Slide 1: Mining Forum Americas
For personal use only Mining Forum Americas Mark Zeptner, Managing Director 15 SEPTEMBER 2025
Slide 2: Qualifications & Non-IFRS Financial Information
Qualifications & Non-IFRS 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
Slide 3: Disclaimer: Aspirational Statements
Disclaimer Aspirational Statements For personal use only The statements which appear in this presentation regarding the vision for Ramelius to be a +500koz/pa producer by FY30 is an aspirational statement (and not a Production Target) and Ramelius does not yet have reasonable grounds to believe that
Slide 4: Ramelius' Vision: to be a +500koz pa Producer by FY30
Ramelius’ Vision | to be a +500koz pa Producer by FY30 For personal use only A$6.5Bn A$784M 12.1 Moz Au 2.6 Moz Au 302koz Au Market cap1 Net cash2 Group Mineral Group Ore Reserve4 Production @ A$1,551 (US$1,008) Resource3 (Dalgaranga Reserve AISC (FY25)5 Dec 2025 Qtr) NOTES This vision is an aspirat
Slide 5: Ramelius' Vision: Gold Production & AISC
Ramelius’ Vision | to be a +500koz pa Producer by FY30 Gold Production & AISC1,2 (A$/oz) For personal use only NOTES This vision is an aspirational statement (and not a production target) and Ramelius do not yet have reasonable grounds to believe the vision can be achieved. Refer to the Aspirational
Slide 6: Growing the business
Growing the business Establish For personal use only • 17-Year Mt Magnet Mine Plan, 2.1Moz, up 37%1 • Rebecca-Roe PFS2 released in December 2024 with DFS targeted December 2025 Quarter • Exceptionally strong operational and financial results for FY25 • A$784M3 cash & gold post Spartan acquisition In
Slide 7: Dalgaranga Integration PFS with key focus areas
Dalgaranga Integration PFS | with key focus areas For personal use only Study Area Update Metallurgical test work and first pass economic analysis has narrowed the processing options to two possible scenarios. The next phase of engineering Processing work is underway and once the final processing op
Slide 8: Getting closer to the good stuff…
Getting closer to the good stuff… Juniper Decline1 For personal use only • The Juniper decline is progressing to plan and on budget • First view of the Never Never orebody NOTES 1. See RMS ASX Release “Dalgaranga and Mt Magnet Hub Integration Update”, 9 September 2025. Tim Hewitt (COO), Mark Zeptner
Slide 9: Rebecca-Roe
For personal use only Rebecca-Roe | 9
Slide 10: Rebecca-Roe Gold Project Key Financial Metrics
Rebecca-Roe Gold Project For personal use only Key Financial Metrics • Internal rate of return (“IRR”) after tax of 26% at A$3,500/oz • After tax net present value (NPV5%) of A$332 million at a base case of A$3,500/oz (NPV5% @ A$4,000/oz = A$610 million) • Undiscounted cash flow, before tax, of A$68
Slide 11: Rebecca-Roe DFS targeted for December 2025 Quarter
Rebecca-Roe DFS | targeted for December 2025 Quarter with 5 Year Plan For personal use only Board approval Study Area Definitive Feasibility Study | + / - 10% accuracy | 10% design / engineering To commence Definitive Feasibility Study (DFS)1 Drilling Sterilise drilling for camp, airstrip and roe wa
Slide 12: FY25: a Record Year
FY25 | a Record Year Record gold Record underlying production free cash flow For personal use only Of 301,664 ounces Generation sector leading underlying free cash flow per ounce 5th Consecutive Year The seamless Of achieving both Production transition of Cue & Cost Guidance Into a highly cash gener
Slide 13: FY25 Key Physicals
FY25 Key Physicals | increased mined & milled grades For personal use only | 13
Slide 14: FY25 Financial Highlights: Earnings
FY25 Financial Highlights | Earnings For personal use only REVENUE (up 36%) EBITDA (up 81%) EBITDA PER OUNCE (up 72%) A$1.2 billion A$818.6 million A$2,712/oz • Record revenue • Record EBITDA • Record EBITDA margin • Increased production and A$ gold • Focus on high-grade ore sources • Margin per oun
