RAMELIUS RESOURCES LIMITED — Interim / Quarterly Report 2017

Apr 27, 2017

28 April 2017

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

28 April 2017 For Immediate Release

March 2017 Quarterly Activities Report

HIGHLIGHTS – OPERATIONS, RESOURCE DEVELOPMENT & EXPLORATION

• Group gold production of 28,083 ounces at an AISC of A$1,257/oz (US$943/oz*) (Guidance A$1,100/oz or US$825/oz*).
• Mt Magnet
  • New Ore Reserves generated for Stellar, Stellar West, Brown Hill, Vegas & Shannon open pits of 1,682,000 tonnes @ 1.7g/t for 94,000 ounces
  • Upgraded Mineral Resource at Morning Star imminent (total historical production of 12Mt @ 3.71g/t for 1.44Moz)
  • New Morning Star Deeps drill intercept of 6.89m at 8.78 g/t Au from 1,355.81m

Vivien

• Upgraded Ore Reserve of 525,000 tonnes @ 7.3 g/t for 123,000 ounces
• Revised mine plan with Ore Reserves extending until at least late 2019

LIFE OF MINE PLAN

Updated Life-of-Mine Plan deferred to include upgraded Morning Star resource

PRODUCTION GUIDANCE – JUNE 2017 QUARTER & FULL YEAR FY17

• Group gold production for the June 2017 Quarter is expected to be 30-34,000 ounces at an AISC of ~A$1,200/oz (US$900/oz*)
• Capital development expenditure of approximately A$8.0M:
  • o Water Tank Hill underground development (Mt Magnet) A$3.0M
  • o Exploration (Mt Magnet & Vivien) A$5.0M
• Group gold production for the Full Financial Year 2017 is therefore expected to be 126-130,000 ounces at an AISC of ~A$1,175/oz (US$881/oz*)

HIGHLIGHTS – CORPORATE

• Quarterly gold sales A$45.3M at an average sale price of A$1,600/oz
• Cash & gold on hand of A$90.2M (Dec-16 Qtr: A$95.0M), after A$9.5M capital development expenditure comprising Water Tank Hill decline rehab & decline development (A$4.6M) & exploration (A$4.9M)
• At 31 March 2017, forward gold sales consisted of 103,000 ounces of gold at an average price of A$1,690/oz over the period to June 2019, with 20,000 ounces added subsequent to end of Quarter for the period from July 2018 to June 2019
• 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 underground gold mine near Leinster, in Western Australia.

PRODUCTION SUMMARY

Table 1: Gold Production and Financial Information

		March 2017 Quarter		Mar‐17 YTD
	Units	Mt Magnet	Vivien	Group Total	Group Total
Ore mined (high grade)	t	420,378	41,847	462,225	1,062,749
Ore processed	t	440,834	43,048	483,882	1,423,370
Head grade	g/t	1.35	7.86	1.93	2.21
Gold recovery	%	91	95	92	94
Gold recovered	oz	17,287	10,340	27,627	94,920
Fine gold poured	oz	17,774	10,309	28,083	95,629
Cash operating costs^	A$M			31.30	86.5
Cash operating cost (C1) ^	A$/oz			1,115	904
Gold sales	oz			28,300	93,068
All‐In Sustaining Costs (AISC) *^	A$M			35.58	108.8
AISC^	A$/oz			1,257	1,169
Gold sales	A$M			45.3	151.4
Average realised gold price	A$/oz			1,600	1,627

* as per World Gold Council guidelines ^ net of by‐product credits

OPERATIONS

Mt Magnet Gold Mine (WA)

Mining of the Titan open pit cutback reached the base of the previous pit in March 2017 and saw a significant jump in high-grade ore production. At Blackmans, production slowed toward the end of the quarter when a switch from 100-tonne capacity truck fleet to the 50-tonne fleet was made and the pit ramp re-graded. Several rain events occurred during the quarter that led to minor delays in mining or ore haulage. An additional 88,900 tonnes @ 1.6 g/t of shallow laterite ore has been defined on the immediate north end of the pit. An amendment to the Mining Proposal has been submitted for mining of the zone in the current mining program, with approval being received after the end of the quarter.

Increased high grade ore availability from Titan means that low grade ore is now being stockpiled, rather than forming part of the mill blend, and mill grades have improved correspondingly.

Figure 2: Mt Magnet key mining & exploration areas

The Perseverance pit was completed in February. Final pit production of 1.11Mt at 1.75g/t for 62,577oz agreed closely with the pre-mining reserve. Claimed high-grade ore mined at Mt Magnet was 420,378 tonnes @ 1.62 g/t for 21,870 ounces with mill reconciled production (including the addition of stockpiled and Titan low grade) of 440,834 tonnes @ 1.35 g/t for 17,287 ounces recovered.

Mill production was interrupted for two days in late March by an unscheduled replacement of the ball mill pinion bearing (after 2 years in service). This, along with lower grades than expected from Blackmans and reduced production from Vivien in preparation for major stoping, meant overall production was lower than planned. Production outlook for the next few quarters looks very positive. Total mill production (refer Figure 5), including Vivien ore, was 483,882 tonnes @ 1.93 g/t for 27,627 ounces recovered at 92.2% recovery, with overall mill throughput at near-record levels.

