RAMELIUS RESOURCES LIMITED — Investor Presentation 2017

Feb 21, 2017

Ramelius Resources Limited

Mark Zeptner ‐ Managing Director RIU Explorers Conference – 22[nd] February 2017

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 is based on information compiled by Kevin Seymour (Exploration Results) who is a Competent Person and Member of The Australasian Institute of Mining and Metallurgy. Kevin Seymour is a full‐time employee of the company and has 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 consents 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, Fremantle – February 2017

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Mine‐life extensions

• Extensional drilling at Mt Magnet (ongoing) & Vivien (Mar ‘17)

• Greenfields exploration follow up in the Tanami (Apr ‘17)

• Accelerate project commencement;

Fast‐track project development

• Water Tank Hill underground (underway)

• Milky Way open pit (mid‐2017)

• Actively pursue value accretive opportunities

• Target for FY2017 of 135,000 ounces at AISC ~A$1,050/oz

Maintain strong capital position

• Strong cash balance, nil corporate debt, risk mitigating forward sales ~A$1,673/oz to June 2018

• Capital management options available

Ramelius Resources Limited • RIU Explorers Conference, Fremantle – February 2017

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Corporate Structure: at 31 January 2017	Corporate Structure: at 31 January 2017
Shares on Issue	525M
Market Cap	A$315M(US$236M)@A$0.60/share
Liquidity	30‐day 4.5M shares
Cash & Gold	A$95M(US$71M)
Enterprise Value	A$220M (US$165M)

Major Shareholders:at 31 January 2017	Major Shareholders:at 31 January 2017
Van Eck Ass. Corp.	16.0%
USAA Investment Mgt. Co.	2.6%
Ante (Tony) Guina	2.1%
Robert Kennedy	2.0%
Bell Potter Nominees Aust. Ltd	1.9%
Dimensional Fund Advisors LP	1.9%
IFM Investors	1.7%
Acadian Asset Management LLC	1.7%
Oppenheimer Funds	1.7%
Acorn Capital Ltd	1.5%
Top 20	41.7%

Share Price Performance (ASX:RMS)

Board	Board
Robert Kennedy	Non Executive Chairman
Mark Zeptner	Managing Director
Kevin Lines	Non Executive Director
Mike Bohm	Non Executive Director
Dom Francese	Company Secretary

Management

Duncan Coutts Chief Operating Officer Simon Iacopetta Chief Financial Officer Kevin Seymour GM Exploration & BD Rob Hutchison Mine Geology Manager Tim Blyth GM Mt Magnet Gold Danny Doherty UM Vivien Gold Mine

Ramelius Resources Limited • RIU Explorers Conference, Fremantle – February 2017

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Mt Magnet ‐ mines & mill
Mill Capacity 1.7Mtpa
Resource 1.9Moz
Reserve 312koz
Grade 1.9g/t
Life 4 years
A$1,250/oz
AISC
(US$938/oz)
New Blackmans open pit &
Water Tank Hill underground
Grade (Blackmans) 2.0g/t
Life 1 year
Grade (WTH/St G) 5.0g/t
Life 2 years Vivien underground
AISC A$765/oz Resource 198koz
(US$564/oz)
Reserve 98koz
Grade 8.0g/t
Life 4 years
A$990/oz
AISC
(US$742/oz)
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 Almost in position to commence deeper drilling program

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260 Level Ore Drive
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• Bottom drill cuddy (247mRL)

• Currently being developed

• ~4,000m diamond drilling to commence in the current Quarter

• Exploring for extensions outside current Resource (pink outline)

Ramelius Resources Limited • RIU Explorers Conference, Fremantle – February 2017

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 6Moz gold camp, currently 4 drill rigs operating, plan to spend ~A$9M in H2 FY2017 to extend mine life

Ramelius Resources Limited • RIU Explorers Conference, Fremantle – February 2017

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 Rehab completed, new development commenced, underground drilling planned for late 2017

Physicals	Ore Reserve June 2016
Mine Life	2 years
Resource	105koz
Ore Reserve	53koz
Grade	5.0 g/t
Recovery	92.0%
Financials	PFS June 2015
Up Front Capital	A$11.5M (US$8.6M)
C1 Cash Cost	A$580/oz (US$435/oz)
AISC	A$765/oz (US$574/oz)
Total Cost (incl. Up Front)	A$1,006/oz (US$754/oz)

Ramelius Resources Limited • RIU Explorers Conference, Fremantle – February 2017

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• Opportunity exists to grow current open pit Reserves & underground Resources

Historical Production

• Mining ceased in July 2005 (gold price A$550/oz)

• Multiple lodes, with geological understanding increasing with additional drilling

• Existing pit depth 130mbs, underground 980mbs

• Hill 50 (Galaxy) was mined to ~1,500mbs

Ramelius Resources Limited • RIU Explorers Conference, Fremantle – February 2017

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Current open pit Ore Reserve

