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5-Year Growth Pathway to +500koz Investor Presentation – Europe & North America NOVEMBER 2025 For personal use only
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| 2 Qualifications & Non-IFRS financial information 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 Peter Ruzicka (Exploration Results), Jake Ball (Mineral Resources) and Paul Hucker (Ore Reserves), who are Competent Persons and Members of The Australasian Institute of Mining and Metallurgy. Peter Ruzicka, Jake Ball and Paul Hucker are employees of the Company 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”. Peter Ruzicka, Jake Ball and Paul Hucker 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. Non-IFRS Financial Information Financial data in this presentation includes ‘non-IFRS financial information’ per ASIC Regulatory Guide 230 Disclosing non-IFRS financial information published by ASIC. Non-IFRS measures in this presentation includes production cost information such as All-in Sustaining Cost (AISC) and All-in Cost (AIC). Ramelius believes this non-IFRS financial information provides useful information to users in measuring the financial performance and conditions of Ramelius. The non-IFRS financial information do not have a standardised meaning prescribed by the Australian Accounting Standards (AAS) and therefore, may not be comparable to similarly titled measures presented by other entities, nor should they be construed as an alternative to other financial measures determined in accordance with AAS. Investors are cautioned, therefore, not to place undue reliance on any non-IFRS financial information included in this presentation. Non-IFRS financial information in this presentation has not been subject to audit or review by the Company’s external auditor. For personal use only
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| 3 Corporate overview Corporate Profile Board of Directors Bob Vassie Non-Executive Chair Simon Lawson Deputy Chair Mark Zeptner Managing Director David Southam Non-Executive Director Fiona Murdoch Non-Executive Director Colin Moorhead Non-Executive Director Natalia Streltsova Non-Executive Director Deanna Carpenter Non-Executive Director Executive Leadership Team Tim Hewitt Chief Operating Officer Darren Millman Chief Financial Officer Alan Thom Chief Development Officer Peter Ruzicka EGM – Exploration Richard Jones Company Secretary & EGM – Legal/Risk & Sustainability Kim Boekeman EGM – Human Resources Capital Structure Shareholders Broker Coverage • Van Eck (10.1%) • The Vanguard Group (5.8%) • State Street (5.7%) • Blackrock (3.8%) • Dimensional Fund (3.0%) NOTES 1. Market capitalisation of Ramelius (closing share price on 7 November 2025 of A$3.40). 2. Cash & gold and listed investment balances as at 30 September 2025. OUR MISSION To be a sustainable gold producer that focuses on delivering superior returns for stakeholders Market Cap1 A$6.5B Cash & Gold2 A$828M2 Listed investments2 A$67M Debt facility2 ($175M available) Nil (undrawn) For personal use only
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| 4 Ramelius’ Vision | to be a +500koz p.a. producer by FY30 A$6.5Bn Market cap1 A$827.7M Cash & gold2 12Moz Au Group Mineral Resource3 4.2Moz Au Group Ore Reserve4 (Never Never Reserve 1.6Moz @ 7.3g/t Au) 195koz Au Production @ A$1,800 AISC (mid-point FY26)5 NOTES 1. Market capitalisation of Ramelius (closing share price on 7 November 2025 of A$3.40). 2. Cash & gold balance as at 30 September 2025.3. Refer to appendices for Mineral Resource Statements. Mineral Resources are inclusive of Ore Reserve 4. Refer to appendices for Ore Reserve Statement 5. See RMS ASX Release “5-Year Growth Pathway to +500koz including FY26 Guidance”, 28 October 2025. The creation of a leading Australian Gold Company with highly profitable operations, a supercharged growth profile and exceptional exploration upside Fully funded pipeline 170% production growthReliable operations team Exploration upside Low AISC comparative to peers Shareholder return focused For personal use only
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| 5 Growing the business Establish • Mt Magnet Ore Reserves up 210% to 3.1Moz1 • Never Never UG (including Pepper) maiden Ore Reserve of 7Mt @ 7.3g/t for 1.6Moz4 • Rebecca-Roe DFS released, demonstrating excellent economics with total Reserves of 1.1Moz, FID approved, subject to Roe permitting 2 • A$828M3 cash & gold (30 September 2025) Integrate • 5-Year Plan demonstrating pathway to +500koz p.a. by FY30 1 • Mt Magnet mill option selected to process the high-grade Dalgaranga ore, increasing mill throughput up to a 5Mtpa nameplate capacity 4 • Processing of Dalgaranga ore to commence H2 FY26 Enhance • Focus on high-grade resource definition and discoveries • Significant option value at Edna May with Resources of 0.95Moz Au @ 1.0g/t 1 NOTES 1. Refer to ASX Announcement “5-Year Growth Pathway to +500koz including FY26 Guidance”, 28 October 2025 2. Refer to ASX Announcement “Rebecca-Roe Gold Project Definite Feasibility Study”, 28 October 2025 3. Refer to ASX Announcement “September 2025 Quarterly Activities Report, Underlying Free Cash Flow of A$129M”, 27 October 2025 4.Refer to ASX Announcement “Never Never PFS – Maiden 1.6Moz Ore Reserve, Mt Magnet plant throughput up to 5Mtpa”, 28 October 2025 For personal use only
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| 6 5-Year Outlook (base case) | 525koz p.a. by FY30 NOTES 1. Refer to ASX Announcement “5-Year Growth Pathway to +500koz including FY26 Guidance , 28 October 2025 2. FY26 represents FY26 Guidance. FY27 to FY30 represents Ramelius outlook 3. Peer AISC (A$/oz) data is sourced from Visible Alpha as at 14 October 2025 with peer group including Northern Star, Evolution Mining, Genesis Minerals, Capricorn Metals, Greatland Gold, Regis Resources, Vault Minerals & Westgold Resources 4. AISC calculated using a gold price of A$4,500/oz and includes corporate costs and midpoint of guidance or outlook ~ 525koz p.a. long term production rate +A$1Bn free cash flow p.a. from FY30 at A$4,500/oz A$1,975/oz AISC average over next 5-years (peer leading) and lower from FY30 5-Year and long-term Group production profile(Koz) & AISC (A$/oz) For personal use only
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| 7 Project timelines | achievable sequenced plan For personal use only
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| 8 NOTES 1. Includes existing hedge book 50 – 60% AISC margin across FY26 - FY30 ~ average A$2,500/oz1 AISC margin/oz across FY26 - FY30 AISC Margin (A$/oz) (%) (at base case A$4,500/oz)1 Superior returns quality assets focusing on high- grade ore and owner cost control 5-Year Outlook | high margin business for longer For personal use only
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| 9 Free cash flow | fully funded, strong ongoing FCF NOTES 1. Free Cashflow excludes exploration expenditure, dividends and acquisition costs 2. Refer to ASX Announcement “5-Year Growth Pathway to +500koz including FY26 Guidance”, 28 October 2025 3. Free cashflow calculated based on “5-Year Growth Pathway to +500koz including FY26 Guidance”, 28 October 2025 with significant free cash flow growth from FY28 onward driven by completion of growth projects at Mt Magnet and Rebecca-Roe Mt Magnet mill expansion and upgrade of A$223M to initial 4.3Mtpa capacity (construction completion early September 2027 Qtr) - in addition, Dalgaranga site and underground infrastructure of A$82M (FY26) Rebecca-Roe mill/infrastructure build of A$340M (construction December 2027 Qtr with completion December 2028 Qtr) Group free cash flow outlook (A$M) Sequenced capital plan Balance sheet expanding For personal use only
