RAMELIUS RESOURCES LIMITED — Interim / Quarterly Report 2020

Jul 26, 2020

27 July 2020

ISSUED CAPITAL Ordinary Shares: 806M

DIRECTORS

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

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

27 July 2020

June 2020 Quarterly Activities Report

HIGHLIGHTS

• Record group gold production of 86,517 ounces at an AISC of A$1,041/oz (Original Guidance 65,000 – 70,000 ounces at an AISC of A$1,000 – A$1,100/oz):
  • o Mt Magnet (incl. Vivien) 61,161 ounces at an AISC of A$867/oz
  • o Edna May (incl. Marda) 25,356 ounces at an AISC of A$1,488/oz
• Record full year production for FY2020 of 230,426 ounces at an AISC of A$1,164/oz
• Cash & gold of A$185.5M (Mar 2020 Qtr: A$125.4M) after A$14.4M capital expenditure and A$10.4M on the Spectrum Metals Limited ("Spectrum") takeover
• Net cash & gold increased A$68.2M across the Quarter
• Takeover of Spectrum completed on 23 June 2020
• Publication of 1.45Moz Mine Plan, primarily across six years to FY2026

PRODUCTION GUIDANCE – FY2021

• Group gold production for FY2021 is expected to be a new record of between 260,000 – 280,000 ounces at an AISC of A$1,230 – A$1,330/oz. Production is expected to be sourced as follows**:**
  • o Mt Magnet (incl. Vivien) 155,000 ounces
  • o Edna May (incl. Marda) 115,000 ounces

PRODUCTION GUIDANCE – SEPTEMBER 2020 QUARTER

• Group gold production for the September 2020 Quarter is expected to be between 65,000 – 70,000 ounces at an AISC of A$1,250 – A$1,350/oz:
  • o Mt Magnet (incl. Vivien) 43,000 ounces
  • o Edna May (incl. Marda) 24,500 ounces
• Capital & project development expenditure of approximately A$25.9M, including:
  • o Eridanus & Brown Hill open pits (Mt Magnet) A$14.9M
  • o Marda open pit roadworks A$1.3M
  • o Tampia open pit pre-development A$2.9M
  • o Exploration (all projects) A$6.8M

CORPORATE

• Quarterly gold sales of 89,345 ounces for total revenue of A$198.6M from an average gold price of A$2,223/oz
• Cash & gold on hand of A$185.5M (Mar 2020 Qtr: A$125.4M). This is after repayment of $8.1M in debt and further investment into the development of Ramelius' portfolio, including A$6.9M on exploration, A$7.5M in project development costs, and $10.4M on the acquisition of Spectrum.
• Cash & gold on hand, net of debt, was A$161.1M (Mar 2020 Qtr: A$92.9M), representing an increase of A$68.2M.
• As at the end of June 2020, forward gold sales consisted of 247,350 ounces of gold at an average price of A$2,135/oz, covering the period to December 2022.

JUNE 2020 QUARTER PRODUCTION & FINANCIAL SUMMARY

Table 1: June 2020 Quarter production & financial summary

Operations	Unit	Mt Magnet 1	Edna May 1	Group
OP ore mined (high grade only)	t	589,074	446,207	1,035,281
OP grade mined	g/t	1.44	1.53	1.48
OP contained gold (high grade only)	Oz	27,223	22,008	49,231
UG ore mined (high grade only)	t	165,742	51,792	217,534
UG grade mined	g/t	7.63	4.96	6.99
UG contained gold (high grade only)	Oz	40,648	8,256	48,904
Total ore mined	t	754,816	497,999	1,252,815
Total tonnes processed	t	496,702	722,506	1,219,208
Grade	g/t	3.90	1.24	2.33
Contained gold	Oz	62,257	28,885	91,142
Recovery	%	97.2%	91.6%	95.4%
Gold produced	Oz	60,490	26,464	86,954
Gold poured	Oz	61,161	25,356	86,517
Gold sales	Oz	64,308	25,037	89,345
Achieved gold price	A$/Oz	$2,223	$2,223	$2,223
Cost summaryMining - operating	$M	28.0	14.9	42.9
Processing	$M	8.3	11.9	20.2
Administration	$M	6.2	3.5	9.7
Stockpile movements	$M	(10.3)	(7.2)	(17.5)
C1 cash cost	$M	32.2	23.1	55.3
C1 cash cost	A$/prod oz	$532	$873	$636
Mining costs - development	$M	8.6	9.0	17.6
Royalties	$M	5.8	2.5	8.3
Movement in finished goods	$M	5.6	(1.1)	4.5
Sustaining capital	$M	1.3	2.8	4.1
Other	$M	0.2	0.1	0.3
Corporate overheads	$M	2.1	0.9	3.0
AISC cost	$M	55.8	37.3	93.1
AISC per ounce	A$/sold oz	$867	$1,488	$1,041

1 The Mt Magnet operation reported above includes Vivien whilst the Edna May operation includes Marda.

JUNE 2020 YTD PRODUCTION & FINANCIAL SUMMARY

Table 2: June 2020 YTD production & financial summary

Operations	Unit	Mt Magnet 1	Edna May 1	Group
OP ore mined (high grade only)	t	2,939,515	566,070	3,505,585
OP grade mined	g/t	1.30	1.60	1.35
OP contained gold (high grade only)	Oz	122,844	29,036	151,880
UG ore mined (high grade only)	t	501,780	139,206	640,986
UG grade mined	g/t	5.84	4.86	5.63
UG contained gold (high grade only)	Oz	94,270	21,758	116,028
Total ore mined	t	3,441,295	705,276	4,146,571
Total tonnes processed	t	1,973,350	2,261,722	4,235,072
Grade	g/t	2.74	0.99	1.80
Contained gold	Oz	173,622	71,697	245,319
Recovery	%	96.5%	91.2%	94.9%
Gold produced	Oz	167,507	65,360	232,867
Gold poured	Oz	167,129	63,297	230,426
Gold sales	Oz	163,696	64,514	228,210
Achieved gold price	A$/Oz	$2,014	$2,014	$2,014
Cost summary
Mining - operating	$M	90.7	30.7	121.4
Processing	$M	37.0	40.1	77.1
Administration	$M	21.6	10.3	31.9
Stockpile movements	$M	(29.5)	(11.1)	(40.6)
C1 cash cost	$M	119.8	70.0	189.8
C1 cash cost	A$/prod oz	$715	$1,071	$815
Mining costs - development	$M	25.1	13.1	38.2
Royalties	$M	15.7	6.3	22.0
Movement in finished goods	$M	(2.9)	(2.4)	(5.3)
Sustaining capital	$M	6.0	4.7	10.7
Other	$M	0.6	-	0.6
Corporate overheads	$M	7.0	2.7	9.7
AISC cost	$M	171.3	94.4	265.7
AISC per ounce	A$/sold oz	$1,047	$1,464	$1,164

1 The Mt Magnet operation reported above includes Vivien whilst the Edna May operation includes Marda.

PRODUCTION TARGETS

FY2020

Actual gold production for FY2020 was a record 230,426 ounces at an AISC of A$1,164/oz with the Quarterly breakdown by major ore source shown below in Figure 1. This is the 6 th consecutive year that the Company's AISC has been below A$1,200/oz.

