RAMELIUS RESOURCES LIMITED — Interim / Quarterly Report 2019

Jan 30, 2019

31 January 2019

ISSUED CAPITAL Ordinary Shares: 620M

DIRECTORS

NON-EXECUTIVE CHAIRMAN: Kevin Lines MANAGING DIRECTOR: Mark Zeptner NON-EXECUTIVE DIRECTORS: Michael Bohm David Southam

COMPANY SECRETARY: Richard Jones

www.rameliusresources.com.au ramelius@rameliusresources.com.au

RAMELIUS RESOURCES LIMITED

Registered Office

Level 1, 130 Royal Street East Perth WA 6004 Tel +61 8 9202 1127 PO Box 6070 East Perth, WA 6892

31 January 2019

December 2018 Quarterly Activities Report

HIGHLIGHTS

• Group gold production of 52,623 ounces at an AISC of A$1,190/oz:
  • o Mt Magnet & Vivien 29,855 ounces at an AISC of A$1,068/oz
  • o Edna May 22,768 ounces at an AISC of A$1,361/oz
• Cash & gold at 31 December 2018 of A$108.1M (Sep '18 Qtr: A$102.4M)
• Spectacular RC drill results both within and below the Stellar open pit at Mt Magnet
• Ramelius had a beneficial interest in Explaurum Limited (ASX:EXU) of 54.21% as at 31 December 2018 and 87.4% as at 30 January 2019

PRODUCTION GUIDANCE – MARCH 2019 QUARTER

• Group gold production for the March 2019 Quarter is expected to be between 45-50,000 ounces at an AISC of A$1,150 – 1,250/oz:
  • o Mt Magnet & Vivien 35,000 ounces at an AISC of A$1,000 1,100/oz
  • o Edna May 12,500 ounces at an AISC of A$1,550 1,650/oz
• Capital & project development expenditure of approximately A$23.3M, including:
  • o Shannon & Hill 60 undergrounds (Mt Magnet) A$8.1M
  • o Eridanus & Vegas open pits (Mt Magnet) A$4.7M
  • o Edna May underground A$5.5M
  • o Exploration (all Projects) A$3.8M
• Asset acquisition costs of A$15.7M, including:
  • o Marda Gold Project A$11.0M
  • o Explaurum Offer cash consideration (assuming 100% take up) A$4.7M

PRODUCTION GUIDANCE – FULL YEAR FY2019

• Group gold production for the full year FY2019 is expected to be between 190-210,000 ounces at an AISC of A$1,150 – 1,250/oz:
  • o Mt Magnet & Vivien 125,000 ounces at an AISC of A$1,100 1,200/oz
  • o Edna May 75,000 ounces at an AISC of A$1,250 1,350/oz
• Re-forecasting of H2 FY2019 has re-confirmed Guidance for H2 of FY2019 and also provided an initial production estimate for FY2020 of 230-250,000 ounces

CORPORATE

• Quarterly gold sales of 56,478 ounces for total revenue of A$95.8M from an average gold price of A$1,696/oz
• Cash & gold on hand of A$108.1M (Sept '18 Qtr: A$102.4M), after spending A$13.9M on exploration and development costs, A$1.7M on tenement acquisitons and A$6.9M in relation to the Explaurum takeover. Nil bank debt.
• Explaurum takeover offer recommended by Explaurum board with Ramelius holding beneficial interest of 87.83% as at 31 January 2019.
• Marda Gold Project court hearing 31 January 2019 (adjourned from 23 January 2019), transaction completion expected 7 February 2019.

▪ At 31 December 2018, forward gold sales consisted of 172,500 ounces of gold at an average price of A$1,750/oz over the period to December 2020. Subsequent to the end of the Quarter, an additional 11,500 ounces were added at an average of A$1,862/oz.

Managing Director, Mark Zeptner, today said:

"We are very pleased to have maintained our 200,000 ounce annual run-rate despite the delays to the Greenfinch project at Edna May. By bringing forward the Edna May underground project, now fully approved for mining, the operations team has been able to offset any production delays. Greenfinch approval is still assumed for April 2019 but importantly the FY2019 guidance released today does not include any ounces from Greenfinch.

The benefit of investment in projects at both Mt Magnet and Edna May this half is virtually immediate, as initial estimates put the Company's FY2020 full year production in the range of 230-250,000 ounces. This estimate includes a contribution from the Marda Gold Project, but does not include any contribution from the Tampia Hill project, owned by Explaurum Limited.

On the Corporate front, we note that our takeover offer for Explaurum Limited is now close to completion with the Directors of Explaurum recommending and having accepted the offer. Ramelius now holds a shareholding in Explaurum close to the 90% compulsory acquisition threshold and we look forward to swiftly progressing our planned Strategic Review of the key Tampia Hill Gold Project during the first half of this year".

ABOUT RAMELIUS

Figure 1: Ramelius' Operations & Development Project Locations

Ramelius owns and operates the Mt Magnet, Edna May and Vivien gold mines, all of which are located in Western Australia (refer Figure 1).

Ore from the high-grade Vivien underground mine, located near Leinster, is hauled to the Mt Magnet processing plant where it is blended with ore from both underground and open pit sources at Mt Magnet.

The Edna May operation is currently feeding the adjacent processing plant with ore from surface stockpiles whilst both an underground (Edna May) and open pit (Greenfinch) operation are being developed. The Marda Gold Project, transacted via a Deed of Company Arrangement for Black Oak Minerals (Administrators Appointed), is expected to complete by 7 February 2019. Marda is planned to be mined and the ore hauled to the Edna May processing plant.

DECEMBER 2018 QUARTER PRODUCTION & FINANCIAL SUMMARY

Table 1: December 2018 Quarter production & financial summary

		Combined
Operations	Unit	Mt Magnet &Vivien	Edna May	Group
OP ore mined (high grade only)	t	583,077	145,262	728,339
OP grade mined	g/t	1.21	1.13	1.20
OP contained ore (high grade only)	oz	22,761	5,259	28,020
UG ore mined (high grade only)	t	90,057	1,445	91,502
UG grade mined	g/t	4.41	8.44	4.47
UG contained gold (high grade only)	oz	12,767	392	13,159
Total ore mined	t	673,134	146,707	819,841
Total tonnes processed	t	507,385	700,823	1,208,208
Grade	g/t	1.94	1.01	1.40
Contained gold	oz	31,696	22,840	54,536
Recovery	%	95.6%	94.2%	95.1%
Gold recovered	oz	30,316	21,522	51,838
Gold poured	oz	29,855	22,768	52,623
Gold sales	oz	33,030	23,448	56,478
Achieved gold price	A$/oz	$1,696	$1,696	$1,696
Cost summary
Mining – operating	A$M	17.4	3.7	21.1
Processing	A$M	8.1	11.2	19.3
Administration	A$M	4.9	2.0	6.9
Stockpile adjustments	A$M	(5.8)	10.7	4.9
Other	A$M	0.2	0.2	0.4
C1 cash cost	A$M	24.8	27.8	52.6
C1 cash cost per ounce	A$/rec. oz	$818	$1,292	$1,105
Mining costs – mine development	A$M	1.5	-	1.5
Royalties	A$M	2.5	1.7	4.2
Movement in finished goods	A$M	5.5	1.2	6.7
Sustaining capital	A$M	0.5	0.9	1.4
Other	A$M	-	(0.1)	(0.1)
Corporate overheads	A$M	0.5	0.4	0.9
Total AISC's	A$M	35.3	31.9	67.2
AISC per ounce	A$/sold oz	$1,068	$1,361	$1,190

DECEMBER 2018 YEAR TO DATE PRODUCTION & FINANCIAL SUMMARY

Table 2: December 2018 YTD production & financial summary

		Combined
Operations	Unit	Mt Magnet &Vivien	Edna May	Group
OP ore mined (high grade only)	t	1,069,830	542,204	1,612,034
OP grade mined	g/t	1.17	1.40	1.24
OP contained ore (high grade only)	oz	40,107	24,412	64,519
UG ore mined (high grade only)	t	167,920	1,445	169,365
UG grade mined	g/t	4.65	8.44	4.68
UG contained gold (high grade only)	oz	25,111	392	25,503
Total ore mined	t	1,237,751	543,649	1,781,400
Total tonnes processed	t	1,015,811	1,411,513	2,427,324
Grade	g/t	1.84	1.08	1.40
Contained gold	oz	60,114	49,203	109,317
Recovery	%	95.3%	94.4%	94.9%
Gold recovered	oz	57,272	46,441	103,713
Gold poured	oz	56,628	47,423	104,051
Gold sales	oz	59,673	47,963	107,636
Achieved gold price	A$/oz	$1,683	$1,683	$1,683
Cost summary
Mining – operating	A$M	34.3	12.1	46.4
Processing	A$M	16.9	22.3	39.2
Administration	A$M	9.6	4.3	13.9
Stockpile adjustments	A$M	(6.5)	16.5	10.0
Other	A$M	0.3	(0.2)	0.1
C1 cash cost	A$M	54.6	55.0	109.6
C1 cash cost per ounce	A$/rec. oz	$953	$1,182	$1,056
Mining costs – mine development	A$M	5.6	-	5.6
Royalties	A$M	4.5	3.5	8.0
Movement in finished goods	A$M	4.2	(0.3)	3.9
Sustaining capital	A$M	0.8	0.9	1.7
Other	A$M	(0.0)	(0.3)	(0.3)
Corporate overheads	A$M	1.4	1.3	2.7
Total AISC's	A$M	71.1	60.0	131.3
AISC per ounce	A$/sold oz	$1,193	$1,253	$1,220

Mt Magnet (WA)

Open Pits

Milky Way, Stellar and Stellar West pits (Cosmos Mine Area – refer Figures 2 and 3) were the primary ore sources at Mt Magnet during the December 2018 Quarter. Open pit claimed high-grade ore mined improved on the last Quarter, with 583,077 tonnes @ 1.21 g/t for 22,761 ounces of gold.

