RAMELIUS RESOURCES LIMITED — Investor Presentation 2020

Sep 20, 2020

Ramelius Resources Limited

Mark Zeptner Managing Director

ASX:RMS

Denver Gold Forum Virtual

DENVER GOLD FORUM VIRTUAL • SEPTEMBER 2020 1 September 2020

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.

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 CORPORATE SUMMARY

Corporate Structure		ProductionGuidance
Shares on Issue	808M	Mineral Resources1	4.10Moz at 30 June 2019
Market Cap2	A$1.6B @ $2.08 per share	Ore Reserves	0.84Moz at 30 June 2019
Cash & Gold3	A$185.5M	FY 2020 Production5	230,426oz @ AISC A$1,164/oz
Debt3,4	A$24.4M	FY 2021 Guidance6	260,000 -280,000oz @ AISC A$1,230 -A$1,330/oz

Major Shareholders:		Board		Management
Van Eck Associates Corporation	Kevin Lines	Non-Executive Chairman	Duncan Coutts	ChiefOperating Officer
RufferLLP	8.0%	Mark Zeptner	Managing Director	Tim Manners	Chief Financial Officer
The Vanguard Group	4.8%			Kevin Seymour	GM Exploration
		Mike Bohm	Non-Executive Director	Liz Jones	GM -Mount Magnet
Broker Coverage		David Southam	Non-Executive Director	Paul Marlow	Mine Manager -Vivien
		Natalia Streltsova	Non-Executive Director	Tim Blyth	GM -Edna May
		Richard Jones	GM -Legal / HR / Risk &	Andrew Bishop	Project Manager -Marda
			Sustainability / CompanySecretary	Hugh Trivett	Project Manager -Tampia

Excludes Mineral Resources increase at Eridanus from 150koz to 490koz as per RMS ASX Release "Major Increase of Eridanus Mineral Resource", 23 December 2019 As at 31 August 2020 As at 30 June 2020 Syndicated Facility Agreement for A$35.0M in place

5See RMS ASX Release "June 2020 Quarter Record Production of 86,517oz" , 01 July 2020 6References to production guidance are based on the Mineral Resource and Ore Reserve Statements contained within, as set out on slides 21-22 and RMS ASX Release, "Ramelius Extends Life of Mine Plan by 34% to 1.45Moz", 30 June 2020

DELIVERING SHAREHOLDER RETURNS – RECORDS BROKEN EVERYWHERE YOU LOOK

Share Price Performance FY20^

^ Source: FactSet

* See RMS ASX Release "Ramelius Delivers 420% Increase in Net Profit After Tax and Declares 2.0cps Dividend", 24 August 2020

CONSISTENT PRODUCTION GROWTH#WITH IMPRESSIVE MARGINS

• 21.5% year-on-year gold production growth FY15-FY20
• Further 17% production growth to 270koz mid-point in FY21
• Consistent AISC profile over past 6 years ➔ varying less than 4%
• Expanding margins due to excellent cost management

See RMS ASX Release, "June 2020 Quarter Record Production of 86,517oz", 01 July 2020. References to production guidance are based on the Mineral Resource and Ore Reserve Statements contained within, as set out on slides 23-24 and RMS ASX Release, "Ramelius Extends Life of Mine Plan by 34% to 1.45Moz", 30 June 2020

PROJECT LOCATIONS – MULTIPLE ASSETS INTO 2 PRODUCTION CENTRES

• Highly sought after jurisdiction
• Easy access to sites from Perth
• Close to major regional centres and road haulage routes
• Significant well established infrastructure in place
• Strong local community involvement

MT MAGNET PRODUCTION CENTRE – KEEPS ON DELIVERING

• Mt Magnet keeps delivering with effective exploration strategy delivering Resource & Reserve replacement
• Cosmos Mine Area
  • Shannon & Hill 60 undergrounds performing well
  • Eridanus stage 2 cut-back reflecting larger open pit out to FY2023, with bulk underground below pit in Scoping Study phase
• Galaxy & Morning Star
  • Mining studies to convert Resources to Reserves underway
• Vivien Underground Mine
  • Additional year of mine life in FY2021, further drilling early 2022
• Penny Gold Project
  • Feasibility Study underway
• Processing Plant
  • Reliable ~2.0Mtpa mill throughput
  • Expansion to 2.4Mtpa possible

