EVOLUTION MINING LIMITED — Major Shareholding Notification 2015

Sep 22, 2015

Form 604 Corporations Act 2001 Section 671B

Notice of change of interests of substantial holder

To Company Name/Scheme	Evolution Mining Limited
ACN/ARSN	084 669 036
Details of substantial holder (1) 1. Name		Van Eck Associates Corporation (and its associates referred to in paragraph 6).
ACN/ARSN (if applicable)	N/A
There was a change in the interests of the substantial holder on The previous notice was given to the company on The previous notice was dated		18/09/2015 27/08/2015 26/08/2015

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)
Ordinary shares	136,591,080	$10.39\%$	185.157.925	12.86%

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
	Van Eck Associates Corporation (VEAC) See Annexure A

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
VEAC	State Street Bank as lcustodian for Van Eck IInternational Funds - International linvestors Gold Fund	lVan Eck Funds - llnvestors Gold Fund (IIG)	WEAC holds its relevant interest by having the power to exercise, control the exercise of, or linfluence the exercise of. the voting powers or disposal of the securities to which the relevant linterest relates in the ordinary course of linvestment management business.	Ordinary shares 12,654,587	0.879%
VEAC	Bank of New York lMellon as custodian lfor Market Vectors Trust - Junior Gold Miners ETF	Market Vectors Trust Same as above. - Junior Gold Miners IETF (GDXJ).		Ordinary shares 61,160,671	4.247%

VEAC	Northern Trust as custodian for Lockheed Martin Corporation Master Retirement Trust	Lockheed Martin Junior Gold (LM)	Same as above.	Ordinary shares 673,144	0.047%
VEAC	Credit Agricole as custodian for LODH Invest - The World Gold Expertise Fund	LODH Invest - The World Gold Expertise Fund (LODH)	Same as above.	Ordinary shares 2,442,695	0.170%
VEAC	JPMorgan as custodian for Jackson National	Jackson National/Van Same as above. Eck International Fund (JLGOLD)		Ordinary shares 784,062	0.054%
VEAC	Northern Trust as custodian for Guidestone Global Natural Resources - Van Eck	Guidestone Global Natural Resources- Van Eck (GGOLD)	Same as above.	Ordinary shares 1,496,769	0.104%
VEAC	State Street Bank as custodian for Van Eck VIP Trust - VIP Global (VGOLD) Gold	Van Eck VIP Trust- VIP Global Gold	Same as above.	Ordinary shares 213,392	0.015%
VEAC	Northern Trust as custodian for Lockheed Martin Corporation Master Retirement Trust	Lockhead Martin Corporation Master Retirement Trust (LMJ)	Same as above.	Ordinary shares 893,384	0.062%
VEAC	Bank of New York Mellon as custodian for Market Vectors Trust, Market Vectors Australian Emerging	Market Vectors Trust Same as above. Market Vectors Australian Emerging Resources ETF (MVE.AU)		Ordinary shares 78,650	0.005%
VEAC	Bank of New York Mellon as custodian for Market Vectors Trust-Gold Miners ETF	Market Vectors Trust Same as above. - Gold Miners ETF (GDX)		Ordinary shares 102,597,127	7.125%
VEAC	Bank of New York Mellon as custodian for Market Vectors Trust, Market Vectors Australian Small Cap	Market Vectors Trust Same as above. Australian Small Cap Dividend Payers ETF (MVS.AU)		Ordinary shares 362,323	0.025%
VEAC	Bank of New York Mellon as custodian for Market Vectors Trust - Gold Miners UCITS ETF	Market Vectors Trust Same as above. Gold Miners UCITS ETF (UCTGDX)		Ordinary shares 1,572,982	0.109%
VEAC	Bank of New York Mellon as custodian for Market Vectors Trust - Junior Gold Miners UCITS ETF	Market Vectors Trust - Junior Gold Miners UCITS ETF (UCTGDXJ)	lSame as above.	Ordinary shares 228,139	0.016%

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:

(if ACN/ARSN Name annlicable) and Δ	Nature of association
	___

6. Addresses

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

Name	Address
VEAC	335 Madison Avenue, New York, NY 10017
Van Eck Securities Corporation	335 Madison Avenue, New York, NY 10017
Van Eck Absolute Return Advisers, Inc.	335 Madison Avenue, New York, NY 10017
Market Vectors Australia Pty Ltd	Gold Fields House, Level 3, 1 Alfred Street, Sydney NSW 2000

Market Vectors investments Limited	Gold Fields House, Level 3, 1 Alfred Street, Sydney NSW 2000
------------------------------------	--------------------------------------------------------------	--

Signature

print name	Russell Brennan	capacity	Assistant VP
sign here		date	22/09/2015

DIRECTIONS

• 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 $(1)$ 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:
• any relevant agreement or other circumstances because of which the change in relevant interest occurred. If subsection 671B(4) applies, a copy $(a)$ 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.

