Slides
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Grade is King! RIU Explorers Conference 2026 FEBRUARY 2026 Simon Lawson 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 Ramelius’ Vision | to be a +500koz p.a. producer by FY30 A$8.5Bn Market cap1 A$694M 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 13 February 2026 of A$4.54. 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 growthReliable operations team Exploration upside Low AISC comparative to peers Shareholder return focused For personal use only
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| 4 Growing the business Establish • Mt Magnet Ore Reserves up 210% to 3.1Moz1 • Never Never underground (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 permitting2 • A$694M3 cash & gold (31 December 2025) Integrate • 5-Year Plan demonstrating pathway to +500koz p.a. by FY301 • Mt Magnet mill option selected to process the high-grade Dalgaranga ore, increasing mill throughput up to a 5Mtpa nameplate capacity4 • 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/t1 NOTES 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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| 5 5-Year Outlook (base case) | 525koz p.a. by FY301 NOTES 1 Refer to ASX Announcement “5-Year Growth Pathway to +500koz including FY26 Guidance , 28 October 2025 ~ 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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| 6 Free cash flow | fully funded, strong ongoing FCF1 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 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)2 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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| 7 Mt Magnet in FocusFor personal use only
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| 8 Mt Magnet 5-Year Outlook | 380koz p.a. by FY301 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)2 Exploration upside…. further drilling at Penny, Dalgaranga, Cue and Mt Magnet detailed in following slides For personal use only
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| 9 Mt Magnet | supercharged + 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) 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 400-600koz1 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 4.3Mtpa1.9Mtpa 4.3Mtpa NOTES 1 See RMS ASX “Exploration Update – High-Grade Strategy & Discovery”, 22 January 2026. The potential quality and grade of the Exploration Target is conceptual in nature; there has been insufficient exploration conducted to determine a Mineral Resource and there is no certainty that further exploration work will result in the estimation of a Mineral Resource or that an Exploration Target will be realised For personal use only
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| 10 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 production1 For personal use only
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| 11 MT MAGNET: CURRENT MINING AREAS Targeted Exploration Areas Already yielding significant results! < 10km of Checkers processing plant • Windbag prospect • Galaxy corridor (2km) o Mars/Saturn underground o Hesperus o Perseverance • Eridanus • Eridanus/Franks Tower corridor (2km) • Bartus East corridor (2km) Exploration targeted to deliver Extensions to existing mines and; Discovery of new high-grade, low-cost ounces Mt Magnet | plan view For personal use only
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| 12 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 360koz2 The Saturn and Mars underground mine currently in operation contributed 419kt @ 2.6g/t in FY253, 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, Galaxy underground and Hill 50 deeps. 2 See RMS ASX “Resources and Reserves Statement 2025”, 1 October 2025. 3 See RMS ASX “June 2025 Quarterly Activities Report”, 29 July 2025 Mt Magnet | Galaxy Mine Area1 For personal use only
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| 13 56,000m drill program planned / A$16M spend Mars and Saturn drill hits1 ➢ 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 400-600koz1 NOTES 1 See RMS ASX “Exploration Update – High-Grade Strategy & Discovery”, 22 January 2026. The potential quality and grade of the Exploration Target is conceptual in nature; there has been insufficient exploration conducted to estimate a Mineral Resource and there is no certainty that further exploration work will result in the estimation of a Mineral Resource or that the Exploration Target itself will be realised. Galaxy Operating Mines | underground exploration drilling For personal use only
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| 14 Long section facing west Galaxy Operating Mines | ounces per vertical metre For personal use only
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| 15 Galaxy Mine Area | Hesperus exploration drilling Hesperus – drill hole location plan Cross section showing recent 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 results1 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 & Discovery”, 22 January 2026 For personal use only
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| 16 Galaxy Mine Area | Windbag exploration drilling Windbag – drill hole location plan Windbag - Long section (facing 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 results1 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 & Discovery”, 22 January 2026 For personal use only
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| 17 • Underground Mineral Resource of 4.2Mt at 2.3g/t Au (310koz1) • Underground production target of 4.3Mt at 1.4g/t Au (200koz2) • Up-front capital expenditure expected to be low • Eridanus remains open at depth with higher grades3 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 191g/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 89% of the Production Target is based on Indicated Mineral Resource, with the balance comprising 9% Inferred Mineral Resource and 2% Exploration Target. 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 . 3 See RMS ASX Release “December 2024 Quarterly Activities Report”, 29 January 2025 Eridanus | underground potential below UndergroundFor personal use only