Figure 1: FY2020 Group Production Profile

The capital expenditure by Quarter is shown below in Table 3.

						Table 3: FY2020 Group Capital Expenditure
--	--	--	--	--	--	-------------------------------------------

Project (A$M)	Sept 19 Qtr(Actual)	Dec 19 Qtr(Actual)	Mar 20 Qtr(Actual)	Jun 20 Qtr(Actual)	FY2020(Actual)
Mt Magnet open pit development	7.4	5.2	3.6	0.9	17.1
Mt Magnet underground development	7.1	7.7	-	-	14.8
Edna May underground	3.8	2.6	-	-	6.4
Greenfinch (Edna May)	-	-	1.9	3.4	5.3
Marda open pit	0.8	8.6	10.5	2.7	22.6
Tampia open pit	-	-	-	0.5	0.5
Sub Total – Development Capital	19.1	24.1	16.0	7.5	66.7
Exploration (all projects)	7.6	5.4	5.5	6.9	25.4
TOTAL	26.7	29.5	21.5	14.4	92.1

FY2021

Production Guidance for FY2021 is a new record of 260,000 – 280,000 ounces at an AISC of A$1,230 – A$1,330/oz with the Quarterly breakdown by major ore source shown below in Figure 2.

Figure 2: FY2021 Group Production Profile

The matching capital requirements, by Quarter, are shown below in Table 4.

	Table 4: FY2021 Group Capital Expenditure
--	-------------------------------------------	--

Project (A$M)	Sept 20 Qtr(Forecast)	Dec 20 Qtr(Forecast)	Mar 21 Qtr(Forecast)	Jun 21 Qtr(Forecast)	FY2021(Forecast)
Mt Magnet pit development (Eridanus & Brown Hill)	14.9	15.4	0.6	0.5	31.4
Marda open pit	1.3	0.7	-	-	2.0
Tampia open pit (project development)	2.9	16.3	7.8	0.3	27.3
Sub Total – Development Capital	19.1	32.4	8.4	0.8	60.7
Exploration (all projects)	6.8	6.8	6.7	6.3	26.6
TOTAL	25.9	39.2	15.1	7.1	87.3

OPERATIONS

Mt Magnet (WA)

Open Pits

Eridanus was the primary ore source during the June 2020 Quarter and the Stellar pit cutback was advanced to reach the upper levels of the high-grade ore zone (refer Figure 3). Open pit claimed high-grade ore mined was 589,074 tonnes at a grade of 1.44g/t (18% increase in grade on the prior Quarter). Contained gold mined from the open pit operations at Mt Magnet was 27,223 ounces. Late in the Quarter the Eridanus Stage 2 pit cutback commenced (refer Figure 4).

Figure 3: Mt Magnet key mining & exploration areas

Figure 4: Eridanus pit looking North – showing cutback commencement

Underground

The Hill 60 underground continued to progress and 750m of development was completed during the Quarter. Production from stoping commenced and a total of 21,516 tonnes were mined at 2.75g/t for 1,903 ounces of gold.

The Shannon underground operation progressed into stoping during the Quarter with 989m of development completed. Production grades exceeded expectations and resulted in a delivery of 65,355 tonnes at a mined grade of 13.18g/t for 27,694 ounces of gold. Strong positive grade performance has been seen at Shannon with significant visible, nuggety gold occurring within the quartz lode and contributing to mined grades exceeding Ore Reserve grades.

Vivien Mine

Production tonnages and grade were up on the prior Quarter by 46% and 19% respectively resulting in a 74% increase in gold mined. Ore haulage continued throughout the Quarter and Vivien attributed mill production was 50,521 tonnes at 5.39g/t for 8,563 recovered ounces.

Processing

Total milled tonnes (Mt Magnet and Vivien) were up 8% on the prior Quarter as a result of planned mill shutdowns in that Quarter. Complimenting this has been a 42% increase in the milled grade which resulted in an overall increase of 57% in the gold poured for the Quarter. A total of 496,702 tonnes were milled at a grade of 3.90g/t for 60,490 recovered ounces of gold at an excellent recovery of 97.2%. AISC for the Quarter for Mt Magnet and Vivien was A$867/oz.

Guidance for the September 2020 Quarter from the Mount Magnet Production Centre, including high grade ore from Vivien, is approximately 43,000 ounces.

Edna May (WA)

Underground

The Quarter saw good underground production and a continued increase in stope ore production. Claimed underground production was 51,792 tonnes at 4.96 g/t for 8,256 ounces of contained gold. This represents a 27% increase in tonnages and 7% increase in contained gold when compared to the prior Quarter.

Open Pit

Mining operations at Greenfinch (refer Figure 5) commenced during the Quarter. Initial waste mining commenced early in the Quarter with ore zones starting to be mined later in the Quarter. A total of 117,454 tonnes of ore was mined at a grade of 0.89g/t for 3,380 ounces of contained gold.

Figure 5: Aerial view of Greenfinch open pit

Marda Operations

Mining continued strongly at Marda (130km north of Southern Cross) during the Quarter with a significant increase in tonnes mined. A total of 328,753 tonnes of ore were mined at 1.76g/t for 18,629 ounces of contained gold.

All four Marda central pits - Dolly Pot, Dugite, Python and Goldstream were active. Site preparation and grade control drilling commenced at the outlying King Brown and Golden Orb pits. Ore haulage to the Edna May mine continued, with conversion from double to triple (~100t capacity) road-trains occurring during the Quarter. As at the end of June 2020, a significant 276,000 tonne ore stockpile has been built at Marda, representing approximately 5 months of ore haulage capacity.

Processing

Mill production jumped significantly during the Quarter with the return to continuous milling and the addition of Marda ore to the blend.

Total material milled during the Quarter was 722,506 tonnes at 1.24g/t for 26,464 recovered ounces at a recovery of 91.6%. Gold poured was 25,356 ounces which was 97% up on the prior Quarter. With the introduction of Greenfinch and Marda ore, less reliance is being placed on the low grade stockpiles for mill feed. Low grade stockpiles made up 58% of the material milled for the Quarter.

AISC for the Quarter was A$1,488/oz. Production Guidance for the September 2020 Quarter from the Edna May Production Centre, including high grade ore from Marda, is approximately 24,500 ounces.

PROJECT DEVELOPMENT

Penny gold project (Murchison region, WA)

During the Quarter Ramelius generated an updated Mineral Resource and maiden Ore Reserve for the project and using these completed a maiden Pre-Feasibility Study ("PFS"). See RMS ASX release, "Ramelius extends Life of Mine by 34%", 30/06/2020 for full details. Total Mineral Resources are now 620kt at 15.0g/t for 300,000oz and total Ore Reserves are 500kt at 14.0g/t for 230,000oz.

