Ramelius Resources Limited · ASX:RMS
Ramelius Resources — BMO 35th Global Metals, Mining & Critical Minerals Conference 2026
32 slides from Ramelius Resources's conference presentation, Feb 22, 2026
Slide 1: Growth Pathway to +500koz
Growth Pathway to +500koz BMO 35th Global Metals, Mining & Critical Minerals Conference FEBRUARY 2026
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$ 8.6B Bob Vassie Non-Executive Chair Cash & Gold2 A$ 694M2 OUR MISSION Simon Lawson Deputy Chair To be a sustainable Mark Zeptner Managing Director Listed investments2 A$ 70M gold producer that David Southam Non-
Slide 4: We have been busy…
We have been busy…. New Vision Established to be a +500koz p.a. producer by FY30 • On 31 July 2025 acquired Spartan Resources Limited for A$2.6 billion ($US1.7 billion5) scrip/cash deal • On 28 October 2025 issued 5 Year Outlook targeting 525,000oz p.a. at an AISC of A$1,960/oz ($US1,372/oz)4 by FY3
Slide 5: Ramelius' Vision
Ramelius’ Vision | to be a +500koz p.a. producer by FY30 The creation of a leading Australian Gold Company with highly profitable operations, a supercharged growth profile and exceptional exploration upside A$8.6Bn A$694M 12Moz Au 4.2Moz Au 195koz Au Market cap1 Cash & gold2 Group Mineral Resource3
Slide 6: Growing the business
Growing the business Establish • Mt Magnet Ore Reserves up 210% to 3.1Moz1 • Never Never underground (including Pepper) maiden Ore Reserve of 7Mt @ 7.3g/t for 1.6Moz4 • Rebecca-Roe DFS released, demonstrating excellent economics with total Reserves of 1.1Moz, FID approved, subject to Roe permitting2
Slide 7: 5-Year Outlook
5-Year Outlook (base case) | 525koz p.a. by FY30 5-Year and long-term Group production profile(Koz) & AISC (A$/oz) ~ 525koz p.a. long term production rate +A$1Bn free cash flow p.a. from FY30 at A$4,500/oz A$1,975/oz AISC (US$1,385/oz5) average over next 5-years (peer leading) and lower from FY30 NO
Slide 8: Project timelines
Project timelines | achievable sequenced plan | 8
Slide 9: 5-Year Outlook: high margin business for longer
5-Year Outlook | high margin business for longer AISC Margin (A$/oz) (%) (at base case A$4,500/oz)1 50 – 60% AISC margin across FY26 - FY30 ~ average A$2,500/oz1 AISC margin/oz across FY26 - FY30 Superior returns quality assets focusing on high- grade ore and owner cost control NOTES 1 Includes exis
Slide 10: Free cash flow
Free cash flow | fully funded, strong ongoing FCF Group free cash flow outlook (A$M)4 Sequenced capital plan Mt Magnet mill expansion and upgrade of A$223M to initial 4.3Mtpa capacity (construction completion early September 2027 Quarter) - in addition, Dalgaranga site and underground infrastructure
Slide 11: Disciplined approach to capital allocation & priorities
Disciplined approach to capital allocation & priorities 1 Maintain strong balance sheet 1 Re-investment into the business1 1 Shareholder returns2 • Cash on hand A$810M • Never Never development • Longer term shareholder returns subject to board • Free cash flow of A $0.9Bn • Mt Magnet mill upgrade a
Slide 12: 2025 Sustainability Performance Highlights
2025 Sustainability Performance Highlights 301,664oz gold produced Reduction in GHG emissions intensity Hybrid Power Plant at Community Contribution, Mt Magnet equivalent up to $3/oz produced Solar farm at Mt Magnet Employee turnover below industry peers Solar and battery milestone 6.7MW solar power
Slide 13: Mt Magnet Hub
Mt Magnet Hub | 13
Slide 14: Mt Magnet 5-Year Outlook