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| 19 Cue | exploration drilling Austin North - Cross section Regional exploration potential along strike to the north of Break of Day. Recent results1 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 & Discovery”, 22 January 2026 For personal use only
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| 20 Cue | exploration drilling Long section of Starlight Basalt 2.5km long corridor Break of Day – cross section Starlight Basalt stratigraphic unit extends northwards from the Break of Day area and remains relatively untested at depth. Diamond drilling has been conducted from surface adjacent to the Break of Day pit, to test continuity and depth extensions of the northern lodes (Twilight and Velvet) beneath the planned underground mining. Recent Break of Day results1 include: ➢ 7.47m at 35.8g/t Au from 367.53m, incl. 0.47m at 63.1g/t Au 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 & Discovery”, 22 January 2026 For personal use only
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| 22 Penny | exploration drilling Q2: 6,500m underground drill program FY26 planned / A$12M spend Significant results1 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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| 23 Penny | shear zone extensions Austin North - Cross section Penny Shear Zone extends to north with other exploration targets along strike. Recent results1 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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| 25 Dalgaranga | resource definition & infill drilling Underground diamond drilling results1: 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 results from Never Never and Four Pillars NOTES 1 See RMS ASX “Exploration Update – High-Grade Strategy & Discovery”, 22 January 2026 For personal use only
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| 26 Dalgaranga | miner's dream.. grade + width + better at depth Long section facing southeast For personal use only
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| 27 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 or that the Production Target itself will be realised. 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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| 28 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 “Exploration Update - High-Grade Strategy & Discovery", 22 January 2026 Plymouth results very encouraging1 ➢ 4.0m at 42.6g/t Au from 131.0m For personal use only
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| 29 PEOPLE + SAFETY • Focus on safety performance • Proactive safety culture • Retain and attract top talent • Build internal capabilities • Enhance and support leadership development PRODUCTION + EXPLORATION • Deliver 6th straight year of production and cost guidance • Deliver enhanced high- grade production profiles with a focus on displacing low-grade tonnes • Deliver high-grade ounces to mine schedule through targeted exploration $80m- $100m budget • Deliver environmental approval for Roe (Rebecca already approved) GROWTH & RESILIENCE • Never Never underground on schedule to deliver high- grade to Mt Magnet hub • Commence Never Never open pit - additional ore source • Commence modification of Mt Magnet plant to increase capacity to 4.3Mtpa • Drill baby drill Supercharged | key focus areas remainder of FY26 “building to +500koz” For personal use only
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| 30 Appendices 5 Year Outlook FY26 Guidance Capital Framework Never Never PFS Results Rebecca-Roe DFS Mineral Resources Ore Reserves Disclaimer For personal use only
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| 31 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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| 32 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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| 33 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 business1 • 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 business1 • Never Never development • Mt Magnet mill upgrade • Eridanus stage 3 • Organically focused growth strategy with an aggressive exploration approach Shareholder returns2 • 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$700M3 with no debt (pre buybacks / dividends) • Undrawn credit facility 1 2 3 Shareholder returns2 • Longer term shareholder returns subject to board approval. Modelled at 40% pay-out ratio Re-investment into the business • Rebecca-Roe • Eridanus sage 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. 3 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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| 34 Mt Magnet | Never Never underground PFS results1 NOTES 1 Refer to ASX release “Never Never PFS & Mt Magnet Integration”, released 28 October 2025 2 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). 3 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%2 • Production avg. 175,000 ounces between FY27 and FY36 at an AISC of A$1,128/oz • Total production of 9.3Mt @ 6.45g/t for 1.8Moz of recovered gold3 • Maiden Ore Reserve of 7.0Mt @ 7.3g/t for 1.6Moz • Further upside at depth plus Four Pillars, West Winds and Applewood Never Never Underground Unit General Total per unit Start date (site establishment) Mnth completed Mining commencement Mnth commenced Production commencement Mnth Q4 FY26 Initial life Yrs 11 Mining Tonnes Mt 9.3 Grade g/t 6.45 Contained gold Koz 1,920 Operating cost (including admin) A$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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| 35 Rebecca-Roe | definitive feasibility study1 • 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%2 • 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 Refer to ASX release “Rebecca-Roe Gold Project Definitive Feasibility Study”, released 28 October 2025 2 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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| 36 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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| 37 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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| 38 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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Thank you | 39 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