RAMELIUS RESOURCES LIMITED — Interim / Quarterly Report 2014

Jan 29, 2014

For Immediate Release 30 January 2014

Amended December 2013 Quarterly Activities Report

An amended Quarterly Activities Report for December 2013 is attached which corrects the amount of gold sales for the quarter.

Dom Francese Company Secretary

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Ordinary Shares: 365M
DIRECTORS
Chairman:
Robert Kennedy
Non-Executive Directors:
Kevin Lines
Michael Bohm
Managing Director:
Ian Gordon
www.rameliusresources.com.au
info@rameliusresources.com.au
RAMELIUS RESOURCES LIMITED
Registered Office
Suite 4, 148 Greenhill Road
Parkside, Adelaide
South Australia 5063
Tel +61 8 8271 1999
Fax +61 8 8271 1988
Operations Office
Level 1, 130 Royal Street
East Perth WA 6004
Tel 08 9202 1127
Fax 08 9202 1138
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For Immediate Release 30 January 2014

Quarterly Report for the Period Ending 31 December 2013

HIGHLIGHTS – OPERATIONS & DEVELOPMENT

• Group quarterly production of 21,795 fine ounces of gold at a cash cost of A$1,450 per ounce (Sept Qtr: A$1,301).

• Mt Magnet gold production was 16,036 ounces with 16,753 fine ounces of gold refined at a total cash cost of A$1,531 per ounce (Sept Qtr: A$1,300). Following installation of a smaller capacity ball mill motor in November 2013, Mt Magnet produced 6,587 ounces in the month of December at a total cash cost of A$1,208 per ounce. Mining at the high grade Western Queen South deposit continued with a further 69,403 tonnes of high grade ore mined, of which 30,967 tonnes was delivered to Mt Magnet.

• Mining continued at the Coogee open pit, with the Burbanks Mill achieving gold production of 6,094 ounces with 5,042 fine ounces of gold refined at a total cash cost of A$1,180 per ounce (Sept Qtr: A$1,329).

• A 14 hole Reverse Circulation (RC) & diamond drill programme was completed at the Vivien Gold Project during the Quarter, as work also commenced in terms of a revised mine feasibility study and statutory approvals.

PRODUCTION GUIDANCE – MARCH 2014 QUARTER

• Mt Magnet (inclusive of Western Queen South) is expected to produce 20,000 ounces of gold in the March 2014 quarter, at a total cash cost of A$1,300 per oz.

• Coogee is expected to produce 7,000 ounces of gold in the March 2014 quarter, at a total cash cost of A$1,000 per oz.

HIGHLIGHTS – CORPORATE

• Quarterly gold sales of A$27.8M at an average sale price of A$1,375 / oz

• A$16M gold pre-pay facility with Deutsche Bank executed

• Cash and gold on hand of A$32.5M at the end of the quarter

Fax 08 9202 1138

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Figure 1: Ramelius Project Locations - Western Australia

Ramelius has active gold mining operations at Mt Magnet and Coogee / Burbanks and is purchasing the high grade Vivien gold deposit near Agnew. All of these projects are in Western Australia.

PRODUCTION SUMMARY

Table 1: Gold Production December 2013 quarter

Operation	Mine Production ROM (t)	Milled Tonnes (t)	Head Grade (g/t Au)	Gold Recovery (%)	Production (recovered ounces)	Fine Gold Production (ounces)	Cash Cost (A$/oz)
Mt Magnet*	335,732	373,984	1.52	88	16,036	16,753	1,531
Burbanks	64,539	34,627	5.58	98	6,094	5,042	1,180
Total	400,271	408,611	1.86	89	22,130	21,795	1,450

*includes Western Queen South

MT MAGNET GOLD MINE

Production at Mt Magnet for the quarter saw gold output fall due to the failure of the ball mill drive motor. This was partially offset by milling of higher grade ore and resulted in mill production of 16,036 ounces of gold recovered and 16,753 fine ounces of gold poured.

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Mt Magnet Gold Mine
Production by Quarter
700,000 2.00
600,000 1.75
500,000
1.50
400,000
1.25
300,000
1.00
200,000
0.75
100,000
0 0.50
Mar-12 Jun-12 Sep-12 Dec-12 Mar-13 Jun-13 Sep-13 Dec-13
Milled Tonnes Recovered Gold
Head Grade
grade (g/t)
tonnes and gold (grams)
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Figure 2: Mt Magnet Quarterly Production

The Checkers mill processed 373,984 dry tonnes at a head grade of 1.52 g/t Au for the Quarter. The mill feed grade was the highest achieved to date, with a head grade of 1.73 g/t Au in December 2013.

