RAMELIUS RESOURCES LIMITED — Investor Presentation 2019

Jun 4, 2019

Ramelius Resources Limited

Mark Zeptner Managing Director

ASX:RMS

INVESTOR PRESENTATION

Resources Rising Stars Conference – June 2019

RESCOURCES RISING STARS • JUNE 2019

1

QUALIFICATION

Forward Looking Statements

This presentation contains certain forward looking statements with respect to Ramelius Resources Ltd’s (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 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 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.

2

RESCOURCES RISING STARS • JUNE 2019

CORPORATE SUMMARY – ADDED TO THE ASX300 IN MARCH 2019

Share Price Performance	Share Price Performance
		0 5,000,000 10,000,000 15,000,000 20,000,000 25,000,000 30,000,000 35,000,000 40,000,000 Feb-19 May-19
		Management
		Duncan Coutts	Chief Operating Officer
		Tim Manners	Chief Financial Officer
		Kevin Seymour	GM Exploration & BD
		Rob Hutchison	Manager Mine Geology
		Liz Jones	GM - Mount Magnet
		Paul Marlow	Mine Manager - Vivien
		Tim Blyth	GM - Edna May
		TBA	Project Manager - Marda

*References to the FY2020 production estimate of 230-250,000 oz are based on the Mineral Resource and Ore Reserve statements set out on slides 23 and 24

RESCOURCES RISING STARS • JUNE 2019 3

RAMELIUS – ADDING VALUE VIA ACQUISITION AND EFFICIENT MINING

✓

• Recent acquisitions provide additional mine life and maximise the value of existing infrastructure

✓

• Strategic acquisitions under active consideration – new production centre

✓

• Strong balance sheet and cashflows allow ability to consider wide range of opportunities without compromising existing operations

✓

• Continued focus on efficient mining practices despite growing business

4

RESCOURCES RISING STARS • JUNE 2019

OPERATIONS SUMMARY

• Western Australia based gold producer operating from two main production centres - Mt Magnet and Edna May

▪ The Mt Magnet production centre comprises:

• A number of open pit and underground operations at Mt Magnet itself

• Complemented by high grade ore hauled from the Vivien underground mine

• Mt Magnet – 115,000oz Au at an AISC of A$1,150-1,200/oz for FY19[*]

▪ The Edna May production centre comprises:

• Edna May underground operation, Greenfinch open pit project & stockpiles

• Edna May – 82,000oz Au at an AISC of A$1,200-1,250/oz for FY19[*]

▪ The Tampia and Marda Projects have been recently acquired

• Marda is currently being developed, with ore to be hauled to Edna May

• Tampia to either be developed as a stand-alone project with on-site processing facility or as a satellite ore source for Edna May

==> picture [331 x 319] intentionally omitted <==

*See RMS ASX Release, “March 2019 Quarterly Activities Report”, 30 April 2019

5

RESCOURCES RISING STARS • JUNE 2019

STRATEGIC ACQUISITIONS

✓ Edna May acquired in late 2017 for A$38.4M from Evolution Mining Ltd

==> picture [369 x 250] intentionally omitted <==

✓

Since acquisition:

▪ Produced 137,700 ounces of gold

▪ AISC of A$1,219/oz

▪ Generated >A$70M in free cash, 84% ROI

▪ and there is plenty more to come…

Edna May firmly established as a new ✓ production centre

Edna May infrastructure a strategic asset ✓ in its own right

Edna May Processing Plant with Stage 2 open pit in background

6

RESCOURCES RISING STARS • JUNE 2019

RECENT ACQUISITIONS

✓

Tampia Hill and Marda Projects now being integrated – aiming to achieve Ore Reserve position in excess of 1,000,000oz*

==> picture [346 x 232] intentionally omitted <==

Tampia Hill Gold Project

==> picture [385 x 242] intentionally omitted <==

*Aspirational statement

7

RESCOURCES RISING STARS • JUNE 2019

FOCUS ON MINING EXCELLENCE AND COST MINIMISATION

==> picture [420 x 316] intentionally omitted <==

▪ FY2019:

• Guidance for full year FY2019 remains at 190-210,000oz

• AISC forecast remains at A$1,175-1,225/oz

• FY2019 guidance maintained without incorporating any ounces from Greenfinch

• Production at Edna May Underground brought forward to offset delays at Greenfinch with LG stockpiles available

• Approvals for Greenfinch delayed into FY2020, impact being assessed

==> picture [343 x 155] intentionally omitted <==

8

RESCOURCES RISING STARS • JUNE 2019

FOCUS ON MINING EXCELLENCE AND COST MINIMISATION

✓ FY2020 production estimate of 230-250,000oz[*] ✓ New Life of Mine Plan to be published in June 19 Quarter