The PFS proposes a partial cutback of the existing Penny West pit to provide a suitable location for the development of the Penny North underground main decline portal and ventilation and egress adits. A small open pit is also mined on the Magenta lode. Underground mining will commence in mid FY2022 and the mining method consists of a conventional mechanised decline and 20m sub level development. The stoping method is conventional longhole drilling and blasting of up-hole bench stopes with a combination of in-situ pillars and cement rock fill stope support. Ore will be hauled along existing access and government roads to the Mt Magnet plant for processing.

Figure 6: Penny Project partial cutback and underground mine design, looking East

The PFS forecasts an upfront capital cost of A$23.5M and 3.8 year mine life. AISC is a very attractive $703/oz with 230koz of gold recovered.

Significant further metallurgical testwork was completed in the Quarter and while Penny ore is slightly more grind sensitive than current Mt Magnet ore types the ore is essentially free milling and recoveries around 96% can be expected. This work will be incorporated into the Feasibility Study, noting that the PFS used a lower 92% recovery factor.

Development work is ongoing with environmental and heritage surveys underway, stakeholder consultation and miscellaneous lease applications.

Eridanus open pit & underground (Mt Magnet, WA)

Mining Approvals were received for the Stage 2 cutback of the Eridanus pit which commenced late in the Quarter. This cutback will significantly deepen the pit to 230m and essentially doubles the forecast gold produced over the life of the pit.

Remodelling of the Eridanus underground resource, accounting for additional deeper diamond drilling and quartz veinsets mapped in the open pit, was commenced during the Quarter and is expected to be completed along with the Scoping Study on underground mining options in the September 2020 Quarter.

Figure 7: Plan view of Eridanus Stage 1 pit showing multiple quartz vein structures (RHS) and a photo in the wall of the pit (LHS)

Shannon & Hill 60 (Mt Magnet, WA) and Edna May (Westonia, WA)

Underground infill and resource definition diamond drilling was undertaken at the Mt Magnet and Edna May underground mines during the Quarter. Drilling is expected to improve resource confidence for each deposit for ongoing mine development and potentially add extra resources for mine extensions.

EXPLORATION SUMMARY

Ramelius' exploration activities were focused within the Company's mining operations at Mt Magnet and Edna May during the Quarter. RC drilling and diamond core assay data not previously reported can be found in Attachments 1 – 3 at the back of this report.

Mt Magnet Gold Project (WA)

An aggregate of 12,588m of exploratory plus resource definition RC drilling (GXRC2091 – 2180 and 0816 - 0820) was completed along the Eridanus – Franks Tower Trend encompassing the new Orion and Valhalla prospects during the Quarter. See Figure 3 for the location of the historical Valhalla, Jinx and Franks Tower pits relative to the Eridanus mine.

Orion (Franks Tower Trend) and Valhalla Prospects

Selected infill (resource-definition) RC drilling was completed over Orion (GXRC0800 series) to better define the continuity of supergene oxide mineralisation in addition to the exploratory step out and depth extensional drilling along the trend of the Eridanus Granodiorite (GXRC2000 series holes). The highly prospective granodiorite unit is now traceable over 2km strike between Eridanus and the old Valhalla pit.

Better drill results from the Orion drilling include:

• ➢ 14m at 1.13 g/t Au from 89m in GXRC2168, and
• ➢ 26m at 5.50 g/t Au from 148m in GXRC2171, including 5m at 22.71 g/t Au

True widths remain undetermined at this stage.

Low order anomalous intersections closer to the Valhalla pit include:

• ➢ 13m at 0.70 g/t Au from 71m in GXRC2152, and
• ➢ 7m at 1.22 g/t Au from 135m in GXRC2155

Further infill drilling along this highly prospective trend is underway.

Eridanus Deeps Prospect

The last of the deeper diamond drilling results below the planned Stage 2 open pit at Eridanus were returned during the Quarter. See RMS ASX Release dated 10 June 2020: "Excellent Exploration Results from West Australian Gold Projects" for details (refer Figure 8).

Significant composited geological intervals include:

• ➢ 203m at 2.18 g/t Au from 297m in GXDD0103, including 22m at 13.07 g/t Au
• ➢ 114m at 1.11 g/t Au from 288m in GXDD0096A, and
• ➢ 103m at 1.19 g/t Au from 319m in GXDD0097

Gold mineralisation at Eridanus is associated with an east-west trending, subvertical dipping granodiorite, intruded into a series of felsic porphyry stocks, in turn intruded into the basal ultramafic package of the Mount Magnet Gold Camp. Silica-sericite-carbonate (ankerite) alteration is prevalent throughout the granodiorite and sulphide (pyrite) reports up to 1% within the mineralised zones. Given the overall stockwork nature of the gold mineralisation true widths are variable, but the average true width of the mineralised granodiorite is 60m.

Figure 8: North-south cross section 576,750mE with a 10m search (looking west) through the Eridanus deposit, highlighting the final deeper geotechnical diamond hole GXDD0103 and the positive impact it will have on the current block model interpretation

Boomer Deeps Prospect

At Boomer, RC drill hole GXRC2014 intersected 7m at 77.0 g/t Au from 65, including 2m at 250 g/t Au. Best results from the follow-up drilling were 2m at 7.25 g/t Au from 71m in GXRC2139 and 10m at 1.50 g/t Au from 120m in GXRC2142. See RMS ASX Release dated 10 June 2020: "Excellent Exploration Results from West Australian Gold Projects" for details.

A 3400 trend (parallel to the western pit wall) is inferred from these drill results. True widths are estimated at 65-70% of the reported downhole intersections. Further infill drill testing is planned.

Hesperus South Prospect

A small program of RC drilling was completed at Hesperus South. The program was designed to target the depth extensions to the mineralised porphyries that extend throughout the Sirdar Formation (Galaxy banded iron, mafic and ultramafic dominated package). See Figure 3 for the Hesperus pit location. Encouraging mineralised porphyry results were returned, including:

• ➢ 24m at 1.13 g/t Au from 90m in GXRC2162 and
• ➢ 12m at 1.26 g/t Au from 114m in GXRC2163

True widths remain undetermined at this stage and further interrogation is required to ascertain the significance of these results as a potential vector to deeper mineralised systems.

Penny Gold Project (WA)

Ramelius fast tracked the completion of 4,222m of resource definition RC drilling and 1,516.8m of diamond drilling at the Penny West, Penny North and Magenta prospects during the Quarter. The geotechnical diamond hole assay results are only now available (see Figure 9). While the drilling was first reported in the Company's ASX Release dated 10 June 2020 (see RMS ASX Release "Excellent Exploration Results from West Australian Gold Projects") the sampling was delayed because of the geotechnical logging priorities.

