RAMELIUS RESOURCES LIMITED — Interim / Quarterly Report 2016

Apr 27, 2016

For Immediate Release 28 April 2016

March 2016 Quarterly Activities Report

HIGHLIGHTS – OPERATIONS & DEVELOPMENT

• Group gold production of 26,657 ounces, achieving Guidance of 2629,000 ounces, at an AISC of A$1,196/oz (Guidance A$1,150/oz)

• Mt Magnet (WA) - 9,356 ounces produced

• Kathleen Valley (WA) - 15,501 ounces produced

• Vivien gold mine (WA) - 1,800 ounces produced

• Milky Way gold project (WA) - results released 4[th] April 2016, including;

• 19m at 9.05 g/t Au from 104m in GXRC0452, incl. 2m at 66.88 g/t Au

• 17m at 7.75 g/t Au from 60m in GXRC0457, incl. 5m at 20.81 g/t Au

• 15m at 12.62 g/t Au from 39m in GXRC0459, incl. 2m at 87.32 g/t Au

• 15m at 6.90 g/t Au from 102m in GXRC0466, incl. 2m at 24.28 g/t Au

• Mineral Resource modelling commenced

PRODUCTION GUIDANCE – JUNE 2016 QUARTER

• Group gold production for the June 2016 Quarter is expected to be 28,000-32,000 ounces at an AISC of ~A$1,175/oz as follows:

• Mt Magnet - 12,500 ounces

• Kathleen Valley - 12,500 ounces

• Vivien - 5,000 ounces

• Capital development expenditure of approximately A$4.5M

• Nil Desperandum open pit pre-strip (Kathleen Valley) - A$1.5M

• Titan open pit pre-strip (Mt Magnet) - A$1.0M

• Exploration (Mt Magnet & Tanami) - A$2.0M

HIGHLIGHTS – CORPORATE

• Quarterly gold sales of A$39.9M at an average sale price of A$1,586/oz

• Cash & gold on hand of A$37.8M (Dec Qtr: A$39.9M), after A$8.4M expenditure on capital development at Vivien (A$4.3M), Kathleen Valley pre-strips (A$2.5M) & exploration (A$1.6M)

• Continued gold deliveries into the original forward sales program during the Quarter, consisting of 11,028 ounces at ~A$1,570/oz

• Additional 60,000 ounces forward sold at A$1,600/oz to December 2017

• Additional short-term forward sales of 7,950 ounces at an average price of A$1,712/oz placed out to November 2016

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

ABOUT RAMELIUS

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Figure 1: Ramelius’ Operations & Development Project Locations

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

PRODUCTION SUMMARY

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

	Units	Mt Magnet	Vivien	Kathleen Valley	Total
Ore mined(highgrade)	t	185,167	9,122	132,060	326,349
Oreprocessed	t	276,628	7,571	96,198	380,397
Headgrade	g/t	1.15	7.46	5.12	2.28
Gold recovery	%	91	98	97	95
Gold recovered	oz	9,270	1,779	15,407	26,456
Finegoldpoured	oz	9,356	1,800	15,501	26,657
Cash operatingcosts^	A$M				31.31
Cash operatingcost(C1)^	A$/oz				1,175
Gold sales ~	oz				25,147
All-In SustainingCosts(AISC)*^	A$M				30.07
AISC^	A$/oz				1,196
Gold sales	A$M				39.87
Average realisedgoldprice	A$/oz				1,586
* as per World Gold Council guidelines ~ includes 11,028oz of gold delivered to CBA under forward sales program ^ net of by-product credits

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OPERATIONS

Mt Magnet Gold Mine (WA)

Mining by Ramelius at Mt Magnet has concentrated on the Galaxy mine area over the past four years consisting of open pit mining only. Water Tank Hill is an underground project currently forming part of the Company’s development pipeline, whilst the Milky Way area forms a key part of future resource growth and mine life extensions (refer Figure 2).

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Figure 2: Mt Magnet key mining areas

Mining of the Perseverance (Percy) open pit continued throughout the Quarter (refer Figure 3). Claimed high-grade ore mined was 185,167 tonnes at 1.46 g/t for 8,714 ounces with mill reconciled production (including stockpiled low grade) of 276,628 tonnes at 1.15 g/t for 9,270 ounces.