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| 10 Free cash flow | September 2025 Quarter (Q1 FY26) Underlying free cash flow per ounce (Sept 25 Qtr) (A$/oz) Underlying free cash flow and gold production (Sept 25 Qtr) NOTES Refer to appendices for data support charts For personal use only
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| 11 Mt Magnet - Dalgaranga Integration Study For personal use only
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| 12 Mt Magnet 5-Year Outlook | 380koz p.a. by FY30 NOTES 1. Refer to ASX Announcement “5-Year Growth Pathway to +500koz including FY26 Guidance”, 28 October 2025 2. The Mt Magnet 5 Year Outlook is a Production Target that contains a proportion of Inferred Mineral Resources (4%). 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. ~ 360 koz p.a. long-term production rate Tier 1 production hub by both Production and AISC metrics A$1,860/oz AISC average over next 5-years, lower after FY30 Mt Magnet 5-Year and long-term production profile(Koz) & AISC (A$/oz) Exploration upside…. further drilling at Penny, Dalgaranga, Cue & Mt Magnet detailed in following slides For personal use only
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| 13 Mt Magnet | Never Never mine schedule NOTES The Never Never Underground Pre-Feasibility Study Mining Schedule is a Production Target that contains a proportion of Inferred Mineral Resources (2,200kt @ 4.0g/t for 280koz). . 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. 1. Refer to appendices for Ore Reserve Statement NEVER NEVER MINING SCHEDULE (Mt) & (g/t) Mining schedule tonnages and grade increase as the main section of the ore body is accessed from FY28 onwards Pepper zone not in full production until FY30 Never Never Ore Reserve: • 7Mt @ 7.3g/t Au for 1.6Moz1 For personal use only
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| 14 Dalgaranga testwork • 80.5% recovery rate at a 175μm grind • Based on this testing, Never Never and Pepper recoveries at 53μm have been modelled at 93.3% • Never Never and Pepper ores have low reagent consumption • 53μm grind preferred option Dalgaranga recoveries assumed • FY26 – FY27: 80.5% (175μm grind) • FY28 onwards: 93.3% (53μm grind) Metallurgical testwork | grind size + recovery driven solution NOTES 1. Refer to Figure 12, ASX Announcement “Never Never PFS – Maiden 1.6Moz Ore Reserve, Mt Magnet plant throughput up to 5Mtpa”, 28 October 2025 Mt Magnet plant current grind Targeted grind For personal use only
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| 15 Mt Magnet Hub | good to great to a top 5 asset Existing Circuit (1) Throughput: 2Mtpa to 1.3Mtpa Grind size: 175μm to 53um New • 13m leach feed thickener New Circuit (2) Throughput: 3Mtpa Grind Size: 175μm New • Single stage jaw crushing, 10kt coarse ore stockpile and reclaim • Pebble crushing circuit • 3.5MW ball mill • Two new 3,000m3 leach tanks Relocation (Dalgaranga mill items) • 6.5MW SAG mill • Cyclone cluster • Gravity circuit and intensive leach reactor (1) (2) For personal use only
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| 16 Mt Magnet | powered by hybrid energy Solar and battery milestone 6.7MW solar power and 8.3MW battery storage Hybrid power plant capacity Total hybrid power plant up to 46MW, low-emission energy Wind farm construction 14MW wind farm construction 2026 Hybrid energy solutions - sustainably powering our future For personal use only
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| 17 Mt Magnet | peer processing plant benchmarking NOTES 1 Refer to Table 9, ASX Announcement, “Never Never PFS – Maiden 1.6Moz Ore Reserve, Mt Magnet plant throughput up to 5Mtpa”, 28 October 2025 2 Based on public announcements available on www.asx.com.au, refer to Appendix for calculation and source file(s) for peer mill benchmark data. • A$223M capital to upgrade Mt Magnet plant nameplate capacity to 5Mtp.a., with targeted run rate of 4.3Mtpa initially to match mining • Undertaken in two stages, expected completion early 2028 • 5Mtpa processing rate based on current Ore Reserve depletion of Dalgaranga anticipated in FY37 • Wind turbine capacity to increase the hybrid power generation from the current 32MW (gas, solar, battery, per the March 2025 plan) to 46MW in 2026. Additional capacity will be installed prior to the expanded mill becoming operational FY25 FY28 FY29 FY30 Mt Magnet A$26/t A$23/t ▼ A$23/t A$23/t Rebecca-Roe Construction A$28/t A$28/t For personal use only
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| 18 Mt Magnet | top 5 Australian gold production hub NOTES 1. Sourced from Visible Alpha. 2. Top 20 gold production hubs based on prior financial year's gold production. 3. Tropicana and Gruyere JVs based on 100% ownership, AISC based on reported AISC from AngloGold Ashanti Ltd and Gold Fields Ltd respectively. TOP 20 AUSTRALIAN GOLD MINES BY GOLD PRODUCTIONFor personal use only
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| 19 Mt Magnet | 5-year physical & financial summary ORE MINING SCHEDULE (Mt) & (g/t) ORE MILLING SCHEDULE (Mt) & (g/t) MAJOR GROWTH CAPITAL SPEND (A$M) PROCESSING COSTS (A$M) & (A$/t) For personal use only
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| 20 Mt Magnet | Never Never underground PFS results NOTES 1. Considers use of Spartan tax losses at 31 July 2025 and depreciation deductions for Dalgaranga fair value uplift, calculated as cash tax paid divided by total pre-tax cash flow. 2. The Never Never Underground Pre-Feasibility Study Mining Schedule is a Production Target that contains a proportion of Inferred Mineral Resources (2,200kt @ 4.0g/t for 280koz). . 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. • Bears the full cost of Mt Magnet mill upgrades (A$223M) • After tax NPV5% of A$ 3.5Bn (@ base case of A$4,500/oz) • Total pre-tax cash flow of A$5.6Bn (@ base case of A$4,500/oz) • Post-tax IRR of 149% • Cash tax rate of 18%1 • Production avg. 175,000 ounces between FY27 and FY36 at an AISC of A$1,128/oz • Total production of 9.3Mt @ 6.45g/t for 1.8Moz of recovered gold2 • Maiden Ore Reserve of 7.0Mt @ 7.3g/t for 1.6Moz • Further upside at depth plus Four Pillars, West Winds and Applewood Never Never Underground Unit General Total per unit Start date (site establishment) Mnth completed Mining commencement Mnth commenced Production commencement Mnth Q4 FY26 Initial life Yrs 11 Mining Tonnes Mt 9.3 Grade g/t 6.45 Contained gold Koz 1,920 Operating cost (including admin) A$M | A$/t 1,324 $143 Processing Tonnes Mt 9.3 Grade g/t 6.45 Contained gold Koz 1,920 Recovery (pre-mill upgrades) % 80.5% Recovery (post-mill upgrades) % 93.3% Recovery (overall) % 92.4% Gold production Koz 1,773 Haulage cost A$M | A$/t 114 $12 Processing cost (including admin) A$M | A$/t 242 $26 Royalties A$M | A$/oz 361 $204 Financial Growth capital - Dalgaranga A$M 82 Growth capital - Mt Magnet mill upgrade A$M 223 Growth capital - mine development A$M 76 AISC (excluding corporate costs) A$M | A$/oz 2,000 $1,128 AIC (excluding corporate costs) A$M | A$/oz 2,381 $1,342 Cash flow (pre-tax) @ A$4,500 (base) A$M 5,600 $3,158 Cash flow (post-tax) @ A$4,500 (base) A$M 4,615 $2,602 Cash tax rate % 18% Pre-tax NPV5% @ A$4,500 A$M 4,190 Post-tax NPV5% @ A$4,500 A$M 3,459 Pre-feasibility study (October 2025) For personal use only
