Hermès
Annual Report 2010

Ramelius Resources Limited 
Annual Report 2010

Contents

Chairman’s Report
Chief Executive Officer’s Report
Review of Operations
Native Title Statement
Corporate Governance Statement
Glossary of Terms
Photographs & Diagrams
Directors’ Report
Auditor’s Independence Declaration
Income Statement
Statement of Comprehensive Income
Statement of Financial Position
Statement of Changes in Equity
Statement of Cash Flows
Notes to the Financial Statements
Directors’ Declaration
Independent Auditor’s Report
Shareholder Information
Corporate Directory 

01
02
03
15
16
34
37
42
54
55
56
57
58
59
60
99
100
103
Back Cover

Ramelius Resources Limited
ACN 001 717 540
ABN 51 001 717 540

Annual General Meeting
The Annual General Meeting of 
Ramelius Resources Limited 
will be held at 
Enterprise House, 
136 Greenhill Road, Unley, 
South Australia on 
Friday, 26 November 2010
at 11.00 am Adelaide time.

Stock Exchange
The Company is listed 
on the Australian Securities 
Exchange Limited. 
The Home Exchange is 
Adelaide. 

ASX Codes
Shares: RMS

Front Cover: Wattle Dam gold dore`  bars.
Photographs on pages 1 to 32 are a step by step depiction of a gold pour.

Chairman’s Report

Dear
Shareholder,


It
 is
 with
 pleasure
 that
 I
 present
 to
 you
 the
 2010

Annual
Report
of
Ramelius
Resources
Limited.

During
 2009/10
 Ramelius
 became
 a
 successful

underground
 mining
 company
 with
 the
 extraction
 of
96,091
tonnes
of
gold
ore
at
Wattle
Dam.

The
Company
milled
more
than
78,000
tonnes
of
gold
ore
 at
 its
 100%
 owned
 Burbanks
 Processing
 Plant

producing
 60,780
 ounces
 of
 gold
 and
 it
 is
 most

pleasing
to
record
a
significant
increase
in
gold
sales

revenue
from
$19.8
million
in
2009,
to
$58.2
million
for
the
2010
year
on
the
back
of
this
production.

The
 Wattle
 Dam
 mine
 has
 certainly
 been
 good
 to
Ramelius
since
mining
began
in
2006.
It
is
the
highest
grade
gold
mine
in
Australia
and
it
continues
to
deliver
wealth
 for
 shareholders.
 Earlier
 this
 year,
 Ramelius

announced
 a
 66%
 increase
 to
 the
 gold
 resource
 at

Wattle
 Dam
 and
 in
 recent
 months,
 underground

exploration
drilling
has
resulted
in
further
significant
gold
mineralisation
below
the
current
mine
plan
which
augers
well
for
a
potential
third
phase
of
mining
at
Wattle
Dam.

The
Company
recorded
its
fourth
consecutive
profit.
Net
profit
after
tax
for
the
year
ended
30
June
2010
was
$20.2
million,
a
pleasing
306%
increase
from
last
year’s
result
which
I
believe
vindicates
the
directors’
strategy
of
focusing
the
Company’s
efforts
in
recent
years
on
the
low
cost
operation
at
Wattle
Dam.

Ramelius
 is
 financially
 strong
 with
 cash
 on
 hand
 at

30
June
2010
of
$80.2
million
and
importantly,
has
no
debt.

Limited.
As
a
result,
the
Company
now
has
exciting
gold
exploration
projects
in
Nevada
USA,
where
it
can
earn
a
60%
interest
in
the
Big
Blue
project
and
a
70%
interest
in
the
Angel
Wing
project,
as
well
as
in
Eastern
Australia,
where
it
has
the
opportunity
to
earn
a
51%
interest
in
an
epithermal
 gold
 deposit
 at
 the
 Glen
 Isla
 project
 near
Dubbo
NSW
and
a
60%
interest
in
the
Mt
Windsor
gold
project
in
Queensland.

It
is
also
worth
mentioning
that
the
Company’s
excellent
endeavours
in
making
an
offer
for
Dioro
Exploration
NL
during
the
year,
achieved
a
pleasing
68%
take
up
of
the
offer
by
Dioro
shareholders
(excluding
its
other
suitor).
The
ultimate
sale
of
the
acquired
37.51%
of
the
target
entity
resulted
in
gross
cash
proceeds
of
$42.4
million
and
 a
 profit
 of
 $7.1million.
 Significantly,
 the
 cash

proceeds
made
it
possible
for
Ramelius
to
subsequently
acquire
the
Mt
Magnet
Gold
project
in
July
2010
and
to
pay
a
return
of
capital
to
shareholders
of
5
cents
per
share
in
August
2010.

In
 this
 regard,
 I
 take
 this
 opportunity
 to
 thank
 our

Directors,
 particularly
 Ian
 Gordon
 who
 last
 year

assumed
the
role
of
CEO
following
Joe
Houldsworth’s
retirement
as
Managing
Director,
and
all
employees
and
consultants
for
their
tremendous
efforts
during
the
year.

I
 thank
 shareholders
 for
 their
 continued
 support

during
the
year
and
together
with
my
fellow
directors,
look
forward
to
another
high
grade
production
result
in
the
year
ahead.

This
 year
 Ramelius
 commenced

its

exploration
footprint
beyond
the
Spargoville
Belt
in
the
Eastern
Goldfields
of
Western
Australia
with
key
joint
venture
agreements
entered
into
with
Miranda
Gold
Inc,
Carpentaria
Exploration
Limited
and
Liontown
Resources




to
 expand


Bob Kennedy
Chairman

01

Chief Executive Officer’s Report

Dear
Shareholders,


The
2010
financial
year
has
been
transforming
for
our
Company.

Through
the
implementation
of
our
strategy
to
focus
on
maximising
 cash
 flow
 from
 operations
 and
 company
growth,
Ramelius
has
moved
successfully
from
a
small
producer
to
a
more
diversified
company
with
significant
cash
and
multiple
opportunities
for
growth.

The
 Company’s
 assets
 now
 include
 two
 Western

Australian
 development
 assets
 at
 Wattle
 Dam
 and

Mt
 Magnet
 and
 world
 class
 exploration
 assets
 in
Queensland
and
Nevada
(US).

Ramelius’
wholly‐owned
Wattle
Dam
underground
gold
mine
has
begun
to
reach
its
potential
in
terms
of
high
grade
 production
 and
 cash
 flows.
 This
 has
 placed
Ramelius
 Resources
 in
 an
 enviable
 financial
 position
compared
to
other
small
Australian
gold
producers.
The
Company
continues
to
maintain
robust
cash
flows,
has
a
balance
sheet
with
no
debt,
is
delivering
a
high
return
on
our
assets
and
is
increasingly
being
recognised
for
strong
performance
on
near
term
earnings.

During
the
year
under
review,
Wattle
Dam
transformed
from
a
high
grade
gold
opportunity
with
a
limited
mine
life
 to
 an
 exceptionally
 productive
 underground
 gold
mine,
 which
 at
 the
 time
 of
 this
 report,
 has
 already

produced
 more
 gold
 than
 the
 original
 mine
 plan
 of
68,000
ounces.
Net
profit
after
tax
of
A$20.2
million
for
the
 year
 was
 also
 very
 pleasing,
 reflecting
 the
 strong

operating
performance.

The
underground
mine
at
Wattle
Dam
commenced
gold
production
late
in
November
2009,
and
by
June
2010,
had
produced
 more
 than
 60,000
 ounces
 of
 gold
 at
 an

average grade
of
24
g/t,
making
it
the
highest
grade
gold
mine
in
Australia.
During
this
period,
the
mine
had
total
cash
costs
of
A$482
per
ounce
in
a
market
environment
where
 the
 average gold
 sale
 price
 for
 2009/10
 was
A$1261
per
ounce
‐ an
effective
cash
margin
of
A$780
per
ounce.

75,500
tonnes
of
Wattle
Dam
ore
and
76,000
tonnes
of
third
party
ore.
Overall
recovery
for
the
year
was
97%,
an
excellent
achievement,
given
the
high
grade
of
the
ore
treated.

Your
 Company
 also
 made
 significant
 inroads
 into

developing
its
growth
projects.
During
the
year,
Ramelius
secured
world‐class
exploration
projects
in
Queensland
and
 Nevada
 in
 the
 United
 States,
 and
 laid
 the

groundwork
for
the
subsequent
acquisition
in
July
this
year
of
the
Mt
Magnet
gold
project
in
Western
Australia.

The
 Mt
 Magnet
 gold
 project
 offers
 the
 Company
 the

potential
in
coming
years
to
significantly
increase
its
gold
production
as
well
as
increasing
the
value
of
this
project
through
new
discoveries.

The
project
is
an
open‐pit
and
underground
mining
asset
set
in
a
prolific
gold
province.
The
acquisition
boosted
the
Company’s
gold
resources
to
3.4
million
ounces
plus;
and
opens
up
a
potential
100,000
ounce
plus
per
annum
production
scenario
for
5‐7
years
off
an
historic
base
that
saw
the
project
produce
5.6
million
ounces
of
gold.

New
drill
programs
being
scheduled
for
Mt
Magnet
later
this
year
are
designed
to
infill
its
current
gold
resources,
test
 new
 targets
 and
 move
 the
 project
 towards
 a

decision
to
mine
in
the
first
half
of
calendar
2011.

The
coming
year
promises
to
be
an
exciting
one,
with
significant
ongoing
low
cost
production
at
Wattle
Dam,
new
exploration
success
and
the
likely
development
of
the
Mt
Magnet
project.

I
extend
my
thanks
to
our
Board
of
Directors,
members
of
which
have
supported
the
growth
strategy
developed
for
the
Company.
I
also
sincerely
thank
Ramelius’
staff
and
 contractors
 who
 have
 delivered
 an
 exceptional

performance
for
the
year.

Our
 milling
 facility
 at
 Burbanks
 close
 to
 Wattle
 Dam,

operated
satisfactorily
for
the
year,
treating
more
than
151,500
tonnes
of
gold
ore,
comprising
approximately

Ian Gordon
Chief
Executive
Officer

02

Review Of Operations

Financial Highlights

• Total
revenue
of
$71.1
million
(up
from
$20.7
million
in
2009)
• Gold
sales
of
$58.2
million
(up
from
$19.8
million
in
2009)

• Other
income
of
$9.8
million
(up
from
$0.8
million
in
2009)
• Net
profit
after
tax
of
$20.2
million
(up
from
$4.97
million
in
2009)
• Cash
assets
at
the
end
of
the
financial
year
of
$80.2
million
(up
from


$26.7
million
in
2009)

Total
consolidated
revenue
was
up
243%
from
the
previous
year
to
$71,101,431
which
included
profit
from
sale
of

financial
assets
of
$7,144,396.

Revenue
from
gold
sales
was
$58,216,932,
up
193%
from
the
previous
year
and
resulted
from
sales
of
46,147
ounces
of
gold
during
the
year
at
an
average
price
of
A$1,261.56
per
ounce
compared
to
15,393
ounces
in
2009.
Gold
sales
during
the
year
reflect
high
grade
gold
production
from
the
Wattle
Dam
underground
mine.

Total
after
tax
consolidated
comprehensive
income
was
$20,202,041.

At
30
June
2010
the
consolidated
entity
continued
to
be
debt
free
and
held
cash
assets
of
$80.2
million.

Total
net
assets
increased
96%
during
the
year
from
$56,098,438
to
$110,339,121.

Operational Highlights

• Successfully
commenced
underground
mining
operations
at
Wattle
Dam
• Record
Production
of
60,000
ounces
of
gold
• Acquisition
of
growth
exploration
projects

03

Review of Operations

Mining and Milling Operations 

The
 Wattle
 Dam
 gold
 mine
 is
 located
 approximately
25km
south-west
of
Kambalda
in
the
Eastern
Goldfields
of
Western
Australia.
The
gold
resource
at
Wattle
Dam
is
hosted
in
sheared
ultramafic
rocks
and
has
been
drilled
to
 a
 vertical
 depth
 of
 over
 300
 metres.
 The
 mine

commenced
 production
 in
 March
 2006
 and
 as
 at

30
June
2010,
had
produced
approximately
110,000
ounces
of
gold.

Underground
ore
mining
and
milling
commenced
during
the
2009/10
financial
year
with
approximately
60,000
ounces
of
gold
produced
during
this
period.

Mining 
By
the
end
of
the
2010
financial
year,
the
underground
decline
 was
 established
 to
 the
 bottom
 of
 the
 current
mine
 plan
 and
 the
 majority
 of
 development
 for
 the
2010/11
year’s
production
completed
(refer
Figure
1
on
page
 37).
 A
 total
 of
 1,673m
 of
 underground
 capital

development
and
845m
of
operating
development
was
completed
during
this
period.

During
the
2010
financial
year
a
total
of
96,000
tonnes
of
ore
was
mined
from
underground
at
a
mine
estimated
grade
of
16
grams
per
tonne
gold.
Of
this
ore,
a
total
of
75,500
was
milled
at
a
recovered
grade
of
25
g/t
for
the
production
 of
 60,780
 ounces
 of
 gold.
 As
 has
 been

experienced
 in
 previous
 years,
 the
 grade
 recovered
through
milling
the
ore
has
been
substantially
higher
than
the
 mine
 estimated
 grade,
 due
 to
 the
 coarse
 gold

present,
which
is
not
always
reflected
in
drilling
results.

An
 updated
 mineral
 resource
 estimate
 for
 the
 Wattle
Dam
 gold
 deposit
 was
 completed
 in
 February
 2010.
The
resource
estimate
was
226,500
tonnes
at
18
g/t
Au
for
130,900
ounces
of
gold.

Ordinary
Kriging
and
a
top
cut
of
2,000
g/t
gold
were
used
to
estimate
the
resource.

04

Underground Diamond Drilling
Diamond
 drilling
 was
 conducted
 in
 a
 series
 of

campaigns
during
the
year.
119
underground
diamond
holes
were
drilled
for
a
total
of
13,952m.
Most
holes
were
 drilled
 as
 LTK60
 size
 core
 as
 grade
 control/
resource
definition
drilling
on
a
relatively
close
spaced
pattern
 of
 20m
 x
 10m.
 Some
 exploratory
 holes
 were
drilled
targeting
southern
extensions
to
the
Wattle
Dam
lode,
but
only
returned
weak
mineralisation.


Towards
year
end,
exploratory
drilling
was
conducted
down
plunge
of
the
Wattle
Dam
main
lode
zone
and
in
June
 2010
 some
 significant
 intercepts
 were
 returned
from
an
area
around
100m
below
the
current
base
of
mining.
 These

to
 show
 a

redevelopment
of
the
lode
zone
at
depth
after
a
zone
of
weaker
mineralisation.

intercepts
 appear


Milling
During
 the
 2010
 financial
 year
 the
 Company’s
 gold

treatment
 plant
 at
 Burbanks,
 near
 Coolgardie
 milled
75,500
 tonnes
 of
 Wattle
 Dam
 ore
 at
 an
 average

recovered
grade
of
25
g/t
Au
and
76,000
tonnes
of
third
party
ore.
A
new
gravity
recovery
system
was
installed
to
improve
 gold

the
 higher
 grade

underground
ore.

recovery


from


Production Statistics – 
2010 Financial Year
(Wattle Dam)

Unit

Mined Grade g/t

gold

Ore
processed

tonnes

75,500

25

Recovery

Gold
Production*


Gold
Production*


%

oz

kg

97

60,780

1,890.4

*
Includes
G.I.C.
recovered

Review of Operations

Exploration

Eastern Goldfields
Ramelius
controls
the
gold
rights
and
majority
nickel
rights
over
approximately
135
km2 covering
predominantly
the
Spargos
Reward
Shears
(refer
Figure
2
on
page
37).

Gold
exploration
during
the
year
was
conducted
at
the
Wattle
Dam,
8500N,
West
Wattle
Dam,
5Q,
Hilditch
and
Eagles
Nest
prospects.

Wattle Dam Project 
(Gold, Tantalum, Nickel) (100% Gold, Tantalum and
80% Nickel Rights; MLs; 15/1101; 15/1263;
15/1264; 15/1323; 15/1338; 15/1769-1773, 100%
MLs 1774-1776; PL 15/4381 [MLA 15/1474])

Wattle Dam Gold Mine (Gold)
Surface
exploration
diamond
drilling
totalling
5
holes
for
2,176.8
 metres
 was
 completed
 at
 Wattle
 Dam.
 The
drilling
 was
 focused
 on
 defining
 further
 high
 grade

mineralisation
 further
 down
 plunge
 from
 the
 current

underground
mine
plan.

Significant
results
of
3.5
metres
at
13.8
g/t
gold
from
353
 metres
 including
 1.2
 metres
 @
 37.0
 g/t
 Au
 from
353.8
 metres
 and
 2
 metres
 at
 7.5
 g/t
 gold
 from
 355

metres.
 Surface
 diamond
 drilling
 has
 defined
 a

mineralised
zone
over
90
metres
of
plunge
extent
which
has
been
infill
drilled
by
underground
diamond
drilling.

Gravity
 and
 Sub-Audio
 Magnetic
 surveys
 were

completed
 over
 and
 along
 strike
 of
 Wattle
 Dam
 gold
mine
in
order
to
assist
with
the
geological
understanding
of
the
area
and
drill
targeting.

A
 total
 of
 14
 RC
 drill
 holes
 for
 2,791
 metres
 were

completed
to
assist
with
the
geological
understanding
along
 strike
 from
 Wattle
 Dam
 as
 well
 as
 test
 an

anomalous
 EM
 trend
 identified
 from
 the
 recently

completed
SAM
survey
and
test
anomalous
intercepts
and
 alteration
 within
 previous
 shallow
 RAB
 drilling
 at
depth.

A
maximum
result
of
3
metres
at
1.2
g/t
gold
from
45
metres
(WDRC330)
was
received
from
the
drilling.

8500N (Gold)
A
total
of
10
RC
holes
(SRRC0024
–
SRRC0033)
for
1,258
 metres
 were
 drilled
 to
 further
 evaluate
 the

supergene
mineralisation
intersected
within
previous
RC
drilling
 and
 untested
 areas
 of
 the
 felsic/ultramafic

contacts
 and
 their
 association
 with
 an
 interpreted

northeast
trending
aeromagnetic
structure.

A
maximum
significant
 result
 of
 9
 metres
 at
 4.3
 g/t
 gold
 from
 65

metres
including
1
metre
at
16.2
g/t
gold
from
73
metres
(SRRC0029)
 was

the
 supergene

environment
adjacent
to
a
previous
RC
drill
hole
which
returned
a
maximum
result
2
metres
at
2.3
g/t
gold
from
65
metres.

returned


from


West Wattle Dam (Gold)
A
 total
 of
 40
 RC
 drill
 holes
 for
 2,088
 metres
 were

completed
to
evaluate
an
area
of
auger
gold
anomalism
associated
with
an
ultramafic
sequence
to
the
west
of
Wattle
Dam
Gold
Mine.

Significant
results
of
4
metres
at
9.0
g/t
gold
from
28
metres
and
4
metres
at
6.9
g/t
gold
from
36
metres
were
returned
from
the
drilling.

5Q (Gold and Nickel)
A
single
RC
drill
hole
(SRRC0034)
for
160
metres
was
completed
 to
 evaluate
 coincident
 geochem
 and
 EM
anomalies
 along
 strike
 from
 the
 5A
 nickel
 prospect.
 

A
sulfidic
black
shale
was
intersected
at
the
target
depth
which
 is
 the
 likely
 source
 for
 the
 EM
 anomaly.
 No

significant
gold
or
nickel
results
were
received.

A
total
of
9
RC
holes
for
780
metres
was
completed
to
test
areas
of
anomalous
(≥100ppb)
gold
returned
from
previous
costean
sampling
and
auger
drilling
and
to
test
underneath
historical
gold
workings.

A
maximum
result
of
5
metres
at
4.4
g/t
gold
from
22
metres
including
2
metres
at
6.4
g/t
gold
from
22
metres
was
received
from
the
drilling
associated
with
quartz
veining
within
upper
saprolite
clays.

Regional Aircore Drilling (Gold and Nickel)
A
 single
 RC
 hole
 (SRRC0075)
 for
 approximately
 100

metres
 is
 planned
 to
 test
 underneath
 significant
 gold

05

Review of Operations

(4m
@
0.7
g/t
Au
from
18m)
and
nickel
(20m
@
0.8%
Ni
from
18m
to
EOH
including
2m
@
1.4%
Ni
from
24m)
within
 SRRB0240,
 located
 just
 north
 of
 the
 Hilditch

Project
boundary
and
at
a
similar
stratigraphic
location
to
the
Hilditch
gold
workings.

Maximum
gold
and
nickel
intercepts
of
5
metres
at
0.3
g/t
gold
from
80
metres
and
5
metres
at
0.4%
nickel
from
69
metres
were
received.

Hilditch Project
(90%) (ML 15/1448)
A
 programme
 of
 9
 RC
 holes
 for
 857
 metres
 was

completed
to
test
for
strike
and/or
plunge
extensions
of
mineralisation
intersected
within
drilling
completed
by
previous
 explorers
 at
 the
 Hilditch
 Gold
 workings.

A maximum
 result
 from
 the
 previous
 drilling
 of
 14

metres
at
2.1
g/t
gold
from
33
metres
was
returned.
Maximum
significant
results
returned
from
the
drilling

include
 2
 metres
 at
 8.8
 g/t
 gold
 from
 86
 metres
 and

5
metres
at
4.3
g/t
gold
from
39
metres.

A
further
3
RC
holes
for
340
metres
were
completed
at
Hilditch
South
to
primarily
evaluate
an
interpreted
zone
of
 supergene
 anomalism
 within
 previous
 RC
 drilling,
which
includes
maximum
results
of
2
metres
at
5.6
g/t
gold
from
24
metres
and
8
metres
at
1.6
g/t
gold
from
36
metres.

No
significant
results
were
received.

North Widgiemooltha Project
(100% Gold Rights)  (MLs 15/97; 15/99; 15/100;
15/101; 15/102; 15/653; ML 15/1271) 

regional
 aircore
 drilling
 programme


North Widgiemooltha Regional
A

totalling

approximately
 300
 drill
 holes
 commenced
 during
 the

period
to
evaluate
areas
along
the
eastern
ultramafic
belt
within
the
North
Widgie
Project
where
limited
systematic
gold
exploration
has
been
undertaken
within
areas
of
transported
cover.

A
total
of
181
holes
for
7,616
metres
were
 completed.
 
 Initial
 results
 have
 been
 received,
which
would
equate
to
approximately
20%
of
the
entire
programme.

A
maximum
anomalous
result
of
4
metres
at
0.9
g/t
gold
from
36
metres
has
been
received.

Eagles Nest South
A
total
of
7
RC
drill
holes
for
706
metres
were
drilled
to
test
for
high
grade
mineralisation
associated
with
strike
extensions
of
a
≥2
g/t
gold
mineralised
trend
identified
by
previous
RC
drilling
at
Eagles
Nest.

No
significant

results
were
received.

Eagles Nest Project
(100%) (ML 15/1475)
A
single
RC
drill
hole
for
184
metres
was
completed
to
test
for
high
grade
mineralisation
associated
with
dip

extensions
of
a
≥2
g/t
gold
mineralised
trend
identified
by
previous
RC
drilling.

A
maximum
result
of
3
metres
at
1.7
g/t
gold
from
148
metres
was
received.

Bullabulling West Project
(100%) (PL 15/5399-5400; PLA 15/5509)
A
total
of
three
RC
drill
holes
were
completed
to
test
an
aeromagnetic
 high
 anomaly
 to
 the
 west
 of
 the

Bullabulling
 gold
 operations.
 
 The
 aeromagnetic
 high
anomaly
was
interpreted
to
display
synergies
with
the
aeromagnetic
anomaly
over
the
Wallaby
Gold
Mine
near
Laverton.

No
significant
results
were
received
from
the
drilling.

Mt Windsor Project
During
the
period
Ramelius
Resources
Limited
entered
a
 joint
 venture
 with
 Liontown
 Resources
 Limited
 in

regards
to
its
Mt
Windsor
Gold
Project,
located
south
of
Charters
Towers
in
Queensland
(refer
Figure
3
on
page
38).


Ramelius
can
earn
a
60%
equity
in
the
project
by
spending
 $7
 million
 over
 four
 years.
 
 A
 minimum

expenditure
of
$1.25M
is
required
prior
to
July
2011.

A
programme
of
4
RC
holes
(G5RC0001
–
0004)
for
954
metres
was
completed
at
Spring
Creek
(G-5)
to
evaluate
chargeable
 and
 resistive
 zones
 identified
 from
 an
 IP

survey
by
Liontown
Resources.

A
maximum
composite
result
of
4
metres
at
0.1
g/t
gold
from
268
metres
was

returned.

The
intercept
is
also
weakly
anomalous
in
Ag,
As,
Hg,
Sb,
and
Pb.

06

Review of Operations

Deep
penetrating
3D
IP
surveys
will
be
undertaken
over
each
 of
 Mt
 Redan,
 Mosquito
 Hill
 and
 Cardigan
 Dam

(formerly
G-14)
prior
to
diamond
drill
testing.
Collaborative
Drilling
Initiative
(CDI)
funding
has
been
sourced
from
the
Queensland
 Government
 to
 assist
 with
 drilling
 at
 Mt
Redan
and
Mosquito
Hill
(refer
Figure
4
on
page
38).

Glen Isla Joint Venture NSW: EL 6246
(Ramelius
earning
75%)
During
the
year
Ramelius
entered
into
a
joint
venture
with
Carpentaria
Exploration
Limited
to
earn
a
75%
interest
in
the
Glen
Isla
project
(refer
Figure
3
on
page
38).

A
detailed
3‐D
induced
polarization
(IP)
survey
over
the
Glen
 Isla
 epithermal
 target
 area
 was
 completed
 and
(from
 100m
 below
 surface)

identified
 a
 shallow

anomalous
 chargeable
 response.
 RC
 drilling
 of
 the
chargeable
anomaly
is
scheduled
during
the
September
2010
quarter.

Nevada Projects
(Ramelius
earning
70%
with
Marmota)
Ramelius
 and
 its
 partner
 Marmota
 Energy
 Ltd
 have

entered
 into
 two
 agreements
 with
 Miranda
 Gold

Corporation
to
earn
a
70%
interest
in
the
Big
Blue
and
Angel
 Wing
 projects
 in
 Nevada,
 US.
 The
 Big
 Blue

project
is
prospective
for
Carlin
Style
sediment
hosted
gold
 deposits
 and
 the
 Angel
 Wing
 project
 is
 being

explored
for
high
grade
epithermal
gold
veins.
Ramelius
expects
both
of
the
projects
to
be
drill
tested
in
the
second
half
of
calendar
2010
(refer
Figure
5
on
page
39).

Consents
The information in this report that relates to Exploration
Results is based on information compiled by Matthew
Svensson and Kevin Seymour.

Matthew  Svensson  is  a  Member  of  the  Australian 
Institute  of  Geoscientists  and  has  sufficient  experience
which is relevant to the style of mineralisation and type
of deposit under consideration and to the activity he is
undertaking to qualify as a Competent Person as defined
in  the  2004  Edition  of  the  Australasian  Code  for 
Reporting on Exploration Results.  Matthew Svensson is
a full-time employee of the company and consents to
the inclusion in the report of the matters based on his
information in the form and context in which it appears. 

Kevin Seymour is a Member of the Australian Institute of
Mining  and  Metallurgy  and  has  sufficient  experience
which is relevant to the style of mineralisation and type
of deposit under consideration and to the activity they
have  undertaken  to  qualify  as  a  Competent  Person.
Kevin  Seymour  is  a  full-time  employee  of  Ramelius 
Resources Limited and consents to the inclusion in this
report  of  the  matters  based  on  his  information  in  the
form and context in which it appears.

The information in this report that relates to resources
and estimated mine grade at Wattle Dam is based on
information compiled by Rob Hutchison. 

Rob Hutchison is a Member of the Australian Institute of
Mining  and  Metallurgy  and  has  sufficient  experience
which is relevant to the style of mineralisation and type
of deposit under consideration and to the activity he is
undertaking  to  qualify  as  a  Competent  Person.    Rob
Hutchison is a full-time employee of the company and
consents to the inclusion in the report of the matters
based  on  his  information  in  the  form  and  context  in
which it appears.

07

Review of Operations

Interests in Mining Tenements
The
Company’s
interests
in
mining
tenements
are
as
follows:

Project

Location

Tenement

Status 

Application
Date

Grant
Date

Expiry
Date

Associated  Acquiring 
Tenement 
ID

%

Acquired 
%

Registered Beneficial

Owner

Owner

Coolgardie
Coolgardie
Coolgardie

P15/5399
P15/5400
P15/5509

Granted
Granted
Application

13-May-09
13-May-09
22-Dec-09

19-Nov-09
19-Nov-09

18-Nov-13
18-Nov-13 

100%
100%
100% 

Ramelius
Ramelius
Ramelius

Ramelius
Ramelius
Ramelius

Coolgardie

M16/34

Granted

15-Sep-86

28-Jan-87

27-Jan-29

90%

Ramelius

Ramelius

Bullabulling
Bullabulling
Bullabulling

Jaurdi/
Black Cat

Jaurdi/
Black Cat

Coolgardie

M16/115

Granted

29-Sep-88

10-Sep-90

9-Sep-11

Hilditch

Coolgardie

M15/1448

Granted

9-Mar-04

30-Jun-08

29-Jun-29

Wattle Dam

Coolgardie

M15/1101

Granted

26-Mar-97

19-Mar-04

18-Mar-25

Wattle Dam

Coolgardie

M15/1263

Granted

23-Oct-98

24-Aug-04

23-Aug-25

Wattle Dam

Coolgardie

M15/1264

Granted

23-Oct-98

24-Aug-04

23-Aug-25

Wattle Dam

Coolgardie

M15/1323

Granted

10-Feb-00

30-Jun-08

29-Jun-29

Wattle Dam

Coolgardie

M15/1338

Granted

9-Jun-00

30-Jun-08

29-Jun-29

Ramelius

Ramelius

Ramelius

Ramelius

Ramelius

Ramelius

Ramelius

Ramelius

Ramelius

Ramelius

Ramelius

Ramelius

Ramelius

Ramelius

90%

90%

100% & 
80% of 
Ni Rights

100% & 
80% of 
Ni Rights

100% & 
80% of 
Ni Rights

100% & 
80% of 
Ni Rights

100% & 
80% of 
Ni Rights

Wattle Dam

Coolgardie

M15/1474

Application

12-Apr-04

P15/4381

100%

Ramelius

Ramelius

Wattle Dam

Coolgardie

M15/1769

Granted

1-Feb-06

30-Jun-08

29-Jun-29

Wattle Dam

Coolgardie

M15/1770

Granted

1-Feb-06

30-Jun-08

29-Jun-29

Wattle Dam

Coolgardie

M15/1771

Granted

1-Feb-06

30-Jun-08

29-Jun-29

Wattle Dam

Coolgardie

M15/1772

Granted

1-Feb-06

30-Jun-08

29-Jun-29

Wattle Dam

Coolgardie

M15/1773

Granted

1-Feb-06

30-Jun-08

29-Jun-29

Wattle Dam

Coolgardie

M15/1774

Granted

1-Feb-06

30-Jun-08

29-Jun-29

Wattle Dam

Coolgardie

M15/1775

Granted

1-Feb-06

30-Jun-08

29-Jun-29

Wattle Dam

Coolgardie

M15/1776

Granted

1-Feb-06

30-Jun-08

29-Jun-29

Ramelius

Ramelius

Ramelius

Ramelius

Ramelius

Ramelius

Ramelius

Ramelius 

Ramelius

Ramelius

Ramelius

Ramelius

Ramelius

Ramelius

Ramelius

Ramelius 

100% & 
80% of 
Ni Rights

100% & 
80% of 
Ni Rights

100% & 
80% of 
Ni Rights

100% &
80% of 
Ni Rights

100% & 
80% of 
Ni Rights

100% & 
80% of 
Ni Rights

100% & 
80% of 
Ni Rights

100% &
80% of 
Ni Rights

Wattle Dam

Coolgardie

P15/4381

Granted

5-May-00

9-Jan-01

8-Jan-05

M15/1474

100%

Ramelius

Ramelius

North Widgie
North Widgie
North Widgie
North Widgie
North Widgie
North Widgie
North Widgie

Coolgardie
Coolgardie
Coolgardie
Coolgardie
Coolgardie
Coolgardie
Coolgardie

M15/97
M15/99
M15/100
M15/101
M15/102
M15/653
M15/1271

Granted
Granted
Granted
Granted
Granted
Granted
Granted

9-Dec-83
9-Dec-83
9-Dec-83
9-Dec-83
9-Dec-83
20-Nov-92
7-Dec-98

26-Jul-84
26-Jul-84
26-Jul-84
26-Jul-84
11-Apr-85
29-Jan-93
7-Feb-07

25-Jul-26
25-Jul-26
25-Jul-26
25-Jul-26
10-Apr-27
28-Jan-14
6-Feb-28

Larkinville

Coolgardie

E15/896

Granted

13-Jul-05

9-Jan-07

8-Jan-12

Larkinville

Coolgardie

M15/1449

Application

9-Mar-04

was 
P15/3666

P15/4213
-4214

Larkinville

Coolgardie

P15/4213

Granted

17-Feb-99

28-Mar-00

27-Mar-04

M15/1449

Gold Rights
Gold Rights
Gold Rights
Gold Rights
Gold Rights
Gold Rights
Gold Rights

