RAMELIUS RESOURCES LIMITED — Investor Presentation 2016

Sep 19, 2016

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The Path to 150,000 ounces pa Ramelius Resources Limited

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Mark Zeptner - Managing Director Denver Gold Forum - September 2016

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Qualification

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Forward Looking Statements

This presentation contains certain forward looking statements with respect to 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 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), Rob Hutchison (Mineral Resources) and Mark Zeptner (Ore Reserves), who are Competent Persons and Members of The Australasian Institute of Mining and Metallurgy. Kevin Seymour, Rob Hutchison and Mark Zeptner 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 Mark Zeptner consent to the inclusion in this report of the matters based on their information in the form and context in which it appears.

Production Targets

Production targets presented for Vivien and Kathleen Valley projects include Inferred Resources. For details covering the Mineral Resource and Ore Reserve classifications and proportions relating to the production targets refer to slide 27. Further evaluation work and appropriate studies are required to establish sufficient confidence that this target will be met.

Ramelius Resources Limited • Denver Gold Forum – September 2016

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FY2016 - Standout year as junior gold producer

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 Gold production to 110,839 ounces (2015: 86,653 ounces)

28%

 Revenue to A$173.7M {US$130M*} (2015: A$130.4M)  EBITDA to A$75.6M {US$56.7M} (2015: A$46.9M)

33% 61%

 Net Profit after Tax to A$27.5M {US$20.6M} (2015: A$16.1M)

71%

 Debt-free with Net Cash & Gold of A$49.7M {US$37.3M}

 Positive NPAT last 2 years  All Ordinaries Index - March 2016  Record gold production June 2016 Qtr, on track to surpass Sep 2016 Qtr  FY2017 – 22% increase 135koz at AISC of A$1,050/oz {US$787/oz}

*$A:US$ 0.75

Ramelius Resources Limited • Denver Gold Forum – September 2016

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Strong capital position - primed for growth

Corporate Structure (ASX: RMS)	Corporate Structure (ASX: RMS)	Corporate Structure (ASX: RMS)
Shares on Issue	525M
Market Cap (at $0.48 per share, $A:US$ 0.75)	A$250M(US$188M)	31 August 2016
Liquidity	30-day 2.7M shares
Cash & Gold Estimate	A$85M (US$64M)
Corporate Debt	Nil
Enterprise Value	A$165M(US$124M)
6 Month Trading Range	A$0.380 - $0.645
Mineral Resources	2.22Moz	30 June 2015
Total Ore Reserves	0.42Moz

Board

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Robert Kennedy

Non Executive Chairman

Mark Zeptner Managing Director

Kevin Lines Non Executive Director

Mike Bohm Non Executive Director

Major Shareholders
Citicorp Nominees Pty Ltd HSBC Custody Nominees (Aus.) Ltd JP Morgan Nominees (Aus.) Ltd National Nominees Ltd Guina Energy & Investments Pty Ltd	6.9% 6.9% 5.7% 2.2% 2.1%

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12 Month Trading History
0.70 15
0.60
0.50 10
0.40
0.30
0.20 5
0.10
0.00 0
Volume RMS Closing Share Price
Volume (M shares)
Closing Share Price (A$)
Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16
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Ramelius Resources Limited • Denver Gold Forum – September 2016

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Operational Locations - Western Australia

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Kathleen Valley Open Pits
Resource 163koz
Reserve 55koz
Grade 4.2g/t
Life 0.5 year
A$854/oz
AISC
(US$640/oz)
Mt Magnet open pits & Mill
Mill Capacity 1.7Mtpa
Resource 1.8Moz
Reserve 268koz
Grade 2.1g/t
Life 4 years
A$1,250/oz
AISC
(US$938/oz)
Vivien Underground
Resource 184koz
Reserve 101koz
Grade 7.9g/t
Life 4 years
A$990/oz
AISC
(US$742/oz)
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Ramelius Resources Limited • Denver Gold Forum – September 2016

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Production Targets* - 4 Year Plan

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 New 4 Year Plan using primarily Ore Reserves & Indicated Resources (90%) with further extensions to come

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*[1,2] FY2019 & FY2020 production targets for Mt Magnet & Vivien contain Inferred Resources (10%), refer to slide 24 for further details. There is a low level of geological confidence associated with inferred mineral resources and there is no certainty that further exploration work will result in the determination of indicated mineral resources or that the production target itself will be realised.

