Earnings release
Page 1
RAMELIUS RESOURCES LTD | T +61 8 9202 1127 | REGISTERED OFFICE: LEVEL 13 / 58 MOUNTS BAY ROAD PERTH WA 6000 PO BOX 2714 CLOISTERS SQUARE PO WA 6850 | ACN: 001 717 540 | RAMELIUSRESOURCES.COM.AU 26 October 2026 Page 1 of 30 SEPTEMBER 2026 QUARTERLY ACTIVITIES REPORT HIGHLIGHTS Quarter Highlights & Outlook • Gold production of 48,839 ounces at an AISC of A$2,656/oz • Overall production, and consequently AISC, was impacted by weather interruptions of haulage from Penny in September resulting in increased stockpiles at the mine (29kt at 4.52g/t for 4,202 ounces of contained gold). These stockpiles are expected to be processed next Quarter • Cash & gold of A$768 million (June 2026: A$650 million), with operating cash flow of A$186 million and underlying free cash flow of A$62 million which includes sustaining capital of A$52 million, growth capital investment of A$53 million, exploration investment of A$23 million, and income tax payments of A$14 million (refer Figure 1) • Completion of sale of Edna May for A$300 million with A$210 million in cash and A$90 million in Forrestania shares • The Company remains 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. Production is planned to increase Quarter-on-Quarter in FY27 with higher grade mine sequencing planned at both Dalgaranga and Cue, delivering in parallel a reducing AISC profile Mt Magnet plant upgrade • During the Quarter, 526kt of ore was milled (annualised run rate of 2.1Mt) at a recovery of 93.2% (FY26: 2.0Mt ore milled at a 95.3% recovery) . In October 2026, a scheduled maintenance shutdown was carried out over 5 days, during which Stage 1 infrastructure (new crusher and cyclone tower) was integrated into the existing processing plant (Circuit 1) • EPC contract awarded to Primero during the Quarter to execute Stage 2 (new 3Mtpa Circuit 2) of the processing plant upgrade Dalgaranga Mine • A total of 130kt of ore mined at an average grade of 4.20g/t from the Never Never underground mine and 135kt at a grade of 4.15g/t was processed at the Mt Magnet plant. The Never Never underground mine is on track to mine 500kt at an average grade of 6.2g/t in FY27 (refer Figure 8) • On site project work focussed on paste plant construction and mine office upgrades Rebecca-Roe1 • Environmental Protection Authority (EPA) Part V works approval was received for the Roe site, subsequently the Company has commenced processes to obtain the associated mining approvals (Rebecca is fully permitted) Updated 4-Year Outlook2 • The updated 4-Year Outlook was released on 21 September with an increase in gold produced over the period of 75,000 ounces and an expected FY30 production target of more than 600,000 ounces2. The increase in expected production has been driven by exploration success in FY26 Exploration • High-grade exploration strategy continues with eight surface rigs and four underground rigs operating across the portfolio, exploration spend (including resource definition) in the Quarter was A$22.7M and 39,559 metres of drilling was completed • Exploration target set of 14 – 21 Mt at 1.9 – 2.4g/t Au for 0.85 – 1.6 million ounces3
Page 2
2 Corporate • Completed A$15 million of share buybacks during the Quarter for a total A$156 million, 62% of the A$250 million share buyback program4 previously announced • On 4 September 2026, Ramelius received the cash proceeds and shares for the sale of the Edna May hub to Forrestania Resources (ASX: FRS) for A$300 million5. The cash consideration totalled A$210 million and remaining value of shares issued to Ramelius was approximately A$90 million, Ramelius currently owns 9.4% in FRS. The estimated income tax due to the sale is A$45 - $55 million which is anticipated to be payable in December 2026 • On 13 October 2026, a fully franked final dividend of A$0.03 per share6 was paid Movement in Cash & Gold for September Quarter Figure 1: Movement in cash & gold for Quarter 1. See RMS ASX Release “Part V Approval for Roe Project Received”, 28 September 2026 2. See RMS ASX Release “4-Year Outlook & FY27 Guidance”, 21 September 2026.whereby the Production Target is 560,000 – 610,000 ounces in FY30. The Production Target disclosed in this announce ment was fi rst announced in accord ance with ASX L isting R ule 5.1.6 in its announcement dated 21 September 2026 titled “4-Year Outlook & FY27 Guidance”. The Company confirms that all material assumptions underpinning the Production Target in the previous announcement continue to apply and have not materially changed. 3. See RMS ASX Release “Exploration Update”, 22 July 2026. 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. 4. See RMS ASX Release “Ramelius Announces A$250M Share Buyback Program”, 10 December 2025 5. See RMS ASX Release “Sale of Edna May Hub”, 29 June 2026 6. See RMS ASX Release “FY26 Interim Dividend and DRP”, 20 February 2026
Page 3
3 Managing Director, Mark Zeptner, today said: “In the September Quarter, the business produced 48,839 ounces of gold at an AISC of A$2,656/oz and is on track for FY27 production and cost guidance. We are systematically derisking our business plan to become a 600,000 ounce producer by FY30. Three key milestones were achieved in the Quarter; 1) Secured EPC contractor to build new 3Mpta (Circuit 2) by the December Quarter 2027, representing ~90% of the capital spend with a lump sum contract; 2) Never Never underground mining rates continue to increase and remains on track to deliver 1Mtpa of high-grade ore by July 2027 to the Mt Magnet hub; and 3) Obtained key works approval from the EPA for the Roe site giving the Company increased certainty to commence early works at Roe for our new ming hub at Rebecca-Roe. We are executing on our business plan to deliver real value to our shareholders.” Conference Call The Company wishes to advise that Mark Zeptner (Managing Director & CEO) and members of the executive team will hold an investor conference call to discuss the Quarterly Activities Report this morning at 8:00am AWST / 11:00am AEST 26 October 2026. To listen in live, please click on the link below and register your details: Ramelius Resources – September Quarterly Conference Call Please note it is best to log on at least five minutes before the scheduled commencement time to ensure you are registered in time for the start of the call. Investors are advised that a recording of the call will be available on the Company’s website after the conclusion of the call. This ASX announcement was authorised for release by the Board of Directors. For further information contact: Investor enquiries: Media 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 Rhys Prka Associate Director GRA Partners Ph: +61 425 113 273
Page 4
4 SAFETY, ENVIRONMENT, HERITAGE & COMMUNITY Safety There were four (4) Restricted Work Injuries (RWI) recorded during the Quarter and one (1) Lost Time Injur y (LTI). The Total Recordable Injury Frequency Rate (TRIFR) dropped to 8.66 (refer Figure 2), which was lower than at the end of the previous Quarter and demonstrates an improvement in safe production from FY25. Ramelius launched its Proactive Safety Initiative at Mt Magnet, Dalgaranga, Penny and in the Exploration team to continue focus on safe production. Figure 2: Ramelius Group Injury Statistics & TRIFR Environment, Heritage & Community There were no significant environmental, heritage or community related incidents reported during the Quarter. Ramelius is committed to progressive rehabilitation and leaving a positive legacy in the regions where we operate. Landform rehabilitation continued including 40ha of topsoil application and profiling at Cue and 9ha of profiling at Dalgaranga. We continued proactive engagement with regulators on environmental approvals and compliance matters and submitted the Company’s National Pollutant Inventory report. The Company also met with seven Traditional Owner groups and facilitated two heritage surveys across our Dalgaranga and Rebecca tenure , supporting the responsible management of cultural heritage and ongoing stakeholder relationships. PRODUCTION & FINANCIAL SUMMARIES Production for September 2026 Quarter Mt Magnet gold production was 48,839 ounces at an AISC of A$ 2,656/oz for the September 2026 Quarter. Production was down on the prior Quarter with Penny haulage impacted by wet weather (at 30 September 2026 , the stockpile at Penny was 29kt at 4.52g/t for 4,202 ounces of contained gold that would have otherwise been processed in the Quarter) . Milled grades from Penny and Never Never underground were lower than the prior Quarter due to mine sequencing.
