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21 SEPTEMBER 2026 Advancing 600koz+ gold portfolio 4-Year Outlook & FY27 Guidance
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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 Ore Reserves and Mineral Resources underpinning the Production Targets disclosed in this announcement have been prepared by a Competent Person or persons in accordance with the requirements of the 2012 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. The Information in this report that relates to Exploration Results, Exploration Targets, Mineral Resources and Ore Reserves is based on information compiled by Peter Ruzicka (Exploration Results), Jake Ball (Exploration Targets and 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 free cash flow (FCF). 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. Previously Reported Information Information in this report references previously reported results, production targets and resource and information extracted from the Company’s ASX announcements cross-referenced within the report. The Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcements and that all material assumptions and technical parameters continue to apply and have not materially changed.
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3 NOTES 1. As at 16 September 2026 2. See RMS ASX Release ‘2026 Resources and Reserves Statement’, 25 August 2026 (includes Edna May, subsequently sold on 4 September 2026) 3. For all references to the Company’s FY27 Guidance and Outlook, see RMS ASX Release ‘4-Year Outlook & FY27 Guidance’, 21 September 2026 Two high-quality hubs with exceptional growth underpinned by a large, long-life resource base Market Cap1 A$6.8 bn Mineral Resource2 FY27 production (Guidance)3 Ore Reserve2 FY27 AISC (Guidance)3 Cash, Gold and Investments1 A$1 bn 14 Moz 4.3 Moz 205-225 koz A$2,150-2,350/oz FY30 production (Outlook)3 FY30 AISC (Outlook)3 560-610 koz A$2,100-2,400/oz Ramelius overview Development Project Ramelius Mine/Project Haulage Direction Processing Plant Two high-quality hubs in Western Australia
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4 A premier gold producer NOTES Source: FactSet, Company Disclosure 1. See RMS ASX Release ‘2026 Resources and Reserves Statement’, 25 August 2026 (includes Edna May, subsequently sold on 4 September 2026) 2. At gold price assumption of A$5,500/oz – A$6,000/oz, based on RMS’ 4-Year Outlook 3. See page 33 FREE CASH FLOW A$1.5-1.8 bn FY30 annual FCF business2 GROWTH 205% Production growth from FY26 to FY30 without diluting margins COST POSITION 1st third Cost position in low-risk jurisdictions CY273 CAPITAL RETURNS 65% Of FY26 FCF returned while investing in growth RESOURCE QUALITY ~14.0Moz / ~4.3Moz 1 Resources / Reserves supporting long mine life SHAREHOLDER RETURNS 25% TSR p.a. Proven shareholder value creation over 10 years
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5 World class gold portfolio Murchison 500km north-east of Perth, WA FY30 outlook: 420-460koz FY27 production guidance: 205-225koz Mineral Resource: 157Mt at 1.9g/t for 10Moz1 Mill capacity: upgrading to 4.3 - 5.0Mtpa Currently operating at 2.0Mtpa Kalgoorlie 150km east of Kalgoorlie, WA First gold: Q4CY28 FID obtained Subject to environmental permitting for Roe expected in December 2026 Quarter (Rebecca received) Mineral Resource: 67Mt at 1.5g/t for 3Moz1 Mill capacity: 3.25Mtpa Construction scheduled to commence December 2027 NOTES Source: Company disclosure 1. Mineral Resource inclusive of Ore Reserves. Mineral Resource figures rounded to zero decimal places. Rounding errors may occur Mt Magnet Hub Dalgaranga, Galaxy, Cue, Eridanus Rebecca-Roe Project Rebecca, Roe Brownfield expansion Greenfield development
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Advancing 600koz+ gold portfolio in Western Australia
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Production outlook Further growth and upside, supporting scale and mine life NOTES 1. FY27 Mill capacity represents Mt Magnet mill capacity only 2. FY30 represents Mt Magnet upgraded mill capacity to 5Mtpa and Rebecca-Roe mill capacity of 3.25Mtpa 3. For all references to the Company’s FY27 Guidance and Outlook, see RMS ASX Release ‘4-Year Outlook & FY27 Guidance’, 21 September 2026 FY27 group guidance FY30 group outlook 205-225koz Gold production A$2,150- 2,350/oz AISC 2Mt Mill capacity1 560-610koz Gold production A$2,100- 2,400/oz AISC 8.25Mt Mill capacity2 Transformational high-grade growth underpins near-term production and cash generation High-quality, long-life portfolio positions the group for reliable delivery whilst maintaining high margins De-risked Mt Magnet production base plus Rebecca-Roe growth and upside3 Mt Magnet Rebecca-Roe Portfolio