ANM
ANM
ANM
ANM
ANM
ANM
ANM

Ramelius
Ramelius
Ramelius
Ramelius
Ramelius
Ramelius
Ramelius

75% & 80%
Ni Rights

Pioneer

Ramelius  
& Pioneer

75% & 80% Ramelius  Ramelius 
& Pioneer & Pioneer
Ni Rights

75% & 80% Ramelius  Ramelius 
& Pioneer & Pioneer
Ni Rights

08

Project

Location

Tenement

Status 

Application
Date

Grant
Date

Expiry
Date

Associated  Acquiring 
Tenement 
ID

%

Acquired 
%

Registered Beneficial

Owner

Owner

Larkinville

Coolgardie

P15/4214

Granted

17-Feb-99

28-Mar-00

27-Mar-04

M15/1449

Larkinville

Coolgardie

P15/4765

Granted

17-Jan-06

17-06-2010

16-06-2014 

Larkinville

Coolgardie

P15/4904

Application

22-Jan-07

Larkinville

Coolgardie

P15/4905

Application

22-Jan-07

M15/1449

M15/1449

Eucalyptus

Mt Margaret

M39/803

Granted

15-Aug-00

22-May-08

21-May-29

Eucalyptus

Mt Margaret

M39/804

Granted

15-Aug-00

22-May-08

21-May-29

Groundlark

Coolgardie

M15/1290

Granted

29-Jun-99

25-Oct-02

24-Oct-23

Eagles Nest

Coolgardie

M15/1475

Granted

12-Jul-04

29-Sep-04

28-Sep-25

Mt Magnet

Mt Magnet

E21/100

Granted

10-Nov-99

14-Apr-09

13-Apr-14

Mt Magnet

Mt Magnet

E21/112

Granted

26-Jun-01

03-Jan-06

02-Jan-11

Mt Magnet

Mt Magnet

E21/151

Application

24-May-10

Mt Magnet

Mt Magnet

E21/152

Application

24-May-10

Mt Magnet

Mt Magnet

E58/278

Granted

23-Jul-02

23-Aug-06

22-Aug-11

Mt Magnet

Mt Magnet

E58/380

Application

04-Jun-09

Mt Magnet

Mt Magnet

G58/3

Granted

27-Jul-88

10-May-89

09-May-31

Mt Magnet

Mt Magnet

L58/16

Granted

24-Oct-88

20-Dec-88

19-Dec-13

Mt Magnet

Mt Magnet

L58/20

Granted

18-May-89

27-Nov-89

26-Nov-14

Mt Magnet

Mt Magnet

L58/31

Application

31-Mar-99

Mt Magnet

Mt Magnet

L59/40

Granted

20-May-96

31-Oct-96

30-Oct-11

Mt Magnet

Mt Magnet

M58/11

Granted

11-Nov-82

08-Jun-83

07-Jun-25

Mt Magnet

Mt Magnet

M58/119

Granted

25-Mar-88

16-Dec-88

15-Dec-30

Mt Magnet

Mt Magnet

M58/120

Granted

25-Mar-88

16-Dec-88

15-Dec-30

Mt Magnet

Mt Magnet

M58/121

Granted

25-Mar-88

16-Dec-88

15-Dec-30

Mt Magnet

Mt Magnet

M58/122

Granted

25-Mar-88

16-Dec-88

15-Dec-30

Mt Magnet

Mt Magnet

M58/130

Granted

09-May-88

30-Aug-88

29-Aug-30

Mt Magnet

Mt Magnet

M58/136

Granted

23-Jun-88

17-Aug-88

16-Aug-30

Mt Magnet

Mt Magnet

M58/140

Granted

14-Sep-88

10-May-89

09-May-31

Mt Magnet

Mt Magnet

M58/143

Granted

22-Nov-88

21-Mar-89

20-Mar-31

Mt Magnet

Mt Magnet

M58/146

Granted

08-Dec-88

09-Oct-89

08-Oct-10

Mt Magnet

Mt Magnet

M58/147

Granted

16-Dec-88

06-Jun-89

05-Jun-31

Mt Magnet

Mt Magnet

M58/157

Granted

23-Jun-89

27-Mar-90

26-Mar-11

Mt Magnet

Mt Magnet

M58/161

Granted

24-Oct-89

04-Apr-90

03-Apr-11

Mt Magnet

Mt Magnet

M58/163

Granted

24-Oct-89

04-Apr-90

03-Apr-11

Mt Magnet

Mt Magnet

M58/172

Granted

26-Feb-90

11-Sep-90

10-Sep-11

Mt Magnet

Mt Magnet

M58/173

Granted

26-Feb-90

11-Sep-90

10-Sep-11

Mt Magnet

Mt Magnet

M58/174

Granted

26-Feb-90

11-Sep-90

10-Sep-11

Mt Magnet

Mt Magnet

M58/179

Granted

12-Dec-90

20-Mar-92

19-Mar-13

Mt Magnet

Mt Magnet

M58/180

Granted

12-Dec-90

20-Mar-92

19-Mar-13

Mt Magnet

Mt Magnet

M58/181

Granted

12-Dec-90

20-Mar-92

19-Mar-13

Mt Magnet

Mt Magnet

M58/182

Granted

12-Dec-90

27-Nov-91

26-Nov-12

Mt Magnet

Mt Magnet

M58/185

Granted

15-Mar-91

09-Aug-91

08-Aug-12

09

75% & 80% Ramelius  Ramelius 
& Pioneer & Pioneer
Ni Rights

75% & 80%
Ni Rights

Pioneer

Ramelius 
& Pioneer

75% & 80% Ramelius
Ni Rights

Ramelius  
& Pioneer & Pioneer

75% & 80% Ramelius
Ni Rights

Ramelius  
& Pioneer & Pioneer

50% of 
Gold Rights

50% of 
Gold Rights

NiWest

NiWest

NiWest

NiWest

100%

100%

100%

Ramelius

Ramelius

Ramelius

Ramelius

Mt Magnet  Mt Magnet 

Gold NL

Gold NL

100%

Mt Magnet  Mt Magnet 

Gold NL

Gold NL

100%

Mt Magnet  Mt Magnet 

Gold NL

Gold NL

100%

Mt Magnet  Mt Magnet 

Gold NL

Gold NL

100%

Mt Magnet  Mt Magnet 

Gold NL

Gold NL

100%

Mt Magnet  Mt Magnet 

Gold NL

Gold NL

100%

Mt Magnet  Mt Magnet 

Gold NL

Gold NL

100%

Mt Magnet  Mt Magnet 

Gold NL

Gold NL

100%

Mt Magnet  Mt Magnet 

Gold NL

Gold NL

100%

Mt Magnet  Mt Magnet 

Gold NL

Gold NL

100%

Mt Magnet  Mt Magnet 

Gold NL

Gold NL

100%

Mt Magnet  Mt Magnet 

Gold NL

Gold NL

100%

Mt Magnet  Mt Magnet 

Gold NL

Gold NL

100%

Mt Magnet  Mt Magnet 

Gold NL

Gold NL

100%

Mt Magnet  Mt Magnet 

Gold NL

Gold NL

100%

Mt Magnet  Mt Magnet 

Gold NL

Gold NL

100%

Mt Magnet  Mt Magnet 

Gold NL

Gold NL

100%

Mt Magnet  Mt Magnet 

Gold NL

Gold NL

100%

Mt Magnet  Mt Magnet 

Gold NL

Gold NL

100%

Mt Magnet  Mt Magnet 

Gold NL

Gold NL

100%

Mt Magnet Mt Magnet 

Gold NL

Gold NL

100%

Mt Magnet  Mt Magnet 

Gold NL

Gold NL

100%

Mt Magnet Mt Magnet 

Gold NL

Gold NL

100%

Mt Magnet  Mt Magnet 

Gold NL

Gold NL

100%

Mt Magnet  Mt Magnet 

Gold NL

Gold NL

100%

Mt Magnet  Mt Magnet 

Gold NL

Gold NL

100%

Mt Magnet  Mt Magnet 

Gold NL

Gold NL

100%

Mt Magnet  Mt Magnet 

Gold NL

Gold NL

100%

Mt Magnet Mt Magnet 

Gold NL

Gold NL

100%

Mt Magnet  Mt Magnet 

Gold NL

Gold NL

100%

Mt Magnet  Mt Magnet 

Gold NL

Gold NL

100%

Mt Magnet  Mt Magnet 

Gold NL

Gold NL

100%

Mt Magnet Mt Magnet 

Gold NL

Gold NL

Review of Operations  Interests in Mining Tenements (continued)

Project

Location

Tenement

Status 

Application
Date

Grant
Date

Expiry
Date

Associated  Acquiring 
Tenement 
ID

%

Acquired 
%

Registered Beneficial

Owner

Owner

Mt Magnet

Mt Magnet

M58/186

Granted

17-Apr-91

09-Aug-91

08-Aug-12

Mt Magnet

Mt Magnet

M58/187

Granted

17-Apr-91

12-Dec-91

11-Dec-12

Mt Magnet

Mt Magnet

M58/188

Granted

17-Apr-91

09-Aug-91

08-Aug-12

Mt Magnet

Mt Magnet

M58/189

Granted

28-May-91

27-Nov-91

26-Nov-12

Mt Magnet

Mt Magnet

M58/191

Granted

28-May-91

11-Mar-92

10-Mar-13

Mt Magnet

Mt Magnet

M58/192

Granted

28-May-91

11-Mar-92

10-Mar-13

Mt Magnet

Mt Magnet

M58/193

Granted

28-May-91

27-Oct-92

26-Oct-13

Mt Magnet

Mt Magnet

M58/194

Granted

28-May-91

27-Oct-92

26-Oct-13

Mt Magnet

Mt Magnet

M58/195

Granted

28-May-91

11-Mar-92

10-Mar-13

Mt Magnet

Mt Magnet

M58/198

Granted

04-Nov-91

20-Feb-92

19-Feb-13

Mt Magnet

Mt Magnet

M58/201

Granted

31-Jan-92

22-Oct-92

21-Oct-13

Mt Magnet

Mt Magnet

M58/202

Granted

10-Feb-92

03-Dec-92

02-Dec-13

Mt Magnet

Mt Magnet

M58/205

Granted

13-Nov-92

11-Jun-93

10-Jun-14

Mt Magnet

Mt Magnet

M58/208

Granted

07-May-93

10-Aug-93

09-Aug-14

Mt Magnet

Mt Magnet

M58/209

Granted

22-Jun-93

19-Nov-93

18-Nov-14

Mt Magnet

Mt Magnet

M58/210

Granted

30-Nov-93

18-Feb-94

17-Feb-15

Mt Magnet

Mt Magnet

M58/211

Granted

07-Feb-94

17-May-94

16-May-15

Mt Magnet

Mt Magnet

M58/222

Granted

10-Jan-95

23-Aug-95

22-Aug-16

Mt Magnet

Mt Magnet

M58/231

Granted

25-Jul-95

11-Jul-96

10-Jul-17

Mt Magnet

Mt Magnet

M58/232

Granted

25-Jul-95

11-Jul-96

10-Jul-17

Mt Magnet

Mt Magnet

M58/233

Granted

25-Jul-95

11-Jul-96

10-Jul-17

Mt Magnet

Mt Magnet

M58/234

Granted

25-Jul-95

11-Jul-96

10-Jul-17

Mt Magnet

Mt Magnet

M58/235

Granted

25-Jul-95

11-Jul-96

10-Jul-17

Mt Magnet

Mt Magnet

M58/236

Granted

25-Jul-95

11-Jul-96

10-Jul-17

Mt Magnet

Mt Magnet

M58/241

Granted

13-Feb-96

19-May-99

18-May-20

Mt Magnet

Mt Magnet

M58/248

Application

06-May-96

P58/825

Mt Magnet

Mt Magnet

M58/263

Application

10-Mar-97

Mt Magnet

Mt Magnet

M58/273

Application

20-Feb-98

Mt Magnet

Mt Magnet

M58/285

Application

13-Oct-98

Mt Magnet

Mt Magnet

M58/286

Application

13-Oct-98

Mt Magnet

Mt Magnet

M58/30

Granted

13-Dec-83

08-Aug-85

07-Aug-27

Mt Magnet

Mt Magnet

M58/304

Granted

22-Nov-99

05-Jul-00

04-Jul-21

Mt Magnet

Mt Magnet

M58/320

Application

16-May-01

Mt Magnet

Mt Magnet

M58/323

Application

08-Oct-01

Mt Magnet

Mt Magnet

M58/345

Application

18-Nov-04

Mt Magnet

Mt Magnet

M58/4

Granted

03-Jun-82

21-Mar-83

20-Mar-25

Mt Magnet

Mt Magnet

M58/43

Granted

16-May-85

23-Jul-86

22-Jul-28

Mt Magnet

Mt Magnet

M58/47

Granted

23-Sep-85

03-Apr-86

02-Apr-28

Mt Magnet

Mt Magnet

M58/5

Granted

22-Jun-82

12-Jan-83

11-Jan-25

Mt Magnet

Mt Magnet

M58/60

Granted

20-Jan-87

07-Oct-87

06-Oct-29

P58/924

P58/940

P58/941

P58/1042

P58/1396

10

100%

Mt Magnet  Mt Magnet 

Gold NL

Gold NL

100%

Mt Magnet  Mt Magnet 

Gold NL

Gold NL

100%

Mt Magnet  Mt Magnet 

Gold NL

Gold NL

100%

Mt Magnet  Mt Magnet 

Gold NL

Gold NL

100%

Mt Magnet  Mt Magnet 

Gold NL

Gold NL

100%

Mt Magnet  Mt Magnet 

Gold NL

Gold NL

100%

Mt Magnet  Mt Magnet 

Gold NL

Gold NL

100%

Mt Magnet  Mt Magnet 

Gold NL

Gold NL

100%

Mt Magnet  Mt Magnet 

Gold NL

Gold NL

100%

Mt Magnet  Mt Magnet 

Gold NL

Gold NL

100%

Mt Magnet  Mt Magnet 

Gold NL

Gold NL

100%

Mt Magnet  Mt Magnet 

Gold NL

Gold NL

100%

Mt Magnet  Mt Magnet 

Gold NL

Gold NL

100%

Mt Magnet  Mt Magnet 

Gold NL

Gold NL

100%

Mt Magnet  Mt Magnet 

Gold NL

Gold NL

100%

Mt Magnet  Mt Magnet 

Gold NL

Gold NL

100%

Mt Magnet  Mt Magnet 

Gold NL

Gold NL

100%

Mt Magnet  Mt Magnet 

Gold NL

Gold NL

100%

Mt Magnet Mt Magnet 

Gold NL

Gold NL

100%

Mt Magnet  Mt Magnet 

Gold NL

Gold NL

100%

Mt Magnet  Mt Magnet 

Gold NL

Gold NL

100%

Mt Magnet  Mt Magnet 

Gold NL

Gold NL

100%

Mt Magnet  Mt Magnet 

Gold NL

Gold NL

100%

Mt Magnet  Mt Magnet 

Gold NL

Gold NL

100%

Mt Magnet  Mt Magnet 

Gold NL

Gold NL

100%

Mt Magnet  Mt Magnet 

Gold NL

Gold NL

100%

Mt Magnet  Mt Magnet 

Gold NL

Gold NL

100%

Mt Magnet  Mt Magnet 

Gold NL

Gold NL

100%

Mt Magnet  Mt Magnet 

Gold NL

Gold NL

100%

Mt Magnet  Mt Magnet 

Gold NL

Gold NL

100%

Mt Magnet  Mt Magnet 

Gold NL

Gold NL

100%

Mt Magnet  Mt Magnet 

Gold NL

Gold NL

100%

Mt Magnet  Mt Magnet 

Gold NL

Gold NL

100%

Mt Magnet  Mt Magnet 

Gold NL

Gold NL

100%

Mt Magnet  Mt Magnet 

Gold NL

Gold NL

100%

Mt Magnet  Mt Magnet 

Gold NL

Gold NL

100%

Mt Magnet  Mt Magnet 

Gold NL

Gold NL

100%

Mt Magnet  Mt Magnet 

Gold NL

Gold NL

100%

Mt Magnet  Mt Magnet 

Gold NL

Gold NL

100%

Mt Magnet  Mt Magnet 

Gold NL

Gold NL

Project

Location

Tenement

Status 

Application
Date

Grant
Date

Expiry
Date

Associated  Acquiring 
Tenement 
ID

%

Acquired 
%

Registered Beneficial

Owner

Owner

Mt Magnet

Mt Magnet

M58/64

Granted

30-Apr-87

12-Jul-88

11-Jul-30

Mt Magnet

Mt Magnet

M58/78

Granted

05-Jun-87

06-May-88

05-May-30

Mt Magnet

Mt Magnet

M58/79

Granted

05-Jun-87

06-May-88

05-May-30

Mt Magnet

Mt Magnet

M58/8

Granted

28-Jul-82

07-Jan-83

06-Jan-25

Mt Magnet

Mt Magnet

M58/80

Granted

10-Jun-87

06-May-88

05-May-30

Mt Magnet

Mt Magnet

M58/81

Granted

10-Jun-87

06-May-88

05-May-30

Mt Magnet

Mt Magnet

M58/97

Granted

17-Aug-87

08-Feb-88

07-Feb-30

Mt Magnet

Mt Magnet

M58/98

Granted

17-Aug-87

08-Feb-88

07-Feb-30

Western Queen

Mt Magnet

M59/208

Granted

18-Jun-90

17-Dec-90

16-Dec-11

Western Queen

Mt Magnet

M59/45

Granted

11-Aug-86

23-Mar-87

22-Mar-29

Mt Magnet

Mt Magnet

P21/690

Granted

12-Feb-08

09-Jun-09

08-Jun-13

Mt Magnet

Mt Magnet

P21/691

Granted

12-Feb-08

08-Jun-09

07-Jun-13

Mt Magnet

Mt Magnet

P21/692

Granted

12-Feb-08

08-Jun-09

07-Jun-13

Mt Magnet

Mt Magnet

P21/694

Granted

12-Feb-08

09-Jun-09

08-Jun-13

Mt Magnet

Mt Magnet

P21/710

Granted

26-Oct-09

28-Jun-10

27-Jun-14

Mt Magnet

Mt Magnet

P21/711

Granted

26-Oct-09

28-Jun-10

27-Jun-14

100%

Mt Magnet  Mt Magnet 

Gold NL

Gold NL

100%

Mt Magnet  Mt Magnet 

Gold NL

Gold NL

100%

Mt Magnet  Mt Magnet 

Gold NL

Gold NL

100%

Mt Magnet  Mt Magnet 

Gold NL

Gold NL

100%

Mt Magnet  Mt Magnet 

Gold NL

Gold NL

100%

Mt Magnet  Mt Magnet 

Gold NL

Gold NL

100%

Mt Magnet  Mt Magnet 

Gold NL

Gold NL

100%

Mt Magnet  Mt Magnet 

Gold NL

Gold NL

100%

Mt Magnet  Mt Magnet 

Gold NL

Gold NL

100%

Mt Magnet  Mt Magnet 

Gold NL

Gold NL

100%

Mt Magnet  Mt Magnet 

Gold NL

Gold NL

100%

Mt Magnet  Mt Magnet 

Gold NL

Gold NL

100%

Mt Magnet  Mt Magnet 

Gold NL

Gold NL

100%

Mt Magnet  Mt Magnet 

Gold NL

Gold NL

100%

Mt Magnet  Mt Magnet 

Gold NL

Gold NL

100%

Mt Magnet  Mt Magnet 

Gold NL

Gold NL

Mt Magnet

Mt Magnet

P58/1042

Granted

02-Jan-97

29-May-97

28-May-01

M58/320

100%

Mt Magnet  Mt Magnet 

Mt Magnet

Mt Magnet

P58/1303

Granted

01-Sep-05

01-Nov-06

31-Oct-10

Mt Magnet

Mt Magnet

P58/1304

Granted

01-Sep-05

01-Nov-06

31-Oct-10

Mt Magnet

Mt Magnet

P58/1305

Granted

01-Sep-05

01-Nov-06

31-Oct-10

Mt Magnet

Mt Magnet

P58/1306

Granted

01-Sep-05

01-Nov-06

31-Oct-10

Mt Magnet

Mt Magnet

P58/1307

Granted

01-Sep-05

01-Nov-06

31-Oct-10

Mt Magnet

Mt Magnet

P58/1308

Granted

01-Sep-05

01-Nov-06

31-Oct-10

Mt Magnet

Mt Magnet

P58/1309

Granted

01-Sep-05

01-Nov-06

31-Oct-10

Mt Magnet

Mt Magnet

P58/1310

Granted

01-Sep-05

01-Nov-06

31-Oct-10

Mt Magnet

Mt Magnet

P58/1311

Granted

01-Sep-05

01-Nov-06

31-Oct-10

Mt Magnet

Mt Magnet

P58/1312

Granted

01-Sep-05

01-Nov-06

31-Oct-10

Mt Magnet

Mt Magnet

P58/1313

Granted

01-Sep-05

01-Nov-06

31-Oct-10

Mt Magnet

Mt Magnet

P58/1314

Granted

01-Sep-05

01-Nov-06

31-Oct-10

Mt Magnet

Mt Magnet

P58/1315

Granted

01-Sep-05

01-Nov-06

31-Oct-10

Mt Magnet

Mt Magnet

P58/1316

Granted

01-Sep-05

01-Nov-06

31-Oct-10

Mt Magnet

Mt Magnet

P58/1317

Granted

01-Sep-05

01-Nov-06

31-Oct-10

Mt Magnet

Mt Magnet

P58/1318

Granted

01-Sep-05

01-Nov-06

31-Oct-10

Mt Magnet

Mt Magnet

P58/1319

Granted

01-Sep-05

01-Nov-06

31-Oct-10

Mt Magnet

Mt Magnet

P58/1320

Granted

01-Sep-05

01-Nov-06

31-Oct-10

Mt Magnet

Mt Magnet

P58/1321

Granted

01-Sep-05

01-Nov-06

31-Oct-10

Mt Magnet

Mt Magnet

P58/1322

Granted

01-Sep-05

01-Nov-06

31-Oct-10

Mt Magnet

Mt Magnet

P58/1323

Granted

01-Sep-05

01-Nov-06

31-Oct-10

Mt Magnet

Mt Magnet

P58/1324

Granted

01-Sep-05

01-Nov-06

31-Oct-10

Mt Magnet

Mt Magnet

P58/1377

Granted

09-Nov-06

08-Jun-09

07-Jun-13

11

Gold NL

Gold NL

100%

Mt Magnet  Mt Magnet 

Gold NL

Gold NL

100%

Mt Magnet  Mt Magnet 

Gold NL

Gold NL

100%

Mt Magnet  Mt Magnet 

Gold NL

Gold NL

100%

Mt Magnet  Mt Magnet 

Gold NL

Gold NL

100%

Mt Magnet  Mt Magnet 

Gold NL

Gold NL

100%

Mt Magnet  Mt Magnet 

Gold NL

Gold NL

100%

Mt Magnet  Mt Magnet 

Gold NL

Gold NL

100%

Mt Magnet  Mt Magnet 

Gold NL

Gold NL

100%

Mt Magnet  Mt Magnet 

Gold NL

Gold NL

100%

Mt Magnet  Mt Magnet 

Gold NL

Gold NL

100%

Mt Magnet  Mt Magnet 

Gold NL

Gold NL

100%

Mt Magnet  Mt Magnet 

Gold NL

Gold NL

100%

Mt Magnet  Mt Magnet 

Gold NL

Gold NL

100%

Mt Magnet  Mt Magnet 

Gold NL

Gold NL

100%

Mt Magnet  Mt Magnet 

Gold NL

Gold NL

100%

Mt Magnet  Mt Magnet 

Gold NL

Gold NL

100%

Mt Magnet  Mt Magnet 

Gold NL

Gold NL

100%

Mt Magnet  Mt Magnet 

Gold NL

Gold NL

100%

Mt Magnet  Mt Magnet 

Gold NL

Gold NL

100%

Mt Magnet  Mt Magnet 

Gold NL

Gold NL

100%

Mt Magnet  Mt Magnet 

Gold NL

Gold NL

100%

Mt Magnet  Mt Magnet 

Gold NL

Gold NL

100%

Mt Magnet  Mt Magnet 

Gold NL

Gold NL

Review of Operations  Interests in Mining Tenements (continued)

Project

Location

Tenement

Status 

Application
Date

Grant
Date

Expiry
Date

Associated  Acquiring 
Tenement 
ID

%

Acquired 
%

Registered Beneficial

Owner

Owner

Mt Magnet

Mt Magnet

P58/1378

Granted

09-Nov-06

08-Jun-09

07-Jun-13

Mt Magnet

Mt Magnet

P58/1389

Granted

29-Jan-07

08-Jun-09

07-Jun-13

Mt Magnet

Mt Magnet

P58/1390

Granted

29-Jan-07

08-Jun-09

07-Jun-13

Mt Magnet

Mt Magnet

P58/1391

Granted

29-Jan-07

08-Jun-09

07-Jun-13

Mt Magnet

Mt Magnet

P58/1392

Granted

29-Jan-07

08-Jun-09

07-Jun-13

Mt Magnet

Mt Magnet

P58/1393

Granted

29-Jan-07

08-Jun-09

07-Jun-13

Mt Magnet

Mt Magnet

P58/1394

Granted

29-Jan-07

08-Jun-09

07-Jun-13

Mt Magnet

Mt Magnet

P58/1395

Granted

29-Jan-07

08-Jun-09

07-Jun-13

100%

Mt Magnet  Mt Magnet 

Gold NL

Gold NL

100%

Mt Magnet  Mt Magnet 

Gold NL

Gold NL

100%

Mt Magnet  Mt Magnet 

Gold NL

Gold NL

100%

Mt Magnet  Mt Magnet 

Gold NL

Gold NL

100%

Mt Magnet  Mt Magnet 

Gold NL

Gold NL

100%

Mt Magnet  Mt Magnet 

Gold NL

Gold NL

100%

Mt Magnet  Mt Magnet 

Gold NL

Gold NL

100%

Mt Magnet  Mt Magnet 

Gold NL

Gold NL

Mt Magnet

Mt Magnet

P58/1396

Application

29-Jan-07

M58/323

100%

Mt Magnet  Mt Magnet 

Mt Magnet

Mt Magnet

P58/1397

Granted

29-Jan-07

08-Jun-09

07-Jun-13

Mt Magnet

Mt Magnet

P58/1398

Granted

29-Jan-07

08-Jun-09

07-Jun-13

Mt Magnet

Mt Magnet

P58/1399

Granted

01-Feb-07

08-Jun-09

07-Jun-13

Mt Magnet

Mt Magnet

P58/1400

Granted

01-Feb-07

08-Jun-09

07-Jun-13

Mt Magnet

Mt Magnet

P58/1401

Granted

01-Feb-07

08-Jun-09

07-Jun-13

Mt Magnet

Mt Magnet

P58/1402

Granted

01-Feb-07

08-Jun-09

07-Jun-13

Mt Magnet

Mt Magnet

P58/1407

Granted

25-Jul-07

08-Jun-09

07-Jun-13

Mt Magnet

Mt Magnet

P58/1416

Granted

20-Sep-07

08-Jun-09

07-Jun-13

Mt Magnet

Mt Magnet

P58/1417

Granted

20-Sep-07

08-Jun-09

07-Jun-13

Mt Magnet

Mt Magnet

P58/1502

Application

17-Nov-09

Gold NL

Gold NL

100%

Mt Magnet  Mt Magnet 

Gold NL

Gold NL

100%

Mt Magnet  Mt Magnet 

Gold NL

Gold NL

100%

Mt Magnet  Mt Magnet 

Gold NL

Gold NL

100%

Mt Magnet  Mt Magnet 

Gold NL

Gold NL

100%

Mt Magnet  Mt Magnet 

Gold NL

Gold NL

100%

Mt Magnet  Mt Magnet 

Gold NL

Gold NL

100%

Mt Magnet  Mt Magnet 

Gold NL

Gold NL

100%

Mt Magnet  Mt Magnet 

Gold NL

Gold NL

100%

Mt Magnet  Mt Magnet 

Gold NL

Gold NL

100%

Mt Magnet  Mt Magnet 

Gold NL

Gold NL

Mt Magnet

Mt Magnet

P58/825

Granted

31-Aug-92

27-Oct-92

26-Oct-96

M58/248

100%

Mt Magnet  Mt Magnet 

Gold NL

Gold NL

Mt Magnet

Mt Magnet

P58/924

Granted

03-Dec-93

22-Feb-94

21-Feb-96

M58/273

100%

Mt Magnet  Mt Magnet 

Gold NL

Gold NL

Mt Magnet

Mt Magnet

P58/940

Granted

12-Aug-94

25-Oct-94

24-Oct-98

M58/285

100%

Mt Magnet  Mt Magnet 

Gold NL

Gold NL

Mt Magnet

Mt Magnet

P58/941

Granted

19-Aug-94

22-Nov-94

21-Nov-98

M58/286

100%

Mt Magnet  Mt Magnet 

Burbanks

Coolgardie

M15/1273

Granted

16-Dec-98

30-Mar-99

29-Mar-20

Burbanks

Coolgardie

M15/1369

Granted

22-May-01

31-Dec-01

30-Dec-22

Burbanks

Coolgardie

M15/1370

Granted

22-May-01

31-Dec-01

30-Dec-22

Burbanks

Coolgardie

P15/5269

Granted

19-May-08

29-Jun-09

28-Jun-13

Burbanks

Coolgardie

G15/10

Granted

22-Mar-91

20-May-92

19-May-13

Burbanks

Coolgardie

G15/11

Granted

22-Mar-91

20-May-92

19-May-13

Burbanks

Coolgardie

G15/12

Granted

22-Mar-91

20-May-92

19-May-13

Burbanks

Coolgardie

G15/13

Granted

22-Mar-91

20-May-92

19-May-13

Burbanks

Coolgardie

L15/109

Granted

3-Jul-89

22-Jun-90

21-Jun-10

12

100%

100%

100%

100%

100%

100%

100%

100%

100%

Gold NL

Gold NL

Ramelius  Ramelius
Milling 
Services
Pty Ltd

Milling
Services 
Pty Ltd

Ramelius  Ramelius
Milling 
Services
Pty Ltd

Milling
Services 
Pty Ltd

Ramelius
Milling
Services 
Pty Ltd

Ramelius
Milling
Services 
Pty Ltd

Ramelius
Milling
Services 
Pty Ltd

Ramelius
Milling
Services 
Pty Ltd

Ramelius
Milling
Services 
Pty Ltd

Ramelius
Milling
Services 
Pty Ltd

Ramelius
Milling
Services 
Pty Ltd

Ramelius
Milling 
Services
Pty Ltd

Ramelius
Milling 
Services
Pty Ltd

Ramelius
Milling 
Services
Pty Ltd

Ramelius
Milling 
Services
Pty Ltd

Ramelius
Milling 
Services
Pty Ltd

Ramelius
Milling 
Services
Pty Ltd

Ramelius
Milling 
Services
Pty Ltd

Project

Location

Tenement

Status 

Application
Date

Grant
Date

Expiry
Date

Associated  Acquiring 
Tenement 
ID

%

Acquired 
%

Registered Beneficial

Owner

Owner

Burbanks

Coolgardie

L15/110

Granted

3-Jul-89

22-Jun-90

21-Jun-10

100%

Ramelius  Ramelius 

Milling 
Services
Pty Ltd

Milling
Services 
Pty Ltd

Burbanks

Coolgardie

L15/189

Granted

10-Mar-94

21-Jun-94

20-Jun-14

100%

Ramelius  Ramelius 

Milling 
Services
Pty Ltd

Milling
Services 
Pty Ltd

Burbanks

Coolgardie

L15/234

Granted

31-Jan-02

27-Nov-03

26-Nov-24

100%

Ramelius  Ramelius 

Milling 
Services
Pty Ltd

Milling
Services 
Pty Ltd

Burbanks

Coolgardie

L15/284

Granted

21-Sep-07

25-May-09

24-May-30

100%

Ramelius  Ramelius 

Glen Isla Gold

NSW

EL6246

Granted

27-Jan-04

25-May-04

24-May-12

Mt Windsor

Queensland

EPM14161

Granted

15-Jul-03

15-Jun-04

14-Jun-12

Mt Windsor

Queensland

EPM15102

Granted

10-May-05

28-Mar-06

27-Mar-11

Mt Windsor

Queensland

EPM15192

Granted

22-Aug-05

30-Aug-06

29-Aug-11

Mt Windsor

Queensland

EPM15197

Granted

23-Aug-05

30-Aug-06

29-Aug-11

Mt Windsor

Queensland

EPM16408

Granted

1-May-07

12-Nov-09

11-Apr-14

Mt Windsor

Queensland

EPM16627

Granted

2-Jul-07

6-Nov-08

5-Nov-13

Mt Windsor

Queensland

EPM16712

Granted

1-Aug-07

30-Oct-08

29-Oct-13

Mt Windsor

Queensland

EPM16846

Application

3-Jun-07

Mt Windsor

Queensland

EPM16920

Application

1-Oct-07

Mt Windsor

Queensland

EPM17081

Application

3-Dec-07

Mt Windsor

Queensland

EPM17082

Application

3-Dec-07

Mt Windsor

Queensland

EPM17804

Granted

1-Sep-08

3-May-10

2-May-15

Mt Windsor

Queensland

EPM17971

Application

9-Dec-08

Mt Windsor

Queensland

EPM18224

Application

3-Aug-08

Mt Windsor

Queensland

EPM18231

Application

4-Aug-09

Mt Windsor

Queensland

EPM18233

Application

4-Aug-09

Mt Windsor

Queensland

EPM18235

Application

4-Aug-09

Mt Windsor

Queensland

EPM18236

Application

4-Aug-09

Mt Windsor

Queensland

EPM18352

Application

20-Oct-09

Mt Windsor

Queensland

EPM18376

Application

3-Nov-09

Mt Windsor

Queensland

EPM18422

Application

18-Feb-10

Mt Windsor

Queensland

EPM18545

Application

1-Dec-09

13

Earning 
51 %

Earning 
60%

Earning
60%

Earning
60%

Earning
60%

Earning
60%

Earning
60%

Earning
60%

Earning
60%

Earning
60%

Earning
60%

Earning
60%

Earning
60%

Earning
60%

Earning
60%

Earning
60%

Earning
60%

Earning
60%

Earning
60%

Earning
60%

Earning
60%

Earning
60%

Earning
60%

Milling 
Services
Pty Ltd

Milling
Services 
Pty Ltd

Carpentaria  Carpentaria
Exploration Exploration

Limited

Limited

Liontown
Resources Resources 

Liontown

Limited

Limited

Uranium 
Liontown 
Equities  Resources
Limited

Limited

Liontown
Resources Resources 

Liontown

Limited

Limited

Liontown
Resources Resources 

Liontown

Limited

Limited

Liontown
Resources Resources 

Liontown

Limited

Limited

Liontown
Resources Resources 

Liontown

Limited

Limited

Liontown
Resources Resources 

Liontown

Limited

Limited

Liontown
Resources Resources 

Liontown

Limited

Limited

Liontown
Resources Resources 

Liontown

Limited

Limited

Liontown
Resources Resources 

Liontown

Limited

Limited

Liontown
Resources Resources 

Liontown

Limited

Limited

Liontown
Resources Resources 

Liontown

Limited

Limited

Uranium 
Liontown 
Equities  Resources
Limited

Limited

Liontown
Resources Resources 

Liontown

Limited

Limited

Liontown
Resources Resources 

Liontown

Limited

Limited

Liontown
Resources Resources 

Liontown

Limited

Limited

Liontown
Resources Resources 

Liontown

Limited

Limited

Liontown
Resources Resources 

Liontown

Limited

Limited

Liontown
Resources Resources 

Liontown

Limited

Limited

Liontown
Resources Resources 

Liontown

Limited

Limited

Liontown
Resources Resources 

Liontown

Limited

Limited

Liontown
Resources Resources 

Liontown

Limited

Limited

Review of Operations  Interests in Mining Tenements (continued)

Project

Location

Tenement

Status 

Application
Date

Grant
Date

Expiry
Date

Associated  Acquiring 
Tenement 
ID

%

Acquired 
%

Registered Beneficial

Owner

Owner

Mt Windsor

Mt Windsor

Queensland

EPM18682

Application

12-May-10

Queensland

EPM18759

Application

1-Jul-10

100%

60%

Ramelius

Ramelius

Ramelius

Mt Windsor

Queensland

EPM18768

Application

9-Jul-10

60%

Ramelius

Mt Windsor

Queensland

EPM18776

Application

16-Jul-10

60%

Ramelius

Mt Windsor

Queensland

EPM18805

Application

2-Aug-10

60%

Ramelius

Mt Windsor

Queensland

EPM18807

Application

2-Aug-10

60%

Ramelius

Ramelius 
& Liontown
Resources 
Limited

Ramelius 
& Liontown
Resources 
Limited

Ramelius 
& Liontown
Resources 
Limited

Ramelius 
& Liontown
Resources 
Limited

Ramelius 
& Liontown
Resources 
Limited

Royalty Interests
The Current status of the Company’s Royalty Interests is as follows:

Project 
Name

Location

Tenement

SANDSTONE*
–
Gold

East
Murchison

Various

Current
Holder

Nature of
Ramelius’
Royalty

Troy
Resources

NL


Production
based
Royalty
Capped
at
$300,000

BULONG*
–
Gold

SPARGOS
REWARD*
–
Gold

East
Coolgardie

Various

Yilgarn
Gold
Ltd

Production
based
Royalty

Not
Capped

Coolgardie


Various

Breakaway

Resources
Ltd

3%
Gross
Gold
Royalty

SIBERIA*
–
Gold/Nickel

Broad
Arrow

Various

Siberia
Mining
Corp
Ltd

EDJUDINA*
–
Gold

Mt
Margaret

Various

Saracen

Mineral

Holdings
Ltd

EUCALYPTUS*
–
Nickel

Mt
Margaret

M39/803,

M39/804

GME

Resources
Ltd

Nickel
and
Gold
Royalty

Collectively

capped
at

$100,000

Production

based

Royalty
Capped
at
$500,000

Option
to

purchase
on

commencement
of
mining
Nickel

Laterites
at

$0.10/tonne
of

Proven
Ore

Comments

No
Current

Activity
by
Holder
on
the

Royalty

Tenements

No
Current

Activity
by
Holder
on
the

Royalty

Tenements

No
Current



Mining
Activity
by
Holder
on
the

Royalty

Tenements

No
Current

Activity
by

Holder
on
the
Royalty

Tenements

Currently

Subject
to

Proposed


Development

No
Current

Activity
by
Holder
on
the


Royalty

Tenements

PARKER

RANGE*
–
All
minerals

Yilgarn

E77/1403,

P77/3764-5,
P77/3481


Cazaly
Iron

Pty
Ltd

Royalty
of
1%

of
value
of

minerals
produced
capped
at

$500,000

No
Current

Activity
by

Holder
on
the

Royalty
Tenements

*  These royalty assets have been impaired and their carrying costs written off.

14

Native Title Statement

Exploration
and
mining
areas
held
by
the
Company
may
be
subject
to
issues
associated
with
Native
Title.
Whilst
it
 is
 not
 appropriate
 to
 comment
 in
 any
 detail
 upon

specific
 negotiations
 with
 Native
 Title
 parties,
 the

directors
of
Ramelius
believe
it
is
important
to
state
the
Company’s
 policy
 and
 approach
 to
 Native
 Title
 and

dealings
 with
 indigenous
 communities.
 The
 directors

believe
that
the
following
Native
Title
policy
statement
summarises
the
Company’s
desire
to
develop
a
spirit
of
co-operation
 in
 its
 dealings
 with
 indigenous
 people,

create
goodwill,
mutual
awareness
and
understanding
and
most
importantly,
respect
and
commitment.

Recognition and Respect
Ramelius
 recognises
 Aboriginal
 regard
 for
 land
 and

respects
their
culture,
traditions
and
cultural
sites.

Understanding and Trust
Ramelius
listens
to
Aboriginal
community
representatives
in
order
to
understand
their
views
and
beliefs.
Recognising
that
communities
may
not
be
fully
appreciative
of
how
the
Company’s
 business
 and
 industry
 operates,
 Ramelius
works towards
increasing
their
understanding,
respect
and
trust
and
to
promote
the
Company’s
obligations
and
economic constraints
amongst
indigenous
communities.
Ramelius
ensures
that
its
employees
and
contractors
approach
 the
 Company’s
 activities
 at
 local
 sites
 with

respect and
a
clear
understanding
of
important
issues
and
priorities.

that


leaders


community


Communication and Commitment
Ramelius
adopts
practical
measures
to
develop
trust.

Acknowledging

and

representatives have
an
obligation
to
consult
its
people
in
order
to
determine
their
opinions
and
wishes
and
that
this
may
often
not
be
achieved
as
quickly
as
is
desired,
Ramelius
 uses
 its
 best
 endeavours
 to
 expedite
 the
process
and
ensure
that
its
commercial
interests
are
not
adversely
impacted.
The
Company
also
uses
its
best

endeavours
to
ensure
reasonable
rights
of
consultation
and
 continued access
 to
 land
 are
 facilitated
 and
 the

integrity
of
land
is
preserved.
The
Company
is
committed
to
taking
appropriate
steps
to
identify
and
reduce
the

effects
of
any
unforseen
impacts
from
its
activities.

Achievements
During
 the
 year,
 Ramelius
 made
 production
 related

payments
to
both
the
Widji
People
and
the
Central
West
Goldfields
People
and
continued
its
business
development
arrangements
with
the
Widji
People.



