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20 FEBRUARY 2026 HALF YEAR FINANCIAL RESULTS For the period ended 31 December 2025 For personal use only
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| 2 Qualifications & Non-IFRS Financial Information Forward Looking Statements This presentation contains certain forward-looking statements with respect to Ramelius Resources Ltd’s (Ramelius) financial condition, results of operations, production targets and other matters that are subject to various risks and uncertainties. Actual results, performance or achievements could be significantly different from those expressed in or implied by those forward-looking statements. Such forward looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors that are beyond the control of Ramelius that may cause actual results to differ materially from those expressed in the forward-looking statements contained herein. Ramelius gives no warranties in relation to the information and statements within this presentation. Competent Persons Statement The Information in this report that relates to Exploration Results, Mineral Resources and Ore Reserves is based on information compiled by Peter Ruzicka (Exploration Results), Jake Ball (Mineral Resources) and Paul Hucker (Ore Reserves), who are Competent Persons and Members of The Australasian Institute of Mining and Metallurgy. Peter Ruzicka, Jake Ball and Paul Hucker are employees of the Company and have sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Peter Ruzicka, Jake Ball and Paul Hucker consent to the inclusion in this report of the matters based on their information in the form and context in which it appears. The Company confirms that it is not aware of any new information or data that materially affects the information included in this presentation and that all material assumptions and technical parameters underpinning the estimates continue to apply and have not materially changed. Non-IFRS Financial Information Financial data in this presentation includes ‘non-IFRS financial information’ per ASIC Regulatory Guide 230 Disclosing non-IFRS financial information published by ASIC. Non-IFRS measures in this presentation includes production cost information such as All-in Sustaining Cost (AISC) and All-in Cost (AIC), Earnings before interest, taxes, depreciation, and amortisation (EBITDA). 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 Gold Production For personal use only
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| 4 First truckload of ore from Dalgaranga to Mt Magnet • First truckload of Never Never ore delivered to Mt Magnet processing plant on 18 February 2026 • Stockpiles: 31,000 tonnes of ore at a grade of 3.6g/t for 3,600 ounces (all development ore) at end of January 2026 • Higher-grade Never Never ore will be introduced in the June 2026 Quarter when stoping commences For personal use only
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| 5 Mt Magnet | Never Never mine schedule NOTES 1 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.. Refer to ASX announcement “Never Never PFS - Maiden 1.6Moz Ore Reserve, Mt Magnet plant throughput up to 5Mtpa” 28 October 2025. The Company confirms it is not aware of any new information or data that materially affects the information included in the initial market announcement and that all material assumptions and technical parameters underpinning the estimates in the relevant market announcement continue to apply and have not materially changed Never Never mining schedule (Mt) & (g/t) Mining schedule • From FY28 onwards, tonnages and grade increase as the main section of the ore body is accessed • 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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| 6 H1 FY26 | mining & production highlights ORE TONNES MINED (up 64%) 1.1Mt • Increased material movement at Cue pits with introduction of third excavator fleet at a lower strip ratio MINED GRADE (down 46%) 2.66g/t • Pits have