RAMELIUS RESOURCES LIMITED — Interim / Quarterly Report 2020

Apr 29, 2020

30 April 2020

ISSUED CAPITAL Ordinary Shares: 770M

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

30 April 2020

March 2020 Quarterly Activities Report

HIGHLIGHTS

• Group gold production of 51,825 ounces at an AISC of A$1,248/oz:
  • o Mt Magnet (incl. Vivien) 38,981 ounces at an AISC of A$1,114/oz
  • o Edna May (incl. Marda) 12,844 ounces at an AISC of A$1,618/oz
• Cash & gold at 31 March 2020 of A$125.4M (Net cash & gold of A$92.9M) vs Dec 2019 Qtr: A$87.7M
• Final federal environmental approval for Greenfinch open pit (Edna May) received during January 2020 and grade control drilling commenced in February 2020
• Ore haulage commenced from the Marda open pits to Edna May during March 2020
• High grade ore stoping commenced at the Shannon underground (Mt Magnet)
• COVID-19 Response plans in place, impacts mitigated to date
• Takeover Offer for Spectrum Metals now up to 89.42% beneficial interest
• FY2020 Production Guidance refined to be 210 – 220,000oz (previous 205 – 225,000oz) at an improved AISC of A$1,150 – 1,250/oz (previous A$1,225 – 1,325/oz)

PRODUCTION GUIDANCE – JUNE 2020 QUARTER

• Group gold production for the June 2020 Quarter is expected to be between 65,000– 70,000 ounces at an AISC of A$1,000 – 1,100/oz:
  • o Mt Magnet (incl. Vivien) 44,000 ounces at an AISC of A$900 1,000/oz
  • o Edna May (incl. Marda) 23,500 ounces at an AISC of A$1,200 1,300/oz
• Capital & project development expenditure of approximately A$12.3M, including:
  • o Mt Magnet open pits A$2.6M
  • o Marda open pit pre-development work A$2.1M
  • o Tampia open pit pre-development A$0.8M
  • o Greenfinch open pit (Edna May) A$3.8M
  • o Exploration (all projects) A$3.0M

CORPORATE

• Quarterly gold sales of 53,173 ounces for total revenue of A$103.0M from an average gold price of A$1,937/oz
• Cash & gold on hand of A$125.4M, which includes Spectrum Metals cash of $2.6M (Dec 2019 Qtr: A$87.7M). This includes the draw down of $32.5M in borrowings and is after further investment into the development of Ramelius' portfolio, including A$5.5M on exploration, A$16.0M in project development costs, and $13.8M on the acquisition of Spectrum Metals Limited (net of cash acquired).
• Cash & gold on hand, net of debt, was A$92.9M
• As at the date of this report, forward gold sales consisted of 263,650 ounces of gold at an average price of A$2,102/oz, covering the period to December 2022.

MARCH 2020 QUARTER PRODUCTION & FINANCIAL SUMMARY

Table 1: March 2020 Quarter production & financial summary

Operations	Unit	Mt Magnet 1	Edna May 1	Group
OP ore mined (high grade only)	t	1,086,756	105,443	1,192,199
OP grade mined	g/t	1.22	1.91	1.28
OP contained gold (high grade only)	Oz	42,706	6,464	49,170
UG ore mined (high grade only)	t	134,054	40,740	174,794
UG grade mined	g/t	4.91	5.89	5.14
UG contained gold (high grade only)	Oz	21,165	7,712	28,877
Total ore mined	t	1,220,810	146,183	1,366,993
Total tonnes processed	t	458,617	448,494	907,111
Grade	g/t	2.74	1.04	1.90
Contained gold	Oz	40,431	14,980	55,411
Recovery	%	96.8%	90.2%	95.0%
Gold produced	Oz	39,144	13,519	52,663
Gold poured	Oz	38,981	12,844	51,825
Gold sales	Oz	38,932	14,241	53,173
Achieved gold price	A$/Oz	$1,937	$1,937	$1,937
Cost summary
Mining - operating	$M	24.3	6.8	31.1
Processing	$M	10.4	9.8	20.2
Administration and selling costs	$M	4.9	3.1	8.0
Stockpile adjustments	$M	(9.7)	(3.4)	(13.1)
C1 cash cost	$M	29.9	16.3	46.2
C1 cash cost	A$/prod oz	$764	$1,206	$877
Mining costs - development	$M	7.9	2.8	10.7
Royalties	$M	3.2	1.3	4.5
Movement in finished goods	$M	(0.3)	0.8	0.5
Sustaining capital	$M	0.6	1.1	1.7
Other	$M	0.2	0.1	0.3
Corporate overheads	$M	1.8	0.6	2.4
AISC cost	$M	43.3	23.0	66.3
AISC per ounce	A$/sold oz	$1,114	$1,618	$1,248

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

MARCH 2020 YTD PRODUCTION & FINANCIAL SUMMARY

Table 2: March 2020 YTD production & financial summary

Operations	Unit	Mt Magnet 1	Edna May 1	Group
OP ore mined (high grade only)	t	2,350,441	119,863	2,470,304
OP grade mined	g/t	1.27	1.82	1.29
OP contained gold (high grade only)	Oz	95,621	7,028	102,649
UG ore mined (high grade only)	t	336,038	87,414	423,452
UG grade mined	g/t	4.96	4.80	4.93
UG contained gold (high grade only)	Oz	53,622	13,502	67,124
Total ore mined	t	2,686,479	207,277	2,893,756
Total tonnes processed	t	1,476,648	1,539,216	3,015,864
Grade	g/t	2.35	0.87	1.59
Contained gold	Oz	111,365	42,812	154,177
Recovery	%	96.1%	90.9%	94.6%
Gold produced	Oz	107,017	38,896	145,913
Gold poured	Oz	105,968	37,941	143,909
Gold sales	Oz	99,388	39,477	138,865
Achieved gold price	A$/Oz	$1,879	$1,879	$1,879
Cost summary
Mining - operating	$M	62.7	15.8	78.6
Processing	$M	28.7	28.2	57.0
Administration and selling costs	$M	15.4	6.8	22.2
Stockpile adjustments	$M	(19.2)	(3.9)	(23.1)
C1 cash cost	$M	87.6	46.9	134.5
C1 cash cost	A$/prod oz	$819	$1,206	$922
Mining costs - development	$M	16.5	4.1	20.6
Royalties	$M	9.9	3.8	13.7
Movement in finished goods	$M	(8.5)	(1.3)	(9.8)
Sustaining capital	$M	4.7	1.9	6.6
Other	$M	0.4	(0.1)	0.3
Corporate overheads	$M	4.9	1.8	6.7
AISC cost	$M	115.5	57.1	172.6
AISC per ounce	A$/sold oz	$1,162	$1,447	$1,243

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

PRODUCTION TARGETS

FY2020

Guidance for FY2020 is refined with gold production to be 210,000 - 220,000 ounces (previous 205 – 225,000oz) at an improved AISC of A$1,150 – 1,250/oz (previous A$1,225 – 1,325/oz) with the Quarterly breakdown by major ore source shown below in Figure 1.

