FOCUS MINERALS LTD - Major Shareholding Notification 2021

Form 604 Corporations Act 2001 Section 671B

Notice of change of interests of substantial holder

To Company Name/Scheme

Focus Minerals Ltd

ACN/ARSN

ACN 005 470 799

1. Details of substantial holder (1)

Name Neil S. Subin, Estate of Lloyd I. Miller, III and each of the entities listed as holders of relevant interests in Annexure B ACN/ARSN (if applicable) N/A

There was a change in the interests of the substantial holder on 24/12/2021 The previous notice was given to the company on 22/10/2021 The previous notice was dated 21/10/2021

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	Previous notice	Present notice	Present notice
	Person’s votes	Voting power(5)	Person’s votes	Voting power(5)
Ordinary shares	18,041,960	9.87% (based on 182,748,565 ordinary shares on issue)	15,451,009	8.45% (based on 182,748,565 ordinary shares on issue)

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
See Annexure A

4. Present relevant interests

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

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
See Annexure B

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) Nature of association N/A N/A 6. Addresses The addresses of persons named in this form are as follows: Name Address Lloyd I. Miller, III Revocable Trust 2336 S.E. Ocean Boulevard, Suite 400 Stuart, FL 34996 LIMFAM LLC 2336 S.E. Ocean Boulevard, Suite 400 Stuart, FL 34996 Milfam II L.P. 2336 S.E. Ocean Boulevard, Suite 400 Stuart, FL 34996 MBM Trust A-4 2336 S.E. Ocean Boulevard, Suite 400 Stuart, FL 34996 Miller Family Education and Medical ~~T~~ 2336 S.E. Ocean Boulevard,Suite 400 Stuart,FL 34996 Susan F. Miller Spousal Trust A-4 2336 S.E. Ocean Boulevard, Suite 400 Stuart, FL 34996	Name and ACN/ARSN (if applicable) Nature of association N/A N/A 6. Addresses The addresses of persons named in this form are as follows: Name Address Lloyd I. Miller, III Revocable Trust 2336 S.E. Ocean Boulevard, Suite 400 Stuart, FL 34996 LIMFAM LLC 2336 S.E. Ocean Boulevard, Suite 400 Stuart, FL 34996 Milfam II L.P. 2336 S.E. Ocean Boulevard, Suite 400 Stuart, FL 34996 MBM Trust A-4 2336 S.E. Ocean Boulevard, Suite 400 Stuart, FL 34996 Miller Family Education and Medical ~~T~~ 2336 S.E. Ocean Boulevard,Suite 400 Stuart,FL 34996 Susan F. Miller Spousal Trust A-4 2336 S.E. Ocean Boulevard, Suite 400 Stuart, FL 34996	Name and ACN/ARSN (if applicable) Nature of association N/A N/A 6. Addresses The addresses of persons named in this form are as follows: Name Address Lloyd I. Miller, III Revocable Trust 2336 S.E. Ocean Boulevard, Suite 400 Stuart, FL 34996 LIMFAM LLC 2336 S.E. Ocean Boulevard, Suite 400 Stuart, FL 34996 Milfam II L.P. 2336 S.E. Ocean Boulevard, Suite 400 Stuart, FL 34996 MBM Trust A-4 2336 S.E. Ocean Boulevard, Suite 400 Stuart, FL 34996 Miller Family Education and Medical ~~T~~ 2336 S.E. Ocean Boulevard,Suite 400 Stuart,FL 34996 Susan F. Miller Spousal Trust A-4 2336 S.E. Ocean Boulevard, Suite 400 Stuart, FL 34996	Name and ACN/ARSN (if applicable) Nature of association N/A N/A 6. Addresses The addresses of persons named in this form are as follows: Name Address Lloyd I. Miller, III Revocable Trust 2336 S.E. Ocean Boulevard, Suite 400 Stuart, FL 34996 LIMFAM LLC 2336 S.E. Ocean Boulevard, Suite 400 Stuart, FL 34996 Milfam II L.P. 2336 S.E. Ocean Boulevard, Suite 400 Stuart, FL 34996 MBM Trust A-4 2336 S.E. Ocean Boulevard, Suite 400 Stuart, FL 34996 Miller Family Education and Medical ~~T~~ 2336 S.E. Ocean Boulevard,Suite 400 Stuart,FL 34996 Susan F. Miller Spousal Trust A-4 2336 S.E. Ocean Boulevard, Suite 400 Stuart, FL 34996	Name and ACN/ARSN (if applicable) Nature of association N/A N/A 6. Addresses The addresses of persons named in this form are as follows: Name Address Lloyd I. Miller, III Revocable Trust 2336 S.E. Ocean Boulevard, Suite 400 Stuart, FL 34996 LIMFAM LLC 2336 S.E. Ocean Boulevard, Suite 400 Stuart, FL 34996 Milfam II L.P. 2336 S.E. Ocean Boulevard, Suite 400 Stuart, FL 34996 MBM Trust A-4 2336 S.E. Ocean Boulevard, Suite 400 Stuart, FL 34996 Miller Family Education and Medical ~~T~~ 2336 S.E. Ocean Boulevard,Suite 400 Stuart,FL 34996 Susan F. Miller Spousal Trust A-4 2336 S.E. Ocean Boulevard, Suite 400 Stuart, FL 34996
	Name			Address
	Lloyd I. Miller, III Revocable Trust			2336 S.E. Ocean Boulevard, Suite 400 Stuart, FL 34996
	LIMFAM LLC			2336 S.E. Ocean Boulevard, Suite 400 Stuart, FL 34996
	Milfam II L.P.			2336 S.E. Ocean Boulevard, Suite 400 Stuart, FL 34996
	MBM Trust A-4			2336 S.E. Ocean Boulevard, Suite 400 Stuart, FL 34996
	Miller Family Education and Medical			2336 S.E. Ocean Boulevard,Suite 400 Stuart,FL 34996
	~~T~~ Susan F. Miller Spousal Trust A-4			2336 S.E. Ocean Boulevard, Suite 400 Stuart, FL 34996


