ramelius resources limited 2018 annual general … · • the original (& current) offer of 1...

RAMELIUS RESOURCES LIMITED 2018 ANNUAL GENERAL MEETING CHAIRMAN’S ADDRESS Ladies and Gentlemen, welcome to the 16th Annual General Meeting of Australian gold miner, Ramelius Resources Limited. It is with some sadness that we meet today without Bob Kennedy, our inaugural Chairman who presided over the previous 15 Annual General Meetings of shareholders since the ASX listing of the Company on 31 March 2003. As shareholders will be aware, Bob passed away on 20 March 2018 and a special tribute in recognition of his immense contribution to Ramelius was included in the 2018 Annual Report. On behalf of the Board, I take this opportunity to note that Bob’s presence at Ramelius is greatly missed and we remember him today. It is my pleasure to report on the excellent financial and operational result achieved by Ramelius in 2018. In the year ended 30 June 2018, your Company reported a fourth consecutive annual profit before tax of A$45.5 million compared to A$25.1 million in 2017. This was a record result based on sales revenue of A$341.8 million, up from A$197.4 million in the prior year. This pleasing result was achieved on the back of record gold production of 208,118 ounces of gold which was significantly up on the previous year of 125,488 ounces, thanks to an excellent 9-month contribution by the Edna May gold operations which was acquired by Ramelius in October 2017. Cash flows from operating activities increased from A$83.4 million last year to A$118.9 million in 2018 driven by higher realised gold prices, lower operating costs and an excellent $14.6 million contribution by Edna May. At 30 June 2018 the Company had total net assets of $202.0 million compared to A$169.8 million in 2017 and cash at bank of A$75.0 million, down only A$3.6 million from the previous year of A$78.6 million and after paying A$38.4 million cash for the acquisition of the Edna May gold mine from Evolution Mining Limited and incurring expenditure of A$65.6 million on capital development and A$13.6 million on exploration during the year. Operationally, Ramelius continued mining its Vivien underground gold deposit near Leinster in Western Australia, trucking high-grade ore for processing at Mt Magnet. Mining at Mt Magnet continued during the year at the underground Water Tank Hill mine, with new mining activities commencing at the Milky Way open pit project, the Stellar and Stellar West open pit projects and the Shannon open pit project. During the year the Company undertook other new development activities involving:

The Shannon Project at Mt Magnet where, apart from progressing the open pit mine, an underground mine design was advanced to enable this project to proceed in 2018/19;

The Hill 60 Project close to the St George/Water Tank Hill underground gold mine at Mt Magnet where a new resource model was generated and a mine design & evaluation studies were progressed;

The Morning Star Project at Mt Magnet where work was undertaken on an open pit design and plans progressed for a mining operation to commence in early 2019; and

The Greenfinch Project where a new open pit mine over a strike extension of the Edna May deposit adjacent to the Stage 2 open cut pit was designed and progressed for mining approval.

Ramelius also carried out exploration at several targets at Mt Magnet during the financial year. At the Eridanus project, high-grade drill results resulted in a maiden Mineral Reserve that was included in the June 2018 Resources and Reserves Statement. RC drilling at the Shannon

