FENIX RESOURCES LTD — Major Shareholding Notification 2016

May 4, 2016

604 Page1of 2 15July 2001

Form 604

Corporations Act 2001

Section 671B

Notice of change of interests of substantial holder

To Company Name/Scheme Emergent Resources Limited ACN/ARSN 125 323 622

1.Detailsof substantial holder(1)

Name International Natural Resources Inc

ACN/ARSN (if applicable) BVI 15505504

There was a change in the interests of the substantial holder on 03/05/2016 The previous notice was given to the company on 20/10/2015 The previous notice was dated 20/10/2015

2.Previousandpresent voting power

The totalnumber ofvotesattached to allthe votingshares inthecompany orvoting interests intheschemethat thesubstantialholder or an associate (2) had arelevantinterest(3) inwhen last required,and when nowrequired,to give asubstantialholdingnoticetothe company orscheme, are as follows:

Class of securities (4)	Previousnotice		Present notice
	Person’svotes	Votingpower(5)	Person’svotes	Votingpower(5)
Ordinary Shares	43,294,609	19.07%	45,394,609	19.99%

3.Changesinrelevantinterests

Particulars ofeachchange in,orchange in the nature of,arelevantinterest of thesubstantialholder oran associateinvotingsecurities of the company

orscheme, sincethesubstantialholder waslastrequired to give asubstantialholding noticetothecompany orschemeare as follows:

Date ofchange	Person whoserelevantinterestchanged	Nature of change (6)	Consideration given inrelation tochange (7)	Class and numberof securitiesaffected	Person'svotesaffected
03/05/2016	International NaturalResources Inc	Acquisition of Shares	$27,300	2,100,000	2,100,000

4.Presentrelevantinterests

Particulars ofeach relevant interest of thesubstantialholder invoting securitiesafterthechange are as follows:

Holder ofrelevantinterest	Registered holderof securities	Personentitledtoberegistered	Nature ofrelevantinterest (6)	Class and numberof securities	Person'svotes
InternationalNatural ResourcesInc	International NaturalResources Inc	International NaturalResources Inc	Legal and BeneficialOwner	2,100,000 FPO	2,100,000

5.Changesinassociation

The persons who have become associates (2) of, ceasedtobe associatesof, or have changedthe nature oftheirassociation(9) with, the substantial holder inrelationto voting interestsinthecompany orschemeare as follows:

Nameand ACN/ARSN(if applicable)	Nature ofassociation
N/A	N/A

604 Page2of 2 15July 2001

6.Addresses

The addressesofpersons namedin this formareas follows:

Name Address International Natural Resources Inc SBC Registration Ltd, Unit 8, 3F Qwomar Trading Complex, Black Burke Road, Port Purcell, Road Town, Tortola BVI

==> picture [543 x 223] intentionally omitted <==

----- Start of picture text ----- Signatureprintname M r Edmond Yao capacity Directorsignhere date 04/05/2016DIRECTIONS(1) If there are a number of substantialholderswithsimilar or related relevantinterests (eg.acorporationand itsrelatedcorporations, or the managerandtrustee ofan equity trust), the names couldbe includedinan annexure to theform. If the relevantinterestsof a group of personsareessentiallysimilar, theymay be referred tothroughout the formas aspecifically namedgroup if themembershipof eachgroup, with the namesandaddressesof members isclearly setoutinparagraph 6 of theform.----- End of picture text -----

• (2) See thedefinition of"associate"insection9 of theCorporations Act2001.

• (3) See thedefinition of"relevant interest"insections608and 671B(7) oftheCorporations Act 2001.

• (4) The votingshares ofacompany constitute oneclass unlessdividedintoseparateclasses.

• (5) The person'svotesdivided bythetotalvotes inthe bodycorporate or schememultiplied by 100.

(6) Include detailsof:

• (a) any relevantagreementor other circumstances because of which thechange inrelevantinterest occurred.If subsection 671B(4) applies, acopy of any document setting out the terms of any relevantagreement,and astatement by the person givingfulland accuratedetails ofanycontract, scheme orarrangement, mustaccompanythis form,togetherwith a writtenstatementcertifyingthis contract, schemeor arrangement;and

(b) any qualification of the power ofaperson to exercise, controlthe exerciseof,or influencetheexerciseof, the votingpowersor disposal of thesecurities towhichthe relevantinterest relates(indicatingclearly theparticularsecurities to whichthe qualification applies).

See thedefinition of"relevant agreement"insection 9of the Corporations Act 2001.

• (7) Details of theconsiderationmustincludeany and allbenefits, money and other, that any personfromwhoma relevantinterestwasacquired has,ormay, becomeentitledto receive inrelationtothatacquisition. Details mustbeincludedeven if the benefit isconditional on the happening or notof acontingency. Details mustbeincludedofany benefitpaidon behalf of thesubstantialholder oritsassociate inrelation to theacquisitions,even if they are notpaiddirectly tothepersonfromwhomthe relevant interestwasacquired.

• (8) If thesubstantial holder isunableto determinethe identity of the person (eg. if therelevantinterest arisesbecause ofanoption) write "unknown".

(9) Give details, if appropriate,of thepresentassociation and anychange in thatassociationsince thelast substantial holding notice.