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RAMELIUS RESOURCES LIMITED Investor Presentation 2016

Mar 15, 2016

65718_rns_2016-03-15_30aa736b-a89f-476d-90fc-82f5bdde191a.pdf

Investor Presentation

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Ramelius Resources Limited

UK & Nth American Investor Roadshow – March 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 32. 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 – March 2016

2

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Corporate - RMS included in All Ordinaries Index in March ‘16

Board & Board & Management Management Management Management Management Management Management Management Management Management Management Management Management Management Management Management Management Management Management Management Management
Robert Kennedy
Non Executive Chairman
Mark Zeptner
Managing Director
Kevin Lines
Non Executive Director
Mike Bohm
Non Executive Director
Share Price
0.50 40,000,000
0.00
0.05
0.10
0.15
0.20
0.25
0.30
0.35
0.40
0.45
Price (A$)
0
5,000,000
10,000,000
15,000,000
20,000,000
25,000,000
30,000,000
35,000,000
Volume
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
Volume Share Price

Capital Structure (as at 11 March 16)

Shares on Issue
473.7M
Shares on Issue
473.7M
Shares on Issue
473.7M
Shares on Issue
473.7M
Shares on Issue
473.7M
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
3 Month Trading Range
A$0.190 - $0.455
Major Shareholders(as at 08 Feb 16)
JP Morgan Nominees Aus. Ltd 5.4% 0.05
0.10
0.15
0.20
0.25
0.30
0.35
0.40
0.45
0.50
Price (A$)
Citicorp Nominees Aus. Ltd 3.8%
Guina Energy & Developments Pty Ltd 2.6%

HSBC Custody Nominees Aus. Ltd
2.3%
2.3%
Mandurang Pty Ltd
1.7%

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

3

Operations & Development Projects Overview

Blackmans Gold Project Blackmans Gold Project
Resource 38koz
Reserve 16koz
Grade 2.0g/t
Life 1 year
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
12 Mth Lease Start date tba

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Kathleen Valley Gold Mine Kathleen Valley Gold Mine Kathleen Valley Gold Mine
Resource 163koz
Reserve 55koz
Grade 4.2g/t
Life 1.5 years
AISC A$936/oz
Vivien Gold Mine
Resource 184koz
Reserve 101koz
Grade 7.6g/t
Life 2 years
AISC A$990/oz

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

4

Investment Case for Ramelius

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1. Fast-track project development

  • Ability to accelerate Water Tank Hill underground project and Blackmans/Titan open pits

  • Well positioned to consider acquisition opportunities

2. Mine-life extensions

  • Converting new resources near existing operations into reserves → Blackmans & Milky Way at Mt Magnet

  • Working on greenfields exploration opportunities → recently granted Exploration Licences in the Tanami

3. Strong capital management

  • Forecast production for FY2016 of 110,000 ounces at AISC of A$1,150/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

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

5

Value Creation - Accelerated Project Development

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  • § Ability to bring forward Water Tank Hill underground development to early FY2017 Ø adding 15koz of profitable gold production into both FY2017 & FY2018

  • § Capability to fast-track Blackmans and Titan Open Pit developments into near term production

Ramelius Peer Comparison | Production Multiples

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$6,000
$4,895
$5,000
$4,245
$4,000 $3,730
$3,494
$3,385
$3,000
$1,848
$2,000
$1,423
$1,000
$-
SAR RRL NST EVN SBM DRM RMS
EV data taken as at 10 March 2016 EV/Production EV/Production Average
Production Multiple (A$ per oz)
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Ramelius Resources Limited • UK & Nth American Investor Roadshow – March 2016

6

Value Creation - Mine Life Extensions

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  • § Ability to produce maiden Milky Way mineral resource near term (Jun 2016 Qtr) Ø which will enhance visibility on the operations beyond FY2018

  • § Seek value accretive acquisition opportunities

  • Ø focus on assets with Mt Magnet mill synergies and more significant stand-alone operations