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FY27-30 production (koz p.a.) & AISC (A$/oz) outlook1 Mt Magnet expansion Leveraging off existing infrastructure with execution underway Stable cost base through ramp-up Scale + grade + operating excellence supports AISC discipline More ounces at competitive AISC = increased cash generation and returns Maintaining high margins on higher ounces 8 Executing the 600+ koz p.a. base case Staged execution to unlock production growth NOTES 1. The Mt Magnet FY27 Guidance is based exclusively on Ore Reserves. The Mt Magnet 4-Year Outlook to FY30 is a Production Target based on 88% Ore Reserves. The Production Target is based upon 94.5% Indicated Mineral Resources and also contains a proportion of Inferred Mineral Resources (5.5%). 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. Over the 4-Year period mill feed will include 2.1Mt@ 0.9g/t of stockpiles (already in Ore Reserve). The Rebecca-Roe 4-Year Outlook to FY30 is a Production Target that is based upon Ore Reserves only 335-375 420-460 75-85 140-150 205-225 250-300 410-460 560-610 2,150-2,350 2,000-2,300 2,400-2,700 2,100-2,400 FY27E FY28E FY29E FY30E Mt Magnet (Koz) Rebecca-Roe (Koz) AISC (A$/oz)
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9 AISC ($/oz) 1,317 1,523 1,895 1,583 1,551 1,983 1,840 2021 2022 2023 2024 2025 2026 Adjusted Guidance Range Guidance Range AISC AISC Adjusted (1) 260 255 240 250 270 185 280 300 280 275 300 205 272 259 241 293 302 192 2021 2022 2023 2024 2025 2026 Guidance Range Actual ✓ Meet ✓ Meet ✓ Meet ✓ Beat ✓ Beat ✓ Meet ✓ Meet ✓ Meet ✓ Meet ✓ Meet ✓ Meet ✓ Meet AISC (A$/oz)Gold production vs Guidance (koz) NOTES 1. AISC adjusted for the impact of early commercial production from Never Never underground Execution track record Proven ability to consistently meet Guidance
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27% 47% 61% 63% 27% 39% 53% 59% 47% 49% 50% 51% 63% 64% 58% 63% 20% 30% 40% 50% 60% 70% FY23A FY24A FY25A FY26A FY27E FY28E FY29E FY30E AISC margin (%) RMS Margin @ A$5,500/oz Peer Margin @ A$5,500/oz Peer Margin @ A$6,000/oz RMS Margin @ A$6,000/oz High-grade growth underpins sustained margin outperformance Ramelius retains a clear margin advantage as high-grade feed expands through the Mt Magnet Hub AISC margin trend (%) vs peers1 Ramelius historical average (FY23-26): 50% Ramelius outlook average (FY27-30): 62%2,3 RMS has consistently outperformed peers on AISC margins and is expected to maintain a meaningful margin premium through FY30 Margin leadership vs peers 10 NOTES Source: Company disclosures, Visible Alpha 1. Historical averages based on company reported AISC versus company realised prices. Peers include NST, GMD, CMM, GGP, RRL, and WGX 2. Outlook margins based on midpoint RMS group AISC, peer outlook AISC based on Visible Alpha as at 10 September 3. Outlook average @A$6,000/oz gold price Grade ⚫ Higher-grade ore displaces lower- grade feed ⚫ More ounces per tonne supporting stronger cash margins Scale ⚫ Expanded hub throughput spreads fixed costs ⚫ Greater infrastructure utilisation lifts operating leverage Cost position ⚫ Structural AISC advantage maintained through growth ⚫ Outperformance persists despite sector wide cost pressures
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NOTES 1. Assumes a flat 90% recovery across grades Mt Magnet FY30 displacement executed from FY26 exploration 2.5Mt high-grade 3.8Mt high-grade 1.8Mt low-grade 0.5Mt low-grade 2025 plan 4.3Mt @ 2.9g/t +16% avg grade Mt Magnet 4.3Mt p.a. mill throughput (base case) Current plan 4.3Mt @ 3.4g/t Same mill throughput with higher grade discoveries improves feed quality and lifts total production ounces 1.3Mt Low-grade feed displaced with higher-grade ore Mt Magnet FY30 Gold production 380koz → 440koz +60koz +16% production FY31-36 displacement For each +1.0 g/t uplift on 1Mt, ~30koz of incremental gold production is achieved1 Exploration and resource conversion Cue, Lena, Galaxy and Mt Magnet brownfields provide scope to add incremental high-grade Further upside may emerge from improved recoveries and mine plan optimisation Processing and recovery optionality Post FY30 upside 11 High-grade discoveries unlocking 600+ koz p.a. Exploration success has already upgraded expected mill feed at Mt Magnet, lifting forecast ounces. Further upside exists beyond FY30
