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Growth Pathway to +500koz Investor Presentation FEBRUARY 2026 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, performanceor achievements could be significantly different from those expressed in or implied by those forward-looking statements. Such forward looking statements arenot 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 andto 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, JakeBall 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 Companyconfirms 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, norshould they be construed as an alternative to other financial measures determined in accordance with AAS. Investors are cautioned, therefore, not to place unduereliance on any non-IFRS financial information included inthis 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 29 January 2026 of A$5.04). 2. Cash & gold and listed investment balances as at 31 December 2025. OUR MISSION To be a sustainable gold producer that focuses on delivering superior returns for stakeholders A$ 9.7B Market Cap 1 A$ 694M 2Cash & Gold 2 A$ 70M Listed investments 2 Nil (undrawn) Debt facility 2 ($175M available) For personal use only
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| 4 Ramelius’ Vision | to be a +500koz p.a. producer by FY30 A$ 9.7Bn Market cap 1 A$ 694M Cash & gold 2 12Moz Au Group Mineral Resource 3 4.2Moz Au Group Ore Reserve 4 (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 29 January 2026 of A$5.04). 2. Cash & gold balance as at 31 December 2025. 3. Refer to appendices for Mineral Resource Statements. Mineral Resources are inclusive of Ore Reserve 4. Refer to appendices for Ore Reserve Statement 5. See RMS ASX Release “5-Year Growth Pathway to +500koz including FY26 Guidance”, 28 October 2025. The creation of a leading Australian Gold Company with highly profitable operations, a supercharged growth profile and exceptional exploration upside Fully funded pipeline 170% production growth Reliable operations team Exploration upside Low AISC comparative to peers Shareholder return foc used For personal use only
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| 5 Growing the business Establish • Mt Magnet Ore Reserves up 210% to 3.1Moz 1 • Never Never Underground (including Pepper) maiden Ore Reserve of 7Mt @ 7.3g/t for 1.6Moz 4 • Rebecca-Roe DFS released, demonstrating excellent economics with total Reserves of 1.1Moz, FID approved, subject to Roe permitting 2 • A$ 694M 3 cash & gold (31 December 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 “December 2025 Quarterly Activities Report, Operating Cash Flow of A$149.7M”, 29 January 2026 4. Refer to ASX Announcement “Never Never PFS – Maiden 1.6Moz Ore Reserve, Mt Magnet plant throughput up to 5Mtpa”, 28 October 2025 For personal use only
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| 6 Key Highlights | December 2025 Quarter Production & Costs • Quarterly gold production of 45,610 ounces at an AISC of A$ 1,977/oz (all Mt Magnet) 1 • First ore mined from Never Never underground mine in Quarter with haulage to commence in late February / March 2026 • FY26 Guidance maintained • High-grade exploration strategy delivering results with new discoveries Cash & Gold • Operating cash flow of A$ 149.7M with underlying free cash flow of A$ 54.7M after growth capital of A$ 51M • Dividend of A$ 60.3M paid during Quarter along with income taxes ( A$ 127.8M) • Closing cash & gold of A$ 694.3M Projects • Never Never PFS and Mt Magnet Integration Studies finalised 2 • Rebecca-Roe Gold Project DFS completed with FID obtained 3, subject to environmental permitting for Roe • Native Title Agreement executed for Rebecca-Roe Gold Project 4 Corporate • A$ 250M share buyback announced along with increase in minimum dividend to 2cps per annum for FY26 & FY27 • Final fully franked FY25 dividend of A$ 95.7M paid (DRP A$ 35.4M (37%)) (cash A$ 60.3M (63%)) NOTES 1. See RMS ASX Release “December 2025 Quarterly Acti vities Report”, 29 January 2026 2. See RMS ASX Release “Never Never PFS – Maiden 1.6Mo z Ore Reserve”, 28 October 2025 3. See RMS ASX Release “Rebecca-Roe Gold Project Def initive Feasibility Study”, 28 October 2025 4. See RMS ASX Release “Ramelius and Kakarra Part B Sign Native Title Agreement”, 4 December 2025 For personal use only
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| 7 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 repre sents Ramelius outlook 3. Peer AISC (A$/oz) data is sourced from Visible Al pha 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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| 8 Mt Magnet Hub For personal use only
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| 9 Mining & Production | high-grade Dalgaranga ore to come 0.5Mt Comparable to prior Quarter with new Cue pits established 2.59g/t Dalgaranga ore available from March 2026 Quarter 0.6Mt Comparable to the prior Quarter 2.67g/t In line with lower mined grade in Quarter 46koz Au Higher production planned in Q4 FY26 with Dalgaranga high- grade ore ORE TONNES MINED MINED GRADE ORE TONNES MILLED MILLED GRADE GOLD PRODUCTION Ore tonnes milled (Mt) Milled grade (g/t) Gold Production (koz) Mined grade (g/t) Ore tonnes mined (Mt) For personal use only
