Slide 1: Noosa Mining Conference – Ramelius Resources
Ramelius Resources Limited For personal use only Mark Zeptner Managing Director ASX:RMS NOOSA MINING CONFERENCE July 2025 July 2024 1
Slide 2: Qualifications & Non-Financial Information
QUALIFICATIONS & NON-FINANCIAL INFORMATION Forward Looking Statements For personal use only 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 subj
Slide 3: Aspirational Statements
QUALIFICATIONS & NON-FINANCIAL INFORMATION Aspirational statements For personal use only The following statements in this presentation are aspirational statements (and are not Production Targets) and Ramelius and / or Spartan (as applicable) do not yet have reasonable grounds to believe these statem
Slide 4: Corporate Summary
CORPORATE SUMMARY Corporate Structure Gold Guidance For personal use only Market Cap1 A$2.8B @ A$2.45 per share FY24 Production 293,033oz @ AISC of A$1,583/oz (achieved Production & Cost Guidance) Cash & Gold2 A$809.7M FY25 Actual / Guidance2 301,664oz @ AISC of A$1,550 – 1,650/oz (expected to be at
Slide 5: Project Portfolio
PROJECT PORTFOLIO RAMELIUS OWNED For personal use only ➢ Mt Magnet ▪ +6Moz historical production with +2Moz under Ramelius ownership since 2014 ▪ New 17-Year, 2.1Moz Mine Plan with further upside potential1 ▪ Vision for Mt Magnet to be a 350koz/pa hub by FY30 with Spartan combination2 ➢ Rebecca-Roe3
Slide 6: Vision of Being a +500koz pa Producer by FY30
RAMELIUS’ VISION OF BEING A +500KOZ PA PRODUCER BY FY30 For personal use only This vision is an aspirational statement (and not a production target) and Ramelius and Spartan do not yet have reasonable grounds to believe the vision can be achieved. Refer to the Aspirational Statements section of the
Slide 7: A$207.8M Free Cash Flow for June 2025 Quarter
A$207.8M FREE CASH FLOW FOR JUNE 2025 QUARTER For personal use only ➢ June 2025 Qtr gold production of 73,454oz ➢ 3cps Maiden Interim Dividend paid in April 2025 ➢ Current Cash Income Tax paid at 8% of revenue. 1 See RMS ASX Release “Record FY25 Production of 301koz”, 7 July 2025 NOOSA MINING CONFER
Slide 8: FY25 Free Cash Flow of A$694.9M
FY25 FREE CASH FLOW OF A$694.9M - record year, by a long shot For personal use only ➢ FY25 gold production of 301,664 ounces at an expected AISC at the lower end of upgraded Guidance range of A$1,550 – 1,650/oz ➢ FY25 underlying free cash flow of just under $700M ➢ Underlying free cash flow last 2 y
Slide 9: Cash Flow – Industry Leading Free Cash Flow per Ounce
CASH FLOW - industry leading free cash flow per ounce produced (FY25 YTD) For personal use only Ramelius FY25 free cash flow per ounce of A$2,304 Ramelius FY25 free cash flow of $694.9M from 301koz Free cash flow represents the underlying free cash flow which is total cash flow before one-off cash f
Slide 10: AISC – The Spartan Effect
AISC - The Spartan Effect… results in a high margin business for the longer term For personal use only ➢ FY25 assumes a A$4,750/oz spot gold price, plus remaining forward contracts ➢ FY25 margin 63% over AISC ➢ Only mid-cap Australian gold producer that has delivered production and cost guidance ove
Slide 11: Increasing Exposure to Spot Gold Price
INCREASING EXPOSURE TO SPOT GOLD PRICE For personal use only ➢ Managed reduction in hedge book since March 2023 ➢ Pre-delivered 7koz of FY26 forward contracts, increasing future exposure to AUD spot gold prices ➢ FY27 also has zero premium collars for 22,500 ounces with a floor of A$4,200/oz and cei