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Extensions and Shannon Deeps projects intersected very encouraging mineralisation immediately to the south and below the current resource indicating the plunge of the grade lode continues at depth. Encouraging mineralisation results at the Titan Deeps project were also obtained from an RC hole drilled from the saddle of the Saturn and Titan pits. This time last year Ramelius was in the process of integrating its recently acquired Edna May Gold mine. Having successfully increased productivities and implementing cost reductions, the Company was able to deliver on increased forecast production above 200,000 ounces of gold for the financial year. This year as shareholders are aware, Ramelius is currently in the process of a takeover offer for Explaurum Limited, a gold exploration and development company focussed on the Tampia Hill project near Narembeen in the Wheatbelt of Western Australia, 240km east of Perth. Ramelius is interested in increasing its footprint in this area of Western Australia and earlier this month, submitted a conditional, non-binding and incomplete proposal to Explaurum Limited proposing to increase the consideration of the Takeover Offer made in September 2018 by the addition of A$0.05 cash per Explaurum share to the existing 1:4 scrip offer that, based on the closing Ramelius share price on 9 November 2018 of $0.41 per share, valued Explaurum at A$0.1525 per share. The current takeover offer was extended to 21 December 2018 and the proposed increase in consideration was subject to the completion of a confirmatory due diligence period in which to finalise the proposed offer in collaboration with the Explaurum Limited board. During this period Ramelius engaged in high quality and constructive discussions with Explaurum and its advisers in relation to its due diligence investigations and continued commercial discussions. However, as was announced yesterday, following completion of this process Ramelius formed the view that it does not intend to proceed with the improved offer on the basis that a value accretive outcome for Ramelius shareholders would be unlikely to be achieved. The current conditional 1:4 scrip offer for Explaurum remains on foot and is due to close on 21 December 2018. It is important to note that the offer for Explaurum is subject to a number of defeating conditions and in this regard, I refer shareholders to the Company’s Release lodged with ASX yesterday. Recently, your Company announced that the creditors of Black Oak Minerals Ltd (Administrators Appointed) approved the DOCA put forward by Ramelius which paved the way for it to complete the A$13 million acquisition of the Marda Gold project once the Federal Court approves the transaction. The Marda gold project is located north of Southern Cross in Western Australia and within trucking distance of our Edna May operations. Last month, Ramelius reported that its Cash and Gold on hand at 30 September 2018 was A$102.4 million. Shareholders will be aware that despite the record profit being reported for the 2018 financial year, no dividend was proposed by Directors to be paid for that year. Notwithstanding this, I am pleased to report, that as was announced earlier today, the Board has approved a new Dividend Policy, which seeks to maximise value through regular dividend payments to shareholders, while also ensuring that capital requirements for ongoing operations and growth of the Company can be met. Accordingly, Ramelius proposes, under the policy to in future pay a minimum dividend of A$0.01 per share per annum, with a target maximum payout of 30% of free cash flow, subject to maintaining a minimum cash and gold balance of A$50 million and a reserve life of at least 5 years. Of course, the Board will ultimately have discretion as to the payment and quantum of dividends based on factors including operational results, market conditions and future capital requirements. Ramelius is financially strong with no corporate debt and in a position to take advantage of any other corporate opportunities that may become available. The Board is focused on growing the Company for the benefit of all our shareholders and through the new Dividend Policy announced today, your Directors aim to distribute some of the free cash flow generated from our operations by the payment of future dividends to shareholders. Shareholders will be aware from an announcement in July 2018 that Ramelius is to close the Adelaide Office which will occur at the end of this month. Our inaugural and current Company

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Secretary who previously also acted as Chief Financial Officer until November 2015, Mr Dom Francese has decided not to relocate to Perth. On behalf of the Board I would like to thank Dom for his service to Ramelius since 2002/03 when he first commenced working with the inaugural Board on the IPO prospectus and ASX listing of the Company. Since October 2018, Dom has been transitioning the Adelaide office operations and duties of Company Secretary to Mr Richard Jones who was last month appointed to the newly created position of Manager Legal / Company Secretary based in Perth. I welcome Richard to Ramelius and wish Dom all the best for the future. Ladies and Gentlemen, I look forward to an exciting year ahead as we build on our past success and I take this opportunity to thank our Managing Director and the Board, and all our employees for their valuable contributions during the past year. Finally, I thank all our shareholders for their continuing support and loyalty, particularly those attending the Annual General Meeting today. Thank you, ladies and gentlemen for your attention. Kevin Lines CHAIRMAN

1ANNUAL GENERAL MEETING - NOVEMBER 2018

Ramelius Resources Limited

Annual General Meeting 29th November 2018

Mark ZeptnerManaging Director ASX:RMS

2ANNUAL GENERAL MEETING - NOVEMBER 2018 2

QUALIFICATION

Forward Looking Statements

This presentation contains certain forward lookingstatements with respect to Ramelius’financial condition,results of operations, production targets and other mattersthat are subject to various risks and uncertainties. Actualresults, performance or achievements could be significantlydifferent from those expressed in or implied by thoseforward looking statements. Such forward lookingstatements are not guarantees of future performance andinvolve known and unknown risks, uncertainties and otherfactors that are beyond the control of Ramelius that maycause actual results to differ materially from thoseexpressed in the forward looking statements containedherein. Ramelius Resources Limited gives no warranties inrelation to the information and statements within thispresentation.

