RAMELIUS RESOURCES LIMITED — Interim / Quarterly Report 2020

Mar 31, 2020

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----- Start of picture text ----- 1 April 2020ISSUED CAPITALOrdinary Shares: 730MDIRECTORSNON-EXECUTIVE CHAIRMAN:Kevin LinesMANAGING DIRECTOR:Mark ZeptnerNON-EXECUTIVE DIRECTORS:Michael BohmDavid SouthamNatalia StreltsovaCOMPANY SECRETARY:Richard Joneswww.rameliusresources.com.auramelius@rameliusresurces.com.auRAMELIUS RESOURCES LIMITEDRegistered OfficeLevel 1, 130 Royal StreetEast Perth, WA 6004Tel +61 8 9202 1127PO Box 6070East Perth, WA 6892----- End of picture text -----

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1 April 2020

MARCH 2020 QUARTER AND GENERAL UPDATE

HIGHLIGHTS

• Provisional Quarterly gold production of 51,825oz (Guidance 50 – 55,000 oz)

• Provisional cash and gold balance of A$122.9M (Net cash of A$90.4M)

• COVID-19 being pro-actively managed with minimal impact to date

• Takeover Offer for Spectrum Metals well advanced at 72% ownership

• FY2020 Guidance of 205-225,000oz at an AISC of A$1,225 - 1,325/oz remains in place

Ramelius Resources Limited ( ASX: RMS ) (“ Ramelius ”, “ the Company ”) is pleased to advise that it has achieved the March 2020 Quarter Production Guidance with 51,825 ounces of gold produced. Further, the Company’s balance sheet remains strong with net cash and gold of A$90.4M as at the end of the Quarter. A provisional update on operational, corporate, finance and the Company’s response to COVID-19 follows.

OPERATIONS

Provisional group Quarterly gold production of 51,825 ounces (Guidance: 50 - 55,000 ounces):

• Mt Magnet (incl. Vivien) – 38,981 ounces (subject to final gold outturn)

• Edna May (incl. Marda) – 12,844 ounces (subject to final gold outturn)

CORPORATE DEVELOPMENT

On 18 March 2020 Ramelius announced it had obtained control of Spectrum Metals Ltd ( ASX: SPX ) (“ SPX ”) by reaching 50.5% ownership in SPX pursuant to its off market takeover offer announced on the ASX on 10 February 2020 (“ Offer ”). Since then the rate of acceptances received from SPX shareholders has remained strong and as at the date of this release Ramelius holds a beneficial ownership of 72% in SPX.

Ramelius encourages remaining shareholders of SPX to accept the Offer as soon as possible for the reasons outlined in the Bidder’s Statement dated 25 February 2020. Currently, the Offer is scheduled to end at 5pm (WST) on Thursday 30 April 2020 (unless further extended).

FINANCE & FORWARD GOLD SALES

Cash and gold on hand was provisionally A$122.9M at end of the Quarter (Dec 2019 Qtr.: A$87.7M) after drawdown from the Company’s debt facility (see below), planned capital and exploration expenditure and funding the initial A$15.7M cash component of SPX acquisition. Underlying cash and gold, excluding debt drawdown and SPX related costs, increased by A$18.4M over the Quarter.

Ramelius took a prudent approach to capital management by drawing A$32.5M from the Syndicated Facility in place, leaving the Company with a net cash position of A$90.4M. The balance sheet remains robust and also includes approximately 95,000 ounces of gold in circuit and from run-of-mine stockpiles. As a result, Ramelius is well placed to accommodate both future mine development decisions and other acquisition opportunities while providing a significant buffer during the evolving COVID-19 pandemic.

Ramelius continues to deliver gold into its forward sales book as the current schedule requires. The Company has also held detailed, positive discussions with its hedge counterparties as to how it would restructure its short term contracts should a complete lockdown occur in Australia in response to the COVID-19 threat. Strategies are advanced on this matter should the Company decide to act.

COVID-19 & FULL YEAR GUIDANCE

Ramelius has always prioritised the health and safety of its employees, their families and the communities within which we operate. The outbreak of COVID-19 has, more than ever, put this priority into sharp focus and the Company’s response to this pandemic has been decisive.

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 a clearly articulated strategy and 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. At the heart of this strategy is the proactive testing and screening of individuals, strict hygiene practices and social distancing. In addition, the Company has put in place processes that allow for an appropriate response in the event any employees and contractors are affected by this virus.

Whilst the COVID-19 measures Ramelius has put in place have had minimal impact on March 2020 Quarter production, the Company notes that future developments may result in greater disruption to the business. At this stage Ramelius maintains its full year guidance of 205,000 - 225,000 ounces at an AISC of A$1,225 – 1,325/oz, however, should the existing situation change, it will keep the market fully informed in line with its continuous disclosure obligations.

In addition, the Company has begun the process of rationalising non-essential exploration activities in order to reduce the “footprint” created by travel requirements in and out of sites and the interaction between individuals.

Further details will be available in the full Quarterly Report later this month.

This ASX announcement was authorised for release by the Board of Directors. For further information contact:

Investor enquiries:

Media enquiries:

Duncan Gordon

Mark Zeptner Tim Manners Duncan Gordon Luke Forrestal Managing Director Chief Financial Officer Executive Director Senior Account Director Ramelius Resources Ltd Ramelius Resources Ltd Adelaide Equity Partners Media & Capital Partners Ph: +61 8 9202 1127 Ph: + 61 8 9202 1127 Ph: +61 404 006 444 Ph: +61 411 479 144

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