EVOLUTION MINING LIMITED — Major Shareholding Notification 2016

Mar 22, 2016

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) 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		18/03/2016
The previous notice was given to the company on		5/11/2015
The previous notice was dated		4/11/2015

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	171,097,821	1.83%	105,528,823	7.20%

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 See Annexure A Corporation (VEAC)

4. Present relevant interests

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

Holder of	Registered	Person entitled	Nature of	Class and	Person's votes
relevant	holder of	to be registered	relevant	number of
interest	securities	as holder (8)	interest (6)	securities
VEAC	IBank of New York Mellon as custodian lfor Market Vectors Trust –Gold Miners ETF	l– Gold Miners ETF (GDX)	Market Vectors Trust VEAC holds its relevant linterest by having the power to exercise, control the exercise of, or linfluence the exercise of, the voting powers or disposal of the securities Ito which the relevant linterest relates in the lordinary course of investment management lbusiness.	Ordinary shares 82,575,851	5.63%

VEAC	State Street Bank as custodian for Van Eck Funds - International Investors Gold Fund	Van Eck Funds - International Investors Gold Fund (IIG)	Same as above.	Ordinary shares 15,361,587	1.05%
VEAC	JPMorgan as custodian for Jackson National	Jackson National/Van Same as above. Eck International Fund ( JLGOLD )		Ordinary shares 1,159,062	0.08%
VEAC	Northern Trust as custodian for Lockheed Martin Corporation Master Retirement Trust	Lockheed Martin Junior Gold ( LM )	Same as above.	Ordinary shares 756,144	0.05%
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 3,454,695	0.24%
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 72,800	0.005%
VEAC	Bank of New York Mellon as custodian for Market Vectors Trust, Market Vectors Australian Resources	Market Vectors Trust Same as above. Market Vectors Australian Resources ETF (MVR.AU)		Ordinary shares 39.448	0.003%
VEAC	Bank of New York Mellon as custodian for Market Vectors Trust, Market Vectors Australian Small Cap	Market Vectors Trust Australian Small Cap Dividend Payers ETF (MVS.AU)	Same as above.	Ordinary shares 447,194	0.03%
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 1,361,650	0.09%
VEAC	State Street Bank as custodian for Van Eck VIP Trust - VIP Giobal (VGOLD) Gold	Van Eck VIP Trust - VIP Global Gold	Same as above.	Ordinary shares 300,392	0.02%

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:

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

6. Addresses

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

Name	Address
VEAC	666 Third Avenue, New York, NY 10017
Van Eck Securities Corporation	666 Third Avenue, New York, NY 10017
Van Eck Absolute Retum Advisers, Inc.	666 Third Avenue, New York, NY 10017
VanEck Australia Pty Ltd	Gold Fields House, Level 3, 1 Alfred Street, Sydney NSW 2000
VanEck Investments Limited	Gold Fields House, Level 3, 1 Alfred Street, Sydney NSW 2000

Signature

		print name Andrew Tilzer		capacity	Assistant VP
	sign here			date	22/03/2016
			DIRECTIONS
(1)	is clearly set out in paragraph 6 of the form.		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
(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)	are not paid directly to the person from whom the relevant interest was acquired.		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 on any benefit paid on behalf of the substantial holder or its associate in relation to the acquisitions, even if they
(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.