• 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 m $(7)$ contingency. Details must be included on 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.
• 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". $(8)$
• $(9)$ Give details, if appropriate, of the present association and any change in that association since the last substantial holding notice.

GUIDE

This guide does not form part of the prescribed form
and is included by ASIC to assist you in completing and lodging form 604.

Signature		This form must be signed by either a director or a secretary of the substantial holder.
Lodging period	Nil
Lodging Fee	Nil
Other forms to be
completed	Nil
Additional information	(a)	If additional space is required to complete a question, the information may be included on a separate piece of
		paper annexed to the form.
	(b)	This notice must be given to a listed company, or the responsible entity for a listed managed investment scheme. A copy of this notice must also be given to each relevant securities exchange.
	(c)	The person must give a copy of this notice:
		(i) within 2 business days after they become aware of the information; or
		(ii) by 9.30 am on the next trading day of the relevant securities exchange after they become aware of the information if:
		(A) a takeover bid is made for voting shares in the company or voting interests in the scheme; and
		(B) the person becomes aware of the information during the bid period.
Annexures		To make any annexure conform to the regulations, you must
	1.	use A4 size paper of white or light pastel colour with a margin of at least 10mm on all sides
	$\overline{2}$	show the corporation name and A.C.N or ARBN
	3	number the pages consecutively
	4	print or type in BLOCK letters in dark blue or black ink so that the document is clearly legible when photocopied
	5	identify the annexure with a mark such as A, B, C, etc
	6	endorse the annexure with the words: This is annexure (mark) of (number) pages referred to in form (form number and title)
	7	sign and date the annexure.
		The annexure must be signed by the same person(s) who signed the form.

Information in this guide is intended as a guide only. Please consult your accountant or solicitor for further advice.

