Slide 1: Advancing 600koz+ gold portfolio: 4-Year Outlook & FY27 Guidance
28 SEPTEMBER 2026 Advancing 600koz+ gold portfolio 4-Year Outlook & FY27 Guidance
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: Ramelius overview
Ramelius overview Two high-quality hubs with exceptional growth underpinned by a large, long-life resource base Market Cap1 Cash, Gold and Investments1 Two high-quality hubs in Western Australia US$5.2 bn US$0.7 bn Mineral Resource2 Ore Reserve2 14 Moz 4.3 Moz FY27 production (Guidance)3 FY27 AISC (
Slide 4: A premier gold producer
A premier gold producer FREE CASH FLOW GROWTH US$1.1-1.3 bn 205% Production growth from FY26 to FY30 without diluting FY30 annual FCF business2 margins COST POSITION CAPITAL RETURNS 1st third 65% Cost position in low-risk jurisdictions CY273 Of FY26 FCF returned while investing in growth RESOURCE QU
Slide 5: World class gold portfolio
World class gold portfolio Mt Magnet Hub Rebecca-Roe Project Dalgaranga, Galaxy, Cue, Eridanus Rebecca, Roe Brownfield expansion Greenfield development Murchison Kalgoorlie 500km north-east of Perth, WA 150km east of Kalgoorlie, WA FY30 outlook: 420-460koz First gold: Q4CY28 FID obtained FY27 produc
Slide 6: Advancing 600koz+ gold portfolio in Western Australia
Advancing 600koz+ gold portfolio in Western Australia
Slide 7: Production outlook
Production outlook De-risked Mt Magnet production base plus Rebecca-Roe growth and upside3 FY27 group guidance FY30 group outlook Mt Magnet Transformational high-grade growth underpins near-term 205-225koz 560-610koz production and cash generation Gold production Gold production Rebecca-Roe US$1,505
Slide 8: Executing the 600+ koz p.a. base case
Executing the 600+ koz p.a. base case Staged execution to unlock production growth FY27-30 production (koz p.a.) & AISC (US$/oz) outlook1 Mt Magnet expansion 1,680-1,890 Leveraging off existing infrastructure with 1,470-1,680 execution underway 1,505-1,645 1,400-1,610 560-610 Stable cost base throug
Slide 9: Execution track record
Execution track record Proven ability to consistently meet Guidance Gold production vs Guidance (koz) AISC AISC(US$/oz) ($/oz) Adjusted Guidance Range Guidance Range Guidance Range Actual (1) AISC (US$/oz) AISC Adjusted (US$/oz) 300 300 302 280 280 293 275 272 259 270 1,388 260 255 1,327 241 250 240
Slide 10: High-grade growth underpins sustained margin outperformance
High-grade growth underpins sustained margin outperformance Ramelius retains a clear margin advantage as high-grade feed expands through the Mt Magnet Hub AISC margin trend (%) vs peers1 Ramelius historical average Ramelius outlook average (FY27-30): 62%2,3 Grade (FY23-26): 50% RMS Margin @ US$3,850
Slide 11: High-grade discoveries unlocking 600+ koz p.a.
High-grade discoveries unlocking 600+ koz p.a. Exploration success has already upgraded expected mill feed at Mt Magnet, lifting forecast ounces. Further upside exists beyond FY30 Mt Magnet FY30 displacement executed from FY26 exploration Post FY30 upside Mt Magnet 4.3Mt p.a. mill throughput (base c
Slide 12: Galaxy
Galaxy | FY26 Exploration investment of US$13M delivered 600koz Galaxy Group1 2025 2026 Total Mineral Resources3 Tonnes (kt) 26,000 36,000 Grade (g/t) 1.7 1.7 Contained 1,400 2,000 Gold (koz) Highly cash generative ⚫ FY26: 0.6Mt @ 2.1g/t, 38koz for US$61M in free cash flow Exploration Targets2,3,4 ⚫
Slide 13: Cue
Cue | what FY26 Exploration investment of US$11M delivered Cue UG 2025 2026 Lena UG Mineral Resource1 Tonnes (kt) 910 3,000 Grade (g/t) 3.6 2.4 Ounces (koz) 110 230 Break of Day UG Mineral Resource1 Tonnes (kt) 250 420 Grade (g/t) 8.9 7.7 Ounces (koz) 72 110 Cue UG Exploration Target2 Tonnes (kt) 1,
Slide 14: Gilbey's Underground
Gilbey’s Underground | new underground mine potential Gilbeys UG Scoping Study Results1 Parameter Unit Scoping Study Mining (UG) Production Target1 Ore tonnes Mt 5.2 - 5.8 Grade g/t 1.5 - 1.7 Contained gold koz 250 - 300 Processing Production Target1 Ore processed Mt 5.2 - 5.8 Grade g/t 1.5 - 1.7 Re
Slide 15: Mt Magnet project timeline
Mt Magnet project timeline | achievable sequenced plan FY26 FY27 FY28 FY29 FY30 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Mt Magnet Hub Amendment to Approval Mt Magnet Hub Mill Expansion up to 4.3 - 5Mtpa At production rate of 4.3Mtpa Mill Optimisation Optimise ore blend throughput