Figure 3: Titan open pit cutback in March, looking east

Figure 4: Blackmans open pit in March, looking north

Gold production for the quarter (refer Figure 6) was below Guidance of 30-34,000 ounces, with 28,083 ounces of fine gold poured for the Quarter. Cash costs for the period increased to A$1,115/oz whilst AISC decreased to A$1,257/oz (Guidance A$1,100/oz). This year-to-date gold production therefore stands at 95,629 ounces at an AISC of A$1,169/oz.

Production for the June 2017 Quarter is expected to be between 30,000 and 34,000 ounces. The midpoint of forecast production (32,000oz) is expected to be delivered at an AISC of A$1,200/oz.

Figure 5: Mt Magnet Quarterly Milled Tonnes & Head Grade

Figure 6: Mt Magnet Quarterly Production & Costs

Vivien Gold Mine (WA)

An updated Mineral Resource and Ore Reserve was generated at the start and end of the Quarter respectively. Total resources are now 854,000 tonnes @ 7.2 g/t for 198,000 ounces and Probable ore reserve is 525,000 tonnes @ 7.3 g/t for 123,000 ounces. For full details see ASX Releases 'December 2016 Quarterly Activities Report, 31 Jan 2017' and 'New Ore Reserves at Vivien and Mt Magnet & Exploration Update, 04 April 2017'.

The new reserve represents a sizeable increase on the feasibility study reserve of 400,000 tonnes @ 7.9 g/t for 101,000 ounces, after considering reconciled production of 32,410 ounces has been achieved to end of December 2016 and depleted from the resource. Mine life will be extended to at least late 2019 and project NPV is boosted substantially.

A major focus for the quarter was the completion of the 300 level benching and placement of a cemented rock fill floor pillar (refer Figure 7). This pillar will underpin stoping and backfilling of the 360-340-320-300 stoping block. Ore development also saw the completion of the 280 and 260 ore levels. Due to these activities and their timing, ore production during the quarter was lower. Claimed mined production of high grade ore was 41,847 tonnes @ 8.76 g/t for 11,781 ounces. Ore haulage continued throughout the quarter and Vivien attributed mill production was 43,048 tonnes @ 7.86 g/t for 10,340 recovered ounces.

With the re-commencement of stoping at the end of March 2017, ore production will be boosted strongly in the next quarter and remain so for much of the planned mine life.

Deep exploration underground drilling is expected to be carried out in the June 2017 Quarter, with drill sites ready for the arrival of the drilling contractor on the 1st May 2017.

Figure 7: Vivien development & stoping progress (grey) - oblique view to east

PRODUCTION TARGETS

Figure 8: FY2017 Group Production Profile

LIFE OF MINE PLAN

The new Life-of-Mine (LoM) plan currently being developed includes Vivien's new mine plan and new open pits at Mt Magnet including Milky Way, Stellar, Stellar West, Shannon, Brown Hill and Vegas as well as completion of current pits at both Titan and Blackmans.

Resource modelling work at Morning Star suggests a sizable open pit mineral resource will be generated when this work is completed. Ramelius believes that it is best to incorporate the latest Morning Star open pit resources into the LoM, whilst leaving the potential underground resources at Morning Star, or Water Tank Hill and Galaxy for that matter, for a later version. For this reason, the new LoM and updated Morning Star mineral resources are pending but expected to be released shortly.

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).

Good progress was made on capital development at Water Tank Hill / St George. Link drives being mined from the rehabilitated upper St George decline are around 60% complete. The existing St George vent raise rehabilitation was completed and a new vent fan installed. Initial ore development is expected in late May 2017.

The Quarter saw key sections of the St George decline and ventilation drives rehabilitated with new development advancing towards the Water Tank Hill lode itself (refer Figure 9). The first development ore from the Water Tank Hill orebody is expected in the June 2017 Quarter.

An infill diamond drilling program is also planned to commence in the June 2017 Quarter to assist with defining the lower lode zones at Water Tank Hill.

Figure 9: Water Tank Hill underground mine, showing rehab & development progress

Cosmos Project (WA)

Following completion of further heritage surveys, geotechnical and environmental test work a Mining Proposal Application was submitted to the DMP for the Cosmos project (collectively the Milky Way, Stellar, Stellar West and Shannon open pits), plus the Brown Hill and Vegas pits at the Galaxy area (refer Figure 10).

The Cosmos area is located 3.6 km south west of the Mt Magnet Checkers mill and 1.5 km south of the Galaxy area. The Milky Way, Stellar and Shannon pits were previously mined in the 1990's. Gold mineralisation occurs as stockwork or shear hosted sericite-silica-pyrite veining and alteration within felsic porphyry units.

Production from the Cosmos area is expected to underpin Mt Magnet operations over the next 2-3 years. New Probable Ore Reserves were announced for Stellar, Stellar West, Shannon, Brown Hill and Vegas during the quarter and totaled 1.68 Mt at 1.7 g/t for 94,000 ounces. These add to the previously reported Milky Way Probable Ore Reserve of 1.88 Mt at 1.3 g/t for 78,000 ounces. For full details see announcements 'New Ore Reserves at Vivien and Mt Magnet & Exploration Update, 04 April 2017' and 'Resource and Reserve Statement', 30 September 2016, respectively.