Figure 1: FY2020 Group Production Profile

The matching capital requirements, by Quarter, are shown below in Table 3 whereby investments in open pit pre-strip and underground development for the financial year are largely complete. Updated open pit pre-strip costs for the Eridanus cut-back and development works associated with the Tampia Feasibility Study are now included in June 2020 Quarter.

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

Project (A$M)	Sept 19 Qtr(Actual)	Dec 19 Qtr(Actual)	Mar 20 Qtr(Actual)	Jun 20 Qtr(Forecast)	FY2020(Forecast)
Mt Magnet open pit development	7.4	5.2	3.6	2.6	18.8
Mt Magnet underground development	7.1	7.7	-	-	14.8
Edna May underground	3.8	2.6	-	-	6.4
Edna May Greenfinch	-	-	1.9	3.8	5.7
Marda Open Pit	0.8	8.6	10.5	2.1	22.0
Tampia Open Pit	-	-	-	0.8	0.8
Exploration (all projects)	7.6	5.4	5.5	3.0	21.5
TOTAL	26.7	29.5	21.5	12.3	90.0

OPERATIONS

Mt Magnet (WA)

Open Pits

The Milky Way and Vegas pits were completed in February. Eridanus and Vegas open pits (refer Figure 2) were the primary ore sources during the March 2020 Quarter and the Stellar pit cutback was advanced. Open pit claimed highgrade ore mined was up 78% on the last Quarter, with 1,086,756 tonnes being mined. However, the mined grade decreased in line with the mine plan by 19% to 1.22g/t. Contained gold mined from the open pit operations at Mt Magnet was 42,706 ounces, a 45% increase on the previous Quarter. The Eridanus pit continues to perform strongly (refer Figure 3).

Figure 2: Mt Magnet key mining & exploration areas

Figure 3: Eridanus Stage 1 open pit looking East

Underground

The Hill 60 underground continued to progress and 709m of development was completed during the Quarter. Production from stoping commenced and a total of 47,353 tonnes were mined at 1.65g/t for 2,507 ounces of gold.

Development of the Shannon underground continued strongly during the Quarter with 1,021m of development completed. Development and production stoping delivered 51,460 tonnes at a mined grade of 8.42g/t for 13,936 ounces of gold.

Vivien Mine

Production tonnages and grade were down on the prior Quarter by 22% and 27% respectively resulting in a 43% decrease in gold mined. Mining was impacted by poor ground conditions, longer remote tramming distances and some weaker ore development zones. Ore haulage continued throughout the Quarter and Vivien attributed mill production was 41,259 tonnes at 4.10g/t for 5,332 recovered ounces.

Processing

Total milled tonnes (Mt Magnet and Vivien) were down on the prior Quarter as a result of planned mill shutdowns. Despite this a 17% increase in the milled grade resulted in an overall increase of 3% in the gold poured for the Quarter. A total of 458,617 tonnes were milled at a grade of 2.74g/t for 39,144 recovered ounces of gold at an excellent recovery of 96.8%. AISC for the Quarter for Mt Magnet and Vivien was A$1,114/oz.

Guidance for the June 2020 Quarter is approximately 44,000 ounces, anticipated to be produced at an AISC of A$900 – 1,000/oz.

Edna May (WA)

Underground

The Quarter saw good underground production and a significant increase in stope ore production. Claimed underground production was 40,740 tonnes at 5.89 g/t for 7,712 ounces of contained gold. This represents a 52% increase in tonnages, 43% increase in grades and 117% increase in contained gold when compared to the prior Quarter.

Mining operations at Greenfinch (refer Figure 4) commenced during the Quarter. Site clearing and a large surface RC grade control drill programme were completed. Initial mining phases including site preparation, linkage of new haul roads and removal of historic tails were all completed and initial waste mining commenced late in the Quarter.

Figure 4: Greenfinch Pit commencement of mining

Marda

Mining continued on track at Marda (130km north of Southern Cross) during the Quarter with 105,443 tonnes of ore being mined at 1.91g/t for 6,464 ounces of contained gold.

All four Marda central pits, Dolly Pot, Dugite, Python and Goldstream (refer Figure 5) were active and large ore stockpiles have been generated. Ore haulage to the Edna May mine commenced during the Quarter utilising roadtrain doubles. Roadtrain capacity is expected to step up in the June 2020 Quarter with approval for 100t roadtrains.

Figure 5: Dolly Pot pit - BIF hosted ore block

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 448,494 tonnes at 1.04g/t for 13,519 recovered ounces at a recovery of 90.2% (gold poured was 12,844 ounces). The bulk of the material milled (85%) in the Quarter was sourced from low grade stockpiles however this low grade feed will be replaced by Greenfinch and Marda ore going forward.

AISC for the Quarter was A$1,618/oz with Production Guidance for the June 2020 Quarter being for approximately 23,500 ounces at an AISC of A$1,200 – 1,300/oz.

PROJECT DEVELOPMENT

Edna May Resource Update (Westonia, WA)

The Company completed an update to the Edna May Mineral Resource during the Quarter. The update incorporates eight deep surface diamond holes and four daughter tails drilled in 2019. These targeted the depth extension of the Jonathan & Fuji lodes at 400m to 600m depth, plus the wider mineralised Edna May Gneiss unit. Available underground development mapping and face sampling data was also utilised. New holes generally intercepted the lodes, with some strong, but other weaker lode zone intercepts. This however, matches the variable nature of the Edna May lodes seen in the underground development. Grades in the Fuji lode were notably weaker at depth (refer Figure 6).

Geological & mineralisation interpretation, and resource estimation methodology followed the previous 2018 resource (see ASX release; 'Edna May Resource & Reserve Increases', 6 June 2018). The bulked Edna May low-grade Mineral resource is reported to the same maximum depth of 450m and the high-grade lode resources are included within the Total Mineral Resource. The resource was depleted for the 250m deep Edna May pit (completed in 2018) and for underground mining to end of February 2020. Claimed production from the lodes at end February 2020 is 102,400t @ 4.2 g/t for 13,800oz.

Table 4: Edna May Mineral Resource Total (>0.5g/t) 1 March 2020

Category	Tonnes	Grade	Ounces
Indicated	18,000,000	1.1	620,000
Inferred	5,300,000	1.1	190,000
Total	24,000,000	1.1	820,000

Figures rounded to 2 significant figures. Rounding errors may occur.

Category	Tonnes	Grade	Ounces
Indicated	380,000	5.0	61,000
Inferred	260,000	4.5	37,000
Total	640,000	4.8	98,000

Table 5: Edna May Lodes Mineral Resource – included in Total Resource above

Figures rounded to 2 significant figures. Rounding errors may occur.

Mine design, Ore Reserve and Life-of-Mine planning work is underway to incorporate the additional resources into the new mine plan.

Figure 6: Edna May Lodes Resource Longsection

Tampia gold project (Narembeen, WA)

An updated Ore Reserve and Feasibility Study result has been generated during the Quarter and is available in RMS ASX release, "Life of Mine Update", 30 April 2020. Total Mineral Resources are 8.2Mt at 1.7g/t for 460,000oz and Total Ore Reserves are now 2.5Mt at 2.7g/t for 210,000oz. Stakeholder consultation with key landowners, minority owners, relevant Shires and regulatory bodies is ongoing and various activities relating to mining approvals, ore haulage, mill modifications and camp infrastructure are being advanced.