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12 NOTES 1. Galaxy Group includes Brown Hill, Hesperus, Hill 50 Deeps, Galaxy UG, and Perseverance South. 2. See RMS ASX Release ‘2026 Resources & Reserves Statement’, 25 August 2026 and “Resources & Reserves Statement 2025”, 1 October 2025; 3. 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. 4. Exploration spend of $21M planned for FY27 Galaxy Group1 2025 2026 Total Mineral Resources3 Tonnes (kt) 26,000 36,000 Grade (g/t) 1.7 1.7 Contained Gold (koz) 1,400 2,000 Exploration Targets2,3,4 ⚫ Galaxy UG: 6.0 - 7.0Mt at 2.1 - 2.6g/t for 400 - 600koz2,3 ⚫ Perseverance South UG: 3.9 – 6.2Mt at 1.6 - 2.0g/t for 200 - 400koz2,3 Highly cash generative ⚫ FY26: 0.6Mt @ 2.1g/t, 38koz for A$87M in free cash flow Galaxy | FY26 Exploration investment of A$19M delivered 600koz
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13 Cue UG 2025 2026 Lena UG Mineral Resource1 Tonnes (kt) 910 3,000 Grade (g/t) 3.6 2.4 Ounces (koz) 110 230 Break of Day UG Mineral Resource1 Tonnes (kt) 250 420 Grade (g/t) 8.9 7.7 Ounces (koz) 72 110 Cue UG Exploration Target2 Tonnes (kt) 1,900 - 2,600 Grade (g/t) 2.4 – 3.6 Ounces (koz) 150 - 300 FY27 Drill Plan / A$16M Spend ⚫ Continue surface drilling for conversion of Lena Inferred Mineral Resources to progress Scoping Study while exploring down-dip extensions at Break of Day Cue | what FY26 Exploration investment of A$16M delivered NOTES 1. See RMS ASX Release ‘2026 Resources and Reserves Statement’, 25 August 2026 2. 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 determination of a mineral resource or that an exploration target will be realised
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14 Gilbeys UG Scoping Study Results1 Parameter Unit Scoping Study Mining (UG) Production Target1 Ore tonnes Mt 5.2 - 5.8 Grade g/t 1.5 - 1.7 Contained gold koz 250 - 300 Processing Production Target1 Ore processed Mt 5.2 - 5.8 Grade g/t 1.5 - 1.7 Recovery % 85 - 89 Gold Production koz 220 - 260 Exploration Target2,3 ⚫ Gilbey’s UG: 2.1–4.7Mt at 1.5–2.0 g/t for 100 – 300koz Gilbey’s Underground | new underground mine potential NOTES 1. See RMS ASX “Four-Year Update and FY27 Guidance”, 21 September 2026 2. See RMS ASX Release ‘2026 Resources and Reserves Statement’, 25 August 2026 3. 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 determination of a mineral resource or that an exploration target will be realised Ore Reserve2 ⚫ Never Never UG: 6.8Mt at 7.4 g/t for 1.6Moz
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15 FY26 FY27 FY28 FY29 FY30 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Mt Magnet Hub Amendment to Approval Mt Magnet Hub Mill Expansion up to 4.3 - 5Mtpa Mill Optimisation At production rate of 4.3Mtpa Optimise ore blend throughput and grind size to maximise FCF Exploration Exploration Discovered 1.8Moz @ 1.5g/t Exploration Target up to 1.6Moz @ 2.4g/t R&R Update Guidance / Production Profile Update Infrastructure Camp Expansion Paste Fill Plant Haul Road Upgrade Power Upgrade (including windfarm) Mining Dalgaranga Ramp up Never Never production to 1Mtpa Complete Gilbey’s UG PFS New Gilbeys UG Mine with LOM (FY36) Ramp up to 800ktpa by FY31 Galaxy Maintain 600ktpa to LOM (FY28) Increase to 800ktpa (FY28) & continue to Extend LOM (FY32 target) Cue Complete PFS update with Lena UG Deliver 1 Year UG LOM (FY27) Ramp up to 800ktpa (FY29) & Extend LOM (FY31 target) Eridanus Ramp up production to 1.8Mtpa by FY29 Today Mt Magnet project timeline | achievable sequenced plan
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16 Mt Magnet | processing plant upgrade to 4.3Mtpa Circuit 2 Throughput: 3Mtpa Grind Size: 175μm ⚫ Single stage jaw crusher (ordered), 10kt live coarse ore stockpile ⚫ 6.5 MW SAG mill (relocated from Dalgaranga) & pebble crusher ⚫ 3.5 MW ball mill (ordered) & cyclone cluster (relocated) ⚫ Gravity circuit and intensive leach reactor (relocated) ⚫ Seven new 2,500 m3 leach / CIL tanks ⚫ Split AARL elution circuit and gold room (relocated) ⚫ Tailings thickener and pumping ⚫ Reagents and utilities (partly relocated) Area Growth Capex (A$M) FY27 (G)1 FY28 (O)1 Mt Magnet Processing Expansion Circuit 1 upgrade, new Circuit 2: 4.3 – 5.0Mtpa 195-215 35-45 Processing Infrastructure & upgrades 35-40 12-18 Mine Infrastructure Upgrades Mine Infrastructure (road & power upgrades, water, camp & buildings) 40-50 5-10 Key components NOTES 1. “G” = Guidance; “O” = Outlook
