Melbourne Mining Club – Cutting Edge Presentation · general business and economic conditions...

Melbourne Mining Club – Cutting Edge Presentation

ASX : CHN

23 October 2018

TSX : CXN

2

This presentation does not include all available Information on Chalice Gold Mines Limited and should not be used in isolation as a guide to investing in the Company. Any potential investor should also refer to Chalice Gold Mines Limited Annual Reports, filings on sedar.com, and to ASX/TSX releases and take independent professional advice before considering investing in the Company. For further information about Chalice Gold Mines Limited, visit the website at www.chalicegold.com Forward-Looking Statements

This document may contain forward-looking information within the meaning of Canadian securities legislation and forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995 (collectively, forward-looking statements). These forward-looking statements are made as of the date of this document and Chalice Gold Mines Limited (the Company) does not intend, and does not assume any obligation, to update these forward-looking statements. Forward-looking statements relate to future events or future performance and reflect Company management’s expectations or beliefs regarding future events and include, but are not limited to, the estimation of mineral reserve and mineral resources at the East Cadillac Gold Project, the realisation of mineral reserve estimates; the likelihood of exploration success including results of future geophysical surveys, drilling at the Company’s projects and other exploration activities; the timing and costs of future exploration activities on the Company’s exploration projects; the potential to define future mineral resources and, if successful at any of the Company’s exploration projects, the potential viability of any mineral resource so defined; planned expenditures and budgets and the execution thereof; the timing and availability of drill results; potential sites for additional drilling, that general business and economic conditions will not change in a materially adverse manner; the timing and amount of estimated future production, costs of production, capital expenditures, success of mining operations, environmental risks, unanticipated reclamation expenses, title disputes or claims and limitations on insurance coverage. In certain cases, forward-looking statements can be identified by the use of words such as “plans”, “planning”, “expects” or “does not expect”, “is expected”, “will”, “may”, “would”, “potential”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, “believes”, “occur”, “be achieved”, or variations of such words and phrases or statements that certain actions, events or results may, could, would, might or will be taken, occur or be achieved or the negative of these terms or comparable terminology. By their very nature forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors may include, among others, risks related to actual results of current exploration activities; changes in exploration programs based upon results of exploration; future prices of mineral resources; possible variations in mineral resources or ore reserves, grade or recovery rates; accidents, labour disputes and other risks of the mining industry; delays in obtaining governmental approvals or financing or in the completion of development or construction activities; as well as those factors detailed from time to time in the Company’s interim and annual financial statements, all of which are filed and available for review on SEDAR at sedar.com. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.

Disclosure

The information in this presentation is extracted from information available to view on www.chalicegold.com. The company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcements and, in the case of exploration results or estimates of Mineral Resources, that all material assumptions and technical parameters underpinning the results and estimates in the relevant market announcements continue to apply and have not materially changed. The company confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original market announcements.

Forward looking statements and disclosures

3

Investment Highlights

High impact portfolio in tier-1 jurisdictions

• District scale exploration projects across prolific geological terranes in Australia and Canada

Strong balance sheet

• c. A$36M in cash + A$2.6M in liquid investments at end Jun-18 (~A$0.145 per share) – nil EV

Proven and experienced team

• Large, highly capable team with broad experience and specialist expertise

Track record of success

• Proven business model, with net proceeds from asset sales of ~A$107M, ~A$25M capital return in 2012, ~A$10M (4cps) capital return proposed in late 2018

4

Pyramid Hill Gold Project, Victoria

• ~3,080km2 land holding NW of the >22Moz Bendigo Goldfield and NE of the >7Moz Fosterville Gold Mine

• Multiple large-scale geochem-gravity targets identified overlying major regional structures

• Maiden drill program scheduled for October 2018

Yilgarn Gold Project

Julimar Nickel-Vanadium Project

Warrego North Copper-Gold Project Flinders River

Vanadium Project

Kinebik Gold Project

Portfolio of District-Scale, High Impact Projects in Australia and Canada

East Cadillac Gold Project, Quebec

• 245km2 area covering 27km of strike along the prolific Larder Lake-Cadillac Fault in the Abitibi Greenstone Belt

• On strike with several globally significant gold mines • Maiden 27,600m diamond drill program in early 2018,

resulting in 3 new gold discoveries

5

What the industry is saying…

There is an absolute appetite to improve the portfolio mix… and Australia and North America are very much focus areas AngloGold Ashanti We're open for business in the exploration space, we're actively looking for new partners…. if you have got a project, come and talk to us Newcrest The most exciting part about Fosterville is the host of other targets that are there and the opportunities – maybe we still haven't found the real gold deposit yet… We believe there's more to come Kirkland Lake Gold

6

Victoria

Pyramid Hill Gold Project

7

Pyramid Hill is a district scale 3,080km2 project acquired in late 2017, in the highly prospective and re-invigorated North Bendigo zone

• Bendigo Zone has produced >60Moz of high-grade gold

• Victorian Govt ‘Gold Undercover’ estimated an undiscovered gold endowment of ~32Moz Au in the northern Bendigo Zone under Murray Basin cover

• Chalice controls 3,080km2 in 3 districts;

• NW of world-class 22Moz @ 15g/t Au Bendigo Goldfield

• NE of the 7Moz Fosterville Gold Mine of Kirkland Lake Gold (ASX: KLA | TSX: KL) – US$261/oz Op. Cash Costs YTD 2018

• W of Catalyst Metals (ASX: CYL) Tandarra and Four Eagles Projects

• Region under cover is poorly explored, with limited discoveries

• 3 major regional faults which host Bendigo, Ballarat, Castlemaine and other significant deposits extend through the Project

First phase of drilling in Oct-18

>70km of strike coverage along major regional structures

8

Pyramid Hill four large gold-in-soil anomalies identified in July, overlying three major regional faults – all largely untested

~15km to Bendigo Goldfield (22Moz)

OPEN

OPEN

Under cover

Outcrop

Inglewood (96koz)

Tandarra (Catalyst Metals)

Raydarra (Catalyst Metals)

Four Eagles (Catalyst Metals)

• Low level gold anomalism in soil is a strong indicator of gold in underlying bedrock

• The anomalies are significant, as they have scale; overlie major structures and are proximal to large and high grade gold deposits

Anomaly Size at 5.5ppb Au contour (km)

Peak Gold Value (ppb Au)

West 12 x 2.8 81

East 12 x 2.7 21.5

Central 5 x 2.7 20.7

North 5 x 2.0 9.6

West

Central

East

North

• Additional soil sampling and ground gravity surveys completed in Sept

• Maiden drill program to commence in late Oct 2018

9

East Target

South Target

West Target

Pyramid Hill maiden 8,500m drill program commencing in late October, drilling three large-scale target areas that are effectively untested

