Ramelius Resources Limited · ASX:RMS
Ramelius Resources — Investor Presentation (October 2025)
69 slides from Ramelius Resources's investor presentation, Oct 28, 2025
Slide 1: 5-Year Growth Pathway to +500koz
5-Year Growth Pathway to +500koz Mark Zeptner, Managing Director Darren Millman, Chief Financial Officer 28 OCTOBER 2025
Slide 2: Qualifications & Non-IFRS financial information
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 ri
Slide 3: Corporate overview
Corporate overview Corporate Profile Capital Structure Board of Directors Bob Vassie Simon Lawson Non-Executive Chair Deputy Chair OUR MISSION To be a sustainable gold Mark Zeptner Managing Director producer that focuses on David Southam Non-Executive Director delivering superior Fiona Murdoch Non-E
Slide 4: Ramelius' Vision: +500koz p.a. producer by FY30
Ramelius’ Vision | to be a +500koz p.a. producer by FY30 The creation of a leading Australian Gold Company with highly profitable operations, a supercharged growth profile and exceptional exploration upside A$6.7Bn A$827.7M 12Moz Au 4.2Moz Au 195koz Au Market cap1 Cash & gold2 Group Mineral Resource
Slide 5: Growing the business
Growing the business Establish • Mt Magnet Ore Reserves up 210% to 3.1Moz1 • Never Never UG (including Pepper) maiden Ore Reserve of 7Mt @ 7.3g/t for 1.6Moz4 • Rebecca-Roe DFS released, demonstrating excellent economics with total Reserves of 1.1Moz, FID approved, subject to Roe permitting 2 • A$828
Slide 6: 5-Year Outlook (base case) | 525koz p.a. by FY30
5-Year Outlook (base case) | 525koz p.a. by FY30 5-Year and long-term Group production profile(Koz) & AISC (A$/oz) ~ 525koz p.a. production rate from FY30 +A$1Bn free cash flow p.a. from FY30 at A$4,500/oz A$1,975/oz AISC average over next 5-years, peer leading NOTES 1. Refer to ASX Announcement “5-
Slide 7: Project timelines | achievable sequenced plan
Project timelines | achievable sequenced plan | 7
Slide 8: FY26 Guidance
FY26 Guidance • Ramelius will remain focused on delivering to our shareholders Guidance for the 6th consecutive year • The Never Never underground mine development remains on track with processing of ore to commence in H2 FY26 • The Mt Magnet mill expansion will be heavily weighted to H2 FY26 with d
Slide 9: Updated Ore Reserve Statement | total 4.2Moz
Updated Ore Reserve Statement | total 4.2Moz Significant Maiden Ore Reserves Declared (since FY24) UPDATED ORE RESERVE STATEMENT AS AT 30 JUNE 2025 Project Mine Proven Probable Total Reserve 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 Never Never undergrou
Slide 10: Mt Magnet + Dalgaranga | synergies
Mt Magnet + Dalgaranga | synergies Capital savings: ~A$100M1 Cash tax benefits: A$720M4 • Preferred single upgraded Mt • New tax base established on Spartan Magnet plant vs two separate acquired assets allowing higher processing facilities (Mt Magnet + taxable depreciation = reduced Dalgaranga) taxa
Slide 11: 5 Year Outlook | high margin business for longer
5 Year Outlook | high margin business for longer AISC Margin (A$/oz) (%) (at base case A$4,500/oz)1 50 – 60% AISC margin across FY26 - FY30 ~ average A$2,500/oz1 AISC margin/oz across FY26 - FY30 Superior returns quality assets focusing on high- grade ore and owner cost control NOTES 1. Includes exi
Slide 12: Free cash flow | fully funded, strong ongoing FCF
Free cash flow | fully funded, strong ongoing FCF Group free cash flow outlook (A$M) Sequenced capital plan Mt Magnet mill expansion and upgrade of A$223M to initial 4.3Mtpa capacity (construction March 2026 Qtr, completion early September 2027 Qtr) - in addition, Dalgaranga site and underground inf
Slide 13: Mt Magnet - Dalgaranga Integration Study
Mt Magnet - Dalgaranga Integration Study | 13
Slide 14: Mt Magnet 5-Year Outlook | 380koz p.a. by FY30
Mt Magnet 5-Year Outlook | 380koz p.a. by FY30 Mt Magnet 5-Year and long-term production profile(Koz) & AISC (A$/oz) ~ 360 koz p.a. long-term production rate Tier 1 production hub in portfolio by both production and cost metrics A$1,860/oz AISC average over next 5-years Exploration upside…. further
Slide 15: Mt Magnet | Resource & Reserve growth
Mt Magnet | Resource & Reserve growth Mt Magnet Resources & Reserves 7.9M resource ounces1 total Mineral Resources (inclusive of Ore Reserves) representing a 74% increase on FY24 Mineral Resource grade increased 16% 3.1M reserve ounces1 A 210% increase from FY24 Ore Reserve grade increased 29% to 2.