Figure 10: Cosmos – Galaxy Mining Proposal Layout

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 continued to focused on step out RC drilling and reconnaissance Aircore drilling at Mt Magnet.

Figure 11: Current Brownfields and Greenfields Exploration Projects location plan

Mt Magnet Gold Project (WA)

An aggregate of 17,870m of exploratory RC drilling (GXRC1531 – 1631) has been completed throughout Mt Magnet during the quarter. Further, Ramelius has completed 3,262m in Resource Development RC drilling within and below several historical open pits (GXRC0522 – 547) and 20,619m of Aircore drilling (GXAC0688- 1040) in addition to two wedges (MSD0056B and C) off the 1,425m deep parent diamond drill hole (MSD0056A) targeting the Morning Star Deeps during the same period. Subsequent to the end of the quarter, a further two wedges (MSD0056D and E) have been completed with new results now available for reporting.

See Attachments 1, 2, 3 and 4 for a complete listing of significant drill hole intersections referred to in this report. Refer also to the Company's ASX Release dated 4 April 2017 – New Ore Reserves at Vivien and Mt Magnet & Exploration Update for more details.

Aircore drilling, RC drilling and the Morning Star Deeps diamond drilling are all scheduled to continue at Mt Magnet during the June 2017 Quarter.

MORNING STAR IN-PIT DRILLING / BLACK CAT SOUTH OPEN PIT

Infill RC drilling has targeted the base of the Morning Star pit (refer Figure 12), the saddle between the Morning Star pit and the Black Cat South pit, in addition to the Eddie Carson Lode and the Northern Ramp access at Morning Star. Encouragingly, broad zones of strike continuous gold mineralisation were intersected along the western limb of the Morning Star Lodes, 20m below the current pit floor (refer Figure 13).

Better results include:

41m at 1.95 g/t Au from 11m in GXRC0536 20m at 4.20 g/t Au from 24m in GXRC0540

The drilling below the Black Cat South pit intersected multiple lode positions including a hangingwall porphyry dominated lode, plus the main Evening Star Chert Lode, before the chert is truncated and variable footwall lodes hosted by volcaniclastics and shale (interpreted as facies variants to the Evening Star Chert) occur south of the Black Cat South pit towards Bullocks. A long section of the drilling results completed to date is presented in Figure 14. Better drill intersections include:

• 7m at 3.25 g/t Au from 109m in GXRC1540
• 7m at 4.06 g/t Au from 209m in GXRC1541
• 3m at 15.95 g/t Au from 119m in GXRC1578

MORNING STAR UPPER ZONE

Deeper exploratory RC drilling was completed within 400m below surface and 80m north of the Morning Star portal. The drilling aimed to scope the potential for additional high grade lodes to be developed within sheared felsic porphyry/volcaniclastic host rocks. A reconnaissance drill hole into the target (GXRC1464) had previously returned 10m @ 6.56 g/t from 290m. Extensive shearing and sericite alteration was observed in the current drilling. GXRC1603 was targeting the zone 180m further north and intersected 2m at 4.80 g/t Au from 276m, immediately east of the Latecomer Fault. Further north GXRC1601 intersected 5m at 4.41 g/t Au from 166m, again immediately east of the Latecomer Fault. These intersections may represent the northern extension of the mineralised shear intersected in GXRC1464. Assay results from critical infill holes GXRC1599, GXRC1607 and 1609 remain awaited. The drill data will be presented once all assay results are available.

MORNING STAR DEEPS DRILLING

Deep exploratory navigational diamond drilling commenced during the quarter with the aim of delineating resource extensions below the current limit of underground mining (980mbs) down to approximately 1,500mbs. Initially the drilling has targeted the interpreted high grade keel of the Morning Star deposit where previous deep diamond drilling confirmed the depth continuity of the high-grade gold mineralisation. Better historical (Hill 50 Gold NL - circa 1992) diamond drill results, from the deepest hole, included 16m at 9.05 g/t Au. Drilling completed to date has shown good continuity of the mineralisation at depth. Diamond wedges MSD0056A and B failed to intersect the high grade mineralisation but wedge MSD0056C intersected significant high grade gold mineralisation including 4.9m at 26.49 g/t Au from 1,277.30m. New results available after the quarters' end include 6.89m at 8.78 g/t Au from 1,355.81m in wedge E.

The plunge of the high-grade shoots is depicted in Figure 15. The mineralised keel intersections sit along the folded contact between basaltic flows and andesitic tuffs and is annotated as "KL" in Attachment 3. Younging indicators suggest the rocks are overturned, hence hangingwall lodes are annotated "U1", "U2" and "U3" as they lie above the contact in the overlying (older) basaltic flows whilst footwall lodes are annotated "L1", "L2" and "L3" as they lie below the contact in the underlying (younger) andesitic tuffs and flows. Diamond drilling is continuing.

