Ramelius Resources : June 2022 Quarterly Report, FY23 Guidance, FY22 and Rebecca

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use	28 July 2022
personal	ISSUED CAPITAL
	Ordinary Shares: 867M
	DIRECTORS
	NON-EXECUTIVECHAIR:
	Bob Vassie
	MANAGING DIRECTOR:
	Mark Zeptner
	NON-EXECUTIVEDIRECTORS:
	David Southam
	Natalia Streltsova
	Fiona Murdoch
	COMPANY SECRETARY:
	Richard Jones
www. ameliusresources.com.au
For

[e-mail]

RAMELIUS RESOURCES LIMITED

Registered Office

Level 1, 130 Royal Street

East Perth WA 6004

Tel [phone]

PO Box 6070

East Perth, WA 6892

28 July 2022

June 2022 Quarterly Activities Report

HIGHLIGHTS

• FY22 group production of 258,625 ounces (Guidance 255,000 - 260,000oz) at an AISC of A$1,523/oz (Guidance A$1,475 - 1,525/oz)
• Quarterly group gold production of 67,418 ounces at an AISC of A$1,564/oz, representing the highest production Quarter for the financial year despite increased COVID-19related impacts following WA border re-openingin March (refer Figure 2)
• Cash & gold of A$172.9M (Mar 2022 Qtr: A$164.7M) with an underlying cash contribution from operations of A$11.9M after A$25.2M in non-sustaining capital and exploration
• Improved road train driver availability has resulted in an increase in ore haulage tonnes to Edna May (Q4: 122,000t per month vs Q3: 100,000t per month)
• Exploration and resource definition drilling highlights include:

1. Bartus East (Mt Magnet)
2. • 8m at 4.84g/t Au from 187m (GXRC0900)
   • 14m at 2.94g/t Au from 226m including 8m at 6.49g/t Au from 230m
   • 9m at 3.84g/t Au from 247m

1. Saturn (Mt Magnet)
2. • 22.6m at 2.31g/t Au from 556m (GXDD0136), including 6m at 6.82g/t Au from 572.6m
   • 72.9m at 1.84g/t Au from 712.1m incl. 25m at 3.83g/t Au from 718m o Rebecca (Rebecca Project)
   • 13m at 15.6g/t Au from 55m (RCLR0946)
   • 33m at 1.94g/t Au from 45m (RCLR0952)
   • 7m at 7.76g/t Au from 71m (RCLR0966)

• 1. Duchess (Rebecca Project)
  2. • 17m at 1.68g/t Au from 32m (RCLR2002)
     • 6m at 6.88g/t Au from 219m (RCLR2027)
• Updated Ramelius Mineral Resource at Rebecca, based on first 9,070m of infill drilling:
• 1. 31Mt @ 1.2g/t for 1.2Moz (up 9% on previous Apollo Consolidated Resource)

1. Original resource upgraded with 22% increase in Indicated Resources and greater proportion of exploration drilling planned in FY23

PRODUCTION GUIDANCE - FULL YEAR FY23

• Group gold production Guidance for FY23 is expected to be between 240,000 - 280,000 ounces at an AISC of A$1,750 - 1,950/oz:
  o Mt Magnet (inc. Vivien & Penny) - 150,000 ounces o Edna May (incl. Marda & Tampia) - 110,000 ounces
• Capital & project development expenditure of approximately A$58M

1. Penny A$24M (underground mine development)

1. Mt Magnet A$22M (Galaxy underground mine development & infrastructure) o Marda A$12M (Die Hardy open pit & access road)

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SAFETY, ENVIRONMENT, HERITAGE & COMMUNITY

Safety Statistics

There was 1 Lost Time Injury and 2 Restricted Work Injuries during the Quarter. The Total Recordable Injury Frequency Rate (TRIFR) was 11.86 as at the end of June 2022 (refer Figure 1), representing a 24% reduction over the year.

Figure 1: Ramelius Group Injury Statistics & TRIFR

COVID-19

In terms of managing the impacts of COVID-19, Ramelius maintains certain procedures, related to physical distancing and pre-commute testing and screening. During the Quarter the Company recorded, including both on and off-site, the following:

• 289 positive COVID-19 cases; and
• 88 close contacts requiring isolation.

This has had an impact on site productivity due to the 7-day isolation requirement resulting in increased absenteeism. No positive cases have resulted in hospitalisation to date. The Company's contact tracing system, called Contact Harald, is still in use at Mt Magnet and Edna May. The system allows for faster and more accurate assessment of close contacts to any positive cases on site.

Figure 2: COVID-19 cases and close contacts

Environment, Heritage & Community

There were no significant environmental, heritage or community related incidents reported during the Quarter.