Mt Magnet 5-Year Outlook | 380koz p.a. by FY301 Mt Magnet 5-Year and long-term production profile(Koz) & AISC (A$/oz) ~ 360 koz p.a. long-term production rate Tier 1 production hub by both production and AISC metrics A$1,860/oz AISC (US$1,302/oz3) average over next 5-years, lower after FY30 Explorat
Slide 15: Dalgaranga
Dalgaranga | first truckload of ore to Mt Magnet • First truckload of Never Never ore delivered to Mt Magnet production hub on 18 February 2026 • Stockpiles: 31,000 tonnes of ore at a grade of 3.6g/t for 3,600 ounces (all development ore) at end of January 2026 • Higher-grade Never Never ore will be
Slide 16: Dalgaranga
Dalgaranga | the start of something great Long section facing southeast | 16
Slide 17: Dalgaranga
Dalgaranga | Never Never mine schedule 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 Never Never Ore Reserve: 7Mt @ 7.3g/t Au for 1.6Moz1 NOTES The N
Slide 18: Mt Magnet
Mt Magnet | processing plant upgrade to 4.3Mtpa Existing Circuit (1) 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 • Pebble crushing circ
Slide 19: Mt Magnet
Mt Magnet | top 5 Australian gold production hub 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 on reported AISC from Angl
Slide 20: Exceptional Exploration Upside
Exceptional Exploration Upside
Slide 21: Mt Magnet
Mt Magnet | base case + upside 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 extensions, following up
Slide 22: Penny
Penny | down plunge extensions Q2: 6,500m underground drill program FY26 planned / A$12M spend Significant results1 Include: ➢ 0.7m at 41.7g/t Au from 129.5m ➢ 0.8m at 77.1g/t Au from 181.1m ➢ 2.1m at 8.20g/t Au from 134.4m NOTES 1 See RMS ASX “Exploration Update – High-Grade Strategy & Discover”, 2
Slide 23: Cue
Cue | Break of Day extensions Long section of Starlight Basalt 2.5km long corridor Break of Day – cross section Starlight Basalt stratigraphic unit extends northwards from the Break of Day area and remains relatively untested at depth. Diamond drilling has been conducted from surface adjacent to the
Slide 24: Mt Magnet
Mt Magnet | plan view MT MAGNET: CURRENT MINING AREAS Targeted Exploration Areas Already yielding significant results! < 10km of Checkers processing plant • Windbag prospect • Galaxy corridor (2km) o Mars/Saturn underground o Hesperus o Perseverance • Eridanus • Eridanus/Franks Tower corridor (2km)
Slide 25: Mt Magnet
Mt Magnet | Galaxy ounces per vertical metre Long section facing west | 25
Slide 26: Dalgaranga
Dalgaranga | resource definition & infill drilling 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 Pillars: ➢ 4.2m at 3.35g
Slide 27: Dalgaranga
Dalgaranga | a corridor for future discoveries 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 • underground diamond
Slide 28: Rebecca-Roe DFS
Rebecca-Roe DFS | 28
Slide 29: Rebecca-Roe
Rebecca-Roe | definitive feasibility study1 • After tax NPV5% of A$692M (@ base case of A$4,500/oz) • Total cash flow of A$1,418M (@ base case of A$4,500/oz) with avg of approximately A$200M p.a between FY30 and FY36 • Internal rate of return post-tax of 34% • Cash tax rate of 27%2 • Production avg
Slide 30: Ramelius' first Native Title Mining Agreement
Ramelius’ first Native Title Mining Agreement We believe that a sustainable gold producer should deliver more than just financial benefit. It’s about the way we do business, the relationships we build with our people and communities and the efforts we make to conserve the environment. As we prepare
Slide 31: Ramelius' investment case
Ramelius’ investment case 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 Pathway to 525koz p.a
Slide 32: Thank you
Thank you 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 Ramelius R
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