Ramelius Resources (RMS) Status Update summary

Project overview and economic highlights

• Rebecca-Roe PFS demonstrates strong economics with a post-tax NPV5% of AUD 332 million at AUD 3,500/oz and up to AUD 610 million at AUD 4,000/oz, with an IRR of 26% and a nine-year mine life.

• Average annual gold production is projected at 130,000 ounces over the mine life at an all-in sustaining cost of AUD 2,346/oz, with total LOM production of 1.06 million ounces.

• Project becomes cash flow positive in FY30, with peak annual output of 170,000 ounces in FY32 and peak free cash flow of AUD 222 million in FY30.

• At current gold prices, the project is expected to generate over AUD 1.2 billion in net cash flow.

• Project is most sensitive to gold price, mill grade, and recovery, but robust to cost and recovery variations.

Development timeline and milestones

• Definitive Feasibility Study (DFS) completion and final investment decision (FID) targeted for July 2025.

• Rebecca mining to commence September 2026, plant construction through FY27, first gold pour July 2027, and Roe mining to start October 2027.

• Key technical work includes geotechnical and hydrology studies for Roe underground, to be finalized by July 2025.

• Permitting processes underway: Rebecca under Part V and Roe under Part IV due to salt lake mining, with key permits expected by 2026–2027.

• Board approved commencement of DFS; environmental approvals and stakeholder engagement ongoing.

Resource and reserve details

• Rebecca project contains 1.4 million ounces (mostly indicated); Roe project contains 1.8 million ounces (mainly from Bombora).

• Maiden open pit Ore Reserve declared at 20 million tons grading 1.3 g/t for 850,000 ounces; underground Ore Reserve for Roe expected post-DFS in 2025.

• Bombora underground resource is 9 million tons at 2.3 g/t for 670,000 ounces, with a production target of 5 million tons at 1.8 g/t for 290,000 ounces.

• Total RRGP production target is 25 million tons at 1.4 g/t for 1.1 million ounces.

• All resources classified as Measured, Indicated, or Inferred based on drill density and geological confidence.