Slide 1: Value And Growth From The Drill Bit
25 AUGUST 2026 Value And Growth From The Drill Bit Resource & Reserve Update / FY26 Financial Results
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 Market Cap1 A$ 7.5B Bob Vassie Non-Executive Chair Mark Zeptner Managing Director Cash & Gold2 A$ 650M OUR VISION Listed investments2 A$ 93M David Southam Non-Executive Director To be a sustainable gold Fiona Murdoch Non-Execu
Slide 4: Our strategic roadmap to achieve 500HP
Our strategic roadmap to achieve 500HP VISION To be a sustainable gold producer that safely delivers superior value for stakeholders GOAL Produce 500,000oz gold by FY30 and beyond Operational Excellence People Focused Value Driven Growth Consistently deliver on People are at the heart of our busines
Slide 5: Delivering on our strategy
Delivering on our strategy Increasing shareholder returns • 6cps fully franked dividend (interim: 3cps6 / final: 3cps7) • A$250M share buy-back program8 announced, A$141.7M in FY26 (57% of total program) Consolidation • Completion of the acquisition of Dalgaranga Gold Mine1 • Agreement to dispose no
Slide 6: Reserves & Resources Update
Reserves & Resources Update
Slide 7: +500koz p.a. by FY30
+500koz p.a. by FY30 High grade, growing inventory with exceptional discovery momentum MINERAL RESOURCE ORE RESERVE MT MAGNET HUB 14.0 Moz @ 1.7 g/t Au 4.3 Moz @ 1.9 g/t Au Project level growth ⚫ +17% year-on-year (post depletion) ⚫ +79% year-on-year (post depletion) ⚫ Cue: +0.7 Moz | +89% ⚫ Mt Magn
Slide 8: World-class gold portfolio
World-class gold portfolio Two high-quality hubs in Western Australia, with a strong growth pipeline underpinned by a large, long-life resource base Mt Magnet Hub Mineral Resource1 Rebecca-Roe Project Mineral Resource1 Dalgaranga Galaxy Roe Rebecca 24 Mt @ 4.0g/t 36 Mt @ 1.7g/t 34 Mt @ 1.6g/t 33 Mt
Slide 9: Mineral Resource summary
Mineral Resource summary 14Moz @ 1.7 g/t, up 17% year-on-year after mining depletion RESOURCE INVENTORY CHANGE (KOZ)1 Dalgaranga Cue Galaxy and other Mt Magnet 14,000 370 720 12,000 710 178 32 31 11 June 2025 Resource Mining Depletion Ore Stock Change Change due to GP/Cutoff Modelling & Exploration
Slide 10: Ore Reserve summary
Ore Reserve summary 4.3Moz @ 1.9 g/t, up 79% year-on-year after mining depletion RESERVE INVENTORY CHANGE (KOZ) 4,300 1,632 2,400 452 187 (16) June 2025 Reserve Mining Depletion Ore Stock Change Additions from Studies Project Acquisiton June 2026 Reserve Reserve figures rounded to 2 significant figu
Slide 11: 10 years of conversion and replenishment
10 years of conversion and replenishment Sector leading track record of growing scale and upgrading the quality of the business HISTORICAL ORE RESERVES 4.3Moz ~27% CAGR net of depletion 0.4Moz 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Proven Probable HISTORICAL MINERAL RESOURCES1 14.0Mo
Slide 12: Exploration Success
Exploration Success ASX: RMS
Slide 13: Track record of exploration success
Track record of exploration success Consistently delivering on our commitments to grow and upgrade our resource base What we said | FY26 strategy What we did | FY26 delivery What’s to come | FY27+ ⚫ Focus on high-grade brownfield ⚫ Discovery added: +1.8 Moz @ 1.5 g/t ⚫ FY27 exploration target: Targe
Slide 14: Gilbey's Underground | new underground mine potential
Gilbey’s Underground | new underground mine potential Dalgaranga total ➢ Mineral Resource increased 15% to 3.0Moz at 4.0 g/t in FY26 ➢ Ounces Per Vertical Metre profile remains exceptional, with Indicated ounces peaking at depths of 600m below surface, providing high confidence in the depth extensio
Slide 15: Galaxy | extending mine life by accelerated exploration
Galaxy | extending mine life by accelerated exploration Recent results include1: ➢ 20.2m at 40.7g/t ➢ 10.5m at 3.16g/t ➢ 8.0m at 4.42g/t Galaxy UG 2026 Mineral Resources: ➢ 7.5Mt at 2.7g/t for 650koz2 Exploration Targets ➢ Galaxy UG: 6.0 - 7.0Mt at 2.1 - 2.6g/t for 400 - 600koz2,3 ➢ Perseverance Sou