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17 Mt Magnet expansion | enhanced scope with greater cost certainty Updated capital reflects scope enhancements, sector inflation and more advanced estimates Incremental capital today delivers a more robust operating platform and long-term value through improved efficiency and greater certainty 1 2 3 4 223 340-360 57 270-290 46 24 PFS (Incl contingency) Estimate maturity Pricing update Scope enhancements Contingency Current estimate (Incl contingency) Mt Magnet project capital reconciliation (A$m, real) Additional scope Investment today, saving tomorrow Higher estimate confidence Ready for the next growth phase Updated capital includes deliberate upgrades to improve reliability, efficiency, and long-term economics Better roads, water and power cut maintenance, improve haulage efficiency and strengthen operational uptime EPC pricing and increased fixed price coverage boost certainty and reduces escalation risk Built with future capacity in mind, including back-end plant capacity to support 5Mtpa Scope enhancements ⚫ Sealed/upgraded haul roads ⚫ Upgraded power infrastructure ⚫ Water infrastructure ⚫ Camp and other enabling works Market escalation ⚫ Sector inflation since PFS release ⚫ Updated supplier and contractor pricing terms Estimate maturity ⚫ EPC pricing (vs PFS estimates) ⚫ Greater fixed price coverage Contingency ⚫ Provides a reasonable buffer to completion
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18 Scale that matters globally Top 20 global projects by FY26 gold production1 NOTES Source: CIQ, available company data 1. Global geographies include Australia, USA, Canada, developed Europe, and developed Asia Pacific 2. Based on midpoint of Mt Magnet production outlook Mt Magnet positioned to become a top 10 global gold-producing hub by 2030 Ownership Project Mt Magnet FY30E Mt Magnet FY26A Nevada Operations Detour Lake Malartic KCGM Boddington Meadow- bank Tropicana Fort KnoxCote Tanami Cadia Meliadine St Ives LaRonde Cowal MacassaTelfer Gruyere Rainy River Thunderbox 756 612 563 480 477 465 440 402 395 391 379 361 355 329 325 306 297 275 271 234 192 4,302 2
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19 Returns & Capital Discipline
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20 NOTES 1. Average historical ROI calculated as the average ROI for Vivien, Edna May, Tampia, Symes, Penny, Cue, Galaxy and Other Mt Magnet from FY11-FY26 whereby ROI = (total inflows – total outflows)/total outflows 2. Average historical IRR calculated as the average IRR of Vivien, Edna May, Tampia, Symes, Penny, Cue, Galaxy and Other Mt Magnet from FY11-FY26, excluded Dalgaranga and Rebecca-Roe as returns have yet to be realised 3. As at 16 September 2026 Disciplined capital allocation that delivers shareholder returns Total shareholder returns up 96% versus a year ago and growing Balance sheet strength and flexibility Cash returns Value accretive growth A$0.8bn Cash and gold on hand3 A$1.3bn Total liquidity3 A$255m Cash returned in FY26 65% Underlying FY26 FCF returned to shareholders ~270% Average historical ROI1 ~50% Average historical IRR2 A clear and disciplined framework balancing strength, returns and growth
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21 Free cash flow outlook at A$5,500/oz and A$6,000/oz gold prices (A$m) FCF inflection through FY30 Production growth and strong margins drive FCF growth Leverage to gold price FY30 FCF approaches A$2bn at A$6,000/oz Forward cash generation screens strongly against larger cap peers Outsized FCF relative to valuation Self-funded growth with outsized FCF through FY30 and beyond FCF machine with leverage to the gold price 415-495 330-410 180-220 65-75 220-270 130-160 40-50 560-690 580-710 1,010-1,240 1,330-1,63060-80 70-90 130-160 180-210 FY27E FY28E FY29E FY30E Mt Magnet growth capital Rebecca-Roe growth capital Operating cash flow at A$5,500/oz Additional operating cash flow at A$6,000/oz 140-200 100-120 830-1,020 1,470-1,790 NOTES Operating cash flow excludes exploration expenditure.