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Figure 3: Mining at Percy open pit

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Mill throughput was reduced mainly due to the planned SAG mill reline in January 2016, with 380,397 tonnes processed at a 2.28 g/t head grade (refer Figure 4), as overall mill head grade continued to climb.

Gold production (refer Figure 5) was within the Guidance range, with 26,657 ounces of fine gold poured for the period. Overall metallurgical recoveries were maintained at better than budget levels again this Quarter, with a recovery of 95%.

Cash costs for the period were A$1,175/oz and AISC increased to A$1,196/oz (Guidance A$1,150/oz). This was primarily a result of slightly lower gold production, plus some increased costs associated with the SAG mill reline, when compared to the previous Quarter. Once again this Quarter, with additional high grade ore sources coming on-line, stock movement was a positive factor for the overall AISC.

Production for the June 2016 Quarter is expected to be between 28,000 and 32,000 ounces. The midpoint of forecast production (30,000oz) is expected to be delivered at an AISC of A$1,175/oz. Harder fresh ore from the Kathleen Valley gold mine is projected to restrict mill throughput to levels similar to the March 2016 Quarter, with throughput of 388,000 ore tonnes forecast. However a further increase in mill head grade to 2.6g/t is expected and will more than compensate when it comes to ounces produced.

Late in the June 2016 Quarter, it is planned that the Titan pit cut-back (refer to the Galaxy Mine Area in Figure 2) will be commenced to ensure overlap with the Perseverance open pit which is currently due to be completed in the September 2016 Quarter. The Titan pit has a waste pre-strip that will cost approximately A$1M in the June 2016 Quarter.

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

Milled Tonnes & Head Grade
700,000 2.75
2.50
Vivien
600,000
2.25
500,000 WQS pit Percy pit 2.00
Saturn & Kathleen Valley
1.75
Mars pits
400,000
1.50
1.25
300,000
1.00
200,000 0.75
0.50
100,000
0.25
0 0.00
Milled Tonnes (LHS) Head Grade (RHS)
Milled Tonnes (t)
Head Grade (g/t)
----- End of picture text -----

Figure 4: Mt Magnet Quarterly Milled Tonnes & Head Grade

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

Gold Production & Costs Vivien in
production
ramp-up
30,000 2,000
SAG mill
27,500
repairs Ball mill 1,800
25,000 motor fail
1,600
22,500
1,400
20,000
1,200
17,500
15,000 1,000
12,500 800
10,000
600
7,500
400
5,000
200
2,500
- -
Fine Gold Production (LHS) C1 - Cash Cost (RHS) AISC (RHS)
Costs A$/oz
Gold Production (oz)
----- End of picture text -----

Figure 5: Mt Magnet Quarterly Production & Costs

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Kathleen Valley Gold Mine (WA)

At Kathleen Valley, open pit operations continued smoothly to plan with the Yellow Aster North (YAN) open pit commenced during the Quarter, joining the well advanced Mossbecker and Yellow Aster Deeps (YAD) open pits (refer Figure 6). The Nil Desperandum pit will be commenced in April 2016 with an expected prestrip cost of approximately A$1.5M.

Ore production jumped significantly for the Quarter as strip ratios in the Mossbecker and YAD pits dropped substantially. Claimed ore mined totalled 132,060 tonnes @ 4.63 g/t for 19,668 ounces. At YAN, the majority of pre-stripping was completed using the 100t mining fleet and the first ore blocks were mined. Total material movement for the Quarter was 519,356 BCM.

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Figure 6: Yellow Aster Deeps ore block

Ore haulage continued throughout the quarter and Kathleen Valley attributed mill production was 96,198 tonnes @ 5.12 g/t for 15,407 recovered ounces. Milled grade continues to reconcile above claimed mine grade. End of Quarter ore stockpiled at the mine site is estimated to be 51,265 tonnes @ 4.23 g/t for 6,979 ounces.

