RAMELIUS RESOURCES LIMITED — Investor Presentation 2021

Mar 3, 2021

Ramelius Resources Limited

Mark Zeptner Managing Director

Tim Manners Chief Financial Officer

ASX:RMS

BMO Global Metals & Mining Conference

BMO GLOBAL METALS & MINING CONFERENCE • MARCH 2021 March 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 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. Rob Hutchison and Duncan Coutts are employees of the Company (whilst Kevin Seymour finished 28 February 2021) 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”. Rob Hutchison and Duncan Coutts consent (and Kevin Seymour consented at the time of Release and has not withdrawn his consent) to the inclusion in this report of the matters based on their information in the form and context in which it appears.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		Production Guidance	Production Guidance	Production Guidance	Production Guidance	Production Guidance	Production Guidance
Shares on Issue	814M			FY 2021 Guidance5		260,000 - 280,000oz @ AISC A$1,230 - A$1,330/oz
Market Cap6	A$1.14B @ $1.40 per share			FY 2020 Production4		230,426oz @ AISC A$1,164/oz
Cash & Gold2	A$221.5M			Mineral Resources1 4.7Mozat 30 June 2020
Debt2,3	A$8.1M			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
Ruffer LLP		5.7%		Mark Zeptner	Managing Director			Tim Manners	Chief Financial Officer
								Liz Jones	GM - Mount Magnet
The Vanguard Group		5.4%
				Michael Bohm Non-Executive Director
								Paul Marlow	Mine Manager - Vivien
								Tim Blyth	GM - Edna May
								Andrew Bishop	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 December 2020, see RMS ASX Release “December 2020 Quarter Activities Report”, 28 January 2021 3 Syndicated Facility Agreement for A$35.0M in place

• 4 See RMS ASX Release “June 2020 Quarter Record Production of 86,517oz” , 01 July 2020 5 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 6 As at 4 March 2021 BMO GLOBAL METALS & MINING CONFERENCE • MARCH 2021 3

SAFETY & ESG - ONGOING FOCUS

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OUR PEOPLE OUR COMMUNITIES OUR ENVIRONMENT
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(Health, safety and wellbeing) ONE LOST TIME INJURY DURING THE DECEMBER 2020 QUARTER TRIFR WAS 15.5 AS AT THE END OF DECEMBER 2020 (Community relations and heritage) NO SIGNIFICANT RELATED INCIDENTS DURING THE QUARTER SUPPORTED MT MAGNET COMMUNITY WITH EXCLUSIVE SCREENING OF “THE FURNACE” (Water, emissions & energy, waste) NO SIGNIFICANT RELATED INCIDENTS DURING THE QUARTER REPORTED SIGIFICANT AMOUNT OF DATA WITHIN SUSTAINABILITY SECTION OF THE 2020 ANNUAL REPORT

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H1 FY2021 – PRODUCTION & SALES

Gold Production

• Group: 144,240 oz up 57% (H1 FY2020: 92,084 oz) • Mt Magnet: 84,119 oz up 26% (H1 FY2020: 66,987 oz) • Edna May: 60,121 oz up 140% (H1 FY2020: 25,097 oz)

AISC

• Group: A$1,261/oz up 2% (H1 FY2020: A$1,240/oz)

• • Mt Magnet: A$1,143/oz down 4% (H1 FY2020: A$1,193/oz)

• • Edna May: A$1,434/oz up 6% (H1 FY2020: A$1,352/oz)

Gold Sales

• Gold sold: 147,836 oz up 73% (H1 FY2020: 85,692 oz)

• Dec 2020 forward gold sales: 229,750oz @ A$2,288/oz to March 2023

Sales Revenue

• Total revenue : A$342.2M up 116% (H1 FY2020: A$158.5M)

• Average price received: Up 25% to A$2,312/oz (H1 FY2020: A$1,844/oz)

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H1 FY2021 FINANCIAL HIGHLIGHTS[^]

Financials	Units	HY Ended 31 Dec 2020	HY Ended 31 Dec 2019	% Change
Revenue	A$’000	342,226	158,451	116%
EBITDA	A$’000	192,840	65,910	193%
EBITDA Margin	A$’000	56.3%	41.6%	35%
Net profit after Tax	A$’000	81,320	20,494	297%
Cash Flow from Operations	A$’000	160,934	54,350	196%
Net Mine Cash Flow*	A$’000	84,588	(11,220)	n/a
Group Cash Flow	A$’000	38,025	(33,867)	n/a
Basic Earnings per share (cents)	cps	10.06	3.11	223%