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| 10 Mt Magnet Operating Highlights | low-cost operation Safety: Nil (0) Lost Time Injuries and four (4) Restricted Work Injuries Costs: AISC of A$ 1,977 per ounce Production: 45,610 ounces of gold produced Operations: Open pit mining across Cue deposits (Break of Day, White Heat, Waratah and Lena). Underground operations focusing on Galaxy and Penny Mt Magnet tonnes milled (Q2 FY26) H2 FY26 operational plans: Q3 planned mill maintenance / Q4 Dalgaranga ore processing Unit Mar 25 Jun 25 Sep 25 Dec 25 Operations Tonnes mined Mt 0.3 0.3 0.6 0.5 Grade g/t 6.15 6.87 2.74 2.59 Tonnes milled Mt 0.4 0.5 0.5 0.6 Grade g/t 4.86 5.02 3.30 2.67 Gold production Koz 67 73 55 46 Gold sales Koz 70 74 55 46 Financial Realised gold price A$/oz $4,188 $4,429 $4,528 $5,175 AISC A$/oz $1,226 $1,310 $1,836 $1,977 Exploration A$M 5.6 7.7 12.1 15.9 Growth capital A$M 7.5 2.8 19.0 51.0 AIC A$/oz $1,413 $1,451 $2,405 $3,445 Operating cash flow A$M 206.8 224.8 159.1 149.7 For personal use only
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| 11 Cash Flow | A$ 55M | investment in Dalgaranga development • Q2 FY26 gold production of 45,610oz and AISC of A$ 1,977/oz generating operating cash flow of A$ 149.7M • A total of A$ 75.8M invested into growth capital and exploration • Cash dividend payment of A$ 60.3M for final fully franked FY25 dividend • Tax payments of A$ 127.8M including final income tax payment for FY25 of A$ 118.2M • A$ 694. 3M cash and gold on hand Quarterly movement in cash & gold For personal use only
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| 12 Disciplined approach to capital allocation & priorities 1 Maintain strong balance sheet • Cash on hand A$810M • Free cash flow of A $0.9Bn • Undrawn credit facility Re-investment into the business 1 • Cue open pit • Galaxy underground • Exploration and resource definition focused primarily at Eridanus Shareholder returns • 29% dividend payout ratio • A$ 188M total dividends 2 3 Re-investment into the business 1 • Never Never development • Mt Magnet mill upgrade • Eridanus Stage 3 • Organically focused growth strategy with an aggressive exploration approach Shareholder returns 2 • New A$ 250M Share Buyback Program • Increase in Dividend Program to min 2c per share in FY26 & FY27 Maintain strong balance sheet • FY26 investment year • Return to free cashflow generation in FY27 • Cash on hand, 30 June 2026 forecast at A$ 700M 3 with no debt (pre buybacks / dividends) • Undrawn credit facility 1 2 3 Shareholder returns 2 • Longer term shareholder returns subject to board approval. Modelled at 40% pay-out ratio Re-investment into the business • Rebecca-Roe • Eridanus Stage 3 • Organically focused growth strategy with an aggressive exploration approach Maintain strong balance sheet • Elevated FCF generation commences • Limit additional hedging (Zero-cost collars or puts) to 20,000oz in FY29 • Undrawn credit facility 1 2 3 1. FY24 & FY25 re-investment into the business included A$29M for the acquisition of Cue and A$253M for the initial strategic investment in Spartan (19.9%). FY26 & FY27 re-investment into the business includes A$215M for the acquisition of Spartan. 2. Dividends based on the period to which the dividend declared relates to. Dividends and buybacks for FY26 – FY29 are presented for illustrative purposes only and have been based on shares on issue at 30 September 2025 and cps (for FY26/FY27) and 40% of expected free cash flows (@A$5,000/oz) (for FY28 to FY29). 3. Cash on hand forecast at 30 June 2026 is using spot gold price (A$6,400). 4. Operating cashflow is based on a gold price of A$5,000/oz. For personal use only
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| 13 Mt Magnet 5-Year Outlook | 380koz p.a. by FY30 NOTES 1. Refer to ASX Announcement “5-Year Growth Pathway to +500koz including FY26 Guidance”, 28 October 2025 2. The Mt Magnet 5 Year Outlook is a Production Targ et that contains a proportion of Inferred Mineral Resources (4%). There is a low level of geological confidence associated with inferred mineral resources and there is no certainty that further exploration work will result in the determination of indicated mineral resources or that the production target itself will be realised. ~ 360 koz p.a. long-term production rate Tier 1 production hub by both production and AISC metrics A$ 1,860/oz AISC average over next 5-years, lower after FY30 Mt Magnet 5-Year and long-term production profile(K oz) & 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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| 14 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 1.6Moz 1 For personal use only