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Vivien Gold Mine (WA)

Vivien saw the first substantial ore production occur with the advance of ore drives on the 360mRL and 340mRL. Overall development advance continued strongly with a decline advance of 250.5 metres and total development of 816.4 metres.

Claimed ore mined was 9,122 tonnes @ 6.72 g/t for 1,972 oz. Ore haulage to Mt Magnet commenced in February 2016 and attributed mill production was 7,571 tonnes @ 7.46 g/t for 1,779 recovered ounces.

A number of final infrastructure items were also completed in the Quarter and included completion of the top portion of the surface escapeway.

Widths and appearance of the lode can vary significantly and to date much of the 340mRL drive has been dominated by massive sulphides. However, the dip and strike shape continuity has been encouraging and a significant high-grade core lens has been encountered on both the 360 and 340 levels. Numerous wide, high-grade faces occur in the centre of these lenses (refer example below in Figure 7).

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Figure 7: Vivien lode (largely massive sulphides) on 340N level with sample grades (Au ppm)

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Figure 8: Vivien development progress (grey) - oblique view to east

PRODUCTION TARGETS

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Figure 9: FY2016 Group Production Profile

Gold production is expected to increase through FY2016 as shown in Figure 9, due to an increasing mill head grade brought about by deliveries of Kathleen Valley and then Vivien high grade ore, plus improving ore grades from Mt Magnet’s Percy pit.

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PROJECT DEVELOPMENT

Blackmans Gold Project (WA)

Blackmans is located 30km north of Mt Magnet, relatively close to the Company’s Checker processing facility on the outskirts of Mt Magnet (refer Figure 1).

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

An Ore Reserve was released in December 2015 with a pit generating 244,000 tonnes @ 2.0 g/t for 16,000 ounces (refer ASX Release; ‘Company Update’, 16/12/2015). Activity for the Quarter consisted of further advancement of the Mining Proposal and Mine Closure process, plus engagement with the Mt Magnet Shire and Main Roads in respect of ore haulage approvals. All necessary statutory approvals are expected to be in place by the end of the June 2016 Quarter.

Water Tank Hill Project (WA)

The Water Tank Hill project lies 1.5km west of the town of Mt Magnet (refer Figure 2). The original deposit was located on a small hill, where the towns’ water storage tanks were previously sited. With the mining of the Water Tank Hill open pit, the hill was largely removed and the town water tanks relocated to a new site. The deposit is also 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 (refer Figure 10).

Current Ore Reserves, released in September 2014, 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’ 10/9/2015). Activity for the Quarter consisted of a preliminary assessment of the open pit and underground portal access ahead of commencement of the statutory approval processes.

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Figure 10: Water Tank Hill schematic view to north

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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 drilling at Mt Magnet (Milky Way) and at Coogee (WA). An aggregate of 9,356m from 63 Reverse Circulation (RC) holes and a single diamond hole (with 141.5m of core) were drilled at Milky Way during the Quarter as part of the Company’s accelerated exploration drilling campaign around its active mine sites, while a reconnaissance programme of aircore drilling (1,760m) was completed at Coogee.

Subsequent to the end of the Quarter Ramelius advised Clancy Exploration (ASX:CLY) of its intention to withdraw from the Condobolin Joint Venture project located in central NSW (see ASX Release CLY: Ramelius withdraws from the Condobolin Gold project in NSW dated 1 April 2016). Ramelius retains no equity in the Condobolin Project.

Ramelius also advised its private joint venture partner of its intention to withdraw from the Cavanaghs Nickel Joint Venture, located 10km west of Mount Magnet. Ramelius retains no equity in the project.

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Figure 11: Current Brownfields and Greenfields Exploration Projects location plan

Milky Way Gold Project (Mt Magnet, WA)

Ramelius completed an aggregate 4,457m of infill resource development RC drilling below the Milky Way pit (GXRC0400 series) and 5,040m in step out deeper exploration drilling (GXRC1300 series and one diamond drill hole GXDD0046 for 201.5m) throughout the broader Boogardie Basin (refer Figure 12), south of the Galaxy mine area, during the Quarter. See ASX Release: Milky Way Exploration Update – Mt Magnet, WA dated 4 April 2016 for details.