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| 21 Mt Magnet + Dalgaranga | synergies ~A$1B Synergies5 Capital savings: ~A$100M1 • Preferred single upgraded Mt Magnet plant vs two separate plants facilities (Mt Magnet + Dalgaranga) • Utilisation of key Dalgaranga mill equipment at Mt Magnet plant Operational Savings: ~A$175M2 • Reduced operating costs (including haulage of Dalgaranga ore) under single Mt Magnet plant, utilising economies of scale with reduced power costs • Eliminate administration costs at head office (Spartan) Cash tax benefits: A$720M4 • New tax base established on Spartan acquired assets allowing higher taxable depreciation = reduced taxable profits • Utilisation of Spartan’s historical tax losses Working capital: ~A$200M3 • Mt Magnet is able to process Dalgaranga ore as soon as possible • Q1 FY28 estimate for commissioning of 1.3Mtpa Dalgaranga mill (under Spartan ownership) as it would not be able to process ore until it achieved steady mine rate and built-up sufficient ore stockpiles NOTES 1 Refer to ASX Announcement “Never Never PFS – Maiden 1.6Moz Ore Reserve, Mt Magnet plant throughput up to 5Mtpa “ (Table 8 - Capital Cost Comparison for Process Plant and Infrastructure Options), 28 October 2025. 2 Based on processing cost savings from Mt Magnet Hub 4.3Mtpa mill of A$215M, offset by additional haulage of A$120M. Additional A$8M per annum savings on head office costs (over 10 year period) 3 Represents cumulative mining cost of ~A$9M per month for 24 months to build up ore stockpiles (sourced from Never Never mine schedule). Mine commercial production run rates after Q2 FY27. Does not include any estimates for overheads required to start up Dalgaranga mill or G&A costs 4 Cash tax benefits include utilisation of Spartan tax losses of $A90M (net cash benefit) and increase in depreciation tax base by A$630M (net cash benefit) 5 Total represents capital savings, operational savings and cash tax benefits (excludes working capital) For personal use only
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| 22 Mt Magnet | base case + upside MT MAGNET 5-YEAR PRODUCTION PROFILE (KOZ) & LOW-GRADE MATERIAL Penny: extensions to the existing Penny North high- grade deposit to the southwest o Exploration spend for FY26 of A$10-12M Cue: underground extensions, following up on drill intercept (6.2m @ 60.3g/t) not currently in mine plan o Exploration spend for FY26 of A$13-16M Galaxy (Mt Magnet): extensions of existing operating underground mines at Saturn & Mars. Evaluation of underground mine potential at Hesperus (drill intercepts 11m @ 55g/t, 23.1m @ 10.2g/t, and 42.5m @ 3.54g/t) and Perseverance South (drill intercepts 9.44m @ 8.32g/t and 3.2m @ 10.1g/t). o Exploration spend for FY26 of A$13-16M Gilbeys (Dalgaranga): evaluation of underground mine potential at West Winds, Four Pillars and Applewood with 75,000m drill program planned o Exploration spend for FY26 of A$15-19M 1 2 3 4 Opportunities to displace low-grade 1.9Mtpa 4.1Mtpa 4.3Mtpa1.9Mtpa 4.3Mtpa For personal use only
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| 23 Penny | extension drilling in progress1 37,000m drill program planned / A$10-12M spend High-grade underground depth extensions The Penny underground mine over LoM has contributed 456kt @ 12.4g/t, forming part of the Mt Magnet Hub production currently our highest grade mine in operation For personal use only
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| 24 37,000m drill program planned / A$13-16M spend High-grade underground depth extensions at Break of Day Underground mine potential at White-Heat Underground mine potential at Lena Cue | extension drilling in progress2For personal use only
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| 25 56,000m drill program planned / A$13-16M spend New drill hits1 (underground mine potential) Hesperus ➢ 42.5m at 3.54g/t Au from 183.4m ➢ 25.0m at 3.0g/t Au from 151m Perseverance South ➢ 9.44m at 8.82g/t Au from 269.45m, incl. 0.4m at 186g/t Au ➢ 3.2m at 10.1g/t Au from 417.8m NOTES 1 See RMS ASX “September 2025 Quarterly Activities Report”, 27 October 2025 Galaxy | extension drilling in progress3For personal use only
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| 26 NOTES 1 Refer to appendices for Mineral Resource Statements. 2. Refer to appendices for Ore Reserve Statement 3. See Spartan ASX Release “Pepper Resource Soars 99% to 873koz at 10.3g/t Gold”, 2 December 2024. Base Case underground Mineral Resource (inclusive of reserves) 14.3Mt @ 5.7g/t Au (2.6Moz)1 underground Ore Reserves (inclusive of Pepper) 7Mt @ 7.3g/t Au (1.6Moz)2 West Winds3 ➢ 3.94m @ 163.67g/t Au from 193.73m ➢ 6.3m @ 6.32g/t Au from 237.07m ➢ 3.17m @ 20.78g/t Au from 227.64m ➢ 4.95m @ 6.25g/t Au from 210.07m ➢ 7.19m @ 8.22g/t Au from 263.69m ➢ 7.78m @ 6.98g/t from 288.05m Applewood3 ➢ 18.98m @ 5.56g/t Au from 208.80m ➢ 1.85m @ 17.74g/t Au from 216.95m Dalgaranga | extension drilling to the south in progress4For personal use only
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| 27 Dalgaranga | a corridor for future discoveries This corridor is a 6km-long mineralised trend extending north-eastwards from Gilbeys up to the Golden Wings Prospect, a number of high- grade intercepts have already been recorded FY26 Plan • exploration expenditure of A$15-19M • underground diamond drilling: 50,000m campaign planned at Four Pillars, West Winds and Applewood areas • surface diamond drilling: 5,000m campaign planned to test down dip extensions • surface RC drilling: 8,000m planned to test new gravity and aeromagnetic abnormalities 4For personal use only
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| 28 Rebecca-Roe DFS For personal use only
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| 29 Key changes from PFS to DFS • Maiden Bombora Underground Ore Reserve: o 4.1Mt @ 1.8g/t for 260koz • Mined ore increased by 1.2Mt for 43koz mined • Recovery reduced from 92.9% to 91.5% • Focus on consolidating non-processing infrastructure: o Single large village to accommodate workforce o Aerodrome resized to accommodate larger aircraft • Capital costs: o Higher village costs – larger camp to support a long-life asset o Minor increase in processing plant cost to increase throughput from 3.0 to 3.25Mtpa o Construction of processing plant has been rescheduled from the planned September 2026 Quarter to the December 2027 Quarter to prioritise construction of the Mt Magnet plant upgrade • Operating costs: o Increase in mining costs – more material and ore mined combined with an increase in mining contractor rates o Increase in potable water costs, continuing to search for local sources For personal use only
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| 30 Rebecca-Roe | definitive feasibility study • After tax NPV5% of A$692M (@ base case of A$4,500/oz) • Total cash flow of A$1,418M (@ base case of A$4,500/oz) with avg of approximately A$200M p.a between FY30 and FY36 • Internal rate of return post-tax of 34% • Cash tax rate of 27%1 • Production avg 140,000 ounces between FY30 and FY36 at an AISC of A$2,625/oz • Total production of 26.3Mt @ 1.41g/t for 1.1 million ounces of recovered gold • Open pit Ore Reserve of 20.0Mt @ 1.3g/t for 850,000 ounces • Maiden underground Ore Reserve of 4.1Mt @ 1.80g/t for 240,000 ounces NOTES 1. Tax losses associated with the acquisition of the Rebecca-Roe Gold Projects have already been used by Ramelius. Some of the depreciation deductions for fair value uplifts have also already been claimed by Ramelius. For personal use only
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| 31 Rebecca-Roe | capital expenditure • Total growth capital spend for project of A$340M with process plant making up A$188M of the total • In addition to this a total of A$42M sustaining capital expenditure (included within AISC) CAPITAL EXPENDITURE(A$M) For personal use only
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| 32 Ramelius’ investment case Reliable operational team Stand-out in sector for delivery of Guidance Sector leading cash flows High margin / free cashflow focused business with long life assets (Mt Magnet & Rebecca- Roe) Dividend yield well above mid-tier ASX gold producers $A262M paid over last 7 yrs 170% production growth Pathway to 525koz p.a. by FY30 3rd largest Australian gold producer with Tier 1 asset Benefits of scale & liquidity Recently added to ASX1001 & MVGDX retained Exploration upside Significant increase in budget expenditure on quality targets NOTES 1 RMS addition to ASX100 from open of trading on 22 September 2025 For personal use only
