2 December 2015

For Immediate Release

Bonanza Bedrock Gold Intersection at Milky Way (WA)

Ramelius Resources Limited (ASX:RMS) is pleased to announce a bonanza gold grade intersection from its recently completed deeper drilling beneath the shallow oxide Milky Way open pit. Milky Way is located 3.6km southwest of the Checker Mill at Mt Magnet in Western Australia (refer Figures 1 & 2).

Ramelius completed ten deep exploration RC drill holes and two RC re-entries at Milky Way, for an aggregate of 3,047m. The drilling was targeting along strike, plus up and down dip of the previously reported 6m at 11.64 g/t Au and 7m at 11.29 g/t Au intersections (refer ASX Releases dated 14 September 2015 and 13 October 2015 respectively). The bonanza intersection from Ramelius' new drill hole GXRC1345 reports as:

2 December 2015

ISSUED CAPITAL

Ordinary Shares: 473M

DIRECTORS

CHAIRMAN:

Robert Kennedy

NON-EXECUTIVE DIRECTORS:

Kevin Lines Michael Bohm

MANAGING DIRECTOR:

Mark Zeptner

www.rameliusresources.com.au [email protected]

RAMELIUS RESOURCES LIMITED

Registered Office

Suite 4, 148 Greenhill Road Parkside, Adelaide

South Australia 5063

Tel +61 8 8271 1999

Fax +61 8 8271 1988

Operations Office

Level 1, 130 Royal Street East Perth WA 6004

Tel 08 9202 1127

Fax 08 9202 1138

Y 22m at 55.05 g/t Au from 112m, including 9m at 126.6 g/t Au

As with the previously reported high grade intersections, the gold mineralisation is associated with the newly discovered shear/fault zone (Milky Way Fault) passing through the 50m wide (estimated true width) mineralised felsic porphyry unit (Milky Way Porphyry) and subsidiary hangingwall felsic lenses. The Milky Way Fault (traceable over at least 400m) is now recognised as a significant structural control and conduit for the gold mineralisation. It controls the distribution of the high grade bedrock gold mineralisation discovered below the historically mined (circa 1999) shallow oxide Milky Way pit.

In addition to the bonanza intersection, further broad intervals of gold mineralisation have been returned from within the Milky Way Porphyry. Drill holes GXRC1334 and GXRC1336 were re-entered to gauge the true thickness of the porphyry. While the porphyry pinches to the north in GXRC1334, hole GXRC1336 extended the mineralised porphyry thickness (using a 0.1 g/t Au lower cut) to 62m at

1.83 g/t Au from 219m. Significant new mineralised porphyry intervals (using a 0.1 g/t Au lower cut) include:

Y 89m at 13.9 g/t Au from 108m in GXRC1345 Y 46m at 0.49 g/t Au from 140m in GXRC1337 Y 60m at 0.53 g/t Au from 34m in GXRC1338

Y 11m at 1.65 g/t Au from 175m in GXRC1341 and

Y 28m at 2.20 g/t Au from 38m in GXRC1342

The drill intersections continue to be highly encouraging as they demonstrate potential for a large tonnage mineralised porphyry within the broader Mt Magnet gold camp. The Milky Way Porphyry has been modelled over 850m strike (refer Figures 3 and 4), but only drill tested at depth over 400m strike.

'The latest drilling confirms excellent continuity of mineralised porphyry thicknesses and now a second area of significant high grade gold mineralisation has been intersected, approximately 300 metres south of those previously announced. We remain excited by the potential life-of-mine extension of Mt Magnet that Milky Way may provide, and the next steps will include infill resource definition drilling in conjunction with further step-out exploration drilling south along the Milky Way Fault. The drilling programmes will commence in the New Year as soon as necessary approvals are in place', Managing Director, Mark Zeptner said today.

For further information contact:

Mark Zeptner Duncan Gordon

Managing Director Executive Director

Ramelius Resources Limited Adelaide Equity Partners

Ph: (08) 9202 1127 Ph: (08) 8232 8800

ABOUT RAMELIUS

Figure 1: Ramelius' Operations & Development Project Locations

Ramelius owns 100% of the Mt Magnet gold mine and associated Checker processing plant in Western Australia. The Company has also commenced developing the high grade Vivien and Kathleen Valley gold mines near Leinster, also in Western Australia. The Blackmans Gold Project, approximately 30 kilometres north of Mt Magnet, is currently undergoing mining studies prior to an open pit Ore Reserve being released. The Burbanks Treatment Plant is located approximately 9 kilometres south of Coolgardie and is currently on care and maintenance.

EXPLORATION

Mt Magnet Gold Mine - Drilling

Ten deeper RC drill holes (GXRC1337-1346) and two RC re-entries (GXRC1334 and 1336) were completed at Milky Way, for an aggregate of 3,047m of drilling during November 2015 (refer Figures 3 and 4).

The drilling programme was designed to follow-up the significant mineralisation intersections reported during September and October. The porphyry has now been drill tested over a strike of 400m and a single step out drill hole located 175m south of the bonanza intersection confirms good continuity of porphyry alteration and thickness. The bonanza grade gold intersection in GXRC1345 returned single metre assays up to 809 g/t Au (120 to 121m) with repeat assays confirming the high grade result and reporting at 864 g/t Au.

The drilling is aligned at an azimuth of 3000, orthogonal to the predicted north easterly trending Milky Way Fault. High grade gold mineralisation associated with the Milky Way Fault favours the eastern flank of the porphyry unit (Figure 5) where it is modelled as a sub-vertically dipping shear, displaying intense ductile deformation and strong sericite alteration within the broader stockwork quartz and disseminated pyrite (1%) altered porphyry rock unit (Milky Way

Porphyry). The new bonanza grade intersection in GXRC1345 aligns with the previously reported high grade intersections of 6m at 11.64 g/t Au and 7m at 11.29 g/t Au from GXRC1328 and 1336 respectively along the trace of the Milky Way Fault.

Assay results are still awaited for drill holes GXRC1343, 1344, and 1346.

Mt Magnet Gold Mine - Targeting Concept

Milky Way is the first area targeted for deeper exploration drilling at Mt Magnet since completing a detailed three dimensional (3-D) litho-structural interpretation of the larger gold camp. The 3-D modelling exercise encompassed re- logging drill holes, collecting and collating trace element geochemical data, absorption spectral (ASD) analysis of drill cuttings and integrating this data with surface in-pit geological mapping, detailed magnetic plus gravity data inversion model datasets and Geoscience Australia's regional seismic transect to create a holistic solid geology interpretation of the gold camp to 1km below surface.

The Hill 50 and Morning Star structural corridors shown on Figure 2 represent a concentration of north-northeast trending axial planar faults colloquially referred to as Boogardie Breaks. These fault/shear zones include the now recognised Milky Way Fault. They are often concealed but can be interpreted from the available aeromagnetic and gravity datasets. They appear strike extensive (over 10km each) and are believed to act as the primary conduits for the ingress of gold bearing fluids at Mt Magnet. Economic gold mineralisation appears concentrated at the intersection of the Boogardie Breaks with favourable competent and/or iron rich host rocks including banded iron formations at Hill 50 and the porphyry host rocks intersected at Milky Way.

Figure 2: Mt Magnet gold camp highlighting prospective Hill 50 & Morning Star structural corridors

Figure 3: Plan view showing location of recent Ramelius drilling targeting the Milky Way Porphyry below the pit

Figure 4: Milky Way oblique 3D section through the Milky Way Porphyry