Signature	print name sign here
		print name sign here	Neil S. Subin (in the applicable capacity) capacity General Partner / Manager / Trustee / Advisor
			date 28/12/21

		General Partner /
print name Neil S. Subin (in the applicable capacity)	capacity	Manager / Trustee /
		Advisor
sign here	date	28/12/21

DIRECTIONS

(1) 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 is clearly set out in paragraph 6 of the form.
(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) 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 are not paid directly to the person from whom the relevant interest was acquired.
(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.

This is Annexure A of 5 pages referred to in Form 604

	print name sign here	Neil S. Subin (in the applicable capacity)	capacity General Partner / Manager / Trustee / Advisor	capacity General Partner / Manager / Trustee / Advisor	capacity General Partner / Manager / Trustee / Advisor
			date 28/12/2021

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
21/10/2021	Marli B. Miller Trust A-4	Sell	0.285		70,544
				70544 ordinary share
21/10/2021	Miller Family Education and Medical Trust	Sell	0.285		41,499
				41499 ordinary shares
21/10/2021	Susan F. Miller Spousal Trust A-4	Sell	0.285		41,499
				41499 ordinary shares
21/10/2021	Milfam II L.P.	Sell	0.285		41,157
				41157 ordinary shares
21/10/2021	Lloyd I. Miller, III Revocable Trust	Sell	0.285		12,845
				12845 ordinary shares
21/10/2021	LIMFAM LLC	Sell	0.285		2,155
				2155 ordinary shares
28/10/2021	Marli B. Miller Trust A-4	Sell	0.285		2,825
				2825 ordinary shares
28/10/2021	Miller Family Education and Medical Trust	Sell	0.285		1,663
				1663 ordinary shares
28/10/2021	Susan F. Miller Spousal Trust A-4	Sell	0.285		1,663
				1663 ordinary shares
28/10/2021	Milfam II L.P.	Sell	0.285		1,649
				1649 ordinary shares
28/10/2021	Lloyd I. Miller, III Revocable Trust	Sell	0.285		515
				515 ordinary shares
28/10/2021	LIMFAM LLC	Sell	0.285		86
				86 ordinary shares
10/11/2021	Marli B. Miller Trust A-4	Sell	0.285		29,874
				29874 ordinary shares
10/11/2021	Miller Family Education and Medical Trust	Sell	0.285		17,574
				17574 ordinary shares
10/11/2021	Susan F. Miller Spousal Trust A-4	Sell	0.285		17,574
				17574 ordinary shares
10/11/2021	Milfam II L.P.	Sell	0.285		17,429
				17429 ordinary shares
10/11/2021	Lloyd I. Miller, III Revocable Trust	Sell	0.285		5,440
				5440 ordinary shares
10/11/2021	LIMFAM LLC	Sell	0.285		912
				912 ordinary shares
11/11/2021	Marli B. Miller Trust A-4	Sell	0.285		16,888
				16888 ordinary shares
11/11/2021	Miller Family Education and Medical Trust	Sell	0.285		9,934
				9934 ordinary shares
11/11/2021	Susan F. Miller Spousal Trust A-4	Sell	0.285		9,934
				9934 ordinary shares
11/11/2021	Milfam II L.P.	Sell	0.285		9,853
				9853 ordinary shares
11/11/2021	Lloyd I. Miller, III Revocable Trust	Sell	0.285		3,075
				3075 ordinary shares
11/11/2021	LIMFAM LLC	Sell	0.285		516
				516 ordinary shares
12/11/2021	Marli B. Miller Trust A-4	Sell	0.285		16,820
				16820 ordinary shares
12/11/2021	Miller Family Education and Medical Trust	Sell	0.285		9,895
				9895 ordinary shares
12/11/2021	Susan F. Miller Spousal Trust A-4	Sell	0.285		9,895
				9895 ordinary shares
12/11/2021	Milfam II L.P.	Sell	0.285		9,813
				9813 ordinary shares