Slide 16: Metallurgical testwork | grind size + recovery driven solution
Metallurgical testwork | grind size + recovery driven solution Dalgaranga recoveries • 80.5% recovery rate at a 175μm grind • Based on this testing Never Never and Pepper recoveries at 53μm have been modelled at 93.3% • Never Never and Pepper ores have low reagent consumption • 53μm design preferred
Slide 17: Mt Magnet Hub | good to great to a top asset
Mt Magnet Hub | good to great to a top 5 asset Existing Circuit (1) Throughput: 2Mtpa to 1.3Mtpa Grind size: 175μm to 53um New • 13m leach feed thickener New Circuit (2) Throughput: 3Mtpa Grind Size: 175μm New • Single stage jaw crushing, 10kt coarse ore stockpile and reclaim • Pebble crushing circu
Slide 18: Mt Magnet Plant | powered by hybrid energy
Mt Magnet Plant | powered by hybrid energy Solar and battery milestone 6.7MW solar power and 8.3MW battery storage Hybrid power plant capacity Total hybrid power plant up to 46MW, low-emission energy Wind farm construction 14MW wind farm construction 2026 Hybrid energy solutions - sustainably poweri
Slide 19: Mt Magnet | peer mill benchmarking
Mt Magnet | peer mill benchmarking • A$223M capital to upgrade Mt Magnet mill nameplate capacity to 5Mtp.a., with targeted run rate of 4.3Mtpa initially to match mining • Undertaken in two stages, expected completion early 2028 • 5Mtpa processing rate based on current reserve depletion of Dalgaranga
Slide 20: Mt Magnet | top Australian gold production hub
Mt Magnet | top 5 Australian gold production hub TOP 20 AUSTRALIAN GOLD MINES BY GOLD PRODUCTION NOTES 1. Sourced from Visible Alpha. 2. Top 20 gold production hubs based on prior financial year's gold production. 3. Tropicana and Gruyere JVs based on 100% ownership, AISC based on reported AISC from
Slide 21: Mt Magnet | 5-year physical & financial summary
Mt Magnet | 5-year physical & financial summary ORE MINING SCHEDULE (Mt) & (g/t) ORE MILLING SCHEDULE (Mt) & (g/t) PROCESSING COSTS (A$M) & (A$/t) MAJOR GROWTH CAPITAL SPEND (A$M) | 21
Slide 22: Mt Magnet | Never Never mine schedule
Mt Magnet | Never Never mine schedule NEVER NEVER MINING SCHEDULE (Mt) & (g/t) Mining schedule tonnages and grade increase as the main section of the ore body is accessed from FY28 onwards Pepper zone in full production in FY30 NOTES The Never Never Underground Pre-Feasibility Study Mining Schedule
Slide 23: Mt Magnet | capital & operating cost profile
Mt Magnet | capital & operating cost profile CAPITAL COSTS (A$M) OPERATING COSTS (A$M) & (A$/t) Includes both Mt Magnet and Dalgaranga. Capital costs relate to plant Operating costs relate to cash operating costs and exclude & equipment capital costs only and exclude mine development costs stockpile
Slide 24: Mt Magnet | Never Never underground PFS results
Mt Magnet | Never Never underground PFS results Pre-feasibility study Never Never Underground Unit (October 2025) General Total per unit • Bears the full cost of Mt Magnet mill upgrades (A$223M) Start date (site establishment) Mnth completed Mining commencement Mnth commenced • After tax net present
Slide 25: Mt Magnet | Dalgaranga value proposition
Mt Magnet | Dalgaranga value proposition • Never Never PFS is NPV accretive with post-tax net present value (NPV5%) of A$3.5 billion at a base case of A$4,500/oz • A$19M planned in FY26 for 75,000 drill metres (exploration and resource definition) at Four Pillars, West Winds and Applewood NOTES Long
