RAMELIUS RESOURCES LIMITED — Investor Presentation 2011

Oct 18, 2011

Ramelius Resources Limited

Investor Presentation October 2011 ASX:RMS

DISCLAIMER AND FORWARD LOOKING STATEMENTS

This presentation contains certain forward looking statements with respect to Ramelius' financial condition, results of operations 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 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 Resources Limited 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) and Rob Hutchison (Mineral Resources & Ore Reserves).

Kevin Seymour and Rob Hutchison are both Members of the Australian Institute of Mining and Metallurgy and have sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity they have undertaken to qualify as a Competent Person under the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves". Kevin Seymour and Rob Hutchison are full-time employees of Ramelius Resources Limited and consent to the inclusion in this report of the matters based on his information in the form and context in which it appears. p

Ramelius Corporate Information

Corporate Details Directors & Shareholders ASX Code: RMSOrdinary Shares on Issue: 291M Market Capitalisation: A$375M Chairman: Robert Kennedy Managing Director: Ian Gordon Non Executive Director: Reg Nelson 12 month share price range: $0.66-1.73 Cash and Gold on Hand: A$89M Non Executive Director: Kevin LinesSignificant Shareholder: Sprott 17.8%

Company Overview

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Project Locations

Achievements in 2011

• Record production of 100,000 oz of gold (FY ending 30 June 11)
• Record operating cash flow of A$99m (FY ending 30 June 11)
• Increased Wattle Dam mine life to 2013
• Commenced mining at Mt Magnet in September 2011
• R d t fit f A Record net profit of A$62 m f or th 12e month t s o30 J 2011 June
• Acquired a 6.6% stake in high grade developer Doray Minerals Ltd

Targeting 200,000oz per annum

Gold Production target of 200,000 oz by 2013-14*

*Includes potential Mt Magnet expansion *See disclaimer on Slide 2

Projects – Wattle Dam

• Highest grade gold mine in Australia
• Underground mine located 25km SW ofKambalda
• Structurally controlled gold deposit within ultramafic belt
• Extremely high nugget effect historically results in significant grade overcall
• Production has averaged 15,000t per month of~20g/t ore
• Short 65km road haulage to 100% d Bb k CIL l t owneBurbanks plan

Wattle Dam - Mining

• Production of 100,000 ounces in FY 2010 11 -
• Total 1300 ounces/vertical metre (incl open pit)
• Future mining will be from the base of Block D up to base of Block B
• Decline now at the base of Block D with stoping to commence in November
• All capital required for next phase of mining (Block C & D)

Wattle Dam - Production

• Wattle Dam has produced over 225,000 oz of gold since 2006
• P d ti ro uction of 100,000 oz in 2010-11
• Mill maintenance and access issues to block Dreduced recent quarterly production
• Treatment of stoping ore from Block Din January 12
• Expecting production of 65,000 oz in 2011-12o0

Wattle Dam - Diamond Drilling Results

Recent infill drilling in Block C

(both outer sides of cut core shown)

Wattle Dam - Diamond Drilling Results

• Drilling is designed to test the limits of alteration zone and define mine design. Seeing visible gold
• Block A and B had one +500 gram metre hole and ten +100 gram metre holes**(Grade = 21 g/t Au)**
• Block C and D has seven +500 gram metre holes (including 3 + 1500 gram metre holes ) and seven +100 gram metre holes
• Conclusion - grade is expected to remain robust over the next 2.5years of mining

Projects – Mt Magnet

• Mt Magnet is a significant past gold producer - in excess of 5m ounces
• Multiple deposits with majority of gold mined in banded iron
• Existing infrastructure includes 1.7mtpa plant (replacement value A$100m)
• Mining commenced in September and first gold pour expected January 2012
• Current Production plan of 545,000 oz over 6 years
• Significant upside to production plan at current gold prices