transitioned from weathered zone to fresh rock at Cue • Performance now closer to the geological model predictions ORE TONNES MILLED (down 47%) 1.0Mt • Mt Magnet mill throughput improved 18% - new liner design, optimised material blend and excellent mechanical availability • Edna May on care & maintenance GOLD PRODUCTION (down 32%) 101Koz • Higher production planned in Q4 FY26 with Dalgaranga high-grade ore • Edna May on care & maintenance AISC (up 12%) A$1,901/oz • Impact of lower grades • Represents an AISC margin of A$2,921/oz or 61% REALISED GOLD PRICE (up 36%) A$4,822/oz • Higher prevailing A$ spot price along with reducing hedge book commitments NOTES Refer to appendices for definitions and reconciliationsFor personal use only
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| 7 H1 FY26 | underlying earnings NOTES Refer to appendices for definitions and reconciliations Significant adjustments have been made to the statutory earnings in H1 FY26, including: • Spartan acquisition costs (non-recurring) of $133.2M which includes estimated stamp duty on the Spartan acquisition of $131.0M, which is expected to be paid in H2 FY26 • Spartan pre-existing royalty fair value adjustment (non-cash) of $46.6M (cost to earnings) resulting primarily from an increase in consensus gold price forecasts – essentially the increase is due to higher expected future revenue Adjustments to statutory earnings Statutory earnings reconciliations ($M) NPAT EBIT EBITDA Underlying earnings 160.0 219.5 347.7 Less: Spartan acquisition costs (133.2) (133.2) (133.2) Less: Spartan royalty fair value movement (46.6) (46.6) (46.6) Less: care & maintenance costs (5.0) (5.0) (5.0) Less: exploration & evaluation impairments (3.4) (3.4) (3.4) Add: impact of adjustments on income tax expense 16.5 n/a n/a Statutory earnings (11.7) 31.3 159.5 For personal use only
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| 8 H1 FY26 | financial highlights - underlying earnings REVENUE (down 4%) A$485.6 million • Improved spot price and reduced hedge commitments UNDERLYING EBITDA (up 13%) A$347.7 million • Record H1 underlying EBITDA • Impacted by higher A$ gold price OPERATING CASH FLOW (down 3%) A$311.6 million • Strong operating cash flow funding capital investment into the business UNDERLYING BASIC EARNINGS PER SHARE (down 40%) 8.9 cents (A$) UNDERLYING NPAT (down 6%) A$160.0 million • In line with prior corresponding period despite lower production (Edna May care & maintenance) UNDERLYING EBITDA MARGIN (up 18%) 72% • Increased margin with A$ gold price• Increased shares on issue with acquisition of Spartan (production commencing H2 FY26) NOTES Refer to appendices for definitions and reconciliations For personal use only
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| 9 H1 FY26 | Mt Magnet earnings • Performance in line with expectations • Higher production planned in H2 FY26 with Dalgaranga high-grade ore Gold Production • Excellent earning capacity with EBITDA of $369.7 million (76%), or A$3,686 per ounce Current Growth Projects • Development of the Never Never underground at Dalgaranga – first ore delivered to Mt Magnet • Mt Magnet processing plant upgrades - engineering / early site works underway Earnings and Margins Unit H1 FY26 H1 FY25 Change Operations Tonnes milled Kt 1,048 887 +18% Milled grade g/t 2.97 4.00 -26% Gold production Koz 101 108 -7% Gold sales Koz 100 103 -3% Financials EBIT A$M 244.0 202.2 + 21% EBIT margin % 50 58 -13% EBITDA A$M 369.7 273.4 + 35% EBITDA margin % 76 78 -3% AISC A$/oz 1,901 1,376 + 38% Exploration A$M 28.0 16.0 + 75% Growth A$M 70.0 15.8 + 343% AIC A$/oz 2,879 1,686 + 71% NOTES Refer to appendices for definitions and reconciliations For personal use only