Eridanus open pit (Mt Magnet, WA)

A new much larger open pit design was generated for Eridanus based on the December 2019 Mineral Resource update. A new Ore Reserve was generated and details are available in RMS ASX release, "Life of Mine Update", 30 April 2020. The Total Ore Reserve is 5.2Mt at 1.2g/t for 194,000oz. An amended Mining Proposal was submitted for this new pit during the Quarter and approval is awaited.

EXPLORATION SUMMARY

Ramelius' exploration activities were focused around the Company's mining operations at Mt Magnet and Edna May during the Quarter. Complete RC drilling and diamond core assay data pertaining to the holes reported can be found in Attachments 1 – 3 at the back of this report.

Mt Magnet Gold Project (WA)

An aggregate of 4,060m of exploratory RC drilling (GXRC2080 – 2090 + diamond precollars) was completed at Eridanus and the new Orion prospect, while 1,752.6m of deeper diamond drilling (including geotech drilling) was undertaken at Eridanus. Infill RC drilling was also completed at Mabel and Golden Treasure located along the Lennonville Shear for 6,486m.

Mabel and Golden Treasure Prospects

Infill (Resource-Definition) RC drilling was completed over the Mabel (GXRC0759 – 782) and Golden Treasure (GXRC0783 – 815) prospects during the Quarter. The prospects are located along the Lennonville Shear, 8km north of the Checker Processing Plant at Mount Magnet (refer Figure 7). Drilling was designed to scope below the historical Golden Treasure pit as well as test the mineralised banded iron formation 'bars' northwards towards Mabel.

Better drill results from Mabel include:

• ➢ 7m at 2.17 g/t Au from 88m in GXRC0762
• ➢ 9m at 1.46 g/t Au from 67m in GXRC0765
• ➢ 7m at 2.71 g/t Au from 32m in GXRC0776

Better results returned from the Golden Treasure drilling include:

• ➢ 20m at 1.38 g/t Au from 74m in GXRC786
• ➢ 17m at 1.83 g/t Au from 79m in GXRC0794
• ➢ 9m at 2.87 g/t Au from 114m in GXRC0795
• ➢ 8m at 3.19 g/t Au from 149m in GXRC0797
• ➢ 15m at 1.99 g/t Au from 101m in GXRC0804
• ➢ 17m at 1.57 g/t Au from 48m in GXRC0809

True widths are interpreted to be 50% of reported downhole intersections. Interrogation of the significance of these results is continuing.

Figure 7: Location of Mabel and Golden Treasure prospects north of the Checker Mill

Eridanus Deeps Prospect

Diamond drilling continued at Eridanus, including geotech drilling scoping the A$2,000/oz pit shell as well as targeted exploration holes below the pit shell down to 400m below surface. Significant intersections continue to be returned with wide composite zones of stockwork style gold mineralisation occurring at depth within the host Eridanus Granodiorite.

Significant composited geological intervals returned this quarter include:

• ➢ 20m at 4.23 g/t Au from 273m in GXDD0089, including 7m at 10.11 g/t Au
• ➢ 25m at 2.73 g/t Au from 322m in GXDD0089, including 3m at 13.78 g/t Au
• ➢ 33m at 2.15 g/t Au from 361m in GXDD0089, including 1m at 22.9 g/t Au
• ➢ 42m at 6.41 g/t Au from 249m in GXDD0090, including 4.5m at 25.29 g/t Au
• ➢ 26m at 1.78 g/t Au from 273 in GXDD0092, including 2m at 10.12 g/t Au
• ➢ 78m at 1.35 g/t Au from 270m in GXDD0093/93A
• ➢ 139m at 2.10 g/t Au from 309m in GXDD0095, including 6m at 17.8 g/t Au
• ➢ 87m at 1.77 g/t Au from 309m in GXRC2063 (DDH tail)

Composited intersections are visually subjective and are based around logged geological intervals, including stockwork quartz vein abundance plus potassic (sericite) alteration and sulphide (pyrite) abundance with the aim of delineating bulk tonnage extractable mineralization without incurring excessive internal waste dilution. Consequently, true widths may be variable and are not accurately determinable at this stage.

Figure 8: Selected Eridanus Deeps diamond drill hole traces below the conceptual A$2000/oz pit shell

Orion Prospect

Encouraging reconnaissance RC drill results have been returned from the newly defined Orion Prospect. Orion occupies the 600m eastern strike extension of the Eridanus Granodiorite before it leads into the historical Franks Tower pit, further east. Analogous to Eridanus, Orion is returning broad zones of anomalous stockwork related gold mineralization and shallow supergene gold mineralization throughout the granodiorite where it has been drill tested to date. Drilling is ongoing and the significance of the results will be determined once all the drilling is completed. Better assays returned to date include:

• ➢ 9m at 1.70 g/t Au from 34m in GXRC2087
• ➢ 22m at 2.19 g/t Au from 29m in GXRC2088
• ➢ 36m at 2.72 g/t Au from 12m in GXRC2089
• ➢ 7m at 15.25 g/t Au from 197m in GXRC2089, including 2m at 46.85 g/t Au

True widths over Orion remain undetermined at this stage.

Edna May Gold Project (WA)

During the Quarter, the Company completed 19,340m of reconnaissance Aircore drilling throughout the larger Edna May /Tampia/Marda region (refer Figure 9) and 8,933m of RC drilling at Symes' Find and Tampia.

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

Figure 9: Tampia Hill and Marda Projects leases proximal to the Westonia / Holleton Greenstone Belts exploration projects around Edna May

Symes' Find – 100% Ramelius

Infill (Resource-Definition) and step out RC drilling (SYFC prefix) was undertaken around the Symes' Resource during the Quarter. Disappointing results were returned from the immediate southern extension to the resource, but infill drilling confirmed the robustness of the deposit ahead of an upgrade to the existing 34,000 ounce resource estimation (see RMS ASX Release, dated 10 September, 2019: "Resources and Reserves Statement 2019"). This upgrade is currently scheduled for the June Quarter. Better results returned from the infill drilling campaign include:

• ➢ 17m at 6.45 g/t Au from 23m in SYFC288, including 12m at 8.86 g/t Au
• ➢ 18m at 3.20 g/t Au from 11m in SYFC294

Figure 10: Symes' Resource drill hole locations and contoured surficial laterite. The drill hole collars annotated 'Assays Pending' failed to return any significant mineralisation. The mineralisation may be offset to the west, as depicted by the two anomalous Aircore intersections highlighted on the left side of the picture.

Figure 11: Symes' Resource section. See Figure 9 for section location. No significant results were returned from southern extension RC holes SYFC311 and 312.

Tampia Exploration Prospects

Encouraging RC drilling assay results have been returned from two prospect areas located within 6km of the Tampia Resource. The RC drilling was following up on anomalous Aircore results at Tampia South and previous explorer's drilling results at Dorset (part of Anomaly 8, located 6km north of Tampia).

Better results returned from Dorset (DTRC prefix) during the Quarter include:

• ➢ 10m at 3.03 g/t Au from 99m in DTRC002
• ➢ 6m at 2.23 g/t Au from 134m in DTRC002
• ➢ 8m at 1.08 g/t Au from 74m in DTRC007

True widths and strike remain undetermined at this stage. Further drill testing is required to ascertain the significance of these intersections.

