Ramelius Resources Limited · ASX:RMS
Ramelius Resources — Investor Presentation (November 2025)
69 slides from Ramelius Resources's investor presentation, Nov 3, 2025
Slide 1: 5-Year Growth Pathway to +500koz
For personal use only 5-Year Growth Pathway to +500koz Investor Presentation - Asia NOVEMBER 2025
Slide 2: Qualifications & Non-IFRS financial information
Qualifications & Non-IFRS financial information Forward Looking Statements For personal use only 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: Corporate overview
Corporate overview Corporate Profile Capital Structure For personal use only Board of Directors Market Cap1 A$ 6.4B Bob Vassie Simon Lawson Non-Executive Chair Deputy Chair Cash & Gold2 A$ 828M2 OUR MISSION To be a sustainable gold Mark Zeptner Managing Director Listed investments2 A$ 67M producer t
Slide 4: Ramelius' Vision: to be a +500koz p.a. producer by FY30
Ramelius’ Vision | to be a +500koz p.a. producer by FY30 For personal use only The creation of a leading Australian Gold Company with highly profitable operations, a supercharged growth profile and exceptional exploration upside A$6.4Bn A$827.7M 12Moz Au 4.2Moz Au 195koz Au Market cap1 Cash & gold2
Slide 5: Growing the business
Growing the business For personal use only Establish • Mt Magnet Ore Reserves up 210% to 3.1Moz1 • Never Never UG (including Pepper) maiden Ore Reserve of 7Mt @ 7.3g/t for 1.6Moz4 • Rebecca-Roe DFS released, demonstrating excellent economics with total Reserves of 1.1Moz, FID approved, subject to Ro
Slide 6: 5-Year Outlook: 525koz p.a. by FY30
5-Year Outlook (base case) | 525koz p.a. by FY30 For personal use only 5-Year and long-term Group production profile(Koz) & AISC (A$/oz) ~ 525koz p.a. production rate from FY30 +A$1Bn free cash flow p.a. from FY30 at A$4,500/oz A$1,975/oz AISC average over next 5-years (peer leading) and lower from
Slide 7: Project timelines: achievable sequenced plan
Project timelines | achievable sequenced plan For personal use only | 7
Slide 8: 5-Year Outlook: high margin business for longer
5-Year Outlook | high margin business for longer For personal use only AISC Margin (A$/oz) (%) (at base case A$4,500/oz)1 50 – 60% AISC margin across FY26 - FY30 ~ average A$2,500/oz1 AISC margin/oz across FY26 - FY30 Superior returns quality assets focusing on high- grade ore and owner cost control
Slide 9: Free cash flow: fully funded, strong ongoing FCF
Free cash flow | fully funded, strong ongoing FCF For personal use only Group free cash flow outlook (A$M) Sequenced capital plan Mt Magnet mill expansion and upgrade of A$223M to initial 4.3Mtpa capacity (construction March 2026 Qtr, completion early September 2027 Qtr) - in addition, Dalgaranga si
Slide 10: Free cash flow: September 2025 Quarter (Q1 FY26)
Free cash flow | September 2025 Quarter (Q1 FY26) For personal use only Underlying free cash flow per ounce (Sept 25 Qtr) (A$/oz) Underlying free cash flow and gold production (Sept 25 Qtr) NOTES Refer to appendices for data support charts | 10
Slide 11: Mt Magnet - Dalgaranga Integration Study
For personal use only Mt Magnet - Dalgaranga Integration Study | 11
Slide 12: Mt Magnet 5-Year Outlook: 380koz p.a. by FY30
Mt Magnet 5-Year Outlook | 380koz p.a. by FY30 For personal use only 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, lower
Slide 13: Mt Magnet: Never Never mine schedule
Mt Magnet | Never Never mine schedule For personal use only 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 not in full production until FY30 NOTES The Never Never Underground Pre-Feasi
Slide 14: Metallurgical testwork: grind size + recovery driven solution
Metallurgical testwork | grind size + recovery driven solution For personal use only Dalgaranga testwork • 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 • 5
Slide 15: Mt Magnet Hub: good to great to a top asset
Mt Magnet Hub | good to great to a top 5 asset Existing Circuit (1) For personal use only 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 •
Slide 16: Mt Magnet Plant: powered by hybrid energy
Mt Magnet Plant | powered by hybrid energy For personal use only 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 solution
Slide 17: Mt Magnet: peer mill benchmarking
Mt Magnet | peer mill benchmarking For personal use only • A$223M capital to upgrade Mt Magnet mill nameplate capacity to 5Mtp.a., with targeted run rate of 4.3Mtpa initially to match mining • Undertaken in two stages, expected completion early 2028 • 5Mtpa processing rate based on current reserve d