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) (b) (c)	(i) (ii)		If additional space is required to complete a question, the information may be included on a separate piece of paper annexed to the form. 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. The person must give a copy of this notice: within 2 business days after they become aware of the information; or by 9.30 am on the next trading day of the relevant securities exchange after they become aware of the information if:
			(A) (B)	a takeover bid is made for voting shares in the company or voting interests in the scheme; and the person becomes aware of the information during the bid period.
Annexures	1 $\overline{2}$ з 4 5 6 $\overline{7}$			To make any annexure conform to the regulations, you must use A4 size paper of white or light pastel colour with a margin of at least 10mm on all sides show the corporation name and A.C.N or ARBN number the pages consecutively print or type in BLOCK letters in dark blue or black ink so that the document is clearly legible when photocopied identify the annexure with a mark such as A, B, C, etc. endorse the annexure with the words: This is annexure (mark) of (number) pages referred to in form (form number and title) 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
GDX	12/18/2015B		\$	223,277	$\zeta$ Ξ	158,242
GDX	12/18/2015 S		\$		In-Kind	151,350
GDXJ	12/18/2015 S		\$	883,457	$\zeta$ ¥	626,565
MVEAU	12/18/2015 S		\$	1,691	\$ ×,	1,200
MVSAU	12/18/2015 S		\$	27,137	\$ $\overline{\phantom{a}}$	19,261
UCTGDX	12/18/2015B		\$	11,492	\$ $\overline{\phantom{a}}$	8,145
UCTGDXJ	12/18/2015B		\$	698	\$ ¥	495
VGOLD	12/18/2015B		$\overline{\boldsymbol{\varsigma}}$	13,776	\$ t.	9,813
GDXJ	$12/21/2015$ B		\$		In-Kind	416,979
VGOLD	12/21/2015 B		$\overline{\varsigma}$	18,736	$\zeta$ $\overline{\mathcal{D}}$	13,103
GDXJ	12/23/2015B		\$		In-Kind	275,976
GDX	12/24/2015 S		\$		In-Kind	602,880
MVEAU	12/24/2015B		$\overline{\varsigma}$	280	$\zeta$ ÷.	197
MVSAU	12/24/2015B		\$	1,474	\$ $\overline{\mathbf{r}}$	1,037
GDX	$1/6/2016$ B		$\overline{\varsigma}$		In-Kind	391,872
LMJ	$1/7/2016$ S		\$	687,238	$\zeta$ $\overline{\mathcal{D}}$	493,384
GDX	$1/8/2016$ B		\$		In-Kind	768,825
GDX	$1/11/2016$ B		\$		In-Kind	482,400
MVSAU	$1/11/2016$ S		\$	9,274	\$	6,513
GDX	$1/12/2016$ B		\$		In-Kind	1,432,125
GDX	$1/13/2016$ S		\$		In-Kind	1,507,600
GDX	1/14/2016 B		$\overline{\varsigma}$	ä,	In-Kind	452,280
GDXJ	$1/14/2016$ B		\$		In-Kind	275,838
MVSAU	1/14/2016 B		$\overline{\varsigma}$		In-Kind	20,901
GDX	$1/15/2016$ B		\$		In-Kind	2,216,025
LODH	$1/15/2016$ S		\$	357,955	\$ 끜	263,000
UCTGDX	$1/15/2016$ S		\$	3,355	\$ ÷.	2,415
UCTGDXJ	$1/15/2016$ S		$\overline{\varsigma}$	2,467	\$ ä,	1,776
GDX	$1/19/2016$ B		$\overline{\xi}$		In-Kind	150,750
GDXJ	$1/19/2016$ B		$\overline{\xi}$		In-Kind	183,848
GDX	$1/21/2016$ B		$\overline{\boldsymbol{\zeta}}$		In-Kind	195,975
GDX	1/26/2016B		$\overline{\boldsymbol{\varsigma}}$		In-Kind	286,406
GDX	$1/27/2016$ B		\$	÷	In-Kind	135,666
GDXJ	$1/27/2016$ S		$\overline{\xi}$		In-Kind	183,848
GDX	$1/28/2016$ S		$\overline{\varsigma}$		In-Kind	783,848
JLGOLD	$1/28/2016$ B		$\overline{\xi}$	110,760	\$	73,000
GDX	$1/29/2016$ S		\$		In-Kind	1,552,931
GDX	$2/1/2016$ S		\$	÷.	In-Kind	603,040
GDX	$2/2/2016$ S		\$	٠	In-Kind	542,736
GDX	$2/3/2016$ S		\$	ž.	In-Kind	2,713,680
GDXJ	$2/3/2016$ S		\$	ù.	In-Kind	367,984
GDX	$2/4/2016$ S		\$		In-Kind	30,150
GDXJ	$2/4/2016$ S		\$	¥	In-Kind	368,016
GDX	$2/8/2016$ B		\$	$\overline{\phantom{a}}$	In-Kind	1,160,775
GDX	$2/9/2016$ B		$\overline{\boldsymbol{\varsigma}}$	ä,	In-Kind	271,332
GDX	$2/10/2016$ B		$\overline{\xi}$	$\overline{a}$	In-Kind	90,450
GDXJ	$2/10/2016$ S		\$	$\overline{\phantom{a}}$	In-Kind	459,550
GDX	$2/11/2016$ B		\$	۰	In-Kind	1,567,800
GDX	$2/12/2016$ B		$\overline{\varsigma}$	×,	In-Kind	301,500

This is Annexure A of 3 pages referred to in Form 604 -Notice of change of interests of substantial holder