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Ramelius Peer Comparison | Reserve Multiples Ramelius Peer Comparison | Resource Multiples
$1,374
$1,400 $250 $232
$219 $218
$1,200
$200
$1,000 $161
$150 $135
$800
$614
$534 $100
$600
$506 $485 $100
$70
$369
$400 $310
$50
$200
$- $-
NST RRL EVN SAR DRM RMS SBM NST DRM EVN RRL SBM SAR RMS
EV data taken as at 10 March 2016 EV/Reserve EV/Reserve Average EV/Resource EV/Resource Average
Reserve Multiple (A$ per oz) Resource Multiple (A$ per oz)
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Ramelius Resources Limited • UK & Nth American Investor Roadshow – March 2016

7

12 Month Review

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Jun-15 Qtr Sep-15 Qtr Dec-15 Qtr Mar-16 Qtr
“Go Ahead” announced for Commenced mining Sep Quarter Gold Production Production Guidance 27.5koz
Kathleen Valley & Vivien Kathleen Valley & Vivien Guidance exceeded at AISC of A$1,150/oz
A$10M finance facility with First ore mined at Vivien Gold Blackmans permitting
Full Year profit for FY2015
CBA secured Mine documents lodged
Forward Gold Sales Ore haulage commences from Maiden Ore Reserve at Milky Way resource drill-out
announced (2 [nd] tranche) Kathleen Valley Blackmans Project complete
Maiden Mineral Resource at High grade gold discovery at Milky Way exploration drilling Vivien development ore
Blackmans Project Milky Way (Mt Magnet) results commenced on 3 levels
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Ramelius Resources Limited • UK & Nth American Investor Roadshow – March 2016

8

Production Targets - FY2016

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§ Over-performance in Dec 2015 Qtr (27.8koz Actual vs 24koz Guidance) → 110koz Forecast

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

9

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 LoM extensions during 2016

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  • *Note: FY2018 Production targets for Vivien & Kathleen Valley contain Inferred Resources, refer to slide 32 for further details

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

10

Production Targets* - 3 Year Ore Schedule by Mine

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

11

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Current Operations

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Operations - Mt Magnet Gold Mine

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  • § Saturn & Mars open pits complete

§ 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

  • 40m deep, 150m at base

  • Average grade 1.9g/t

  • 8:1 strip ratio

  • Commenced Jan 2015

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

13

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
WQS pit Percy pit 2.00
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 • UK & Nth American Investor Roadshow – March 2016

14

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Operations - Kathleen Valley Gold Mine

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Mossbecker open pit
(looking south)
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Ramelius Resources Limited • UK & Nth American Investor Roadshow – March 2016

15

Operations - Kathleen Valley Gold Mine

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Physicals Ore Reserve
June 2015
Mine Life 1.5 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
C1 Cash Cost A$925/oz
AISC A$936/oz
Total Cost
(incl. Up Front)
A$975/oz

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

16

Operations - Vivien Gold Mine

Vivien open pit showing underground portal (looking east)

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Physicals Ore Reserve
June 2015
Mine Life 3 years
Mineral Resource 184koz
Mining Inventory 109koz2
Grade 7.6 g/t
Recovery 95.0%
Recovered Ounces 104koz
Financials Updated BFS
Oct 2014
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 • UK & Nth American Investor Roadshow – March 2016

17

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Operations - Vivien Gold Mine

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360 North Ore Drive (75g/t top-cut)
360 Level
Face #8 grade – 12.7g/t
360 North Ore Drive (75g/t top-cut)
Face #12 grade – 30.2g/t
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Ramelius Resources Limited • UK & Nth American Investor Roadshow – March 2016

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Development Pipeline

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Development - Water Tank Hill & St George

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  • § Combined Mineral Resource of 620kt @ 5.3g/t for 105koz near existing St George decline

  • § Currently scheduled for commencement late 2016

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St George open pit
Water Tank Hill
(planned development)
St George u/ground
(actual stoping)
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Ramelius Resources Limited • UK & Nth American Investor Roadshow – March 2016