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MILKY WAY – INFILL DRILLING

Significant resource development infill drilling intersections (using 0.5 g/t Au lower cut-off) include:

• 19m at 9.05 g/t Au from 104m in GXRC0452, incl. 2m at 66.88 g/t Au

• 6m at 7.05 g/t Au from 3m in GXRC0456, incl. 2m at 15.85 g/t Au

• 17m at 7.75 g/t Au from 60m in GXRC0457, incl. 5m at 20.81 g/t Au

• 15m at 12.62 g/t Au from 39m in GXRC0459, incl. 2m at 87.32 g/t Au

• 15m at 6.90 g/t Au from 102m in GXRC0466, incl. 2m at 24.28 g/t Au

• 12m at 4.66 g/t Au from 126m in GXRC0467, incl. 4m at 11.58 g/t Au

• 16m at 3.85 g/t Au from 131m in GXRC0473, incl. 1m at 39.60 g/t Au

• 15m at 3.60 g/t Au from 163m in GXRC0476, incl. 1m at 36.60 g/t Au

BOOGARDIE BASIN – STEP-OUT DRILLING

Significant step-out exploration drilling intersections (using 0.10 g/t Au lower cut-off) targeting broad mineralised porphyry intervals below the resource development drilling and elsewhere throughout the larger Boogardie Basin include:

• 67m at 1.04 g/t Au from 126m in GXRC1347, incl. 32m at 1.62 g/t Au

• � 74m at 0.82 g/t Au from 55m in GXRC1350, incl. 5m at 5.14 g/t Au � 48m at 1.03 g/t Au from 101m in GXRC1351, incl. 20m at 1.80 g/t Au

• 42m at 1.36 g/t Au from 46m in GXRC1363, incl. 7m at 7.36 g/t Au

• 18m at 2.65 g/t Au from 54m in GXRC1364, incl. 1m at 45.30 g/t Au

• 19m at 4.50 g/t Au from 65m in GXRC1373, incl. 1m at 18.95 g/t Au

As previously reported the high grade gold mineralisation at Milky Way is associated with an anastomosing shear zone (Milky Way Fault) passing on or near the eastern contact of the 50m wide (estimated true width) felsic porphyry unit (Milky Way Porphyry) and subsidiary hangingwall felsic lenses (refer Figures 13 and 14).

The infill resource development drilling confirms significant stockwork gold mineralisation is associated with the altered felsic porphyry host rock at Milky Way. The prospective Milky Way Porphyry is characterised as a sericite-silica-pyrite altered fine grained felsic unit intruded into the basal ultramafic flow sequences that dominate the larger Boogardie Basin at Mt Magnet. The mineralised intersections returned to date are highly encouraging as they continue to demonstrate potential for a larger tonnage mineralised porphyry within the broader Mt Magnet gold camp.

The Company is now working towards a maiden Mineral Resource estimate for Milky Way expected to be completed in the first half of the June 2016 Quarter.

The Company also intends during the June 2016 Quarter to follow-up highly encouraging reconnaissance drill intersections reported away from the Milky Way Porphyry (refer Figure 15). Drilling will target high grade intersections including 7m at 7.36 g/t Au from 47m in GXRC1363 at Brown Cow (refer Figure 16), 19m at 4.50 g/t Au from 65m in GXRC1373 located west of the old Stellar pit and 5m at 4.89 g/t Au from 140m in GXRC1369, located south of the old Franks Tower pit.

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Figure 12: Location of the Milky Way Project relative to Checker Processing Plant

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Figure 13: Milky Way pit, plan view showing traces of the Company’s March 2016 Quarter drilling

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Figure 14: Longitudinal section (looking northwest) along the Milky Way Fault through the Milky Way Porphyry

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Figure 15: Imaged gold ppm from shallow historical drilling 30mbs, highlighting June 2016 Qtr targets beyond Milky Way

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Figure 16: East-west cross section through Brown Cow & the Milky Way pit, highlighting untested potential between

Coogee Project (WA)

A reconnaissance programme of 69 vertical aircore holes (COAC0136 – 204) was drilled for an aggregate of 1,760m over the Coogee Beach prospect area during the Quarter. Coogee Beach is located 2km southwest of Ramelius’ mined Coogee pit on Lake Lefroy in Western Australia (refer Figure 17).