Acknowledgement
The
 directors
 of
 Ramelius
 publicly
 acknowledge
 the

continued
co-operation
and
goodwill
shown
by
the
Widji
and
 Central
 West
 Goldfields
 People
 and

their

representatives
in
the
course
of
their
interactions
with
the
Company
during
the
year.

15

Corporate Governance Statement

Corporate Governance Statement

Part A: Introduction
A1. The
 Board
 of
 Directors
 are
 responsible
 for
 the
 overall
 Corporate
 Governance
 of
 the
 Company
 including

strategic
direction,
management
goal
setting
and
monitoring,
internal
control,
risk
management
and
financial
reporting.
In
discharging
this
responsibility,
the
Board
seeks
to
take
into
account
the
interests
of
all
key

stakeholders
of
the
Company,
including
shareholders,
employees,
customers
and
the
broader
community.

A2. As
a
listed
entity,
Ramelius
Resources
Limited
is
required
to
adhere
to
the
ASX
Listing
Rules
of
the
Australian

Securities
Exchange.
This
includes
the
requirement
to
annually
report
the
extent
to
which
the
entity
has

followed
 the
 Corporate
 Governance
 Recommendations
 published
 by
 the
 ASX
 Corporate
 Governance

Council
(“ASXCGC”).
The
recommendations
are
based
on
eight
core
principles
of
best
practice
for
corporate
governance
which
are
not
intended
to
be
prescriptions
to
be
followed
by
all
ASX
listed
companies,
but
rather
guidelines
designed
to
produce
an
outcome
that
is
effective
and
of
high
quality
and
integrity.

In
considering
corporate
governance
practices,
the
Board
is
mindful
of
the
recognition
by
the
ASXCGC
that
a
“one size fits
all”
approach
to
Corporate
Governance
is
not
required.
Instead,
the
ASXCGC
states
suggestions
for
best
practice
designed
to
optimise
corporate
performance
and
accountability
in
the
interests
of
shareholders
and
the
broader
economy.
A
company
may
consider
that
a
recommendation
is
inappropriate
to
its
particular

circumstances
and
has
flexibility
not
to
adopt
it
and
explain
why.

A3. Except
 for
 those
 specifically
 identified
 and
 disclosed
 below,
 the
 Company
 has
 not
 to
 date
 adopted
 all

ASXCGC
best
practice
recommendations
because
the
Board
believes
it
cannot
justify
the
necessary
cost
given
the
size
and
stage
of
the
entity’s
life
as
a
public
listed
exploration
company.
The
Board
is,
nevertheless,
committed
to
ensuring
that
appropriate
Corporate
Governance
practices
are
in
place
for
the
proper
direction
and
management
of
the
Company.

This
statement
outlines
the
main
Corporate
Governance
practices
of
the
Company
disclosed
under
the
principles
outlined
by
the
ASXCGC,
including
those
that
comply
with
best

practice
and
which
unless
otherwise
disclosed,
were
in
place
during
the
whole
of
the
financial
year
ended

30
June
2010.


16

Corporate Governance Statement

Summary of Corporate Governance Principles and Recommendations 

Reference

Principle 1 – Lay solid foundations for management and oversight
1.1 Establish
the
functions
reserved
to
the
Board
and
those
delegated
to
senior

executives
and
disclose
those
functions.

B4,
B6,
B8,


B18,
B20

1.2 Disclose
the
process
for
evaluating
the
performance
of
senior
executives.

B9

1.3 Provide
the
information
indicated
in
the
Guide
to
reporting
on
Principle
1.

B11,
B66

Principle 2 – Structure the Board to add value

2.1 A
majority
of
the
Board
should
be
independent
directors.

2.2

2.3

The
chair
should
be
an
independent
director.

The
roles
of
the
chair
and
chief
executive
officer
should
not
be
exercised
by

the
same
individual.

2.4

The
board
should
establish
a
nomination
committee.

2.5 Disclose
the
process
for
evaluating
the
performance
of
the
board,
its
committees


and
individual
directors.

2.6 Provide
the
information
indicated
in
the
Guide
to
reporting
on
Principle
2.

B14

B12,
B14

B15

B7

B11

B11,
B12,
B13,

B14,
B16,
B17,

B66

Principle 3 – Promote ethical and responsible decision making

3.1 Establish
a
code
of
conduct
and
disclose
the
code
or
summary
of
the
code
as
to:
• The
practices
necessary
to
maintain
confidence
in
the
company’s
integrity;
• The
practices
necessary
to
take
into
account
their
legal
obligations
and
the


B22,
B23

reasonable
expectations
of
their
stakeholders;

• The
responsibility
and
accountability
of
individuals
for
reporting
and
investigating


reports
of
unethical
practices.

3.2 Establish
a
policy
concerning
trading
in
company
securities
by
directors,


B26,
B27

senior
executives
and
employees,
and
disclose
the
policy
or
a
summary
of
that
policy.

3.3 Provide
the
information
indicated
in
the
Guide
to
reporting
on
Principle
3.

B66

17

Corporate Governance Statement

Principle 4 – Safeguard integrity in financial reporting

4.1

The
board
should
establish
an
audit
committee.

4.2

The
audit
committee
should
be
structured
so
that
it:
• Consists
only
of
non-executive;
• Consists
of
a
majority
of
independent
directors;
•
• Has
at
least
three
members.

Is
chaired
by
an
independent
chair,
who
is
not
chair
of
the
board;

4.3

The
audit
committee
should
have
a
formal
charter.

4.4 Provide
the
information
indicated
in
the
Guide
to
reporting
on
Principle
4.

B25

B12,
B14,

B29,
B34

B30

B12,
B13,
B34,

B36,
B66

Principle 5 – Making timely and balanced disclosure

5.1 Establish
written
policies
designed
to
ensure
compliance
with
ASX
Listing
Rules

disclosure
requirements
and
to
ensure
accountability
at
senior
executive
level
for

that
compliance
and
disclose
those
policies
or
a
summary
of
those
policies.

B38

5.2 Provide
the
information
indicated
in
the
Guide
to
reporting
on
Principle
5.

B37,
B66

Principle 6 – Respect the rights of shareholders

6.1 Design
a
communications
policy
for
promoting
effective
communication
with


B39

shareholders
and
encouraging
their
participation
at
general
meetings
and
disclose

the
policy
or
a
summary
of
the
policy.

6.2 Provide
the
information
indicated
in
the
Guide
to
reporting
on
Principle
6.

B40,
B66

Principle 7 – Recognise and manage risks

7.1 Establish
policies
for
the
oversight
and
management
of
material
business
risks


B41,
B42

and
disclose
a
summary
of
those
policies.

7.2

The
Board
should
require
management
to
design
and
implement
the
risk

management
and
internal
control
system
to
manage
the
company’s
material

business
risks
and
report
to
it
on
whether
those
risks
are
being
managed
effectively.

The
board
should
disclose
that
management
has
reported
to
it
as
to
the

effectiveness
of
the
company’s
management
of
its
material
business
risks.

B42

18

Corporate Governance Statement

7.3

The
Board
should
disclose
whether
it
has
received
assurance
from
the
chief

executive
officer
(or
equivalent)
and
chief
financial
officer
(or
equivalent)
that
the

declaration
provided
in
accordance
with
section
295A
of
the
Corporations
Act

is
founded
on
a
sound
system
of
risk
management
and
internal
control
and
that

the
system
is
operating
effectively
in
all
material
respects
in
relation
to
financial

reporting
risks.

B44

7.4 Provide
the
information
indicated
in
the
Guide
to
reporting
on
Principle
7.

B44,
B66

Principle 8 – Remunerate fairly and responsibly

8.1

The
board
should
establish
a
remuneration
committee.

B49

8.2 Clearly
distinguish
the
structure
of
non-executive
director’s
remuneration
from


that
of
executive
directors
and
senior
executives.

8.3 Provide
the
information
indicated
in
the
Guide
to
reporting
on
Principle
8.

B48,
B50,
B56

B12,
B13,
B48,

B66

Part B: Corporate Governance Disclosure

Principle 1 – Lay solid foundations for management and oversight

Role of the Board
B1. The
Board
is
governed
by
the
Corporations
Act
2001,
ASX
Listing
Rules
and
a
formal
constitution
adopted
by
the
Company
in
2002
on
its
conversion
from
a
proprietary
limited
company
to
a
public
company
limited
by
shares
and
as
subsequently
amended
by
shareholders.

B2. The
Board’s
primary
role
is
the
protection
and
enhancement
of
long-term
shareholder
value.

B3. The
Board
takes
responsibility
for
the
overall
Corporate
Governance
of
the
Company
including
its
strategic

direction,
management
goal
setting
and
monitoring,
internal
control,
risk
management
and
financial
reporting.

In
discharging
this
responsibility,
the
Board
seeks
to
take
into
account
the
interests
of
all
key
stakeholders
of
the
Company,
including
shareholders,
employees,
customers
and
the
broader
community.

B4. The
Board
has
adopted
a
formal
Board
Charter
in
accordance
with
ASXCGC
best
practice
recommendation
1.1.
 The
 Board
 Charter
 details
 the
 functions
 and
 responsibilities
 of
 the
 Board
 of
 Directors
 including
 the

Chairman
and
the
Managing
Director/Chief
Executive
Officer
of
the
Company.

B5. The
Board
of
Directors
is
responsible
for
the
overall
Corporate
Governance
of
the
Company.
The
Board
overviews
 the
 formulation
 of
 strategies
 and
 participates
 in
 setting
 objectives
 for
 the
 Company
 and
 the

establishment
 of
 policies
 to
 be
 implemented
 by
 management.
 The
 Board
 monitors
 the
 activities
 of
 the

Company
and
ensures
the
entity
is
accountable
to
external
stakeholders.

19

Corporate Governance Statement

B6. The
Board’s
responsibilities
are
extensive
and
include
the
following:

• Determining
the
size
and
composition
of
the
Board
of
Directors,
remuneration
of
directors
(subject
to
the

maximum
aggregate
amount
as
approved
from
time
to
time
by
the
Company
in
general
meeting)
and

assessing
the
effectiveness
of
individual
directors
and
the
Board
as
a
whole;

• Establishing
committees
of
the
Board
and
determining
terms
of
reference
and
reporting
requirements;

• Selecting
and
appointing
(and
where
appropriate,
removing)
the
Chief
Executive,
determining
conditions
of

service
including
remuneration
and
reviewing
performance
against
key
objectives;

• Ratifying
the
appointment
(and
where
appropriate,
removal)
of
senior
management
including
the
Chief

Financial
Officer
and
Company
Secretary
and
approving
conditions
of
service
including
remuneration
and

performance
monitoring;

• Reviewing
senior
management
succession
planning
and
development;
• Approving
strategic
directions
and
performance
objectives
for
the
Company
and
monitoring
implementation

by
management;

• Ensuring
adequate
financial,
and
human
resources
are
available
to
achieve
the
Company’s
objectives;
• Delegating
appropriate
levels
of
authority
to
management;
• Overseeing
the
activities
of
the
Company
and
ensuring
effective
systems
of
audit,
risk
management
and

internal
controls
are
in
place
to
protect
the
entity’s
assets
and
minimise
operations
beyond
legal
and

regulatory
requirements
or
acceptable
risk
thresholds;

• Monitoring
 compliance
 with
 legal
 and
 other
 regulatory
 requirements
 including
 accounting
 standards,


continuous
disclosure
and
ASX
Listing
Rules;

• Approving
 and
 monitoring
 financial
 budgets,
 capital
 management,
 major
 expenditures
 and
 significant


acquisitions
and
divestments;

• Approving
and
monitoring
financial
and
other
reporting;
• Approving
and
monitoring
appropriate
policies,
procedures,
codes
of
conduct
and
ethical
standards
for


directors
and
employees;

• Ensuring
 effective
 communication
 and
 reporting
 to
 shareholders
 and
 other
 key
 stakeholders
 of
 the


Company.

Board processes and management

B7. The
Board
has
an
established
framework
for
the
management
of
the
entity
including
a
system
of
internal

control,
a
business
risk
management
process
and
appropriate
ethical
standards.
To
assist
in
the
execution
of
its
responsibilities,
the
Board
has
an
Audit
Committee
to
deal
with
internal
control,
ethical
standards
and

financial
reporting.
The
Audit
Committee’s
role
and
responsibilities,
composition,
structure
and
membership
are
set
out
in
a
formal
Charter.
In
August
2008
the
Board
established
a
Remuneration
Committee
to
deal

executive
performance,
remuneration,
recruitment,
retention
and
termination
policies
for
senior
management
and
incentive
schemes.
In
August
2009
the
Committee
was
renamed
the
Nomination
and
Remuneration

Committee.

B8. The
Board
appoints
a
Managing
Director/Chief
Executive
Officer
responsible
for
the
day
to
day
management
of
the
Company.
The
role
of
the
Managing
Director
is
documented
in
the
Board
Charter
(refer
Principle
2
below).

20

Corporate Governance Statement

Performance Evaluation
B9. The
Nomination
and
Remuneration
Committee
evaluates
the
performance
of
the
Managing
Director/Chief

Executive
Officer,
Chief
Financial
Officer/Company
Secretary
and
other
senior
executives
on
a
regular
basis
and
makes
 recommendations
 to
 the
 Board
 on
 any
 performance
 related
 remuneration
 matters.
 The
 Board

encourages
continuing
professional
development
of
senior
executives
and
other
employees.
The
Company’s
remuneration
practices
are
disclosed
in
the
Remuneration
Report
section
of
the
Directors
Report.

B10. The
Nomination
and
Remuneration
Committee’s
responsibilities
include
the
following:

• Evaluating
the
necessary
and
desirable
competencies
for
members
of
the
Board
of
Directors;
• Assessing
skills,
experience
and
expertise
and
making
recommendations
to
the
Board
on
candidates
for


appointment
and
re-appointment
as
directors
on
the
Board;

• Reviewing
and
making
recommendations
on
processes
for
evaluating
the
performance
of
members
of
the

Board
and
its
Committees
and
for
assessing
and
enhancing
director
competencies;

• Reviewing
and
monitoring
progress
of
succession
plans
and
making
recommendations
to
the
Board;
• Reviewing
and
making
recommendations
to
the
Board
on
the
remuneration
of
the
Managing
Director/CEO;
• Reviewing
and
making
recommendations
to
the
Board,
on
advice
from
the
Managing
Director/CEO,
on

remuneration
of
senior
executives
of
the
Company
(other
than
the
Managing
Director/CEO)
and
in
respect
of
remuneration
matters
generally;

• Evaluating
 and
 making
 recommendations
 to
 the
 Board
 on
 the
 Company’s
 recruitment,
 retention
 and


termination
policies
and
procedures;

• Assessing
and
making
recommendations
to
the
Board
on
remuneration
policies
and
practices
including

superannuation
arrangements,
incentive
schemes
and
performance
targets
for
senior
executives
and
other
employees
of
the
Company.

• Reviewing
and
assessing
annually
the
performance
of
the
Committee
and
the
adequacy
of
its
charter.
B11. A
performance
evaluation
for
the
Board
and
its
members
is
conducted
by
the
Chairman
on
an
informal
basis
as
considered
necessary.
Such
evaluation
was
undertaken
by
the
Chairman
during
the
2010
financial
year.

Performance
evaluations
for
relevant
senior
executives
were
undertaken
by
the
remuneration
committee

during
the
2010
financial
year
in
accordance
with
the
company’s
performance
evaluation
process.

Principle 2 – Structure the Board to add value

Composition of the Board
B12. The
names
of
the
directors
of
the
Company
and
terms
in
office
at
the
date
of
this
Statement
together
with
their
skills,
experience
and
expertise
are
set
out
below.
The
directors’
terms
in
office
are
considered
appropriate
in
light
of
the
fact
that
the
Company
was
a
dormant
company
prior
to
its
ASX
listing
in
March
2003.

Robert Michael Kennedy Non-Executive Chairman - ASAIT, Grad, Dip (Systems Analysis), FCA, ACIS, Life 
member AIM, FAICD. 
Mr
Kennedy
joined
Ramelius
Resources
Limited
on
1
November
1995
as
a
non-executive
chairman.
He
is
a

chartered
accountant
and
a
consultant
to
Kennedy
&
Co,
Chartered
Accountants,
a
firm
he
founded.
He
is
also
a
director
of
ASX
listed
companies
Beach
Energy
Limited
(since
1991),
Flinders
Mines
Limited
(since
2001),
 Maximus
 Resources
 Limited
 (since
 2004),
 Monax
 Mining
 Ltd
 (since
 2004),
 ERO
 Mining
 Limited

21

Corporate Governance Statement

(since
2006),
Marmota
Energy
Limited
(since
2007)
and
Somerton
Energy
Limited
(since
2010).
His
special

responsibilities
include
membership
of
the
Audit
Committee
and
the
Nomination
&
Remuneration
Committee.
Mr
 Kennedy
 brings
 to
 the
 Board
 his
 expertise
 in
 finance
 and
 management
 consultancy
 and
 extensive

experience
as
chairman
and
non-executive
director
of
a
range
of
listed
public
companies
including
in
the

resources
sector.
Mr
Kennedy
leads
the
development
of
strategies
for
the
development
and
future
growth
of
the
Company.

Reginald George Nelson Non-Executive Director - BSc, Hon Life Member Society of Exploration Geophysicists,
FAusIMM, FAICD.
Mr
Nelson
joined
Ramelius
Resources
Limited
as
a
non-executive
director
on
1
November
1995.
He
has
had
a
career
spanning
four
decades
as
an
exploration
geophysicist
in
the
minerals
and
petroleum
industries.
He
was
chairman
of
the
peak
industry
organisation,
the
Australian
Petroleum
Production
and
Exploration

Association
(APPEA)
from
2004
to
2006
and
remains
a
member
of
its
Council.
He
is
a
former
Chairman
of
the
Nevoria
Gold
Mine
Joint
Venture
in
Western
Australia.
He
has
broad
experience
in
gold
exploration
and

mining
operations
in
Western
Australia,
the
Northern
Territory
and
South
Australia.
He
is
also
a
director
of
ASX
listed
companies,
Beach
Energy
Limited
(since
1992),
Monax
Mining
Ltd
(since
2004),
Marmota
Energy
Limited
 (since
 2007)
 and
 Sundance
 Energy
 Limited
 (since
 2010).
 His
 special
 responsibilities
 include

Chairmanship
 of
 the
 Audit
 Committee
 and
 the
 Nomination
 &
 Remuneration
 Committee.
 Mr
 Nelson’s

contribution to
the
Board
is
his
wide
technical
expertise
and
knowledge
of
the
mining
industry
and
corporate
matters.


Ian James Gordon Executive Director and Chief Executive Officer - B.Com, MAICD.
Mr
Gordon
joined
Ramelius
Resources
Limited
as
an
executive
director
on
18
October
2007.
He
has
more
than

20
years
experience
in
the
resources
industry
in
gold,
diamonds
and
base
metals.
He
has
held
management

positions
with
Rio
Tinto
Exploration
Pty
Ltd,
Gold
Fields
Australia
Pty
Ltd
and
Delta
Gold
Limited.
He
was
a

director
of
ASX
listed
company,
Glengarry
Resources
Limited
(2004
to
2005).
His
special
responsibilities

relate
to
directing
the
exploration
program
and
development
of
the
Wattle
Dam
gold
mine.
Mr
Gordon’s

contribution
to
the
Board
is
his
broad
experience
in
gold
exploration
and
mining
operations
in
Australia
and
knowledge
 of
 industry
 issues
 is
 directed
 towards
 expanding
 and
 strengthening
 the
 future
 growth
 of
 the

Company.


Joseph Fred Houldsworth Non-Executive Director
Mr
Houldsworth
joined
Ramelius
Resources
Limited
as
an
executive
director
on
18
February
2002
and
was

Managing
Director
and
Chief
Executive
Officer
until
31
July
2009.
He
has
extensive
practical
experience
in
the

resources
industry
having
worked
in
the
mining
and
exploration
industry
for
more
than
30
years
at
both

operational
and
management
levels
primarily
in
the
Western
Australian
Goldfields.
He
was
instrumental
in

turning
around
the
troubled
Nevoria
Gold
Mine
in
1993
and
is
a
former
consultant
for
10
years
to
insolvency
specialists
on
both
mining
and
exploration.
Mr
Houldsworth’s
contribution
to
the
Board
is
his
considerable

experience
and
knowledge
of
the
mining
industry
and
as
the
former
chief
executive
of
the
company
as
well
as
his
background
in
asset
management
for
various
mining
entities.


22

Corporate Governance Statement

Kevin James Lines Non-Executive Director - BSc (Geology), MAusIMM.
Mr
Lines
joined
Ramelius
Resources
Limited
as
a
non-executive
director
on
9
April
2008.
He
has
over
25
years
experience
in
mineral
exploration
and
mining
for
gold,
copper,
lead,
zinc
and
tin.
He
has
held
senior

geological
management
positions
with
Newmont
Australia
Limited,
Normandy
Mining
Limited
and
the
CRA
group
of companies.
He
was
the
foundation
Chief
Geologist
at
Kalgoorlie
Consolidated
Gold
Mines
where
he
led
the
team
that
developed
the
ore-body
models
and
geological
systems
for
the
Super-Pit
Operations
in

Kalgoorlie,
 managed
 the
 Eastern
 Australian
 Exploration
 Division
 of
 Newmont
 Australia
 that
 included

responsibility
for
the
expansive
tenement
holdings
of
the
Tanami
region.
He
is
also
managing
director
of
ASX
listed
 company,
 ERO
 Mining
 Limited
 (since
 2006).
 Mr
 Line’s
 contribution
 to
 the
 Board
 is
 his
 extensive
experience
in
the
assessment
and
evaluation
of
exploration
projects
and
development
of
properties
and

mining
operations
overseas.

B13. The
Company
held
35
meetings
of
directors
(including
committees
of
directors)
during
the
financial
year.
The

number
of
directors’
meetings
and
number
of
meetings
attended
by
each
of
the
directors
of
the
Company

(including
committees
of
directors)
during
the
financial
year
were
as
follows:

Directors’ 
Meetings

Audit Committee
Meetings

Nomination &
Remuneration 
Committee
Meetings

Due Diligence
Committee
Meetings

Number  Number 
Attended 
Eligible
to attend

Number
Eligible
to attend

Number
Attended

Number  Number
Attended
Eligible
to attend

Number Number
Eligible Attended
to attend

Director
Robert
Michael
Kennedy
2
Reginald
George
Nelson
2
Joseph
Fred
Houldsworth
1,
2
Ian
James
Gordon 1
Kevin
James
Lines
1

26
26
26
26
26

26
25
25
26
26

2
2
-
-
-

2
2
-
-
-

2
2
-
-
-

2
2
-
-
-

-
-
-
5
5

-
-
-
5
5

1 Messrs
 Houldsworth,
 Gordon
 and
 Lines
 are
 not
 members
 of
 the
 Audit
 Committee
 or
 the
 Nomination
 &


Remuneration
Committee.

2 Messrs
Kennedy,
Nelson
and
Houldsworth
are
not
members
of
the
Due
Diligence
Committee.

23

Corporate Governance Statement

B14. The
composition
of
the
Board
currently
consists
of
five
directors,
Mr
RM
Kennedy
(Chairman),
Mr
RG
Nelson,

Mr
JF
Houldsworth,
Mr
KJ
Lines
and
Mr
IJ
Gordon.
Apart
from
Mr
Gordon
(Chief
Executive
Officer),
all
other

directors
including
the
Chairman,
are
non-executives.
Although
the
composition
of
the
Board
is
comprised
of
a
majority
of
non-executive
directors,
the
majority
of
the
Board
is
however
not
regarded
as
meeting
the

criteria
of
being
independent
because
two
of
the
non-executive
directors
(Messrs
Kennedy
and
Nelson)
are
officers
of
a
substantial
shareholder
of
the
Company
and
Mr
Houldsworth
was
Managing
Director
until
July
2009.
One
director
(Mr
Lines)
meets
the
independent
director
criteria
contained
in
ASXCGC
best
practice

recommendation
2.1.
Notwithstanding
the
criteria
set
out
in
best
practice
recommendation
2.1,
the
Board
considers
 that
 all
 non-executive
 directors
 act
 independent
 from
 any
 conflict
 of
 interest
 and
 in
 the
 best

interests
of
stakeholders
because
all
directors
are
required
to
disclose
any
conflict
or
material
interest
in
any
matter
being
considered
by
the
Board
in
accordance
with
the
provisions
of
Section
191
of
the
Corporations

Act.

B15. Mr
Kennedy’s
role
as
Chairman
of
the
Board
is
separate
from
that
of
the
Managing
Director/Chief
Executive

Officer,
Mr
Houldsworth
(until
31
July
2009)/Mr
Gordon
(since
1
August
2009)
who
is
responsible
for
the
day
to
day
management
of
the
Company
and
is
in
compliance
with
the
ASXCGC
best
practice
recommendation
2.3
that
these
roles
not
be
exercised
by
the
same
individual.

B16. The
Company’s
constitution
specifies
the
number
of
directors
must
be
at
least
three
and
at
most
ten.
The
Board
may
at
any
time
appoint
a
director
to
fill
a
casual
vacancy.
Directors
appointed
by
the
Board
are

subject
to
election
by
shareholders
at
the
following
annual
general
meeting
and
thereafter
directors
(other

than
 the
Managing
Director)
are
subject
to
re-election
at
least
every
two
years.

The
tenure
for
executive

directors
is
linked
to
their
holding
of
executive
office.

B17. Formal
deeds
were
entered
into
by
the
Company
with
directors
whereby
all
directors
are
entitled
to
take
such
legal
advice
as
they
require
at
any
time
and
from
time
to
time
on
any
matter
concerning
or
in
relation
to
their
rights,
duties
and
obligations
as
directors
in
relation
to
the
affairs
of
the
Company.


B18. The
Board
Charter
details
the
roles
of
the
Chairman
and
Managing
Director/Chief
Executive
Officer
as
follows.

Role of the Chairman
B19. The
role
of
Chairman
is
non-executive
and
central
to
the
effective
corporate
governance
of
the
Company.
The

Chairman
leads
the
Board
and
General
Meetings
of
the
Company
and
is
instrumental
in
ensuring
effective

communications
exist
between
the
Board
of
Directors
and
senior
management.
The
Chairman
is
also

responsible
for
the
following:

• Ensuring
 the
 Company
 has
 an
 effective
 Board
 and
 that
 there
 are
 appropriate
 procedures
 in
 place
 to


evaluate
the
performance
of
the
Board
as
a
whole,
its
individual
directors
and
committees;

• Ensuring
that
meetings
of
the
Board
are
conducted
efficiently
and
effectively
and
that
the
quality
of
agenda
and
Board
papers
properly
inform
directors
on
the
operations
of
the
Company
so
as
to
facilitate
effective
review,
analysis,
discussion
and
decision
making
by
directors;

• Promoting
high
standards
of
integrity
and
ethics;
• Establishing
and
maintaining
a
close
working
relationship
with
the
Managing
Director/Chief
Executive


Officer
and
providing
ongoing
support
and
advice;

• Overseeing
communications
with
shareholders
and
other
key
stakeholders
and
representing
the
Board
of


Directors
as
required.

24

Corporate Governance Statement

Role of the Managing Director/Chief Executive Officer
B20. The
role
of
the
Managing
Director/Chief
Executive
Officer
is
separate
from
the
Chairman
and
is
appointed
by
the
 non-executive
 directors
 of
 the
 Board.
 The
 responsibilities
 of
 the
 Managing
 Director/Chief
 Executive

Officer
include
the
following:

• Recommending
strategic
directions
and
implementing
business
plans
approved
by
the
Board;
• Managing
the
day
to
day
operations
of
the
Company
including
its
financial,
physical
and
human
resources;
• Developing
and
implementing
risk
management
procedures;
• Developing
and
implementing
internal
control
and
regulatory
compliance
policies
and
procedures;
• Providing
timely,
accurate
and
relevant
information
to
the
Board.

Principle 3 – Promote ethical and responsible decision making

Ethical standards
B21. The
 Company
 aims
 to
 a
 high
 standard
 of
 corporate
 governance
 and
 ethical
 conduct
 by
 directors
 and


employees.

B22. The
Company
has
a
Policy
Manual
which
contains
a
code
of
conduct
that
provides
guidance
to
employees


regarding
expected
standards
of
behaviour,
ethics
and
integrity
as
a
condition
of
their
employment.

B23. The
Company’s
code
of
conduct
requires
Directors
and
officers
to:
• act
in
good
faith
and
in
the
best
interests
of
the
Company;
• exercise
care
and
diligence
that
a
reasonable
person
in
that
role
would
exercise;
• exercise
their
powers
in
good
faith
for
a
proper
purpose
and
in
the
best
interests
of
the
Company;
• not
improperly
use
their
position
or
information
obtained
through
their
position
to
gain
a
personal
advantage

or
for
the
advantage
of
another
person
to
the
detriment
of
the
Company;

• disclose
material
personal
interests
and
avoid
actual
or
potential
conflicts
of
interests;
• keep
themselves
informed
of
relevant
Company
matters;

• keep
confidential
the
business
of
all
directors
meetings;
and
• observe
and
support
the
Board’s
Corporate
Governance
practices
and
procedures.

B24. All
directors
have
signed
deeds
with
the
Company
which
require
them
to
provide
the
Company
with
details

of
all
securities
registered
in
the
director’s
name
or
an
entity
in
which
the
director
has
a
relevant
interest
within
the
meaning
of
section
9
of
the
Corporations
Act
2001
and
details
of
all
contracts,
other
than
contracts
to
which
the
Company
is
a
party
to
which
the
director
is
a
party
or
under
which
the
director
is
entitled
to
a

benefit,
and
that
confer
a
right
to
call
for
or
deliver
shares
in
the
Company
and
the
nature
of
the
director’s

interest
under
the
contract.

B25. Directors
are
required
to
disclose
to
the
Board
any
material
contract
in
which
they
may
have
an
interest.
In

accordance
with
Section
195
of
the
Corporations
Act
2001,
a
director
having
a
material
personal
interest
in
any
matter
to
be
dealt
with
by
the
Board,
will
not
be
present
when
that
matter
is
considered
by
the
Board
and
will
not
vote
on
that
matter.

25

Corporate Governance Statement

Trading in the Company’s Securities
B26. The
Company
has
a
policy
whereby
directors,
officers
and
employees
are
not
permitted
to
trade
in
securities
of
the
Company
at
any
time
whilst
in
possession
of
price
sensitive
information
not
readily
available
to
the

market.
Section
1043A
of
the
Corporations
Act
2001
also
prohibits
the
acquisition
and
disposal
of
securities
where
a
person
possesses
information
that
is
not
generally
available
and
which
may
reasonably
be
expected
to
have
a
material
effect
on
the
price
of
the
securities
if
the
information
was
generally
available.

B27. In
addition
the
Board
has
approved
a
formal
policy
regarding
notification
of
Directors’
interests
in
securities
of

the
Company
and
contracts.

Principle 4 – Safeguard integrity in financial reporting

CEO/CFO declarations on financial reports
B28. The
Chief
Executive
Officer
and
Chief
Financial
Officer
are
required
to
provide
written
declarations
to
the
Board

stating
that
in
their
opinions
the
Company’s
annual
financial
reports
present
a
true
and
fair
view,
in
all
material

respects,
of
the
Company’s
financial
position
and
financial
performance
are
in
accordance
with
relevant

accounting
standards.

Audit Committee
B29. Ramelius
is
not
a
Company
required
by
ASX
Listing
Rule
12.7
to
have
an
Audit
Committee
during
the
year

although
it
is
a
best
practice
recommendation
of
the
ASXCGC.
Notwithstanding
the
Listing
Rule
requirement,
the
Company
has
established
an
Audit
Committee
in
accordance
with
ASXCGC
best
practice
recommendation
4.1
to
oversee
the
Company’s
internal
controls,
ethical
standards,
financial
reporting,
and
external
accounting
and
compliance
procedures.


B30. The
Board
has
adopted
a
formal
Charter
for
the
Audit
Committee
in
accordance
with
ASXCGC
best
practice

recommendation
4.3.
The
Charter
details
the
Audit
Committee’s
role
and
responsibilities,
composition
and

membership
requirements.
The
role
of
the
Chairman
of
the
Audit
Committee
is
also
detailed
in
the
Charter.

B31. The
 Audit
 Committee
 is
 generally
 responsible
 for
 the
 integrity
 of
 the
 Company’s
 financial
 reporting
 and


overseeing
the
performance
and
independence
of
the
external
auditor.

B32. Members
of
the
Audit
Committee
have
full
rights
to
access
all
information
and
records
of
the
Company
and
to
discuss
any
matter
with
the
external
auditor
and
senior
management.
The
Committee
also
has
the
right
to
seek
external
professional
advice
at
the
cost
of
the
Company.

B33. The
Audit
Committee’s
responsibilities
are
as
follows:

• Overseeing
establishment,
maintenance
and
reviewing
the
effectiveness
of
the
Company’s
internal
control
and
ensuring
efficacy
and
efficiency
of
operations,
reliability
of
financial
reporting
and
compliance
with

applicable
Accounting
Standards,
Regulations
and
ASX
Listing
Rules;


• Reviewing,
assessing
and
making
recommendations
to
the
Board
on
the
annual
and
half
year
financial

reports
and
other
financial
information
or
formal
announcements
published
or
released
by
the
Company;
• Assessing
 and
 ensuring
 that
 any
 significant
 transactions
 and
 related
 party
 dealings
 are
 properly


recognised,
recorded
and
disclosed
in
the
Company’s
financial
reports;

• Obtaining
and
reviewing
statements
from
the
Chief
Executive
Officer
and
Chief
Financial
Officer
expressing

opinions
on
whether
the
Company’s
financial
records
have
been
properly
maintained
and
whether
financial

statements
comply
with
accounting
standards
and
present
a
true
and
fair
view;

26

Corporate Governance Statement

• Reviewing
the
effectiveness
of
the
Company’s
risk
management
and
internal
compliance
systems;
• Approving
and
monitoring
appropriate
policies,
procedures,
codes
of
conduct
and
ethical
standards
for

directors
 and
 employees
 and
 receiving
 and
 assessing
 management
 reports
 on
 any
 deficiencies
 or

weaknesses
that
may
arise;

• Liaising
and
discussing
any
relevant
issues
with
the
Chief
Executive
Officer
and
Chief
Financial
Officer;
• Assessing
the
scope
of
the
annual
audit
and
half
year
review,
ensuring
emphasis
is
placed
on
any
areas


requiring
special
attention;

• Liaising
with
and
reviewing
all
reports
of
the
external
auditor
including
audit
reports,
management
letters
and

independence
declarations;

• Reviewing
performance
and
assessing
independence
of
the
external
auditor
having
regard
for
the
provision
of
any
non
audit
services
and
where
necessary,
making
recommendations
relating
to
audit
fees,
selection
process,
appointment,
and
removal
of
the
Company’s
external
auditor;

• Obtaining
and
reviewing
statements
confirming
the
external
auditor’s
independence;
• Reviewing
 and
 monitoring
 management’s
 response
 to
 any
 significant
 external
 auditor
 findings
 and


recommendations;

• Reporting
 generally
 to
 the
 Board
 on
 the
 activities
 of
 the
 Committee
 and
 making
 any
 necessary


recommendations
relating
to
areas
of
improvement;

• Reviewing
the
contents
of
statements
to
be
included
in
the
annual
report
on
the
activities
of
the
Committee;
• Ensuring
effective
communication
and
reporting
of
the
role
of
the
Committee
to
shareholders
and
other
key

stakeholders
of
the
Company;

• Reviewing
and
assessing
annually
the
performance
of
the
Committee
and
the
adequacy
of
this
Charter.

B34. The
Audit
Committee
currently
consists
of
the
two
non-executive
Board
directors,
Messrs
Kennedy
&
Nelson,
and
is
chaired
by
Mr
Nelson.
Mr
Kennedy
is
a
qualified
Chartered
Accountant.
Details
of
these
directors’

qualifications
and
attendance
at
meetings
are
set
out
in
the
Directors’
Report
section
of
this
report.
The
Audit

Committee
currently
consist
of
less
than
three
members
and
does
not
have
a
majority
of
independent
directors
including
an
independent
Chairman.
The
members
of
the
Committee
are
not
regarded
as
being
independent

according
to
the
criteria
set
out
in
the
ASXCGC
best
practice
recommendations
because
they
are
officers
of
a
substantial
shareholder
of
the
Company.
Notwithstanding
the
criteria
set
out
in
best
practice
recommendation
2.1
regarding
independence,
the
Board
considers
that
all
members
of
the
Committee
act
independent
from
any
conflict
of
interest
and
in
the
best
interests
of
stakeholders
because
all
directors
are
required
to
disclose
any
conflict
or
material
interest
in
any
matter
being
considered
by
the
Committee
in
accordance
with
the

provisions
of
Section
191
of
the
Corporations
Act.
Nevertheless,
notwithstanding
that
the
Company
is
not
required
to
have
an
Audit
Committee
by
ASX
Listing
Rule
12.7,
the
Audit
Committee
established
by
the
Board
is
in
partial
compliance
with
ASXCGC
best
practice
recommendation
4.2
in
that
it
consists
of
only
non-
executive
directors
with
a
Chairman
who
is
not
the
Chairman
of
the
Board.
The
Board
considers
the
current
composition
of
the
Audit
Committee
is
appropriate
given
the
current
composition
and
size
of
the
Board
of

Directors.


