Slides
Page 1
1REBECCA-ROE GOLD PROJECT PFS RESULTS • DECEMBER 2024 Ramelius Resources Limited ASX:RMS Mark Zeptner Managing Director July 2024 DECEMBER 2024 Rebecca - Roe Gold Project PFS Results
Page 2
2REBECCA-ROE GOLD PROJECT PFS RESULTS • DECEMBER 2024 2 PFS KEY HIGHLIGHTS* ➢ After tax net present value (NPV5%) of A$332 million at a base case of A$3,500/oz ➢ At a gold price of A$4,000/oz, after tax net present value (NPV5%) is A$610 million ➢ Undiscounted cash flow, before tax, of A$688 million at A$3,500/oz (A$1,199 million @ A$4,000/oz) ➢ Internal rate of return (“IRR”) after tax of 26% at A$3,500/oz ➢ Gold production averages 130,000 ounces per annum over the Life-of-Mine (LOM) at an all in sustaining costs (AISC) of A$2,346 per ounce ➢ Mine Plan of 25Mt at 1.4g/t for 1.1Moz of contained gold # ➢ Maiden Ore Reserve (open pit only) of 20Mt at 1.3g/t for 0.85Moz ➢ Underground Ore Reserves by July 2025 *For further information of the PFS discussed in this presentation, see RMS ASX Release “Rebecca-Roe Gold Project Pre-Feasibility Study”, 12 December 2024 #Cautionary Statement: The Mine Plan contains both a proportion of Ore Reserves (74%) and Indicated (21%) and Inferred Mineral Resources (5%). There is a lower level of geological confidence associated with Indicated and Inferred Mineral Resources and there is no certainty will result in the determination of Indicated and Inferred Mineral Resources convert to Ore Reserves and form part of the final Production Target. Parameter Unit Pre-Feasibility Study (December 2024) General Start date (site establishment) Mth January 2026 Mining commencement Mth September 2026 Production commencement Mth July 2027 Initial life Yrs 9 Mining (open pit) Ore tonnes Mt 20.0 Grade g/t 1.32 Contained gold Moz 0.85 Operating cost A$/t 51.30 Mining (underground) Ore tonnes Mt 5.0 Grade g/t 1.83 Contained gold Moz 0.29 Operating cost $/t 116.60 Processing Ore tonnes Mt 25.0 Grade g/t 1.42 Contained gold Moz 1.14 Recovery % 92.9 Gold production Moz 1.06 Royalties A$M 146 Operating cost (including haulage & admin) $/t 36.80 Financial Growth capital - PP&E A$M 313 Growth capital - pre-production A$M 225 AISC A$/oz 2,346 AIC A$/oz 2,853 Undiscounted cash flow (pre-tax) @ A$3,500/oz (base) A$M 688 Undiscounted cash flow (pre-tax) @ A$4,000/oz (spot) A$M 1,199 Pre-tax NPV5% @ A$3,500/oz A$M 448 Post-tax NPV5% @ A$3,500/oz A$M 332 Post-tax NPV5% @ A$4,000/oz A$M 610 Payback Period @ A$3,500/oz Years 4
Page 3
3REBECCA-ROE GOLD PROJECT PFS RESULTS • DECEMBER 2024 3 KEY MILESTONES ➢ Definitive Feasibility Study to be completed in July 2025, basis of Final Investment Decision ➢ Underground Ore Reserves published in July 2025 ➢ Rebecca Environmental Protection Act Part V expected in June 2026 ➢ Rebecca mining commencement September 2026 ➢ Plant construction in FY27 ➢ Production commencement July 2027 ➢ Roe Environmental Protection Act Part IV expected in September 2027 ➢ Roe mining commencement October 2027
Page 4