==> picture [346 x 232] intentionally omitted <==

Mt Magnet Processing Plant

==> picture [346 x 232] intentionally omitted <==

Mt Magnet Milky Way open pit

*References to the FY2020 production estimate of 230-250,000 oz are based on the Mineral Resource and Ore Reserve statements set out on slides 23 and 24

9

RESCOURCES RISING STARS • JUNE 2019

PROJECT SUMMARY

RESCOURCES RISING STARS • JUNE 2019

10

MT MAGNET – KEEPS DELIVERING NEW RESOURCES

==> picture [396 x 319] intentionally omitted <==

• +6Moz gold camp, Ramelius since 2011

• Galaxy Mine Area

• 4 open pits complete 2011-2017

• Further potential below Titan & Saturn pits

• Cosmos Mine Area

• Milky Way open pit underway

• Stellar open pits underway

• Shannon open pit underway

• Eridanus open pit development commenced

• Water Tank Hill

• Water Tank Hill underground complete

• Hill 60 production commencement imminent

• Morning Star

• Both open pit & u/g resources

• “Checker” Processing Plant

• 1.9Mtpa mill throughput

RESCOURCES RISING STARS • JUNE 2019RESCOURCES RISING STARS • JUNE 201911 11

MT MAGNET – SHANNON UNDERGROUND & STELLAR OPEN PIT

==> picture [171 x 171] intentionally omitted <==

==> picture [280 x 220] intentionally omitted <==

==> picture [191 x 137] intentionally omitted <==

==> picture [94 x 10] intentionally omitted <==

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

Shannon open pit floor
----- End of picture text -----

▪ Updated Mineral Resource

• 770,000 tonnes @ 4.7 g/t Au for 115,000oz

• 25% increase on previous

▪ Pit Extension Resource (>0.6g/t Au)

▪ Maiden Underground Ore Reserve

• 280,000 tonnes @ 2.4 g/t Au for 22,000oz

• 324,000 tonnes @ 5.2 g/t Au for 54,000oz

• High grade lodes prevalent at Mt Magnet

• Quartz lode clearly seen in base of pit

▪ Underground portal works commenced

• Cutback vs Underground being assessed

RESCOURCES RISING STARS • JUNE 2019RESCOURCES RISING STARS • JUNE 201912 12

MT MAGNET – ERIDANUS OPEN PIT & RESOURCE POTENTIAL

==> picture [232 x 164] intentionally omitted <==

• Fresh open pit, lying between two existing pits

▪ Maiden Mineral Resource

• 3,530,000 tonnes @ 1.3 g/t Au for 146,000oz

▪ Maiden Ore Reserve

==> picture [287 x 181] intentionally omitted <==

“New style discoveries within a gold camp that has been around for over 100 years…”

• 43m at 4.17 g/t Au from 27m in GXDD0084 (pre-collar) including 12m at 11.6 g/t Au

• ▪ 27m at 1.20 g/t Au from 264m in GXDD0084

• 14m at 2.45 g/t Au from 324m in GXDD0084

• 10m at 1.92 g/t Au from 384m in GXDD0084

• 12.6m at 5.39 g/t Au from 230.4m in GXDD0085

▪ 2,148,000 tonnes @ 1.2 g/t Au for 85,000oz

▪ Pre-strip commenced in April 2019

▪ Deeper potential currently being assessed

• 16m at 3.83 g/t Au from 373m in GXDD0085

• 32m at 2.26 g/t Au from 23m in GXDD0086 (pre-collar)

• 15m at 4.10 g/t Au from 385m in GXDD0086 and

• ▪ 7m at 6.31 g/t Au from 450m in GXDD0086[*]

*See RMS ASX Release, “March 2019 Quarterly Activities Report”, 30 April 2019

RESCOURCES RISING STARS • JUNE 2019RESCOURCES RISING STARS • JUNE 201913 13

VIVIEN – HIGH GRADE ORE HAULED TO MT MAGNET, AISC BELOW A$1,000/oz

==> picture [401 x 319] intentionally omitted <==

▪ Consistent producer at ~12.5koz per Quarter

▪ Produced 105koz project-to-date

• On track to return over A$100M in cash: 10 times the initial investment

▪ Mineral Resource

• 674,000t @ 5.9 g/t Au for 127,000 ounces

▪ Ore Reserve

• 370,000t @ 6.5 g/t Au for 77,000 ounces

▪ Potential for lode to re-develop at depth

• Constructed underground drill drive for deeper drilling down to 700mbs

▪ Green holes results imminent

▪ Blue holes underway

==> picture [320 x 15] intentionally omitted <==

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

RESCOURCES RISING STARS • JUNE 2019RESCOURCES RISING STARS • JUNE 201914 14
----- End of picture text -----