• Mix of aircore (AC) and reverse circulation (RC) drilling depending on cover

• Wide spaced lines (3km+), tightly spaced holes planned

• Minimal effective historical drilling over the West and East targets ~2

0km

West Target

• >20km gravity feature and >12km coherent soil anomaly overlying Campbelltown Fault

• 20-50m cover expected

• >10km gravity feature overlying Muckleford Fault

• 10-30m cover expected

• Anomalous gold in historical AC drilling (RC follow-up planned)

East Target

• >12km coherent soil anomaly overlying Sebastian Fault

• 90-110m of cover expected South Target

10

Pyramid Hill initial drill targets have geophysical and geological similarities to Bendigo – providing enormous upside potential

New Chum Line ~2.6Moz @ 15.1g/t Au

Garden Gully Line ~4.8Moz @ 15.0g/t Au

Hustlers Line ~0.95Moz @ 17.6g/t Au

Sheepshead Line ~0.74Moz @ 11.6g/t Au

Canadian Malartic Open Pit outline (one of the largest open pit mines in Canada) Agnico Eagle – Yamana Gold JV

Kalgoorlie ‘Super Pit’ (KCGM) outline (largest open pit gold mine in Australia) Newmont – Barrick JV

Large, high grade deposit of ~22Moz @ 15g/t Au

World’s largest producer from 1850 to 1890

Bendigo Goldfield

Schematic cross section showing Saddle and Bedded Reefs

Schematic long section

Source: Hughes, F.E. 1990, Geology of the Mineral Deposits of Australia and Papua New Guinea, The Australasian Institute of Mining and Metallurgy, Melbourne

2km

N

Bendigo urban area

Every 100 vertical metres contained 3-5Moz gold

Scale Comparisons

11

East Cadillac Gold Project

Quebec

12

Douay >3Moz

CANADA

• >27km of strike along the Larder Lake – Cadillac Fault – the most prolific gold trend in the southern Abitibi, with known gold endowment of >100Moz

• 14 earn-in / purchase agreements executed since late 2016 to consolidate ownership 70-100%

• ~C$12 million spent to date on exploration

• Mineral Resource at Nordeau West propsect based on historical drilling of c. 175koz Au @ 4.1g/t Au1

East Cadillac is a district scale 245km2 project acquired in late 2016, located in the prolific Abitibi greenstone belt (regional gold endowment of >210Moz)

1 NI43-101 and JORC 2012 compliant Mineral Resource at Nordeau West – Indicated 225,000t @ 4.17g/t Au and Inferred 1.11Mt @ 4.09g/t Au

Quebec is a mining friendly jurisdiction with no state royalty and a ~30% exploration rebate

13

The Project is along strike from several globally significant gold mines and surrounds a historical high-grade gold mine


Sigma Lamaque >11Moz @ ~7g/t Au

Goldex >5Moz @ ~1.7g/t Au

Malartic Open Pit >16Moz @ ~1.1g/t Au

LaRonde >12Moz @ ~5g/t Au

YAMANA / AGNICO EAGLE

CANADA

AGNICO EAGLE

Chimo 0.4Moz @ ~5g/t Au

14

~35km by sealed highway from town of Val-d’Or (~30,000 people)

Chimo Mine (power connection and road access)

Val-d’Or Canadian Malartic Mine

(>16Moz) Gold Deposit/Mine

Sigma Lamaque Mine (>11Moz)

Lac Gueguen

Lac Matchi-Manitou

Lac Villebon

The Project has all season access and excellent nearby infrastructure

All season access to the property

Geochemistry access May – October

Drilling access on entire property in winter, restricted to non-wetland areas in summer

World class infrastructure including road, rail and power

Multiple gold processing facilities in the region

15

East Cadillac previously segmented ownership limited regional exploration in the district for decades; we have consolidated ownership 70-100%

Chalice (100%)

Chimo (Chalice 100%)

Globex / Bateman Option (C$0.59M cash + C$2.5M exp. to earn 100% by Oct-2020) Pershimex Option (C$0.37M cash + C$1.75M exp. to earn 70% by Dec-2021) Renforth Option (C$0.2M cash + C$1.25M exp. to earn 80% by May-2021)

CANADA

Exclusion Area

16

Lac Rapides 20.8m @ 0.74g/t Au

incl. 3.1m @ 4.27g/t Au Wide open all directions

Nordeau West Historical Resource Ind Resource 30koz @ 4.2g/t Au Inf Resource 146koz @ 4.1g/t Au

North Contact 23.5m @ 1.12g/t Au

incl. 2.0m @ 6.86g/t Au and 1.0m @ 5.71g/t Au

Wide open all directions

Chimo Gold Mine (Cartier Resources) 379koz Au @ 4.8g/t

historical production 45,000m drilling underway

Simon West 11.9m @ 3.2g/t Au

Incl. 1.6m @ 18.5g/t Au

5km

Val-d’Or ~35km

N

Nordeau South

Mineralised trend

Gold occurrence

2017-2018 DDH


East Cadillac work has focused on finding another large (Malartic / Sigma-Lamaque) style deposit, with three new discoveries since acquisition

Forsan 4.0m @ 56.86g/t Au

(historical)

1

2

3

17

5km

East Cadillac current field season aims to vector in on high grade within areas of known mineralisation and explore 5 new large-scale target areas

• 5 new large scale target areas defined from recent structural re-interp work

• Build on North Contact and Lac Rapides discoveries and follow up on historical occurrences

• Total program budget of c. C$1.9M

• July-Oct 2018

Lac Matchi-Manitou

N

Lac Villebon

Lac Saucisse

Area 1

Area 2

Area 3

Area 4

Area 5

Mineralised trend Gold occurrence

2017-2018 DDH

2018 Soil samples

2018 3DIP

2018 Amag


North Contact

Forsan 4.0m @ 56.86g/t Au

(historical)

Lac Villebon East

McDonough

Americ

Lac Rapides

18

Corporate

19

Listed on Australian Stock Exchange

Chalice & Higginsville projects sold for ~A$12M

2006

2007

Zara Gold Project in Eritrea acquired for ~A$7M

2009

2010 Private share placement to raise ~A$9M Listed on Toronto Stock Exchange

Zara Gold Project in Eritrea sold for ~US$114M, A$25M special dividend issued to shareholders