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| 33 Appendices FY26 Guidance 5 Year Outlook – Growth Capital Guidance history 5-Year Outlook US$ Cashflow industry TSX peer review a L3Y returns ASX/TSX peer groups Hedge book Dividend history M&A track record Mineral Resources Ore Reserves Eridanus mine and future open pit/underground FY25 Mt Magnet operating highlights Rebecca-Roe – production / cashflow Supporting workings For personal use only
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| 34 FY26 Guidance • Ramelius will remain focused on delivering to our shareholders Guidance for the 6th consecutive year • The Never Never underground mine development remains on track with processing of ore to commence in H2 FY26 • The Mt Magnet plant expansion will be heavily weighted to H2 FY26 with detailed engineering currently underway • We will continue to share exploration updates on a Quarterly basis • For FY26 cash flow (one-offs) refer to 5- Year Growth Pathway to +500koz announcement (28 October 2025) NOTES 1. Includes sustaining capital of approximately A$20M for PP&E, A$60M for mine development, and corporate costs. Calculation based on A$4,500/oz. 2. Primarily water bores and associated consulting costs, access roads if permitting along with a $12M hedging program for mill development in FY28 3. Includes exploration at Edna May for A$1 - 2M and greenfields exploration of A$3 - 4M 4. Estimated income tax payments based on A$4,500/oz 5. Exploration and resource definition expenditure at Mt Magnet consists of focused spends at Dalgaranga (A$15 - 19M), Penny (A$10 - 12M), Cue (A$13 - 16M), Galaxy Mine Area (A$13 - 16M), Eridanus Complex (A$7 - 8M) and other Mt Magnet prospects (A$7 - 8M) 6. Edna May C&M costs are estimated to be A$4 – 5M For personal use only
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| 35 Group major growth capital (A$M) 5-Year Outlook | group major growth capital Fully-funded from existing cash reserves and future cash flow Mine development Never Never UG – A$76M Eridanus Stage 3 OP – A$374M Rebecca-Roe (up to FY30) – A$180M Process plants Mt Magnet (5Mtpa) – A$223M Rebecca-Roe (3.25Mtpa) – A$188M Other infrastructure Dalgaranga infrastructure – A$82M NOTES Chart includes all major growth capital. Major growth capital is defined as individual growth project > A$100M. For personal use only
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| 36 Guidance history GOLD PRODUCTION VS. GUIDANCE (MID-POINT) + AISC (A$OZ)Current year • exceeded Production Guidance (290-300koz) • low end of Cost Guidance (A$1,550-1,650/oz) Peer comparison only mid-cap Australian producer that has delivered Production and Cost Guidance over the past 5 consecutive years Looking forward FY26 Guidance and 5-Year Outlook delivered in the December 2025 Qtr For personal use only
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| 37 5-Year Outlook | 525koz p.a. by FY30 (AISC versus TSX peers) NOTES 1. Refer to ASX Announcement “5-Year Growth Pathway to +500koz”, 28 October 2025 2. FY26 represents FY26 Guidance. FY27 to FY30 represents Ramelius outlook 3. Peer AISC (US$/oz) data is sourced from Visible Alpha as at 20 October 2025 with TSX peer group including Centerra Gold Inc, Equinox Gold, IAMGOLD Corporation, OceanaGold Corporation, Orla Mining, Torex Gold Resources, Wesdome Gold Mines 4. AISC calculated using a gold price of A$4,500/oz and includes corporate costs and midpoint of guidance or outlook 5. US$ converted from A$ at a rate of A$1 = US$0.65 ~ 525koz p.a. Long term production rate US$1,262/oz AISC average over next 5-years, peer leading among TSX mid-cap gold producers 5-YEAR AND LONG-TERM GROUP PRODUCTION PROFILE(KOZ) & AISC (US$/OZ) For personal use only
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| 38 Cash flow | North American peers INDUSTRY LEADING (ASX & TSX) UNDERLYING FREE CASH FLOW PER OUNCE PRODUCED RAMELIUS FY25 UNDERLYING FREE CASH FLOW PER OUNCE OF US$1,497 NOTES 1. Ramelius reporting is for the financial year ended 30 June 2025. North American peers reporting is for the calendar year ended 31 December 2024. Refer to appendices for definitions Underlying free cash flow per ounce produced (FY25 / CY24)1 RAMELIUS FY25 UNDERLYING FREE CASH FLOW OF US$451.7M FROM 302KOZ Underlying free cash flow and gold production (FY25 / CY24)1 For personal use only
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| 39 L3Y RETURN ON CAPITAL L3Y RETURN ON INVESTED CAPITAL L3Y RETURN ON EQUITY Returns Last 3 Years | North American peers NOTES Refer to appendices for definitions For personal use only
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| 40 ASX / TSX mid-cap gold producers | peer comparison NOTES 1 Data sourced from Visible Alpha for FY25 production for ASX producers. CY24 For TSX producers 2 Market capitalisation as at 30 September 2025. TSX producers were calculated based on exchange rate of A$0.92 : CA$1 For personal use only
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| 41 Cash flow | FY25 INDUSTRY LEADING (ASX) UNDERLYING FREE CASH FLOW PER OUNCE PRODUCED (FY25) For personal use only
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| 42 Increasing exposure to spot gold price NOTES 1. FY26 production based mid-point of FY26 Guidance Pre-delivered into 7koz of FY26 forward contracts increasing future exposure to AUD spot prices FY28: 40,000 put options at a floor price of A$5,750/oz (not included in chart) GOLD PRICE EXPOSURE HEDGE BOOK HISTORY (KOZ) & AVERAGE PRICE (A$/OZ) FY27 also has zero premium collars for 22,500 ounces with a floor price of A$4,200/oz and ceiling price of A$5,906/oz (not included in chart) For personal use only
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| 43 Dividend history | up 60%, 7th consecutive year NOTES Refer to appendices for definitions and reconciliations 1. Based on share price of $2.52 as at 30 June 2025 2. Using 20-day VWAP at 1 July 2020 and 30 June 2025 plus dividends paid and declared 3. The discount is calculated on the 10-day VWAP after the date of election Final Dividend • Fully franked at 5 cents per share (A$95.6 million) • Record date of 16 September 2025 • Payment date of 13 October 2025 Total FY25 Dividend • Fully franked at 8 cents per share (including 3 cents per share interim) • Pay-out ratio of 29% of free cash flow • Returns A$430/oz • Yield of 3.2%1 • TSR average 9.5%2 p.a. over past 5 years Dividend Reinvestment Plan (DRP) • DRP established in 2022, 36% take up for FY25 final dividend • 2.0% discount on 10-day VWAP3 Dividend History | cps | (A$M) For personal use only
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| 44 Value accretive M&A | return on investment • Track record of generating positive (net) cash flow1 from new projects • Cue generated A$420M2 in free cash flow since commencement in FY25 – fully recouped the acquisition & capital development cost within 9 months of production • Never Never PFS results released October 2025 with cash flow (post-tax) estimates of: o A$4.6B @ A$4,500/oz o A$5.5B @ A$5,250/oz o A$6.4B @ A$6,000/oz • Rebecca-Roe DFS results released October 2025 with cash flow (post-tax) estimates of: o A$1,037M @ A$4,500/oz o A$1,584M @ A$5,250/oz o A$2,130M @ A$6,000/oz LOM CASH FLOWS – AS AT SEPTEMBER 2025 (A$M) NOTES 1 Unaudited A$ pre-tax cash flows by project, where material stockpiles are included in notional cash flow 2 Cue LOM cash flows includes A$66.9M of future cash flows (June 2025: A$52.1M) from existing stockpiles which is calculated at a spot price of A$5,835/oz and costs associated with the haulage, processing and refining of the stockpiles and associated gold content [ ] shows change in September 2025 Qtr For personal use only