B35. The
 role
 of
 Chairman
 is
 non-executive
 and
 central
 to
 the
 effectiveness
 of
 the
 Audit
 Committee
 and
 its

contribution
to
the
Board’s
overall
responsibility
for
the
Corporate
Governance
of
the
Company.
The
Chairman
leads
the
Committee
and
its
meetings
and
is
instrumental
in
ensuring
effective
communications
exist
between
the
Committee
and
the
Board
of
Directors,
senior
management
and
external
auditor.
The
Chairman
is
also

responsible
for
the
following:

27

Corporate Governance Statement

• Ensuring
 the
 Audit
 Committee
 has
 appropriate
 procedures
 in
 place
 to
 evaluate
 the
 performance
 and


effectiveness
of
the
Committee
as
a
whole
and
its
individual
Members;

• Ensuring
 that
 meetings
 of
 the
 Audit
 Committee
 are
 conducted
 efficiently
 and
 effectively
 and
 that
 the

quality
of
agendas
and
papers
properly
inform
Members
on
matters
before
the
Committee
that
facilitates
effective
review,
analysis,
discussion
and
decision
making
by
Members
of
the
Committee;

• Promoting
high
standards
of
integrity
and
ethics;
• Maintaining
 a
 close
 working
 relationship
 with
 the
 Managing
 Director/Chief
 Executive
 Officer,
 senior

management
 and
 external
 auditor
 so
 as
 to
 facilitate
 an
 effective
 flow
 of
 relevant
 and
 appropriate

information
to
the
Committee;

• Ensuring
that
the
Board
is
kept
informed
on
all
matters
relating
to
the
activities
of
the
Committee
and

overseeing
any
communications
concerning
its
activities
with
shareholders
and
other
key
stakeholders.
B36. The
Committee
meets
at
least
two
times
per
annum
and
reports
to
the
Board.
The
Managing
Director/Chief

Executive
 Officer,
 Chief
 Financial
 Officer
 and
 external
 auditor
 may
 by
 invitation
 attend
 meetings
 at
 the

discretion
of
the
Committee.

Principle 5 – Making timely and balanced disclosure

Continuous Disclosure
B37. The
Company
operates
under
the
continuous
disclosure
requirements
of
the
ASX
Listing
Rules
and
ensures
that
 all
 information
 which
 may
 be
 expected
 to
 affect
 the
 value
 of
 the
 Company’s
 securities
 or
 influence

investment
decisions
is
released
to
the
market
in
order
that
all
investors
have
equal
and
timely
access
to

material
information
concerning
the
Company.
The
information
is
made
publicly
available
on
the
Company’s
website
following
release
to
the
ASX.

B38. Although
the
Company
has
a
procedure
in
place
to
promote
timely
disclosure
of
material
information,
proper

vetting
and
authorisation
of
announcements
that
are
factual
and
properly
presented,
such
procedures
have
only
been
summarised
and
not
formally
documented
in
detail.
The
Board
does
not
consider
this
to
have

impeded
compliance
with
the
continuous
compliance
requirements
of
the
ASX
Listing
Rules
given
the
size
of
the
Company.

Principle 6 – Respect the rights of shareholders

The Role of Shareholders
B39. The
Board
aims
to
ensure
that
shareholders
are
informed
of
all
major
developments
affecting
the
Company’s
state
 of
 affairs.
 
 In
 accordance
 with
 the
 ASXCGC
 best
 practice
 recommendation
 6.1,
 information
 is

communicated
to
shareholders
as
follows:
•

the
 annual
 financial
 report
 which
 includes
 relevant
 information
 about
 the
 operations
 of
 the
 Company

during
the
year,
changes
in
the
state
of
affairs
of
the
entity
and
details
of
future
developments,
in
addition
to
the
other
disclosures
required
by
the
Corporations
Act
2001;

the
half
yearly
financial
report
lodged
with
the
Australian
Securities
Exchange
and
thereby
the
Australian

Securities
and
Investments
Commission
and
sent
to
all
shareholders
who
request
it;


•

28

Corporate Governance Statement

• notifications
 relating
 to
 any
 proposed
 major
 changes
 in
 the
 Company
 which
 may
 impact
 on
 share


ownership
rights
that
are
submitted
to
a
vote
of
shareholders;

• notices
of
all
meetings
of
shareholders;
• publicly
released
documents
including
full
text
of
notices
of
meetings
and
explanatory
material
made

available
on
the
Company’s
internet
web-site
at
www.rameliusresources.com.au
and
sent
by
email
to

shareholders
who
request
to
receive
such
information
electronically;
and

• disclosure
of
the
Company’s
Corporate
Governance
practices
and
communications
strategy
on
the
entity’s


internet
web-site.

B40. The
Board
encourages
full
participation
of
shareholders
at
the
Annual
General
Meeting
to
ensure
a
high
level
of
accountability
and
identification
with
the
Company’s
strategy
and
goals.

Important
issues
are
presented
to
the
shareholders
as
single
resolutions.
In
accordance
with
ASXCGC
best
practice
recommendations,
the

external
auditor
of
the
Company
is
also
invited
to
the
Annual
General
Meeting
of
shareholders
and
is
available
to
answer
any
questions
concerning
the
conduct,
preparation
and
content
of
the
auditor’s
report.
Pursuant
to
section
249K
of
the
Corporations
Act
2001
the
external
auditor
is
provided
with
a
copy
of
the
notice
of

meeting
and
related
communications
received
by
shareholders.


Principle 7 – Recognise and manage risks

Risk Assessment and Management
B41. The
 Board
 recognises
 that
 there
 are
 inherent
 risks
 associated
 with
 the
 Company’s
 operations
 including

mineral
exploration
and
mining,
environmental,
title
and
native
title,
legal
and
other
operational
risks.
The
Board

endeavours
to
mitigate
such
risks
by
continually
reviewing
the
activities
of
the
Company
in
order
to
identify
key
business
and
operational
risks
and
ensuring
that
they
are
appropriately
assessed
and
managed.
The
Board
of
Directors

believe
that
consistent
with
the
operations
of
the
Company,
its
key
stakeholders,
principally

shareholders,
are
willing
to
accept
a
higher
level
of
risk
than
may
otherwise
be
expected
with
other
listed

companies
in
return
for
higher
potential
rewards.

Nevertheless,
the
Directors
consider
that
there
is
value
in

formalising
a
process
for
monitoring
material
business
risks
in
order
to
assist
it
with
its
overall
responsibility
for

mitigating
such
risks.


B42. The
Board
has
approved
a
policy
manual
the
contents
of
which
assists
with
risk
mitigation,
oversight
and
management.
However
the
Board
has
not
to
date
requested
management
to
formally
design
and
implement
a
risk
management
and
internal
control
system
to
manage
the
entity’s
material
business
risks
because
the
Board
 considers
 the
 size
 of
 the
 Company
 renders
 the
 costs
 associated
 with
 this
 to
 be
 prohibitive.

Consequently
management
does
not
currently
report
to
the
Board
against
a
formal
risk
management
and

internal
 control
 system.
 Notwithstanding
 this,
 the
 Company
 has
 during
 the
 year
 held
 a
 risk
 review
 and

developed
a
risk
register.

B43. Although
the
Board
recognises
its
ultimate
responsibility
for
risk
management
and
oversight,
in
discharging
its

duties,
considerable
reliance
is
placed
on
information
provided
by
management
to
mitigate
material
business
risks.

Ramelius
does
not
have
a
separate
Risk
Management
Committee
as
the
Directors
do
not
consider
this

would
be
efficient
given
the
size
of
the
Board
and
in
view
of
the
size
of
the
Company
and
the
environment
in
which
it
operates.
Instead
Directors
prefer
to
proactively
and
continually
assess
all
material
business
risks
as
part
of
the
Board’s
overall
decision
making
process.

Whilst
every
effort
is
made
by
Directors
to
weigh
up

29

Corporate Governance Statement

material
business
risks
against
potential
rewards
in
their
decision
making
process,
the
Board
acknowledges
that
no
process
can
guarantee
elimination
of
potential
material
loss.

B44. The
Chief
Executive
Officer
and
Chief
Financial
Officer
are
required
to
declare
to
the
Board
in
writing
that
the

financial
records
of
the
Company
for
the
financial
year
have
been
properly
maintained
in
accordance
with

Section
286
of
the
Corporations
Act
2001.
The
financial
statements
and
associated

notes
comply
in
all

material
respects
with
the
accounting
standards
as
required
by
Section
296
of
the
Corporations
Act
2001;
and
the
financial
statements
and
associated
notes
give
a
true
and
fair
view,
in
all
material
respects,
of
the
financial
position
as
at
balance
date
and
performance
of
the
Company
for
the
year
as
required
by
Section
297
of
the
Corporations
Act
2001.
The
declarations
were
provided
to
the
Board
in
respect
of
the
2010
financial
year.
However
 these
 officers
 are
 not
 presently
 required
 to
 state
 in
 writing
 that
 the
 integrity
 of
 the
 financial

statements
 are
 based
 on
 a
 sound
 system
 of
 risk
 management
 and
 internal
 control
 because
 the
 Board

considers
the
size
of
the
Company
renders
the
costs
of
implementing
such
systems
and
controls
prohibitive.


Principle 8 – Remunerate fairly and responsibly

Remuneration Policy
B45. In
accordance
with
ASXCGC
best
practice
recommendations,
the
Company’s
remuneration
practices
are
set

out
as
follows:

Remuneration Practices
B46. The
Company’s
policy
for
determining
the
nature
and
amounts
of
emoluments
of
Board
members
and
Key


Management
Personnel
of
the
Company
is
as
follows.

B47. The
Company’s
Constitution
specifies
that
the
total
amount
of
remuneration
of
non-executive
Directors
shall
be
fixed
from
time
to
time
by
a
general
meeting.
The
current
maximum
aggregate
remuneration
of
non-
executive
Directors
has
been
set
at
$450,000
per
annum.
Directors
may
apportion
any
amount
up
to
this

maximum
amount
amongst
the
non-executive
directors
as
they
determine.
Directors
are
also
entitled
to
be
paid
reasonable
travelling,
accommodation
and
other
expenses
incurred
in
performing
their
duties
as
Directors.
The
 remuneration
 of
 the
 Managing
 Director/Chief
 Executive
 Officer
 is
 determined
 by
 the
 non-executive

Directors
on
the
Nomination
and
Remuneration
Committee
and
approved
by
the
Board
as
part
of
the
terms
and
conditions
of
his
employment
which
are
subject
to
review
from
time
to
time.
The
remuneration
of
other
executive
officers
and
employees
is
determined
by
the
Managing
Director/Chief
Executive
Officer
subject
to
the
approval
of
the
Board.

B48. Non-executive
director
remuneration
is
by
way
of
fees
and
statutory
superannuation
contributions.
Non-
executive
Directors
do
not
participate
in
schemes
designed
for
remuneration
of
executives
nor
do
they
receive

options
or
bonus
payments
and
are
not
provided
with
retirement
benefits
other
than
salary
sacrifice
and

statutory
superannuation.

30

Corporate Governance Statement

B49. The
Company’s
remuneration
structure
is
based
on
a
number
of
factors
including
the
particular
experience
and
performance
of
the
individual
in
meeting
key
objectives
of
the
Company.
The
Nomination
and
Remuneration

Committee
is
responsible
for
assessing
relevant
employment
market
conditions
and
achieving
the
overall,
long
term
objective
of
maximising
shareholder
benefits,
through
the
retention
of
high
quality
personnel.

In
August

2008,
 a
 Nomination
 and
 Remuneration
 Committee
 was
 established
 to
 assist
 the
 Board
 by
 overseeing

remuneration
policies
and
make
recommendations
to
the
Board.
The
Company
may
also
engage
external

consultants
to
advise
on
remuneration
policy
and
to
benchmark
remuneration
of
senior
executives
against

comparable
entities
so
as
to
ensure
that
remuneration
packages
are
consistent
with
the
market
and
are

appropriate
for
the
organisation.

B50. All
key
management
personnel
receive
a
base
salary
based
on
factors
such
as
experience,
length
of
service,

superannuation
and
performance
incentives.
Performance
incentives
are
generally
paid
once
predetermined
key
performance
indicators
have
been
met.
Key
management
personnel
receive
a
statutory
superannuation

guarantee
contribution,
however
do
not
receive
any
other
form
of
retirement
benefits.
Individuals
may
elect
to
salary
 sacrifice
 part
 of
 their
 salary
 to
 increase
 payments
 towards
 superannuation.
 On
 retirement,
 key

management
personnel
are
paid
employee
benefit
entitlements
accrued
to
the
date
of
retirement.

B51. To
date,
the
Company
has
not
emphasised
payment
for
results
through
the
provision
of
cash
bonus
schemes
or
other
incentive
payments
based
on
key
performance
indicators.
However
the
Nomination
and
Remuneration
Committee
may
recommend
to
the
Board
the
payment
of
cash
bonuses
from
time
to
time
in
order
to
reward

individual
executive
performance
in
achieving
key
objectives
as
considered
appropriate
by
the
Nomination


and
Remuneration
Committee.
Cash
bonuses
paid
during
the
financial
year
are
disclosed
in
the
Remuneration
Report.

B52. All
remuneration
paid
to
key
management
personnel
is
valued
at
the
cost
to
the
Company
and
expensed.

Employee Incentive Plan
B53. The
Company
has
an
Employee
Share
Acquisition
Plan
and
a
Performance
Rights
Plan
which
have
been

approved
by
shareholders
in
November
2007.
The
Share
Acquisition
Plan
enables
the
Board
to
offer
eligible

employees
as
a
long-term
incentive,
ordinary
fully
paid
shares
in
the
Company
and
in
accordance
with
the
terms
of
the
Plan,
shares
may
be
offered
at
no
consideration
unless
the
Board
determines
that
market
value
or
some
other
value
is
appropriate.
Any
consideration
may
be
by
way
of
interest
free
loans
repayable
in

accordance
with
the
terms
and
conditions
of
the
Plan.
The
Performance
Rights
Plan
enables
the
Board
to
grant
Performance
Rights
(being
entitlements
to
shares
in
the
Company
that
are
subject
to
satisfaction
of
vesting
conditions)
 to
 selected
 key
 senior
 executives
 as
 a
 long-term
 incentive
 as
 determined
 by
 the
 Board
 in

accordance
with
the
terms
and
conditions
of
the
Plan.



B54. The
 objective
 of
 the
 Share
 Acquisition
 Plan
 is
 to
 align
 the
 interests
 of
 employees
 and
 shareholders
 by

providing
employees
of
the
Company
with
the
opportunity
to
participate
in
the
equity
of
the
Company
as
an
incentive
 to
 achieve
 greater
 success
 and
 profitability
 for
 the
 Company
 and
 to
 maximise
 the
 long-term

performance
of
the
Company.
The
objective
of
the
Performance
Rights
Plan
is
to
provide
selected
senior

executives
the
opportunity
to
participate
in
the
equity
of
the
Company
through
the
issue
of
Performance
Rights
as
a
long-term
incentive
that
is
aligned
to
the
long-term
interests
of
shareholders.

B55. During
 the
 year
 ended
 30
 June
 2010
 no
 shares
 were
 issued
 to
 employees
 under
 the
 Employee
 Share


Acquisition
Plan
or
Performance
Rights
Plan.

31

Corporate Governance Statement

Performance Based Remuneration
B56. Key
Management
Personnel
receive
performance
based
remuneration
as
considered
appropriate
by
the

Nomination
and
Remuneration
Committee
and
the
Board.
The
intention
of
this
remuneration
is
to
facilitate
goal
 congruence
 between
 Key
 Management
 Personnel
 with
 that
 of
 the
 business
 and
 shareholders.
B57. The
remuneration
policy
of
the
Company
has
been
tailored
to
increase
goal
congruence
between
shareholders,

directors
and
senior
executives.
Two
methods
have
been
used
to
achieve
this
aim.

B58. The
first
method
was
the
issue
of
options
to
Key
Management
Personnel.
During
the
2008
financial
year
a
total
of
800,000
options
(each
exercisable
at
$1.90
by
30
June
2009)
with
a
fair
value
of
$272,000
were
issued
to
certain
Key
Management
Personnel.
These
options
were
not
exercised
and
lapsed
at
expiry.
No
options
were
issued
to
Key
Management
Personnel
during
the
2010
financial
year.

B59. The
second
method
was
through
a
Performance
Rights
Plan
based
on
Key
Performance
Indicators
(“KPI’s”)
set
by
the
Board.
The
KPI
conditions
attached
to
the
Performance
Rights
Plan
include
a
vesting
period
of
three
years
from
grant
date
(7
April
2008)
and
a
requirement
for
the
Company’s
share
price
to
be
within
the
top
40%
comparator
group
of
companies
as
set
by
the
Board.
The
Companies
in
the
comparator
group
are
as
follows.

Avoca
Resources
Limited
Alkane
Resources
Limited
Apex
Minerals
NL
Barra
Resources
Limited
Bendigo
Mining
Limited
Carrick
Gold
Limited
Citigold
Corporation
Limited
Crescent
Gold
Limited

Dioro
Exploration
NL
Gryphon
Minerals
Limited
Integra
Mining
Limited
Monarch
Gold
Mining
Company
Limited
Norton
Gold
Fields
Limited
Silver
Lake
Resources
Limited
Tanami
Gold
NL
Troy
Resources
NL

B60. During
the
2008
financial
year
a
total
of
900,000
Performance
Rights
with
a
fair
value
of
$576,000
were
granted
under
the
Performance
Rights
Plan
to
selected
Key
Management
Personnel.
No
Performance
Rights
were
granted
during
the
2010
financial
year.
These
Rights
are
recognised
on
a
pro-rata
basis
over
the
vesting

period.
Any
Rights
that
do
not
vest
on
the
vesting
date
will
lapse.
The
Rights
are
subject
to
performance

conditions
which
are
to
be
tested
in
future
financial
periods.


B61. The
employment
conditions
of
Executive
Directors
including
the
Chief
Executive
Officer
and
Key
Management

Personnel
are
formalised
in
contracts
of
employment.
During
the
year
a
new
employment
contract
for
the

Chief
Executive
Officer
was
entered
into.
The
contracts
have
no
fixed
term
with
3
months
and
6
months

notice
of
termination
by
the
executive
and
Company
respectively.
Generally,
employment
contracts
of
senior
executives
enable
the
Company
to
terminate
the
contracts
without
cause
by
providing
written
notice
or

making
a
termination
payment
in
lieu
of
notice
including
a
minimum
termination
payment
as
provided
for
under
the
 contracts.
 However
 any
 such
 termination
 payments
 to
 officers
 of
 the
 Company
 are
 subject
 to
 the

requirements
of
ASX
Listing
Rule
10.19,
and
in
the
event
that
the
value
of
termination
benefits
to
be
paid
and
the
value
of
all
other
termination
benefits
that
are
or
may
be
payable
to
all
officers
of
the
Company
together
exceed
5%
of
the
equity
interests
of
the
Company
as
set
out
in
the
latest
accounts
given
to
the
ASX,
the

payment
shall
be
pro-rata
based
on
the
maximum
total
termination
benefits
allowable
under
ASX
Listing
Rule
10.19.



32

Corporate Governance Statement

Termination
payments
are
not
generally
payable
on
resignation
or
dismissal
for
serious
misconduct.
Any

performance
rights
or
options
not
vested
or
exercised
before
the
date
of
termination
will
lapse.

B62. Details
of
Directors’
and
executives/officers’
remuneration,
superannuation
and
retirement
payments
are
set

out
in
the
Remuneration
Report
section
of
the
Directors’
Report.

B63. In
 August
 2008
 the
 Board
 established
 a
 Remuneration
 Committee
 to
 deal
 with
 executive
 performance,

remuneration,
recruitment,
retention
and
termination
policies
for
senior
management
and
incentive
schemes.

In
August
2009
the
committee
was
renamed
the
Nomination
and
Remuneration
Committee.

B64. The
 Nomination
 and
 Remuneration
 Committee
 currently
 consists
 of
 two
 non-executive
 Board
 directors,
Messrs
 Kennedy
 &
 Nelson,
 and
 is
 chaired
 by
 Mr
 Nelson.
 Details
 of
 these
 directors’
 qualifications
 and

attendance
at
meetings
are
set
out
in
the
Directors’
Report
section
of
this
report.
The
Board
considers
the

current
 composition
 of
 the
 Nomination
 and
 Remuneration
 Committee
 is
 appropriate
 given
 the
 current

composition
and
size
of
the
Board
of
Directors.

Products Limiting Risk
B65. The
 Company
 has
 a
 policy
 that
 Directors
 should
 not
 engage
 in
 hedge
 contracts
 over
 securities
 of
 the


Company.

Corporate Governance Statements
B66. Corporate
governance
statements
relating
to
the
following
matters
are
publicly
available
from
the
Company’s


website
at
www.rameliusresources.com.au




• Functions
and
responsibilities
of
the
Board,
Chairman
&
Managing
Director/Chief
Executive
Officer;
• Board
Charter;
• Audit
Committee
Charter;
• Nomination
and
Remuneration
Committee
Charter;
• Code
of
Conduct;
• Trading
Policy;
• Continuous
Disclosure;
• Risk
oversight
and
management;
• Products
limiting
risk.

33

Glossary of Terms

ADSORPTION -
 The
 attraction
 of
 molecules
 (of
 gold)
 in

solution
to
the
surface
of
solid
bodies
(carbon).

AEROMAGNETICS -
 A
 geophysical
 technique
 measuring
changes
in
the
earth’s
magnetic
field
from
an
airborne
craft.

AIRCORE -
A
method
of
rotary
drilling
whereby
rock
chips
are
recovered
by
air
flow
returning
inside
the
drill
rods
rather
than
outside,
thereby
providing
usually
reliable
samples.

ANOMALOUS -
A
departure
from
the
expected
norm.
In
mineral
exploration this
term
is
generally
applied
to
either
geochemical
or
geophysical
values
higher
or
lower
than
the
norm.

ARCHAEAN  -
The
oldest
rocks
of
the
Earth’s
crust
–
older
than
2,400
million
years.

AURIFEROUS  Gold
bearing
material

CIL CIRCUIT -
That
part
of
the
gold
treatment
plant
where
gold
is
 dissolved
 from
 the
 pulverised
 rock
 and
 subsequently

adsorbed
 onto
 carbon
 particles
 from
 which
 the
 gold
 is

ultimately
recovered.

COMPANY -
Ramelius
Resources
Limited
(ACN
001
717
540)

COSTEAN - A
trench
dug
through
soil
to
expose
the
bedrock.

CU -
Copper.

CUT -
A
term
used
when
referring
to
average
assays
where
the
grade
of
a
particularly
high-grade
interval
is
reduced
to
a
lesser
value.

DISSEMINATED -
Usually
referring
to
minerals
of
economic

interest
scattered
or
diffused
through
out
the
host
rock.

AUGER -
A
screw-like
boring
or
drilling
tool
for
use
in
clay
or
soft
sediments.

DIP -
The
angle
at
which
rock
stratum
or
structure
is
inclined
from
the
horizontal.

AS -
Arsenic

DYKE -
Tabular
igneous
intrusive
cutting
the
bedding
or
planar
features
in
the
country
rock.

ASX -
The
Australian
Securities
Exchange
Limited
(ACN
008
629
691)

EL -
Exploration
Licence.

AU -
Gold

ELA -
Exploration
Licence
application.

AZ -
 Azimuth,
 a
 surveying
 term,
 the
 angle
 of
 horizontal

difference,
measured
clockwise,
of
a
bearing
from
a
standard
direction,
as
from
north.

BASE METAL - Non
precious
metal,
usually
referring
to
copper,
zinc
and
lead.

EM -
Electromagnetic,
a
geophysical
technique
used
to
detect

conductive
material
in
the
earth.

EOH -
End
of
Hole.

FAULT -
A
fracture
in
rocks
along
which
rocks
on
one
side
have
been
moved
relative
to
the
rocks
on
the
other.

BCM -
Bank
Cubic
Metre.
Usually
refers
to
the
volume
of
waste

measured
in
situ.

F.C.I. -
Free
carried
interest.

BERM -
A
horizontal
bench
left
in
the
wall
of
an
open
pit
to

provide
stability
to
the
wall.

BIOTITE -
A
mineral
of
the
mica
group
widely
distributed
in
a
variety
of
rock
types.

CALCRETE -
Soil
and
superficial
material
cemented
by
calcium
carbonate.

CARBONATE  -
 A
 common
 mineral
 type
 consisting
 of

carbonates
of
calcium,
iron,
and/or
magnesium.

FELSIC -
Light
coloured
rock
containing
an
abundance
of
any
of
the
following:
-
feldspars,
felspathoids
and
silica.

FERRUGINOUS -
Containing
iron.

FLITCH -
A
Mining
Term
for
the
different
levels
in
an
open
pit.

GEOCHEMICAL  EXPLORATION  - Used
 in
 this
 report
 to

describe
a
prospecting
technique,
which
measures
the
content
of
certain
metals
in
soils
and
rocks
and
defines
anomalies
for
further
testing.

CHLORITE -
 A
 representative
 of
 a
 group
 of
 micaceous

greenish
minerals
which
are
common
in
low
grade
schists
and
is
also
a
common
mineral
associated
with
hydrothermal
ore

deposits.

GEOPHYSICAL EXPLORATION -
The
exploration
of
an
area
in
which
physical
properties
(eg.

Resistivity,
gravity,
conductivity
and
 magnetic
 properties)
 unique
 to
 the
 rocks
 in
 the
 area

quantitatively
measured
by
one
or
more
geophysical
methods.

34

Glossary of Terms

g/cc -
grams
per
cubic
centimetre

M -
metre

G.I.C. -
Gold
in
circuit

g/t -
grams
per
tonne

ML -
Mining
Lease.

MLA -
Mining
Lease
Application.

GOSSAN  -
 The
 oxidised,
 near
 surface
 part
 of
 underlying

primary
sulphide
minerals.

GROSS GOLD ROYALTY -
A
royalty
payment
based
on
the
total
amount
of
product
(gold)
produced.

GRADE -
g/t
–
grams
per
tonne,
ppb
–
part
per
billion,
ppm
–
parts
per
million.

GRATICULAR BLOCK - With
respect
to
Exploration
Licences,
that
area
of
land
contained
within
one
minute
of
Latitude
and
one
minute
of
Longitude.

NATIVE TITLE -
Native
Title
is
the
recognition
in
Australian
law
of
indigenous Australian’s
rights
and
interests
in
land
and
waters
according
to
their
own
traditional
laws
and
customs.
In
June
1992,
 the
 High
 Court
 of
 Australia,
 in
 the
 case
 of
 Mabo
 v
Queensland
 (1992)
 175
 Commonwealth
 Law
 Reports
 1,

overturned
the
idea
that
the
Australian
continent
belonged
to
no
one
at
the
time
of
European’s
arrival.
It
recognised
for
the
first
time
that
indigenous Australians
may
continue
to
hold
native
title.
Indigenous
Australians
may
now
make
native
title
claimant
applications
seeking
recognition
under
Australian
law
of
their
native
title
rights.

GRAVITY CIRCUIT -
Part
of
the
Gold
Treatment
Plant
where
gold
particles
are
accumulated
by
virtue
of
their
density.

NATIVE TITLE TRIBUNAL -
The
Native
Title
Tribunal
set
up
under
the
Native
Title
Act
1993.

GSWA -
The
Geological
Survey
of
Western
Australia.

Ni - Nickel.

ha -
Hectare

Hg -
Mercury

JORC -
 The
 Australasian
 Code
 for
 Reporting
 of
 Mineral

Resources and
Ore
Reserves

km -
kilometre

OPEN PIT -
A
mine
excavation
produced
by
quarrying
or
other
surface
earth-moving
equipment.

ORE GRADE - The
grade
of
material
that
can
be
(or
has
been)
mined
and
treated
for
an
economic
return.

OVERCALL  -
Refers
to
more
metal
(gold)
being
recovered
than
anticipated.

KOMATIITE -
An
ultramafic
rock
with
high
magnesium
content
extruded from
a
volcano.

OXIDISED -
Near
surface
decomposition
by
exposure
to
the
atmosphere
and
groundwater,
compare
to
weathering.

LAG -
A
residual
deposit
remaining
after
finer
particles
have
been
blown
away
by
wind.

oz -
Troy
ounces
=
31.103477
grams

LATERITE -
Highly
weathered
residual
material
rich
in
secondary
oxides
or
iron
and/or
aluminium.

Pb -
Lead

PEDOGENIC -
The
development
of
soil.

LEACHWELL -
An
analytical
method.

LODE DEPOSIT -
A
vein
or
other
tabular
mineral
deposit
with
distinct
boundaries.

MASSIVE -
 Large

Homogeneous
structure.

in
 mass,
 having
 no
 stratification.


MINERALISED -
Rock
impregnated
with
minerals
of
economic
importance.

PENTLANDITE -
An
important
ore
of
nickel
(FeNi)9S8

PETROLOGICAL -
Pertains
to
a
study
of
the
origin,
distribution,
structure
and
history
of
rocks.

PERCUSSION DRILLING -
Method
of
drilling
where
rock
is

broken
by
the
hammering action
of
a
bit
and
the
cuttings
are
carried
to
the
surface
by
pressurised
air
returning
outside
the
drill
pipe.

M TONNES -
million
tonnes

Pd -
Palladium.

35

Glossary of Terms

PL -
Prospecting
Licence.

Sb - Antinomy


PLA -
Prospecting
Licence
application

PORPHYRY - A
felsic
or
sub
volcanic
rock
with
larger
crystals
set
in
a
fine
groundmass.

ppb -
parts
per
billion

PRIMARY GOLD -
Gold
mineralisation
that
has
not
been
subject
to
weathering
processes,
as
opposed
to
Secondary
Gold.

SECONDARY GOLD - Gold
mineralisation
that
has
been

subject
to
and
usually
enriched
by
weathering
processes.

SEDIMENTARY  ROCKS -
 Rocks
 formed
 by
 deposition
 of

particles
carried
by
air,
water
or
ice.

SHEAR ZONE -
A
generally
linear
zone
of
stress
along
which
deformation
has
occurred
by
translation
of
one
part
of
a
rock
body
relative
to
another
part.

PROTEROZOIC - The
Precambrian
era
after
Archaean.

SILICIFIED -
Alteration
of
a
rock
by
introduction
of
silica.

Pt - Platinum.

PYRITE - A
common,
pale
bronze
iron
sulphide
mineral.

PYRRHOTITE -
An
iron
sulphide
mineral.

QUARTZ -
Mineral
species
composed
of
crystalline
silica.

RAB DRILLING - Rotary
Air
Blast
Drilling:
Method
of
drilling
in
which
the
cuttings
from
the
bit
are
carried
to
the
surface
by
pressurised
air
returning
outside
the
drill
pipe.
Most
“RAB”
drills
are
very
mobile
and
designed
for
shallow,
low-cost
drilling
of
relatively
soft
rocks.

RC  DRILLING -
 Reverse
 Circulation
 Drilling:
 A
 method
 of
drilling
whereby
rock
chips
are
recovered
by
air
flow
returning
inside
 the
 drill
 rods
 rather
 than
 outside,
 thereby
 providing

usually
reliable
samples.

REIDEL FAULT -
A
slip
surface
that
develops
during
the
early
stage
of
shearing.

REGOLITH - A
layer
of
fragmented
and
unconsolidated
material
that
overlies
or
covers
basement.

RESERVE -
 The
 mineable
 part
 of
 a
 resource
 to
 which
 a

tonnage
and
grade
has
been
assigned
according
to
the
JORC
code.

RESOURCE - Mineralisation
to
which
a
tonnage
and
grade
has
been
assigned
according
to
the
JORC
code.

ROCK CHIP SAMPLE -
A
series
of
rock
chips
or
fragments
taken
at
regular
intervals
across
a
rock
exposure.

STRATIGRAPHY -
The
study
of
formation,
composition
and
correlation
of
sedimentary
rocks.

STRIKE -
The
direction
of
bearing
of
a
bed
or
layer
of
rock
in
the
horizontal
plane.

SULPHIDES -
Minerals
consisting
of
a
chemical
combination
of
sulphur
with
a
metal.

t -
tonnes

TEM -
 Transient
 Electromagnetic,
 a
 geophysical
 technique
used
to
detect
conductive
material
in
the
earth.

TOLL TREATMENT -
The
treatment
of
ores
where
payment
is
made
to
the
operator
of
the
treatment
plant
according
to
the
amount
of
material
being
treated.



TONNE -
32,125
Troy
ounces.

OZ -
Troy
ounce
=
31.103477
grams

TREMOLITE -
A
pale
coloured
amphibole
mineral.

ULTRAMAFIC -
An
igneous
rock
comprised
chiefly
of
mafic
minerals.

UNCUT -
A
term
used
when
referring
to
average
assays
where
the
grade
of
a
particularly
high-grade
interval
is
not
reduced
to
a
lesser
value.


VACUUM DRILLING - A
method
of
rotary
drilling
where
the
drill
cuttings
are
recovered
inside
the
drill
rods
by
a
vacuum

system.

36

Photographs and Diagrams

Figure 1 - Wattle Dam Underground Mine

(Left) Figure 2
Spargoville Project Location
including Wattle Dam Gold Mine

(Above) 
Examining Wattle
Dam Diamond Core

37

Photographs and Diagrams

Figure 3 - Australian Project Locations

Figure 4 - Mt Windsor Prospect Locations

38

Photographs and Diagrams

Figure 5 - Nevada Project Locations

39

Photographs and Diagrams

Wattle Dam Underground Mining Operations

Haulage of Gold Ore from 
Wattle Dam Underground Mine

40

Ramelius Resources Limited 

Consolidated Entity 

Annual Financial Report 

30 June 2010 

41

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Directors’ Report

Ramelius Resources Limited - Consolidated Entity 
Directors’ Report 

The directors present their report together with the financial report of Ramelius Resources Limited - Consolidated 
Entity (“the Group”) for the year ended 30 June 2010 and the auditor’s report thereon. 

Directors 
The directors of Ramelius Resources Limited (“the Company”) at any time during or since the end of the financial year 
are as set out below. Details of directors’ qualifications, experience, special responsibilities and interests in shares and 
options of the Company are as follows. 

Robert Michael Kennedy Non-Executive Chairman - ASAIT, Grad. Dip (Systems Analysis), FCA, ACIS, Life member 
AIM, FAICD.  
Mr Kennedy joined Ramelius Resources Limited on 1 November 1995 as a non-executive chairman. He is a chartered 
accountant and a consultant to Kennedy & Co, Chartered Accountants, a firm he founded. He is also a director of ASX 
listed companies Beach Energy Limited (since 1991), Flinders Mines Limited (since 2001), Maximus Resources 
Limited (since 2004), Monax Mining Ltd (since 2004), ERO Mining Limited (since 2006), Marmota Energy Limited 
(since 2007) and Somerton Energy Limited (since 2010). His special responsibilities include membership of the Audit 
Committee and the Nomination & Remuneration Committee. Mr Kennedy brings to the Board his expertise in finance 
and management consultancy and extensive experience as chairman and non-executive director of a range of listed 
public companies including in the resources sector. Mr Kennedy leads the development of strategies for the 
development and future growth of the Company. 
Mr Kennedy has an interest in 7,729,572 shares but does not have an interest in any options of the Company. 

Reginald George Nelson Non-Executive Director - BSc, Hon Life Member Society of Exploration Geophysicists, 
FAusIMM, FAICD. 
Mr Nelson joined Ramelius Resources Limited as a non-executive director on 1 November 1995. He has had a career 
spanning four decades as an exploration geophysicist in the minerals and petroleum industries. He was chairman of the 
peak industry organisation, the Australian Petroleum Production and Exploration Association (APPEA) from 2004 to 
2006 and remains a member of its Council. He is a former Chairman of the Nevoria Gold Mine Joint Venture in 
Western Australia. He has broad experience in gold exploration and mining operations in Western Australia, the 
Northern Territory and South Australia. He is also a director of ASX listed companies, Beach Energy Limited (since 
1992), Monax Mining Ltd (since 2004), Marmota Energy Limited (since 2007) and Sundance Energy Limited (since 
2010). His special responsibilities include Chairmanship of the Audit Committee and the Nomination & Remuneration 
Committee. Mr Nelson’s contribution to the Board is his wide technical expertise and knowledge of the mining industry 
and corporate matters.  
Mr Nelson has an interest in 5,331,984 shares but does not have an interest in any options of the Company. 

Ian James Gordon Executive Director and Chief Executive Officer - BCom, MAICD. 
Mr Gordon joined Ramelius Resources Limited as an executive director on 18 October 2007. He has more than 20 years 
experience in the resources industry in gold, diamonds and base metals. He has held management positions with Rio 
Tinto Exploration Pty Ltd, Gold Fields Australia Pty Ltd and Delta Gold Limited. He was a director of ASX listed 
company, Glengarry Resources Limited (2004 to 2005). His special responsibilities relate to directing the exploration 
program and development of the Wattle Dam gold mine. Mr Gordon’s contribution to the Board is his broad experience 
in gold exploration and mining operations in Australia and knowledge of industry issues directed towards expanding 
and strengthening the future growth of the Company.  
Mr Gordon has an interest in 14,979 shares but does not have an interest in any options of the Company. 

Joseph Fred Houldsworth Non-Executive Director 
Mr Houldsworth joined Ramelius Resources Limited as an executive director on 18 February 2002 and was Managing 
Director and Chief Executive Officer until 31 July 2009. He has extensive practical experience in the resources industry 
having worked in the mining and exploration industry for more than 30 years at both operational and management 
levels primarily in the Western Australian Goldfields. He was instrumental in turning around the troubled Nevoria Gold 
Mine in 1993 and is a former consultant for 10 years to insolvency specialists on both mining and exploration. Mr 
Houldsworth’s contribution to the Board is his considerable experience and knowledge of the mining industry and as 
the former chief executive of the Company as well as his background in asset management for various mining entities.  
Mr Houldsworth has an interest in 4,124,710 shares but does not have an interest in any options of the Company. 

