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29 JULY 2026 QUARTERLY RESULTS June 2026
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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, 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 The Group results are reported under International Financial Reporting Standards (IFRS). This presentation also includes non-IFRS information including All-in Sustaining Cost (AISC) and All-in Cost (AIC). The non-IFRS information has not been subject to audit or review by the Group’s external auditor and should be used in addition to IFRS information. 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 Key Highlights | June 2026 Quarter 1. See RMS ASX Release “June 2026 Quarterly Report”, 29 July 2026 2. See RMS ASX Release “Exploration Update”, 22 July 2026 3. See RMS ASX Release “Ramelius Announces A$250M Share Buyback Program”, 10 December 2025 4. See RMS ASX Release “FY26 Interim Dividend and DRP”, 20 February 2026 5. See RMS ASX Release “Sale of Edna May Hub”, 29 June 2026 & FRS ASX Release “Forrestania Secures A$310M for Edna May Acquisition”, 1 July 2026 Production & Costs • Quarterly gold production of 53,466 ounces at an AISC of A$1,973/oz1 • Never Never underground ore processed, making up 40% of gold production for the Quarter Cash & gold • Cash & gold of A$649.6M (March 2026: A$606.5M), operating cash flow of A$191.2M and underlying free cash flow of A$138.3 Projects • Dalgaranga focussed on paste plant construction and other site infrastructure, underground pump station commissioned and in use • Mt Magnet plant upgrade focussed on plant engineering works and preliminary site establishment • Refurbishment commenced on existing circuit (Circuit 1) • Front End Engineering Design (FEED) on new circuit underway, EPC contract targeted for September 2026 Quarter (Circuit 2) • EPA authorised Roe area of Rebecca-Roe Project to proceed through established Part V approval and licencing process Exploration • Exceptional drilling results at virtually all exploration projects focussing on extensional mine-life at existing operations2 • 8 surface rigs and 4 underground rigs in use, exploration spend (including resource definition) in the Quarter was A$33.9M Corporate • Share buybacks totalling A$30.5M, taking the total for FY26 to A$140.7M, 56% of the A$250M share buyback program3 • Payment of fully franked interim dividend of A$0.03cps4, exceeding annual minimum dividend level (A$0.02cps) • Sale of Edna May hub to Forrestania Resources for A$300M comprising A$210M in cash and A$90M in Forrestania shares5, completion expected in September 2026 Quarter
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4 Key Highlights | a recap on FY26 1. See RMS ASX Release “June 2026 Quarterly Report”, 29 July 2026 2. See RMS ASX Release “Never Never PFS – Maiden 1.6Moz Ore Reserve”, 28 October 2025 3. See RMS ASX Release “Rebecca-Roe Gold Project Definitive Feasibility Study”, 28 October 2025 4. See RMS ASX Release “Rebecca-Roe Gold Project – Agreement signed with Kakarra Part B Native Title Holders”, 4 December 2025 5. See RMS ASX Release “Exploration Update”, 22 July 2026 Production & Costs • Annual gold production of 192,182 ounces at an AISC of A$1,983/oz1 (A$1,840/oz excluding the A$143/oz accounting adjustment on early declaration of commercial production at Never Never underground mine) - Production Guidance met for the 6th consecutive year and revised AISC Guidance • Successful development of Never Never underground mine with the haulage and processing of ore commencing in the March 2026 Quarter Cash & gold • Cash & gold of A$649.6M (March 2026: A$606.5M), operating cash flow of A$764.2M and underlying free cash flow of A$393.3M Projects • Finalised Never Never PFS and Mt Magnet Integration Studies2 along with maiden Never Never underground Ore Reserve of 1.6Moz2 • Rebecca-Roe Project DFS3 completed with FID obtained, subject to environmental permitting for Roe • Native Title Mining Agreement4 executed for Rebecca-Roe Project Exploration5 • Excellent results returned across FY26 with an ongoing focus at Cue, Galaxy and Gilbey's • Total exploration investment of A$103.9M with similar budget of A$90 – 110M approved for FY27 Corporate • Share buybacks totalling A$140.7M, 56% of the A$250M share buyback program • Payment of fully franked dividends of A$153.0M (FY25 final and FY26 interim) • Completed the acquisition of Spartan Resources Limited (Dalgaranga) • Sale of Edna May hub to Forrestania Resources for A$300M
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5 Gold Production by Quarter
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6 Mining & Gold Production | positive impact of Never Never ore ORE TONNES MINED 0.6Mt Increased underground mining at Galaxy (up 37%) and Never Never (up 133%) MINED GRADE 3.30g/t 35% increase in mined grade with more ore being mined from higher grade underground mines ORE TONNES MILLED 0.5Mt March Quarter impacted by planned 6-day mill shutdown in Quarter MILLED GRADE 3.59g/t In line with improved mined grades and higher proportion of underground ore (higher grade) in ore blend. GOLD PRODUCTION 53koz Au FY26 production of 192,182 ounces meeting Guidance (185,000 – 205,000 ounces)
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7 Dalgaranga | outstanding site project progress 7 Underground pump station Surface workshop • Never Never transitioned to commercial production in March 2026, three months earlier than initially expected based on improved gold price and mined grades. • Capital works progressing well focus on paste plant and site infrastructure. Underground pump station commissioned and in use. • 1,754 metres of lateral development (FY26: 5,698 metres under Ramelius ownership) • 115kt of ore mined at a grade of 5.95g/t (FY26: 181kt at 5.06g/t) from underground • Never Never open pit moved 847kbcm for 69kt at a grade of 2.15g/t (FY26: 1,526kbcm for 79kt at 2.10g/t) • A total of 146kt or ore processed at a grade of 5.37g/t (FY26: 153kt at 5.53g/t). No open pit ore processed with higher grade underground ore taking priority • Initial metallurgical recoveries are better than modelled. Additional analysis will be completed over the coming months to validate and confirm an updated recovery percentage as more material is processed
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8 Financials | cash generation increasing GOLD SALES 52k ounces of gold In line with increased gold production REALISED GOLD PRICE A$6,230 dollars per ounce Up 8% Q-on-Q, no hedge commitments in Q4 AISC A$1,973 dollars per ounce 11% reduction from Q3 with higher mill grades. AISC margin of A$4,257/oz (68%) (beating last Quarters best on record) FREE CASH FLOW1 A$138.3 million After growth capital of A$42.1 million and exploration of A$33.9 million Best Quarter of FY26 CASH & GOLD A$649.6 million After interim dividend payment of A$54.1 million (cash component) and A$30.5M share buybacks NOTES 1 Free cash flow represents the underlying free cash flow which is total cash flow before one -off cash flows such as acquisitions and investments, taxes, stamp duty payments, hedge book closure and predelivery and dividends / share buybacks