2012

2013 Cameron Gold Project in Ontario acquired for ~A$8M

Cameron Gold Project in Ontario sold for ~A$25M

2016

2017 Acquired new district-scale exploration projects in Australia and Canada

…prudent and well-timed asset sales have generated ~A$107M after tax proceeds to date

Our business model and track record is sound; we have acquired well and advanced projects quickly…

20

Corporate snapshot

Australian listing ASX: CHN

Canadian listing TSX: CXN

Shares on Issue ~263M

Shares – fully diluted ~281M

ASX 52 week high/low A$0.26 / A$0.13

TSX 52 week high/low C$0.32 / C$0.13

Cash A$35.7M

Liquid investments A$2.6M

Market capitalisation ~A$40M

Enterprise value ~nil

Exploration budget 2H 2018 >A$5M

17%

64%

Franklin Templeton

3%

9%

Tim Goyder (Exec Chairman)

Others

Paradice Investment Mgmt

55%

Sun Valley Gold

12%

4%

ASX TSX

Liquid Investments

AusGold (ASX: AUC) 66M shares (~11%) ~A$1.9M

Others ~A$0.7M

Capital Structure Top Shareholders

As of 30 June 2018 (rounded), excludes proposed capital return of 4cps

21

Board and management team

Tim Goyder, Executive Chairman • 40+ year industry veteran • Long track record of success as an investor, entrepreneur

and company director • Largest shareholder of Chalice (~17%)

Stephen Quin, Independent Non-Exec Director, PGeo • 35 years experience in mining and exploration • President and CEO of Midas Gold Corp (TSX: MAX)

Morgan Ball, Lead Independent Non-Exec Director, BCom, ACA • Chartered Accountant with 25+ years experience • Significant mining, commercial and corporate experience • Chief Financial Officer of Saracen Mineral Holdings (ASX:

SAR)

Alex Dorsch, Chief Executive Officer, BEng (Hons), BFin • Experienced consultant, engineer and corporate advisor in

the energy and resources sectors • Previously Specialist consultant with McKinsey & Company

Dr Kevin Frost, GM – Exploration, BSc (Hons) PhD MAIG • Geologist with 30+ years experience • Highly regarded geologist within proven history of

discovery • Part of the discovery team for the Flying Fox and Spotted

Quoll nickel deposits (Western Areas)

Richard Hacker, Chief Financial Officer, BCom, ACA, ACIS • 20+ years professional, commercial and corporate

experience in the resources and energy sector in Australia and the UK

Patrick Lengyel, Exploration Manager – Canada, BSc • Geologist with 20+ years experience • Extensive experience in orogenic gold and base metals • Previously Principal Geologist at Teck Resources Limited

22

Maiden drill program at Pyramid Hill to commence in Oct, plus a large-scale c. $2M field program ongoing in Canada

East Cadillac, Quebec

Pyramid Hill, Victoria

Indicative exploration program 2018 Jul Aug Sep Oct Nov Dec

3D-IP

MMI soil sampling (new + infill)

Reconnaissance drilling

Ground Gravity

Amag

BLEG soil sampling

Geochem

Drilling Drill targeting

Geophysics

Geochem Final assays

Drill targeting and permitting

Final assays

Geophysics

Drilling

23. Oct 2018

23

Company Highlights

c. A$36M in cash + A$2.6M in liquid investments 4cps capital return proposed for late 2018

District scale exploration projects across prolific geological terranes in tier-1 jurisdictions

~A$107 million generated from asset sales to date

Well funded

Proven track record

24

Thank You

Level 2, 1292 Hay Street, West Perth WA 6005, Australia

[email protected]

+61 8 9322 3960

twitter.com/chalicegold

linkedin.com/company/chalice-gold-mines

www.chalicegold.com

25

Appendix

Canada

26

EAST CADILLAC GOLD PROJECT

Chalice has taken a systematic, ground-up approach to exploration, and has continued to consolidate ground over the last ~24 months

Pre-Chalice Limited geochemistry and shallow drilling along main trend

May – November 2017 3D-IP, Amag, LIDAR surveys Bark, MMI soil sampling

October 2016 Option deal with Globex to earn up to 100%

October 2017 – January 2018

Phase 1 diamond drilling (7,700m)

January – March 2018

December 2017 Option deal with Khalkos to earn up to 70%

November 2016 Option deal with Richmont (acquired by Monarques Gold) to earn up to 70%

November – December 2016 Footwall claims pegged (100%)

2016 2017

March 2017 JORC 2012 MRE at Nordeau West

2018

Phase 2 diamond drilling (20,000m), Simon West, North Contact and Lac Rapides discoveries

May 2018 Farm-in deal with Renforth to earn up to 80%

July – October 2018 Regional MMI soil sampling, 3D-IP and Amag surveys

27


Drilling confirmed >3.5km of strike is mineralised at Simon West, with multiple steep dipping gold zones with high grade (~18g/t Au) cores

Plan view – Simon Far West to Nordeau West

Cross section through holes 20-21 (looking west)

Nordeau West

Simon West

B A

B

A

Mineralised trend

2017-2018 DDH

Simon Far West

1km

N

Refer to ASX announcement of 30 May 18 for full details

Chimo Gold Mine (Cartier Resources) 379koz Au @ 4.8g/t

historical production 45,000m drilling

underway

28


The North Contact discovery was made in Q2 2018, with a wide 23m @ 1.1g/t Au hit including 2 high grade cores; wide open in all directions

Refer to ASX announcement of 30 May 18 for full details

Plan view – North Contact

Cross section through hole 72 (looking west)

Mineralised trend 2017-2018 DDH

B A

B

A

4.2m @ 0.53g/t Au

6.5m @ 1.77g/t Au incl. 3.5m @ 2.10g/t

Au

23.5m @ 1.12g/t Au incl. 2.0m @ 6.86g/t Au and

1.0m @ 5.71g/t Au

1km

N

29


Geophysics – 3D-IP (Orevision)

A 3D-IP Orevision survey was completed over 16 km strike on 200m-spaced sections during summer 2017 centered over the Larder Lake - Cadillac Fault (LLCF)

• Strong discrete and strike continuous chargeability anomalies identified within the survey area

• Chargeability anomalies coincidental with majority of known Au deposits/ occurrences

• Strong 13km strike length IP chargeability anomaly coincidental with North Contact target

• Untested IP anomalies elsewhere along favourable structures/ contacts

Follow up for 2018 includes continuing the 3D-IP survey along the eastern extension of LLCF to Lake Matchi-Manitou

East Cadillac IP Chargeability over regional geology

30


Geophysics – Aeromagnetics

Two heli-mag aeromagnetic surveys (50m and 70m line spacing) completed during summer 2017 and January 2018

