RAMELIUS RESOURCES LIMITED — Investor Presentation 2016

Jul 31, 2016

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The Path to 150,000 ounces pa Ramelius Resources Limited

Diggers & Dealers – August 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 • Diggers and Dealers, Kalgoorlie – August 2016

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Strong capital position, primed for growth

Capital Structure(as at 29 July 16)	Capital Structure(as at 29 July 16)	Capital Structure(as at 29 July 16)
Shares on Issue*	525M
Market Cap(at $0.55 per share, $A:US$ 0.75)	A$289M(US$217M)
Cash & Gold Estimate*	A$75M(US$56M)
Corporate Debt	Nil
Enterprise Value	A$214M(US$161)
3 Month Trading Range	A$0.360 - $0.645
*Includes placement of 50M shares to institutional investors at $0.50 per share – see ASX Release 26 July 2016
Major Shareholders(as at 30 June 16)
Citicorp Nominees Pty Ltd		6.9%
HSBC Custody Nominees (Aus.) Ltd		6.9%
JP Morgan Nominees (Aus.) Ltd		5.7%
National Nominees Ltd		2.2%
Guina Energy & Investments Pty Ltd		2.1%

Board & Management	Board & Management
Non-Executive Chairman	Robert Kennedy
Managing Director	Mark Zeptner
Non-Executive Director	Kevin Lines
Non-Executive Director	Mike Bohm
Company Secretary	Dom Francese
Chief Financial Officer	Simon Iacopetta
Chief Operating Officer	Duncan Coutts
GM - Exploration & BD	Kevin Seymour
Mine Geology Manager	Rob Hutchison

Ramelius Resources Limited • Diggers and Dealers, Kalgoorlie – August 2016

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Share Placement to Institutional Investors

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Offer Details

12 Month Trading History

• 26 July 2016 - announcement of share placement to high

quality institutional investors primarily in North America

• 50M new shares issued at $0.50 per share raising A$25M

• Funds to fast-track Mt Magnet project development and brownfields exploration

• Potential to increase production up to 150 koz in FY18

with commensurate reduction in AISC per ounce

• Immediately addresses low institutional representation

on RMS share register compared to peers

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0.70 20,000,000
18,000,000
0.60
16,000,000
0.50
14,000,000
12,000,000
0.40
10,000,000
0.30
8,000,000
0.20 6,000,000
4,000,000
0.10
2,000,000
0.00 0
Volume Share Price Placement Offer Price
Volume
Share Price (A$)
Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16
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Ramelius Resources Limited • Diggers and Dealers, Kalgoorlie – August 2016

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Use of funds - project development

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Description	Amount	Rationale
Water Tank Hill decline	A$11.5M	Bring forward as much as possible, high grade underground ore close to the processing plant
Milky Way pre-strip	A$15M	Bring forward open pit base-load ore from FY2019 into FY2018
Titan & Blackmans start-up/pre-strip	A$5.5M	Part of new 4 Year Plan already
Satellite open pits pre-strip & crusher upgrade	A$3M	Part of new 4 Year Plan already
Total	A$35M	Bring forward production into FY2018

Ramelius Resources Limited • Diggers and Dealers, Kalgoorlie – August 2016

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Use of funds - brownfields exploration

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Description	Amount	Rationale
Mt Magnet porphyries (Milky Way et al)	A$5M	Provide longer term open pit base-load feed close to the processing plant
Vivien extension drilling	A$1M	To explore for deeper high grade resources / reserves down dip of the current mine plan
Kathleen Valley extension drilling	A$1M	To explore for deeper extensions and offsets of the high grade orebodies currently being mined
Mt Magnet BIF’s (Morning Star & Galaxy)	A$5M	Addition of high grade resources in and around previously mined underground operations
Total	A$12M	To build mine life at a faster rate than depletion

Ramelius Resources Limited • Diggers and Dealers, Kalgoorlie – August 2016

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Key geographic focus - Western Australia

Mt Magnet Gold Mine & Plant Mill Capacity 1.7Mtpa Resource 1.8Moz Reserve 268koz Grade 2.1g/t Life 4 years AISC A$1,250/oz (US$938/oz) Total Mineral Resources - June 2015 Tonnes 28.152Mt Grade 2.5g/t Resources 2,227koz Total Ore Reserves - June 2015 Tonnes 4.854Mt Grade 2.7g/t Resources 424koz	Mt Magnet Gold Mine & Plant Mill Capacity 1.7Mtpa Resource 1.8Moz Reserve 268koz Grade 2.1g/t Life 4 years AISC A$1,250/oz (US$938/oz) Total Mineral Resources - June 2015 Tonnes 28.152Mt Grade 2.5g/t Resources 2,227koz Total Ore Reserves - June 2015 Tonnes 4.854Mt Grade 2.7g/t Resources 424koz
Total Mineral Resources - June 2015
Tonnes	28.152Mt
Grade	2.5g/t
Resources	2,227koz
Total Ore Reserves - June 2015
Tonnes	4.854Mt
Grade	2.7g/t
Resources	424koz