Ramelius Resources Limited • Denver Gold Forum – September 2016

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Capital Requirements - 4 Year Plan

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 As part of the recent capital raise, Milky Way development & exploration to be brought forward

Project	FY2017		FY2018	FY2019	FY2020
Titan open pit	A$4.5M
Water Tank Hill underground	A$11.5M
Blackmans open pit	A$1M
Mt Magnet crusher upgrade	A$1M
Milky Way open pit	A$15M	A	A$15M $15M
Satellite open pits	A$2M		A$5M
Exploration (greenfields & brownfields)	A$10M 5	A	A$10M A$5M $5M	A$10M	A$5M
Total	A$30M (US$22.5M) A$50M (US$37.5M)		A$30M (US$22.5M) A$10M (US$7.5M)	A$10M (US$7.5M) A$10M (US$7.5M)	A$5M (US$3.7M) A$5M (US$3.7M)

Ramelius Resources Limited • Denver Gold Forum – September 2016

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Operations

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Operations - Mt Magnet Gold Mine

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• Gold discovered 1891, town gazetted 1895

• Production >6Moz

• Hill 50 mine (2.1Moz) → Galaxy

• Morning Star (1.4Moz)

• Operation closed 2007

Ramelius’ history

• Galaxy area focus of mining since 2011

• Plant refurbished 2012

• Titan pit started Jun ’16

• Percy pit until Nov ‘16

Ramelius Resources Limited • Denver Gold Forum – September 2016

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Operations - Mt Magnet Gold Mine

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Ramelius Resources Limited • Denver Gold Forum – September 2016

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Mine Life Extensions - Mt Magnet Gold Mine

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• Gold mineralisation

(Galaxy, Water Tank Hill)

(Milky Way) (Morning Star, Boomer)

(*not in the Life of Mine Plan)

• Saturn (1.6Mt @ 2.5g/t for 127koz)

• Morning Star (0.5Mt @ 4.7g/t for 79koz)

 Hill 50

• (1.6Mt @ 6.6g/t for 339koz)

• Total Resources (3.7Mt @ 4.6g/t for 545koz)

Ramelius Resources Limited • Denver Gold Forum – September 2016

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Mine Life Extension - Water Tank Hill / St George

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 Scheduled for commencement late 2016, underground drilling planned for late 2017

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Physicals	Ore Reserve June 2015
Mine Life	2 years
Mineral Resource	105koz
Ore Reserve	53koz
Grade	5.0 g/t
Recovery	92.0%
Financials	PFS June 2015
Up Front Capital	A$11.5M (US$8.6M)
C1 Cash Cost	A$580/oz (US$435/oz)
AISC	A$765/oz (US$574/oz)
Total Cost (incl. Up Front)	A$1,006/oz (US$754/oz)

Ramelius Resources Limited • Denver Gold Forum – September 2016

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Mine Life Extension - Milky Way

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• Large porphyry hosted stockwork vein style deposit

• New Resource announced May 2016

• New Resource announced May 2016	• New Resource announced May 2016
(>0.7g/t)
Category	Tonnes Grade Ounces
Indicated Inferred	4,096,000 1.3 165,000 1,898,000 1.2 76,000
Total	5,994,000 1.3 241,000
• Additional drilling also completed May/June  20m @ 5.85 g/t  3m @ 21.68 g/t  17m @ 5.61 g/t  7m @ 4.79 g/t*

• Updated Resource & Ore Reserve due by end of September 2016

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*see ASX Release “Further High Grade at Milky Way - Mt Magnet, WA”, 27/06/16.