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| 10 H1 FY26 | financial highlights - cash OPERATING CASH FLOW (down 3%) A$311.6 million FREE CASH FLOW (down 150%) A$(40.2) million • Acquisition of Spartan / Investment in business growth • Increased exploration budget • Final FY25 tax payments UNDERLYING FREE CASH FLOW (down 30%) A$183.7 million • Before acquisition of Spartan, dividends, and income tax payments OPERATING CASH FLOW PER OUNCE (up 38%) A$3,107/oz CASH & GOLD ON HAND (down 14% on June 2025) A$694.3 million UNDERLYING FREE CASH FLOW PER OUNCE (down 1%) A$1,831/oz • Impact of strong A$ gold price • Well funded for internal growth projects (Mt Magnet plant upgrade & Rebecca-Roe development) & exploration • Excellent cash generation per ounce after growth capital and exploration investments NOTES Refer to appendices for definitions and reconciliations For personal use only
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| 11 H1 FY26 | key cash flows NOTES 1 Refer to appendices for definitions and reconciliations 2 Dividends paid & declared relates to the final FY25 dividend of 5 cps and the interim dividend of 3 cps declared and payable in April 2026. Chart segments are indicative only. 3 The cash flow segments noted were also funded by the existing balance sheet with a $115M decrease in cash & gold over the period RETURN TO SHAREHOLDERS (up 39%) A$60.3 million • Plus A$35.4 million in dividend reinvestment, total shareholder return of A$95.7 million CAPITAL INVESTMENT (down 14%) A$211.4 million • Including plant & equipment, mine development, and exploration • Includes acquisition of Spartan H1 FY26 Operating Cash Flow (use of funds)1,2 INCOME TAX PAYMENTS A$148.1 million • Includes A$130.6M for FY25, the last of large one-off tax payments ACQUISITION OF SPARTAN, NET OF CASH A$73.4 million • Net of A$199.3M cash acquired • Inclusive of acquisition related costs paid For personal use only
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| 12 H1 FY26 | combination with Spartan NOTES Refer to appendices for definitions and reconciliations Purchase consideration • Completion date of 22 July 2025, the date the Scheme was legally effective • Fair value of Ramelius shares issued based on closing share price on 22 July 2025 • Net purchase consideration of $2.3Bn “cost” • Net purchase consideration of $2.6Bn “fair value” o includes fair value uplift on initial 19.9% • Stamp duty of ~ $131M, expected to be paid H2 FY26 Net assets acquired • Valuation undertaken by external party • Majority of value resides in the mineral properties • Total Spartan tax losses of $348.1M (net $104.7M) transferred to Group - $66.1M (net $19.8M) utilised for H1 FY26 taxable income Purchase consideration (A$M) Cost Fair value Initial 19.9% investment in Spartan 253.2 534.8 Scheme consideration – cash 270.6 270.6 Scheme consideration (752.9M shares at $2.66 1) 2,002.7 2,002.7 Gross purchase consideration 2,526.5 2,808.1 Less: cash acquired (199.3) (199.3) Net purchase consideration 2,327.2 2,608.8 Assets acquired / (liabilities assumed) (A$M) Fair value Cash 199.3 Property, plant, and equipment 45.0 Exploration assets 15.1 Mine development and mineral properties 2,648.8 Future royalty obligation (79.7) Provisions (including mine closure) (36.4) Net deferred tax assets 2.9 Other net assets 13.1 Net assets acquired 2,808.1 For personal use only
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| 13 December 2025 | balance sheet strength NOTES Refer to appendices for definitions and reconciliations 1 Subsequent to the period end, on 19 February 2026, the Company amended its existing A$175 million facility with a new A$500 million revolving corporate facility for an approximate five-year term (expiring 31 March 2031). WORKING CAPITAL (down 15% from June 2025) A$587.2 million • Mainly due to cash investments in growth capital and exploration • Spartan stamp duty payable of A$131M NET ASSETS (up 109% from June 2025) A$4.0 billion • Increased with the $2.8 billion Spartan acquisition TOTAL LIQUIDITY (up 21% from 30 June 2025) A$1.2 billion • Including cash & gold of A$694.3 million and available (undrawn) A$500 million debt facility1 TOTAL LIQUIDITY1CASH & GOLD WORKING CAPITAL For personal use only