578 000mEWindbag $Pit \rightarrow$	MT MAGNET582 000mE
GALAXY MINE AREABrown Hill North-OMars PitBrown Hill-	Checker ·Processing Plant500m
Perserverance PitVegas Pit-Reno Pit-Saturn PitTitan Pit	Black CatAdmin Offices
Hesperus PitStellar West Pit	MORNING STAR PIT
Boomer PitStellar PitValhalla PitMilky Way Pit	Black Cat South Pit
Shannon Pit-Andromeda PitGolden Stream PitCOSMOS MINE AREA	St George Pit + DeclineER TANK HILL
- Jinx PitO'Meara Pit- Franks Tower PitERIDANUS	Mount MagnetTownsite
Boogardie BasinpropertyTheakston PitLone Pine(backfilled)Pit	HILL 60

Figure 2: Mt Magnet key mining & exploration areas

Figure 3: Milky Way open pit looking north

Underground – Mt Magnet

Stope production continued at Water Tank Hill during the Quarter with claimed mined production of 31,443 tonnes @ 2.99 g/t for 3,019 ounces of gold.

Underground – Vivien

Production at the Vivien underground gold mine continued strongly throughout the December 2018 Quarter with good contributions from both stoping and development. Development focused on the 140, 280, 340, 380 & 400 levels. Stope production came from the 280 and 160 levels. Total claimed mined production was 58,613 tonnes @ 5.17 g/t for 9,748 ounces. Ore haulage continued throughout the Quarter and Vivien attributed mill production was 59,857 tonnes @ 5.37 g/t for 10,029 recovered ounces.

Development of a 145mRL hangingwall drill drive commenced toward the end of the Quarter. An underground diamond drilling programme, targeting previous significant deep intercepts, below the current mine plan, will commence towards the end of the March 2019 Quarter.

Figure 4: Vivien longsection – deep drilling programme target area

Processing

Total mill production (Mt Magnet and Vivien) was 507,385 tonnes @ 1.94 g/t for 30,316 recovered ounces of gold at an excellent recovery of 95.6% (gold poured was 29,854 ounces). AISC for the Quarter for Mt Magnet and Vivien was A$1,068/oz.

Guidance for the March 2019 Quarter is expected to be approximately 35,000 ounces, anticipated to be produced at an AISC of A$1,000 – 1,100/oz.

Edna May Gold Mine (WA)

Mining

Open-pit mining concluded during the December 2018 Quarter at the Stage 2 pit (refer Figure 5) with 145,262 tonnes mined @ 1.13 g/t for 5,259 ounces. All other ore was sourced from the significant medium and low-grade stockpiles.

Processing

Despite the decreased mining activity, Quarterly production remained strong. Total material milled during the Quarter was 700,823 tonnes @ 1.01 g/t for 21,522 recovered ounces at a recovery of 94.2% (gold poured was 22,768 ounces).

Unit costs were up on the prior Quarter with an AISC of A$1,361/oz being achieved for the December 2018 Quarter with mining coming to a conclusion at Stage 2 and lower grade ore being milled.

Production Guidance for the March 2019 Quarter is for approximately 12,500 ounces at an AISC of A$1,550 – 1,650/oz.

Figure 5: Edna May Stage 2 open pit

PRODUCTION TARGETS

FY2019

Group gold production is expected to fall within current Guidance of 190-210,000 ounces at an AISC of A$1,150- 1,250/oz, with the Quarterly breakdown by ore source shown below (refer Figure 6). Whilst approval for the Greenfinch open pit (Edna May) is assumed in April 2019, no production ounces are currently assumed in FY2019.

Figure 6: FY2019 Group Production Profile

The matching capital requirements, by Quarter, are shown below in Table 3 whereby exploration and capital development expenditure is separated from acquisition costs for the purpose of transparency.

Project (A$M)	Sept 18 Qtr(Actual)	Dec 18 Qtr(Actual)	Mar 19 Qtr(Forecast)	Jun 19 Qtr(Forecast)	FY2019(Forecast)
Mt Magnet open pit development	6.0	4.4	4.7	7.8	22.9
Mt Magnet underground development	0.3	3.4	8.1	7.6	19.4
Vivien underground development	-	0.2	0.8	0.2	1.2
Greenfinch open pit (Edna May)	-	-	0.4	1.2	1.6
Edna May Undergound	-	-	5.5	6.6	12.1
Exploration & resource definition(all projects)	3.7	5.9	3.8	2.7	16.1
Subtotal (Exploration & development)	10.0	13.9	23.3	26.1	73.3
Asset acquisition & sundry(including Marda)	4.3	1.7	11.0	-	17.0
Explaurum acquisition & loan	-	6.9	4.7	-	11.6
Subtotal (Acquisitions)	4.3	8.6	15.7	-	28.6
TOTAL	14.3	22.5	39.0	26.1	101.9

FY2020

Re-forecasting of the second half of FY2019 and the following 12 months has provided an initial production estimate of 230-250,000 ounces for FY2020. Further detailed work is required over the next few months as part of normal budgeting processes, in order to upgrade this estimate to formal Guidance.

This estimate includes Milky Way, Shannon, Vegas & Eridanus (Mt Magnet) and Edna May underground, Greenfinch and Marda (Edna May) but excludes any production from the Tampia Hill project, currently owned by Explaurum.

PROJECT DEVELOPMENT

Shannon UG Project (Mt Magnet, WA)

Mining Approval for the Shannon underground project was received in the December 2018 Quarter. The open-pit reached the base of the old pit (65m) in November 2018 and high-grade ore blocks were being defined and mined toward the end of the Quarter. Underground development is planned to commence in the June 2019 Quarter.

Stellar High Grade Extension (Mt Magnet, WA)

Infill RC drilling of the super high-grade intercepts reported in December 2018 (ASX release, 'Mt Magnet and Edna May Exploration Update', 10/12/2018) was completed in late December 2018 and numerous high-grade results were returned (ASX release, 'Stellar High Grade Drilling Update', 21/01/2019).

The new drill data was incorporated into an updated resource model which now totals:

Table 4: Stellar Mineral Resource (>0.6 g/t)
----------------------------------------------	--	--	--	--	--	--

Category	Tonnes	Grade	Ounces
Indicated	190,000	3.1	19,000
Inferred	90,000	1.1	3,000
Total	280,000	2.4	22,000

Resource Commentary

New drilling consists of approximately 50 grade control RC holes drilled using a full size rig, 5 ¾" face sampling hammer and cone splitter. The final 24 holes were drilled on a 5m x 5m pattern with several scissor holes completed. Two subvertical stockwork/lode domains were modelled using a 0.5g/t cutoff and two 'very high-grade' restricted, internal subdomains relating to quartz veining were modelled inside the eastern lode zone. Samples were composited to 1m and topcut within domains. Very conservative topcuts were applied to the "very high-grade" samples. Estimation was by ID² using anisotropic search ellipses.

The new resource represents a valuable addition to the production gained from the current pit (approximately 10,000oz mined up to December 2018), with around 50% of the Indicated ounces being new resources. Preliminary work shows that the majority of the indicated resource can be recovered via a pit cutback or small underground option added to the current pit. Options for the most effective mining are now being evaluated.

Further deeper exploration of the Stellar mineralisation is planned using surface drilling to the south of the open pit.

Hill 60 UG Project (Mt Magnet, WA)

Mining Approval for the Hill 60 underground project was received early in the Quarter. Access drives (decline link & return airway) from the St George decline were commenced and had made good progress by the end of the Quarter.

New drilling completed between May and October 2018 was incorporated into an updated resource model, which is now:

Table 5: Hill 60 Mineral Resource (>2.0g/t)

Category	Tonnes	Grade	Ounces
Indicated	290,000	4.4	41,000
Inferred	110,000	4.2	15,000
Total	400,000	4.4	56,000

Resource Commentary

Drilling completed since the previous May 2018 model included 9 RC and 4 diamond holes. These holes have improved confidence in geological and grade continuity and allowed for a substantial upgrade of the Indicated category ounces (+50%). Total resources improve moderately with a 13% increase in ounces, largely due to tonnage (+11%). Mineralisation occurs as a sub-vertical, 2-10m wide, lode zone, hosted within a BIF unit and related to pyrrhotite-pyrite alteration.

Figure 7: Hill 60 longsection (to W) drill intercepts by gram.metre, indicated (red) & inferred (orange) outlines

Eridanus (Mt Magnet, WA)

Open pit planning and evaluation of Eridanus continued, and the adjoining Lone Pine deposit was re-modelled and included in the mine plan. A Mining Approval application was generated and submitted to the DMIRS in December 2018.

Morning Star (Mt Magnet, WA)

Mining Approval for a major cutback of the Morning Star pit was received in November 2018. Timing of the pit will be reevaluated in the 2019 LOM schedule.

EXPLORATION SUMMARY

Ramelius' exploration activities during the Quarter focused around its Western Australian operations at Mt Magnet and Edna May.

See Attachments 1 to 6 for a complete list of significant exploration drill hole intersections referred to in this report.