PARIS OPEN PIT

RC drilling was completed under the shallow Paris open pit located 1km south of Morning Star, half way towards the Water Tank Hill/St George portal. The mineralisation at Paris is hosted by banded iron formation, believed to be the strike extension of the Nathan BIF at Morning Star that extends southwards to Water Tank Hill/St George. Very encouraging gold intersections were encountered from this first pass test and additional step out drilling is planned (refer Figure 16). Better results include:

• 22m at 5.85 g/t Au from 31m in GXRC0530, incl. 7m at 13.05 g/t Au
• 22m at 1.77 g/t Au from 25m in GXRC0533

Figure 12: Morning Star pit plan view highlighting targeted lodes including the Eddie Carson Lode and the saddle between Morning Star & Black Cat South pit

Figure 13: Plan view of Morning Star Lodes around 150mbs below surface (20m below the base of the pit) highlighting good continuity of mineralisation between the Evening Star Chert and the as-mined Morning Star stopes

Figure 14: North-south section through the Black Cat South pit looking east

Figure 15: Section through A-B' (see Figure 12 for location) cutting the Morning Star Deeps

Figure 16: Paris open pit cross section

BOOGARDIE BASIN – AIRCORE DRILLING

Regional Aircore drilling traverses continued throughout the Boogardie Basin during the Quarter. The Aircore drilling is targeting porphyry-ultramafic contacts in areas of ineffective historical drilling as well as targeting shallow plus 100ppb gold in regolith anomalies and/or historical bottom of shallow RAB/Aircore anomalies where present (refer Figure 17).

ZEUS PROSPECT

Exploration drilling adjacent to the Stellar West deposit has delineated significant quartz vein hosted gold mineralisation along the western flank of the Zeus Porphyry. A single RC drill hole (GXRC1492) returned a highly encouraging intersection of 8m at 12.20 g/t Au from 65m to end of hole associated with the abundant quartz veining within altered porphyry on the contact with ultramafics. This intersection correlates well with the significant porphyry hosted Aircore drill results up to 19m at 1.31 g/t Au from 32m located 140m further north (refer Figure 18).

Subsequent RC drilling has continued to show very encouraging intersections, including 15m at 4.10 g/t Au in GXRC1543 and 20m at 1.12 g/t Au from 70m in GXRC1542, within broader, anomalous, mineralised porphyry intervals up to 71m at 1.43 g/t Au from 54m in GXRC1543. Step out Aircore drilling continues to return good results including 23m at 1.28 g/t Au from 36m and 28m at 1.97 g/t Au from 32m.

Data compilation is continuing and the significance of these drill intersection will be known once all the results are returned from the laboratory. True widths remain undetermined at this stage given the multiple shear/lode orientations interpreted in the data to date. Deeper RC drill testing is scheduled for the June 2017 Quarter.

Figure 17: Overview map of the Boogardie Basin highlighting maximum downhole gold ppm from drilling. The gold geochemistry is overlying a 1VD-RTP aeromagnetic image and the mapped/interpreted extent of the felsic porphyry intrusions; as constrained by the magnetic data and drilling to date. Litho-structural corridors favourable for the ingress and deposition of significant gold mineralisation are now being highlighted. The confluence of structures and/or their intersection with buried porphyry contacts represent primary targets for shallow plunging ore shoots to be developed. This interpretive 3-D modelling is ongoing. The newly discovered Zeus Prospect (highlighted) is shown in the top left hand corner of this figure and now extends over 500m on or near the confluence of the NE trending shear and an inferred NNW trending thrust.

Figure 18: Cross section through recent RC drilling at the Zeus Prospect

Tanami Joint Venture (NT) – Ramelius 85%

Geological and regolith mapping recommenced over the Highland Rocks ELs late in the quarter ahead of infill soil sampling over the number of low order (plus 2ppb Au) gold in soil anomalies reported from the project last year. Results from the infill soil sampling along with planned reconnaissance Aircore drilling are expected to be reported in the June 2017 Quarter.

It was anticipated the balance of the Tanami joint venture ELA's would be granted ahead of the start of the 2017 field season commencing but they remain in application.

Coogee Gold Project (WA)

The Company is in the process of divesting its Coogee Gold Project to a third party.

CORPORATE & FINANCE

Gold sales for the March 2017 Quarter were A$45.3M at an average price of A$1,600/oz.

At 31 March 2017, the Company had A$81.4M of cash and A$8.8M of gold bullion on hand for a total of A$90.2M. This represents a A$6.3M decrease from the December 2016 Quarter (A$95.0M) after capital development expenditure comprising Water Tank Hill decline rehab & decline development (A$4.6M) & exploration (A$4.9M).