Slide 18: Mt Magnet: top Australian gold production hub
Mt Magnet | top 5 Australian gold production hub For personal use only TOP 20 AUSTRALIAN GOLD MINES BY GOLD PRODUCTION NOTES 1. Sourced from Visible Alpha. 2. Top 20 gold production hubs based on prior financial year's gold production. 3. Tropicana and Gruyere JVs based on 100% ownership, AISC based
Slide 19: Mt Magnet: 5-year physical & financial summary
Mt Magnet | 5-year physical & financial summary For personal use only ORE MINING SCHEDULE (Mt) & (g/t) ORE MILLING SCHEDULE (Mt) & (g/t) PROCESSING COSTS (A$M) & (A$/t) MAJOR GROWTH CAPITAL SPEND (A$M) | 19
Slide 20: Mt Magnet: Never Never underground PFS results
Mt Magnet | Never Never underground PFS results Pre-feasibility study For personal use only Never Never Underground Unit (October 2025) General Tota l per unit • Bears the full cost of Mt Magnet mill upgrades (A$223M) Start date (site establishment) Mnth completed Mining commencement Mnth commenced
Slide 21: Mt Magnet: Dalgaranga value proposition
Mt Magnet | Dalgaranga value proposition For personal use only • 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 an
Slide 22: Mt Magnet + Dalgaranga: synergies
Mt Magnet + Dalgaranga | synergies For personal use only 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 = re
Slide 23: Mt Magnet: base case + upside
Mt Magnet | base case + upside For personal use only 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 ext
Slide 24: Penny: extension drilling in progress
1 For personal use only Penny | extension drilling in progress 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 ope
Slide 25: Cue: extension drilling in progress
2 For personal use only Cue | extension drilling in progress 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 | 25
Slide 26: Galaxy: extension drilling in progress
3 For personal use only Galaxy | extension drilling in progress 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
Slide 27: Dalgaranga: extension drilling to the south in progress
4 Dalgaranga | extension drilling to the south in progress Base Case For personal use only 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 @
Slide 28: Dalgaranga: a corridor for future discoveries
Dalgaranga | a corridor for future discoveries For personal use only 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
Slide 29: DFS Rebecca-Roe
For personal use only DFS Rebecca-Roe | 29
Slide 30: Key changes from PFS to DFS
Key changes from PFS to DFS • Maiden Bombora Underground reserve 4.1Mt @ 1.8g/t for 260koz For personal use only • 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 l
Slide 31: Rebecca-Roe: definitive feasibility study
Rebecca-Roe | definitive feasibility study For personal use only • 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$200 million per annum between FY30 and FY36 • Internal rat
Slide 32: Rebecca-Roe: key milestones
Rebecca-Roe | key milestones For personal use only • Rebecca Environmental Protection Act Part V - received August 2025 • DFS completed in October 2025, FID approved, subject to Roe environmental permitting • Rebecca mining commencement – December 2027 Quarter (Q2 FY28) • Plant construction – Decemb
Slide 33: Rebecca-Roe: production profile
Rebecca-Roe | production profile For personal use only Production highlights Unit FY27 FY28 FY29 FY30 FY31 FY32 FY33 FY34 FY35 FY36 FY37 LOM Open pit mining Material moved Kbcm - 8,181 19,018 16,102 11,162 7,265 5,887 5,670 4,301 1,773 - 79,359 Strip ratio (high-grade ore) w:o - 166.8 39.1 14.5 16.1
Slide 34: Rebecca-Roe: capital expenditure
Rebecca-Roe | capital expenditure For personal use only CAPITAL EXPENDITURE(A$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) | 34
Slide 35: Rebecca-Roe: cash flow
Rebecca-Roe | cash flow For personal use only 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) $M (22) (321) (42) 234 183 155 160 163 256 214
Slide 36: Ramelius' investment case
Ramelius’ investment case For personal use only Reliable Sector leading operational team cash flows Stand-out in sector for High margin / free cashflow delivery of Guidance focused business with long life assets (Mt Magnet & Rebecca- Roe) Dividend yield well 170% production growth above mid-tier ASX
Slide 37: Appendices
For personal use only Appendices FY26 Guidance Mineral Resources Ore Reserves M&A track record ASX/TSX peer groups 5-Year Outlook US$ FY25 Mt Magnet operating highlights Hedge book Dividend history Guidance history Cashflow industry TSX peer review a L3Y returns Mt Magnet historical results Supporti