Failure of the 1,650kW ball mill motor occurred on 9 November 2013. Four full days of milling were lost, after which a bypass circuit was enabled using the SAG mill only and allowing a reduced throughput. By 20 November 2013, a smaller capacity motor of 1,200kW was installed which allowed milling to resume at a throughput rate of around 85%. The original motor is being rebuilt and is expected to be reinstalled and operating in February 2014.

Mining continued to focus on the Saturn pit within the Galaxy area. Further steps were taken to separate and prioritise high grade ore availability during the period of reduced mill throughput. Historic Hill 50 tails material was also milled during the quarter to buffer the mostly fresh Saturn ore feed within the SAG mill. Western Queen South high grade ore was also milled during the quarter.

Total cash costs for the quarter were A$25.7M, with a further A$3.5M expended on capital being primarily a tailings dam lift (A$2.1M) and the Western Queen South haul road upgrade work (A$1.4M).

WESTERN QUEEN SOUTH OPEN PIT

Mining at Western Queen South continued throughout the quarter and although a wall failure interrupted progress in December 2013, good ore production was achieved. Ore is stockpiled at site before haulage to and processing at Mt Magnet.

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Estimated ore production was 69,403 t @ 4.02 g/t for 8,972 oz with mining progressing into fresh, higher grade material. On 4 December 2013, a slip occurred on the western side of the pit wall beneath the ramp. Prism monitoring had shown movement in this area prior to the failure and no injury or equipment damage occurred. After geotechnical inspection a remediation plan was enacted. This involved mining into the failure area to remove unstable material, forming a flatter wall profile, sheeting with fresh waste rock and bunding the toe of the failure zone. By the end of the quarter the slip area was remediated and normal mining activity resumed.

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Figure 3: Mining at Western Queen South – Remediated west wall slip area (above excavator) Jan 2014

Upgrade work to the haulage route continued throughout the quarter, in parallel with limited ore haulage operations. To date, haulage has been limited to the use of single trucks of 30 tonne capacity. A total of 30,967 t @ 4.62 g/t for 4,601 oz was hauled and ore stockpiled at the pit at the end of the quarter was estimated at 62,918 t @ 3.47 g/t for 7,019 oz. The use of larger road trains is expected to commence in February 2014, which will allow higher rates of ore movement from that time.

COOGEE OPEN PIT

Excellent progress was made at Coogee during the quarter with mining proceeding ahead of plan. The Stage 1 pit was completed to the 260mRL and mining of high grade ore commenced during the quarter. The second and final grade control drill campaign was conducted in early December 2013. Mining achieved estimated production of 64,539 t @ 3.92 g/t for 8,141 oz. Completion of mining is expected in the March 2014 quarter. Total capital expenditure at Coogee during the quarter was A$232K primarily being haul road upgrade work ($222K).

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Figure 4: Mining at Coogee – looking south with ore body footwall on east side - December 2013

BURBANKS MILL

Toll milling was completed on 18 October 2013 and milling operations then changed over to Coogee ore. Milling commenced on lower grade supergene ore and switched to high grade main zone ore in November 2013. Grades have reconciled above estimated mined grades and mill production by the end of the quarter was 34,627 t @ 5.58 g/t for 6,094 oz recovered, whilst fine gold poured was 5,042 ounces.

Total cash costs for the quarter were A$6M, with a further A$0.5M expended on capital being primarily a tailings dam lift (A$0.4M).

PROJECT DEVELOPMENT

Vivien Gold Project

Ramelius undertook a diamond drilling campaign at Vivien in the December 2013 quarter. Drilling included 3 geotechnical HQ holes and 3 resource infill NQ holes. Results were similar to expectations with some excellent grades returned in high-grade areas. Drill core also displays the excellent ground conditions present in fresh lode material and surrounding dolerite host unit. Results are included in the Exploration Summary below.

A revised Resource model was in progress at end of the quarter and further mine evaluation work is planned for the March 2014 Quarter.

EXPLORATION SUMMARY

Exploration drilling was undertaken at Vivien and Coogee during the quarter. Total exploration and resource development expenditure for the quarter was $2.77M (incl. project generation of $107K).

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AUSTRALIAN PROJECTS

Vivien Deeps

Encouraging high grade gold intersections have been returned from exploration drilling at the Company’s Vivien Gold Project, located 20km west of Leinster in the Eastern Goldfields of Western Australia.

The Company embarked on a programme of step-out exploration drilling at Vivien, in addition to the development drilling referred to above. The drilling programmes were initiated following the first payment of A$5 million to Agnew Gold Mining Company Pty Ltd for the acquisition of the advanced gold project, as announced on 3 October, 2013.