Slide 12: Value Generating M&A – Return on Investment Scoresheet
VALUE GENERATING M&A - return on investment scoresheet LOM CASH FLOWS – AS AT JUNE 2025 [ ] shows change in June 2025 Qtr For personal use only ➢ Track record of generating positive (net) cash flow1 from new projects ➢ Cue generated A$144M2 in free cash flow in the Quarter with the project now havin
Slide 13: Ramelius & Spartan Transaction Update
For personal use only RAMELIUS & SPARTAN TRANSACTION UPDATE 13
Slide 14: Transaction Timetable
TRANSACTION TIMETABLE Event Date For personal use only Spartan submits draft Transaction Booklet to ASIC Late May 2025 First Court Date for Scheme 3 June 2025 Takeover Offer Period commences1 11 June 2025 Scheme Booklet released to shareholders 11 June 2025 Scheme Meeting 11 July 2025 If the Scheme
Slide 15: Dalgaranga – Planned Access to Never Never Deposit
DALGARANGA - Planned access to Never Never deposit in September 2025 Quarter ➢ 20,000m surface drilling campaign at For personal use only highly prospective targets:1,2 ▪ Pepper – 100m up-dip of the Pepper MRE ▪ Freak – discovery in November 2024 ▪ Northern corridor – multiple high- grade targets ▪
Slide 16: Two Processing Plants with Processing Flexibility
TWO PROCESSING PLANTS WITH PROCESSING FLEXIBILITY For personal use only ➢ Current 2.0Mtpa Mt Magnet expansion plan targets 2.5Mtpa – 3.0Mtpa, depending on ore blending ➢ 2.5Mtpa Dalgaranga plant provides opportunity to optimise ore processing and blending across assets of the Combined Group Dalgaran
Slide 17: Exploration
For personal use only EXPLORATION 17
Slide 18: Exploration Summary
EXPLORATION SUMMARY1 ➢ Penny For personal use only ▪ 0.55m at 22.5g/t and 0.70m at 14.0g/t down plunge from Penny North ▪ Ongoing surface drilling into this area ➢ Cue ▪ 6.2m at 60.3g/t – surface drilling beneath Break of Day underground ▪ Aircore drilling ongoing on previous MGV / EVN JV ground to
Slide 19: Dalgaranga Exploration – High-Grade Hits Heading South
DALGARANGA EXPLORATION1 - the high-grade hits heading south... ➢ West Winds For personal use only ▪ 3.94m @ 163.67g/t gold from 193.73m ▪ 6.13m @ 6.32g/t gold from 237.07m ▪ 3.17m @ 20.78g/t gold from 227.64m ▪ 4.95m @ 6.25g/t gold from 210.07m ▪ 7.19m @ 8.22g/t gold from 263.69m ▪ 7.78m @ 6.98g/t g
Slide 20: Ramelius' Investment Case
RAMELIUS’ INVESTMENT CASE ➢ Reliable operational performance – stand-out in sector for delivery of Guidance For personal use only ➢ Sector leading cash flows – high margin business with long life assets (Mt Magnet & Rebecca-Roe) ➢ Dividend yield well above mid-tier ASX gold producers – $193M paid ou
Slide 21: 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 For further information contact: Investor enquiries: Media enquiries: Mark Zeptner Darren Millman Luke Forrestal Managing Di
Slide 22: Appendices
For personal use only APPENDICES NOOSA MINING CONFERENCE • JULY 2025 22
Slide 23: Mt Magnet Hub
For personal use only MT MAGNET HUB NOOSA MINING CONFERENCE • JULY 2025 23
Slide 24: Vision for Mt Magnet to be a +350koz/pa Hub by FY30
VISION FOR MT MAGNET TO BE A +350KOZ/PA HUB BY FY30 Mt Magnet Base Case Metrics* (Pre-Spartan) Mt Magnet Gold Production and AISC (Pre-Spartan) For personal use only Metric From 1 Jan 2025 Total Production +2Moz Average Annual Production ~140koz (next 10 years)1 AISC2 (next 2.5 years) A$1,600/oz AIS
