Ramelius Resources Limited · ASX:RMS
Ramelius Resources — Q1 FY26 Earnings Presentation
19 slides from Ramelius Resources's earnings presentation, Oct 27, 2025
Slide 1: Quarterly Results September 2025
For personal use only QUARTERLY RESULTS September 2025 Mark Zeptner, Managing Director Tim Hewitt, Chief Operating Officer Darren Millman, Chief Financial Officer 27 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 For personal use only are
Slide 3: Key Highlights | September 2025 Quarter
Key Highlights | September 2025 Quarter Production & Costs For personal use only • Quarterly gold production of 55,013 ounces at an AISC of A$1,836/oz (all Mt Magnet)1 • Reduced grades at Cue and increased production from the Penny West deposit Cash & Gold • Operating cash flow of A$159.1M with unde
Slide 4: Gold Production by Quarter
Gold Production by Quarter For personal use only | 4
Slide 5: Mining & Production | lower grade profile in Quarter
Mining & Production | lower grade profile in Quarter For personal use only ORE TONNES MINED MINED GRADE ORE TONNES MILLED MILLED GRADE GOLD PRODUCTION 0.6Mt 2.74g/t 0.5Mt 3.30g/t 55koz Au Up 63% on prior Cue performance Comparable to Remains strong Quarter with third now closer to the prior Quarter
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 three (3) Restricted Work Injuries Production: 55,013 ounces of gold produced Costs: AISC of A$1,836 per ounce Operations: Open pit mining across Cue deposits (Break of Day, White Heat, W
Slide 7: Penny | FY26 focus on exploration to extend mine life
Penny | FY26 focus on exploration to extend mine life For personal use only September 2025 Quarter • Mined: 36kt at 8.21g/t for 9,621 ounces of contained gold • Milled: 39kt at 9.04g/t and recovery of 98.3% for 11,234 ounces of recovered gold • Gold production: 11,109 ounces at an AISC of A$1,928/oz
Slide 8: Cue | ore body performance closer to model predictions
Cue | ore body performance closer to model predictions For personal use only September 2025 Quarter • Mined: 399kt at 2.44g/t for 31,290 ounces of contained gold • Milled: 202kt at 4.42g/t and recovery of 97.8% for 28,074 ounces of recovered gold • Gold production: 30,265 ounces at an AISC of A$1,36
Slide 9: Dalgaranga | hitting the ground running
Dalgaranga | hitting the ground running For personal use only Never Never underground primary fan installation and first underground electrical sub-station • Mine development: total of 920m (628m under Ramelius from 31 July 2025) of lateral development at Never Never • Planned addition of second jum
Slide 10: Dalgaranga | resource definition & infill drilling
Dalgaranga | resource definition & infill drilling For personal use only Underground diamond drilling results: Never Never: ➢ 25.4m at 11.4g/t Au from 22.5m, incl. 11.3m at 22.3g/t Au ➢ 43.5m at 11.7g/t Au from 207.0m ➢ 27.6m at 14.4g/t Au from 239.4m ➢ 33.2m at 5.79g/t Au from 238.7m, incl. 9.85m a
Slide 11: Mt Magnet | Perseverance South exploration drilling
Mt Magnet | Perseverance South exploration drilling For personal use only Surface RC and diamond drilling is targeting prospective banded iron formation (BIF) stratigraphy immediately east of the Galaxy underground mine, and directly south of the historic Perseverance open pit and Hill 50 undergroun
Slide 12: Mt Magnet | Hesperus exploration drilling
Mt Magnet | 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 testing granodiorite hosted mineralisation immediately below the shallow historic Hesperus oxide pit
Slide 13: Rebecca-Roe | exploration drilling
Rebecca-Roe | exploration drilling For personal use only • RC drilling of Rebecca near-mine targets T1, T1 North, T4, Cleo and Rebecca footwall • Rebecca footwall drilling has validated the previously defined Jennifer Lode in the process of reaching the target footwall position Recent results includ
Slide 14: Value Generating M&A | return on investment scoresheet
Value Generating M&A | return on investment scoresheet For personal use only LOM CASH FLOWS – AS AT SEPTEMBER 2025 [ ] shows change in Q1 FY26 • Track record of generating positive (net) cash flow1 from new projects • Cue generated A$419.5M2 in free cash flow since commencement in FY25 – fully recou
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 55koz A$4,528 A$ 1,836 A$ 129.0 A$ 827.7 in line with plan dollars per ounce dollars per ounce million million Up 2% Q-on-Q, Impact of lower grades Continued stron
Slide 16: Cash Flow | A$129M | continuing to strengthen the balance sheet
Cash Flow | A$129M | continuing to strengthen the balance sheet For personal use only QUARTERLY MOVEMENT IN CASH & GOLD • Q1 FY26 gold production of 55,013oz and AISC of A$1,836/oz generating operating cash flow of A$159.1M • A total of A$37.8M invested into growth capital and exploration • A net am
Slide 17: Cash Flow | continuing to generate significant cash flows
Cash Flow | continuing to generate significant cash flows For personal use only Cash flow from operations (A$M) & Realised gold price Free cash flow1 (A$M) & Realised gold price (A$/oz) (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: Key focus areas remainder of CY25
Key focus areas remainder of CY25 For personal use only | 18
Slide 19: 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