Ramelius Resources Limited · ASX:RMS
Ramelius Resources — H1 FY26 Earnings Presentation
25 slides from Ramelius Resources's earnings presentation, Feb 20, 2026
Slide 1: Half Year Financial Results
20 FEBRUARY 2026 HALF YEAR FINANCIAL RESULTS For the period ended 31 December 2025
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: Gold Production
Gold Production GOLD PRODUCTION PROFILE BY HALF-YEAR (KOZ) 169 154 Edna May 124 @seen.or0n h \ \ Edna May 101 Edna May Mt Magnet Mt Magnet Mt Magnet Mt Magnet \ HI FY24 H2 FY24 HI FY25 H2 FY25 HI FY26 \ \ALBANY gy Qijiniiiiijshe \ ae, Haulage direction EEF development Project MEF Ramolius Mino/Proje
Slide 4: First truckload of ore from Dalgaranga to Mt Magnet
First truckload of ore from Dalgaranga to Mt Magnet • First truckload of Never Never ore delivered to Mt Magnet processing plant on 18 February 2026 • Stockpiles: 31,000 tonnes of ore at a grade of 3.6g/t for 3,600 ounces (all development ore) at end of January 2026 • Higher-grade Never Never ore wi
Slide 5: Mt Magnet | Never Never mine schedule
Mt Magnet | Never Never mine schedule Never Never mining schedule (Mt) & (g/t) Mining schedule • From FY28 onwards, tonnages and grade increase as the main section of the ore body is accessed • Pepper zone not in full production until FY30 • Never Never Ore Reserve: 7Mt @ 7.3g/t Au for 1.6Moz1 NOTES
Slide 6: H1 FY26 | mining & production highlights
H1 FY26 | mining & production highlights ORE TONNES MINED (up 64%) MINED GRADE (down 46%) ORE TONNES MILLED (down 47%) 1.1Mt 2.66g/t 1.0Mt • Mt Magnet mill throughput improved • Increased material movement at Cue • Pits have transitioned from weathered 18% - new liner design, optimised pits with int
Slide 7: H1 FY26 | underlying earnings
H1 FY26 | underlying earnings Statutory earnings reconciliations ($M) NPAT EBIT EBITDA Underlying earnings 160.0 219.5 347.7 Less: Spartan acquisition costs (133.2) (133.2) (133.2) Less: Spartan royalty fair value movement (46.6) (46.6) (46.6) Less: care & maintenance costs (5.0) (5.0) (5.0) Less: e
Slide 8: H1 FY26 | financial highlights - underlying earnings
H1 FY26 | financial highlights - underlying earnings REVENUE (down 4%) UNDERLYING EBITDA (up 13%) OPERATING CASH FLOW (down 3%) A$485.6 million A$347.7 million A$311.6 million • Improved spot price and reduced • Record H1 underlying EBITDA • Strong operating cash flow funding hedge commitments capit
Slide 9: H1 FY26 | Mt Magnet earnings
H1 FY26 | Mt Magnet earnings Gold Production Unit H1 FY26 H1 FY25 Change • Performance in line with expectations Operations • Higher production planned in H2 FY26 with Tonnes milled Kt 1,048 887 +18% Dalgaranga high-grade ore Milled grade g/t 2.97 4.00 -26% Gold production Koz 101 108 -7% Gold sales
Slide 10: H1 FY26 | financial highlights - cash
H1 FY26 | financial highlights - cash OPERATING CASH FLOW (down 3%) FREE CASH FLOW (down 150%) UNDERLYING FREE CASH FLOW (down 30%) A$311.6 million A$(40.2) million A$183.7 million • Acquisition of Spartan / Investment • Before acquisition of Spartan, in business growth dividends, and income tax pay
Slide 11: H1 FY26 | key cash flows
H1 FY26 | key cash flows RETURN TO SHAREHOLDERS (up 39%) CAPITAL INVESTMENT (down 14%) H1 FY26 Operating Cash Flow (use of funds)1,2 A$60.3 million A$211.4 million • Plus A$35.4 million in dividend • Including plant & equipment, mine reinvestment, total shareholder development, and exploration retur
Slide 12: H1 FY26 | combination with Spartan
H1 FY26 | combination with Spartan Purchase consideration Purchase consideration (A$M) Cost Fair value • Completion date of 22 July 2025, the date the Initial 19.9% investment in Spartan 253.2 534.8 Scheme was legally effective Scheme consideration – cash 270.6 270.6 • Fair value of Ramelius shares
Slide 13: December 2025 | balance sheet strength
