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 +61 2 9322 4000 Fax rebecca.masien-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
• Copy Company Secretary Focus Minerals Limited

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.

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Form 604 Corporations Act 2001 Section 671B

Notice of change of interests of substantial holder

To Company Name/Scheme	Foous Minerals Ltd
ACN/ARSN	ACN 005 470 799
1. Details of substantial holder (1) Nemo	Lloyd I. Miller, III
ACN/ARSN (If applicable)	NA
There was a change in the interests of the substantial holder on		21/09/2015 26/06/2015
The previous notice was given to the company on The previous notice was dated		28/08/2015

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 ralevant 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	Voling power (6)
lOrdinary shares	21.886.383	111.98% (based on 1182,748,565 ordinary shares (23,714,935) lon (BSUe)		i 12,93% (basad on 182,748,565 ordinary shares on ilasue

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 chance	Person whose relevant interest chenged	Nature of change (5)	Consideration alven in relation to change (7)	Class and number of securities affected	Person's volus affected
іЗ с е Аппахига А

4. Present relevant interests

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

Holder of	Registered	Person entitled	Nature of	Class and	Person's voles
relevant	holdar of	to be repistared	relevant	number of
interest	securities	as holder (8)	interest (6)	securities
iSee Annexure B					┯

$\overline{a}$

6. 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)	Nature of association
. NΑ	ĦА

6. Addresses

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

Neme	Address
Miltern II L.P.	3300 S. Dixie Highway, Sulte 1-365 West Palm Beach, F., 33405
Lloyd I. Miller, III	3300 S. Dixle Highway, Suite 1-365 West Palm Beach, F. 33405
Lloyd I. Miller Trust A-4	[3300 S. Dixie Highway, Suite 1-365 West Pelm Beach, F., 33405
Catherine Miller Trust C	[3300 S. Dixle Highway, Suite 1-365 (West Palm Beach, F., 33405)
ILIMFAM LLC	3300 S. Dixle Highway, Suite 1-365 West Palm Beach, F., 33405

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
  trustes 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.
• $(5)$ The person's votes divided by the total votes in the body corporate or scheme multiplied by 100.
• Include details of: $(9)$
• 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 statemen $\left( n\right)$ scheme or arrangement, must accompany this form, together with a written statement certifying 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 $(1)$ securities to which the relevant interest relates (indicating clearly the particular securities to which the qualification applies).

See the definition of "relevant agreement" in section9 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, $\langle 7 \rangle$ 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 soquired.
• $(3)$ 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".
• Give details, if appropriate, of the prasent association and any change in that essociation since the last substantial holding notice. $(\mathsf{B})$

46639252.1

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Annexure A

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

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

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
30/08/2015	.lovd I. Miller Trust A-4	8uv	5 0.31829 per share	16,839 ordinary shares	15,839
07/07/2016	Lloyd I. Miller Trust A-4	auy.	\$ 0.31819 per share	24,563 ordinary shares	24,563
08/07/2015	Lloyd I. Miller Trust A-4	Buy.	S 0 31569 per share	110,843 ordinary shares	110,343
09/07/2015	Llovd I. Miller Trust A-4	Buy	S 0.31078 per share	17,459 ordinary shares	17.459
10/07/2016	Lloyd I. Miller Trust A-4	Buy	\$ 0.31088 per share	i20,812 ordinary shares	20.812
13/07/2015	Llovd 1. Miller Trust A-4	Buy	(\$ 0.31076 per share	175,599 ordinary shares	175,500
15/07/2015	Lloyd I. Miller Trust A-4	Buy	IS 0.31037 per share	29,630 ordinary shares	29,630
16/07/2015	Lloyd I. Miller Trust A-4	Buy	S 0,30677 per share	17,625 ordinary shares	17,625
20/07/2016	Lloyd I. Miller Trust A-4	B iy	S 0.31'06 per share	17,673 ordinary ahares	17,673
21/07/2015	Lloyd I. Miller Trust A-4	Виу	(\$ 0.30987 per share	32,119 ordinary shares	32,119
23/07/2016	Lloyd 1. Miller Trust A-4	Buy	\$ 0.30877 per share	84,440 ordinary shares	84,440
127/07/2015	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.	S 0.30846 per share	57.009 ordinary shares	57.009
29/07/2016	Lloyd I. Miller Trust A-4	Buy	\$ 0.30636 per share	52,100 ordinary shares	52,100
131/07/2015	Lloyd I. Miller Trust A-4	Buy	\$ 0.30907 per share	16,889 ordinary shares	18,889
03/08/2015	Lloyd I, Miller Trust A-4	Buy	¦\$ 0.31328 per share.	14,808 ordinary sheres	14,808
04/08/2015	Lloyd I. Miller Trust A-4	βuγ.	$\S 0.31328$ per share	47,610 ordinary shares	47,610
106/08/2015	Lloyd I. Milier Trust A-4	Buy	S 0.31326 per share.	80,876 ordinary shares	50,876
07/08/2015	Lloyd I. Miller Trust A-4	Buy	5 0.31328 per ahare	82,654 ordinary shares	82,664
10/08/2015	Lloyd I. Miller Trust A-4	Buy	\$ 0.31328 per share	28,463 ordinary shares	28,453
12/08/2015	Lloyd I. Miller Trust A-4	'Buy	Ş 0.31328 par share	93,512 ordinary shares	93,612
20/08/2015	Lloyd I. Miller Trust A-4 Buy		S 0.31078 per share	53,783 ordinary shares	53,783
24/08/2015	Millam II L.P.	Buy	S 0.31860 per share	284.669 ordinary shares	204,569
31/08/2015	Milfam II L.P.	Buy.	$50.31328$ per shere	20,000 ordinary shares	20,000
03/09/2015	Millem II L.P.	Buy	β 0.31328 per share	5,177 ordinary shares	5,177
04/09/2015	Millam II L.P.	Buy	\$ 0.31328 per share	57,378 ordinary shares	57,378