Assay results are now available for all the diamond holes (VVDD1000 to VVDD1018A), testing below the historical Vivien pit and the modelled north-eastern plunge extensions to the main lode. An aggregate 5,685.92m has been drilled by Ramelius since the first payment was made in October 2013 to acquire the project.

Better drill intersections returned to date include:

• 10.0m at 4.69 g/t Au from 360.0m in VVDD1001

• 5.40m at 8.28 g/t Au from 310.0m in VVDD1003

• 6.70m at 8.29 g/t Au from 241.6m in VVDD1005; and 6.50m at 30.4 g/t Au from 257.7m

• 2.57m at 18.16 g/t Au from 396.3m in VVDD1014 and

• 5.10m at 6.43 g/t Au from 182.9m in VVDD1017

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Figure 5: Longitudinal section – Vivien gold project

The drill hole intersections include encouraging hangingwall mineralisation of 6.70m at 8.29 g/t Au in VVDD1005 (Figure 5). The hangingwall intersection compliments the main lode intersection of 6.50m @ 30.4 g/t Au within the same hole and confirms good continuity of mineralisation around historical drill holes.

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It also highlights the potential for greater thicknesses of high grade gold mineralisation to be discovered below the Vivien pit. True width of the main lode intersections are estimated at 55-60% of the reported down hole width while true widths of the interpreted hangingwall splays are up to 90% of the reported down hole widths.

A table of anomalous results from the December 2013 quarter drilling programme is presented in Appendix 1.

Coogee Extensions

Three RC drill holes (CORC0007 – CORC0009) were drilled during the quarter for an aggregate 714m. The holes were designed to test for economic gold and copper mineralisation to the north of the Coogee open pit. Anomalous gold and copper assays up to 16m at 0.54 g/t Au and 0.12% Cu from CORC0008 have been returned. The copper mineralisation is manifesting as disseminated chalcopyrite and bornite. True widths are estimated to be 100% of the reported down hole intersections. The anomalous drill intersection in CORC0008 is associated with magnetite alteration and is located along the northern edge of a 200m diameter magnetic anomaly; as defined in the regional aeromagnetic data (Figure 6).

Previous gold exploration drilling results were reported in the June 2012 Quarter, but the significance of the gold-copper-magnetite association had not been fully investigated at that time. The reported significant gold intersection in CORC0006 returned 3m at 1.91% Cu.

A table of anomalous results from the December 2013 quarter drilling programme is presented in Appendix 2.

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Figure 6: Plan view – Coogee gold project

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CORPORATE & FINANCE

Gold sales for the December 2013 quarter were A$27.8M at an average price of A$1,375 / ounce.

At 31 December, 2013 the Company held A$28.3M of cash and A$4.2M of gold bullion.

During the Quarter, the Company entered into a A$16M gold pre-pay facility with Deutsche Bank which was drawn down in early December 2013. Under the terms of the facility and consistent with the Company’s existing gold put option acquisition programme, Ramelius has purchased put options over 7,500 ounces of gold per month at a strike price of A$1,200 per ounce for the period from April to August 2014. The facility is secured against the Company’s Mt Magnet assets and will be fully repaid through the delivery of 1,492 ounces of gold per-month from January to August 2014.

As previously advised, the facility enables Ramelius to fast track the acquisition and potential pre-mining work at the high-grade Vivien Gold Project in Western Australia and provides flexibility for the Company to take advantage of potential opportunities to enhance the expanding Mt Magnet gold project via acquisition and/or development of a new satellite open pit.

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Appendix 1: Significant (>0.50 g/t Au) diamond drilling results for the Vivien gold project – Leinster WA

