Ramelius Resources Limited · ASX:RMS
Ramelius Resources — RIU Explorers Conference 2026
39 slides from Ramelius Resources's conference presentation, Feb 17, 2026
Slide 1: Grade is King!
Grade is King! Simon Lawson RIU Explorers Conference 2026 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: Ramelius' Vision: to be a +500koz p.a. producer by FY30
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$8.5Bn A$694M 12Moz Au 4.2Moz Au 195koz Au Market cap1 Cash & gold2 Group Mineral Resource3
Slide 4: Growing the business
Growing the business Establish • Mt Magnet Ore Reserves up 210% to 3.1Moz1 • Never Never underground (including Pepper) maiden Ore Reserve of 7Mt @ 7.3g/t for 1.6Moz4 • Rebecca-Roe DFS released, demonstrating excellent economics with total Reserves of 1.1Moz, FID approved, subject to Roe permitting2
Slide 5: 5-Year Outlook (base case): 525koz p.a. by FY30
5-Year Outlook (base case) | 525koz p.a. by FY301 5-Year and long-term Group production profile(Koz) & AISC (A$/oz) ~ 525koz p.a. long term production rate +A$1Bn free cash flow p.a. from FY30 at A$4,500/oz A$1,975/oz AISC average over next 5-years (peer leading) and lower from FY30 NOTES 1 Refer to
Slide 6: Free cash flow: fully funded, strong ongoing FCF
Free cash flow | fully funded, strong ongoing FCF1 Group free cash flow outlook (A$M) Sequenced capital plan Mt Magnet mill expansion and upgrade of A$223M to initial 4.3Mtpa capacity (construction completion early September 2027 Quarter) - in addition, Dalgaranga site and underground infrastructure
Slide 7: Mt Magnet in Focus
Mt Magnet in Focus | 7
Slide 8: Mt Magnet 5-Year Outlook: 380koz p.a. by FY30
Mt Magnet 5-Year Outlook | 380koz p.a. by FY301 Mt Magnet 5-Year and long-term production profile(Koz) & AISC (A$/oz)2 ~ 360 koz p.a. long-term production rate Tier 1 production hub by both production and AISC metrics A$1,860/oz AISC average over next 5-years, lower after FY30 Exploration upside…. f
Slide 9: Mt Magnet: supercharged + upside
Mt Magnet | supercharged + 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
Slide 10: Mt Magnet: top Australian gold production hub
Mt Magnet | top 5 Australian gold production hub Top 20 Australian gold mines by gold production1 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 An
Slide 11: Mt Magnet: plan view
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 12: Mt Magnet: Galaxy Mine Area
Mt Magnet | Galaxy Mine Area1 Galaxy Mine Area consists of 2 open pits and 2 underground mines The famous high-grade Hill 50 mine forms part of this area (historical production of 7.3Mt @ 8.84g/t for 2Moz). Mineral Resource 1.9Mt @ 6.0g/t Au for 360koz2 The Saturn and Mars underground mine currently
Slide 13: Galaxy Operating Mines: underground exploration drilling
Galaxy Operating Mines | underground exploration drilling 56,000m drill program planned / A$16M spend Mars and Saturn drill hits1 ➢ 5.1m at 47.3g/t Au from 206m, incl. 1.0m at 238g/t Au from 206m ➢ 1.6m at 47.8g/t Au from 164.9m ➢ 4.4m at 13.0g/t Au from 159.6m Galaxy Exploration Target ➢ 6 – 7Mt at
Slide 14: Galaxy Operating Mines: ounces per vertical metre
Galaxy Operating Mines | ounces per vertical metre Long section facing west | 14
Slide 15: Galaxy Mine Area: Hesperus exploration drilling
Galaxy Mine Area | Hesperus exploration drilling Hesperus – drill hole location plan Cross section showing recent results Exploration and resource definition RC and diamond drilling is extending mineralisation at depth within the main Hesperus Granodiorite Sill and laterally away from the main zone
Slide 16: Galaxy Mine Area: Windbag exploration drilling
Galaxy Mine Area | Windbag exploration drilling Windbag – drill hole location plan Windbag - Long section (facing north) A short program of deeper RC drilling beneath the pit has returned significant results confirming the presence of an emerging felsic-intermediate intrusive mineralised system with
Slide 17: Eridanus: underground potential below
Eridanus | underground potential below Underground • Underground Mineral Resource of 4.2Mt at 2.3g/t Au (310koz1) • Underground production target of 4.3Mt at 1.4g/t Au (200koz2) • Up-front capital expenditure expected to be low • Eridanus remains open at depth with higher grades3 at depth ➢ 25.2m at
Slide 18: QVYIYY|W)09.0'"—
QVYIYY|W)09.0'"— LAVERTON EONORA REBECCA ROE ¥ KALGOORLIE EDNA MAY 4}! NY) @BULLFINCH COOLGARDIE WESTONIA UTHER NORSEMAN PERTH NAREMBEEN @ BUNBURY ESPERANCE 118
