Ramelius Resources Limited provided an update on key development and exploration projects within its portfolio of gold assets in Western Australia. PENNY GOLD MINE: The open pit cutback at Penny West was completed in March 2022 with transition to the underground team taking place over late March/early April. The first blast into the underground portal was carried out in late April 2022 and the first ore drive intersected in late August 2022.

Surface infrastructure is largely complete including the new airstrip. Use of the airstrip will commence shortly, reducing both the flight costs and commute times from the previously used Youanmi airstrip located approximately 25km north of the mine. GALAXY UNDERGROUND (MT MAGNET): Ongoing decline rehabilitation has progressed to 550 metres from the portal and is progressing rapidly.

The top ore level access drive for the Mars orebody is a further 160 metres from the current position. Deeper exploration and resource definition diamond drilling has progressed at Galaxy (Mars and Saturn deposits) into areas outside the current mine design. Results for three drill holes at Mars have been returned with significant intercepts including: 6.0m at 25.2g/t Au from 387m in GXDD0132 and 1.0m at 5.48g/t Au from 531m; 6.7m at 3.16g/t Au from 288.6m in RDDD0018; and 2.6m at 3.01g/t Au from 358m, and 4.0m at 2.97g/t Au from 369m; 4.7m at 5.23g/t Au from 238.6m in GXDD0143, and 1.7m at 13.0g/t Au from 313.9m.

Drilling is targeting extensions of banded iron formation (BIF) hosted high grade shoots beneath the Mars and Saturn open pits. Several BIF stratigraphic horizons have been historically identified including narrower but frequently mineralised BIF horizons in the footwall and hangingwall of the main BIF. Recent deep drilling at Saturn has also revealed a mineralised BIF breccia target at depth in that area.

Structural complexity also provides the opportunity for previously unrecognised fault bounded BIF blocks to create blind high-grade shoots with no near surface expression. BARTUS EAST (MT MAGNET): High grade results continue from RC and diamond drilling at the Bartus East Prospect. New results include: 45.6m at 10.4g/t Au from 328m in GXDD0146, including 10.4m at 31.9g/t Au from 351.2m; 5.0m at 2.68g/t Au from 200m in GXDD0144, and 5.4m at 8.49g/t Au from 208.65m, and 41m at 7.50g/t Au from 223m, including 4.4m at 52.9g/t Au from 234.8m; 11.0m at 2.90g/t Au from 324m in GXDD0142; 5.6m at 3.00g/t Au from 251m in GXDD0145, and 10.0m at 1.10g/t Au from 265.6m, and 2.9m at 7.20g/t Au from 295.1m, and 1.9m at 5.70g/t Au from 327m, and 14.5m at 2.42g/t Au from 354m; 5m at 9.46g/t Au from 127m in GXRC0903 7m at 1.93g/t Au from 46m in GXRC0904.