42

 
 
 
   
 
 
 
 
 
Directors’ Report

Ramelius Resources Limited - Consolidated Entity 

Directors’ Report (continued) 

Kevin James Lines Non-Executive Director - BSc (Geology), MAusIMM. 
Mr Lines joined Ramelius Resources Limited as a non-executive director on 9 April 2008. He has over 25 years 
experience in mineral exploration and mining for gold, copper, lead, zinc and tin. He has held senior geological 
management positions with Newmont Australia Limited, Normandy Mining Limited and the CRA group of companies. 
He was the foundation Chief Geologist at Kalgoorlie Consolidated Gold Mines where he led the team that developed 
the ore-body models and geological systems for the Super-Pit Operations in Kalgoorlie, managed the Eastern Australian 
Exploration Division of Newmont Australia that included responsibility for the expansive tenement holdings of the 
Tanami region. He is also managing director of ASX listed company, ERO Mining Limited (since 2006). 
Mr Line’s contribution to the Board is his extensive experience in the assessment and evaluation of exploration projects 
and development of properties and mining operations overseas. 
Mr Lines does not have an interest in any shares or options of the Company. 

Directors’ meetings 
The Company held 35 meetings of directors (including committees of directors) during the financial year. The number 
of directors’ meetings and number of meetings attended by each of the directors of the Company (including committees 
of directors) during the financial year were as follows: 

Directors’  
Meetings 

Audit Committee 
Meetings 

Nomination & 
Remuneration 
Committee 
Meetings 

Due Diligence 
Committee 
Meetings 

Number 
Eligible to 
attend 

Number 
Attended

Number 
Eligible to 
attend 

Number 
Attended

Number 
Eligible to 
attend 

Number 
Attended 

Number 
Eligible to 
attend 

Number 
Attended

Director 
Robert Michael Kennedy 2 
Reginald George Nelson 2 
Joseph Fred Houldsworth 1, 2 
Ian James Gordon 1 
Kevin James Lines 1 

26 
26 
26 
26 
26 

26 
25 
25 
26 
26 

2 
2 
- 
- 
- 

2 
2 
- 
- 
- 

2 
2 
- 
- 
- 

2 
2 
- 
- 
- 

- 
- 
- 
5 
5 

- 
- 
- 
5 
5 

1  Messrs Houldsworth, Gordon and Lines are not members of the Audit Committee or the Nomination & 

Remuneration Committee. 

2  Messrs Kennedy, Nelson and Houldsworth are not members of the Due Diligence Committee. 

Company Secretary 
The following person held the position of Company Secretary at the end of the financial year. 

Domenico Antonio Francese – B.Ec., FCA, FFin, ACIS. Appointed Company Secretary on 21 September 2001. A 
Chartered Accountant with an audit and investigations background and more than 12 years experience in a regulatory 
and supervisory role with ASX. He has been employed by the Company since 1 April 2003 and was appointed Chief 
Financial Officer in June 2005. 

Principal activities 
The Group’s principal activity is minerals exploration with a focus on gold, mining and milling services. 

Review and results of operations 

Mining & Milling 
During the financial year the Group continued to develop the Wattle Dam underground gold mine. Milling of the first 
parcel of development ore from the mine commenced in November 2009 and resulted in the production of the second 
tonne of gold from Wattle Dam during December 2009. Stoping of high grade ore commenced on 30 December 2009.  

The Group mined 85,024 tonnes of high grade ore during the financial year from the Wattle Dam underground mine at 
an estimated grade of 17.875g/t gold and 11,067 tonnes of low grade ore at 2.29g/t gold for a total of 96,091 tonnes at 
an average of 16.08g/t.  

A total of 78,749 tonnes of gold ore was milled during the year to produce 60,780 ounces of gold.  In June 2010 
production from the Wattle Dam mine achieved a milestone of 100,000 fine ounces of gold. 

43

 
 
 
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Directors’ Report

Ramelius Resources Limited - Consolidated Entity 

Directors’ Report (continued) 

Gold sales to 30 June 2010 totalled $58,216,931 at an average gold sales price of $1,261.56 per ounce. This compares 
with gold sales of $19,830,035 at an average gold sales price of $1,288.33 per ounce during the previous financial year.  

The Burbanks processing facility also toll treated 73,339 tonnes of third party ore during the year. 

Exploration 
During the year the Group carried out in-pit and underground infill diamond drilling at the Wattle Dam gold mine to 
further define the interpreted mineralised zone at depth below the current underground mine plan. This work was 
continuing subsequent to the end of the reporting period. 

During the financial year, drilling programs were also carried out at the Company’s Eagles Nest, Bullabulling West, 
Hilditch, West Wattle Dam, 5Q, Wattle Dam Regional and North Widgie projects however no further exploration work 
has been planned on these projects.  

A SAM (Sub-Audio Magnetics) survey was completed immediately north of the Wattle Dam open pit which covered 
approximately 1.1 kilometres of strike, north from Wattle Dam. 

At Glen Isla a 3D induced polarisation (IP) survey over the project area was carried out in the latter part of the financial 
year. A soil sampling program was carried out during the June 2010 quarter at the Big Blue gold project in Nevada 
USA. 

Results 
The consolidated net profit after income tax for the year was $20,198,695 and compares with an after tax profit of 
$4,973,356 for the previous financial year. 

Dividends 
No dividends have been paid or provided by the Group since the end of the previous financial year. 

Significant changes in state of affairs 
Significant changes in the state of affairs of the Group during the year were as follows: 

(cid:120)  Mr Joe Houldsworth retired as founding Managing Director after more than six years in the role however he 

continues to serve on the Ramelius Board as a Non-Executive Director. In addition to accrued leave entitlements, 
Mr Houldsworth at the time of his retirement was paid a separation payment totalling $234,712. Mr Houldsworth’s 
entitlement to 450,000 rights in Ramelius shares which were granted on 7 April 2008 at a fair value of $288,000, 
lapsed on his retirement (refer Note 22(ii) to the Financial Statements). 

(cid:120)  Chief Operating Officer and Executive Director, Mr Ian Gordon, was appointed Chief Executive Officer, effective 

from 1 August 2009; 

(cid:120)  The Company announced an offer for all of the shares of Dioro Exploration NL (“Dioro”) on 30 July 2009 whereby 
Ramelius offered Dioro shareholders two Ramelius shares for every one Dioro share held. The 2 for 1 scrip offer 
valued Dioro shares at $1 per share with total equity value at approximately $92 million. On 11 August 2009 the 
Company announced that it had waived all conditions on the offer (including the minimum requirement of 50.1% 
acceptances) except for Foreign Investment Review Board approval, which was subsequently received on 22 
September 2009. Dioro shareholders were sent a Bidder’s Statement on 9 September 2009. The offer opened on 10 
September 2009 and the initial closing date of 12 October 2009 was extended several times. On 18 December 2009 
the Company increased the offer consideration to 2.1 Ramelius shares for every Dioro share and declared it to be 
the last and final offer and would not be extended past the closing date of 8 February 2010. The Company closed its 
offer for Dioro Exploration NL on 8 February 2010 having secured 34,352,544 Dioro shares representing a 37.51% 
stake of the target; 

(cid:120)  On 12 February 2010 the Company accepted an offer from Avoca Resources Limited for its interest in Dioro for a 

consideration of $0.65 cash and 0.325 Avoca shares per Dioro share resulting in the receipt of $22.3 million in cash 
and 11,164,578 Avoca shares. All the Avoca shares were subsequently sold at a price of $1.80 for gross proceeds 
of $20.1 million; 

(cid:120)  The Company executed a letter of acceptance with Miranda Gold Corporation to spend up to US$4 million on 

exploration over 5 years to earn a 60% interest in Miranda’s Big Blue project in Nevada, USA (with a minimum 

44

 
 
 
   
 
 
 
 
Directors’ Report

Ramelius Resources Limited - Consolidated Entity 

Directors’ Report (continued) 

expenditure of US$250,000 before the Company can withdraw), and the potential to earn a further 10% interest by 
completion of a bankable feasibility study, incurring expenditure of at least US$4 million over 4 years or additional 
expenditure of US$10 million over 10 years (under an Alliance Agreement agreed between Ramelius and Marmota 
Energy Limited, Marmota elected to participate for a 40% interest in Ramelius’ rights under the agreement); 

(cid:120)  A farm-in agreement was entered into with Carpentaria Exploration Limited to spend A$1 million on exploration 
over 18 months to earn a 51% interest in Carpentaria’s Glen Isla Project near Dubbo in NSW (with a minimum 
expenditure of A$100,000 before the Company can withdraw), and the potential to earn a further 24% interest by 
completion of a bankable feasibility study;  

(cid:120) 

In April 2010 the Company entered into a farm-in agreement with Liontown Resources Limited to spend up to A$7 
million over 4 years with a minimum spend of A$1.25 million in the first year to earn a 60% interest in the Mt 
Windsor Gold Project in North Queensland; 

(cid:120)  On 1 March 2010, the Company announced a 66% increase in the Wattle Dam gold resource estimate; 

(cid:120) 

In May 2010 directors announced a repayment of capital of 5 cents per share subject to the approval of 
shareholders and receipt of a favourable ATO class ruling. Shareholders approved the capital repayment on 30 June 
2010 and a favourable ATO class ruling was subsequently received in August 2010; and  

(cid:120)  Share capital increased during the financial year by $33,934,524 as result of 72,140,701 shares issued to accepting 

Dioro shareholders at a fair value of  $33,932,056 and 2,468 shares issued to option-holders who exercised 2,468 
options at $1 each. 

Events subsequent to balance date 
The following events occurred since 30 June 2010. 

Acquisition of Mt Magnet 
On 20 July 2010 the Group acquired 100% of the issued capital of Mt Magnet Gold NL for a cash consideration of 
$35,346,500 plus replacement of environmental bonds of $4,653,500 via bank guarantees.  

Joint venture agreement 
The Group entered into a farm-in agreement with Miranda Gold Corporation to earn a 70% interest in the Angel Wing 
Gold Project in Nevada USA by exploration expenditure of US$4 million over 5 years with a minimum expenditure 
commitment of US$350,000 before it may withdraw. Under an alliance with Marmota Energy Limited, Marmota may 
participate and earn a 40% interest in Ramelius’ rights under the farm-in agreement.  

Capital Repayment 
The capital repayment amounting to $14,567,264 was paid on 20 August 2010. 

Apart from the above, there has not arisen in the interval between 30 June 2010 and the date of this report any item, 
transaction or event of a material and unusual nature likely, in the opinion of the directors of the Company, to affect 
significantly the operations of the Company, the results of those operations, or the state of affairs of the Company, in 
future years. 

Likely developments 
Development of the Wattle Dam current underground mine plan is expected to continue into 2011. A significant 
exploration program of A$5 million is planned to be undertaken at the Mt Magnet Gold Project in 2010/11.  

Further information about likely developments in the operations of the Company and the expected results of those 
operations in future years has not been included in this report because disclosure of the information would be likely to 
result in unreasonable prejudice to the Company. 

Options 
At the date of this report there were no unissued ordinary shares of the Company under option.  

During the financial year, 2,468 ordinary shares were issued as a result of the exercise of options. 

Since the end of the financial year, the Company issued ordinary shares as a result of the exercise of options on 30 June 
2010 as follows. There were no amounts unpaid on shares issued. 

45

 
 
 
   
 
Directors’ Report

Ramelius Resources Limited - Consolidated Entity 

Directors’ Report (continued) 

Number of 
shares 
2,362 

Amount paid on 
each share 
$1.50 

During the financial year a total of 18,450,258 options with an exercise price of $1.50 expired as they had not been 
exercised by the 30 June 2010 expiry date.  

Environmental regulation and performance statement 
The Consolidated Group’s operations are subject to significant environmental regulations under both Commonwealth 
and State legislation in relation to discharge of hazardous waste and materials arising from any mining activities and 
development conducted by the Company on any of its tenements. In respect of the Wattle Dam Mine Development, the 
Consolidated Group has the necessary licences and permits to carry out these activities and has provided unconditional 
Performance Bonds to the regulatory authorities to provide for any future rehabilitation requirements. In respect of the 
Processing Plant, the Consolidated Group also has all the necessary licences and permits to operate this facility and has 
provided unconditional Performance Bonds to the regulatory authorities to provide for any future rehabilitation 
requirements. The Consolidated Entity’s operations have been subjected to Environmental Audits both internally and by 
the various regulatory authorities and there have been no known breaches of any environmental obligations at any of the 
Consolidated Group’s operations. 

Indemnification and insurance of officers 

Indemnification 
The Company is required to indemnify the directors and other officers of the Company against any liabilities incurred 
by the directors and officers that may arise from their position as directors and officers of the Company. No costs were 
incurred during the year pursuant to this indemnity. 

The Company has entered into deeds of indemnity with each director whereby, to the extent permitted by the 
Corporations Act 2001, the Company agreed to indemnify each director against all loss and liability incurred as an 
officer of the Company, including all liability in defending any relevant proceedings. 

Insurance premiums 
Since the end of the previous year the Company has paid insurance premiums in respect of directors’ and officers’ 
liability and legal expenses insurance contracts. The terms of the policies prohibit disclosure of details of the amount of 
the insurance cover, the nature thereof and the premium paid. 

Proceedings on behalf of the Company 
No person has applied to the Court under section 237 of the Corporations Act 2001 for leave to bring proceedings on 
behalf of the Company or to intervene in any proceedings to which the Company is a party for the purpose of taking 
responsibility on behalf of the Company for all or part of those proceedings. There were no such proceedings brought or 
interventions on behalf of the Company with leave from the Court under section 237 of the Corporations Act 2001. 

Auditor of the Company 
The auditor of the Company for the financial year was Grant Thornton.  

Non-audit services 
The Board of Directors, in accordance with advice from the audit committee, is satisfied that the provision of non-audit 
services during the year is compatible with the general standard of independence for auditors imposed by the 
Corporations Act 2001. The directors are satisfied that the nature of the services provided as disclosed below did not 
compromise the general principles relating to auditor independence in accordance with APES 110: Code of Ethics for 
Professional Accountants set by the Accounting Professional and Ethical Standards Board. 

The following fees were paid or payable to Grant Thornton for non-audit services provided during the year ended 30 
June 2010: 

Due diligence related services 

$16,000 

Auditor’s Independence Declaration 
A copy of the auditor’s independence declaration as required by section 307C of the Corporations Act 2001 for the year 
ended 30 June 2010 has been received as set out immediately following the end of the Directors’ Report. 

46

 
 
 
   
 
 
 
 
 
 
 
Directors’ Report

Ramelius Resources Limited - Consolidated Entity 

Directors’ Report (continued) 

Remuneration Report (Audited) 

This report forms part of the Directors Report and details the nature and amount of remuneration for each Director and 
Key Management Person of Ramelius Resources Limited and for executives receiving the highest remuneration. 

Remuneration Practices 
The Group’s policy for determining the nature and amounts of emoluments of Board members and Key Management 
Personnel of the Group is as follows. 

The Company’s Constitution specifies that the total amount of remuneration of non-executive Directors shall be fixed 
from time to time by a general meeting. The current maximum aggregate remuneration of non-executive directors has 
been set at $450,000 per annum. Directors may apportion any amount up to this maximum amount amongst the non-
executive directors as they determine. Directors are also entitled to be paid reasonable travelling, accommodation and 
other expenses incurred in performing their duties as Directors. The remuneration of the Managing Director/Chief 
Executive Officer is determined by the non-executive directors on the Nomination and Remuneration Committee and 
approved by the Board as part of the terms and conditions of his employment which are subject to review from time to 
time. The remuneration of other executive officers and employees is determined by the Managing Director/Chief 
Executive Officer subject to the approval of the Board. 

Non-executive director remuneration is by way of fees and statutory superannuation contributions. Non-executive 
Directors do not participate in schemes designed for remuneration of executives nor do they receive options or bonus 
payments and are not provided with retirement benefits other than salary sacrifice and statutory superannuation. 

The Group’s remuneration structure is based on a number of factors including the particular experience and 
performance of the individual in meeting key objectives of the Group. The Nomination and Remuneration Committee is 
responsible for assessing relevant employment market conditions and achieving the overall, long term objective of 
maximising shareholder benefits, through the retention of high quality personnel.  The Nomination and Remuneration 
Committee assists the Board by overseeing remuneration policies and make recommendations to the Board. The Group 
may also engage external consultants to advise on remuneration policy and to benchmark remuneration of senior 
executives against comparable entities so as to ensure that remuneration packages are consistent with the market and are 
appropriate for the organisation. 

All key management personnel receive a base salary based on factors such as experience, length of service, 
superannuation and performance incentives. Performance incentives are generally paid once predetermined key 
performance indicators have been met. Key management personnel receive a statutory superannuation guarantee 
contribution but do not receive any other form of retirement benefits. Individuals may elect to salary sacrifice part of 
their salary to increase payments towards superannuation. On retirement, key management personnel are paid employee 
benefit entitlements accrued to the date of retirement. 

To date, the Group has not emphasised payment for results through the provision of cash bonus schemes or other 
incentive payments based on key performance indicators. However the Nomination and Remuneration Committee may 
recommend to the Board the payment of cash bonuses from time to time in order to reward individual executive 
performance in achieving key objectives as considered appropriate by the Nomination and Remuneration Committee. 
Cash bonuses paid during the financial year are disclosed in the Remuneration Report. 

All remuneration paid to key management personnel is valued at the cost to the Company and expensed. 

Employee Incentive Plan 
The Company has an Employee Share Acquisition Plan and a Performance Rights Plan which have been approved by 
shareholders in November 2007. The Share Acquisition Plan enables the Board to offer eligible employees as a long-
term incentive, ordinary fully paid shares in the Company and in accordance with the terms of the Plan, shares may be 
offered at no consideration unless the Board determines that market value or some other value is appropriate. Any 
consideration may be by way of interest free loans repayable in accordance with the terms and conditions of the Plan. 
The Performance Rights Plan enables the Board to grant Performance Rights (being entitlements to shares in the 
Company that are subject to satisfaction of vesting conditions) to selected key senior executives as a long-term 
incentive as determined by the Board in accordance with the terms and conditions of the Plan.   

The objective of the Share Acquisition Plan is to align the interests of employees and shareholders by providing 
employees of the Group with the opportunity to participate in the equity of the Company as an incentive to achieve 
greater success and profitability for the Group and to maximise the long term performance of the Group. The objective 

47

 
 
 
   
 
 
Directors’ Report

Ramelius Resources Limited - Consolidated Entity 

Directors’ Report (continued) 

of the Performance Rights Plan is to provide selected senior executives the opportunity to participate in the equity of the 
Company through the issue of Performance Rights as a long term incentive that is aligned to the long term interests of 
shareholders. 

There were no shares issued to employees under the Employee Share Acquisition Plan during the 2009/10 financial 
year. 

Performance Based Remuneration 
Key Management Personnel receive performance based remuneration as considered appropriate by the Nomination and 
Remuneration Committee and the Board. The intention of this remuneration is to facilitate goal congruence between 
Key Management Personnel with that of the business and shareholders. 

The remuneration policy of the Company has been tailored to increase goal congruence between shareholders, directors 
and senior executives. Two methods have been used to achieve this aim. 

The first method was through the issue of options to Key Management Personnel during the 2008 financial year. No 
options were issued to Key Management Personnel during the 2009 and 2010 financial years.  

The second method was through a Performance Rights Plan based on Key Performance Indicators (“KPI’s”) set by the 
Board. The KPI conditions attached to the Performance Rights Plan include a vesting period of three years from grant 
date (7 April 2008) and a requirement for the Company’s share price to be within the top 40% comparator group of 
companies as set by the Board. The Companies in the comparator group are as follows. 

Avoca Resources Limited 
Alkane Resources Limited 
Apex Minerals NL 
Barra Resources Limited 
Bendigo Mining Limited 
Carrick Gold Limited 
Citigold Corporation Limited 
Crescent Gold Limited 

Dioro Exploration NL 
Gryphon Minerals Limited 
Integra Mining Limited 
Monarch Gold Mining Company Limited 
Norton Gold Fields Limited 
Silver Lake Resources Limited 
Tanami Gold NL 
Troy Resources NL 

During the 2008 financial year a total of 900,000 Performance Rights with a fair value of $576,000 were granted under 
the Performance Rights Plan to selected Key Management Personnel. No Performance Rights were granted during the 
2009 and 2010 financial years. These Rights are recognised on a pro-rata basis over the vesting period. Any Rights that 
do not vest on the vesting date will lapse. The Rights are subject to performance conditions which are to be tested in 
future financial periods.  

The employment conditions of the Chief Executive Officer and Key Management Personnel are formalised in contracts 
of employment. During the year, a new employment contract was entered into with Chief Operating Officer on his 
appointment as Chief Executive Officer. The contracts have no fixed term with 3 months and 6 months notice of 
termination by the executives and Company respectively. Generally, employment contracts of senior executives enable 
the Company to terminate the contracts without cause by providing written notice or making a termination payment in 
lieu of notice including a minimum termination payment as provided for under the contracts. However any such 
termination payments to officers of the Company are subject to the requirements of ASX Listing Rule 10.19, and in the 
event that the value of termination benefits to be paid and the value of all other termination benefits that are or may be 
payable to all officers of the Company together exceed 5% of the equity interests of the Company as set out in the latest 
accounts given to the ASX, the payment shall be pro-rata based on the maximum total termination benefits allowable 
under ASX Listing Rule 10.19.  Termination payments are not generally payable on resignation or dismissal for serious 
misconduct. Any performance rights or options not vested or exercised before the date of termination will lapse. 

Remuneration of Directors and Key Management Personnel 
This Report details the nature and amount of remuneration for each Director and Key Management Person of the 
Company and for the Executives receiving the highest remuneration. 

(a)  Directors and Key Management Personnel 

The names and positions held by Directors and Key Management Personnel of the Company during the financial year 
are: 

48

 
 
 
   
 
 
 
 
 
 
 
 
 
 
Directors’ Report

Ramelius Resources Limited - Consolidated Entity 

Directors’ Report (continued) 

Directors 
Mr RM Kennedy 
Mr RG Nelson 
Mr JF Houldsworth 1 
Mr IJ Gordon 2 
Mr KJ Lines  
Key Management Personnel 4 
Mr DA Francese 
Mr DA Doherty 4 
Mr MI Svensson  
Mr AP Webb  
Mr KM Seymour 3 

Positions 
Chairman – Non-Executive 
Director – Non-Executive 
Director – Non-Executive 
Director – Executive – Chief Executive Officer 
Director – Non-Executive 

Chief Financial Officer / Company Secretary 
Wattle Dam Underground Mine Manager 
Exploration Manager 
Burbanks Mill Process Manager 
Manager Business Development 

1  Mr Houldsworth held the position of Managing Director and Chief Executive Officer until his retirement as an 
   executive of the Company on 31 July 2009. Mr Houldsworth continues to serve on the Board as a non-executive 
   director. 
2  Mr Gordon held the position of Executive Director and Chief Operating Officer until the retirement of Mr 
   Houldsworth as an executive of the Company. On 1 August 2009 Mr Gordon was appointed Chief Executive Officer. 
3  Mr Seymour commenced as Manager Business Development on 1 July 2009. 
4  Mr Kelty, a previous member of Key Management Personnel, retired as the Wattle Dam Mine Manager on 31 July   
   2008 following the appointment of Danny Doherty as Wattle Dam Underground Mine Manager. 

(b) Non-Executive Directors’ Remuneration 
Benefits and payments during the financial year and components of remuneration for Non-Executive Directors of the 
Consolidated Group are detailed as follows. 

Primary Benefits 

Year 

Directors   
Fees 
$ 

Super 
Contributions
$ 

Non Cash 
Benefits 
$ 

Mr RM Kennedy 

Mr RG Nelson 

Mr KJ Lines 

Mr JF Houldsworth* 

2010 
2009 
2010 
2009 
2010 
2009 
2010 
2009 
2010 
2009 

154,128 
154,128 
77,064 
77,064 
77,064 
77,064 
70,642 
- 
378,898 
308,256 

13,872 
13,872 
6,936 
6,936 
6,936 
6,936 
6,358 
- 
34,102 
27,744 

- 
- 
- 
- 
- 
- 
- 
- 
- 
- 

Total 
$ 

168,000 
168,000 
84,000 
84,000 
84,000 
84,000 
77,000 
- 
413,000 
336,000 

Performance 
Related  
% 

- 
- 
- 
- 
- 
- 
- 
- 
- 
- 

* Mr  Houldsworth retired as an executive on 31 July 2009 but continued as a non executive director of Ramelius 
Resources Limited. Mr Houldsworth’s additional executive remuneration is separately disclosed in the following table. 
Apart from the potential termination payment referred to above, there are no other post-employment benefits payable to 
non-executive directors. 

(c) Executive Director / Key Management Personnel Remuneration 
Benefits and payments during the financial year and components of remuneration for Executive Directors and Key 
Management Personnel of the Consolidated Group are detailed as follows.  

49

 
 
 
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Directors’ Report

Ramelius Resources Limited - Consolidated Entity 

Directors’ Report (continued) 

Executive 
Directors and 
Group Key 
Management 
Personnel 

Year 

IJ Gordon 

DA Doherty 

DA Francese 

JF Houldsworth*  2010 
2009 
2010 
2009 
2010 
2009 
2010 
2009 
2010 
2009 
2010 
2009 
2010 
2009 
2010 
2009 

KM Seymour 

MI Svensson 

AP Webb 

BT Kelty 

Short-term benefits 

Post-employment benefits 

Share-based payments 

Salary, 
Fees & 
Leave 
$ 

25,986 
251,457 
362,074 
306,330 
243,418 
253,431 
246,000 
227,232 
- 
37,785 
180,000 
- 
167,856 
163,761 
243,346 
188,575 

Cash 
Bonus 
$ 

Non-
Monetary
$ 

Super 
Contributions 
$ 

- 
- 
- 
- 
935 
- 
14,696 
- 
- 
- 
935 
- 
826 
13,647 
14,696 
- 

32,088 
13,647 

- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 

- 
- 

2,338  
22,631  
32,587  
27,569  
49,2421 
22,808  
23,463  
20,450  
-  
3,400  
16,284  
-  
15,181  
15,966  
49,2242 
62,0923 
188,319  
174,916  

LTI 
Shares 
$ 

LTI 
Rights / 
Options4 
$ 

- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 

8,153 
44,713 
64,000 
29,808 
32,000 
14,905 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
104,153 
89,426 

Performance 
Related 
%  

3.00 
14.02 
13.95 
8.19 
10.11 
5.11 
5.17 
- 
- 
- 
0.47 
- 
0.45 
7.05 
4.78 
- 
6.72 
6.04 

Total 
$ 

271,189 
318,801 
458,661 
363,707 
325,595 
291,144 
284,159 
247,682 
- 
41,185 
197,219 
- 
183,863 
193,374 
307,266 
250,667 
2,027,952 
1,706,560 

Other 
$ 

234,712 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
234,712 
- 

2010 
2009 

1,468,680 
1,428,571 

*   Mr  Houldsworth retired as an executive on 31 July 2009 but continued as a non executive director of Ramelius 

Resources Limited. Mr Houldsworth’s additional non executive remuneration is separately disclosed in the previous 
table. 

1    Super contributions for Mr Francese for 2010 include salary of $25,000 sacrificed for super. 
2    Super contributions for Mr Webb for 2010 include salary of $26,000 sacrificed for super. 
3    Super contributions for Mr Webb for 2009 include salary of $41,395 sacrificed for super. 
4    LTI Rights/Options for 2009 relate to performance related rights to shares issued under the Performance Rights 
     Plan. 

Performance income as a proportion of total remuneration 
Executive Directors and Key Management Personnel may be paid performance based bonuses based on set monetary 
amounts rather than proportions of their fixed salary and also performance based rights to shares and options. This has 
resulted in the proportion of remuneration related to performance varying between individuals. The Board has set these 
bonuses in order to encourage the achievement of specific goals that have been given high levels of importance in 
relation to future growth and profitability of the Consolidated Group. 

The terms and conditions relating to options and bonuses granted as remuneration during the year to Non-Executive 
Directors and Key Management Personnel are as follows. 

50

 
 
 
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Directors’ Report

Ramelius Resources Limited - Consolidated Entity 

Directors’ Report (continued) 

Executive 
Directors and 
Group Key 
Management 
Personnel 

DA Francese 
DA Doherty  

KM Seymour 
MI Svensson 
AP Webb 

Remuneration 
Type 

Grant 
Date 

Cash Bonus 
Cash Bonus 
Cash Bonus 
Cash Bonus 
Cash Bonus 
Cash Bonus 
Cash Bonus 

14/12/2009 
22/6/2009 
14/12/2009 
14/12/2009 
14/12/2009 
22/6/2009 
14/12/2009 

Reason  
For  
Grant* 

Performance  
Performance  
Performance  
Performance  
Performance  
Performance  
Performance  

*   Cash bonuses were paid to each of the above Key Management Personnel as reward for general performance 
in accordance with a recommendation made to the Board by the Managing Director/CEO.  

Executive Director and Key Management Personnel Service Agreements
On 31 July 2009, Mr Houldsworth retired as an executive of the Company and a separation payment totalling $234,712 
was paid to Mr Houldsworth. Mr Houldsworth’s entitlement to 450,000 rights in the Company’s shares which were 
granted on 7 April 2008 at a fair value of $288,000, lapsed on the date of his retirement (refer Note 22(ii) to the 
Financial Statements). 

Mr Gordon was appointed to the role of Chief Executive Officer effective 1 August 2009 and his salary increased to 
$399,425 per annum inclusive of superannuation from that date. Mr Gordon was also entitled to receive a general 
performance bonus subject to the discretion of the Board. Mr Gordon is entitled to a termination payment equal to six 
months remuneration where in certain circumstances the employment agreement is terminated. Mr Gordon’s 
employment agreement has no fixed term and may be terminated by the Company with six month’s notice and by Mr 
Gordon with three month’s notice. 

The Company has also entered into employment agreements with other key management personnel in respect of their 
services. These agreements provide for the initial set salary per annum inclusive of superannuation guarantee 
contributions to be reviewed periodically. In the event that the Company terminates the agreements without notice, the 
key management personnel are entitled to a termination payment including a minimum termination payment as 
provided for in the agreements. Mr Francese is entitled to a termination payment equal to six months remuneration 
where in certain circumstances the employment agreement is terminated. Mr Francese’s employment agreement has no 
fixed term and may be terminated by the Company with six month’s notice and by Mr Francese with three month’s 
notice. Mr Doherty is entitled to a termination payment equal to three months remuneration where in certain 
circumstances the employment agreement is terminated. Messrs Doherty and Seymour’s employment agreements have 
no fixed term and may be terminated by either the Company or the relevant executives with three month’s notice. 
Messrs Svensson and Webb are entitled to a termination payment equal to one month and three month’s remuneration 
respectively where in certain circumstances the employment is terminated. Mr Svensson’s employment agreement is for 
a fixed term of one year, is renewable annually and may be terminated by either the Company or Mr Svensson with one 
month’s notice. Mr Webb’s employment agreement has no fixed term and may be terminated by the Company with 
three month’s notice and by Mr Webb with one month’s notice. 

Any termination payments to officers of the Company are subject to the requirements of ASX Listing Rule 10.19, and 
in the event that the value of termination benefits to be paid and the value of all other termination benefits that are or 
may be payable to all officers of the Company together exceed 5% of the equity interests of the Company as set out in 
the latest accounts given to the ASX, the payment shall be pro-rata based on the maximum total termination benefits 
allowable under ASX Listing Rule 10.19. 

Executive Director and Key Management Personnel post employment/retirement and termination benefits 
There were no other post employment, retirement or termination benefits payable to Executive Directors and Key 
Management Personnel other than those referred to above. 

51

 
 
 
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Directors’ Report

Ramelius Resources Limited - Consolidated Entity 

Directors’ Report (continued) 

(d) Securities received that are not performance related 
No directors or members of key management personnel are entitled to receive securities which are not performance 
related as part of their remuneration package. 

Options and Rights Granted as Remuneration 
There were no options or rights granted as remuneration to Directors or Key Management Personnel of the Company 
during the 2009 and 2010 financial years.  

Options 
800,000 options expired during the 2009 financial year (2010: nil), as detailed at Note 22 of the financial statements. 

Performance Rights 
Performance Rights granted by the Parent Entity are as follows. 

Name 

No. of 
Rights  

Grant Date 

Fair Value 
per Right 
at grant 
date 1              

$  

Exercised 
No:  

Exercised   
$  

Lapsed 2  
No: 

Lapsed       

Lapsed        

$ 

% 

 JF Houldsworth3 

450,000 

7 April 2008 

288,000 

 IJ Gordon 

300,000 

7 April 2008 

192,000 

 DA Francese 

150,000 

7 April 2008 

96,000 

 TOTAL 

900,000 

576,000 

-   

-   

-   

-   

-   

-   

-   

-   

450,000   

288,000   

-   

-   

-   

-   

450,000   

288,000   

100   

-   

-   

50   

1     The value of rights granted as remuneration and shown in the above table has been determined in accordance with applicable accounting 

standards. 

2     The value of rights that have lapsed during the year due to vesting conditions not being satisfied have been determined at the time the 

rights lapsed as if vesting conditions had been satisfied. 

3    On 31 July 2009 Mr Houldsworth retired as an executive of the Company and as a result, his entitlement to these Rights lapsed. 

Shares Issued on Exercise of Remuneration Options 
Apart from shares granted under the Company’s Employee Share Acquisition Plan and the Performance Rights Plan as 
detailed above, no other shares were granted to Directors or Key Management Personnel or as result of the exercise of 
remuneration options during the financial year. 

Directors’ Interests in Shares and Options 
Directors’ relevant interests in shares and options of the Company are disclosed in Note 5 to the Financial Statements. 

The Report of Directors, incorporating the Remuneration Report is signed in accordance with a resolution of the Board 
of Directors. 

52

 
 
 
   
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Directors’ Report

Ramelius Resources Limited - Consolidated Entity 

Directors’ Report (continued) 

Competent Person Statement 
The information in this report that relates to Exploration Results is based on information compiled by Matthew 
Svensson.  Matthew Svensson is a Member of the Australian Institute of Geoscientists and has sufficient experience 
which is relevant to the style of mineralisation and type of deposit under consideration and to the activity he is 
undertaking to qualify as a Competent Person as defined in the 2004 Edition of the Australasian Code for Reporting on 
Exploration Results.  Matthew Svensson is a full-time employee of the company and consents to the inclusion in the 
report of the matters based on his information in the form and context in which it appears. 

The information in this report that relates to resources and estimated mine grade at Wattle Dam is based on 
information compiled by Rob Hutchison.  
Rob Hutchison is a Member of the Australian Institute of Mining and Metallurgy and has sufficient experience which is 
relevant to the style of mineralisation and type of deposit under consideration and to the activity he is undertaking to 
qualify as a Competent Person.  Rob Hutchison is a full-time employee of the company and consents to the inclusion in 
the report of the matters based on his information in the form and context in which it appears.  

53

 
 
 
   
 
 
 
 
Auditor’s Independence Declaration

54

Income Statement

Ramelius Resources Limited - Consolidated Entity 

Income Statement 

For the year ended 30 June 2010 

Revenue 
Other income 
Total revenue 

Administrative expenses 
Change in inventories 
Consultant expenses 
Depreciation and amortisation 
Employment expenses 
Impairment of exploration assets  
Exploration costs written off  
Foreign exchange losses 
Listing expenses 
Mining and milling expenses 
Occupancy expenses 
Other expenses from ordinary activities 
Profit/(loss) before income tax expense 
Income tax expense 
Profit/(loss) after income tax expense 

Basic earnings per share (cents) 

Diluted earnings per share (cents) 

Note 

2 
2 

3 

4 

8 

8 

Consolidated Group 
2009 
2010 
$ 
$ 

61,271,067   19,861,748  
9,830,364  
819,532  
71,101,431   20,681,280  

(734,521) 
8,740,539  
(141,840) 
(18,476,576) 
(1,343,664) 
(9,102,214) 
(361,955) 
(25,778) 
(36,367) 
(20,813,426) 
(38,762) 
(79,952) 
28,686,915  
(8,488,220) 
20,198,695  

(689,524) 
995,815  
(120,000) 
(5,077,221) 
(843,140) 
(126,515) 
(21,407) 
- 
(29,318) 
(7,541,576) 
(34,810) 
(35,978) 
7,157,606  
(2,184,250) 
4,973,356  

7.5  

7.5  

2.6  

2.6  

The accompanying notes form part of these financial statements. 

55

 
 
 
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Statement of Comprehensive Income

Ramelius Resources Limited - Consolidated Entity 

Statement of Comprehensive Income 

For the year ended 30 June 2010 

Note 

Profit/(loss) for the period 

Other comprehensive income 
 - Exchange differences on translating foreign 
    controlled entities 
Total other comprehensive income for the period, 
net of tax 

Consolidated Group 
2009 
2010 
$ 
$ 

  20,198,695  

4,973,356  

3,346  

3,346  

-  

-  

Total comprehensive income for the period 

  20,202,041  

4,973,356  

The accompanying notes form part of these financial statements. 