The high-grade Penny North mineralisation is enhanced with a geotechnical diamond hole into the top of the resource, returning:

➢ 10.4m at 13.26 g/t Au from 133m in RPWDG005, including 3.85m at 33.35 g/t Au

As reported in June 2020 (see RMS ASX Release dated 10 June 2020 "Excellent Exploration Results from West Australian Gold Projects") encouraging intersections confirm further high-grade gold mineralisation within the Penny West Lode immediately below the pit, including:

• ➢ 4m at 18.06 g/t Au from 216m in SPWRC180, including 2m at 31.63 g/t Au
• ➢ 3m at 18.42 g/t Au from 184m in RPWRC006, including 2m at 27.39 g/t Au

True widths are estimated to be 65-70% of reported downhole intersections.

At Magenta, located 1.8km north and along strike of the Penny West pit, a resource-definition programme of shallow infill RC drilling was completed. The drilling aimed to improve confidence in reported shallow oxide intersections ahead of resource modelling and pit optimisation work. The results of the resource modelling will be integrated into the Penny Feasibility Study. The drill results are in line with expectations. Better intersections include:

• ➢ 7m at 2.92 g/t Au from 2m in RPWRC011
• ➢ 5m at 5.49 g/t Au from 22m in RPWRC018
• ➢ 5m at 8.45 g/t Au from 48m in RPWRC022
• ➢ 19m at 4.80 g/t Au from 10m in RPWRC026

True widths are 70% of reported downhole intersections.

Figure 9 – Penny West and Penny North longsection, looking west

Edna May Gold Project (WA)

During the Quarter, the Company completed 15,005m of reconnaissance Aircore drilling throughout the larger Edna May/Tampia/Marda/Holleton region and selected RC drilling (2,462m) within the Holleton Mining Centre (Figure 10).

Low order anomalous Aircore results (4m composites >100ppb Au) continue to be identified from several prospects that will require infill Aircore traverses and/or deeper RC drill testing as/when access is permissible.

Holleton Mining Centre

RC drilling along the Columbus and Calzoni trends within the Holleton Mining Centre commenced during the Quarter. Initial results appear encouraging with reasonable thicknesses of mineralisation being intersected. Follow-up drilling will be planned but timing is contingent upon site access and the completion of seasonal flora and fauna surveys ahead of any ground disturbing activities as required. Better results returned from the initial drilling campaign include:

• ➢ 8m at 2.07 g/t Au from 88 in HORC005 (Columbus)
• ➢ 10m at 2.37 g/t Au from 41 in HORC013 (Calzoni)
• ➢ 12m at 1.98 g/t Au from 27m in HORC014 (Calzoni) and
• ➢ 8m at 1.89 g/t Au from 56m in HORC015 (Calzoni)

True widths are estimated at 90% of reported down hole drill intersections at Calzoni and 60-70% for the Columbus intersections.

Figure 10 - Location of the Holleton Mining Centre, the Symes' Find Resource and Mt Hampton Project relative to the Edna May gold mine & other regional exploration properties throughout the Western Australian wheatbelt region

Mt Hampton (incl Symes' Find Extensions)

RC drilling traverses were completed on nominal 800m spaced fences to the north and south of the 34,000oz Symes' Find Mineral Resource. A highly encouraging intersection of 3m at 5.83 g/t Au from 21m was returned from a drill traverse approximately 2.5km north of the resource (see Figure 11). Gold mineralisation is associated with quartz veining in saprolitic clays and remains open to the north, south and east. Follow-up drilling will be completed once the winter crops are lifted and access to the paddock can be re-established. Given the reconnaissance nature of the intersection, true widths remain undetermined at this stage.

Figure 11 - Location of the reconnaissance Aircore drill traverses to the north and south of the Symes' Find Resource, within the Mt Hampton Project along the Holleton/Westonia Greenstone Belt – Westonia, Western Australia

Nulla South Farm-in & Joint Venture Project - Ramelius earning 75% No exploration drilling was undertaken during the Quarter.

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

Aircore drilling designed to test broad gold in soil anomalies along the interpreted granite-greenstone contact commenced late in the Quarter. Assay results are awaited.

CORPORATE & FINANCE

Cash and Gold

Gold sales for the June 2020 Quarter were 89,345 ounces at an average price of A$2,223/oz for revenue of A$198.6M.

Unit	Sep-19	Dec-19	Mar-20	Jun-20
A$M	71.3	61.9	98.1	165.7
A$M	21.4	25.8	27.3	19.8
A$M	92.8	87.7	125.4	185.5
A$M	-	-	(32.5)	(24.4)
A$M	92.8	87.7	92.9	161.1

1. Bullion is valued at the June 2020 spot price of A$2,575/oz.

As at 30 June 2020, the Group had A$165.7M of cash and A$19.8M of gold bullion on hand with debt of $24.4M for a net cash & gold position at the end of the Quarter of A$161.1M. This represents an increase of A$68.2M from the March 2020 Quarter.

The cash flows for the Quarter included a strong AISC margin (net of stockpile movements) of A$88.2M which was, in part, invested into the development of the Ramelius asset portfolio, including A$7.5M in mine development, A$6.9M on exploration and A$10.4M for the acquisition of Spectrum Metals Limited (refer Figure 12).

In accordance with the Company's Syndicated Facility Agreement a total of $8.1M of debt was repaid during the Quarter.

Figure 12: Quarterly movement in net cash and gold

Forward Gold Sales

At the end of the Quarter forward gold sales consisted of 247,350 ounces of gold at an average price of A$2,135/oz over the period July 2020 to December 2022. The hedge book summary is shown below in Table 6.

Organisational Changes

In order to support the continued growth of the Ramelius business a number of new roles have been added across the Company, in areas such as HR, risk and sustainability, resource geology and mine planning as well as in finance and accounting functions.

Furthermore, the Business Development function will now reside with Mr. Tim Manners, the Company's Chief Financial Officer. As a result, the long-standing advisory contract with Adelaide Equity Partners ("AEP") has concluded. The Board wish to extend their sincere thanks and gratitude to Duncan Gordon and the team from AEP for their guidance, support and professional advice to the Company over a period of many years.

Spectrum Metals Takeover Offer Completion

On 23 June 2020, the Company announced the completion of its recommended off-market takeover offer (the "Offer") to acquire all of the ordinary shares in Spectrum Metals Limited (SPX:ASX).

COVID-19 Response Plans

Ramelius has, like many of its peers, implemented a number of measures that it believes go beyond just the formal guidance issued by State and Federal health authorities. We have defined clear processes throughout the organisation to ensure that all employees and contractors do their absolute best to control the risk of infection and transmission of COVID-19. Initiatives implemented in recent months include;

• Restricting non-essential travel, utlising video and phone conference facilities wherever possible
• Proactive temperature testing and screening of individuals prior to entering the Company's sites or corporate office, with a number of employees working from home where practicable
• Strict hygiene practices, along with the securing of clinical masks, hand sanitiser and COVID-19 swabs test kits
• Plans in place for isolation, testing and rapid removal from site for any employee or contractor displaying flulike symptoms
• The additional of a number of casual employees to be available in the event of loss of team members from any part of the business.
• Constant liaison with WA Health Department, through our consultant occupational doctor and medical provider, to ensure best practice as far as possible with the ever-changing regime around controlling the virus.