Page 5
5 Growth Capital & Exploration Investment for September 2026 Quarter Growth capital investment for the Quarter was A$53 million which related to the Mt Magnet plant expansion and associated infrastructure, Dalgaranga site infrastructure, and t he development of open pits at Cue (Big Sky, the second stage of Break of Day, Numbers and Amarillo) and Eridanus (refer to Table 1 below). Exploration and resource definition investment for the Quarter totalled A$23 million, further information on the exploration activities will be reported in January 2027. Table 1: September 2026 Quarter summary Unit FY27 Guidance Q1 FY27 Production Gold production Koz 205 – 225 49 Operating costs All-in sustaining cost (AISC) A$/oz 2,150 – 2,350 2,656 Sustaining capital – plant & equip. (included in AISC) A$M 20 – 30 2 Sustaining capital – mine dev. (included in AISC) A$M 115 – 135 29 Growth capital – plant & equipment Mt Magnet plant expansion A$M 195 - 215 22 Mt Magnet infrastructure (camp, power, water, roads) A$M 75 – 90 3 Dalgaranga infrastructure (including paste plant) A$M 55 – 60 7 Rebecca-Roe early works & infrastructure A$M 65 – 75 1 Growth capital – mine development Eridanus stage 3 A$M 75 – 110 2 Other Mt Magnet mines A$M 15 – 20 18 Exploration Exploration, resource definition, project studies A$M 90 - 110 23 September 2026 Quarter Production & Financial Summary Table 2: September 2026 Quarter Production & Financial Summary Mt Magnet8 Operations Unit Sept. 2026 Qtr. FY27 Open pit Material moved Kbcm 2,592 2,592 Tonnes mined Kt 341 341 Grade g/t 1.56 1.56 Contained gold Oz 17,093 17,093 Underground Tonnes mined Kt 352 352 Grade g/t 3.53 3.53 Contained gold Oz 39,848 39,848 Total mined Tonnes mined Kt 693 693 Grade g/t 2.56 2.56 Contained gold Oz 56,941 56,941 Processing Tonnes Kt 526 526 Grade g/t 3.00 3.00 Contained gold Oz 50,759 50,759 Recovery % 93.2% 93.2% Recovered gold Oz 47,298 47,298 Gold production Oz 48,839 48,839 Gold on hand Ore stockpiles – contained gold9 Oz 99,896 Gold in circuit Oz 2,051 Bullion on hand Oz 4,675
Page 6
6 September 2026 Quarter Production & Financial Summary (continued) Table 2: September 2026 Quarter Production & Financial Summary (continued) Mt Magnet8 Financials Unit Sept. 2026 Qtr. FY27 Sales Gold sales Oz 51,278 51,278 Achieved gold price A$/oz $6,019 $6,019 Gold sales revenue A$M 308.6 308.6 Cost summary Open pit – operating A$M 15.8 15.8 Underground - operating A$M 42.1 42.1 Open pit – development A$M 2.6 2.6 Underground - development A$M 26.4 26.4 Ore haulage A$M 10.3 10.3 Processing A$M 13.4 13.4 Site administration A$M 11.5 11.5 Royalties A$M 7.4 7.4 Stockpile movements A$M (5.7) (5.7) Bullion & GIC movements A$M 3.4 3.4 Cash operating cost A$M 127.8 127.8 Cash operating cost A$/oz $2,496 $2,496 Sustaining capital A$M 2.4 2.4 Corporate overheads & other A$M 5.8 5.8 All-in sustaining cost (AISC) A$M 136.0 136.0 AISC per ounce A$/oz $2,656 $2,656 Mine operating cash flow10 A$M 186.4 186.4 Table 2: September 2026 Quarter Production & Financial Summary (continued) September 2026 Quarter FY27 Financials Unit Mt Magnet8 Group11 Mt Magnet8 Group11 Sales AISC per ounce A$/oz $2,656 $2,656 $2,656 $2,656 Exploration9 A$M 15.2 22.7 15.2 22.7 Growth capital A$M 52.3 53.5 52.3 53.5 All-in cost (AIC) A$M 203.5 212.1 203.5 212.1 All-in cost (AIC) per ounce A$/oz $3,971 $4,142 $3,971 $4,142 8 The Mt Magnet operation reported above includes Penny, Cue and Dalgaranga 9 Includes mill ROM stockpiles and high-grade stockpiles only 10 Mine operating cash flow is calculated as gold sales revenue less AISC (excluding sustaining capital and mine development, movements in stockpiles, GIC and bullion) and including the movement in the value of gold bullion on hand. 11 Included within the Group exploration expenditure is A$7.5M (September 2026 Quarter) of exploration costs on areas outside the Mt Magnet operation
Page 7
7 OPERATIONS Mt Magnet (Murchison) Figure 3: Mt Magnet current mining locations Figure 4: Cue current mining locations
Page 8
8 Open Pits - Cue Total tonnes moved was 5% down on the prior Quarter with the focus on Stage 2 of Break of Day, Amarillo, and Big Sky (refer Figures 5 & 6). Total open pit tonnes mined were up 15% as strip ratios decreased as mining progressed . Mined grades were up 5% and were in line with model expectations. For the Quarter, a total of 198kt of ore grading at 1.37g/t was mined for 8,714 ounces of contained gold was mined at Cue. A total of 58kt of ore at a grade of 2.27g/t was hauled to and processed at Mt Magnet. This is less than the prior Quarter due to the prioritisation of the haulage fleet to accommodate increased tonnages from Dalgaranga (which is of a higher grade). At the end of the Quarter, a total of 824kt of ore was stockpiled at an average grade of 0.86g/t. Figure 5: Cue open pit mining facing northwest - Break of Day (centre) and Lena (back) Underground - Galaxy At the Mt Magnet underground operation (Galaxy), a total of 144kt of ore was mined at a grade of 2.15g/t for 9,918 ounces of contained gold (down 35% from previous Quarter).
Page 9
9 Development of the Saturn and Mars declines and exploration drill drives continued during the Quarter. Diamond drilling focused on grade control for approximately 18,000m completed with resource definition drilling scheduled to resume in October. Recent resource definition results received include: ➢ 1.0m at 264g/t Au from 180m in GXYD0937 and ➢ 9.0m at 5.57g/t Au from 135m in GXYD0937 ➢ 10m at 3.00g/t Au from 132m in GXYD0939 ➢ 4.0m at 43.2g/t Au from 185m in GXYD0981 ➢ 8.0m at 7.79g/t Au from 140m in GXYD0938 Figure 6: Galaxy underground mine showing recent development and stoping advance with new and previously released exploration results An Exploration Target was previously announced in the range of 6.0 - 7.0Mt at a grade of 2.1 - 2.6g/t for 400 - 600koz and this remains a drill priority for FY27 (refer RMS ASX Release “Exploration Update - High-grade Strategy and Discovery”, 22 January 2026). 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.
Page 10
10 Penny At Penny, ore tonnes mined increased 17% on the prior Quarter to 78kt at a grade of 4.94g/t (down 42%). Stope p roduction was sourced from Penny West during the Quarter with mining now complete at Penny North (refer Figure 7). A total of 54kt of ore was hauled and processed at Mt Magnet. This ore had a grade of 5.25g/t for 8,955 recovered ounces. Figure 7: Penny underground mine showing stoping advance and previously released exploration results Dalgaranga During the Quarter, 1,842m of lateral development was undertaken at the Never Never underground mine, a 5% increase on the prior Quarter (refer Figure 9). Ore mining increased with 130kt mined at a grade of 4.20/t. At the end of September 2026, there remained a stockpile of underground ore ( 21kt at 4.52g/t) awaiting haulage to Mt Magnet for processing. Operations at the Never Never open pit continued in the Quarter with 798kbcm moved for 143kt at a grade of 2.15g/t. At the end of September 2026 , there remained a stockpile of open pit ore (142kt at 1.70g/t) at Dalgaranga awaiting haulage to Mt Magnet. Haulage and processing of Dalgaranga ore have significantly increased with 214kt of ore processed at a grade of 3.47g/t (underground: 135kt at 4.15g/t | open pit: 79kt at 2.30g/t). The recovery for the Quarter was 89% (compared to 84% assumed in the 4-Year Outlook as the recovery prior to the processing plant upgrade). Never Never underground mine is on track to mine 0.5Mt this financial year and achieve a 1Mt per annum mining rate by July 2027 (refer Figure 8).