Ramelius Resources Limited • Denver Gold Forum – September 2016

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Mine Life Extension - Porphyry targets

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• Exploring for porphyry hosted deposits similar to Milky Way

• Resource modelling underway at Stellar West following drill results including;

• 19m @ 4.50 g/t Au

• 14m @ 3.96 g/t Au

• Deeper exploratory drill testing ongoing throughout basin, below up to 40m of depleted weathered porphyry host rocks

• New prospect at Venus, where 400m spaced fences of deeper Aircore drilling now completed

• results are awaited

Ramelius Resources Limited • Denver Gold Forum – September 2016

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Operations - Vivien Gold Mine

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Vivien open pit showing underground portal (looking north)

	Physicals	Ore Reserve June 2015
	Mine Life	4 years
	Mineral Resource	184koz
	Mine Plan	109koz
	Grade	7.6 g/t
	Recovery	95.0%
	Recovered Ounces	104koz
	Financials	BFS June 2015
	Up Front Capital	A$16.3M (US$12.2M)
	C1 Cash Cost	A$766/oz (US$575/oz)
	Royalties	A$120/oz (US$90/oz)
	AISC	A$990/oz (US$742/oz)
	Total Cost	A$1,148/oz
	(incl. Up Front)	(US$861/oz)

Ramelius Resources Limited • Denver Gold Forum – September 2016

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Operations - Vivien Gold Mine

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320 North Ore Drive
Face #80 grade – 27.7g/t
300 North Ore Drive
Face #21 grade – 28.0g/t
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Ramelius Resources Limited • Denver Gold Forum – September 2016

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Mine Life Extension - Vivien Gold Mine

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• Upper level (S/P #1) drilling completed Feb 16. Results* included;

• 3.5m @ 7.6 g/t

• 2.4m @ 8.9 g/t

• Improved resource knowledge gained and evaluation underway

• Revised Mine Plan end of 2016

• Deeper exploration drilling planned for FY2017 as decline progresses

• ~3,700m of diamond core

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• *see ASX Release “Ramelius to commence Stope Production at Vivien”, 14/06/16.

Ramelius Resources Limited • Denver Gold Forum – September 2016

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Exploration

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Exploration - Project Locations

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Ramelius Resources Limited • Denver Gold Forum – September 2016

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→ Ramelius 85% Exploration - Tanami JV (NT)

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• 1,700km[2] of highly prospective geology

• Tychean (ASX: TYK) free carried through to DTM

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• Strategic land holding within 100km of;

• Newmont’s +20Moz Callie Gold Mine, and

• Granites Treatment Plant

• Suplejack: >10ppb gold anomaly over 2km

• Extension drilling completed – results awaited

• Highland Rocks - granted December 2015

• Completed 500m spaced reconnaissance soil sampling & regolith mapping over western half

• low order (2–5 ppb Au) soil & lag anomalies

• Follow-up underway September 2016

• Aircore drilling over Renton in October 2016

Ramelius Resources Limited • Denver Gold Forum – September 2016

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Where is the value in Aussie gold producers?

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• RMS well below average EV/Production multiple based on 135,000 ounces in FY17

• Discrepancy even larger at 150,000 ounces per annum

Australian Gold Producers | FY17 Production Multiples

$6,000 $5,000 $4,000 $3,000 $2,000 $1,000 $- RRL EVN SBM NST SAR MOY DRM BLK SLR RMS EV/FY17 Production EV/FY17 Production Average

• Based on FY17 production guidance or aspirational targets

• EV data taken as at 6 September 2016

• MOY production based on CY16 guidance

• BLK production assumes 100koz in FY17 as per DFS

Ramelius Resources Limited • Denver Gold Forum – September 2016

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FY2017 Key Focus Areas

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• Extensional drilling at Mt Magnet (ongoing) & Vivien (Dec ‘16)

Mine-life extensions

• Greenfields exploration follow up in the Tanami (Oct ‘16)

• Accelerate commencement;

Fast-track project development

• Water Tank Hill underground (Oct ’16)

• Milky Way open pit (Apr ‘17)

• Actively pursue value accretive opportunities

Maintain strong capital position

• Forecast for FY2017 of 135,000 ounces at AISC ~A$1,050/oz (26koz produced in July & August 2016)

• Healthy cash balance, nil corporate debt, risk mitigating forward sales ~A$1,660/oz to June 2018

Ramelius Resources Limited • Denver Gold Forum – September 2016

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Thank you

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Ramelius Resources Limited • Denver Gold Forum – September 2016

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Production Targets, Mineral Resources & Ore Reserves Note

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For detailed information relating to Mineral Resources and Ore Reserves see ASX release (RMS) 10 Sept 2015, ‘Resources and Reserves Statement’.

