824313859107	1311123	0.650.881.641.052.060.77

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, with up to 2m of internal dilution. Gold determination was by Fire Assay using a 50gm charge with AAS finishes and a lower limit of detection of 0.01 ppm Au. NSR denotes no significant results. True widths of the reported mineralised intersection remain unknown given the paucity of deeper drilling at this stage. Coordinates are MGA94-Z50. All holes are located below Morning Star unless labelled otherwise. Abn hole denotes hole was abandoned due to excessive deviation away from its intended target.

Attachment 2: Anomalous Aircore drilling 4m composite intersections (>0.40 g/t Au over 4m or greater) within the Boogardie Basin - Mt Magnet, WA.

Hole Id	Easting	Northing	Az/Dip	RL	F/Depth(m)	From (m)	To (m)	Interval(m)	g/t Au
GXAC0219	579320	6895703	270/-60	436	66	20	28	8	0.77
GXAC0222	579465	6895704	270/-60	436	64Incl.	3652	64 EOH60	288	0.671.48
GXAC0227	579720	6895705	270/-60	436	67	36	67 EOH	31	0.43
GXAC0228	579762	6895711	270/-60	436	67	44	66	22	0.40
GXAC0241	579365	6895307	270/-60	436	41	20	28	8	0.68
GXAC0244	579516	6895302	270/-60	436	43	24	28	4	0.40
GXAC0248	579767	6895308	270/-60	436	73	56	73	17	0.42
GXAC0251	579911	6895304	270/-60	436	61	44	48	4	0.59
GXAC0261	578237	6893097	270/-60	436	67	36	40	4	0.51
GXAC0278	577927	6893826	360/-60	436	67	24	28	4	2.02
GXAC0284	578729	6894150	270/-60	436	42	428	1636	128	2.100.42
GXAC0285	578783	6894148	270/-60	436	55	2840	3252	412	0.401.36
GXAC0286	578835	6894149	270/-60	436	55	20	28	8	1.52
GXAC0300	579663	6895906	270/-60	436	65	36	65	29	0.49
GXAC0303	579815	6895901	270/-60	436	55	36	40	4	0.49

Reported anomalous gold assay intersections are constrained using a 0.40 g/t Au lower cut for the 4m composite interval, with up to 4m of internal dilution. Gold determination was by Fire Assay using a 50gm charge with AAS finishes and a lower limit of detection of 0.01 ppm Au. NSR denotes no significant results. EOH denotes end of hole depth. True widths remain unknown at this stage of exploration. Coordinates are MGA94-Z50.

JORC Table 1 Report for Mt Magnet, RC and Aircore Drilling

Section 1 Sampling Techniques and Data

Criteria	JORC Code explanation	Commentary
Samplingtechniques	Nature and quality of sampling (egcut channels, random chips, orspecific specialised industry standardmeasurement tools appropriate to theminerals under investigation, such asdown hole gamma sondes, orhandheld XRF instruments, etc). Theseexamples should not be taken aslimiting the broad meaning ofsampling.Include reference to measures takento ensure sample representivity andthe appropriate calibration of anymeasurement tools or systems used.Aspects of the determination ofmineralisation that are Material tothe Public Report.In cases where 'industry standard'work has been done this would berelatively simple (eg 'reversecirculation drilling was used to obtain1 m samples from which 3 kg waspulverised to produce a 30 g chargefor fire assay'). In other cases moreexplanation may be required, such aswhere there is coarse gold that hasinherent sampling problems. Unusualcommodities or mineralisation types(eg submarine nodules) may warrantdisclosure of detailed information.	At Mt Magnet potential gold mineralisedintervals are systematically sampled usingindustry standard 1m intervals, collected fromreverse circulation (RC) drill holes and 4mcomposites from reconnaissance Aircoretraverses.Drill hole locations were designed to allow forspatial spread across the interpretedmineralised zone. All RC samples werecollected and riffle split to 3‐4kg samples on 1mmetre intervals. Aircore samples are spearedfrom piles on the ground and are compositedinto 4m intervals before despatching to thelaboratory. Single metre bottom of hole Aircoresamples are collected for trace elementdeterminationsStandard fire assaying was employed using a50gm charge with an AAS finish for all RC andAircore chip samples. Trace elementdetermination was undertaken using a multi (4)acid digest and ICP‐ AES finish.
Drillingtechniques	Drill type (eg core, reverse circulation,open‐hole hammer, rotary air blast,auger, Bangka, sonic, etc) and details(eg core diameter, triple or standardtube, depth of diamond tails, face‐sampling bit or other type, whethercore is oriented and if so, by whatmethod, etc).	Drilling was completed using best practice 5 ¾"face sampling RC drilling hammers for all RC drillholes and 3" Aircore bits.
Drill samplerecovery	Method of recording and assessingcore and chip sample recoveries andresults assessed.Measures taken to maximise samplerecovery and ensure representativenature of the samples.	Bulk RC and Aircore drill holes samples werevisually inspected by the supervising geologistto ensure adequate clean sample recoverieswere achieved. Note Aircore drilling while cleanis not used in any resource estimation work.Any wet, contaminated or poor sample returns