Holder of relevant	Date of			Consideration	Consideration Non-
interest	Acquisition/Disposal	B/S		Cash	cash	Number of Securities
MVSAU	$5/26/2015$ B		\$		In-Kind	9,810
GDXJ	5/27/2015 S		\$		In-Kind	120,750
GDXJ	$5/29/2015$ B		\$	10,740,458	\$ ¥,	11,933,842
GDXJ	$5/29/2015$ S		\$	534,460	\$ ۰	506,089
GGOLD	$5/29/2015$ B		\$	374,192	\$ ¥	415,769
IIG	5/29/2015B		$\overline{\boldsymbol{\varsigma}}$	3,163,647	$\overline{\boldsymbol{\zeta}}$ Ħ,	3,515,163
JLGOLD	5/29/2015B		\$	229,016	\$ ü,	254,462
MVEAU	$5/29/2015$ B		\$	12,886	\$ Ħ.	14,318
MVSAU	5/29/2015B		\$	3,396	\$ ¥	3,773
UCTGDXJ	5/29/2015 B		\$	40,461	\$ ÷.	44,957
UCTGDXJ	$5/29/2015$ S		\$	1,196	\$ Ξ	1,140
VGOLD	$5/29/2015$ B		\$	56,423	\$ $\equiv$	62,692
MVEAU	$6/1/2015$ B		\$	95	$\overline{\mathsf{S}}$ ÷	84
MVSAU	$6/1/2015$ B		\$		In-Kind	189,952
GDXJ	$6/5/2015$ S		\$	400,144	\$ Ξ	359,125
MVEAU	$6/5/2015$ B		$\overline{\mathsf{S}}$	1,734	\$ ÷	1,554
MVSAU	6/5/2015B		\$	307	$\overline{\varsigma}$ Ξ	275
UCTGDXJ	$6/5/2015$ S		$\overline{\varsigma}$	1,730	\$ ₹	1,553
GDXJ	$6/9/2015$ B		\$		In-Kind	32,810
LM	$6/11/2015$ B		\$	168,286	\$ Ξ	186,984
LMJ	$6/11/2015$ B		$\overline{\boldsymbol{\zeta}}$	310,846	\$ ŵ.	345,384
GDXJ	$6/12/2015$ S		\$		In-Kind	196,866
LMJ	$6/12/2015$ S		$\overline{\varsigma}$	416,698	\$ Ħ,	350,000
LODH	$6/12/2015$ B		$\overline{\boldsymbol{\zeta}}$	709,924	$\overline{\boldsymbol{\varsigma}}$ ۳	788,804
GDX	$6/15/2015$ B		\$	3,027,957	\$ ÷.	2,401,650
GDXJ	$6/15/2015$ S		\$		In-Kind	131,252
GDX	$6/16/2015$ B		\$	3,294,440	\$	2,613,221
GDX	$6/17/2015$ B		\$	3,497,138	\$ u,	2,773,785
GDXJ	$6/17/2015$ S		\$		In-Kind	32,789
GDXJ	$6/18/2015$ S		$\overline{\varsigma}$		In-Kind	32,788
GDX	$6/19/2015$ B		$\overline{\varsigma}$	71,928,476	\$ ÷,	57,718,244
GDXJ	6/19/2015B		5	12,254,637	$\overline{\varsigma}$ ۰	9,763,873
MVEAU	$6/19/2015$ B		\$	26,049	$\mathsf{S}$ ÷.	20,907
MVSAU	$6/19/2015$ B		$\boldsymbol{\mathsf{S}}$	90,450	$\varsigma$ ú,	72,595
UCTGDX	$6/19/2015$ B		$\overline{\varsigma}$	1,282,767	\$ ÷,	1,029,614
UCTGDXJ	$6/19/2015$ B		$\overline{\mathsf{S}}$	46,583	$\overline{\boldsymbol{\varsigma}}$ ωĭ,	37,390
GDX	$6/22/2015$ B		$\boldsymbol{\zeta}$		In-Kind	297,060
GDXJ	$6/22/2015$ B		$\boldsymbol{\zeta}$	301,348	$\varsigma$ $\overline{\phantom{a}}$	244,033
UCTGDXJ	$6/22/2015$ B		\$	1,061	$\zeta$ ×,	857
GDX	$6/23/2015$ B		$\boldsymbol{\zeta}$		In-Kind	89,118
GDX	$6/25/2015$ B		$\overline{\mathsf{S}}$		In-Kind	722,992
MVEAU	$6/25/2015$ B		\$	371	$\frac{1}{2}$ $\omega$	317
MVSAU	$6/25/2015$ B		$\overline{\varsigma}$	1,234	$\zeta$	1,054
GDX	$6/26/2015$ B		$\overline{\boldsymbol{\zeta}}$		In-Kind	29,712
GDX	$6/29/2015$ B		$\overline{\xi}$		In-Kind	693,420
MVEAU	$6/30/2015$ S		\$	973	\$ $\sim$	847
MVSAU	$6/30/2015$ S		\$	910	$\zeta$ ۰	792
GDX	7/2/2015 B		\$		In-Kind	277,424
GDX	7/6/2015 B		$\overline{\xi}$		In-Kind	396,320