Hole Id	Easting	Northing	Az/Dip	F/Depth (m)	From (m)	To (m)	Interval (m)	g/t Au
VVDD1000	261314	6903285	297/-60	420	380.20 385.90 397.00 402.66	381.20 386.90 398.00 403.66	1.00 1.00 1.00 1.00	1.91 1.44 4.09 15.9*
VVDD1001**	261279	6903244	297/-60	426 Incl.	270.00 306.00 360.00 363.00 391.00 407.00	271.00 309.00 370.00 368.00 392.00 408.48	1.00 3.00 10.0 5.00 1.00 1.48	2.90 2.38 4.69 7.83 2.24 3.74*
VVDD1002	261314	6903285	297/-57	180			precollar	only
VVDD1003	261138	6903115	297/-60	360.1 Incl.	310.00 311.85	315.40 313.85	5.40 2.00	8.28 21.3
VVDD1004**	261045	6903058	297/-60	290	248.00 287.00	253.00 288.00	5.00 1.00	1.09* 25.1
VVDD1005**	261086	6903192	297/-69	285 Incl. +	241.60 257.70 257.70 258.95	248.30 264.20 261.70 259.70	6.70 6.50 4.00 0.75	8.29 30.4* 48.5 150.3
VVDD1006	261278	6903202	297/-61	109			precollar	only
VVDD1007**	261275	6903203	297/-65	474.1	432.00 440.00	433.00 443.00	1.00 3.00	1.11 0.96*
VVDD1008	260900	6902902	297/-56	169.95	169.00	169.95	0.95 Geotech	2.25 hole
VVDD1009	260988	6902975	297/-60	253.45			Geotech	NSR hole
VVDD1010	261277	6903244	297/-57	54			precollar	only
VVDD1011	261276	6903244	297/-58	138			precollar	only
VVDD1012B	261288	6903262	300/-55	404	370.20	372.20	2.00	3.64
VVDD1013	261310	6903287	297/-64	42			precollar	only
VVDD1014	261312	6903289	297/-61	419.97	393.30 396.30	394.30 398.87	1.00 2.57	1.75 18.16*
VVDD1015	261315	6903291	308/-61	460.21	409.67 427.36 445.20	410.57 427.96 445.90	0.90 0.60 0.70	8.49 11.3* 3.83
VVDD1016	261283	6903242	297/-72	205			precollar	only
VVDD1017	260860	6903261	126/-52	212.97	175.00 182.90	178.90 188.00	3.90 5.10	4.06 6.43*
VVDD1018A	261094	6903180	358/-62	402.65	20.00 118.55 169.50 246.30 249.80 256.85 296.50 301.00 321.00 356.00	28.00 121.00 169.80 246.80 252.80 257.85 297.30 303.00 321.60 361.60	8.00*** 2.45 0.30 0.50 3.00 1.00 0.80 2.00 0.60 5.60	2.00 3.44 8.68 4.06 1.23 1.81 1.15 1.19 1.04 2.17*

Reported significant gold assay intersections (using a 0.50 g/t Au lower cut) are calculated over a minimum down hole interval of 1m at plus 0.50 g/t gold and may contain up to 1m of internal dilution. NSR denotes no anomalous assays above 0.50g/t Au. BLD denotes below analytical detection. Main Lode gold determination was by Screened Fire Assay, using 50gm charges with AAS finishes and a lower limit of detection of 0.01 g/t Au, otherwise standard Fire Assay techniques using a 50 gram charge and AAS finish were employed (LLD 0.01 g/t Au). True widths are estimated to represent 55-60% of the reported Main Lode down hole intersections. * Denotes Main Lode intersection ** Denotes intersections previously reported to the ASX on 13/11/2013 and included here for completeness (light grey font) *** Denotes 4m composite RC samples

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Appendix 2: Significant (>0.50 g/t Au) RC drilling results for the Coogee gold project – Kambalda WA

Hole Id	Easting	Northing	Az/Dip	F/Depth (m)	From (m)	To (m)	Interval (m)	g/t Au	% Cu
CORC0006	393085	6555695	046/-70	140	121	124	3	0.89*	1.91
CORC0007	392983	6555663	047/-60	234	7 105 117 213	8 106 120 214	1 1 3 1	0.67 1.00 1.09 0.51	NSR 0.87 0.82 NSR
CORC0008	393012	6555623	044/-56	240	91 96 118	92 98 134	1 2 16	0.57 0.95 0.54	0.19 0.86 0.12
CORC0009	393528	6555341	040/-56	240	203	204	1	0.64	0.95

Reported significant gold assay intersections (using a 0.50 g/t Au lower cut) are calculated over a minimum down hole interval of 1m at plus 0.50 g/t gold and may contain up to 1m of internal dilution. NSR denotes no anomalous assays above 0.50g/t Au or above 0.1% Cu. BLD denotes below analytical detection. Gold determination was by Fire Assay, using 50gm charges with AAS finishes and a lower limit of detection of 0.01 g/t Au. Trace element analysis was by multi-acid (4 acid) digestion and AES finish. True widths are estimated to represent 100% of the reported down hole intersections

• Gold intersection in CORC0006 previously reported in June 2012 Quarter.

The Information in this report that relates to Exploration Results is based on information compiled by Kevin Seymour.

Kevin Seymour is a Member of the Australasian Institute of Mining and Metallurgy and has sufficient experience which is relevant to the styles of mineralisation and type of deposits under consideration and to the activity he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the Australasian Code of Reporting of Exploration Results, Mineral Resources and Ore Reserves. Kevin Seymour is a full-time employee of the Company and consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

The Information in this report that relates to resource drilling, mineral resources, ore reserves and estimated mine grade is based on information compiled by Rob Hutchison.

