RAMELIUS RESOURCES LIMITED — Investor Presentation 2021

Aug 3, 2021

Ramelius Resources Limited

Mark Zeptner Managing Director

ASX:RMS

An Australian Gold Growth Story

August 2021

DIGGERS & DEALERS • AUGUST 2021

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 Peter Ruzicka (Exploration Results), Rob Hutchison (Mineral Resources) and Paul Hucker (Ore Reserves), who are Competent Persons and Members of The Australasian Institute of Mining and Metallurgy. Peter Ruzicka, Rob Hutchison and Paul Hucker are 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”. Peter Ruzicka, Rob Hutchison and Paul Hucker 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.

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CORPORATE SUMMARY

Corporate Structure	Corporate Structure	Corporate Structure		Gold Guidance	Gold Guidance	Gold Guidance	Gold Guidance	Gold Guidance	Gold Guidance
Market Cap4	A$1.39B @ $1.71 per share			FY21 Production2		272,109oz @ AISC A$1,317/oz (New Record)
Cash & Gold2	A$234.0M			FY22 Guidance2		260,000 - 300,000oz @ AISC A$1,425			– 1,525/oz
Debt2,3	Nil			Mineral Resources1 4.7Mozat 30 June 2020
Broker Coverage Major Shareholders				Ore Reserves1 1.1Mozat 30 June 2020
				Board				Management
				Bob Vassie	Non-Executive Chair			Duncan Coutts	Chief Operating Officer
								Tim Manners	Chief Financial Officer
				Mark Zeptner	Managing Director
								Peter Ruzicka	EGM Exploration
				Michael Bohm Non-Executive Director
								Liz Jones	GM - Mount Magnet
Broker Coverage
								Paul Marlow	Mine Manager - Vivien
				Natalia Streltsova Non-Executive Director Richard Jones EGM - Legal / HR / Risk / Sustainability & CoSec				Tim Blyth	GM - Edna May
								Michael Valent	Mine Manager - Marda
								Hugh Trivett	Mine Manager - Tampia
								Matthew O’Hara	Mine Manager - Penny

1 See RMS ASX Release “Resources and Reserves Statement 2020”, 28 September 2020

2 As at 30 June 2021, see RMS ASX Release “June 2021 Quarterly Report & FY22 Guidance”, 29 July 2021

3 Syndicated Facility Agreement for A$35.0M in place

4 As at 30 July 2021

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DIGGERS & DEALERS • AUGUST 2021

SUSTAINABILITY[*] - STEPPING UP TO THE PLATE

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Results are from Ramelius 2020 Sustainability Report, contained within the 2020 Annual Report and also posted on the Ramelius website

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DIGGERS & DEALERS • AUGUST 2021

CONSISTENT PRODUCTION GROWTH[#] WITH EXPANDING MARGINS

• ➢ +20% year-on-year gold

production growth FY15-FY21

• ➢ Further growth to 280koz in FY22

• ➢ Consistent AISC profile over first

• 6 years ➔ varying <2.5%

• ➢ Maintaining margins despite

COVID-19 related cost increases

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AISC Margin increased from 20%
in FY15 to 43% in FY21
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*Includes mid-points of production and AISC guidance and a weighted average gold price from the RMS Hedge Book and as assumed A$2,450/oz spot price

References to production guidance are based on the Mineral Resource and Ore Reserve Statements contained within, as set out in Appendices and RMS ASX Release, “Ramelius Mine Plan increases 27% to 1.84Moz”, 2 August 2021

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DIGGERS & DEALERS • AUGUST 2021

1.84 MILLION OUNCE MINE PLAN[#]

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*Years FY29 to FY30 have been combined. Both years currently contain primarily low-grade stockpiles at Mt Magnet and lower grade material from Edna May Stg 3 cut-back. Production for the two years are 120koz for FY29 and 73koz for FY30.