Mt Magnet Gold Project (WA)

An aggregate of 9,171m of exploratory RC drilling (GXRC1913-1954 + 2005) plus 6,186m of resource infill RC (GXRC0712-749) drilling was completed at Mt Magnet during the Quarter. Exploratory drilling was primarily focussed around Eridanus/Lone Pine, O'Meara and between the Milky Way and Titan pits (refer Figure 2 for prospect locations). Ramelius further completed 3,144.3m of diamond drilling at Eridanus Deeps and the St George Deeps (GXDD0072 – 83, including geotechnical holes GXDD0077+78) during the Quarter.

Eridanus Deeps Prospect

Eridanus Deeps diamond drilling was undertaken with three diamond holes (GXDD0074, 75 & 76) plus one diamond tail (GXRC0627) for an aggregate 2,282.2m (including 413m RC). See ASX Release, 'Exploration Update', 10/12/2018 for details. Significant results were returned from the drilling programme, including:

• ➢ 15m at 3.32 g/t Au from 27m in GXDD0075
• ➢ 23m at 3.98 g/t Au from 240m in GXDD0075 and
• ➢ 36m at 3.29 g/t Au from 375m in GXDD0075

Further step out and infill diamond drilling is currently planned for completion during the March 2019 Quarter.

Figure 8: Lone Pine Pit and Eridanus Deeps diamond drill hole locality plan

Figure 9: West-east cross section of GXDD0075 showing broader mineralised zones, quartz vein abundance and quartz veins with visible gold within the Eridanus granodiorite. The composited intervals are encouraging as they demonstrate the overall continuity of the broader stockwork related gold mineralisation hosted within the Eridanus Granodiorite but they do contain multiple zones of sub 1.0 g/t Au material.

St George Deeps Prospect

Deep (plus 600m) diamond drilling commenced below the St George underground gold mine late in the Quarter (refer Figure 2). The drilling has intersected broad zones of disseminated pyrrhotite mineralisation (up to 5%) being typical of the Mt Magnet gold camp where the pyrrhotite replaces magnetite within the banded iron formation host rock. Assay results are awaited.

Milky Way - Titan Trend

Reconnaissance RC drilling commenced along the favourable Hill 50 Boogardie-Break extending between the Milky Way and Titan pits (refer Figure 2) during the Quarter. Encouraging results up to 11m at 1.18 g/t Au from 178m in GXRC1942 were returned. Further drilling will be proposed once all the results are compiled and interrogated.

Edna May Gold Project (WA)

Ramelius has successfully consolidated a significant exploration land package around its Edna May gold mine since the acquisition of the mine in October 2017. During the Quarter, the Company completed 4,326m of RC drilling at the Symes' Option (SYFC022 – 83) and 11,516m of Aircore drilling around Felsteads Find and elsewhere throughout the Holleton greenstone belt.

Figure 10: Newly acquired Westonia / Holleton Greenstone Belts exploration projects around Edna May

Symes' Option to Purchase

Reverse circulation (RC) drilling continued over the Symes' Option during the December 2018 Quarter with 4,326m completed. The Symes' Option is located 80km south of the Moorine Rock township and is situated over the historical Symes Find gold workings. Ramelius has the right to acquire the project outright, via an option to purchase agreement with a local prospector. Encouraging results have been received from the second phase of drilling as completed during the Quarter. This drilling has now defined two discrete southeasterly plunging shoots. Further drilling is planned. Better results received to date include:

• ➢ 9m at 2.47 g/t Au from 55m in SYFC027
• ➢ 5m at 2.00 g/t Au from surface in SYFC031
• ➢ 3m at 8.35 g/t Au from 11m in SYFC046
• ➢ 8m at 43.23 g/t Au from 5m in SYFC073**,** including 3m at 112.4 g/t Au from 5m

True widths are estimated to be plus 90% given the predicted shallow plunge or the mineralized shoots.

Figure 11: Symes' Option RC drilling with gram x metre grade contours, over orthophoto plan view of historical gold workings

Westonia / Holleton / Mt Hampton Projects

.

Land access and compensation agreements are currently being negotiated with various private land owners throughout the district to allow Ramelius to expand its exploration activities during the March 2019 Quarter.

Nulla South Farm-in & Joint Venture Project - Ramelius earning 75%

Exploration drilling commenced throughout the Nulla South Farm-in and Joint Venture project, with drilling initially focused around the historical Felstead's Find workings. During the Quarter, 11,175m of Aircore drilling has been completed from 167 holes (NUSA series) along with five shallow RC drill holes (NUSC series) for 385m. See ASX Release, 'Exploration Update', 10/12/2018 for details. Significant RC results returned include:

• ➢ 13m at 2.34 g/t Au from 34m in NUSC004
• ➢ 10m at 1.08 g/t Au from 53m in NUSC004
• ➢ 9m at 2.07 g/t Au from 69m in NUSC005

True widths from the RC drilling are estimated to be 55% of the reported downhole intersections. Encouraging 4m composite Aircore results received to date include:

• ➢ 12m at 1.52 g/t Au from surface in NUSA016
• ➢ 12m at 0.99 g/t Au from 4m in NUSA018
• ➢ 12m at 0.50 g/t Au from 16m in NUSA047
• ➢ 4m at 1.38 g/t Au from 0m in NUSA050

Figure 12: Cross section through Felstead's Find highlighting good vertical ore continuity from Ramelius' recent RC drilling

Gibb Rock Farm-in & Joint Venture Project – Ramelius earning 75%

During the Quarter, Ramelius executed a Binding Term Sheet Agreement with CGM (WA) Pty Ltd, a subsidiary of Chalice Gold Mines Limited (ASX: CHN), for Ramelius to fund all exploration over CGM's Gibb Rock Exploration Licence (EL) 70/4869 and EL (Application) 70/5194. Under the terms of the Agreement, Ramelius may earn a 75% interest in the project by spending $2 million within three years. The Agreement remains subject to Ramelius obtaining satisfactory land access and compensation agreements with various private land holders in the district.

Tanami Joint Venture (NT) – Ramelius 85%

No field work was completed during the December 2018 Quarter.

CORPORATE & FINANCE

Gold sales for the December 2018 Quarter were 56,478 ounces at an average price of A$1,696/oz for revenue of A$95.8M.

Cash & gold	Unit	Mar-18	Jun-18	Sep-18	Dec-18
Cash on hand	$M	65.1	75.0	82.1	92.6
Bullion1	$M	10.3	20.5	20.3	15.5
Total cash & gold	$M	75.4	95.5	102.4	108.1

Table 6: Cash and gold

1. Bullion is valued at the December 2018 spot price of $1,816/oz.

As at 31 December 2018, the Company had A$92.6M of cash and A$15.5M of gold bullion on hand for a total of A$108.1M. This represents an increase of A$5.7M from the September 2018 Quarter. This increase in cash was largely due to a strong AISC cash margin of A$28.6M. These operational cash flows were used for capital development of A$13.9M including Mt Magnet open pit and underground development (A$7.8M) and exploration across the group (A$5.9M), as well as project and land acquisitions of A$8.6M.

Figure 13: Quarter cash and gold waterfall chart

At 31 December 2018, forward gold sales consisted of 172,750 ounces of gold at an average price of A$1,750/oz over the period January 2019 to December 2020.The hedge book summary is shown below in Table 7.

Hedge book	Mar 19 Qtr	Jun 19 Qtr	Dec 19 Half	Jun 20 Half	Dec 20 Half	Total
Ounces	32,250	28,500	50,000	38,000	24,000	172,750
Price ($/Oz)	$1,734	$1,729	$1,741	$1,764	$1,789	$1,750

Table 7: Hedge Book Summary

Mr Dom Francese resigned as Joint Company Secretary effective from the 30th November 2018, with Mr Richard Jones remaining as the Company Secretary of the Company.

For further information contact:

Investor enquiries:		Media enquiries:
Mark Zeptner	Tim Manners	Luke Forrestal
Managing DirectorRamelius Resources LtdPh: +61 8 9202 1127	Chief Financial OfficerRamelius Resources LtdPh: + 61 8 9202 1127	Associate DirectorMedia & Capital PartnersPh: +61 411 479 144

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.

Hole Id	Easting	Northing	Az/Dip	RL	F/Depth(m)	From (m)	To (m)	Interval(m)	g/t Au
GXRC1913Eridanus	577150	6893951	002/-60	429	168	81	85	4	2.96
GXRC1914Lone Pine	576560	6894240	272/-55	429	240	103	105	2	4.43
GXRC1915Lone Pine	576451	6893999	100/-61	427	160	759154	966158	274	1.385.144.15
GXRC1916Lone Pine	576379	6893989	094/-60	438	162	148	157	9	1.73
GXRC1917Theakstons	577098	6894548	273/-59	432	168	37	39	2	1.63
GXRC1918Eridanus	576713	6893635	276/-60	427	192				NSR
GXRC1919Lone Pine	576720	6893975	275/-60	429	198	156	158	2	1.50
GXRC1920Lone Pine	576612	6893975	275/-60	428	174	5092108116140	5394110120156	322416	1.542.941.262.212.52
GXRC1921Lone Pine	576375	6894055	090/-55	430	198	105	108	3	2.78
GXRC1922Hill 60	581818	6894579	089/-61	431	150				NSR
GXRC1923Hill 60	581805	6894540	090/-61	431	150				NSR
GXRC1924Hill 60	581806	6894558	081/-73	431	180Incl.+	166166169	171167170	511	9.4811.2525.5
GXRC1925O'Meara	576924	6894852	332/-55	433	210	175197	177200	23	2.692.34
GXRC1926O'Meara	577079	6894986	332/-55	434	200Incl.	156156	158157	21	11.4621.1
GXRC1927O'Meara	577124	6894906	331/-59	434	240	235	237	2	1.44
GXRC1928O'Meara	577023	6894683	331/-55	432	200	66	70	4	5.37
GXRC1929Milky Way-Titan	578077	6897567	268/-54	445	198				NSR
GXRC1930Milky Way-Titan	578148	6897565	263/-60	444	162	016	117	11	1.011.08
GXRC1931Milky Way-Titan	578253	6897579	267/-60	445	222	3743139154	4050140162	3718	0.820.972.820.99
GXRC1932Milky Way-Titan	578351	6897549	272/-60	447	204				NSR
GXRC1933Milky Way-Titan	578148	6897350	272/-60	450	174	171	173	2	1.17
GXRC1934Milky Way-Titan	578149	6897346	090/-56	450	228				NSR
GXRC1935Milky Way-Titan	578410	6897350	272/-55	447	258Incl.	9494112	9795113	311	3.478.888.33
GXRC1936	578342	6897133	273/-55	444	204				NSR