Holder of relevant	Date of		Consideration	Consideration Non-
interest	Acquisition/Disposal	B/S	Cash	cash	Number of Securities
GDX	$7/7/2015$ B		\$	In-Kind	148,710
GDX	7/8/2015 S		\$	In-Kind	9,914
GDXJ	7/8/2015 S		\$	In-Kind	81,652
GDX	7/9/2015 S		\$	In-Kind	971,474
GDX	7/10/2015 S		\$	In-Kind	148,695
GDXJ	7/10/2015 S		\$	In-Kind	408,160
GDX	7/13/2015 S		$\overline{\boldsymbol{\varsigma}}$	In-Kind	49,565
GDXJ	$7/13/2015$ S		\$	In-Kind	40,820
GDXJ	7/14/2015B		\$	In-Kind	163,224
GDX	7/16/2015 S		\$	In-Kind	39,660
GDX	7/17/2015 S		$\overline{\xi}$	In-Kind	446,175
GDXJ	7/17/2015B		\$	In-Kind	122,421
GDX	7/20/2015 S		\$	In-Kind	247,875
GDXJ	7/20/2015 S		\$	In-Kind	1,387,710
GDX	7/21/2015 S		\$	In-Kind	178,506
GDXJ	$7/21/2015$ S		\$	In-Kind	735,336
MVEAU	$7/21/2015$ S		\$ 1,793	\$ $\blacksquare$	1,899
GDXJ	7/22/2015 S		\$	In-Kind	326,840
GDX	7/23/2015 S		\$	In-Kind	267,759
GDXJ	7/23/2015 S		\$	In-Kind	1,103,193
GDX	7/24/2015 B		\$	In-Kind	29,754
GDXJ GDX	7/24/2015 S 7/27/2015 S		$\overline{\varsigma}$ \$	In-Kind In-Kind	40,871 297,510
GDX	7/28/2015 S		\$	In-Kind	29,751
GDX	7/30/2015 S		\$	In-Kind	128,908
GDXJ	7/30/2015B		\$	In-Kind	163,456
GDX	7/31/2015 S		\$	In-Kind	29,751
GDX	8/3/2015 S		\$	In-Kind	337,144
GDX	$8/4/2015$ B		\$ 176,362	$\zeta$ ÷	171,940
GDX	$8/4/2015$ S		\$	In-Kind	446,265
UCTGDX	$8/4/2015$ B		\$ 1,477	\$ ٠	1,440
GDX	$8/5/2015$ S		\$	In-Kind	505,716
MVEAU	$8/5/2015$ S		\$ 214	$\overline{\mathsf{S}}$	216
GDX	$8/6/2015$ S		\$	In-Kind	495,800
GDX	$8/7/2015$ S		$\overline{\xi}$	In-Kind	198,320
MVEAU	8/7/2015 S		\$ 1,008	\$ $\overline{\phantom{a}}$	1,067
GDX	$8/10/2015$ S		\$	In-Kind	49,580
GDX	$8/12/2015$ B		\$	In-Kind	694,120
GDXJ	$8/12/2015$ B		$\overline{\boldsymbol{\varsigma}}$	In-Kind	449,218
GDX	$8/13/2015$ B		\$	In-Kind	118,992
GDXJ	$8/13/2015$ B		\$	In-Kind	408,240
GDX	$8/14/2015$ B		\$	In-Kind	218,174
GDXJ	8/17/2015B		$\overline{\boldsymbol{\mathsf{s}}}$	In-Kind	285,880
MVSAU	$8/17/2015$ B		\$ 379	\$ $\blacksquare$	368
GDXJ	$8/18/2015$ B		\$	In-Kind	122,487
MVEAU	$8/18/2015$ S		\$ 202	$\overline{\boldsymbol{\zeta}}$	196
GDX	$8/19/2015$ B		\$	In-Kind	793,360
GDXJ	$8/19/2015$ B		\$	In-Kind	81,666
GDX	$8/20/2015$ B		\$	In-Kind	565,269