56

 
 
 
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Statement of Financial Position

Ramelius Resources Limited - Consolidated Entity 

Statement of Financial Position 

As at 30 June 2010 

Note 

9 
10 
11 
12 
13 

15 
16 
17 

18 
19 
17 

19 
17 

20 
21 

Current Assets 
Cash and cash equivalents 
Trade and other receivables 
Inventories 
Derivatives 
Other current assets 
Total current assets 

Non-current assets 
Plant, equipment & development assets 
Exploration and evaluation expenditure 
Deferred tax asset  
Total non-current assets 

Total assets 

Current liabilities 
Trade and other payables 
Short term provisions 
Current tax liabilities 
Total current liabilities 

Non-current liabilities 
Long term provisions 
Deferred tax liability 
Total non-current liabilities 

Total liabilities 

Net assets 

Equity 
Issued capital 
Reserves 
Retained earnings 

Total Equity 

The accompanying notes form part of these financial statements. 

57

Consolidated Group 
2009 
2010 
$ 
$ 

80,226,850   26,692,626  
1,438,035  
3,867,847  
1,147,458  
10,933,927  
-  
2,741  
205,861  
254,941  
95,286,306   29,483,980  

27,959,334   24,983,428  
6,767,255   12,084,996  
5,214,266  
35,447,544   42,282,690  

720,955  

130,733,850   71,766,670  

6,867,231  
499,451  
6,322,879  
13,689,561  

6,518,303  
421,563  
41,512  
6,981,378  

590,280  
6,114,888  
6,705,168  

285,493  
8,401,361  
8,686,854  

20,394,729   15,668,232  

110,339,121   56,098,438  

79,864,456   45,929,967  
779,697  
9,388,774  

887,196  
29,587,469  

110,339,121   56,098,438  

 
 
 
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Statement of Changes in Equity

Ramelius Resources Limited - Consolidated Entity 

Statement of Changes in Equity 

For the year ended 30 June 2010 

Consolidated Group 

Balance as at 1 July 2008 

Fair value of 72,090 shares issued to employees 
Fair value of unvested performance rights for 
executives 
Fair value of 100,000 shares issued as consideration 
for tenement acquisition 
3,847 options exercised during the period at $1.00 
1,853 options exercised during the period at $1.50 
33,727,288 shares issued during the period at $0.53 
Transaction costs associated with the issue of shares 
net of tax 
Total comprehensive income 

Share Based 
Payments 
Reserve 
$ 

Foreign 
Currency 
Translation 
Reserve 
$ 

Issued Capital
$ 

Retained 
Earnings 
$ 

Total 
$ 

28,661,250  

555,412  

-     

4,415,418   33,632,080  

-     

39,650  

-     

184,635  

80,000  
3,847  
2,779  
17,875,463  

(693,372) 
-     

-     
-     
-     
-     

-     
-     

-     

-     

-     
-     
-     
-     

-     
-     

-     

39,650  

-     

184,635  

80,000  
-     
3,847  
-     
2,779  
-     
-      17,875,463  

-     
4,973,356  

(693,372) 
4,973,356  

Balance as at 30 June 2009 

45,929,967  

779,697  

-     

9,388,774   56,098,438  

Fair value of 72,140,701 shares issued pursuant to a 
takeover offer at a cost of $0.47 per share 
Fair value of unvested performance rights for 
executives 
2,468 options exercised during the period at $1.00 
Transaction costs associated with the issue of shares 
net of tax 
Total comprehensive income 

33,932,056  

-     

-     
2,468  

104,153  
-     

(35) 
-     

-     
-     

-     

-     
-     

-      33,932,056  

-     
-     

104,153  
2,468  

-     

(35) 
3,346   20,198,695   20,202,041  

-     

Balance as at 30 June 2010 

79,864,456  

883,850  

3,346   29,587,469   110,339,121  

The accompanying notes form part of these financial statements. 
The accompanying notes form part of these financial statements. 

58

 
 
 
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Statement of Cash Flows

 Ramelius Resources Limited - Consolidated Entity 

Statement of Cash Flows 

For the year ended 30 June 2010 

Note 

Cash Flows from operating activities 
Cash receipts in the course of operations 
Cash payments in the course of operations 
Interest received 
Net cash provided by/(used in) operating 
activities 
Cash Flows from investing activities 
Payments for plant, equipment & development 
Proceeds from sale of mining tenements 
Proceeds from sale of plant and equipment 
Proceeds from sale of investments 
Payments for mining tenements & exploration 
Net cash provided by/(used in) investing 
activities 

Cash Flows from Financing activities 
Proceeds from issue of shares 
Transaction costs from issue of shares 
Payments for hedge options 
Net cash provided by/(used in) financing 
activities 

Net increase/(decrease) in cash held 

Cash at the beginning of the financial year 

Effect of exchange rates on cash holdings in 
foreign currencies  

Consolidated Group 
2009 
2010 
$ 
$ 

61,602,173   19,931,625  
(9,572,962) 
(24,123,142) 
620,764  
1,466,921  

25 

38,945,952   10,979,427  

(23,862,676)  (12,386,113) 
100,000  
-  
-  
(4,832,861) 

-  
25,000  
42,425,394  
(3,390,411) 

15,197,307   (17,118,974) 

2,468   17,884,557  
(1,119,991) 
(103,240) 

(30,568) 
(566,500) 

(594,600)  16,661,326  

53,548,659   10,521,779  

26,692,626   16,170,847  

(14,435) 

-  

Cash at the end of the financial year 

9 

80,226,850   26,692,626  

The accompanying notes form part of these financial statements. 

59

 
 
 
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Notes to the Financial Statements

Ramelius Resources Limited - Consolidated Entity 

Notes to the financial statements 

For the year ended 30 June 2010 

1 

Statement of significant accounting policies 

This financial report includes the consolidated financial statements and notes of Ramelius Resources Limited 
and controlled entities (“Consolidated Group” or “Group”).  

 (a)  Basis of preparation 

This financial report is a general purpose financial report that has been prepared in accordance with Australian 
Accounting Standards, Australian Accounting Interpretations, other authoritative pronouncements of the 
Australian Accounting Standard Board and the Corporations Act 2001. 

Ramelius Resources Limited is a listed public company, incorporated and domiciled in Australia. 

Compliance with International Financial Reporting Standards 
Australian Accounting Standards set out accounting policies that the AASB has concluded would result in a 
financial report containing relevant and reliable information about transactions, events and conditions.  
Compliance with Australian Accounting Standards ensures that the financial statements and notes also comply 
with International Financial Reporting Standards.  

Historical cost convention 
The financial report has been prepared on an accruals basis under the historical cost convention, modified where 
applicable by the measurement at fair value of relevant non current assets, financial assets and financial 
liabilities. 

Accounting Policies 
The material accounting policies adopted in the preparation of this financial report are presented below and have 
been consistently applied unless otherwise stated. 

 (b)  Principles of consolidation 

The consolidated financial statements incorporate the assets and liabilities of all controlled entities as at 30 June 
2010 and their results for the year then ended.  Ramelius Resources Limited and its subsidiaries together are 
referred to in this financial report as the Group or Consolidated Group. 

A controlled entity is any entity over which Ramelius Resources Limited has power to govern the financial and 
operating policies so as to obtain benefits from its activities.  In assessing power to govern, the existence and 
effect of holdings of actual and potential voting rights are considered. 

A list of controlled entities is contained in Note 28 to the financial statements. All controlled entities have a 30 
June financial year end. 

All inter-group balances and transactions between entities in the consolidated group, including any realised 
profits or losses, have been eliminated on consolidation. 

Accounting policies of subsidiaries are consistent with those adopted by the parent entity. 

 (c) 

Income Tax 

The income tax expense (benefit) for the year comprises current income tax expense (benefit) and deferred tax 
expense (benefit). 

Current income tax expense charged to the profit or loss is the tax payable on taxable income calculated using 
applicable income tax rates that have been enacted, or substantially enacted, as at reporting date.  Current tax 
liabilities (assets) are therefore measured at the amounts expected to be paid to (recovered from) the relevant 
taxation authority. 

60

 
 
 
   
 
 
 
 
 
 
 
 
Notes to the Financial Statements

Ramelius Resources Limited - Consolidated Entity 

Notes to the financial statements 

For the year ended 30 June 2010 

Deferred income tax expense reflects movements in deferred tax asset and deferred tax liability balances during 
the year as well as unused tax losses. 

Current and deferred income tax expense (benefit) is charged or credited directly to equity instead of the profit or 
loss when the tax relates to items that are credited or charged directly to equity. 

Deferred tax assets and liabilities are ascertained based on temporary differences arising between the tax bases of 
assets and liabilities and their carrying amounts in the financial statements.  Deferred tax assets also result where 
amounts have been fully expensed but future tax deductions are available.  No deferred income tax will be 
recognised from the initial recognition of an asset or liability, excluding a business combination, where there is 
no effect on accounting or taxable profit or loss. 

Deferred tax assets and liabilities are calculated at the tax rates that are expected to apply to the period when the 
asset is realised or the liability is settled, based on tax rates enacted or substantively enacted at reporting date.  
Their measurement also reflects the manner in which management expects to recover or settle the carrying 
amount of the related asset or liability. 

Deferred tax assets relating to temporary differences and unused tax losses are recognised only to the extent that 
it is probable that future taxable profit will be available against which the benefits of the deferred tax asset can 
be utilised. 

The amount of benefits brought to account or which may be realised in the future is based on the assumption that 
no adverse change will occur in income tax legislation and the anticipation that the Company will derive 
sufficient future assessable income to enable the benefit to be realised and comply with the conditions of 
deductibility imposed by the law. 

Ramelius Resources Limited and its wholly-owned Australian subsidiaries have formed an income tax 
consolidated group under tax consolidation legislation. Each entity in the Group recognises its own current and 
deferred tax assets and liabilities. Such taxes are measured using the ‘stand-alone taxpayer’ approach to 
allocation. Current tax liabilities (assets) and deferred tax assets arising from unused tax losses and tax credits in 
the subsidiaries are immediately transferred to the head entity. The Group notified the Australian Tax Office that 
it had formed an income tax consolidated group to apply from 1 July 2008. The tax consolidated group has 
entered a tax funding arrangement whereby each company in the Group contributes to the income tax payable by 
the Group in proportion to their contribution to the Group’s taxable income. Differences between the amounts of 
net tax assets and liabilities derecognised and the net amounts recognised pursuant to the funding arrangement 
are recognised as either a contribution by, or distribution to the head entity. 

 (d) 

Inventories 

Inventories are measured at the lower of cost and net realisable value.  

The cost of mining stocks includes direct materials, direct labour, transportation costs and variable and fixed 
overhead costs relating to mining activities. 

(e) 

Plant & equipment 

Each class of plant and equipment is carried at cost or fair value as indicated less, where applicable, any 
accumulated depreciation and impairment losses. 

Plant and equipment 

Plant and equipment are measured on the cost basis less depreciation and impairment losses. 

The carrying amount of plant and equipment is reviewed annually by directors to ensure it is not in excess of the 
recoverable amount from these assets. The recoverable amount is assessed on the basis of the expected net cash 
flows that will be received from the asset’s employment and subsequent disposal. The expected net cash flows 
have been discounted to their present values in determining recoverable amounts. 

Subsequent costs are included in the asset’s carrying amount or recognised as a separate asset, as appropriate, 
only when it is probable that future economic benefits associated with the item will flow to the Group and the 
cost of the item can be measured reliably. All other repairs and maintenance are charged to the income statement 
during the financial period in which they are incurred. 

61

 
 
 
   
 
 
 
 
Notes to the Financial Statements

Ramelius Resources Limited - Consolidated Entity 

Notes to the financial statements 

For the year ended 30 June 2010 

Depreciation 

The depreciation of all fixed assets is depreciated on a straight line basis over the asset’s useful life to the 
Consolidated Group commencing from the time the asset is held ready for use. 

The depreciation rates used for each class of depreciable assets are: 

Class of fixed asset 

Plant and equipment 

Depreciation 
Rate 

1% – 50% 

The asset’s residual values and useful lives are reviewed, and adjusted if appropriate, at the end of each reporting 
period. 

An asset’s carrying amount is written down immediately to its recoverable amount if the asset’s carrying amount 
is greater than its estimated recoverable amount. 

Gains and losses on disposals are determined by comparing proceeds with the carrying amount. These gains and 
losses are included in the income statement. When revalued assets are sold, amounts included in the revaluation 
reserve relating to that asset are transferred to retained earnings. 

(f) 

Exploration and evaluation expenditure 

Exploration, evaluation and development expenditure incurred is accumulated in respect of each identifiable area 
of interest. These costs are only carried forward to the extent that they are expected to be recouped through the 
successful development of the area or where activities in the area have not yet reached a stage that permits 
reasonable assessment of the existence of economically recoverable reserves. 

Accumulated costs in relation to an abandoned area are written off in full against profit in the year in which the 
decision to abandon the area is made. 

When production commences, the accumulated costs for the relevant area of interest are transferred to 
development assets (refer note 1(g) below). 

A regular review is undertaken of each area of interest to determine the appropriateness of continuing to carry 
forward costs in relation to that area of interest. 

Costs of site restoration are provided over the life of the facility from when exploration commences and are 
included in the costs of that stage. Site restoration costs include the dismantling and removal of mining plant, 
equipment and building structures, waste removal and rehabilitation of the site in accordance with clauses of the 
mining permits. Such costs are determined using estimates of future costs, current legal requirements and 
technology on an undiscounted basis. 

Any changes in the estimates for the costs are accounted on a prospective basis. In determining the costs of site 
restoration, there is uncertainty regarding the nature and extent of the restoration due to community expectations 
and future legislation. Accordingly, the costs are determined on the basis that the restoration will be completed 
within one year of abandoning the site. 

(g)  Development assets 

Development costs are amortised over the life of the area of interest according to the rate of depletion of the 
economically recoverable reserves. 

A regular review is undertaken of each area of interest to determine the appropriateness of continuing to carry 
forward costs in relation to that area of interest. 

Costs of site restoration are provided over the life of the facility from when development commences and are 
included in the costs of that stage. Site restoration costs include the dismantling and removal of mining plant, 
equipment and building structures, waste removal and rehabilitation of the site in accordance with clauses of the 

62

 
 
 
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Notes to the Financial Statements

Ramelius Resources Limited - Consolidated Entity 

Notes to the financial statements 

For the year ended 30 June 2010 

mining permits. Such costs are determined using estimates of future costs, current legal requirements and 
technology on an undiscounted basis. 

Any changes in the estimates for the costs are accounted on a prospective basis. In determining the costs of site 
restoration, there is uncertainty regarding the nature and extent of the restoration due to community expectations 
and future legislation. Accordingly, the costs are determined on the basis that the restoration will be completed 
within one year of abandoning the site. 

(h)  Leases 

Leased payments for operating leases, where substantially all the risks and benefits remain with the lessor, are 
charged as expenses in the periods in which they are incurred. 

(i) 

Financial instruments 

Initial recognition and measurement: Financial assets and financial liabilities are recognised when the entity 
becomes a party to the contractual provisions to the instrument.  For financial assets, this is equivalent to the date 
that the company commits itself to either the purchase or sale of the asset (i.e. trade date accounting is adopted).  
Financial instruments are initially measured at fair value plus transaction costs except where the instrument is 
classified “at fair value through profit or loss” in which case transaction costs are expensed to the profit or loss 
immediately. 

Classification and subsequent measurement: Financial instruments are subsequently measured at either fair 
value, amortised cost using the effective interest rate method or cost.  Fair value represents the amount for which 
an asset could be exchanged, or a liability settled, between knowledgeable willing parties. Where available, 
quoted prices in an active market are used to determine fair value. 

The Group does not designate any interest in subsidiaries, associates or joint venture entities as being subject to 
the requirements of accounting standards specifically applicable to financial instruments. 

Loans and receivables: Loans and receivables are non-derivative financial assets with fixed or determinable 
payments that are not quoted in an active market and are subsequently measured at amortised cost. 

Held-to-maturity investments: These investments are non-derivative financial assets that have fixed maturities 
and fixed or determinable payments, and it is the Group’s intention to hold these investments to maturity. They 
are subsequently measured at amortised cost. 

Available for sale financial assets: Available for sale financial assets are non-derivative assets that are either 
not suitable to be classified into other categories of financial assets due to their nature or they are designated as 
such by management. They comprise investments in the equity of other entities where there is neither a fixed 
maturity nor fixed or determinable payments. 

Available for sale financial assets are included in non-current assets, except for those which are expected to 
mature within 12 months after the end of the reporting period. 

Financial liabilities: Non-derivative financial liabilities (excluding financial guarantees) are subsequently 
measured at amortised cost. 

Derivative instruments: The Group designates certain derivatives as either: 

i.  Hedges of the fair value of recognised assets or liabilities or a firm commitment (fair value hedges); or  
ii.  Hedges of highly probable forecast transactions (cash flow hedges). 

Assessments, both at hedge inception and on an ongoing basis, of whether the derivatives that are used in 
hedging transactions have been and will continue to be highly effective in offsetting changes in fair values or 
cash flows of hedging items, are also made. 

(i)  Fair value hedge 

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recorded in 
the income statement, together with any changes in the fair value of hedged assets or liabilities that are 
attributable to the hedged risk. 

63

 
 
 
   
 
 
 
 
 
 
 
 
 
 
Notes to the Financial Statements

Ramelius Resources Limited - Consolidated Entity 

Notes to the financial statements 

For the year ended 30 June 2010 

(ii) Cash flow hedge 

The effective portion of changes in the fair value of derivatives that are designated and qualify as cash flow 
hedges is deferred to a hedge reserve in equity.  The gain or loss relating to the ineffective portion is 
recognised immediately in the income statement. 

Amounts accumulated in the hedge reserve in equity are transferred to the income statement in the periods when 
the hedged item will affect profit or loss. 

Fair value: Fair value is determined based on current bid prices for all quoted investments. Valuation techniques 
are applied to determine the fair value for all unlisted securities, including recent arm’s length transactions, 
reference to similar instruments and option pricing models. 

Impairment: At each reporting date, the Group assesses whether there is objective evidence that a financial 
instrument has been impaired.  

(j) 

Impairment of assets 

At each reporting date, the Group reviews the carrying values of its tangible and intangible assets to determine 
whether there is any indication that those assets have been impaired. If such an indication exists, the recoverable 
amount of the asset, being the higher of the asset’s fair value less costs to sell and value in use, is compared to 
the asset’s carrying value. Any excess of the asset’s carrying value over its recoverable amount is expensed to 
the income statement. 

(k) 

Interests in Joint Ventures 

The consolidated group’s share of the assets, liabilities, revenue and expenses of joint venture operations are 
included in the appropriate items of the consolidated financial statements. Details of the consolidated group’s 
interests are shown at Note 30. 

(l) 

Foreign Currency Transactions and Balances 

Functional and presentation currency 
The functional currency of each of the Group’s entities is measured using the currency of the primary economic 
environment in which that entity operates. The consolidated financial statements are presented in Australian 
dollars which is the parent entity’s functional and presentation currency. 

Transaction and balances 
Foreign currency transactions are translated into functional currency using the exchange rates prevailing at the 
date of the transaction. Foreign currency monetary items are translated at the year-end exchange rate. Non-
monetary items measured at historical cost continue to be carried at the exchange rate at the date of the 
transaction. Non-monetary items measured at fair value are reported at the exchange rate at the date when fair 
values were determined. 

Exchange differences arising on the translation of monetary items are recognised in the income statement, except 
where deferred in equity as a qualifying cash flow or net investment hedge. 

Exchange differences arising on the translation of non-monetary items are recognised directly in equity to the 
extent that the gain or loss is directly recognised in equity, otherwise the exchange difference is recognised in the 
income statement. 

Group companies 
The financial results and position of foreign operations whose functional currency is different from the Group’s 
presentation currency are translated as follows: 

(cid:120)  assets and liabilities are translated at year-end exchange rates prevailing at that reporting date; 
(cid:120) 
(cid:120) 

income and expenses are translated at average exchange rates for the period; and  
retained earnings are translated at the exchange rates prevailing at the date of the transaction. 

64

 
 
 
   
 
 
 
 
 
 
 
 
Notes to the Financial Statements

Ramelius Resources Limited - Consolidated Entity 

Notes to the financial statements 

For the year ended 30 June 2010 

(m)  Employee benefits 

Provision is made for the Group’s liability for employee benefits arising from services rendered by employees to 
balance date. Employee benefits that are expected to be settled within one year are measured at the amounts 
expected to be paid when the liability is settled, plus related on-costs. Employee benefits payable later than one 
year are measured at the present value of the estimated future cash outflows to be made for those benefits. Those 
cash flows are discounted using market yields on national government bonds with terms to maturity that match 
the expected timing of cash flows. 

Superannuation contributions: Employees may nominate their own superannuation fund into which the Group 
pays superannuation contributions. The Group currently contributes 9% of employee’s salary to each employee’s 
nominated fund or where a fund is not nominated by an employee, to a superannuation fund chosen by the 
Group. 

Share-based payments: The Group has an Employee Share Acquisition Plan and a Performance Rights Plan 
where employees and senior executives may be provided with shares or rights to shares in the Parent Entity. The 
Group may also grant performance related options over shares to Key Management Personnel. The fair value of 
the equity to which employees become entitled is measured at grant date and recognised as an expense over the 
vesting period, with a corresponding increase to an equity account. The fair value of shares is ascertained as the 
market bid price. The fair value of options is ascertained using a Black-Scholes pricing model which 
incorporates all market vesting conditions. The number of shares and options expected to vest is reviewed and 
adjusted at each reporting date such that the amount recognised for services received as consideration for the 
equity instruments granted shall be based on the number of equity instruments that eventually vest. 

(n)  Provisions 

Provisions are recognised when the Group has a legal or constructive obligation, as a result of past events, for 
which it is probable that an outflow of economic benefits will result and that outflow can be reliably measured. 

(o)  Cash and cash equivalents 

Cash and cash equivalents includes cash on hand, demand deposits held with banks, other short-term highly 
liquid investments that are readily convertible to known amounts of cash and which are subject to an 
insignificant risk of changes in values. 

(p)  Revenue 

Revenue is measured at the fair value of the consideration received or receivable.  Revenue from sale of goods or 
rendering of a service is recognised upon delivery of the goods or service to customers as this corresponds to the 
transfer of significant risks and rewards of ownership of the goods and the cessation of all involvement with 
those goods. 

Interest revenue is recognised using the effective interest rate method, which, for floating rate financial assets, is 
the rate inherent in the instrument. 

All revenue is stated net of goods and services tax (GST).  

(q)  Trade and other payables 

Trade and other payables represent the liability outstanding at the end of the reporting period for goods and 
services received by the Group during the reporting period which remains unpaid, The balance is recognised as a 
current liability with the amount being normally paid within 30 days of initial recognition. 

(r)  Goods and services tax 

Revenues, expenses and assets are recognised net of the amount of goods and services tax (GST), except where 
the amount of GST incurred is not recoverable from the Australian Tax Office (ATO).  In these circumstances 
the GST is recognised as part of the cost of acquisition of the asset or as part of the expense. 

Receivables and payables are stated in the statement of financial position inclusive of GST. 

The net amount of GST recoverable from, or payable to, the ATO is included as a current asset or liability in the 
statement of financial position. 

65

 
 
 
   
 
 
 
 
Notes to the Financial Statements

Ramelius Resources Limited - Consolidated Entity 

Notes to the financial statements 

For the year ended 30 June 2010 

Cash flows are included in the statement of cash flows on a gross basis.  The GST components of cash flows 
arising from investing and financing activities which are recoverable from, or payable to, the ATO are classified 
as operating cash flows. 

(s) 

Transaction costs on the issue of equity instruments 

Transaction costs arising from the issue of equity instruments are recognised directly in equity as a reduction of 
the proceeds of the equity instruments to which the costs relate. Transaction costs are the costs that are incurred 
directly in connection with the issue of those equity instruments and which would not have been incurred had 
those instruments not been issued. 

(t) 

Comparative figures 

When required by Accounting Standards, comparative figures have been adjusted to conform to changes in 
presentation for the current financial year. 

(u)  Earnings per share 

(i) Basic earning per share 
Basic earnings per share is calculated by dividing the profit attribute to equity holders of the entity, excluding 
any costs of servicing equity other then ordinary shares, by the weighted average number of ordinary shares 
outstanding during the financial year, adjusted for bonus elements in ordinary shares issues during the year. 

(ii) Diluted Earnings per share 
Diluted earnings per share adjusts the figures used in the determination of basic earnings per share to take into 
account after income tax effect of interest and other financial costs associated with the dilutive potential ordinary 
shares and the weighted average number of shares assumed to have been issued for no consideration in relation 
to dilutive potential ordinary shares. 

(v) 

Third statement of financial position 

applies an accounting policy retrospectively; 

Two comparative periods are presented for the statement of financial position when the Company: 
(i) 
(ii)  makes a retrospective restatement of items in its financial statements; or 
(iii)  reclassifies items in the financial statements. 

The Group has determined that only one comparative period for the statement of financial position was required 
for the current reporting period as application of new accounting standards have had no material impact on the 
previously presented financial statements that were presented in the prior year. 

 (w)  Adoption of new and revised accounting standards 

During the financial year, the Group adopted all of the new and revised Standards and Interpretations issued by 
the Australian Accounting Standards Board that are relevant to its operations and effective for the current annual 
reporting period.  The 2009 comparatives contained in these financial statements therefore differ from those 
published in the financial statements for the year ended 30 June 2009 as described below. 

Significant effects on current, prior or future periods arising from the first-time application of the standards 
discussed above in respect of presentation, recognition and measurement of accounts are described in the 
following notes.   

Adoption of AASB 8 Operating Segments 

From 1 January 2009, operating segments are identified and segment information disclosed on the basis of 
internal reports provided to or received by the chief operating decision maker which is the Chief Executive 
Officer. 

66

 
 
 
   
 
 
 
Notes to the Financial Statements

Ramelius Resources Limited - Consolidated Entity 

Notes to the financial statements 

For the year ended 30 June 2010 

Adoption of AASB 101 Presentation of Financial Statements (revisions), AASB 2007-8 and 2007-10 Amendments 
arising from the revisions to AASB 101 

The Group has adopted the revisions to AASB 101 Presentation of Financial Statements in these financial 
statements which has resulted in the introduction of the statement of comprehensive income, changes to the 
statement of changes in equity, and other terminology changes.  

 (x)  New accounting standards for application in future periods 

The AASB has issued new and amended accounting standards and interpretations that have mandatory 
application dates for future reporting periods. The Group has decided against early adoption of these standards. 
A discussion of those future requirements and their impact on the Group follows: 

AASB 2009-4: Amendments to Australian Accounting Standards arising from the Annual Improvements Project 
[AASB 2 and AASB 138 and AASB Interpretations 9 & 16] (applicable for annual reporting periods 
commencing from 1 July 2009) and AASB 2009-5: Further Amendments to Australian Accounting Standards 
arising from the Annual Improvements Project [AASB 5, 8, 101, 117, 118, 136 & 139] (applicable for annual 
reporting periods commencing from 1 January 2010). 

These standards detail numerous non-urgent but necessary changes to accounting standards arising from the 
IASB’s annual improvements project. No changes are expected to materially affect the Group. 

AASB 9: Financial Instruments and AASB 2009–11: Amendments to Australian Accounting Standards arising 
from AASB 9 [AASB 1, 3, 4, 5, 7, 101, 102, 108, 112, 118, 121, 127, 128, 131, 132, 136, 139, 1023 & 1038 and 
Interpretations 10 & 12] (applicable for annual reporting periods commencing on or after 1 January 2013) 

These standards are applicable retrospectively and amend the classification and measurement of financial assets. 
The Group has not yet determined the potential impact on the financial statements. 

The changes made to accounting requirements include: 

(cid:120) 

(cid:120) 
(cid:120) 
(cid:120) 

(cid:120) 

(cid:120) 

simplifying the classifications of financial assets into those carried at amortised cost and those carried at 
fair value; 
simplifying the requirements for embedded derivatives; 
removing the tainting rules associated with held-to-maturity assets; 
removing the requirements to separate and fair value embedded derivatives for financial assets carried at 
amortised cost; 
allowing an irrevocable election on initial recognition to present gains and losses on investments in 
equity instruments that are not held for trading in other comprehensive income. Dividends in respect of 
these investments that are a return on investment can be recognised in profit or loss and there is no 
impairment or recycling on disposal of the instrument; and 
reclassifying financial assets where there is a change in an entity's business model as they are initially 
classified based on: 

a. 
b. 

the objective of the entity's business model for managing the financial assets;  and 
the characteristics of the contractual cash flows. 

AASB 2009–8: Amendments to Australian Accounting Standards — Group Cash-settled Share-based Payment 
Transactions [AASB 2] (applicable for annual reporting periods commencing on or after 1 January 2010) 

These amendments clarify the accounting for group cash-settled share-based payment transactions in the separate 
or individual financial statements of the entity receiving the goods or services when the entity has no obligation 
to settle the share-based payment transaction. The amendments incorporate the requirements previously included 
in Interpretation 8 and Interpretation 11 and as a consequence, these two Interpretations are superseded by the 
amendments. These amendments are not expected to impact the Group. 

AASB 2009–10: Amendments to Australian Accounting Standards — Classification of Rights Issues [AASB 132] 
(applicable for annual reporting periods commencing on or after 1 February 2010) 

These amendments clarify that rights, options or warrants to acquire a fixed number of an entity's own equity 
instruments for a fixed amount in any currency are equity instruments if the entity offers the rights, options or 

67

 
 
 
   
 
Notes to the Financial Statements

Ramelius Resources Limited - Consolidated Entity 

Notes to the financial statements 

For the year ended 30 June 2010 

warrants pro-rata to all existing owners of the same class of its own non-derivative equity instruments. These 
amendments are not expected to impact the Group. 

AASB 2009–12: Amendments to Australian Accounting Standards [AASBs 5, 8, 108, 110, 112, 119, 133, 137, 
139, 1023 & 1031 and Interpretations 2, 4, 16, 1039 & 1052] (applicable for annual reporting periods 
commencing on or after 1 January 2011) 

This standard makes a number of editorial amendments to a range of Australian Accounting Standards and 
Interpretations, including amendments to reflect changes made to the text of International Financial Reporting 
Standards by the IASB. The standard also amends AASB 8 to require entities to exercise judgment in assessing 
whether a government and entities known to be under the control of that government are considered a single 
customer for the purposes of certain operating segment disclosures. These amendments are not expected to 
impact the Group. 

AASB 2009–13: Amendments to Australian Accounting Standards arising from Interpretation 19 [AASB 1] 
(applicable for annual reporting periods commencing on or after 1 July 2010) 

This standard makes amendments to AASB 1 arising from the issue of Interpretation 19. The amendments allow 
a first-time adopter to apply the transitional provisions in Interpretation 19. This standard is not expected to 
impact the Group. 

AASB Interpretation 19: Extinguishing Financial Liabilities with Equity Instruments (applicable for annual 
reporting periods commencing on or after 1 July 2010) 

This Interpretation deals with how a debtor would account for the extinguishment of a liability through the issue 
of equity instruments. The Interpretation states that the issue of equity should be treated as the consideration paid 
to extinguish the liability, and the equity instruments issued should be recognised at their fair value unless fair 
value cannot be measured reliably in which case they shall be measured at the fair value of the liability 
extinguished. The Interpretation deals with situations where either partial or full settlement of the liability has 
occurred. This Interpretation is not expected to impact the Group. 

The Group does not anticipate the early adoption of any of the above Australian Accounting Standards. 

 (y)  Critical accounting estimates and judgements 

The directors evaluate estimates and judgements incorporated into the financial report based on historical 
knowledge and best available information. Estimates assume a reasonable expectation of future events and are 
based on current trends and economic data, obtained both externally and within the Group. 

Key Estimates and Judgements 
(i) Impairment 
The Group assesses impairment at each reporting date by evaluating conditions and events specific to the Group 
that may lead to impairment of assets. Where an impairment trigger exists, the recoverable amount of the asset is 
determined. 

(ii) Exploration and evaluation expenditure 
The Group capitalises exploration and evaluation expenditure where it is considered likely to be recoverable or 
where activities have not reached a stage to permit a reasonable assessment of the existence of reserves. While 
there are certain areas of interest for which no reserves have been extracted, the directors continue to believe that 
such expenditure should not be written off, as evaluation in those areas has not yet been concluded. 

(iii) Development 
The group capitalises development expenditure which is amortised over the life of the economic resource. The 
recoverable economic resource is subject to estimates and assumptions that impact on the rate of depletion of the 
economic resource (amortisation), depreciation and assessment of impairment of assets. Assessment of future 
development involves various assumptions including commodity gold price, exchange rates for Australian and 
US dollars and general economic conditions. 

(iv) Provision for restoration 
The Group estimates future mine site restoration costs that are expected to be incurred. Such estimates are based 
on a review of amounts required by the Western Australian Department of Mines to be lodged as environmental 

68

 
 
 
   
Notes to the Financial Statements

Ramelius Resources Limited - Consolidated Entity 

Notes to the financial statements 

For the year ended 30 June 2010 

bonds, which the Group effects via unconditional bank guarantees, and management’s assessment of any 
additional expenditure expected to be incurred. 

(v) Employee Benefits 
In calculating long service leave at balance date, management judgement is applied in determining key 
assumptions relating to future increases in wages and salaries, future on-cost rates and experience of employee 
departures and period of service. 

(z)  Authorisation for issue of financial statements 

The financial statements were authorised for issue by the Board of Directors on 30 August 2010. 

Note 

Consolidated Group 

2010
$    

2009
$    

2 

Revenue and other income 

Revenues: 
From operating activities 
Refined gold sales 
Toll milling sales 
Refined silver sales 

Total revenue 

Other income 

Interest received from other parties 
Gain on sale of non-current investments 
Gain on disposal of tenements 
Foreign exchange gains 
Other revenue 
Total other income 

14 

3 

Profit before income tax expense has been 
determined after 

Expenses 
Depreciation and amortisation of non current assets 

Plant and equipment - depreciation 
Mining and milling - depreciation 
Mining and milling - amortisation 

Rental expense on operating leases 
Minimum lease payments 
Exploration costs written off 
Diminution in value of gold hedge put options 
Foreign currency translation losses 
Impairment of exploration and evaluation assets 
Provision for employee benefits 

69

58,216,932   19,830,035  
-  
3,054,135  
31,713  
-  
61,271,067   19,861,748  

2,079,171  
7,144,396  
-  
1,990  
604,807  
9,830,364  

648,856  
-  
38,443  
-  
132,233  
819,532  

39,274  
505,149  
17,932,153  
18,476,576  

27,462  
377,817  
4,671,942  
5,077,221  

175,226  
361,955  
563,759  
25,778  
9,102,214  
125,676  

100,002  
21,407  
457,063  
-  
126,515  
103,884  

 
 
 
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Notes to the Financial Statements

Ramelius Resources Limited - Consolidated Entity 

Notes to the financial statements 

For the year ended 30 June 2010 

Note 

Other revenue and expenses 

Consideration on disposal of mining tenements 
Carrying amount of listed mining tenements 
Net gain on disposal 

Consideration on disposal of assets 
Carrying amount of assets disposed 
Carrying amount of assets written off 
Net loss on disposal 

4 

Income tax expense 

(a) The components of tax expense comprise: 

Current tax 
Deferred tax 
Under provision in respect of prior years 

(b) The prima facie tax on profit from ordinary 
activities before income tax is reconciled to 
the income tax as follows: 

Prima facie tax payable on profit from 
ordinary activities before income tax at 30%
- Consolidated group 

  Add: 
  Tax effect of: 

- Share based payments 
- costs of capital raising  
- other non allowable items 

  Deferred tax asset in respect of tax losses 

utilised 

  Less: 
  Tax effect of: 
  Other allowable items 
  Recognition of timing differences not 

previously brought to account 

  Over provision in respect of prior years 

Income tax attributable to entity 

  The applicable weighted average effective 

tax rates are as follows: 

70

Consolidated Group 

2010
$    

2009
$     

-  
-  
-  

25,000  
(25,000) 
-  
-  

100,000  
(61,557) 
38,443  

-  
-  
(22,957) 
(22,957) 

6,322,879  
2,183,371  
(18,030) 
8,488,220  

41,512  
2,142,738  
-  
2,184,250  

8,606,075  

2,147,282  

31,246  
-  
6,465  

67,285  
-  
966  

- 
8,643,786  

22,675  
2,238,208  

137,536  

31,283  

-  

22,675  

(18,030)  
8,488,220  

-   
2,184,250  

30%

31%

 
 
 
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Notes to the Financial Statements

Ramelius Resources Limited - Consolidated Entity 

Notes to the financial statements 

For the year ended 30 June 2010 

Note 

Consolidated Group 

2010
$    

2009
$     

5 

Directors and Key Management Personnel Remuneration  

Director and Key Management Personnel remuneration has been included in the Remuneration Report section of the 
Directors Report. 

