RAMELIUS RESOURCES LIMITED — Investor Presentation 2004

Nov 25, 2004

This slide of the project geology shows firstly, the EM survey anomalies and modelled conductors with the subsequent geochemical drilling, and secondly, the recently discovered nickel gossans and subsequent drill testing. We suspect that the geology of the area is much more complicated than shown and the favourable horizon may be repeated several times.

The absence of gossans in the area of the EM anomalies may be due to the amount of transported soil cover.

This image shows the geometry of the modelled conductors to the south west of the area with the western ultramafic dipping to the east and the eastern ultramafic dipping to the west possibly converging at the position of the modelled conductor. We propose to drill test this area shortly.

The recent drill testing of the northern group of gossans was quite encouraging, identifying two zones of nickel mineralisation, as seen here.

It is proposed to drill beneath these intersections and also drill the additional untested gossans shortly.

This table shows the typical geochemistry one would expect from nickel gossans and lists the range of values from the gossans at Hilditch.

The Black Cat Project is located approximately 35 kilometres north west of Coolgardie and was the Company's main initial focus.

At the Black Cat, we have delineated a global resource of 290,000 tonnes at 2.7 g/t gold (for approximately 25,000 ounces gold) in two bodies.

The resource of 35,000 tonnes at 2.7 g/t gold is situated immediately adjacent to the earlier open pit from which it may possibly be accessed while the Black Cat South resource of 255,000 tonnes at 2.7 g/t gold is about 80m along strike

In a departure from the Eastern Goldfields, we next look at the Ingebong Project area located approximately 200 kilometres north east of Wiluna, in central Western Australia. The project lies within the Proterozoic Earaheedy Basin. Proterozoic Basins host many of the world's large base metal deposits.

We have just completed in-fill soil sampling over previously identified Copper/Zinc anomalies in the Ingebong Licence and are presently assessing the results. Our recent stream sediment sampling in the Rhodes area has also identified several low order gold anomalies.

The Company has a group of Royalty Interests for both gold and laterite nickel in the eastern goldfields. The ground the subject of the Edjudina Gold Royalty does however hold some promise of a return as it hosts a resource of 150,000 ounces gold while the nickel laterite resource at Eucalyptus forms part of a much larger nickel laterite project being actively progressed by GME Resources Limited.

This Activity Statement quantifies the exploration work undertaken by Ramelius over the last year.

o IIIKo o k rameli SWATHEEDAM (GOED)
7800N PROSPECT	INITIALOPTIMSATION STUDYPOSHIVE EZASABI UTAY TOULARZATNEAT NECOTIATIONS CONTINUING
8500N PROSPECI D ZOOON PROSPECT?	SCOPING DRILLE PROGRAM ON POTENTIAL RESOURCES ADAMCENT IO ANDREROS PEC
SEACK CARGOLD)	POSSIBLE JOINT DEVELOPMENT
	CHINDITCH (NIGKEN) DRIEING BELOW NIGKEL INTERSECTIONS CONTINUETESTING GOSSANS

In brief, the outlook is most promising for a development and economic return from Wattle Dam with further potential to grow the resources in this area; a possible joint development at the Black Cat resource, and a developing Nickel Sulphide Project at Hilditch.

Ladies and Gentlemen that completes my presentation and I hope it has been informative to you.