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

At 31 March 2017, forward gold sales consisted of 103,000 ounces of gold at an average price of A$1,690/oz over the period to June 2019, including 20,000 ounces added subsequent to the end of Quarter for the period from July 2018 to June 2019. The hedge book summary is shown below in Table 2;

Table 2: Hedge Book Summary

Hedge Book						Total
	Jun-17 Half	Dec-17 Half	Jun-18 Half	Dec-18 Half	Jun-19 Half
Ounces	21,000	32,000	30,000	10,000	10,000	103,000
Price $A/oz	1.615	1.609	1.830	1.685	1.692	1,690

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: Resource Definition RC Drilling Results below the Paris, Morning Star & Shannon pits – Mt Magnet, WA
--------------------------------------------------------------------------------------------------------------------	--	--	--	--

Hole Id	Easting	Northing	Az/Dip	RL	F/Depth(m)	From (m)	To (m)	Interval(m)	g/t Au
GXRC0529Paris Pit	581301	6896253	299/-52	439	95	1738	3544	186	1.091.03
						53	58	5	1.80
GXRC0530	581305	6896251	300/-60	439	95	31	53	22	5.85
Paris Pit					Incl.	41	48	7	13.05
GXRC0531	581297	6896242	300/-55	439	80	6433	6941	58	1.450.81
Paris Pit						56	66	10	1.92
GXRC0532	581310	6896234	300/-55	439	90	44	53	9	1.00
Paris Pit						76	81	5	0.94
GXRC0533Paris Pit	581292	6896231	300/-60	439	75	25	47	22	1.77
GXRC0534	581303	6896225	300/-65	439	77	5	9	4	0.94
Paris Pit						29	36	7	0.97
						4355	4759	44	0.931.06
						62	66	4	3.48
GXRC0535	580877	6897387	140/-53	316	91	29	31	2	10.01
MS Pit						37	40	3	2.44
						49	51	2	1.93
GXRC0536	580888	6897395	140/-53	316	100	745	758	13	6.410.84
MS Pit						11	52	41	1.95
						72	74	2	2.75
GXRC0537	580897	6897400	085/-58	316	95	15	20	5	0.98
MS Pit						42	63	21	3.05
						69	77	8	0.56
GXRC0538	580899	6897401	138/-53	316	91	840	953	113	3.410.79
MS Pit						6	9	3	0.70
						22	40	18	1.38
						59	66	7	2.68
GXRC0539	580910	6897406	132/-53	316	85	2	4	2	1.54
MS Pit						2357	3067	710	2.731.93
						74	76	2	3.65
GXRC0540	580908	6897410	079/-53	316	80	4	7	3	1.09
MS Pit						24	44	20	4.20
						54	58	4	0.58
GXRC0541	580827	6897364	141/-55	320	60	603	637	34	1.260.90
MS Pit						10	13	3	0.72
						20	33	13	6.07
GXRC0542	580807	6897290	190/-55	323	76	2	5	3	1.46
MS Pit						11	45	34	6.62
						5064	6169	115	1.160.63
GXRC0543	580876	6897388	155/-54	317	85	1	3	2	0.78
MS Pit						51	56	5	3.13
						59	65	6	3.51
GXRC0544MS Pit	580794	6897222	185/-55	328	107	69	74	5	1.41
GXRC0545	577299	6895891	185/-55	440	287	190	192	2	4.83
Shannon PitGXRC0546	577299	6895909	300/-52	440	286	197203	201204	41	0.8210.70
Shannon Pit						260	263	3	1.02
						277	283	6	6.34
					Incl.	277	278	1	30.70
GXRC0547Shannon Pit	577301	6895925	300/-52	440	275				NSR

Intercepts generally > 0.5 g/t, with up to 2m of internal dilution. NSR denotes no significant results. True widths generally 70% of interval width, Paris holes & GXRC0542 around 50%. Coordinates are MGA94-Z50.

Attachment 2: 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
GXRC1528Eddie Carson	581236	6897704	249/-51	442	244	17707990142	20738192144	33222	1.014.504.951.090.89
GXRC1529	581238	6897796	249/-60	443	124	21424	21525	11	2.750.70
Eddie CarsonGXRC1530Eddie Carson	581188	6897835	248/-57	445	329	7511782156163179313320	7722084157169183314321	213216411	3.951.101.221.130.584.010.730.742.71
GXRC1531Eddie Carson	581167	6897903	250/-60	445	203	2635	2942	37	6.421.24
GXRC1532Eddie Carson	581133	6897882	250/-62	445	137				NSR
GXRC1533Edie Carson	581178	6897968	250/-65	445	215	4192109	4393113	214	2.680.594.90
GXRC1534Eddie Carson	581162	6897978	250/-57	446	135				NSR
GXRC1535Edie Carson	581183	6898067	250/-60	445	179	21138166	22142176	1410	0.602.550.95
GXRC1536Eddie Carson	581178	6898112	245/-60	447	161	117124	121127	43	0.851.80
GXRC1537Black Cat South	580698	6896790	079/-55	444	119			Abn	Hole
GXRC1538Black Cat South	580700	6896786	078/-62	444	293	101107116216233237251	102108118218234238256	1122115	2.520.713.292.570.950.731.66
GXRC1539Black Cat South	580968	6896875	245/-50	447	239Incl.	212224229	213233230	191	8.079.9577.2
GXRC1540Black Cat South	580726	6897024	074/-63	448	251	78109173	79116176	173	3.033.252.24
GXRC1541Black Cat South	580713	6897032	076/-67	448	275	36794114139209	107999115140216	7125117	0.731.701.913.703.354.06
GXRC1542Zeus	576300	6897360	300/-60	443	137Incl.++	5370106118	13690114134	8320816	0.631.121.360.69
GXRC1543Zeus	576245	6897390	300/-55	443	130Incl.++Incl.	545474103103	1257198118113	7117241510	1.430.950.774.105.83
GXRC1544Zeus	576250	6897270	300/-60	443	106	6294	82101	207	1.840.75