Competent Persons Statement

The Information in this report that relates to ExplorationResults, Mineral Resources and Ore Reserves is based oninformation compiled by Kevin Seymour (ExplorationResults), Rob Hutchison (Mineral Resources) and DuncanCoutts (Ore Reserves), who are Competent Persons andMembers of The Australasian Institute of Mining andMetallurgy. Kevin Seymour, Rob Hutchison and DuncanCoutts are full‐time employees of the company and havesufficient experience that is relevant to the style ofmineralisation and type of deposit under consideration andto the activity being undertaken to qualify as a CompetentPerson as defined in the 2012 Edition of the “AustralasianCode for Reporting of Exploration Results, MineralResources and Ore Reserves”. Kevin Seymour, RobHutchison and Duncan Coutts consent to the inclusion inthis report of the matters based on their information in theform and context in which it appears.


EXPLAURUM TAKEOVER OFFER – UPDATE

Timeline

• 10 September 2018

• 18 October 2018

• 29 October 2018

• 12 November 2018



• RMS announced 1 for 4 Off-market takeover offer for Explaurum Ltd (ASX: EXU)

• Offer extended to 23 November 2018

• EXU agreed to Strategic Investment from Alkane Resources (ASX: ALK)

• Indicative non-binding proposal to improve offer (+5cps cash) subject to due diligence,

Offer extended 21 December 2018

• Due diligence and commercial discussions completed

• Announced intention of RMS not to proceed with improved indicative offer

What Now ?

• RMS does not intend to proceed with the improved indicative offer

• The original (& current) offer of 1 RMS share for every 4 EXU shares is still “live” but currently lapses 21 Dec 2018

• If the ALK Strategic Investment is approved by EXU shareholders then RMS will seek to withdraw its offer early


FY2018 – CONSECUTIVE YEARS OF RECORD PRODUCTION

Operating Performance

2017 2018

Gold Production 125,488oz 208,118oz Up 66%

Revenue A$197.4m A$341.8m Up 73%

EBITDA A$84.7m A$127.0m Up 50%

Net Profit Before Tax A$25.1m A$45.5m Up 81%


FY2018 – CONSECUTIVE YEARS OF RECORD PRODUCTION & FINANCIAL RETURNS

Further Strengthened Balance Sheet2017 2018

Cash and Gold A$89.9m A$95.5m Up 6%

Net Assets A$169.8m A$202.0m Up 19%

Borrowings Nil Nil no change

Operating Cash Flows A$83.4m $118.9m Up 43%

September 2018 Quarter Gold production of 51,428 oz at AISC of A$1,253/oz Cash and Gold increased to A$102.4m



Production level well established at +50,000 ounces per Quarter

Consistently achieving Guidance

Target +200,000 ounces per annum



AISC margin funds development projects without reducing Cash & Gold balance

Includes A$38.4m Acq. of Edna

May



Better than average performance for gold stocks in FY2018, impacted by a 20% fall in the last 2 months



Comparison to ASX Gold Index (XGD)

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NEW DIVIDEND POLICY

Policy aims to maximise value through regular payments to shareholders, while also ensuring that capital requirements for ongoing operations and growth can be met

Accordingly, Ramelius proposes to pay a minimum dividend of A$0.01 per share per annum, with a target maximum payout of up to 30% of free cash flow, subject to;

maintaining a minimum cash and gold balance of A$50M, and

a reserve life of at least 5 years.

The Board of Directors ultimately retains discretion as to the payment and quantum of dividends based on factors including financial and operational results, market conditions and future capital requirements


Management

Duncan Coutts Chief Operating Officer

Tim Manners Chief Financial Officer

Kevin Seymour GM Exploration & BD

Rob Hutchison Manager Mine Geology

Liz Jones GM ‐ Mount Magnet

Paul Marlow Mine Manager ‐ Vivien

Tim Blyth GM ‐ Edna May

Corporate Structure: at 30 September 2018

Shares on Issue 528.5M

Market Cap A$256M @ $0.485 per share

Cash & Gold A$102.4M

Debt Nil

Enterprise Value A$153.6M

Liquidity 1.2M shares (30 day ave.)

