Ramelius Resources Limited · ASX:RMS
Ramelius Resources — Diggers & Dealers 2025
39 slides from Ramelius Resources's conference presentation, Aug 4, 2025
Slide 1: Diggers & Dealers
RAMELIUS RESOURCES Diggers & Dealers Mark Zeptner | Managing Director Simon Lawson | Deputy Chair AUGUST 2025 For personal use only ASX: RMS
Slide 2: Project Portfolio
= Magnet Hub oO 22) _) na oO — 1) Project Portfolio + +6Moz historical production with +2Moz under Ramelius ownership since 2014 + New 17-Year, 2.1Moz Mine Plan with further upside potential’ + Vision for Mt Magnet to be a 350koz pa hub by FY30 with Spartan combination? + RMS Resource: 4.8Moz @ 1.7g
Slide 3: Ramelius Vision to be a +500koz pa Producer by FY30
Ramelius Vision | to be a +500koz pa Producer by FY30 ff 2 Cc © The creation of a leading Western pY Australian Gold Company with strong, Ve SPARTAN 2 highly profitable existing operations, RAMELIUS + “AP RESOURCES —sasu percharged growth profile and ___ exceptional exploration upside Cc (Y) A$4.8Bn
Slide 4: Ramelius Vision of being a +500koz pa producer by FY30
Ramelius Vision | of being a +500koz pa producer by FY30 Dros Production & AISC'2 3,084 Target AISC ~A$1,600-1,800/oz [SSS 500koz pa HOFY25 = FY26 27 Fy28 Fv29 FY30 FSi Fv82 FYS3 Fv34 FSS FYS6+ Avg, MEME Mt Magnet (kor) EEEEEIRoe-Rebecca (kar) —C=AISC (A$/o2) For personal use on Notes This vision is
Slide 5: Two processing plants with processing flexibility
Two processing plants | with processing flexibility > suireeet 2.0Mtpa Mt Magnet expansion plan targets 2.5Mtpa - 3.0Mtpa, depending on ore blending 2.5Mtpa Dalgaranga plant provides opportunity to optimise ore ==ees processing and blending across assets of the Combined Group Notes 1LSce RMS ASx Rel
Slide 6: FY25 A Record Year
FY25 | A Record Year A\juo asn jeuosied J+
Slide 7: A Record Year
A Record Year a Cc ( ) Record gold production of 301,664 ounces 5th Consecutive Year of achieving both Production & Cost Guidance Demonstrated strong economics to establish a new mining hub at Rebecca-Roe Record underlying free cash flow generation sector leading underlying free cash flow per ounce
Slide 8: FY25 Mining & Production
FY25 Mining & Production | increased mined and milled grades fe For personal use only Ore Tonnes Mined Mined Grade Ore Tonnes Milled Milled Grade Gold Production 1.3Mt 5.70g/t 3.3Mt 3.009/t 302koz tonnes mined grams per tonne tonnes milled grams per tonne ounces Completion of mining Focus on high-gr
Slide 9: Cue Diggers 2024
Cue | Diggers 2024 2yamelius Study Completed (open pits) Ore Reserve -2.7Mt at 2.9g/t O for 250,0000z' BREAK OF DAY STARLIGHT LODE Break of Day Pit A Pre-strip and project 5 development commenced in June 2024 (see below) C First ore Q2 FY25 with high grade zones reached in early \ ete 700g WY) Q3 FY
Slide 10: Cue Diggers 2025: A lot has happened in 12 months
Cue | Diggers 2025 | A lot has happened in 12 months =~ ak of Day—Stage1 (ad) Mined: 204kt at 6.55g/t for 42,956 ounces of contained gold iok Milled: 149kt at 8.19g/t and recovery of 97.3% for 38,048 ounces of recovered gold oO Gold production: 36,490 gold ounces at an AISC of A$942/oz | | Free cash
Slide 11: Cash Flow
Cash Flow Vd yee LEADING UNDERLYING FREE CASH FLOW PER OUNCE PRODUCED (FY25) Cc oO Ramelius FY25 underlying free cash flow per ounce of A$2,304 Ramelius FY25 underlying free cash flow of A$694.9M from 302koz Underlying free cash flow per ounce produced (FY25) (A$/Oz) $2,304 $1589 S18 gs agg siase $0
Slide 12: The Spartan Effect.... It's time to double down
= The Spartan Effect.... Its time to double down For personal use only
Slide 13: Mt Magnet Hub
Mt Magnet Hub? eens zB VY — Mineral Resources ; F S TIMt @ 2.2g/t Au (7.9Moz)'2 4 mm Zé a wo Ore Reserves / 7) 36Mt @ 1.4g/t Au (1.7Moz)! é y : Break of Day & Moyagee Trend Resource: 810koz Au =) FY25 Production* Mined: 1.3Mt @ 5.7g/t Au for 241,375 ounces Milled: 1.8Mt @ 4.48g/t Au for 252,545 reco
Slide 14: Dalgaranga Growth through discovery
Dalgaranga | Growth through discovery ‘S) Discovered High Grade U/G mine e We were curious and followed up So) Our drilling focused on discovery next to low-grade open pit historical high-grade hits & resource expansion GILBEY’S OPEN PIT PEPPER NEVER NEVER GOLD DEPOSIT 2.64Mt @ 10.319/t for 0.87Moz
Slide 15: Dalgaranga Exploration Update
y, Dalgaranga | Exploration Update! WY Dwr REMAIN CURIOUS TO THE WEST... - ver Never’ : MRE Outline (Doe 2024 _MRE Outline (July 2024) < Base Case (Mineral Resource)? eee ene Never Never 5.88Mt @ 7.93g/t Au (1.5Moz) © Pepper 2.64Mt @ 10.31g/t Au (870koz) ve West Winds — 3.94 @ 163.67g/t Au from 193.
