MARK GORDON
[email protected] +612 9377 1500 www.taylorcollison.com.au Ramelius Resources Limited (RMS) 17 August 2020 The Quiet Achiever Recommendation: Buy Our View Summary (AUD) Ramelius Resources Limited (ASX: RMS, “Ramelius”) has been the quiet Market capitalisation (undiluted) $1,555m achiever of the ASX-listed Western Australian gold producers, being a continuous Share price (August 14, 2020) $1.93 producer since 2007, and now on track to produce over 250,000 ozpa from its Valuation per share (medium term) $3.00 100% owned Mount Magnet and Edna May processing hubs. Recent growth has 52 week low $0.7625 resulted in Ramelius entering the Top 20 of ASX-listed miners, and the Top 10 52 week high $2.40 gold producers by market capitalisation. Cash and bullion (30/6/20) $185.5m The Company has historically met or exceeded cost and production guidance, Debt (30/6/20) $24.4m confirming the quality of management and confidence in the outlook for the Ordinary shares (undiluted) 806.0m Company. In addition, the Company has a history of increasing Reserves on a Y Performance rights 12.05m on Y basis, including through canny acquisitions, with examples being the Vivien Fully diluted 818.0m Gold Project, and the take-over of Spectrum Metals (ASX: SPX, “Spectrum”), the Unlisted options (total) 0m owner of the high grade Penny Gold Project. which has provided the catalyst for the recent rerating. Share price graph (AUD) The rerating was also reinforced by the market’s positive response to the recently released FY2020 production results, and the updated Life of Mine Plan (“LoMP”).