RAMELIUS RESOURCES LIMITED — Investor Presentation 2017

Feb 5, 2017

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Ramelius Resources Limited (ASX:RMS)

Mark Zeptner - Managing Director

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Investor Presentation February 2017

Qualification

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Forward Looking Statements

This presentation contains certain forward looking statements with respect to Ramelius Resources Limited’s (Ramelius or the Company) financial condition, results of operations, production targets, exploration 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. The potential quantity and grade of the exploration target at Morning Star Deeps[2] is conceptual in nature as, to date, there has been no exploration drilling below 1,200mbs to estimate a Mineral Resource to 1,500mbs and it is uncertain if further exploration will result in the estimation of a Mineral Resources. Ramelius gives no warranties in relation to the information and statements within this presentation.

Competent Persons Statement

The Information in this presentation 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 Duncan Coutts (Ore Reserves), who are Competent Persons and Members of The Australasian Institute of Mining and Metallurgy. Kevin Seymour, Rob Hutchison and Duncan Coutts 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 Duncan Coutts 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 the Vivien[1] project include Inferred Mineral Resources. For details covering the Mineral Resource and Ore Reserve classifications and proportions relating to the production targets refer to slide 29. Further evaluation work and appropriate studies are required to establish sufficient confidence that this target will be met.

Ramelius Resources Limited • Investor Presentation • February 2017

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2016 - Proven to be a reliable producer

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 Consistently achieving and exceeding Guidance

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Ramelius Resources Limited • Investor Presentation • February 2017

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2017 - Maintaining the momentum

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 Debt-free with Net Cash & Gold of A$95M {US$71M*} (as at December 31, 2016)

 Record gold production for June ’16 Qtr and surpassed in September ‘16 Qtr

 12 Consecutive quarters of production guidance achieved – December ’16 Qtr

 Positive Net Profit after Tax (NPAT) last 2 years

 FY17 Production – increase 22% for 135koz at AISC of A$1,050/oz {US$787/oz}  A$15M {US$11.2M} exploration budget – primarily brownfields to extend mine life

*AUD/USD = 0.75

Ramelius Resources Limited • Investor Presentation • February 2017

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Strong capital position - primed for growth

Corporate Structure (ASX: RMS)	Corporate Structure (ASX: RMS)	Corporate Structure (ASX: RMS)
Shares on Issue	525M
Market Cap (at $0.60 per share, $A:US$ 0.75)	A$315M(US$236M)	31 January 2017
Liquidity	30-day 4.5M shares
Cash & Gold Estimate	A$95M (US$71M)
Corporate Debt	Nil
Enterprise Value	A$220M(US$165M)
6 Month Trading Range	A$0.435 – A$0.670
Mineral Resources	2.19Moz	30 June 2016
Total Ore Reserves	0.42Moz

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

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Major Shareholders 12 Month Trading History
Van Eck Ass. Corp. (VEAC) 15.3% 0.70 14
0.60 12
Oppenheimer Funds 2.9% 0.50 10
0.40 8
USAA Investment Mgt. Co. 2.6% 0.30 6
Ante (Tony) Guina 2.1% 0.20 4
0.10 2
Robert Kennedy 2.0% 0.00 -
Top 20 41.2%
Volume RMS Closing Share Price
Closing Share Price (A$) Volume (M Shares)
Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16
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Ramelius Resources Limited • Investor Presentation • February 2017

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Operational locations - Western Australia

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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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Ramelius Resources Limited • Investor Presentation • February 2017

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Capital requirements

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 Exploration brought forward (4 drill rigs at Mt Magnet), Milky Way development mid-2017

Project		FY2017 H2 FY2017	FY2017 H2 FY2017	FY2018	FY2019	FY2020
Titan open pit		A$4.5M -
Water Tank Hill underground Water Tank Hill underground		A$11.5M A$7.3M
Blackmans open pit Blackmans open pit		A$1M -
Mt Magnet crusher upgrade Mt Magnet campupgrade		A$1M A$1M
			~~A~~	~~$15M~~
Milky Way open pit MilkyWayopenpit		A$15M		A$15M
Satellite open pits Satellite open pits (Stellar, Brown Hill)		A$2M A$2M		A$5M A$5M
			A	$5M
~~Exploration (greenfields &~~ brownfields) Exploration (greenfields & brownfields)		~~A$10M~~ A$9.7M		~~A$10M~~ A$5M	~~A$10M~~ A$10M	~~A$5M~~ A$5M
Total Total		A$30M (US$22.5M) A$35M (US$26.2M)		A$30M (US$22.5M) A$10M (US$7.5M)	A$10M (US$7.5M) A$10M (US$7.5M)	A$5M (US$3.7M) A$5M (US$3.7M)

 H1 FY2017 Capital spent to date of A$19.1M {US$14.3M}

 Morning Star open pit & underground project capital not yet known (FY2018/19)

Ramelius Resources Limited • Investor Presentation • February 2017

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Production targets*

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 Life of Mine Plan a “Work in Progress” with revised Vivien, Milky Way timing and Morning Star upgrades being evaluated

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*[1] FY2020 Production Targets contain Inferred Mineral Resources (6% of Vivien and 2% of overall LoM), refer to slide 29 for further details. There is a low level of geological confidence associated with Inferred Mineral Resources and there is no certainty that further exploration work will result in the determination of Indicated Mineral Resources or that the Production Target itself will be realised.