December 2025 | balance sheet strength WORKING CAPITAL (down 15% from June 2025) NET ASSETS (up 109% from June 2025) TOTAL LIQUIDITY (up 21% from 30 June 2025) A$587.2 million A$4.0 billion A$1.2 billion • Mainly due to cash investments in • Increased with the $2.8 billion Spartan • Including cash &
Slide 14: Forward contracts | no forward contracts from March 2026
Forward contracts | no forward contracts from March 2026 HISTORICAL HEDGE BOOK LOSS Close out of FY27 hedge book • Completed in February 2026 at a cost of A$28.4M • Committed to pre-deliver June Quarter into March Quarter • 31 March 2026 no forward contracts in place Price protection in place • FY27
Slide 15: 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 $0.9Bn • Mt Magnet mill upgrade a
Slide 16: H1 FY26 | dividends
H1 FY26 | dividends Interim Dividend DIVIDEND HISTORY | CPS | (A$M) • Fully franked at 3 cents per share (A$57.7 million) • Record date of 17 March 2026 • Payment date of 15 April 2026 • Exceeds the minimum dividend of 2cps per annum commitment for FY26 • Returns A$574/oz • TSR average 18.8%1 p.a. o
Slide 17: Thank you
Thank you RAMELIUS RESOURCES LIMITED | ASX Code: RMS Level 13, 58 Mounts Bay Road, Perth, WA, 6000 Authorised for release to the ASX by the Managing Director INVESTOR ENQUIRIES Mark Zeptner Managing Director Ramelius Resources Ltd Ph: +61 8 9202 1127 Brian Massey General Manager, Investor Relations
Slide 18: Appendix | H1 FY26 Mt Magnet operating highlights
Appendix 1 | H1 FY26 Mt Magnet operating highlights Low-cost operation Sept Dec H1 H1 Safety Operations Unit 25 25 FY26 FY25 • No Lost Time • Open pit mining across Cue Operations Injuries deposits (Break of Day, White Heat, Tonnes mined Kt 567 549 1,116 680 • Seven (7) Restricted Waratah, and Lena)
Slide 19: Appendix | reconciliation of statutory and underlying earnings
Appendix 2 | reconciliation of statutory and underlying earnings Earnings (A$M) H1 FY26 H2 FY25 H1 FY25 H2 FY24 H1 FY24 Statutory NPAT (11.7) 303.8 170.4 175.4 41.2 Add: income tax expense 52.3 129.2 67.2 39.7 20.7 Less: net income (9.3) (9.4) (6.5) (5.2) (2.8) Statutory EBIT 31.3 423.5 231.1 209.9
Slide 20: Appendix | reconciliation of cash flow
Appendix 3 | reconciliation of cash flow Cash Flow (A$M) H1 FY26 H2 FY25 H1 FY25 H2 FY24 H1 FY24 Receipts from customers 485.6 695.2 508.0 548.1 335.6 Payments to suppliers (176.3) (164.9) (187.7) (214.9) (215.5) Interest received 12.5 11.8 7.5 7.0 4.4 Lease payments (10.2) (6.5) (6.9) (8.7) (10.5)
Slide 21: Appendix | reconciliation of working capital
Appendix 4 | reconciliation of working capital Working Capital (A$M) H1 FY26 H2 FY25 H1 FY25 H2 FY24 H1 FY24 Cash 658.7 783.7 454.5 424.2 249.3 Gold bullion on hand (spot) 35.6 26.0 47.2 22.4 32.5 Receivables 9.8 5.5 5.3 3.7 7.7 Current stockpiles & gold in circuit (at cost) 78.6 64.9 70.2 89.8 108.
Slide 22: Appendix | half-year production, costs, gold price history
Appendix 5 | half-year production, costs, gold price history Tonnes Mined (Mt) Contained Gold Mined (Koz) Milled Grade (g/t) Gold Production (Koz) Realised Gold Price (A$/oz) AISC (A$/oz) | 22
Slide 23: Appendix | half-year earnings history
Appendix 6 | half-year earnings history Revenue (A$M) Underlying EBITDA (A$M) Underlying NPAT (A$M) Underlying basic earnings per share (A$ cps) Movement in cash & gold (A$M) Underlying Free Cash Flow (A$M) | 23
Slide 24: Appendix | half-year margins history
Appendix 7 | half-year margins history Gross profit margin (%) Gross profit per ounce (A$/oz) Underlying EBITDA margin (%) Underlying EBITDA per ounce (A$/oz) AISC margin (%) AISC margin per ounce (A$/oz) | 24
Slide 25: Appendix | definitions
Appendix 8 | definitions AISC: All-in Sustaining Cost is calculated in accordance with the World Gold Council Guidance Note on AISC and AIC released on 14 November 2018 AIC: All-in Cost is calculated in accordance with the World Gold Council Guidance Note on AISC and AIC released on 14 November 2018