4REBECCA-ROE GOLD PROJECT PFS RESULTS • DECEMBER 2024 4 LOCATION & MINERAL RESOURCES* ROE Indicated Inferred Total Deposit Tonnes (Mt) Grade Ounces (Koz) Tonnes (Mt) Grade Ounce s (Koz) Tonnes (Mt) Grade Ounces (Koz) Bombora OP 16.0 1.5 740 3.1 1.3 130 19.0 1.4 870 Bombora UG 4.3 2.5 350 4.7 2.1 320 9.0 2.3 670 Bombora Sub- total 20.0 1.7 1,100 7.8 1.8 450 28.0 1.7 1,500 Kopai Crescent 2.9 1.1 110 1.5 0.9 45 4.4 1.1 150 Claypan 2.0 1.1 69 2.0 1.1 69 Total Roe Project 23.0 1.6 1,200 11.0 1.6 560 34.0 1.6 1,800 Figures rounded to 2 significant figures. Rounding errors may occur. Bombora Open Pit reported above 0.5g/t cutoff and above the 100mRL. Bombora Underground reported above 1.0g/t cutoff and below the 100mRL. Kopai Crescent and Claypan reported above 0.5g/t cutoff REBECCA Indicated Inferred Total Deposit Tonnes (Mt) Grade Ounces (Koz) Tonnes (Mt) Grade Ounces (Koz) Tonnes (Mt) Grade Ounces (Koz) Rebecca 17.0 1.5 820 3.1 1.4 140 20.0 1.5 960 Duchess 7.3 0.9 220 2.4 0.9 72 9.7 0.9 290 Duke 2.0 1.1 73 0.7 1.1 25 2.7 1.1 98 Cleo 0.7 1.1 26 0.2 1.0 8 0.9 1.1 34 Total 27.0 1.3 1,100 6.5 1.2 240 33.0 1.3 1,400 Figures rounded to 2 significant figures. Rounding errors may occur. All Resources reported above 0.5g/t cutoff *See RMS ASX Release “Resources and Reserves Statement 2024”, 2 September 2024
Page 5
5REBECCA-ROE GOLD PROJECT PFS RESULTS • DECEMBER 2024 5 ROE UNDERGROUND BOMBORA UNDERGROUND RESOURCE CONVERSION PLANS 1See RMS ASX Release “Resources and Reserves Statement 2024”, 2 September 2024 2See RMS ASX Release “Rebecca-Roe Gold Project Pre-Feasibility Study, 12 December 2024 ➢ Drilling at Roe complete in July and model updated resulting in additional underground ounces identified for planned production ➢ Completion of geotechnical and hydrology work required before conversion to Ore Reserve BOMBORA UG RESOURCE ➢ UG Mineral Resource of 9Mt @ 2.3g/t Au for 670Koz1 PRODUCTION TARGET ➢ UG 5Mt @ 1.8g/t Au for 290Koz2
Page 6
6REBECCA-ROE GOLD PROJECT PFS RESULTS • DECEMBER 2024 6 PERMITTING PROCESS Dec 24 Mar 25 Jun 25 Sep 25 Dec 25 Mar 26 Jun 26 Sep 26 Dec 26 Mar 27 Jun 27 Sep 27 Environmental Protection Act Part V - early works Environmental Protection Act Part V - main project Mining Act - Mining Proposals & permits - early works Mining Act - Mining Proposals & permits - main project RIWI Act - licence to take water Dec 24 Mar 25 Jun 25 Sep 25 Dec 25 Mar 26 Jun 26 Sep 26 Dec 26 Mar 27 Jun 27 Sep 27 Environmental Protection Act Part IV - main project Mining Act - Mining Proposals & permits - main project RIWI Act - licence to take water SUMMARY OF ENVIRONMENTAL APPROVALS - REBECCA SUMMARY OF ENVIRONMENTAL APPROVALS - ROE ➢ Rebecca project will be managed in accordance with Part V of the Environmental Protection Act (~12 months) ➢ Roe project referred to the Environmental Protection Authority (~24 months) – due to mining on the salt lake
Page 7
7REBECCA-ROE GOLD PROJECT PFS RESULTS • DECEMBER 2024 7 SITE LAYOUT Rebecca to Roe Haul Road Rebecca Site Layout ➢ Rebecca will become the new mining hub with a new 3Mtpa processing plant ➢ 65km haul road to be constructed between Rebecca and Roe ➢ At Rebecca – 3 open pits ▪ Rebecca ▪ Duke ▪ Duchess ▪ 240 room camp ➢ At Roe – 3 open pits & 1 underground ▪ Bombora (1800, 1100 & 0700) ▪ Bombora underground ▪ 112 room camp ➢ Existing assets to be used where possible
Page 8
8REBECCA-ROE GOLD PROJECT PFS RESULTS • DECEMBER 2024 8 PROCESS PLANT FLOWSHEET ➢ Single stage jaw crusher to produce P80 of 140mm ➢ SAG, ball mill & pebble crusher to produce P80 of 75um ➢ Intense Leach Reactor (ILR) ➢ Pre-leach thickener, 2 leach and 6 adsorption tanks ➢ 24-hour total residence time ➢ Separate acid wash and elution columns using split AARL* process ➢ Gold room containing 2 electro- winning cells in parallel * Anglo-American Research Laboratories