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| 15 Dalgaranga | the start of something great Total lateral development of 1,627m with commencement of ore mining at the Never Never underground mine Barminco rhino rig drilling a boxhole in the first s tope to be mined at Dalgaranga Stope development Mine development Never Never mine development. status as at 31 Decemb er 2025. For personal use only
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| 16 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 production For personal use only
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Exceptional Exploration Upside For personal use only
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| 18 Mt Magnet | base case + upside Mt Magnet 5-year production profile (koz) & low-gra de 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) delivered 7.47m at 35.8g/t Au and 4.55m at 15.2g/t Au, not currently in mine plan o Exploration spend for FY26 of A$ 13-16M Galaxy (Mt Magnet): Exploration target 6 – 7Mt at 2.1 – 2.6 g/t for 400-600koz 1 Evaluation of underground mine potential at Hesperus (drill intercepts 11m @ 55g/t, 23.1m @ 10.2g/t, 42.5m @ 3.54g/t, 22.7m at 10.8g/t Au and 35.0m at 3.14g/t Au 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 4.3Mtpa 1.9Mtpa 4.3Mtpa NOTES 1 See RMS ASX “Exploration Update – High-Grade Strategy & Discover”, 22 January 2026 For personal use only
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| 19 Penny | exploration drilling Q2: 6,500m underground drill program FY26 planned / A$ 12M spend Significant results 1 Include: 0.7m at 41.7g/t Au from 129.5m 0.8m at 77.1g/t Au from 181.1m 2.1m at 8.20g/t Au from 134.4m NOTES 1 See RMS ASX “Exploration Update – High-Grade Strategy & Discover”, 22 January 2026 For personal use only
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| 20 Penny | shear zone extensions Austin North - Cross section Penny Shear Zone extends to north with other exploration targets along strike. Recent results 1 include: 3.4m at 6.94g/t Au from 300.4m, incl. 0.7m at 16.2g/t Au from 300.4m 0.73m at 15.5g/t Au from 302.23m 0.62m at 14.1g/t Au from 257.65m NOTES 1 See RMS ASX “Exploration Update – High-Grade Strategy & Discover”, 22 January 2026 Magenta-Columbia long section Penny Targets – drill hole location plans For personal use only
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| 21 Cue | exploration drilling Long section of Starlight Basalt 2.5km long corrido r Break of Day – cross section Starlight Basalt stratigraphic unit extends northwa rds from the Break of Day area and remains relativel y untested at depth. Diamond drilling has been conducted from surface ad jacent to the Break of Day pit, to test continuity a nd depth extensions of the northern lodes (Twilight and Velv et) beneath the planned underground mining. Recent Break of Day results 1 include: 7.47m at 35.8g/t Au from 367.53m, incl. 0.47m at 63.1g/t A u from 367.53m 4.55m at 15.2g/t Au from 357m, incl. 0.9m at 39.6g/t Au from 357.85m NOTES 1 See RMS ASX “Exploration Update – High-Grade Strategy & Discover”, 22 January 2026 For personal use only
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| 22 Cue | regional exploration drilling Austin North - Cross section Regional exploration potential along strike to the north of Break of Day. Recent results 1 from Austin North include: 7.0m at 8.24g/t Au from 104.1m 11.0m at 3.05g/t Au from 103m 5.0m at 5.09g/t Au from 99m NOTES 1 See RMS ASX “Exploration Update – High-Grade Strategy & Discover”, 22 January 2026 For personal use only
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| 23 Galaxy Mine Area consists of 2 open pits and 2 underground mines The famous high-grade Hill 50 mine forms part of this area (historical production of 7.3Mt @ 8.84g/t for 2Moz). Mineral Resource 1.9Mt @ 6.0g/t Au for 360koz 2 The Saturn and Mars underground mine currently in operation contributed 419kt @ 2.6g/t in FY25 3, forming part of the Mt Magnet Hub production Galaxy Mine Area Mineral Resources: 25Mt @ 1.7g/t Au (1.4Moz) 2 Ore Reserves: 1.9Mt @ 2.6g/t Au (160koz) 2 NOTES 1. Galaxy Mine Area includes Brown Hill, Hesperus, G alaxy underground and Hill 50 deeps. 2. See RMS ASX “Resources and Reserves Statement 202 5”, 1 October 2025. 3. See RMS ASX “June 2025 Quarterly Activities Repor t”, 29 July 2025 Galaxy Mine Area 1 For personal use only
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| 24 56,000m drill program planned / A$ 16M spend Mars and Saturn drill hits 1 5.1m at 47.3g/t Au from 206m, incl. 1.0m at 238g/t Au from 206m 1.6m at 47.8g/t Au from 164.9m 4.4m at 13.0g/t Au from 159.6m Galaxy Exploration Target 6 – 7Mt at 2.1 – 2.6 g/t for 400-600koz 1 NOTES 1 See RMS ASX “Exploration Update – High-Grade Strategy & Discover”, 22 January 2026 Galaxy Operating Mines | underground exploration drilling For personal use only