The totals of remuneration paid to Directors and Key Management Personnel of the Group during the year are as 
follows: 

Short-term employee benefits 
Post-employment benefits 
Other long-term benefits 
Termination benefits 
Share-based payments 

Directors & 
Key Management 
Personnel 

1,879,666
457,133
-
-
104,153
2,440,952

1,750,474
202,660
-
-
89,426
2,042,560

(a) Directors and Key Management Personnel 
The names and positions held by Directors and Key Management Personnel of the Company during the financial year 
are: 

Directors 
Mr RM Kennedy 
Mr RG Nelson 
Mr JF Houldsworth 1 
Mr IJ Gordon 2 
Mr KJ Lines  
Key Management Personnel 
Mr DA Francese 
Mr DA Doherty 4 
Mr MI Svensson  
Mr AP Webb  
Mr KM Seymour 3 

Positions 
Chairman – Non-Executive 
Director – Non-Executive 
Director – Non-Executive 
Director – Executive / Chief Executive Officer 
Director – Non-Executive 

Chief Financial Officer / Company Secretary 
Wattle Dam Underground Mine Manager 
Exploration Manager 
Burbanks Mill Process Manager 
Manager Business Development 

1  Mr Houldsworth held the position of Managing Director and Chief Executive Officer until his retirement as an  
   executive of the Company on 31 July 2009. Mr Houldsworth continues to serve on the Board as a non-executive 
   director. 
2  Mr Gordon held the position of Executive Director and Chief Operating Officer until the retirement of Mr 
   Houldsworth as an executive of the Company. On 1 August 2009 Mr Gordon was appointed Chief Executive Officer. 
3  Mr Seymour commenced as Manager Business Development of the Company on 1 July 2009. 
4  Mr Kelty, a previous member of Key Management Personnel, retired as the Wattle Dam Mine Manager on 31 July 
   2008 following the appointment of Danny Doherty as Wattle Dam Underground Mine Manager. 

71

 
 
 
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Notes to the Financial Statements

Ramelius Resources Limited - Consolidated Entity 

Notes to the financial statements 

For the year ended 30 June 2010 

(b) Directors and Key Management Personnel equity remuneration holdings and transactions  

(i)  Options provided as remuneration and shares issued on exercise of such options 

Details of options provided as remuneration and shares issued on the exercise of such options together with the 
terms and conditions of the options can be found in the remuneration report. 

(ii) Shareholdings 

The number of shares in the Company held during the financial year by each director of Ramelius Resources 
Limited and other key management personnel of the group including their personal related entities, are set out 
below. There were no shares granted during the year as remuneration. 

Shares 

Year  Opening 
Balance 

Received 
 as  
Remuneration

Options  
Exercised

Net 
Change 
Other1 

Closing 
Balance 

Mr RG Nelson 

Mr JF Houldsworth 

Held by Directors in own name 
2010 
Mr RM Kennedy 
2009 
2010 
2009 
2010 
2009 
2010 
2009 
2010 
2009 
2010 
2009 

Mr IJ Gordon 

Mr KJ Lines 

Held by personally related entities 
Mr RM Kennedy 

Mr RG Nelson 

Mr JF Houldsworth 

Mr IJ Gordon 

Mr KJ Lines 

Total held by Directors 

-   
-   
105,480
105,480
4,580,014
4,570,581
14,979
10,263
-   
-   
4,700,473
4,686,324

7,729,572
7,701,273
5,226,504
5,217,071
44,696
35,263
-   
-   
-   
-   
17,701,245
17,639,931

-   
-   
823,443
814,010
328,116
338,683
-   
-   
223,481
513,663
21,743
12,310
19,098,028
19,318,597

2010 
2009 
2010 
2009 
2010 
2009 
2010 
2009 
2010 
2009 
2010 
2009 

2010 
2009 
2010 
2009 
2010 
2009 
2010 
2009 
2010 
2009 
2010 
2009 
2010 
2009 

Mr DA Francese 

Mr BT Kelty 

Mr KM Seymour 

Mr MI Svensson 

Mr AP Webb 

Total 

Key Management Personnel excluding Directors
Mr DA Doherty 

-   
-   
-   
-   

-   
-   
105,480
105,480
(500,000) 4,080,014
9,433  4,580,014
14,979
14,979
-   
-   
(500,000) 4,200,473
14,149  4,700,473

-   
4,716 
-   
-   

-    7,729,572
28,299  7,729,572
-    5,226,504
9,433  5,226,504
44,696
44,696
-   
-   
-   
-   
(500,000) 17,201,245
61,314  17,701,245

-   
9,433 
-   
-   
-   
-   

-   
-   
-   
9,433 
(20,000)
(10,567)
20,000 
-   
-   
(290,182)
-   
9,433 

-   
-   
823,443
823,443
308,116
328,116
20,000
-   
223,481
223,481
21,743
21,743
(500,000) 18,598,028
(220,569) 19,098,028

-   
-   
-   
-   
-   
-   
-   
-   
-   
-   
-   
-   

-   
-   
-   
-   
-   
-   
-   
-   
-   
-   
-   
-   

-   
-   
-   
-   
-   
-   
-   
-   
-   
-   
-   
-   
-   
-   

-   
-   
-   
-   
-   
-   
-   
-   
-   
-   
-   
-   

-   
-   
-   
-   
-   
-   
-   
-   
-   
-   
-   
-   

-   
-   
-   
-   
-   
-   
-   
-   
-   
-   
-   
-   
-   
-   

72

 
 
 
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Notes to the Financial Statements

Ramelius Resources Limited - Consolidated Entity 

Notes to the financial statements 

For the year ended 30 June 2010 

(iii)  Performance rights to shares 

The number of performance rights to shares in the Company held during the financial year by each Director 
and other key management personnel of the group including their personal related entities, are set out below. 
There were no performance rights to shares granted during the year as remuneration. 

Performance Rights to 
Shares*  

Year  Opening 
Balance 

Received 
 as  
Remuneration

Options  
Exercised

Net 
Change 
Other2 

Closing 
Balance 

Total 
Vested at 
Year End

Total 
Exercisable 
at Year End

Mr RG Nelson 

Mr JF Houldsworth 

Held by Directors in own name 
2010 
Mr RM Kennedy 
2009 
2010 
2009 
2010 
2009 
2010 
2009 
2010 
2009 
2010 
2009 

Mr IJ Gordon 

Mr KJ Lines 

Held by personally related entities 
Mr RM Kennedy 

Mr RG Nelson 

Mr JF Houldsworth 

Mr IJ Gordon 

Mr KJ Lines 

Total held by Directors 

-   
-   
-   
-   
450,000
450,000
300,000
300,000
-   
-   
750,000
750,000

-   
-   
-   
-   
-   
-   
-   
-   
-   
-   
750,000
750,000

-   
-   
150,000
150,000
-   
-   
-   
-   
-   
-   
-   
-   
900,000  
900,000  

2010 
2009 
2010 
2009 
2010 
2009 
2010 
2009 
2010 
2009 
2010 
2009 

2010 
2009 
2010 
2009 
2010 
2009 
2010 
2009 
2010 
2009 
2010 
2009 
2010 
2009 

Mr DA Francese 

Mr BT Kelty 

Mr KM Seymour 

Mr MI Svensson 

Mr AP Webb 

Total 

Key Management Personnel excluding Directors 
Mr DA Doherty 

-   
-   
-   
-   
-   
-   
-   
-   
-   
-   
-   
-   

-   
-   
-   
-   
-   
-   
-   
-   
-   
-   
-   
-   

-   
-   
-   
-   
-   
-   
-   
-   
-   
-   
-   
-   
-   
-   

-   
-   
-   
-   
-   
-   
-   
-   
-    (450,000)   
-   
-   
-   
-   
-   
-   
-   
-   
-   
-   
-    (450,000)   
-   
-   

-   
-   
-   
-   
-   
-   
-   
-   
-   
-   
-   
-   
-   
-   
-   
-   
-   
-   
-   
-   
-    (450,000)   
-   
-   

-   
-   
-   
-   
-   
-   
-   
-   
-   
-   
-   
-   
-   
-   
-   
-   
-   
-   
-   
-   
-   
-   
-   
-   
-    (450,000)   
-   
-   

-   
-   
-   
-   
-   
450,000
300,000
300,000
-   
-   
300,000
750,000

-   
-   
-   
-   
-   
-   
-   
-   
-   
-   
300,000
750,000

-   
-   
150,000
150,000
-   
-   
-   
-   
-   
-   
-   
-   
450,000
900,000

-   
-   
-   
-   
-   
-   
-   
-   
-   
-   
-   
-   

-   
-   
-   
-   
-   
-   
-   
-   
-   
-   
-   
-   

-   
-   
-   
-   
-   
-   
-   
-   
-   
-   
-   
-   
-   
-   

-   
-   
-   
-   
-   
-   
-   
-   
-   
-   
-   
-   

-   
-   
-   
-   
-   
-   
-   
-   
-   
-   
-   
-   

-   
-   
-   
-   
-   
-   
-   
-   
-   
-   
-   
-   
-   
-   

* These Rights to shares were granted under the Performance Rights Plan on 7 April 2008. The KPI conditions attached 
to the performance Rights include a vesting period of three years from the grant date and a requirement for the 
Company’s share price to be within the top 40% comparator group of companies as set by the Board. The Companies in 
the comparator group are set out in the Remuneration Report section of the Directors Report. 

73

 
 
 
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Notes to the Financial Statements

Ramelius Resources Limited - Consolidated Entity 

Notes to the financial statements 

For the year ended 30 June 2010 

(iv)  Option holdings 

The number of options over ordinary shares in the Company held during the financial year by each director of 
Ramelius Resources Limited and any other key management personnel of the group, including their personally 
related parties are set out below. 

Options Exercisable at 
$1.00 by 30 June 2009 

Year  Opening 
Balance 

Received 
as 
Remuneration

Options 
Exercised 

Net 
Change 
Other 3 

Closing 
Balance 

Total 
Vested at 
Year End

Total 
Exercisable 
at Year End

Held by Directors in own name 
Mr RM Kennedy 

Mr RG Nelson 

Mr JF Houldsworth 

Mr IJ Gordon 

Mr KJ Lines 

2010 
2009 
2010 
2009 
2010 
2009 
2010 
2009 
2010 
2009 
2010 
2009 

-   
-   
-   
10,022
-   
456,532
-   
-   
-   
-   
-   
466,554

Mr RG Nelson 

Mr JF Houldsworth 

Held by personally related entities 
Mr RM Kennedy 

2010 
2009 
2010 
2009 
2010 
2009 
2010 
2009 
2010 
2009 
Total held by Directors  2010 

-   
768,549
-   
421,182
-   
3,000
-   
-   
-   
-   
-   
2009  1,659,285

Mr IJ Gordon 

Mr KJ Lines 

Key Management Personnel excluding Directors 
Mr DA Doherty 

Mr DA Francese 

Mr BT Kelty 

Mr KM Seymour 

Mr MI Svensson 

Mr AP Webb 

Total 

-   
2010 
-   
2009 
-   
2010 
79,522
2009 
-   
2010 
54,000
2009 
-   
2010 
-   
2009 
-   
2010 
50,000
2009 
-   
2010 
-   
2009 
2010 
-   
2009  1,842,807

-   
-   
-   
-   
-   
-   
-   
-   
-   
-   
-   
-   

-   
-   
-   
(10,022)
-   
(456,532)
-   
-   
-   
-   
-   
(466,554)

-   
-   
(768,549)
-   
-   
-   
(421,182)
-   
-   
-   
(3,000)
-   
-   
-   
-   
-   
-   
-   
-   
-   
-   
-   
-    (1,659,285)

-   
-   
-   
-   
-   
-   
(79,522)
-   
-   
-   
(54,000)
-   
-   
-   
-   
-   
-   
-   
(50,000)
-   
-   
-   
-   
-   
-   
-   
-    (1,842,807)

-   
-   
-   
-   
-   
-   
-   
-   
-   
-   
-   
-   

-   
-   
-   
-   
-   
-   
-   
-   
-   
-   
-   
-   

-   
-   
-   
-   
-   
-   
-   
-   
-   
-   
-   
-   
-   
-   

-   
-   
-   
-   
-   
-   
-   
-   
-   
-   
-   
-   

-   
-   
-   
-   
-   
-   
-   
-   
-   
-   
-   
-   

-   
-   
-   
-   
-   
-   
-   
-   
-   
-   
-   
-   
-   
-   

-   
-   
-   
-   
-   
-   
-   
-   
-   
-   
-   
-   

-   
-   
-   
-   
-   
-   
-   
-   
-   
-   
-   
-   

-   
-   
-   
-   
-   
-   
-   
-   
-   
-   
-   
-   
-   
-   

-   
-   
-   
-   
-   
-   
-   
-   
-   
-   
-   
-   

-   
-   
-   
-   
-   
-   
-   
-   
-   
-   
-   
-   

-   
-   
-   
-   
-   
-   
-   
-   
-   
-   
-   
-   
-   
-   

74

 
 
 
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Notes to the Financial Statements

Ramelius Resources Limited - Consolidated Entity 

Notes to the financial statements 

For the year ended 30 June 2010 

(iv)  Option holdings (continued) 

Options Exercisable at 
$1.50 by 30 June 2010 

Year  Opening 
Balance 

Received 
as 
Remuneration

Options
Exercised

Net 
Change 
Other 4 

Closing 
Balance 

Total 
Vested at 
Year End

Total 
Exercisable 
at Year End

Held by Directors in own name 
Mr RM Kennedy 

Mr RG Nelson 

Mr JF Houldsworth 

Mr IJ Gordon 

Mr KJ Lines 

Held by personally related entities 
Mr RM Kennedy 

Mr RG Nelson 

Mr JF Houldsworth 

2010 
2009 
2010 
2009 
2010 
2009 
2010 
2009 
2010 
2009 
Total held by Directors  2010 
2009 

Mr IJ Gordon 

Mr KJ Lines 

2010 
2009 
2010 
2009 
2010 
2009 
2010 
2009 
2010 
2009 
2010 
2009 

2010 
2009 
2010 
2009 
2010 
2009 
2010 
2009 
2010 
2009 
2010 
2009 
2010 
2009 

-   
-   
10,548
10,548
457,059
457,059
1,027
1,027
-   
-   
468,634
468,634

770,128
770,128
521,708
521,708
3,527
3,527
-   
-   
-   
-   
1,763,997
1,763,997

-   
-   
81,402
81,402
1,342
33,869
-   
-   
51,367
51,367
1,231
1,231
1,899,339
1,931,866

Mr DA Francese 

Mr BT Kelty 

Mr KM Seymour 

Mr MI Svensson 

Mr AP Webb 

Total 

Key Management Personnel excluding Directors 
Mr DA Doherty 

-   
-   
-   
-   
-   
-   
-   
-   
-   
-   
-   
-   

-   
-   
(10,548)
-   
(457,059)
-   
(1,027)
-   
-   
-   
(468,634)
-   

-   
-   
-   
10,548
-   
457,059
-   
1,027
-   
-   
-   
468,634

-   
-   
-   
10,548
-   
457,059
-   
1,027
-   
-   
-   
468,634

(770,128)
-   
-   
-   
(521,708)
-   
-   
-   
(3,527)
-   
-   
-   
-   
-   
-   
-   
-   
-   
-   
-   
-    (1,763,997)
-   

-   
-   
770,128
770,128
-   
-   
521,708
521,708
-   
-   
3,527
3,527
-   
-   
-   
-   
-   
-   
-   
-   
-   
-   
-    1,763,997 1,763,997

-   
-   
-   
-   
(81,402)
-   
-   
-   
-   
(1,342)
-   
(32,527)
-   
-   
-   
-   
(51,367)
-   
-   
-   
(1,231)
-   
-   
-   
-    (1,899,339)
-   

-   
-   
-   
81,402
-   
1,342
-   
-   
-   
51,367
-   
1,231
-   
(32,527) 1,899,339 1,899,339

-   
-   
-   
81,402
-   
1,342
-   
-   
-   
51,367
-   
1,231
-   

-   
-   
-   
10,548
-   
457,059
-   
1,027
-   
-   
-   
468,634

-   
770,128
-   
521,708
-   
3,527
-   
-   
-   
-   
-   
1,763,997

-   
-   
-   
81,402
-   
1,342
-   
-   
-   
51,367
-   
1,231
-   
1,899,339

-   
-   
-   
-   
-   
-   
-   
-   
-   
-   
-   
-   

-   
-   
-   
-   
-   
-   
-   
-   
-   
-   
-   
-   

-   
-   
-   
-   
-   
-   
-   
-   
-   
-   
-   
-   
-   
-   

75

 
 
 
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Notes to the Financial Statements

Ramelius Resources Limited - Consolidated Entity 

Notes to the financial statements 

For the year ended 30 June 2010 

(iv)  Option holdings (continued) 

Year  Opening 
Balance 

Received 
as 
Remuneration

Options
Exercised

Net 
Change 
Other 3 

Closing 
Balance 

Total 
Vested at 
Year End 

Total 
Exercisable 
at Year End

Options Exercisable at 
$1.90 by 
30 June 2009 
Held by Directors in 
own name 
Mr RM Kennedy 

Mr RG Nelson 

Mr JF Houldsworth 

Mr IJ Gordon 

Mr KJ Lines 

2010 
2009 
2010 
2009 
2010 
2009 
2010 
2009 
2010 
2009 
2010 
2009 

Held by personally 
related entities 
Mr RM Kennedy 

Mr RG Nelson 

Mr JF Houldsworth 

2010 
2009 
2010 
2009 
2010 
2009 
2010 
2009 
2010 
2009 
Total held by Directors  2010 
2009 

Mr IJ Gordon 

Mr KJ Lines 

-   
-   
-   
-   
-   
-   
-   
-   
-   
-   
-   
-   

-   
-   
-   
-   
-   
-   
-   
400,000
-   
-   
-   
400,000

-   
-   
-   
-   
-   
-   
-   
-   
-   
-   
-   
-   

-   
-   
-   
-   
-   
-   
-   
-   
-   
-   
-   
-   

-   
-   
-   
-   
-   
-   
-   
-   
-   
-   
-   
-   

-   
-   
-   
-   
-   
-   
-   
-   
-   
-   
-   
-   

-   
-   
-   
-   
-   
-   
-   
-   
-   
-   
-   
-   

-   
-   
-   
-   
-   
-   
-   
(400,000)
-   
-   
-   
(400,000)

-    
-    
-    
-    
-    
-    
-    
-    
-    
-    
-    
-    

-    
-    
-    
-    
-    
-    
-    
-    
-    
-    
-    
-    

-   
-   
-   
-   
-   
-   
-   
-   
-   
-   
-   
-   

-   
-   
-   
-   
-   
-   
-   
-   
-   
-   
-   
-   

Key Management 
Personnel excluding 
Directors  
Mr DA Doherty 

Mr BT Kelty 

Mr DA Francese 

Mr KM Seymour 

-   
-   
-   
-   
-   
-   
-   
-   
-   
-   
-   
-   
-   
-   
1.  Net change other in respect of shares refers to shares purchased and/or sold during the financial year. 
2.  Net change other in respect of performance rights to shares relate to rights which lapsed at retirement of Joe 

-   
-   
-   
-   
-   
-   
-   
-   
-   
-   
-   
(400,000)
-   
(800,000)

-   
-   
-   
-   
-   
-   
-   
-   
-   
-   
-   
400,000
-   
800,000

2010 
2009 
2010 
2009 
2010 
2009 
2010 
2009 
2010 
2009 
2010 
2009 
2010 
2009 

-    
-    
-    
-    
-    
-    
-    
-    
-    
-    
-    
-    
-    
-    

-   
-   
-   
-   
-   
-   
-   
-   
-   
-   
-   
-   
-   
-   

-   
-   
-   
-   
-   
-   
-   
-   
-   
-   
-   
-   
-   
-   

Mr MI Svensson 

Mr AP Webb 

Total 

Houldsworth as Managing Director. 

3.  Net change other in respect of $1.00 and $1.90 options refers to options which expired at 30 June 2009. 
4.  Net change other in respect of $1.50 options refers to options purchased/sold or which expired at 30 June 2010. 

76

-   
-   
-   
-   
-   
-   
-   
-   
-   
-   
-   
-   

-   
-   
-   
-   
-   
-   
-   
-   
-   
-   
-   
-   

-   
-   
-   
-   
-   
-   
-   
-   
-   
-   
-   
-   
-   
-   

 
 
 
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Notes to the Financial Statements

Ramelius Resources Limited - Consolidated Entity 

Notes to the financial statements 

For the year ended 30 June 2010 

No options previously granted to Directors, Director related entities or Key Management Personnel were exercised 
during the year. 

Other Key Management Personnel Transactions 
There have been no other transactions involving equity instruments other than those described in the tables above. For 
details of other transactions with Directors or Key Management Personnel, refer Note 27: Related Parties. 

6 

Auditors’ remuneration 

Audit services: 

Auditors of the Company – Grant Thornton 
Audit and review of the financial reports 

Other due diligence related services 

7 

Dividends and return of capital 

Dividends paid 
Return of capital to shareholders* 

* On 5 May 2010 the directors proposed a capital return  
   to shareholders of 5 cents per share which was paid in 
   August 2010. 

(a) Proposed final 2010 dividend 
(b) Balance of franking account at year end adjusted for 

franking credits arising from: 
- payment of provision for income tax 
- dividends recognised as receivables and franking 
debits arising from payment of proposed dividends, 
and franking credits that may be prevented from 
distribution in subsequent financial years 

Consolidated Group 
2009 
2010 
$ 
$ 

46,775  

16,000  
62,775  

46,564  

-  
46,564  

-  
-  
-  

-  

-  

-  
-  
-  

-  

-  

334,603  

334,603  

8 

Earnings per share 

(a) Classification of securities 

All ordinary shares have been included in basic earnings per share. 

(b) Classification of securities as potential ordinary shares 

The Consolidated Group had no options listed on ASX Limited at the close of business on 30 June 2010. 

(c) Earnings used in the calculation of earnings per share

Profit/(loss) after income tax expense 

20,198,695  

4,973,356  

77

 
 
 
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Notes to the Financial Statements

Ramelius Resources Limited - Consolidated Entity 

Notes to the financial statements 

For the year ended 30 June 2010 

(d) Weighted average number of shares outstanding during the year used in calculating earnings per share

Consolidated Group 
2009 
2010 
$ 
$ 

Number for basic earnings per share 
Ordinary shares 
Number for dilutive earnings per share 
Ordinary shares  
Options 

9 

Cash and cash equivalents 

Cash 
Deposits at call* 

267,690,423   192,844,130  

267,690,423   192,844,130  
-  
-  
267,690,423   192,844,130  

673,726  
36,199,182  
44,027,668   26,018,900  
80,226,850   26,692,626  

* 
Includes deposits of $412,900 for the Consolidated Group provided as security against unconditional bank 
guarantees in favour of the Western Australian Government in respect  of restoration costs required for the Wattle 
Dam Mine and Burbanks Gold Processing Mill; and in respect of the Burbanks Gold Processing Mill, bank 
guarantees to secure supply of gas and electricity. 

10 

Trade and other receivables 

Current 
Trade debtors 
Other debtors 

93,679  
3,774,168  
3,867,847  

77,173  
1,360,862  
1,438,035  

Other debtors represent accrued interest receivable, refundable security deposits and amounts due from taxation 
authorities. Receivables are not considered to be past due and/or impaired. 

Credit risk – trade and other receivables 
The Group has one main customer in respect of gold sales however this is not regarded as a significant 
concentration of credit risk because the customer is owned by the WA State Government. 

11 

Inventory 

Current 

Gold nuggets at cost 
Raw materials - unprocessed gold ore at cost 
Work in progress - unrefined gold at cost 
Finished goods - gold bullion at cost 
Consumables and spare parts at cost 

9,690  
4,545,465  
927,203  
5,013,813  
437,756  
10,933,927  

5,251  
148,653  
717,603  
-  
275,951  
1,147,458  

78

 
 
 
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Notes to the Financial Statements

Ramelius Resources Limited - Consolidated Entity 

Notes to the financial statements 

For the year ended 30 June 2010 

12  Derivatives 

Current 
Gold hedge - put options 

Consolidated Group 
2009 
2010 
$ 
$ 

2,741  

-  

Put options are used to hedge cash flow risk associated with future transactions. Gains and losses arising from 
changes in the fair value of derivatives are initially recognised in the income statement to the extent that the cash 
flow hedges are ineffective. 

13  Other current assets 

Current 
Prepayments 

14  Financial assets  

Acquisition and disposal of financial assets 

254,941  

205,861  

On 30 July 2009 the Group announced an offer for all of the shares of Dioro Exploration NL (“Dioro”) with 
consideration of two Ramelius shares for every one Dioro share held. The offer was extended several times and 
on 18 December 2009 the consideration was increased to 2.1 Ramelius shares for every Dioro share. The Dioro 
offer closed on 8 February 2010 and the Group secured 34,352,544 Dioro shares representing a 37.51% stake of 
the target entity. 

On 12 February 2010 the Group accepted an offer from Avoca Resources Limited (“Avoca”) for its interest in 
Dioro for a consideration of $0.65 cash and 0.325 Avoca shares per Dioro share resulting in the receipt of 
$22,329,154 in cash and 11,164,578 Avoca shares. All the Avoca shares were subsequently sold at a price of 
$1.80 per share for gross proceeds of $20,096,240. 

15 

Plant, equipment & development assets 

Plant and equipment 
At cost 
Accumulated depreciation/amortisation 
Net book value  

Development expenditure 
Production phase at cost 
Accumulated amortisation 
Net book value 

Total property, plant and equipment 

Reconciliations 

(i) 

(ii) 

8,477,906  
(1,675,730) 
6,802,176  

6,621,044  
(961,249) 
5,659,795  

44,721,093   25,109,250  
(23,563,935) 
(5,785,617) 
21,157,158   19,323,633  

27,959,334   24,983,428  

Reconciliations of the carrying amounts for each class of plant, equipment and development assets are set out 
below: 

79

 
 
 
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Notes to the Financial Statements

Ramelius Resources Limited - Consolidated Entity 

Notes to the financial statements 

For the year ended 30 June 2010 

Note 

(i) Reconciliation 
Plant and equipment 
Carrying amount at beginning of year 
Additions 
Disposals/written off 
Depreciation/amortisation 

Carrying amount at end of year 

(ii) Reconciliation 
Development expenditure* 
Carrying amount at beginning of year 
Transfer from exploration and evaluation expenditure 
Capitalised development additions 
Amortisation 

Carrying amount at end of year 

Consolidated Group 
2009 
2010 
$ 
$ 

5,659,795  
1,881,862  
(25,000) 
(714,481) 

4,838,562  
1,341,558  
(22,957) 
(497,368) 

6,802,176  

5,659,795  

19,323,633  
-  

8,626,522  
-  
19,611,843   15,298,994  
(4,601,883) 
(17,778,318) 

21,157,158   19,323,633  

* Development assets relate to the Wattle Dam Mine with initial production from a pit cut-back in the September 
2008 quarter and followed by underground ore production during the December 2009 quarter. Amortisation of 
capitalised development costs commenced from the beginning of the pit cut-back and will continue over the 
estimated life of the mine. 

16  Exploration and evaluation expenditure 

Costs carried forward in respect of areas of 
interest in: 
   Exploration and evaluation 
Total exploration and evaluation expenditure 

(i) 

6,767,255   12,084,996  
6,767,255   12,084,996  

The ultimate recoupment of costs carried forward for exploration phase is dependent on the successful 
development and commercial exploitation or sale of the respective areas. 

(i) Reconciliation 
A reconciliation of the carrying amount of exploration and evaluation phase expenditure is set out below. 

Carrying amount at beginning of year 
Additional costs capitalised during the year 
Exploration costs written off during the year 
Exploration tenement sold during the year 
Amounts transferred to development 
expenditure 

Carrying amount at end of year 

12,084,996  
3,784,473  
(9,102,214) 
-  

8,041,535  
4,231,533  
(126,515)
(61,557)

-  

-  

6,767,255   12,084,996  

80

 
 
 
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Notes to the Financial Statements

Ramelius Resources Limited - Consolidated Entity 

Notes to the financial statements 

For the year ended 30 June 2010 

Note 

Consolidated Group 

2010
$    

2009
$     

  6,322,879  

41,512  

17 

Tax 

Consolidated entity 
Liabilities 
Current 
Income tax 

Assets and liabilities 
Non current 

Opening 
Balance 
$ 

Other 
$ 

Charged to 
Income 
$ 

Charged 
Directly to 
Equity 
$ 

Closing 
Balance 
$ 

Consolidated group 
Deferred tax liability 
  Exploration and evaluation 
  Development 

Balance at 30 June 2010 

Deferred tax asset 
  Issued equity transaction costs  
  Provisions 
  Future income tax benefits attributable to 
  tax losses 
  Franking deficit tax offset 
  Other 
Balance at 30 June 2010 

3,625,499  
4,775,862  
8,401,361  

422,761  
194,087  

4,227,896  
334,603  
34,919  
5,214,266  

-  
-  
-  

(1,619,724)  
(666,749)  
(2,286,473)  

-  
-  
-  

2,005,775  
4,109,113  
6,114,888  

-  
-  

-  
-  
-  
-  

(125,832)  
132,833   

(4,227,896)  
(334,603)  
62,172   
(4,493,326)  

15  
-  

-  
-  
-  
15  

296,944  
326,920  

-  
-  
97,091  
720,955  

18 

Trade and other payables 

Trade creditors 
Other creditors and accruals 

19 

Provisions 

Current 
Employee benefits 

Non current 
Employee benefits 
Restoration costs 

26 

26 
1(f) 

81

6,102,302  
764,929  
6,867,231  

6,079,894  
438,409  
6,518,303  

499,451  

421,563  

90,280  
500,000  
590,280  

42,493  
243,000  
285,493  

 
 
 
   
 
 
 
 
 
 
 
 
 
 
  
  
   
  
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Notes to the Financial Statements

Ramelius Resources Limited - Consolidated Entity 

Notes to the financial statements 

For the year ended 30 June 2010 

Note 

Consolidated Group 

2010
$    

2009
$     

Provision for long service leave 
A provision for long service leave has been recognised for employee benefits. In calculating the present value of 
future cash flow in respect of long service leave, the probability of long service leave being taken is based on 
historical data. The measurement and recognition criteria relating to employee benefits has been included in Note 
1 to this report. 

Provision for restoration  
In calculating the provision for restoration, the estimated provision has been estimated by reference to be the sum 
of guarantees required by the Western Australia Department of Mines for the Wattle Dam mine and 
management’s assessment of any additional expenditure expected to be incurred. The measurement and 
recognition criteria relating to restoration provisions have been included in Note 1 to this report. 

20 

Issued capital 

Issued and paid-up share capital 

291,342,923 (2009: 219,199,754) ordinary 
shares, fully paid 

20(a) 

(a) Ordinary shares 

Balance at the beginning of year 
Shares issued during the year 

72,140,701 shares issued pursuant to a 
takeover offer at a fair value of 
$0.47036 per share  
25,283,017 shares placed at $0.53 
8,444,271 shares issued through share 
purchase plan at $0.53 
Less transaction costs arising from 
share issues for cash net of tax 
100,000 shares issued as consideration 
for tenement acquisition 
Nil (2009: 72,090) shares issued to 
employees at nil consideration  
2,468 shares issued to option-holders on 
exercise of options at $1.00 cash 
Nil shares issued to option-holders  on 
exercise of options at $1.50 cash 

79,864,456  45,929,967  

45,929,967   28,661,250  

33,932,056  

-   
-   13,399,999  

-  

4,475,464  

(35) 

(693,372) 

-  

-  

80,000  

-  

2,468  

3,847  

-  

2,779  

Balance at end of year 

79,864,456   45,929,967  

Holders of ordinary shares are entitled to receive dividends as declared from time to time and are entitled to one 
vote per share at shareholders’ meetings. 

In the event of winding up of the Company ordinary shareholders rank after all creditors and are fully entitled to 
any proceeds of liquidation. 

Capital management 
Management effectively monitors the capital of the Group by assessing the financial risks and adjusting the 
capital structure in response to changes in these risks and the market. The responses include the management of 

82

 
 
 
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Notes to the Financial Statements

Ramelius Resources Limited - Consolidated Entity 

Notes to the financial statements 

For the year ended 30 June 2010 

dividends to shareholders and share issues. There have been no changes in the strategy adopted by management 
to control the capital during the year. 

(b) Options  
At close of business on 30 June 2010 all unexercised options expired and there were no unissued shares for 
which options were outstanding. (30 June 2009: 18,452,620 were exercisable at $1.50 by 30 June 2010). 

(i) 

For information relating to the Ramelius Resources Limited Incentive Options issued to Key 
Management Personnel including details of any options issued, exercised and lapsed during the financial 
year and the options outstanding at year end, refer to Note 22. 

(ii) 

For information relating to share options issued to Key Management Personnel during the financial year 
refer to Note 5. 

21 

Reserves  

Share based payments reserve 
Foreign currency translation reserve 

Note 

(a) 
(b) 

Consolidated Group 

2010
$    

2009
$    

883,850  
3,346  
887,196  

779,697  
-  
779,697  

(a) Share based payments reserve 

The share based payments reserve records items recognised as expenses on valuation of employees share 
options and performance rights. 

(b) Foreign currency translation reserve 

The foreign currency translation reserve records exchange differences arising on translations of a foreign 
controlled subsidiary. 

22 

Share based payments  

The following share-based payments arrangements existed at 30 June 2010: 

(i) Shares 

Shares granted to Key Management Personnel and other employees as share based payments are as follows:  

Shares granted to Key Management Personnel and other 

employees as share based payments 

Name 

No. of 
Shares 1 

Grant Date 

Fair Value 

per Share 

at grant 
date 1 

Key 

Management 

Personnel 
Other 
Employees 
Other 
Employees 

 TOTAL 

47,660 

15 April 2008 

54,809 

104,480 

15 April 2008 

120,152 

72,090 

20 April 2009 

224,230 

39,650 

214,611 

1   Each fully paid ordinary share was issued for no consideration. 

83

 
 
 
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Notes to the Financial Statements

Ramelius Resources Limited - Consolidated Entity 

Notes to the financial statements 

For the year ended 30 June 2010 

These shares were issued to employees at no consideration pursuant to the Employee Share Acquisition Plan 
which was approved by shareholders in November 2007. No shares were issued to employees during the 2010 
financial year. The fair value of these shares at the date of issue for 2009 was $39,650 which was recognised in 
share based payments reserve and included under employee expenses in the income statement (2010: nil). 
Vesting of these shares occurs three years after the issue date or the time the holder ceases to be an employee, 
which ever is the earlier. Given that vesting is certain to occur, the market value of the shares at the issue date 
was used to determine their fair value.  

(ii) Performance Rights 

On 7 April 2008, a total of 900,000 Performance Rights were granted to three senior executives and Key 
Management Personnel pursuant to a Performance Rights Plan which was approved by shareholders in 
November 2007. The Performance Rights, being an entitlement to shares in the Company, will vest three years 
after the grant date subject to satisfaction of certain performance conditions at which time, shares will be issued 
to the executives. The fair value of these Performance Rights at grant date was $576,000 of which $104,153 was 
recognised during the 2010 financial year in share based payments reserve and income statement (2009: 
$184,635).  During the year 450,000 Performance Rights lapsed as result of Mr Houldsworth retiring as an 
executive of the Company. At balance date, none of the remaining 450,000 Performance Rights had vested. The 
fair value was determined using the market price of the underlying shares at the date the Performance Rights 
were granted and assuming that all holders continued to be employees of the Group until the end of the vesting 
period, adjusted for the risk that vesting conditions are not met. This assumes the performance condition, which 
requires the Company’s share price to be within the top 40% of the comparator group as detailed in the 
Remuneration Report section of the Directors Report, is met and the Rights vest. 

 Performance Rights granted by the Parent Entity during the 2008 financial year 

Name 

No. of 
Rights 1 

Grant Date 

Fair Value 
per Right 
at grant 
date 2 

Exercise 
price 
per 
Right 

Rights 
expiry date 

Rights first 
exercise 
date 

Rights last 
exercise 
date 

Performance 
measurement 
period 

 JF Houldsworth3 

450,000 

7 April 2008 

288,000 

 IJ Gordon 

300,000 

7 April 2008 

192,000 

 DA Francese 

150,000 

7 April 2008 

  96,000 

 TOTAL 

900,000 

576,000 

$ 

-   

-   

-   

-   

7 April 2011 

7 April 2011 

7 April 2011 

7 April 2011 

7 April 2011 

7 April 2011 

7 April 2011 

7 April 2011 

7 April 2011 

3 years 

3 years 

3 years 

1     Each Right is issued for no consideration. Once exercisable, a Right entitles the holder to one fully paid ordinary share in the Parent 

Entity on payment of the exercise price. 

2     The aggregate value of Rights at the grant date is $576,000 of which $104,153 was expensed in the 2010 financial year (2009: 

$184,635) and after allowing for lapsed Performance Rights $73,907 is to be expensed in subsequent years (2009: $339,814). In 
accordance with the requirements of the Australian Accounting Standards, remuneration includes a proportion of the notional value 
of equity compensation granted or outstanding during the year. The notional value of equity instruments which do not vest during 
the reporting period is determined as at the grant date and is progressively allocated over the vesting period. The amount included as 
remuneration is not related to or indicative of the benefit (if any) that individuals may ultimately realise should the Rights vest. The 
notional value of Rights as at grant date has been determined in accordance with AASB2. The calculations are performed using an 
appropriate valuation methodology. The total minimum value of Rights, if the performance conditions are not met, is nil. 
3    On 31 July 2009 Mr Houldsworth retired as an executive of the Company and as a result, his entitlement to these Rights lapsed. 

(iii) Options 

Options granted to Key Management Personnel as share based payments are as follows: 

84

 
 
 
   
 
 
 
 
 
 
 
 
 
 
 
 
 
Notes to the Financial Statements

Ramelius Resources Limited - Consolidated Entity 

Notes to the financial statements 

For the year ended 30 June 2010 

2010 

2009 

Number of 
Options 

Weighted 
Average 
Exercise Price
$     

Number of 
Options 

Weighted 
Average 
Exercise Price
$     

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

800,000 

1.90 

- 

- 

- 

- 

- 

- 

(800,000) 

1.90 

- 

- 

- 

- 

Outstanding at the beginning of the year  

Granted  

Forfeited  

Exercised  

Expired  

Outstanding at year-end 

Exercisable at year-end 

The weighted average fair value of the options granted during the 2008 financial year was $0.34.  This price was 
calculated by using Black Scholes option pricing model applying the following inputs: 

Weighted average exercise price 
Weighted average life of the option (days) 
Underlying share price 
Expected share price volatility 
Risk free interest rate 

$1.90 
522  
$0.99 
107% 
7.75% 

The life of the options was based on the days remaining until expiry. 