Page 9
9REBECCA-ROE GOLD PROJECT PFS RESULTS • DECEMBER 2024 9 PROCESS PLANT LAYOUT ➢ The Tailings Storage Facility will comprise two-cell paddock storage formed by multi-zoned earthfill embankments ➢ The TSF is designed to store a total of 30Mt of tailings ➢ Power station will be situated adjacent to the Rebecca plant consisting of both solar and thermal power Solar Farm ▪ Rated at 20,276 kW DC (equivalent to 29.606-Gigawatt hour) ▪ Single axis tracking ▪ Battery storage system – rated at 7,600 kW / 3,800 kWh Thermal plant ▪ 9 X 2,500kW gas fuelled units ▪ 2 X 850kW diesel fuelled units
Page 10
10REBECCA-ROE GOLD PROJECT PFS RESULTS • DECEMBER 2024 10 GOLD PRODUCTION PROFILE ➢ Total production over Life-of-Mine of 1.063 million ounces ➢ Gold production averages 130,000 ounces per annum over the Life-of-Mine (LOM) at an all in sustaining costs (AISC) of A$2,346 per ounce ➢ 92.9% targeted overall gold recovery Production highlights Unit FY26 FY27 FY28 FY29 FY30 FY31 FY32 FY33 FY34 FY35 FY36 LOM Open pit mining Material moved Kbcm - 12,586 17,292 13,601 8,436 10,385 5,154 3,232 2,122 - - 72,807 Strip ratio (high grade ore) w:o - 118.2 14.5 8.7 16.6 18.6 4.3 13.1 11.4 - - 13.5 Ore tonnes Kt - 540 3,922 4,566 1,938 2,959 3,846 828 1,442 - - 20,040 Grade g/t - 0.94 1.24 1.45 1.51 1.09 1.53 1.34 0.86 - - 1.32 Contained gold Koz - 16 157 213 94 104 190 36 40 - - 850 Underground mining Ore tonnes Kt - - - - - 516 1,163 1,039 1,131 1,024 109 4,981 Grade g/t - - - - - 1.76 1.64 1.83 1.93 2.00 1.74 1.83 Contained gold Koz - - - - - 29 61 61 70 66 6 294 Processing Tonnes Kt - - 2,846 2,968 2,968 2,968 2,977 2,968 2,968 2,968 1,388 25,022 Grade g/t - - 1.33 1.65 1.64 1.21 1.77 1.68 1.26 1.13 0.74 1.42 Contained gold Koz - - 122 158 157 116 170 161 120 108 33 1,144 Recovery % 0.0% 0.0% 93.7% 92.9% 93.2% 93.0% 92.8% 92.8% 92.5% 92.5% 93.1% 92.9% Gold production Koz - - 114 146 146 108 158 149 111 100 31 1,063
Page 11
11REBECCA-ROE GOLD PROJECT PFS RESULTS • DECEMBER 2024 11 FINANCIALS | CAPITAL EXPENDITURE Capital expenditure (infrastructure & equipment) $M Mobilisation & demobilisation 18 Underground infrastructure 10 Process plant 190 TSF construction 15 Access roads 12 Water management 35 Camps 14 Aerodrome 13 Other 6 Total 313 ➢ Total growth capital spend for project of $313M with process plant making up $190M of the total ➢ In addition to this a total of $42M sustaining capital expenditure (included within AISC) ➢ Growth capital in FY28 relates to access road and water management; FY30 relates to the commencement of underground operations TOTAL CAPITAL EXPENDITURE (INFRASTRUCTURE & EQUIPMENT) A$M Note: Year with no growth capital spend are not show in the chart above
Page 12
12REBECCA-ROE GOLD PROJECT PFS RESULTS • DECEMBER 2024 12 FINANCIALS |UNIT COSTS
Page 13
13REBECCA-ROE GOLD PROJECT PFS RESULTS • DECEMBER 2024 13 FINANCIALS |CASH FLOW ➢ Undiscounted cash flow, before tax, of A$688 million at A$3,500/oz ➢ Average Free Cash flow (FCF) generation from FY29 of A$130 million per annum, peak FCF of A$222 million in FY30 Financial highlights (@ A$3,500/oz) Unit FY26 FY27 FY28 FY29 FY30 FY31 FY32 FY33 FY34 FY35 FY36 LOM Cash flow Cash flow (pre-tax) $M (29.9) (337.0) 16.3 164.6 222.2 (4.0) 180.6 205.5 84.9 142.0 42.9 688.1 Cash flow (post-tax) $M (29.9) (293.3) 13.6 128.0 166.4 12.0 140.7 157.8 74.1 117.1 40.0 526.4 Unit