Ramelius Resources Limited · ASX:RMS
Ramelius Resources — Investor Presentation (March 2025)
39 slides from Ramelius Resources's investor presentation, Mar 17, 2025
Slide 1: Transformational Combination of Ramelius & Spartan
Not for release to US wire services or distribution in the United States TRANSFORMATIONAL COMBINATION OF RAMELIUS & SPARTAN 1 17 March 2025
Slide 2: 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 3: 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 4: 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 5: 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 Mineral Resource and Ore Reser
Slide 6: Important Notices and Disclaimer
IMPORTANT NOTICES AND DISCLAIMER Exploration Results Aspirational Statements The Exploration Results for the Dalgaranga Gold Project (Gilbey’s, Four Pillars, West Winds, Applewood, Plymouth, The following statements in this presentation are aspirational statements (and are not Production Targets) an
Slide 7: Today's Presenters
TODAY’S PRESENTERS Mark Zeptner Simon Lawson Managing Director and CEO Executive Chairman Ramelius Resources Spartan Resources 7
Slide 8: Transaction Overview
TRANSACTION OVERVIEW
Slide 9: Ramelius' Vision to be a +500koz/pa Producer by FY30
RAMELIUS’ VISION TO BE A +500KOZ/PA PRODUCER BY FY30 The creation of a leading Western Australian gold company with strong, highly profitable existing operations, a supercharged growth profile and exceptional exploration upside A$4.2Bn A$503M 270-300 koz Au 12.1 Moz Au 2.6 Moz Au A$1,500-1,700 AISC
Slide 10: A Logical and Synergistic Combination
A LOGICAL AND SYNERGISTIC COMBINATION ➢ Mt Magnet & Dalgaranga – a logical & synergistic combination ➢ Dalgaranga to supercharge the Mt Magnet mine plan – higher grade, higher ounces, higher margin ➢ Combination of Ramelius’ large mineral resource and existing operational team with Spartan’s high-gr
Slide 11: Key Transaction Details
KEY TRANSACTION DETAILS Offer Structure • Scheme of Arrangement, whereby Ramelius will acquire 100% of the fully paid ordinary shares in Spartan that it does not already own (Scheme) • The Scheme has been unanimously recommended by the Spartan Board1 • The Scheme is subject to approval by Spartan sh
Slide 12: Combined Board to Benefit from Complementary Skill Sets
COMBINED BOARD TO BENEFIT FROM COMPLEMENTARY SKILL SETS Combination of complementary skill sets with Ramelius operational DNA paired with Spartan exploration DNA Ramelius Spartan Bob Vassie Mark Zeptner Simon Lawson Non-Executive Chairman Managing Director and CEO Non-Executive Deputy Chairman David
Slide 13: Snapshot of the Combined Group
SNAPSHOT OF THE COMBINED GROUP Ramelius Spartan Proforma Share price / offer price1 A$/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 14 14 Debt (31 Dec 2024
Slide 14: Transaction Timetable
TRANSACTION TIMETABLE Event Date Spartan submits draft Transaction Booklet to ASIC Late May 2025 First Court Date for Scheme Mid June 2025 Takeover Offer Period commences1 Mid June 2025 Scheme Booklet released to shareholders Mid June 2025 Scheme Meeting Mid July 2025 If the Scheme is approved by Sp
Slide 15: Transaction Rationale
TRANSACTION RATIONALE
Slide 16: Ramelius' Vision of Being a +500koz/pa Producer by FY30
RAMELIUS’ VISION OF BEING A +500KOZ/PA PRODUCER BY FY30 Vision to be a +500koz/pa producer by FY30, underpinned by +350koz/pa at an expanded Mt Magnet Hub ➢ Mt Magnet Mine Plan3 + Rebecca-Roe PFS4 Ramelius’ Gold Production and AISC (Pre-Spartan) ➢ 10 years of strong cashflow ahead for Ramelius, befo
