RAMELIUS RESOURCES LIMITED — Investor Presentation 2016

Apr 5, 2016

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Ramelius Resources Limited

Mines & Money Asia, Hong Kong – April 2016

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Forward Looking & Competent Persons Statements

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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 contain Inferred Resources. For details covering the Mineral Resource and Ore Reserve classifications and proportions relating to the production targets refer to slide 21. Further evaluation work and appropriate studies are required to establish sufficient confidence that this target will be met.

Ramelius Resources Limited • Mines & Money Asia, Hong Kong – April 2016

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Corporate Overview

Capital Structure (as at 11 March 16)

Shares on Issue	473.7M
Market Cap	A$199M
Cash & Gold(as at 31 Dec 15)	A$40M
Corporate Debt	Nil
Enterprise Value	A$159M
2 Month Trading Range	A$0.19 - $0.455
Major Shareholders(as at 08 Feb 16)
JP Morgan Nominees Aus. Ltd Citicorp Nominees Aus. Ltd Guina Energy & Developments Pty Ltd HSBC Custody Nominees Aus. Ltd Mandurang Pty Ltd	5.4% 3.8% 2.6% 2.3% 1.7%

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Board & Management
Robert Kennedy
Non Executive Chairman
Mark Zeptner
Managing Director
Kevin Lines
Non Executive Director
Mike Bohm
Non Executive Director
Share Price
0.50 40
0.45 35
0.40
30
0.35
0.30 25
0.25 20
0.20 15
0.15
10
0.10
0.05 5
0.00 0
Volume Share Price
Price (A$)
Volume (millions)
Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16
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Ramelius Resources Limited • Mines & Money Asia, Hong Kong – April 2016

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Operations Overview

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Mt Magnet Gold Mine & Plant	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
Burbanks Treatment Plant
Mill Capacity	180ktpa
C&M	Dec 2014

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Kathleen Valley Gold Mine	Kathleen Valley Gold Mine
Resource	163koz
Reserve	55koz
Grade	4.2g/t
Life	1 year
AISC	A$936/oz
Vivien Gold Mine
Resource	184koz
Reserve	101koz
Grade	7.9g/t
Life	2 years
AISC	A$990/oz

Ramelius Resources Limited • Mines & Money Asia, Hong Kong – April 2016

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Production Targets* - 3 Year Schedule by Year with AISC

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• Robust 3 year plan using primarily Ore Reserves (92%)

• Strong focus on building quality Life-of-Mine extensions during 2016

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• *Note: FY2018 Production targets for Vivien & Kathleen Valley contain Inferred Resources, refer to slide 21 for further details

Ramelius Resources Limited • Mines & Money Asia, Hong Kong – April 2016

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Current Operations

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Operations - Mt Magnet Gold Mine

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• Galaxy open pits have been the focus

 Saturn pit

• 210m deep, final depth

• 2.83Mt @ 1.41g/t for 128koz mined

• Oct 2011 - Sep 2015

 Mars pit

• 140m deep, final depth

• 1.40Mt @ 1.70g/t for 77koz mined

• Oct 2011 - Oct 2015

 Percy pit

• 100m deep, 150m at base

• Average grade 1.9g/t

• 8:1 strip ratio

• Commenced Jan 2015

Ramelius Resources Limited • Mines & Money Asia, Hong Kong – April 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 2.50
Vivien
2.25
600,000
Percy pit 2.00
WQS pit
Mossbecker pit
500,000 1.75
Saturn &
Mars pits 1.50
400,000
1.25
300,000
1.00
0.75
200,000
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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2,000
27,500
SAG mill
25,000 1,800
repairs Ball mill
motor
22,500 1,600
20,000
1,400
17,500
1,200
15,000
1,000
12,500
800
10,000
600
7,500
400
5,000
2,500 200
- -
Fine Gold Production (LHS) C1 - Cash Cost (RHS) AISC (RHS)
Costs A$/oz
Gold Production (oz)
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Ramelius Resources Limited • Mines & Money Asia, Hong Kong – April 2016

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Operations - Kathleen Valley Gold Mine

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Physicals Mine Life 1 year Mineral Resource 163koz Ore Reserve 55koz Grade 4.2 g/t Recovery 95.0%
	Financials
	Up Front Capital A$1.5M
	C1 Cash Cost A$925/oz
	AISC A$936/oz
	Total Cost (incl. Up Front) A$975/oz

Ramelius Resources Limited • Mines & Money Asia, Hong Kong – April 2016

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Operations - Vivien Gold Mine

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360 Level
360 North Ore Drive (75g/t top-cut)
Face #12 grade – 30.2g/t
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	Physicals
	Mine Life	2 years
	Mineral Resource	184koz
	Mining Inventory	109koz2
	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

