Ramelius Resources Limited · ASX:RMS
Ramelius Resources — Corporate Update (September 2026)
41 slides from Ramelius Resources's corporate update, Sep 21, 2026
Slide 1: 4-Year Outlook & FY27 Guidance
21 SEPTEMBER 2026 Advancing 600koz+ gold portfolio 4-Year Outlook & FY27 Guidance rsonal use only
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 rsonal use only A$6.8 bn A$1 bn Mineral Resource2 Ore Reserve2 14 Moz 4.3 Moz FY27 production (Guidance)3
Slide 4: A premier gold producer
A premier gold producer FREE CASH FLOW GROWTH A$1.5-1.8 bn 205% rsonal use only Production growth from FY26 to FY30 without diluting FY30 annual FCF business2 margins COST POSITION CAPITAL RETURNS 1st third 65% Cost position in low-risk jurisdictions CY273 Of FY26 FCF returned while investing in gro
Slide 5: World class gold portfolio
World class gold portfolio Mt Magnet Hub Rebecca-Roe Project Dalgaranga, Galaxy, Cue, Eridanus Rebecca, Roe rsonal use only Brownfield expansion Greenfield development Murchison Kalgoorlie 500km north-east of Perth, WA 150km east of Kalgoorlie, WA FY30 outlook: 420-460koz First gold: Q4CY28 FID obta
Slide 6: Advancing 600koz+ gold portfolio in Western Australia
rsonal use only Advancing 600koz+ gold portfolio in Western Australia
Slide 7: Production outlook
Production outlook De-risked Mt Magnet production base plus Rebecca-Roe growth and upside3 FY27 group guidance FY30 group outlook Mt Magnet rsonal use only Transformational high-grade growth underpins near-term 205-225koz 560-610koz production and cash generation Gold production Gold production Rebe
Slide 8: Executing the 600+ koz p.a. base case
Executing the 600+ koz p.a. base case Staged execution to unlock production growth FY27-30 production (koz p.a.) & AISC (A$/oz) outlook1 rsonal use only Mt Magnet expansion 2,400-2,700 Leveraging off existing infrastructure with 2,100-2,400 execution underway 2,150-2,350 2,000-2,300 560-610 Stable c
Slide 9: Execution track record
Execution track record Proven ability to consistently meet Guidance Gold production vs Guidance (koz) AISC AISC (A$/oz) ($/oz) rsonal use only Adjusted Guidance Range Guidance Range Guidance Range Actual (1) AISC AISC Adjusted 300 300 302 280 280 293 275 272 259 270 1,983 260 255 1,895 241 250 240 1
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 rsonal use only Ramelius historical average Ramelius outlook average (FY27-30): 62%2,3 Grade (FY23-26): 50% RMS M
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 rsonal use only Mt Magnet FY30 displacement executed from FY26 exploration Post FY30 upside Mt Magnet 4.3Mt p.a. mill th
Slide 12: Galaxy | FY26 Exploration investment of A$19M delivered 600koz
Galaxy | FY26 Exploration investment of A$19M delivered 600koz Galaxy Group1 2025 2026 Total Mineral Resources3 rsonal use only 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 A$87M in free cash flow Exploration
Slide 13: Cue | what FY26 Exploration investment of A$16M delivered
Cue | what FY26 Exploration investment of A$16M delivered Cue UG 2025 2026 Lena UG Mineral Resource1 rsonal use only Tonnes (kt) 910 3,000 Grade (g/t) 3.6 2.4 Ounces (koz) 110 230 Break of Day UG Mineral Resource1 Tonnes (kt) 250 420 Grade (g/t) 8.9 7.7 Ounces (koz) 72 110 Cue UG Exploration Target2
Slide 14: Gilbey's Underground | new underground mine potential
Gilbey’s Underground | new underground mine potential Gilbeys UG Scoping Study Results1 Parameter Unit Scoping Study rsonal use only Mining (UG) Production Target1 Ore tonnes Mt 5.2 - 5.8 Grade g/t 1.5 - 1.7 Contained gold koz 250 - 300 Processing Production Target1 Ore processed Mt 5.2 - 5.8 Grade