Slide 17: Compelling Transaction Rationale
COMPELLING TRANSACTION RATIONALE Vision to be a +500koz/pa producer by FY30, underpinned by +350koz/pa at an expanded Mt Magnet Hub Transaction Rationale ✓ Ramelius and Spartan to create a leading Western Australian gold producer with a supercharged growth profile and exceptional exploration upside
Slide 18: Mt Magnet & Dalgaranga – A Logical & Synergistic Combination
MT MAGNET & DALGARANGA – A LOGICAL & SYNERGISTIC COMBINATION Vision to be a +500koz/pa producer by FY30, underpinned by +350koz/pa at an expanded Mt Magnet Hub ▪ Significant work already undertaken to optimise the synergies of Ramelius’ Mt Magnet operations with Spartan’s Dalgaranga operations Integ
Slide 19: Mt Magnet & Dalgaranga – Significant Integration Opportunity
MT MAGNET & DALGARANGA – SIGNIFICANT INTEGRATION OPPORTUNITY Combination of Spartan excess processing capacity and high-grade ore with Ramelius’ large mineral resource Processing Facility Deposit Mineral Resource1,2 Overview & Integration Strategy Eridanus Stage 3 (OP + UG)1 24.2Mt @ 1.7g/t for 1.31
Slide 20: Mt Magnet & Dalgaranga – A Vision of +350koz/pa Production by FY30
MT MAGNET & DALGARANGA – A VISION OF +350KOZ/PA PRODUCTION BY FY30 Combination of Spartan excess processing capacity and high-grade ore with Ramelius’ large mineral resource Spartan high-grade Mineral Resource and processing capacity improves the Combined Group’s ore source flexibility … Mt Magnet D
Slide 21: Creation of a Leading, Growth Focused Australian Gold Producer
CREATION OF A LEADING, GROWTH FOCUSED AUSTRALIAN GOLD PRODUCER Combined Group to become a leading ASX mid-tier gold producer, with a robust balance sheet to deliver on growth potential Market Capitalisation (A$Bn)1,3 Net Cash (A$M)2,3 Mineral Resources (Moz)3,4 Free Cash Flow (H1 FY25 A$M)3,4 Larges
Slide 22: Combination Expected to Deliver Qualitative and Quantitative Benefits
COMBINATION EXPECTED TO DELIVER BOTH QUALITATIVE AND QUANTITATIVE BENEFITS Ramelius and Spartan to work together to ensure delivery of integration and synergies to the benefit of both sets of shareholders GREATER OPERATIONAL EXPEDITED PRODUCTION FLEXIBILITY STREAMLINED CAPEX PROFILE ▪ Processing ini
Slide 23: Combining Operational Excellence and Exploration Excellence
COMBINING OPERATIONAL EXCELLENCE AND EXPLORATION EXCELLENCE Ramelius operational DNA and Spartan exploration DNA combined to deliver shareholder value through sustainable production, mine development and exploration Complementary combination of ✓ DNA of operational excellence cultures and expertise
Slide 24: Appendix – Asset Overviews
APPENDIX – ASSET OVERVIEWS
Slide 25: Dalgaranga High-Grade Ore to Supercharge Integrated Mt Magnet Hub
DALGARANGA HIGH-GRADE ORE TO SUPERCHARGE INTEGRATED MT MAGNET HUB Mine Type • Open pit and underground Mineral • 15.9Mt @ 5.61 g/t Au for 2.87 Moz Resource1 • Never Never – 5.12Mt @ 8.81 g/t Au for 1.45 Moz • Pepper - 2.64Mt @ 10.31 g/t Au for 0.87 Moz • Four Pillars - 1.86Mt @ 2.02 g/t Au for 0.12
Slide 26: Renewed Focus on Exploration
RENEWED FOCUS ON EXPLORATION ➢ Spartan is currently undertaking a 20,000m surface drilling campaign at four highly prospective targets:1,2 ➢ Pepper – 100m up-dip of the Pepper MRE ➢ Freak – recent discovery in November 2024, with step out drilling targeting volume and grade ➢ Northern corridor – mul