Slide 15: FY25 Dividends: Up 60%, 7th Consecutive
FY25 Dividends | Up 60%, 7th Consecutive Final Dividend Dividend History | cps | (A$M) For personal use only • Fully franked at 5 cents per share (A$95.6 million) • Record date of 16 September 2025 • Payment date of 13 October 2025 Total FY25 Dividend • Fully franked at 8 cents per share (including
Slide 16: Ramelius Guidance History
Ramelius Guidance History For personal use only Current Year Gold Production vs. Guidance (mid-point) + AISC (US$oz) • Exceeded Production Guidance (290-300koz) • Low end of Cost Guidance (US$1,007-1,072/oz) 600 $1,500 $1,232 $1,300 $990 $1,029 $1,008 Peer Comparison 500 $1,100 $856 $900 • Only mid-
Slide 17: Cash Flow: North American Peers
Cash Flow | North American Peers INDUSTRY LEADING (ASX & TSX) UNDERLYING FREE CASH FLOW PER OUNCE PRODUCED For personal use only Ramelius FY25 underlying free cash flow per ounce of US$1,497 Ramelius FY25 underlying free cash flow of US$451.7M from 302koz Underlying free cash flow per ounce produced
Slide 18: Returns Last 3 Years: North American Peers
Returns Last 3 Years | North American Peers L3Y Return on Capital L3Y Return on Invested Capital L3Y Return on Equity For personal use only NOTES Refer to appendices for definitions | 18
Slide 19: Exploration Upside…
EXPLORATION For personal use only Upside…. | 19
Slide 20: Mt Magnet Hub
For personal use only Mt Magnet Hub3 | 20
Slide 21: Dalgaranga: Exploration Update
Dalgaranga | Exploration Update1 For personal use only NOTES 1. See Spartan ASX Release, “Spartan’s High-Grade Gold Focus Delivers Positive Results Across Key Prospects”, 26 June 2025. 2. See Spartan ASX Release “Pepper Resource Soars 99% to 873koz at 10.3g/t Gold”, 2 December 2024. | 21
Slide 22: Dalgaranga: A corridor for future discoveries
Dalgaranga | A corridor for future discoveries For personal use only 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 •
Slide 23: Cue: Exploration Plans
Cue | Exploration Plans For personal use only | 23
Slide 24: Galaxy Mine Area
Galaxy Mine Area2 For personal use only | 24
Slide 25: Galaxy: Which mine will become the next Hill 50?
Galaxy | Which mine will become the next Hill 50? For personal use only | 25
Slide 26: Eridanus Mine Area: Chasing the high grade at depth
Eridanus Mine Area | Chasing the high grade at depth For personal use only | 26
Slide 27: Ramelius' Investment Case
Ramelius’ Investment Case For personal use only Reliable operational Sector leading cash flows performance High margin business with long life assets (Mt Magnet & Stand-out in sector for Rebecca-Roe) delivery of Guidance Dividend yield well Vision to 500,000oz pa above mid-tier ASX By FY30 – credibl
Slide 28: Appendix
For personal use only Appendix Mineral Reserves and Resources | FY25 Cashflow Industry ASX Peer Review | FY25 Mt Magnet Operating Highlights | Hedge Book | Supporting Workings | 28
Slide 29: RMS 2024 Mineral Resource Statement
RMS 2024 | Mineral Resource Statement For personal use only | 29
Slide 30: SPR 2024 Mineral Resource Statement
SPR 2024 | Mineral Resource Statement For personal use only | 30
Slide 31: RMS 2024 Ore Reserve Statement
RMS 2024 | Ore Reserve Statement For personal use only | 31
Slide 32: Cash Flow
Cash Flow INDUSTRY LEADING (ASX) UNDERLYING FREE CASH FLOW PER OUNCE PRODUCED (FY25) For personal use only | 32
Slide 33: FY25 Mt Magnet Operating Highlights
FY25 Mt Magnet Operating Highlights For personal use only | 33
Slide 34: Increasing Exposure to Spot Gold Price
