RAMELIUS RESOURCES LIMITED — M&A Activity 2018

Sep 26, 2018

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EXPLAURUM LIMITED

Correspondence to shareholders – TAKE NO ACTION

27 September 2018

Explaurum Limited (ASX: EXU) ( Explaurum or the Company ) advises that today it has commenced mailing of a postcard to shareholders in relation to the unsolicited takeover offer from Ramelius Resources Limited ( Ramelius ) (the Ramelius Offer ).

The postcard advises shareholders to TAKE NO ACTION and ignore all correspondence from Ramelius in relation to its offer until a formal recommendation is provided by the Explaurum Directors. A copy of the postcard is appended to this ASX announcement.

For more information, Explaurum shareholders should contact the Explaurum shareholder information line on 1300 362 398 (within Australia) or +61 2 8355 1004 (outside Australia).

ENDS

For further information please contact:

John Lawton Brian Kinsella Managing Director Greg Arandt Explaurum Limited Ironstone Capital +61 7 3333 2722 +61 2 9133 9000

Michael Vaughan (Media) Executive Director Fivemark Partners +61 422 602 720

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Registered Office: Level 16, Waterfront Place, 1 Eagle Street, Brisbane QLD 4000 Postal Address: GPO Box 3249, Brisbane QLD 4001

Contact Details: Telephone +61 7 3333 2722 Email: info@explaurum.com www.explaurum.com

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Explaurum urges shareholders to TAKE NO ACTION and ignore all correspondence from Ramelius Resources in relation to its takeover offer for Explaurum until a formal recommendation is provided by the Explaurum Directors.

T A K E O V E R O F F E R F R O M R A M E L I U S R E S O U R C E S – T A K E N O A C T I O N

Explaurum shareholders are advised to TAKE NO ACTION in relation to the Ramelius Offer or any correspondence received in relation to it until they have received the formal recommendation from the Explaurum Directors. Explaurum’s Target’s Statement is expected to be released to the ASX and mailed to Explaurum shareholders by mid-October.

The initial view of the Explaurum Board is the Ramelius Offer is wholly inadequate for reasons including:

• 1 It grossly undervalues Explaurum’s Tampia gold project on a standalone basis. This is supported by the highly opportunistic timing ahead of the expected release of a maiden Resource Estimate and Preliminary Development Study for the shallow, highgrade Mace supergene gold mineralisation, immediately west of the Tampia deposit, followed by the Bankable Feasibility Study for Tampia, inclusive of Mace, in November.

• 2

Explaurum shareholders are being asked to heavily dilute their exposure to Tampia , a high-grade open-pit development with forecast low operating costs and significant potential resource upside. In exchange Explaurum shareholders are being asked to accept predominant exposure to two mature and higher cost production assets with short reserve lives owned by Ramelius.

• 3 The purported benefits underpinning the Ramelius Offer are highly opaque given the ongoing uncertainty about how Tampia may fit into Ramelius’ operating strategy at its Edna May operation, located 140km from Tampia. Ramelius has stated this can only be determined following a Strategic Review.

FOR MORE INFORMATION, EXPLAURUM SHAREHOLDERS SHOULD CONTACT THE SHAREHOLDER INFORMATION LINE ON 1300 362 398 (WITHIN AUSTRALIA) OR +61 2 8355 1004 (OUTSIDE AUSTRALIA).