Mt Magnet – Project Potential

Highlights

• St t i ra tegic P iti i Positionin g - Will be only regi l ona millfor 200km (t t i s ra tegic asset)
• Mineable Deposits Ore deposits are robust and geology well understood
• Scale Large gold system, with significant potential for new discoveries
• C lid ti Consolid ation pot ti l en alfor regi l ona consolid ti a on as capit l a costs rise
• Current mine plan (assuming gold price A$1500)
  • production of 545,000 oz over 6 years
  • cash flow after capital of +$250m
• Expansion planning (assuming gold price of A$1500 + optimised at A$1500)
  • potential production of +1moz oz over 8+ years
  • cash flow after capital of +$500m
  • opportunities for regional consolidation

Mt Magnet – Progress October 2011

• 25,000m of infill drilling, resource estimate and new mining study completed
• New 160 man camp completed and now fully operational
• Site management and mining team recruited and mining approval secured
• Mining commenced and first gold pour expected January 2012

Mt Magnet – Processing Plant

• Existing 1.7mtpa processing plant located next to main operating open pits
• Currently being refurbished by GR Engineering (completion Nov 11)
• Can be expanded to 2.4mtpa by expenditure of a further ~A$5-10m
• Expansion could increase gold production to +100,000oz p.a. p g p , p

Mt Magnet – Mining Commenced

• First ~2.35 years production from Mars & Saturn open pits has commenced
  • Mars ore is primaril iron and Saturn ore is bandediron and breccia zone
  • Mars pit ore is 1.33mt @ 2.01 g/t Au*
  • Saturn pit ore is 2.65mt @ 1.53 g/t Au*
  • Potential to increase if optimised at A$1500 *undiluted

Ramelius Resources Limited: Investor Presentation October 2011 Page 17

Mt Magnet – Expansion Plans

• Ramelius has completed an optimisation of the Galaxy area at a gold price of A$1500 (does not i ld nc ude sat llit ee pit ) s
• Gold in optimised pit shells contain 14.9mt @ 2.07 g/t for 916,000 oz
• Total operating cost of ~A$1000 per ounce (incl. pre-strip)
• Costs in line with the average cost for WA gold projects (incl. capital)
• Very low mining execution risk with established infrastructure
• At 2.4mtpa production could be +100,000 oz p.a. over +8 years
• Ramelius intends to complete confirmation drilling and mining studies for this scenario during 2012

Mt Magnet – Project Upside

Numerous underground targets (not included in current mine plan)

Exploration North QLD (earning 60%)

Mt Windsor JV – World Class Gold District: 2011 field season drill targets

Exploration North QLD (earning 60%)

• Joint Venture with Liontown Resources Limited
• Exploring for Kidston style breccia hosted gold deposits
• Drilling planned for Mt Redan and Cardigan Dam Oct/Nov 2011

Exploration Nevada USA (earning 70%)*

• Nevada is a world class gold district
• Two JV's with Miranda Gold Corp
• Angel Wing targeting bonanza gold grade epithermal veins: DaVinci veins2km strike potential
• Bi g Blue targ g etin Carlin style sediment hosted disseminatedgold mineralisation.
• Drilling commenced – numerous low order gold and silver assays

*Marmota may earn 40% of RMS interest

Why Invest in Ramelius

Operations

• ¾Wattle Dam –high grade, low cost and open at depth
• ¾Mt Magnet – low risk and potential for significant expansion

Capital Position

• ¾Strong cash balance with no corporate debt
• ¾Able to fund current Mt Magnet project from existing cash
• ¾Strong cash flows with low capital commitments
• ¾Flexibility to participate in opportunities as they arise

Upside Potential

• ¾ Wattle Dam has u pside on mine life ( g drillin underway)
• ¾Mt Magnet is a large gold system with potential to expand production
• ¾Strategic stake of 6.6% in high grade developer Doray Minerals
• ¾Greenfields projects in proven gold belts (Qld & Nevada)