Ramelius Resources Limited (ASX: RMS) is pleased to announce new estimates of Mineral Resources and Ore Reserves as at 30 June 2021, with Mineral Resources up 15%, after mining depletion.

Increases in Mineral Resources were achieved via exploration drilling and resource additions at Ramelius' Eridanus, Galaxy and Edna May gold projects in Western Australia. As in previous years, the Company's ability to consistently meet production guidance has been underpinned by realistic resource modelling and deliverable reserve estimates. Ore Reserves have been maintained, with mining depletions matched by additions. Studies on conversion of the new resources to reserves are in progress.

Contact:

Mark Zeptner

Tel: +61 8 9202 1127

Mineral Resource Commentary

Mt Magnet is comprised of numerous gold deposits contained within a contiguous tenement holding, located within an 8km radius of the Checkers processing facility. Ramelius has operated the project continuously since 2012. Current and recent mining operations include the Eridanus, Milky Way, Stellar and Vegas open pits and the Hill 60 and Shannon underground mines. The Edna May mine was acquired in October 2017. It comprises of the large-scale Edna May granitoid hosted, stockwork deposit and the related, adjacent Greenfinch deposit. Two higher grade cross-cutting quartz lodes, the Fuji and the Jonathan, are being mined underground within the broader Edna May deposit. Mining at the Greenfinch open pit provided the major ore source during 2021 and has recently been completed. Marda and Tampia will form major mill feed sources going forward. Vivien is a high-grade quartz lode deposit, located near Leinster. Mining commenced in 2015 and Vivien has been a steady contributor with ore trucked to the Mt Magnet mill. Marda mining operations commenced in late 2019. It consists of seven mainly BIF hosted deposits being mined by open pit.

It is located 130km north of Southern Cross and ore is hauled and milled at Edna May. All deposits reported in this update have been depleted for mining during the 2021 financial year. Continued exploration, resource definition and grade control drilling has delivered increases to resources and reserves for many of the deposits including Eridanus, Galaxy, Edna May, Shannon and Vivien.

The Penny project was acquired via the takeover of Spectrum Metals in early 2020. Penny West is a high grade quartzsulphide lode discovered and mined by open pit in the early 1990's. Spectrum discovered the high grade Penny North lode in early 2019 and rapidly drill defined a significant lode resource. Mining Approvals were received in 2021 and site infrastructure works are in progress. All resources are based on combinations of RC and diamond drillholes.

Sampling has been via riffle or cone splitters (RC) or by sawn half core. Assay is carried out by commercial laboratories and accompanied by appropriate QAQC samples. Generally a substantial proportion of drill data is historic in nature or gathered by previous owners, however Ramelius has added significant further drilling for all deposits, especially those forming Ore Reserves. Mineralisation has been modelled via cross-sectional interpretations using deposit appropriate lower cut-off grade envelopes and geological interpretations. Geological understanding has formed the basis of all ore interpretations and is generated prior to grade interpretations. Ore domain interpretations have then been wireframed using geological software, including Micromine, Leapfrog & Surpac. Mineralisation has been grouped by domain where required and statistical analysis, topcutting and estimation is carried out using anisotropic search ellipses. Estimation uses Ordinary Kriging and/or Inverse Distance methods.

Modelling has been undertaken with recognition of the probable mining method and minimum mining widths and the resource classifications reflect drillhole spacing, data quality, geological and grade continuity. Density information for fresh rock is generally well established and new measurements have frequently been obtained. Nearly all deposits listed, with the exceptions of Tampia and Symes, have had some degree of recent production or historic mining. Resources are reported using cut-offs approximating an A$1,800 - $2,300/oz gold price. Further details are commonly available in prior RMS ASX Releases for individual projects.

Ore Reserve Commentary

All Ore Reserves have been estimated from Measured and Indicated Resources only. All current pit and underground operations were depleted to 30 June 2021. All Ore Reserves have been generated from design studies using appropriate cost, geotechnical, slope angle, stope span, dilution, cut-off grade and recovery parameters. Ore Reserves are utilised in the current Mine Plan. Mining approvals processes are in progress for the Die Hardy open pit. A maximum A$2,250/oz gold price has been used to estimate Ore Reserves and determine appropriate cut-offs. Mining, milling and additional overhead costs are based on currently contracted and budgeted operating costs. Mill recoveries for all ore types are based upon operating experience or metallurgical testwork. Stockpiles consist of ROM stocks & low-grade stocks mined under Ramelius's ownership.

FORWARD LOOKING STATEMENTS

This report contains forward looking statements. The forward looking statements are based on current expectations, estimates, assumptions, forecasts and projections and the industry in which it operates as well as other factors that management believes to be relevant and reasonable in the circumstances at the date such statements are made, but which may prove to be incorrect. The forward looking statements relate to future matters and are subject to various inherent risks and uncertainties. Many known and unknown factors could cause actual events or results to differ materially from the estimated or anticipated events or results expressed or implied by any forward looking statements. Such factors include, among others, changes in market conditions, future prices of gold and exchange rate movements, the actual results of production, development and/or exploration activities, variations in grade or recovery rates, plant and/or equipment failure and the possibility of cost overruns.

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