¹ Vivien Production Target based on (by ounces) Ore Reserves (55%), Indicated Mineral Resources (22%) and Inferred Mineral Resources (23%). There is a low level of geological confidence associated with inferred mineral resources and there is no certainty that exploration work will result in the determination of indicated resources or that the Production Target will be realised. The stated Production Target is based on the company’s current expectations of future results or events and should not be solely relied upon by investors when making investment decisions. Further evaluation work and appropriate studies are required to establish sufficient confidence that this target will be met.

² Mt Magnet Production Target based on (by ounces) Ore Reserves (73%), Indicated Mineral Resources (22%) and Inferred Mineral Resources (5%). There is a low level of geological confidence associated with inferred mineral resources and there is no certainty that exploration work will result in the determination of indicated resources or that the Production Target will be realised. The stated Production Target is based on the company’s current expectations of future results or events and should not be solely relied upon by investors when making investment decisions. Further evaluation work and appropriate studies are required to establish sufficient confidence that this target will be met.

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.

Ramelius Resources Limited • Denver Gold Forum – September 2016

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Mineral Resource Statement

MINERAL RESOURCES AS AT 30 JUNE 2015- INCLUSIVE OF RESERVES	MINERAL RESOURCES AS AT 30 JUNE 2015- INCLUSIVE OF RESERVES	MINERAL RESOURCES AS AT 30 JUNE 2015- INCLUSIVE OF RESERVES	MINERAL RESOURCES AS AT 30 JUNE 2015- INCLUSIVE OF RESERVES	MINERAL RESOURCES AS AT 30 JUNE 2015- INCLUSIVE OF RESERVES
Deposit	Measured	Indicated	Inferred	Total Resource
	Tonnes Au Au ('000s) g/t Oz	Tonnes Au Au ('000s) g/t Oz	Tonnes Au Au ('000s) g/t Oz	Tonnes Au Au ('000s) g/t Oz
Galaxy MorningStar	823 1.5 40,000	6,318 1.9 393,000 1,765 1.8 103,000	4,436 1.3 180,000 4 1.4 -	11,577 1.6 613,000 1,770 1.8 103,000
Total major deposits	823 1.5 40,000	8,084 1.9 496,000	4,441 1.3 180,000	13,347 1.7 716,000
Bartus Group Blackmans Boomer Britannia Well Bullocks Eastern Jaspilite Eclipse Golden Stream Hill 60 Lone Pine O'Meara Group Shannon Spearmont - Galtee Stellar Welcome - Baxter	49 2.2 4,000 146 2.2 10,000 199 2.5 16,000 94 2.5 8,000 160 2.1 11,000 222 1.6 11,000	115 2.1 8,000 336 2.6 28,000 1,194 1.8 68,000 179 2.0 12,000 202 3.3 21,000 121 2.8 11,000 167 2.2 12,000 154 2.9 14,000 277 1.7 15,000 231 2.5 18,000 35 2.5 3,000 25 2.9 2,000 87 1.9 5,000 276 1.6 15,000	238 1.6 12,000 121 2.6 10,000 786 1.0 26,000 40 2.5 3,000 134 2.5 11,000 41 2.1 3,000 7 1.7 - 309 4.6 46,000 147 1.7 8,000 151 1.5 7,000 42 2.6 3,000 207 4.3 28,000 59 1.8 3,000 198 1.8 11,000	402 1.8 24,000 457 2.6 38,000 1,980 1.5 94,000 179 2.0 12,000 242 3.2 25,000 401 2.4 32,000 208 2.1 14,000 160 2.8 15,000 309 4.6 46,000 623 1.9 38,000 383 2.1 26,000 170 2.5 14,000 232 4.1 31,000 306 2.0 19,000 696 1.7 37,000
Total satellite deposits	869 2.1 60,000	3,399 2.1 232,000	2,480 2.1 171,000	6,748 2.1 463,000
Hill 50 Deeps Morning Star Deeps Saturn UG St George UG Water Tank Hill UG	279 5.5 49,000 110 4.9 17,000	932 7.0 209,000 195 4.2 26,000 149 4.2 20,000 229 6.6 49,000	396 6.4 81,000 334 5.0 53,000 1,607 2.5 127,000 42 4.0 5,000 89 4.9 14,000	1,607 6.6 339,000 528 4.7 79,000 1,607 2.5 127,000 302 4.4 42,000 318 6.1 63,000
Total UG deposits	390 5.3 66,000	1,504 6.3 304,000	2,468 3.5 280,000	4,362 4.6 650,000
Mt Magnet Stockpiles	794 0.7 19,000	- -	- -	794 0.7 19,000
Mt Magnet Total	2,876 2.0 185,000	12,987 2.5 1,032,000	9,388 2.1 631,000	25,251 2.3 1,848,000
Western Queen South Coogee Vivien Kathleen Valley Mossbecker Yellow Aster/Nils D.		104 3.6 12,000 31 3.6 4,000 499 8.8 141,000 463 4.0 59,000 205 4.4 29,000	81 3.4 9,000 65 3.3 7,000 306 4.4 43,000 186 2.3 14,000 960 2.0 61,000	185 3.5 21,000 96 3.4 11,000 805 7.1 184,000 650 3.5 73,000 1,165 2.4 90,000
Non Mt Magnet Total		1,302 5.9 245,000	1,599 2.6 134,000	2,901 4.1 379,000
Total Resources	2,876 2.0 185,000	14,289 2.8 1,277,000	10,987 2.2 765,000	28,152 2.5 2,227,000