Slide 16: Dalgaranga Exploration Plans
Dalgaranga | Exploration Plans Dic Drilling: 50,000m campaign planned at Surface Drilling: 5.000m campaign Cc Four Pillars, West Winds, Applewood area planned to test down dip extensions RC Drilling: 8,000m planned to test new gravity and aeromagnetic abnormalities RO Ee , w t i 1 \ \\\ \ { . \ \ H
Slide 17: Cue Exploration Plans
Cue | Exploration Plans 237.000 Drill Program BREAK OF DAY MINING AREA Planned / A$I6M Spend : q) High-grade UG Vy) depth extensions at Break of Day ios} U/G Mine potential at White-Heat on WY) U/G Mine potential at Lena —————— ' ¥ el er fon uy Su OPEN OPEN OPEN — Drilling Assays Au oO © >30gitAu 00
Slide 18: What's the new exploration plan at Ramelius?
What’s the new exploration plan Cc iue¢? oat Ramelius? ® Analyse data next to Yn existing U/G and open pit mines wea} Follow up on high-grade hits Cc Drilling focused on discovery and resource expansion Sound familiar... [18
Slide 19: Galaxy Mine Area
Galaxy Mine Area? 2*nhe Galaxy Mine Area consists of 2 open pits and 2 U/G mines. The famous High-Grade Hill 50 mine forms part of this area. (Historical production of VY) 7.3Mt @ 8.84g/t for 2Moz). Mineral Resource: 1.9Mt @ 6.0g/t Au for 360koz' The Saturn & Mars U/G mine currently in operation con
Slide 20: Galaxy: Which mine will become the next Hill 50?
Galaxy | Which mine will become the next Hill 50? For personal use only Hesperus Pit Saturn Pit Mars Pit Brown Hill Pit Hesperus Pit Cutback Hill 50 UG U OPEN 2 - to 1,500m below surface stds — 250m Drilling Assays Au SSS ~tonomes e >50gtAu Legend 4+" Planned Pit Cutback ciaadr © 30-50 gitAu GRY Sel
Slide 21: Eridanus Mine Area: chasing the high grade at depth
Eridanus Mine Area | chasing the high grade at depth MINING AREA Theakstons Pit fj Orion South & North Pits Franks Tower Pit Eridanus Pit ¢ . 7 ee. . » \ . cnn Franks Tower — j Pit Cutback + $ 250mbs — s00mbs — —250mbs —s00mbs —750mbs yy 750mbs — For personal use only OPEN Drilling Assays Au © >30gi
Slide 22: Ramelius' Investment Case
Ramelius’ Investment Case a> Cc (_) @ Reliable operational performance stand-out in sector for delivery of Guidance @ Dividend yield well above mid-tier ASX gold producers A$193M paid out over last 5 years 2) Benefits of scale & liquidity potential further index inclusion ASX100, MVGDX § Sector lead
Slide 23: Appendix
Appendix Mineral Reserves and Resources FY25 Mt Magnet Operating Highlights Hedge Book | Rebecca-Roe Gold Project FY25 Supporting Cash Flow Workings For personal use only
Slide 24: RMS 2024 Mineral Resource Statement
RMS 2024 | Mineral Resource Statement Dror detailed information relating to Mineral Resources see ASX Releases (RMS) “Resources and Reserves Statement 2024”, 2 September 2024. .o) For updated information related to Eridanus open pit and underground, Penny underground and Hesperus open pit, see RMS A
Slide 25: SPR 2024 Mineral Resource Statement
SPR 2024 | Mineral Resource Statement Indicated Inferred Total Region Project Deposit Tonnes Tonnes Tonnes (Mt) g/t Au Koz (Au) (Mt) g/t Au Koz (Au) (Mt) ghAu Koz (Au) Never Never! 396 864 1,099.7 16 941 3512 512 8.81 1450.9 Pepper 1.96 1218 7672 068 489 106.2 2.64 1031 873.4 Four Pillars” 1.02 1.85
Slide 26: RMS 2024 Ore Reserve Statement
RMS 2024 | Ore Reserve Statement Der detailed information relating to Ore Reserves see ASX Releases (RMS) “Resources and Reserves ‘ORE RESERVE STATEMENT AS AT'30 June 2024 sao 18 mon] eat For updated information related to Eridanus open pit, see RMS ASX Release “Ramelius’ new 17-Year, aan 2 ee) ae o
Slide 27: FY25 Mt Magnet Operating Highlights
FY25 Mt Magnet Operating Highlights = WITH SIGNIFICANT CASH FLOW Safety Penny (14.4g/t) 10% oO Three (3) Lost Time Injury and seven 1) cue (o.s6g/) 16% Mt Magnet (7) Restricted Work Injuries ® ve Production 248,108 ounces of gold produced meee (UP 54% On FY24) (lo Mt Magnet (1.879/t) 74% ‘Tonnes Mil