Whilst the COVID-19 measures Ramelius has put in place had minimal impact on June 2020 Quarter production, as well as September 2020 Quarter production to date, the Company notes that future developments may result in greater disruption to the business. Should the existing situation change, it will keep the market fully informed in line with its continuous disclosure obligations.

This ASX announcement was authorised for release by the Board of Directors.

For further information contact:

Investor enquiries: Media enquiries:

Mark Zeptner

Managing Director Ramelius Resources Ltd Ph: +61 8 9202 1127

Tim Manners

Chief Financial Officer Ramelius Resources Ltd Ph: +61 8 9202 1127

Luke Forrestal

Associate Director Media & Capital Partners Ph: +61 411 479 144

ABOUT RAMELIUS

Figure 13: Ramelius' Operations & Development Project Locations

Ramelius owns and operates the Mt Magnet, Edna May, Vivien and Penny gold mines, all of which are located in Western Australia (refer Figure 13). 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 processing high grade underground ore, low grade stockpiles, the adjacent Greenfinch open pit and the satellite Marda open pit project. Ore feed from the Tampia open pit project is planned for FY2022.

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.

PREVIOUSLY REPORTED INFORMATION

Information in this report references previously reported exploration results and resource information extracted from the Company's ASX announcements. For the purposes of ASX Listing Rule 5.23 the Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcements and that all material assumptions and technical parameters underpinning the estimates in the relevant market announcements continue to apply and have not materially changed.

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	Prospect	F/Depth(m)	Easting	Northing	RL	Dip	Azi	From(m)	To(m)	Interval(m)	g/t Au
GXRC2143	Orion	77	577813	6894842	434	-52	91	19	23	4	1.15
								41	46	5	1.33
								50	56	6	1
GXRC2144	Orion	77	577768	6894840	434	-62	268				NSR
GXRC2145	Orion	77	577755	6894890	433	-66	89	44	51	7	0.72
GXRC2146	Orion	83	577770	6894865	434	-61	267	48	51	3	0.77
								56	57	1	2.54
GXRC2147	Orion	83	577803	6894840	434	-61	270	15	21	6	1.03
								35	38	3	1.27
								43	53	10	0.74
								62	74	12	0.68
GXRC2148	Orion	83	577672	6894715	432	-56	268				NSR
GXRC2149	Orion	95	577678	6894715	432	-51	89				NSR
GXRC2150	Orion	77	577736	6894840	434	-61	270	0	1	1	2.06
								32	34	2	2.79
GXRC2151	Valhalla	234	578346	6895815	438	-50	89				NSR
GXRC2152	Valhalla	246	578337	6895780	437	-50	90	65	68	3	0.52
								71	84	13	0.70
GXRC2153	Valhalla	210	578610	6895750	439	-55	270	46	48	2	1.31
GXRC2154	Valhalla	132	578555	6895880	439	-55	90				NSR
GXRC2155	Valhalla	204	578472	6895680	436	-52	270	135	142	7	1.22
GXRC2156	Valhalla	234	578625	6895980	438	-60	269				NSR
GXRC2157	Valhalla	100	578692	6895980	438	-60	271				NSR
GXRC2158	Valhalla	220	578811	6895880	437	-55	269	140	146	6	0.7
GXRC2159	Valhalla	222	578794	6895980	438	-58	271				NSR
GXRC2160	Valhalla	174	578815	6896229	445	-56	273				NSR
GXRC2161	Valhalla	156	578669	6896084	439	-53	271	92	96	4	2.82
GXRC2162	Hesperus Sth	150	579549	6897150	452	-56	270	90	114	24	1.13
								121	124	3	0.77
GXRC2163	Hesperus Sth	150	579650	6897150	450	-55	269	114	126	12	1.26
GXRC2164	Hesperus Sth	120	579354	6897295	454	-56	277				NSR
GXRC2165	Hesperus Sth	150	579744	6897000	449	-56	269	80	82	2	1.14
GXRC2166	Hesperus Sth	156	579449	6897250	452	-55	271	105	110	5	0.62
GXRC2167	Hesperus Sth	120	579480	6897287	452	-56	285	40	44	4	1.11
								77	79	2	1.15
GXRC2168	Orion	198	577412	6894551	432	-51	50	89	103	14	1.13
								118	123	5	0.98
								133	136	3	0.66
								158	162	4	2.28
GXRC2169	Orion	150	577399	6894575	432	-55	229	32	35	3	0.61
								63	65	2	1.64
GXRC2170	Orion	204	577459	6894621	432	-55	230	12	13	1	6.61
								36	39	3	0.9
								45	46	1	3.78
								69	88	19	0.76
								93	95	2	1.02
								98	102	4	0.68
								136	137	1	2.81
GXRC2171	Orion	226	577517	6894674	432	-56	229	3	4	1	3.31

Attachment 1: Significant (>0.50 g/t Au) Orion, Valhalla + Hesperus South RC Drilling – Mt Magnet, WA

								97	108	11	0.53
								130	144	14	0.88
								148	174	26	5.5
							Incl.	164	169	5	22.71
								179	185	6	3.48
GXRC2172	Orion	244	577436	6894674	432	-50	231	127	132	5	0.73
								139	145	6	1.19
								171	177	6	0.98
GXRC2173	Orion	120	577670	6894676	432	-62	229	43	50	7	2.44
								64	67	3	0.93
								74	77	3	1.11
GXRC2174	Orion	166	577678	6894732	432	-51	52	118	120	2	7.71
GXRC2175	Orion	174	577637	6894681	433	-55	50				pending
GXRC2176	Orion	186	577667	6894677	433	-50	51				pending
GXRC2177	Orion	120	577661	6894705	433	-64	230				pending
GXRC2178	Orion	216	577568	6894619	433	-50	52				pending
GXRC2179	Orion	168	577652	6894625	433	-56	51				pending
GXRC2180	Orion	198	577666	6894626	433	-50	43				pending
Notes

Reported significant gold assay intersections (using a 0.50 g/t Au lower cut) are reported using +2m downhole intervals at plus 0.50 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 are 50% of reported downhole intersections. Coordinates are MGA94-Z50. Eridanus consists of a stockwork vein array hence true widths are variable as previously reported. Orion is believed to be similar, but at this stage true widths remain unknown.

