Ramelius Resources has reached a development decision in respect to its Edna May gold mine

operations near Westonia, Western Australia. Starting early-2019, Ramelius will commence underground mining operations at Edna May as part of its wider regional development strategy for the area. Ore production is expected from the start of FY2020 as a result, with an initial life of two and a half years.

Prior to the acquisition of Edna May by Ramelius, Evolution Mining Ltd spent approximately

A$20 million on a mine portal inside the current open pit plus some 250 m of vertical development, providing Ramelius with access to high grade ore without the normal large capital

development and timing imposts associated with fresh development. The decision to move underground as opposed to carrying out a large ‘Stage 3’ open pit cutback was based on a number of considerations including lower economic risk with the significantly higher grade underground ore feed; savings on capital expenditure associated with a large pit cutback of ~A$100m; immediate access to high grade underground ore instead of a large open pit pre-strip with delayed ore access; and the recently announced acquisition of the Marda Gold Project allowing additional ore scheduling flexibility.

The Edna May orebody is open at depth with high grade intersections seen down to 600 m below surface. In addition to the commencement of underground mining, Ramelius also intends to conduct further diamond drilling during the 2020 Financial Year below the current reserve envelope to target further extensions to a depth of 600-700 metres below surface.

Ramelius Managing Director, Mark Zeptner said: “The decision to move down the underground path at Edna May is not one that has been taken lightly. After extensive studies and considering our future options around other potential ore sources in the area, we believe this is a prudent decision that will lead to exceptional future outcomes for our shareholders. “The considerable savings in group capital expenditure and the use of conservative geological assumptions gives the company added flexibility in considering other future strategic options for Ramelius as we look to