EDNA MAY PRODUCTION CENTRE –THE PARTS ARE COMING TOGETHER

• Edna May production centre set to deliver higher margins
• Edna May Operations
  • Underground operation up to full production
  • Greenfinch open pit into production
• Marda Gold Project
  • Marda Central production well underway
  • Marda North Resource to Reserve conversion in progress
• Tampia Gold Project
  • Tampia Feasibility Study results released with significant reduction in upfront Capital, production commencing in FY2022
• Symes Find
  • Still being drilled/assessed, later in the Mine Plan
• Edna May Processing Plant
  • 2.7Mtpa current capacity, reducing to 2.1Mtpa to accommodate finer grind only for Tampia
  • Low cost (<$20/t), State grid power

PRODUCTION GUIDANCE & FORWARD OUTLOOK1

1See RMS ASX Release, "June 2020 Quarter Record Production of 86,517oz", 01 July 2020. References to production guidance are based on the Mineral Resource and Ore Reserve Statements contained within, as set out on slides 23-24 and RMS ASX Release, "Ramelius Extends Life of Mine Plan by 34% to 1.45Moz", 30/06/2020

✓ FY2020 production guidance upgraded to 225-230,000oz1

✓ FY2021 production guidance of 260-280,000oz2 (17% growth)

✓ Track record of delivering on production & cost guidance

Penny gold project to commence production in late FY2022

*Years FY2026 to FY2028 currently contain primarily low-grade stockpiles at Mt Magnet that will be processed at end of the current mine life. Production for the three years gradually tails off, with FY2026 at 100koz, FY2027 at 50koz and FY2028 at 30koz.

✓

*The Life of Mine Plan is a Production Target that contains a proportion of Inferred Resources (12%). 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. 1See RMS ASX Release, "Ramelius on Track for Record Quarter of Over 80koz Gold Produced, FY2020 Guidance Upgraded", 22 June 2020

2See RMS ASX Release, "Ramelius Extends Life of Mine Plan by 34% to 1.45Moz", 30 June 2020

MINE PLAN DETAILS

✓ Mine Plan outlines total production of 1.45Moz primarily across 6 years

Average AISC over 8yrs A$1,250 - A$1,350/oz (A$1,200/oz over first 5yrs)

Capital for Eridanus Stage 2, Tampia, Penny, Morning Star & Saturn underground

✓

✓ Detailed plan that provides excellent visibility and predictability

Production, AISC & Capex	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026-28	TOTAL/AVG
Production (koz)	260-280	255-275	250-270	265-285	190-210	170-190	1,450
AISC (A$/oz)	1,230-1,330		1,200-1,300	1,100-1,200	1,100-1,200	1,750-1,850	1,250-1,350
Capital (A$M)	55-65	35-45	40-50	15-25	20-30	0-10	175-245
Exploration (A$M)	25-30		20-25	20-25	20-25	10-15	135-175
Total (A$M)	80-90	55-70	60-75	35-50	40-55	10-25	310-420

PENNY PROJECT UPDATE

DENVER GOLD FORUM VIRTUAL • SEPTEMBER 2020 12

PENNY GOLD PROJECT – MOVING QUICKLY TO PRODUCTION

Acquisition completed (100% ownership) <5 mths ✓

Pre-Feasibility Study completed in <3 months ✓

Mineral Resources - 620kt @ 15.0 g/t Au for 300,000oz1

• Penny Nth: 420kt @ 20.0g/t for 270,000oz
• Penny Wst: 90kt @ 6.6g/t for 19,000oz
• Magenta: 110kt @ 2.7g/t for 9,800oz

Ore Reserve - 500kt @ 14.0g/t Au for 230,000oz1 ✓

• Penny Nth UG: 490kt @ 15.0g/t for 230,000oz
• Magenta OP: 12kt @ 3.9g/t for 1,500oz

Exploration drilling to re-commence September 2020

✓

✓

PENNY GOLD PROJECT – MOVING QUICKLY TO PRODUCTION

▪ Feasibility Study work in progress .