Page 11
11 Never Never Underground - Monthly Mined Ore Tonnes Figure 8: Never Never underground mine production per month Figure 9: Never Never underground development, stoping (red box area) and pit long section with current resource estimate Underground diamond drilling at Dalgaranga included approximately 19,000m of grade control and 4,400m of resource definition during the Quarter. Drilling in both areas continues to produce excellent results.
Page 12
12 Recent significant results include: Never Never (Infill): ➢ 4.9m at 138g/t Au from 85.1m in NNGC26108 ➢ 7.1m at 11.5g/t Au from 134.9m in DUG26062 ➢ 8.0m at 14.0g/t Au from 130m in DUG26048 ➢ 15.5m at 10.1g/t Au from 136m in DUG26050 Gilbey’s Underground (Resource Definition): ➢ 27.5m at 2.14g/t Au from 274.5m in GBGC26055 ➢ 52.8m at 2.21g/t Au from 351.8m in DUG26112 ➢ 18.8m at 2.31g/t Au from 227m in DUG26113 ➢ 19.0m at 2.28g/t Au from 275m in DUG26109 An Exploration Target at Gilbey’s Underground was announced between 2.1 – 4.7Mt at 1.5 – 2.0g/t for 100,000 – 300,000oz and this target remains a drill priority for FY27 (refer RMS ASX Release “Dalgaranga Exploration Update”, 22 April 2026). 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 (refer Figure 10). Figure 10: Dalgaranga underground mine showing recent development advance and exploration results
Page 13
13 Figure 11: Never Never open pit at Dalgaranga facing southeast Mt Magnet Processing Processing totalled 526kt at a grade of 3.0g/t for 47,298 recovered ounces at a recovery of 9 3.2%. Mill tonnages were comparable to the prior Quarter whilst the milled grade was lower with less tonnes at a lower grade from Penny (haulage impacted by wet weather late in the Quarter ) and lower grades at Dalgaranga with the haulage of underground ore complemented by lower grade open pit ore. The AISC for the Quarter at Mt Magnet was A$ 2,656/oz which was higher than the prior Quarter but in line with expectations . The AISC was impacted by less production being sourced from Penny and a resultant lower overall mill grade. The Company remains on track to achieve full year cost Guidance of A$2,150 to A$2,350 per ounce.
Page 14
14 PROJECT DEVELOPMENT Mt Magnet Plant Upgrade (Murchison) The Company appointed Primero under a lump sum contract as the EPC contractor for the new 3Mtpa (Circuit 2) at Mt Magnet, this represents ~90% of the capital spend on processing upgrades. The upgraded Mt Magnet plant is targeted to be completed in the December 2027 Quarter and achieve commercial production in the March 2028 Quarter. The key changes from the Mt Magnet Integration Study were the updated design to improve flexibility to allow a future increase of the combined Mt Magnet plant throughput to potentially 5Mtpa or more by relaxing the Circuit 1 grind size. During the Quarter, the recovery on the Dalgaranga ore was calculated at 89% at a 175um grind size (compared to 84% at 175um grind size on Circuit 1 used in the 4 -Year Outlook). These results bode well for the potential to increase plant throughput from the 4.3Mtpa base case given better initial recoveries at a coarser grind size. The key additional investments planned to be made to key infrastructure includes: • Increased distance of new sealed haul road, essentially from mine stockpile to the plant ROM, to minimise ore transportation disruptions between Dalgaranga and Mt Magnet due to weather conditions and reduce both haulage and road maintenance costs • Mt Magnet camp expansion to accommodate 500 personnel, previously 244, to facilitate both the construction phase and additional operational needs in the future • Additional new water sources incorporated into plans along with dedicated infrastructure that will future-proof the water requirements for the expanded processing hub • Power infrastructure will be improved across the Mt Magnet site from upgrading the Hill 50 power station to a new power distribution network including connecting the new wind farm, in addition to the existing solar and battery system, to the network In October 2026, a scheduled maintenance shutdown occurred for 5 days, at this time Stage 1 infrastructure (new crusher and cyclone tower) was integrated into the existing processing plant (Circuit 1) with wind turbine sections now on-site in preparedness for assembly (Figure 12 and 13). Rebecca-Roe Gold Project (Eastern Goldfields) Environmental Protection Authority (EPA) Part V works approval was received for the Roe site, subsequently the Company has commenced planning to obtain the associated mining approvals (Rebecca is fully permitted). At Rebecca-Roe, ~A$50M of early works capital (camp, airstrip, access roads and borefield) has been brought forward to FY27 as the project gains permitting momentum. Figure 12: New cyclone tower structure in place Figure 13: Wind turbine tower section lift structure in place
Page 15
15 CORPORATE & FINANCE Share Buybacks During the Quarter, Ramelius completed A$15 million of buybacks taking the total share buybacks completed to date to A$156 million which equates to 62% of the A$250 million share buyback program. FY26 Final Dividend On 21 August 2026, a fully franked final dividend of A$0.03 per share was declared taking the total dividend for FY26 to A$0.06 per share , exceeding the annual minimum dividend of A$0.02 per share to be paid in FY26. The dividend was paid after the end of the Quarter on 13 October 2026. Sale of Edna May hub The sale of the Edna May Gold Hub completed in the Quarter. All cash consideration was received and 225 million fully paid ordinary shares in Forrestania were issued to Ramelius. The total consideration for the sale was A$300 million and comprised A$210 million in cash, including A$5 million received in June 2026, and A$90 million in Forrestania shares, being 225 million fully paid ordinary shares issues to Ramelius at a price of A$0.40 per share. Ramelius now holds approximately 9.4% of Forrestania’s issued capital and is a substantial shareholder in the company. The shares are subject to 18 months escrow and a further six months orderly sale commitment, subject to customary expectations. The estimated income tax due to the sale is A$45 - $55 million which is anticipated to be payable in December 2026. Gold Sales Gold sales for the September 2026 Quarter were 51,278 ounces at an average price of A$6,019/oz for revenue of A$308.6 million. Gold sales comprised spot sales of 47,528 ounces at an average price of A$6,028/oz and Zero Premium Collar commitments of 3,750 ounces at a price of A$5,906/oz. Cash, Gold and Investments Table 3: Cash, gold and investments Cash & gold Unit Dec-25 Mar-26 Jun-26 Sept-26 Cash on hand A$M 658.7 569.6 608.4 740.0 Bullion12 A$M 35.6 36.9 41.2 28.0 Net cash & gold A$M 694.3 606.5 649.6 768.0 Listed investments A$M 70.1 85.7 100.8 275.3 Net cash, gold and investments A$M 764.4 692.2 750.4 1,043.3 12 Bullion is valued at the 30 September 2026 spot price of A$5,987oz As at 30 September 2026, the Company had A$740 million of cash and A$28 million of gold bullion on hand for a net cash & gold position of A$ 768 million. Listed investments mainly comprise the investment in Benz Mining (ASX: BNZ) and Forrestania Resources (ASX: FRS ), which, at 30 September 2026, had market values of A$203 million A$71 million respectively. September 2026 Quarter Cash Flow Refer to Figure 1 for a reconciliation of cash & gold movements for the Quarter. The operating cash flow for the Quarter was A$ 186 million. After growth capital, exploration , FY27 income tax payments, and other cash flows, the underlying free cash flow for the Quarter was A$62 million. During the Quarter , Ramelius completed A$ 15 million of share buybacks, paid the A$131 million stamp duty on the acquisition of Spartan Resources L imited, and received A$205 million for the sale of Edna May.
Page 16
16 Gold Price Protection Forward contracts The Company has no gold forward contracts in place. Zero Premium Collars During the Quarter 3,750 ounces of zero premium collars were exercised by the call option holder and 1,875 ounces of zero premium collars lapsed. At 30 September 2026, the Company has in place zero premium collars for 16,875 ounces of gold production over FY27 in consideration of the higher level of capital expenditure in that year. The zero premium collars represent ~1 0% of FY27 production, based on the mid -point of the 4-Year Outlook released in September 2026. The collars have a put option price (floor) of A$4,200/oz and a call option price (ceiling) of A$5,906/oz. There is nil cash outflow for Ramelius when entering into zero premium collars. Put Options The Company also has in place put options covering production of 40,000 ounces in FY28. Much like the zero premium collars put in place in FY25, these put options are designed to provide gold price protection over a period of higher capital costs in that year . The purchase of put options allows Ramelius to remain fully exposed to upside in the A$ gold price. The put options have a strike price (minimum price Ramelius will receive) of A$5,750/oz. Diesel Hedging As part of its risk management program, Ramelius has fixed the diesel price for a portion of expected usage. During the Quarter, a total of 2.6 million litres of existing hedge commitments were settled at an average price of A$0.91 per litre, this compares favourably to the average diesel price in the Quarter of A$1.34 per litre and resulted in Ramelius receiving in excess of A$1 million in cash upon the settlement of the commitments. No further diesel hedging was entered into in the Quarter. At the end of the Quarter, a total of 7.2 million litres has been hedged at an average price of A$0.94 per litre out to June 2027.