Slide 16: Cue | Break of Day extensions and Lena underground potential
Cue | Break of Day extensions and Lena underground potential Recent results1 include: Lena ➢ 19.7m at 5.73g/t ➢ 9.0m at 12.9g/t Break of Day ➢ 4.0m at 4.01g/t Lena UG 2026 Mineral Resources: ➢ OP: 2.7Mt at 1.9g/t for 160koz2 ➢ UG: 3.0Mt at 2.4g/t for 230koz2 Exploration Target (Lena): ➢ 1.9 – 2.6Mt
Slide 17: FY26 Results
FY26 Results 17
Slide 18: Guidance history | achieved for the 6th consecutive year
Guidance history | achieved for the 6th consecutive year Gold Production vs Guidance (Koz) AISC ($/oz) Chart Guidance Title Actual Range Adjusted Guidance Range Guidance Range AISC AISC Adjusted (1) 300 300 1,983 280 280 302 1,895 293 1,840 272 275 259 260 241 270 255 250 205 240 1,583 192 1,523 185
Slide 19: FY26 | financial highlights
FY26 | financial highlights UNDERLYING EBITDA UNDERLYING EBITDA MARGIN PER OZ UNDERLYING NPAT A$765.4 million A$4,022/oz or 74% A$319.9 million • Exceptionally strong EBITDA in year of • Record EBITDA per ounce & margin • Higher D&A associated with consolidation and transformation Dalgaranga, Cue, &
Slide 20: FY26 | financial highlights | cash
FY26 | financial highlights | cash OPERATING CASH FLOW FREE CASH FLOW UNDERLYING FREE CASH FLOW A$702.1 million A$148.9 million A$393.3 million • Strong operational cash flow benefiting • After income tax payments, exploration • Before income tax and Spartan from gold price & mine development, growt
Slide 21: FY26 | key cash flows
FY26 | key cash flows CASH RETURN TO SHAREHOLDERS CAPITAL INVESTMENT FY26 OPERATING CASH FLOW (post-tax use of funds)3 A$255.1 million A$389.2 million • Plus A$38.6 million in dividend • Includes acquisition of Spartan, plant & reinvestment equipment (including site • Includes FY25 final and FY26 in
Slide 22: FY26 | balance sheet strength
FY26 | balance sheet strength | fully funded development pipeline WORKING CAPITAL NET ASSETS TOTAL LIQUIDITY A$463.8 million A$3,928 million A$1,150 million • Remains strong after capital investment • Incremental increase due to acquisition • Strong cash holdings plus upsized made and shareholder re
Slide 23: Mt Magnet hub | outstanding progress, going from good to great
Mt Magnet hub | outstanding progress, going from good to great FY26 Paste plant nearing commissioning • PFS and single processing plant option selected taking Mt Magnet up to 5Mtpa • Capital works at Dalgaranga progressing well focus on paste plant and site infrastructure • Increased mining rates at
Slide 24: Rebecca-Roe | our next processing hub
Rebecca-Roe | our next processing hub FY26 The year ahead…. • Rebecca-Roe DFS completed in October 2025 with FID subject to • Obtain Part V Works Approval and relevant licenses Roe environmental approval • Updated 4-Year Production Outlook to FY30 • Native Title Mining Agreement reached with Kakarra
Slide 25: Shareholder returns
Shareholder returns FINAL DIVIDEND SHAREHOLDER RETURNS (A$M) • Fully franked at 3 cents per share (A$56.7M) • Record date of 16 September 2026 • Payment date of 13 October 2026 SHARE BUY-BACKS • A$250M share buyback program was announced on 10 December 20251 • A$141.7M, or 57%, in buy-backs complete
Slide 26: Ramelius' Investment Case
Ramelius’ Investment Case Dividend yield above Sector leading 170% production mid-tier ASX gold cash flows growth producers High margin / free cash flow Pathway to 525koz p.a. by FY30 A$376M dividends last 8 yrs focused business with long life and upside potential through assets (Mt Magnet & Rebecca
Slide 27: Thank you
Thank you RAMELIUS RESOURCES LIMITED | ASX: RMS Level 13, 58 Mounts Bay Road, Perth WA 6000 Authorised for release to the ASX by the Managing Director INVESTOR ENQUIRIES Mark Zeptner Managing Director Ramelius Resources Limited Ph: +61 8 9202 1127 Brian Massey General Manager Investor Relations Rame