• Metallurgical test work
• Hydrology & geotechnical investigations
• Airstrip, haul road and camp planning
• Feasibility Study expected 31 Oct 2020
• Current project timeline (from PFS)

ERIDANUS PROJECT UPDATE

DENVER GOLD FORUM VIRTUAL • SEPTEMBER 2020 15

ERIDANUS – 3 RD LARGEST ENDOWMENT AREA AT MT MAGNET

• ➢ Significant Mineral Resource estimate of 12Mt @ 1.3 g/t Au for 490,000oz1
• ➢ Stage 2 open pit commenced in June 2020 Qtr, following excellent performance from Stage 1 open pit (see opposite)
• ➢ Diamond drilling returned wider zones of mineralisation across the 60m wide Eridanus granodiorite;
  • 203m at 2.18 g/t Au from 297m in GXDD0103, including 22m at 13.07 g/t Au (see next slide)
  • 114m at 1.11 g/t Au from 288m in GXDD0096A
  • 103m at 1.19 g/t Au from 319m in GXDD0097

ERIDANUS UNDERGROUND – SCOPING STUDY

• ➢ Preliminary Scoping Study completed June 2020 – positive initial results
• ➢ Close spaced GC drilling & in-pit mapping has led to a number of sub-vertical quartz lode structures being defined
• ➢ Additional diamond drilling to +400m below surface to be completed
• ➢ Resource to be re-modelled incorporating quartz lode structures & deeper drilling
• ➢ Underground Scoping Study completion expected December 2020

THE INVESTMENT CASE

DENVER GOLD FORUM VIRTUAL • SEPTEMBER 2020 18

MINING/PROCESSING STUDIES & RESOURCE CONVERSION

➢		Mount Magnet	Estimated Completion
	▪	Eridanus Underground: completion of deeper drilling and associated Scoping Study	31 December 2020
	▪	Processing Facility Upgrade: carry out cost/benefit analysis on upgrade from 2.0 to 2.4Mtpa	31 December 2020
	▪	Mt Magnet Undergrounds: complete extension drilling and evaluation at Shannon/Hill 60/Water Tank Hill	30 June 2021
	▪	Galaxy (Saturn, Mars, Titan & Hill 50): underground studies to convert ~470koz of mineral resources1	30 June 2021
	▪	Morning Star: underground study to convert ~80koz mineral resources1	30 June 2021
➢		Edna May
	▪	Underground: bulk underground option and compare to current high-grade lode only mine plan	31 October 2020
	▪	Stage 3 Open Pit: re-visit large cutback on the original Stage 2 pit, based on updated resource model	31 December 2020

DEMONSTRABLE HISTORY OF ADDING VALUE*

• Track record of generating positive (net) cash flow from new projects
• Marda now in production; development phase largely complete (300kt ore stockpile on site, contains approx. $13M in free cashflow)
• Targeting Tampia mining commencement in mid FY21
• Targeting Penny mining commencement in late FY21
• Balance sheet strength to be applied to new opportunities

^ Cash component was $31M

PEER COMPARISON^ – IMPRESSIVE MARGINS THAT GO "UNDER THE RADAR"

^ Source: Refer to Company specific FY20 Financial Results (or Half Year results in case of GOR) released on ASX Platform in August/September 2020

Ramelius Resources Limited ASX Code: RMS

Level 1, 130 Royal Street East Perth WA 6004

Authorised for release to the ASX by the Managing Director. For further information contact:

Investor enquiries:

Mark Zeptner Managing Director Ramelius Resources Ltd Ph: +61 8 9202 1127

Tim Manners Chief Financial Officer Ramelius Resources Ltd Ph: +61 8 9202 1127

Media enquiries:

Luke Forrestal Associate Director Media & Capital Partners Ph: +61 411 479 144

Mount Magnet Processing Plant

2019 MINERAL RESOURCE STATEMENT

MINERAL RESOURCES AS AT 30 JUNE 2019 - INCLUSIVE OF RESERVES
Project	Deposit		Measured			Indicated			Inferred			Total Resource
		t	g/t	oz	t	g/t	oz	t	g/t	oz	t	g/t	oz
	Galaxy Group	92,000	1.8	5,400	4,100,000	1.6	220,000	2,300,000	1.3	96,000	6,600,000	1.5	320,000
	Morning Star				4,900,000	1.9	300,000	4,300,000	1.5	210,000	9,200,000	1.7	510,000
	Bartus Group	49,000	2.2	4,000	110,000	2.1	8,000	240,000	1.6	12,000	400,000	1.9	24,000
	Boomer				1,200,000	1.8	68,000	790,000	1.0	26,000	2,000,000	1.5	94,000
	Britannia Well				180,000	2.0	12,000				180,000	2.1	12,000
	Bullocks				200,000	3.3	21,000	40,000	2.5	3,000	240,000	3.1	24,000
	Eastern Jaspilite	150,000	2.2	10,000	120,000	2.8	11,000	130,000	2.5	11,000	400,000	2.5	32,000
	Eclipse				170,000	2.2	12,000	41,000	2.1	3,000	210,000	2.2	15,000
	Eridanus				2,800,000	1.3	120,000	690,000	1.1	23,000	3,500,000	1.3	150,000
	Golden Stream				150,000	2.9	14,000	67,000	1.2	2,700	220,000	2.4	17,000
Mt Magnet Lone Pine					490,000	1.3	21,000	390,000	1.7	21,000	870,000	1.5	42,000
	Milky Way				1,400,000	1.3	58,000	880,000	1.1	30,000	2,300,000	1.2	88,000
	O'Meara Group				180,000	2.5	14,000	230,000	1.7	12,000	410,000	2.0	27,000
	Spearmont - Galtee				25,000	2.9	2,000	210,000	4.3	28,000	230,000	4.0	30,000
	Stellar				380,000	2.1	26,000				380,000	2.1	26,000
	Welcome - Baxter	220,000	1.6	11,000	280,000	1.6	15,000	200,000	1.8	11,000	700,000	1.7	37,000
	Open Pit deposits	510,000	1.9	30,000	17,000,000	1.7	920,000	11,000,000	1.4	480,000	28,000,000	1.6	1,400,000
	Hill 50 Deeps	280,000	5.5	49,000	930,000	7.0	210,000	400,000	6.4	81,000	1,600,000	6.6	340,000
	Hill 60				200,000	4.4	28,000	160,000	4.3	22,000	360,000	4.3	50,000
	Morning Star Deeps				190,000	4.2	26,000	330,000	5.0	53,000	530,000	4.7	79,000
	Saturn UG							1,600,000	2.5	130,000	1,600,000	2.5	130,000
	Shannon				330,000	5.9	63,000	290,000	4.2	39,000	620,000	5.1	100,000
	UG deposits	280,000	5.5	49,000	1,700,000	6.1	330,000	2,800,000	3.6	320,000	4,700,000	4.6	700,000
	ROM & LG stocks	1,500,000	0.7	33,000							1,500,000	0.7	33,000
	Total Mt Magnet	2,300,000	1.5	110,000	18,000,000	2.1	1,200,000	13,000,000	1.9	810,000	34,000,000	2.0	2,200,000
	Edna May				21,000,000	0.9	580,000	5,100,000	0.8	130,000	26,000,000	0.9	720,000
	Edna May UG				310,000	6.9	70,000	12,000	6.7	2,700	330,000	6.9	73,000
Edna May Greenfinch					2,700,000	1.1	94,000	1,700,000	1.1	60,000	4,400,000	1.1	150,000
	ROM & LG stocks	1,700,000	0.5	25,000							1,700,000	0.5	25,000
	Total Edna May	1,700,000	0.5	25,000	24,000,000	1.0	750,000	6,800,000	0.9	200,000	32,000,000	0.9	970,000
Vivien	Vivien UG	370,000	5.8	68,000	41,000	3.9	5,100	34,000	2.9	3,100	440,000	5.4	77,000
	Mossbecker				110,000	2.6	8,900	120,000	3.4	13,000	230,000	3.0	22,000
	Kathleen Yellow Aster				91,000	3.8	11,000	300,000	2.0	18,000	390,000	2.4	30,000
Valley	Nil Desperandum				23,000	5.8	4,400	100,000	2.9	9,500	120,000	3.5	14,000
	Total KV				220,000	3.4	24,000	520,000	2.5	41,000	750,000	2.7	66,000
Coogee	Coogee				31,000	3.6	3,600	65,000	3.3	7,000	96,000	3.4	11,000
WesternQueen WQ South					100,000	3.6	12,000	81,000	3.4	8,800	180,000	3.5	21,000
	Dolly Pot				560,000	1.7	31,000	44,000	1.7	2,300	610,000	1.7	34,000
	Dugite				250,000	1.9	15,000				250,000	1.9	15,000
	Python				760,000	1.9	47,000	170,000	1.8	10,000	940,000	1.9	57,000
Marda	Goldstream				100,000	2.5	8,300	130,000	1.4	5,900	230,000	1.9	14,000
	Golden Orb				370,000	3.0	35,000	190,000	1.8	11,000	560,000	2.6	46,000
	King Brown				130,000	4.3	18,000	41,000	1.9	2,600	170,000	3.7	21,000
	Die Hardy				1,100,000	1.6	54,000	450,000	1.5	21,000	1,500,000	1.6	75,000
	Red Legs							370,000	2.9	34,000	370,000	2.9	34,000
	Total Marda				3,200,000	2.0	210,000	1,400,000	2.0	87,000	4,600,000	2.0	300,000
Tampia	Tampia	390,000	2.4	31,000	7,700,000	1.7	420,000	130,000	1.8	7,400	8,200,000	1.7	460,000
	Total Resource	4,700,000	1.6	240,000	53,000,000	1.6	2,700,000	22,000,000	1.6	1,200,000	81,000,000	1.6	4,100,000