Better results returned from Tampia South (SMRC prefix) during the Quarter include:

• ➢ 4m at 2.02 g/t Au from 77m in SMRC012
• ➢ 3m at 4.79 g/t Au from 100m in SMRC012
• ➢ 5m at 5.69 g/t Au from 63m in SMRC013
• ➢ 3m at 3.94 g/t Au from 111m in SMRC013

True widths remain uncertain but a northeasterly strike, parallel to the Tampia Resource, is currently favoured at Tampia South (refer Figure 12). Infill drilling over then untested plus 1km southern strike extension to the SMRC013 intersections will be completed after Christmas 2020, once the winter crops have been harvested.

Figure 12: Location of anomalous soil geochemistry contours, Aircore and RC drilling to the south of the Tampia Resource, draped over a TMI pseudocolour aeromagnetic data image

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%

The Company continues to advance land access negotiations throughout the project.

CORPORATE & FINANCE

Gold sales for the March 2020 Quarter were 53,173 ounces at an average price of A$1,937/oz for revenue of A$103.0M.

Table 4: Cash and gold
------------------------	--

Cash & gold	Unit	Jun-19	Sep-19	Dec-19	Mar-20
Cash on hand	A$M	95.8	71.3	61.9	98.1
Bullion1	A$M	11.0	21.4	25.8	27.3
Total cash & gold	A$M	106.8	92.8	87.7	125.4
Outstanding Debt	A$M	-	-	-	(32.5)
Net cash & gold	A$M	106.8	92.8	87.7	92.9

1. Bullion is valued at the March 2020 spot price of A$2,600/oz.

As at 31 March 2020, the Group had A$98.1M of cash and A$27.3M of gold bullion on hand for a total of A$125.4M. This represents an increase of A$37.7M from the December 2019 Quarter. The cash flows for the Quarter included a strong AISC cash margin of A$36.7M and a A$32.5M drawdown on finance facilities with these cash inflows being used to invest significantly into the development of, and addition to, the Ramelius asset portfolio, including A$16.0M in mine development, A$5.5M on exploration, and A$13.8M for the acquisition of Spectrum Metals Limited (net of cash acquired) (refer Figure 13).

Quarter cash & gold

Figure 13: Quarterly cash and gold movements

At the end of April, forward gold sales consisted of 263,650 ounces of gold at an average price of A$2,102/oz over the period May 2020 to December 2022. Since 1 February 2020 (up to the end of April), contracts for 47,000 ounces at A$1,849/oz were delivered into and new contracts totaling 38,650 ounces at A$2,403/oz were entered into. The hedge book summary is shown below in Table 5.

Table 5: Hedge Book Summary

The Company reduced the size of its hedge book during the Quarter. Indeed, nearly all new contracts were put in place in February and early March and since the outbreak of COVID-19, the Company has focused on delivery of contracts in line with schedule with minimal additions to the book. The Company expects this trend to continue during the June 2020 Quarter whilst it continually assesses the level of hedging relative to production expectations and external influences, such as the COVID-19 crisis. The current intention, which remains subject to the completion of the new Life of Mine Plan, is to maintain approximately 1 years' worth of production hedged over a period of approximately three (3) years.

The Company's Syndicated Facility Agreement with the Commonwealth Bank of Australia, BNP Paribas and the National Australia Bank was drawn during the Quarter, with A$32.5M added to the cash & gold balance.

Spectrum Metals Takeover Offer

On the 23rd April 2020, the Company announced an extension to its recommended off-market takeover offer (the "Offer") to acquire all of the ordinary shares in Spectrum Metals Limited (ASX:SPX) ("Spectrum"), noting that its Offer of one (1) Ramelius share for every ten (10) Spectrum shares held and cash consideration of A$0.017 per Spectrum share held ("Offer Consideration") was the Company's BEST AND FINAL OFFER and will not be increased. The Offer has the full support of the Independent members of the Spectrum Board who have provided acceptances in respect of all shares held or controlled by them.

Ramelius reached a relevant interest of 50.5% and declared the Offer unconditional on 18 March 2020. As at the date of this announcement, Ramelius owns 89.42% of the ordinary shares in Spectrum. Spectrum shareholders are now eligible for rollover tax relief.

Ramelius will provide another notice of the status of conditions on 22 May 2020 (unless further extended).

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 weeks include;

• Restricting non-essential travel, utlising video and phone conference facilities wherever possible
• Relocating employees and contractors to Western Australia in most case, although the numbers affected by this requirement at Ramelius were relatively small
• 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
• Social distancing wherever possible, particularly on flights and bus trips to and from site
• Plans in place for isolation, testing and rapid removal from site for any employee or contractor displaying flulike symptons
• 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.
• Reduced exploration "footprint" by scaling back "non-essential" activities for the immediate term.

Whilst the COVID-19 measures Ramelius has put in place had minimal impact on March 2020 Quarter production, as well as June 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	Tim Manners	Luke Forrestal
Managing DirectorRamelius Resources LtdPh: +61 8 9202 1127	Chief Financial OfficerRamelius Resources LtdPh: +61 8 9202 1127	AssociateDirectorMedia & Capital PartnersPh: +61 411 479 144

ABOUT RAMELIUS

Figure 9: 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 9). 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 and low grade stockpiles. Additional ore feed is planned from the adjacent Greenfinch open pit and satellite Marda and Tampia open pit projects.

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	Easting	Northing	Az/Dip	RL	F/Depth(m)	From (m)	To (m)	Interval(m)	g/t Au
GXRC0759	581890	6907069	88/-55	479	70	15	20	5	1.25
GXRC0760	581878	6907076	90/-56	478	88	42	45	3	0.82
GXRC0761	581863	6907069	90/-55	478	100	67	69	2	1.35
GXRC0762	581849	6907051	89/-56	478	112	88	95	7	2.17
						98	99	1	0.6
GXRC0763	581862	6907028	90/-56	478	88	1	2	1	0.83
						57	61	4	1.16
GXRC0764	581850	6907028	87/-55	477	100	79	83	4	3.79
GXRC0765	581939	6907051	272/-55	478	88	67	76	9	1.46
GXRC0766	581878	6907000	90/-55	477	40				NSI
GXRC0767	581847	6907000	87/-55	477	100	75	77	2	0.7
GXRC0768	581836	6906989	87/-55	476	112	90	95	5	1.15
GXRC0769	581850	6906973	90/-55	476	90	58	67	9	1.38
GXRC0770	581836	6906976	90/-55	476	100	82	87	5	1.45
GXRC0771	581908	6906960	270/-55	476	64	44	47	3	2.89
GXRC0772	581851	6906950	89/-55	475	76	45	52	7	1.61
						58	59	1	0.57
GXRC0773	581838	6906950	90/-55	475	96	71	79	8	0.86
GXRC0774	581867	6906937	90/-54	476	52	16	21	5	1.67
						25	26	1	0.56
GXRC0775	581840	6906937	89/-54	475	88	66	67	1	0.92
						71	74	3	1.17
GXRC0776	581855	6906912	90/-55	475	64	32	39	7	2.71
GXRC0777	581832	6906923	90/-55	475	100	73	89	16	0.78
GXRC0778	581838	6906900	90/-55	475	94	61	70	9	1.04
GXRC0779	581827	6906900	91/-55	475	106	80	90	10	0.95
						93	94	1	2.39
GXRC0780	581862	6906867	90/-55	474	34				NSI
GXRC0781	581850	6906867	91/-55	474	58				NSI
GXRC0782	581837	6906867	91/-55	474	96				NSI
GXRC0783	581928	6906702	269/-55	474	94	49	58	9	1.71
GXRC0784	581939	6906701	270/-56	474	124	64	72	8	1.06
GXRC0785	581935	6906675	270/-55	474	124	73	75	2	0.69
						81	86	5	1.03
						92	93	1	1.13
GXRC0786	581938	6906689	269/-56	474	130	74	94	20	1.38
					incl	82	91	9	1.98
GXRC0787	581802	6906750	92/-54	475	100	67	69	2	0.9
						77	86	9	1
GXRC0788	581800	6906723	92/-50	476	94	58	60	2	4.7
GXRC0789	581794	6906724	91/-55	476	106	84	86	2	3.22
GXRC0790	581779	6906723	93/-55	476	130				NSI
GXRC0791	581790	6906700	91/-55	476	136	84	90	6	0.72
GXRC0792	581788	6906675	91/-55	477	200	83	91	8	1.15
GXRC0793	581770	6906651	89/-50	477	188	98	102	4	3.32
GXRC0794	581773	6906627	92/-50	478	166	79	96	17	1.83
GXRC0795	581763	6906605	93/-55	478	178	104	110	6	1.5
						114	123	9	2.87
					incl	117	118	1	21.3
GXRC0796	581757	6906587	91/-55	477	188	144	153	9	0.63