➢	27% increase on FY20 Mine Plan
➢	In addition to 1.37Moz produced
	to date from MM & EM
➢	Mt Magnet production centre
	▪Vivien extended to end of FY23
	▪Galaxy Underground from FY24
	▪Eridanus Underground from FY25
➢	Edna May production centre
	▪Stage 3 (Scoping Study) from FY24
	▪Underground extended to FY25

The Life of Mine Plan is a Production Target that contains a proportion of Inferred Resources (8%). 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. See RMS ASX Release, ““Ramelius Mine Plan increases 27% to 1.84Moz”, 2 August 2021

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DIGGERS & DEALERS • AUGUST 2021

ORE RESERVE & MINERAL RESOURCE CONTRIBUTIONS

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➢ New Mine Plan is driven from Ore Reserves and Indicated Resources ➢ Only 8% of the Mine Plan is derived from Inferred Mineral Resources ➢ High confidence plan, especially first four years

*Years FY29 to FY30 have been combined. Both years currently contain primarily low-grade stockpiles at Mt Magnet and lower grade material from Edna May Stg 3 cut-back. Production for the two years are 120koz for FY29 and 73koz for FY30.

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DIGGERS & DEALERS • AUGUST 2021

MINE PLAN -VISIBILITY & TRANSPARENCY

✓ 1.84Moz across 9 years to FY30, which includes a low-grade tail in years 8 & 9

✓ Average AISC over first 7 years of between A$1,390 - 1,490/oz

✓ Capital for all projects included, with Edna May Stage 3 itemised separately ✓ Exploration (A$32.1M in FY22) contributes to mine life extension & delivers “rolling plan”

Key Metrics	FY22	FY23	FY24	FY25	FY26	FY27	FY28	FY29+30*	TOTAL/AVG
Production (koz)	260 - 300	245 - 285	250 - 290	245 - 285	180 - 220	160 - 200	170 - 210	175 - 215	1,845
AISC (A$/oz)	1,425 - 1,525	1,350 - 1,450	1,225 - 1,325	1,320 - 1,420	1,465 - 1,615	1,485 - 1,635	1,505 - 1,655	1,885 - 2,035	1,440 - 1,560
Capital (A$M)	70 – 80	30 – 40	60 – 70	15 – 25	10 – 20	10 – 20	10 – 20	5 – 15	210 – 290
Edna May Stage 3	-	20 – 30	70 – 80	60 – 70	–	–	–	–	150 – 180
Total (A$M)	70 – 80	50 – 70	130 – 150	75 – 95	10 – 20	10 – 20	10 – 20	5 – 15	360 – 470

*Years FY29 to FY30 have been combined. Both years currently contain primarily low-grade stockpiles at Mt Magnet and lower grade material from Edna May Stg 3 cut-back. Production for the two years are 120koz for FY29 and 73koz for FY30.

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DIGGERS & DEALERS • AUGUST 2021

COMPARISONTO JUNE 2020 MINE PLAN[#]

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➢ July 2021 Plan is “Stronger for Longer”

▪ Edna May Stage 3 ▪ Galaxy underground ▪ Eridanus, Shannon & Vivien UG Mine Plan increase of 27%

See RMS ASX Release, “Ramelius Extends Life of Mine Plan by 34% to 1.45Moz”, 30 June 2020 See RMS ASX Release, “Ramelius Mine Plan Increases by 27% to 1.84Moz”, 2 August 2021

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DIGGERS & DEALERS • AUGUST 2021

PROJECT UPDATES

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DIGGERS & DEALERS • AUGUST 2021

PROJECT LOCATIONS - MULTIPLE ASSETS INTO TWO PRODUCTION CENTRES

• ➢ Mt Magnet - 6Moz produced and counting

• ➢ Edna May - one of few producers in the region

• Highly sought-after jurisdiction

• Easy access to sites from Perth

• Close to major regional centres and existing road

haulage routes

• Well established infrastructure in place

• Strong local community involvement

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DIGGERS & DEALERS • AUGUST 2021