• Morning Star – 478,000kt @ 2.8g/t for 43koz (Mineral Resource of 1,770kt @ 1.8g/t for 103koz)

• Numerous additional hits between Morning Star & Black Cat South pit, south of Black Cat pit & below both pits

• Better results include;  9m @ 9.95g/t  7m @ 7.01g/t  12m @ 2.95g/t  7m @ 5.98g/t  4m @ 6.10g/t

• Results awaited for several holes below Morning Star open pit

Ramelius Resources Limited • RIU Explorers Conference, Fremantle – February 2017

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 Eddie Carson Lode – high grade narrow vein ore shoots plunging steeply southwest

Eddie Carson Lode

Released 31 January 2017

• 15m @ 3.49g/t from 111m

• 10m @ 2.89g/t from 166m

• 3m @ 11.47g/t from 180m

• 4m @ 20.21g/t from 113m

• 12m @ 5.53g/t from 173m

New results (see Appendix)

• 3m @ 4.50g/t from 70m

• 2m @ 4.95g/t from 79m

• Additional drilling being incorporated into re‐modelling of entire Morning Star open pit area

Ramelius Resources Limited • RIU Explorers Conference, Fremantle – February 2017

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Current u/g Mineral Resources

Morning Star Upper

• Nil Resources – New Target

• 10m @ 6.56g/t (~80m from decline)

Black Cat Deeps

• Nil Resources – New Target

• 4m @ 2.05g/t (undrilled zone)

Morning Star Deeps

• 528,000 tonnes @ 4.7g/t for 79koz

• 8m @ 10.20g/t (deepest intercept)

• Not in current LoM plan

• Long‐life potential based on expected orebody continuity

Ramelius Resources Limited • RIU Explorers Conference, Fremantle – February 2017

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2017 Plan

• Current Resource 79koz (from 980‐1,200mbs)

• Exploration Target of 225‐275koz @ 4‐6g/t[1]

• Based on 500ovm between 1,000–1,500mbs

• First 1,350m deep parent hole completed yesterday

• Core to be cut & sampled, results awaited

Ramelius Resources Limited • RIU Explorers Conference, Fremantle – February 2017

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 Exploring for large, low strip ratio porphyry hosted deposits

• Milky Way

• Mineral Resource of 3,918kt @ 1.3g/t for 164koz

• Ore Reserve of 1,875kt @ 1.3g/t for 78koz

• Stellar & Stellar West

• Mineral Resources of 1,271kt @ 1.6g/t for 65koz

• Ore Reserve work in progress

• Shannon

• Several good intersections, resource modelling underway

• Zeus

• 8m @ 12.20g/t from 65m

• 19m @ 1.31g/t from 32m

• Venus

• Broad area of low grade mineralisation

• Up to 28m @ 0.67g/t from 36m to EOH to date

• Hesperus East

• 12m @ 2.44g/t from 26m

• 20m @ 1.23g/t from 31m

• Artemis

• New area with 22m @ 0.69g/t from 48m depth (including 12m @ 1.01g/t)

• Bundy Flats

• New area with 16m @ 1.63g/t from 16m depth (including 4m @ 5.63g/t)

Ramelius Resources Limited • RIU Explorers Conference, Fremantle – February 2017

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 Shannon deposit – potential addition to Milky Way/Stellar mine plan

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Section 6895910N +/‐10m
Shannon
•
New RC drilling (see Appendix) has displayed high
grade intersections down dip from original pit
Existing Shannon open pit
including;
 7m @ 11.4 g/t from 103m
 5m @ 13.4 g/t from 105m
 12m @ 1.95 g/t from 123m
GXRC0516 14m @ 4.11g/t (Dec16)
 13m @ 6.18 g/t from 138m
 15m @ 5.76 g/t from 111m
•
Re‐running resource model & optimisation
GXRC0528 15m @ 5.76g/t
GXRC0527 13m @ 6.18g/t
Ramelius Resources Limited • RIU Explorers Conference, Fremantle – February 2017 19
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Greenfields Exploration

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

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

• Strategic land holding within 100km of;

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

• Granites Treatment Plant

• Highland Rocks - granted December 2015

• Completed 500m spaced reconnaissance soil sampling & regolith mapping over western half

• Encouraging (2–5 ppb Au) soil & lag anomalies

• RC drilling carried out in December 2016 Qtr

• Soil anomalies to be followed up during 2017 field season

Ramelius Resources Limited • RIU Explorers Conference, Fremantle – February 2017

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 RMS well below average EV/Production multiple based on 135,000 ounces in FY17

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Australian Gold Producers | FY17 Production Multiples
$5,000
$4,000
$3,000
$2,000
$1,000
$-
RRL SBM EVN NST SAR SLR MOY DRM RMS BLK
EV/FY17 Production EV/FY17 Production Average
Production Multiples (A$ per oz)
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• Based on FY17 production guidance or aspirational targets

• EV data taken as at 31 December2016

• MOY production based on CY16 guidance

• BLK production assumes 100koz in FY17 as per DFS

Ramelius Resources Limited • RIU Explorers Conference, Fremantle – February 2017

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Ramelius Resources Limited • RIU Explorers Conference, Fremantle – February 2017 24

For detailed information relating to Mineral Resources and Ore Reserves see ASX Release (RMS) 30 September 2016, ‘Resources and Reserves Statement’ and ASX Release (RMS) 31 January 2017, ‘December 2016 Quarterly Activities Report’.