						110	111	1	1.44
						114	119	5	0.89
						122	123	1	2.66
						135	136	1	1.37
						142	143	1	1.89
						163	174	11	1.1
						181	182	1	0.89
GXRC0797	581749	6906569	90/-55	477	196	128	136	8	0.53
						149	157	8	3.19
						174	175	1	1.39
GXRC0798	581753	6906524	90/-51	477	154	108	110	2	1.05
						122	123	1	1.49
						126	128	2	0.72
GXRC0799	581739	6906550	92/-50	477	190	126	150	24	1.16
						155	160	5	2.03
GXRC0800	581765	6906514	89/-50	477	130	88	93	5	1.36
						104	105	1	1.36
GXRC0801	581775	6906505	89/-50	476	112	70	74	4	1.04
						83	84	1	1.77
GXRC0802	581766	6906505	91/-55	476	130	96	97	1	2.99
GXRC0803	581744	6906550	100/-51	477	172	115	121	6	2.01
						130	141	11	1.67
						145	149	4	0.45
GXRC0804	581894	6906538	270/-56	477	172	97	98	1	3.03
						101	116	15	1.99
						121	131	10	0.71
GXRC0805	581900	6906564	272/-55	477	172	95	96	1	1.16
						99	104	5	0.53
						121	133	12	1.57
						136	145	9	1.08
GXRC0806	581899	6906599	271/-56	477	106	39	40	1	3.42
						71	72	1	1.43
						76	77	1	1.42
						81	89	8	1.76
GXRC0807	581914	6906599	271/-54	476	154	36	37	1	1.91
						96105	99112	37	2.151.94
GXRC0808	581914	6906638	272/-55	476	148	75	79	4	1.03
						136	138	2	1.7
GXRC0809	581900	6906652	271/-65	476	118	26	27	1	1.15
						32	33	1	1.58
						48	65	17	1.57
GXRC0810	581901	6906665	272/-55	476	70	30	34	4	1.25
GXRC0811	581901	6906681	271/-55	476	52	20	22	2	0.75
						25	33	8	1
GXRC0812	581879	6906740	269/-55	475	88	0	1	1	2.03

GXRC0813	581873	6906745	273/-55	475	76				NSI
GXRC0814	581884	6906799	90/-50	474	112	79	81	2	1.33
GXRC0815	581910	6906616	272/-55	476	160	81	88	7	1.91
						94	106	12	0.55
						143	148	5	2.05

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.

Attachment 2: Significant (>0.50 g/t Au) Eridanus Diamond Drilling + Orion RC Drilling – Mt Magnet, WA

Hole_ID	Easting	Northing	Azi/Dip	RL	F/depth(m)		DepthFrom	DepthTo	Width(m)	Grade(g/t Au)
GXDD0089	576659	6894064	017/-46	429	422.4		117	124	7	1
(Eridanus)							273	293	20	4.23*
						incl:	286	293	7	10.11
							312	314	2	3.22
							326.9	333	6.1	2.25
							322	347	25	2.73*
						incl:	344	347	3	13.78
							361	394	33	2.15*
						incl:	363	364	1	22.9
						incl:	385	386	1	19.85
						incl:	393	394	1	12.7
GXDD0090	576570	6894434	129/-47	430	411.3		233.9	235.3	1.4	28.84
(Eridanus)							249	291	42	6.41*
						incl:	252	253	1	46.9
						incl:	269	273	4.5	25.29
						incl:	283.9	284.7	0.8	62.2
						incl:	288	289	1	34.5
							302	304	2	12.63
							331	332	1	7.65
							385	386	1	27.9
							359	361	2	2.03
GXDD0091	576943	6894089	331/-40	430	396.2		232	239.5	7.5	1.00
(Eridanus)							275	277	2	2.91

							289.4	290	0.6	9.07
							298	310	12	1.60*
						incl:	302	303	1	10.7
							307	310	3	1.31
GXDD0092	576751	6894493	170/-54	431	430.1		174	187	13	1.85
(Eridanus)							225	227	2	6.94
							273	299	26	1.78*
						incl:	273	275	2	10.12
							329	330	1	15.95
							349	352	3	1.99
							376	394	18	1.70*
							408	408.2	0.2	110
							426.9	427.9	1	12.1
GXDD0093/93A	576824	6894082	359/-55	430	399.6		217	220	3	0.86
(Eridanus)							270	283	13	1.97
							319.5	320	0.5	59.5
							338	343	5	1.61
							382	385.9	3.9	0.70
							270	348	78	1.35*
GXDD0094	576633	6894052	359/-55	429	240(abn)		122	123	1	7.29
(Eridanus)							197	199	2	1.01
							210	212	2	1.48
GXDD0095	576756	6894504	178/-57	431	458.2		62	65	3	2.20
(Eridanus)							151	154	3	0.75
							166	178	12	0.8
							192	198	6	11.9
						incl.	194	196	2	34.5
							206	207	1	6.97
							259	261	2	4.12
							345	351	6	17.8
						incl.	346	348	2	50.4
							376	410	34	2.20
						incl.	388.3	388.8	0.5	44.4