EDNA MAY – WESTONIA AND HOLLETON REGIONAL EXPLORATION

• Greenstone belts appear more extensive than previously mapped

• Ramelius has consolidated 130km of contiguous strike over

Westonia/Holleton greenstone belts since acquiring Edna May

• Now extended 50km west to incorporate Tampia Hill Project

• Planning to maintain active Aircore & RC drilling programmes throughout

▪ Symes’ Find first significant discovery, latest drill results* including;

• ➢ Shallow oxide:

• 8m at 17.05 g/t Au from 33m, including 3m at 42.01 g/t Au

• 11m at 6.65 g/t Au from 8m, including 2m at 30.90 g/t Au

• 7m at 11.62 g/t Au from 10m, including 3m at 23.56g/t Au

• 12m at 6.79 g/t Au from 1m, including 2m at 33.85 g/t Au

• ➢ Surface laterite:

• 12m at 4.49 g/t Au from surface, including 2m at 23.35 g/t Au

• 6m at 10.62 g/t Au from surface, including 2m at 30.20 g/t Au

• 4m at 5.21 g/t Au from surface

==> picture [343 x 324] intentionally omitted <==

*See RMS ASX Release, “High Grade results at Symes’ Find”, 16 May 2019

15

RESCOURCES RISING STARS • JUNE 2019

EDNA MAY – UNDERGROUND DEVELOPMENT UNDERWAY

==> picture [294 x 219] intentionally omitted <==

▪ Low capital cost, high grade production

• Open at depth – diamond drilling from surface commenced to extend

▪ Initial Ore Reserve

• 398,000 tonnes @ 4.8 g/t Au for 61,000 ounces

• All intercepts opposite shown are not currently included in any Resource

▪ Underground mining operations underway

• Ore development mining commenced along with decline development

• Ore stoping (and full production) to commence late FY19

==> picture [188 x 160] intentionally omitted <==

▪ Key financials for initial mine plan

• Up-front Capital A$5.9M

• Operating Unit Cost A$1,089/oz

• ▪ Royalties A$153/oz* ▪ AISC A$1,242/oz

==> picture [331 x 141] intentionally omitted <==

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

RESCOURCES RISING STARS • JUNE 2019RESCOURCES RISING STARS • JUNE 201916 16
----- End of picture text -----

*includes EVN’s A$100/oz Royalty, to start after 200koz produced

EDNA MAY – STAGE 2 & GREENFINCH OPEN PITS

STAGE 2 OPEN PIT

• Mining completed October 2018

• Plant full using surface stockpiles

GREENFINCH OPEN PIT (in green)

• Ore Reserve

• 1.7Mt @ 1.2 g/t Au for 62,000oz

• EPA “not to assess” April 2018

• Mining Proposal approved July 2018

• Clearing Permit submitted May 2018

• Environment Minister rejected proposal

  • (48.8ha) on 13 May 2019

• Ramelius invited to submit revised proposal (26.3ha) for formal assessment

• Estimated delay of up to 6 months

==> picture [526 x 327] intentionally omitted <==

17

RESCOURCES RISING STARS • JUNE 2019

MARDA GOLD PROJECT – SETTING UP FOR COMMENCEMENT

==> picture [319 x 310] intentionally omitted <==

▪ Located ~200km north-east from Edna May

▪ Fits well with Ramelius’ ore haulage based business model

• Infill drilling completed with excellent results[*] including;

• 12m at 2.72 g/t Au from 17m in MARC0014 - Goldstream

• 30m at 2.66 g/t Au from 40m in MARC0017 - Python

• 53m at 1.28 g/t Au from 17m in MARC0023 - Dolly Pot

• 26m at 6.27 g/t Au from 30m in GORC0094 - Golden Orb

• 37m at 8.07 g/t Au from 11m in KBRC0086 - King Brown

▪ JORC 2012 Resources & Reserves reporting imminent

▪ Initial production estimate for FY20 incorporates production from Marda, with ore to be hauled to Edna May

▪ Numerous drill-ready exploration targets

*See RMS ASX Release, “March 2019 Quarterly Activities Report”, 30 April 2019

RESCOURCES RISING STARS • JUNE 2019RESCOURCES RISING STARS • JUNE 201918 18

TAMPIA HILL PROJECT (EXPLAURUM LTD TAKEOVER – ASX:EXU)

▪ Acquired via Cash & Scrip Off-Market Takeover Offer for Explaurum

• Compulsory acquisition notices sent 25[th] Feb 2019

▪ Located ~140km by road from Edna May

▪ Ramelius completing Strategic Review of Tampia Hill Project;

• a. On-site processing facility at Tampia Hill, or

• b. Mine-only with ore haulage to Edna May

▪ Infill drilling[*] carried out on Tampia recently by RMS including;