Page 17
17 ABOUT RAMELIUS Ramelius owns and operates the Mt Magnet, Penny, Cue and Dalgaranga gold mines, all of which are located in proximity to the town of Mount Magnet in Western Australia (refer Figure 11). Ore from the high-grade Penny underground, the Cue open pits and Dalgaranga is hauled to the Mt Magnet processing plant, where it is blended with ore from both underground and open pit sources at Mt Magnet. Rebecca and Roe have been combined into a single project, Rebecca -Roe, with a Pre-Feasibility Study completed in December 2024 and Definitive Feasibility Study in October 2025. The Ramelius Board has provided a Financial Investment Decision on Rebecca -Roe, subject to environmental permitting for Roe , which was received during the Quarter , (Rebecca approval already in place). Figure 14: Ramelius’ Operations and Development Project Locations
Page 18
18 FORWARD LOOKING STATEMENTS This report contains forward looking statements. The forward-looking statements are based on current expectations, estimates, assumptions, forecasts and projections and the industry in which it operates as well as other factors that management believes to be relevant and reasonable in the circumstances at the date such statements are made, but which may prove to be incorrect. The forward-looking statements relate to future matters and are subject to various inherent risks and uncertainties. Many known and unknown factors could cause actual events or results to differ materially from the estimated or anticipated events or results expressed or imp lied by any forward-looking statements. Such factors include, among others, changes in market conditions, future prices of gold and exchange rate movements, the actual results of production, development and/or exploration activities, variations in grade or recovery rates, plant and /or equipment failure and the possibility of cost overruns. Neither Ramelius, its related bodies corporate nor any of their directors, officers, employees, agents or contractors makes any representation or warranty (either express or implied) as to the ac curacy, correctness, completeness, adequacy, reliability or likelihood of fulfilment of any forward-looking statement, or any events or results expressed or implied in any forward-looking statement, except to the extent required by law. PREVIOUSLY REPORTED INFORMATION Information in this report references previously reported exploration results and resource and information extracted from the Company’s ASX announcements cross-referenced within the report. For the purposes of ASX Listing Rule 5.23 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 in the case of the resources and reserves, all material assumptions and technical parameters underpinning the estimates in the relevant market announcements continue to apply and have not materially changed. The production targets and forecast financial information derived from production targets were disclosed in accordance with ASX Listing Rules 5.16 and 5.17 in the Company’s announcements of 28 October 2025 titled “5 Year Growth Pathway to 500Koz including FY26 Guidance”, “Never Never PFS, Maiden Ore Reserve and Dalgaranga -MMG Integration” and “Rebecca Roe DFS” . The Company confirms that all the material assumptions underpinning the production targets and forecast financial information derived from production targets in the previous announcements continue to apply and have not materially changed. COMPETENT PERSONS STATEMENTS 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 full-time employees of the company. Peter Ruzicka, Jake Ball and Paul Hucker 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 f or 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.
Page 19
19 Appendix 1: Mt Magnet historical operational and financial summary Table 4: Historical Quarterly Production & Financial Summary (Mt Magnet) Operations Unit Dec-25 Mar-26 Jun-26 Sept-26 Open pit Material moved Kbcm 2,306 2,601 2,731 2,592 Tonnes mined kt 341 262 241 341 Grade g/t 1.44 1.20 1.55 1.56 Contained gold oz 15,736 10,134 12,039 17,093 Underground Tonnes mined kt 208 285 395 352 Grade g/t 4.47 3.59 4.37 3.53 Contained gold oz 29,866 32,962 55,430 39,848 All mining Tonnes mined kt 549 547 636 693 Grade g/t 2.59 2.45 3.30 2.56 Contained gold oz 45,602 43,096 67,469 56,941 Processing, gold production and gold inventory Tonnes kt 550 470 515 526 Grade g/t 2.67 2.61 3.59 3.00 Contained gold oz 47,160 39,495 59,540 50,759 Recovery % 95.9% 95.8% 92.9% 93.2% Recovered gold oz 45,219 37,839 55,304 47,298 Gold production oz 45,610 38,093 53,466 48,839 Ore stockpiles – contained gold13 oz 78,518 84,887 93,689 99,986 Gold in circuit (GIC) oz 2,007 1,753 3,592 2,051 Bullion oz 5,512 5,455 7,114 4,675
Page 20
20 Mt Magnet (continued) Table 4 (continued): Historical Quarterly Production & Financial Summary (Mt Magnet) Financials Unit Dec-25 Mar-26 Jun-26 Sept-26 Sales Gold sales Oz 45,531 38,150 51,807 51,278 Achieved gold price A$/Oz $5,175 $5,795 $6,230 $6,019 Gold sales revenue $M 235.6 221.1 322.7 308.6 Cost summary Open pit mining – operating $M 9.7 18.3 18.1 15.8 Underground mining - operating $M 22.2 29.1 42.9 42.1 Open pit mining – development $M 0.4 0.8 0.4 2.6 Underground mining - development $M 10.5 7.4 22.6 26.4 Ore haulage $M 5.8 5.9 7.8 10.3 Processing $M 10.1 13.2 11.6 13.4 Site administration $M 6.1 6.1 6.4 11.5 Royalties $M 9.0 7.2 9.5 7.4 Stockpile movements $M 5.6 (12.1) (25.9) (5.7) Bullion & GIC movements $M 0.2 (1.5) (7.6) 3.4 Cash operating cost $M 79.6 74.4 85.8 127.8 Cash operating cost A$/Oz $1,748 $1,953 $1,654 $2,496 Sustaining capital $M 1.6 1.0 3.9 2.4 Corporate overheads & other $M 8.7 8.9 12.6 5.8 All-in sustaining cost (AISC) $M 89.9 84.3 102.3 136.0 All-in sustaining cost (AISC) per ounce A$/Oz $1,977 $2,211 $1,973 $2,656 Exploration $M 15.9 21.0 27.2 15.2 Growth capital $M 51.0 50.4 41.7 52.3 All-in cost (AIC) $M 156.8 155.7 171.2 203.5 All-in cost (AIC) per ounce A$/Oz $3,445 $4,082 $3,303 $3,971 Mine operating cash flow14 $M 162.2 164.4 218.1 186.4 Depreciation & amortisation $M 63.1 76.7 111.1 109.4 Depreciation & amortisation A$/Oz $1,382 $2,012 $2,078 $2,241 Non-cash stockpile movement A$/Oz $123 ($316) ($500) ($110) Unit costs Open pit mining cost per bcm $/bcm $12 $17 $10 $15 Open pit mining cost per tonne $/t $79 $170 $116 $115 Underground mining cost per tonne $/t $157 $192 $166 $195 Haulage cost per tonne $/t $11 $13 $15 $20 Processing cost per tonne $/t $19 $28 $22 $26 Site administration per tonne milled $/t $11 $13 $12 $22 Royalties & refining per ounce $/Oz $197 $190 $177 $152 13 Includes mill ROM stockpiles and high-grade stockpiles only 14 Mine operating cash flow is calculated as gold sales revenue less AISC (excluding sustaining capital and mine development, movements in stockpiles, GIC and Bullion) and including the movement in the value of gold bullion on hand.