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22 Vivien Edna May, Tampia, Symes Penny Cue Galaxy Dalgaranga Rebecca-Roe 500 - 500 1,000 1,500 2,000 2,500 3,000 4 5 6 7 8 9 10 11 12 13 LOM cash flow (A$/oz) Total mine life (actual and projected), years LOM Cash Flows1 Legend LoM gold production (actual and projected), koz NOTES 1. Actual and projected @A$5,500/oz Au, inclusive of acquisition costs and proceeds from divestments, Rebecca Roe cash flow production as per Oct 2025 DFS 2. Other Mt Magnet mines includes historic Mt Magnet gold mines (excluding Galaxy), Eridanus, Franks Tower, Hesperus, Morning Star, low grade stockpiles, Bartus UG, Hill 50 UG, and Eridanus UG Longer life, higher returns Shorter life, lower returns Portfolio quality has improved through disciplined capital allocation, hub development and exploration success Development assetOperational asset Historical / depleted / exited asset 32 Other Mt Magnet2 Track record of value accretive allocation of capital Building a longer life higher return portfolio
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23 Dalgaranga ⚫ Never Never production >1 Mtpa ⚫ Gilbeys UG additional material ⚫ Improved metallurgical recoveries ⚫ Processing optionality at site Cue ⚫ Cue underground extensions on strike and at depth ⚫ Improved metallurgical recoveries ⚫ Regional targets to the north Galaxy ⚫ Growth beyond current reserve with both Mars and Saturn open at depth ⚫ Perseverance South ⚫ 400-600koz Exploration Target1 Mt Magnet region ⚫ Eridanus open at depth ⚫ High grade below Franks Tower pit ⚫ Established infrastructure creates low-cost upside options Rebecca-Roe ⚫ Optimisation of mining schedule post-Roe approvals to improve FY29 & FY30 outcomes ⚫ High grade UG depth extensions Portfolio optionality ⚫ Current FY30 is the new base case ⚫ High grade ore displacement increases margins ⚫ Capital efficient portfolio growth ⚫ Exploration success demonstrated Exploration success will lift average grade, extend mine life and drive production beyond the 2030s Significant growth options beyond base case NOTES 1. Note that the potential quality and grade of the Exploration Target is conceptual in nature and as such there has been insufficient exploration drilling conducted to estimate a Mineral Resource. At this stage, it is uncertain whether further exploration will result in the estimation of a Mineral Resource or that the Exploration Target will be realised
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24 Ramelius’ Investment Case Reliable operational team Stand-out in sector for delivery of Guidance Dividend yield above mid-tier ASX gold producers $376M dividends last 8 yrs $150M in buy backs Benefits of scale & liquidity ASX100 & MVGDX Sector leading cash flows High margin / free cash flow focused business with long life assets (Mt Magnet & Rebecca-Roe) Exploration upside Doubling down with $100M budget in FY27 on quality high-grade targets 205% production growth Pathway to 600koz p.a. by FY30 and upside potential through displacement of low-grade ore 24
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RAMELIUS RESOURCES LIMITED | ASX: RMS Level 13, 58 Mounts Bay Road, Perth WA 6000 Authorised for release to the ASX by the Managing Director INVESTOR ENQUIRIES MEDIA ENQUIRIES Thank you Mark Zeptner Managing Director Ramelius Resources Limited Ph: +61 8 9202 1127 Brian Massey General Manager Investor Relations Ramelius Resources Limited Ph: +61 8 9202 1127 Luke Forrestal Director GRA Partners Ph: +61 411 479 144
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26 Appendices 26
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27 Rebecca-RoeMt Magnet FY27 Guidance 205 - 225koz Gold production A$2,150 - 2,350/oz AISC 3.80g/t Mill grade A$325 - 365m Plant & Equipment Capital A$90 - 130m Mine Development Capital A$65 - 75m Plant & Equipment Capital Nil Mine Development Capital 0.85 - 1.6Moz Exploration results A$90 - 110m Exploration spend High-quality ounces Investing through the cycle Exploration remains a key growth lever FY27 Guidance underpins next growth phase Delivering today while investing in tomorrow