Criteria	JORC Code explanation	Commentary
	Whether a relationship existsbetween sample recovery and gradeand whether sample bias may haveoccurred due to preferential loss/gainof fine/coarse material.	are flagged and recorded in the database toensure no sampling bias is introduced.Zones of poor sample return both in RC andAircore are recorded in the database and crosschecked once assay results are received fromthe laboratory to ensure no misrepresentationof sampling intervals has occurred. Of note,excellent RC drill recovery is reported from allRC holes. Reasonable recovery is noted for allAircore samples.
Logging	Whether core and chip samples havebeen geologically and geotechnicallylogged to a level of detail to supportappropriate Mineral Resourceestimation, mining studies andmetallurgical studies.Whether logging is qualitative orquantitative in nature. Core (orcostean, channel, etc) photography.The total length and percentage ofthe relevant intersections logged.	All drill samples are geologically logged on siteby professional geologists. Details on the hostlithologies, deformation, dominant mineralsincluding sulphide species and alterationminerals plus veining are recorded relationally(separately) so the logging is interactive and notbiased to lithology.Drill hole logging is qualitative on visualrecordings of rock forming minerals andquantitative on estimates of mineralabundance.The entire length of each drill hole isgeologically logged.
Sub‐samplingtechniquesand samplepreparation	If core, whether cut or sawn andwhether quarter, half or all coretaken.If non‐core, whether riffled, tubesampled, rotary split, etc and whethersampled wet or dry.For all sample types, the nature,quality and appropriateness of thesample preparation technique.Quality control procedures adoptedfor all sub‐sampling stages tomaximise representivity of samples.Measures taken to ensure that thesampling is representative of the insitu material collected, including forinstance results for fieldduplicate/second‐half sampling.Whether sample sizes are appropriateto the grain size of the material beingsampled.	Duplicate samples are collected every 25thsample from the RC and Aircore chips.Dry RC 1m samples are riffle split to 3‐4kg asdrilled and dispatched to the laboratory. Anywet samples are recorded in the database assuch and allowed to dry before splitting anddispatching to the laboratory.All RC and Aircore chips are pulverized prior tosplitting in the laboratory to ensurehomogenous samples with 85% passing 75um.200gm is extracted by spatula that is used forthe 50gm charge on standard fire assays.All samples submitted to the laboratory aresorted and reconciled against the submissiondocuments. In addition to duplicates a highgrade or low grade standard is included every25th sample, a controlled blank is inserted every100th sample. The laboratory uses barrenflushes to clean their pulveriser and their owninternal standards and duplicates to ensureindustry best practice quality control ismaintained.The sample size is considered appropriate forthe type, style, thickness and consistency ofmineralization.
Quality ofassay data	The nature, quality andappropriateness of the assaying and	The fire assay method is designed to measurethe total gold in the RC and Aircore samples.