Attachment 2: Significant (>0.50 g/t Au) Penny Project Diamond Drilling – Mt Magnet Region, WA

Hole ID	Prospect	F/Depth(m)	Easting	Northing	RL	Dip	Azi	From(m)	To(m)	Interval(m)	g/t Au
RPWDD001	Penny West	195.1	676727	6806900	494	-42	270				NSR
RPWDD002	Penny West	195.1	676727	6806900	494	-42	270				NSR
RPWDD003 *	Penny West	351.4	676826	6806851	492	-60	270				NSR
RPWDD004	Penny West	189.4	676716	6806846	493	-44	267	138.1	139.3	1.20	30.95
								154.1	154.4	0.30	6.65
RPWDG001	Penny West	199.4	676722	6806799	494	-52	271	157.5	158.5	1.00	8.65
								167.3	168.7	1.35	13.07
RPWDG002	Penny West	225.1	676712	6806874	493	-47	272	147.0	148.0	1.00	2.5
								156.7	157.8	1.10	27.13
RPWDG003	Penny West	265.3	676720	6806976	492	-52	274				NSR
RPWDG004	Penny West	100	676479	6806877	497	-59	91				not assayed
RPWDG005	Penny North	187.7	676604	6807180	493	-58	271	108.3	109.3	1.00	10.88
								133.0	143.4	10.4	13.26
								139.1	142.95	3.85	33.35
RPWDG006	Penny North	75.3	676604	6807180	493	-59	242	36.5	37.2	0.70	13.37

Notes

Reported significant gold assay intersections (using a 0.50 g/t Au lower cut) are reported using +2m downhole intervals at plus 0.50 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. Coordinates are MGA94-Z50. Hole Abn denotes hole was abandoned due to excessive deviation away from its intended target.

* Diamond tail from 316m (previous hole ID was SPWRC113)

Hole ID	Prospect	F/Depth(m)	Easting	Northing	RL	Dip	Azi	From(m)	To(m)	Interval(m)	g/t Au
HORC001	Columbus	137	691377.54	6462339.47	402.9	-60	182.5				NSR
HORC002	Columbus	151	691540.07	6462418.79	402	-55	179.65				NSR
HORC003	Columbus	80	691460.57	6462458.77	403.7	-60	179.37	33	34	1	1.18
								32	47	15	0.44
HORC004	Columbus	142	691538.36	6462360.06	401	60.6	179.02				NSR
HORC005	Columbus	170	691458.19	6462353.67	401.9	72.8	178.83	71	72	1	1.91
								135	138	3	3.36
								112	141	29	0.78
HORC006	Columbus	160	691377.85	6462387.1	403.6	60.6	171.7	88	96	8	2.07
								88	108	20	1.18
HORC007	Columbus	140	691781.77	6462418.75	399.5	59.6	176.74				NSR
HORC008	Columbus	119	691783.1	6462499.12	400.9	53.4	181.06	17	19	2	1.48
								83	84	1	1.53
HORC009	Columbus	167	691778.93	6462329.98	397.6	64.3	357.86				NSR
HORC010	Columbus	140	691940.41	6462453.05	399.6	59.2	180.53	99	100	1	1.69
HORC011	Columbus	149	691698.6	6462407.55	400.1	59.8	182.75	49	50	1	6.32
								53	54	1	2.57
HORC012	Columbus	148	691700.37	6462454.26	401.3	55.7	179	103	104	1	2.66
HORC013	Calzoni	80	690438.35	6462882.76	424.7	54.4	273.61	41	51	10	2.38
								71	72	1	1.59
HORC014	Calzoni	65	690340.68	6462916.15	427.9	60.4	270.38	27	39	12	1.98
HORC015	Calzoni	113	690503.48	6462875.03	423.4	75.6	272.87	56	64	8	1.89
HORC016	Calzoni	131	690524.46	6462859.63	422.9	70.7	241.12	47	49	2	5.26
HORC017	Calzoni	110	690420.22	6462940.51	426.4	-61	271.78				pending
HORC018	Calzoni	130	690470.49	6462939.88	425.1	75.5	272.61				pending
HORC019	Calzoni	130	690441.81	6462877.59	424.7	55.1	209.34				pending
Notes

Attachment 3: Significant (>1.00 g/t Au) Holleton Mining Centre RC Drilling – Edna May, WA

Reported significant gold assay intersections (using a 0.50 g/t Au lower cut) are reported using +2m downhole intervals at plus 0.50 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 remain unknown. Coordinates are MGA94-Z50. Hole Abn denotes hole was abandoned due to excessive deviation away from its intended target.

JORC Table 1 Report for the Surface Aircore, RC and Diamond Drilling

Section 1 Sampling Techniques and Data

Criteria	JORC Code explanation	Commentary
Samplingtechniques	•Nature and quality of sampling (egcutchannels, 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 drilling wasused to obtain 1 m samples from which 3kg was pulverised to produce a 30 gcharge for fire assay'). In other cases moreexplanationmay be required, such aswhere there is coarse gold that hasinherent sampling problems. Unusualcommodities or mineralisation types (egsubmarine nodules) may warrantdisclosure of detailed information.	•At all projects potential gold mineralised RCandDiamondintervals are systematically sampled usingindustry standard 1m intervals, collected from reversecirculation (RC) drill holes and/or 4m compositesfrom reconnaissance Aircore traverses. Surface andunderground Diamond holes may be sampled alongsub 1m geological contacts, otherwise 1m intervalsare the default.•Drill hole locations were designed to allow for spatialspread across the interpreted mineralised zone. AllRC samples were collected and riffle split to 3-4kgsamples on 1m metre intervals. Aircore samples arespeared from piles on the ground and are compositedinto 4m intervals before despatching to thelaboratory. Single metre bottom of hole Aircoresamples are also collected for trace elementdeterminations. Diamond core is half cut alongdownhole orientation lines, with the exception ofunderground diamond drilling. Here whole core isdespatched to the laboratory to maximise the samplesize. Otherwise half core is sent to the laboratory foranalysis and the other half is retained for futurereference.•Standard fire assaying was employed using a 50gmcharge with an AAS finish for all diamond, RC andAircore chip samples. Trace element determinationwas undertaken using a multi (4) acid digest and ICPAES finish.
Drillingtechniques	•Drill type (eg core, reverse circulation,open-hole hammer, rotary air blast, auger,Bangka, sonic, etc) and details (eg corediameter, triple or standard tube, depth ofdiamond tails, face-sampling bit or othertype, whether core is oriented and if so, bywhat method, etc).	•Drilling was completed using best practice NQdiamond core, 5 ¾" face sampling RC drillinghammers for all RC drill holes at Mount Magnet or 3"Aircore bits/RC hammers at Edna Mayand Tampia.
Drill samplerecovery	•Method of recording and assessing coreand chip sample recoveries and resultsassessed.•Measures taken to maximise samplerecovery and ensure representative natureof the samples.•Whether a relationship exists betweensample recovery and grade and whethersample bias may have occurred due topreferential loss/gain of fine/coarsematerial.	•All diamond core is jigsawed to ensure any core loss,if present is fully accounted for. Bulk RC and Aircoredrill holes samples were visually inspected by thesupervising geologist to ensure adequate cleansample recoveries were achieved. Note Aircoredrilling while clean is not used in any resourceestimation work. Any wet, contaminated or poorsample returns are flagged and recorded in thedatabase to ensure no sampling bias is introduced.•Zones of poor sample return both in RC and Aircoreare recorded in the database and cross checkedonce assay results are received from the laboratoryto ensure no misrepresentation of sampling intervalshas occurred. Of note, excellent RC drill recovery is