costs AISC $/Oz -$ -$ 2,821$ 1,806$ 2,112$ 3,259$ 2,192$ 2,221$ 2,685$ 2,078$ 2,102$ 2,346$ AISC $/t -$ -$ 113$ 89$ 104$ 118$ 116$ 112$ 100$ 70$ 47$ 100$ AIC $/Oz -$ -$ 3,343$ 2,118$ 2,509$ 3,431$ 2,192$ 2,370$ 2,736$ 2,078$ 2,111$ 2,853$ Open pit mining cost $/bcm -$ 9$ 13$ 16$ 14$ 17$ 20$ 15$ 20$ -$ -$ 14$ Underground mining cost $/t -$ -$ -$ -$ -$ 158$ 110$ 124$ 113$ 69$ 80$ 117$ Milling cost $/t -$ -$ 28$ 28$ 28$ 28$ 28$ 28$ 28$ 28$ 28$ 28$ Admin cost (tonne milled) $/t -$ -$ 3$ 3$ 4$ 5$ 5$ 5$ 5$ 4$ 4$ 5$ Cash flow Unit FY26 FY27 FY28 FY29 FY30 FY31 FY32 FY33 FY34 FY35 FY36 LOM Gold sales Koz - - 114 146 146 108 158 149 111 100 31 1,063 Gold price $/Oz - - 3,500 3,500 3,500 3,500 3,500 3,500 3,500 3,500 3,500 3,500 Revenue $M - - 399.7 512.1 511.7 376.5 551.6 521.9 388.7 349.5 108.0 3,719.9 Operating costs $M - (120.3) (335.8) (335.9) (271.8) (374.6) (365.8) (308.9) (297.4) (202.8) (62.7) (2,675.9) Capital costs $M (29.9) (216.7) (47.5) (11.6) (17.7) (5.9) (5.2) (7.6) (6.4) (4.7) (2.5) (355.8) Net cash flow (pre-tax) $M (29.9) (337.0) 16.3 164.6 222.2 (4.0) 180.6 205.5 84.9 142.0 42.9 688.1 Cumulative net cash flow (pre-tax) $M (29.9) (366.9) (350.6) (186.0) 36.3 32.3 212.8 418.3 503.2 645.2 688.1 688.1 Income tax payments $M - 43.7 (2.7) (36.7) (55.9) 16.0 (39.9) (47.7) (10.7) (24.9) (2.9) (161.7) Net cash flow (post-tax) $M (29.9) (293.3) 13.6 128.0 166.4 12.0 140.7 157.8 74.1 117.1 40.0 526.4 Cumulative net cash flow (post-tax) $M (29.9) (323.2) (309.6) (181.6) (15.3) (3.2) 137.5 295.2 369.4 486.5 526.4 526.4
Page 14
14REBECCA-ROE GOLD PROJECT PFS RESULTS • DECEMBER 2024 14 EXPLORATION & BUSINESS DEVELOPMENT ➢ Tier 1 location 100-150km from Kalgoorlie, in Australia premier gold province ➢ A$4.5M budgeted for ongoing exploration H2 FY25 ➢ Rebecca ▪ Rebecca & Duchess along strike ▪ Cleo deposit ➢ Roe ▪ North and south of Bombora (anomalous surface geochemical results) ▪ West/north-west of Bombora (along granite/greenstone contact) ➢ Yindi (immediately north of Roe) ▪ Several major structural fault zones BUSINESS DEVELOPMENT ➢ Assess business development opportunities within trucking distance EXPLORATION
Page 15
15REBECCA-ROE GOLD PROJECT PFS RESULTS • DECEMBER 2024 15 DEFINITIVE FEASIBILITY STUDY Study Definitive Feasibility Study Area + / - 10% accuracy 10% design / engineering Drilling Sterilise drilling for Camp, Airstrip and Roe waste dump Infrastructure Locations Resources Upgrade Inferred mineral resources where it makes economic sense Geotech Enhance Geotech data for Bombora Pits Stress test and modelling to be undertaken on Roe UG Hydrogeology Test program to model Roe UG water inflow Additional bores in Rebecca bore field to be evaluate as alternate water sources Drill bores at Roe to define dewatering requirements of Roe UG Mine Planning Refine mine plan and UG reserves Evaluate Cleo, Kopai and Duchess East for potential additional ore sources Issue tender requests for mining contractors Metallurgy Additional Leach test work with composite of Rebecca – Roe ores Process Plant Detailed Plant design and tender TSF Definitive TSF design Other Infrastructure Detailed non process infrastructure design and tender Approvals Submit approvals applications ➢ Board approval to commence Definitive Feasibility Study (DFS) ➢ Final Investment Decision targeted for July 2025 ➢ Key focus areas for completion during DFS phase: ▪ Approvals processes with Rebecca Part V application submitted ▪ Pastoral and Native Title Agreements ▪ Completion of geotechnical and hydrology work for Roe underground ▪ Further exploration and refining of capital and operating cost models
