Page 1

RAMELIUS RESOURCES ACN 001 717 540 ASX code : RMS 21 October 2021 ISSUED CAPITAL Ordinary Shares : 815M DIRECTORS NON - EXECUTIVE CHAIR : Bob Vassie MANAGING DIRECTOR : Mark Zeptner NON - EXECUTIVE DIRECTORS : Michael Bohm David Southam Natalia Streltsova COMPANY SECRETARY : Richard Jones www.rameliusresources.com.au ramelius@rameliusresources.com.au RAMELIUS RESOURCES LIMITED Registered Office Level 1 , 130 Royal Street East Perth WA 6004 Tel +61 8 9202 1127 PO Box 6070 East Perth , WA 6892 ASXRELEASE 21 October 2021 September 2021 Quarterly Activities Report HIGHLIGHTS Quarterly group gold production of 65,686 ounces at an AISC of A $ 1,445 / oz O Mt Magnet ( incl . Vivien ) - 33,958 ounces O Edna May ( incl . Marda ) – 31,728 ounces ▪ Cash & gold of A $ 273.9M ( June 2021 Qtr : A $ 234.0M ) ▪ Net cash & gold increased A $ 39.9M across the Quarter ■ Publication of 2021 Resource & Reserve Statement¹ Mineral Resources of 110Mt at 1.6 g / t Au for 5.4Moz gold Ore Reserves of 17Mt at 2.0 g / t Au for 1.1 Moz gold ▪ Broad exploration results from early stage , deeper RC drilling of the Bartus East Prospect at Mt Magnet include : O ■ O O 82m at 1.65 g / t Au from 131m in GXRC0864 , incl . 18m at 5.15g / t Au from 139m 99m at 1.02 g / t Au from 178m in GXRC0865 , incl . 4m at 12.4g / t Au from 259m PRODUCTION GUIDANCE - H1 FY22 Group gold production Guidance for H1 FY22 remains on track for 130,000 - 150,000 ounces at an AISC of A $ 1,450 - 1,550 / oz , with the September 2021 Quarter performance slightly better than with expected and the December 2021 Quarter forecast stronger again , as previously flagged ▪ Unchanged capital & project development expenditure of approximately A $ 50M , incl .: Mt Magnet - A $ 4M Penny - A $ 27M O Tampia - A $ 12M O Marda ( Die Hardy ) - A $ 7M CORPORATE Quarterly gold sales of 55,075 ounces for total revenue of A $ 127.6M from an average gold price of A $ 2,317 / oz . ▪ Cash & gold on hand increased to A $ 273.9M ( Jun 2021 Qtr : A $ 234.0M ) after receipt of payment for the sale of Kathleen Valley lithium royalty ( A $ 30.25M ) and further investment in the development of the Ramelius ' portfolio , including A $ 7.4M on exploration and A $ 18.9M in project development costs . ▪ As at the end of September 2021 , forward gold sales consisted of 196,000 ounces of gold at an average price of A $ 2,363 / oz , for the period out to September 2023 . ▪ Subsequent to the end of the Quarter , on 18 October 2021 Ramelius announced it was making a recommended off - market takeover offer for Apollo Consolidated Limited ( ASX : AOP ) 1 See RMS ASX Release , " Resources and Reserves Statement 2021 " , 10 September 2021