20

Development - Water Tank Hill & St George

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  • § Underground diamond drilling – currently planned in H2 FY2017
St George open pit
St George u/ground
Water Tank Hill
Banded Iron (BIF)
interpretation
Physicals
Ore Reserve
June 2015
Mine Life
2 years
Mineral Resource
105koz
Ore Reserve
53koz
Grade
5.0 g/t
Recovery
92.0%
Financials
Updated PFS
June 2015
Up Front Capital
A$10.6M
C1 Cash Cost
A$580/oz
AISC
A$765/oz
Total Cost
(incl. Up Front)
A$1,006/oz

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

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Development - Blackmans Gold Project

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ü Sep 2014 - Secured 100% of Blackmans ML ü 30km north of Mt Magnet ü Jan 2015 - High grade intersections: Ø 9m at 31.9 g/t Au Ø 25m at 7.61 g/t Au Ø 13m at 8.27 g/t Au ü Jun 2015 - Mineral Resource: Ø 457,000t @ 2.6g/t for 38,000oz ü Dec 2015 - Maiden Ore Reserve Ø 244,000t @ 2.0g/t for 16,000oz § Q2 2016 - Permitting approvals

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

22

Development - Blackmans Gold Project

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Physicals Mineral Resource
June 2015
Tonnes 457kt
Grade 2.6g/t
Ounces 38koz
Physicals Ore Reserve
December 2015
Mine Life 12 months
Ore Reserve 244kt
Grade 2.0g/t
Ounces 16koz
Recovery 92%

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

23

Mine Life Extension - Milky Way (Mt Magnet)

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  • § Targeting large tonnage porphyry

  • § 3.6km south of Checker gold mill

  • § First target Milky Way open pit

  • Ø Oct-Dec 2015: ~5,000m RC drilled

  • Ø Several high grade intersections

  • Ø Broad widths of lower grade porphyry

  • Ø Jan-Mar 2016: ~6,000m infill RC

  • Ø Assay results by end of March 2016 Ø Mineral Resource by June 2016 Qtr

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

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Mine Life Extension - Milky Way (Mt Magnet)

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

  • Ø ~3,700m of diamond core

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

26

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Mine-Life Extension - Mossbecker (Kathleen Valley)

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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 • UK & Nth American Investor Roadshow – March 2016

27

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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 – March 2016

29

Exploration - Tanami JV (NT)

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

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

  • § Within 100km of;

  • Ø Newmont’s +20Moz Callie Gold Mine

  • Ø Granites Treatment Plant

  • § Suplejack EL 3 phases of drilling completed

  • Ø Plus 10ppb interface gold anomaly over 2km strike

  • § Highland Rocks EL’s granted December 2015

  • Ø Heritage survey scheduled for March 2016

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

30

2016 Key Focus Areas

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Hitting all the Targets

1. Bed down Vivien ore production

  • Profitable Operations

2. Fast-track new development

3. Extend Mine Life through Resource conversion & extensions

  • Mine-Life Extension

4. Improve exposure & ability to execute acquisition opportunities

5. Increased brownfields exploration at Mt Magnet

  • Exploration

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

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

31

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 arebased on Ore Reserves.

¹ Kathleen Valley Production Target based on OreReserves plus a proportion ofInferred Mineral Resource (15% oz). Thereis 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 confidencethat this target will bemet.

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 appropriatestudies are required to establish sufficient confidencethat this target will bemet.

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 theestimates continueto apply and havenot materially changed.

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

32

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

==> picture [102 x 75] intentionally omitted <==

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 • UK & Nth American Investor Roadshow – March 2016

33

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

==> picture [102 x 75] intentionally omitted <==

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 • UK & Nth American Investor Roadshow – March 2016

34

Appendix 1 - 3 Year Schedule by Quarter

==> picture [102 x 75] intentionally omitted <==

Ramelius Quarterly Mine Schedule

45,000 Morning Star
Kathleen Valley
40,000 Vivien
35,000 Low Grade Fresh (MM)
30,000 Low Grade Ox/Trans (MM)
Recovered Gold (oz) 15,000
20,000
25,000
Underground (MM)
Boomer
Golden Stream
O'Meara
10,000 Brown Hill
Percy
5,000 Titan
0 Blackmans

==> picture [500 x 34] intentionally omitted <==

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

35