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28 Dalgaranga | Never Never grade and recovery higher than PFS NOTES 1. Updated 2026 LOM incorporating actual FY26 and FY27, FY28 Outlook, refer to ASX Announcement “Never Never PFS Maiden 1.6Moz Ore Reserves”, 28 October 2025 for additional details 84% met. rec. 92.4% metallurgical recovery once mill upgrade complete 0.2 0.5 1.0 1.1 1.1 1.1 0.8 1.0 0.9 0.9 0.6 5.1 6.2 6.1 5.6 7.6 7.3 9.6 7.8 6.4 4.5 3.2 FY26 (actual) FY27 FY28 FY29 FY30 FY31 FY32 FY33 FY34 FY35 FY36 Tonnes mined (indicated) (Mt) Tonnes mined (inferred) (Mt) Mined grade (g/t) 2026 LOM Updated1 Paste plant Underground pump station
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29 TAILINGS DISPOSAL Stockpiles FEL PRIMARY CRUSHING LEACHING THICKENING LIME SILO PEBBLE CRUSHER Stockpiles FEL PRIMARY CRUSHING MILLING BALL MILL SAG MILL TAILS THICKENING MILLING SAG MILL GRAVITY GRAVITY Mt Magnet | processing plant upgrade to 4.3Mtpa Capacity provides potential for 5Mtpa upside to base case Circuit 2 Throughput: 3Mtpa Grind Size: 175μm LIME SILOS Circuit 1 Throughput: 2.0 1.3 Mtpa Grind Size: 175 53μm CRUSHING PEBBLE CRUSHER CYCLONES CRUSHING GRAVITY ELECTROWINNING ELUTION ELECTROWINNING SMELTING DORE BALL MILLS REFURBISHED GOLD RECOVERY WATER STORAGE RMS Procured Equipment ex DAL New Plant CARBON ELUTION C1 & C2 ADSORPTIONC2 LEACHING COMBINED CIL
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30 NOTES 1. Chart includes all major growth capital. Major growth capital is defined as individual growth project > A$100M. Includes FY26 capital spent Four Year Outlook | group major growth capital Group major growth capital (A$M)1 Fully-funded Mine development Other infrastructure Process plants Rebecca-Roe ⚫ From existing cash reserves and future cash flow ⚫ ~A$110M deferred from FY26 to FY27 ⚫ Never Never underground – A$61M1 ⚫ Eridanus Stage 3 open pit – A$458M ⚫ Rebecca-Roe (no change) – A$180M ⚫ Dalgaranga infrastructure – A$99M1 ⚫ Mt Magnet (5Mtpa) – A$245M ⚫ Rebecca-Roe (3.25Mtpa) – A$188M ⚫ FY27 growth capital Guidance A$65 – 75M ⚫ ~A$50M brought forward from FY28 to de-risk project delivery
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31 FY27-30E production growth (%)3 (13%) 13% 25% 29% 44% 109% 163% 172% FY30E AISC ($/oz)2FY30E FCF per ounce ($/oz)1 3,368 2,981 2,917 2,910 2,717 2,293 2,250 1,546 611 840 1,200 1,359 2,440 2,795 2,954 3,044 NOTES Source: Ramelius 4-Year outlook, Visible Alpha as at 10 September 2026 1. RMS FCF taken as midpoint of outlook at A$6,000/oz gold price 2. RMS AISC taken as midpoint of FY30 outlook 3. FY27E from company guidance, FY30E from VA, RMS from midpoint of 4-year outlook Sector leading cash generation Low-cost production and scale translate into industry leading FCF/oz
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32 NOTES Source: FactSet as at 10 September 2026 1. FY30E FCF yield calculated as F30E FCF/current market capitalisation in AUD from FactSet 2. Peer set comprises of ASX and TSX listed, producers with market capitalisation greater than A$5bn excluding Vault Minerals due to current M&A activity FY30E FCF yield vs ASX and TSX gold peers (%)1,2 Sector leading cash generation Standout FCF yield opportunity among Australian and Canadian gold peers 34% 22% 19% 15% 14% 13% 11% 8% 8% 8% 7% 7% 7% 3% 3% BTO-CA RMS-AU GMD-AU CMM-AU KNT-CA EQX-CA IMG-CA OGC-CA WGX-AU TXG-CA NST-AU GGP-AU EVN-AU RRL-AU CG-CA
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33 NOTES Source: Wood Mackenzie Gold Mine Composite Costs League 2027. Fraser Institute Investment attractiveness 2025 survey 1. Tier 1 jurisdictions classified as those countries with a Fraser jurisdiction risk score of 70 or above including USA, Canada, Australia, Argentina, Botswana, Morocco, Zambia, Norway, Sweden, Finland, Saudi Arabia, Brazil 2. Using low end of FY27 and FY28 outlook to infer CY27 AISC 3. Excludes non operating assets - 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500 - 4% 12% 20% 25% 34% 40% 48% 60% 66% 73% 82% 86% 91% 96% 100% Total cash plus sustaining capex (US$/oz) Cumulative production (%) Among the lowest cost gold mines globally A globally advantaged cost base Positioned favorably in the cost curve among operations in Tier-1 Jurisdictions CY27E AISC (US$/oz)1,2,3