Slide 26: Mt Magnet | Never Never cash flow & sensitivity
Mt Magnet | Never Never cash flow & sensitivity POST-TAX FREE CASH FLOW (A$M) (@ A$4,500/OZ) NPV5% SENSITIVITIES (A$M) (@ A$4,500/OZ) | 26
Slide 27: Mt Magnet | base case + upside
Mt Magnet | base case + upside Opportunities to displace low-grade MT MAGNET 5-YEAR PRODUCTION PROFILE (KOZ) & LOW-GRADE MATERIAL 1 Penny: extensions to the existing Penny North high- grade deposit to the southwest o Exploration spend for FY26 of A$10-12M 2 Cue: underground extensions, following up
Slide 28: Penny | exploration plans
1 Penny | exploration plans 37,000m drill program planned / A$12M Spend High-grade underground depth extensions The Penny underground mine over LoM has contributed 456kt @ 12.4g/t, forming part of the Mt Magnet Hub production currently our highest grade mine in operation | 28
Slide 29: Cue | exploration plans
2 Cue | exploration plans 37,000m drill program planned / A$16M Spend High-grade underground depth extensions at Break of Day Underground mine potential at White-Heat Underground mine potential at Lena | 29
Slide 30: Galaxy Mine Area
3 Galaxy Mine Area1 Galaxy Mine Area consists of 2 open pits and 2 underground mines The famous high-grade Hill 50 mine forms part of this area (historical production of 7.3Mt @ 8.84g/t for 2Moz). Mineral Resource 1.9Mt @ 6.0g/t Au for 360kz2 The Saturn and Mars underground mine currently in operati
Slide 31: Galaxy | underground drilling positions now available
3 Galaxy | underground drilling positions now available 56,000m drill program planned / A$16M spend New drill hits1 (underground mine potential) Hesperus ➢ 42.5m at 3.54g/t Au from 183.4m ➢ 25.0m at 3.0g/t Au from 151m Perseverance South ➢ 9.44m at 8.82g/t Au from 269.45m, incl. 0.4m at 186g/t Au ➢
Slide 32: Dalgaranga | exploration plans
4 Dalgaranga | exploration plans Base Case underground Mineral Resource (inclusive of reserves) 14.3Mt @5.7g/t Au (2.6Moz)1 Underground Ore Reserves (inclusive of Pepper) 7Mt @7.3g/t Au (1.6Moz)2 West Winds3 ➢ 3.94m @ 163.67g/t Au from 193.73m ➢ 6.3m @ 6.32g/t Au from 237.07m ➢ 3.17m @ 20.78g/t Au f
Slide 33: Dalgaranga | a corridor for future discoveries
Dalgaranga | a corridor for future discoveries This corridor is a 6km-long mineralised trend extending north-eastwards from Gilbeys up to the Golden Wings Prospect, a number of high- grade intercepts have already been recorded FY26 Plan • exploration expenditure of up to A$19M • underground diamond
Slide 34: Rebecca-Roe DFS
Rebecca-Roe DFS | 34
Slide 35: Key changes from PFS to DFS
Key changes from PFS to DFS • Maiden Bombora Underground reserve 4.1Mt @ 1.8g/t for 260koz • Mined ore increased by 1.2Mt for 43koz mined • Focus on consolidating non processing infrastructure: o Single large village to accommodate workforce o Aerodrome resized to accommodate larger aircraft • Capit
Slide 36: Rebecca-Roe | definitive feasibility study
Rebecca-Roe | definitive feasibility study • After tax net present value (NPV5%) of A$692 million (@ base case of A$4,500/oz) • Total cash flow of A$1,418 million (at base case of A$4,500/oz) with avg of approximately A$200 million per annum between FY30 and FY36 • Internal rate of return post-tax o
Slide 37: Rebecca-Roe | cash flow & sensitivity
Rebecca-Roe | cash flow & sensitivity POST-TAX FREE CASH FLOW (A$M) (@A$4,500/OZ) NPV5% SENSITIVITIES (A$M) (@A$4,500/OZ) | 37
