Ramelius Resources Limited · ASX:RMS
Ramelius Resources — Q2 FY26 Earnings Presentation
20 slides from Ramelius Resources's earnings presentation, Jan 29, 2026
Slide 1: Quarterly Results December 2025
For personal use only QUARTERLY RESULTS December 2025 29 January 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 | December 2025 Quarter
Key Highlights | December 2025 Quarter Production & Costs For personal use only • Quarterly gold production of 45,610 ounces at an AISC of A$1,977/oz (all Mt Magnet)1 • First ore mined from Never Never underground mine in Quarter with haulage to commence in late February / March 2026 • FY26 Guidance
Slide 4: Gold Production by Quarter
Gold Production by Quarter For personal use only | 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 2.59g/t 0.6Mt 2.67g/t 46koz Au Comparable to Dalgaranga ore Comparable to In line with lower Higher production prior Quarter with available
Slide 6: Mt Magnet Operating Highlights | low-cost operation
Mt Magnet Operating Highlights | low-cost operation For personal use only Safety: Nil (0) Lost Time Injuries and four (4) Restricted Work Injuries Production: 45,610 ounces of gold produced Mt Magnet tonnes milled (Q2 FY26) Costs: AISC of A$1,977 per ounce Operations: Open pit mining across Cue depo
Slide 7: Penny | high-grade mining with depth and regional exploration
Penny | high-grade mining with depth and regional exploration For personal use only Operations Exploration Penny underground mine showing recent development and stoping advancement Penny targets - drill hole location plan Mined: 59kt at 9.85g/t for 18,782 ounces of contained gold Penny North ➢ 0.7m
Slide 8: Cue | current open pit focus with high-grade hits underground
Cue | current open pit focus with high-grade hits underground in the future For personal use only Operations Exploration Cue open pit mining - Break of Day (Stage 1&2, facing east with White Heat in top right) Long section of Starlight Basalt 2.5km long corridor Mined: 341kt at 1.44g/t for 15,736 ou
Slide 9: Galaxy | multiple mines with new discoveries
Galaxy | multiple mines with new discoveries For personal use only Operations Exploration Galaxy underground mine showing recent development and stoping advancement Galaxy mining area 2km long corridor Mined: 132kt at 2.17g/t for 9,230 ounces of contained gold Mars and Saturn drill hits1 Milled: 155
Slide 10: Galaxy | Hesperus exploration drilling
Galaxy | Hesperus exploration drilling For personal use only Hesperus – drill hole location plan Cross section showing recent results Exploration and resource definition RC and diamond drilling is extending mineralisation at depth within the main Hesperus Granodiorite Sill and laterally away from th
Slide 11: Galaxy Mine Area | Hesperus exploration drilling
Galaxy Mine Area | Hesperus exploration drilling For personal use only Hesperus visible gold intercept (0.5m intercept grading at 8,590g/t in GXDD0312) NOTES 1 See RMS ASX “December 2025 Quarterly Exploration Results Report”, 22 January 2026 | 11
Slide 12: Dalgaranga | the start of something great
Dalgaranga | the start of something great For personal use only Mine development Stope development Barminco rhino rig drilling a boxhole in the first stope to be mined at Dalgaranga Never Never mine development. status as at 31 December 2025. Total lateral development of 1,627m with commencement of
Slide 13: Dalgaranga | resource definition & infill drilling
Dalgaranga | resource definition & infill drilling For personal use only Underground diamond drilling results1: Never Never: ➢ 13.0m at 38.4g/t Au from 122.2m ➢ 35.3m at 16.0g/t Au from 104.7m ➢ 16.3m at 10.2g/t Au from 42.4m ➢ 7.7m at 25.4g/t Au from 129.0m ➢ 11.3m at 22.9g/t Au from 117.0m Four Pi
Slide 14: 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 15: Financials | continued strong cash flow generation
Financials | continued strong cash flow generation For personal use only GOLD SALES REALISED GOLD PRICE AISC FREE CASH FLOW1 CASH & GOLD 46koz A$5,175 A$ 1,977 A$ 54.7 A$ 694.3 in line with plan dollars per ounce dollars per ounce million million Up 14% Q-on-Q, Impact of lower grades Investment in A
Slide 16: Cash Flow | A$55M investment in Dalgaranga development
Cash Flow | A$55M | investment in Dalgaranga development For personal use only QUARTERLY MOVEMENT IN CASH & GOLD • Q2 FY26 gold production of 45,610oz and AISC of A$1,977/oz generating operating cash flow of A$149.7M • A total of A$75.8M invested into growth capital and exploration • Cash dividend p
Slide 17: Cash Flow | continuing to generate significant cash flows
Cash Flow | continuing to generate significant cash flows For personal use only Cash flow from operations (A$M) & Realised gold price (A$/oz) Free cash flow1 (A$M) & Realised gold price (A$/oz) Cash and gold (A$M) NOTES 1 Free cash flow represents the underlying free cash flow which is total cash fl
Slide 18: H1 FY26 Earnings | Impact of Spartan acquisition
H1 FY26 Earnings | Impact of Spartan acquisition For personal use only Royalties on Dalgaranga Mine • The Dalgaranga mine has an existing combined 2% third-party royalty held by OR Royalties Inc. and Taurus • On acquisition these combined royalties were recognised as a liability at a fair value of a
Slide 19: Key focus areas remainder of FY25
Key focus areas remainder of FY25 For personal use only Area Description Status / Next key date Group Continue to focus on safety performance improvement • Ongoing Progress environmental approval for Roe (approvals Rebecca-Roe • Ongoing and on track already in place for Rebecca) • Exploration update
Slide 20: 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