Share Price Performance

Production Guidance

FY2019 Guidance 190‐210,000oz @ AISC A$1,150‐1,250/oz

FY2018 Production 208,118oz @ AISC A$1,191/oz

Mineral Resources 3.476Moz at 30 June 2018 (excludes Marda)

Total Ore Reserves 0.698Moz at 30 June 2018 (excludes Marda) Board

Kevin Lines Non Executive Chairman

Mark Zeptner Managing Director

Mike Bohm Non Executive Director

David Southam Non Executive Director

Dom Francese Company Secretary

Richard Jones Manager Legal / Company Secretary

Major Shareholders:

Ruffer LLP 10.29%

Van Eck Ass. Corp. 7.48%

Dimensional Fund Advisors LP 4.79%

USAA Investment Mgt. Co. 2.36%

Realindex Investment Pty Ltd 2.35%

CORPORATE SUMMARY

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OPERATIONS – WESTERN AUSTRALIA

Mt Magnet - mines & mill

Mill Capacity Up to 2.0 Mtpa

Resource 2.25 Moz

Reserve 421 koz

Grade 1.8 g/t

AISC ~A$1,300/oz

Vivien underground

Resource 127 koz

Reserve 77 koz

Grade 6.5 g/t

AISC ~A$1,000/oz

Edna May - mine & mill

Mill Capacity Up to 3.0 Mtpa

Resource 1.0 Moz

Reserve 200 koz

Grade 1.1 g/t

AISC ~A$1,200/oz


RESOURCES AND RESERVES – SIGNIFICANT INCREASES FROM 2017 TO 2018

Exploration success and acquisition of Edna May has increased both;

Mineral Resources; and 36% increase (after mining depletion) Total Mineral Resources of 70.5Mt @ 1.5g/t Au for 3,476,000oz

Ore Reserves 54% increase (after mining depletion) Total Ore Reserves of 13.3Mt @ 1.6g/t Au for 698,000oz

Acquisition of Marda Project to add to the Resource and Reserve position in June 2019

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GOLD PRODUCTION – FY2018 ACTUAL AND FY2019 GUIDANCE

FY2018

Record group production of 208,118oz AISC of A$1,191/oz

FY2019 Guidance

Gold production of 190,000 – 210,000oz AISC of A$1,150 – A$1,250/oz H2 Forecast out with Dec 2018 Quarterly


EDNA MAY – STAGE 2 & GREENFINCH OPEN PITS

STAGE 2 OPEN PIT

Mining completed 26 October 2018

GREENFINCH OPEN PIT (in green)

Approvals processes ongoing

State Govt. - Clearing Permit appeal process commenced Federal Govt. - Third request for additional information

Ore Reserve

1.7Mt @ 1.2 g/t Au for 62,000oz 88% increase on previous Ore Reserve

Commencement target amended to June 2019 Qtr

PRODUCTION UPDATE

Total Ramelius production to date of 105,118oz

October 2018 production of 7,417oz (Q2 Guidance18,000oz)

Remainder of Stage 2, Greenfinch & Stockpiles alone will provide mill feed until early 2020 (not incl. Edna May UG, Marda)


EDNA MAY – UNDERGROUND DEVELOPMENT

Low capital cost, high grade production at Edna May to sit alongside potential future developments Decision based on prudent assessment of mining economics, capital costs and

production scheduling options

Resource open at depth with possibility to extend mine life beyond current Ore Reserve position Initial Ore Reserve 398kt @ 4.8 g/t Au for 61,000 ounces All intercepts shown are not currently included in any Resource Diamond drilling to target extensions to be carried out during mining

Underground mining operations to commence early-2019 Access to high grade ore with minimal capital development requirements Potential ore production to commence late FY19

Key financials for initial mine plan Up-front Capital A$5.9M Operating Unit Cost A$1,089/oz Royalties A$153/oz (includes EVN’s $100/oz Royalty, to start early 2020) AISC A$1,242/oz


EDNA MAY - MARDA GOLD PROJECT ACQUISITION

Signed Binding Agreement* to purchase the Marda Project

DOCA approved by Creditors in October 2018

Paid A$2M on 14 September 2018

Balance of A$11M due following Court approval (timing is

subject to ASIC and Court availability but is anticipated for

December 2018)

Fits well with Ramelius’ ore haulage based business model

Commenced discussions with Shire & Mineral Resources

* See RMS ASX Release, ‘Ramelius to Acquire the Marda Gold Project’, 13/09/2018^ Black Oak Minerals [In Liquidation] being the entity acquired by RMS


EDNA MAY – WESTONIA AND HOLLETON GREENSTONE BELT ACQUISITIONS

Good potential for exploration drilling news flow, currently drilling at

Symes’ Option and Felsteads Find (Nulla South)