GXRC1545	575870	6896800	090/-55	442	160				NSR
ZeusGXRC1546	575870	6896750	090/-55	442	154	69	73	4	0.93
Zeus
GXRC1547Zeus	576840	6897650	090/-55	443	154	18	154	136	0.30
GXRC1548Zeus	576405	6898200	270/-55	451	118	56	66	10	1.21
GXRC1549Eddie Carson	581119	6897593	067/-79	442	198	141	146	5	2.41
GXRC1550Eddie Carson	581120	6897591	077/-68	442	198	172	176	4	1.18
GXRC1551Eddie Carson	581170	6897595	250/-70	441	204				NSR
GXRC1552Eddie Carson	581115	6897602	077/-68	442	180	110	113	3	4.33
GXRC1553Eddie Carson	581124	6897556	250/-50	442	150				NSR
GXRC1554Eddie Carson	581121	6897645	297/-75	442	204				NSR
GXRC1555	581151	6897637	070/-85	442	198	42	50	8	4.32
Eddie Carson						5884	6292	48	3.192.78
GXRC1556	581145	6897810	070/-85	442	162	101109	104113	34	1.631.89
Eddie Carson						145	155	10	0.85
GXRC1557MS Ramp	580951	6897810	100/-60	421	210Incl.	86111117	93118118	771	1.094.6127.2
GXRC1558Ms Ramp	580970	6897823	100/-53	423	216	76	79	3	2.72
GXRC1559	581160	6897533	070/-85	442	240	121	124	3	4.29
Eddie Carson						145	146	1	3.03
						155195	158204	39	4.070.69
GXRC1560Eddie Carson	581224	6897740	250/-55	442	200	118	129	11	0.64
GXRC1561Bartus East	579209	6892724	360/-62	423	191Incl.	113145	189146	761	0.8638.7
					+	166	167	1	3.80
GXRC1562	579179	6892715	340/-62	423	185	102	182	80	0.56
Bartus East					Incl.+	120137	125140	53	1.783.48
					+	173	182	9	1.40
GXRC1563Black Cat South	580757	6896984	084/-70	446	161				NSR
GXRC1564	580763	6896999	073/-68	447	200	55	57	2	8.82
Black Cat South					Incl.	5563	5665	12	17.0521.14
GXRC1565Eddie Carson	581183	6897545	070/-85	441	23				ABN
GXRC1566Eddie Carson	581186	6897546	070/-85	441	29				ABN
GXRC1567Black Cat South	581170	6897502	070/-78	442	60				NSR
GXRC1568MS Ramp	580873	6897824	075/-65	411	200				NSR
GXRC1569	576272	6897377		446	Not YetDrilled
GXRC1570Black Cat South	580840	6896718	075/-65	442	192	6142	12150	68	1.621.06
GXRC1571Eddie Carson	581168	6897512	070/-74	442	180				NSR
GXRC1572Black Cat South	580700	6896674	070/-56	442	354	5664	6167	53	1.441.02
						188	193	5	1.28
						274	276	2	9.46

GXRC1573	581138	6897559	070/-85	442	210				NSR
Eddie CarsonGXRC1574	580745	6896750	075/-65	443	180	126	129	3	1.41
Black Cat South						160	162	2	2.05
GXRC1575Eddie Carson	581165	6897510	066-64	442	150				NSR
GXRC1576Black Cat South	580760	6896739	075/-65	443	210	54	64	10	0.74
GXRC1577Eddie Carson	581171	6897503	070/-78	442	204				NSR
GXRC1578	580755	6896739	075/-70	443	252	24	32	8	0.99
Black Cat South					Incl.	119119	122120	31	15.9546.2
						155	158	3	1.09
GXRC1579Eddie Carson	581157	6897525	255/-85	442	240	197	209	12	2.93
GXRC1580Black Cat South	580774	6896729	075/-65	442	203	2971120	3981126	10106	14.930.852.96
GXRC1581Eddie Carson	581126	6897646	256/-78	442	204	115	124	9	1.12
GXRC1582	580821	6896684	075/-65	442	215	0	1	1	3.68
Black Cat SouthGXRC1583	581116	6897570	250/-50	442	150	780	831	51	0.570.58
Eddie CarsonGXRC1584	580860	6896700	075/-65	444	198	14432	14540	18	0.565.52
Black Cat South					Incl.	3392	3695	33	13.872.32
GXRC1585	581253	6897624	250/-64	442	282	81	87	6	1.45
Eddie CarsonGXRC1586	580909	6896710	070/-63	444	143	12830	13735	95	1.460.64
Black Cat SouthGXRC1587	581167	6897621	250/-58	442	204	54	55	1	1.52NSR
Eddie Carson
GXRC1588Black Cat South	580909	6896741	070/-65	445	120	25314269	26354771	1452	0.641.520.781.26
GXRC1589	581109	6897599	250/-50	442	192	74181	75184	13	1.232.45
Eddie Carson
GXRC1590Nathan	581040	6896990	070/-60	448	239	206	207	1	1.54
GXRC1591Eddie Carson	581142	6897799	070/-68	443	150	33137	37144	47	1.781.29
GXRC1592Nathan	581000	6896955	070/-62	448	257	252	256	4	0.79
GXRC1593Eddie Carson	581113	6897587	076/-68	442	204	178	180	2	1.22
GXRC1594Black Cat South	580981	6896990	070/-65	447	287			Results	Awaited
GXRC1595Eddie Carson	581131	6897742	250/-52	423	252	25122150	28128151	361	1.222.131.38
GXRC1596Black Cat South	580950	6897030	070/-60	447	239			Results	Awaited
GXRC1597MS Upper	580897	6897617	075/-70	363	300	1222407994120184	1424438095124185	2231141	5.583.893.844.132.710.511.32
GXRC1598					Not YetDrilled
GXRC1599MS Upper	580892	6897600	083/-60	362	234	1228	1629	41	6.721.05