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Kathleen Valley Gold Mine	Kathleen Valley Gold Mine
Resource	163koz
Reserve	55koz
Grade	4.2g/t
Life	0.5 year
AISC	A$854/oz (US$640/oz)
Vivien Gold Mine
Resource	184koz
Reserve	101koz
Grade	7.9g/t
Life	4 years
AISC	A$990/oz (US$742/oz)

Ramelius Resources Limited • Diggers and Dealers, Kalgoorlie – August 2016

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*** Production Targets - New 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 27 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 • Diggers and Dealers, Kalgoorlie – August 2016

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Capital Requirements - New 4 Year Plan

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As a result of the recent capital raise, Milky Way development to be brought forward to FY2017

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$15M	A$	15M A$15M
Satellite open pits	A$2M		A$5M
Exploration (greenfields & brownfields)	A$15M 0	A$	A$5M 5M A$10M	A$10M	A$5M
Total	A$50M (US$37.5M) 3 22		A$10M (US$7.5M) 3 (US$22.5M)	A$10M (US$7.5M)	A$5M (US$3.7M)

Ramelius Resources Limited • Diggers and Dealers, Kalgoorlie – August 2016

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Operations

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Operations - Mt Magnet Gold Mine

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 Galaxy open pits - mining since 2011

 Perseverance (Percy) pit

• 120m deep, 150m final depth

• Average grade 1.80g/t, currently +2.0g/t

• Jan 2015 - current

• Titan pit • 165m final depth

• Average grade 1.40g/t

• Commenced June 2016

Ramelius Resources Limited • Diggers and Dealers, Kalgoorlie – August 2016

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Operations - Mt Magnet Gold Mine

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Milled Tonnes & Head Grade

Gold Production & Costs

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700,000 3.00
Vivien underground
2.75
Kathleen
600,000
Valley pits 2.50
2.25
500,000
Saturn &
WQS pit Percy pit 2.00
Mars pits
400,000 1.75
1.50
300,000 1.25
1.00
200,000
0.75
0.50
100,000
0.25
0 0.00
Milled Tonnes (LHS) Head Grade (RHS)
Milled Tonnes (t) Head Grade (g/t)
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35,000 2,000
32,500 SAG mill
repairs Ball mill 1,800
30,000 motor
1,600
27,500
25,000
1,400
22,500
1,200
20,000
17,500 1,000
15,000
800
12,500
600
10,000
7,500 400
5,000
200
2,500
- -
Fine Gold Production (LHS) C1 - Cash Cost (RHS) AISC (RHS)
Costs A$/oz
Gold Production (oz)
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Ramelius Resources Limited • Diggers and Dealers, Kalgoorlie – August 2016

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Mine Life Extensions - Mt Magnet Gold Mine

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• Gold discovered 1880, production >6Moz

• Hill 50 u/g mine (2.1Moz) → now Galaxy

• Morning Star o/p & u/g mine (1.4Moz)

• Processing Plant refurbished in 2012

• Gold mineralisation

• Banded Iron Formation (BIF) hosted (Galaxy, Water Tank Hill)

 Porphyry hosted (Milky Way)

• Combination of the two (Morning Star)

Ramelius Resources Limited • Diggers and Dealers, Kalgoorlie – August 2016

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Mine Life Extension - Water Tank Hill & St George

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• Water Tank Hill Ore Reserve near existing St George decline, scheduled for commencement late 2016

• Underground drilling planned for late 2017

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Ore Reserve
Physicals
June 2015
Mine Life 2 years
Mineral
105koz
Resource
Ore Reserve 53koz
Grade 5.0 g/t
Recovery 92.0%
PFS
Financials
June 2015
Up Front Capital A$11.5M
C1 Cash Cost A$580/oz
AISC A$765/oz
Total Cost
A$1,006/oz
(incl. Up Front)
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Ramelius Resources Limited • Diggers and Dealers, Kalgoorlie – August 2016

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Mine Life Extension - Milky Way

• Large porphyry hosted stockwork vein style deposit

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• New Resource announced May 2016

• (>0.7 g/t) Category Tonnes Grade Ounces Indicated 4,096,000 1.3 165,000 Inferred 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