Current plan to maintain Aircore & RC drilling throughout FY19

130km of contiguous strike over Westonia and Holleton greenstone belts:

Purchase of Westonia EL surrounding Edna May gold mine

Nulla South Farm-in & JV, incl. the historical Felsteads Find (RMS earning 75% off Chalice)

Purchase Agreement for Mt Hampton Project (acquired 100% with 1% NSR), surrounds

the Symes’ Option

Symes’ Option (Option to Purchase 100%)

Purchase for the Holleton Project (acquired 100% with 1% NSR off Element 25)

Gibb Rock Farmin and Joint Venture Agreement (RMS earning 75% off Chalice)


MT MAGNET – KEEPS DELIVERING NEW RESOURCES

+6Moz gold camp, Ramelius operating since 2011

Galaxy Mine Area

4 open pits complete 2011-2017 Drilling below Titan open pit

Cosmos Mine Area

Milky Way open pit underway Stellar open pits underway Shannon open pit underway Eridanus new Ore Reserve reported

Water Tank Hill underground underway

Hill 60 mining development underway


MT MAGNET – MAIDEN SHANNON UNDERGROUND ORE RESERVE

Updated Mineral Resource

Indicated 480,000 tonnes @ 5.0 g/t Au for 77,000oz Inferred 290,000 tonnes @ 4.2 g/t Au for 39,000oz Total 770,000 tonnes @ 4.7 g/t Au for 115,000oz 25% increase on previous

Maiden Underground Ore Reserve

324,000 tonnes @ 5.2 g/t Au for 54,000oz

Portal commencement March 2019 Quarter


MT MAGNET – MAIDEN HILL 60 UG ORE RESERVE

Updated Mineral Resource

Indicated 200,000 tonnes @ 4.4 g/t Au for 28,000oz Inferred 160,000 tonnes @ 4.3 g/t Au for 22,000oz Total 360,000 tonnes @ 3.3 g/t Au for 50,000oz

Maiden Ore Reserve

209,000 tonnes @ 3.5 g/t Au for 24,000oz

Development underway


MT MAGNET – ERIDANUS MAIDEN OPEN PIT ORE RESERVE

Exploring for large, low strip ratio porphyry hosted deposits in the Boogardie Basin

Maiden Mineral Resource

Indicated 2,840,000 tonnes @ 1.3 g/t Au for 123,000oz Inferred 690,000 tonnes @ 1.1 g/t Au for 23,000oz Total 3,530,000 tonnes @ 1.3 g/t Au for 146,000oz

Maiden Ore Reserve

2,148,000 tonnes @ 1.2 g/t Au for 85,000oz

Mine scheduling to incorporate into LoM plan


VIVIEN – EXCELLENT PERFORMER, AISC BELOW A$1,000/OZ

Consistent producer at 12.5koz per Qtr

Produced 105koz project-to-date

30 June 2018 Ore Reserve

370,000t @ 6.5 g/t Au for 77,000 ounces

~4,000m of deeper drilling in 2017

Best results included;

5.6m @ 5.20g/t Au from 330.4 in VVDD1064 10.3m @ 9.20g/t Au from 290.7m in VVDD1067

Potential for lode to re-develop at depth

Planning new underground drill drive for deeper drilling down to 700mbs

Commencement March 2019 Quarter


VIVIEN – DEEPER DRILL PROGRAM H2 FY2019 (TO 700MBS FOR COST OF $1.5M)


EXPLORATION – PROJECT LOCATIONS


GREENFIELDS EXPLORATION – FARM-IN & JV PROJECTS IN NEVADA (USA)

JUPITER

Farm-in & Joint Venture Agreement with Renaissance Gold Inc.

Ramelius has right to earn up to 75% by spending US$3M over 5 years

Southeast extension of Northern Nevada Rift

2018 drilling campaign confirmed low order gold anomaly associated with jasperoids along Tertiary volcanics and Cambrian limestone contact


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ASX-LISTED AUSTRALIAN FOCUSED GOLD PRODUCERS

*Based on FY19 guidance*MOY production based on CY19 guidance*GCY based on target rate*EV data taken as at 27‐11‐2018

WHERE IS THE VALUE IN AUSSIE GOLD PRODUCERS?