						3980	4381	41	1.501.45
						88	354	Results	Awaited
GXRC1600					Not YetDrilled
GXRC1601MS Upper	580896	6897593	090/-70	363	299Incl.	26313884137166222234	28474788139171226236	216942542	5.218.6114.832.191.804.411.422.96
GXRC1602					Not YetDrilled
GXRC1603MS Upper	580884	6897590	118/-74	363	419	58193253276409	68198255278413	105224	0.701.861.994.801.32
GXRC1604					Not YetDrilled
GXRC1605MS Upper	580896	6897615	090/-77	363	215	1126205	1630208	543	11.720.591.03
GXRC1606-1609MS Upper								Results	Awaited

Reported significant gold assay intersections (using a 0.5 g/t Au lower cut) are reported using 1m downhole intervals at plus 0.5 g/t gold, 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. Abn hole denotes hole was abandoned due to excessive deviation away from its intended target.

Attachment 3: Significant (>0.5 g/t Au) Morning Star Deeps Exploration Diamond drilling Mt Magnet, WA

Hole Id	Easting	Northing	Az/Dip	RL	F/Depth(m)	From (m)	To (m)	Interval(m)	g/t Au
MSD0056A	580624	6896627	005/-82	442	1425.00				NSR
MSD0056B	580624	6896627	005/-82	442	1382.00	1239.001252.001268.001306.00	1241.001254.001269.001307.00	2.002.001.001.00	3.03 (U3)5.06 (U2)0.92 (U1)NSR (KL)
MSD0056C	580624	6896627	005/-82	442	1384.50	1271.001277.301293.001306.001309.50	1274.001282.201297.801307.001311.00	3.004.904.801.001.50	1.97 (U2)26.49 (U1)4.70 (KL)15.35 (L1)3.53 (L2)
MSD0056D	580624	6896627	005/-82	442	1462.20	1356.001445.00	1359.001446.00	3.001.00	6.57 (U3)NSR (KL)
MSD0056E	580624	6896627	005/-82	442	1424.00Incl.	1293.351355.811355.811371.00	1298.001362.701357.431372.00	4.656.891.62Results	4.30 (U2)8.78 (U1)14.52 (U1)Awaited(KL)

Reported significant gold assay intersections (using a 0.5 g/t Au lower cut) are reported using geological contacts or up to 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 downhole intersections are estimated to be +90% of the reported downhole intersections depending upon the lift of the drill holes. Coordinates are MGA94-Z50. Location of holes are annotated in the table. See the report text for a description on the annotation of the various lode positions

Attachment 4: 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
GXAC0699	580606	6897748	360/-60	447	67	48	52	4	0.49
GXAC0700	580498	6897895	360/-60	447	84	3656	4860	124	0.766.03
GXAC0707	580498	6897855	360/-60	447	90	40	44	4	2.55
GXAC0718	580443	6893093	270/-60	422	73	64	68	4	0.49
GXAC0726	580394	6893443	270/-60	422	75	68	72	4	2.83
GXAC0738	579255	6890599	270/-60	429	55	8	12	4	3.03
GXAC0739	579308	6890607	270/-60	428	67	8	12	4	1.03
						24	28	4	0.44
GXAC0742	579459	6890599	270/-60	432	55	28	48	20	0.66
GXAC0700Morning Star W.	580498	6897895	360/-60	447	84	36	48	12	0.76
GXAC0742	579459	6890599	270/-60	432	55	28	48	20	0.66
Britannia Well
GXAC0745Britannia Well	579606	6890599	270/-60	422	54	20	44	24	0.83
GXAC0782	579422	6895800	270/-60	436	67	0	12	12	0.64
Venus
GXAC0785	579572	6895801	270/-60	436	67	28	66	38	0.44
VenusGXAC0795	579423	6895601	270/-60	436	61	0	12	12	0.85
Venus
GXAC0796Venus	579476	6895599	270/-60	436	67	28	40	12	0.61
GXAC0815	579803	6896097	270/-60	436	61	20	61	41	0.54
Venus
GXAC0867	576955	6898157	270/-60	451	67	8	48	40	0.47
Zeus
GXAC0868Zeus	576991	6898161	270/-60	451	67	24	44	20	0.45
GXAC0898	576751	6897810	270/-60	447	25	12	24	12	0.41
Zeus
GXAC0901	576868	6897798	270/-60	447	28	20	27	7	0.45
Zeus
GXAC0902Zeus	576330	6897626	270/-60	448	61	48	59	11	0.51
GXAC0914	576372	6897524	270/-60	448	61	36	59	23	1.28
Zeus
GXAC0920	576544	6897524	270/-60	447	73	32	71	39	0.52
Zeus					Incl.	52	60	8	1.48
GXAC0924Zeus	576723	6897522	270/-60	447	61	48	59	11	0.48
GXAC0942	575906	6897496	270/-60	446	73	32	60	28	1.97
Zeus					Incl.	48	56	8	6.17
GXAC0957	576150	6897294	270/-60	445	73	32	72	40	0.84
Zeus					Incl.	48	72	24	0.68
GXAC0962	575950	6897197	270/-60	444	61	32	36	4	5.85
Zeus