							444.3	448.3	4	16.3
						incl.	444.3	445.3	1	62.5
							309	448	139	2.10*
GXDD0096A(Eridanus)	576888	6894513	193/-51	432	417.7					results awaited
GXDD0097(Eridanus)	576840	6894088	327/-56	430	427					results awaited
GXDD0098(Eridanus)	576846	6894088	325/-50	430	96					not sampled
GXDD0099(Eridanus)	576745	6894080	323/-57	430	77					not sampled
GXDD0100	576747	6894082	326/-61	430	221		145	148	3	12.78
(Eridanus)						incl.	146	147	1	32.2
GXDD0101(Eridanus)	576686	6894487	192/-56	430	65					not sampled
GXDD0102	576684	6894487	194/-61	431	239		36	39	3	9.61
(Eridanus)						incl.	37	38	1	25.2
							69	71	2	5.01
							102	105	3	2.6
GXDD0103(Eridanus)	576742	6894502	180/-59	431	(215)					hole in progress
GXRC2026	576631	6894061	353/-53	429	395.6		364	365	1	71.7
(Eridanus)	(previousRC hole to338m)						375	379	4	2.41
GXRC2063	576660	6894075	008/-52	429	426.8		364	396	32	1.53
(Eridanus)	(previousRC hole to360m)					incl	387	388	1	16.75
							309	396	87	1.77*
GXRC2080	577259	6894530	062/-55	432	160		40	55	15	0.95
(Orion)							114	116	2	0.96
							134	139	5	0.83
GXRC2081	577077	6894457	075/-52	433	228		32	36	4	3.55
(Orion)							170	173	3	0.7

GXRC2082	576952	6894439	071/-51	432	258		82	85	3	1.22
(Orion)							112	114	2	0.77
							249	256	7	3.68
						incl.	254	255	1	19.35
GXRC2083	577395	6894480	316/-60	432	270		29	43	14	1.17
(Orion)							70	72	2	0.67
							80	106	26	0.55
							149	151	2	0.68
							266	270	4	1.47
GXRC2084	577580	6894450	316/-61	431	209		33	40	7	1.07
(Orion)							174	176	2	2.76
GXRC2085	577674	6894490	316/-57	432	269		118	119	1	2.52
(Orion)							155	160	5	1.05
							169	171	2	0.66
							182	184	2	0.81
							204	206	2	1.44
							251	253	2	0.54
GXRC2086	577516	6894514	314/-54	432	215		94	96	2	0.9
(Orion)							119	121	2	2.39
							159	161	2	16.37
							183	186	3	0.5
							192	199	7	1.63
GXRC2087	577447	6894575	316/-52	431	220		34	43	9	1.7
(Orion)							46	48	2	0.79
							53	57	4	0.56
							77	79	2	1.8
							90	96	6	0.75
							106	108	2	1.98
							111	112	1	2.03
							115	122	7	0.85
							130	131	1	2.36

							139	143	4	8.13
							34	150	116	0.81*
GXRC2088(Orion)	577388	6894401	048/-54	431	85		29	51	22	2.19
GXRC2089	577620	6894600	049/-55	431	209		12	48	36	2.72
(Orion)						incl.	41	43	2	17.19
							79	87	8	1.92
							197	204	7	15.25
						incl.	197	199	2	46.85
GXRC2090(Eridanus South)	576536	6893800	089/-51	427	305					results awaited

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. 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. Coordinates are MGA94-Z50. Hole Abn denotes hole was abandoned due to excessive deviation away from its intended target.

* Defines broader mineralised porphyry/granodiorite geologically constrained intervals. The composite Eridanus Granodiorite intersections are geologically constrained and may contain large zones of anomalous subgrade material (0.1 – 0.5 g/t Au)

Hole_ID	Easting	Northing	Azi/Dip	RL	F/Depth	Depth from	Depth	Width (m)	Grade (g/t
					(m)		to		Au)
SYFC287	695426	6475970	213/-61	400	100	0	4	4	3.3
SYFC288	695393	6475990	207/-89	400	70	0	4	4	1.71
						23	40	17	6.45*
					Incl.	23	35	12	8.86
						50	57	7	1.16
						66	69	3	1.02
SYFC289	695400	6476137	215/-62	400	80	0	2	2	1.44
						12	15	3	1.49
SYFC290	695465.77	6476092.26	218/-51	400	100				NSR
SYFC291	695428	6476105	154/-89	400	60	10	12	2	1.37
						30	34	4	1.38
SYFC291a	695425	6476104		400	7			hole	abandoned
SYFC292	695435	6476118	148/-89	400	60	23	27	4	1.42
SYFC293	695489	6476062	033/-71	400	80	0	2	2	1.23
SYFC294	695426	6476037	213/-70	400	70	11	29	18	3.20
SYFC295	695342.9	6475985	303/-61	400	80	2	5	3	3.54
SYFC296	695475.6	6475895	302/-60	400	120	80	81	1	2.45
						90	91	1	1.37
SYFC297	695302	6475997	315/-63	400	80				NSR
SYFC298	695645	6475899	214/-61	400	120				NSR
SYFC299	695667	6475932	213/-61	400	122	53	54	1	1.65
SYFC300	695650	6476120	272/-60	400	100	93	94	1	6.09
SYFC301	695610	6476160	271/-61	400	100	85	86	1	1.25
SYFC302	695650	6476175	252/-61	400	120	111	112	1	1.09

Attachment 3: Significant (>1.00 g/t Au) Tampia/Holleton (including Symes Find) RC Drilling – Edna May, WA

SYFC303	695562.5	6476054.4	215/-61	403.5	130	96	97	1	1.00
SYFC304	695559.2	6476199.7	270/-61	400.7	80				NSR
SYFC305	695599.1	6476199.8	269/-60	401.4	80				NSR
SYFC306	695639.3	6476199.9	269/-60	401.9	90				NSR
SYFC307	695538.5	6476239.8	270/-60	400.2	60				NSR
SYFC308	695619.6	6476239.9	271/-60	401.3	80				NSR
SYFC309	695287	6475975.2	308/-60	401.8	80				NSR
SYFC310	695320.6	6475952.1	306/-60	402.3	100				NSR
SYFC311	695352.9	6475930	304/-60	402.6	80				NSR
SYFC312	695386.5	6475907.2	304/-60	402.8	80				NSR
SYFC313	695419	6475885.3	304/-61	403.1	120				NSR
SYFC314	695452.9	6475862.7	306/-62	403.2	120				NSR
SYFC315	695476.8	6475846.2	304/-68	403.3	127				NSR
SYFC316	695373.8	6476033.9	214/-70	400.6	80				NSR
SYFC317	695859.8	6477019.9	268/-60	392.3	100				NSR
SYFC318	695697.3	6475982.2	212/-60	404	91			hole	abandoned
SYFC319	695713.6	6476080	271/-61	403.5	130	117	119	2	2.27
SYFC320	695620	6476018.7	269/-60	400	7			hole	abandoned
SYFC321	695621	6476018.7	269/-67	403.9	130				NSR
SYFC322	695699.7	6476016.8	270/-65	404.2	127				NSR
SYFC323	695206.9	6475930.2	302/-61	402.2	100	53	55	2	1.39
SYFC324	695237.8	6475909.2	304/-60	402.6	34			hole	abandoned
SYFC325	695243	6475905.7	304/-60	402.7	34			hole	abandoned
SYFC326	695275.1	6475884.5	304/-61	403	100	40	42	2	1.19
SYFC327	695308.2	6475861.4	307/-61	403.4	100				NSR
SYFC328	695341.8	6475838	305/-61	403.9	100				NSR
SYFC329	695374.5	6475815.9	302/-60	404.3	100				NSR
SYFC330	695474.3	6475747.1	305/-63	404.7	130				NSR
SYFC331	695243	6475914.3	305/-61	402.5	100				NSR
DTRC001	638380.0	6446074.8	192/-90	328.9	109	63	104	41	0.41
DTRC002	638487.7	6446074.5	271/-61	329.4	140	99	109	10	3.03
						134	140	6	2.23
DTRC003	638481.3	6445995.0	270/-61	330.6	150				NSR
DTRC004	638536.9	6445993.3	274/-61	331.8	150	27	31	4	1.53
						135	139	4	1.06
DTRC005	638596.3	6445993.1	273/-61	332.2	150				NSR
DTRC006	638657.4	6445991.9	272/-60	332.4	150				NSR
DTRC007	638521.3	6446074.1	270/-66	330.1	163	74	82	8	1.08
DTRC008	638340.1	6446078.7	091/-60	330.2	200	154	156	2	1.86
						70	161	91	0.27
DTRC009	638502.9	6446075.4	091/-60	329.8	148				NSR
DTRC010	638300.5	6446156.4	273/-61	329.3	148				NSR
DTRC011	638378.1	6446154.1	274/-61	328.3	148				NSR
DTRC012	638554.1	6446154.2	274/-61	330.1	154				NSR
DTRC013	638437.2	6446153.8	273/-61	326.9	208				NSR
DTRC014	638497.0	6446154.2	270/-61	328.0	154				NSR
DTRC015	638423.7	6445995.4	270/-60	329.2	154			results	awaited
THRC686	636420.00	6442100.00	270/-61	300.00	148			results	awaited
SMRC001	636826.72	6439441.90	274/-61	341.10	100				NSR
SMRC002	636782.31	6439198.93	273/-61	350.02	130				NSR
SMRC003	636842.58	6439198.00	276/-58	348.78	142	32	33	1	1.09
SMRC004	636257.55	6438559.14	273/-30	365.92	148	49	50	1	2.93