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9 AISC | low-cost operation with more high-grade to come AISC RECONCILIATION • Excluding the earlier than expected commercial production (capital allocation change) from Never Never, the AISC for FY26 was A$1,840/oz, meeting initial Guidance (A$1,700 - 1,900/oz) • Importantly, the total costs for Never Never are in line with Guidance, however some costs now categorised “sustaining” as opposed to “growth” • Other drivers of the increased AISC have been the higher royalties associated with the higher gold price (Guidance was based on A$4,750/oz) and higher diesel costs • A portion of the impact of higher diesel costs has been managed with the hedging of diesel usage
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10 June Cash Flow | ~60% of underlying FCF returned to shareholders QUARTERLY MOVEMENT IN CASH & GOLD Free cash flow • Q4 gold production of 53,466 ounces at an AISC of A$1,973/oz generating operating cash flow of A$191.2M • Zero hedge commitments in Quarter increased realised gold price • A$76.0M in growth capital and exploration Other cash flow • A$84.6M returned to shareholders in Quarter by way of fully franked FY26 interim dividend and share buybacks – represents 60% of underlying free cash flow generated in the Quarter • Income tax (pre-paid FY26) totalling A$15.6M • Closing cash & gold position of A$649.6M
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11 FY26 Cash Flow | strong cash flow generation as we invest in the future FY26 MOVEMENT IN CASH & GOLD Free cash flow • FY26 gold production of 192,182 ounces at an AISC of A$1,983/oz generating operating cash flow of A$764.2M • A$267.2M in growth capital and exploration Other cash flow • A$255.1M returned to shareholders in FY26 by way of fully franked dividends and share buybacks – represents 65% of underlying free cash flow generated • Income tax includes A$130.6M for FY25 and the pre-payment of FY26 income tax of A$49.3M • Net payment of A$74.3M for the acquisition of Spartan Resources, including acquisition costs, net of A$199.3M of acquired cash • Closed out the FY27 forward gold contracts • Closing cash & gold position of A$649.6M
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12 Edna May sale | exceptional value creation • Acquisition cost of Edna May (A$59M), Tampia (A$79M), & Symes (A$2M) of A$140M • Generated A$430M1 in pre-tax free cash flow under the operation of Ramelius • Total sale proceeds of A$300M1 with A$210M in cash and A$90M in Forrestania shares • Ramelius will be an ~10% shareholder in Forrestania retaining upside to the future development of Edna May NOTES 1 Values based on sales proceeds (yet to be received), before tax and unaudited
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13 Mt Magnet | exploration success leads to production upside NOTES 1 See RMS ASX Release “Exploration Update – High-Grade Strategy & Discovery”, 22 July 2026 2 See RMS ASX Release “Dalgaranga Exploration Update”, 22 April 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 estimation of a Mineral Resource or that an Exploration Target will be realised Mt Magnet 5-year production profile (koz) & low-grade Penny: extensions to Penny West to the south o FY26 exploration spend of A$7.0M o Mine plan to extend into FY27 Break of Day & Lena (Cue): underground extensions o FY26 exploration spend of A$16.8M o Mine plan to extend beyond FY27 Galaxy (Mt Magnet): Exploration Target 6- 7Mt at 2.1–2.6 g/t for 400-600koz1,3 o FY26 exploration spend of A$23.0M o Mine plan to extend beyond FY28 Gilbeys (Dalgaranga): Exploration Target 2.1– 4.7Mt at 1.5–2.0 g/t for 100-300koz2,3 o FY26 exploration of A$14.3M o Mine plan to add Gilbeys U/G from FY29 1 2 3 4 Opportunities to displace low-grade 1.9Mt 4.1Mt 4.3Mt1.9Mt 4.3Mt Mt Magnet Hub drill rigs: 8 surface rigs + 4 underground rigs