^ Refer to ASX Announcement “Appendix 4D and Half Year Financial Report for 31 December 2020” released 23 February 2021

• Cash from operations less capital and mine development

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CONSISTENT PRODUCTION GROWTH[#] WITH EXPANDING MARGINS

• ➢ 21.5% year-on-year gold production growth FY15-FY20

• ➢ Further 17% growth to 270koz midpoint in FY21

• ➢ Consistent AISC profile over past 6 ➔

• years varying <4%

• ➢ Expanding margins due to excellent cost management

AISC Margin increased from 20% in FY15 to 42% in FY20

*Includes mid-points of production and AISC guidance and a weighted average gold price from the RMS Hedge Book and as assumed A$2400/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 BMO GLOBAL METALS & MINING CONFERENCE • MARCH 2021

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PRODUCTION GUIDANCE & FORWARD OUTLOOK[1]

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➢ Strong track record (28 / 30 Qtr’s achieved) ▪ Dec 2020 Quarter: Exceeded Guidance 72,896 ounces ▪ Mt Magnet (incl. Vivien) – 43,055 ounces ▪ Edna May (incl. Marda) – 29,841 ounces ➢ FY2021 Full Year Guidance remains[*] ▪ 260,000 - 280,000oz @ AISC A$1,230 - A$1,330/oz ➢ Reaping benefits of FY20 project development ➢ Capex reducing post-Penny development ➢ Increase A$5M in Exploration in FY21 to A$25M ▪ Largely due to the Penny Project

1*See RMS ASX Release, “December 2020 Quarter Activities Report”, 28 January 2021References 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 BMO GLOBAL METALS & MINING CONFERENCE • MARCH 2021

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1.45 MILLION OUNCE MINE PLAN[*]

		➢	H1 FY21 Production ahead
			▪144,420 ounces (Guidance 132 – 142,000oz)
			▪AISC A$1,261/oz (Guidance 1,225 - A$1,325/oz)
			▪Earlier production from Tampia possible
		➢	Early opportunities for FY22
			▪Extension of Vivien Underground
			▪Earlier production from the Penny Project
		➢	Potential Mine Life Extensions
			▪Eridanus Underground
			Mt Magnet
			▪Orion/Franks Tower
*Years current	FY2026 to FY2028 currently contain primarily low-grade stockpiles at Mt Magnet that will be processed at end of the mine life. Production for the three years gradually tails off, with FY2026 at 100koz, FY2027 at 50koz and FY2028 at 30koz.		▪Edna May Stage 3

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 BMO GLOBAL METALS & MINING CONFERENCE • MARCH 2021 9*

PROJECT PORTFOLIO

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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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MT MAGNET - KEEPS ON DELIVERING

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➢ Cosmos Mine Area

• Shannon & Hill 60 undergrounds performing well

• Eridanus stage 2 cut-back reflecting larger open pit out to FY2023, bulk underground below pit in Scoping Study phase

• ➢ Galaxy & Morning Star

• Mining studies to convert Resources to Reserves underway

• ➢ Vivien Underground Mine

• Currently scheduled to early FY2022, further drilling underway

• ➢ Penny Gold Project

• Feasibility Study completed in October 2020

• ➢ Processing Plant

• Reliable ~2.0Mtpa mill throughput

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EDNA MAY - OPERATING AT FULL CAPACITY

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➢ Edna May Operations

• Underground operation up to full production rate

• Greenfinch open pit into production

• ➢ Marda Gold Project

• Marda Central production established, significant ore stockpiles

• Marda North Resource to Reserve conversion in progress

• ➢ Tampia Gold Project

• Longer lead capital items underway (camp, mill mods, road upgrades), production scheduled to start in FY2022

• ➢ Symes Find

• Still being drilled & evaluated, later in the Mine Plan

• ➢ Edna May Processing Plant

• 2.7Mtpa current capacity (2.1Mtpa for Tampia)