Rob Hutchison is a Member of the Australasian Institute of Mining and Metallurgy and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the Australasian Code of Reporting of Exploration Results, Mineral Resources and Ore Reserves. Rob Hutchison is a full-time employee of the Company and consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

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JORC Code, 2012 Edition – Table 1 report

Section 1 Sampling Techniques and Data

(Criteria in this section apply to all succeeding sections.)

Criteria	JORC Code explanation	Commentary
Sampling	• Nature and quality of sampling (eg cut	•The mineralisation was systematically sampled
techniques	channels, random chips, or specific	using industry standard 1m intervals, collected
	specialised industry standard	from reverse circulation (RC) drill holes.
	measurement tools appropriate to the	•Drill hole locations were designed to allow for
	minerals under investigation, such as	spatial spread across the interpreted mineralised
	down hole gamma sondes, or	zone. All RC samples were riffle split to 3-4kg
	handheld XRF instruments, etc).	samples on 1m metre intervals.
	These examples should not be taken	•Standard fire assaying was employed using a
	as limiting the broad meaning of	50gm charge with an AAS finish. Trace element
	sampling.	determination was undertaken using a multi (4)
	• Include reference to measures taken	acid digest and ICP- AES finish.
	to ensure sample representivity and
	the appropriate calibration of any
	measurement tools or systems used.
	• Aspects of the determination of
	mineralisation that are Material to the
	Public Report.
	• In cases where ‘industry standard’
	work has been done this would be
	relatively simple (eg ‘reverse
	circulation drilling was used to obtain
	1 m samples from which 3 kg was
	pulverised to produce a 30 g charge
	for fire assay’). In other cases more
	explanation may be required, such as
	where there is coarse gold that has
	inherent sampling problems. Unusual
	commodities or mineralisation types
	(eg submarine nodules) may warrant
	disclosure of detailed information.
Drilling	• Drill type (eg core, reverse circulation,	•Drilling was completed using best practice 5 ¾”
techniques	open-hole hammer, rotary air blast,	face sampling RC drilling hammers.
	auger, Bangka, sonic, etc) and details
	(eg core diameter, triple or standard
	tube, depth of diamond tails, face-
	sampling bit or other type, whether
	core is oriented and if so, by what
	_method, etc). _
Drill sample	• Method of recording and assessing	•Bulk RC drill holes samples were visually
recovery	core and chip sample recoveries and	inspected by the supervising geologist to ensure
	results assessed.	adequate clean sample recoveries were
	• Measures taken to maximise sample	achieved. Any wet, contaminated or poor
	recovery and ensure representative	sample returns were flagged and recorded in the
	nature of the samples.	database to ensure no sampling bias was
	• Whether a relationship exists between	introduced.
	sample recovery and grade and	•Zones of poor sample return are recorded in the
	whether sample bias may have	database and cross checked once assay results
	occurred due to preferential loss/gain	are received from the laboratory to ensure no
	of fine/coarse material.	misrepresentation of sampling intervals has
		occurred. Of note, excellent RC drill recovery is
		reported from all RC holes at Coogee.