The drilling intersected a sequence of variably altered intermediate volcaniclastics interbedded with rhyolite porphyries below 19m of Tertiary lake sediment cover. Better drill results include 1m at 1.38 g/t Au from 27m to end of hole, 3m at 1.07 g/t Au and 2m at 0.74 g/t Au. Anomalous assay data (>0.1 g/t Au) is compiled in Attachment 1.

Deeper RC drilling will test below the anomalous intersections once a suitable lake rig becomes available.

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Figure 17: Coogee Beach Aircore anomaly draped over a 1VD-RTP aeromagnetic image. Coogee Beach is located 2km west of the mined Coogee Pit, on Lake Lefroy east of Kambalda in WA.

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Tanami Joint Venture (NT) – Ramelius 85%

Sacred Site Clearances were completed by the Central Land Council over the Company’s key Highland Rocks tenements during March 2016 (refer Figure 18), ahead of reconnaissance field work scheduled to commence in the June 2016 Quarter.

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Figure 18: Granted Officer Hills South & Highland Rocks ELs south of Newmont’s Callie Gold Mine (NT)

CORPORATE & FINANCE

During the Quarter, Mr Duncan Coutts was appointed as the Company’s Chief Operating Officer, effective from the 12 February 2016. Mr Coutts is a Mining Engineer with over 20 years’ experience in both open pit and underground mining in Western Australia, including 6 years with Harmony Gold Australia and 2 years with Metals X Limited.

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Gold sales for the March 2016 Quarter were A$39.9M at an average price of A$1,586/oz.

At 31 March 2016, the Company had A$30.3M of cash (including sold bullion awaiting settlement) and A$7.5M of gold bullion on hand for a total of A$37.8M. This represents a A$2.1M decrease from the December 2015 Quarter (A$39.9M) after A$8.4M of expenditure on capital development at Vivien (A$4.3M), Kathleen Valley – Yellow Aster pit pre-strip (A$2.5M) and greenfields exploration (A$1.6M).

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

Ramelius forward sold an additional 60,000 ounces of gold at a price of A$1,600 per ounce in the Quarter.

At 31 March 2016, the forward gold sales program put in place in conjunction with the finance facility plus the additional ounces requires Ramelius to deliver a further 112,677 ounces of gold at an average price of A$1,586/oz over the period to December 2017.

Additional forward gold sales totaling 7,950 ounces at an average price of A$1,712/oz have also been taken out with deliveries out to the end of November 2016.

The Company has no debt.

For further information contact:

Mark Zeptner Duncan Gordon Managing Director Executive Director Ramelius Resources Limited Adelaide Equity Partners Ph: (08) 9202 1127 Ph: (08) 8232 8800

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

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.

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Attachment 1: Anomalous (>0.1 g/t Au) Aircore drilling data from Coogee Beach - Kambalda, WA

Hole Id	Easting	Northing	Az/Dip	RL	F/Depth (m)	From (m)	To (m)	Interval (m)	g/t Au
COAC0137	391500	6554800	Vert.	400	48	47	48 EOH	1	0.27
COAC0145	391400	6554200	Vert.	400	30	28	29	1	0.69
COAC0147	391700	6554200	Vert.	400	28 Incl.	22 27	28 EOH 28 EOH	6 1	0.30 1.38
COAC0188	391500	6554000	Vert.	400	28 Incl.	22 22	28 EOH 24	6 2	0.27 0.74
COAC0192	391800	6554200	Vert.	400	39 Incl.	32 32	39 35	7 3	0.50 1.07

Reported significant gold assay intersections (using a 0.1 g/t Au lower cut) are reported using 1m downhole intervals at plus 0.1 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 1 ppb Au. NSR denotes no significant results. True widths remain unknown until deeper RC can be completed. Vert. denotes vertical drill holes. Coordinates are MGA94-Z51.