Slide 28: Appendix
Appendix 28
Slide 29: Mineral Resources and Ore Reserve
Mineral Resources and Ore Reserve MINERAL RESOURCES1,2 ORE RESERVE1,2 MINERAL RESOURCES AS AT 30 JUNE 2026 - INCLUSIVE OF RESERVES (OP/UG) ORE RESERVE STATEMENT AS AT 30 JUNE 2026 (OP/UG) Measured Indicated Inferred Total Resource Ore Proven Probable Total Reserve Ore Project Project Source Source k
Slide 30: AISC Margin | growing year-on-year
AISC Margin | growing year-on-year AISC Margin (10-year history) (A$/oz) (%) + 60% ASIC margin A$2,900/oz • Peer leading AISC margin across the last 2 years • Margins to expand with increase in higher tonnage from high-grade Dalgaranga mine Gold price • No forward contracts in place with increased e
Slide 31: Appendix | underlying earnings reconciliation (A$M)
Appendix | underlying earnings reconciliation (A$M) 31
Slide 32: FY26 mining & production highlights
Appendix | FY26 mining & production highlights ORE TONNES MINED (up 75%) MINED GRADE (down 51%) ORE TONNES MILLED (up 12%) 2.3Mt 2.79g/t 2.0Mt • Increased tonnes from Cue pits • Overperformance in prior year • Mt Magnet mill only weathered zones at Cue • Increased contribution from • New liner desig
Slide 33: FY26 | key financials
Appendix | key financials Financial Metric Unit FY26 FY25 Change (%) Statutory earnings reconciliation (A$M) NPAT EBIT EBITDA Earnings Underlying earnings 319.9 437.4 765.4 Gold sold oz 190,261 302,882 down 37% Less: Spartan acquisition costs (133.2) (133.2) (133.2) Realised gold price A$/oz 5,400 3
Slide 34: FY26 Mt Magnet earnings
Appendix | FY26 Mt Magnet earnings Gold production Unit FY26 FY25 Change Operations • In line with Guidance, sixth consecutive year Tonnes milled Kt 2,033 1,808 + 12 % • Prior year benefited from exceptional overperformance in the weathered zones at Cue Milled grade g/t 3.04 4.48 - 32 % Gold product
Slide 35: Reconciliation of cash flow
Appendix | Reconciliation of cash flow Cash flow (A$M) FY26 FY25 FY24 FY23 FY22 Receipts from customers 1,034.0 1,203.2 883.7 630.8 604.2 Payments to suppliers (328.8) (355.8) (434.5) (380.5) (395.4) Interest received 20.2 19.2 11.4 3.1 0.5 Lease payments (23.3) (13.4) (19.2) (28.8) (25.5) Operating
Slide 36: Reconciliation of underlying earnings
Appendix | Reconciliation of underlying earnings Earnings (A$M) FY26 FY25 FY24 FY23 FY22 Statutory NPAT 118.8 474.2 216.6 61.6 12.4 Add back: income tax expense 99.7 196.4 60.4 28.7 10.1 Add / (less): net finance (income) / cost (10.6) (15.9) (8.0) 1.9 2.6 EBIT 207.9 654.7 269.0 92.2 25.1 Add back:
Slide 37: Working capital
Appendix | Working capital Working capital (A$M) FY26 FY25 FY24 FY23 FY22 Cash 608.4 783.7 424.3 251.0 147.8 Gold bullion on hand (at spot) 41.2 26.0 22.4 21.1 25.1 Receivables 9.4 5.5 3.7 2.7 7.2 Current stockpiles & gold in circuit (at cost) 86.0 64.8 89.9 105.4 100.8 Trade payables (242.1) (60.3)
Slide 38: AISC | low-cost operation with more high-grade to come
AISC | low-cost operation with more high-grade to come AISC RECONCILIATION • Excluding the earlier than expected commercial production (capital allocation change) from Never Never, the AISC for FY26 was A$1,840/oz, meeting initial Guidance (A$1,700 - 1,900/oz) • Importantly, the total costs for Neve
Slide 39: Value accretive M&A | great track record
Value accretive M&A | great track record LOM CASH FLOWS – AS AT DECEMBER 2025 (A$M) LOM CASH FLOWS – AS AT DECEMBER 2025 (A$M) LOM CASH FLOWS1,2 – AS AT JUNE 2026 (A$M) • Edna May hub (incl. Tampia & Symes) generated A$430M1 in pre- tax free cash flow with sale proceeds of A$300M due Sep 2026 (acqui
Slide 40: definitions
Appendix | definitions AISC: All-in Sustaining Cost is calculated in accordance with the World Gold Council Guidance Note on AISC and AIC released on 14 November 2018 AIC: All-in Cost is calculated in accordance with the World Gold Council Guidance Note on AISC and AIC released on 14 November 2018 N