¹ Morning Star Deeps Exploration Target currently has no drilling between 1,200mbs and 1,600mbs. The target, based upon an extrapolation of the mined lodes within the historical underground mine will be tested by two deep parent diamond drill holes and approximately 20 daughter holes (wedges off the parents) that are designed to pierce the projected lode positions on nominal 40m centres, over 400 vertical metres, from 1,200mbs to 1,600mbs. The timeframe required to complete the drilling programme with one diamond drill rig is estimated to be eight months. Diamond drilling commenced in late January 2017. The grade range is based upon historical underground mine performance of the Star Decline depicted in Slide 16 until the closure of the – Morning Star mine in 2005. Limited previous drilling to 1,200mbs (as previously reported see ASX Release (RMS) 31 January 2017, ‘December 2016 Quarterly Activities Report’) confirms the continuity of gold mineralisation below the limit of historical underground mining to 980mbs.

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, Fremantle – February 2017

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	MINERAL RESOURCES AS AT 30 JUNE 2016- INCLUSIVE OF RESERVES	MINERAL RESOURCES AS AT 30 JUNE 2016- INCLUSIVE OF RESERVES	MINERAL RESOURCES AS AT 30 JUNE 2016- INCLUSIVE OF RESERVES	MINERAL RESOURCES AS AT 30 JUNE 2016- 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	780 1.5 37,000	5,531 1.9 329,000 1,765 1.8 103,000	4,040 1.2 160,000 4 1.4 -	10,351 1.6 526,000 1,770 1.8 103,000
Total major deposits	780 1.5 37,000	7,296 1.8 432,000	4,044 1.2 160,000	12,121 1.6 629,000
Bartus Group Blackmans Boomer Britannia Well Bullocks Eastern Jaspilite Eclipse Golden Stream Hill 60 Lone Pine Milky Way 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 8,000 334 2.5 27,000 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 2,660 1.3 114,000 231 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 12,000 134 2.4 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 1,258 1.2 50,000 151 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 24,000 468 2.5 37,000 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 3,918 1.3 164,000 383 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	6,056 1.8 345,000	3,751 1.8 221,000	10,676 1.8 626,000
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	313 0.9 9,000	- -	- -	313 0.9 9,000
Mt Magnet Total	2,352 2.3 172,000	14,857 2.3 1,081,000	10,262 2.0 661,000	27,472 2.2 1,914,000
Western Queen South Coogee Vivien Kathleen Valley		104 3.6 12,000 31 3.6 4,000 485 8.8 137,000 238 3.7 28,000	81 3.4 9,000 65 3.3 7,000 306 4.4 43,000 523 2.5 42,000	185 3.5 21,000 96 3.4 11,000 791 7.1 180,000 761 2.9 70,000
Non Mt Magnet Total		857 6.6 181,000	976 3.2 101,000	1,833 4.8 282,000
Total Resources	2,352 2.3 172,000	15,714 2.5 1,262,000	11,238 2.1 762,000	29,305 2.3 2,196,000

For detailed information relating to Mineral Resources see ASX Release (RMS) 30 Sept 2016, ‘Resources and Reserves Statement 2016’. No material change has occurred.

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

Ramelius Resources Limited • RIU Explorers Conference, Fremantle – February 2017

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	ORE RESERVE STATEMENT AS AT 30 JUNE 2016	ORE RESERVE STATEMENT AS AT 30 JUNE 2016	ORE RESERVE STATEMENT AS AT 30 JUNE 2016
	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 Titan Perseverance Brown Hill Morning Star Cutback Morning Star Satellite Pits Milky Way Boomer Lone Pine O'Meara Golden Stream Underground Water Tank Hill St George Stockpiles	667 1.4 30,000 73 3.6 8,000 313 0.9 9,000	483 1.4 21,000 162 2.4 12,000 109 2.6 9,000 478 2.8 43,000 1,875 1.3 78,000 132 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	1,150 1.4 51,000 162 2.4 12,000 109 2.6 9,000 478 2.8 43,000 1,875 1.3 78,000 132 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 16,000 313 0.9 9,000
Mt Magnet Total	1,053 1.4 47,000	3,900 2.0 249,000	4,953 1.9 296,000
Vivien Underground		382 8.0 98,000	382 8.0 98,000
Kathleen Valley	68 3.1 7,000	28 4.5 4,000	95 3.5 11,000
Total Reserves	1,121 1.5 54,000	4,309 2.5 351,000	5,430 2.3 405,000

For detailed information relating to Ore Reserves see ASX Release (RMS) 30 Sept 2016, ‘Resources and Reserves Statement 2016’.