Slide 16: Mt Magnet processing plant upgrade to 4.3Mtpa
Mt Magnet | processing plant upgrade to 4.3Mtpa Circuit 2 Throughput: 3Mtpa Grind Size: 175μm Area Growth Capex (US$M) FY27 (G)1 FY28 (O)1 Key components ⚫ Single stage jaw crusher (ordered), 10kt live coarse ore stockpile Circuit 1 upgrade, new Circuit 2: 4.3 – 5.0Mtpa 137-151 25-32 ⚫ 6.5 MW SAG mi
Slide 17: Mt Magnet expansion: enhanced scope with greater cost certainty
Mt Magnet expansion | enhanced scope with greater cost certainty Updated capital reflects scope enhancements, sector inflation and more advanced estimates Mt Magnet project capital reconciliation (US$m, real) 1 Additional scope Market escalation Updated capital includes deliberate ⚫ Sector inflation
Slide 18: Scale that matters globally
Scale that matters globally Mt Magnet positioned to become a top 10 global gold-producing hub by 2030 Top 20 global projects by FY26 gold production1 4,302 756 612 563 480 477 465 2 440 402 395 391 379 361 355 329 325 306 297 275 271 234 192 Ownership Project Nevada Detour Malartic Boddington KCGM T
Slide 19: Returns & Capital Discipline
Returns & Capital Discipline 19
Slide 20: Disciplined capital allocation that delivers shareholder returns
Disciplined capital allocation that delivers shareholder returns Total shareholder returns up 96% versus a year ago and growing Balance sheet strength Cash returns Value accretive growth and flexibility US$0.6bn US$179m ~270% Cash and gold on hand3 Cash returned in FY26 Average historical ROI1 US$0.
Slide 21: FCF machine with leverage to the gold price
FCF machine with leverage to the gold price Self-funded growth with outsized FCF through FY30 and beyond Free cash flow outlook at US$3,850/oz and US$4,200/oz gold prices (US$m) FCF inflection through FY30 Mt Magnet growth capital US$m Rebecca-Roe growth capital US$m Production growth and strong mar
Slide 22: Track record of value accretive allocation of capital
Track record of value accretive allocation of capital Building a longer life higher return portfolio LOM Cash Flows1 Operational asset Development asset Historical / depleted / exited asset Legend Longer life, higher returns Galaxy 2,000 500 LoM gold production Dalgaranga (actual and projected), koz
Slide 23: Significant growth options beyond base case
Significant growth options beyond base case Exploration success will lift average grade, extend mine life and drive production beyond the 2030s Galaxy Cue Mt Magnet region ⚫ Growth beyond current reserve with ⚫ Cue underground extensions on ⚫ Eridanus open at depth both Mars and Saturn open at depth
Slide 24: Ramelius' Investment Case
Ramelius’ Investment Case Dividend yield above Sector leading 205% production mid-tier ASX gold cash flows growth producers High margin / free cash flow Pathway to 600koz p.a. by FY30 focused business with long life and upside potential through US$263M dividends last 8 yrs assets (Mt Magnet & Rebecc
Slide 25: 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 26: Appendices
Appendices 26
Slide 27: FY27 Guidance underpins next growth phase
FY27 Guidance underpins next growth phase Delivering today while investing in tomorrow FY27 Guidance 205 - 225koz High-quality ounces Gold production 3.80g/t US$1,505 – 1,645/oz Mill grade AISC Investing through the US$63 - 77m 0.85 - 1.6Moz Exploration spend Exploration results cycle Mt Magnet Rebe
Slide 28: Dalgaranga: Never Never grade and recovery higher than PFS
Dalgaranga | Never Never grade and recovery higher than PFS 2026 LOM Updated1 Paste plant Tonnes mined (indicated) (Mt) Tonnes mined (inferred) (Mt) Mined grade (g/t) 9.6 7.6 7.8 7.3 6.2 6.4 6.1 5.6 5.1 4.5 1.1 3.2 1.1 1.1 1.0 1.0 0.9 0.9 0.8 Underground pump station 0.6 0.5 0.2 FY26 FY27 FY28 FY29
Slide 29: Mt Magnet processing plant upgrade to 4.3Mtpa
Mt Magnet | processing plant upgrade to 4.3Mtpa Capacity provides potential for 5Mtpa upside to base case Circuit 1 Circuit 2 CRUSHING Throughput: 2.0 1.3 Mtpa CRUSHING Throughput: 3Mtpa Stockpiles Grind Size: 175 53μm Stockpiles Grind Size: 175μm FEL FEL PRIMARY CRUSHING PRIMARY CRUSHING LIME SILO