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14 Cue | Break of Day extensions and Lena underground potential Recent results1 include: Lena ➢ 19.7m at 5.73g/t ➢ 9.0m at 12.9g/t Break of Day ➢ 4.0m at 4.01g/t Lena conceptual design adds significant mine life to the Break of Day underground project NOTES 1 See RMS ASX “Exploration Update – High-Grade Strategy & Discovery”, 22 July 2026
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15 Cue | Break of Day extensions and Lena underground potential NOTES 1 See RMS ASX Release ‘2025 Resources and Reserves Statement’, 1 October 2025 and Table 1 Current Mineral Resources: Break of Day Underground ➢ 250Kt at 8.9g/t for 72koz1 Lena Underground: ➢ 910Kt at 3.6g/t for 110koz1 FY27 drill plan Continue surface drilling for conversion of Lena underground Inferred Mineral Resources to progress Scoping Study while exploring down- dip extensions of Break of Day mineralisation
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16 Galaxy | extending mine life by accelerated exploration NOTES 1 1 See RMS ASX “Exploration Update – High-Grade Strategy & Discovery”, 22 July 2026 2 See RMS ASX Release ‘2025 Resources and Reserves Statement’, 1 October 2025 and Table 1 3 See RMS ASX Release “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 Recent results include1: ➢ 20.2m at 40.7g/t ➢ 10.5m at 3.16g/t ➢ 8.0m at 4.42g/t ➢ 12.0m at 3.38g/t ➢ 11.3m at 2.43g/t Current Mineral Resources: ➢ 6.2Mt at 2.7g/t for 530koz2 Exploration Target: ➢ 6.0 - 7.0Mt at 2.1 - 2.6g/t for 400 - 600koz3 Increasing to three underground drill rigs operating in FY27 Accelerated drill program using dedicated exploration drives now under development
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17 Franks Tower | high grade in the Eridanus corridor Recent results1 include: ➢ 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 Franks Tower Current Mineral Resources: ➢ 2.9Mt at 1.0g/t for 97koz2 Pending new results and MRE update NOTES 1 1 See RMS ASX “Exploration Update – High-Grade Strategy & Discovery”, 22 July 2026 2 See RMS ASX Release ‘2025 Resources and Reserves Statement’, 1 October 2025 and Table 1
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18 NOTES 1 See RMS ASX “Exploration Update – High-Grade Strategy & Discovery”, 22 July 2026 2 See RMS ASX “Dalgaranga Exploration Update”, 22 April 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 4 See RMS ASX Release ‘2025 Resources and Reserves Statement’, 1 October 2025 and Table 1 Gilbey’s Underground | new underground mine potential Underground diamond drilling results1: Gilbey’s underground: ➢ 1.6m at 130g/t ➢ 3.7m at 38.2g/t ➢ 3.7m at 16.6g/t ➢ 12.9m at 8.70g/t ➢ 16.6m at 6.01g/t Current Gilbey’s Underground Mineral Resources: ➢ 6.9Mt at 1.9 g/t for 380koz2,4 Exploration Target: ➢ 2.1 – 4.7Mt at 1.5 – 2.0 g/t for 100- 300koz2,3
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19 Shareholder returns | “maintain, then grow” NOTES 1 Refer to ASX Release “Ramelius Announces A$250M Share Buyback Program”, 10 December 2025 2 Refer to ASX Release “March 2026 Quarter Update, FY26 Production Guidance Confirmed”, 7 April 2026 3 Includes A$1.0M in share buy backs traded on 30 June 2026, cash settled on 2 July 2026 4 FY27 based on the A$250M share buy back program and minimum 2cps, less dividends and share buy backs completed to 30 June 2026 5 FY28 & FY29 based on cash flows at A$6,000/oz (Refer to ASX Release “5-Year Growth Pathway to 500koz”, 28 October 2028) and a targeted 40% pay out ratio Interim Dividend (H1 FY26) • Fully franked at 3 cents per share (A$57.7M) • Paid 15 April 2026 • Exceeds the minimum dividend of 2 cents per share annual commitment for FY26 Share buybacks • A$250M share buyback program was announced on 10 December 20251 • A$141.7M, or 56%, in buybacks completed to date2,3 • Current Policy of 30% Payout Ratio, looking to increase from FY28 Shareholder returns | (A$M) Assumes 40% pay out ratio in FY28/FY29