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

Ramelius Resources Limited • RIU Explorers Conference, Fremantle – February 2017

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Appendix to RIU Explorers Conference February 2017 Presentation

Attachment 1: Significant (>0.5 g/t Au) RC drilling, Mount Magnet, WA

Hole Id	Easting	Northing	Az/Dip	RL	F/Depth (m)	From (m)	To (m)	Interval (m)	g/t Au
GXRC0522*	577064	6895824	296/-55	439	120 Incl.	103 105	110 **107 **	7 2	11.4 36.1
GXRC0523*	577027	6895800	309/-56	438	118	91	95	4	2.10
GXRC0524*	577057	6895828	300/-52	439	124 Incl.	105 105	110 106	5 1	13.4 47.5
GXRC0525*	577061	6895841	313/-60	439	135	111	117	6	1.20
GXRC0526*	577069	6895853	349/-71	439	175	123	135	12	1.95
GXRC0527*	577075	6895969	169/-67	439	210 Incl.	138 144	151 148	13 4	6.18 14.2
GXRC0528*	577068	6895973	209/-61	439	150 Incl.	111 114	126 118	15 4	5.76 16.5
GXRC1528**	581236	6897704	249/-51	442	244	17 70 79 90 142 214	20 73 81 92 144 215	3 3 2 2 2 1	1.01 4.50 4.95 1.09 0.89 2.75
GXRC1529**	581238	6897796	249/-60	443	124	24 75	25 77	1 2	0.70 3.95
GXRC1530**	581188	6897835	248/-57	445	329	1 17 82 156 163 179 313 320	2 20 84 157 169 183 314 321	1 3 2 1 6 4 1 1	1.10 1.22 1.13 0.58 4.01 0.73 0.74 2.71
GXRC1531**	581167	6897903	250/-60	445	203	26 35	29 42	3 7	6.42 1.24
GXRC1532**	581133	6897882	250/-62	445	137				NSR
GXRC1533**	581178	6897968	250/-65	445	215	41 92 109	43 93 113	2 1 4	2.68 0.59 4.90
GXRC1534**	581162	6897978	250/-57	446	135				NSR
GXRC1535**	581183	6898067	250/-60	445	179	21 138 166	22 142 176	1 4 10	0.60 2.55 0.95
GXRC1536**	581178	6898112	245/-60	447	161	117 124	121 127	4 3	0.85 1.80
GXRC1537***	580698	6896790	079/-55	444	119			Abn	Hole
GXRC1538***	580700	6896786	078/-62	444	293	101 107 116 216 233 237 251	102 108 118 218 234 238 256	1 1 2 2 1 1 5	2.52 0.71 3.29 2.57 0.95 0.73 1.66
GXRC1539***	580968	6896875	245/-50	447	239 Incl.	212 224 229	213 233 230	1 9 1	8.07 9.95 77.2
GXRC1540***	580726	6897024	074/-63	448	251	109 123	116 251	7 Results	3.25 Awaited
GXRC1541***	580713	6897032	076/-67	448	275	0	275	Results	Awaited

Reported significant gold assay intersections (using a 0.5 g/t Au lower cut) are reported using 1m downhole intervals at plus 0.5 g/t gold, with up to 2m of internal dilution. Gold determination was by Fire Assay using a 50gm charge with AAS finishes and a lower limit of detection of 0.01 ppm Au. NSR denotes no significant results. True widths of the Shannon drill holes are estimated to be 81% of the reported downhole intersections. True widths of the reported mineralised intersections at Eddie Carson remain unconfirmed. With limited surface collar access, Eddie Carson Lode holes drilled azimuth west (250[0] ) may be partially drilled down dip but additional infill drilling is required to confirm this, and/or the presence of multiple lodes. True widths of Black Cat South drill holes are estimated to be 60% of the reported down hole intersections. Coordinates are MGA94-Z50. Abn Hole denotes hole was abandoned due to excessive deviation away from its intended target.

• Denotes Shannon Deposit drill hole

• ** Denote Eddie Carson Lode drill hole

*** Denotes Black Cat South drill hole

Attachment 2: Anomalous Aircore drilling 4m composite intersections (>0.40 g/t Au over 4m or greater) within the Boogardie Basin - Mt Magnet, WA.