$\sim$ $\sim$

$\frac{1}{2} \sum_{i=1}^{n} \frac{1}{2} \sum_{j=1}^{n} \frac{1}{2} \sum_{j=1}^{n} \frac{1}{2} \sum_{j=1}^{n} \frac{1}{2} \sum_{j=1}^{n} \frac{1}{2} \sum_{j=1}^{n} \frac{1}{2} \sum_{j=1}^{n} \frac{1}{2} \sum_{j=1}^{n} \frac{1}{2} \sum_{j=1}^{n} \frac{1}{2} \sum_{j=1}^{n} \frac{1}{2} \sum_{j=1}^{n} \frac{1}{2} \sum_{j=1}^{n} \frac{1}{2} \sum_{j=1}^{n$

Date of change	Person whose relevant interest changed	Nature of chango (6)	Consideration given in relation to change (7)	Class and number of securities affected	Person's votes affected
DB/09/2015	Miliam II L.P.	Buy	S 0.31308 per share	125.001 ordinary shares	125,001
09/09/2015	Millam II L.P.	Buy	5 0.31328 per share	21,704 ordinary shares	21,704
11/09/2015	Milfam II L.P.	lВцу	5 0.31298 per share	61.374 ordinary shares	61,374
14/09/2015	Millam II L.P.	lBuy.	5 0.31308 per share	35,206 ordinary shares	35,206
15/09/2015	Miliam II L.P.	8 uy	S 0.31298 per share	36,884 ordinary shares	36.884
16/09/2015	Millem II L.P.	lBuy.	iS 0.31328 per share	46,026 ordinary shares	46.026
17/09/2015	Miliam II L.P.	B ty	[S 0.31128 per share]	162,793 ordinary shares	82,793
121/09/2015	Milfam II C P	Buy	S 0.31078 per share	12,871 ordinary shares	12.871

$\label{eq:2.1} \mathcal{L}(\mathcal{L}^{\text{max}}{\mathcal{L}}(\mathcal{L}^{\text{max}}{\mathcal{L}}))\leq \mathcal{L}(\mathcal{L}^{\text{max}}{\mathcal{L}}(\mathcal{L}^{\text{max}}{\mathcal{L}}))$

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

Annexure B

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

print name	Lloyd I. Miller, III	capacity	General Partner / Manager ________
algn here	-- 10.000.000.000.000.000.000.000.000.00.00 -- ш	date	22/09/2015

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
Lloyd i Miller Trust A-4	HSSC Custody Nominees (Australia) Nominees (Australia) Ltd	HSBC Custody Lid	Ralavant 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	UPMergan Nominees UPMorgan Nominees Australia Ltd	kuskalia Ltd	Relevant interest under Corporations Act section 808(1)(b) or 608(1)(p)	1,402,345 ordinary lsheros	1.402.345
Milfam II L.P.	HSBC Custody Nominees (Australia) Nominees (Australia) Ltd	HSBC Custody iLtd	Relevant interest under Corporations Act section (608(1)(b) or 608(1)(c)	5,277,214 ordinary lshares	5.277.214
Catherine Miller Trust C	UPMorgan Nominees UPMorgan Nominees Australia Ltd	Australia Ltd	Relevent Interest under Corporations Act section 608(1)(b) or 608(1)(c)	13.847 ordinary Shares	13.847
LIMPAM LLC.	HSBC Custody Mominees Australia ll.td.	HSBC Custody Nominees Australia Ltd.	Relevant interest under Corporations Act section 608(1)(b) or 608(1)(c)	109,660 ordinary laharaa	1100.660

$\sim 10^7$

$\sim 40\%$

$\sim$ $\sim$