Various magnetic images (TMI, RTP, 1VD, TDR) have been utilised to compile a litho-structural interpretation of the project area

Aeromagnetics provided the basis of litho-structural interpretation which shows the greenstone belt succession comprises a polyphase deformed sequence of strongly magnetic BIF, dolerite and ultramafic, moderately magnetic mafic volcanics and weakly magnetic siliciclastic sediments

Follow up for this year includes coverage over the claims acquired since the previous survey - the Forsan Option and the 100% Chalice owned claims to the north and west

East Cadillac TMI RTP TDR aeromagnetic image over regional geology

31


Geochemistry – MMI soil sampling coverage 2017

Three soil sampling programs have been completed on the ECG property. The first soil program was completed during fall 2016 on the Globex Option. The following summer field crews returned in June to cover the Richmont Option and the 100% Chalice claims to the south. Later that year the Khalkos Option and the 100% Chalice claims to the north were acquired and sampling was completed in the fall of 2017

To date 1863 MMI soil samples have been collected. Samples were assayed for up to 53 elements to allow for advanced geochemical interpretation

Follow up includes new 200 x 200 m and 400 x 400 m grids on the Renforth Option, as well as 200 x 200 m infill at Sausage Lake, Forsan, and the northern claims

East Cadillac soil sampling locations over regional geology

Organic soils Inorganic soils

32


Geochemistry – MMI soil sampling results to date

MMI samples collected by hand-auger with the preference to collect an inorganic (B Zone) sample below surface organic soils (not possible in wetland areas)

• Soils initially collected on a 400m x 400m reconnaissance grid (regional sampling) or a 200m x 200m grid (LLCF corridor)

• Infill sampling (200m x 200m) completed as a follow-up to any significant 400m x 400m anomalies

Soil results shown as gold response ratio (dividing gold value by the average of the lowest quartile of all the gold values, and rounding to the nearest integer). The response ratio is used because it gives a better indication of the anomalous values

Gridded image is a gold + pathfinder geochemical indice

Indices Calculation: Au*5 + As*3 + Te*2 + Bi*2 + Mo + W +Sb +Li

East Cadillac soil sampling indices grid, Au response ratio over regional geology

33


Chimo Gold Mine (Cartier Resources: TSX-V:ECR)

Historic Production - 379,012 oz Au @ ~4.8g/t Au Depth: from surface to >900m Surface expression: 1.5km strike within Chimo property boundary Width: 570m Thickness: Roughly 5-20m individual zones within ‘clusters’ up to 200m Style: Orogenic Narrow high grade quartz veins (orogenic overprint) 2017 Deep Drilling by Cartier Resources testing down dip extension of Chimo workings (CH-46 & 47). Northern most stope projects down dip onto ECG property at approximately 1050m vertical depth 45,000m diamond drilling program now underway to define resource

Source: https://www.resourcescartier.com/

Cartier Deep DDH CH-46 & 47

Chalice Cartier

0 500

m

34


Major deposits in the Abitibi – Canadian Malartic

Malartic (>16Moz @ ~1.1g/t Au) Mineralisation Footprint Characteristics • Depth: from surface to >3,000m

• Surface expression: >3.5km strike

• Width: 1,500m

• Thickness: >100-200m

• Style: IRGS

• Large alteration footprint (>3.5km)

Source: Gaillard, N., 2018 Mica composition as a vector to gold mineralization: Deciphering hydrothermal and metamorphic effects in the Malartic district, Quebec http://abitibiroyalties.com Perrouty, S., 2017, Multi-Parameter Footprints of the Canadian Malartic Deposit

3.5km

1.5km

3km

35


Major deposits in the Abitibi – Sigma-Lamaque

Sigma-Lamaque (>11Moz @ ~7g/t Au) Mineralisation Footprint Characteristics • Depth: from surface to >1,800m

• Surface expression: from 300m (Lamaque) to 500m (Sigma)

• Width: Up to 300m

• Thickness: Various (up to 6m stacked shear zones and up to 10-25m thick stacked veins veins)

• Style: IRGS - Orogenic

• Narrow high grade quartz veins (orogenic overprint)

Source: Keogh, C., 2018 Eldorado Gold, Sigma Lamaque NI43-101 Armstrong, T., 2007, Century Mining Corp. Annual Information Form

2km

36


Major deposits in the Abitibi – Goldex

Goldex (>5Moz @ ~1.7g/t Au) Mineralisation Footprint Characteristics • Depth: from surface to >300m (M zone only)

• Surface expression: >250m (M zone)

• Width: >300m

• Thickness: >250m

• Style: IRGS

Source: Genest, R., 2012 Technical Report on Production of the M and E Zones at Goldex Mine https://www.agnicoeagle.com/

37

The Kinebik Gold Project covers >30km of strike along the Casa Beradi Fault – an underexplored greenstone belt

• ~187km2 property area covering >30km of strike along the Casa Berardi Fault

• Belt hosts several significant gold deposits including:

• Casa Beradi (c. 6Moz) owned by Hecla Mining (NYSE: HL)

• Douay (c. 3Moz) owned by Maple Gold Mines (TVX: MGM)

• Historical exploration almost non-existent

• Numerous soil geochemical and 3D IP anomalies identified to date

38

Appendix

Australia

39

• Tennant Creek historically exploited for high grade IOCG style gold and copper – resulting in several ‘company making’ mines

Rooster Target

White Devil 1.6Mt @ 14.6g/t Au

(0.75Moz)

Warrego 7Mt @ 2.5% Cu,

7.0g/t Au (1.6Moz)

Regional Aeromagnetics

Parakeet Prospect 8m @ 1.7% Cu, 0.4g/t Au

Chook Prospect 17m @ 1.0% Cu

Emu Target

• Large magnetic Target

• Multiple ironstones inferred from geophysics and shallow ineffective historical drilling

• To be drilled once EL31609 granted, expected in early 2019

10km

Rooster Target

• Emu Target drilled in Aug 2018, anomalous copper readings were observed, however no high-grade gold

• Parakeet Prospect drilled in 2017, best intersection of 8m @ 1.7% Cu and 0.4g/t Au – prospective but lacking high grade gold

Warrego North several large IOCG targets prospective for high grade gold-copper – next phase of work in early 2019

40

Yilgarn Project consists of five prospective holdings in the Eastern Goldfields and Southern Cross regions

Kurrajong Bore

Perth

Kalgoorlie

Bunjarra Well & Jericho Nulla South

Gibb Rock

Kurrajong Bore (Chalice 95%) 48km2 area ~50km NE of the world class Gwalia gold mine (>5Moz Au) and proximal to other smaller orogenic gold deposits along the Mertondale shear zone