Hole Id	Easting	Northing	Az/Dip	RL	F/Depth (m)	From (m)	To (m)	Interval (m)	g/t Au
GXAC0699	580606	6897748	360/-60	447	67	48	52	4	0.49
GXAC0700	580498	6897895	360/-60	447	84	36 56	48 60	12 4	0.76 6.03
GXAC0707	580498	6897855	360/-60	447	90	40	44	4	2.55
GXAC0718	580443	6893093	270/-60	422	73	64	68	4	0.49
GXAC0726	580394	6893443	270/-60	422	75	68	72	4	2.83
GXAC0738	579255	6890599	270/-60	429	55	8	12	4	3.03
GXAC0739	579308	6890607	270/-60	428	67	8 24	12 28	4 4	1.03 0.44
GXAC0742	579459	6890599	270/-60	432	55	28	48	20	0.66

Reported anomalous gold assay intersections are constrained using a 0.40 g/t Au lower cut for the 4m composite interval, with up to 4m of internal dilution. Gold determination was by Fire Assay using a 50gm charge with AAS finishes and a lower limit of detection of 0.01 ppm Au. NSR denotes no significant results. EOH denotes end of hole depth. True widths remain unknown at this stage of exploration. Coordinates are MGA94-Z50.

JORC Table 1 Report for Mt Magnet, RC and Aircore Drilling

Section 1 Sampling Techniques and Data

Criteria	JORC Code explanation	Commentary
Sampling	 Nature and quality of sampling (eg cut	 At Mt Magnet potential gold mineralised intervals
techniques	channels, random chips, or specific	are systematically sampled using industry standard
	specialised industry standard	1m intervals, collected from reverse circulation (RC)
	measurement tools appropriate to the	drill holes and 4m composites from reconnaissance
	minerals under investigation, such as	Aircore traverses.
	down hole gamma sondes, or handheld	 Drill hole locations were designed to allow for spatial
	XRF instruments, etc). These examples	spread across the interpreted mineralised zone. All
	should not be taken as limiting the broad	RC samples were collected and riffle split to 3‐4kg
	meaning of sampling.	samples on 1m metre intervals. Aircore samples are
	 Include reference to measures taken to	speared from piles on the ground and are
	ensure sample representivity and the	composited into 4m intervals before despatching to
	appropriate calibration of any	the laboratory. Single metre bottom of hole Aircore
	measurement tools or systems used.	samples are collected for trace element
	 Aspects of the determination of	determinations
	mineralisation that are Material to the	 Standard fire assaying was employed using a 50gm
	Public Report.	charge with an AAS finish for all RC and Aircore chip
	 In cases where ‘industry standard’ work	samples. Trace element determination was
	has been done this would be relatively	undertaken using a multi (4) acid digest and ICP‐ AES
	simple (eg ‘reverse circulation drilling was	finish.
	used to obtain 1 m samples from which 3
	kg was pulverised to produce a 30 g
	charge for fire assay’). In other cases
	more explanation may be required, such
	as where there is coarse gold that has
	inherent sampling problems. Unusual
	commodities or mineralisation types (eg
	submarine nodules) may warrant
	disclosure of detailed information.
Drilling	 Drill type (eg core, reverse circulation,	 Drilling was completed using best practice 5 ¾” face
techniques	open‐hole hammer, rotary air blast,	sampling RC drilling hammers for all RC drill holes
	auger, Bangka, sonic, etc) and details (eg	and 3” Aircore bits.
	core diameter, triple or standard tube,
	depth of diamond tails, face‐sampling bit
	or other type, whether core is oriented
	_and if so, by what method, etc). _
Drill sample	 Method of recording and assessing core	 Bulk RC and Aircore drill holes samples were visually
recovery	and chip sample recoveries and results	inspected by the supervising geologist to ensure
	assessed.	adequate clean sample recoveries were achieved.
	 Measures taken to maximise sample	Note Aircore drilling while clean is not used in any
	recovery and ensure representative	resource estimation work. Any wet, contaminated
	nature of the samples.	or poor sample returns are flagged and recorded in
	 Whether a relationship exists between	the database to ensure no sampling bias is
	sample recovery and grade and whether	introduced.
	sample bias may have occurred due to	 Zones of poor sample return both in RC and Aircore
	preferential loss/gain of fine/coarse	are recorded in the database and cross checked once
	material.	assay results are received from the laboratory to
		ensure no misrepresentation of sampling intervals
		has occurred. Of note,excellent RC drill recoveryis