Slide 27: 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) Metric From 1 Jan 2025 Total Production +2Moz Average Annual Production (next ~140koz 10 years)1 AISC2 (next 2.5 years) A$1,600/oz AISC2 (next 10.5 years) A$
Slide 28: Mt Magnet Plant May Be Further Expanded
MT MAGNET PLANT MAY BE FURTHER EXPANDED ➢ Current plan targets 2.5Mtpa – 3.0Mtpa, depending on ore blending ➢ Dalgaranga Plant provides opportunity to optimise ore processing and blending across assets of the Combined Group ➢ Studies to be undertaken to potentially increase Mt Magnet plant capacity
Slide 29: Eridanus Cutback – Long Term Feed for Expanded Checkers Plant
ERIDANUS CUTBACK – LONG TERM FEED FOR EXPANDED CHECKERS PLANT ➢ Updated Total Mineral Resource (open pit / underground) of 24Mt at 1.7g/t for 1.3Moz1 ➢ Maiden Ore Reserve (open pit only) of 18Mt at 1.2g/t for 680koz 1 ➢ Open pit ore represents approximately 9 years mill feed at 2Mtpa 1 See RMS ASX R
Slide 30: Rebecca-Roe Development Project
REBECCA-ROE DEVELOPMENT PROJECT ➢ After tax net present value (NPV5%) of A$332 million at a base Parameter Unit Pre-Feasibility Study case of A$3,500/oz General (December 2024) Start date (site establishment) Mth January 2026 ➢ At a gold price of A$4,000/oz, after tax net present value (NPV5%) Minin
Slide 31: Rebecca-Roe DFS – FID Targeted for September 2025 Quarter
REBECCA-ROE DFS – FID TARGETED FOR SEPTEMBER 2025 QUARTER ➢ Board approval to commence Definitive Study Definitive Feasibility Study Feasibility Study (DFS) Area + / - 10% accuracy 10% design / engineering ➢ Final Investment Decision targeted for Drilling Sterilise drilling for Camp, Airstrip and Ro
Slide 32: Appendix - Mineral Reserves and Resources
APPENDIX - MINERAL RESERVES AND RESOURCES 32
Slide 33: RMS 2024 Mineral Resource Statement
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 34: SPR 2024 Mineral Resource Statement
SPR 2024 MINERAL RESOURCE STATEMENT Indicated Inferred Total 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 1 Pepper 1.96 12.18 767.2 0.68 4.89 106.2 2.64 10.31 873.4 HG UG Su
Slide 35: 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. Project Mine Prov en Probable Total Reserv e t g/t oz t g/t oz t g/t oz For updated information
Slide 36: Appendix – Supporting Data
APPENDIX – SUPPORTING DATA 36
Slide 37: Appendix: Supporting Peer Resource Information
APPENDIX: SUPPORTING PEER RESOURCE INFORMATION Measured Indicated Inferred Total Tonnes Grade Gold Tonnes Grade Gold Tonnes Grade Gold Tonnes Grade Gold ASX Release Company Mineral Resource Estimate ASX Source (Mt) (g/t) (Moz) (Mt) (g/t) (Moz) (Mt) (g/t) (Moz) (Mt) (g/t) (Moz) Date NST 187 1.1 6.4 5
Slide 38: Appendix: Supporting Peer Capitalisation Information
APPENDIX: SUPPORTING PEER CAPITALISATION INFORMATION Market Cap. Cash & Gold Debt Net Cash & Gold Company (A$M) (A$M) (A$M) (A$M) NST 19,420 1,215 950 265 EVN 12,354 520 1,813 -1,293 GMD 3,457 222 0 222 CMM 3,073 363 50 313 VAU 2,823 576 0 576 GOR 2,724 174 0 174 RRL 2,433 529 300 229 WGX 2,301 152
Slide 39: Appendix: H1 FY25 Supporting Cash Flow Workings
APPENDIX: H1 FY25 SUPPORTING CASH FLOW WORKINGS Hedge Operating book Working Underlying Investment Dividends Total Opening Closing Company cash flow Growth closure & Capital free cash & / Share cash cash & cash & Net cash / ($M) (inc leases) Capital Exploration loss & Other flow acquisition Buy Back
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