• Ore Reserve work underway

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

Ramelius Resources Limited • Diggers and Dealers, Kalgoorlie – August 2016

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Mine Life Extension – Brown Cow, Stellar West et al

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Ramelius Resources Limited • Diggers and Dealers, Kalgoorlie – August 2016

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Operations - Vivien Gold Mine

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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
Up Front Capital	A$16.3M
C1 Cash Cost	A$766/oz
Royalties	A$120/oz
AISC	A$990/oz
Total Cost (incl. Up Front)	A$1,148/oz

Vivien open pit showing underground portal (looking north) Ramelius Resources Limited • Diggers and Dealers, Kalgoorlie – August 2016

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Operations - Vivien Gold Mine

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360 North Ore Drive
Face #64 grade – 21.5g/t
320 North Ore Drive
Face #10 grade – 12.4g/t
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Ramelius Resources Limited • Diggers and Dealers, Kalgoorlie – August 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

• Deeper exploration drilling planned for FY2017 as decline progresses

• ~3,700m of diamond core

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

Ramelius Resources Limited • Diggers and Dealers, Kalgoorlie – August 2016

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Operations - Kathleen Valley Gold Mine

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Nil Desperandum pit (looking north)		Physicals	Ore Reserve June 2015
		Mine Life	0.5 years
		Mineral Resource	163koz
		Ore Reserve	55koz
		Grade	4.2 g/t
		Recovery	95.0%
		Recovered Ounces	52koz
		Financials
		Purchase Cost	A$4.05M
		Up Front Capital	A$1.4M
		C1 Cash Cost	A$671/oz
		AISC	A$826/oz
		Total Cost (incl. Up Front)	A$854/oz
Nil Desperandum pit (looking north)
		Cashflow-to-date	~A$30M

Ramelius Resources Limited • Diggers and Dealers, Kalgoorlie – August 2016

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Exploration Projects

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Exploration - Project Locations

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Ramelius Resources Limited • Diggers and Dealers, Kalgoorlie – August 2016

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Exploration - Tanami JV (NT) – Ramelius 85%

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

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

• Strategic land holding within 100km of;

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

• Granites Treatment Plant

• Suplejack EL26625: >10ppb gold anomaly over 2km

• Infill + extension drilling scheduled for Sept Qtr FY17

• Highland Rocks - granted December 2015

• Completed 500m spaced reconnaissance soil sampling & regolith mapping over western half of EL27511 + EL29829

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

Ramelius Resources Limited • Diggers and Dealers, Kalgoorlie – August 2016

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Where is the Value?

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• RMS well below average EV/Production multiple based on 135,000 ounces in FY2017

• Discrepancy even larger at 150,000 ounces per annum

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Australian Gold Producers | FY17 Production Multiples
$6,000
$5,000
$4,000
$3,000
$2,000
$1,000
$-
RRL EVN SAR SBM NST DRM SLR RMS
EV/FY17 Production EV/FY17 Production Average
Based on FY17 production guidance or aspirational targets
EV data taken as at 27 July 2016
Production Multiples (A$ per oz)
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Ramelius Resources Limited • Diggers and Dealers, Kalgoorlie – August 2016

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FY2017 Key Focus Areas

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• Mine-life extensions • New 4 Year Life-of-Mine plan highlighted by extensions at Mt Magnet and Vivien

• New resources near existing operations → Milky Way & Blackmans at Mt Magnet

• Greenfields exploration opportunities → recent gold anomalies in the Tanami to follow up

Fast-track project development

• Accelerate Water Tank Hill underground project and Milky Way open pit

• Pursue logical, value accretive opportunities to improve & diversify asset portfolio

• Implement cost reduction plans, reserve/resource upgrades

Maintain strong capital position

• Forecast gold production for FY2017 of 135,000 ounces at AISC of ~A$1,050/oz (~13koz produced in July 2016)

• Ore being mined at new Vivien & Kathleen Valley projects → grade over-performing at both sites

• Recent equity raise, nil corporate debt, undrawn CBA facility, risk mitigating hedges ~A$1,650/oz to June 2018

Ramelius Resources Limited • Diggers and Dealers, Kalgoorlie – August 2016

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Thank you, see us at Booth #132

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Ramelius Resources Limited • Diggers and Dealers, Kalgoorlie – August 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 • Diggers and Dealers, Kalgoorlie – August 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

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

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

Ramelius Resources Limited • Diggers and Dealers, Kalgoorlie – August 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

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

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

Ramelius Resources Limited • Diggers and Dealers, Kalgoorlie – August 2016

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