• Low cost (<$20/t), State grid power

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PROJECT UPDATES

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PENNY PROJECT - ONE OF AUSTRALIA’S HIGHEST GRADE GOLD MINES

• ➢ Offer announced Feb 2020, completed Jun 2020

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➢ Offer announced Feb 2020, completed Jun 2020
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➢ Mineral Resources - 620kt @ 15.0g/t for 300koz [1 ]
➢ Ore Reserve - 500kt @ 14.0g/t for 230koz [1]
➢ Feasibility Study completed October 2020
▪ AISC of A$633/oz
▪ Upfront capital of A$34.5M
▪ NPV5% of A$301M @ A$2,300/oz
▪ IRR of 240%, payback of 26 months
▪ Approvals processes underway
▪ Mining to commence late June 2021 Quarter
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• ➢ Exploration drilling re-commenced Sep 2020

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

• .

• ➢ Significant Mineral Resource estimate of 13Mt @ 1.2 g/t Au for 500,000oz[1]

• ➢ Stage 2 open pit commenced in June 2020 Qtr, following excellent performance from Stage 1 open pit

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

• ➢ Deeper diamond drilling underway from base of Stage 2 design (230mbs) to 600mbs

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

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ERIDANUS DEEPS PROJECT[1]

• ➢ Ongoing infill Eridanus Deeps diamond . drilling is confirming broad thicknesses of gold mineralisation below Stage 2 open pit: ▪ 60m at 3.46 g/t Au from 330m in RDD0001 ▪ 22m at 3.79 g/t Au from 378m in RDD0002 ▪ 30m at 1.66 g/t Au from 409m in RDD0003 ▪ 15.8m at 5.00 g/t Au from 258.2m in RDD0004

• ➢ Gold mineralisation is constrained by the 60m wide Eridanus Granodiorite. When bulked out the intervals report at: ▪ 174m at 1.92 g/t Au from 309m in RDD0001 ▪ 245m at 3.00 g/t Au from 259m in RDD0002 ▪ 164m at 1.33 g/t Au from 315m in RDD0003 ▪ 185.6m at 1.42 g/t Au from 236m in RDD0004 ▪ RDD0005 results awaited

1 See RMS ASX Release, “Mt Magnet & Edna May Study Updates”, 28 January 2021

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EDNA MAY – UP TO 500K OUNCE POTENTIAL WITH STAGE 3 OPEN PIT

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• ➢ Updated 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 targeted 30 June 2021

• ➢ Potential to improve economics through additional drilling of Golden Point gneiss

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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TAMPIA – PRODUCTION READY FOR FY2022

➢ Edna May Plant Upgrade

.

• Vibrating screens and leach thickener installed

➢ Approvals

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

• Mining Proposal & Project Management Plan – approved

➢ Roads

• Road Usage Agreements and intersection upgrades in progress

➢ Narembeen Accommodation Camp

• Shire land lease, water & power supply all secured

• Camp almost complete (see opposite)

➢ Contracts

• Surface Mining, Ore Haulage & Catering Contracts awarded

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Tampia Accommodation Camp near Narembeen

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

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THE INVESTMENT CASE

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ORGANIC GROWTH - MINING/PROCESSING STUDIES

➢ Mt Magnet

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Estimated Completion

• 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

• ➢ Edna May

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

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INORGANIC GROWTH – A HISTORY OF ADDING VALUE[* ]

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

• ➢ Marda now in production (300kt ore stockpile, ~A$25M in free cf.)

• ➢ Tampia commenced capital expenditure program

• ➢ Penny capital program brought forward from FY22 into FY21

• ➢ Balance sheet strength to be applied to new opportunities

• Unaudited cash flows by project

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AMONGST HIGHEST MARGINS COMPARED TO PEER GROUP[^]

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^ Source: Refer to Company specific Financial Results released on ASX Platform in January/February 2021

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FOCUS FOR FY2021

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

• Timely commencement of Tampia & Penny projects

• A$20M exploration budget - Mt Magnet and Edna May

High Impact Exploration

• Additional A$5M for Penny Project, taking FY2021 total to A$25M

Accretive Acquisitions

• Assess strategic acquisition opportunities to deliver step change • Well placed to execute quickly on transactions

Shareholder Returns

• Disciplined approach to capital management, strong balance sheet

• Dividend policy established to ensure a shareholder return focus

Near-term Catalysts

• Progression on Mt Magnet & Edna May project studies

• • Progress towards production at Tampia & Penny projects

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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:

Media 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

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

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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