Criteria	JORC Code explanation	Commentary
		reported from all RC holes. Good recovery is also
		noted for all Aircore samples.
Logging	 Whether core and chip samples have	 All drill samples are geologically logged on site by
	been geologically and geotechnically	professional geologists. Details on the host
	logged to a level of detail to support	lithologies, deformation, dominant minerals
	appropriate Mineral Resource estimation,	including sulphide species and alteration minerals
	mining studies and metallurgical studies.	plus veining are recorded relationally (separately) so
	 Whether logging is qualitative or	the logging is interactive and not biased to lithology.
	quantitative in nature. Core (or costean,	 Drill hole logging is qualitative on visual recordings of
	channel, etc) photography.	rock forming minerals and quantitative on estimates
	 The total length and percentage of the	of mineral abundance.
	relevant intersections logged.	 The entire length of each drill hole is geologically
		logged.
Sub‐sampling	 If core, whether cut or sawn and whether	 Duplicate samples are collected every 25thsample
techniques	quarter, half or all core taken.	from the RC and Aircore chips.
and sample	 If non‐core, whether riffled, tube	 Dry RC 1m samples are riffle split to 3‐4kg as drilled
preparation	sampled, rotary split, etc and whether	and dispatched to the laboratory. Any wet samples
	sampled wet or dry.	are recorded in the database as such and allowed to
	 For all sample types, the nature, quality	dry before splitting and dispatching to the
	and appropriateness of the sample	laboratory.
	preparation technique.	 All RC and Aircore chips are pulverized prior to
	 Quality control procedures adopted for all	splitting in the laboratory to ensure homogenous
	sub‐sampling stages to maximise	samples with 85% passing 75um. 200gm is extracted
	representivity of samples.	by spatula that is used for the 50gm charge on
	 Measures taken to ensure that the	standard fire assays.
	sampling is representative of the in situ	 All samples submitted to the laboratory are sorted
	material collected, including for instance	and reconciled against the submission documents.
	results for field duplicate/second‐half	In addition to duplicates a high grade or low grade
	sampling.	standard is included every 25thsample, a controlled
	 Whether sample sizes are appropriate to	blank is inserted every 100thsample. The laboratory
	the grain size of the material being	uses barren flushes to clean their pulveriser and
	sampled.	their own internal standards and duplicates to
		ensure industry best practice quality control is
		maintained.
		 The sample size is considered appropriate for the
		type, style, thickness and consistency of
		mineralization.
Quality of	 The nature, quality and appropriateness	 The fire assay method is designed to measure the
assay data and	of the assaying and laboratory	total gold in the RC and Aircore samples. The
laboratory	procedures used and whether the	technique involves standard fire assays using a 50gm
tests	technique is considered partial or total.	sample charge with a lead flux (decomposed in the
	 For geophysical tools, spectrometers,	furnace). The prill is totally digested by HCl and
	handheld XRF instruments, etc, the	HNO3acids before measurement of the gold
	parameters used in determining the	determination by AAS. Aqua regia digest is
	analysis including instrument make and	considered adequate for surface soil sampling.
	model, reading times, calibrations factors	 No field analyses of gold grades are completed.
	applied and their derivation, etc.	Quantitative analysis of the gold content and trace
	 Nature of quality control procedures	elements is undertaken in a controlled laboratory
	adopted (eg standards, blanks,	environment.
	duplicates, external laboratory checks)	 Industry best practice is employed with the inclusion
	and whether acceptable levels of	of duplicates and standards as discussed above, and
	accuracy (ie lack of bias) and precision	used by Ramelius as well as the laboratory. All
	have been established.	Ramelius standards and blanks are interrogated to
		ensure theylie within acceptable tolerances.

Criteria	JORC Code explanation	Commentary
		Additionally, sample size, grind size and field
		duplicates are examined to ensure no bias to gold
		grades exists.
Verification of	 The verification of significant	 Alternative Ramelius personnel have inspected the
sampling and	intersections by either independent or	RC and Aircore chips in the field to verify the
assaying	alternative company personnel.	correlation of mineralised zones between assay
	 The use of twinned holes.	results and lithology, alteration and mineralization.
	 Documentation of primary data, data	 All holes are digitally logged in the field and all
	entry procedures, data verification, data	primary data is forwarded to Ramelius’ Database
	storage (physical and electronic)	Administrator (DBA) in Perth where it is imported
	protocols.	into Datashed, a commercially available and industry
	 Discuss any adjustment to assay data.	accepted database software package. Assay data is
		electronically merged when received from the
		laboratory. The responsible project geologist
		reviews the data in the database to ensure that it is
		correct and has merged properly and that all the drill
		data collected in the field has been captured and
		entered into the database correctly.
		 The responsible geologist makes the DBA aware of
		any errors and/or omissions to the database and the
		corrections (if required) are corrected in the
		database immediately.
		 No adjustments or calibrations are made to any of
		the assay data recorded in the database.
		 No new mineral resource estimate is included in this
		report.
Location of	 Accuracy and quality of surveys used to	 All drill hole collars are picked up using accurate
data points	locate drill holes (collar and down‐hole	DGPS survey control. All down hole surveys are
	surveys), trenches, mine workings and	collected using downhole Eastman single shot
	other locations used in Mineral Resource	surveying techniques provided by the drilling
	estimation.	contractors.
	 Specification of the grid system used.	 All Mt Magnet holes are picked up in MGA94 – Zone
	 Quality and adequacy of topographic	50 grid coordinates.
	control.	 DGPS RL measurements captured the collar surveys
		of the drill holes prior to the resource estimation
		work.
Data spacing	 Data spacing for reporting of Exploration	 All drilling is reconnaissance in nature, looking for
and	Results.	extensions to known mineralised systems. As such
distribution	 Whether the data spacing and	the drilling pattern is random and no true continuity
	distribution is sufficient to establish the	has been confirmed to date.
	degree of geological and grade continuity	 Given the limited understanding of the target
	appropriate for the Mineral Resource and	horizons infill drilling will be necessary to help define
	Ore Reserve estimation procedure(s) and	the continuity of mineralisation.
	classifications applied.	 No sampling compositing has been applied within
	 Whether sample compositing has been	key mineralised intervals.
	applied.
Orientation of	 Whether the orientation of sampling	 The RC drilling is completed orthogonal to the
data in	achieves unbiased sampling of possible	interpreted strike of the target horizon. Aircore
relation to	structures and the extent to which this is	drilling is completed on systematic MGA E‐W (or N‐
geological	known, considering the deposit type.	S) traverses with holes nominally 50m apart.
structure	 If the relationship between the drilling	 No diamond drilling (beyond the Morning Star Deeps
	orientation and the orientation of key	drilling)has been completed byRamelius at this

