RAMELIUS RESOURCES LIMITED — Investor Presentation 2004

Aug 3, 2004

SHAREHOLDER UPDATE
June 2004

MESSAGE FROM THE CHAIRMAN

Dear Fellow Share/Option Holder

Ramelius Resources has completed its first full financial year of operations since its 31 March 2003 listing on the Australian Stock Exchange. I thank you for the support you have shown during this past year and welcome the opportunity to provide you with this Shareholder Update.

During 2003/4 your company has been very active on a number of fronts. In particular, the potential for an early start to mining operations at Black Cat and Wattle Dam looks most promising. I must also mention very encouraging nickel targets that are ready for drill testing at Hilditch.

Your company's exploration and other activities included:

Black Cat

• · identifying an inferred and indicated resource of 250,000 tonnes at 2.7 g/t gold (~22,000 oz);
• · subsequently acquiring additional ground with resource potential that increased the project area four-fold to more than 6 km²;
• . completing a further resource definition drilling program that resulted in the identification of gold mineralisation of economic grades and widths expected to lead to a new resource immediately north and adjacent to the existing Black Cat open pit and the Black Cat South inferred and indicated resource.

Wattle Dam

• · successfully negotiating Native Title Agreements and obtaining the grant of Exploration Licence 15/718 comprising 18 graticular blocks covering approximately 56 km²
• · negotiating further Native Title Agreements in respect of the grant of Mining Lease ML15/1101 at Wattle Dam [containing an inferred resource of 150,000 tonnes at 4.6 g/t gold (~22,000 oz)};
• · commencing a resource definition drilling program to define the gold resource more definitively.

MESSAGE FROM THE CHAIRMAN

Hilditch

• conducting an electromagnetic geophysical survey to detect responses arising from nickel bearing sulphides, which identified targets near the contact of an ultramafic rock suite within a belt known for its nickel deposits;
• carrying out further drifting that has now provided very promising targets which will be drilled in the coming quarter.

Gnaribine

obtaining the grant of key tenement EL15/762 comprising 32 graticular blocks covering approximately 100 km² and providing access to drill the promising extensive Triton gold geochemical anomaly.

Spargoville

• acquiring the North Widgiemooltha Gold Rights from Goldfields Australasia Pty Ltd to more than 10 strike kilometres of prospective tenements (contiguous to the Wattle Dam Project) covering approximately 55 km² of granted mining leases focused along the Spargos Reward and Kunanalling Shear Zones north of the Widgiemooltha Dome:
• · acquiring additional ground within the Spargoville project area providing additional exposure in one of Australia's best nickel sulphide mineral provinces, the Widgiemooltha Greenstone Belt.

Cuddingwarra

• acquiring an 80% interest in the Morning Star Project at Cuddingwarra situated on granted mining leases close to Cue in the Murchison Mineral Field of WA:
• carrying out an initial RC drilling program. $\bullet$

In March 2004 Ramelius successfully completed a rights issue raising \$2.5 million in additional capital and more recently, initiated plans to accelerate and expand its exploration program in Western Australia i

MESSAGE FROM THE CHAIRMAN

The outlook for Bamelius over the next few months includes:

• the calculation of a new resource estimate at Black Cat:
• a feasibility study into a possible mining operation at Black Cat that could reasonably be expected to be developed and completed within 6 months of commencement:
• · a feasibility study into a potential mining operation at Wattle Dam;
• · a deep drilling program to test 2 nickel suiphide targets at Hilditch:
• a RAB drilling program at the Gnaribine Triton anomaly;
• · regional exploration programs at Spargoville for gold, nickel and tantalum

Your directors believe that your company's prospects, both short and longer term, are looking very positive.

Ramelius continues working towards achieving its goal of setting 2004 as the year for gold production and I look forward, together with my fellow directors, to your continued support and pouring our first gold bar.

Yours faithfully

RM Kennedy Chairman

CORPORATE OBJECTIVE AND STRATEGY

The objective of Ramelius is to add value to the company by identifying mineral resources that may be rapidly expanded and developed through strategic alliances or as stand-alone operations. In this respect, Ramelius aims to acquire properties for contract mining and toll treatment or to develop as stand alone operations.

Accordingly, since listing on ASX, Ramelius has initially focused on target rich projects in the Coolgardie Mineral Field in Western Australia's Eastern Goldfields, a region of prolific gold and nickel production. Within this region, the Company's current projects are strategically positioned for low cost exploration and development costs, transport, access to and availability of several treatment plants and engineering and mining services.

PROJECT PORTFOLIO

Project Name	Commodity	Region/State	Status
Black Cat	Gold	Coolgardie/WA	Active
Blue Hills	Gold	Warburtors/WA	Active
Troy Creek	Gold	Warburton/WA	Pendina
Ingebong Hills	Copper/Zinc	Warburton/WA	Active
Bhortes	Copper/Zinc	Warburtors/WA	Active
West Rhodes	Copper/Zinc	Warburton/WA	Pendina
Hilditch	Gold and Nickel	Coolgardie/WA	Active
Wattle Dam	Gold	Coolgardie/WA	Active
Logans/Larkinville	Gold and Tantatum	Coolgardie/WA	Pending
Bonnievale	Gold	Coolgardie/WA	Active
Gnaribine	Gold and Nickel	Coolgardie/WA	Active
Ida Fault	Gold	Coolgardie/WA	Pendina
Bullabulling	Gold	Coolgardie/WA	Pending
Caddingwarra	ഭഷ	Murchison/WA	Active
Parker Range	Gold and Nickel	Yilgarn/WA	Active
Lake Seabrook	Gold and Tantalum	Yilgarn/WA	Pendina
Eucalyptus	Gold	NE Coolgardie/WA	Pending
ROYALTIES
Sandstone	Gold	East Murchison/WA	Not Producing
Bulong	Gold	East Coolgardie/WA	Not Producina
Sparges Reward	Gold	Coolgardie/WA	Not Producing
Siberia	Gold and Nickel	East Coolgardie/WA	Not Producing
Edjudina	Gold	NE Coolgardie/WA	Not Producing
Eucalyptes	Nickel	NE Coolgardie/WA	Not Producina

News Release

For Immediate Release 19 July 2004

WATTLE DAM FIRMS AS FIRST GOLD MINE FOR RAMELIUS

Gold and nickel explorer, Ramelius Resources Limited ('RMS') says it expects to develop a gold mine at its emerging Wattle Dam project in Western Australia, in the "short term".