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| 25 Galaxy Mine Area | Hesperus exploration drilling Hesperus – drill hole location plan Cross section showing recen t results Exploration and resource definition RC and diamond drilling is extending mineralisation at depth within the main Hesperus Granodiorite Sill and laterally away from the main zone intrusive unit in all directions. Recent results 1 include: 22.7m at 10.8g/t Au from 47.3m, incl. 0.7m at 294g/t Au from 56.7m 35.0m at 3.14g/t Au from 297m 0.5m at 8,590g/t Au from 359.2m NOTES 1 See RMS ASX “Exploration Update – High-Grade Strategy & Discover”, 22 January 2026 For personal use only
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| 26 Galaxy Mine Area | Hesperus exploration drilling Hesperus visible gold intercept (0.5m intercept gra ding at 8,590g/t in GXDD0312) NOTES 1 See RMS ASX “Exploration Update – High-Grade Strategy & Discover”, 22 January 2026 For personal use only
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| 27 Galaxy Mine Area | Windbag exploration drilling Windbag – drill hole location plan Windbag - Long section (faci ng north) A short program of deeper RC drilling beneath the pit has returned significant results confirming the presence of an emerging felsic-intermediate intrusive mineralised system with all the hallmarks of the Boogardie intrusive hosted geological model. Recent results 1 include: 45m at 2.07g/t Au from 84m 8m at 3.11g/t Au from 159m NOTES 1 See RMS ASX “Exploration Update – High-Grade Strategy & Discover”, 22 January 2026 For personal use only
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| 28 Dalgaranga | resource definition & infill drilling Underground diamond drilling results 1: Never Never: 13.0m at 38.4g/t Au from 122.2m 35.3m at 16.0g/t Au from 104.7m 16.3m at 10.2g/t Au from 42.4m 7.7m at 25.4g/t Au from 129.0m 11.3m at 22.9g/t Au from 117.0m Four Pillars: 4.2m at 3.35g/t Au from 110.8m 6.0m at 1.70g/t Au from 213.6m Dalgaranga long section displaying recent drill res ults from Never Never and Four Pillars NOTES 1 See RMS ASX “Exploration Update – High-Grade Strategy & Discover”, 22 January 2026 For personal use only
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| 29 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 up to A$ 19M • underground diamond drilling: 50,000m campaign planned at Four Pillars, West Winds, Applewood area • 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 NOTES See RMS ASX Release “Dalgaranga and Mt Magnet Hub Integration Update”, 10 September 2025 Plymouth results very encouraging 4.0m at 42.6g/t Au from 131.0m For personal use only
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| 30 Rebecca-Roe DFS For personal use only
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| 31 Rebecca-Roe | definitive feasibility study • After tax NPV 5% 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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| 32 Project timelines | achievable sequenced plan For personal use only
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| 33 Key focus areas remainder of FY26 Status / Next key date Description Area • Ongoing Continue to focus on safety performance improvement Group • Ongoing and on track Progress environmental approval for Roe (approvals already in place for Rebecca) Rebecca-Roe • Exploration update 22 Jan 2026 • A$ 44M spend in H1 • Exploration & Growth Committee established Exploration updates: significant increase in exploration activities leveraging off Spartan exploration DNA Exploration • Ongoing and on track • Ongoing and on track • Ongoing and on track • Late February / March 2026 Continue development of Never Never underground mine Mining of Never Never open pit mine Infrastructure upgrades at Dalgaranga Commence haulage and processing of Never Never ore Dalgaranga • Ongoing and on track • Ongoing and on track Complete engineering and design of upgraded plant Commence construction of upgraded plant Mt Magnet plant upgrades For personal use only
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| 34 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 $A262M paid over last 7 yrs 170% production growth Pathway to 525koz p.a. by FY30 3rd largest Australian gold producer with Tier 1 asset Benefits of scale & liquidity ASX100 1 & MVGDX Exploration upside Significant increase in budget expenditure on quality targets NOTES 1 RMS addition to ASX100 from open of trading on 22 September 2025 For personal use only
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| 35 Appendices FY26 Guidance 5 Year Outlook – growth capital 5 Year Outlook – high margin business Mt Magnet Hub Never Never PFS Results Hedge book Dividend history Mineral Resources Ore Reserves Eridanus mine and future open pit/underground For personal use only