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34 World-class gold portfolio Mt Magnet Hub Mineral Resource1 NOTES Resource figures rounded to 2 significant figures. Rounding errors may occur 1. Mineral Resource inclusive of Ore Reserves 157 Mt 1.9 g/t 10 Moz Other Mt Magnet 68 Mt @ 1.4g/t for 3.3 Moz Galaxy 36 Mt @ 1.7g/t for 2.0 Moz Dalgaranga 24 Mt @ 4.0g/t for 3.0 Moz Cue 30 Mt @ 1.5g/t for 1.4 Moz Roe 34 Mt @ 1.6g/t for 1.8 Moz Rebecca 33 Mt @ 1.3g/t for 1.4 Moz 67 Mt 1.5 g/t 3 Moz • Saturn UG • Mars UG • Hesperus OP • Break of Day UG • Lena UG • West Island OP • Eridanus OP • Morning Star OP • Melville OP • Penny UG • Never Never UG • Gilbeys UG ✓ DFS Complete Development Project Ramelius Mine/Project Haulage Direction Processing Plant Two high-quality hubs in Western Australia, with a strong growth pipeline underpinned by a large, long-life resource base FID obtained Subject to Roe approval (Rebecca approvals received) ✓ Native Title Signed Target first gold Q4CY28 Rebecca-Roe Project Mineral Resource1 • Rebecca OP • Cleo OP • Duke OP • Duchess OP • Bombora OPs • Bombora UG
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35 Eridanus | Franks Tower confirms high grade in the Eridanus corridor NOTES 1. See RMS ASX “Exploration Update – High-Grade Strategy & Discovery”, 22 July 2026 2. See RMS ASX Release ‘2026 Resources and Reserves Statement’, 25 August 2026 Franks Tower ⚫ 3.6m at 113g/t ⚫ 14.8m at 54.6g/t ⚫ 3.8m at 5.01g/t ⚫ 8.7m at 2.43g/t Recent drill results demonstrate Eridanus style mineralisation and high- grades up to 250m below surface Eridanus U/G open at depth Eridanus Group Updated Total MRE (open pit / UG) 30Mt at 1.6g/t for 1.5Moz2
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36 FY27-30 production (koz p.a.) & AISC (A$/oz) outlook1 Mt Magnet expansion Leveraging off existing infrastructure with execution underway Stable cost base through ramp-up Scale + grade + operating excellence supports AISC discipline More ounces at competitive AISC = increased cash generation and returns Maintaining high margins on higher ounces 205 - 225 250 - 300 335 - 375 420 - 460 2,150-2,350 2,000-2,300 2,150-2,450 2,100-2,400 FY27E FY28E FY29E FY30E Mt Magnet (Koz) AISC (A$/oz) 36 NOTES 1. The Mt Magnet FY27 Guidance is based exclusively on Ore Reserves. The Mt Magnet 4-Year Outlook to FY30 is a Production Target based on 88% Ore Reserves. The Production Target is based upon 94.5% Indicated Mineral Resources and also contains a proportion of Inferred Mineral Resources (5.5%). 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. Over the 4-Year period mill feed will include 2.1Mt@ 0.9g/t of stockpiles (already in Ore Reserve) Mt Magnet Outlook | continuous delivery through FY30
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37 Rebecca-Roe Outlook | to average 135koz p.a.1 NOTES 1. Refer to ASX Announcement “Rebecca-Roe Gold Project Definitive Feasibility Study”, 28 October 2025 80 150 135 135 $3,535/oz $2,205/oz $2,310/oz $2,690/oz FY29 FY30 FY31 FY32+ Rebecca-Roe (Koz) AISC (A$/oz)(2025 5-yr plan) Rebecca-Roe annual production & AISC DFS results (October 2025) ⚫ Total production of 26.3Mt @ 1.41g/t for 1.1 million recovered gold ounces ⚫ A$2,625/oz AISC average over LOM. ⚫ Mill/infrastructure build of A$340M ⚫ 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 Key updates ⚫ Construction of processing plant has been scheduled to commence December 2027 Quarter ⚫ Native Title Mining agreement executed in December 2025 ⚫ FID obtained, subject to environmental permitting for Roe. Part V approval for Roe Project expected in the December 2026 Quarter ⚫ The updated 4-Year Outlook (2026) applied an underlying gold assumption of A$5,500/oz. This increases project AISC by ~A$40/oz
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38 10 years of conversion and replenishment Historical Ore Reserves 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Proven Probable 0.4Moz 4.3Moz ~27% CAGR net of depletion Historical Mineral Resources1 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Measured Indicated Inferred 2.2Moz ~20% CAGR net of depletion 14.0Moz Sector leading track record of growing scale and upgrading the quality of the business NOTES Resource figures rounded to 2 significant figures. Rounding errors may occur 1. Mineral Resource inclusive of Ore Reserves
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39 Mineral Resources and Ore Reserve NOTES 1. Resource figures rounded to 2 significant figures. Rounding errors may occur. Mineral Resource inclusive of Ore Reserves 2. Refer to ASX Announcement “2026 Resources & Reserves Statement”, 25 August 2026 Mineral Resources1,2 Ore Reserve1,2
