RAMELIUS RESOURCES LIMITED

2021 Financial Year Results

ASX:RMS

Mark Zeptner Managing Director

Tim Manners Chief Financial Officer

FY21 RESULTS PRESENTATION • AUGUST 2021 26 August 2021 1

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.

Non-IFRS Financial Information

The Group results are prepared under International Financial Reporting Standards (IFRS). This presentation also includes non-IFRS information including EBIT (Earnings before Interest and Tax), EBITDA (Earnings before Interest, Tax, Depreciation and Amortisation), AISC (All-In Sustaining Costs), Underlying NPAT, (Net Profit after Tax) and Underlying cash flows.

The non-IFRS information has not been subject to audit or review by the Group’s external auditor and should be read in conjunction with the IFRS information.

FY21 RESULTS PRESENTATION • AUGUST 2021

CORPORATE SUMMARY

Corporate Structure	Corporate Structure	Gold Production & Guidance	Gold Production & Guidance	Gold Production & Guidance
Market Cap1	A$1.25B @ $1.55 per share	FY21 Production	272,109oz @ AISC A$1,317/oz (New Production Record)
Enterprise Value1	A$1.01B @ $1.55 per share	FY22 Guidance3	260,000 - 300,000oz @ AISC A$1,425 – 1,525/oz
Shares on Issue1	814M	Mineral Resources4 4.7 Mozat 30 June 2020
Net Cash & Gold2	A$234M	Ore Reserves4 1.1 Mozat 30 June 2020
		Major Shareholders *Substantial Holders:* Van Eck - 10.2%
FY21 Financial Highlights5				Broker Coverage
Sales Revenue	A$634.3M New Record

1 As at 23 August 2021
2 As at 30 June 2021 / Syndicated Facility Agreement repaid in FY21
3 See RMS ASX Release “June 2021 Quarterly Activities Report” on 29 July 2021

4 See RMS ASX Release “Resources and Reserves Statement 2020”, 28 September 2020 5 Refer later slides

FY21 RESULTS PRESENTATION • AUGUST 2021 3

PRODUCTION FLEXIBILITY FROM MULTIPLE ASSETS

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Mid-point of FY22 Production Guidance, see ASX Release “June 2021 Quarterly Activities Report”, 29 July 2021

FY21 RESULTS PRESENTATION • AUGUST 2021

FY21 PRODUCTION HIGHLIGHTS

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oz sold
277,450
↑ 22 % on 2020
A$2,282 / oz sold
13 % on 2020
↑
A$1,317 / AISC oz
↑ 13 % on 2020
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FY21 RESULTS PRESENTATION • AUGUST 2021

FY21 FINANCIAL HIGHLIGHTS

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↑ $634.3M ↑$148.2M
Revenue Underlying cash flow
↑$341.0M ↑ $234.0M
EBITDA Cash & gold on hand
↑$126.8M ↑ 2.5 cps
NPAT Final dividend
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Note: all $ shown are A$

FY21 RESULTS PRESENTATION • AUGUST 2021

REVENUE AND EARNINGS

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➢ RECORD Sales Revenue
➢ RECORD EBITDA
➢ RECORD Net Profit after Tax
➢ Revenues up 38% on increased production from Edna May and a higher realised gold price
➢ Strong EBITDA margin of 54% for the year (FY20: 56%). Sector leading.
➢ EPS slightly lower than FY20 due to higher number of weighted average shares on issue in FY21

FY21 RESULTS PRESENTATION • AUGUST 2021

FY21 FINANCIAL HIGHLIGHTS[^]

Financials	Units	FY21	FY20	Change
Revenue	A$’000	634,283	460,574	38 %
EBITDA	A$’000	340,975	256,025	33 %
EBIT	A$’000	177,439	152,512	16 %
Statutory Net profit after Tax#	A$’000	126,778	113,415	12 %
Cash Flow from Operations	A$’000	305,649	236,031	30 %
Underlying Cash Flow*	A$’000	148,153	83,659	77 %
Group Cash Flow	A$’000	62,832	69,855	(10 %)
Basic Earnings per share (cents)	cps	15.6	16.4	(5 %)
Dividend per Share (fully franked)	cps	2.5	2.0	25 %