Criteria	JORC Code explanation	Commentary
andlaboratorytests	laboratory procedures used andwhether the technique is consideredpartial or total.For geophysical tools, spectrometers,handheld XRF instruments, etc, theparameters used in determining theanalysis including instrument makeand model, reading times,calibrations factors applied and theirderivation, etc.Nature of quality control proceduresadopted (eg standards, blanks,duplicates, external laboratorychecks) and whether acceptable levelsof accuracy (ie lack of bias) andprecision have been established.	The technique involves standard fire assaysusing a 50gm sample charge with a lead flux(decomposed in the furnace). The prill is totallydigested by HCl and HNO3 acids beforemeasurement of the gold determination byAAS. Aqua regia digest is considered adequatefor surface soil sampling.No field analyses of gold grades are completed.Quantitative analysis of the gold content andtrace elements is undertaken in a controlledlaboratory environment.Industry best practice is employed with theinclusion of duplicates and standards asdiscussed above, and used by Ramelius as wellas the laboratory. All Ramelius standards andblanks are interrogated to ensure they lie withinacceptable tolerances. Additionally, samplesize, grind size and field duplicates areexamined to ensure no bias to gold gradesexists.
Verificationof samplingand assaying	The verification of significantintersections by either independent oralternative company personnel.The use of twinned holes.Documentation of primary data, dataentry procedures, data verification,data storage (physical and electronic)protocols.Discuss any adjustment to assay data.	Alternative Ramelius personnel have inspectedthe RC and Aircore chips in the field to verifythe correlation of mineralised zones betweenassay results and lithology, alteration andmineralization.All holes are digitally logged in the field and allprimary data is forwarded to Ramelius'Database Administrator (DBA) in Perth where itis imported into Datashed, a commerciallyavailable and industry accepted databasesoftware package. Assay data is electronicallymerged when received from the laboratory.The responsible project geologist reviews thedata in the database to ensure that it is correctand has merged properly and that all the drilldata collected in the field has been capturedand entered into the database correctly.The responsible geologist makes the DBA awareof any errors and/or omissions to the databaseand the corrections (if required) are correctedin the database immediately.No adjustments or calibrations are made to anyof the assay data recorded in the database.No new mineral resource estimate is included inthis report.
Location ofdata points	Accuracy and quality of surveys usedto locate drill holes (collar and down‐hole surveys), trenches, mineworkings and other locations used in	All drill hole collars are picked up using accurateDGPS survey control. All down hole surveys arecollected using downhole Eastman single shotsurveying techniques provided by the drilling

Criteria	JORC Code explanation	Commentary
	Mineral Resource estimation.Specification of the grid system used.Quality and adequacy of topographiccontrol.	contractors.All Mt Magnet holes are picked up in MGA94 –Zone 50 grid coordinates.DGPS RL measurements captured the collarsurveys of the drill holes prior to the resourceestimation work.
Data spacinganddistribution	Data spacing for reporting ofExploration Results.Whether the data spacing anddistribution is sufficient to establishthe degree of geological and gradecontinuity appropriate for the MineralResource and Ore Reserve estimationprocedure(s) and classificationsapplied.Whether sample compositing hasbeen applied.	All drilling was reconnaissance in nature,looking for extensions to known mineralisedsystems. As such the drilling pattern is randomand no true continuity has been established todate.Given the limited understanding of the targethorizon infill drilling will be considerednecessary to help define the continuity ofmineralisation.No sampling compositing has been appliedwithin key mineralised intervals.
Orientationof data inrelation togeologicalstructure	Whether the orientation of samplingachieves unbiased sampling ofpossible structures and the extent towhich this is known, considering thedeposit type.If the relationship between the drillingorientation and the orientation of keymineralised structures is consideredto have introduced a sampling bias,this should be assessed and reportedif material.	The RC drilling is completed orthogonal to theinterpreted strike of the target horizon. Aircoredrilling is completed on systematic MGA E‐Wtraverses with holes nominally 50m apart.No diamond drilling has been completed byRamelius at this stage.
Samplesecurity	The measures taken to ensure samplesecurity.	Sample security is integral to Ramelius'sampling procedures. All bagged samples aredelivered directly from the field to the assaylaboratory in Perth, whereupon the laboratorychecks the physically received samples againstRamelius' sample submission/dispatch notes.
Audits orreviews	The results of any audits or reviews ofsampling techniques and data.	Sampling techniques and procedures arereviewed prior to the commencement of newwork programmes to ensure adequateprocedures are in place to maximize the samplecollection and sample quality on new projects.No external audits have been completed todate.