Slide 28: Increasing Exposure to Spot Gold Price
Increasing Exposure to Spot Gold Price Dw Gold Price Exposure! Hedge Book History & Average Price 100% $3,283 $2,081 $3,123 $9,169 $3218 ° szear $2,918 $2,908 76% 772 $2: 70% $2,702 61% 222 oa 180 135 155 152 a 73 FY24 FY25 FY26 For personal use on i f27 = Mar23. Jun-23 Sept-23. Dec-23 Mar-24 Jun-24
Slide 29: Rebecca-Roe Gold Project
Rebecca-Roe Gold Project a BASE CASE METRICS Cc Metric From 1 Jan 2025, © total Production 1.06Moz Average Annual Production 130koz ® AISC! A$2,346/oz WY) crowth capex - PPae A$313M 5 Growth Capex - pre-production mining A$225M Mine Life 9 Years oC Upside potential Cleo, Roe UG & broader exploration
Slide 30: Rebecca-Roe DFS: FID targeted for September 2025 Quarter
Rebecca-Roe DFS | FID targeted for September 2025 Quarter board approval Cc to commence Definitive Feasibility oO Study (DFS). O Final Investment Decision targeted for the September 2025 Quarter. — Key focus areas for completion during DFS phase: + Approvals processes with Rebecca Part V application
Slide 31: FY25 Supporting Cash Flow Workings
FY25 | Supporting Cash Flow Workings Cc Resources Limited Bellevue Gold Limited® Capricorn Metals Limited: ) Evolution Mining Limited sees Genesis Minerals lav} Limited Gold Road Resources Limited Northern star oO Resources Limited Ora Banda Mining Limited Se Panter timited Regis Resources Limited L
Slide 32: FY25 Underlying free cash flow per ounce calculation
FY25 | Underlying free cash flow per ounce calculation Cc (e) Ramelius Resources Limited 694.9 301,664 $2,304 Sept 24, Dec 24, Mar 25, and June 25 Quarterly Acti Reports (ab) Bellevue Gold Limited (88.5) 126,139 ($702) Sept 24, Dec 24, Mar 25, and June 25 Quarterly Activities Reports (op) Capricorn
Slide 33: Important Notices And Disclaimers
Important Notices © And Disclaimers For personal use only
Slide 34: Important Notices and Disclaimers
Important Notices and Disclaimers > presentation has been prepared by Ramelius === Resources Limited (ACN 001717 540) (Ramelius). For the purposes of ASX Listing Rule 15.5, Ramelius confirms that this presentation has been authorised for release to the ASX by the board of directors. This presentatio
Slide 35: Not an offer, and not investment or financial product advice
Cc O ® O 1) Not an offer, and not investment or financial product advice (continued) This presentation, and the information provided in it, does Not constitute, and is not intended to constitute, financial oduct or investment advice (nor tax, accounting or legal advice). It has been prepared without
Slide 36: Forward-Looking Statements (continued)
Forward-Looking Statements (continued) may involve significant elements of subjective judgment, assumptions as to future events that may not be correct, known and unknown risks, uncertainties and other factors, any of which are outside the control of Ramelius and => Sr Any forward-looking statements
Slide 37: Mineral Resource and Ore Reserve Estimates (continued)
Mineral Resource and Ore Reserve Estimates (continued) The Mineral Resource estimates for the Eridanus open pit and underground deposits, Penny North and Penny West deposits and Hesperus open pit deposit are extracted from amelius' ASX announcement made on 11 March 2025 titled See "Rameliuis’ new 17
Slide 38: Disclaimer
Disclaimer No person other than Ramelius has authorised or caused the issue, release, submission, distribution or provision of this presentation, or takes any responsibility for, or makes or purports to make, any statements, ——_= representations or undertakings in this presentation. Ramelius, to the
Slide 39: Thank you
Th a a) 4 yo u 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 Ramel