Attachment 1: Significant (>1.0 g/t Au) step out Exploration RC drilling Lone Pine / O'Meara / Milky Way – Titan Trend, Mount Magnet, WA

Milky Way-Titan
GXRC1937Milky Way-Titan	578214	6897149	272/-61	449	216	16	17	1	1.10
GXRC1938Milky Way-Titan	578050	6897357	278/-55	442	198	80	81	1	1.00
GXRC1939Milky Way-Titan	577851	6897352	265/-60	479	53			Hole	Abn
GXRC1940Milky Way-Titan	578042	6897154	087/-60	441	204				NSR
GXRC1941Milky Way-Titan	578030	6897153	237/-55	441	246	38202	42203	41	0.902.86
GXRC1942Milky Way-Titan	577748	6897349	264/-57	479	216	178	189	11	1.18
GXRC1943Milky Way-Titan	577635	6897351	268/-60	478	220				NSR
GXRC1944Milky Way-Titan	577825	6897026	282/-61	441	184				NSR
GXRC1945Milky Way-Titan	577833	6897363	087/-58	479	164	13116	16117	31	0.582.25
GXRC1946Milky Way-Titan	577832	6897352	272/-61	479	214	179	180	1	4.05
GXRC1947Milky Way-Titan	577969	6896971	273/-55	441	204	83	84	1	3.54
GXRC1948Milky Way-Titan	578051	6896970	272/-60	441	162				NSR
GXRC1949Milky Way-Titan	578120	6896948	264/-60	441	160	47	50	3	2.00
GXRC1950Milky Way-Titan	578249	6896952	268/-60	443	178				NSR
GXRC1951Milky Way-Titan	578350	6896948	273/-59	445	162				NSR
GXRC1952Milky Way-Titan	578447	6896953	269/-59	445	162	6390143	6691154	3111	0.571.310.88
GXRC1953Milky Way-Titan	578548	6896949	262/-60	447	160	115152	121153	61	0.766.02
GXRC1954Milky Way-Titan	576654	6894028	269/-55	428	166				NSR
GXRC2005Lone Pine	576615.14	6894030.24	269/-56	428	270	873226	1181230	384	0.951.472.03

Reported anomalous gold assay intersections are constrained using a 1.0 g/t Au lower cut for the minimum 2m downhole intervals at plus 1.0 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. EOH denotes end of hole depth. See text for discussion on true widths. Coordinates are MGA94-Z50. Hole Abn denotes hole was abandoned due to excessive deviation away from its intended target.

Attachment 2: Significant (>1.0 g/t Au) RC Resource Definition drilling Eridanus + Hill 60, Mount Magnet, WA

Hole Id	Easting	Northing	Az/Dip	RL	F/Depth(m)	From (m)	To (m)	Interval(m)	g/t Au
GXRC0712	576741	6894861	330/-60	432	162	41	44	3	1.49
O'Meara						51	55	4	0.85
						93131	98135	54	3.435.12
GXRC0713	576753	6894867	333/-59	433	156	90	92	2	3.20
O'Meara						125	132	7	2.38

(Sterilisation drilling is for the Eridanus waste dumps)

GXRC0714	576763	6894872	330/-57	432	140				NSR
O'Meara
GXRC0715O'Meara	576770	6894884	331/-58	432	132				NSR
GXRC0716	576959	6894907	330/-62	433	180	39	40	1	1.57
O'Meara						134	135	1	1.16
						147	148	1	1.37
GXRC0717O'Meara	576949	6894901	332/-62	434	180	132	134	2	1.55
GXRC0718	576932	6894903	331/-62	434	168	159	161	2	1.49
O'Meara						167	168	1	3.27
GXRC0719	576969	6894916	333/-62	434	186	44	48	4	1.28
O'Meara						123	128	5	1.29
						149	152	3	1.22
GXRC0720	576799	6893600	271/-60	427	162	73	77	4	0.94
Sterilisation						89	90	1	5.03
GXRC0721– 028									NSR
Sterilisation
GXRC0729	576918	6894904	330/-61	434	156	103	105	2	2.23
O'Meara
GXRC0730	576734	6894850	332/-60	432	180	99	102	3	8.26
O'Meara					Incl.	99	100	1	19.85
GXRC0731	576268	6894317	091/-51	429	144	110	113	3	1.48
Lone Pine
GXRC0732	576309	6894218	069/-50	428	140	106	107	1	8.77
Lone Pine
GXRC0733	576423	6894070	091/-61	431	80	39	44	5	11.12
Lone Pine						43	44	1	50.4
						61	63	2	14.75
						62	63	1	28.1
GXRC0734	576319	6894193	068/-51	428	130	47	51	4	1.56
Lone Pine						83	100	17	5.01
						93	99	6	11.72
GXRC0735	576338	6894160	067/-51	428	100	83	97	14	2.43
Lone Pine						86	87	1	6.13
						91	92	1	9.06
GXRC0736
Lone Pine	576424	6894049	104/-60	430	100	61	63	2	4.53
						66	69	3	2.63
GXRC0737	576437	6894051	096/-61	430	80	39	42	3	4.24
Lone Pine						40	41	1	7.28
GXRC0738	576456	6894046	269/-64	430	18				NSR
Lone Pine
GXRC0739	576455	6894021	269/-69	430	18				NSR
Lone Pine
GXRC0740	576564	6894155	351/-62	419	84	20	27	7	1.74
Lone Pine						41	42	1	6.28
						61	66	5	1.09
GXRC0741	576549	6894161	344/-67	418	70	25	28	3	1.47
Lone Pine						62	67	5	4.06
					Incl.	64	65	1	16.95
GXRC0742	576548	6894201	341/-60	419	70	23	26	3	0.60
Hill 60						31	37	6	0.52
						64	65	1	1.38
GXRC0743	581795	6894540	080/-76	431	252				NSR
Hill 60
GXRC0744	581816	6894602	089/-72	431	156				NSR
Hill 60
GXRC0745	581816	6894597	090/-79	432	173				NSR
Hill 60
GXRC0746	581797	6894536	093/-73	431	36				NSR

Hill 60
GXRC0747Hill 60	581806	6894554	082/-77	431	228	186	187	1	2.71
GXRC0748Hill 60	581820	6894584	092/-84	431	204	52	56	4	0.83
GXRC0749Hill 60	581800	6894536	091/-70	431	198				NSR

Reported significant gold assay intersections (using a 1.0 g/t Au lower cut) are reported using +2m downhole intervals at plus 1.0 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. See text for discussion on true widths. Coordinates are MGA94-Z50. Hole Abn denotes hole was abandoned due to excessive deviation away from its intended target.

Attachment 3: Significant (>1.0 g/t Au) Eridanus Deeps diamond drilling intersections – Mt Magnet WA

Hole_Id	Easting	Northing	RL	F/Depth	Dip	Azi		Depth_From	Depth_To	Interval (m)	g/t Au
								(m)	(m)
GXDD0074	576650	6894029	429	531.80	-58	000		161.00	166.00	5.00	3.42
Eridanus Deeps							Incl.	161.00	162.00	1.00	12.1
								339.00	340.00	1.00	9.14
								355.00	372.00	17.00	2.00
							Incl.	355.10	359.00	3.90	3.27
							+	356.10	357.00	0.90	11.15
							+	371.00	372.00	1.00	18.6
								393.00	395.85	2.85	4.51
							Incl.	395.50	395.85	0.35	32.2
								413.00	446.00	33.00	1.29
							Incl.	416.00	421.00	5.00	2.39
							Incl.	417.00	418.00	1.00	7.19
							+	434.00	441.00	7.00	3.35
							Incl.	434.00	435.00	1.00	16.75
GXDD0075	576590	6894205	429	600.60	-58	063		27.00	42.00	15.00	3.32
Eridanus Deeps							Incl.	27.00	35.00	8.00	5.11
							+	30.00	33.00	3.00	10.14
							+	39.00	42.00	3.00	2.14
								117.96	121.41	3.45	1.00
								139.72	144.00	4.28	6.00
							Incl.	139.72	141.00	1.28	16.05
								222.00	225.00	3.00	1.29
								240.00	263.00	23.00	3.98
							Incl.	240.00	248.00	8.00	3.41
							+	251.00	263.00	12.00	5.21
							Incl.	255.00	257.00	2.00	20.81
								277.00	281.76	4.76	4.77
							Incl	277.00	279.10	2.10	8.40
								298.20	301.00	2.80	21.39
							Incl.	298.20	299.86	1.66	34.47
								311.00	319.00	8.00	1.72
							Incl.	311.00	314.00	3.00	1.32
							+	317.00	320.00	3.00	3.30
								345.05	351.00	5.95	1.20
								375.00	411.00	36.00	3.29
							Incl.	375.00	386.00	11.00	2.85
							+	379.90	381.00	1.10	14.5
							+	391.55	403.00	11.45	6.20
							+	399.80	401.04	1.24	33.5

