FOCUS MINERALS LTD — Major Shareholding Notification 2015

Apr 22, 2015

Herbert Smith Freehills 61293224000

Form 604: Notice of change of substantial holder in Focus Minerals Ltd ACN 005 470 799

23 April 2015

+61 419 767 709

Mobile

From Rebecca Masien-Stannage Phone +61 2 9225 5500 Fax +61 2 9322 4000 rebecca.masien-stannage@hsf.com

Pages 5 (including cover sheet)

To ASX Market Announcements Office ASX Limited Phone 1800 021 965 Fax 1300 135 638

Copy Company Secretary Focus Minerals Ltd Phone +61892157888 Fax +61 8 9215 7889

Please see attached.

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

If you are not the intended recipient:

• please phone the sender immediately (reverse charges)

• you must not disclose or use the information

ANZ Tower 161 Castlereagh Street Sydney NSW 2000 Australia T +61 2 9225 5000 F +61 2 9322 4000 herbertsmithfreehills.com DX 361 Sydney

Notice of change of interests of substantial holder To Company Name/Scheme Focus Minerals Ltd ACN/ARSN ACN 005 470 799 1. Details of subutantial holder (1) Name Lloyd I. Miller. III ACN/ARSN (if applicable) NA There was a change in the interests of the eubetantial helder on 21/01/2015
The previous notice was given to the company on 23/03/2015
The previous notice was dated 20/03/2015

The total number of votes etteched to all the veting shares in the company or veting interests in the achame that the aubstantial holder or an associate (2) had a relevent 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)	Porson's volos	Voling power (5)
lOrdinary shares	904 957 764	19.90% (based on 9,137 375 877 ordinary shares on Issue) .	896,839,369	10.91% (based on 19, 137, 375, 877 kurdinary shares on lissue.

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:

. Oate of chance	------- Person whose relevant interest changed	--- Nature of change (6)	-------------------------------------- Consideration givan in relation to change (7)	--------------------------------------- Glass and number of securities affacted	Person's votes affected
i\$ee Annexura A	----		1000-016		.

4. Present relevant interasts

Particulars of each relevent interest of the substantial holder in voting accurities after the change are as follows;

Holder of relevant Interest	Registorad holder of 10 curities	Person entitled to be registered as holder (6)	Noturo of relevant Interest (6)	Cless and number of securities	Person's votes
iSee Annexure B	- -	.	---------------------------------------	.	MAILBALL

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 essociation ------- $-111111111111111111111111111111111111$
INA. BARBARA _	------------ . . INA

6. Addresses

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

Namo	Address
Milliam II L.P.	3300 S. Dixle Highway, Suite 1-385 West Palm Beach, FL 33405
(Llovel I. Miller, III	5300 6. Dixie Highway, Suits 1-365 West Palm Beach, FL 33405
Lloyd I. Miller Trust A-4	3300 S. Dixie Highway, Sulte 1-365 West Palm Beach, FL 33405
lCalherine Miller Trust C	3300 S. Dixio Highway, Suita 1-385 West Palm Beach, FL 33405
ILIMFANTLC	[3300 S. Dixie Highway, Suite 1-365 iWost Palm Beach, FL 33405

Signature

prini name	Lloyd Miller, III	⊮	capacity	General Partner / Manager
sign here	$\cdots$ .	и سد . --------------------------------------- ---	date	23/04/2015 .

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
  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,
• See the definition of "relevant interest" in sections 6DB and 6718(7) of the Corporations Act 2001. $(3)$

$(4)$ The voling 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:
• $\langle n \rangle$ any relevent agreement or other circumstances because of which the change in relevant interest occurred. If subsection 6718(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 stat
• $(b)$ 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 and with the relevant interest relates (indicating clearly the particular securities to which the qualification applies).

See the detailtion 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,
  become entitled to receive in relation to that acquisition. Details m $(7)$ 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" $\langle \phi \rangle$

$(9)$ Give details, if appropriate, of the present association and any change in that association since the lest substantial holding notice.