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JORC Table 1 Report for Coogee Beach Aircore Drilling

Section 1 Sampling Techniques and Data

Criteria	JORC Code explanation	Commentary
Sampling	• Nature and quality of sampling (eg	• Potential gold mineralised intervals are
techniques	cut channels, random chips, or	systematically sampled using industry standard
	specific specialised industry standard	1m intervals, collected from Aircore (AC) drill
	measurement tools appropriate to the	holes.
	minerals under investigation, such as	• Drill hole locations were designed to allow for
	down hole gamma sondes, or	spatial spread across the interpreted
	handheld XRF instruments, etc). These	mineralised zone. All AC samples were
	examples should not be taken as	collected sampled on 1m metre intervals.
	limiting the broad meaning of	• Low level gold (1 ppb Au detection) was
	sampling.	employed using a 50gm charge with an AAS
	• Include reference to measures taken	finish. Trace element determination was
	to ensure sample representivity and	undertaken using a multi (4) acid digest and ICP-
	the appropriate calibration of any	AES finish on the bottom of hole sample only.
	measurement tools or systems used.
	• Aspects of the determination of
	mineralisation that are Material to
	the Public Report.
	• In cases where ‘industry standard’
	work has been done this would be
	relatively simple (eg ‘reverse
	circulation drilling was used to obtain
	1 m samples from which 3 kg was
	pulverised to produce a 30 g charge
	for fire assay’). In other cases more
	explanation may be required, such as
	where there is coarse gold that has
	inherent sampling problems. Unusual
	commodities or mineralisation types
	(eg submarine nodules) may warrant
	disclosure ofdetailed information.
Drilling	• Drill type (eg core, reverse circulation,	• Drilling was completed using best practice 3 ½ ”
techniques	open-hole hammer, rotary air blast,	blade refusal AC drilling bits. AC hammer was
	auger, Bangka, sonic, etc) and details	not employed.
	(eg core diameter, triple or standard
	tube, depth of diamond tails, face-
	sampling bit or other type, whether
	core is oriented and if so, by what
	method,etc).
Drill sample	• Method of recording and assessing	• Bulk AC drill holes samples were visually
recovery	core and chip sample recoveries and	inspected by the supervising geologist to ensure
	results assessed.	adequate clean sample recoveries were
	• Measures taken to maximise sample	achieved. Any wet, contaminated or poor
	recovery and ensure representative	sample returns are flagged and recorded in the
	nature ofthe samples.	database to ensure no samplingbias is

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

19

Criteria	JORC Code explanation	Commentary
tests	partial or total.	the furnace). The prill is totally digested by HCl
	• For geophysical tools, spectrometers,	and HNO3acids before measurement of the
	handheld XRF instruments, etc, the	gold determination by AAS.
	parameters used in determining the	• No field analyses of gold grades are completed.
	analysis including instrument make	Quantitative analysis of the gold content and
	and model, reading times,	trace elements is undertaken in a controlled
	calibrations factors applied and their	laboratory environment.
	derivation, etc.	• Industry best practice is employed with the
	• Nature of quality control procedures	inclusion of duplicates and standards as
	adopted (eg standards, blanks,	discussed above, and used by Ramelius as well
	duplicates, external laboratory	as the laboratory. All Ramelius standards and
	checks) and whether acceptable levels	blanks are interrogated to ensure they lie within
	of accuracy (ie lack of bias) and	acceptable tolerances. Additionally, sample
	precision have been established.	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 AC chips and the diamond core in the field
and assaying	alternative company personnel.	to verify the correlation of mineralised zones
	• The use of twinned holes.	between assay results and lithology, alteration
	• Documentation of primary data, data	and mineralization.
	entry procedures, data verification,	• All holes are digitally logged in the field and all
	data storage (physical and electronic)	primary data is forwarded to Ramelius’
	protocols.	Database Administrator (DBA) in Perth where it
	• Discuss any adjustment to assay data.	is imported into Datashed, a commercially
		available and industry accepted database
		software package. Assay data is electronically
		merged when received from the laboratory.
		The responsible project geologist reviews the
		data in the database to ensure that it is correct
		and has merged properly and that all the drill
		data collected in the field has been captured
		and entered into the database correctly.
		• The responsible geologist makes the DBA aware
		of any errors and/or omissions to the database
		and the corrections (if required) are corrected
		in the database immediately.
		• No adjustments or calibrations are made to any
		of the assay data recorded in the database.
		• No new mineral resource estimate is included in
		this report.
Location of	• Accuracy and quality of surveys used	• All drill hole collars are picked up using accurate
data points	to locate drill holes (collar and down-	DGPS survey control. No down hole surveys
	hole surveys), trenches, mine	were collected given they were only
	workings and other locations used in	reconnaissance vertical drill holes.
	Mineral Resource estimation.	• All Coogee holes are picked up in MGA94 –
	• Specification of the grid system used.	Zone 51 grid coordinates.
	• Quality and adequacy of topographic	• The surface RL (400mRL) is assumed given the
	control.	flat topographic surface.

