RAMELIUS RESOURCES LIMITED — Investor Presentation 2021

Jul 14, 2021

Ramelius Resources Limited

Mark Zeptner Managing Director ASX:RMS

Noosa Mining Conference

NOOSA MINING CONFERENCE • JULY 2021 July 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 Volker Gartz (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. Volker Gartz, Rob Hutchison and Duncan Coutts 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”. Volker Gartz, 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.

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CORPORATE SUMMARY

Corporate Structure	Corporate Structure	Corporate Structure	Corporate Structure		Gold Production	Gold Production	Gold Production	Gold Production	Gold Production	Gold Production
Shares on Issue	814M				FY 2021 Production5		272,109oz @ AISC A$1,280 - A$1,330/oz
Market Cap6	A$1.34B @ $1.65 per share				FY 2020 Production4		230,426oz @ AISC A$1,164/oz
Cash & Gold2	A$234.0M				Mineral Resources1 4.7Mozat 30 June 2020
Debt2,3	Nil				Ore Reserves1 1.1Mozat 30 June 2020
Major Shareholders					Board				Management
Van Eck Associates Corporation		10.9%			Bob Vassie	Non-Executive Chair			Duncan Coutts	Chief Operating Officer
									Tim Manners	Chief Financial Officer
The Vanguard Group		5.4%			Mark Zeptner	Managing Director
									Peter Ruzicka	EGM Exploration
Broker Coverage					Michael Bohm Non-Executive Director
									Liz Jones	GM - Mount Magnet
									Paul Marlow	Mine Manager - Vivien
					Natalia Streltsova Non-Executive Director Richard Jones EGM - Legal / HR / Risk / Sustainability & CoSec				Tim Blyth	GM - Edna May
									Gavin Puccinelli	Acting Mine Manager - Marda
									Hugh Trivett	Mine Manager - Tampia
									Matthew O’Hara	Mine Manager - Penny

1See RMS ASX Release “Resources and Reserves Statement 2020”, 28 September 2020	4See RMS ASX Release “June 2020 Quarter Record Production of 86,517oz” , 01 July 2020
2As at 30 June 2021, see RMS ASX Release “Production Update – Full Year 2021”, 06 July	5References to production guidance are based on the Mineral Resource and Ore Reserve Statements contained within, as set
2021	out in Appendices and RMS ASX Release, “Production Update – Full Year 2021”, 06 July 2021
3Syndicated Facility Agreement for A$35.0M in place	NOOSA MINING CONFERENCE • JULY 2021 6As at 9 July 2021		3

HEALTH & SAFETY - SCORECARD

FY21 TRIFR 15.00 FY21 LTIFR 2.73

Gold Industry Average (TRIFR) - 6.8 & (LTI) – 2 (FY20)

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CONSISTENT PRODUCTION GROWTH[#] WITH EXPANDING MARGINS

• ➢ 21.5% year-on-year gold

production growth FY15-FY20

• ➢ Further 18% growth to 272koz

AISC Margin increased from 20% in FY15 to 43% in FY21

in FY21

• ➢ Consistent AISC profile over past 6 years ➔ varying <4%

• ➢ Expanding margins due to

excellent cost management

*Includes mid-points of production and AISC guidance and a weighted average gold price from the RMS Hedge Book and as assumed A$2,400/oz spot price

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 in Appendices and RMS ASX Release, “Ramelius Extends Life of Mine Plan by 34% to 1.45Moz”, 30 June 2020 NOOSA MINING CONFERENCE • JULY 2021

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RECORD BREAKING FY2021 BY QUARTER[1]

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• ➢ Strong track record (29 / 32 Qtr’s achieved)

• June 2021 Quarter: Produced 61,840 ounces

  • Mt Magnet (incl. Vivien) – 35,208 ounces

  • ▪ Edna May (incl. Marda) – 26,632 ounces

• ➢ FY2021 Full Year Production

• 272,109oz @ AISC A$1,280 - A$1,330/oz

• ➢ Well placed for strong cash flows in FY2022

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

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1.45 MILLION OUNCE MINE PLAN[*]

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➢ Opportunities for FY22
▪ Extension of Vivien Underground
▪ Earlier production from Penny
➢ Potential Mine Life Extensions
▪ Eridanus Underground
Mt Magnet
▪ Orion/Franks Tower
▪ Edna May Stage 3
➢ Updated Mine Plan – July 2021
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*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. See RMS ASX Release, “Ramelius Extends Life of Mine Plan by 34% to 1.45Moz”, 30 June 2020

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PROJECT UPDATES

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PROJECT LOCATIONS - MULTIPLE ASSETS INTO TWO 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

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TAMPIA - PRODUCTION COMMENCED ON SCHEDULE

➢ Edna May Plant Upgrade

• Vibrating screens and leach thickener commissioned

➢ 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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First ore mined from North Pit at Tampia Gold Mine

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

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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

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

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

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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

• ➢ Deeper diamond drilling completed from base of Stage 2 design to ~600mbs

• ➢ : 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 due for completion end of June 2021

• ➢ Open pit study work around Orion & Franks Tower also progressing

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

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

• ➢ Current Mineral Resources[1]

• 31Mt @ 1.1g/t for 1.0Moz[1 ] (overall resource)

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

• ➢ : Scoping Study 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 target end of June 2021

• ➢ Approval received for drilling of Golden Point gneiss zone, planned to start August 2021

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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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MARDA - CONVERSION OF RESOURCE TO RESERVE

➢ June 2021 Quarter saw;

• Commencement of Golden Orb pit to the south

• Continued mining at King Brown, Python & Dolly Pott

• 320,000 tonnes stockpiled awaiting haulage to Edna May for processing

➢ Die Hardy Mineral Resource (~30km north)

▪ 2.0Mt @ 1.5g/t Indicated	for 95,000 ounces Inferred	Total
tonnes g/t ounces	tonnes g/t ounces	tonnes g/t ounces
1,500,000 1.5 72,000	550,000 1.3 23,000	2,000,000 1.5 95,000

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

➢ Die Hardy pit design and Ore Reserve work underway

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Marda open pit locations

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THE INVESTMENT CASE

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ORGANIC GROWTH - MINING/PROCESSING STUDIES

• .

• ➢ Mt Magnet ▪ Eridanus Underground: completion of deeper drilling and associated Scoping Study 30 June 2021 ▪ Processing Facility Upgrade: carry out cost/benefit analysis on upgrade from 2.0 to 2.5-2.7Mtpa 31 December 2021 ▪ Mt Magnet Undergrounds: complete extension drilling and evaluation at Shannon/Hill 60/Water Tank Hill 31 December 2021 ▪ Galaxy (Saturn, Mars, Titan, Hill 50): underground studies to convert a % of ~470koz of mineral resources[1] 31 December 2021 ▪ Morning Star: underground study to convert a % of ~80koz mineral resources[1] 31 December 2021

• ➢ Edna May ▪ Stage 3 Open Pit Pre-Feasibility Study 30 June 2021

Estimated Completion

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

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INORGANIC GROWTH - A HISTORY OF ADDING VALUE[* ]

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

• ➢ Marda now in production (320kt 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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FOCUS FOR FY2022

• Continue focus on meeting guidance, managing costs & improving safety Operational Excellence

• Ramp up of production at Tampia

High Impact Exploration Accretive Acquisitions

Shareholder Returns

Near-term Catalysts

• A$30M exploration budget - Mt Magnet and Edna May • 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

• Dividend policy established to ensure a shareholder return focus

• • Progression on Mt Magnet & Edna May mining/processing studies

• • Progress towards underground production at Penny

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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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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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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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