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Criteria	JORC Code explanation	Commentary
Logging	• Whether core and chip samples have	•All RC drill samples are geologically logged on
	been geologically and geotechnically	site by professional geologists. Details on the
	logged to a level of detail to support	host lithologies, deformation, dominant minerals
	appropriate Mineral Resource	including sulphide species and alteration
	estimation, mining studies and	minerals plus veining are recorded relationally
	metallurgical studies.	(separately) so the logging is interactive and not
	• Whether logging is qualitative or	biased to lithology.
	quantitative in nature. Core (or	•Drill hole logging of RC chips is qualitative on
	costean, channel, etc) photography.	visual recordings of rock forming minerals and
	• The total length and percentage of the	quantitative on estimates of mineral abundance.
	relevant intersections logged.	•The entire length of the RC drill holes are
		geologicallylogged.
Sub-	• If core, whether cut or sawn and	•Duplicate samples are collected every 25th
sampling	whether quarter, half or all core taken.	sample from the RC precollar chips.
techniques	• If non-core, whether riffled, tube	•Dry RC 1m samples are riffle split to 3-4kg as
and sample	sampled, rotary split, etc and whether	drilled and dispatched to the laboratory. Any
preparation	sampled wet or dry.	wet samples are recorded in the database as
	• For all sample types, the nature,	such and allowed to dry before splitting and
	quality and appropriateness of the	dispatching to the laboratory.
	sample preparation technique.	•All samples are pulverized prior to splitting in the
	• Quality control procedures adopted for	laboratory to ensure homogenous samples with
	all sub-sampling stages to maximise	85% passing 75um. 200gm is extracted by
	representivity of samples.	spatula that is used for the 50gm charge on
	• Measures taken to ensure that the	standard fire assays.
	sampling is representative of the in	•RC samples submitted to the laboratory are
	situ material collected, including for	sorted and reconciled against the submission
	instance results for field	documents. In addition to duplicates a high
	duplicate/second-half sampling. • Whether sample sizes are appropriate to the grain size of the material being	grade or low grade standard is included every 25thsample, a controlled blank is inserted every 100thsample. The laboratory uses barren
	sampled.	flushes to clean their pulveriser and their own
		internal standards and duplicates to ensure
		industry best practice quality control is
		maintained.
		•The sample size is considered appropriate for
		the type, style, thickness and consistency of
		mineralization at Coogee.
Quality of	• The nature, quality and	•The fire assay method is designed to measure
assay data	appropriateness of the assaying and	the total gold in the sample. The technique
and	laboratory procedures used and	involves standard fire assays using a 50gm
laboratory	whether the technique is considered	sample charge with a lead flux (decomposed in
tests	partial or total.	the furnace). The prill is totally digested by HCl
	• For geophysical tools, spectrometers,	and HNO3acids before measurement of the
	handheld XRF instruments, etc, the	gold determination by AAS.
	parameters used in determining the	•No field analyses of gold grades are completed.
	analysis including instrument make	Quantitative analysis of the gold content and
	and model, reading times, calibrations	trace elements is undertaken in a controlled
	factors applied and their derivation,	laboratory environment.
	etc.	•Industry best practice is employed with the
	• Nature of quality control procedures	inclusion of duplicates and standards as
	adopted (eg standards, blanks,	discussed above, and used by Ramelius as well
	duplicates, external laboratory checks)	as the laboratory. All Ramelius standards and
	and whether acceptable levels of	blanks are interrogated to ensure they lie within
	accuracy (ie lack of bias) and	acceptable tolerances. Additionally, sample
	precision have been established.	size, grind size and field duplicates are
		examined to ensure no bias to gold grades
		exists.
Verification	• The verification of significant	•Alternative Rameliuspersonnel have inspected

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Criteria	JORC Code explanation	Commentary
of sampling	intersections by either independent or	the RC chips in the field to verify the correlation
and	alternative company personnel.	of mineralized zones between assay results and
assaying	• The use of twinned holes.	lithology, alteration and mineralization.
	• Documentation of primary data, data	•All holes are digitally logged in the field and all
	entry procedures, data verification,	primary data is forwarded to Ramelius’
	data storage (physical and electronic)	Database Administrator (DBA) in Perth where it
	protocols.	is imported into Datashed, a commercially
	• Discuss any adjustment to assay data.	available and industry accepted database
		software package. Assay data is electronically
		merged when received from the laboratory. The
		responsible project geologist reviews the data in
		the database to ensure that it is correct and has
		merged properly and that all the drill data
		collected in the field has been captured and
		entered into the database correctly.
		•The responsible geologist makes the DBA
		aware of any errors and/or omissions to the
		database and the corrections (if required) are
		corrected in the database immediately.
		•No adjustments or calibrations are made to any
		of the assay data recorded in the database.
		•No new mineral resource estimate is included in
		this report.
Location of	• Accuracy and quality of surveys used	•All drill hole collars are picked up using accurate
data points	to locate drill holes (collar and down-	RTK-GPS survey control. All down hole surveys
	hole surveys), trenches, mine	are collected using non-magnetic gyro surveying
	workings and other locations used in	techniques from recognized industry surveying
	Mineral Resource estimation.	service providers.
	• Specification of the grid system used.	•All holes are picked up in MGA94 – Zone 51 grid
	• Quality and adequacy of topographic	coordinates.
	control.	•Topographic control is established from DTMs
		generated from mine surveyors’ total station final
		pickups of the active Coogee open cut and
		surroundinglandforms.
Data spacing	• Data spacing for reporting of	•Deeper exploration drill holes were planned on
and	Exploration Results.	nominal 50m x 50m partings.
distribution	• Whether the data spacing and	•Given the detailed understanding of the target
	distribution is sufficient to establish the	horizon within the pit where it has been intensely
	degree of geological and grade	drilled down to 10m partings in places this
	continuity appropriate for the Mineral	broader spacing is considered adequate as a
	Resource and Ore Reserve estimation	first pass to define the continuity of
	procedure(s) and classifications	mineralisation, ahead of any infill as required for
	applied.	future resource estimation work.
	• Whether sample compositing has	•No sampling compositing has been applied
	been applied.	within keymineralisedintervals.
Orientation	• Whether the orientation of sampling	•The drilling is drilled to 270 degrees, being
of data in	achieves unbiased sampling of	orthogonal to the strike of the target horizon.
relation to	possible structures and the extent to	Structural logging within the Coogee pit supports
geological	which this is known, considering the	the drilling direction and sampling method.
structure	deposit type.	•No drilling orientation and/or sampling bias has
	• If the relationship between the drilling	been recognized at this time.
	orientation and the orientation of key
	mineralised structures is considered to
	have introduced a sampling bias, this
	should be assessed and reported if
	material.
Sample	• The measures taken to ensure sample	•Sample securityis integral to Ramelius’