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| 45 NOTES 1. Refer to ASX Announcement “5-Year Growth Pathway to +500koz including FY26 Guidance”, 28 October 2025 2. Refer to ASX Announcement “Never Never PFS – Maiden 1.6Moz Ore Reserve, Mt Magnet plant throughput up to 5Mt p.a.”, 28 October 2025 Mt Magnet Resources & Reserves Mt Magnet | Resource & Reserve growth 7.9M resource ounces1 total Mineral Resources (inclusive of Ore Reserves) representing a 74% increase on FY24 Mineral Resource grade increased 16% 3.1M reserve ounces1 A 210% increase from FY24 Ore Reserve grade increased 29% to 2.2g/t 1.6M ounces added to reserves2 Dalgaranga’s maiden Ore Reserve of 7.0Mt @ 7.3g/t added to the new Mt Magnet Hub For personal use only
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| 46 2025 | Mineral Resource Statement For detailed information relating to Mineral Resources refer to the following ASX Releases (RMS): • “Resources & Reserves Statement 2025, Resources up 38%, Reserves up 118%”, 1 October 2025 • “Never Never PFS – Maiden 1.6Moz Ore Reserve, Mt Magnet plant throughput up to 5Mtpa”, 28 October 2025 • “Rebecca-Roe Gold Project Definitive Feasibility Study”, 28 October 2025 Ramelius 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 Mt g/t Koz Mt g/t Koz Mt g/t Koz Mt g/t Koz Open Pit deposits 2.2 1.6 110 36 1.5 1,700 20 1.2 780 59 1.4 2,600 UG deposits 1.2 4.9 190 9.2 2.7 810 4 2.9 370 14 2.9 1,400 ROM & LG stocks 9.1 0.6 180 9.1 0.6 180 Total Mt Magnet 12 1.2 480 46 1.7 2,500 24 1.5 1,200 82 1.6 4,200 Open Pit Deposits 0.5 4.4 66 5.7 1.8 340 3.5 1.4 160 9.7 1.8 560 UG Deposits 0.2 7.1 53 1 4.2 130 1.2 4.8 180 Total Cue 0.5 4.4 66 5.9 2.0 390 4.5 2.0 290 11 2.1 740 Total Rebecca 27 1.3 1,100 6.5 1.2 240 33 1.3 1,400 Open Pit deposits 18.9 1.4 850 6.6 1.1 244 25.4 1.3 1,089 UG Deposits 4.3 2.5 350 4.7 2.1 320 9 2.3 670 Total Roe 23 1.6 1,200 11 1.6 560 34 1.6 1,800 Edna May OP 0.7 1.1 25 23 1.0 700 7 1.0 220 30 1.0 940 Total Edna May 0.7 1.1 25 23 1.0 700 7 1.0 220 30 1.0 940 Open Pit deposits 0.6 1.8 35 1.2 1.0 39 1.8 1.3 74 UG deposits 9.2 6.9 2,053 5.1 3.5 568 14.3 5.7 2,602 Total Dalgaranga 9.8 6.5 2,000 6.3 3.0 610 16 5.1 2,600 Total Yalgoo 3.4 1.5 160 1.9 1.4 83 5.2 1.4 240 Penny UG 0.1 26.9 70 0.1 9.9 40 0.2 16.1 110 ROM & LG stocks 0.0 4.6 - 0.0 4.6 - Total Penny 0.1 26.6 70 0.1 9.8 40 0.2 16.4 110 14 1.4 640 140 1.9 8,200 62 1.6 3,200 210 1.8 12,000 Figures rounded to 2 significant figures. Rounding errors may occur. Mt Magnet MINERAL RESOURCES AS AT 30 JUNE 2025 - INCLUSIVE OF RESERVES Project Deposit Measured Indicated Inferred Total Resource Penny Total Resource Cue Rebecca Roe Edna May Dalgaranga Yalgoo For personal use only
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| 47 2025 | Ore Reserve Statement For detailed information relating to Ore Reserves refer to the following ASX Releases (RMS): • “Resources & Reserves Statement 2025, Resources up 38%, Reserves up 118%”, 1 October 2025 • “Never Never PFS – Maiden 1.6Moz Ore Reserve, Mt Magnet plant throughput up to 5Mtpa”, 28 October 2025 • “Rebecca-Roe Gold Project Definitive Feasibility Study”, 28 October 2025 Ramelius 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 Mt g/t Koz Mt g/t Koz Mt g/t Koz Open Pit deposits 20 1.2 780 20 1.2 780 UG deposits 3.2 2.4 250 3.2 2.4 250 ROM & LG stocks 9.1 0.6 180 9.1 0.6 180 Total Mt Magnet 9.1 0.6 180 23 1.4 1,100 33 1.1 1,200 Open Pit Deposits 3.3 1.8 190 3.3 1.8 190 UG Deposits 0.5 3.6 57 0.5 3.6 57 Total Cue 3.8 2.0 250 3.8 2.0 250 Penny UG 0.3 8.4 71 0.3 8.4 71 Total Penny 0.3 8.4 71 0.3 8.4 71 UG deposits 7 7.3 1,600 7 7.3 1,600 Total Dalgaranga 7 7.3 1,600 7 7.3 1,600 Total Mt Magnet Hub Ore Reserve 9.1 0.6 180 35 2.7 3,000 44 2.2 3,100 Open Pit deposits 21 1.3 880 21 1.3 880 UG Deposits 4.4 1.8 260 4.4 1.8 260 Total Rebecca-Roe 25 1.4 1,100 25 1.4 1,100 9.1 0.6 180 60 2.1 4,100 69 1.9 4,200 Figures rounded to 2 significant figures. Rounding errors may occur. Mt Magnet ORE RESERVE STATEMENT AS AT 30 JUNE 2025 Project Deposit Proven Probable Total Reserve Total Ore Reserve Penny Dalgaranga Cue Rebecca- Roe For personal use only
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| 48 Updated Total Mineral Resource (open pit / underground) of 24Mt at 1.7g/t for 1.3Moz1 Maiden Ore Reserve (open pit only) of 18Mt at 1.2g/t for 680koz1 NOTES 1. See RMS ASX Release “Ramelius’ new 17-Year, 2.1Moz Mine Plan at Mt Magnet, up 37% from 2024”, 11 March 2025 Eridanus cutback | long term feed for the Mt Magnet plant For personal use only
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| 49 • Underground Mineral Resource of 4.2Mt at 2.3g/t Au (310koz1) • Underground Production Target of 4.3Mt at 1.4g/t Au (200koz1) • Start date FY34, waiting for Cutback completion • Up-front capital expenditure expected to be low • Eridanus remains open at depth with higher grades2 at depth • 25.2m at 4.25g/t Au from 42m • 1.5m at 254g/t Au from 415.45m including 0.55m at 692g/t Au from 451.45m • 0.5m at 192g/t Au from 68.5m NOTES 1. See RMS ASX Release “Ramelius’ new 17-Year, 2.1Moz Mine Plan at Mt Magnet, up 37% from 2024”, 11 March 2025 2. See RMS ASX Release “December 2024 Quarterly Activities Report”, 29 January 2025 Eridanus | underground potential below Underground For personal use only
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| 50 FY25 Mt Magnet operating highlights For personal use only
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| 51 Mt Magnet | historical results Mt Magnet Unit Sep-22 Dec-22 Mar-23 Jun-23 Sep-23 Dec-23 Mar-24 Jun-24 Sep-24 Dec-24 Mar-25 Jun-25 Mining Open pit tonnes mined Kt 219 432 284 303 248 450 588 570 253 101 168 204 Open pit mined grade g/t 0.80 0.93 1.09 1.13 1.15 1.33 1.64 1.90 2.55 7.36 7.19 6.55 Underground tonnes mined Kt 199 188 136 207 110 126 177 174 167 159 122 143 Underground mined grade g/t 3.59 3.90 3.68 5.08 5.05 6.31 5.81 4.77 4.75 7.31 4.71 7.34 Milling Tonnes processed Kt 417 485 473 469 493 401 434 419 452 435 440 481 Milled grade g/t 2.21 1.94 1.72 3.26 2.01 2.69 3.42 3.71 2.91 5.12 4.86 5.02 Recovery % 95.4 94.6 94.9 96.4 95.8 96.9 97.6 97.2 96.8 96.7 97.1 97.5 Gold production Koz 28 29 25 45 31 35 46 49 41 67 67 73 Gold sold Koz 28 33 25 44 33 35 44 49 41 62 70 74 Financial Realised gold price A$/oz $2,460 $2,536 $2,593 $2,753 $2,752 $2,855 $3,014 $3,243 $3,160 $3,570 $4,188 $4,429 Cost of sales A$/oz Cash operating cost A$/oz $1,875 $2,028 $1,919 $1,275 $1,716 $1,517 $934 $896 $1,355 $1,107 $1,097 $1,133 AISC A$/oz $2,043 $2,125 $2,012 $1,429 $1,817 $1,668 $1,030 $982 $1,525 $1,277 $1,226 $1,310 $1,391$2,195 $2,064 $2,045 $1,614 $1,455 For personal use only
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| 52 Rebecca-Roe | production profile • Total production over Life-of-Mine (LOM) of 1.1 million ounces • Gold production averages 130,000 ounces per annum over the LOM at an all in sustaining costs (AISC) of A$2,625 per ounce • 91.5% targeted overall gold recovery Production highlights Unit FY27 FY28 FY29 FY30 FY31 FY32 FY33 FY34 FY35 FY36 FY37 LOM Material moved Kbcm - 8,181 19,018 16,102 11,162 7,265 5,887 5,670 4,301 1,773 - 79,359 Strip ratio (high-grade ore) w:o - 166.8 39.1 14.5 16.1 18.0 7.7 6.2 20.1 11.4 - 17.0 Ore tonnes Kt - 118 1,232 2,886 1,789 1,043 1,853 2,129 544 383 - 11,978 Grade g/t - 1.47 1.64 1.89 1.83 1.93 1.71 1.81 1.38 1.29 - 1.77 Contained gold Koz - 6 65 175 105 65 102 124 24 16 - 681 Low-grade Ore tonnes Kt - 217 1,011 1,863 1,268 992 1,149 918 567 882 - 8,866 Grade g/t - 0.64 0.69 0.69 0.70 0.66 0.70 0.70 0.64 0.68 - 0.69 Contained gold Koz - 4 22 41 28 21 26 21 12 19 - 195 Ore tonnes Kt - - - - 6 600 1,236 1,202 1,192 998 186 5,420 Grade g/t - - - - 0.68 1.72 1.62 1.74 1.83 2.01 1.84 1.78 Contained gold Koz - - - - 0 33 64 67 70 65 11 311 Tonnes Kt - - 2,155 3,250 3,250 3,259 3,250 3,250 3,250 3,259 1,341 26,263 Grade g/t - - 1.27 1.55 1.43 1.36 1.49 1.43 1.64 1.26 0.82 1.41 Contained gold Koz - - 88 162 150 143 155 150 172 132 36 1,187 Recovery % 0.0% 0.0% 92.6% 91.5% 91.4% 91.3% 91.4% 91.3% 91.6% 91.4% 91.4% 91.5% Gold production Koz - - 81 148 137 130 142 137 157 121 32 1,086 Open pit mining Underground mining Processing High-grade For personal use only