Slide 30: Four-Year Outlook: group major growth capital
Four-Year Outlook | group major growth capital Group major growth capital (US$M)1,2 Mt Magnet Dalgaranga Rebecca-Roe Fully-funded ⚫ From existing cash reserves and future cash flow 336-364 ⚫ ~US$77M deferred from FY26 to FY27 Eridanus Stage 3 mine development 287-315 Mine development Rebecca-Roe Reb
Slide 31: Sector leading cash generation
Sector leading cash generation Low-cost production and scale translate into industry leading FCF/oz FY30E FCF per ounce (US$/oz)1 FY30E AISC (US$/oz)2 FY27-30E production growth (%)3 2,131 1,082 172% 2,068 1,575 163% 1,956 1,605 109% 1,708 1,902 44% 952 2,037 29% 840 2,042 25% 588 2,087 13% 428 2,35
Slide 32: Sector leading cash generation: FCF yield
Sector leading cash generation Standout FCF yield opportunity among Australian and Canadian gold peers FY30E FCF yield vs ASX and TSX gold peers (%)1,2 34% 22% 19% 15% 14% 13% 11% 8% 8% 8% 7% 7% 7% 3% 3% BTO-CA RMS-AU GMD-AU CMM-AU KNT-CA EQX-CA IMG-CA OGC-CA WGX-AU TXG-CA NST-AU GGP-AU EVN-AU RRL-A
Slide 33: A globally advantaged cost base
A globally advantaged cost base Positioned favorably in the cost curve among operations in Tier-1 Jurisdictions CY27E AISC (US$/oz)1,2,3 4,500 4,000 Total cash plus sustaining capex (US$/oz) 3,500 3,000 2,500 Among the lowest cost gold mines globally 2,000 1,500 1,000 500 - - 4% 12% 20% 25% 34% 40%
Slide 34: World-class gold portfolio
World-class gold portfolio Two high-quality hubs in Western Australia, with a strong growth pipeline underpinned by a large, long-life resource base Mt Magnet Hub Mineral Resource1 Rebecca-Roe Project Mineral Resource1 Dalgaranga Galaxy Roe Rebecca 24 Mt @ 4.0g/t 36 Mt @ 1.7g/t 34 Mt @ 1.6g/t 33 Mt
Slide 35: Eridanus: Franks Tower confirms high grade
Eridanus | Franks Tower confirms high grade in the Eridanus corridor Eridanus Group Updated Total MRE (open pit / UG) 30Mt at 1.6g/t for 1.5Moz2 Franks Tower ⚫ 3.6m at 113g/t ⚫ 14.8m at 54.6g/t ⚫ 3.8m at 5.01g/t ⚫ 8.7m at 2.43g/t Recent drill results demonstrate Eridanus style mineralisation and hig
Slide 36: Mt Magnet Outlook: continuous delivery through FY30
Mt Magnet Outlook | continuous delivery through FY30 FY27-30 production (koz p.a.) & AISC (US$/oz) outlook1 Mt Magnet expansion 1,505-1,645 1,505-1,715 1,470-1,680 1,400-1,610 Leveraging off existing infrastructure with execution underway Stable cost base through ramp-up Scale + grade + operating ex
Slide 37: Rebecca-Roe Outlook: to average 135koz p.a.
Rebecca-Roe Outlook | to average 135koz p.a.1 Rebecca-Roe annual production & AISC (US$/oz) DFS results (October 2025) US$2,475/oz ⚫ Total production of 26.3Mt @ 1.41g/t for 1.1 million US$1,883/oz recovered gold ounces US$1,617/oz US$1,544/oz ⚫ US$1,838/oz AISC average over LOM. ⚫ Mill/infrastructu
Slide 38: 10 years of conversion and replenishment
10 years of conversion and replenishment Sector leading track record of growing scale and upgrading the quality of the business Historical Ore Reserves 4.3Moz ~27% CAGR net of depletion 0.4Moz 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Proven Probable Historical Mineral Resources1 14.0Mo
Slide 39: Mineral Resources and Ore Reserve
Mineral Resources and Ore Reserve Mineral Resources1,2 Ore Reserve1,2 NOTES 1. Resource figures rounded to 2 significant figures. Rounding errors may occur. Mineral Resource inclusive of Ore Reserves 2. Refer to ASX Announcement “2026 Resources & Reserves Statement”, 25 August 2026 39
Slide 40: Peers historical AISC margin: Data verification
Peers historical AISC margin | Data verification Peers historical AISC margin data Company Period AISC (US$/oz) Realised Gold Price Source FY23 1,231 1,847 June 2023 Quarterly Activities Report FY24 1,297 2,122 June 2024 Quarterly Activities Report Northern Star FY25 1,514 2,745 June 2025 Quarterly
Slide 41: Scale that matters globally: Data verification
Scale that matters globally | Data verification Top 20 global projects by FY26 gold production (Koz) Project Ownership Sep25Q Dec25Q Mar26Q Jun26Q FY26 Total Source Barrick September quarterly report Barrick December quarterly report Nevada Operations Barrick Mining, Newmont 1,063 1,231 995 1,013 4,