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| 36 FY26 Guidance • Ramelius will remain focused on delivering to our shareholders Guidance for the 6 th consecutive year • The Never Never underground mine development remains on track with processing of ore to commence in H2 FY26 • The Mt Magnet plant expansion will be heavily weighted to H2 FY26 with detailed engineering currently underway • We will continue to share exploration updates on a Quarterly basis • For FY26 cash flow (one-offs) refer to 5-Year Growth Pathway to +500koz announcement (28 October 2025) NOTES 1. Includes sustaining capital of approximately A$ 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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| 37 Free cash flow | fully funded, strong ongoing FCF NOTES 1. Free Cashflow excludes exploration expenditure, d ividends 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 Quarter) - in addition, Dalgaranga site and underground infrastructure of A$ 82M (FY26) Rebecca-Roe mill/infrastructure build of A$ 340M (construction December 2027 Quarter with completion December 2028 Quarter) Group free cash flow outlook ( A$ M) Sequenced capital plan Balance sheet expanding For personal use only
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| 38 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 underground –A$76M Eridanus Stage 3 open pit – 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$100M For personal use only
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| 39 NOTES 1. Includes existing hedge book 50 – 60% AISC margin across FY26 - FY30 ~ average A$ 2,500/oz 1 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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| 40 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 3,000m 3 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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| 41 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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| 42 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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| 43 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 FY30 FY29 FY28 FY25 A$23/t A$23/t A$23/t ▼A$26/t Mt Magnet A$28/t A$28/t Construction Rebecca-Roe For personal use only
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| 44 Mt Magnet | 5-year physical & financial summary Ore mining schedule (Mt) & (g/t) Ore milling schedule (Mt) & (g/t) Major growth capital spend ( A$ M) Processing costs ( A$ M) & ( A$ /t) For personal use only
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| 45 Mt Magnet | Never Never underground PFS results NOTES 1. Considers use of Spartan tax losses at 31 July 20 25 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 NPV 5% 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 gold 2 • 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 NPV 5% @ A$4,500 A$M 4,190 Post-tax NPV 5% @ A$4,500 A$M 3,459 Pre-feasibility study (October 2025) For personal use only
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| 46 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) & avera ge 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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| 47 Dividend history | up 60%, 7 th 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$95.6 million) • Record date of 16 September 2025 • Payment date of 13 October 2025 Total FY25 Dividend • Fully franked at 8 cents per share (including 3 cent s per share interim) • Pay-out ratio of 29% of free cash flow • Returns A$ 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 VWAP 3 Dividend history | cps | ( A$ M) For personal use only
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| 48 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 2 0 1.2 780 59 1.4 2,600 UG deposits 1.2 4.9 190 9.2 2.7 810 4 2.9 37 0 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 2 5.4 1.3 1,089 UG Deposits 4.3 2.5 350 4.7 2.1 320 9 2.3 67 0 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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| 49 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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| 50 Updated Total Mineral Resource (open pit / underground) of 24Mt at 1.7g/t for 1.3Moz 1 Maiden Ore Reserve (open pit only) of 18Mt at 1.2g/t for 680koz 1 NOTES 1. See RMS ASX Release “Ramelius’ new 17-Year, 2.1Mo z 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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| 51 • Underground Mineral Resource of 4.2Mt at 2.3g/t Au (310koz 1) • Underground production target of 4.3Mt at 1.4g/t Au (200koz 1) • Start date FY34, waiting for cutback completion • Up-front capital expenditure expected to be low • Eridanus remains open at depth with higher grades 2 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, 2.1Mo z Mine Plan at Mt Magnet, up 37% from 2024”, 11 March 2025 2. See RMS ASX Release “December 2024 Quarterly Acti vities Report”, 29 January 2025 Eridanus | underground potential below Underground For personal use only
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| 52 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 AI C 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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| 53 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