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FY22 PRODUCTION & FINANCIAL SUMMARIES

Production for June 2022 Quarter

Gold production for the June 2022 Quarter was the highest production Quarter for the 2022 financial year at 67,418 ounces at an AISC of A$1,564/oz (refer Figure 4).

Ore haulage from Tampia and Marda to the Edna May plant increased 20% in the June 2022 Quarter (from the March 2022 Quarter). This is a significant achievement in the current environment, however, the ongoing impact of COVID-19 meant haulage forecasts for the Quarter were not met as shown in Figure 3 below.

Figure 3: Haulage Tonnes to Edna May

Figure 4: FY22 Group gold production by Quarter

Production for FY22

Group gold production for FY22 was 258,625 ounces at an AISC of A$1,523/oz, compared to most recent Guidance of 255-260,000 ounces at an AISC between A$1,475 - $1,525/oz.

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Table 1: June 2022 Quarter production & financial summary
Operations		Unit			Mt Magnet 1		Edna May 1
OP ore mined (high grade only)		t	526,576	423,106
OP grade mined		g/t	1.02	2.15
OP contained gold (high grade only)		Oz	17,311	29,214
UG ore mined (high grade only)		t	210,097	46,070
UG grade mined		g/t	3.48	3.56
UG contained gold (high grade only)		Oz	23,482	5,277
Total ore mined		t			736,673		469,176
Total tonnes processed		t	451,955	606,883
Grade		g/t	2.30	2.04
Contained gold		Oz	33,464	39,775
Recovery	%		95.2%	93.9%
Gold produced		Oz	31,871	37,339
Gold poured		Oz			31,413		36,005
Gold sales		Oz	32,162	35,470
Achieved gold price		A$/Oz	$2,508	$2,508
Cost summary
Mining - operating		$M	41.6	32.2
Processing		$M	11.2	14.0
Administration		$M	3.6	3.9
Stockpile movements		$M	(19.6)	(2.9)
C1 cash cost		$M			36.8		47.2
C1 cash cost		A$/prod oz	$1,155	$1,264
Mining costs - development		$M	-	8.1
Royalties		$M	3.5	2.6
Movement in finished goods		$M	0.8	(2.2)
Sustaining capital		$M	1.0	3.4
Corporate overheads		$M	2.1	2.5
AISC cost		$M			44.2		61.6
AISC per ounce		A$/sold oz	$1,374	$1,737

1 The Mt Magnet operation reported above includes Vivien and Penny whilst the Edna May operation includes Marda and Tampia.

Group

949,682

1.52

46,525

256,167

3.49

28,759

1,205,849

1,058,838

2.15

73,239

94.5%

69,210

67,418

67,632 $2,508

73.8

25.2

7.5

(22.5)

84.0

$1,214 8.1 6.1 (1.4) 4.4 4.6

105.8

$1,564

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Table 2: FY22 production & financial summary
Operations			Unit		Mt Magnet 1		Edna May 1
OP ore mined (high grade only)	t	1,614,735	1,981,420
OP grade mined	g/t	1.13	2.10
OP contained gold (high grade only)	Oz	58,438	133,877
UG ore mined (high grade only)	t	734,294	211,079
UG grade mined	g/t	3.98	3.74
UG contained gold (high grade only)	Oz	94,072	25,370
Total ore mined			t		2,349,029		2,192,499
Total tonnes processed	t	1,732,153	2,507,327
Grade	g/t	2.37	1.76
Contained gold	Oz	131,830	142,166
Recovery	%	96.2%	93.6%
Gold produced	Oz	126,860	133,089
Gold poured			Oz		126,511		132,114
Gold sales	Oz	123,112	128,243
Achieved gold price			A$/Oz		$2,399		$2,399
Cost summary
Mining - operating	$M	138.9	117.9
Processing	$M	44.4	54.7
Administration	$M	16.0	16.1
Stockpile movements	$M	(54.3)	(28.5)
C1 cash cost			$M		145.0		160.2
C1 cash cost	A$/prod oz	$1,143	$1,204
Mining costs - development	$M	13.7	22.3
Royalties	$M	12.9	10.4
Movement in finished goods	$M	(5.5)	(7.8)
Sustaining capital	$M	5.7	8.4
Corporate overheads	$M	8.6	8.8
AISC cost			$M		180.4		202.3
AISC per ounce	A$/sold oz	$1,465	$1,578

1 The Mt Magnet operation reported above includes Vivien and Penny whilst the Edna May operation includes Marda and Tampia.

Group

3,596,155

1.66

192,315

945,373

3.93

119,442

4,541,528

4,239,480

2.01

273,996

94.9%

259,949

258,625

251,355 $2,399

256.8

99.1

32.1

(82.8)

305.2

$1,174 36.0 23.3 (13.3) 14.1 17.4 382.7

$1,523

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