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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 Limited Ph: +61 8 9202 1127 Brian Massey GM – Investor Relations Ramelius Resources Limited Ph: +61 8 9202 1127 MEDIA ENQUIRIES Luke Forrestal Director GRA Partners Ph: +61 411 479 144 rameliusresources.com.au
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Mineral Resources t g/t oz t g/t oz t g/t oz t g/t oz Open Pit deposits 2,200,000 1.6 110,000 36,000,000 1.5 1,700,000 20,000,000 1.2 780,000 59,000,000 1.4 2,600,000 UG deposits 1,200,000 4.9 190,000 9,200,000 2.7 810,000 4,000,000 2.9 370,000 14,000,000 2.9 1,400,000 ROM & LG stocks 9,100,000 0.6 180,000 9,100,000 0.6 180,000 Total Mt Magnet 12,000,000 1.2 480,000 46,000,000 1.7 2,500,000 24,000,000 1.5 1,200,000 82,000,000 1.6 4,200,000 Open Pit Deposits 460,000 4.4 66,000 5,700,000 1.8 340,000 3,500,000 1.4 160,000 9,700,000 1.8 560,000 UG Deposits 230,000 7.1 53,000 950,000 4.2 130,000 1,200,000 4.8 180,000 Total Cue 460,000 4.4 66,000 5,900,000 2.0 390,000 4,500,000 2.0 290,000 11,000,000 2.1 740,000 Total Rebecca 27,000,000 1.3 1,100,000 6,500,000 1.2 240,000 33,000,000 1.3 1,400,000 Open Pit deposits 18,900,000 1.4 850,000 6,600,000 1.1 244,000 25,400,000 1.3 1,089,000 UG Deposits 4,300,000 2.5 350,000 4,700,000 2.1 320,000 9,000,000 2.3 670,000 Total Roe 23,000,000 1.6 1,200,000 11,000,000 1.6 560,000 34,000,000 1.6 1,800,000 Edna May OP 720,000 1.1 25,000 23,000,000 1.0 700,000 7,000,000 1.0 220,000 30,000,000 1.0 940,000 Total Edna May 720,000 1.1 25,000 23,000,000 1.0 700,000 7,000,000 1.0 220,000 30,000,000 1.0 940,000 Open Pit deposits 590,000 1.8 35,000 1,219,000 1.0 39,430 1,810,000 1.3 74,000 UG deposits 9,230,000 6.9 2,053,000 5,110,000 3.5 568,000 14,320,000 5.7 2,602,000 Total Dalgaranga 9,800,000 6.5 2,000,000 6,300,000 3.0 610,000 16,000,000 5.1 2,600,000 Total Yalgoo 3,400,000 1.5 160,000 1,900,000 1.4 83,000 5,200,000 1.4 240,000 Penny UG 81,000 26.9 70,000 126,000 9.9 40,000 212,000 16.1 110,000 ROM & LG stocks 750 4.6 110 750 4.6 110 Total Penny 82,000 26.6 70,000 130,000 9.8 40,000 210,000 16.4 110,000 14,000,000 1.4 640,000 140,000,000 1.9 8,200,000 62,000,000 1.6 3,200,000 210,000,000 1.8 12,000,000 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 Mineral Resources (Summary)
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Ore Reserves Project Mine t g/t oz t g/t oz t g/t oz Total Open Pit 20,000,000 1.2 780,000 20,000,000 1.2 780,000 Total Underground 3,200,000 2.4 250,000 3,200,000 2.4 250,000 ROM & LG stocks 9,100,000 0.6 180,000 9,100,000 0.6 180,000 Mt Magnet Total 9,100,000 0.6 180,000 23,000,000 1.4 1,000,000 33,000,000 1.1 1,200,000 Total Open Pit 3,300,000 1.8 190,000 3,300,000 1.8 190,000 Total Underground 480,000 3.6 57,000 480,000 3.6 57,000 CueTotal 3,800,000 2.0 250,000 3,800,000 2.0 250,000 Total Underground 260,000 8.4 71,000 260,000 8.4 71,000 Total Penny 260,000 8.4 71,000 260,000 8.4 71,000 Dalgaranga Total Underground 7,000,000 7.3 1,600,000 7,000,000 7.3 1,600,000 Total Dalgaranga 7,000,000 7.3 1,600,000 7,000,000 7.3 1,600,000 Total MMG Hub Ore Reserve 9,100,000 0.6 180,000 35,000,000 2.7 3,000,000 44,000,000 2.2 3,100,000 Total Open Pit 21,000,000 1.3 880,000 21,000,000 1.3 880,000 Total Underground 4,400,000 1.8 260,000 4,400,000 1.8 260,000 Rebecca Roe Total 25,000,000 1.4 1,100,000 25,000,000 1.4 1,100,000 Total RMS Ore Reserve 9,100,000 0.6 180,000 60,000,000 2.1 4,100,000 69,000,000 1.9 4,200,000 Figures rounded to 2 significant figures. Rounding errors may occur. UPDATED ORE RESERVE STATEMENT AS AT 30 JUNE 2025 Proven Probable Total Reserve Mt Magnet Cue Penny Rebecca Roe Ore Reserves (Summary)