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| 53 Rebecca-Roe | cash flow • Total cash flow before tax of A$1,418 million at base case of A$4,500/oz Financial highlights (@ A$4,500/oz) Unit FY27 FY28 FY29 FY30 FY31 FY32 FY33 FY34 FY35 FY36 FY37 LOM Cash flow (pre-tax) $M (22) (321) (42) 262 242 198 205 210 340 280 67 1,418 Cash flow (post-tax) $M (22) (321) (42) 234 183 155 160 163 256 214 58 1,037 AISC (pre-corporate) $/Oz -$ -$ $ 3,536 $ 2,206 $ 2,308 $ 3,091 $ 2,905 $ 2,020 $ 2,969 $ 2,356 $ 2,396 $ 2,625 AISC (pre-corporate) $/t -$ -$ $ 134 $ 101 $ 97 $ 124 $ 127 $ 85 $ 144 $ 87 $ 58 $ 109 AIC (pre-corporate) $/Oz -$ -$ $ 5,373 $ 2,485 $ 2,748 $ 3,258 $ 2,905 $ 2,080 $ 3,113 $ 2,356 $ 2,414 $ 3,195 Open pit mining cost $/bcm $ 11 $ 12 $ 16 $ 16 $ 21 $ 24 $ 20 $ 15 $ 21 -$ -$ $ 16 Underground mining cost $/t -$ -$ -$ -$ $ 6,112 $ 152 $ 112 $ 121 $ 116 $ 76 $ 110 $ 120 Haulage cost $/t -$ -$ $ 6 $ 5 $ 2 $ 3 $ 4 $ 2 $ 9 $ 5 $ 4 $ 4 Milling cost $/t -$ -$ $ 28 $ 28 $ 28 $ 28 $ 28 $ 28 $ 28 $ 28 $ 28 $ 28 Admin cost (tonne milled) $/t -$ -$ $ 4 $ 3 $ 4 $ 5 $ 5 $ 5 $ 4 $ 4 $ 4 $ 4 Gold sales Koz - - 81 148 137 130 142 137 157 121 32 1,086 Gold price $/Oz -$ -$ $ 4,500 $ 4,500 $ 4,500 $ 4,500 $ 4,500 $ 4,500 $ 4,500 $ 4,500 $ 4,500 $ 4,500 Revenue $M - - 366 668 616 587 639 616 707 543 146 4,888 Operating costs $M - (95) (329) (402) (357) (383) (429) (399) (361) (258) (76) (3,088) Capital costs $M (22) (226) (80) (4) (17) (6) (6) (8) (5) (5) (3) (382) Net cash flow (pre-tax) $M (22) (321) (42) 262 242 198 205 210 340 280 67 1,418 Cumulative net cash flow (pre-tax) $M (22) (343) (385) (124) 118 316 521 730 1,071 1,350 1,418 1,418 Income tax payments $M - - - (28) (59) (43) (45) (47) (85) (66) (10) (381) Net cash flow (post-tax) $M (22) (321) (42) 234 183 155 160 163 256 214 58 1,037 Cumulative net cash flow (post-tax) $M (22) (343) (385) (151) 32 187 347 510 765 980 1,037 1,037 Cash flow Cash flow Unit costs For personal use only
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| 54 FY25 | supporting cash flow workings (ASX) For personal use only
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| 55 FY25 | underlying free cash flow per ounce calculation (ASX) For personal use only
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| 56 Sept 25 Qtr | supporting cash flow workings (ASX) Disclaimer This information has been sourced from publically available information and includes Non-IFRS information. The reporting and calculation of Non-IFRS information may vary from company to company. Whislt efforts have been made to harmornise this information wherever possible the reader is encouraged to refer to source information for clarification and further information. Company Operating cash flow (inc leases) Growth Capital Exploration Hedge book closure & loss Working Capital & Other Underlying free cash flow Investment & acquisition Dividends / Share Buy Backs Financin g Tax Other Total cash flow Opening cash & gold Closing cash & gold Debt Net cash / (debt) Source Ramelius Resources Limited 159.1 (19.0) (18.8) - 7.7 129.0 (74.3) - - (20.3) (16.4) 18.0 809.7 827.7 - 827.7 September 2025 Quarterly Activities Report (27 October 2025) Bellevue Gold Limited 31.8 (25.2) - - (0.1) 6.5 - - (1.9) - (0.1) 4.5 151.6 156.1 - 156.1 September 2025 Quarterly Activities Report (23 October 2025) Capricorn Metals Limited 81.1 (24.8) (20.9) - 2.6 38.0 - - - - - 38.0 356.4 394.4 - 394.4 September 2025 Quarterly Activities Report (29 October 2025) Evolution Mining Limited 606.2 (205.0) (10.2) - (148.0) 243.0 (6.0) - (184.0) (33.0) - 20.0 760.0 780.0 (1,439.0) (659.0) September 2025 Quarterly Activities Report (15 October 2025) Genesis Minerals Limited 174.1 (43.1) (15.5) - (9.4) 106.1 (30.7) - - - - 75.4 263.1 338.5 (100.0) 238.5 September 2025 Quarterly Activities Report (16 October 2025) Greatland Resources Limited 253.7 (62.1) (16.3) - 0.1 175.4 - - - - - 175.4 574.7 750.1 - 750.1 September 2025 Quarterly Activities Report (27 October 2025) Northern Star Resources Limited 653.0 (513.0) (59.0) - (1.0) 80.0 - (416.0) - (67.0) - (403.0) 1,914.0 1,511.0 (895.0) 616.0 September 2025 Quarterly Activities Report (23 October 2025) Ora Banda Mining Limited 78.2 (26.0) (13.6) - (0.1) 38.5 - - - - - 38.5 84.2 122.7 - 122.7 September 2025 Quarterly Activities Report (22 October 2025) Pantoro Limited 33.4 (15.8) (15.5) - 1.2 3.3 - - - - 2.3 5.6 175.9 181.5 - 181.5 September 2025 Quarterly Activities Report (27 October 2025) Regis Resources Limited 258.8 (70.8) (20.0) - 1.0 169.0 - - (11.0) - - 158.0 517.0 675.0 - 675.0 September 2025 Quarterly Activities Report (23 October 2025) Vault Minerals Limited 124.0 (88.2) (6.0) - (3.1) 26.7 - (9.3) - - - 17.4 685.9 703.3 - 703.3 September 2025 Quarterly Activities Report (23 October 2025) Westgold Resources Limited 191.0 (60.0) (12.0) - (35.0) 84.0 (2.0) - - - - 82.0 336.0 418.0 - 418.0 September 2025 Quarterly Activities Report (28 October 2025) For personal use only
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| 57 Sept 25 Qtr | underlying free cash flow per ounce calculation (ASX) Disclaimer This information has been sourced from publically available information and includes Non-IFRS information. The reporting and calculation of Non-IFRS information may vary from company to company. Whislt efforts have been made to harmornise this information wherever possible the reader is encouraged to refer to source information for clarification and further information. Company Underlying free cash flow Gold Production Underlying free cahs flow per ounce Source Ramelius Resources Limited 129.0 55,013 $ 2,345 September 2025 Quarterly Activities Report (27 October 2025) Bellevue Gold Limited 6.5 29,950 $ 217 September 2025 Quarterly Activities Report (23 October 2025) Capricorn Metals Limited 38.0 32,318 $ 1,176 September 2025 Quarterly Activities Report (29 October 2025) Evolution Mining Limited 243.0 173,721 $ 1,399 September 2025 Quarterly Activities Report (15 October 2025) Genesis Minerals Limited 106.1 72,878 $ 1,456 September 2025 Quarterly Activities Report (16 October 2025) Greatland Resources Limited 175.4 80,890 $ 2,168 September 2025 Quarterly Activities Report (27 October 2025) Northern Star Resources Limited 80.0 382,673 $ 209 September 2025 Quarterly Activities Report (23 October 2025) Ora Banda Mining Limited 38.5 30,595 $ 1,258 September 2025 Quarterly Activities Report (22 October 2025) Pantoro Limited 3.3 19,551 $ 169 September 2025 Quarterly Activities Report (27 October 2025) Regis Resources Limited 169.0 90,361 $ 1,870 September 2025 Quarterly Activities Report (23 October 2025) Vault Minerals Limited 26.7 92,087 $ 290 September 2025 Quarterly Activities Report (23 October 2025) Westgold Resources Limited 84.0 83,937 $ 1,001 September 2025 Quarterly Activities Report (28 October 2025) For personal use only