VIVIEN - A NEW LEASE ON LIFE

• ➢ Originally planned for October 2021 finish

• ➢ Additional 2 years of life, at least…

• ➢ 10x return on original purchase of A$10M[^]

• Original Reserve of 400kt @ 7.1g/t for 101koz[*]

• Production to date of 1.1Mt @ 6.1g/t for 210koz

• ▪ FY22/23 production plan 426kt @ 4.3g/t for 59koz

• Ounce growth of 166% on original Ore Reserve

• ➢ Extension potential in Main & East Lodes

• ➢ Next program of exploration in progress

. Vivien drilling program

^See Slide “Inorganic growth - a history of adding value”

*See RMS ASX Release, “Resources and Reserves Statement”, 10 September 2015

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DIGGERS & DEALERS • AUGUST 2021

GALAXY - OPENING UP A NEW UNDERGROUND ORE SOURCE

• ➢ Historic area mined by Ramelius 2012 – 2018 upon re-start

• ➢ Opportunity identified for early access compared to Eridanus UG

• ➢ Scoping Study work brought forward from December 2021

• ➢ Access existing Hill 50 decline & run separate declines to Mars & Saturn orebodies

• ➢ Banded Iron Formations have excellent depth continuity

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DIGGERS & DEALERS • AUGUST 2021

ERIDANUS - ALSO FEATURES EXCELLENT POTENTIAL ALONG STRIKE

• ➢ Eridanus Stage 2 open pit commenced in . June 2020

• ➢ Relatively shallow drilling undertaken over ~2km of Granodiorite strike to date

• ➢ : Recently updated Mineral Resources[1] ▪ Eridanus 20Mt @ 1.2g/t for 760,000 ounces ▪ Orion/Franks 6.9Mt @ 1.0g/t for 220,000 ounces

• ➢ Underground Scoping Study results in staged LHOS operation from FY24

• ➢ Oxide open pits at Orion & Franks Tower included in FY22/23

• ➢ Drilling ongoing – note Visible Gold logged below Eridanus

1See RMS ASX Release, “March 2021 – Quarterly Activities Report”, 28 April 2021

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DIGGERS & DEALERS • AUGUST 2021

PENNY - ONE OF AUSTRALIA’S HIGHEST GRADE GOLD MINES

• ➢ Mineral Resource: 620kt @ 15.0g/t for 300koz[1 ]

• ➢ Ore Reserve: 500kt @ 14.0g/t for 230koz[1]

• ➢ Approvals

• All key approvals received

• ➢ Contracts

• Camp supply & construction awarded

• Open pit mining services & catering awarded

• Underground mining services tender to commence

• ➢ Open pit mining to commence this Quarter

• ➢ Next program of exploration underway with downhole geophysics follow up

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Penny Village starting to take shape

1 See RMS ASX Release, “Penny & Edna May Study Updates”, 09 November 2020

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DIGGERS & DEALERS • AUGUST 2021

EDNA MAY - UP TO 500K OUNCE POTENTIAL WITHIN STAGE 3 OPEN PIT

• ➢ Current Mineral Resources[1]

.

• 31Mt @ 1.1g/t for 1.0Moz (overall resource)

• 490kt @ 4.5g/t for 72koz (included high grade lodes)

• ➢ Scoping Study (January 2021) results include[2]

• 16.5Mt @ 0.82g/t for 434koz mined

• 94% met recovery for 408koz produced

• Project life of 4.5yrs (mining) & 6.75yrs (milling)

• Estimated upfront capital cost A$165M

• Estimated AISC of A$1,540/oz

• ➢ PFS extended out to 31 December 2021

• Significant volatility in mining contractor rates in 2021

• Geotechnical, tailings facility & plant capital progressed

• Golden Point zone not yet drilled (start August 2021)

1See RMS ASX Release, “Penny & Edna May Study Updates”, 09 November 2020 2See RMS ASX Release, “Mt Magnet & Edna May Study Updates”, 28 January 2021