Criteria	JORC Code explanation	Commentary
	mineralised structures is considered to	stage.
	have introduced a sampling bias, this
	should be assessed and reported if
	material.
Sample	 The measures taken to ensure sample	 Sample security is integral to Ramelius’ sampling
security	security.	procedures. All bagged samples are delivered
		directly from the field to the assay laboratory in
		Perth, whereupon the laboratory checks the
		physically received samples against Ramelius’
		sample submission/dispatch notes.
Audits or	 The results of any audits or reviews of	 Sampling techniques and procedures are reviewed
reviews	sampling techniques and data.	prior to the commencement of new work
		programmes to ensure adequate procedures are in
		place to maximize the sample collection and sample
		quality on new projects. No external audits have
		been completed to date.

Section 2 Reporting of Exploration Results

Criteria	JORC Code explanation	Commentary
Mineral	 Type, reference name/number, location	 The results reported in this report are on granted
tenement and	and ownership including agreements or	Mining Leases (ML) 58/136 + 187 and ML58/202 all
land tenure	material issues with third parties such as	owned 100% by Ramelius Resources Limited. The
status	joint ventures, partnerships, overriding	Mt Magnet tenements are located on
	royalties, native title interests, historical	pastoral/grazing leases. Heritage surveys are
	sites, wilderness or national park and	completed prior to any ground disturbing activities
	environmental settings.	in accordance with Ramelius’ responsibilities under
	 The security of the tenure held at the time	the Aboriginal Heritage Act.
	of reporting along with any known	 At this time all the tenements are in good standing.
	impediments to obtaining a licence to	There are no known impediments to obtaining a
	operate in the area.	licence to operate in the area.
Exploration	 Acknowledgment and appraisal of	 Exploration and mining by other parties has been
done by other	exploration by other parties.	reviewed and is used as a guide to Ramelius’
parties		exploration activities. Previous parties have
		completed shallow RAB, Aircore drilling and RC
		drilling and shallow open pit and underground
		mining at Morning Star, plus drilling and open pit
		mining at Shannon plus geophysical data collection
		and interpretation throughout. This report concerns
		only exploration results generated by Ramelius since
		January 1 2017. These results have not been
		previouslyreported to the ASX.
Geology	 Deposit type, geological setting and style	 The targeted mineralisation at Morning Star and
	of mineralisation.	Shannon is typical of orogenic structurally controlled
		Archaean gold lode systems. The mineralisation is
		controlled by anastomosing shear zones passing
		through competent rock units, brittle fracture and
		stockwork mineralization is common on the
		competent BIF or porphyry rock. The bedrock
		Morning Star mineralisation currently extends over
		700m strike and dips steeply westwards and plunges
		60deg to the southwest. The historically mined
		lodes are known to extend to at least 1km below
		surface. Mineralisation at Shannon appears to
		plunge gently to the northeast. Eddie Carson is
		believed to strike NNW and dip steeply to the
		southwest but it is unclear how many lodes (veins)
		are present to date. Black Cat South consists of two
		subvertical lodes, representing the southern strike
		extension to the Evening Star Chert with the
		MorningStarpit
Drill hole	 A summary of all information material to	 All the drill holes reported in this report have the
Information	the understanding of the exploration	following parameters applied. All drill holes
	results including a tabulation of the	completed, including holes with no significant results
	following information for all Material drill	(as defined in the Attachments) are reported in this
	holes:	report.
	o easting and northing of the drill hole	 Easting and northing are given in MGA94
	collar	coordinates as defined in the Attachments.
	o elevation or RL (Reduced Level –	 RL is AHD
	elevation above sea level in metres) of	 Dip is the inclination of the hole from the horizontal.
	the drill hole collar	Azimuth is reported in magnetic degrees as the
	o dip and azimuth of the hole	direction the hole is drilled. MGA94 and magnetic