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| 58 FY25 & CY24 | North American peer supporting cash flow calculations (US$) NOTES Ramelius converted to US$ at a rate of A$1 = US$0.65 Company Underlyin g free cash flow Investments & Acquisitions Dividen ds & buy backs Financin g Tax Other Total cash flow Opening cash & gold Closing cash & gold Debt Net cash / (deb) Source Ramelius Resources Limited 451.7 (107.6) (45.7) - (62.3) - 236.0 290.3 526.3 - 526.3 June 2025 Quarterly Activities Report (29 July 2025) New Gold Inc 125.5 (299.2) - (37.7) (1.5) 132.6 (80.3) 185.5 105.2 (397.0) (291.8) Annual financial reports for the year ended 31 December 2024 Centerra Gold Inc 240.1 (34.4) (87.6) (2.1) (109.1) 4.8 11.8 612.9 624.7 - 624.7 Dundee Precious Metals Inc 121.8 30.0 (78.8) (1.8) (28.6) (1.9) 40.7 597.1 637.8 - 637.8 OceanaGold Corporation 189.4 31.5 (47.5) (136.7) - 95.1 131.8 61.7 193.5 (1.6) 191.9 IAMGOLD Corporation (96.9) 35.5 - 142.2 (55.4) (45.0) (19.6) 367.1 347.5 (1,028.9) (681.4) Torex Gold Resources Inc (27.8) - - 54.2 (89.0) - (62.6) 172.8 110.2 (62.9) 47.3 Equinox Gold Corp (59.2) (695.9) - 497.5 (19.6) 324.6 47.3 192.0 239.3 (1,347.8) (1,108.5) Wesdome Gold Mined Ltd 185.6 2.7 - (41.3) (69.5) 4.3 81.7 41.4 123.1 - 123.1 Orla Mining Ltd 192.9 (2.7) - (94.2) (42.7) 10.8 64.2 96.6 160.8 - 160.8 K92 Mining Inc 17.0 6.6 - 57.7 - (13.8) 67.4 72.7 140.1 (59.2) 80.9 For personal use only
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| 59 FY25 & CY24 | North American peer supporting cash flow per ounce calculations NOTES Ramelius converted to US$ at a rate of A$1 = US$0.65 Company Underlying free cash flow US$M Production Koz Underlying free cash flow per ounce US$/oz Source Ramelius Resources Limited 451.7 302 $1,497 June 2025 Quarterly Activities Report (29 July 2025) New Gold Inc 125.5 321 $391 Annual financial reports for the year ended 31 December 2024 Centerra Gold Inc 240.1 368 $652 Dundee Precious Metals Inc 121.8 261 $467 OceanaGold Corporation 189.4 489 $387 IAMGOLD Corporation (96.9) 667 ($145) Torex Gold Resources Inc (27.8) 453 ($61) Equinox Gold Corp (59.2) 622 ($95) Wesdome Gold Mined Ltd 185.6 172 $1,079 Orla Mining Ltd 192.9 137 $1,411 K92 Mining Inc 17.0 139 $122 For personal use only
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| 60 FY25 & CY24 | North American peer reporting data (returns – earnings in US$) NOTES Ramelius converted to US$ at a rate of A$1 = US$0.65 Company Statutory NPAT Add back: income tax expense / (benefit) Add / (less): net finance expense / (income) Statutory EBIT Tax Rate Net operating profit after tax (statutory) Source (A) (B) (C) (D) (A)+(B)+(C) (E) (F) (D) * (1-(E)) Ramelius Resources Limited (3-year average) 163.0 220.1 154.1 2025 308.2 127.6 (10.4) 425.5 30% 297.8 2025 Annual financial report 2024 140.8 39.3 (5.2) 174.9 30% 122.4 2024 Annual financial report 2023 40.0 18.7 1.2 59.9 30% 42.0 2023 Annual financial report New Gold Inc (9.6) (0.5) (0.4) 2024 102.6 (19.4) 10.2 93.4 26% 69.5 2024 Annual financial report 2023 (64.5) 5.3 5.7 (53.5) 26% (39.8) 2023 Annual financial report 2022 (66.8) 1.4 24.0 (41.4) 26% (30.8) 2022 Annual financial report Centerra Gold Inc (26.0) 39.8 29.2 2024 80.4 93.7 (17.7) 156.3 27% 114.9 2024 Annual financial report 2023 (81.3) 94.9 (6.3) 7.3 27% 5.4 2023 Annual financial report 2022 (77.2) 32.8 0.1 (44.3) 27% (32.6) 2022 Annual financial report Dundee Precious Metals Inc 153.7 163.0 119.8 2024 243.2 32.9 (31.5) 244.6 27% 179.8 2024 Annual financial report 2023 182.0 23.7 (19.8) 186.0 27% 136.7 2023 Annual financial report 2022 35.9 22.8 (0.2) 58.5 27% 43.0 2022 Annual financial report Oceana Gold Corporation 135.9 194.1 145.6 2024 192.0 55.4 19.1 266.5 25% 199.9 2024 Annual financial report 2023 83.1 35.3 21.0 139.4 25% 104.6 2023 Annual financial report 2022 132.6 34.0 9.9 176.5 25% 132.4 2022 Annual financial report For personal use only
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| 61 FY25 & CY24 | North American peer reporting data (returns – earnings in US$) NOTES Ramelius converted to US$ at a rate of A$1 = US$0.65 Company Statutory NPAT Add back: income tax expense / (benefit) Add / (less): net finance expense / (income) Statutory EBIT Tax Rate Net operating profit after tax (statutory) Source (A) (B) (C) (D) (A)+(B)+(C) (E) (F) (D) * (1-(E)) IAMGOLD Corporation 303.0 398.4 292.8 2024 847.8 129.4 54.7 1,031.9 27% 758.4 2024 Annual financial report 2023 97.5 30.7 (6.8) 121.4 27% 89.2 2023 Annual financial report 2022 (36.4) 78.1 0.1 41.8 27% 30.7 2022 Annual financial report Torex Gold Resources Inc 175.9 283.0 208.0 2024 134.6 216.1 (3.3) 347.4 27% 255.3 2024 Annual financial report 2023 204.4 26.0 (10.2) 220.2 27% 161.8 2023 Annual financial report 2022 188.8 97.7 (5.2) 281.3 27% 206.8 2022 Annual financial report Equinox Gold Corp 87.4 239.0 174.5 2024 339.3 290.8 87.3 717.4 27% 523.7 2024 Annual financial report 2023 28.9 (14.1) 48.5 63.3 27% 46.2 2023 Annual financial report 2022 (106.0) 7.6 34.7 (63.6) 27% (46.5) 2022 Annual financial report Wesdome Gold Mine Ltd 38.2 67.0 50.0 2024 135.5 69.5 0.3 205.3 25% 153.0 2024 Annual financial report 2023 (6.2) (0.2) 3.4 (3.0) 25% (2.2) 2023 Annual financial report 2022 (14.7) 11.5 2.0 (1.2) 25% (0.9) 2022 Annual financial report Orla Mining Ltd 35.9 90.5 66.2 2024 89.0 87.3 (4.0) 172.3 27% 126.1 2024 Annual financial report 2023 (27.0) 34.6 6.5 14.1 27% 10.3 2023 Annual financial report 2022 45.8 32.6 6.7 85.2 27% 62.3 2022 Annual financial report For personal use only
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| 62 FY25 & CY24 | North American peer reporting data (returns – earnings in US$) NOTES Ramelius converted to US$ at a rate of A$1 = US$0.65 Company Statutory NPAT Add back: income tax expense / (benefit) Add / (less): net finance expense / (income) Statutory EBIT Tax Rate Net operating profit after tax (statutory) Source (A) (B) (C) (D) (A)+(B)+(C) (E) (F) (D) * (1-(E)) K92 Mining Inc 60.0 92.5 67.5 2024 111.2 53.6 (1.5) 163.3 27% 119.2 2024 Annual financial report 2023 33.2 18.1 1.0 52.3 27% 38.2 2023 Annual financial report 2022 35.5 24.2 2.1 61.9 27% 45.2 2022 Annual financial report For personal use only
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| 63NOTES Ramelius converted to US$ at a rate of A$1 = US$0.65 1. Refer to earnings table. Company Debt Equity Cash & gold Invested capital Capital employed Return on invested capital Return on capital Return on Equity Source (A) (B) (C) (D) (A)+(B)+(C) (E) (A)+(B) (F) (F)1/(D) (G) (D)1/(E) (H) (A)1/(B) Ramelius Resources Limited (4YR avg) - 795.5 519.1 795.5 30% 28% 20% 2025 - 1,238.5 (526.3) 712.2 1,238.5 2025 Annual financial report 2024 - 863.9 (290.3) 573.6 863.9 2024 Annual financial report 2023 - 611.2 (176.9) 434.3 611.2 2023 Annual financial report 2022 468.6 (112.4) 356.2 468.6 2022 Annual financial report New Gold Inc 939.2 1,115.7 1,359.0 0% 0% (1%) 2024 397.0 1,052.3 (105.2) 1,344.1 1,449.3 2024 Annual financial report 2023 396.0 789.2 (185.5) 999.7 1,185.2 2023 Annual financial report 2022 394.9 959.5 (200.8) 1,153.6 1,354.4 2022 Annual financial report 2021 491.0 955.9 (481.5) 965.4 1,446.9 2021 Annual financial report Centerra Gold Inc 1,796.0 1,116.8 1,796.0 3% 2% (1%) 2024 - 1,655.9 (624.7) 1,031.2 1,655.9 2024 Annual financial report 2023 - 1,674.2 (612.9) 1,061.3 1,674.2 2023 Annual financial report 2022 - 1,810.3 (531.9) 1,278.4 1,810.3 2022 Annual financial report 2021 - 2,043.6 (947.2) 1,096.4 2,043.6 2021 Annual financial report Dundee Precious Metals Inc 1,101.2 601.8 1,101.2 20% 15% 14% 2024 - 1,286.8 (634.8) 652.0 1,286.8 2024 Annual financial report 2023 - 1,120.6 (595.3) 525.3 1,120.6 2023 Annual financial report 2022 - 993.1 (433.2) 559.9 993.1 2022 Annual financial report 2021 - 1,004.4 (334.4) 670.0 1,004.4 2021 Annual financial report FY25 & CY24 | North American peer reporting data (returns – earnings in US$) For personal use only