Bunjarra Well (Chalice 95%) 75km² area adjacent to the highly prospective Keith Kilkenny Shear Zone, a major regional lineament known for its regional prospectivity and gold endowment

Jericho (Chalice 95%) 11.6km2 area adjacent to Bunjarra in the same regional zone

Gibb Rock (Chalice 95%) 55km2 area located in the Holleton greenstone belt

Nulla South (Ramelius earning 75%) 275km² area ~25km SE of the actively producing Edna May gold mine (>1Moz Au) over the Westonia greenstone belt

41

The Flinders River Vanadium Project surrounds >3 billion tonnes of vanadium resources and has excellent infrastructure access

• Nine exploration licence applications

• Surrounds the ~2.6Bt @ 0.32% V2O5 shale-hosted Richmond Vanadium Project (AXF Group / Intermin Resources ASX: IRC)

• Vanadium-bearing Toolebuc shale potentially extends over licence areas based on a similar radiometric response

• Wide spaced aircore drilling program to assess thickness and grade planned Hughenden Richmond Manfred &

Burwood (Intermin)

Saint Elmo (Multicom)

0.55Bt @ 0.29% V2O5

Rosbury (Intermin) 1.76Bt @ 0.31% V2O5

Lilyvale (Intermin) 0.67Bt @ 0.35% V2O5

N Chalice applications

Highways

Railway

Intermin / AXF tenure (ASX: IRC)

Town

Vanadium resource

Mt Isa ~250km

Townsville ~380km

Radiometric Low-High

50km

Flinders River Project

Flinders River Project

42

Julimar Nickel-Vanadium Project is prospective for Nickel-Copper-PGEs and intrusion related Vanadium-Titanium mineralisation

Julimar Project

Ni-Cu-PGE targets

Large layered Mafic-Ultramafic complex

(V-Ti targets)

18m @ 0.25% V2O5

• Two licence applications covering an interpreted large (26 x 7km) layered mafic-ultramafic intrusive complex

• Excellent access via Great Northern Highway, located just 80km NE of Perth

• Geophysics program scheduled for end Q3 2018

18m @ 0.25% V2O5

Yarawindah Brook (Cassini)

Coates (Australian Vanadium)

43

Portfolio of District-Scale, High Impact Projects in Australia and Canada

Yilgarn Gold Project

Julimar Nickel-Vanadium Project

Warrego North Copper-Gold Project Flinders River

Vanadium Project

Pyramid Hill Gold Project

Kinebik Gold Project


Australian Zinc-Copper Production Investor Presentation

OCTOBER 2018

Investor Presentation October 2018

2

DISCLAIMER & IMPORTANT NOTICE

This presentation contains forward-looking statements and forward-looking information within the meaning of applicable Australian and Canadian securities laws, which are based on expectations, estimates and projections as of the date of this presentation. Wherever possible, words such as “anticipate”, “believe”, “expect”, “may” and similar expressions have been used to identify such forward-looking information. Forward-looking information is based on the opinions and estimates of management at the date the information is given, and on information available to management at such time. Forward-looking information involves significant risks, uncertainties, assumptions and other factors that could cause actual results, performance or achievements to differ materially from the results discussed or implied in the forward-looking information. These factors, including, but not limited to, fluctuations in currency markets, fluctuations in commodity prices, the ability of the Company to access sufficient capital on favourable terms or at all, changes in national and local government legislation, taxation, controls, regulations, political or economic developments in Canada, Australia or other countries in which the Company does business or may carry on business in the future, operational or technical difficulties in connection with exploration or development activities, employee relations, the speculative nature of mineral exploration and development, obtaining necessary licenses and permits, diminishing quantities and grades of mineral reserves, contests over title to properties, especially title to undeveloped properties, the inherent risks involved in the exploration and development of mineral properties, the uncertainties involved in interpreting drill results and other geological data, environmental hazards, industrial accidents, unusual or unexpected formations, pressures, cave-ins and flooding, limitations of insurance coverage and the possibility of project cost overruns or unanticipated costs and expenses, and should be considered carefully. Prospective investors should not place undue reliance on any forward-looking information as actual outcomes may differ materially from such forward-looking information. The Company does not undertake, and assumes no obligation, to update or revise any such forward-looking statements or forward-looking information contained herein to reflect new events or circumstances, except as may be required by law.

No stock exchange, regulation services provider, securities commission or other regulatory authority has approved or disapproved the information contained in this presentation. This presentation is not a prospectus, disclosure document or other offering document under Australian law, Canadian law or under any other law. It is for information purposes only and is not an invitation nor offer of shares for subscription, purchase or sale in any jurisdiction. The information in this presentation does not constitute financial product advice (nor investment, tax, accounting or legal advice) and does not take into account your individual investment objectives, including the merits and risks involved in an investment in shares in Heron, or your financial situation, taxation position or particular needs. This presentation is not a recommendation to acquire Heron shares. You must not act on the basis of any matter contained in this presentation, but must make your own independent assessment, investigations and analysis of Heron and the shares the subject of the Offer referred to herein and obtain any professional advice you require before making any investment decision based on your investment objectives. The information in this presentation is in summary form only and does not contain all the information necessary to fully evaluate any transaction or investment. It should be read in conjunction with the Company’s periodic and continuous disclosure announcements to the ASX which are available on the ASX website.