Slide 15: Mt Magnet project timeline | achievable sequenced plan
Mt Magnet project timeline | achievable sequenced plan FY26 FY27 FY28 FY29 FY30 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 rsonal use only Mt Magnet Hub Amendment to Approval Mt Magnet Hub Mill Expansion up to 4.3 - 5Mtpa At production rate of 4.3Mtpa Mill Optimisation Optimise ore
Slide 16: Mt Magnet | processing plant upgrade to 4.3Mtpa
Mt Magnet | processing plant upgrade to 4.3Mtpa Circuit 2 Throughput: 3Mtpa Grind Size: 175μm rsonal use only Area Growth Capex (A$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 195-215 35-45
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 (A$m, real) 1 rsonal use only Additional scope Market escalation Updated capital includes deliberate ⚫ S
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 rsonal use only 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 B
Slide 19: Returns & Capital Discipline
rsonal use only 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 rsonal use only Balance sheet strength Cash returns Value accretive growth and flexibility A$0.8bn A$255m ~270% Cash and gold on hand3 Cash returned in FY26 Average histori
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 rsonal use only Free cash flow outlook at A$5,500/oz and A$6,000/oz gold prices (A$m) FCF inflection through FY30 Mt Magnet growth capital Rebecca-Roe growth capital Production growth and strong
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 rsonal use only Legend Longer life, higher 3,000 returns Galaxy 500 LoM gold production Dalgaranga 2,500 (actu
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 rsonal use only ⚫ Growth beyond current reserve with ⚫ Cue underground extensions on ⚫ Eridanus open at depth both Mars and Satu
Slide 24: Ramelius' Investment Case
Ramelius’ Investment Case rsonal use only 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 $376M dividends last 8 yrs assets (Mt M
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 rsonal use only Managing Director INVESTOR ENQUIRIES Mark Zeptner Managing Director Ramelius Resources Limited Ph: +61 8 9202 1127 Brian Massey General Manager Investo
Slide 26: Appendices
rsonal use only Appendices 26
Slide 27: FY27 Guidance underpins next growth phase
FY27 Guidance underpins next growth phase Delivering today while investing in tomorrow FY27 Guidance rsonal use only 205 - 225koz High-quality ounces Gold production 3.80g/t A$2,150 - 2,350/oz Mill grade AISC Investing through the A$90 - 110m 0.85 - 1.6Moz Exploration spend Exploration results cycle
Slide 28: Dalgaranga | Never Never grade and recovery higher than PFS
Dalgaranga | Never Never grade and recovery higher than PFS 2026 LOM Updated1 Paste plant Tonnes mined (indicated) (Mt) Tonnes mined (inferred) (Mt) Mined grade (g/t) rsonal use only 9.6 7.6 7.8 7.3 6.2 6.4 6.1 5.6 5.1 4.5 1.1 3.2 1.1 1.1 1.0 1.0 0.9 0.9 0.8 Underground pump station 0.6 0.5 0.2 FY26
Slide 29: Mt Magnet | processing plant upgrade to 4.3Mtpa
Mt Magnet | processing plant upgrade to 4.3Mtpa Capacity provides potential for 5Mtpa upside to base case Circuit 1 Circuit 2 CRUSHING Throughput: 2.0 1.3 Mtpa CRUSHING Throughput: 3Mtpa Stockpiles Grind Size: 175 53μm Stockpiles Grind Size: 175μm FEL rsonal use only FEL PRIMARY CRUSHING PRIMARY CRU
Slide 30: Four Year Outlook | group major growth capital
Four Year Outlook | group major growth capital Group major growth capital (A$M)1 Fully-funded rsonal use only ⚫ From existing cash reserves and future cash flow ⚫ ~A$110M deferred from FY26 to FY27 Mine development ⚫ Never Never underground – A$61M1 ⚫ Eridanus Stage 3 open pit – A$458M ⚫ Rebecca-Roe