Page 21
21 Appendix 2: Galaxy Underground Diamond Drilling Hole ID Prospect Easting (MGA94_50) Northing (MGA94_50) RL Az/Dip F/Depth (m) From (m) To (m) Interval (m) Est. True Width g/t Au GXYD0936 Mars 578117 6898525 32 003/-34.6 284 114 116 2.0 1.7 0.85 119 120 1.0 0.8 1.38 135 138.1 3.1 2.4 1.09 142 144 2.0 1.7 7.74 172.8 179 6.2 4.3 2.27 GXYD0937 Mars 578117 6898525 32 355/-32.3 353.4 74 77.9 3.9 3.3 2.94 100 102 1.6 1.1 78.5 135 144 9.0 5.5 5.57 161 162 1.0 0.5 0.51 171 178 6.7 4.4 1.86 180 181 1.0 0.5 264 GXYD0938 Mars 578117 6898525 32 349/-29 150.4 75.5 79 3.5 1.8 2.18 99.36 102 2.3 1.1 4.05 140 148 8.0 4.5 7.79 GXYD0939 Mars 578117 6898525 32 347/-26.7 377.4 79 80 1.0 0.5 0.62 95.5 100 4.6 2.4 1.16 132 142 10.0 5.5 3.00 282 283 1.0 0.5 0.70 352 354 2.0 0.9 0.78 GXYD0981 Mars 578120 6898521 32 044/-52 260 76 79 3.0 1.8 6.44 93 94 1.0 0.6 7.21 97 98 1.0 0.6 0.64 185 189 4.0 2.3 43.2 216 217 1.0 0.6 0.52 220 229 9.0 5.1 1.37 231.8 243 11.2 7.5 4.00 GXYD0984 Mars 578119 6898522 32 012/49 254.7 81 83 2.0 1.1 0.88 163 166 3.0 1.8 3.55 202 203 1.0 0.5 0.71 206.1 209 3.0 1.8 1.15 Notes Significant gold assay intersections using a 0.50 g/t Au lower cut, with up to 2m internal dilution. No topcut was applied. Samples were taken from NQ2 whole core and crushed to 85% passing 2mm before being split into 500g aliquot jars for Photon Assay analysis with a lower detection limit of 0.03ppm Au. NSR denotes no significant result. NSR denotes no significant result. Coordinates are in MGA94 Zone 50. Appendix 3: Dalgaranga and Gilbey’s (West Winds, Four Pillars) Diamond Drilling Hole ID Prospect Easting (MGA94_50) Northing (MGA94_50) RL Az/Dip F/Depth (m) From (m) To (m) Interval (m) Est. True Width g/t Au DUG26048 Never Never 526567 6920630 154 181/-34.6 155 76.9 81.5 4.6 3.4 0.73 130.0 138.0 8.0 5.9 14.0 DUG26050 Never Never 526567 6920630 154 191/-43.0 167 83.0 91.6 8.6 5.9 0.56 136.0 151.4 15.5 10.5 10.1 DUG26056 Never Never 526576 6920636 155 156/-63.3 142 NSI DUG26065 Never Never 526577 6920636 155 149/-55.8 128 NSI DUG26062 Never Never 526567 6920630 154 185/-29.8 170 134.9 142.0 7.1 5.0 11.5 DUG26102 West Winds 526068 6920208 279 184/-40.2 374 113.0 118.1 5.1 3.6 2.21 211.2 213.5 2.3 2.0 0.84 227.8 238.2 10.5 9.1 1.23
Page 22
22 Hole ID Prospect Easting (MGA94_50) Northing (MGA94_50) RL Az/Dip F/Depth (m) From (m) To (m) Interval (m) Est. True Width g/t Au 252.0 253.0 1.0 0.9 0.88 256.0 257.0 1.0 0.9 0.87 261.0 283.6 22.6 19.6 1.35 304.9 306.0 1.1 1.0 0.50 313.7 314.8 1.1 1.0 1.02 DUG26106 West Winds 526068 6920208 279 153/-58.1 363 150.8 157.0 6.2 5.2 1.76 202.8 204.3 1.6 1.3 1.84 213.3 216.9 3.6 3.0 0.62 244.0 270.3 26.3 22.6 0.97 272.5 286.2 13.7 11.9 0.99 330.0 331.0 1.0 0.9 0.77 DUG26109 West Winds 526068 6920208 279 198/-57.3 380 164.9 169.0 4.1 2.5 0.89 233.5 237.0 3.5 2.1 0.66 239.9 241.5 1.6 1.0 1.20 244.5 264.6 20.1 12.3 0.77 266.9 268.4 1.5 0.9 0.53 275.0 294.0 19.0 11.6 2.28 327.0 328.0 1.0 0.6 0.79 356.1 369.0 12.9 7.8 8.70 DUG26112 West Winds 526058 6920208 279 203/-45.6 420 277.6 282.7 5.1 2.7 2.24 288.4 290.1 1.8 0.9 0.72 306.0 307.0 1.0 0.5 0.63 311.7 312.8 1.1 0.6 0.71 327.3 331.0 3.7 1.9 16.6 332.0 333.0 1.0 0.5 0.80 344.1 345.2 1.1 0.6 2.50 351.8 404.6 52.8 27.9 2.21 407.0 411.0 4.0 2.1 0.81 DUG26113 West Winds 526058 6920208 279 198/-61.7 455 138.1 139.8 1.7 1.0 0.94 173.9 178.5 4.6 2.8 0.66 224.0 225.1 1.1 0.7 2.74 227.0 245.8 18.8 11.7 2.31 252.0 254.5 2.5 1.6 0.62 257.4 266.0 8.7 5.4 0.82 272.4 275.3 2.9 1.8 0.76 281.2 291.0 9.9 6.2 1.86 315.0 316.0 1.0 0.6 1.18 321.0 328.5 7.5 4.7 1.30 336.0 337.0 1.0 0.6 1.67 356.6 359.0 2.4 1.5 0.86 365.0 369.5 4.5 2.9 1.15 374.0 375.0 1.0 0.6 0.93 393.4 394.4 1.1 0.7 1.01 DUG26137 Never Never 526608 6920484 244 55/17.3 140 57.8 69.0 11.2 2.7 1.25 78.2 83.8 5.5 1.3 1.73 DUG26139 Never Never 526608 6920484 244 62/14.7 140 70.0 71.0 1.1 0.1 1.44 83.0 88.0 5.0 0.6 0.81 91.0 92.4 1.4 0.2 1.07 100.5 105.3 4.9 0.6 1.00 DUG26141 Never Never 526607 6920484 244 68/27.4 140 68.0 69.0 1.0 0.1 6.15
Page 23
23 Hole ID Prospect Easting (MGA94_50) Northing (MGA94_50) RL Az/Dip F/Depth (m) From (m) To (m) Interval (m) Est. True Width g/t Au 71.1 77.0 5.9 0.8 1.55 79.3 82.7 3.4 0.5 1.41 84.7 93.0 8.3 1.1 1.37 DUG26148 Never Never 526607 6920484 244 102/27.8 182 110.5 112.1 1.6 0.4 4.48 112.5 142.8 30.3 8.2 5.16 DUG26157 Never Never 526610 6920488 244 137/15.9 206 106.2 107.5 1.4 0.9 3.12 110.5 114.8 4.3 2.8 3.65 DUG26159 Never Never 526610 6920488 243 140/6.4 177 86.0 87.3 1.3 1.0 0.72 89.0 97.9 8.9 6.7 1.22 DUG26161 Never Never 526610 6920487 244 155/16.9 170 120.0 121.5 1.5 1.0 11.9 121.7 125.0 3.3 2.2 3.88 DUG26163 Never Never 526610 6920488 244 140/23.2 215 131.1 147.0 15.9 9.0 3.48 DUG26164 Never Never 526610 6920488 244 156/26.0 173 161.9 167.0 5.1 2.8 5.26 DUG26170 Never Never 526580 6920639 156 93/-13.8 477 0.0 1.0 1.0 0.5 0.89 DUG26171 Never Never 526580 6920638 156 89/-2.3 422 1.3 3.5 2.2 0.8 0.81 290.0 292.2 2.2 0.9 0.77 293.0 294.0 1.0 0.4 0.76 312.0 313.0 1.0 0.4 0.51 337.0 338.0 1.0 0.4 0.74 382.0 383.0 1.1 0.5 0.60 387.0 388.0 1.0 0.4 1.18 