This document may not be released or distributed in the United States. This document does not constitute an offer to sell, or a solicitation of an offer to buy, securities in the United States. Any securities described in this document have not been, and will not be, registered under the US Securities Act of 1933 and may not be offered or sold in the United States except in transactions exempt from, or not subject to, registration under the US Securities Act and applicable US state securities laws. To the maximum extent permitted by law, Heron and its advisers and affiliates, directors, officers and employees: Make no representation or warranty, express or implied, as to the accuracy, reliability or completeness of information in this presentation; and exclude and disclaim all liability, for any expenses, losses, damages or costs incurred by you as a result of the information in this presentation being inaccurate or incomplete in any way for any reason, whether by negligence of otherwise. The information in this presentation remains subject to change without notice. Compliance Statement (JORC 2012 and NI 43-101) The technical information in this release relating to the exploration results and forward program at the Woodlawn Project is based on information compiled by Mr David von Perger, who is a Member of the Australian Institute of Mining and Metallurgy (Chartered Professional – Geology). Mr von Perger is a full time employee of Heron Resources Limited and has sufficient experience, which is relevant to the style of mineralization and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the JORC Code (2012 edition) and “qualified person” as this term is defined in Canadian National Instrument 43-101 (“NI 43-101”). Mr von Perger has reviewed and approved the technical information this presentation. An Exploration Target is term used within the JORC 2012 Code for an estimate of the exploration potential of a mineral deposit. As used in this release the stated exploration target is based upon the parameters described in the text, however the potential quantity and grade is conceptual in nature and there is insufficient information to estimate a Mineral Resource and it remains uncertain if further exploration will result in the estimation of a Mineral Resource in this area of recent drilling. The zinc equivalent ZnEq calculation takes into account, mining costs, milling costs, recoveries, payability (including transport and refining charges) and metal prices in generating a Zinc equivalent value for Au, Ag, Cu, Pb and Zn. ZnEq = Zn%+Cu%*3.12+Pb%*0.81+*Au g/t*0.86+Ag g/t*0.03. Metal prices used in the calculation are: Zn US$2,300/t, Pb US$ 2,050/t, Cu US$6,600/t, Au US$1,250/oz and Ag US$18/oz. These metal prices are based on Heron’s long term view on average metal prices. It is Heron’s view that all the metals within this formula are expected to be recovered and sold. Metallurgical metal recoveries used for the formula are: 88% Zn, 70% Pb, 70% Cu, 33% Au and 82% Ag; these are based on historical recoveries at Woodlawn and supported by metallurgical test work undertaken during the 2015-16 feasibility study.

Investor Presentation October 2018

3

HERON RESOURCES BASE METALS DEVELOPER

* Feasibility Study, spot prices & FX 2 Aug 2018

Q4 2018

WOODLAWN STARTS COMMISSIONING

§ Producing - Zinc, Copper, Lead

§ Approaching commissioning (EPC 79% complete)

§ New ‘state of the art’ processing facility

§ 9.3 Year Reserves-Only Life with excellent potential

§ Av. EBITDA +A$100M pa*

HERON RESOURCES OVERVIEW

4 Investor Presentation October 2018

Shares: 242 million

Opts/Perf Rights: 6.7 million

Share Price: A$0.625

Market Cap: A$151 million

Cash: (30Jun 2018)

A$65 million (unrestricted)

Debt: Listed Investments:

US$40M of US$60M drawn Ardea Resources Alchemy Resources Centennial Mining

BOARD

Chairman Stephen Dennis

MD & CEO Wayne Taylor

NED Borden Putnam III

NED Fiona Robertson

NED Mark Sawyer

NED Peter Rozenauers

NED Ricardo De Armas

NED Ian Pattison

SHARE REGISTER CAPITAL STRUCTURE

17%

19%

8% 22%

34%

Orion

Greenstone

Greenstone Aff

Castlelake

AustralianRegister

WOODLAWN PROJECT SETTING Enviable position


ü Premier Location

ü Quality Infrastructure

ü Operating Knowledge

TSF4 Retreatment Dams

New Plant Site

State Grid Sub

WOODLAWN FEASIBILITY STUDY June 2016 – A compelling ‘starter’ case, combined new underground and tailings retreatment


1.0-1.5Mtpa Production Rate

9.3yr LOM (Reserves only)

Reserves

• Underground 2.8Mt @ 14% ZnEq1

• Reprocessing 9.5Mt @ 6% ZnEq

Steady State Gross Production

• 40ktpa Zn (88Mlbs) • 10ktpa Cu (20Mlbs) • 12ktpa Pb (25Mlbs)

Financials (at spot 2 Aug 2018)

• Av. EBITDA +A$100M pa • C1 US$0.51/lb ZnEq

or US$0.04/lb Zn (post by-products)

+ Ag / + Au

1 Refer to Slide 2 for definition

Box Cut

WOODLAWN CONSTRUCTION On track to commence commissioning in Q4 2018


PROJECT DELIVERY Contractor Sedgman

EPC Guaranteed Maximum Price

Personnel 200+ FTE (Current) 250 (peak)

OVERALL COMPLETION 79%

IsaMill FINE GRINDING A step change in technology


M10000 3MW ‘Cameron Brown’ unit being craned into position

TM

WOODLAWN UNDERGROUND Portal complete and decline advancing


WOODLAWN RETREATMENT NPE / Paragon tailings reclaim progress


SALES EXPORT CHAIN SECURED Mine to market logistics in place


3

2

1

1

2

3

Logistics Chain Secure – Enviable location close to major

infrastructure

– Road and rail transportation contract in place

– Bulk shipment port contract in place

– Specialised concentrate containers leased

Off-take 100% Contracted – With major metals trader

– 3 years duration

– Covers 100% of all three concentrates

– Attractive terms

WOODLAWN OPERATIONAL READINESS Building strong foundations


Contracts UG Mining Tails Mining Concentrate Offtake Port Haulage Logistics Power Water Treatment Concentrate Containers Process Reagents

Ops Team Mgmt/Supers in place Actively recruiting operators

WOODLAWN ENVIRONMENTAL STEWARDSHIP Ground work for progressive site rehabilitation


Potting trials with a locally produced organic product from Veolia’s MBT plant

WOODLAWN COMPARISONS Peer comparison of projected C3 costs and developed margin from Reserves


Note 1: C3 basis: RVR Thalanga Restart Study dated 18 October 2015, NCZ presentation dated 6 August 2018, HRR DFS published June 2016 updated with prices US$2400/t Zn US$6000/t Cu US$2100/t Pb US$1200/oz. Au US$15/oz. Ag. Zinc recoveries are as published by the respective companies in their most recent announcements or presentations. Standard industry zinc payabilities are assumed. Reserves are based on most recent announcement to 11 August 2018. Note 2: For TV the current AISC used from Q2 2018 financials. This measure is not a life of mine estimate, and does not include depreciation, depletion, amortization, reclamation and exploration, and hence is less directly comparable to the other companies presented. Note 3: Total Margin = Reserve Tonnes x Zinc Grade x Zinc Recovery x Zinc Payability x (Published C3 Cost - Zinc Price). Based on zinc price of US$2400/lb. Note 4: based on Jun-30 quarterly data published by the respective companies, and share prices as at 11 August 2018.