Page 16
16REBECCA-ROE GOLD PROJECT PFS RESULTS • DECEMBER 2024 16 GROUP PRODUCTION 1 See RMS ASX Release “Ramelius delivers 10 Year Mine Plan at Mt Magnet”, dated 12 March 2024 Note: In the chart above FY36 production (36koz) and costs have been included in FY35 ➢ Mt Magnet Mine Plan1 (Mar-24) + Rebecca-Roe PFS Results ➢ 10-year production profile ➢ >220koz pa from FY26 at an AISC below A$2,050/oz ➢ Mt Magnet Mine Plan update, incorporating Eridanus / mill expansion studies, in March 2025 Quarter
Page 17
17REBECCA-ROE GOLD PROJECT PFS RESULTS • DECEMBER 2024 17 CONTACT DETAILS 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 Managing Director Ramelius Resources Ltd Ph: +61 8 9202 1127 Darren Millman Chief Financial Officer Ramelius Resources Ltd Ph: +61 8 9202 1127 Media enquiries: Luke Forrestal Director GRA Partners Ph: +61 411 479 144
Page 18
18REBECCA-ROE GOLD PROJECT PFS RESULTS • DECEMBER 2024 18 APPENDIX: PRODUCTION TARGET For detailed information relating to Production Target see ASX Release (RMS) “Rebecca-Roe Gold Project Pre-Feasibility Study”, 12 December 2024. 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. Figures rounded to 2 significant figures. Rounding errors may occur. REBECCA-ROE GOLD PROJECT - PRODUCTION TARGET BY RESOURCE CATEGORY Project Mine Measured & Indicated Inferred Total (Indicated + Inferred) Tonnes Au Au Tonnes Au Au Tonnes Au Au Mt g/t Koz Mt g/t Koz Mt g/t Koz REBECCA Rebecca 14.0 1.3 620 0.0 1.3 1 14.0 1.3 630 Duke 0.5 1.0 15 0.5 1.0 15 Duchess 2.1 1.0 65 2.1 1.0 65 ROE Bombora 2.9 1.6 150 0.0 0.9 1 2.9 1.6 150 Total Open Pit 20.0 1.3 850 0.0 1.1 2 20.0 1.3 850 ROE Roe UG - Year 1 0.1 1.5 3 0.1 1.5 3 Roe UG - Year 2 0.8 1.8 45 0.1 1.4 4 0.9 1.8 49 Roe UG - Year 3 1.0 1.6 50 0.1 1.6 6 1.1 1.6 55 Roe UG - Year 4 0.8 2.0 54 0.3 1.7 14 1.1 1.9 67 Roe UG - Year 5 1.0 1.9 60 0.1 2.2 8 1.1 1.9 69 Roe UG - Year 6 0.4 2.1 29 0.4 1.8 21 0.8 1.9 50 Total Underground 4.1 1.9 240 0.9 1.8 52 5.0 1.8 290 Total RRGP 24.0 1.4 1,100 1.0 1.7 54 25.0 1.4 1,100 Cautionary Statement: The Mine Plan contains both a proportion of Ore Reserves (74%) and Indicated (21%) and Inferred Mineral Resources (5%). There is a lower level of geological confidence associated with Indicated and Inferred Mineral Resources and there is no certainty will result in the determination of Indicated and Inferred Mineral Resources convert to Ore Reserves and form part of the final Production Target.
Page 19
19REBECCA-ROE GOLD PROJECT PFS RESULTS • DECEMBER 2024 19 APPENDIX: ORE RESERVES For detailed information relating to Ore Reserves see ASX Release (RMS) “Rebecca-Roe Gold Project Pre-Feasibility Study”, 12 December 2024. 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. Figures rounded to 2 significant figures. Rounding errors may occur. REBECCA-ROE GOLD PROJECT - ORE RESERVE Project Mine Proven Probable Total Reserve Tonnes Au Au Tonnes Au Au Tonnes Au Au Mt g/t Koz Mt g/t Koz Mt g/t Koz REBECCA Rebecca 14.0 1.3 620 14.0 1.3 620 Duke 0.5 1.0 15 0.5 1.0 15 Duchess 2.1 1.0 65 2.1 1.0 65 ROE Bombora 2.9 1.6 150 2.9 1.6 150 Total Open Pit 20.0 1.3 850 20.0 1.3 850 Total RRGP Open Pit Reserve 20.0 1.3 850 20.0 1.3 850