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DIGGERS & DEALERS • AUGUST 2021

TAMPIA - PRODUCTION COMMENCED ON SCHEDULE

• ➢ Edna May Plant Upgrade

• ~40kt of oxide ore treated, at high throughput rates

• ➢ Access/Approvals

• Land Access – 10% minority interest & land purchased [#]

• ➢ Narembeen Accommodation Camp

• 100-person Camp in operation

• ➢ First blast occurred end of April 2021

• MACA Mining open pit contractor 95% fully manned

• ➢ First ore mined June 2021

• ➢ Ore haulage commenced 1 July 2021 ▪ MLG Oz haulage contractor

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See RMS ASX Release, “10% minority interest & freehold land purchased at Tampia”, 25 January 2021

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DIGGERS & DEALERS • AUGUST 2021

THE INVESTMENT CASE

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DIGGERS & DEALERS • AUGUST 2021

ORGANIC GROWTH - MINING/PROCESSING STUDIES#	ORGANIC GROWTH - MINING/PROCESSING STUDIES#
Site	Study Description	Est. Completion
	.
Mt Magnet	Galaxy (Saturn & Mars) underground: complete Pre-Feasibility Study	30 September 2021
Mt Magnet	Morning Star underground: Scoping Study to convert a % of ~80koz Mineral Resource	31 December 2021
Mt Magnet	Hill 50 underground: Concept Study to convert a % of ~340koz Mineral Resource	31 March 2022
Mt Magnet	Eridanus underground: Scoping Study complete, awaiting further exploration drilling and pit deepening	TBA
Mt Magnet	Processing Facility Upgrade: Feasibility Study on upgrade from 2.0 to 2.5-2.7Mtpa (dependent on underground study results above)	TBA
Edna May	Stage 3 Open Pit: complete Pre-Feasibility Study (assuming continuation of the current high-grade lode underground operation)	31 December 2021

See RMS ASX Release, “Ramelius Mine Plan Increases by 27% to 1.84Moz”, 2 August 2021

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DIGGERS & DEALERS • AUGUST 2021

INORGANIC GROWTH - A HISTORY OF ADDING VALUE[* ]

• ➢ Track record of generating positive (net) cash flow from new projects

• ➢ Marda now in production (360kt ore stockpile, ~A$25M in free cf.)

• ➢ Tampia commenced ore production

• ➢ Penny capital program, portion brought forward from FY22 into FY21

• ➢ Balance sheet strength to be applied to new opportunities

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*Unaudited cash flows by project

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DIGGERS & DEALERS • AUGUST 2021

FOCUS FOR FY2022

• Continue focus on meeting guidance, managing costs & improving safety Operational Excellence • Ramp up of production at Tampia

• A$32M exploration budget - Mt Magnet and Edna May High Impact Exploration • Includes additional funds for extensional drilling at Vivien • Assess strategic acquisition opportunities to deliver step change Accretive Acquisitions • Well placed to execute quickly on transactions • Disciplined approach to capital management, strong balance sheet Shareholder Returns • Dividend policy established to ensure a shareholder return focus • Progression on Mt Magnet & Edna May mining/processing studies Near-term Catalysts • Moving towards underground production at Penny

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DIGGERS & DEALERS • 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

Photo: Ramelius team at Diggers & Dealers accepting ‘Digger of the Year’ Award 2020

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DIGGERS & DEALERS • AUGUST 2021

2020 MINERAL RESOURCE STATEMENT

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For detailed information relating to Mineral Resources see ASX Releases (RMS) “Resources and Reserves Statement 2020”, 28 September 2020 and “Penny & Edna May Study Updates”, 09 November 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.

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DIGGERS & DEALERS • AUGUST 2021

2020 ORE RESERVE STATEMENT

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For detailed information relating to Ore Reserves see ASX Releases (RMS) “Resources and Reserves Statement 2020”, 28 September 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.

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DIGGERS & DEALERS • AUGUST 2021