DUG26173 Never Never 526066 6920207 279 109/-21.7 252 148.4 157.6 9.2 7.1 3.08 198.3 202.0 3.7 2.9 3.12 DUG26176 Gilbeys North 526066 6920207 277 97/-30.2 254 155.8 159.3 3.5 2.4 11.2 202.0 203.7 1.7 1.2 0.73 DUG26177 Gilbeys North 526066 6920207 277 103/-36.7 248 143.0 144.7 1.7 1.3 8.34 147.4 149.0 1.6 1.2 0.63 151.0 153.9 2.9 2.2 0.54 184.7 187.6 2.9 2.2 1.10 191.1 197.3 6.3 4.8 1.19 DUG26178 Gilbeys North 526066 6920207 277 105/-41.0 251 130.0 131.2 1.2 0.9 0.81 148.2 153.0 4.8 3.7 0.73 164.0 165.0 1.0 0.8 0.55 186.0 187.0 1.0 0.8 7.89 DUG26179 Gilbeys North 526066 6920207 277 111/-47.2 230 143.5 148.0 4.5 3.6 3.32 165.0 171.9 6.9 5.6 1.13 DUG26182 Gilbeys North 526066 6920207 277 84/-50.6 272 181.6 182.6 1.1 0.6 0.78 227.1 231.0 3.8 2.3 1.83 DUG26183 Gilbeys North 526066 6920207 277 126/-55.7 261 124.0 125.0 1.0 0.8 0.74 138.0 147.0 9.0 7.4 0.92 202.0 219.0 17.0 14.4 1.34 225.0 235.8 10.8 9.2 0.99
Page 24
24 Hole ID Prospect Easting (MGA94_50) Northing (MGA94_50) RL Az/Dip F/Depth (m) From (m) To (m) Interval (m) Est. True Width g/t Au DUG26184 Never Never 526064 6920205 279 144/-20.8 176 150.0 151.6 1.6 1.6 7.78 DUG26185 Never Never 526064 6920205 279 168/-23.5 298 200.0 216.5 16.5 15.9 0.87 243.0 244.5 1.5 1.4 0.75 257.3 261.9 4.6 4.4 0.88 265.0 266.0 1.0 1.0 2.96 293.0 294.0 1.0 1.0 1.24 DUG26186 Never Never 526064 6920205 279 153/-28.6 197 108.4 109.4 1.1 1.1 1.54 195.0 197.5 2.5 2.5 0.59 GBGC26005 Gilbeys 526066 6920207 279 101/-17.3 182 163.7 169.2 5.5 3.8 2.18 GBGC26006 Gilbeys 526066 6920207 279 115/-11.6 194 138.0 153.2 15.2 12.0 1.81 165.0 166.0 1.0 0.8 1.01 GBGC26007 Gilbeys 526066 6920207 279 105/-12.7 251 156.5 167.0 10.5 7.2 4.39 170.3 171.3 1.0 0.7 4.96 GBGC26008 Gilbeys 526066 6920207 278 134/-32.3 281 197.6 245.6 48.0 46.4 1.53 GBGC26009 Gilbeys 526066 6920207 278 146/-33.0 264 138.2 141.0 2.8 2.8 1.64 191.0 197.4 6.4 6.3 1.33 203.5 208.4 4.9 4.9 0.90 215.7 221.0 5.3 5.3 0.76 224.0 232.6 8.6 8.5 0.74 235.0 238.0 3.0 3.0 3.28 251.0 252.0 1.0 1.0 1.13 256.5 258.0 1.6 1.6 2.28 GBGC26011 Gilbeys 526066 6920207 278 116/-36.3 239 116.0 118.3 2.3 1.9 0.58 121.0 122.0 1.0 0.9 1.64 127.9 129.0 1.1 1.0 0.98 131.7 141.0 9.3 8.0 1.19 167.6 169.1 1.5 1.3 2.33 208.0 209.0 1.0 0.9 1.27 GBGC26012 Gilbeys 526066 6920207 278 107/-33.7 222 139.2 148.3 9.1 7.2 2.36 151.0 155.0 4.0 3.2 0.64 189.4 194.5 5.1 4.1 0.73 GBGC26013 Gilbeys 526066 6920207 278 94/-37.2 218 155.1 158.8 3.7 2.5 11.9 GBGC26039 Gilbeys 525685 6919789 257 201/-16.7 411 220.0 224.0 4.0 2.7 1.16 236.0 237.0 1.0 0.7 0.76 254.0 259.3 5.3 3.5 0.78 285.0 312.8 27.8 18.5 1.42 356.0 357.0 1.0 0.7 0.69 369.0 370.4 1.5 1.0 2.36 386.0 387.0 1.0 0.7 0.68 GBGC26042 Gilbeys 525685 6919789 257 191/-27.0 390 112.6 116.0 3.4 2.5 1.50 213.0 214.5 1.5 1.1 20.7 271.0 275.2 4.3 3.2 0.62 278.0 283.0 5.0 3.8 0.65 286.0 293.3 7.3 5.6 1.39 GBGC26055 Gilbeys 525685 6919789 257 193/-10.1 339 216.0 218.9 2.9 2.1 1.17 230.9 232.0 1.1 0.8 0.66 260.0 271.6 11.6 8.3 3.54 274.5 302.0 27.5 19.6 2.14 309.2 313.5 4.3 3.0 1.19 NNGC26100 Never Never 526435 6920500 128 86/-43.6 131 103.6 109.1 5.5 3.4 7.84 NNGC26101 Never Never 526435 6920499 129 98/-49.9 122 93.2 96.8 3.7 2.7 3.83
Page 25
25 Hole ID Prospect Easting (MGA94_50) Northing (MGA94_50) RL Az/Dip F/Depth (m) From (m) To (m) Interval (m) Est. True Width g/t Au NNGC26102 Never Never 526435 6920499 128 113/-56.3 104 82.6 83.3 0.7 0.6 11.3 NNGC26105 Never Never 526435 6920500 128 72/-48.8 166 125.8 142.3 16.5 8.0 5.71 NNGC26106 Never Never 526435 6920499 128 93/-67.0 110 93.3 95.4 2.1 1.3 0.59 99.9 107.0 7.1 4.6 2.20 NNGC26108 Never Never 526430 6920498 128 197/-51.0 126 78.4 80.2 1.8 1.4 4.73 85.1 90.0 4.9 3.8 137.6 NNGC26109 Never Never 526430 6920498 129 205/-44.4 131 95.6 100.1 4.6 3.2 2.23 NNGC26112 Never Never 526429 6920498 129 222/-30.7 175 142.0 149.1 7.1 3.4 8.14 NNGC26113 Never Never 526429 6920498 129 229/-36.7 177 144.2 159.2 15.0 6.4 1.09 NNGC26115 Never Never 526429 6920498 129 232/-30.3 230 181.0 186.6 5.6 2.0 0.51 195.3 198.0 2.7 0.9 0.50 NNGC26120 Never Never 526429 6920499 128 241/-48.2 191 161.9 171.6 9.7 3.5 4.96 NNGC26121 Never Never 526429 6920499 128 241/-41.5 215 33.1 34.2 1.2 0.4 0.52 164.8 170.2 5.4 1.7 0.95 197.6 198.9 1.3 0.4 0.92 208.9 211.2 2.3 0.7 1.26 NNGC26125 Never Never 526430 6920498 129 217/-27.2 172 141.0 145.0 4.0 2.1 1.08 NNGC26126 Never Never 526429 6920498 129 222/-25.1 200 158.0 168.0 10.0 4.5 4.53 NNGC26128 Never Never 526429 6920498 129 218/-19.7 211 166.2 168.0 1.8 0.8 0.70 190.7 191.7 1.0 0.5 0.51 NNGC26129 Never Never 526429 6920498 129 224/-22.4 231 202.8 204.3 1.5 0.6 0.80 NNGC26130 Never Never 526429 6920498 129 227/-21.1 238 217.1 221.6 4.5 1.6 2.65 Notes Significant gold assay intersections using a 0.50 g/t Au lower cut, with up to 2m internal dilution. No topcut was applied. Samples were taken from NQ2 whole core and crushed to 85% passing 2mm before being split into 500g aliquot jars for Photon Assay analysis with a lower detection limit of 0.03ppm Au. NSR denotes no significant result. NSR denotes no significant result. Coordinates are in MGA94 Zone 50.