For detailed information relating to Mineral Resources see ASX Releases (RMS) "Resources and Reserves Statement 2019", 10 September 2019, "Vivien Underground Extended to June 2021", 12 September 2019, "Major Increase of Eridanus Mineral Resource", 23 December 2019 and "Ramelius Extends Life of Mine Plan by 34% to 1.45Moz", 30 June 2020.

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.

Figures rounded to 2 significant figures. Rounding errors may occur.

2019 ORE RESERVE STATEMENT

	ORE RESERVE STATEMENT AS AT 30 JUNE 2019
Project	Mine		Proven			Probable		Total Reserve
		t	g/t	oz	t	g/t	oz	t	g/t	oz
	Boomer				130,000	2.9	12,000	130,000	2.9	12,000
	Brown Hill				620,000	1.6	31,000	620,000	1.6	31,000
	Eridanus				3,100,000	1.1	110,000	3,100,000	1.1	110,000
	Golden Stream				95,000	3.0	9,200	95,000	3.0	9,200
	Milky Way				200,000	1.2	7,800	200,000	1.2	7,800
	Morning Star				1,100,000	1.9	68,000	1,100,000	1.9	68,000
Mt Magnet	Stellar				170,000	2.7	15,000	170,000	2.7	15,000
	Vegas				180,000	1.3	7,500	180,000	1.3	7,500
	Total Open Pit				5,600,000	1.4	260,000	5,600,000	1.4	260,000
	Hill 60				240,000	3.2	25,000	240,000	3.2	25,000
	Shannon				290,000	5.1	48,000	290,000	5.1	48,000
	Total Underground				530,000	4.3	73,000	530,000	4.3	73,000
	ROM & LG stocks	1,500,000	0.7	33,000	-	-	-	1,500,000	0.7	33,000
	Mt Magnet Total	1,500,000	0.7	33,000	6,100,000	1.7	330,000	7,600,000	1.5	360,000
	Edna May UG				420,000	4.7	63,000	420,000	4.7	63,000
	Greenfinch				1,700,000	1.2	62,000	1,700,000	1.2	62,000
	ROM & LG stocks	1,700,000	0.5	25,000	-	-	-	1,700,000	0.5	25,000
	Edna May Total	1,700,000	0.5	25,000	2,100,000	1.9	130,000	3,700,000	1.3	150,000
Vivien	Vivien UG	220,000	6.2	44,000		-		220,000	6.2	44,000
	Dolly Pot				300,000	1.7	16,000	300,000	1.7	16,000
	Dugite				170,000	2.0	11,000	170,000	2.0	11,000
	Python				320,000	2.2	22,000	320,000	2.1	22,000
Marda	Goldstream				71,000	2.6	6,000	71,000	2.6	6,000
	Golden Orb East				64,000	4.2	8,600	64,000	4.2	8,600
	Golden Orb West				140,000	2.7	12,000	140,000	2.7	12,000
	King Brown				75,000	5.3	13,000	75,000	5.4	13,000
	Marda Total	-	-	-	1,100,000	2.5	89,000	1,100,000	2.5	89,000
Tampia	Tampia	170,000	3.7	20,000	2,000,000	2.7	180,000	2,200,000	2.8	200,000
Total Reserve		3,600,000	1.1	120,000	11,000,000	2.0	720,000	15,000,000	1.8	840,000

For detailed information relating to Ore Reserves see ASX Releases (RMS) "Resources and Reserves Statement 2019", 10 September 2019, "Vivien Underground Extended to June 2021", 12 September 2019, "Major Increase of Eridanus Mineral Resource", 23 December 2019 and "Ramelius Extends Life of Mine Plan by 34% to 1.45Moz", 30 June 2020.

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.

.

Figures rounded to 2 significant figures. Rounding errors may occur.