							+	408.00	411.00	3.00	4.55
							Incl.	408.00	409.00	1.00	11.35
								450.00	451.00	1.00	7.04
								483.00	487.00	4.00	3.65
								499.27	499.77	0.50	18.40
								523.00	527.00	4.00	1.62
								547.00	562.01	15.01	2.53
							Incl.	551.00	552.00	1.00	11.65
							+	556.00	557.00	1.00	13.40
GXDD0076	576850	6894045	429	504.80	-51	002		24.00	28.00	4.00	22.7
(RC precollar)								80.00	84.00	4.00	1.51
GXRC0627	576725	6894131	429	605.00	-60	000		236.00	246.00	10.00	2.39
(Diamond tail)							Incl.	240.00	246.00	6.00	3.09
Eridanus Deeps							Incl.	240.00	241.00	1.00	13.85
								269.00	276.00	7.00	3.91
							Incl.	269.00	272.00	3.00	5.10
							Incl.	271.00	272.00	1.00	12.5
							+	275.00	276.00	1.00	11.4
								293.50	297.00	3.50	2.12
							Incl.	293.50	294.00	0.50	10.1
								312.00	313.00	1.00	36.1
								332.00	360.00	28.00	2.53
								332.00	334.00	2.00	10.99
							incl.	333.00	334.00	1.00	18.8
								337.00	340.00	3.00	0.80
								344.00	345.00	1.00	23.2
								355.00	359.94	4.94	3.21
GXDD0077	576291	6894253	429	127.5	-50	071					Geotechnical
Lone Pine											Hole
GXDD0078	576749	6894873	433	135.4	-50	135					Geotechnical
O'Meara											Hole
GXDD0079	581557	6894965	460	96	-75	098				Hole	Abn
St George Deeps
GXDD0080	581559	6894965	460	604	-75	099				Results	Awaited
St George Deeps
GXDD0081	581434	6894844	434	186	-67	091				Hole	Abn
St George Deeps
GXDD0082	581436	6894843	434	96	-67	100				Hole	Abn
St George Deeps
GXDD0083	581434	6894843	434	685	-67	114				Results	Awaited
St George Deeps

Reported significant gold assay intersections are constrained using a 1.0 g/t Au lower cut for the 1m downhole intervals at plus 1.0 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. EOH denotes end of hole depth. See text for discussion on true widths. Coordinates are MGA94-Z50. Hole Abn denotes hole was abandoned due to excessive deviation away from its intended target.

				Attachment 4: Significant (>0.50 g/t Au) RC drill results Symes' Option – Edna May WA
--	--	--	--	---------------------------------------------------------------------------------------

Hole Id	Easting	Northing	Az/Dip	RL	F/Depth(m)	From (m)	To (m)	Interval(m)	g/t Au
SYFC022	695382	6476149	211/-60	403	46	4	5	1	1.00
SYFC023	695523	6476007	217/-60	403	80	1	5	4	0.95
SYFC024	695547	6476040	219/-60	403	141	0	2	2	1.30
SYFC025	695467	6475994	214/-60	403	88	47	50	3	1.84

SYFC026	695491	6476031	216/-60	403	107	61	64	3	2.03
SYFC027	695513	6476060	218/-60	403	140	55	64	9	2.47
SYFC028	695429	6476005	222/-60	401	70	36	38	2	1.56
SYFC029	695506	6476118	213/-60	403	71	0	7	7	1.25
SYFC030	695514	6476132	215/-59	403	71	1	5	4	1.82
SYFC031	695523	6476148	216/-59	403	71	0	5	5	2.00
SYFC032	695510	6476127	032/-61	403	83	0	4	4	1.66
SYFC033	695519	6476143	040/-60	403	71	610	704	94	1.701.67
SYFC034	695263	6476327	306/-61	398	50				NSR
SYFC035	695276	6476317	303/-61	398	83				NSR
SYFC036	695291	6476306	306/-61	398	77				NSR
SYFC037	695309	6476296	304/-60	398	77				NSR
SYFC038	695324	6476284	304/-60	398	53				NSR
SYFC039	695340	6476271	305/-60	398	59	33	39	6	1.98
SYFC040	695357	6476260	307/-60	398	53	34	37	3	2.22
SYFC041	695373	6476250	305/-60	398	59	50	52	2	1.75
SYFC042	695390	6476238	305/-60	398	59	29	32	3	1.11
SYFC043	695424	6476215	304/-59	399	59	0	2	2	1.31
SYFC044	695440	6476204	302/-59	399	59	0	2	2	1.13
						31	33	2	0.55
SYFC045	695456	6476199	304/-58	399	59	0	1	1	1.06
SYFC046	695406	6476222	305/-59	399	59	0	2	2	1.07
					Incl.	1112	1413	31	8.3516.6
SYFC047	695254	6476283	305/-60	399	57				NSR
SYFC048	695287	6476261	304/-57	399	59				NSR
SYFC049	695320	6476239	308/-60	399	59				NSR
SYFC050	695353	6476215	310/-59	399	59				NSR
SYFC051	695381	6476192	301/-59	401	59				NSR
SYFC052	695215	6476263	308/-60	400	59	0	1	1	1.95
SYFC053	695246	6476239	308/-60	401	59	0	1	1	1.44
SYFC054	695281	6476215	307/-60	401	59	100	131	31	0.731.92
SYFC055	695313	6476193	307/-60	401	59	0	1	1	0.73
SYFC056	695215	6476186	309-60	402	59	0	3	3	1.01
SYFC057	695251	6476172	305/-60	402	59	0	4	4	1.08
SYFC058	695282	6476146	309/-60	402	54	1	3	2	1.16
SYFC061	695553	6476121	215/-60	401	58	56	58	2	4.16
SYFC062	695568	6476142	215/-60	401	58				NSR
SYFC063	695572	6476163	216/-60	401	64				NSR
SYFC064	695482	6476155	214/-60	402	70	0	5	5	1.31
						42	45	3	7.99
SYFC065	695489	6476172	210/-60	403	70				NSR
SYFC066	695487	6476161	035/-60	402	70	032	534	52	0.831.10
SYFC067	695542	6476110	208/-61	401	67				NSR
SYFC068	695424	6476144	214/-60	400	70				NSR

SYFC069	695414	6476183	215/-60	399	60				NSR
SYFC070	695302	6476103	214/-60	402	64				NSR
SYFC071	695329	6476137	219/-60	404	64				NSR
SYFC072	695351	6476165	220/-60	404	70				NSR
SYFC073	695470	6476137	216/-60	402	70	55616	138718	8312	43.23112.42816.58
SYFC074	695399	6476104	217/-52	401	58	25	37	12	1.72
SYFC075	695322	6476063	218/-60	402	60	2	5	3	3.18
SYFC076	695362.39	6476044.75	212/-60	400	64				NSR
SYFC077	695380.78	6476003.85	214/-90	402	52	0	5	5	3.23
SYFC078	695280.39	6476070.28	281/-89	402	46	135	437	32	0.580.58
SYFC079	695178.43	6476167.45	306/-60	400	64				NSR
SYFC080	695206.72	6476148.85	305/-60	401	64	1	4	3	0.78
SYFC081	695240.43	6476116.69	309/-60	401	52				NSR
SYFC082	695443.72	6475960.72	232/-89	405	64	0	5	5	1.22
SYFC083	695355.24	6476031.41	034/-60	402	64	1	4	3	1.85

Reported significant gold assay intersections are constrained using a 0.5 g/t Au lower cut for the 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 ICP finishes and a lower limit of detection of 0.001 ppm Au. NSR denotes no significant results. EOH denotes end of hole depth. See text for discussion on true widths. Coordinates are MGA94-Z50. Hole Abn denotes hole was abandoned due to excessive deviation away from its intended target.

Attachment 5: Significant (>0.5 g/t Au) single metre RC drilling intersections Felstead's Find – Edna May

Hole Id	Easting	Northing	Az/Dip	RL	F/Depth(m)	From (m)	To (m)	Interval(m)	g/t Au
NUSC001	697953	6501977	226/-60	398	49				NSR
NUSC002	697967	6501991	231/-59	398	85				NSR
NUSC003	698009	6501977	228/-59	398	73				NSR
NUSC004	698038	6501948	228/-60	398	69	3453	4763	1310	2.341.08
NUSC005	698052	6501963	225/-60	398	109	6981	7884	93	2.072.33
						8693	8896	23	0.751.45

Reported significant gold assay intersections are constrained using a 0.5 g/t Au lower cut for the 1m downhole intervals at plus 1.0 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. EOH denotes end of hole depth. See text for discussion on true widths. Coordinates are MGA94-Z50. Hole Abn denotes hole was abandoned due to excessive deviation away from its intended target.