Slide 19: Cue: exploration drilling
Cue | exploration drilling Austin North - Cross section Regional exploration potential along strike to the north of Break of Day. Recent results1 from Austin North include: ➢ 7.0m at 8.24g/t Au from 104.1m ➢ 11.0m at 3.05g/t Au from 103m ➢ 5.0m at 5.09g/t Au from 99m NOTES 1 See RMS ASX “Exploration
Slide 20: Cue: exploration drilling
Cue | exploration drilling 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 Br
Slide 21: QVYIYY|W)09.0'"—
QVYIYY|W)09.0'"— LAVERTON EONORA REBECCA ROE , KALGOORLIE EDNA MAY Ny) @BuULLFINCH COOLGARDIE WESTONIA wen NORSEMAN PERTH NAREMBEEN @ BUNBURY ESPERANCE 1a
Slide 22: Penny: exploration drilling
Penny | exploration drilling 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”, 22
Slide 23: Penny: shear zone extensions
Penny | shear zone extensions Austin North - Cross section Magenta-Columbia long section Penny Shear Zone extends to north with other exploration targets along strike. Recent results1 include: ➢ 3.4m at 6.94g/t Au from 300.4m, incl. 0.7m at 16.2g/t Au from 300.4m ➢ 0.73m at 15.5g/t Au from 302.23m P
Slide 24: QVYIYY|W)09.0'"—
QVYIYY|W)09.0'"— LAVERTON REBECCA ROE KALGOORLIE EDNA MAY J) Ny) COOLGARDIE BULLFINCH WESTONIA NORSEMAN PERTH NAREMBEEN @ BUNBURY ESPERANCE 124
Slide 25: Dalgaranga: resource definition & infill drilling
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 26: Dalgaranga: miner's dream, grade + width + better at depth
Dalgaranga | miner's dream.. grade + width + better at depth Long section facing southeast | 26
Slide 27: Mt Magnet: Never Never mine schedule
Mt Magnet | 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 Ne
Slide 28: Dalgaranga: a corridor for future discoveries
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$19M • underground diamond
Slide 29: Supercharged: key focus areas remainder of FY26
Supercharged | key focus areas remainder of FY26 PEOPLE + SAFETY PRODUCTION + GROWTH & RESILIENCE EXPLORATION • Focus on safety • Deliver 6th straight year of • Never Never underground on performance production and cost schedule to deliver high- • Proactive safety culture guidance grade to Mt Magnet
Slide 30: Appendices
Appendices 5 Year Outlook FY26 Guidance Capital Framework Never Never PFS Results Rebecca-Roe DFS Mineral Resources Ore Reserves Disclaimer | 30
Slide 31: 5-Year Outlook: high margin business for longer
5-Year Outlook | high margin business for longer AISC Margin (A$/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 32: FY26 Guidance
FY26 Guidance • Ramelius will remain focused on delivering to our shareholders Guidance for the 6th consecutive year • The Never Never underground mine development remains on track with processing of ore to commence in H2 FY26 • The Mt Magnet plant expansion will be heavily weighted to H2 FY26 with
Slide 33: 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 34: Mt Magnet: Never Never underground PFS results
Mt Magnet | Never Never underground PFS results1 Pre-feasibility study Never Never Underground Unit (October 2025) General Start date (site establishment) Mnth Total completed per unit • Bears the full cost of Mt Magnet mill upgrades (A$223M) Mining commencement Production commencement Mnth Mnth com
Slide 35: Rebecca-Roe: definitive feasibility study
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 36: 2025 Mineral Resource Statement
2025 | Mineral Resource Statement MINERAL RESOURCES AS AT 30 JUNE 2025 - INCLUSIVE OF RESERVES For detailed information relating to Measured Indicated Inferred Total Resource Project Deposit Mineral Resources refer to the Mt g/t Koz Mt g/t Koz Mt g/t Koz Mt g/t Koz following ASX Releases (RMS): Open
Slide 37: 2025 Ore Reserve Statement
2025 | Ore Reserve Statement ORE RESERVE STATEMENT AS AT 30 JUNE 2025 For detailed information relating to Ore Project Deposit Proven Probable Total Reserve Reserves refer to the following ASX Mt g/t Koz Mt g/t Koz Mt g/t Koz Releases (RMS): Open Pit deposits 20 1.2 780 20 1.2 780 • “Resources & Res
Slide 38: Disclaimer: definitions
Disclaimer | definitions DISCLAIMER The peer information has been sourced from publicly available information and includes non-IFRS information. The reporting and calculation of non-IFRS information may vary from company to company. Whilst efforts have been made to harmonise this information whereve
Slide 39: 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