40936591.1

Annexure A

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

General Partner /
Manager print name Lloyd I. Miller, III capacity sign here date 23/04/2015

Date of change	Person whose relevent interest changed	Nature of change (6)	Consideration given in relation to change (7)	Glass and number of securities affected	Person's votes affected
20/03/2015	Lloyd I. Miller Truat A-4 (Buy)		\$0.0062 per share	9,990,255 ordinary shares	9,990,255
23/03/2019	Lloyd I. Miller Trusi A-4 (Suy		\$0.0066 per share	2,474,056 ordinary shares	2.474.056
24/03/2015	(Lloyd I. Miller Trust A-4 Buv		ISO.0066 per share	374,219 ordinary shares	1374,219
25/03/2015	Lloyd I. Miller Trust A-4【Buy		30.0066 per share	3,886,958 ordinary shares	3,888,958
20/03/2015	Lloyd I. Miller Trust A-4 Buv		30.0086 per share	15,627,011 ordinary shares	15.827.611
27/03/2015	Lloyd I. Millar Trust A-4	lBuv	50.0066 per ahore	807,725 ordinary shares	807,725
2/04/2015	Lloyd I. Miller Trust A-4	iBuy	\$0.0066 per share	[4,715,361 ordinary shares	4.715.361
17/04/2015	Lloyd I. Miller Trust A-4 Buv		\$0.0066 per share	1.532.450 ordinary shares	1,532,450
8/04/2015	Lloyd I. Millor Trust A-4 Buy		\$0.0086 por charo	6,482,955 ordinary shares	裕,482.956
9/04/2015	Lloyd I. Miller Trust A-4	lBuv.	\$0.0086 per share	9,071,312 ordinary shares	8,071.312
10/04/2015	Lloyd I. Millar Trust A-4	Buy	\$0.0066 per share	18,431,576 ordinary shares	16.431.576
13/04/2015	Lloyd I, Miller Trust A-4 Buv		SO 0088 per share	3,122,743 ordinary shares	5.122.743
16/04/2015	Lloyd I. Miller Trust A-4 IBuv		50.0070 per share	13,627,723 ordinary shares	13.627.723
17/04/2015	Lloyd I. Miller Trus! A-4 İBuv		SO.0066 per share	1650.000 ordinary shares	1850.DDU
21/04/2015	Lloyd I. Miller Trust A-4	lBuv	50.0066 per share	3.086.661 ordinary shares	3.088.661

$5/5$

Annexure B

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

ptint namo	Lloyd I. Miller, III			ospacity	General Partner / Manager
sign here				date	23/04/2015
Holder of rolovant Interest	Registered holder of occurities	Person entitled to be registered aa holder (6)	Nature of relevant interest (6)	Class and number of seourities	Person's votes
.loyd Miller Trust A-4	HSBC Custody Ltd	HSBC Custody Nominess (Australia) Nominaes (Australia) Ltd	(Relavant Interest under section 608(1)(b) or 608(1)(c) 595,140,101 ordinary of the Corporations Act 2001 shares (Coroorations Act)		695,140,101
.loyd I. Miller, III	Australia Lte	JPMorgan Nominees JPMorgan Nominees Australia ll td	Raievant Interest under iCerporations Act sociien 808(1)(b) or 608(1)(c)	70.117.298 ordinary ishares	170.117.208
Alifam II L.P.	HSBC Custody Ltd	HSBC Custody Nominees (Australia) [Nominees (Australia) L td	Relevant interast under: Corporations Act section (605(1) (b) or 608(1) (c)	225,406,587 ordinary 225,406,567 lsharoc
Gatherine Miller Trus: C	JPMorgan Nominees Australia Lid	JPMorgan Nominees Australia Ltd	Relevant Interest under Corporations Act section 1808(1)(b) or 608(1)(c)	892,372 ordinary ishares	692.372
IMFAM LLC	HSBC Custody Nominees Australia. Ltd.	H8BC Custody Nominees Australia Ltd.	Relevant Interest under Corporations Act section (608(1)(b) or 608(1)(c)	5.483.011 ordinary lshares	5,483,011