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| 14 Forward contracts | no forward contracts from March 2026 NOTES Refer to appendices for definitions and reconciliations Close out of FY27 hedge book • Completed in February 2026 at a cost of A$28.4M • Committed to pre-deliver June Quarter into March Quarter • 31 March 2026 no forward contracts in place HISTORICAL HEDGE BOOK LOSS Price protection in place • FY27 collars, 22,500 ounces (A$4,200 / A$5,906) (under review) • FY28 put options, guaranteeing minimum pricing of A$5,750 for 40,000 ounces • Designed to cover years of lower production and higher capital costs For personal use only
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| 15 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 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 NOTES 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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| 16 H1 FY26 | dividends NOTES Refer to appendices for definitions and reconciliations Interim Dividend • Fully franked at 3 cents per share (A$57.7 million) • Record date of 17 March 2026 • Payment date of 15 April 2026 • Exceeds the minimum dividend of 2cps per annum commitment for FY26 • Returns A$574/oz • TSR average 18.8%1 p.a. over past 5 years Dividend Reinvestment Plan (DRP) • DRP established in 2022, 37% take up for final FY25 dividend DIVIDEND HISTORY | CPS | (A$M) For personal use only
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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 Brian Massey General Manager, Investor Relations 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
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| 18 Low-cost operation Appendix 1 | H1 FY26 Mt Magnet operating highlights Safety • No Lost Time Injuries • Seven (7) Restricted Work Injuries Production • 100,623 ounces of gold produced Costs • AISC of A$1,901 per ounce Operations • Open pit mining across Cue deposits (Break of Day, White Heat, Waratah, and Lena) • Underground operations focusing on Galaxy and Penny • H2 FY26 operational plans: Q3 planned mill maintenance / Q4 Dalgaranga ore processing NOTES Refer to appendices for definitions and reconciliations Unit Sept 25 Dec 25 H1 FY26 H1 FY25 Operations Tonnes mined Kt 567 549 1,116 680 Mined grade g/t 2.74 2.59 2.66 4.92 Tonnes milled Kt 498 550 1,048 887 Milled grade g/t 3.30 2.67 2.97 4.00 Gold production Koz 55 46 101 108 Gold sales Koz 55 45 100 103 Financials Realised gold price A$/oz 4,528 5,175 4,822 3,407 AISC A$/oz 1,836 1,977 1,901 1,376 Exploration A$M 12.1 15.9 28.0 16.0 Growth A$M 19.0 51.0 70.0 15.8 AIC A$/oz 2,405 3,445 2,879 1,686 Mine operating cash flow A$M 159.1 149.7 308.7 229.5 Mt Magnet Tonnes Milled (H1 FY26) For personal use only
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| 19 Appendix 2 | reconciliation of statutory and underlying earnings Earnings (A$M) H1 FY26 H2 FY25 H1 FY25 H2 FY24 H1 FY24 Statutory NPAT (11.7) 303.8 170.4 175.4 41.2 Add: income tax expense 52.3 129.2 67.2 39.7 20.7 Less: net income (9.3) (9.4) (6.5) (5.2) (2.8) Statutory EBIT 31.3 423.5 231.1 209.9 59.1 Add: depreciation & amortisation 128.2 87.5 76.5 101.2 81.1 Statutory EBITDA 159.5 511.0 307.6 311.1 140.2 Underlying adjustments: Spartan acquisition costs 133.2 1.0 - - - Fair value adjustments to royalty obligation 46.6 - - - - Care & maintenance 5.0 - - - - Exploration impairments 3.4 2.5 - 7.1 1.5 Fair value adjustments - 0.7 - 0.5 1.8 Asset / royalty sales - (1.4) - - - Total underlying adjustments before tax 188.2 2.7 - 7.6 3.3 Underlying EBITDA 347.7 513.7 307.6 318.7 143.5 Underlying EBIT 219.5 426.2 231.1 217.5 62.4 Statutory NPAT (11.7) 303.8 170.4 175.4 41.2 Underlying earnings adjustments before income tax 188.2 2.7 - 7.6 3.3 Tax effect of adjustments (16.5) (0.5) - (2.3) (1.0) Tax benefit on recognition of acquired losses - - - (23.9) - Underlying NPAT 160.0 305.9 170.4 156.8 43.5 For personal use only
