ACROW LIMITED — Major Shareholding Notification 2012

Nov 20, 2012

Form 604

Corporations Act 2001 Section 671B

Notice of change of interests of substantial holder

To Company Name/Scheme Noble Mineral Resources Limited ACN/ARSN 124 893 465

1. Details of substantial holder (1)

Name Resolute Mining Limited and Resolute (Treasury) Pty Ltd ACN/ARSN (if applicable) 097 088 689 / 120 794 603 There was a change in the interests of the substantial holder on 20 / 11 / 2012 The previous notice was given to the company on 26 / 10 / 2012 The previous notice was dated 26 / 10 / 2012

2. Previous and present voting power

The total number of votes attached to all the voting shares in the company or voting interests in the scheme that the substantial holder or an associate (2) had a relevant interest (3) in when last required, and when now required, to give a substantial holding notice to the company or scheme, are as follows:

Class of securities (4)	Previous notice		Present notice
	Person’s votes	Voting power (5)	Person’s votes	Voting power (5)
Fully Paid, Ordinary Shares	131,099,200	19.99%	131,099,300	19.99%

3. Changes in relevant interests

Particulars of each change in, or change in the nature of, a relevant interest of the substantial holder or an associate in voting securities of the company or scheme, since the substantial holder was last required to give a substantial holding notice to the company or scheme are as follows:

Date of change	Person whose relevant interest changed	Nature of change (6)	Consideration given in relation to change (7)	Class and number of securities affected	Person's votes affected
6/11/2012	Resolute Mining Limited Resolute (Treasury) Pty Ltd	Off-market acquisition of 100 ordinary Noble shares by Resolute (Treasury) Pty Ltd	Nil	100 Ordinary Shares of Noble Mineral Resources Limited	19.99%
20/11/2012	Resolute Mining Limited Resolute (Treasury) Pty Ltd	Completion of the purchase of ordinary Noble shares pursuant to the share sale agreements described in the previous notice dated 26/10/2012. Resolute (Treasury) Pty Ltd is now the registered	The issue of 10,924,933 Ordinary Shares of Resolute Mining Limited	131,099,200 Ordinary Shares of Noble Mineral Resources Limited	19.99%

holder of
131,099,300
ordinary Noble
shares
(including the
100 Noble
shares
purchased on
6/11/2012)

4. Present relevant interests

Particulars of each relevant interest of the substantial holder in voting securities after the change are as follows:

Holder of relevant interest	Registered holder of securities	Person entitled to be registered as holder (8)	Nature of relevant interest (6)	Class and number of securities	Person's votes
Resolute (Treasury) Pty Ltd	Resolute (Treasury) Pty Ltd	Resolute (Treasury) Pty Ltd	Registered Holder under section 608(1)(a)of the Corporations Act	131,099,300 Ordinary Shares	19.99%
Resolute Mining Limited	Resolute (Treasury) Pty Ltd	Resolute (Treasury) Pty Ltd	Relevant interest under section 608(3)(b) of the Corporations Act. Resolute Mining Limited owns 100% of Resolute (Treasury) Pty Ltd	131,099,300 Ordinary Shares	19.99%

5. Changes in association

The persons who have become associates (2) of, ceased to be associates of, or have changed the nature of their association (9) with, the substantial holder in relation to voting interests in the company or scheme are as follows:

Name and ACN/ARSN (if applicable) Nature of association

6. Addresses

The addresses of persons named in this form are as follows:

Name	Address
Resolute Mining Limited	4th Floor, BGC Centre, 28 The Esplanade, Perth WA 6000
Resolute (Treasury) Pty Ltd	4th Floor, BGC Centre, 28 The Esplanade, Perth WA 6000

Signature

print name GREG FITZGERALD capacity COMPANY SECRETARY sign here date 20/11/12

DIRECTIONS

(1) If there are a number of substantial holders with similar or related relevant interests (eg. a corporation and its related corporations, or the manager and trustee of an equity trust), the names could be included in an annexure to the form. If the relevant interests of a group of persons are essentially similar, they may be referred to throughout the form as a specifically named group if the membership of each group, with the names and addresses of members is clearly set out in paragraph 6 of the form.

(2) See the definition of "associate" in section 9 of the Corporations Act 2001.

(3) See the definition of "relevant interest" in sections 608 and 671B(7) of the Corporations Act 2001.

• (4) The voting shares of a company constitute one class unless divided into separate classes.

• (5) The person's votes divided by the total votes in the body corporate or scheme multiplied by 100.

• (6) Include details of:

• (a) any relevant agreement or other circumstances because of which the change in relevant interest occurred. If subsection 671B(4) applies, a copy of any document setting out the terms of any relevant agreement, and a statement by the person giving full and accurate details of any contract, scheme or arrangement, must accompany this form, together with a written statement certifying this contract, scheme or arrangement; and

• (b) any qualification of the power of a person to exercise, control the exercise of, or influence the exercise of, the voting powers or disposal of the securities to which the relevant interest relates (indicating clearly the particular securities to which the qualification applies).

See the definition of "relevant agreement" in section 9 of the Corporations Act 2001.

(7) Details of the consideration must include any and all benefits, money and other, that any person from whom a relevant interest was acquired has, or may, become entitled to receive in relation to that acquisition. Details must be included even if the benefit is conditional on the happening or not of a contingency. Details must be included of any benefit paid on behalf of the substantial holder or its associate in relation to the acquisitions, even if they are not paid directly to the person from whom the relevant interest was acquired.

(8) If the substantial holder is unable to determine the identity of the person (eg. if the relevant interest arises because of an option) write "unknown".

(9) Give details, if appropriate, of the present association and any change in that association since the last substantial holding notice.