FOCUS MINERALS LTD — Major Shareholding Notification 2015

Sep 22, 2015

Herbert Smith Freehills 61293224000

Form 604: Notice of change of interests of substantial holder in Focus Minerals Limited (ACN 005 470 799)

From Rebecca Maslen-Stannage Phone +61 2 9225 5000 Fax +61 2 9322 4000 rebecca.maslen-stannage@hsf.com 23 September 2015

Pages 6 including cover sheet

• To ASX Market Announcements Office ASX Phone 1800 021 965 Fax 1300 135 638
• Company Secretary
  Focus Minerals Limited Copy

Phone	+61 8 9215 7888
Fax	+61 8 9215 7889

Please see attached.

Herbert Smith Freehills LLP and its subsidiaries and Herbert Smith Freehills, an Australian Partnership ABN 98 773 882 646,
are separate member firms of the international legal practice known as Herbert Smith Freehills.

$\ddot{\phantom{a}}$

	Form 604 Corporations Act 2001 Section 6715
	Notice of change of interests of substantial holder
To Company Name/Schema	Focus Minarals Ltd
ACN/ARSN	ACN 005 470 799
1. Details of substantial holder (1) Name	Lloyd I. Miller. III
ACN/ARSN (if applicable)	٨A

There was a change in the interests of the
substantial holder on	21/09/2015
The previous notice was given to the company on	26/00/2015
The previous notice was deted	26/06/2015

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 acheme 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 hotching notice to the company or scheme, are as (cilows:

Class of securities (4)	Previous notice		Present notice
	Person's votes	Voting power (5)	Person's votes	Vollna power (5).
Ordinary shares	21886.383	11.98% (based on [182,748,565 ordinary shares (23,714,936) (an Isaue)		112.98% (based on 182,748.565 lordinary shares on lasue

3. Changes in relevant interests

Perficulars 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 acheme, since the subatantial holder was last required to give a aubstantial holding notice to the company or scheme are as follows:

Date of change	Person whose. relevant Interest channed	Natura of change (6)	Consideration alven in relation to chenge (7)	Class and number of securities affected	Person's votes affected
See Annexure A

4. Present relevant interests

$\bar{a}$

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

Holder of	Registered	Parson entitled	Natura of	Class and	Person's votes
ralevant	holder of	to be registered	relevant	number of
interest	securities	as holder (8)	Interest (6)	securities
See Annexure B					----------------

$\overline{a}$

3/6

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)	Neture of association ----- _________
İNA	ilia.
________	.

6. Addresses

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

Name	Address
Millam II L.P.	3300 S. Dixia Highway, Suite 1-365 West Palm Beach, F., 33405
Lloyd I. Miller, III	(3300 S. Dixie Highway, Suite 1-365 Wast Palm Beach, F., 33405
Lloyd 1. Miller Trust A-4	(3300 S. Dixle Highway, Suite 1-365 West Palm Beach, F., 33406
Cetherine Miller Trust C	3300 S. Dixie Highway, Suite 1-365 West Palm Beach, F., 33405
LIMPAM LLC	3300 S. Dixie Highway, Suite 1-365 West Palm Beach, F. 33406

Signature

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
  trustee of an equity trust), the names could be included in an ann $(1)$ is clearly set out in paragraph 6 of the form.
• $(2)$ See the definition of "associate" in section9 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.
• $\langle \rangle$ The parson's votes divided by the total votes in the body corporate or scheme multiplied by 100.
• $(6)$ include datalla of:
• any relevant agreement or other circumstances bacause of which the change in relevant interest coourred. If subsection 671B(4) applies, a copy $(n)$ 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 atalament cartifying this contract, scheme or arrangement; and
• 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 $(b)$ securities to which the relevant interest relates (indicating clearly the particular securities to which the qualification applies).

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

• Details of the consideration must include any and all benefits, money and other, that any person from whom a relavant interest was acquired has, or may, $(7)$ 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 are not paid directly to the person from whom the relevant interest was scquired.
• $(3)$ If the substantial holder is unable to determine the identity of the parson (eg. If the relevant interest arises because of an option) write "unknown".
• Give details, if appropriate, of the present association and any change in that association since the last substantial holding notice. $(9)$

46639252.1

Annexure A

This is Annexure A of 2 pages referred to in Form 604

print name	Lloyd I, Miller, III . .	capacity	General Partner / Manager
sign hare	--	dale	22/09/2015