Attachment 6: Significant (>0.5 g/t Au) 4m composite and selected 1m resplit Aircore drill results Felsteads Find – Edna May WA

Hole Id	Easting	Northing	Az/Dip	RL	F/Depth(m)	From (m)	To (m)	Interval(m)	g/t Au
NUSA006	697700	6501382	225/-60	402	73	44	48	4	0.51

NUSA010	698090	6500996	225/-60	406	61	36	40	4	0.68
NUSA011	698103	6500998	225/-60	405	61	44	52	8	0.61
NUSA013	698073	6501039	225/-60	405	67	44	48	4	0.80
NUSA014	698054	6501002	225/-60	407	57	16	20	4	0.53
NUSA016	698064	6500957	225/-60	409	55	0	12	12	1.52
NUSA017	698078	6500970	225/-60	408	61	12	16	4	0.58
NUSA018	698090	6500930	225/-60	408	58	4	16	12	0.99
NUSA021	698136	6500973	225/-60	405	67	52	56	4	0.84
NUSA023	698177	6501013	225/-60	403	73	36	40	4	0.97
NUSA026	698161	6501054	225/-60	402	79	68	72	4	0.50
NUSA033	698236	6500958	225/-60	406	61	56	61	5	0.77 EOH
NUSA035	697924	6501953	225/-60	403	53	45	48	3	1.76
NUSA045	697984	6501895	225/-60	403	55	17	24	7	0.82
NUSA046	697993	6501905	225/-60	403	49	37	41	4	1.96
						48	49	1	3.37 EOH
NUSA047	697998	6501911	225/-60	403	55	16	28	12	0.50
						54	55	1	0.55 EOH
NUSA048	698025	6501937	225/-60	403	61	20	32	12	0.54
NUSA049	698033	6501895	225/-60	403	61	32	36	4	0.85
NUSA050	698051	6501905	225/-60	403	73	0	4	4	1.38
						12	16	4	0.72
						41	45	4	0.51
						52	57	5	1.01
						60	63	3	0.75
NUSA051	698063	6501918	225/-60	403	61	56	61	5	1.29 EOH
NUSA067	697922	6502058	225/-60	403	59	58	59	1	0.51 EOH
NUSA107	697656	6501451	225/-60	403	91	84	88	4	3.71
NUSA130	698445	6501342	225/-60	403	109	36	40	4	0.78

Reported significant gold assay intersections are constrained using a 0.5 g/t Au lower cut for the 4m downhole composite 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 ICP finishes and a lower limit of detection of 0.001 ppm Au. NSR denotes no significant results. EOH denotes end of hole depth. See text for discussion on true widths. Coordinates are MGA94-Z50. Hole Abn denotes hole was abandoned due to excessive deviation away from its intended target.

JORC Table 1 Report for Mt Magnet Diamond Drilling plus Mt Magnet and Edna May Aircore + RC Drilling and Group Mineral Resources

Section 1 Sampling Techniques and Data

Criteria	JORC Code explanation	Commentary
Sampling•techniques•••	•Nature and quality of sampling (eg cutchannels, random chips, or specificspecialised industry standardmeasurement tools appropriate to theminerals under investigation, such asdown hole gamma sondes, or handheldXRF instruments, etc). These examplesshould not be taken as limiting the broadmeaning of sampling.•Include reference to measures taken toensure sample representivity and theappropriate calibration of anymeasurement tools or systems used.Aspects of the determination ofmineralisation that are Material to thePublic Report.In cases where 'industry standard' workhas been done this would be relativelysimple (eg 'reverse circulation drillingwas used to obtain 1 m samples fromwhich 3 kg was pulverised to produce a•30 g charge for fire assay'). In othercases more explanation may be required,such as where there is coarse gold thathas inherent sampling problems. Unusualcommodities or mineralisation types (egsubmarine nodules) may warrantdisclosure of detailed information.	At all projects potential gold mineralised RCintervals are systematically sampled using industrystandard 1m intervals (1.52m equals 5 footintervals in USA), collected from reverse circulation(RC) drill holes and/or 4m composites fromreconnaissance Aircore traverses. Surface andunderground 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 interpreted mineralisedzone. All RC samples were collected and riffle splitto 3-4kg samples on 1m metre intervals. Aircoresamples are speared from piles on the ground andare composited into 4m intervals beforedespatching to the laboratory. Single metrebottom of hole Aircore samples are also collectedfor trace element determinations. Diamond core ishalf cut along downhole orientation lines. Halfcore is sent to the laboratory for analysis and theother half is retained for future reference.Standard fire assaying was employed using a 50gmcharge (30 gm in the USA) with an AAS finish for alldiamond, RC and Aircore chip samples. Traceelement determination was undertaken using amulti (4) acid digest and ICP- AES finish.
Drilling•techniques	•Drill type (eg core, reverse circulation,open-hole hammer, rotary air blast,auger, Bangka, sonic, etc) and details (egcore diameter, triple or standard tube,depth of diamond tails, face-sampling bitor other type, whether core is orientedand if so, by what method, etc).	Drilling was completed using best practice NQdiamond core, 5 ¾" face sampling RC drillinghammers for all RC drill holes at Mt Magnet and 3"Aircore bits/RC hammers at Edna May.
Drill sample•recovery••	•Method of recording and assessing coreand chip sample recoveries and resultsassessed.Measures taken to maximise samplerecovery and ensure representativenature of the samples.Whether a relationship exists between	All diamond core is jigsawed to ensure any coreloss, if present is fully accounted for. Bulk RC andAircore drill holes samples were visually inspectedby the supervising geologist to ensure adequateclean sample recoveries were achieved. NoteAircore drilling while clean is not used in anyresource estimation work. Any wet, contaminated

Criteria	JORC Code explanation	Commentary
	sample recovery and grade and whethersample bias may have occurred due topreferential loss/gain of fine/coarsematerial.•	or poor sample returns are flagged and recorded inthe database to ensure no sampling bias isintroduced.Zones of poor sample return both in RC andAircore are recorded in the database and crosschecked once assay results are received from thelaboratory to ensure no misrepresentation ofsampling intervals has occurred. Of note, excellentRC drill recovery is reported from all RC holes.Reasonable recovery is noted for all Aircoresamples. Zero sample recovery is achieved whilenavi drilling. The navi lengths are kept to aminimum and avoided when close to potentiallymineralised 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 or•quantitative in nature. Core (or costean,channel, etc) photography.The total length and percentage of the•relevant intersections logged.	All drill samples are geologically logged on site byprofessional geologists. Details on the hostlithologies, deformation, dominant mineralsincluding sulphide species and alteration mineralsplus veining are recorded relationally (separately)so the logging is interactive and not biased tolithology.Drill hole logging is qualitative on visual recordingsof rock forming minerals and quantitative onestimates of mineral abundance.The entire length of each drill hole is geologicallylogged.
•Sub-samplingtechniquesand sample•preparation••••	•If core, whether cut or sawn and whetherquarter, half or all core taken.If non-core, whether riffled, tube•sampled, rotary split, etc and whethersampled wet or dry.For all sample types, the nature, qualityand appropriateness of the samplepreparation technique.Quality control procedures adopted forall sub-sampling stages to maximise•representivity of samples.Measures taken to ensure that thesampling is representative of the in situmaterial collected, including for instanceresults for field duplicate/second-half•sampling.Whether sample sizes are appropriate tothe grain size of the material beingsampled.	Duplicate samples are collected every 25th samplefrom the RC and Aircore chips as well as quartercore from the diamond holes.Dry RC 1m samples are riffle split to 3-4kg as drilledand dispatched to the laboratory. In Nevada theentire 5 foot sample is wet riffle split to avoid dustinhalation and the bulk sample residue is divertedto a sump as waste. Any wet samples are recordedin the database as such and allowed to dry beforesplitting and dispatching to the laboratory.All core, RC and Aircore chips are pulverized priorto splitting in the laboratory to ensurehomogenous samples with 85% passing 75um.200gm is extracted by spatula that is used for the50gm or 30 gm charge on standard fire assays.All samples submitted to the laboratory are sortedand reconciled against the submission documents.In addition to duplicates a high grade or low gradestandard is included every 25th sample, a controlledblank is inserted every 100th sample. Thelaboratory uses barren flushes to clean theirpulveriser and their own internal standards andduplicates to ensure industry best practice qualitycontrol is maintained.