• 12m at 3.77 g/t Au from 64m in THRC634

• 18m at 3.79 g/t Au from 50m in THRC639

• 12m at 2.49 g/t Au from 22m in THRC643

• 28m at 1.87 g/t Au from 53m in THRC663

• 10m at 35.9 g/t Au from 40m in THRC665

• 16m at 21.1 g/t Au from 114m in THRC671

==> picture [351 x 219] intentionally omitted <==

▪ Acquisition Metrics

• Total cost of A$64M;

• ➢ 127M RMS shares (42.5 cps at c.o.c.) ➢ A$10M in cash

*See RMS ASX Release, “March 2019 Quarterly Activities Report”, 30 April 2019

RESCOURCES RISING STARS • JUNE 2019RESCOURCES RISING STARS • JUNE 201919 19

INEXPENSIVE RELATIVE TO PEERS

ASX-LISTED AUSTRALIAN FOCUSED GOLD PRODUCERS

$9,000 $8,500 $8,000 $7,500 $7,000 $6,500 $6,000 $5,500 $5,000 $4,500 $4,000 $3,500 $3,000 $2,500 $2,000 $1,500 $1,000 $500 $- EVN SAR NST RRL SBM DCN RMS SLR WGX RED GCY MOY BLK

Based on FY19 guidance MOY, GCY based on CY19 guidance SLR based on merged SLR/DRM EV data taken as at 27-5-19 Refer Appendix on Slide 25

20

RESCOURCES RISING STARS • JUNE 2019

GROWTH STRATEGY IN ACTION

▪ Established 200koz p.a producer

▪ Favourable jurisdiction

• Strategic processing assets

• Strong balance sheet

• Added to S&P/ASX-300

• Excellent management team

• Proven operating track record

 Delivering on growth!

==> picture [261 x 23] intentionally omitted <==

==> picture [517 x 232] intentionally omitted <==

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

1,000
900
800
700
600
500
400
300
200
100
-
NST EVN SBM SAR RRL WGX SLR RMS DCN RED GCY MOY BLK
Thousands (Oz Au)
----- End of picture text -----

Refer Appendix on Slide 25

21

RESCOURCES RISING STARS • JUNE 2019

2019 KEY FOCUS AREAS

Step Change in Reserve Position

• A$20M exploration program plus recent acquisitions build on 700koz Ore Reserve with a target of 1Moz in sight

• Strong focus on value accretive acquisitions

Operational Excellence

• 21 of last 23 Quarters meeting production Guidance

• Increasing cash reserves from profitable operations

Organisational Capability

• Revised corporate structure to improve efficiency & cater for growth

• Moved Registered office from Adelaide to Perth, consolidated resources

Capital Management

• Managed forward gold sales position (204koz @ A$1,800/oz across 2 yrs)

• Disciplined approach to capital management & new Dividend Policy

22

RESCOURCES RISING STARS • JUNE 2019

MINERAL RESOURCE STATEMENT

==> picture [381 x 376] intentionally omitted <==

For detailed information relating to Mineral Resources see ASX Release (RMS) 18 Sept 2018, ‘Resources and Reserves Statement 2018’. 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.

23

RESCOURCES RISING STARS • JUNE 2019

ORE RESERVE STATEMENT

==> picture [469 x 324] intentionally omitted <==

For detailed information relating to Ore Reserves see ASX Release (RMS) 18 Sept 2018, ‘Resources and Reserves Statement 2018’.

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.

24

RESCOURCES RISING STARS • JUNE 2019

APPENDIX: PEER DATA SOURCES

Peer EV/Production & Guidance Charts - Productionguidance data sourced from the following announcements	Peer EV/Production & Guidance Charts - Productionguidance data sourced from the following announcements	Peer EV/Production & Guidance Charts - Productionguidance data sourced from the following announcements	Peer EV/Production & Guidance Charts - Productionguidance data sourced from the following announcements
Company	Release Date	Announcement	Comment
Northern Star Resources	1/05/2019	Investor Presentation-Macquarie Australia Conference
Evolution Mining	14/05/2019	BAML Metals and Mining Conference Presentation
St Barbara	15/05/2019	Presentation on Atlantic Gold acquisition and equity raising	Gwalia & Simberi only
Saracen Mineral Holdings	29/04/2019	Corporate Presentation-May 2019
Regis Resources	1/05/2019	Presentation to Macquarie Securities Conference
Westgold Resources	9/05/2019	Investor Presentation-May 2019
Silver Lake Resources	14/11/2018	Silver Lake and Doray Merger Presentation	Calculated on post merger basis with Doray Minerals
Dacian Gold	28/04/2019	Quarterly Activities and Cash Flow Report
Red 5	5/05/2019	Investor Presentation
Millennium Minerals	24/05/2019	AGM Presentation	CY19 guidance
Gascoyne Resources	28/03/2019	Equity Raising Presentation	CY19 guidance
Blackham Resources	30/04/2019	Quarterly Activities & Cash Flow Report March 2019

25

RESCOURCES RISING STARS • JUNE 2019