Ramelius Resources Limited • Investor Presentation • February 2017

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Operations

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Operations - Mt Magnet gold mine

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Gold camp history

• Gold discovered 1891, town gazetted 1895

• Production >6Moz

• Hill 50 mine (2.1Moz) → Galaxy

• Morning Star (1.4Moz)

• Operation closed 2007

Ramelius’ history

• Galaxy area focus of mining since 2011

• Plant refurbished 2012

• 4 pits completed

• o/p & u/g operations

Ramelius Resources Limited • Investor Presentation • February 2017

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Operations - Mt Magnet gold mine

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Ramelius Resources Limited • Investor Presentation • February 2017

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Operations - Blackmans open pit

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Ramelius Resources Limited • Investor Presentation • February 2017

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Operations - production & costs

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Ramelius Resources Limited • Investor Presentation • February 2017

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Mine Life Extensions - Mt Magnet gold mine

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• Gold mineralisation

• Banded Iron (BIF) hosted (Galaxy, Water Tank Hill)

  • (Milky Way)

(Morning Star, Boomer)

• (*not included in Life of Mine)

• Morning Star

• (0.5Mt @ 4.7g/t for 79koz)

• Water Tank Hill/St George (0.3Mt @ 5.5g/t for 52koz)

• Galaxy

• Saturn

• (1.6Mt @ 2.5g/t for 127koz)

• Hill 50

• (1.6Mt @ 6.6g/t for 339koz)

Total

• (4.0Mt @ 4.6g/t for 597koz)

Ramelius Resources Limited • Investor Presentation • February 2017

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Mine Life Extensions - Water Tank Hill

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 Commenced November 2016, underground drilling planned for late 2017

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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 • Investor Presentation • February 2017

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Mine Life Extensions - Morning Star targets

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

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Historical Production

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• 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 • Investor Presentation • February 2017

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Mine Life Extensions - Morning Star open pits

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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

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Ramelius Resources Limited • Investor Presentation • February 2017

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Mine Life Extensions - Morning Star underground

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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 • Investor Presentation • February 2017

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Mine Life Extensions - Morning Star Deeps

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2017 Plan

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

• Exploration Target of 225-275koz @ 4-6g/t[2]

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

• Diamond drill rig on site, commenced 1[st] hole

• Mine re-entry costs to be based on WTH actuals

• A$400/oz margin returns A$100M operating cashflow

• Historical production rate ~50koz/year

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Ramelius Resources Limited • Investor Presentation • February 2017

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Mine Life Extensions - Porphyry targets

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 Exploring for large, low strip ratio porphyry hosted deposits

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• 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

• Venus

• Broad area of low grade mineralisation

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

• Zeus

• 8m @ 12.20g/t from 65m

• 19m @ 1.31g/t from 32m

• 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

• (including 4m @ 5.63g/t)

Ramelius Resources Limited • Investor Presentation • February 2017

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Operations - Vivien gold mine

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 Resource upgrade January 2017, revised mine plan during this March 2017 Quarter

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300-295 Bench

Ramelius Resources Limited • Investor Presentation • February 2017

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Mine Life Extension - Vivien gold mine

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 Almost in position to commence deeper drilling program

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•
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Infill drilling completed

• New resource model generated

• Dec-16 Mineral Resource 854kt @ 7.2g/t for 198koz

• (Jun-16 Mineral Resource 791kt @ 7.1g/t for 180koz)

• Additional ounce conversion, above 33koz mined

• New Ore Reserve being generated

• (Jun-16 Ore Reserve 382kt @ 8.0g/t for 98koz)

Bottom drill cuddy (247mRL)

• Currently being developed

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

• Exploring for extensions outside current Resource

Ramelius Resources Limited • Investor Presentation • February 2017

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Exploration

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Exploration - project locations

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Ramelius Resources Limited • Investor Presentation • February 2017

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→ Ramelius 85% Exploration - Tanami JV (NT)

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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

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• Soil anomalies to be followed up during 2017 field season

Ramelius Resources Limited • Investor Presentation • February 2017

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Significantly undervalued gold producer

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

• Discrepancy even larger at 150,000 ounces per annum

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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 • Investor Presentation • February 2017

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FY2017 key focus areas

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

• Mine-life extensions  ~A$10M brownfields exploration in H2 FY2017

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

• Accelerate commencement;

Fast-track project development

• Water Tank Hill underground (underway)

• Milky Way/Stellar/Stellar West open pits (mid 2017)

• Actively pursue value accretive opportunities

• Target for FY2017 of 135,000 ounces at AISC ~A$1,050/oz (67,546oz produced thus far in FY2017)

Maintain strong capital position

• Strong cash balance, nil corporate debt, risk mitigating forward sales of 88,559oz @ A$1,683/oz to June 2018

• Capital management options available

Ramelius Resources Limited • Investor Presentation • February 2017

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Appendices

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Ramelius Resources Limited • Investor Presentation • February 2017

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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) 30 September 2016, ‘Resources and Reserves Statement’ and ASX Release (RMS) 31 January 2017, ‘December 2016 Quarterly Activities Report’.

¹ Vivien Production Target based on (by ounces) Ore Reserves (55%), Indicated Mineral Resources (39%) and Inferred Mineral Resources (6%). 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 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 • Investor Presentation • February 2017

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Mineral Resource Statement

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

Ramelius Resources Limited • Investor Presentation • February 2017

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Ore Reserve Statement

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

Ramelius Resources Limited • Investor Presentation • February 2017

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