Criteria	JORC Code explanation	Commentary
	•	The sample size is considered appropriate for thetype, style, thickness and consistency ofmineralization.
•Quality ofassay dataandlaboratorytests••	•The nature, quality and appropriatenessof the assaying and laboratoryprocedures used and whether thetechnique is considered partial or total.For geophysical tools, spectrometers,handheld XRF instruments, etc, theparameters used in determining theanalysis including instrument make andmodel, reading times, calibrationsfactors applied and their derivation, etc.Nature of quality control procedures•adopted (eg standards, blanks,duplicates, external laboratory checks)and whether acceptable levels ofaccuracy (ie lack of bias) and precision•have been established.	The fire assay method is designed to measure thetotal gold in the core, RC and Aircore samples. Thetechnique involves standard fire assays using a50gm or 30 gm sample charge with a lead flux(decomposed in the furnace). The prill is totallydigested by HCl and HNO3acids beforemeasurement of the gold determination by AAS,while the Edna May samples employed ICP finishesto give a lower limit of detection. Aqua regiadigest is considered adequate for surface soilsampling.No field analyses of gold grades are completed.Quantitative analysis of the gold content and traceelements is undertaken in a controlled laboratoryenvironment.Industry best practice is employed with theinclusion of duplicates and standards as discussedabove and used by Ramelius as well as thelaboratory. All Ramelius standards and blanks areinterrogated to ensure they lie within acceptabletolerances. Additionally, sample size, grind sizeand field duplicates are examined to ensure no biasto gold grades exists.
•Verificationof samplingand assaying•••	•The verification of significantintersections by either independent oralternative company personnel.The use of twinned holes.Documentation of primary data, data•entry procedures, data verification, datastorage (physical and electronic)protocols.Discuss any adjustment to assay data.••	Alternative Ramelius personnel have inspected thediamond core, RC and Aircore chips in the field toverify the correlation of mineralised zonesbetween assay results and lithology, alteration andmineralization.All holes are digitally logged in the field and allprimary data is forwarded to Ramelius' DatabaseAdministrator (DBA) in Perth where it is importedinto Datashed, a commercially available andindustry accepted database software package.Assay data is electronically merged when receivedfrom the laboratory. The responsible projectgeologist reviews the data in the database toensure that it is correct and has merged properlyand that all the drill data collected in the field hasbeen captured and entered into the databasecorrectly.The responsible geologist makes the DBA aware ofany errors and/or omissions to the database andthe corrections (if required) are corrected in thedatabase immediately.No adjustments or calibrations are made to any ofthe 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 used tolocate drill holes (collar and down-holesurveys), trenches, mine workings andother locations used in Mineral Resourceestimation.•Specification of the grid system used.Quality and adequacy of topographic•control.	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 and Edna May holes are picked upin 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 of ExplorationResults.Whether the data spacing anddistribution is sufficient to establish thedegree of geological and gradecontinuity appropriate for the Mineral•Resource and Ore Reserve estimationprocedure(s) and classifications applied.Whether sample compositing has been•applied.	Most RC drilling at Magnet was infilling theEridanus prospect, nominally on 12x25m sectionsplus looking for extensions to the knownmineralised systems. Good continuity has beenachieved from the infill RC drilling at Eridanus(Mount Magnet) and Edna May.Given the limited understanding of the targethorizon infill drilling is necessary to help define thecontinuity of mineralisation.No sampling compositing has been applied withinkey mineralised intervals.
Orientation•of data inrelation togeologicalstructure•	•Whether the orientation of samplingachieves unbiased sampling of possiblestructures and the extent to which this isknown, considering the deposit type.If the relationship between the drillingorientation and the orientation of keymineralised structures is considered tohave introduced a sampling bias, thisshould be assessed and reported ifmaterial.	The core drilling and RC drilling is completedorthogonal to the interpreted strike of the targethorizon(s). Aircore drilling is completed onsystematic MGA E-W or N-S traverses with holesnominally 50m apart.
•Samplesecurity	•The measures taken to ensure samplesecurity.	Sample security is integral to Ramelius' samplingprocedures. All bagged samples are delivereddirectly from the field to the assay laboratory inPerth or Reno (Nevada), whereupon the laboratorychecks the physically received samples againstRamelius' sample submission/dispatch notes.
Audits or•reviews	•The results of any audits or reviews ofsampling techniques and data.	Sampling techniques and procedures are reviewedprior to the commencement of new workprogrammes to ensure adequate procedures are inplace to maximize the sample collection andsample quality on new projects. No external auditshave been completed to date.

Criteria	JORC Code explanation	Commentary
Mineral•tenement andland tenurestatus•	•Type, reference name/number, locationand ownership including agreements ormaterial issues with third parties such asjoint ventures, partnerships, overridingroyalties, native title interests, historicalsites, wilderness or national park andenvironmental settings.The security of the tenure held at thetime of reporting along with any knownimpediments to obtaining a licence tooperate in the area.••	The results reported in this report are located ongranted Mining Leases (ML) at Mount Magnet orEdna May in Western Australia (owned 100% byRamelius Resources Limited, or in the case of EdnaMay, an executed Option to Purchase Agreementbetween Ramelius' subsidiary Edna MayOperations Pty Ltd and a local prospector). NullaSouth and Gibb Rock are farm-in agreements withCGM (WA) Pty Ltd whereby Ramelius has the rightto earn 75% by sole funding exploration through toa decision to mine.The Mt Magnet tenements are located onpastoral/grazing leases. Symes' Option is locatedover private farm land where the veto on the top30m has been removed via executedcompensation agreement(s) with the variouslandowners. Heritage surveys are completed priorto any ground disturbing activities in accordancewith Ramelius' responsibilities under the AboriginalHeritage Act in Australia and the BLMrequirements in the USA.Currently all the tenements are in good standing.There are no known impediments to obtaining alicences to operate in either area.
Exploration•done by otherparties	•Acknowledgment and appraisal ofexploration by other parties.	Exploration and mining by other parties has beenreviewed and is used as a guide to Ramelius'exploration activities. Previous parties havecompleted shallow RAB, Aircore drilling and RCdrilling and shallow open pit and undergroundmining at Hill 60 plus shallow open pit mining atEdna May, plus geophysical data collection andinterpretation. This report concerns onlyexploration results generated by Ramelius duringthe December Quarter 2018 that were notpreviously reported to the ASX.
•Geology	•Deposit type, geological setting and styleof mineralisation.	The targeted mineralisation at Mount Magnet andEdna May is typical of orogenic structurallycontrolled Archaean gold lode systems. In allinstances the mineralisation is controlled byanastomosing shear zones/fault zones passingthrough competent rock units, brittle fracture andstockwork mineralization is common on thecompetent limestones, BIF/sediments or porphyryrock. The historically mined lodes at MountMagnet are known to extend to at least 1km belowsurface and Edna May to at least 500mbs.Mineralisation at Eridanus is porphyry hosted whileHill 60 is BIF hosted. Target mineralisation in

Section 2 Reporting of Exploration Results

Criteria	JORC Code explanation	Commentary
		Nevada is Tertiary related low sulphidation
		epithermal vein systems
•Drill holeInformationooooo•	•A summary of all information material tothe understanding of the explorationresults including a tabulation of thefollowing information for all Materialdrill holes:easting and northing of the drill hole•collarelevation or RL (Reduced Level –elevation above sea level in metres) ofthe drill hole collar•dip and azimuth of the hole•down hole length and interception depthhole length.If the exclusion of this information isjustified on the basis that the informationis not Material and this exclusion doesnot detract from the understanding of•the report, the Competent Person shouldclearly explain why this is the case.•••	All the drill holes reported in this report have thefollowing 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 forMount Magnet and Edna May. NAD27(USA) is usedin Nevada.RL is AHDDip is the inclination of the hole from thehorizontal. Azimuth is reported in magneticdegrees as the direction the hole is drilled. MGA94and magnetic degrees vary by <10in the projectarea. All reported azimuths are corrected formagnetic declinations.Down hole length is the distance measured alongthe drill hole trace. Intersection length is thethickness of an anomalous gold intersectionmeasured along the drill hole trace.Hole length is the distance from the surface to theend of the hole measured along the drill hole trace.No results currently available from the explorationdrilling are excluded from this report. Gold gradeintersections >0.4 g/t Au within 4m Aircorecomposites or >0.5 g/t Au within single metre RCsamples (with up to 4m of internal dilution) areconsidered significant in the broader mineralisedhost rocks. Diamond core samples are generallycut along geological contacts or up to 1mmaximum.Gold grades greater than 0.5 g/t Au are highlightedwhere good continuity of higher grademineralization is observed. 0.1 g/t Au cut-offs areused for reconnaissance exploration programmes.
Data•	•In reporting Exploration Results,	The first gold assay result received from each
aggregationmethods•	weighting averaging techniques,maximum and/or minimum gradetruncations (eg cutting of high grades)and cut-off grades are usually Materialand should be stated.•Where aggregate intercepts incorporateshort lengths of high grade results andlonger lengths of low grade results, theprocedure used for such aggregationshould be stated and some typical•examples of such aggregations should beshown in detail.	sample reported by the laboratory is tabled in thelist of significant assays. Subsequent repeatanalyses when performed by the laboratory arechecked against the original to ensure repeatabilityof the assay results.Weighted average techniques are applied todetermine the grade of the anomalous intervalwhen geological intervals less than 1m have beensampled.Exploration drilling results are generally reportedusing a 0.5 g/t Au lower cut-off for RC and diamondor 0.1 g/t Au for Aircore drilling (as described

Criteria	JORC Code explanation	Commentary
•	The assumptions used for any reportingof metal equivalent values should be•clearly stated.•	above and reported in the Attachments) and mayinclude up to 4m of internal dilution.All assay results are reported to 3 significantfigures in line with the analytical precision of thelaboratory techniques employed.No metal equivalent reporting is used or applied.
Relationship•betweenmineralisationwidths and•interceptlengths•	•These relationships are particularlyimportant in the reporting of ExplorationResults.If the geometry of the mineralisationwith respect to the drill hole angle is•known, its nature should be reported.If it is not known and only the down holelengths are reported, there should be aclear statement to this effect (eg 'down	The intersection length is measured down thelength of the hole and is not usually the true width.When sufficient knowledge on the thickness of theintersection is known an estimate of the truethickness is provided in the Attachments.The known geometry of the mineralisation withrespect to the drill holes reported in this report isnow well constrained.
•Diagrams	hole length, true width not known').•Appropriate maps and sections (withscales) and tabulations of interceptsshould be included for any significantdiscovery being reported These shouldinclude, but not be limited to a plan viewof drill hole collar locations andappropriate sectional views.	Detailed drill hole plans and sectional views ofEridanus, Stellar and Hill 60 have been provided inrecent releases. Given the interpreted shallow dipsof the multiple mineralisation lodes at Eridanus thecross-sectional view is considered the best 2-Drepresentation of the known spatial extent of themineralization intersected to date.
•Balancedreporting	•Where comprehensive reporting of allExploration Results is not practicable,representative reporting of both low andhigh grades and/or widths should bepracticed to avoid misleading reportingof Exploration Results.	All drill holes completed to date are reported inthis report and all material intersections asdefined) are reported.
Other•substantiveexplorationdata	•Other exploration data, if meaningfuland material, should be reportedincluding (but not limited to): geologicalobservations; geophysical survey results;geochemical survey results; bulk samples– size and method of treatment;metallurgical test results; bulk density,groundwater, geotechnical and rockcharacteristics; potential deleterious orcontaminating substances.	No other exploration data that has been collectedis considered meaningful and material to thisreport.
Further work ••	•The nature and scale of planned furtherwork (eg tests for lateral extensions ordepth extensions or large-scale step-outdrilling).Diagrams clearly highlighting the areasof possible extensions, including the maingeological interpretations and futuredrilling areas, provided this informationis not commercially sensitive.	Future exploration includes step out diamonddrilling below Eridanus to define the full extent ofthe mineralisation discovered to date and step outdrilling over the Symes' Option at Edna May onceland access agreements are secured.