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Criteria	JORC Code explanation	Commentary
security	security.	sampling procedures. All bagged RC samples
		are delivered directly from the field to the assay
		laboratory in Kalgoorlie, whereupon the
		laboratory checks the physically received
		samples against Ramelius’ sample
		submission/dispatch notes.
Audits or	• The results of any audits or reviews of	•Sampling techniques and procedures are
reviews	sampling techniques and data.	reviewed prior to the commencement of new
		work programmes to ensure adequate
		procedures are in place to maximize the sample
		collection and sample quality on new projects.
		No external audits have been completed over
		Coogee to date.

Section 2 Reporting of Exploration Results

(Criteria listed in the preceding section also apply to this section.)

Criteria	JORC Code explanation	Commentary
Mineral	• Type, reference name/number,	• The results reported in this report are on
tenement	location and ownership including	granted Mining Leases (ML) 26/477 held by
and land	agreements or material issues with	Ramelius Resources Limited. The mining lease
tenure status	third parties such as joint ventures,	is located on pastoral leases. Heritage surveys
	partnerships, overriding royalties,	are completed prior to any ground disturbing
	native title interests, historical sites,	activities in accordance with Ramelius’
	wilderness or national park and	responsibilities under the Aboriginal Heritage
	environmental settings.	Act.
	• The security of the tenure held at the	• At this time the tenements are in good
	time of reporting along with any	standing. There are no known impediments to
	known impediments to obtaining a	obtaining a licence to operate in the area.
	licence to operate in the area.
Exploration	• Acknowledgment and appraisal of	• Exploration by other parties has been reviewed
done by	exploration by other parties.	and is used as a guide to Ramelius’ exploration
other parties		activities. Previous parties have completed
		shallow RAB, Aircore and RC drilling,
		geophysical data collection and interpretation.
		This report concerns only exploration results
		generated byRamelius.
Geology	• Deposit type, geological setting and	• The mineralisation at Coogee is a typical
	style of mineralisation.	orogenic structurally controlled Archaean gold
		lode system, displaying anomalous copper and
		silver trace element geochemistry. The
		mineralisation is controlled by a NW to NNW
		trending anastomosing shear zone passing
		through felsic volcaniclastics and their volcanic
		equivalents. The Coogee deposit extends over
		300m strike (where currently being mined) and
		dips around 300to the southwest. High grade
		gold mineralization plunges around 300to the
		southwest.
Drill hole	• A summaryofall information	• All the drill holes reported in this report have