20

Criteria	JORC Code explanation	Commentary
Data spacing	• Data spacing for reporting of	• Exploration drill holes were planned on nominal
and	Exploration Results.	600m x 200m parting, closing down to 200m x
distribution	• Whether the data spacing and	100m over areas of anomalism
	distribution is sufficient to establish	• Given the limited understanding of the target
	the degree of geological and grade	horizon this spacing was considered adequate
	continuity appropriate for the Mineral	to help define the continuity of mineralisation,
	Resource and Ore Reserve estimation	ahead of further infill drilling.
	procedure(s) and classifications	• No sampling compositing has been applied
	applied.	within key mineralised intervals.
	• Whether sample compositing has
	been applied.
Orientation	• Whether the orientation of sampling	• The interpreted strike of the target horizon is
of data in	achieves unbiased sampling of	unknown at present but may align in a NE/SW
relation to	possible structures and the extent to	trend.
geological	which this is known, considering the
structure	deposit type.
	• If the relationship between the drilling
	orientation and the orientation of key
	mineralised structures is considered
	to have introduced a sampling bias,
	this should be assessed and reported
	if material.
Sample	• The measures taken to ensure sample	• 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, whereupon the laboratory
		checks the physically received samples against
		Ramelius’ sample submission/dispatch notes.
Audits or	• The results of any audits or reviews of	• Sampling techniques and procedures are
reviews	sampling techniques and data.	reviewed prior to the commencement of new
		work programmes to ensure adequate
		procedures are in place to maximize the sample
		collection and sample quality on new projects.
		No external audits have been completed to
		date.

21

Section 2 Reporting of Exploration Results

Criteria	JORC Code explanation	Commentary
Mineral	• Type, reference name/number,	• The results reported in this report are on
tenement and	location and ownership including	granted Exploration Licence (EL) 26/177
land tenure	agreements or material issues with	(Coogee Beach) owned 100% by Ramelius
status	third parties such as joint ventures,	Resources Limited. The tenement is located on
	partnerships, overriding royalties,	Lake Lefroy within pastoral/grazing leases.
	native title interests, historical sites,	Heritage surveys were completed prior to any
	wilderness or national park and	ground disturbing activities in accordance with
	environmental settings.	Ramelius’ responsibilities under the Aboriginal
	• The security of the tenure held at the	Heritage Act.
	time of reporting along with any	• At this time all the tenements are in good
	known impediments to obtaining a	standing. There are no known impediments to
	licence to operate in the area.	obtaininga licence to operate in the area.
Exploration	• Acknowledgment and appraisal of	• Exploration by other parties has been reviewed
done by other	exploration by other parties.	and is used as a guide to Ramelius’ exploration
parties		activities. Previous parties have completed
		limited shallow RAB, Aircore drilling. This
		report concerns only exploration results
		generated byRamelius.
Geology	• Deposit type, geological setting and	• The mineralisation at Coogee is typical of felsic
	style of mineralisation.	hosted orogenic structurally controlled
		Archaean gold lode systems. The mineralisation
		is controlled by anastomosing shear zones
		passing through competent rock units, brittle
		fracture and stockwork mineralization is
		common in competent porphyry rocks. The
		bedrock mineralisation may extends over 500m
		strike(dipunknown).
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. Only drill
	exploration results including a	holes with assays greater than 0.1 g/t Au on or
	tabulation of the following	near the bottom of the holes are considered
	information for all Material drill holes:	significant as defined in the Attachment and are
	o easting and northing of the drill	reported in this announcement. No other gold
	hole collar	anomalies were detected by the AC drilling
	o elevation or RL (Reduced Level –	• Easting and northing are given in MGA94
	elevation above sea level in	coordinates as defined in the Attachments.
	metres) of the drill hole collar	• RL is AHD
	o dip and azimuth of the hole	• Dip is the inclination of the hole from the
	o down hole length and interception	horizontal. Azimuth is reported in magnetic
	depth	degrees as the direction the hole is drilled.
	o hole length.	MGA94 and magnetic degrees vary by <10in the
	• If the exclusion of this information is	project area.
	justified on the basis that the	• Down hole length is the distance measured
	information is not Material and this	along the drill hole trace. Intersection length is
	exclusion does not detract from the	the thickness of an anomalous gold intersection
	understanding of the report, the	measured along the drill hole trace.
	Competent Person should clearly	• Hole length is the distance from the surface to
	explain why this is the case.	the end of the hole measured alongthe drill