Ramelius Resources Limited • Mines & Money Asia, Hong Kong – April 2016

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Development Pipeline

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Development - Water Tank Hill & St George

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

• Underground drilling planned for late FY2017

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Ore Reserve
Physicals
June 2015
Mine Life 2 years
Mineral Resource 105koz
Ore Reserve 53koz
Grade 5.0 g/t
Recovery 92.0%
Updated PFS
Financials
June 2015
Up Front Capital A$10.6M
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 • Mines & Money Asia, Hong Kong – April 2016

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Development - Blackmans Gold Project

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• Sep 2014 - Secured 100% of Blackmans, 30km nth of Mt Magnet

• Jan 2015 - High grade intersections:

• 9m at 31.9 g/t Au

• 25m at 7.61 g/t Au

• 13m at 8.27 g/t Au

• Jun 2015 - Mineral Resource:

• 457,000t @ 2.6g/t for 38,000oz

• Dec 2015 - Maiden Ore Reserve

• 244,000t @ 2.0g/t for 16,000oz

• Q2 2016 - Permitting approvals

Physicals	Mineral Resource
Tonnes	457kt
Grade	2.6g/t
Ounces	38koz

Physicals	Ore Reserve
Mine Life	1 year
Ore Reserve	244kt
Grade	2.0g/t
Ounces	16koz
Recovery	92%

Ramelius Resources Limited • Mines & Money Asia, Hong Kong – April 2016

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Mine Life Extension - Milky Way (Mt Magnet)

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• Targeting large tonnage porphyry units

• First target Milky Way open pit

• 3.6km south of Checker gold mill

• Oct-Dec 2015: ~5,000m RC drilled

• Several high grade intersections

• Broad widths of lower grade porphyry

• Jan-Mar 2016: ~4,500m infill RC

• Results reported 4[th] April 2016

• Mineral Resource early June 2016 Qtr

Ramelius Resources Limited • Mines & Money Asia, Hong Kong – April 2016

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Mine Life Extension - Milky Way (Mt Magnet)

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Ramelius Resources Limited • Mines & Money Asia, Hong Kong – April 2016

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Mine Life Extension – Brown Cow et al (Mt Magnet)

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• Jan-Mar 2016: ~5,000m step-out RC  Results reported 4[th] April 2016  Follow up drilling June 2016 Qtr

Ramelius Resources Limited • Mines & Money Asia, Hong Kong – April 2016

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Mine Life Extension - Vivien

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• Upper level (S/P #1) drilling completed Jan 16 – results & modelling pending

• Midpoint infill drilling planned for July 2016

• First phase deep extensional exploration drilling planned for Sep 2016 Qtr

• ~3,700m of diamond core

Ramelius Resources Limited • Mines & Money Asia, Hong Kong – April 2016

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Mine-Life Extension - Mossbecker (Kathleen Valley)

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Mossbecker
Open Pit
Drilling to test
southern plunge
extension of deposit
Mossbecker Fault
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• Targeting down dip extensions at Mossbecker

• In-pit grade control drilling generally defined higher grades than Resource model

• Further surface RC drilling planned for June 2016 Qtr

Ramelius Resources Limited • Mines & Money Asia, Hong Kong – April 2016

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Exploration - Tanami JV (NT)

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

• RMS earnt 85% from Tychean (ASX: TYK)

• Within 100km of;

• Newmont’s +20Moz Callie Gold Mine

• Granites Treatment Plant

• Suplejack EL 3 phases of drilling completed

• Plus 10ppb interface gold anomaly over 2km strike

• Highland Rocks EL’s granted December 2015

• Heritage survey completed in March 2016

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Ramelius Resources Limited • Mines & Money Asia, Hong Kong – April 2016

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2016 Key Focus Areas

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• Profitable Operations

• Mine-Life Extension

• Exploration

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Ramelius Resources Limited • Mines & Money Asia, Hong Kong – April 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’. All Mt Magnet Production Targets are based on Ore Reserves.

¹ Kathleen Valley Production Target based on Ore Reserves plus a proportion of Inferred Mineral Resource (15% oz). 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 Vivien Production Target based on Ore Reserves plus a proportion of Inferred Mineral Resource (16% oz). For detailed information relating to Vivien Mining Inventory and Ore Reserve see ASX release (RMS) 30 May 2014, ‘Vivien Gold Mine Feasibility Completed’. 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 • Mines & Money Asia, Hong Kong – April 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 • Mines & Money Asia, Hong Kong – April 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 • Mines & Money Asia, Hong Kong – April 2016

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