Logging	•Whether core and chip samples have beengeologically and geotechnically logged to alevel of detail to support appropriateMineral Resource estimation, miningstudies and metallurgical studies.•Whether logging is qualitative orquantitative in nature. Core (or costean,channel, etc)photography.•The total length and percentage of the	reported from all RC holes. Reasonable recovery isnoted for all Aircore samples. Zero sample recoveryis achieved while navi drilling. The navi lengths arekept to a minimum and avoided when close topotentially mineralised units.•All drill samples are geologically logged on site byprofessional geologists. Details on the hostlithologies, deformation, dominant minerals includingsulphide species and alteration minerals plus veiningare recorded relationally (separately) so the loggingis interactive and not biased to lithology.•Drill hole logging is qualitative on visual recordings ofrock forming minerals and quantitative on estimatesof mineral abundance.
	relevant intersections logged.	•The entire length of each drill hole is geologicallylogged.
Sub-samplingtechniques andsamplepreparation	•If core, whether cut or sawn and whetherquarter, half or all core taken.•If non-core, whether riffled, tube sampled,rotary split, etc and whether sampled wetor dry.•For all sample types, the nature, qualityand appropriateness of the samplepreparation technique.•Quality control procedures adopted for allsub-sampling stages to maximiserepresentivity of samples.•Measures taken to ensure that thesampling is representative of the in situmaterial collected, including for instanceresults for field duplicate/second-halfsampling.•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 quarter corefrom the diamond holes.•Dry RC 1m samples are riffle split to 3-4kg as drilledand dispatched to the laboratory. Any wet samplesare recorded in the databaseas such and allowed todry before splitting and dispatching to the laboratory.•All core, RC and Aircore chips are pulverized prior tosplitting in the laboratory to ensure homogenoussamples with 85% passing 75um. 200gm is extractedby spatula that is used for the 50gm or 30 gm chargeon 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. The laboratoryuses barren flushes to clean their pulveriser and theirown internal standards and duplicates to ensureindustry best practice quality control is maintained.•The sample size is considered appropriate for thetype, style, thickness and consistency of
Qualityofassay data andlaboratory tests	•The nature, quality and appropriateness ofthe assaying and laboratory proceduresused and whether the technique isconsidered partial or total.•For geophysical tools, spectrometers,handheld XRF instruments, etc, theparameters used in determining theanalysis including instrument make andmodel, reading times, calibrations factorsapplied and their derivation, etc.•Nature of quality control proceduresadopted (eg standards, blanks, duplicates,external laboratory checks) and whetheracceptable levels of accuracy (ie lack ofbias) and precision have been established.	mineralization.•The fire assay method is designed to measure thetotal gold in the diamond core, RC and Aircoresamples. The technique involves standard fireassays using a50gm or 30 gm sample charge with alead flux (decomposed in the furnace). The prill istotally digested by HCl and HNO3 acids beforemeasurement of the gold determination by AAS,while the Edna May samples employed ICP finishesto give a lower limit of detection. Aqua regia digest isconsidered adequate for surface soil sampling.•No field analyses of gold grades are completed.Quantitative analysis of the gold content and traceelements is undertaken in a controlled laboratoryenvironment.•Industry bestpractice is employed with the inclusionof duplicates and standards as discussed above and

		used by Rameliusas well as the laboratory. AllRameliusstandards and blanks are interrogated toensure they lie within acceptable tolerances.Additionally, sample size, grind size and fieldduplicates are examined to ensure no bias to goldgrades exists.
Verification ofsampling andassaying	•The verification of significant intersectionsby either independent or alternativecompany personnel.•The use of twinned holes.•Documentation of primary data, data entryprocedures, data verification, data storage(physical and electronic) protocols.•Discuss any adjustment to assay data.	•Alternative Rameliuspersonnel have inspected thediamond core, RC and Aircore chips in the field toverify the correlation of mineralised zones betweenassay results and lithology, alteration andmineralization.•All holes are digitally logged in the field and allprimary data is forwarded to Ramelius' DatabaseAdministrator (DBA) in Perth where it is imported intoDatashed, a commercially available and industryaccepted database software package. Assay data iselectronically merged when received from thelaboratory. The responsible project geologist reviewsthe data in the database to ensure that it is correctand has merged properly and that all the drill datacollected in the field has been captured and enteredinto the database correctly.•The responsible geologist makes the DBA aware ofany errors and/or omissions to the database and thecorrections (if required) are corrected in the databaseimmediately.•No adjustments or calibrations are made to any of theassay data recorded in the database.
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 topographiccontrol.	•All drill hole collars are picked up using accurateDGPS or mine survey control. All down hole surveysare collected using downhole Eastman single shot orgyro surveying techniques provided by the drillingcontractors.•All Mt Magnet, Mardaand Edna May holes arepicked up in MGA94 –Zone 50 grid coordinates.Vivien underground drilling is MGA94 -Zone 51.•DGPS RL measurements captured the collar surveysof the drill holes prior to the resource estimation work.
Data spacingand distribution	•Data spacing for reporting of ExplorationResults.•Whether the data spacing and distributionis sufficient to establish the degree ofgeological and grade continuityappropriate for the Mineral Resource andOre Reserve estimation procedure(s) andclassifications applied.•Whether sample compositing has beenapplied.	•Most RC drilling isinfillingand stepping out fromtheprospects, nominally on 20m centresplus looking forextensions to the known mineralised systems. Goodcontinuity has been achieved from the RC drilling.Die Hardy is drilled on 40m sections x 15-20m holespacings•Given the previous limited understanding of the targethorizonsinfill drilling (whether diamond or RC) isnecessary to help define the continuity ofmineralisation.•No sampling compositing has been applied within keymineralised intervals.
Orientation ofdata in relation	•Whether the orientation of samplingachieves unbiased sampling of possible	•The core drilling and RC drilling is completedorthogonal to the interpreted strike of the target

to geologicalstructure	structures 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.	horizon(s), plunge projection of higher grade shoots,with the exception of Eridanus. Here the drilling isgenerally parallel to the strike of the EridanusGranodiorite but orthogonal to predicted cross cuttinglodes. Multiple other directions have also beentested.
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 in Perth,whereupon the laboratory checks the physicallyreceived samples against Ramelius' samplesubmission/dispatch notes.
Audits orreviews	•The results of any audits or reviews ofsampling techniques and data.	•Sampling techniques and procedures are reviewedprior to the commencement of new work programmesto ensure adequate procedures are in place tomaximize the sample collection and sample qualityon new projects. No external audits have beencompleted to date.