EV/FY19 Production EV/FY19 Production Average


FY19 PEER PRODUCTION GUIDANCE

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2019 KEY FOCUS AREAS

Step Change in Reserve Position

Operational Excellence

Organisational Capability

• Managed forward sales position (145koz @ A$1,734/oz)

• Disciplined approach to capital management & new Dividend Policy

Capital Management

• $14M exploration program to build on 700koz Ore Reserves

• Disciplined acquisition strategy which must be value accretive

• 19 of last 21 Quarters meeting production Guidance

• Increasing cash reserves from operations rather than the market

• Reviewed corporate structure to improve efficiency & cater for growth

• Moved Registered office from Adelaide to Perth, consolidated resources


THANK YOU

Mt Magnet video


For detailed information relating to MineralResources see ASX Release (RMS) 18 Sept 2018,‘Resources and Reserves Statement 2018’.The Company confirms that it is not aware of anynew information or data that materially affects theinformation included in this presentation and thatall material assumptions and technical parametersunderpinning the estimates continue to apply andhave not materially changed.

MINERAL RESOURCE STATEMENT

Project Deposit

Tonnes Au Au Tonnes Au Au Tonnes Au Au Tonnes Au Aukt g/t oz kt g/t oz kt g/t oz kt g/t oz

Galaxy Group 92 1.8 5,000 4,279 1.4 193,000 2,316 1.2 93,000 6,687 1.3 291,000

Morning Star 4,866 1.9 301,000 4,322 1.5 205,000 9,188 1.7 506,000 Bartus Group 49 2.2 4,000 115 2.1 8,000 238 1.6 12,000 402 1.8 24,000 Boomer 1,194 1.8 68,000 786 1.0 26,000 1,980 1.5 94,000 Britannia Well 179 2.0 12,000 179 2.0 12,000 Bullocks 202 3.3 21,000 40 2.5 3,000 242 3.2 24,000 Eastern Jaspilite 146 2.2 10,000 121 2.8 11,000 134 2.5 11,000 401 2.4 32,000 Eclipse 167 2.2 12,000 41 2.1 3,000 208 2.1 15,000 Eridanus 2,840 1.3 123,000 690 1.1 23,000 3,530 1.3 146,000 Golden Stream 154 2.9 14,000 7 1.7 - 160 2.8 14,000 Lone Pine 199 2.5 16,000 277 1.7 15,000 147 1.7 8,000 623 1.9 39,000 Milky Way 2,590 1.2 102,000 1,630 1.1 58,000 4,220 1.2 160,000 O'Meara Group 231 2.5 18,000 151 1.5 7,000 383 2.1 25,000 Spearmont - Galtee 25 2.9 2,000 207 4.3 28,000 232 4.1 30,000 Stellar 580 1.5 27,000 150 1.6 8,000 730 1.5 35,000 Stellar West 290 1.6 14,000 120 1.0 4,000 410 1.4 18,000 Welcome - Baxter 222 1.6 11,000 276 1.6 15,000 198 1.8 11,000 696 1.7 37,000 Open Pit deposits 707 2.0 46,000 18,386 1.6 956,000 11,177 1.4 500,000 30,271 1.5 1,502,000

Hill 50 Deeps 279 5.5 49,000 932 7.0 209,000 396 6.4 81,000 1,607 6.6 339,000

Hill 60 UG 200 4.4 28,000 160 4.3 22,000 360 4.3 50,000

Morning Star Deeps 195 4.2 26,000 334 5.0 53,000 528 4.7 79,000

Saturn UG 1,607 2.5 127,000 1,607 2.5 127,000 Shannon UG 480 5.0 77,000 288 4.2 39,000 768 4.7 116,000 Water Tank Hill UG 71 6.8 16,000 71 4.4 10,000 142 5.6 26,000 UG deposits 279 5.5 49,000 1,877 5.9 356,000 2,855 3.6 332,000 5,012 4.6 737,000

ROM & LG stocks 383 0.9 11,000 383 0.9 11,000

Total Mt Magnet 1,370 2.4 106,000 20,264 2.0 1,312,000 14,032 1.8 832,000 35,666 2.0 2,250,000Vivien Vivien UG 477 6.4 97,000 80 6.0 16,000 117 3.7 14,000 674 5.9 127,000

Edna May 20,900 1.0 657,000 5,100 0.8 136,000 26,100 0.9 794,000 Greenfinch 2,700 1.1 94,000 1,700 1.1 60,000 4,300 1.1 154,000