Increasing Exposure to Spot Gold Price For personal use only Disciplined and managed reduction Pre-delivered into 7koz of FY26 FY27 also has zero premium collars in hedge book since March 2023 forward contracts increasing future for 22,500 ounces with a floor price exposure to AUD spot prices of A$4
Slide 35: FY25 Supporting Cash Flow Workings (ASX)
FY25 | Supporting Cash Flow Workings (ASX) For personal use only | 35
Slide 36: FY25 Underlying free cash flow per ounce calculation (ASX)
FY25 | Underlying free cash flow per ounce calculation (ASX) For personal use only | 36
Slide 37: North American Peer Supporting Cash Flow Calculations (US$)
FY25 & CY24 | North American Peer Supporting Cash Flow Calculations (US$) Underlying Investments Dividends Total Opening Closing Net cash Company free cash & & buy Financing Tax Other cash cash & cash & Debt Source / (deb) flow Acquisitions backs flow gold gold For personal use only Ramelius June 20
Slide 38: North American Peer Supporting Cash Flow per Ounce Calculations
FY25 & CY24 | North American Peer Supporting Cash Flow per Ounce Calculations Underlying free Underlying free For personal use only Production cash flow per Company cash flow Source Koz ounce US$M US$/oz June 2025 Quarterly Activities Report (29 July Ramelius Resources Limited 451.7 302 $1,497 2025)
Slide 39: North American Peer Reporting Data (Returns – Earnings in US$)
FY25 & CY24 | North American Peer Reporting Data (Returns – Earnings in US$) Add back: income Add / (less): net Net operating Company Statutory NPAT tax expense / finance expense / Statutory EBIT Tax Rate profit after tax Source For personal use only (benefit) (income) (statutory) (D) (F) (A) (B) (C
Slide 40: North American Peer Reporting Data (Returns – Earnings in US$)
FY25 & CY24 | North American Peer Reporting Data (Returns – Earnings in US$) Add back: Add / (less): net Net operating income tax For personal use only Company Statutory NPAT finance expense / Statutory EBIT Tax Rate profit after tax Source expense / (income) (statutory) (benefit) (D) (F) (A) (B) (C
Slide 41: North American Peer Reporting Data (Returns – Earnings in US$)
FY25 & CY24 | North American Peer Reporting Data (Returns – Earnings in US$) Add back: Add / (less): net Net operating For personal use only Statutory income tax finance Company Statutory EBIT Tax Rate profit after tax Source NPAT expense / expense / (statutory) (benefit) (income) (D) (F) (A) (B) (C
Slide 42: North American Peer Reporting Data (Returns – Capital in US$)
FY25 & CY24 | North American Peer Reporting Data (Returns – Capital in US$) Return on Invested Capital Return on Return on Company Debt Equity Cash & gold invested capital employed capital Equity capital For personal use only (D) (E) (F) (G) (H) (A) (B) (C) (A)+(B)+(C) (A)+(B) (F)1/(D) (D)1/(E) (A)1
Slide 43: North American Peer Reporting Data (Returns – Capital in US$)
FY25 & CY24 | North American Peer Reporting Data (Returns – Capital in US$) Return on Invested Capital Return on Return on Company Debt Equity Cash & gold invested capital employed capital Equity capital For personal use only (D) (E) (F) (G) (H) (A) (B) (C) (A)+(B)+(C) (A)+(B) (F)1/(D) (D)1/(E) (A)1
Slide 44: North American Peer Reporting Data (Returns – Capital in US$)
FY25 & CY24 | North American Peer Reporting Data (Returns – Capital in US$) Return on Cash & Invested Capital Return on Return on Company Debt Equity invested gold capital employed capital Equity capital For personal use only (D) (E) (F) (G) (H) (A) (B) (C) (A)+(B)+(C) (A)+(B) (F)1/(D) (D)1/(E) (A)1
Slide 45: 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 For personal use only information may vary from company to company. Whilst efforts have been made to harmonise th
Slide 46: Thank you
Thank you RAMELIUS RESOURCES LIMITED | ASX Code: RMS For personal use only 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 Financ