Section 2 Reporting of Exploration Results

Criteria	JORC Code explanation	Commentary
Mineraltenement andland tenurestatus	•Type, reference name/number, location andownership including agreements or materialissues with third parties such as jointventures, partnerships, overriding royalties,native title interests, historical sites,wilderness or national park andenvironmental settings.•The security of the tenure held at the timeof reporting along with any knownimpediments to obtaining a licence tooperate in the area.	•The results reported in this report are located ongranted Mining Leases at Mount Magnet, Edna Mayand Tampia gold minesor Exploration Licences atHolleton and Mt Hampton regionsall in WesternAustralia (owned 100% by RameliusResourcesLimited'sor its 100% owned subsidiaries).The MtMagnet tenements are located on pastoral/grazingleases. Tampiais located over private farm landwhere the veto on the top 30m has been removed viaexecuted compensation agreement(s) with the variouslandowners. Edna May is within the WestoniaCommon,while the Holleton Mining Centre is situatedwith the Holleton Timber and Mining Reserve whichrequires ground disturbance consultation with theDepartment of Lands, Planning & Heritage. Heritagesurveys are completed prior to any ground disturbingactivities in accordance with Ramelius' responsibilitiesunder the Aboriginal Heritage Act in Australia.•Currently all the tenements are in good standing.There are no known impediments to obtaining alicences to operate in either area.
Explorationdone 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 mining has previouslyoccurred at Mt Magnet, Mardaand EdnaMay. Thisreport concerns exploration results generated byRameliusup until March 31, 2020,that were notpreviously reported to the ASX.

Geology	•Deposit type, geological setting and style ofmineralisation.	•The targeted mineralisation at all projectsis typical oforogenic structurally controlled Archaean gold lodesystems. In all instances the mineralisation iscontrolled by anastomosing shear zones/fault zonespassing through competent rock units, brittle-ductileshearingis common in the gneissic rocks.•Die Hardy is a lode style zone hosted by a moderatelydipping BIF unit.
Drill holeInformation	•A summary of all information material to theunderstanding of the exploration resultsincluding a tabulation of the followinginformation for all Material drill holes:oeasting and northing of the drill hole collaroelevation or RL (Reduced Level –elevationabove sea level in metres) of the drill holecollarodip and azimuth of the holeodown hole length and interception depthohole length.•If the exclusion of this information isjustified on the basis that the information isnot Material and this exclusion does notdetract from the understanding of thereport, 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 significant results(as defined in the Attachments) are reported in thisannouncement.•Easting and northing are given in MGA94 coordinatesas defined in the Attachments for Mount Magnet andEdna May.•RL is AHD•Dip is the inclination of the hole from the horizontal.Azimuth is reported in magnetic degrees as thedirection the hole is drilled. MGA94 and magneticdegrees vary by <10 in the project area. All reportedazimuths are corrected for magnetic declinations.•Down hole length is the distance measured along thedrill hole trace. Intersection length is the thickness ofan anomalous gold intersection measured along thedrill hole trace.•Hole length is the distance from the surface to the endof the hole measured along the drill hole trace.•No results currently available from the explorationdrilling are excluded from this report. Goldgradeintersections >0.4 g/t Au within 4m Aircore compositesor >0.5 g/t Au within single metre RC samples (with upto 4m of internal dilution) are considered significant inthe broader mineralised host rocks. Diamond coresamples are generally cut alonggeological contacts orup to 1m maximum.•Gold grades greater than 0.5 g/t Au are highlightedwhere good continuity of higher grade mineralization isobserved. 0.1 g/t Au cut-offs are used forreconnaissance exploration programmes.
Dataaggregation	•In reporting Exploration Results, weightingaveraging techniques, maximum and/or	•The first gold assay result received from each samplereported by the laboratory is tabled in the list of
methods	minimum grade truncations (eg cutting ofhigh grades) and cut-off grades are usuallyMaterial and should be stated.•Where aggregate intercepts incorporateshort lengths of high grade results and	significant assays. Subsequent repeat analyses whenperformed by the laboratory are checked against theoriginal to ensure repeatability of the assay results.•Weighted average techniques are applied todetermine the grade of the anomalous interval when
	longer lengths of low grade results, theprocedure used for such aggregationshould be stated and some typicalexamples of such aggregations should beshown in detail.•The assumptions used for any reporting ofmetal equivalent values should be clearlystated.	geological intervals less than 1m have been sampled.•Exploration drilling results are generally reported usinga 0.5 g/t Au lower cut-off for RC and diamond or 0.1g/t Au for Aircore drilling (as described above andreported in the Attachments) and may include up to4m of internal dilution. Significant resourcedevelopment drill hole assays are reported greaterthan 0.5 or 8.0 g/t Au and are also reported

Relationshipbetweenmineralisationwidths andintercept lengths	•These relationships are particularlyimportant in the reporting of ExplorationResults.•If the geometry of the mineralisation withrespect to the drill hole angle is known, itsnature 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 holelength, true width not known').	separately. For example, the broader plus 1.0 g/t Auintersection of 6.5m @ 30.5 g/t Au contains a highergrade zone running plus 8 g/t Au and is included as4m @ 48.5 g/t Au. Where extremely high goldintersections are encountered as in this example, thehighest-grade sample interval (eg 1.0m @ 150 g/t Au)is also reported. All assay results are reported to 3significant figures in line with the analytical precision ofthe laboratory techniques employed.•No metal equivalent reporting is used or applied.•The intersection length is measured down the lengthof the hole and is not usually the true width. Whensufficient knowledge on the thickness of theintersection is known an estimate of the true thicknessis provided in the Attachments.•The known geometry of the mineralisation with respectto the drill holes reported in this report is now wellconstrained.
Diagrams	•Appropriate maps and sections (withscales) and tabulations of intercepts shouldbe included for any significant discoverybeing reported These should include, butnot be limited to a plan view of drill holecollar locations and appropriate sectionalviews.	•Detailed drill hole plans and sectional views ofEridanus, Tampiaand Edna May are provided or havebeen provided previously. Given the interpretedshallow dips of the multiple mineralisation lodeslongsections andcross-sectional view (orthogonal tothe plunging shoots) is considered the best 2-Drepresentation of the known spatialextent of themineralization intersected to date. Interpretation andassessment of the significance of the Holleton datawas ongoing at the time this report was prepared.
Balancedreporting	•Where comprehensive reporting of allExploration Results is notpracticable,representative reporting of both low andhigh grades and/or widths should bepracticed to avoid misleading reporting ofExploration Results.	•All drill holes completed to date are reported in thisreport and all material intersections as defined) arereported.
Othersubstantiveexploration data	•Other exploration data, if meaningful andmaterial, should be reported including (butnot limited to): geological observations;geophysical survey results; geochemicalsurvey results; bulk samples –size andmethod of treatment; metallurgical testresults; bulk density, groundwater,geotechnical and rock characteristics;potential deleterious or contaminatingsubstances.	•No other exploration data that has been collected isconsidered meaningful and material to this report.
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 areas ofpossible extensions, including the maingeological interpretations and future drillingareas, provided this information is notcommercially sensitive.	•Future exploration includes step out RC and diamonddrilling below deposits to define the full depth extentof the mineralisation discovered to date.