Ramelius Resources Limited

Investor Presentation May 2011 ASX:RMS

DISCLAIMER

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. 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.

EXPLORATION RESULTS

The Information in this report that relates to Exploration Results is based on information compiled by Matthew Svensson and Kevin Seymour.

Matthew Svensson is a Member of the Australian Institute of Geoscientists and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the Australasian Code for Reporting on Exploration Results. Matthew Svensson is a full-time employee of the company and consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

Kevin Seymour is a Member of the Australian Institute of Mining and Metallurgy and has 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. Kevin Seymour is a full-time employee of Ramelius Resources Limited and consents to the inclusion in this report of the matters based on his information in the form and context in which it appears.

Company Overview

Corporate Details

ASX Code:	RMS
Ordinary Shares on Issue:	291M
Market Capitalisation:	A$352M
12 month share price range:	$0.405-1.60
Cash and Gold on Hand:	A$90M
Current Debt:	Nil
Enterprise Value:	A$260M

Directors

Robert Kennedy	Chairman
Ian Gordon	Managing Director
Reg Nelson	Non Executive
Kevin Lines	Non Executive
Joe Houldsworth	Non Executive

Share Price History

Major Shareholders

Sprott Asset Management	16.9%
Beach Energy Limited	7%
Directors	6%

Company Highlights

Wattle Dam Gold Mine (WA)

High grade gold production
Total costs of less than A$500 per oz
Mine life extended to 2013
Open at depth

Mt Magnet Gold project (WA)

Historic production of 5.6M oz Au
JORC Resources of 3.3M oz
Production of 520,000 oz over 6 years
New targets being drilled

Strong Financial Position

A$90m in cash and gold with no debt
Able to fund Mt Magnet development from cash flows
Cash and cash flow attracts corporate opportunities

New pipeline of projects in world class locations

QLD Mt Windsor JV
Nevada Miranda Agreements
NSW Glen Isla

Achievements in FY 2010/11

Record breaking low cost production
Expected production of +90,000 oz of gold
Cash costs of less than A$500 per ounce
Net Profit of A$32m for 6mths to December 10
Capital Return and dividend totalling of 7 cps
New + 2.5 year mine plan for Wattle Dam
Acquisition & decision to proceed at Mt Magnet

High Margin Gold Producer

Current operating margin of +A$1000 per ounce
Margin of ~A$800 per ounce including Mt Magnet

1. Based on March Qtr 2011 cash costs including royalties where provided

2. Gold price of A$1400
3. WD = Wattle Dam; MM = Mt Magnet
4. RMS WD & MM = estimated combined cash margin

Building Substantial Profits

Significantly higher profits than other producers
Net profit of A$32m for 6 months to Dec 2010
15 cps returned to shareholders since 2007

Targeting Production of 230,000 Oz p.a.

Estimated production of 90,000 oz in 2010/11
Targeting production of 230,000 oz by 2013/14 1-4

Project Locations

Located in stable well serviced mining centres

Wattle Dam Underground Mine

Wattle Dam – Cash Generation

Australia's highest grade gold mine (+20 g/t Au)
Estimated production of +90,000 oz in FY2010/11
Cash cost of ~A$300-400 per ounce (incl. royalties)
Consistent production of +20,000 oz per quarter
Mine cash flow of A$15-$25m per quarter
New high grade zone drilled in 2010-11
New mine plan to December 2013
Blocks C&D development completed by Nov 11

Wattle Dam Deep Drilling

Wattle Dam Mine Plan

been extended to Dec 2013
Mining in Blocks B, C & D
Most capital development in place by Nov 2011
Block D expected to perform in line with Blocks A & B
Open at depth with new drilling to commence in June 2011

Burbanks Gold Treatment Plant (WA) 14

Burbanks Gold Plant (WA)

Milled 135,000 t of Wattle Dam Ore at 21g/t gold in 2010
91,700 ounces of gold recovered in 2010
Installed new Knelson concentrator and Acacia Reactor for high gravity gold
Recoveries of 97% of gold in ore for the 2010 year
No significant capital required

Mt Magnet Gold Project (WA)

Significant past gold producer ~ 5.6M oz
3.3M oz of gold resources (estimated June 2010)
New Mine Plan of 520,000 oz over 6 years
All open pit with demonstrated & robust ore-bodies
New study on Big Pit (A$1300 oz) scenario underway
Potential to lift production up to 150K oz p.a. by:
- adding underground ore
- increasing plant capacity