Projected Low Cost Production

Woodlawn occupies a very attractive projected position on the cost curve…

… Despite being the only one of the peers with a new plant (and hence high capex)

Position is driven by the grade of the metal mix and hence strong by-product credits

Strong Cash Flow Generation Potential

Strong cash flow generation potential from Heron’s Reserves (relative bubble size)…

…and likely to grow with further underground exploration and Resource to Reserve conversion

MARKETS HERON EXPOSURE Positive fundamentals in base metals despite recent volatility


0%

25%

50%

75%

100%

Woodlawn Revenue

Au&Ag Lead Copper Zinc

§ Market imbalance - significant draw on stocks since 2013 & continues § Delayed price reaction – strengthening started 2016 § Price incentivised reaction – re-starts dominate

§ Balanced market with strong projected demand growth § Mine production to peak in 2020 § Structural deficit emerging in 20192

§ Supply deficit § 1st half 2018 mine production below same period in 20171

§ Falling stocks – similar trend to zinc

Woodlawn Mine Production: Zinc + Copper accounts for nearly 80% of payable revenue at current spot prices

1 ILZSG 2 ICSG (20 July 2018)

GROWTH WOODLAWN EXPLORATION STRATEGY Value Multiplier - building the business beyond the Feasibility Study ‘starter case’


PRIORITISED ORGANIC GROWTH

In Mine Exploration – Advancing Inferred Resources

– UG 2.6Mt @ 15% ZnEq – Tailings 1.1Mt @ 5.8% ZnEq

– Shallow extensions – G, G2, Lisa, D lenses – Adjacent trends & step out targets – Deeper extensions – all 12 lenses

Near Mine (Regional) Exploration – Historical satellite production sources

– Advanced regional deposits

– Regional prospects

– Commanding land tenure position

GROWTH WOODLAWN IN-MINE EXPLORATION Limited Testing - Comparison with more extensively tested Australian VMS deposits


GROWTH WOODLAWN IN-MINE EXPLORATION Targeted additions to the Mine Plan


Immediate Value-Add Significant untapped potential remains ‘in-mine’

14 Massive Sulphide Lenses • Numerous extensional positions • 4 new lens discoveries since 2013 -

Kate, Lisa, B Nth, G2 Majority supported by existing planned capital development In-mine focus – • Shallow, early production sources • G2 & Lisa Mine Plan - Integrated drill testing program

GROWTH CURRAWANG Success with the first exploration program in 20 years


Regional Priority 10km NW of Woodlawn

Mined 1992-1996: • 0.5Mt @ 13% Zn, 1.5% Cu,

2.2% Pb, 33g/t Ag

Unmined extensions: • 8.6m @ 16% ZnEq • 10.0m @ 17% Zn Eq

2017 – Completed 5 hole drilling program

Intercepted semi-massive zinc and copper sulphides: • 6.4m @ 14.6% ZnEq from 485m

(11.7% Zn, 0.6% Cu, 0.7% Pb, 16g/t Ag)

• 2.9m @ 13.5% ZnEq from 567m (3.4% Zn, 3.0% Cu, 0.2% Pb, 16g/t Ag)

GROWTH PEELWOOD Advanced VMS deposits


Regional Priority 105km north of Woodlawn

John Fardy & Peelwood Mines – a ‘forgotten’ asset

High grade VMS drill results:

• 8.4m from 36m (JF16) (23.5% Zn, 2.6% Cu, 0.6% Pb, 41g/t Ag)

• 6.1m from 45m (JF38) (22.7% Zn, 1.2% Cu, 1.5% Pb, 23g/t Ag)

Previously defined resources, reserves and project studies – Balamara 2009

HERON RESOURCES NEAR TERM BASE METALS PRODUCER


§ Transitioning to PRODUCER

§ Commodities with positive fundamentals

§ High grade deposit

§ Best in class equipment and facilities

§ Low cost & long life asset

§ Significant growth potential

PRODUCING ZINC & COPPER IN 2019

Suite 702/191 Clarence Street Sydney NSW 2000

+61 2 9119 8111

[email protected]

Contact us:

www.heronresources.com

Follow us @Heron_Resources

NOTES


NOTES



HERON RESOURCES CONTACT US

Suite 702/191 Clarence Street Sydney NSW 2000

+61 2 9119 8111

[email protected]

www.heronresources.com

Follow us @Heron_Resources

1 MELBOURNE MINING CLUB • OCTOBER 2018

Ramelius Resources Limited

GROWTH STRATEGY IN ACTION

Mark Zeptner Managing Director

ASX:RMS

2 MELBOURNE MINING CLUB • OCTOBER 2018 2

QUALIFICATION

Forward Looking Statements

This presentation contains certain forward looking statements with respect to Ramelius’financial condition, results of operations, production targets and other matters that are subject to various risks and uncertainties. Actual results, performance or achievements could be significantly different from those expressed in or implied by those forward looking statements. Such forward looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors that are beyond the control of Ramelius that may cause actual results to differ materially from those expressed in the forward looking statements contained herein. Ramelius Resources Limited gives no warranties in relation to the information and statements within this presentation.

Competent Persons Statement

The Information in this report that relates to Exploration Results, Mineral Resources and Ore Reserves is based on information compiled by Kevin Seymour (Exploration Results), Rob Hutchison (Mineral Resources) and Duncan Coutts (Ore Reserves), who are Competent Persons and Members of The Australasian Institute of Mining and Metallurgy. Kevin Seymour, Rob Hutchison and Duncan Coutts are full-time employees of the company and have sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Kevin Seymour, Rob Hutchison and Duncan Coutts consent to the inclusion in this report of the matters based on their information in the form and context in which it appears.


RAMELIUS – GROWTH STRATEGY IN ACTION

ü • Strategy around acquisition of value accretive projects near existing operating mines

ü • Focus on extension of mine life and maximising value of existing infrastructure

ü • Strategic acquisitions always under active consideration – new production hubs

ü • Strong balance sheet and cashflows allow for maximum flexibility in delivering growth



1. Production build-up



2. Competitive cost structure






3. Free cash generation






4. Share price appreciation







5. Capital Management








6. Multiple operations







6. Multiple operations

7. Reserve replacement



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 200-220,000oz @ 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

Major Shareholders: at 30 September 2018

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

0

1,000,000

2,000,000

3,000,000

4,000,000

5,000,000

6,000,000

7,000,000

8,000,000

9,000,000

10,000,000

$0.00

$0.10

$0.20

$0.30

$0.40

$0.50

$0.60

$0.70

Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018

Volume Price


OPERATIONS – OVERALL PRODUCTION UP 66% IN FY2018

§ Production Guidance met 18 of last 20 Quarters

§ FY2018;

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


OPERATIONS – BACKING UP AGAIN IN FY2019 WITH 200-220,000OZ

§ FY2019;

§ Record group production forecast of 200-220,000oz § AISC of A$1,150-1,250/oz


RESOURCES AND RESERVES – SIGNIFICANT INCREASES FROM 2017 TO 2018

§ Exploration success and acquisition of Edna May has increased both Resources and Reserves § 36% increase (after mining depletion) in Mineral Resources § Total Mineral Resources of 70.5Mt @ 1.5g/t Au for 3,476,000oz § 54% increase (after mining depletion) in Ore Reserves § 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