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, Diamond, 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. Diamond holes may be sampledalong sub 1m geological contacts, otherwise 1mintervals are the default.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. Diamond core is half cut alongdownhole orientation lines. Half core is sent tothe laboratory for analysis and the other half isretained for future reference.Standard fire assaying was employed using a50gm charge with an AAS finish for all diamond,RC and Aircore 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 NQdiamond core, 5 ¾" face sampling RC drillinghammers for all RC drill holes and 3" Aircorebits.
Drill samplerecovery	Method of recording and assessingcore and chip sample recoveries andresults assessed.Measures taken to maximise samplerecovery and ensure representativenature of the samples.	All diamond core is rejoined to ensure any coreloss, if present is fully accounted for. Bulk RCand Aircore drill holes samples were visuallyinspected by the supervising geologist to ensureadequate clean sample recoveries wereachieved. Note Aircore drilling while clean is

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.	not used in any resource estimation work. Anywet, contaminated or poor sample returns areflagged and recorded in the database to ensureno 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. Zero sample recovery isachieved while navi drilling. The navi lengthsare kept to a minimum and avoided when closeto potentially mineralised units.
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 as well asquarter core from the diamond holes.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 core, RC and Aircore chips are pulverizedprior to splitting 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 is

Criteria	JORC Code explanation	Commentary
		maintained.The sample size is considered appropriate forthe type, style, thickness and consistency ofmineralization.
Quality ofassay dataandlaboratorytests	The nature, quality andappropriateness of the assaying andlaboratory 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 fire assay method is designed to measurethe total gold in the core, RC and Aircoresamples. The technique involves standard fireassays using a 50gm sample charge with a leadflux (decomposed in the furnace). The prill istotally digested 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 diamond core, RC and Aircore chips in thefield to verify the correlation of mineralisedzones between assay results and lithology,alteration and mineralization.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.

Criteria	JORC Code explanation	Commentary
		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 inMineral Resource estimation.Specification of the grid system used.Quality and adequacy of topographiccontrol.	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 drillingcontractors.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 core drilling and RC drilling is completedorthogonal to the interpreted strike of thetarget horizon. Aircore drilling is completed onsystematic MGA E‐W traverses with holesnominally 50m apart.
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

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) owned 100% byRamelius Resources Limited. The Mt Magnettenements are located on pastoral/grazingleases. Heritage surveys are completed prior toany ground disturbing activities in accordancewith Ramelius' responsibilities under theAboriginal Heritage Act.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, plusgeophysical data collection and interpretation.This report concerns only exploration resultsgenerated by Ramelius during the Marchquarter 2017 that were not previously reportedto the ASX.
Geology	Deposit type, geological setting andstyle of mineralisation.	The targeted mineralisation at Morning Star istypical of orogenic structurally controlledArchaean gold lode systems. The mineralisationis controlled by anastomosing shear zonespassing through competent rock units, brittlefracture and stockwork mineralization iscommon on the competent BIF or porphyryrock. The bedrock Morning Star mineralisationcurrently extends over 700m strike and dipssteeply westwards and plunges 60deg to thesouthwest. The historically mined lodes areknown to extend to at least 1km below surface.Mineralisation at Zeus etal is porphyry hostedbut the orientation/style of the mineralization isnot understood at present.
Drill holeInformation	A summary of all informationmaterial to the understanding of theexploration results including atabulation of the followinginformation for all Material drill holes:easting and northing of the drillohole collaroelevation or RL (Reduced Level –elevation above sea level inmetres) of the drill hole collar	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Dip is the inclination of the hole from the

Criteria	JORC Code explanation	Commentary
	dip 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.	horizontal. 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.No metal equivalent reporting is used or

Criteria	JORC Code explanation	Commentary
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').	applied.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 providedpreviously. Given the interpreted steep dips ofthe mineralisation at Morning Star the sectionalview of the Deeps 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 step out diamonddrilling on the Deeps target, infill RC and furtherstep out drilling below and along strike of thereported intersections at Morning Star, BlackCat South and RC drilling at Zeus to betterdefine the extent of the mineralizationdiscovered to date.