Slide 31: Sector leading cash generation
Sector leading cash generation Low-cost production and scale translate into industry leading FCF/oz FY30E FCF per ounce ($/oz)1 FY30E AISC ($/oz)2 FY27-30E production growth (%)3 rsonal use only 3,044 1,546 172% 2,954 2,250 163% 2,795 2,293 109% 2,440 2,717 44% 1,359 2,910 29% 1,200 2,917 25% 840 2,
Slide 32: Sector leading cash generation
Sector leading cash generation Standout FCF yield opportunity among Australian and Canadian gold peers FY30E FCF yield vs ASX and TSX gold peers (%)1,2 rsonal use only 34% 22% 19% 15% 14% 13% 11% 8% 8% 8% 7% 7% 7% 3% 3% BTO-CA RMS-AU GMD-AU CMM-AU KNT-CA EQX-CA IMG-CA OGC-CA WGX-AU TXG-CA NST-AU GGP
Slide 33: A globally advantaged cost base
A globally advantaged cost base Positioned favorably in the cost curve among operations in Tier-1 Jurisdictions CY27E AISC (US$/oz)1,2,3 rsonal use only 4,500 4,000 Total cash plus sustaining capex (US$/oz) 3,500 3,000 2,500 Among the lowest cost gold mines globally 2,000 1,500 1,000 500 - - 4% 12%
Slide 34: World-class gold portfolio
World-class gold portfolio Two high-quality hubs in Western Australia, with a strong growth pipeline underpinned by a large, long-life resource base rsonal use only Mt Magnet Hub Mineral Resource1 Rebecca-Roe Project Mineral Resource1 Dalgaranga Galaxy Roe Rebecca 24 Mt @ 4.0g/t 36 Mt @ 1.7g/t 34 Mt
Slide 35: Eridanus | Franks Tower confirms high grade in the Eridanus corridor
Eridanus | Franks Tower confirms high grade in the Eridanus corridor Eridanus Group rsonal use only Updated Total MRE (open pit / UG) 30Mt at 1.6g/t for 1.5Moz2 Franks Tower ⚫ 3.6m at 113g/t ⚫ 14.8m at 54.6g/t ⚫ 3.8m at 5.01g/t ⚫ 8.7m at 2.43g/t Recent drill results demonstrate Eridanus style minera
Slide 36: Mt Magnet Outlook | continuous delivery through FY30
Mt Magnet Outlook | continuous delivery through FY30 FY27-30 production (koz p.a.) & AISC (A$/oz) outlook1 rsonal use only Mt Magnet expansion 2,150-2,350 2,150-2,450 2,100-2,400 2,000-2,300 Leveraging off existing infrastructure with execution underway Stable cost base through ramp-up Scale + grade
Slide 37: Rebecca-Roe Outlook | to average 135koz p.a.
Rebecca-Roe Outlook | to average 135koz p.a.1 Rebecca-Roe annual production & AISC DFS results (October 2025) $3,535/oz rsonal use only ⚫ Total production of 26.3Mt @ 1.41g/t for 1.1 million $2,690/oz recovered gold ounces $2,310/oz $2,205/oz ⚫ A$2,625/oz AISC average over LOM. ⚫ Mill/infrastructure
Slide 38: Years of conversion and replenishment
10 years of conversion and replenishment Sector leading track record of growing scale and upgrading the quality of the business Historical Ore Reserves rsonal use only 4.3Moz ~27% CAGR net of depletion 0.4Moz 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Proven Probable Historical Mineral R
Slide 39: Mineral Resources and Ore Reserve
Mineral Resources and Ore Reserve Mineral Resources1,2 Ore Reserve1,2 rsonal use only NOTES 1. Resource figures rounded to 2 significant figures. Rounding errors may occur. Mineral Resource inclusive of Ore Reserves 2. Refer to ASX Announcement “2026 Resources & Reserves Statement”, 25 August 2026 3
Slide 40: Peers historical AISC margin | Data verification
Peers historical AISC margin | Data verification Peers historical AISC margin data Company Period AISC (A$/oz) Realised Gold Price Source FY23 1,759 2,639 June 2023 Quarterly Activities Report FY24 1,853 3,031 June 2024 Quarterly Activities Report rsonal use only Northern Star FY25 2,163 3,922 June
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,
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