RAMELIUS RESOURCES LIMITED — Investor Presentation 2016

Jul 10, 2016

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Ramelius Resources Limited

UK & Nth American Investor Roadshow – July 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 • UK & Nth American Investor Roadshow – July 2016

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Strong capital position primed for growth…

Capital Structure(as at 30 June 16)	Capital Structure(as at 30 June 16)
Shares on Issue	475.2M
Market Cap(at $0.435 per share, $A:US$ 0.75)	A$206M(US$154M)
Cash & Gold	A$50M(US$37M)
Corporate Debt	Nil
Enterprise Value	A$156M(US$117M)
3 Month Trading Range	A$0.350 - $0.485

Board & Management Robert Kennedy Non Executive Chairman Mark Zeptner Managing Director Kevin Lines Non Executive Director Mike Bohm Non Executive Director

Major Shareholders(as at 31 May 16)	Major Shareholders(as at 31 May 16)
Citicorp Nominees Pty Ltd	6.5%
HSBC Custody Nominees (Aus.) Ltd	6.4%
JP Morgan Nominees (Aus.) Ltd	5.3%
Guina Energy & Investments Pty Ltd	2.3%
National Nominees Ltd	1.9%

Share Price

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0.60 20,000,000
0.50
15,000,000
0.40
0.30 10,000,000
0.20
5,000,000
0.10
0.00 0
Volume Traded Closing Price
Volume
Share Price (A$)
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 • UK & Nth American Investor Roadshow – July 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$1,300/oz (US$975/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$1,300/oz (US$975/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$936/oz (US$702/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 • UK & Nth American Investor Roadshow – July 2016

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Creation of a leading Australian gold producer…

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Key focus on 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 → recently granted Exploration Licences in the Tanami
Ability to fast-track project development	•	Ability to accelerate Milky Way, Water Tank Hill underground project and Titan/Blackmans open pits
	•	Well positioned to pursue logical, value accretive opportunities to improve & diversify asset portfolio
	•	Range of upside opportunities including cost reduction plans, reserve/resource upgrades
Strong capital position	•	Actual gold production for FY2016 of 110,839 ounces at AISC of ~A$1,150/oz (US$862/oz)
	•	Ore being mined at new Vivien & Kathleen Valley projects → grade over-performing at both sites
	•	Nil corporate debt, undrawn CBA facility, risk mitigating hedge book ~A$1,650/oz to June 2018

Ramelius Resources Limited • UK & Nth American Investor Roadshow – July 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 • UK & Nth American Investor Roadshow – July 2016

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Capital Requirements - New 4 Year Plan

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New 4 Year Plan capital requirements by project, with Milky Way currently scheduled to start H2 of FY2018

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
Satellite open pits	A$2M	A$5M
Exploration (greenfields & brownfields)	A$10M	A$10M	A$10M	A$5M
Total	A$30M (US$22.5M)	A$30M (US$22.5M)	A$10M (US$7.5M)	A$5M (US$3.7M)

Ramelius Resources Limited • UK & Nth American Investor Roadshow – July 2016

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Value Creation - Accelerated Project Development

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• Ability to bring forward Water Tank Hill underground development to early FY2017

• Capability to fast-track Titan and Blackmans open pit developments into near term production

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Australian Gold Producers | Production Multiples
$8,000
$7,000
$6,000
$5,000
$4,000
$3,000
$2,000
$1,000
$-
SAR RRL NST SBM DRM SLR RMS MOY
EV/FY16 Production Guidance EV/FY16 Production Guidance Average
EV data taken as at 14 June 2016
Production Multiples (A$ per oz)
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Ramelius Resources Limited • UK & Nth American Investor Roadshow – July 2016

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Value Creation - Mine Life Extensions

• Milky Way mineral resource has enhanced visibility on operations beyond FY2018

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• Aggressive exploration program to drive organic growth

• Ramelius to seek value accretive acquisition opportunities, both as bolt-on to Mt Magnet or stand-alone projects

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Australian Gold Producers | Reserve Multiples
$1,800
$1,600
$1,400
$1,200
$1,000
$800
$600
$400
$200
$-
NST RRL MOY SAR EVN DRM SBM RMS SLR
EV/Reserve EV/Reserve Average
EV data taken as at 14 June 2016
Reserve Multiple (A$ per oz)
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Australian Gold Producers | Resource Multiples
$300
$250
$200
$150
$100
$50
$-
NST EVN DRM RRL SBM SAR MOY RMS SLR
EV/Resource EV/Resource Average
ResourceMultiple (A$ per oz)
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Ramelius Resources Limited • UK & Nth American Investor Roadshow – July 2016

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Operations

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Operations Update

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Mt Magnet

• Water Tank Hill underground forming a key part of the Company’s development pipeline