Slide 38: Rebecca-Roe | key milestones
Rebecca-Roe | key milestones • Rebecca Environmental Protection Act Part V - received August 2025 • DFS completed in October 2025, FID approved, subject to Roe environmental permitting • Rebecca mining commencement – December 2027 Quarter (Q2 FY28) • Plant construction – December 2027 Quarter (Q2 FY
Slide 39: Rebecca-Roe | production profile
Rebecca-Roe | production profile Production highlights Unit FY27 FY28 FY29 FY30 FY31 FY32 FY33 FY34 FY35 FY36 FY37 LOM Open pit mining Material moved Kbcm - 8,181 19,018 16,102 11,162 7,265 5,887 5,670 4,301 1,773 - 79,359 Strip ratio (high-grade ore) w:o - 166.8 39.1 14.5 16.1 18.0 7.7 6.2 20.1 11.
Slide 40: Rebecca-Roe | capital expenditure
Rebecca-Roe | capital expenditure CAPITAL EXPENDITURE(A$M) • Total growth capital spend for project of A$340M with process plant making up A$188M of the total • In addition to this a total of A$42M sustaining capital expenditure (included within AISC) | 40
Slide 41: Rebecca-Roe | cash flow
Rebecca-Roe | cash flow Financial highlights (@ A$4,500/oz) Unit FY27 FY28 FY29 FY30 FY31 FY32 FY33 FY34 FY35 FY36 FY37 LOM Cash flow Cash flow (pre-tax) $M (22) (321) (42) 262 242 198 205 210 340 280 67 1,418 Cash flow (post-tax) $M (22) (321) (42) 234 183 155 160 163 256 214 58 1,037 Unit costs AI
Slide 42: Ramelius' investment case
Ramelius’ investment case Reliable Sector leading operational team cash flows Stand-out in sector for High margin / free cashflow delivery of Guidance focused business with long life assets (Mt Magnet & Rebecca- Roe) Dividend yield well 170% production growth above mid-tier ASX Pathway to 525koz p.a
Slide 43: Appendices
Appendices Mineral Resources Ore Reserves M&A track record ASX/TSX peer groups 5-Year Outlook US$ Cashflow industry ASX peer review FY25 Mt Magnet operating highlights Hedge book Dividend history Guidance history Cashflow industry TSX peer review a L3Y returns Mt Magnet historical results Supporting
Slide 44: 2025 | Mineral Resource Statement
2025 | Mineral Resource Statement MINERAL RESOURCES AS AT 30 JUNE 2025 - INCLUSIVE OF RESERVES For detailed information relating to Measured Indicated Inferred Total Resource Project Deposit Mineral Resources refer to the Mt g/t Koz Mt g/t Koz Mt g/t Koz Mt g/t Koz following ASX Releases (RMS): Open
Slide 45: 2025 | Ore Reserve Statement
2025 | Ore Reserve Statement ORE RESERVE STATEMENT AS AT 30 JUNE 2025 For detailed information relating to Ore Project Deposit Proven Probable Total Reserve Reserves refer to the following ASX Mt g/t Koz Mt g/t Koz Mt g/t Koz Releases (RMS): Open Pit deposits 20 1.2 780 20 1.2 780 • “Resources & Res
Slide 46: Value accretive M&A | return on investment
Value accretive M&A | return on investment LOM CASH FLOWS – AS AT SEPTEMBER 2025 (A$M) [ ] shows change in September 2025 Qtr • Track record of generating positive (net) cash flow1 from new projects • Cue generated A$420M2 in free cash flow since commencement in FY25 – fully recouped the acquisition
Slide 47: ASX / TSX mid-cap gold producers | peer comparison
ASX / TSX mid-cap gold producers | peer comparison NOTES 1 Data sourced from Visible Alpha for FY25 production for ASX producers. CY24 For TSX producers 2 Market capitalisation as at 30 September 2025. TSX producers were calculated based on exchange rate of A$0.92 : CA$1 | 47