Slide 38: FY26 Guidance
FY26 Guidance For personal use only • 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 weig
Slide 39: 5-Year Outlook: group major growth capital
5-Year Outlook | group major growth capital For personal use only Group major growth capital (A$M) Fully-funded from existing cash reserves and future cash flow Mine development Never Never UG – A$76M Eridanus Stage 3 OP – A$374M Rebecca-Roe (up to FY30) – A$180M Other infrastructure Dalgaranga infr
Slide 40: Mt Magnet: Resource & Reserve growth
Mt Magnet | Resource & Reserve growth For personal use only Mt Magnet Resources & Reserves 7.9M resource ounces1 total Mineral Resources (inclusive of Ore Reserves) representing a 74% increase on FY24 Mineral Resource grade increased 16% 3.1M reserve ounces1 A 210% increase from FY24 Ore Reserve gra
Slide 41: 2025 Mineral Resource Statement
2025 | Mineral Resource Statement For personal use only MINERAL RESOURCES AS AT 30 JUNE 2025 - INCLUSIVE OF RESERVES For detailed information relating to Measured Indicated Inferred Total Resource Project Deposit Mineral Resources refer to the Mt g/t Koz Mt g/t Koz Mt g/t Koz Mt g/t Koz following AS
Slide 42: 2025 Ore Reserve Statement
2025 | Ore Reserve Statement For personal use only ORE RESERVE STATEMENT AS AT 30 JUNE 2025 For detailed information relating to Ore Project Deposit Proven Probable Total Reserve Reserves refer to the following ASX Mt g/t Koz Mt g/t Koz Mt g/t Koz Releases (RMS): Open Pit deposits 20 1.2 780 20 1.2
Slide 43: Galaxy Mine Area
3 For personal use only Galaxy Mine Area1 Galaxy Mine Area consists of 2 open pits and 2 underground mines The famous high-grade Hill 50 mine forms part of this area (historical production of 7.3Mt @ 8.84g/t for 2Moz). Mineral Resource 1.9Mt @ 6.0g/t Au for 360kz2 The Saturn and Mars underground min
Slide 44: Value accretive M&A: return on investment
Value accretive M&A | return on investment For personal use only LOM CASH FLOWS – AS AT SEPTEMBER 2025 (A$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 re
Slide 45: Cash flow: FY25
Cash flow | FY25 INDUSTRY LEADING (ASX) UNDERLYING FREE CASH FLOW PER OUNCE PRODUCED (FY25) For personal use only | 45
Slide 46: ASX / TSX mid-cap gold producers: peer comparison
ASX / TSX mid-cap gold producers | peer comparison For personal use only 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$1 | 46
Slide 47: 5-Year Outlook: 525koz p.a. by FY30, industry leading AISC
5-Year Outlook | 525koz p.a. by FY30, industry leading AISC For personal use only 5-YEAR AND LONG-TERM GROUP PRODUCTION PROFILE(KOZ) & AISC (US$/OZ) ~ 525koz p.a. production rate from FY30 US$1,262/oz AISC average over next 5-years, peer leading among TSX mid-cap gold producers NOTES 1. Refer to ASX
Slide 48: FY25 Mt Magnet operating highlights
FY25 Mt Magnet operating highlights For personal use only | 48
Slide 49: Increasing exposure to spot gold price
Increasing exposure to spot gold price For personal use only GOLD PRICE EXPOSURE HEDGE BOOK HISTORY (KOZ) & AVERAGE PRICE (A$/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$5,
Slide 50: Dividend history: up 60%, 7th consecutive year
Dividend history | up 60%, 7th consecutive year For personal use only Final Dividend Dividend History | cps | (A$M) • Fully franked at 5 cents per share (A$95.6 million) • Record date of 16 September 2025 • Payment date of 13 October 2025 Total FY25 Dividend • Fully franked at 8 cents per share (inc
Slide 51: Guidance history
Guidance history For personal use only Current year GOLD PRODUCTION VS. GUIDANCE (MID-POINT) + AISC ( A$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
Slide 52: Cash flow: North American peers
Cash flow | North American peers INDUSTRY LEADING (ASX & TSX) UNDERLYING FREE CASH FLOW PER OUNCE PRODUCED For personal use only 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
Slide 53: Returns Last 3 Years: North American peers
Returns Last 3 Years | North American peers For personal use only L3Y RETURN ON CAPITAL L3Y RETURN ON INVESTED CAPITAL L3Y RETURN ON EQUITY NOTES Refer to appendices for definitions | 53
Slide 54: 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 For personal use only 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 2.5
Slide 55: FY25: supporting cash flow workings (ASX)
FY25 | supporting cash flow workings (ASX) For personal use only | 55