§ If Takeover Offer for Explaurum Limited is successful, then the Tampia Hill project will also potentially add significantly to Resources and Reserves 100,000

200,000

300,000

400,000

500,000

600,000

700,000

800,000

June 2017 Reserve Mining Depletion Change due toexploration

addition/modelling

Change due toacquistion

June 2018 Reserve

Oun

ces

Reserve Inventory Change


TAKEOVER OFFER - EXPLAURUM’S TAMPIA HILL PROJECT

Structure • 10 September 2018 Ramelius announced Off-market takeover offer for Explaurum Limited (ASX: EXU) • Offer extended to 23 November 2018 • Acceptances of 3.5% (as at 19 October 2018)

Offer Consideration

• 1 (one) Ramelius share for every 4 (four) Explaurum shares • Values Explaurum at A$0.123 per share1 or a total of approx. A$59.2M2 • Represents a premium of:

• 66.2 % to Explaurum’s last traded price of A$0.074 on 7 September 2018 • 59.7 % to Explaurum’s 10-Day VWAP of A$0.077 up to and including 7 September 2018 • 50.0 % to Explaurum’s 30-Day VWAP of A$0.082 up to and including 7 September 2018

Relative ownership • Assuming the offer is successful, Explaurum shareholders will own up to 19.8% of the pro forma shares of Ramelius

Conditions

• The Offer is subject to only limited conditions3 including: • No minimum acceptance threshold • No material change or prescribed occurrences • Other customary conditions for a transaction of this type

1Based on Ramelius’ 30-Day VWAP of A$0.492 up to and including 7 September 2018 2Based on 481,412,320 Explaurum shares as at 7 September 2018 3See ASX announcement dated 10 September 2018 for a full list of conditions


TAKEOVER OFFER - EXPLAURUM’S TAMPIA HILL PROJECT

§ Ramelius can utilise in-house expertise and capacity to fast track development of Tampia Hill

§ Strategically located ~130km by road from Edna May, 240km east of Perth

§ 675koz Resources (11.7Mt at 1.79 g/t Au)¹

§ 485koz Reserves (7.2Mt at 2.09 g/t Au)¹

§ Supergene zone “Mace” expected to add near surface ounces

§ Mineralisation intersected over 1,100m long by 50m wide zone

§ Feasibility Study completed May 2018

§ Simple open-pit mining, with mineralisation outcropping at surface

§ 92% gold recovery

§ Total gold production of 490koz

§ Initial 5.3 year mine life at 1.5Mtpa ore production rate

§ Explaurum study delivered pre-tax NPV of A$125M (discount rate 8%)

¹ Published Mineral Resource & Ore Reserve Estimate, see EXU release, “Tampia Feasibility Study”, 30 May 2018.


ACQUISITION - MARDA GOLD PROJECT

§ Signed Binding Agreement* to purchase the Marda Gold

Project

§ Strong synergies in utilising Edna May mill to process ore

from Marda

§ Further reinforces Ramelius’ capability to execute Growth

Strategy through strategic acquisitions

§ Enhances optionality around Edna May going forward

§ Ramelius management and operations team possess proven

capability to execute trucking based strategy

* See RMS ASX Release, ‘Ramelius to Acquire the Marda Gold Project’, 13/09/2018


EDNA MAY – STAGE 2 & GREENFINCH OPEN PITS

STAGE 2 OPEN PIT

§ Complete end October 2018

GREENFINCH OPEN PIT (in green)

§ Approvals processes ongoing

§ Working through both Federal and State processes

§ Ore Reserve

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

§ Commencement target during Dec 2018 Quarter

PRODUCTION UPDATE

§ June 2018 Quarter production of 24,655oz

§ Remainder of Stage 2, Greenfinch & Stockpiles alone will provide mill feed until early 2020


EDNA MAY – UNDERGROUND DEVELOPMENT DECISION

§ Low capital cost, high grade production at Edna May to sit alongside potential future developments from Marda & Tampia Hill § 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 § Diamond drilling to target extensions to be carried out during mining

§ Underground mining operations to commence early-2019 § ~A$20m capital development already incurred by Evolution Mining Ltd to

develop mine portal and 250m of vertical development § Access to high grade ore with minimal capital development requirements

§ Key financials for initial mine plan § Up-front Capital A$5.9M § Operating Unit Cost A$1,089/oz § Royalties A$153/oz § AISC A$1,242/oz


MT MAGNET – KEEPS DELIVERING NEW RESOURCES

§ +6Moz gold camp, RMS 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 commencement imminent


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

§ Estimated Portal commencement January 2019


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

§ Mining scheduling to incorporate into LoM plan


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

§ Consistent producer at 12.5koz per Qtr

§ ~4,000m of deeper diamond drilling completed 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

§ 30 June 2018 Ore Reserve

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

§ Potential for lode to re-develop at depth

§ Planning new underground drill drive for deeper drilling down to 1,000mbs


*Based on FY19 guidance *MOY production based on CY19 guidance *GCY based on target rate *EV data taken as at 31-07-2018

SIGNIFICANTLY UNDERVALUED GOLD PRODUCER



§ Australia’s 7th largest domestic producer

§ Favourable jurisdiction

§ Strategic processing assets

§ Strong balance sheet

§ Excellent management team

§ Proven operating track record

wDelivering on growth!


For detailed information relating to Mineral Resources see ASX Release (RMS) 18 Sept 2018, ‘Resources and Reserves Statement 2018’. The Company confirms that it is not aware of any new information or data that materially affects the information included in this presentation and that all material assumptions and technical parameters underpinning the estimates continue to apply and have not materially changed.

MINERAL RESOURCE STATEMENT

Project DepositTonnes Au Au Tonnes Au Au Tonnes Au Au Tonnes Au Au

kt g/t oz kt g/t oz kt g/t oz kt g/t ozGalaxy 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 1,502,000Hill 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 2,250,000

Vivien 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 66,000

Coogee 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 koz4.6 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 Ore Reserves see ASX Release (RMS) 18 Sept 2018, ‘Resources and Reserves Statement 2018’. The Company confirms that it is not aware of any new information or data that materially affects the information included in this presentation and that all material assumptions and technical parameters underpinning the estimates continue to apply and have not materially 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 1.6 323,000 Hill 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 1.1 200,000 Mt g/t koz Mt g/t koz Mt g/t koz4.1 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

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