Slide 48: 5-Year Outlook | 525koz p.a. by FY30, industry leading AISC
5-Year Outlook | 525koz p.a. by FY30, industry leading AISC 5-YEAR AND LONG-TERM GROUP PRODUCTION PROFILE(KOZ) & AISC (US$/OZ) ~ 525koz p.a. production rate from FY30 US$1,262/oz AISC average over next 5-years, peer leading among TSX mid-cap gold producers NOTES 1. Refer to ASX Announcement “5-Year
Slide 49: Cash flow
Cash flow INDUSTRY LEADING (ASX) UNDERLYING FREE CASH FLOW PER OUNCE PRODUCED (FY25) | 49
Slide 50: FY25 Mt Magnet operating highlights
FY25 Mt Magnet operating highlights | 50
Slide 51: Increasing exposure to spot gold price
Increasing exposure to spot gold price GOLD PRICE EXPOSURE HEDGE BOOK HISTORY (KOZ) & AVERAGE PRICE (A$/OZ) Pre-delivered into 7koz of FY26 FY27 also has zero premium FY28: 40,000 put options at a forward contracts increasing collars for 22,500 ounces with a floor price of A$5,750/oz (not future exp
Slide 52: Dividend history | up 60%, 7th consecutive year
Dividend history | up 60%, 7th consecutive year Final Dividend Dividend History | cps | (A$M) • Fully franked at 5 cents per share (A$95.6 million) • Record date of 16 September 2025 • Payment date of 13 October 2025 Total FY25 Dividend • Fully franked at 8 cents per share (including 3 cents per sha
Slide 53: Guidance history
Guidance history Current year GOLD PRODUCTION VS. GUIDANCE (MID-POINT) + AISC (A$OZ) • exceeded Production Guidance (290-300koz) • low end of Cost Guidance (A$1,550-1,650/oz) Peer comparison only mid-cap Australian producer that has delivered Production and Cost Guidance over the past 5 consecutive
Slide 54: Cash flow | North American peers
Cash flow | North American peers INDUSTRY LEADING (ASX & TSX) UNDERLYING FREE CASH FLOW PER OUNCE PRODUCED RAMELIUS FY25 UNDERLYING FREE CASH FLOW PER OUNCE OF US$1,497 RAMELIUS FY25 UNDERLYING FREE CASH FLOW OF US$451.7M FROM 302KOZ Underlying free cash flow per ounce produced (FY25 / CY24)1 Underl
Slide 55: Returns Last 3 Years | North American peers
Returns Last 3 Years | North American peers L3Y RETURN ON CAPITAL L3Y RETURN ON INVESTED CAPITAL L3Y RETURN ON EQUITY NOTES Refer to appendices for definitions | 55
Slide 56: Mt Magnet | historical results
Mt Magnet | historical results Mt Magnet Unit Sep-22 Dec-22 Mar-23 Jun-23 Sep-23 Dec-23 Mar-24 Jun-24 Sep-24 Dec-24 Mar-25 Jun-25 Mining Open pit tonnes mined Kt 219 432 284 303 248 450 588 570 253 101 168 204 Open pit mined grade g/t 0.80 0.93 1.09 1.13 1.15 1.33 1.64 1.90 2.55 7.36 7.19 6.55 Under
Slide 57: FY25 | supporting cash flow workings (ASX)
FY25 | supporting cash flow workings (ASX) | 57
Slide 58: FY25 | underlying free cash flow per ounce calculation (ASX)
FY25 | underlying free cash flow per ounce calculation (ASX) | 58
Slide 59: North American peer supporting cash flow calculations
FY25 & CY24 | North American peer supporting cash flow calculations ( US$) Underlyin Investments Dividen Total Opening Closing Financin Net cash Company g free & ds & buy Tax Other cash cash & cash & Debt Source g / (deb) cash flow Acquisitions backs flow gold gold June 2025 Quarterly Ramelius 451.7
Slide 60: North American peer supporting cash flow per ounce calculations
FY25 & CY24 | North American peer supporting cash flow per ounce calculations Underlying free Underlying free cash Production Company cash flow flow per ounce Source Koz US$M US$/oz June 2025 Quarterly Activities Report Ramelius Resources Limited 451.7 302 $1,497 (29 July 2025) New Gold Inc 125.5 32
