• Undiscounted cash flow of A$1,037M after tax (at A$4,500/oz gold)
• After-tax NPV5% of A$692M (at A$4,500/oz gold)
• IRR after tax of 34% (at A$4,500/oz gold)

Ramelius Resources Ltd has completed the Definitive Feasibility Study (DFS) for the Rebecca-Roe Gold Project, located 150km east of Kalgoorlie in Western Australia. The study confirms the excellent economics of the project, with an undiscounted cash flow of A$1,037M after tax (at a base case of A$4,500/oz gold), an after-tax net present value (NPV5%) of A$692M (at A$4,500/oz), and an internal rate of return (IRR) after tax of 34% (at A$4,500/oz). The project is expected to produce an average of 130koz of gold per annum over the life-of-mine at an all-in sustaining cost (AISC) of A$2,625/oz. The total Mineral Resource for the combined Rebecca and Roe deposits is 67Mt at 1.5g/t for 3.2Moz, with a Reserve of 25Mt at 1.4g/t for 1.1Moz. Key milestones include the receipt of the Rebecca Environmental Protection Act Part V in August 2025, the completion of the DFS in October 2025, and the commencement of mining at Rebecca in the December 2027 Quarter, with first gold production forecasted for the December 2028 Quarter. The development of the Rebecca-Roe Gold Project will be fully funded by Ramelius' cash reserves.

Gold production is expected to average 130koz per annum over the life-of-mine at an AISC of A$2,625/oz.

The Rebecca-Roe Gold Project forms an integral part of Ramelius' 5-Year Growth Pathway, which aims to increase production to more than 500,000 ounces per year, cementing the company's position as one of Australia's largest and most profitable gold miners.