Slide 56: FY25: underlying free cash flow per ounce calculation (ASX)
FY25 | underlying free cash flow per ounce calculation (ASX) For personal use only | 56
Slide 57: Sept Qtr: supporting cash flow workings (ASX)
Sept 25 Qtr | supporting cash flow workings (ASX) For personal use only Operating H edge Div idends Wo rking Underly ing I nv estm ent To tal Opening C lo sing c ash flo w Gro w th bo o k / Share F inanc in N et c ash / C o m pany Explo ratio n C apital free c ash & Tax Other c ash c ash & c ash & D
Slide 58: Sept Qtr: underlying free cash flow per ounce calculation (ASX)
Sept 25 Qtr | underlying free cash flow per ounce calculation (ASX) Underly ing Underly ing free For personal use only Go ld C o m pany free c ash c ahs flo w per So urc e P ro duc tio n flo w o unc e R am elius R eso urc es Lim ited 129. 0 55,013 $ 2,345 Septem ber 2025 Quarterly A c tiv ities R ep
Slide 59: FY25 & CY24: North American peer supporting cash flow calculations
FY25 & CY24 | North American peer supporting cash flow calculations ( US$) Underlyin Investments Dividend Total Opening Closing For personal use only Net cash / Company g free & s & buy Financing Tax Other cash cash & cash & Debt Source (deb) cash flow Acquisitions backs flow gold gold June 2025 Qua
Slide 60: FY25 & CY24: North American peer cash flow per ounce calculations
FY25 & CY24 | North American peer supporting cash flow per ounce calculations For personal use only Underlying free Underlying free cash Production Company cash flow flow per ounce Source Koz US$M US$/oz June 2025 Quarterly Activities Report Ramelius Resources Limited 451.7 302 $1,497 (29 July 2025)
Slide 61: FY25 & CY24: North American peer reporting data (returns - earnings)
FY25 & CY24 | North American peer reporting data (returns – earnings in US$) Add back: income Add / (less): net Net operating Statutory Company tax expense / finance expense / Statutory EBIT Tax Rate profit after tax Source For personal use only NPAT (benefit) (income) (statutory) (D) (F) (A) (B) (C
Slide 62: FY25 & CY24: North American peer reporting data (returns - earnings)
FY25 & CY24 | North American peer reporting data (returns – earnings in US$) Add back: Add / (less): net Net operating income tax Tax For personal use only Company Statutory NPAT finance expense / Statutory EBIT profit after tax Source expense / Rate (income) (statutory) (benefit) (D) (F) (A) (B) (C
Slide 63: FY25 & CY24: North American peer reporting data (returns - earnings)
FY25 & CY24 | North American peer reporting data (returns – earnings in US$) Add back: Add / (less): net Net operating For personal use only income tax finance Company Statutory NPAT Statutory EBIT Tax Rate profit after tax Source expense / expense / (statutory) (benefit) (income) (D) (F) (A) (B) (C
Slide 64: FY25 & CY24: North American peer reporting data (returns - earnings)
FY25 & CY24 | North American peer reporting data (returns – earnings in US$) Return on Invested Capital Return on Return on Company Debt Equity Cash & gold invested Source For personal use only capital employed capital Equity capital (D) (E) (F) (G) (H) (A) (B) (C) (A)+(B)+(C) (A)+(B) (F)1/(D) (D)1/
Slide 65: FY25 & CY24: North American peer reporting data (returns - capital)
FY25 & CY24 | North American peer reporting data (returns – capital in US$) Return on Invested Capital Return on Return on For personal use only 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/(
Slide 66: FY25 & CY24: North American peer reporting data (returns - capital)
FY25 & CY24 | North American peer reporting data (returns – capital in US$) Return on Invested Capital Return Return For personal use only Company Debt Equity Cash & gold invested Source capital employed on capital on Equity capital (D) (E) (F) (G) (H) (A) (B) (C) (A)+(B)+(C) (A)+(B) (F)1/(D) (D)1/(
Slide 67: Peer mill benchmarking: Western Australian gold producing sites
Peer mill benchmarking | Western Australian gold producing sites Ore milled Processing cost Calculated unit Site Company Source(s) (Mt)1 (A$M)1 (A$/t processed)1 For personal use only Bellevue Gold Bellevue Gold Limited 1.1 79 73 (28/07/25) June Quarterly Activities Report Carosue Dam -Northern Star
Slide 68: Disclaimer | Definitions
Disclaimer | Definitions DISCLAIMER For personal use only 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 th
Slide 69: 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 Ltd Ph: +61 8 9202 1127 Darren Millman Chief Financ
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