Page 26
26 JORC TABLE 1 REPORT FOR EXPLORATION & MINERAL RESOURCES Section 1 Sampling Techniques and Data Criteria JORC Code explanation Commentary Sampling techniques • Nature and quality of sampling (e.g. cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling. • Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used. • Aspects of the determination of mineralisation that are Material to the Public Report. • In cases where ‘industry standard’ work has been done this would be relatively simple (e.g. ‘reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay’). In other cases, more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (e.g. submarine nodules) may warrant disclosure of detailed information. • At all projects potential gold mineralised RC and Diamond intervals are systematically sampled using industry standard 1m intervals, collected from reverse circulation (RC) drill holes and/or 4m composites from reconnaissance aircore traverses. Surface and underground Diamond holes may be sampled along sub 1m geological contacts, otherwise 1m intervals are the default. • Drill hole locations were designed to allow for spatial spread across the interpreted mineralised zone. All RC samples were collected and cone-split to 2-3kg samples on 1m metre intervals. aircore samples are speared from 1m interval piles on the ground or from 1m interval bags and are composited into 4m intervals before despatching to the laboratory. Single metre bottom of hole aircore samples are also collected for trace element determinations. Diamond core is half cut along downhole orientation lines, with the exception of underground diamond drilling. Here, whole core is despatched to the laboratory to maximise the sample size. Otherwise, half core is sent to the laboratory for analysis and the other half is retained for future reference. • Standard fire assaying was employed using either a 30gm or a 50gm charge with an AAS finish for all diamond, RC and aircore chip samples. Trace element determination was undertaken using a multi (4) acid digest and ICP- AES finish. • Some surface holes and underground diamond drill holes and development face samples are photon assayed using whole core samples that are crushed to 90% passing 3.15mm and split into 500g aliquot jars for analysis since June 2023. Drilling techniques • Drill type (e.g. core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (e.g. core diameter, triple or standard tube, depth of diamond tails, face-sampling bit or other type, whether core is oriented and if so, by what method, etc). • Drilling was completed using best practice NQ, HQ or PQ diamond core, 5 ¾” face sampling RC drilling hammers for all RC drill holes or 4½” aircore bits/RC hammers unless otherwise stated. Drill sample recovery • Method of recording and assessing core and chip sample recoveries and results assessed. • Measures taken to maximise sample recovery and ensure representative nature of the samples. • Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material. • All diamond core is jigsawed to ensure any core loss, if present is fully accounted for. Bulk RC and aircore drill holes samples were visually inspected by the supervising geologist to ensure adequate clean sample recoveries were achieved. Note aircore drilling while clean is not used in any resource estimation work. Any wet, contaminated or poor sample returns are flagged and recorded in the database to ensure no sampling bias is introduced. • Zones of poor sample return both in RC and aircore are recorded in the database and cross checked once assay results are received from the laboratory to ensure no misrepresentation of sampling intervals has occurred. Of note, excellent RC drill recovery is reported from all RC holes. Reasonable recovery is noted for all aircore samples. Zero sample recovery is achieved while navi drilling. The navi lengths are kept to a minimum and avoided when close to potentially mineralised units. Logging • Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies. • Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography. • The total length and percentage of the relevant intersections logged. • All drill samples are geologically logged on site by professional geologists. Details on the host lithologies, deformation, dominant minerals including sulphide species and alteration minerals plus veining are recorded relationally (separately) so the logging is interactive and not biased to lithology. • Drill hole logging is qualitative on visual recordings of rock forming minerals and quantitative on estimates of mineral abundance. • The entire length of each drill hole is geologically logged. Sub-sampling techniques and sample preparation • If core, whether cut or sawn and whether quarter, half or all core taken. • If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry. • Duplicate samples are collected every 20th and 50th sample from the RC and aircore chips respectively. Coarse crush duplicates are taken from diamond core at an average rate of 1 every 20 samples. • Dry RC 1m samples are riffle split to 2-3kg as drilled and
Page 27
27 Criteria JORC Code explanation Commentary • For all sample types, the nature, quality and appropriateness of the sample preparation technique. • Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples. • Measures taken to ensure that the sampling is representative of the in-situ material collected, including for instance results for field duplicate/second-half sampling. • Whether sample sizes are appropriate to the grain size of the material being sampled. dispatched to the laboratory. Any wet samples are recorded in the database as such and allowed to dry before splitting and dispatching to the laboratory. • All core, RC and aircore chips are pulverized prior to splitting in the laboratory to ensure homogenous samples with 85% passing 75um. 200gm is extracted by spatula that is used for the 50gm or 30 gm charge on standard fire assays. • All samples submitted to the laboratory are sorted and reconciled against the submission documents. In addition to duplicates, a selection of appropriate high-grade or low-grade standards and controlled blanks are included every 20th sample. The laboratory uses barren flushes to clean their pulveriser and their own internal standards and duplicates to ensure industry best practice quality control is maintained. • The sample size is considered appropriate for the type, style, thickness and consistency of mineralisation. Quality of assay data and laboratory tests • The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total. • For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc. • Nature of quality control procedures adopted (e.g. standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (i.e. lack of bias) and precision have been established. • The fire assay method is designed to measure the total gold in the diamond core, RC and aircore samples. The technique involves standard fire assays using a 50gm or 30gm sample charge with a lead flux (decomposed in the furnace). The prill is totally digested by HCl and HNO3 acids before measurement of the gold determination by AAS. Aqua regia digest is considered adequate for surface soil sampling. • Some intervals have been analysed by Photon analysis of a crushed 500g sample or sub-sample. Photon is a non- destructive technique that utilises high energy X-Rays for gold detection. • No field analyses of gold grades are completed. Quantitative analysis of the gold content and trace elements is undertaken in a controlled laboratory environment. • Industry best practice is employed with the inclusion of duplicates and standards as discussed above and used by Ramelius as well as the laboratory. All Ramelius standards and blanks are interrogated to ensure they lie within acceptable tolerances. Additionally, sample size, grind size and field duplicates are examined to ensure no bias to gold grades exists. • Where applicable, Rare Earth Element (REE) analytical determination for each element is reported using peroxide fusion and ICP-MS finish. REE values are converted to Rare Earth Oxide (REO) using the appropriate oxide formulae. TREO (Total Rare Earth Oxide) refers to the total sum of the REO. • Rare Earth analytical technique ME-MS61L-REE is considered appropriate for exploration purposes, however some REE and HFSE in resistate minerals may only be partially digested using this method and some results could be under-reported. The Competent Person considers the ME-MS61L and MS61L-REE methods appropriate for geochemical interpretation at an early stage of a project, noting the known partial digest limitations for some minerals. Verification of sampling and assaying • The verification of significant intersections by either independent or alternative company personnel. • The use of twinned holes. • Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols. • Discuss any adjustment to assay data. • Alternative Ramelius personnel have inspected the diamond core, RC and aircore chips in the field to verify the correlation of mineralised zones between assay results and lithology, alteration and mineralization. • All holes are digitally logged in the field and all primary data is forwarded to Ramelius’ Database Administrator (DBA) in Perth where it is imported into AcQuire or Datashed, both commercially available and industry accepted database software package. Assay data is electronically merged when received from the laboratory. The responsible project geologist reviews the data in the database to ensure that it is correct and has merged properly and that all the drill data collected in the field has been captured and entered into the database correctly. • The responsible geologist makes the DBA aware of any errors and/or omissions to the database and the corrections (if required) are corrected in the database immediately. • No adjustments or calibrations are made to any of the assay data recorded in the database.
