ASARA RESOURCES LIMITED — Major Shareholding Notification 2014

Jan 1, 2014

FORM 603

Corporations Act 2001 Section 671B

NOTICE OF INITIAL SUBSTANTIAL HOLDER

To: Company Name/Scheme GMR - Golden Rim Resources Ltd ACN/ARSN 006 710 774

1. Details of Substantial Holder(1)

Name Acorn Capital Limited ACN/ARSN (if applicable) 082 694 531 The holder became a substantial holder on 31/12/2013

2. Details of 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 on the date the substantial holder became a substantial holder are as follows:

Class of Securities (4)	Number of Securities	Person's Votes (5)	Voting Power (6)
Ordinary	82,643,921	82,643,921	10.62%

3. Details of Relevant Interests

The nature of the relevant interest the substantial holder or an associate had in the following voting securities on the date the substantial holder became a substantial holder are as follows:

Holder of Relevant Interest	Nature of Relevant Interest (7)	Class and Number of Securities
Acorn Capital Limited	Power to (or to control) exercise vote and/ordispose of the shares as discretionary	82,643,921
	investment managers or advisers to
	superannuation funds, pooled
	superannuation trusts, managed investment
	schemes and investment management
	agreements

4. Details of Present Registered Holders

The persons registered as holders of the securities referred to in Paragraph 3 above are as follows:

Holder of Relevant Interest	Registered Holder of Securities	Person Entitled to be	Class and Number of
		Registered as Holder(8)	Securities
LUCRF Acorn Micro-Cap Equities	JP Morgan Chase Nominees		7,076,917
Auscoal Superannuation Fund	JP Morgan Chase Nominees		28,489,903
Commonwealth Super Corporation	HSBC Custody Nominees (AUS) Ltd		47,077,101

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5. Consideration

The consideration paid for each relevant interest referred to in paragraph 3 above, and acquired in the four months prior to the day that the substantial holder became a substantial holder is as follows:

Holder of Relevant Interest	Date of Acquisition	Consideration(9)	Consideration(9)	Class and Number of Securities
		Cash	Non-Cash
Acorn Capital Limited	24-Sep-2010 to 02-Jan-2014	$5,218,523.72		82,643,921

6. Associates

The reasons the persons named in Paragraph 3 above are associates of the substantial holder are as follows:

Name and ACN/ARSN (if applicable) Name of Association

7. Addresses

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

Name	Address
All Relevant Holders	C/O Acorn Capital Limited, Level 12, 90 Collins Street, Melbourne Victoria 3000

Print Name PAUL PALUMBO Capacity Portfolio Manager 2/01/2014 Sign Here Date

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