RAMELIUS RESOURCES LIMITED — Investor Presentation 2016

Feb 24, 2016

==> picture [801 x 337] intentionally omitted <==

==> picture [112 x 84] intentionally omitted <==

Ramelius Resources Limited ASX:RMS RIU Explorers Conference – 25 February 2016

==> picture [120 x 95] intentionally omitted <==

Forward Looking & Competent Persons Statements

==> picture [104 x 76] intentionally omitted <==

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.

Ramelius Resources Limited • RIU Explorers Conference – February 2016

2

Investment Case for Ramelius

==> picture [104 x 76] intentionally omitted <==

1. Healthy capital position

2. Increasing gold production at lower cost

3. Mine life extensions

Ramelius Resources Limited • RIU Explorers Conference – February 2016

3

Corporate

Capital Structure (as at 24 Feb ‘16)

Shares on Issue	473.7M
Market Cap	A$194M
Cash & Gold(as at 31 Dec ‘15)	A$40M
Corporate Debt	Nil
Enterprise Value	A$154M
6 Month Trading Range	A$0.12 - $0.41
Major Shareholders(as at 08 Feb ‘16)
JP Morgan Nominees Aus. Ltd	5.4%
Citicorp Nominees Aus. Ltd	3.8%
Guina Energy & Developments Pty Ltd	2.6%
HSBC Custody Nominees Aus. Ltd	2.3%
Mandurang Pty Ltd	1.7%

==> picture [104 x 76] intentionally omitted <==

Board & Management

==> picture [27 x 41] intentionally omitted <==

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

==> picture [27 x 40] intentionally omitted <==

==> picture [27 x 40] intentionally omitted <==

==> picture [28 x 40] intentionally omitted <==

Share Price v Gold Index

==> picture [286 x 129] intentionally omitted <==

Ramelius Resources Limited • RIU Explorers Conference – February 2016

4

Operations & Development Projects Overview

==> picture [301 x 310] intentionally omitted <==

----- Start of picture text -----

|||
|---|---|
|Blackmans Gold Project|
|Resource Tonnes|457kt|
|Resource Grade|2.6g/t|
|Resource Ounces|38koz|
|Mt Magnet Gold Mine|
|Mill Capacity|1.7Mtpa|
|Resource|1.8Moz|
|Reserve|268koz|
|Life|4 years|
|AISC|A$1,300/oz|
|UCF*|A$50M|
|Burbanks Treatment Plant|
|Mill Capacity|180ktpa|
|C&M|Dec ‘14|
|12 Mth Lease|Start date tba|

----- End of picture text -----

==> picture [104 x 76] intentionally omitted <==

==> picture [143 x 270] intentionally omitted <==

----- Start of picture text -----

|||
|---|---|
|Kathleen Valley Gold Mine|
|Resource|163koz|
|Reserve|55koz|
|Life|1.5 years|
|AISC|A$936/oz|
|UCF|A$28M|
|Vivien Gold Mine|
|Resource|184koz|
|Reserve|101koz|
|Life|3 years|
|Capex|A$16.3M|
|AISC|A$990/oz|
|UCF|A$37M|

----- End of picture text -----

*Undiscounted Cash Flow @ A$1,500/oz

Ramelius Resources Limited • RIU Explorers Conference – February 2016

5

Operations – Mt Magnet Production & Costs

==> picture [104 x 76] intentionally omitted <==

Milled Tonnes & Head Grade

Gold Production & Costs

==> picture [352 x 276] intentionally omitted <==

----- Start of picture text -----

700,000 2.50
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)
----- End of picture text -----

==> picture [362 x 278] intentionally omitted <==

----- Start of picture text -----

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)
----- End of picture text -----

Ramelius Resources Limited • RIU Explorers Conference – February 2016

6

Operations - Kathleen Valley Gold Mine

==> picture [550 x 339] intentionally omitted <==

==> picture [104 x 76] intentionally omitted <==

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
Cash Flow @ A$1,500/oz	A$28M

Ramelius Resources Limited • RIU Explorers Conference – February 2016

7

Operations - Vivien Gold Mine

360 North Ore Drive face grade – 53.5g/t

==> picture [104 x 76] intentionally omitted <==

	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
	Cash Flow @ A$1,500/oz	A$37M

Ramelius Resources Limited • RIU Explorers Conference – February 2016

8

Development - Blackmans Gold Project

==> picture [478 x 345] intentionally omitted <==

==> picture [104 x 76] intentionally omitted <==

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 • RIU Explorers Conference – February 2016

9

Production Targets - FY2016

==> picture [104 x 76] intentionally omitted <==

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

==> picture [648 x 325] intentionally omitted <==

Ramelius Resources Limited • RIU Explorers Conference – February 2016

10

Exploration - Project Locations

==> picture [505 x 354] intentionally omitted <==

==> picture [104 x 76] intentionally omitted <==

Ramelius Resources Limited • RIU Explorers Conference – February 2016

11

Exploration – Milky Way (Mt Magnet)

==> picture [104 x 76] intentionally omitted <==

• Targeting large tonnage porphyry

• 3.6km south of Checker gold mill

• First target Milky Way open pit area

• Oct-Dec 2015: ~5,000m RC drilled

• Several high grade intersections

• Broad widths of lower grade porphyry

• Jan-Feb 2016: ~6,000m infill RC

• Assay results in by end of March

• Mineral Resource by June 2016 Qtr

==> picture [462 x 289] intentionally omitted <==

Ramelius Resources Limited • RIU Explorers Conference – February 2016

12

Exploration - Tanami JV (NT)

• 1,700km[2] of 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 scheduled for March 2016

==> picture [104 x 76] intentionally omitted <==

==> picture [328 x 339] intentionally omitted <==

Ramelius Resources Limited • RIU Explorers Conference – February 2016

13

Hitting the 2016 Focus Areas

==> picture [104 x 76] intentionally omitted <==

Australia’s next 100koz p.a. gold producer

• Profitable Operations

• Exploration

• Mine Life / Reserves

==> picture [506 x 264] intentionally omitted <==

Ramelius Resources Limited • RIU Explorers Conference – February 2016

14

Thank you

Contact details:

• Mark Zeptner – Managing Director

• Phone – +61 8 9202 1127

• Email – reception@rameliusresources.com.au

• Website – www.rameliusresources.com.au

==> picture [104 x 76] intentionally omitted <==

==> picture [441 x 331] intentionally omitted <==

Ramelius Resources Limited • RIU Explorers Conference – February 2016

15

Production Targets, Mineral Resources & Ore Reserves Note

==> picture [104 x 76] intentionally omitted <==

For detailed information relating to Mineral Resources and Ore Reserves see ASX release (RMS) 10 Sept 2015, ‘Resources and Reserves Statement’. All Mt Magnet, Vivien and Kathleen Valley Production targets are based on Ore Reserves.

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 • RIU Explorers Conference – February 2016

16

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 [104 x 76] 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 • RIU Explorers Conference – February 2016

17

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 [104 x 76] 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 • RIU Explorers Conference – February 2016

18