ROM & LG stocks 2,758 0.6 53,000 2,758 0.6 53,000

Total Edna May 2,758 0.6 53,000 23,600 1.0 751,000 6,800 0.9 196,000 33,158 0.9 1,001,000Mossbecker 107 2.6 9,000 122 3.4 13,000 230 3.0 22,000 Yellow Aster 91 3.8 11,000 300 2.0 19,000 391 2.4 30,000 Nil Desperandum 23 5.8 4,000 101 2.9 10,000 125 3.5 14,000

Total KV 222 3.4 24,000 523 2.5 42,000 745 2.8 66,000Coogee Coogee 31 3.6 4,000 65 3.3 7,000 96 3.4 11,000

Western Queen WQ South 104 3.6 12,000 81 3.4 9,000 185 3.5 21,000 Mt g/t koz Mt g/t koz Mt g/t koz Mt g/t koz

4.6 1.7 256 44.3 1.5 2,119 21.6 1.6 1,100 70.5 1.5 3,476

Note: Figures rounded to kt, 0.1 g/t and 1,000 oz. Total rounded to Mt and koz. Rounding errors may occur.

MINERAL RESOURCES AS AT 30 JUNE 2018 - INCLUSIVE OF RESERVES

Measured Indicated Inferred Total Resource

Mt Magnet

Edna May

Kathleen Valley

TOTAL RESOURCES


For detailed information relating to OreReserves see ASX Release (RMS) 18 Sept2018, ‘Resources and Reserves Statement2018’.The Company confirms that it is not aware ofany new information or data that materiallyaffects the information included in thispresentation and that all material assumptionsand technical parameters underpinning theestimates continue to apply and have notmaterially changed.

ORE RESERVE STATEMENT

Tonnes Au Au Tonnes Au Au Tonnes Au Aukt g/t oz kt g/t oz kt g/t oz

Boomer 132 2.9 12,000 132 2.9 12,000 Brown Hill 623 1.6 31,000 623 1.6 31,000 Eridanus 2,148 1.2 85,000 2,148 1.2 85,000 Golden Stream 95 3.0 9,000 95 3.0 9,000 Lone Pine 246 1.8 14,000 246 1.8 14,000 Milky Way 1,320 1.3 56,000 1,320 1.3 56,000 Morning Star 1,099 1.9 68,000 1,099 1.9 68,000 O'Meara 50 3.3 5,000 50 3.3 5,000 Shannon 143 2.7 12,000 143 2.7 12,000

Mt Magnet Stellar 330 1.5 16,000 330 1.5 16,000 Stellar West 90 2.4 7,000 90 2.4 7,000 Vegas 192 1.4 8,000 192 1.4 8,000 Total Open Pit 6,469 1.6 323,000 6,469 1.6 323,000Hill 60 209 3.5 24,000 209 3.5 24,000 Shannon 324 5.2 54,000 324 5.2 54,000 Water Tank Hill 85 3.4 9,000 85 3.4 9,000 Total Underground 618 4.4 87,000 618 4.4 87,000 ROM & LG stocks 383 0.9 11,000 383 0.9 11,000 Mt Magnet Total 383 0.9 11,000 7,086 1.8 410,000 7,470 1.8 421,000

Vivien Vivien UG 331 6.7 71,000 38 4.8 6,000 370 6.5 77,000 Edna May Stage 2 640 1.1 22,000 60 1.1 2,000 700 1.1 24,000 Edna May UG 398 4.8 61,000 398 4.8 61,000 Greenfinch 1,652 1.2 62,000 1,652 1.2 62,000 ROM & LG stocks 2,758 0.6 53,000 2,758 0.6 53,000

Edna May Total 3,398 0.7 75,000 2,111 1.8 125,000 5,509 1.1 200,000Mt g/t koz Mt g/t koz Mt g/t koz

4.1 1.2 157 9.2 1.8 541 13.3 1.6 698

Note: Figures rounded to kt, 0.1 g/t and 1,000 oz. Total rounded to Mt and koz. Rounding errors may occur.

Edna May

TOTAL RESERVES

ORE RESERVE STATEMENT AS AT 30 JUNE 2018

Project MineProven Probable Total Reserve

ramelius resources limited 2018 annual general … · • the original (& current) offer of 1...

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