Slide 61: North American peer reporting data (returns – earnings)
FY25 & CY24 | North American peer reporting data (returns – earnings in US$) Company Statutory Add back: income tax expense / Add / (less): net finance expense / Statutory EBIT Tax Rate Net operating profit after tax Source NPAT (benefit) (income) (statutory) (D) (F) (A) (B) (C) (E) (A)+(B)+(C) (D)
Slide 62: North American peer reporting data (returns – earnings)
FY25 & CY24 | North American peer reporting data (returns – earnings in US$) Company Statutory NPAT Add back: income tax Add / (less): net finance expense / Statutory EBIT Tax Net operating profit after tax Source expense / Rate (income) (statutory) (benefit) (D) (F) (A) (B) (C) (E) (A)+(B)+(C) (D)
Slide 63: North American peer reporting data (returns – earnings)
FY25 & CY24 | North American peer reporting data (returns – earnings in US$) Add back: Add / (less): net Net operating income tax finance Company Statutory NPAT Statutory EBIT Tax Rate profit after tax Source expense / expense / (statutory) (benefit) (income) (D) (F) (A) (B) (C) (E) (A)+(B)+(C) (D)
Slide 64: North American peer reporting data (returns – capital)
FY25 & CY24 | North American peer reporting data (returns – earnings in US$) Return on Invested Capital Return on Return on Company Debt Equity Cash & gold invested Source capital employed capital Equity capital (D) (E) (F) (G) (H) (A) (B) (C) (A)+(B)+(C) (A)+(B) (F)1/(D) (D)1/(E) (A)1/(B) Ramelius
Slide 65: North American peer reporting data (returns – capital)
FY25 & CY24 | North American peer reporting data (returns – capital in US$) Return on Invested Capital Return on Return on Company Debt Equity Cash & gold invested Source capital employed capital Equity capital (D) (E) (F) (G) (H) (A) (B) (C) (A)+(B)+(C) (A)+(B) (F)1/(D) (D)1/(E) (A)1/(B) OceanaGold
Slide 66: North American peer reporting data (returns – capital)
FY25 & CY24 | North American peer reporting data (returns – capital in US$) Return on Invested Capital Return Return Company Debt Equity Cash & gold invested Source capital employed on capital on Equity capital (D) (E) (F) (G) (H) (A) (B) (C) (A)+(B)+(C) (A)+(B) (F)1/(D) (D)1/(E) (A)1/(B) Wesdome Go
Slide 67: Peer mill benchmarking | Western Australian gold producing sites
Peer mill benchmarking | Western Australian gold producing sites Ore milled Processing cost Calculated unit Site Company Source(s) (Mt)1 (A$M)1 (A$/t processed)1 Bellevue Gold Bellevue Gold Limited 1.1 79 73 (28/07/25) June Quarterly Activities Report Carosue Dam -Northern Star Resources Ltd 3.9 103
Slide 68: Disclaimer | Definitions
Disclaimer | Definitions DISCLAIMER The peer information has been sourced from publicly available information and includes non-IFRS information. The reporting and calculation of non-IFRS information may vary from company to company. Whilst efforts have been made to harmonise this information whereve
Slide 69: Thank you
Thank you RAMELIUS RESOURCES LIMITED | ASX Code: RMS Level 13, 58 Mounts Bay Road, Perth, WA, 6000 Authorised for release to the ASX by the Managing Director INVESTOR ENQUIRIES Mark Zeptner Managing Director Ramelius Resources Ltd Ph: +61 8 9202 1127 Darren Millman Chief Financial Officer Ramelius R
Ramelius Resources — Investor Presentation (October 2025) on 6ix