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40 Peers historical AISC margin | Data verification Peers historical AISC margin data Company Period AISC (A$/oz) Realised Gold Price Source Northern Star FY23 1,759 2,639 June 2023 Quarterly Activities Report FY24 1,853 3,031 June 2024 Quarterly Activities Report FY25 2,163 3,922 June 2025 Quarterly Activities Report FY26 2,698 4,925 June 2026 Quarterly Activities Report Genesis Minerals FY23 2,032 2,651 2023 Annual Report FY24 2,356 3,164 June 2024 Quarterly Activities Report FY25 2,398 4,417 June 2025 Quarterly Activities Report FY26 2,670 6,009 June 2026 Quarterly Activities Report Capricorn Metals FY23 1,208 2,665 June 2023 Quarterly Activities Report and 2023 Annual Report FY24 1,421 3,185 June 2024 Quarterly Activities Report and 2024 Annual Report FY25 1,468 4,463 June 2025 Quarterly Activities Report and 2025 Annual Report FY26 1,629 6,241 2026 Annual Report Greatland Resources FY23 FY24 FY25 1,849 4,785 June 2025 Quarterly Activities Report FY26 2,179 6,223 June 2026 Quarterly Activities Report Regis Resources FY23 1,805 2,471 June 2023 Quarterly Activities Report FY24 2,286 2,976 June 2024 Quarterly Activities Report FY25 2,531 4,387 June 2025 Quarterly Activities Report FY26 2,945 6,283 June 2026 Quarterly Activities Report Westgold Resources FY23 1,999 2,556 June 2023 Quarterly Activities Report FY24 2,164 3,135 June 2024 Quarterly Activities Report FY25 2,666 4,387 June 2025 Annual Report FY26 2,841 6,238 June 2026 Quarterly Activities Report
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41 Scale that matters globally | Data verification Top 20 global projects by FY26 gold production (Koz) Project Ownership Sep25Q Dec25Q Mar26Q Jun26Q FY26 Total Source Nevada Operations Barrick Mining, Newmont 1,063 1,231 995 1,013 4,302 Barrick September quarterly report Barrick December quarterly report Barrick March quarterly report Barrick June quarterly report Detour Lake Agnico Eagle 177 195 177 207 756 September quarterly report December quarterly report March quarterly report June quarterly report Canadian Malartic Agnico Eagle 157 153 166 135 612 September quarterly report December quarterly report March quarterly report June quarterly report KCGM Northern Star 480 June 2026 quarterly report Boddington Newmont 146 146 111 160 563 September quarterly report December quarterly report March quarterly report June quarterly report Meadowbank Agnico Eagle 136 115 114 100 465 September quarterly report December quarterly report March quarterly report June quarterly report Tropicana AngloGold Ashanti, Regis Resources 106 130 110 130 477 September quarterly report December quarterly report March quarterly report June quarterly report Fort Knox Kinross 112 72 102 105 391 September quarterly report December quarterly report March quarterly report June quarterly report Cote IAMGOLD, Sumitomo 106 125 75 96 402 September quarterly report December quarterly report March quarterly report June quarterly report Tanami Newmont 100 123 82 90 395 September quarterly report December quarterly report March quarterly report June quarterly report Cadia Newmont 97 81 94 34 306 September quarterly report December quarterly report March quarterly report June quarterly report Meliadine Agnico Eagle 94 94 94 98 379 September quarterly report December quarterly report March quarterly report June quarterly report St Ives Gold Fields 89 96 84 86 355 September quarterly report December quarterly report March quarterly report June quarterly report LaRonde Agnico Eagle 82 80 82 81 325 September quarterly report December quarterly report March quarterly report June quarterly report Cowal Evolution Mining 297 June quarterly Macassa Agnico Eagle 79 61 56 80 275 September quarterly report December quarterly report March quarterly report June quarterly report Telfer Greatland Resources 329 Financial results FY26 year end Gruyere JV Gold Fields 78 73 53 67 271 September quarterly report December quarterly report March quarterly report June quarterly report Rainy River Coeur Mining 100 94 102 64 361 September quarterly report December quarterly report March quarterly report June quarterly report Thunderbox Northern Star 234 June 2026 quarterly report