Section 3 Estimation and Reporting of Mineral Resources

Criteria		Commentary
Databaseintegrity	Measures taken to ensure that datahas not been corrupted by, forexample, transcription or keyingerrors, between its initial collectionand its use for Mineral Resourceestimation purposes.Data validation procedures used.	The drillhole database is administered by thesite geology team and validated as new drilling iscompleted.Data is corrected where possible, andambiguous data is flagged accordingly in thedatabase.
Site visits	Comment on any site visits undertakenby the Competent Person and theoutcome of those visits.If no site visits have been undertakenindicate why this is the case.	The Competent Person has visited the sitemultiple times and confirmed observationsavailable in drill core and pit
Geologicalinterpretation	Confidence in (or conversely, theuncertainty of) the geologicalinterpretation of the mineral deposit.Nature of the data used and of anyassumptions made.The effect, if any, of alternativeinterpretations on Mineral Resourceestimation.The use of geology in guiding andcontrolling Mineral Resourceestimation.The factors affecting continuity both ofgrade and geology.	Confidence in the geological interpretations forStellar and Hill 60 are high and have beenimproved by current mining (Stellar) andDiamond core holes (Hill 60).The deposits have characteristics similar tomany other Mt Magnet deposits and modelsfollow a similar methodology.Data used includes close spaced drilling &logging, pit exposure and mapping, core loggingand historic mining records (Hill 60).Risks recognised include the continuity of thelode at Hill 60 which could consist of overlappinglenses over some areas and the very high-gradevein grades at Stellar. These have beenconstrained with small sub-domains andconservative topcutsGeology is a key component of theinterpretation and domaining of mineralisedzones. Hill 60 is all within a BIF unit for instance.Continuity is affected by geological extents andmineralisation as currently defined by drilling.
Dimensions	The extent and variability of theMineral Resource expressed as length(along strike or otherwise), plan width,and depth below surface to the upperand lower limits of the MineralResource	The main Stellar mineralised zone is currently80m in strike, 4-20m wide and has downdipextent of 50-65m.The Hill 60 lode is currently 100-200m in strike,1-10m wide and has a downdip extent of 200m.

Estimation andmodellingtechniques	The nature and appropriateness of theestimation technique(s) applied andkey assumptions, including treatmentof extreme grade values, domaining,interpolation parameters andmaximum distance of extrapolationfrom data points. If a computerassisted estimation method waschosen include a description ofcomputer software and parametersused.The availability of check estimates,previous estimates and/or mineproduction records and whether theMineral Resource estimate takesappropriate account of such data.The assumptions made regardingrecovery of by-products.Estimation of deleterious elements orother non-grade variables of economicsignificance (e.g. sulphur for acid minedrainage characterisation).In the case of block modelinterpolation, the block size in relationto the average sample spacing and thesearch employed.Any assumptions behind modelling ofselective mining units.Any assumptions about correlationbetween variables.Description of how the geologicalinterpretation was used to control theresource estimates.Discussion of basis for using or notusing grade cutting or capping.The process of validation, the checkingprocess used, the comparison of modeldata to drill hole data, and use ofreconciliation data if available.Whether the tonnages are estimated	Deposits were estimated using geologicalsoftware using ID or ID2 methods insideconstrained mineralisation domains. Theestimation method is appropriate for thedeposit type.Previous models existed for all deposits andwere comparedOnly gold is estimatedNo deleterious elements presentParent cell of 5mN x 5mE x 5mRL (Stellar) or10mN x 5mE x 5mRL (Hill 60). Sub-celling to 20or 25% used at topographic and mineralisationboundaries. Parent cell estimation only. Parentblocks reflect likely SMU size.Domains were statistically analysed and assignedappropriate search directions, top-cuts andestimation parameters.Grades assumed to correlate along mineralisedtrends/wireframes and estimated usinganisotropic searches matching correlationdirectionsSamples were composited within ore domains to1m lengthsTop cuts were applied to domains after reviewof grade population characteristics.Stellar topcuts – 300g/t & 200g/t = very highgrade veins, 50g/t east lode, 20g/t west lode. Hill60 topcut - 28g/tValidation included visual comparison againstdrillhole grades and composite grade versusmodel grade stats.
Moisture	on a dry basis or with natural moisture,and the method of determination of themoisture content	Tonnages are estimated on a dry basis
Cut-off	The basis of the adopted cut-off	The cut-offs used are appropriate. For open pit
parameters	grade(s) or quality parameters applied	above 0.6 g/t and for UG above 2.0 g/t.
Mining factorsor assumptions	Assumptions made regarding possiblemining methods, minimum miningdimensions and internal (or, ifapplicable, external) mining dilution. Itis always necessary as part of theprocess of determining reasonableprospects for eventual economic	Stellar resources are reported on theassumption of mining by conventional open pitgrade control and mining methods to around150m depth. Hill 60 resources assumed to bemined by UG development and stoping. Parentblock size is regarded as a SMU equivalent.

	extraction to consider potential miningmethods, but the assumptions maderegarding mining methods andparameters when estimating MineralResources may not always be rigorous.Where this is the case, this should bereported with an explanation of thebasis of the mining assumptions made.
Metallurgical	The basis for assumptions or	Metallurgical performance is well established
factors or	predictions regarding metallurgical	through current milling operations. Mt Magnet
assumptions	amenability. It is always necessary as	ore has overall recovery of 92-94%.
	part of the process of determining
	reasonable prospects for eventual
	economic extraction to considerpotential metallurgical methods, but
	the assumptions regarding
	metallurgical treatment processes and
	parameters made when reporting
	Mineral Resources may not always be
	rigorous. Where this is the case, this
	should be reported with an
	explanation of the basis of themetallurgical assumptions made.
Environmental	Assumptions made regarding possible	No significant environmental issues are known
factors or	waste and process residue disposal	to impact the operation, or the continued
assumptions	options. It is always necessary as part	viability.
	of the process of determining	Assumed mining can take place under existing or
	reasonable prospects for eventual	new Mining Proposals.
	economic extraction to consider the
	potential environmental impacts of themining and processing operation.
	While at this stage the determination
	of potential environmental impacts,
	particularly for a greenfields project,
	may not always be well advanced, the
	status of early consideration of these
	potential environmental impacts
	should be reported. Where theseaspects have not been considered this
	should be reported with an
	explanation of the environmental
	assumptions made.
Bulk density	Whether assumed or determined. If	Density is well established for Mt Magnet
	assumed, the basis for the	rocktypes and assigned from previous testwork
	assumptions. If determined, the	for the field.
	method used, whether wet or dry, thefrequency of the measurements, the	Densities are applied to the resource estimatebased on assigning a value for the bulk density
	nature, size and representativeness of	to each specific geology, rock type and oxidation
	the samples.	state.
	The bulk density for bulk material must
	have been measured by methods that
	adequately account for void spaces

Classification	(vugs, porosity, etc.), moisture anddifferences between rock andalteration zones within the deposit.Discuss assumptions for bulk densityestimates used in the evaluationprocess of the different materials.The basis for the classification of theMineral Resources into varyingconfidence categories.Whether appropriate account hasbeen taken of all relevant factors (ierelative confidence in tonnage/gradeestimations, reliability of input data,confidence in continuity of geologyand metal values, quality, quantity anddistribution of the data).Whether the result appropriatelyreflects the Competent Person's viewof the deposit.	The resources have been classified as Indicatedor Inferred categories based on geological andgrade continuity, drill hole spacing, estimationvariance and likely economic viability.The resource classification accounts for allrelevant factors.The classification reflects the CompetentPerson's view.
Audits orreviews	The results of any audits or reviews ofMineral Resource estimates.	No external audits conducted
Discussion ofrelativeaccuracy/confidence	Where appropriate a statement of therelative accuracy and confidence levelin the Mineral Resource estimate usingan approach or procedure deemedappropriate by the Competent Person.For example, the application ofstatistical or geostatistical proceduresto quantify the relative accuracy of theresource within stated confidencelimits, or, if such an approach is notdeemed appropriate, a qualitativediscussion of the factors that couldaffect the relative accuracy andconfidence of the estimate.The statement should specify whetherit relates to global or local estimates,and, if local, state the relevanttonnages, which should be relevant totechnical and economic evaluation.Documentation should includeassumptions made and the proceduresused.These statements of relative accuracyand confidence of the estimate shouldbe compared with production data,where available.	Confidence in the relative accuracy of theestimates is reflected by the classificationsassigned. The estimate is a global estimate.Production data is available for both deposits.