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| 20 Appendix 3 | reconciliation of cash flow Cash Flow (A$M) H1 FY26 H2 FY25 H1 FY25 H2 FY24 H1 FY24 Receipts from customers 485.6 695.2 508.0 548.1 335.6 Payments to suppliers (176.3) (164.9) (187.7) (214.9) (215.5) Interest received 12.5 11.8 7.5 7.0 4.4 Lease payments (10.2) (6.5) (6.9) (8.7) (10.5) Operating cash flow 311.6 535.6 320.9 331.5 114.0 Net cash from operations 171.2 443.5 327.3 336.8 118.0 Net cash flow from acquisitions (net of cash acquired) (73.4) - - (29.5) - Spartan investment - - (165.6) (87.7) - Net cash used in investing activities (138.0) (80.1) (80.5) (34.4) (91.1) Free cash flow (40.2) 363.4 81.2 185.2 26.9 Add: income tax payments 148.1 95.9 - 1.1 4.7 Add: Spartan investment - - 165.6 87.7 - Add: acquisitions (net of cash acquired) 73.4 - - 10.1 19.4 Add: Spartan royalty buy back 4.4 - - - - Add: Spartan acquired working capital payments 12.0 - - - - Less: put option purchase (covering FY28) (12.4) - - - - Less: finance costs (0.8) (0.8) (0.8) (1.5) (0.7) Less: lease payments (10.2) (6.5) (6.9) (8.7) (10.5) Movement in bullion on hand (spot) 9.6 (21.2) 24.8 (10.1) 11.4 Other (0.2) (0.1) 0.2 0.9 (0.1) Underlying free cash flow 183.7 430.7 264.1 264.7 51.1 For personal use only
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| 21 Appendix 4 | reconciliation of working capital Working Capital (A$M) H1 FY26 H2 FY25 H1 FY25 H2 FY24 H1 FY24 Cash 658.7 783.7 454.5 424.2 249.3 Gold bullion on hand (spot) 35.6 26.0 47.2 22.4 32.5 Receivables 9.8 5.5 5.3 3.7 7.7 Current stockpiles & gold in circuit (at cost) 78.6 64.9 70.2 89.8 108.5 Trade payables (191.4) (60.3) (53.9) (66.1) (71.7) Tax (payable) / receivable (4.1) (130.4) (112.9) (68.0) (10.9) Working Capital 587.2 689.4 410.4 406.1 315.4 For personal use only
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| 22 Appendix 5 | half-year production, costs, gold price history Tonnes Mined (Mt) Contained Gold Mined (Koz) Milled Grade (g/t) Gold Production (Koz) Realised Gold Price (A$/oz) AISC (A$/oz) For personal use only
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| 23 Appendix 6 | half-year earnings history Revenue (A$M) Underlying EBITDA (A$M) Underlying NPAT (A$M) Underlying basic earnings per share (A$ cps) Underlying Free Cash Flow (A$M) Movement in cash & gold (A$M) For personal use only
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| 24 Appendix 7 | half-year margins history Gross profit margin (%) Gross profit per ounce (A$/oz) Underlying EBITDA margin (%) Underlying EBITDA per ounce (A$/oz) AISC margin per ounce (A$/oz)AISC margin (%) For personal use only
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| 25 Appendix 8 | definitions AISC: All-in Sustaining Cost is calculated in accordance with the World Gold Council Guidance Note on AISC and AIC released on 14 November 2018 AIC: All-in Cost is calculated in accordance with the World Gold Council Guidance Note on AISC and AIC released on 14 November 2018 NPAT: net profit after tax EBIT: earnings before interest and tax EBITDA: earnings before interest, tax, depreciation, and amortisation EBIT margin: EBIT divided by revenue EBITDA margin: EBITDA divided by revenue Cash earnings: EBITDA before stockpile adjustments Free cash flow: cash flow from operations less cash used in investing activities (per Statement of Cash Flow) Operating cash flow: receipts from customers, interest income, less payments to suppliers and lease payments Underlying free cash flow: free cash flow before acquisition of / investments in Spartan, income tax payments, dividends paid, less, finance costs and lease payments, and including the movement in gold bullion on hand (at spot) Mine operating cash flow: calculated as gold sales revenue less AISC (excluding movements in stockpiles, GIC, and Bullion) and including movement in the value (spot) of gold bullion on hand Working capital: cash, bullion (at spot), receivables, current ore stockpiles and GIC (at cost). Less, trade payables, current tax payable (or refundable), and current borrowingsFor personal use only