This follows new shallow high grade gold drift intersections from within wide lower grade zones during 1,900 metres of reverse circulation (RC) drilling to better define the inferred resource of 150,000 tonnes at 4.6g/t gold (cut) at Wattle Dam, 50 kilometres southeast of Coolgardie.

"We are extremely happy with the success of the RC drilling program as it fetumed a number of spectacular gold grades along with many robust gold. intersections." Ramelius' Managing Director. Mr 3oe Houldsworth, said today.

"We are now fooking at establishing a mining operation at Wattle Dam within the next six months or so - the Company's first mine since listing in . March last year." Mr Hoaldsworth said.

"The anticipated mine would have a fead time of possibly six months with a further six months required to mine the resource. As Wattle Dam is also on a granted mining lease with Native Title Agreements in place, this will further minimise development fead times."

Mr Houldsworth said that while spectacular high grades were exciting, the real significance of Wattle Dam was its relatively shallow depth of intersections.

"We set drilling records in respect of metres achieved on a daily basis during the latest Wattle Dam RC schedule, and this would seem to confirm our opinion that the nature of the ground, being weathered ultramatics, will probably be 'free digging' to 40-50 metres depth' he said.

Best grades from the RC program included 1 metre @ 130 grams per tonne gold (g/t) from 7 metres depth, 2 metres @ 47 g/t from 17 metres and 9 metres at 8.3 g/t from 12 metres.

Ramelius is now progressing a revised resource estimate for Wattle Damand from this week will commence further drilling to test the project's northwestern and southern extensions 'as the mineralisation is carrently open in these directions". Mr Houldsworth said. [1]

CORPORATE DIRECTORY

Reaistered Office

140 Greenhill Road ENLEY SA 5061 Telephone: (08) 8373 5588 Facsimile: (08) 8373 5917 www.rameliusresources.com.au

Perth Office

Suite 3 14 The Avenue MIDLAND WA 6056 PO BOX 1527 MIDLAND WA 6936 Telephone: (08) 9250 6644 Facsimile: (08) 9250 6699 Ernail: rameliuswa@tpg.com.au

Chairman

ROBERT MICHAEL KENNEDY ASIT, Grad. Dip. (Systems Analysis) FCA. ACIS. FAIM. FAICD Non Executive Director

Directors, Senior Management and Consultants

JOSEPH ERED HOULDSWORTH Chief Executive Officer Managing Director

REGINALD GEORGE NELSON BSc (MATHS), FAusIMM, FAICD Non Executive Director

DOMENICO ANTONIO FRANCESE BEC, FCA, ASIA Company Secretary

GORDON DUNBAR Bsc (Hons), MSc, Dio, Imperial College, FAuslMM, FAIG, AuslMM Chartered Professional (Geology) Consultant Geologist

Stock Exchange Code

BMS: Shares RMSO: Options Australian Stock Exchange Limited Level 19, 91 King William Street Adelaide SA 5000

Share Registrar

Computershare Investor Services Pty Limited Level 5, 115 Grenfell Street ADELAIDE SA 5000 Telephone: (08) 8236 2300 or 1300 556 161 Facsimile: (08) 8236 2305

Auditors Grant Thornton 67 Greenhill Road WAYVILLE SA 5034

Lawyers

DMAW Lawvers Level 3 80 King William Street ADELAIDE SA 5000

BLACK CAT: Gold
At Black Cal the primary gold mineralisation is associated with the lower contact of a southerly dipping granodicrite against masc rocks while some, usually footwall mineralization occurs in masc rocks and is
similar to that at the Jacrot Mining Centre one kilometre to the north. The mineralisation system is known over a strike length of aeven hundred meters and is open to both the east and the west. It is obscured by
15 to 20m thickness of transported overburden and shows a strong supergene component.

The small Black Cat North open på was mined to a depth of 40m in 2001 and has provided valuable
geological information that has been applied with great effect to the system as a whole.

• Five chiling programmes totaling 8970m in 129 holes have identified several zones of gold mineralisation.
  The most significant being that at Black Cat South where a total resource of 250,000 tonnes at 2.7 g/t
  gold faspinox resource category. Ăpproximately 140,000 tonnes of this resource gradang 3 g# gold is estimated to.
  occar within a depth of 50m of the surface.
• cocar within a depth of 50m of the state.
  
  Moth of the Black Cat open pir recent resource definition drifing confirmed a number of intersections of
  
  potentially expnorely good grades and weaths that the slong or in close
• approximately 25,000 oz goldi

Outlook

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Shear

Gold Mine

Aeromagnetic trends

Proposed drill traverse

Tenement Boundary

30ezó1

Oggab A

Proterazoic dykes

Concern
A risting development study is expected to tolfow from this new resource estimate which may integrate with
The previous resource estimated for Black Cat south.

Masob Au

Connel Hill

ùton

tenement

Grosmont S