Page 28
28 Criteria JORC Code explanation Commentary Location of data points • Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation. • Specification of the grid system used. • Quality and adequacy of topographic control. • All drill hole collars are picked up using accurate DGPS or mine survey control. All down hole surveys are collected using downhole Eastman single shot or gyro surveying techniques provided by the drilling contractors. • All Mt Magnet, Cue, Dalgaranga, Penny, Tampia and Edna May drill holes are picked up in either MGA94 – Zone 50 or MGA2020 – Zone grid coordinates. Rebecca and Roe drill holes are picked up in MGA2020 - Zone 51. • DGPS RL measurements captured the collar surveys of the drill holes prior to the resource estimation work. Data spacing and distribution • Data spacing for reporting of Exploration Results. • Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied. • Whether sample compositing has been applied. • RC drill spacing varies depending on stage of the prospect – infill and step out (extensional) programmes are planned on nominal 20m to 40m centres. Good continuity has been achieved from the RC drilling. • Given the previous limited understanding of the target horizons infill drilling (whether diamond or RC) is necessary to help define the continuity of mineralisation. • No sampling compositing has been applied within key mineralised intervals. Orientation of data in relation to geological structure • Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type. • If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material. • The core drilling and RC drilling is completed orthogonal to the interpreted strike of the target horizon(s), plunge projection of higher-grade shoots, with some exceptions at Bartus East where several holes were drilled approximately parallel to the strike of the Bartus East Granodiorite but orthogonal to predicted cross cutting lodes. Multiple other directions have also been tested. Sample security • The measures taken to ensure sample security. • Sample security is integral to Ramelius’ sampling procedures. All bagged samples are delivered directly from the field to the assay laboratory in Perth, whereupon the laboratory checks the physically received samples against Ramelius’ sample submission/dispatch notes. Audits or reviews • The results of any audits or reviews of sampling techniques and data. • Sampling techniques and procedures are reviewed prior to the commencement of new work programmes to ensure adequate procedures are in place to maximize the sample collection and sample quality on new projects. No external audits have been completed to date. Section 2 Reporting of Exploration Results Criteria JORC Code explanation Commentary Mineral tenement and land tenure status • Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings. • The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area. • The results reported are located on granted Mining Leases or Exploration Licences at Mt Magnet, Cue, Penny, Dalgaranga, Edna May, Tampia, Rebeca and Roe, all in Western Australia (owned 100% by Ramelius Resources Limited or its 100% owned subsidiaries). In some instances, projects are in JV with other parties with Ramelius earning equity. The Mt Magnet, Cue, Dalgaranga, Penny, Rebecca and Roe tenements are located on pastoral/grazing leases or vacant crown land. The broader Westonia, Holleton-Mt Hampton and Tampia areas are located over private farmland where the veto on the top 30m has been removed via executed compensation agreement(s) with the various landowners. Edna May is within the Westonia Common, while the Holleton Mining Centre is situated within the Holleton Timber and Mining Reserve which requires ground disturbance consultation with the Department of Lands, Planning & Heritage. Heritage surveys are completed prior to any ground disturbing activities in accordance with Ramelius’ responsibilities under the Aboriginal Heritage Act in Australia. • Currently all the tenements are in good standing. There are no known impediments to obtaining licences to operate in all areas. • At the Rebecca-Roe Gold Project – a Native Title Mining Agreement has been executed with the Kakarra Aboriginal Corporation (KAC) in December 2025.
Page 29
29 Criteria JORC Code explanation Commentary Exploration done by other parties • Acknowledgment and appraisal of exploration by other parties. • Exploration and mining by other parties has been reviewed and is used as a guide to Ramelius’ exploration activities. Previous parties have completed RAB, aircore, RC and diamond drilling. Open pit mining has previously occurred at Mt Magnet, Dalgaranga, Tampia, Edna May, and underground mining has been undertaken at Mt Magnet and Edna May. This report concerns exploration results generated by Ramelius for the current reporting period, not previously reported to the ASX. At Dalgaranga significant recent resource drilling was conducted by Spartan Resources Ltd in 2022-2025. At Rebecca significant recent resource drilling was conducted by Apollo in 2018-2021, and at Roe Breaker Resources NL has conducted all previous work. Geology • Deposit type, geological setting and style of mineralisation. • The targeted mineralisation at all projects is typical of orogenic structurally controlled Archaean gold lode systems. Mineralisation occurs in a variety of host rocks, with strong structural controls. Drill hole Information • A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes: • easting and northing of the drill hole collar • elevation or RL (Reduced Level – elevation above sea level in metres) of the drill hole collar • dip and azimuth of the hole • down hole length and interception depth • hole length. • If the exclusion of this information is justified on the basis that the information is not Material and this exclusion does not detract from the understanding of the report, the Competent Person should clearly explain why this is the case. • All the drill holes reported in this report have the following parameters applied. All drill holes completed, including holes with no significant results (as defined in the Attachments) are reported in this announcement. • Easting and northing are given in MGA94 or MGA2020 coordinates as defined in the Attachments. • RL is AHD • Dip is the inclination of the hole from the horizontal. Azimuth is reported in magnetic degrees as the direction the hole is drilled. MGA94 and MGA2020 and magnetic degrees vary by <1degree in the project area. All reported azimuths are corrected for magnetic declinations. • Down hole length is the distance measured along the drill hole trace. Intersection length is the thickness of an anomalous gold intersection measured along the drill hole trace. • Hole length is the distance from the surface to the end of the hole measured along the drill hole trace. • No results currently available from the exploration drilling are excluded from this report. Gold grade intersections >0.4 g/t Au within 4m aircore composites or >0.5 g/t Au within single metre RC samples (generally using a maximum of 2m of internal dilution but additional dilution where specifically indicated) are considered significant in the broader mineralised host rocks. Diamond core samples are generally cut along geological contacts or up to 1m maximum. • Gold grades greater than 0.5 g/t Au are highlighted where good continuity of higher-grade mineralisation is observed. A 0.1 g/t Au cut-off grade is used for reconnaissance exploration programs. Data aggregation methods • In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (e.g. cutting of high-grades) and cut-off grades are usually Material and should be stated. • Where aggregate intercepts incorporate short lengths of high-grade results and longer lengths of low-grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail. • The assumptions used for any reporting of metal equivalent values should be clearly stated. • The first gold assay result received from each sample reported by the laboratory is tabled in the list of significant assays. Subsequent repeat analyses when performed by the laboratory are checked against the original to ensure repeatability of the assay results. • Weighted average techniques are applied to determine the grade of the anomalous interval when geological intervals less than 1m have been sampled. • Exploration drilling results are generally reported using a 0.5 g/t Au lower cut-off for RC and diamond or 0.1 g/t Au for aircore drilling (as described above and reported in the Attachments) and may include up to 4m of internal dilution or more where specifically indicated. Significant resource development drill hole assays are reported greater than 0.5 or 8.0 g/t Au and are also reported separately. For example, the broader plus 1.0 g/t Au intersection of 6.5m @ 30.5 g/t Au contains a higher-grade zone running plus 8 g/t Au and is included as 4m @ 48.5 g/t Au. Where extremely high gold intersections are encountered as in this example, the highest- grade sample interval (e.g. 1.0m @ 150 g/t Au) is also reported. All assay results are reported to 3 significant figures in line with the analytical precision of the laboratory techniques employed. • No metal equivalent reporting is used or applied.
Page 30
30 Criteria JORC Code explanation Commentary • For Rare Earth Element (REE) reporting, a lower cut-off grade of 0.15% TREO (Total Rare Earth Oxide) is used with no internal dilution. No top-cuts are applied to TREO reporting. Relationship between mineralisation widths and intercept lengths • These relationships are particularly important in the reporting of Exploration Results. • If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported. • If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (e.g. ‘down hole length, true width not known’). • The intersection length is measured down the length of the hole and is not usually the true width. When sufficient knowledge on the thickness of the intersection is known an estimate of the true thickness is provided in the Attachments. • In general, drilling orientation is semi perpendicular to known lodes and dominant mineralisation controls such that reported down hole intervals are often close to true width. • The known geometry of the mineralisation with respect to drill holes reported for advanced projects is generally well constrained. Diagrams • Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported. These should include but not be limited to a plan view of drill hole collar locations and appropriate sectional views. • Detailed drill hole plans and sectional views of advanced prospects at Mt Magnet, Cue, Dalgaranga, Penny, Edna May, Tampia, Rebecca and Roe are provided or have been provided previously. Long section and cross-sectional views (orthogonal to the plunging shoots) are considered the best 2- D representation of the known spatial extent of the mineralisation. Balanced reporting • Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high-grades and/or widths should be practiced to avoid misleading reporting of Exploration Results. • Available results of all drill holes completed for the reporting period are included in this report, and all material intersections (as defined above) are reported. Other substantive exploration data • Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples – size and method of treatment; metallurgical test results; bulk density, groundwater, geo- technical and rock characteristics; potential deleterious or contaminating substances. • No other exploration data that has been collected is considered meaningful and material to this report. Further work • The nature and scale of planned further work (e.g. tests for lateral extensions or depth extensions or large-scale step-out drilling). • Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive. • Future exploration is dependent on specific circumstances at individual prospects but may include infill and step out RC and diamond drilling where justified to define the full extent of the mineralisation discovered to date.