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^ Refer to ASX Announcement “Appendix 4E and Financial Report for Year Ended 30 June 2021” released on 26 August 2021

Underlying NPAT is $126.4M after reversing $3.9M in a tax loss benefit and $3.5M in exploration write-off (post tax)
Cash flows before borrowings, dividends, acquisitions, contingent consideration, and income tax

FY21 RESULTS PRESENTATION • AUGUST 2021 8

MOVEMENT IN EBITDA

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➢ 33% increase in EBITDA
➢ Improved EBITDA from both operating centres
➢ Additional volume at Mt Magnet more costly due to deeper mining at Eridanus and more tonnes from underground ore sources
➢ However, more than offset by higher gold price
➢ Edna May mill at full capacity again; increased volume & higher gold price
➢ EBITDA Margin of 54% remains sector leading

FY21 RESULTS PRESENTATION • AUGUST 2021

CASH GENERATION

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➢ Cash increased A$62.8M over the year with an underlying cash flow of A$148.2M[1]
➢ Net mine cash flow[2] margin has improved year on year for past 5 years due to higher gold prices and excellent cost control
➢ Strong cash flow margins were achieved even after significant investments in the development of the Tampia and Penny Gold Mines

1 Underlying cash flow is total cash flows before borrowings, acquisitions, dividends, and tax. 2 Net mine cash flow is the mine operating cash flow less capital and rehabilitation

FY21 RESULTS PRESENTATION • AUGUST 2021

STRENGTHENING BALANCE SHEET

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➢ Very strong balance sheet with excellent liquidity
➢ A$234.0M in cash & bullion with
- ~70,000oz contained in stockpiles and GIC
➢ over 90% increase in working capital[^] the year to A$212.8M; excellent financial capacity
➢ Hedge book provides a balance of cash flow certainty whilst retaining spot exposure to majority (~90%) of 1.84Moz mine plan[*]
See RMS ASX Release “Ramelius Mine Plan Increases to 1.84Moz” on 2 August 2021 ^ Defined as current assets less current liabilities

FY21 RESULTS PRESENTATION • AUGUST 2021

DIVIDENDS

Final Dividend

Returns for Shareholders

➢ Fully franked dividend at 2.5 cents (A$20.4M)
➢ Payout rate of 32% of total cash flows
➢ Record date: 2 Sep 21
➢ Returns A$75/oz produced in dividends

➢ Payment date: 4 Oct 21

➢ Yield of 2.3%[1]

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1 After tax and based on share price of $1.70 at 30 June 2021

FY21 RESULTS PRESENTATION • AUGUST 2021

FOCUS FOR FY22

Operational Excellence

• Continue focus on meeting guidance, managing costs & improving safety • Guidance of 260,000 – 300,000 ounces at an AISC of A$1,425 – 1,525/oz

• A$32M exploration budget - Mt Magnet and Edna May

High Impact Exploration

Accretive Acquisitions

Shareholder Returns

• Includes additional funds for extensional drilling at Vivien

Assess strategic acquisition opportunities to deliver step change
• Well placed to execute quickly on transactions
Disciplined approach to capital management, strong balance sheet
A$43.1M paid in cumulative dividends to date

Near-term Catalysts

Progression on Mt Magnet & Edna May mining/processing studies
• Updated Mineral Resources and Ore Reserves Statement
• Moving towards underground development & production at Penny

FY21 RESULTS PRESENTATION • AUGUST 2021

THANK YOU

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

FY21 RESULTS PRESENTATION • AUGUST 2021

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RAMELIUS RESOURCES LIMITED Investor Presentation 2021

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