Mt Magnet Mine Plan

520,000 oz open pit production over 6 years
Pits optimised at A$1150 oz gold price
Average production of 86,000 oz p.a.
Cash flow of A$187m after capital costs
Capital cost of A$28m including plant and camp
Plant and camp refurbishment underway
Mining expected to commence Sept qtr 2011 Gold production expected in March qtr 2012

Mt Magnet Plant

1.7mtpa capacity expandable to 2.4mtpa
$14m refurbishment program commenced

Mt Magnet Galaxy

Wide intersections demonstrate robust ore zones
Potential for underground with high grade ore

Mt Magnet Upside – Galaxy Deeps

High grade intersections at depth

800m of strike untested

Exploration QLD (earning 60%)

Mt Windsor JV – World Class Gold District
New targets to be drilled in 2011

Exploration Nevada (earning 70%)*

World class gold district
Two new JV's with Miranda Gold Corp
Big Blue targeting Carlin style sediment hosted gold
Angel Wing targeting high grade veins (epithermal)
Drilling at Angel Wing intersects vein and low grade gold

Glen Isla JV NSW (earning 75%)

Located in world class Lachlan Fold Belt
Target identified by IP survey in 2010
RC drilling commenced in May 2011

Why invest in Ramelius ?

Operations

Wattle Dam – high grade, low cost and open at depth
Mt Magnet – development underway, low risk

Capital Position

Strong profitability and A$90m in cash and gold
Mt Magnet can be funded from cash flows
Consistent shareholders returns (7 cps in 2010)
Flexibility to take advantage of opportunities

Exploration

Wattle Dam open at depth with drilling in June 11
Mt Magnet recent drilling demonstrates upside
High potential projects in QLD, NSW and Nevada
Active and ongoing exploration programs

RESOURCES AND RESERVES

Resources

	Measured			Indicated			Inferred			Total
Project	Tonnes('000s)	Aug/t	Auoz	Tonnes('000s)	Aug/t	Auoz	Tonnes('000s)	Aug/t	Auoz	Tonnes('000s)	Aug/t	Auoz

Mt Magnet	2,194	2.7	193,000	33,633	2	2,122,000	15,044	2.1	1,030,000	50,871	2	3,345,000

Wattle Dam*	53	27	46,400	120	19	75,000	53	6	9,500	226	18	130,900

Total	2,247	3	239,400 33,753		2	2,197,000	15,097		2.1 1,039,500	51,097	2.1	3,475,900

* As at February 2010

Reserves
		Proven			Probable		Total
Project	Tonnes			Tonnes			Tonnes
	('000s)	Au g/t	Au oz	('000s)	Au g/t	Au oz	('000s)	Au g/t	Au oz
Mt Magnet	412	1	12,981	8,463	1.7	461,000	8,875	1.7	474,000

WATTLE DAM GOLD PROJECT

The Information in this report that relates to resources and estimated mine grade at Wattle Dam is based on information compiled by Rob Hutchison.

Rob Hutchison is a Member of the Australian Institute of Mining and Metallurgy and has sufficient experience which is relevant to the style of mineralization and type of deposit under consideration and to the activity he is undertaking to qualify as a Competent Person. Rob Hutchison is a full-time employee of the company and consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

MT MAGNET GOLD PROJECT

The Measured and Indicated Mineral Resources are inclusive of those Mineral Resources modified to produce the Ore Reserves.

Estimates of Ore Reserves and Mineral Resources in this statement were prepared in accordance with the standards set out in the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves – The JORC Code" (December 2004) as published by the Joint Ore Reserve Committee of the Australian Institute of Mining and Metallurgy, Australian Institute of Geoscientists and Minerals Council of Australia (JORC) The JORC Code is the accepted reporting standard for the Australian Stock Exchange (ASX).

The Mineral Resources and Ore Reserves in the summary tables are based on information compiled by Gregory Job who is corporate member of the Australian Institute of Mining and Metallurgy and who has relevant experience of a 'competent person' as defined by the code for reporting of Mineral Resources and Ore Reserves in relation to the mineralisation being reported on and consents to the inclusion in the report of the matters based on his information in the form and context in which it appears. Gregory Job is a full-time employee of Harmony PNG Services Pty Ltd.

Mineral Resources for the Galaxy area are based information compiled by Rob Hutchison.

The full Resource and Reserve Statements are declared in an asx releases dated 8 July 2010 and 17 March 2011 and are available at www.rameliusresources.com.au