Slide 25: Penny – Free Cash Flow of A$93M
1 1 PENNY - Free cash flow of A$93M (Q4 FY25) / FY25 A$222M ➢ June 2025 Qtr Production For personal use only ▪ Mined: 50kt at 17.78g/t for 28,446 ounces ▪ Milled: 46kt at 17.82g/t ▪ Production: 25,410 gold ounces ➢ June 2025 Qtr Financials ▪ Free Cash Flow: A$93 million (Q4 FY25)1 ▪ Free Cash Flow:
Slide 26: Cue – Free Cash Flow of A$129M
1 1 CUE - free cash flow of A$129M (Q4 FY25) / FY25 A$291M ➢ Cue Exploration Results2: Break of Day For personal use only ▪ 0.9m at 7.51g/t from 374m ▪ 6.2m at 60.3g/t from 425m (80m below modelled lode) ➢ June 2025 Qtr Production ▪ Mined: 204kt at 6.55g/t for 42,956 ounces ▪ Milled: 149kt at 8.19g/
Slide 27: Galaxy – Underground & Surface Drilling Underway
GALAXY - underground & surface drilling underway2 SATURN & MARS For personal use only ➢ Mine plan designed to only 400mbs with significant extensions likely both along strike and at depth ➢ Saturn East BIF and Intrusive potential new resources adjacent to current mining operation HILL 50 ➢ Mineral R
Slide 28: Hesperus – Larger Pit and Deeper High-Grade Underground Potential
HESPERUS - larger pit and deeper high-grade underground potential ➢ Recent results1 include: For personal use only ▪ 98.0m at 1.79g/t from 182m (LHS) ▪ 23.14m at 10.2g/t from 274m (RHS) ➢ Significant potential below existing pit ➢ Another “Eridanus”? Hesperus – cross section with GXDD0230 Hesperus –
Slide 29: Rebecca-Roe Gold Project
For personal use only REBECCA-ROE GOLD PROJECT
Slide 30: Rebecca-Roe Gold Project
REBECCA-ROE GOLD PROJECT Rebecca-Roe Base Case Metrics Rebecca-Roe Gold Production and AISC For personal use only Metric From 1 Jan 2025 Total Production 1.06Moz Average Annual Production ~130koz AISC1 A$2,346/oz Growth Capex - PP&E A$313M Growth Capex - pre-production A$225M mining Mine Life 9 Year
Slide 31: Rebecca-Roe DFS – FID Targeted for September 2025 Quarter
REBECCA-ROE DFS - FID targeted for September 2025 Quarter For personal use only Study Definitive Feasibility Study ➢ Board approval to commence Definitive Area + / - 10% accuracy Feasibility Study (DFS) 10% design / engineering ➢ Final Investment Decision targeted for Drilling Sterilise drilling for
Slide 32: Spartan Transaction Details
For personal use only SPARTAN TRANSACTION DETAILS
Slide 33: Key Transaction Details
KEY TRANSACTION DETAILS Offer Structure ➢ Scheme of Arrangement, whereby Ramelius will acquire 100% of the fully paid ordinary shares in Spartan that it does not already own (Scheme) For personal use only ➢ The Scheme has been unanimously recommended by the Spartan Board1 ➢ The Scheme is subject to
Slide 34: Combined Board to Benefit from Complementary Skill Sets
COMBINED BOARD TO BENEFIT FROM COMPLEMENTARY SKILL SETS Combination of complementary skill sets with Ramelius operational DNA paired with Spartan exploration DNA For personal use only Ramelius and Spartan to work together prior to completion of the transaction to ensure best skills retained within t
Slide 35: Snapshot of the Combined Group
SNAPSHOT OF THE COMBINED GROUP For personal use only Ramelius Spartan Proforma Share price / offer price1 A$/sh 2.20 1.78 2.20 Shares outstanding2 m 1,155 1,337 1,908 Market capitalisation A$M 2,542 2,380 4,198 Cash & bullion (31 Dec 2024)3 A$M 502 272 503 Listed investments (14 Mar 2025)4 A$M 454 1
