RAMELIUS RESOURCES LIMITED 2015 ANNUAL GENERAL MEETING CHAIRMAN'S ADDRESS

Ladies and Gentlemen, it is my pleasure to welcome you to the 13th Annual General Meeting of Ramelius Resources Limited.

Present with me today are my fellow directors, Mr Kevin Lines and Mr Mike Bohm, our Company Secretary Mr Dom Francese and also Mr Mark Zeptner, who on 1 July 2015 was appointed Managing Director. In order to create an incentive for Mark, your board proposed the grant of a number of options as set out in the Notice of Meeting at a time when the share price of the company was trading at 11.5 cents per share. The gratifying results since then have resulted in the share price rising as high as 24.5 cents (on 26 and 27 October 2015) recently and to be 18.5 cents at market close yesterday. Your board continues to recommend approval of the grant of options on the terms set out in the Notice of Meeting.

Ramelius made a significant turnaround in 2015 recording a return to profit before tax of $20.5 million. The 2016 financial year results are on track to at least meet guidance, if not exceed it.

In the year to 30 June 2015, Ramelius sold 88,706 ounces of gold at an average gold sales price of A$1,464 per ounce generating gold sales of $129.9 million despite gold price volatility. The gold price which was A$1,396 per ounce at the start of the financial year, ended the year at A$1,521 per ounce and more recent has traded above A$1,600 per ounce several times before retreating back below A$1,500 per ounce.

In May 2015 Ramelius entered into a $10 million standby finance facility which provided funding certainty and enabled the Ramelius Board to proceed with the development of the high grade Vivien gold mine. The finance facility remains undrawn however as part of the facility, Ramelius entered into a forward gold sales program over 86,689 ounces of gold at an average gold price of A$1,570 per ounce for delivery through the period to March 2017. Since 30 June 2015 the Company has completed some additional short term forward gold sales over 8,100 ounces of gold out to February 2016 at an average gold price of A$1,625 per ounce. The forward gold sales program locks in the gold price for part of the Company's production which mitigates the commodity price risk over the relevant production period and that also, at today's gold price, looks quite attractive.

During the past year Ramelius focused its mining efforts on the Galaxy pit cut-back at Mt Magnet, accessing the high grade ore zones below the historical Saturn and Mars open pits. In January 2015 the Company commenced the Perseverance open pit cut-back development, transitioning gold production from Saturn and Mars which, since year end, have both been completed.

As part of the Company's strategy for the Checkers processing plant at Mt Magnet, your Board approved the development of the Vivien underground mining operation and the nearby Kathleen Valley open pit gold mine. Both mining projects are high grade operations located near Leinster in Western Australia approximately 300kms to the east of Mt Magnet. Ore from these projects will be trucked and processed at Mt Magnet which for Kathleen Valley, commenced in August 2015. The development of the underground decline at Vivien is progressing well and is on track for first gold production in early 2016.

In addition to its mining operations, Ramelius was also active in exploration.

During the year Ramelius intersected exciting high grade mineralisation at the Blackmans project. This project is located only 30kms to the north of Mt Magnet. Our exploration success resulted in a

maiden mineral resource estimate that our Managing Director will shortly elaborate on in his presentation. However, initial scoping studies have suggested a viable open pit mining operation and given the project's proximity to Mt Magnet, a mining operation at Blackmans will add to current gold production at the Checkers processing plant.

Another achievement for Ramelius during the year was the exploration undertaken at the Tanami joint venture project in the Northern Territory which resulted in Ramelius earning an 85% interest from Tychean Resources Limited. The package of joint venture tenements are located within 100kms of Newmont's 20 million plus ounce Callie Gold mine and Ramelius is excited about commencing a drilling program next year at the Highland Rocks tenement.

Exploration activities were also conducted during the year at our Kathleen Valley and Vivien Gem projects near Leinster, the Coogee project located south east of Kalgoorlie in Western Australia, at the Moonlight Creek gold project in Queensland and at the Condobolin joint venture gold project in New South Wales where Ramelius can earn an 80% interest.

At the end of the financial year the Company had cash and gold on hand of $36.3 million which increased to $39.2 million at the end of the September 2015 quarter. I believe Ramelius is in a strong financial position to forge ahead with its mining operations at Mt Magnet, Kathleen Valley and Vivien to increase gold production at the Checkers processing plant and become Australia's next 100,000 plus ounce gold producer.

Your Directors will continue looking for further opportunities to grow the Company and increase shareholder value.

I take this opportunity to thank our Managing Director and the Board, our Company Secretary and all the Ramelius team for their efforts during the past year.

I thank our shareholders for their continuing loyalty and support, especially those attending today. Ladies and gentlemen, thank you for your attention.

Bob Kennedy CHAIRMAN

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Ramelius Resources Limited

ASX:RMS

Annual General Meeting - 26 November 2015

Forward Looking & Competent Persons Statements

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 Mark Zeptner (Ore Reserves), who are Competent Persons and Members of The Australasian Institute of Mining and Metallurgy. Kevin Seymour, Rob Hutchison and Mark Zeptner 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 Mark Zeptner consent to the inclusion in this report of the matters based on their information in the form and context in which it appears.

Production Targets

Production targets presented for Vivien and Kathleen Valley projects contain Inferred Resources. For details covering the Mineral Resource and Ore Reserve classifications and proportions relating to the production targets refer to slide 25. Further evaluation work and appropriate studies are required to establish sufficient confidence that this target will be met.

Ramelius Resources Limited • Annual General Meeting - November 2015 2