Section 2 Reporting of Exploration Results
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Criteria	JORC Code explanation	Commentary
Mineraltenement andland tenurestatus	Type, reference name/number,location and ownership includingagreements or material issues withthird parties such as joint ventures,partnerships, overriding royalties,native title interests, historical sites,wilderness or national park andenvironmental settings.The security of the tenure held at thetime of reporting along with anyknown impediments to obtaining alicence to operate in the area.	The results reported in this report are ongranted Mining Leases (ML) 58/136 + 187 (MtMagnet –O'Meara, Stellar West and BrownCow) and ML58/202 Morning Star, all owned100% by Ramelius Resources Limited. The MtMagnet tenements are located onpastoral/grazing leases. Heritage surveys arecompleted prior to any ground disturbingactivities in accordance with Ramelius'responsibilities under the Aboriginal HeritageAct.At this time all the tenements are in goodstanding. There are no known impediments toobtaining a licence to operate in the area.
Explorationdone by otherparties	Acknowledgment and appraisal ofexploration by other parties.	Exploration and mining by other parties hasbeen reviewed and is used as a guide toRamelius' exploration activities. Previousparties have completed shallow RAB, Aircoredrilling and RC drilling and shallow open pit andunderground mining at Morning Star, plusdrilling and open pit mining only at Milky Way,O'Meara, Franks Tower and Stellar plusgeophysical data collection and interpretation.This report concerns only exploration resultsgenerated by Ramelius during the Septemberquarter 2016.
Geology	Deposit type, geological setting andstyle of mineralisation.	The targeted mineralisation at Morning StarStellar West is typical of orogenic structurallycontrolled Archaean gold lode systems. Themineralisation is controlled by anastomosingshear zones passing through competent rockunits, brittle fracture and stockworkmineralization is common on the competent BIFor porphyry rock. The bedrock Morning Starmineralisation currently extends over 700mstrike and dips steeply westwards and plunges60deg to the southwest. The historically minedlodes are known to extend to at least 1kmbelow surface.
Drill holeInformation	A summary of all informationmaterial to the understanding of theexploration results including atabulation of the followinginformation for all Material drill holes:oeasting and northing of the drillhole collarelevation or RL (Reduced Level –oelevation above sea level in	All the drill holes reported in this report havethe following parameters applied. All drill holescompleted, including holes with no significantresults (as defined in the Attachments) arereported in this announcement.Easting and northing are given in MGA94coordinates as defined in the Attachments.RL is AHD