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For detailed information relating to Mineral Resources see ASX release (RMS) 10 Sept 2015, ‘Resources and Reserves Statement’. No material change has occurred.

Note: Figures rounded to nearest 10,000 tonnes, 0.1 g/t and 1,000 ounces. Rounding errors may occur.

Ramelius Resources Limited • Denver Gold Forum – September 2016

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Ore Reserve Statement

	ORE RESERVE STATEMENT AS AT 30 JUNE 2015	ORE RESERVE STATEMENT AS AT 30 JUNE 2015	ORE RESERVE STATEMENT AS AT 30 JUNE 2015
	Proven	Probable	Total Reserve
	Tonnes Au Au ('000s) g/t Oz	Tonnes Au Au ('000s) g/t Oz	Tonnes Au Au ('000s) g/t Oz
Galaxy Pits Saturn Mars Titan Perseverance Brown Hill Morning Star Cutback Morning Star Satellite Pits Boomer Lone Pine O'Meara Golden Stream Underground Water Tank Hill St George Stockpiles	21 1.5 1,000 20 1.9 1,000 667 1.4 30,000 73 3.6 8,000 794 0.7 19,000	92 2.2 7,000 65 1.7 4,000 483 1.4 21,000 452 2.7 39,000 109 2.6 9,000 478 2.8 43,000 132 2.9 12,000 258 1.8 15,000 46 3.4 5,000 95 3.0 9,000 176 6.5 37,000 86 3.0 8,000	113 2.1 8,000 84 1.8 5,000 1,150 1.4 51,000 452 2.7 39,000 109 2.6 9,000 478 2.8 43,000 132 2.9 12,000 258 1.8 15,000 46 3.4 5,000 95 3.0 9,000 176 6.5 37,000 159 3.3 16,000 794 0.7 19,000
Mt Magnet Total	1,575 1.2 59,000	2,471 2.6 209,000	4,045 2.1 268,000
Vivien Underground		400 7.9 101,000	400 7.9 101,000
Mossbecker pit Yellow Asterpit		321 4.1 42,000 88 4.6 13,000	321 4.1 42,000 88 4.6 13,000
Kathleen Valley Total		408 4.2 55,000	408 4.2 55,000
Total Reserves	1,575 1.2 59,000	3,279 3.5 365,000	4,854 2.7 424,000

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For detailed information relating to Ore Reserves see ASX release (RMS) 10 Sept 2015, ‘Resources and Reserves Statement’. No material change has occurred.

Note: Figures rounded to nearest 10,000 tonnes, 0.1 g/t and 1,000 ounces. Rounding errors may occur.

Ramelius Resources Limited • Denver Gold Forum – September 2016

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