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Criteria	JORC Code explanation	Commentary
Information	material to the understanding of the	the following parameters applied. All drill holes
	exploration results including a	completed, including holes with no significant
	tabulation of the following	results (>0.5 g/t Au) are reported in this
	information for all Material drill holes:	announcement.
	o easting and northing of the drill	• Easting and northing are given in MGA94 – Zone
	hole collar	51 coordinates
	o elevation or RL (Reduced Level –	• RL is AHD
	elevation above sea level in	• Dip is the inclination of the hole from the
	metres) of the drill hole collar	horizontal. Azimuth is reported in magnetic
	o dip and azimuth of the hole	degrees as the direction the hole is drilled.
	o down hole length and interception	MGA94 and magnetic degrees vary by <10in the
	depth	project area.
	o hole length.	• Down hole length is the distance measured
	• If the exclusion of this information is	along the drill hole trace. Intersection length is
	justified on the basis that the	the thickness of an anomalous gold intersection
	information is not Material and this	measured along the drill hole trace.
	exclusion does not detract from the	• Hole length is the distance from the surface to
	understanding of the report, the	the end of the hole measured along the drill
	Competent Person should clearly	hole trace.
	explain why this is the case.	• No results currently available from the
		exploration drilling are excluded from this
		report. Only gold grade intersections >0.5g/t
		Au with up to 1m of internal dilution are
		considered significant and are reported in this
		report. Gold grades less than 0.5 g/t Au are not
		considered material due to their low grade nor
		are outlier plus 1000ppm copper assays without
		coincidentgold anomalism.
Data	• In reporting Exploration Results,	• The first gold assay result received from each
aggregation	weighting averaging techniques,	sample reported by the laboratory is tabled in
methods	maximum and/or minimum grade	the list of significant assays. Subsequent repeat
	truncations (eg cutting of high	analyses when performed by the laboratory are
	grades) and cut-off grades are usually	checked against the original to ensure
	Material and should be stated.	repeatability of the assay results.
	• Where aggregate intercepts	• Weighted average techniques are applied to
	incorporate short lengths of high	determine the grade of the anomalous interval
	grade results and longer lengths of	when geological intervals less than 1m have
	low grade results, the procedure used	been sampled.
	for such aggregation should be stated	• Results are reported using a 0.5 g/t Au lower
	and some typical examples of such	cut-off and may include up to 1m of internal
	aggregations should be shown in	dilution. Significant assays greater than 8 g/t Au
	detail.	are reported separately as contained within the
	• The assumptions used for any	broader lower grade intervals. For example the
	reporting of metal equivalent values	broader plus 0.5 g/t Au intersection of 6.5m @
	should be clearly stated.	30.5 g/t Au contains a higher grade zone
		running plus 8 g/t Au and is included as 4m @
		48.5 g/t Au. Where extremely high gold
		intersections are encountered as in this
		example, the highest grade sample interval
		(0.75m@150g/t Au)is also reported. All assay

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Criteria	JORC Code explanation	Commentary
		results are reported to 3 significant figures in
		line with the analytical precision of the
		laboratory techniques employed.
		• No metal equivalent reporting is used or
		applied.
Relationship	• These relationships are particularly	• The intersection length is measured down the
between	important in the reporting of	length of the hole and is not usually the true
mineralisatio	Exploration Results.	width. When sufficient knowledge on the
n widths and	• If the geometry of the mineralisation	thickness of the intersection is known an
intercept	with respect to the drill hole angle is	estimate of the true thickness is provided.
lengths	known, its nature should be reported.	• The geometry of the mineralization with
	• If it is not known and only the down	respect to the drill holes reported in this report
	hole lengths are reported, there	is well constrained from historical mining and
	should be a clear statement to this	previous drill hole intersections.
	effect (eg ‘down hole length, true
	width not known’).
Diagrams	• Appropriate maps and sections (with	• A plan view is provided in this report to enable
	scales) and tabulations of intercepts	the reader to see the intersections relative to
	should be included for any significant	previous mining and previous drill hole
	discovery being reported These should	intersections plus the current interpretation of
	include, but not be limited to a plan	the overall lode geometry. Given the shallow
	view of drill hole collar locations and	dip of the mineralization at Coogee the plan
	appropriate sectional views.	view presentation is currently considered the
		best 2-D representation of the known spatial
		extent of the mineralization intersected to date.
		Cross sections will be prepared for future
		releases when additional holes are drilled up
		and down dipof the new holes reported.
Balanced	• Where comprehensive reporting of all	• All RC drill holes completed to date are
reporting	Exploration Results is not practicable,	reported in this report and all material
	representative reporting of both low	intersections (>0.5 g/t Au) are reported.
	and high grades and/or widths should	Associated anomalous copper (>0.1% Cu) is also
	be practiced to avoid misleading	reported.
	reportingofExploration Results.
Other	• Other exploration data, if meaningful	• No other exploration data that has been
substantive	and material, should be reported	collected is considered meaningful and material
exploration	including (but not limited to):	to this report.
data	geological observations; geophysical
	survey results; geochemical survey
	results; bulk samples – size and
	method of treatment; metallurgical
	test results; bulk density,
	groundwater, geotechnical and rock
	characteristics; potential deleterious
	or contaminatingsubstances.
Further work	• The nature and scale of planned	• Future exploration includes step out drilling
	further work (eg tests for lateral	away from the reported intersections to better
	extensions or depth extensions or	define the extent of the mineralisation.
	large-scale step-out drilling).	• The attached plan view section highlights the
	• Diagrams clearlyhighlightingthe	interpretedplunge extensions to the known

16

Criteria	JORC Code explanation	Commentary
	areas of possible extensions, including	mineralisation.
	the main geological interpretations
	and future drilling areas, provided this
	information is not commercially
	sensitive.

17