SMRC005	636331.21	6438559.80	272/-61	367.56	172				NSR
						95	106	11	0.19
SMRC006	638166.01	6439357.50	273/-61	351.34	154	100	101	1	1.89
SMRC007	638205.83	6439357.08	272/-61	352.10	180				NSR
SMRC008	638451.08	6439442.13	273/-62	354.20	150				NSR
SMRC009	638197.97	6439439.06	273/-60	350.39	150				NSR
SMRC010	638139.78	6439439.80	273/-61	349.42	150				NSR
SMRC011	638509.82	6439440.78	274/-62	355.46	150				NSR
SMRC012	638543.18	6439278.24	275/-60	360.37	148	77	81	4	2.02
						100	103	3	4.79
SMRC013	637080.46	6439159.63	272/-61	347.52	148	63	68	5	5.69
						111	114	3	3.94
THRC687	636897.27	6440751.91	300/-70	300.00	80			results	awaited
THRC688	636929.16	6440710.52	300/-69	300.00	130			results	awaited
THRC689	636969.06	6440664.53	301/-70	300.00	150			results	awaited
THRC690	636863.10	6440679.30	302/-70	300.00	90			results	awaited

Reported significant gold assay intersections (using a 1.00 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. Prospects are defined by hole prefixes as follows: Symes (SYFC); Dorset (DTRC); Symes Extensions (SMRC); Tampia (THRC)

* denotes 0.5 g/t Au lower cut employed to define continuity

JORC Table 1 Report for the Surface Aircore, RC and Diamond Drilling and Edna May Mineral Resource

Section 1 Sampling Techniques and Data

Criteria	JORC Code explanation	Commentary
Samplingtechniques	•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 drilling wasused to obtain 1 m samples from which 3kg was pulverised to produce a 30 gcharge for fire assay'). In other cases moreexplanation may be required, such aswhere there is coarse gold that hasinherent sampling problems. Unusualcommodities or mineralisation types (egsubmarine nodules) may warrantdisclosure of detailed information.	•At allprojects 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 rifflesplit 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 (egcore, 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 laboratory

		to ensure no misrepresentation of sampling intervalshas occurred. Of note, excellent RC drill recovery isreported 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.
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 therelevant intersections logged.	•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.•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 database as 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 ofmineralization.
Quality ofassay 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 ofquality control proceduresadopted (eg standards, blanks, duplicates,external laboratory checks) and whetheracceptable levels of accuracy (ie lack of	•The fire assay method is designed to measure thetotal gold in the diamond core, RC and Aircoresamples. The technique involves standard fireassays using a 50gm 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.

bias) and precision have been established.	•Industry best practice is employed with the inclusionof duplicates and standards as discussed above andused by Ramelius as well as the laboratory. AllRamelius standards 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 of•The verification of significant intersectionssampling andby either independent or alternativeassayingcompany 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 Ramelius personnel 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 of•Accuracy and quality of surveys used todata pointslocate 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 spacing•Data spacing for reporting of Explorationand distributionResults.•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 relationto geologicalstructure	•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), 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 minesall in Western Australia(owned 100% by Ramelius Resources Limited'sor its100% owned subsidiaries).The Mt Magnet tenementsare located on pastoral/grazing leases. Tampiaislocated over private farm land where the veto on thetop 30m has been removed via executedcompensation agreement(s) with the variouslandowners. Edna May is within the WestoniaCommon. Heritage surveys are completed prior toany ground disturbing activities in accordance withRamelius' responsibilities under the AboriginalHeritage 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 byRamelius up 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 lode

		systems. 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 goldintersection 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. Gold gradeintersections >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 along geological 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.
Dataaggregationmethods	•In reporting Exploration Results, weightingaveraging techniques, maximum and/orminimum 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 andlonger 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.	•The first gold assay result received from each samplereported by the laboratory is tabled in the list ofsignificant 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 whengeological 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 reportedseparately. For example, the broader plus 1.0 g/t Auintersection of 6.5m @ 30.5 g/t Au contains a higher-

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 a	grade 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.
	clear statement to this effect (eg'down holelength, true width not known').
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 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 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.

Section 3 Estimation and Reporting of Mineral Resources–	Edna May
--------------------------------------------------------------	----------