On 25 January 2008, a total of 800,000 incentive share options were granted to two Key Management Personnel 
to take up ordinary shares at an exercise price of $1.90 each by 30 June 2009. The options were non transferable 
and not quoted securities. The fair value of the 800,000 options was $272,000. None of the 800,000 share 
options had been exercised prior to expiry and therefore lapsed. The fair value of these options was determined 
using the Black-Scholes Pricing model as detailed above.  

Options and Performance Rights granted to Key Management Personnel were over ordinary shares in Ramelius 
Resources Limited, which conferred a right of one ordinary share for every option held. 

23 

Financial risk management policies 

The Group’s financial instruments consist mainly of deposits with banks, derivatives, accounts receivable and 
payables.  

The totals for each category of financial instruments, measured in accordance with AASB 119 as detailed in the 
accounting policies to the financial statements, are as follows. 

85

 
 
 
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Notes to the Financial Statements

Ramelius Resources Limited - Consolidated Entity 

Notes to the financial statements 

For the year ended 30 June 2010 

Consolidated Group 

2010 

$ 

2009 

$ 

Financial assets 

     Cash at bank 

36,199,182 

673,726 

     Deposits 

44,027,668 

26,018,900 

     Receivables 

3,847,009 

1,438,035 

     Derivatives 

2,741 

-   

Total financial assets 

84,076,600 

28,130,661 

Financial liabilities 

     Payables 

(6,638,011) 

(6,518,303) 

Total financial liabilities 

(6,638,011) 

(6,518,303) 

Total net financial assets  

77,438,589 

21,612,358 

Financial risk management policies 

The Board of Directors are responsible for monitoring and managing financial risk exposures of the 
Group. 

Specific financial risk exposures and management 

The main risks the Group is exposed to include interest rate risk, price risk, credit risk, liquidity risk and 
treasury management risk. 

 (a) 

Interest rate risk 

Exposure to interest rate risk arises on financial assets and liabilities recognised at reporting date whereby a 
future change in interest rates will affect future cash flows or the fair value of fixed rate financial instruments. 
The Group has no long term financial assets or liabilities upon which it earns or pays interest. Cash is held in an 
interest yielding cheque account and on short term call deposits where the interest rate is both fixed and variable 
according to the financial asset.  

(i) Risk management 

Interest rate risk is managed with a mixture of fixed and floating rate cash deposits. The Group has, where 
possible, placed funds with financial institutions in order to receive the benefit of available government 
guarantees. 

(ii) Sensitivity analysis 

Interest rate risk 
The Group has performed a sensitivity analysis relating to its exposure to interest rate risk at balance date. This 
sensitivity analysis demonstrates the effect on the current year results and equity which could result in a change 
in these risks. It should be noted that the group does not have borrowings and any impacts would be in relation to 
deposit yields on cash assets. 

86

 
 
 
   
 
 
 
 
 
 
 
 
 
 
 
 
Notes to the Financial Statements

Ramelius Resources Limited - Consolidated Entity 

Notes to the financial statements 

For the year ended 30 June 2010 

Interest rate sensitivity analysis 
Based on the cash at the end of the financial year, if interest rates were to change by + / - 2% with all other 
variables remaining constant, the estimated impact on pre-tax profits would have been as follows: 

Impact on pre-tax profit 

Increase in interest rate by 2% 

Decrease in interest rate by 2% 

Impact on equity 

Increase in interest rate by 2% 

Decrease in interest rate by 2% 

 (b)  Price risk 

Consolidated Group 

2010 
$ 

2009 
$ 

1,603,601  

533,496  

(1,603,601) 

(533,496) 

1,603,601  

533,496  

(1,603,601) 

(533,496) 

Price risk relates to the risk that the fair value of future cash flows of gold sales will fluctuate because of changes 
in market prices largely due to demand and supply factors for commodities. 

The Group sells gold produced from the Wattle Dam Mine through a gold refiner in Perth Western Australia. 

The Group is exposed to commodity price risk as a result of the sale of gold on physical delivery at prices 
determined by market gold prices at time of sale. 

 (i) Risk management 

Gold price risk is managed with the use of hedging strategies through the purchase of gold put options to 
establish gold “floor prices” in Australian dollars over the Group’s gold production. Gold prices, gold 
futures and economic forecasts are constantly monitored to determine whether to implement a hedging 
program. 

(ii) Sensitivity analysis 

Price risk 
The Group has performed a sensitivity analysis relating to its exposure to gold price risk at balance date. This 
sensitivity analysis demonstrates the effect on the current year results and equity which could result in a change 
in these risks. It should be noted that the group may also hedge part of its gold production by implementing gold 
“floor prices” through the purchase of gold put options however this is generally at levels lower than current 
market prices. Notwithstanding this, the sensitivity analysis is still valid for gold prices above any floor prices 
that may be put in place. Any impacts from such hedging would be in relation to revenue from gold sales. 

Price sensitivity analysis 
Based on the gold sales of 15,393oz and 46,147oz for the 2009 and 2010 financial years respectively, if the gold 
price in Australian dollars changed by + / - A$100, with all other variables remaining constant, the estimated 
impact on pre-tax profits would have been as follows: 

87

 
 
 
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Notes to the Financial Statements

Ramelius Resources Limited - Consolidated Entity 

Notes to the financial statements 

For the year ended 30 June 2010 

Impact on pre-tax profit 

Increase in gold price by A$100 

Decrease in gold price by A$100 

Impact on equity 

Increase in gold price by A$100 

Decrease in gold price by A$100 

Consolidated Group 

2010 
$ 

2009 
$ 

4,614,700   

1,539,300   

(4,614,700)  

(1,539,300)  

4,614,700   

1,539,300   

(4,614,700)  

(1,539,300)  

 (c)  Credit risk exposures 

Credit risk represents the loss that would be recognised if counterparties failed to perform as contracted. 

The credit risk on financial assets of the entity which have been recognised in the statement of financial position, 
is the carrying amount, net of any provision of doubtful debts. 

Credit risk is managed through the maintenance of procedures which ensure to the extent possible, that 
customers and counterparties to transactions are of sound credit worthiness. Such monitoring is used in assessing 
receivables for impairment. 

No receivables are considered past due or impaired. 

(d)  Liquidity risk 

Liquidity risk arises from the possibility that the group might encounter difficulty in settling its debts or 
otherwise meeting its obligations related to financial liabilities.  

All financial assets and liabilities as disclosed above have maturities within one year. 

The Group manages liquidity risk by monitoring forecast cash flows. 

(e) 

Treasury risk management 

The Board meets on a regular basis to analyse financial risk exposure and evaluate treasury management 
strategies in the context of the most recent economic conditions and forecasts. The Board’s overall risk 
management strategy seeks to assist the Consolidated Group in meeting its financial targets, whilst maintaining 
the effects on financial performance. Risk is also minimised through investing surplus funds in financial 
institutions that maintain a high credit rating or in entities that the Board has otherwise cleared as being 
financially sound. 

(f)  Net fair values of financial assets and liabilities 

Fair values are amounts at which an asset could be exchanged, or a liability settled, between knowledgeable 
willing parties in an arms length transaction. 

The net fair values of financial assets and liabilities are determined by the entity on the following bases: 

(i) Monetary financial assets and financial liabilities not readily traded in an organised financial market are 

carried at book value and where relevant adjusted for any changes in exchange rates. 

(ii) Non monetary financial assets and liabilities are recognised at their carrying values in the statement of 

financial position. 

88

 
 
 
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Notes to the Financial Statements

Ramelius Resources Limited - Consolidated Entity 

Notes to the financial statements 

For the year ended 30 June 2010 

Note 

Consolidated Group 

2010  
$    

2009  
$    

24 

Commitments & contingent liabilities 

(a) Commitments 

Exploration expenditure commitments 
In order to maintain current rights of tenure to exploration tenements, the Group is required to perform minimum 
exploration work to meet the minimum expenditure requirements specified by the various State Governments of 
Australia.  These obligations are subject to renegotiation when application for a mining lease is made and at 
other times.  These obligations are not provided for in the financial report and are payable as follows. 

Within one year 
One year or later and no later than five years 
Later than five years 

1,572,700  
4,474,020  
6,721,600  

682,060  
2,324,500  
7,306,600  

12,768,320   10,313,160  

The Group sub-leases a serviced office in Adelaide under a non-cancellable annual operating lease expiring in 
October 2010; two properties in Kambalda WA expiring in July 2010 and March 2011 and a property in Charters 
Towers QLD. The Group also leases office accommodation in Perth under a non-cancellable operating lease 
expiring in May 2013.  The lease generally provides the Group with a right of renewal for a further 2 years after 
which time all terms are renegotiated.  Lease payments comprise a base amount plus an incremental contingent 
rental.  Contingent rentals are based on movements in the Consumer Price Index and operating criteria.  

Non-cancellable operating lease expense 
commitments 
Future operating lease commitments not provided for in 
the financial statements and payable: 
Within one year 
One year or later and no later than five years  
Later than five years 

Tenement acquisitions 
No contracts exist at year end for acquisition of tenements. 

(b) Contingent liabilities 

129,344 
182,457 
- 
311,801 

37,177 
- 
- 
37,177 

The details and estimated maximum amounts of contingent liabilities (excluding unquantifiable royalties) that 
may become payable are set out below.  The contingent liabilities arise from certain agreements for 
acquisition/earning of interests in mining tenements that are subject to certain precedent conditions being 
satisfied. At the date of this report there is no certainty that these liabilities will crystallise and therefore no 
provisions are included in the financial statements in respect of these matters. Exploration expenditure 
obligations may be subject to renegotiation, farm-out or relinquishment. In addition to the contingent liabilities 
detailed below, the Company is also required under various agreements to maintain tenements in good standing 
and pay all rates, rents and taxes and do all things necessary to renew tenements during the conditions precedent 
period. 

89

 
 
 
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Notes to the Financial Statements

Ramelius Resources Limited - Consolidated Entity 

Notes to the financial statements 

For the year ended 30 June 2010 

Contingent liabilities 
Termination benefits 

Mine development services 

Exploration expenditure to earn mineral rights 
on tenements in addition to minimum 
exploration expenditure commitment disclosed 
above 

Gold royalties & gold production payments
Within one year 
One year or later and no later than five years 

Note 

(i) 

(ii) 

(iii) 

(iv) 

Consolidated Group 

2010  
$    

2009  
$     

736,359  

913,287  

200,000  

1,000,000  

10,897,673  
11,834,032  

152,143  
2,065,430  

2,062,346  
-  
2,062,346  

1,774,000  
237,438  
2,011,438  

(i)  Termination benefits 

Service Agreements exist with the executive officers and other employees under which termination benefits 
may, in appropriate circumstances, become payable. The maximum total contingent liability at 30 June 
2010 under the service agreements is the amount disclosed above. 

(ii)  Mine development services  

Mine development services relate to termination of contractor services that may, in certain circumstances, 
become payable. The maximum total contingent liability at 30 June 2010 under the services agreement is 
the amount disclosed above. 

(iii)  Exploration expenditure 

Exploration expenditure relates to periods up to 5 years (2009: 4 years) in accordance with terms set out in 
relevant agreements. During the earning period the Company is associated with other entities in joint 
ventures whereby the Company sole funds certain exploration expenditure of not less than $1.02 million 
which at 30 June 2010 had substantially been spent with only the sum disclosed above yet to be incurred. 

(iv)  Gold royalties and gold production payments 

Gold royalties and gold production payments relate to royalties payable to Western Australian Government 
and production payments to Native Title Parties in accordance with gold production agreements. The 
amounts payable have been based on the current mine plan and represents management’s best estimate of 
the contingent liability. 

(c) Performance guarantees 
Unconditional bank guarantees have been provided by the Consolidated Group’s bankers in favour of the 
Western Australian Government in respect of restoration costs required for the company’s projects including the 
Wattle Dam Mine and Burbanks Gold Processing Mill; and in respect of the Burbanks Gold Processing Mill, to 
secure supply of gas and electricity. Deposits of $412,900 have been provided by the Consolidated Group as 
security against these unconditional bank guarantees (refer Note 9).  

90

 
 
 
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Notes to the Financial Statements

Ramelius Resources Limited - Consolidated Entity 

Notes to the financial statements 

For the year ended 30 June 2010 

Note 

Consolidated Group 

2010  
$    

2009  
$    

(d) Credit facilities 
The Group has established corporate credit card facilities with its bankers which are used by senior executives to 
incur business related expenditure. These cards each have a maximum available facility limit which is drawn 
down as corporate expenditure is incurred. Drawn down amounts are repaid monthly. The total maximum 
facility limit available to the Group at 30 June 2010 was $57,500. 

25  Notes to the statement of cash flows 

Reconciliation of profit from ordinary activities after 
income tax to net cash provided by operating activities 

Profit/(loss) after income tax expense 

Add/(less) non cash items 

Depreciation 
Amortisation of development expenditure 
Effect of exchange rates on cash holdings in 
foreign currencies 

Changes in assets and liabilities 

(Increase)/decrease in investments 
(Increase)/decrease in prepayments 
(Increase)/decrease in receivables 
(Increase)/decrease in inventories 
(Increase)/decrease in non-current assets 
(Increase)/decrease in other financial assets 
(Increase)/decrease in deferred tax assets 
(Decrease)/increase in accounts payable 
(Decrease)/increase in provisions 
(Decrease)/increase in current tax liabilities 
(Decrease)/increase in deferred tax liability 

Items classified as investing/financing activities 
(Decrease)/increase in share based payments 
reserve 
(Decrease)/increase in issued capital 
(Decrease)/increase in issued capital 
Transaction costs – tax effect 

Net cash provided by/(used in) operating 
activities 

91

20,198,695    4,973,356  

698,258   

395,336  
17,778,318    4,601,884  

17,781   

-  

(42,425,394)  
(76,544)  
947,316   
(9,781,826)  
9,101,456  
563,759   

-  
(85,335) 
(401,732) 
(995,814) 
111,799  
457,063  
4,493,312    (2,334,287) 
(216,613) 
(747,065)  
65,553  
6,428,136   
41,512  
-   
(2,286,474)   3,845,262  

104,153   
33,932,056   

224,284  
-  

15   

297,159  

38,945,952    10,979,427  

 
 
 
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Notes to the Financial Statements

Ramelius Resources Limited - Consolidated Entity 

Notes to the financial statements 

For the year ended 30 June 2010 

Note 

19 

19 

26 

Employee benefits 

Aggregate liability for employee benefits, 
including on-costs 
Current 
  Opening balance 
  Increase/(decrease) in provision 
  Closing balance 
Non-current 
  Opening balance 
  Increase/(decrease) in provision 
  Closing balance 

Total 

Number of employees 
Number of employees at year end 

27 

Related parties 

Consolidated Group 

2010  
$    

2009  
$    

421,563  
77,888  
499,451  

42,493  
47,787  
90,280  

257,858  
163,705  
421,563  

102,315  
(59,822) 
42,493  

589,731  

464,056  

39  

35  

Directors’ transactions with the Company 
A number of directors of the Company, or their director-related entities, held positions in other entities during 
the financial year that result in them having control or significant influence over the financial or operating 
policies of those entities. 

The terms and conditions of the transactions with directors and their director related entities were no more 
favourable to the directors and their director related entities than those available, or which might reasonably be 
expected to be available, on similar transactions to non-director related entities on an arm’s length basis. 

The aggregate amounts recognised during the year (excluding re-imbursement of expenses incurred on behalf of 
the Company) relating to directors and their director-related entities were as follows: 

Director 

Transaction 

JF Houldsworth  Amount paid to a relative of the 

director representing wages 
inclusive of superannuation in 
respect of mine security and living 
away from home expenses. 
Amount paid to a relative of the 
director in respect of a leased 
property at Kambalda WA on an 
arms length basis. 

RM Kennedy  Amount paid to relatives of the 

director in respect of casual wages 

85,808  

78,863  

3,661  

694  

-  

-  

There were no transactions with key management personnel and their related entities during the financial year. 

There were no amounts receivable from and payable to directors and their director-related entities at balance 
date. 

92

 
 
 
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Notes to the Financial Statements

Ramelius Resources Limited - Consolidated Entity 

Notes to the financial statements 

For the year ended 30 June 2010 

28 

Controlled Entities 

Country of 
Incorporation 

Australia 

Percentage Owned (%)* 

2010 

2009 

Australia 
United States 

100 
100 

100 
     - 

Parent entity: 
   Ramelius Resources Limited 
Subsidiaries of Ramelius Resources Limited: 
   Ramelius Milling Services Pty Ltd 
   Ramelius Nevada LLC** 

*   percentage of voting power is in proportion to ownership 
** incorporated during the financial year  

29  Operating segments 

The Consolidated Entity has adopted AASB 8 Operating Segments with effect from 1 July 2009. AASB 8 
requires operating segments to be identified on the basis of internal reports about components of the 
Consolidated Entity that are regularly reviewed by the chief operating decision maker, the Chief Executive 
Officer, in order to allocate resources to the segment and to assess its performance. The Consolidated Entity has 
identified its operating segments to be as follows based on distinct operational activities:  

(i)  Exploration; and 
(ii) Mining & Milling  

This is the basis on which internal reports are provided to the Chief Executive Officer for assessing performance 
and determining the allocation of resources within the Consolidated Entity. Unless stated otherwise, all amounts 
reported to the Chief Executive Officer, being the chief decision maker with respect to operating segments, are 
determined in accordance with accounting policies that are consistent to those adopted in the annual financial 
statements of the group. 

The Consolidated Entity operates primarily in one business, namely the exploration, development and 
production of minerals with a focus on gold. 

Details of the performance of each of these operating segments for the financial years ended 30 June 2009 and 
30 June 2010 are set out below: 

Segment performance 

Segment revenue 
Sales revenue 

Segment results 
Gross segment result 
before development 
amortisation & 
impairment costs 
Development 
amortisation costs 
Impairment costs 

Interest income 
Other revenue 
Other expenses 
Profit before tax 

Exploration 

Mining & Milling 

Total 

2010 
$ 

2009 
$ 

2010 
$ 

2009 
$ 

2010 
$ 

2009 
$ 

61,271,067  

19,861,748  

61,271,067  

19,861,748  

48,539,197  

12,877,966  

48,539,197  

12,877,966  

(9,102,214) 
(9,102,214) 

(126,515) 
(126,515) 

30,760,879  

8,276,082  

(17,778,318) 

(4,601,884) 

(17,778,318) 
(9,102,214) 
21,658,665  
2,079,171  
7,751,067  
(2,801,988) 
28,686,915  

(4,601,884) 
(126,515) 
8,149,567  
648,856  
170,676  
(1,811,493) 
7,157,606  

93

 
 
 
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Notes to the Financial Statements

Ramelius Resources Limited - Consolidated Entity 

Notes to the financial statements 

For the year ended 30 June 2010 

Exploration 

Mining & Milling 

Total 

2010 
$ 

2009 
$ 

2010 
$ 

2009 
$ 

2010 
$ 

2009 
$ 

3,784,473  
(9,102,214) 

4,231,533  
(126,515) 

19,611,843  

15,298,994  

19,611,843  
3,784,473  
 (9,102,214) 

15,298,994  
4,231,533  
 (126,515) 

7,025,179  

12,245,118  

39,336,709  

26,112,642  

46,361,888  

38,357,760  

80,226,850 

26,692,626 

3,360,391 

1,428,602 

63,767 

73,416 

720,954 

5,214,266 

130,733,850  

71,766,670  

880,613  

533,542  

5,830,058  

5,587,611  

6,710,671  

6,121,153  

1,091,825 

951,481 

106,852 

104,016 

6,322,879 

41,512 

47,615 

48,709 

6,114,887 

8,401,361 

20,394,729  

15,668,232  

Capitalised 
expenditure 
Mine development 
Exploration  
Less Impairment 

Segment assets 
Total corporate and 
unallocated assets 
-  Cash and cash 
equivalents 
-  Trade and other 
receivables 
Plant equipment 
and development 

- 

-  Deferred tax 
assets 

Total consolidated 
assets 

Segment liabilities 
Total corporate and 
unallocated liabilities 
-  Trade and other 

- 

payables 
Short term 
provisions 
-  Current tax 
liabilities 
-  Long term 
provisions 
-  Deferred tax 
liabilities 

Total consolidated 
liabilities 

Major customers 

The group has one major customer to whom it provides its products. This customer accounts for 95% (2009: 
99%) of sales revenue. 

94

 
 
 
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
                       
 
 
                       
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Notes to the Financial Statements

Ramelius Resources Limited - Consolidated Entity 

Notes to the financial statements 

For the year ended 30 June 2010 

Note 

Consolidated Group 

2010  
$    

2009  
$    

30 

Interests in unincorporated joint ventures 
(a)  The group has a direct interest in a number of unincorporated joint ventures, as follows: 

Joint Venture Project 
Black Cat 
Hilditch 
Wattle Dam 
Logan’s Larkinville 

Principal Activities 
Gold 
Nickel 
Nickel 
Nickel 
Gold and Tantalum 
Gold 
Gold 
Gold 
* Under an alliance with Marmota Energy Limited, Marmota may participate and earn a 40% interest in Ramelius’ interest 

Interest 
90% 
90% 
80% 
80% 
75% 
60% 
75% 
60% 

Nevada* 
Glen Isla 
Mt Windsor 

(b)  The Company’s share of assets in unincorporated joint ventures is as follows: 

Non current assets 
Exploration and evaluation expenditure 
(included in Note 16) 
Total assets employed in joint ventures

31  Events subsequent to balance date 

The following events occurred since 30 June 2010. 

1,743,258
1,743,258

4,953,040
4,953,040

Acquisition of Mt Magnet 
On 20 July 2010 the Group acquired 100% of the issued capital of Mt Magnet Gold NL for a cash consideration 
of $35,346,500 plus replacement of environmental bonds of $4,653,500 via bank guarantees.  

The acquisition is part of the group’s strategy of expanding its exploration and development portfolio. Through 
the acquisition of 100% of the issued capital of Mt Magnet Gold NL, the group has obtained control of the 
company. 

Mt Magnet Gold NL owns various tenements which comprise the Mt Magnet Gold Project. The financial effect 
of this transaction has not been brought to account in the financial year ended 30 June 2010. 

Purchase consideration: 
Cash 
Assets and liabilities held at acquisition date:
Exploration and evaluation assets 
Plant, equipment and development 
Inventories 
Trade and other payables 
Current provisions 
Non-current provisions 
Net assets 

Assets 
acquired 
$ 

Fair Value of   
assets acquired 
$ 

387,687 
6,414,809 
807,777 
(81,476) 
(11,869) 
(18,329,817) 
(10,812,889) 

35,346,500 

46,547,076 
6,414,809 
807,777 
(81,476) 
(11,869) 
(18,329,817) 
35,346,500 

Fair values will be confirmed prior to 30 June 2011 as required by the Australian accounting standards. 

95

 
 
 
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Notes to the Financial Statements

Ramelius Resources Limited - Consolidated Entity 

Notes to the financial statements 

For the year ended 30 June 2010 

Joint venture agreements 
The Group entered into a farm-in agreement with Miranda Gold Corporation to earn a 70% interest in the Angel 
Wing Gold Project in Nevada USA by exploration expenditure of US$4 million over 5 years with a minimum 
expenditure commitment of US$350,000 before it may withdraw. Under an alliance with Marmota Energy 
Limited, Marmota may participate and earn a 40% interest in the Group’s rights under the farm-in agreement.  

Capital repayment 
The capital repayment amounting to approximately A$14.5 million was paid on 20 August 2010. 

Apart from the above, there has not arisen in the interval between 30 June 2010 and the date of this report any 
item, transaction or event of a material and unusual nature likely, in the opinion of the directors of the Company, 
to affect significantly the operations of the Company, the results of those operations, or the state of affairs of the 
Company, in future years. 

32 

Reserves 
Share options reserve: The share options reserve records items recognised as expenses on valuation of employee 
share options.  

33 

Parent Company details 

Note

Assets 
   Current assets 
   Non-current assets 
   Total assets 

Liabilities 
   Current liabilities 
   Non-current liabilities 
   Total liabilities 

Net assets 

Equity 
Issued capital 
Reserves 
Retained earnings 

Total equity 

Financial performance 
Profit/(loss) for the period 

Other comprehensive income 
Total other comprehensive income for the period, 
net of tax 

Parent Entity 

2010 
$ 

2009 
$ 

90,191,555    24,778,181  
39,485,243    46,110,865  
129,676,798    70,889,046  

12,613,886    6,130,081  
6,677,260    8,677,239  
19,291,146    14,807,320  

110,385,652    56,081,726  

79,864,456    45,929,967  
779,697  
29,637,346    9,372,062  

883,850   

110,385,652    56,081,726  

20,265,284  

4,859,836  

-  

-  

-  

-  

Total comprehensive income for the period 

20,265,284  

4,859,836  

96

 
 
 
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Notes to the Financial Statements

Ramelius Resources Limited - Consolidated Entity 

Notes to the financial statements 

For the year ended 30 June 2010 

(a) Commitments 

Exploration expenditure commitments 
In order to maintain current rights of tenure to exploration tenements, the Parent Entity is required to perform 
minimum exploration work to meet the minimum expenditure requirements specified by the various State 
Governments of Australia.  These obligations are subject to renegotiation when application for a mining lease is 
made and at other times.  These obligations are not provided for in the financial report and are payable as 
follows. 

Within one year 
One year or later and no later than five years 
Later than five years 

1,550,700  
4,390,020  
6,591,600  

650,060  
2,198,500  
7,086,600  

12,532,320  

9,935,160  

The Parent Entity sub-leases a serviced office in Adelaide under a non-cancellable annual operating lease 
expiring in October 2010; two properties in Kambalda WA expiring in July 2010 and March 2011 and a property 
in Charters Towers QLD. The Parent Entity also leases office accommodation in Perth under a non-cancellable 
operating lease expiring in May 2013.  The lease generally provides the Parent Entity with a right of renewal for 
a further 2 years after which time all terms are renegotiated.  Lease payments comprise a base amount plus an 
incremental contingent rental.  Contingent rentals are based on movements in the Consumer Price Index and 
operating criteria.  

Non-cancellable operating lease expense 
commitments 

Future operating lease commitments not provided for in 
the financial statements and payable: 
Within one year 
One year or later and no later than five years  
Later than five years 

(b) Contingent liabilities 
Termination benefits 

Mine development services 

Exploration expenditure to earn mineral 
rights on tenements in addition to 
minimum exploration expenditure 
commitment disclosed above 

Gold royalties & gold production 
payments 
Within one year 
One year or later and no later than five 
years 

(i) 

(ii) 

(iii) 

(iv) 

97

129,344 
182,457 
- 
311,801 

37,177 
- 
- 
37,177 

618,645  

806,171  

200,000  

1,000,000  

10,897,673  
11,716,318  

152,143  
1,958,314  

2,062,346  

1,774,000  

-  
2,062,346  

237,438  
2,011,438  

 
 
 
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Notes to the Financial Statements

Ramelius Resources Limited - Consolidated Entity 

Notes to the financial statements 

For the year ended 30 June 2010 

(i)  Termination benefits 

Service Agreements exist with the executive officers and other employees under which termination benefits may, 
in appropriate circumstances, become payable. The maximum total contingent liability at 30 June 2010 under the 
service agreements is the amount disclosed above. 

(ii)  Mine development services  

Mine development services relate to termination of contractor services that may, in certain circumstances, 
become payable. The maximum total contingent liability at 30 June 2010 under the services agreement is the 
amount disclosed above. 

(iii) Exploration expenditure 

Exploration expenditure relates to periods up to 5 years (2009: 4 years) in accordance with terms set out in 
relevant agreements. During the earning period Ramelius Resources Limited is associated with other entities in 
joint ventures whereby Ramelius Resources Limited sole funds certain exploration expenditure of not less than 
$1.02 million which at 30 June 2010 had substantially been spent with only the sum disclosed above yet to be 
incurred. 

(iv) Gold royalties and gold production payments 

Gold royalties and gold production payments relate to royalties payable to Western Australian Government and 
production payments to Native Title Parties in accordance with gold production agreements. The amounts 
payable have been based on the current mine plan and represents management’s best estimate of the contingent 
liability. 

(c)  Performance guarantee 
Unconditional bank guarantees have been provided by the Parent Entity’s bankers in favour of the Western 
Australian Government in respect of restoration costs required for the company’s projects including the Wattle 
Dam Mine and Burbanks Gold Processing Mill; and in respect of the Burbanks Gold Processing Mill, to secure 
supply of gas and electricity. Deposits of $236,900 have been provided by the Parent Entity as security against 
these unconditional bank guarantees (refer Note 9). 

(d)  Credit facilities 
The Parent Entity has established corporate credit card facilities with its bankers which are used by senior 
executives to incur business related expenditure. These cards each have a maximum available facility limit which
is drawn down as corporate expenditure is incurred. Drawn down amounts are repaid monthly. The total 
maximum facility limit available to the Parent Entity at 30 June 2010 was $45,000. 

(e)  Guarantees in relation to debts of subsidiaries 
There were no guarantees in relation to debts of subsidiaries. 

34 

Company details 
The registered office and principal place of business of the company is: 

140 Greenhill Road 
UNLEY SA 5061 

98

 
 
 
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Directors’ Declaration

Ramelius Resources Limited - Consolidated Entity 

Directors’ declaration 

For the year ended 30 June 2010 

Directors’ declaration 

The Directors of Ramelius Resources Limited declare that: 

(a) 

the financial statements and notes, as set out on pages 55 to 98, are in accordance with the Corporations Act 
2001, including: 

(i)  giving a true and fair view of the financial position as at 30 June 2010 and of the performance for 

the year ended on that date of the Consolidated Group; and 

(ii)  complying with Accounting Standards; 

(iii)   complying with International Financial Reporting Standards as disclosed in Note 1; 

(b)  

The Chief Executive Officer and Chief Financial Officer have declared that: 

(i) 

the financial records of the Company for the financial year have been properly maintained in 
accordance with section 286 of the Corporations Act 2001; 

(ii) 

the financial statements and notes for the financial year comply with the accounting standards; and 

(iii)  the financial statements and notes for the financial year give a true and fair view; and 

(c)  

In the Directors’ opinion, there are reasonable grounds to believe that the Company will be able to pay its debts 
as and when they become due and payable. 

This declaration is made in accordance with a resolution of the Board of Directors. 

99

 
 
 
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Independent Auditor’s Report

100

Independent Auditor’s Report

101

Independent Auditor’s Report

102

Shareholder Information

Ramelius Resources Limited  

Shareholder Information 

Additional information required by the Australian Securities Exchange Limited Listing Rules and not disclosed 
elsewhere in this report is set out below. 

Shareholdings as at 17 September 2010 

Substantial shareholders 
The number of shares held by substantial shareholders and their associates as disclosed in substantial holding notices 
given to the Company are set out below: 

Substantial shareholder  

Sprott Asset Management Inc. 
Beach Energy Limited 
J P Morgan Chase & Co and its affiliates 

Number of fully paid 
ordinary shares held 
48,070,574 
20,100,003 
14,495,152 

Voting rights 
Fully paid ordinary shares 
Subject to any rights or restrictions attached to any class of shares, at a meeting of members, on a show of hands, each 
member present (in person, by proxy, attorney or representative) has one vote and on a poll, each member present (in 
person, by proxy, attorney or representative) has one vote for each fully paid share they hold. 

Options 
There were no options on issue by the Company as at 17 September 2010. 

Distribution of equity security holders 

Category 

1 – 1,000 
1,001 – 5,000 
5,001 – 10,000 
10,001 – 100,000 
100,001 and over 
Total number of security holders 

Holders of 
Ordinary shares 

921 
1,981 
1,243 
2,449 
309 
6,903 

The number of shareholders holding less than a marketable parcel of ordinary shares is 528. 

On market buy-back 
There is no current on-market buy-back. 

103

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shareholder Information

Ramelius Resources Limited  

Shareholder Information 

Twenty largest shareholders 
The names of the 20 largest holders of fully paid ordinary shares constituting a class of quoted equity securities on the 
Australian Securities Exchange Limited including the number and percentage held by those holders at 17 September 
2010 are as follows. 

Name 

HSBC Custody Nominees (Australia) Limited 
JP Morgan Nominees Australia Limited  
Beach Energy Limited 
JP Morgan Nominees Australia Limited 
Mandurang Pty Ltd 
Aurelius Resources Pty Ltd 
National Nominees Limited 
Joseph Fred Houldsworth 
ANZ Nominees Limited   
Mr Stig Hakan Hellsing Mrs Patricia Anne Hellsing 
 
Citicorp Nominees Pty Ltd 
Mr George Chien Hsun Lu & Mrs Jenny Chin Pao Lu 
NEFCO Nominees Pty Ltd 
Comsec Nominees Pty Limited 
Goldfields Hotels Pty Ltd 
Mr Harold Walter Daly & Mrs Maureen Hazel Daly 
 
Pan Australian Nominees Pty Limited 
B & J O’Shannassy Management Pty Ltd  
Mrs Rosalind Mary Smart 
Triple Eight Gold Pty Ltd  

Number of fully paid 
ordinary shares held 
29,479,636 
23,291,683 

20,100,003 
7,166,663 
6,429,813 
5,074,091 
4,173,450 
4,080,014 
4,057,120 

2,635,000 
2,478,525 
2,475,000 
1,928,378 
1,722,832 
1,500,000 

1,420,501 
1,335,340 
1,209,653 

1,209,415 
1,194,732 

Percentage held 

10.12 
7.99 

6.90 
2.46 
2.21 
1.74 
1.43 
1.40 
1.39 

0.90 
0.85 
0.85 
0.66 
0.59 
0.51 

0.49 
0.46 
0.42 

0.42 
0.41 

122,961,849 

42.19 

104

 
 
 
 
 
 
 
 
 
 
Shareholder Information

Ramelius Resources Limited  

Shareholder Information 

Unquoted and restricted equity securities 

Fully paid ordinary shares 
Details of fully paid ordinary shares on issue as at 17 September 2010 which are unquoted restricted securities are as 
follows.  

Date until securities are restricted 

Number of unquoted fully paid 
ordinary shares on issue 

Number of holders 

15 April 2011* 
 20 April 2012** 

                            14 September 2013*** 

119,360 
72,090 
72,520 

21 
10 
  6 

*   These securities are issued to employees and do not vest until 3 years from the date of issue of 15 April 2008 or 

the holder ceases as an employee, whichever occurs first. 

**  These securities are issued to employees and do not vest until 3 years from the date of issue of 20 April 2009 or 

the holder ceases as an employee, whichever occurs first. 

***  These securities are issued to employees and do not vest until 3 years from the date of issue of 14 September 2010 

or the holder ceases as an employee, whichever occurs first. 

105

 
  
 
 
 
 
 
 
 
 
 
 
 
 
106

Wattle Dam Underground Drill Rig

Wattle Dam Gold Pour

Burbanks Gold Processing Mill

Australian Securities 
Exchange Code
RMS: Shares
Listed on Australian Securities 
Exchange Limited 
Home Exchange: Adelaide
91 King William Street 
Adelaide SA 5000

Share Registrar
Location of Share Register
Computershare Investor 
Services Pty Limited 
Level 5, 115 Grenfell Street
ADELAIDE SA 5000
Telephone: (08) 8236 2300 or 
1300 556 161 
Facsimile: (08) 8236 2305
Email: info@computershare.com.au

Auditors
Grant Thornton 
Chartered Accountants
67 Greenhill Road 
WAYVILLE SA 5034

Lawyers
DMAW Lawyers 
Level 3, 80 King William Street 
ADELAIDE SA 5000

Corporate Directory

Principal Registered Office
Ramelius Resources Limited
140 Greenhill Road UNLEY SA 5061
GPO Box 1373 ADELAIDE SA 5001
Telephone: (08) 8373 6473 / (08) 8373 5588 
Facsimile: (08) 8373 5917
Email: info@rameliusresources.com.au
Website: www.rameliusresources.com.au

Perth Exploration Office
Level 1, 130 Royal Street
EAST PERTH WA 6004
P.O. BOX 6070 EAST PERTH WA 6892 
Telephone: (08) 9202 1127 
Facsimile: (08) 9202 1138 
Email: accounts@rameliusresources.com.au 

Directors and Senior Management

ROBERT MICHAEL KENNEDY
ASIT, Grad. Dip. (Systems Analysis) 
FCA, ACIS, FAIM, FAlCD
Non-Executive Chairman

IAN JAMES GORDON
BCom, MAICD
Executive Director & 
Chief Executive Officer

REGINALD GEORGE NELSON 
BSc (MATHS), FAusIMM, FAICD
Non-Executive Director

JOSEPH FRED HOULDSWORTH 
Non-Executive Director 

KEVIN JAMES LINES
BSc (Geology), MAusIMM.
Non-Executive Director

DOMENICO ANTONIO FRANCESE 
BEc, FCA, FFin, ACIS
Company Secretary and 
Chief Financial Officer

DANNY DOHERTY
BSc, Applied (Mining Engineering)
MAusIMM, Registered 
Mine Manager, WA
Operations Manager

KEVIN MARK SEYMOUR
BSc, (Geology)
MAusIMM 
Business Development Manager

ANTONY WEBB
BSc. (Metallurgy)
Process Manager