Criteria	JORC Code explanation	Commentary
	metres) of the drill hole collardip and azimuth of the holeoodown hole length and interceptiondepthhole length.oIf the exclusion of this information isjustified on the basis that theinformation is not Material and thisexclusion does not detract from theunderstanding of the report, theCompetent Person should clearlyexplain why this is the case.	Dip is the inclination of the hole from thehorizontal. Azimuth is reported in magneticdegrees as the direction the hole is drilled.MGA94 and magnetic degrees vary by <10in theproject area.Down hole length is the distance measuredalong the drill hole trace. Intersection length isthe thickness of an anomalous gold intersectionmeasured along the drill hole trace.Hole length is the distance from the surface tothe end of the hole measured along the drillhole trace.No results currently available from theexploration drilling are excluded from thisreport. Gold grade intersections >0.4 g/t Auwithin 4m Aircore composites or >0.5 g/t Auwithin single metre RC samples (with up to 4mof internal dilution) are considered significant inthe broader mineralised host rocksGold grades greater than 0.5 g/t Au arehighlighted where good continuity of highergrade mineralization is observed.
Dataaggregationmethods	In reporting Exploration Results,weighting averaging techniques,maximum and/or minimum gradetruncations (eg cutting of highgrades) and cut‐off grades are usuallyMaterial and should be stated.Where aggregate interceptsincorporate short lengths of highgrade results and longer lengths oflow grade results, the procedure usedfor such aggregation should be statedand some typical examples of suchaggregations should be shown indetail.The assumptions used for anyreporting of metal equivalent valuesshould be clearly stated.	The first gold assay result received from eachsample reported by the laboratory is tabled inthe list of significant assays. Subsequent repeatanalyses when performed by the laboratory arechecked against the original to ensurerepeatability of the assay results.Weighted average techniques are applied todetermine the grade of the anomalous intervalwhen geological intervals less than 1m havebeen sampled.Exploration drilling results are generallyreported using a 0.1 g/t Au lower cut‐off (asdescribed above and reported in theAttachments) and may include up to 4m ofinternal dilution. Significant resourcedevelopment drill hole assays are reportedgreater than 0.5 or 8.0 g/t Au and are alsoreported separately. For example, the broaderplus 1.0 g/t Au intersection of 6.5m @ 30.5 g/tAu contains a higher grade zone running plus 8g/t Au and is included as 4m @ 48.5 g/t Au.Where extremely high gold intersections areencountered as in this example, the highestgrade sample interval (eg 1.0m @ 150 g/t Au) isalso reported. All assay results are reported to3 significant figures in line with the analyticalprecision of the laboratory techniquesemployed.

Criteria	JORC Code explanation	Commentary
		No metal equivalent reporting is used orapplied.
Relationshipbetweenmineralisationwidths andinterceptlengths	These relationships are particularlyimportant in the reporting ofExploration Results.If the geometry of the mineralisationwith respect to the drill hole angle isknown, its nature should be reported.If it is not known and only the downhole lengths are reported, thereshould be a clear statement to thiseffect (eg 'down hole length, truewidth not known').	The intersection length is measured down thelength of the hole and is not usually the truewidth. When sufficient knowledge on thethickness of the intersection is known anestimate of the true thickness is provided in theAttachment.The known geometry of the mineralisation withrespect to the drill holes reported in this reportis not well constrained at this stage given thevariable orientation of ore shoots historicallymined at Morning Star.
Diagrams	Appropriate maps and sections (withscales) and tabulations of interceptsshould be included for any significantdiscovery being reported These shouldinclude, but not be limited to a planview of drill hole collar locations andappropriate sectional views.	Drillhole plan and sectional views of MorningStar/Black Cat South pits have been provided inthis release. Given the interpreted steep dips ofthe mineralisation at Morning Star the longsectional view presentation is currentlyconsidered the best 2‐D representation of theknown spatial extent of the mineralizationintersected to date.
Balancedreporting	Where comprehensive reporting of allExploration Results is not practicable,representative reporting of both lowand high grades and/or widths shouldbe practiced to avoid misleadingreporting of Exploration Results.	All drill holes completed to date are reported inthis report and all material intersections asdefined) are reported.
Othersubstantiveexplorationdata	Other exploration data, if meaningfuland material, should be reportedincluding (but not limited to):geological observations; geophysicalsurvey results; geochemical surveyresults; bulk samples – size andmethod of treatment; metallurgicaltest results; bulk density,groundwater, geotechnical and rockcharacteristics; potential deleteriousor contaminating substances.	No other exploration data that has beencollected is considered meaningful and materialto this report.
Further work	The nature and scale of plannedfurther work (eg tests for lateralextensions or depth extensions orlarge‐scale step‐out drilling).Diagrams clearly highlighting theareas of possible extensions, includingthe main geological interpretationsand future drilling areas, provided thisinformation is not commerciallysensitive.	Future exploration includes infill RC and furtherstep out drilling below and along strike of thereported intersections at Morning Star to betterdefine the extent of the mineralizationdiscovered to date.