Slide 36: Mineral Reserves and Resources
For personal use only MINERAL RESERVES AND RESOURCES 36
Slide 37: Mineral Resources as at June 2024
MINERAL RESOURCES AS AT 30 JUNE 2024 - INCLUSIVE OF RESERVES Project Deposit Measured Indicated Inferred Total Resource t g/t oz t g/t oz t g/t oz t g/t oz RMS 2024 MINERAL RESOURCE STATEMENT Morning Star Bartus Group Boomer 4,900,000 410,000 1,200,000 1.9 1.2 1.8 300,000 16,000 68,000 4,300,000 420
Slide 38: SPR 2024 Mineral Resource Statement
SPR 2024 MINERAL RESOURCE STATEMENT Indicated Inferred Total For personal use only Region Project Deposit Tonnes g/t Koz Tonnes g/t Koz Tonnes g/t Koz (Mt) Au (Au) (Mt) Au (Au) (Mt) Au (Au) Never Never1 3.96 8.64 1,099.7 1.16 9.41 351.2 5.12 8.81 1,450.9 Pepper1 1.96 12.18 767.2 0.68 4.89 106.2 2.64
Slide 39: RMS 2024 Ore Reserve Statement
RMS 2024 ORE RESERVE STATEMENT For detailed information relating to Ore Reserves see ASX Releases (RMS) “Resources and Reserves Statement ORE RESERVE STATEMENT AS AT 30 June 2024 2024”, 2 September 2024. For personal use only Project Mine Prov en Probable Total Reserv e t g/t oz t g/t oz t g/t oz Fo
Slide 40: Supporting Data
For personal use only SUPPORTING DATA 40
Slide 41: FY25 YTD Supporting Cash Flow Workings
FY25 YTD SUPPORTING CASH FLOW WORKINGS Hedge Operating Working Underlying Investment Dividends Opening Closing Growth book Total cash Net cash / For personal use only Company cash flow Exploration Capital free cash & / Share Financing Tax Other cash & cash & Debt Source Capital closure & flow (debt)
Slide 42: Important Notices & Disclaimers
For personal use only IMPORTANT NOTICES & DISCLAIMERS 42
Slide 43: Important Notices and Disclaimer
IMPORTANT NOTICES AND DISCLAIMER This presentation is dated 17 March 2025 and has been jointly prepared by Ramelius Resources Limited (ACN 001 Further information about the Transaction (including the full terms and conditions of the Transaction and the key 717 540) (Ramelius) and Spartan Resources L
Slide 44: Important Notices and Disclaimer
IMPORTANT NOTICES AND DISCLAIMER Not an offer, and not investment or financial product advice (continued) Forward-Looking Statements An investment in securities in Ramelius or Spartan is subject to known and unknown risks, some of which are This presentation contains forward-looking statements and c
Slide 45: Important Notices and Disclaimer
IMPORTANT NOTICES AND DISCLAIMER Forward-Looking Statements (continued) The pro forma and historical financial information provided in this presentation is for illustrative purposes only and Any such forward-looking statements are based on assumptions, qualifications and contingencies which are shou
Slide 46: Important Notices and Disclaimer
IMPORTANT NOTICES AND DISCLAIMER Exploration Results, Mineral Resource and Ore Reserve Estimates, and Production Targets Production Targets (continued) Ramelius The Production Targets and forecast financial information derived therefrom for the Rebecca and Roe projects For personal use only Mineral
Slide 47: Important Notices and Disclaimer
IMPORTANT NOTICES AND DISCLAIMER Exploration Results The Exploration Results for the Dalgaranga Gold Project (Gilbey’s, Four Pillars, West Winds, Applewood, Plymouth, For personal use only Sly Fox, Never Never and Pepper deposits) are based on, and fairly represent, information and supporting docume