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 affacted
30/06/2015	Lloyd I. Miller Trust A-4 Buy		is 0.31829 per share	16,639 ordinary shares	16,839
07/07/2015	Lloyd 1. Miller Trust A-4	Buy	\$ 0.31819 per share	24,563 ordinary ahares	24,563
08/07/2015	Lloyd I. Miller Trust A-4	Buy	\$ 0.31569 por share	110,843 ordinary shares	110.843
09/07/2015	Lloyd I. Miller Trust A-4	18 uv	IS 0.31078 per share	17,459 ordinary shares	17,489
10/07/2015	Lloyd I. Miller Trust A-4	Buy	S 0.31088 per share	20,812 ordinary shares	20,812
13/07/2015	Lloyd I. Miller Trust A-4	Buy	is 0.31078 per share	175,599 ordinary shares	175,599
15/07/2015	Lloyd I. Miller Trust A-4	lBuy.	is 0.31037 per share	29,530 ordinary shares	29,530
16/07/2015	Lloyd I. Miller Trust A-4	Buy	S 0.30677 per share	17,825 ordinary shares	17,825
20/07/2015	Lloyd I. Miller Trust A-4 Buy		IS 0.31108 per share	17,673 ordinary shares	17,673
21/07/2015	Lloyd I. Miller Trust A-4	Buy.	\$ 0.30997 per share	32.119 ordinary shares	32.119
23/07/2016	Lloyd I. Miller Trust A-4	Buy.	\$ 0.30877 per ahara	84,440 ordinary shares	84,440
27/07/2015	Lloyd I. Miller Trust A-4	Buy	\$ 0.30907 per share	24,273 ordinary shares	24,273
28/07/2015	Lloyd I. Miller Trust A-4	Buy	5 0.30646 par share	57,009 ordinary shares	57,009
29/07/2015	Lloyd I. Miller Trust A-4	18uy	ls 0,30636 per share	52,100 ordinary shares	82,100
31/07/2015	Lloyd I. Miller Trust A-4	Buy	S 0.30987 per share	16,889 ordinary shares	16,889
03/08/2015	Lloyd I. Miller Trust A-4	Buy.	5 0.31328 per share	14,808 ordinary shares	14,808
04/08/2015	Lloyd I. Miller Trust A-4	Buy	\$ 0.31328 per share	47,610 ordinary shares	47,610
105/08/2015	Lloyd I. Miller Trust A-4	Buy	(\$ 0.31328 par share	60,876 ordinary shares	60.878
07/08/2015	Lloyd I. Miller Trust A-4	Buy	(S 0.31328 per share	82,854 ordinary shares	62,654
10/08/2015	Lloyd I. Miller Trust A-4	Buy	β 0,31328 per share	28,453 ordinary shares	28.453
12/08/2015	Lloyd I. Miller Trust A-4	Buy	S 0.31328 per share	93,512 ordinary shares	93.612
20/08/2015	Lloyd I. Miller Trust A-4	Buy	\$ 0,31078 per ahare	63,785 ordinary shares	53,783
24/08/2015	Miliam II L.P.	Buy	$ 50.31860$ per share	284,669 ordinary shares	284,669
31/08/2015	Militam II L.P.	Buy	S 0.31328 per shara	20,000 ordinary shares	20,000
03/09/2015	Millam II L.P.	Buy	\$ 0.31328 per share	5,177 ordinary shares	5,177
04/09/2015	Miliam II L.P.	Buy	\$ 0.31328 per share	57,378 ordinary shares	57,378

$\mathcal{A}^{\text{max}}_{\text{max}}$

$\sim$ $\sim$

$\blacksquare$

$\bar{z}$

$\hat{\theta}$

$\sim 10$

Date of change	Person whose relevant interest changed	Nature of change (6)	Consideration giyan in relation to change (7)	Class and number of sacurities affected	Person's votes affected
08/09/2015	Millam II L.P.	∤Buy.	5 0.31308 per share	125,001 ordinary shares	125,001
09/09/2015	Miliam II L.P.	Buy.	IS 0.31328 per share	21,704 ordinary shares	21,704
11/09/2015	Milfam II L.P.	¦Buy	5 0.31298 per share	61,374 ordinary shares	161.374
14/09/2015	Millem II L.P.	Buy.	5 0.31308 oor share	35,205 ordinary shares	35.206
18/09/2015	Milforn II L.P.	Buy	\$ 0.31298 per share	36,884 ordinary shares	36,854
16/09/2015	Millam II L.P.	Buy	S 0.31328 per share	46,026 ordinary shares	46.028
17/09/2015	Millam II L.P.	Buy	is 0.31128 per share	62,793 ordinary shares	82.793
121/09/2016	Millam II L.P.	Buy	S 0.31078 per share	12,871 ordinary shares	12.871

$\mathcal{L}^{\text{max}}{\text{max}}$ and $\mathcal{L}^{\text{max}}{\text{max}}$

$\sim 10^{-10}$

Annexure B

This is Annexure B of 1 page referred to in Form 604

print name	Lloyd I. Miller, III		capacity	General Partner / Manager
sign here			date	22/09/2015
		੶

Holder of relevant interest	Registered holder of securities	Person entitled to be registered ss holder (8)	Nature of ralovant Interest (6)	Class and number of Becurities	Person's votes
Lloyd Miller Trust A-4	HSBC Custody [Nominees (Australia) [Nominees (Australia) Ltd	HSBC Custody Lid	Relevant interest under [section 608(1)(b) or 608(1)(c) 18,911.869 ordinary of the Corporations Act 2001 shares ((Corporations Act)		16,911,869
Lloyd I. Miller, III	UPMorgan Nominees UPMorgan Nominees Australia Ltd	Australia Lid	Ralevant Interest under Corporations Ad section 808(1)(b) or 608(1)(a)	1,402,345 ordinary lshares	1 402 345
Milforn II L.P.	HSBC Custody (Nominees (Australia) Nominees (Australia) L₩	HSSC Custedy Ltd	Relevant interest under Corporations Act section 608(1)(b) or 608(1)(c)	(5.277,214 ordinary isharea	5.277.214
lCatherine Miller Trust C	UPMorgan Nominees UPMorgan Nominees lAustralia Ltd	Australia Ltd	Relevant Interest under Corporations Act section (608(1)(b) or 608(1)(c)	13.847 ordinary lchares	13,847
LIMFAM LLC	HSBC Custody Nominess Australia. lLtd.	HSBC Custody İNominees Australia Lid.	iRelevant interest under Corporations Act aection (608(1)(b) or 608(1)(c)	109,660 ordinary laharas	109.600

$\sim 10$

$\sim 40\%$

$\sim$