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| 64 NOTES Ramelius converted to US$ at a rate of A$1 = US$0.65 1. Refer to earnings table. FY25 & CY24 | North American peer reporting data (returns – capital in US$) Company Debt Equity Cash & gold Invested capital Capital employed Return on invested capital Return on capital Return on Equity Source (A) (B) (C) (D) (A)+(B)+(C) (E) (A)+(B) (F) (F)1/(D) (G) (D)1/(E) (H) (A)1/(B) OceanaGold Corp 1,693.8 1,704.9 1,822.7 9% 11% 8% 2024 1.6 1,820.0 (193.5) 1,628.1 1,821.6 2024 Annual financial report 2023 103.4 1,733.1 (61.7) 1,774.8 1,836.5 2023 Annual financial report 2022 155.0 1,673.3 (83.2) 1,745.1 1,828.3 2022 Annual financial report 2021 255.7 1,548.8 (133.0) 1,671.5 1,804.5 2021 Annual financial report IAMGOLD Corp 2,547.2 2,941.1 3,357.9 10% 12% 12% 2024 1,028.9 3,400.7 (347.5) 4,082.1 4,429.6 2024 Annual financial report 2023 830.8 2,264.1 (367.1) 2,727.8 3,094.9 2023 Annual financial report 2022 918.7 2,206.8 (407.8) 2,717.7 3,125.5 2022 Annual financial report 2021 464.4 2,317.1 (544.9) 2,236.6 2,781.5 2021 Annual financial report Torex Gold Resources Inc 1,379.1 1,166.2 1,394.9 18% 20% 13% 2024 62.9 1,630.9 (110.2) 1,583.6 1,693.8 2024 Annual financial report 2023 - 1,495.1 (172.8) 1,322.3 1,495.1 2023 Annual financial report 2022 - 1,290.1 (376.0) 914.1 1,290.1 2022 Annual financial report 2021 - 1,100.4 (255.7) 844.7 1,100.4 2021 Annual financial report Equinox Gold Corp 2,694.3 3,370.3 3,604.7 5% 7% 3% 2024 1,347.8 3,397.6 (239.3) 4,506.1 4,745.4 2024 Annual financial report 2023 925.0 2,442.5 (192.0) 3,175.5 3,367.5 2023 Annual financial report 2022 828.0 2,351.8 (200.8) 2,979.1 3,179.8 2022 Annual financial report 2021 540.7 2,585.3 (305.5) 2,820.5 3,126.0 2021 Annual financial report For personal use only
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| 65 NOTES Ramelius converted to US$ at a rate of A$1 = US$0.65 1. Refer to earnings table. Company Debt Equity Cash & gold Invested capital Capital employed Return on invested capital Return on capital Return on Equity Source (A) (B) (C) (D) (A)+(B)+(C) (E) (A)+(B) (F) (F)1/(D) (G) (D)1/(E) (H) (A)1/(B) Wesdome Gold Mine Ltd 448.0 407.7 471.3 12% 14% 9% 2024 - 570.8 (123.1) 447.7 570.8 2024 Annual financial report 2023 38.7 427.3 (41.4) 424.7 466.0 2023 Annual financial report 2022 54.7 398.5 (33.2) 420.0 453.2 2022 Annual financial report 2021 - 395.2 (56.8) 338.4 395.2 2021 Annual financial report Orla Mining Ltd 372.3 371.9 465.5 18% 19% 10% 2024 - 507.4 (160.8) 346.6 507.4 2024 Annual financial report 2023 88.4 400.5 (96.6) 392.2 488.9 2023 Annual financial report 2022 145.8 397.0 (96.3) 446.5 542.8 2022 Annual financial report 2021 138.6 184.4 (20.5) 302.4 323.0 2021 Annual financial report K92 Mining Inc 340.0 256.3 354.8 26% 26% 18% 2024 59.2 474.7 (140.1) 393.8 533.9 2024 Annual financial report 2023 - 350.9 (72.7) 278.2 350.9 2023 Annual financial report 2022 - 309.3 (109.9) 199.4 309.3 2022 Annual financial report 2021 - 225.1 (71.3) 153.8 225.1 2021 Annual financial report FY25 & CY24 | North American peer reporting data (returns – capital in US$) For personal use only
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| 66 Peer mill benchmarking | Western Australian gold producing sites NOTES 1 Based on 12 month period ending 30 June 2025 unless noted otherwise. Projects have been presented on a 100% basis. Whilst t he processing unit cost has been calculated based on best efforts using information obtained from the file source(s) publicly av ailable on www. asx.com.au, it should only be treated as an indicative measure 2 Processing cost was reported on an A$ per ounce sold basis. Total processing cost was derived by multiplying this unit cost by gold ounces sold for the 12 month period 3 Processing cost was reported on an A$ per ounce produced basis. Total processing cost was derived by multiplying this unit cost by gold ounces produced for the 12 month period 4 Lakewood mill divested in Q3 FY25 Site Company Ore milled (Mt)1 Processing cost (A$M)1 Calculated unit (A$/t processed)1 Source(s) Bellevue Gold Bellevue Gold Limited 1.1 79 73 (28/07/25) June Quarterly Activities Report Carosue Dam -Northern Star Resources Ltd 3.9 103.12 26 (24/07/25) June 2025 Quarterly Activities Report Cowal Evolution Mining Ltd 8 169.03 21 (16/07/25) June 2025 Quarterly Activities Report Davyhurst Ora Banda Mining Ltd 1.1 61.4 57 (29/07/25) June 2025 Quarterly Activities Report Deflector Vault Minerals Ltd 0.8 41.72 53 (28/07/25) Quarterly Activities Report (June Quarter) Duketon Regis Resources Ltd 7.4 203.9 27 (24/10/24) Quarterly Report to 30 September 2024 (23/01/25) Quarterly Report to 31 December 2024 (30/04/25) Quarterly Report to 31 March 2025 (21/07/25) Quarterly Report to 30 June 2025 Gruyere Gold Road Resources Ltd (50%) 9.2 213.23 23 (17/07/25) June Quarterly Activities Report Jundee Northern Star Resources Ltd 3 107.52 36 (24/07/25) June Quarterly Activities Report Kalgoorlie Operations Northern Star Resources Ltd 2 86.92 43 (24/07/25) June Quarterly Activities Report KCGM Northern Star Resources Ltd 11.9 416.72 35 (24/07/25) June Quarterly Activities Report King of the Hill Vault Minerals Ltd 5.2 108.72 21 (28/07/25) June Quarterly Activities Report Leonora/Laverton Genesis Minerals Ltd 3.5 100.1 28 (17/07/25) June Quarterly Activities Report Mount Monger Vault Minerals Ltd 1.3 66.32 53 (28/07/25) June Quarterly Activities Report Mungari Evolution Mining Ltd 2.3 60.73 26 (16/07/25) June Quarterly Activities Report Norseman Pantoro Gold Ltd- 1.2 37.5 31 (25/09/25) 2025 Annual Report (note 7a) Higginsville, Lakewood4 Westgold Resources Ltd 2 89 44 (31/10/24) September 2024 Quarterly Results (23/01/25) December 2024 Quarterly Results (30/04/25) March 2025 Quarterly Results (23/07/25) June 2025 Quarterly Results Telfer Stockpiles Greatland Resources Ltd 11 145.3 13 (29/07/25) June Quarterly Activities Report Thunderbox & Bronzewing Northern Star Resources Ltd 6 167.32 28 (24/07/25) June Quarterly Activities Report Tropicana Regis Resources Ltd (30%) 9.2 214.7 23 (24/10/24) Quarterly Report to 30 September 2024 (23/01/25) Quarterly Report to 31 December 2024 (30/04/25) Quarterly Report to 31 March 2025 (21/07/25) Quarterly Report to 30 June 2025 For personal use only
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| 67 DISCLAIMER The peer information has been sourced from publicly available information and includes non-IFRS information. The reporting and calculation of non-IFRS information may vary from company to company. Whilst efforts have been made to harmonise this information wherever possible the reader is encouraged to refer to source information for clarification and further information. DEFINITIONS AISC: All-In Sustaining Cost calculated in accordance with World Gold Council Guidance Note on AISC and AIC released on 14 November 2018 Capital Employed: book value of both debt (excluding lease liabilities) and equity EBIT: Earnings before net interest and tax Net cash / (debt): the net total of cash and bullion on hand less borrowings (excluding lease liabilities) Invested Capital: book value of debt (excluding lease liabilities) and equity less cash and gold bullion on hand NOPAT: Net operating profit after tax calculated by multiplying the EBIT by (1 less tax rate) NPAT: Net profit after income tax ROIC: Return on Invested Capital. Calculated as the three-year average of the NOPAT divided by the four-year average of the Invested Capital (to account for the opening and closing amounts) ROC: Return on Capital. Calculated as the three-year average of the EBIT divided by the four-year average of the Capital Employed (to account for the opening and closing amounts) ROE: Return on Equity. Calculated as the three-year average of the NPAT divided by the four-year average of the Equity (to account for the opening and closing amounts) Disclaimer | Definitions For personal use only
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| 68 Thank you RAMELIUS RESOURCES LIMITED | ASX Code: RMS Level 13, 58 Mounts Bay Road, Perth, WA, 6000 Authorised for release to the ASX by the Managing Director 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 www.rameliusresources.com.au For personal use only