Holder of relevant	Date of		Consideration		Consideration Non-
interest	Acquisition/Disposal	B/S		Cash	cash	Number of Securities
JLGOLD	$2/15/2016$ B		\$	176,521	\$ $\blacksquare$	89,000
VGOLD	$2/15/2016$ B		\$	27,767	$\zeta$	14,000
GDX	$2/16/2016$ B		$\overline{\boldsymbol{\zeta}}$		In-Kind	60,300
GDX	$2/17/2016$ S		$\overline{\boldsymbol{\varsigma}}$		In-Kind	1,055,180
GDXJ	$2/17/2016$ S		\$		In-Kind	459,660
JLGOLD	$2/17/2016$ B		\$	258,025	\$ ÷,	139,000
VGOLD	$2/17/2016$ B		$\overline{\varsigma}$	55,689	\$	30,000
GDX	$2/18/2016$ S		$\overline{\xi}$		In-Kind	30,148
MVEAU	$2/18/2016$ B		\$	391	$\overline{\xi}$ $\blacksquare$	216
MVSAU	$2/18/2016$ S		\$	391	$\zeta$ Ξ	216
GDX	$2/19/2016$ B		\$		In-Kind	361,776
GDX	$2/22/2016$ S		$\overline{\boldsymbol{\varsigma}}$		In-Kind	15,074
GDX	2/23/2016 B		$\overline{\varsigma}$		In-Kind	1,160,621
GDX	$2/24/2016$ S		\$		In-Kind	60,292
MVEAU	$2/24/2016$ B		\$	298	$\zeta$	163
GDX	$2/25/2016$ B		$\overline{\varsigma}$		In-Kind	723,504
MVSAU	$2/25/2016$ B		\$		In-Kind	20,898
GDX	$2/26/2016$ S		\$		In-Kind	301,520
MVSAU	$2/29/2016$ B		$\overline{\boldsymbol{\varsigma}}$	2,275	\$ $\overline{a}$	1,299
GDX	$3/1/2016$ S		$\overline{\xi}$		In-Kind	1,311,960
MVEAU	$3/1/2016$ B		$\overline{\boldsymbol{\varsigma}}$	277	\$	151
GDX	$3/2/2016$ S		\$		In-Kind	226,200
GDXJ	$3/2/2016$ S		\$		In-Kind	782,238
LODH	$3/2/2016$ B		$\overline{\boldsymbol{\varsigma}}$	666,196	\$ ¥	390,000
GDX	$3/4/2016$ S		\$		In-Kind	1,507,900
GDXJ	3/4/2016 S		$\overline{\boldsymbol{\varsigma}}$	605,180	\$ ÷	328,205
GDXJ	$3/4/2016$ S		\$		In-Kind	184,112
UCTGDXJ	3/4/2016 S		\$	3,112	\$ ¥.	1,688
GDX	$3/8/2016$ B		\$		In-Kind	30,156
MVEAU	$3/8/2016$ B		\$	455	\$	254
MVSAU	3/8/2016B		\$	1,680	$\overline{\mathsf{S}}$ E,	938
GDX	3/9/2016 S		$\overline{\xi}$		In-Kind	829,400
GDXJ	$3/9/2016$ S		$\overline{\boldsymbol{\zeta}}$	356,285	$\zeta$ ij.	212,223
UCTGDXJ	$3/9/2016$ B		$\overline{\boldsymbol{\varsigma}}$	119,954	\$	71,351
GDX	$3/10/2016$ S		\$		In-Kind	1,116,068
GDX	$3/11/2016$ S		\$		In-Kind	2,247,069
LODH	$3/11/2016$ B		\$	729,225	$\zeta$ ù,	433,000
GDX	$3/14/2016$ S		$\overline{\xi}$		In-Kind	769,131
GDXJ	$3/14/2016$ S		$\overline{\boldsymbol{\varsigma}}$		In-Kind	774,333
MVSAU	$3/16/2016$ S		\$	1,373	$\zeta$ $\overline{\mathcal{L}}$	904
GDX	$3/17/2016$ B		\$		In-Kind	5,734,200
GDXJ	$3/17/2016$ S		\$		In-Kind	227,710
LM	$3/17/2016$ B		\$	40,864	$\zeta$ $\blacksquare$	25,000
GDX	$3/18/2016$ S		$\overline{\xi}$	22,515,332	$\boldsymbol{\xi}$ ÷.	13,056,283
GDXJ	$3/18/2016$ S		\$	100,779,052	$\boldsymbol{\zeta}$ $\bullet$	58,422,639
MVEAU	$3/18/2016$ S		\$	536	$\overline{\mathsf{S}}$ ÷	311
MVRAU	$3/18/2016$ B		$\overline{\boldsymbol{\varsigma}}$	68,100	$\overline{\mathsf{s}}$ $\blacksquare$	39,448
MVSAU	$3/18/2016$ B		$\overline{\mathsf{S}}$	84,538	$\overline{\varsigma}$	48,970
UCTGDX	$3/18/2016$ S		$\zeta$	374,170	ş ÷.	217,062

This is Annexure A of 3 pages referred to in Form 604 -Notice of change of interests of substantial holder

This is Annexure A of 3 pages referred to in Form 604 -Notice of change of interests of substantial holder

Holder of relevant	Date of		Consideration	Consideration Non-1
interest	Acquisition/Disposal	B/S	Cash	cash	Number of Securities
UCTGDXI	$3/18/2016$ S		826.540		479.489

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.