Criteria	JORC Code explanation	Commentary
	o down hole length and interception	degrees vary by <10 in the project area.
	depth	 Down hole length is the distance measured along the
	o hole length.	drill hole trace. Intersection length is the thickness
	 If the exclusion of this information is	of an anomalous gold intersection measured along
	justified on the basis that the information	the drill hole trace.
	is not Material and this exclusion does not	 Hole length is the distance from the surface to the
	detract from the understanding of the	end of the hole measured along the drill hole trace.
	report, the Competent Person should	 No results currently available from the exploration
	clearly explain why this is the case.	drilling are excluded from this report. Gold grade
		intersections >0.4 g/t Au within 4m Aircore
		composites or >0.5 g/t Au within single metre RC
		samples (with up to 4m of internal dilution) are
		considered significant in the broader mineralised
		host rocks
		 Gold grades greater than 0.5 g/t Au are highlighted
		where good continuity of higher grade
		mineralization is observed.
Data	 In reporting Exploration Results,	 The first gold assay result received from each sample
aggregation	weighting averaging techniques,	reported by the laboratory is tabled in the list of
methods	maximum and/or minimum grade	significant assays. Subsequent repeat analyses when
	truncations (eg cutting of high grades)	performed by the laboratory are checked against the
	and cut‐off grades are usually Material	original to ensure repeatability of the assay results.
	and should be stated.	 Weighted average techniques are applied to
	 Where aggregate intercepts incorporate	determine the grade of the anomalous interval when
	short lengths of high grade results and	geological intervals less than 1m have been sampled.
	longer lengths of low grade results, the	 Exploration drilling results are generally reported
	procedure used for such aggregation	using a 0.1 g/t Au lower cut‐off (as described above
	should be stated and some typical	and reported in the Attachments) and may include
	examples of such aggregations should be	up to 4m of internal dilution. Significant resource
	shown in detail.	development drill hole assays are reported greater
	 The assumptions used for any reporting of	than 0.5 or 8.0 g/t Au and are also reported
	metal equivalent values should be clearly	separately. For example, the broader plus 1.0 g/t Au
	stated.	intersection of 6.5m @ 30.5 g/t Au contains a higher
		grade zone running plus 8 g/t Au and is included as
		4m @ 48.5 g/t Au. Where extremely high gold
		intersections are encountered as in this example, the
		highest grade sample interval (eg 1.0m @ 150 g/t
		Au) is also reported. All assay results are reported to
		3 significant figures in line with the analytical
		precision of the laboratory techniques employed.
		 No metal equivalent reportingis used or applied.
Relationship	 These relationships are particularly	 The intersection length is measured down the length
between	important in the reporting of Exploration	of the hole and is not usually the true width. When
mineralisation	Results.	sufficient knowledge on the thickness of the
widths and	 If the geometry of the mineralisation with	intersection is known an estimate of the true
intercept	respect to the drill hole angle is known, its	thickness is provided in the Attachment.
lengths	nature should be reported.	 The known geometry of the mineralisation with
	 If it is not known and only the down hole	respect to the drill holes reported in this report is
	lengths are reported, there should be a	not well constrained at this stage given the variable
	clear statement to this effect (eg ‘down	orientation of ore shoots historically mined at
	_hole length, true width not known’). _	MorningStar.
Diagrams	 Appropriate maps and sections (with	 Drillhole plan and sectional views of Morning
	scales) and tabulations of intercepts	Star/Black Cat South pits have been provided
	should be includedfor any significant	previously. Drillinginto the Eddie Carson Lode has

Criteria	JORC Code explanation	Commentary
	discovery being reported These should	now enabled a long section to be created, albeit the
	include, but not be limited to a plan view	interpreted estimated horizontal widths contoured
	of drill hole collar locations and	on the long section are yet to be verified with
	appropriate sectional views.	additional drilling required. Given the interpreted
		steep dips of the mineralisation at Morning Star the
		long sectional view presentation is currently
		considered the best 2‐D representation of the
		known spatial extent of the mineralization
		intersected to date.
Balanced	 Where comprehensive reporting of all	 All drill holes completed to date are reported in this
reporting	Exploration Results is not practicable,	report and all material intersections as defined) are
	representative reporting of both low and	reported.
	high grades and/or widths should be
	practiced to avoid misleading reporting of
	Exploration Results.
Other	 Other exploration data, if meaningful and	 No other exploration data that has been collected is
substantive	material, should be reported including	considered meaningful and material to this report.
exploration	(but not limited to): geological
data	observations; geophysical survey results;
	geochemical survey results; bulk samples
	– size and method of treatment;
	metallurgical test results; bulk density,
	groundwater, geotechnical and rock
	characteristics; potential deleterious or
	contaminating substances.
Further work	 The nature and scale of planned further	 Future exploration includes infill RC and further step
	work (eg tests for lateral extensions or	out drilling below and along strike of the reported
	depth extensions or large‐scale step‐out	intersections at Shannon, Morning Star, Black Cat
	drilling).	South and Eddie Carson to better define the extent
	 Diagrams clearly highlighting the areas of	of the mineralization discovered to date. Deep
	possible extensions, including the main	exploratory diamond drilling into the Morning Star
	geological interpretations and future	Deeps commenced in the March quarter 2017.
	drilling areas, provided this information is
	not commercially sensitive.