Slides
Page 1
26 OCTOBER 2026 QUARTERLY RESULTS September 2026
Page 2
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.
Page 3
3 Key Highlights | September 2026 Quarter 1. See RMS ASX Release “September 2026 Quarterly Report”, 26 October 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 “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 48,839 ounces at an AISC of A$2,656/oz1 • A total of 135Kt of Never Never underground ore processed at an average grade of 4.15g/t • On track to achieve full year Guidance of 205,000 to 225,000 ounces at an AISC of A$2,150 to 2,350/oz. Cash & gold • Cash & gold of A$768M (June 2026: A$650M), operating cash flow of A$186M and underlying free cash flow of A$62M Projects • Primero appointed as EPC for stage 2 (Circuit 2) expansion of Mt Magnet processing plant upgrade • Dalgaranga focussed on mine development and paste plant commissioning • Mt Magnet plant works focussed on overall plant engineering and upgrades on existing circuit (Circuit 1) • EPA approved Roe Part V application 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$22.7M Corporate • Share buybacks totalling A$17.6M, taking the total since announcement to A$156M, 62% of the A$250M share buyback program3 • Sale of Edna May hub to Forrestania Resources for A$300M completed with A$210M in cash and A$90M in Forrestania shares5, completed on 04 September 2026
Page 4
4 Gold Production by Quarter update Development Project Ramelius Mine/Project Haulage Direction Processing Plant Two high-quality hubs in Western Australia
Page 5
5 Mining & Gold Production | positive impact of Never Never ore ORE TONNES MINED 0.7Mt Increased mining at Cue & Dalgaranga (up 9%) MINED GRADE 2.56g/t Increased contribution from open pit mines and lower grades at Penny ORE TONNES MILLED 0.5Mt Annualised run rate of 2.1Mt until plant expansion complete MILLED GRADE 3.00g/t Processing of high-grade Penny ore impacted by wet weather Lower grades from Penny and Never Never underground mines GOLD PRODUCTION 49koz Au 4koz stockpiled at Penny at end of Quarter On track to achieve full year Guidance of 205,000 – 225,000 ounces
Page 6
6 Mt Magnet update | processing plant upgrade to 4.3Mtpa ⚫ EPC awarded to Primero to deliver 3Mtpa Circuit 2 ⚫ New crusher and cyclone tower integrated into Circuit 1 in October ⚫ Additional rooms and facilities all landed at Mt Magnet Camp ⚫ All wind turbine sections now on-site assembly to commence ⚫ Ancillary work packages in final phase of design or out to tender ⚫ Site power infrastructure long lead items ordered ⚫ Circuit 1 ball mill refurbishment & relocation phase underway Area Growth Capex (A$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 Project Update NOTES 1. “G” = Guidance; “O” = Outlook Cardio area matting & gym building Camp expansionNew cyclone tower structure in place Lifting new cyclone towerWind turbine blade delivery to site Wind turbine tower section lift
Page 7
7 Dalgaranga | mining ramp up on track 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 0.2 0.5 1.0 1.1 1.1 1.1 0.8 1.0 0.9 0.9 0.6 FY26 (actual) FY27 FY28 FY29 FY30 FY31 FY32 FY33 FY34 FY35 FY36 Tonnes mined (indicated) (Mt) Tonnes mined (inferred) (Mt) Mt ore mined per annum1 LOM 1.9 7.5 7.0 16.9 6.6 25.9 34.1 38.2 42.7 40.8 43.1 46.5 Kt mined per month On track for 0.5Mt in FY27 Ramp up to 1Mt pa run rate by July 2027 Kt ore mined per month to September 2026
Page 8
8 NOTES Resource figures rounded to 2 significant figures. Rounding errors may occur 1. Mineral Resource inclusive of Ore Reserves 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 ✓ DFS Complete Part V approval granted for Roe project, first gold target fourth Quarter 2028 ✓ Native Title SignedTarget first gold Q4CY28 Rebecca OP/ Cleo OP Duke OP / Duchess OP Bombora OPs Bombora UG Greenfield development: new 3.25Mt pa Rebecca-Roe Project Rebecca, Roe Mineral Resource1 Rebecca-Roe | approvals update Approvals near completion • Environmental Protection Authority (EPA) Part V works approval received for Roe • Planning commenced to obtain associated mining approvals • Rebecca project fully permitted
Page 9
9 Financials | sector leading cash margins of A$3,363 per ounce GOLD SALES 51k ounces of gold Comparable to prior Quarter REALISED GOLD PRICE A$6,019 dollars per ounce Down 3% Q-on-Q, 3,750 ounces settled on collars AISC A$2,656 dollars per ounce In line with expectations less Penny ore and lower milled grade AISC margin of A$3,363/oz (56%) FREE CASH FLOW1 A$62 million After growth capital of A$54 million and exploration of A$24 million CASH & GOLD A$768 million After payment of Spartan stamp duty and receipt of Edna May sale proceeds 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, stamp duty payments, hedge book closure and predelivery, and dividends / share buybacks. The definition of free cash flow was expanded to include FY27 income tax payments in the Quarter, comparative information for FY2 6 has been amended to reflect the payment of FY26 income taxes.
Page 10
10 September Cash Flow | increased cash balance to A$768M QUARTERLY MOVEMENT IN CASH & GOLD Free cash flow • Q1 gold production of 48,839 ounces at an AISC of A$2,656/oz generating operating cash flow of A$186M • 3,750 ounces committed to zero premium collars at A$5,906/oz • A$76M in growth capital and exploration • Income tax (pre-paid FY27) totalling A$14M Other cash flow • A$15M returned to shareholders in Quarter by way of share buybacks • A$131M Spartan stamp duty paid in Quarter • Remaining A$205M in sales proceeds for Edna May received • Closing cash & gold position of A$768M
Page 11
11 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
Page 12
12 Ramelius’ Investment Case Reliable operational team Stand-out in sector for delivery of Guidance Dividend yield above mid-tier ASX gold producers A$376M dividends last 8 yrs A$156M 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 A$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 12
Page 13
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 Rhys Prka Associate Director GRA Partners Ph: +61 425 113 273 rameliusresources.com.au
Page 14
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