Ramelius Resources Limited · ASX:RMS
Ramelius Resources — Q3 FY26 Earnings Presentation
21 slides from Ramelius Resources's earnings presentation, Apr 29, 2026
Slide 1: Quarterly Results March 2026
For personal use only QUARTERLY RESULTS March 2026 29 April 2026
Slide 2: Qualifications & Non-IFRS Financial Information
Qualifications & Non-IFRS Financial Information For personal use only 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
Slide 3: Key Highlights | March 2026 Quarter
Key Highlights | March 2026 Quarter Production & Costs For personal use only • Quarterly gold production of 38,093 ounces at an AISC of A$2,211/oz1 • Total lateral development of 1,690m with commencement of stope production at the Never Never underground mine • FY26 Guidance updated to 185,000 – 205
Slide 4: Gold Production by Quarter
Gold Production by Quarter For personal use only NOTES 1 Q4 FY26 Guidance represents midpoint of annual Guidance (185,000 – 205,000 ounces) | 4
Slide 5: Mining & Production | high-grade Dalgaranga ore to come
Mining & Production | high-grade Dalgaranga ore to come For personal use only ORE TONNES MINED MINED GRADE ORE TONNES MILLED MILLED GRADE GOLD PRODUCTION 0.5Mt 2.45g/t 0.5Mt 2.61g/t 38koz Au Comparable to Comparable to Planned 6-day In line with prior Higher production prior Quarter, Q4 to prior Qua
Slide 6: Mt Magnet Operating Highlights | strong Q4 planned
Mt Magnet Operating Highlights | strong Q4 planned For personal use only Production: 38,093 ounces of gold produced Costs: AISC of A$2,211 per ounce Mt Magnet tonnes milled (Q3FY26) Operations: Open pit mining across Cue deposits (Break of Day, Lena, Leviticus, and Big Sky). Underground operations f
Slide 7: Penny | high-grade mining focus in Q4
Penny | high-grade mining focus in Q4 For personal use only Mined: 80kt at 6.33g/t for 16,259 ounces of contained gold Milled: 74kt at 6.72g/t and recovery of 98.3% for 15,743 ounces of recovered gold Exploration Recent grade control modelling and face mapping indicated additional gold mineralisatio
Slide 8: Galaxy | extending mine life through discovery
Galaxy | extending mine life through discovery For personal use only Mined: 156kt at 2.22g/t for 11,158 ounces of contained gold Milled: 145kt at 2.24g/t and recovery of 93.5% for 9,746 ounces of recovered gold Galaxy Exploration Target: 6–7Mt at 2.1–2.6 g/t for 400-600koz1 Resource Definition Satur
Slide 9: Cue | current open pits with high-grade focus in Q4
Cue | current open pits with high-grade focus in Q4 For personal use only Mined: 253kt at 1.18g/t for 9,622 ounces of contained gold Milled: 128kt at 2.00g/t and recovery of 95.8% for 7,901 ounces of recovered gold Stockpiles: 624kt at 0.83g/t for 16,618 ounces of contained gold Cue open pit mining
Slide 10: Dalgaranga | the start of something great
Dalgaranga | the start of something great For personal use only Underground mine development Site infrastructure 235mRL Stope Never Never underground development, stoping and pit long section Paste plant construction Total lateral development of 1,690m with commencement of ore mining at the Never Ne
Slide 11: Dalgaranga | ore haulage commenced to Mt Magnet
Dalgaranga | ore haulage commenced to Mt Magnet For personal use only Mining on track • First truckload of Never Never ore delivered to Mt Magnet plant 18th February • First stope fired 13th March containing 40,926t at 7.41g/t • Stockpile of 58,000t at 3.23/t at end of March • Higher-grade Never Nev
Slide 12: Mt Magnet | Q3 exploration activities + upside
Mt Magnet | Q3 exploration activities + upside For personal use only Mt Magnet 5-year production profile (koz) & low-grade material Opportunities to displace low-grade 1 Penny: extensions to the existing Penny North to the southwest and Penny West to the south o FY26 exploration spend of A$10-12M o
Slide 13: Galaxy | conversion of exploration target
Galaxy| conversion of exploration target Deepest results1 include: For personal use only ➢ 4.6m @ 7.04g/t Au ➢ 3.5m @ 6.77g/t Au ➢ 40.9m @ 2.66g/t Au ➢ 4.7m @ 3.72g/t Au Exploration Target: 6–7Mt at 2.1–2.6 g/t for 400-600koz1 Two underground drill rigs operating Accelerated drill program using dedi
Slide 14: Gilbeys Underground | new underground mine potential
Gilbeys Underground | new underground mine potential For personal use only Underground diamond drilling results1: Gilbey’s Underground: ➢ 3.9m at 21.2g/t Au from 219.0m ➢ 6.1m at 10.4g/t Au from 207.7m ➢ 7.5m at 5.11g/t Au from 271.1m ➢ 7.7m at 5.94g/t Au from 253.0m ➢ 11.9m at 2.83g/t Au from 230.6
Slide 15: Dalgaranga | open pit potential
Dalgaranga | open pit potential For personal use only Plan view of Gilbey’s South, Plymouth and Sly Fox Plymouth-Sly Fox long section facing northeast displaying recent drill results Plymouth-Sly Fox is currently not in the mine plan which provides Recent Sy Fox results1 include: further upside oppo
Slide 16: Financials | lowest production Quarter now behind us
Financials | lowest production Quarter now behind us For personal use only GOLD SALES REALISED GOLD PRICE AISC FREE CASH FLOW1 CASH & GOLD 38koz A$5,795 A$2,211 A$101.9 A$606.5 in line with plan dollars per ounce dollars per ounce million million Up 12% Q-on-Q, Impact of planned mill shut After grow
Slide 17: Cash Flow | shareholder returns & hedge book close-out
Cash Flow | shareholder returns & hedge book close-out For personal use only QUARTERLY MOVEMENT IN CASH & GOLD Other cash flow • A$110.2M of share buybacks completed in Quarter • Income tax (pre-paid FY26) and stamp duty totalling A$20.5M • FY27 hedge book closure cost of A$28.4M and June Quarter pr
Slide 18: FY26 Guidance Update
FY26 Guidance Update For personal use only FY26 Guidance FY26 Guidance AISC: Unit (October 2025) (updated) Updated Guidance has increased due to: Production • Never Never underground mine reaching Gold production Koz 185 - 205 unchanged commercial production sooner meaning higher Operating costs sus
Slide 19: Shareholder Returns | maintain, then grow
Shareholder Returns | “maintain, then grow” For personal use only Interim Dividend (H1, FY26) Shareholder Returns | (A$M) • Fully franked at 3 cents per share (A$57.7M) • Record date of 17 March 2026 • Payment date of 15 April 2026 • Exceeds the minimum dividend of 2cps per annum commitment for FY26
Slide 20: Key focus areas remainder of FY26
Key focus areas remainder of FY26 For personal use only Area Description Status / Next key date • Continue to focus on safety performance improvement • Ongoing • Close management of fuel supply, storage and usage • Ongoing Group • Continuation of share buy-back program • Ongoing • Value assessment o
Slide 21: Thank you
Thank you For personal use only 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 – Inves