Criteria	JORC Code explanation	Commentary
Databaseintegrity	•Measures taken to ensure that data hasnot been corrupted by, for example,transcription or keying errors, between itsinitial collection and its use for MineralResource estimation purposes.•Data validation procedures used.	•Validation exercises have been previouslycompleted by Evolution including checks againstoriginal paper logs. The drillhole database isadministered by the site geology team and validatedas new drilling is completed.•The Senior Mine Geologist validates all data.
Site visits	•Comment on any site visits undertaken bythe Competent Person and the outcomeof those visits.•If no site visits have been undertakenindicate why this is the case.	•The Competent Person is a full-time employee ofRamelius Resources and has made frequent sitevisits
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 Resource estimation.•The factors affecting continuity both ofgrade and geology.	•Confidence in the geological interpretation ishighand has been confirmed by detailed mapping andexposure in via underground mining•Data used includes drilling assays & logging frombroader spaced exploration/resource drilling andhigh density UG face sampling•No alternate interpretation required•Geology forms a significant component in theMineral Resource modelling & estimation.•The data used was a combination of historical dataand recent drill data. The use of historical drillingdata prior to 2000 provides a level of uncertaintyw.r.t quality control, but is not considered to be amaterial concern to the overall resource estimateresult
Dimensions	•The extent and variability of the MineralResource expressed as length (alongstrike or otherwise), plan width, and depthbelow surface to the upper and lowerlimits of the Mineral Resource.	•The Edna May deposit has a strike length ofapproximately 1km, with a typical consistent widthof 140m intersected to a known depth of 700m, andremains open at depth.•The high-grade quartz reefs/lodes cross-cut thewider stockwork mineralisation.Width is 1-5m andstrike length around 100m. They have been definedto 600m below surface.
Estimation andmodellingtechniques	•The nature and appropriateness of theestimation technique(s) applied and keyassumptions, including treatment ofextreme grade values, domaining,interpolation parameters and maximumdistance of extrapolation from data points.If a computer assisted estimation methodwas chosen include a description ofcomputer software and parameters used.•The availability of check estimates,previous estimates and/or mineproduction records and whether theMineral Resource estimate takesappropriate account of such data.	•The geological/gradeinterpretation of the gneiss andlodesequate to the estimation domains.•Deposits were estimated using geological softwareusing OK or ID2 methods inside constrainedmineralisation domains. The estimation method isappropriate for the deposit type•Only gold is estimated•No deleterious elements present•Parent cell of 10mN x 10mE x 5mRL (Edna May) or5mN x 10mE x 2.5mRL (Greenfinch). Sub-celling to20% used at topographic and mineralisationboundaries. Parent cell estimation only. Parentblocks reflect likely SMU size•Domains are geostatistically analysed and assigned

	•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 model interpolation,the block size in relation to the averagesample spacing and the searchemployed.•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 not usinggrade cutting or capping.•The process of validation, the checkingprocess used, the comparison of modeldata to drill hole data, and use ofreconciliation data if available.	appropriate search directions, top-cuts andestimation parameters. The search is aligned withthe observed geological strike and dip of the lode.•Samples were composited within ore domains to 2mlengths.•Top cuts were applied to domains after review ofgrade population characteristics. 9g/t was used forthe Edna May gneiss domain and 50g/t for the Fujiand Jonathan Lodes.•Validation includes visual comparison againstdrillhole gradesandcomparative statistics ofcomposites against block model grades.
Moisture	•Whether the tonnages are estimated on adry basis or with natural moisture, and themethod of determination of the moisturecontent.	•Tonnages are estimated on a dry basis
Cut-offparameters	•The basis of the adopted cut-off grade(s)or quality parameters applied.	•The cut-offs used are appropriate for the bulked lowgrade mining method used for Edna May andreported above 0.5 g/t. UG lodes also utilise thiscutoff to incorporate all material within theinterpreted lode and avoid a spotted dog resourceoutcome.Low grade zones may result from weakerintercepts and/or late pegmatite dykes.
Mining factorsor assumptions	•Assumptions made regarding possiblemining methods, minimum miningdimensions and internal (or, if applicable,external) mining dilution. It is alwaysnecessary as part of the process ofdetermining reasonable prospects foreventual economic extraction to considerpotential mining methods, but theassumptions made regarding miningmethods and parameters when estimatingMineral Resources may not always berigorous. Where this is the case, thisshould be reported with an explanation ofthe basis of the mining assumptionsmade.	•Resources are reported on the assumption of miningby conventional open pit grade control and miningmethods to around 450m depth. Parent block size isregarded as a SMU equivalent, with some furtherminor mining factors required for Reserves.•Lode resources are generated on the assumption ofmining by conventional level developmnet andlonghole open stoping methods.
Metallurgicalfactors orassumptions	•The basis for assumptions or predictionsregarding metallurgical amenability. It isalways necessary as part of the processof determining reasonable prospects for	•Metallurgical performance is well establishedthrough current milling operations. The ore is freemilling with a relatively high gravity recoverycomponent (≈50%) and overall recovery of 93%.

	eventual economic extraction to considerpotential metallurgical methods, but theassumptions regarding metallurgicaltreatment processes and parametersmade when reporting Mineral Resourcesmay not always be rigorous. Where this isthe case, this should be reported with anexplanation of the basis of themetallurgical assumptions made.
Environmentalfactors orassumptions	•Assumptions made regarding possiblewaste and process residue disposaloptions. It is always necessary as part ofthe process of determining reasonableprospects for eventual economicextraction to consider the potentialenvironmental impacts of the miningandprocessing operation. While at this stagethe determination of potentialenvironmental impacts, particularly for agreenfields project, may not always bewell advanced, the status of earlyconsideration of these potentialenvironmental impacts should bereported. Where these aspects have notbeen considered this should be reportedwith an explanation of the environmentalassumptions made.	•All Mining Approvals and permitting are in place•No significant environmental issues are known toimpact the operation, or the continued viability.
Bulk density	•Whether assumed or determined. Ifassumed, the basis for the assumptions.If determined, the method used, whetherwet or dry, the frequency of themeasurements, the nature, size andrepresentativeness of the samples.•The bulk density for bulk material musthave been measured by methods thatadequately account for void spaces(vugs, porosity, etc.), moisture anddifferences between rock and alterationzones within the deposit.•Discuss assumptions for bulk densityestimates used in the evaluation processof the different materials.	•Numerous density measurements were completedon fresh diamond core using the weight in air/weightin water method•Densities are applied to the resource estimate basedon assigning a determined representative valuederived from statistical analysis of the dataset for thebulk density to each specific geology, rock type andoxidation state.
Classification	•The basis for the classification of theMineral Resources into varyingconfidence categories.•Whether appropriate account has beentaken of all relevant factors (ie relativeconfidence in tonnage/grade estimations,reliability of input data, confidence incontinuity of geology and metal values,quality, quantity and distribution of thedata).•Whether the result appropriately reflects	•The resource has been classified as Indicated orInferred category's based on geological continuity,drillhole spacing, search pass and kriging variance•The resource classification accounts for all relevantfactors•The classification reflects the Competent Person'sview

	the Competent Person's view of thedeposit.
Audits or•reviews	The results of any audits or reviews ofMineral Resource estimates.	•The2018Edna May resource was reviewed by anexternal consultant.•The latest modelswerenot audited.
Discussion of•relativeaccuracy/confidence••	Where appropriate a statement of therelative accuracy and confidence level inthe Mineral Resource estimate using anapproach or procedure deemedappropriate by the Competent Person.For example, the application of statisticalor geostatistical procedures to quantifythe relative accuracy of the resourcewithin stated confidence limits, or, if suchan approach is not deemed appropriate, aqualitative discussion of the factors thatcould affect the relative accuracy andconfidence of the estimate.The statement should specify whether itrelates to global or local estimates, and, iflocal, state the relevant tonnages, whichshould be relevant to technical andeconomic evaluation. Documentationshould include assumptions made andthe procedures used.These statements of relative accuracyand confidence of the estimate should becompared with production data, whereavailable.	•The accuracy and confidence in the Resource isvery high given the deposit style, quality of drillingand sampling, both historic and new and recentmining experience and reconciliations.•Comparison of recent mining data shows a goodreconciliation with the Resource model.