Holder of relevant	Date of			Consideration	Consideration Non-
interest	Acquisition/Disposal	B/S		Cash	cash	Number of Securities
GDXJ	8/20/2015B		\$		In-Kind	694,008
GDX	8/21/2015 S		\$		In-Kind	228,091
GDXJ	$8/21/2015$ B		\$		In-Kind	40,811
LODH	8/21/2015 S		$\overline{\boldsymbol{\varsigma}}$	423,144	\$ u,	397,000
MVSAU	$8/21/2015$ B		\$	5,587	\$ ۰	5,194
GDX	$8/24/2015$ S		\$		In-Kind	376,884
GDX	8/25/2015 S		\$		In-Kind	604,998
GDX	8/26/2015 S		$\overline{\mathsf{s}}$		In-Kind	396,720
GDXJ	8/26/2015B		$\overline{\boldsymbol{\varsigma}}$	1,025,617	$\varsigma$ ۰	1,000,000
JLGOLD	8/26/2015 S		\$	197,935	$\overline{\varsigma}$ Ξ	194,000
MVSAU	8/26/2015 B		\$	348	\$ $\overline{\phantom{a}}$	346
GDX	$8/27/2015$ S		\$		In-Kind	49,590
GDXJ	$8/27/2015$ B		\$	895,146	$\zeta$	950,000
GDXJ	8/27/2015 S		\$		In-Kind	81,642
GDX	8/28/2015B		\$		In-Kind	585,162
GDXJ	$8/28/2015$ B		\$	2,986,307	\$ Ξ	3,042,016
MVEAU	$8/28/2015$ B		\$	6,592	$\varsigma$ Ē.	6,653
MVSAU	8/28/2015B		$\overline{\xi}$	27,192	$\overline{\xi}$ ÷	27,446
UCTGDXJ	8/28/2015B		$\overline{\varsigma}$	18,576	$\overline{\mathsf{S}}$ ă,	18,751
VGOLD	8/28/2015 S		\$	11,523	\$ ä,	12,300
GDXJ GDX	$8/31/2015$ B		\$		In-Kind	446,760
MVEAU	$9/1/2015$ B 9/1/2015 B		\$ $\overline{\boldsymbol{\varsigma}}$	304	In-Kind \$	238,104
MVSAU	$9/1/2015$ B		\$	621	÷, \$ ÷	285 583
GDX	9/2/2015 B		\$		In-Kind	218,262
MVSAU	$9/2/2015$ S		\$	710	\$ ÷,	634
MVSAU	$9/3/2015$ B		$\overline{\varsigma}$		In-Kind	20,664
MVEAU	9/7/2015B		\$	236	\$ ۳	200
MVSAU	$9/7/2015$ B		\$	638	\$ £,	540
MVSAU	$9/8/2015$ B		$\overline{\boldsymbol{\varsigma}}$	553	\$ w,	478
GDX	$9/9/2015$ S		$\overline{\mathsf{S}}$		In-Kind	9,927
GDXJ	9/9/2015B		$\overline{\xi}$		In-Kind	134,265
JLGOLD	$9/10/2015$ B		$\zeta$	67,733	$\mathsf{S}$ ¥,	62,000
MVEAU	9/10/2015 B		\$	920	$\zeta$ $\frac{1}{2}$	799
MVSAU	$9/10/2015$ S		$\overline{\xi}$	2,411	\$	2,098
GDX	$9/11/2015$ B		$\overline{\xi}$		In-Kind	297,900
GDXJ	9/11/2015 B		$\varsigma$		In-Kind	223,975
GDXJ	$9/14/2015$ B		\$		In-Kind	134,349
MVSAU	9/15/2015 B		$\overline{\xi}$	564	$\varsigma$ ä.	472
GDX	$9/16/2015$ B		$\overline{\boldsymbol{\zeta}}$		In-Kind	59,580
GDXJ	9/16/2015 B		\$		In-Kind	89,542
GDX	$9/17/2015$ B		$\overline{\boldsymbol{\zeta}}$		In-Kind	1,052,474
GDXJ	9/17/2015 B		$\overline{\xi}$		In-Kind	1,656,231
GDX	$9/18/2015$ B		$\overline{\xi}$	43,942,136	$\frac{1}{2}$ $\blacksquare$	35,013,654
GDX	9/18/2015 B		\$		In-Kind	923,304
GDXJ	9/18/2015 B		\$	3,819,197	$\zeta$ ۰	3,043,185
GDXJ	9/18/2015 B		\$		In-Kind	492,272
MVEAU	$9/18/2015$ B		\$	664	$\overline{\mathsf{S}}$	529
MVSAU	$9/18/2015$ B		\$	40,564	$\ddot{\mathsf{s}}$ ¥	32,297

Holder of relevant	Date of			Consideration	Consideration Non-1
interest	Acquisition/Disposal	B/S	Cash				cash	Number of Securities
UCTGDX	9/18/2015 B			680,596		541.928
UCTGDXJ	$9/18/2015$ B			15,055		11,988

In-Kind transactions result from the ETF receiving a basket of securities in exchange for securities in the ETF.

In-Kind transactions refers to how market makers of exchange traded funds (ETF) can reconcile the differences between net asset value (NAV) and market values when shares of the ETFs are bought and sold. The market maker can arbitrage the ETF shares with the shares that make up the underlying portfolio, by creating or redeeming lots of the ETF shares. This structure causes ETFs to be treated as "in kind" transactions where investors only pay capital gains like with stocks, as opposed to other fees associated with mutual funds.