RAMELIUS RESOURCES LIMITED

Mark Zeptner Managing Director

Tim Manners Chief Financial Officer

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ASX:RMS
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Financial Results Half Year Ended December 2020

HALF YEAR RESULTS – DECEMBER 2020

QUALIFICATION

Forward Looking Statements

This presentation contains certain forward looking statements with respect to Ramelius Resources Ltd’s (Ramelius) financial condition, results of operations, production targets and other matters that are subject to various risks and uncertainties. Actual results, performance or achievements could be significantly different from those expressed in or implied by those forward looking statements. Such forward looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors that are beyond the control of Ramelius that may cause actual results to differ materially from those expressed in the forward looking statements contained herein. Ramelius gives no warranties in relation to the information and statements within this presentation.

Competent Persons Statement

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 and 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.

The Company confirms that it is not aware of any new information or data that materially affects the information included in this presentation and that all material assumptions and technical parameters underpinning the estimates continue to apply and have not materially changed.

HALF YEAR RESULTS – DECEMBER 2020

H1 FY2021 - HIGHLIGHTS

Financial Results

NPAT: Up 297% to A$81.3M (Dec 19: A$20.5M)
Net Cash & Gold: Up 32% to A$213.4M (June 2020: A$161.1M)

Penny Project

• Feasibility Study Complete: 584,000t @ 13.3 g/t Au for 238,000oz[^] • Financially Compelling: Pre-Tax NPV A$301M (5% at A$2,300/oz)

Edna May Resource

Mineral Resources upgrade: 31Mt @ 1.1 g/t Au for 1,000,000oz[^]
• Stage 3 Pit moves to Pre-Feasibility
Admission to ASX200 index

Corporate

Bob Vassie appointed new Chair

New Project Development

Tampia: Development commenced; Land & Minority JV interest acquired
• Eridanus Deeps: Scoping study due June 21 to incorporate drilling results[^^]

^ Refer to ASX Announcement dated 9 Nov 2020 “Penny & Edna May Study Updates”

HALF YEAR RESULTS – DECEMBER 2020

^^ Refer to ASX Announcement dated 28 Jan 2021 “Project Updates”

H1 FY2021 – PRODUCTION & SALES

Gold Production

• Group: 144,240 oz up 57% (H1 FY2020: 92,084 oz) • Mt Magnet: 84,119 oz up 26% (H1 FY2020: 66,987 oz) • Edna May: 60,121 oz up 140% (H1 FY2020: 25,097 oz)

AISC

Group: A$1,261/oz up 2% (H1 FY2020: A$1,240/oz)
• Mt Magnet: A$1,143/oz down 4% (H1 FY2020: A$1,193/oz)
• Edna May: A$1,434/oz up 6% (H1 FY2020: A$1,352/oz)

Gold Sales

Gold sold: 147,836 oz up 73% (H1 FY2020: 85,692 oz)
Dec 2020 forward gold sales: 229,750oz @ A$2,288/oz to March 2023

Sales Revenue

Total revenue : A$342.2M up 116% (H1 FY2020: A$158.5M)
Average price received: Up 25% to A$2,312/oz (H1 FY2020: A$1,844/oz)

HALF YEAR RESULTS – DECEMBER 2020

H1 FY2021 FINANCIAL HIGHLIGHTS[^]

Financials	Units	HY Ended 31 Dec 2020	HY Ended 31 Dec 2019	% Change
Revenue	A$’000	342,226	158,451	116%
EBITDA	A$’000	192,840	65,910	193%
EBITDA Margin	A$’000	56.3%	41.6%	35%
Net profit after Tax	A$’000	81,320	20,494	297%
Cash Flow from Operations	A$’000	160,934	54,350	196%
Net Mine Cash Flow*	A$’000	84,588	(11,220)	n/a
Group Cash Flow	A$’000	38,025	(33,867)	n/a
Basic Earnings per share (cents)	cps	10.06	3.11	223%

^ Refer to ASX Announcement “Appendix 4D and Half Year Financial Report for 31 December 2020” released today (23/02/2021)

HALF YEAR RESULTS – DECEMBER 2020

Cash from operations less capital and mine development

RECONCILIATION OF EBIT (DEC 19 TO DEC 20)

Higher production at marginally higher costs generated material lift in Earnings
Higher gold sales from 57% increase in gold produced
Average sales price increased 25% on back of higher spot market & improved hedge book prices
Underlying costs per tonne higher due to increase of UG in blend… but higher average grade leads to higher margins:
EBIT Margin 35% (pcp: 19%)
• EBITDA Margin 56% (pcp: 42%)

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HALF YEAR RESULTS – DECEMBER 2020

MARGINS RISING: COST CONTROL & IMPROVING GOLD PRICE

Gold production increased year-on-year by 21.5% since FY15

AISC Margin increased from 20% in FY15 to 42% in FY20

Consistent AISC profile over past 6 years…varying less than 4% over timeframe
Commitment to cost control and focus on cash flow margins per oz
Expanding margins due to GP strength & cost control

*Includes mid-points of production and AISC guidance and a weighted average gold price from the RMS Hedge Book and as assumed A$2,400/oz spot price

HALF YEAR RESULTS – DECEMBER 2020

RECONCILIATION OF MOVEMENT IN NET CASH & GOLD (LAST 6 MONTHS)

Strong AISC margin of $149.4m
Cash generation invested into current and future projects and also a return to shareholders
Maintain committed exploration program
Fully Franked dividend (2cps) from FY20 paid in this period
Stamp Duty on Spectrum, Explaurum and Marda acquisitions paid in period ($14.3m)

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HALF YEAR RESULTS – DECEMBER 2020

**RETURN ON INVESTMENT – KEY DRIVER OF DECISION MAKING[* ]**

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➢ Track record of generating positive
(net) cash flow from new projects
➢ Marda now in production (298kt ore stockpile, ~A$25M in free cf.)
➢ Tampia commenced capital expenditure program
➢ Penny capital program brought forward from FY22 into FY21
➢ Balance sheet strength to be applied to new opportunities
Unaudited cash flows by project

HALF YEAR RESULTS – DECEMBER 2020

BALANCE SHEET STRENGTH

CURRENT ASSETS

▪ $312.7M in current assets

Very strong liquidity: $162.4M (current assets less current liabilities)

▪ Net Assets $581.9M (up 13% on June 2020)

▪ Corporate Facility: $8.1M outstanding (June 2021)

Figures are A$M

Poised to act on growth opportunities, both internal and external

▪ Material debt carrying capacity for the right transaction. Supportive banking syndicate

Return on Equity – 29.6%[*]

Return on Capital Employed – 25.8%[*]

▪ Approx. 80,000 ounces in gold inventories (ROM, GIC and Bullion)

RoE = NPAT divided by Average Shareholder Equity then multiplied by 2
RoCE = NPAT divided by Average Total Assets less Average Current Liabilities then multiplied by 2

HALF YEAR RESULTS – DECEMBER 2020

AMONGST HIGHEST MARGINS COMPARED TO PEER GROUP[^]

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^ Source: Refer to Company specific Financial Results released on ASX Platform in January/February 2021

HALF YEAR RESULTS – DECEMBER 2020

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HALF YEAR RESULTS – DECEMBER 2020

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RAMELIUS RESOURCES LIMITED Interim / Quarterly Report 2021

65718_rns_2021-02-22_5a9d9c11-0052-478c-8b44-ad90426e71fd.pdf