22

Criteria	JORC Code explanation	Commentary
		hole trace.
		• No results currently available from the
		exploration drilling are excluded from this
		report. Gold grade intersections >0.1 g/t Au
		with up to 2m of internal dilution are
		considered significant in the broader felsic host
		rock.
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 (eg 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	• Reconnaissance exploration drilling results are
	and some typical examples of such	generally reported using a 0.1 g/t Au lower cut-
	aggregations should be shown in	off (as described above and reported in the
	detail.	Attachments) and may include up to 2m of
	• The assumptions used for any	internal dilution. Significant resource
	reporting of metal equivalent values	development drill hole assays are reported
	should be clearly stated.	greater than 0.5 or 8.0 g/t Au and are also
		reported separately. For example the broader
		plus 1.0 g/t Au intersection of 6.5m @ 30.5 g/t
		Au contains a higher grade zone running plus 8
		g/t Au and is included as 4m @ 48.5 g/t Au.
		Where extremely high gold intersections are
		encountered as in this example, the highest
		grade sample interval (eg 1.0m @ 150 g/t Au) is
		also reported. All assay results are reported to
		3 significant figures in line with the analytical
		precision of the laboratory techniques
		employed.
		• No metal equivalent reporting is used or
		applied.
Relationship	• These relationships are particularly	• The intersection length is measured down the
between	important in the reporting of	length of the hole and is not usually the true
mineralisation	Exploration Results.	width. When sufficient knowledge on the
widths and	• If the geometry of the mineralisation	thickness of the intersection is known an
intercept	with respect to the drill hole angle is	estimate of the true thickness is provided in the
lengths	known, its nature should be reported.	Attachment.
	• 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	is now better constrained than from previous
	effect (eg ‘down hole length, true	drill hole intersections at Milky Way , ahead of
	width not known’).	pendingresource estimation work
Diagrams	• Appropriate maps and sections (with	• A drillhole plan of Coogee Beach has been
	scales)and tabulations ofintercepts	provided in this release to enable the reader to

23

Criteria	JORC Code explanation	Commentary
	should be included for any significant	read the intersections in context to the
	discovery being reported These should	surrounding unmineralised drill holes.
	include, but not be limited to a plan
	view of drill hole collar locations and
	appropriate sectional views.
Balanced	• Where comprehensive reporting of all	• All drill holes completed to date are reported in
reporting	Exploration Results is not practicable,	this report and all material intersections as
	representative reporting of both low	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 deeper RC drilling
	further work (eg tests for lateral	below the reported intersections to better
	extensions or depth extensions or	define the extent of the mineralization
	large-scale step-out drilling).	identified to date.
	• Diagrams clearly highlighting the
	areas of possible extensions, including
	the main geological interpretations
	and future drilling areas, provided this
	information is not commercially
	sensitive.

24