• Maiden Mineral Resource of 5.99 Mt @ 1.3 g/t Au for 241,000oz for Milky Way released in May 2016 – potential for large tonnage open pit operation

• 12,577 ounces of gold production in June 2016 Quarter

Vivien

• In March 2016 Quarter, 2,263 metres of total development achieved, with 7,571 tonnes of ore milled at a head grade of 7.46 g/t, from development ore only

• Commenced stope production activities in June, ready for a full production year in FY2017

• • 5,430 ounces of gold production in June 2016 Quarter

Kathleen Valley

• Yellow Aster North open pit commenced during March 2016 Quarter, complementing Mossbecker and Yellow Aster Deeps open pits

• Nil Desperandum pit commenced in April 2016 with pre-strip cost of A$1.7M

• 14,745 ounces of gold production in June 2016 Quarter

Ramelius Resources Limited • UK & Nth American Investor Roadshow – July 2016

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Operations Update - FY2016

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Group gold production → June 2016 Quarter of 32,752 ounces → FY2016 production of 110,839 ounces

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Ramelius Resources Limited • UK & Nth American Investor Roadshow – July 2016

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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 • UK & Nth American Investor Roadshow – July 2016

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Operations - Mt Magnet Gold Mine

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Milled Tonnes & Head Grade

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Vivien UG
700,000 2.75
2.50
600,000 Mossbecker pit
2.25
Saturn & WQS pit
500,000 Mars pits Percy pit 2.00
1.75
400,000
1.50
1.25
300,000
1.00
200,000 0.75
0.50
100,000
0.25
0 0.00
Milled Tonnes (LHS) Head Grade (RHS)
Milled Tonnes (t)
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Gold Production & Unit Costs

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35,000 2,000
32,500 SAG mill Ball mill
repairs 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)
Gold Production (oz)
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Ramelius Resources Limited • UK & Nth American Investor Roadshow – July 2016

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Development - 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
A$10.6M
Up Front Capital
(US$8.0M)
A$580/oz
C1 Cash Cost
(US$435/oz)
A$765/oz
AISC
(US$574/oz)
Total Cost A$1,006/oz
(incl. Up Front) (US$755/oz)
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Ramelius Resources Limited • UK & Nth American Investor Roadshow – July 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

• Reserve based work underway

• Additional drilling also in progress

Ramelius Resources Limited • UK & Nth American Investor Roadshow – July 2016

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Mine Life Extension - Milky Way

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• Additional RC drilling carried out in May/June 2016, results[*] included;  20m @ 5.85 g/t

• 3m @ 21.68 g/t

• 17m @ 5.61 g/t

• 7m @ 4.79 g/t

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

Ramelius Resources Limited • UK & Nth American Investor Roadshow – July 2016

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Mine Life Extension – Brown Cow, Stellar West et al

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• First pass optimisations and pit design carried out

• • Further Feasibility work including geotechnical drilling underway

• • Further infill and extensional RC drilling in progress

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Ramelius Resources Limited • UK & Nth American Investor Roadshow – July 2016

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Operations - Vivien Gold Mine

Vivien open pit showing underground portal (looking east)

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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
Fiil	BFS
nancas	October 2014
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 (incl. Up Front)	A$1,148/oz (US$861/oz)

Ramelius Resources Limited • UK & Nth American Investor Roadshow – July 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 • UK & Nth American Investor Roadshow – July 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 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 • UK & Nth American Investor Roadshow – July 2016

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Operations - Kathleen Valley Gold Mine

Nil Desperandum pit (looking north)

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Physicals	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	BFS February 2015
Up Front Capital	A$1.5M (US$1.1M)
C1 Cash Cost	A$925/oz (US$694/oz)
AISC	A$936/oz (US$702/oz)
Total Cost (incl. Up Front)	A$975/oz (US$731/oz)

Ramelius Resources Limited • UK & Nth American Investor Roadshow – July 2016

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Exploration Projects

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Exploration - Project Locations

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Ramelius Resources Limited • UK & Nth American Investor Roadshow – July 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

• Assay results awaited

Ramelius Resources Limited • UK & Nth American Investor Roadshow – July 2016

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FY2017 Key Focus Areas

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Profitable operations

• Bed down Vivien ore production

• Fast track new developments at Mt Magnet

• Maintain strong capital management

Mine-life extensions

• Further extend mine-life through resource conversions

• Strong asset portfolio to provide platform for organic growth

• Improve exposure and ability to execute acquisition opportunities

Exploration

• Increased brownfields exploration at Mt Magnet & Vivien

• First on-the-ground access to new EL’s in the Tanami

Ramelius Resources Limited • UK & Nth American Investor Roadshow – July 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 • UK & Nth American Investor Roadshow – July 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 • UK & Nth American Investor Roadshow – July 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 • UK & Nth American Investor Roadshow – July 2016

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