96494026

12/11/2021	Lloyd I. Miller, III Revocable Trust	Sell	0.285		3,063
				3063 ordinary shares
12/11/2021	LIMFAM LLC	Sell	0.285		514
				514 ordinary shares
18/11/2021	Marli B. Miller Trust A-4	Sell	0.2978		185,818
				185818 ordinary shares
18/11/2021	Miller Family Education and Medical Trust	Sell	0.2978		109,310
				109310 ordinary shares
18/11/2021	Susan F. Miller Spousal Trust A-4	Sell	0.2978		109,310
				109310 ordinary shares
18/11/2021	Milfam II L.P.	Sell	0.2978		108,410
				108410 ordinary shares
18/11/2021	Lloyd I. Miller, III Revocable Trust	Sell	0.2978		33,835
				33835 ordinary shares
18/11/2021	LIMFAM LLC	Sell	0.2978		5,677
				5677 ordinary shares
19/11/2021	Marli B. Miller Trust A-4	Sell	0.31		72,068
				72068 ordinary shares
19/11/2021	Miller Family Education and Medical Trust	Sell	0.31		42,395
				42395 ordinary shares
19/11/2021	Susan F. Miller Spousal Trust A-4	Sell	0.31		42,395
				42395 ordinary shares
19/11/2021	Milfam II L.P.	Sell	0.31		42,046
				42046 ordinary shares
19/11/2021	Lloyd I. Miller, III Revocable Trust	Sell	0.31		13,123
				13123 ordinary shares
19/11/2021	LIMFAM LLC	Sell	0.31		2,202
				2202 ordinary shares
22/11/2021	Marli B. Miller Trust A-4	Sell	0.31		8,127
				8127 ordinary shares
22/11/2021	Miller Family Education and Medical Trust	Sell	0.31		4,781
				4781 ordinary shares
22/11/2021	Susan F. Miller Spousal Trust A-4	Sell	0.31		4,781
				4781 ordinary shares
22/11/2021	Milfam II L.P.	Sell	0.31		4,741
				4741 ordinary shares
22/11/2021	Lloyd I. Miller, III Revocable Trust	Sell	0.31		1,480
				1480 ordinary shares
22/11/2021	LIMFAM LLC	Sell	0.31		248
				248 ordinary shares
23/11/2021	Marli B. Miller Trust A-4	Sell	0.3		33,641
				33641 ordinary shares
23/11/2021	Miller Family Education and Medical Trust	Sell	0.3		19,790
				19790 ordinary shares
23/11/2021	Susan F. Miller Spousal Trust A-4	Sell	0.3		19,790
				19790 ordinary shares
23/11/2021	Milfam II L.P.	Sell	0.3		19,627
				19627 ordinary shares
23/11/2021	Lloyd I. Miller, III Revocable Trust	Sell	0.3		6,125
				6125 ordinary shares
23/11/2021	LIMFAM LLC	Sell	0.3		1,027
				1027 ordinary shares
03/12/2021	Marli B. Miller Trust A-4	Sell	0.31		5,241
				5241 ordinary shares
03/12/2021	Miller Family Education and Medical Trust	Sell	0.31		3,083
				3083 ordinary shares
03/12/2021	Susan F. Miller Spousal Trust A-4	Sell	0.31		3,083
				3083 ordinary shares
03/12/2021	Milfam II L.P.	Sell	0.31		3,057
				3057 ordinary shares
03/12/2021	Lloyd I. Miller, III Revocable Trust	Sell	0.31		954
				954 ordinary shares
03/12/2021	LIMFAM LLC	Sell	0.31		160
				160 ordinary shares
24/12/2021	Marli B. Miller Trust A-4	Sell	0.30990		429,767
				429767 ordinary shares
24/12/2021	Miller Family Education and Medical Trust	Sell	0.30990		252,817
				252817 ordinary shares
24/12/2021	Susan F. Miller Spousal Trust A-4	Sell	0.30990		252,817
				252817 ordinary shares

24/12/2021	Milfam II L.P.	Sell	0.30990		250,736
				250736 ordinary shares
24/12/2021	Lloyd I. Miller, III Revocable Trust	Sell	0.30990		78,255
				78255 ordinary shares
24/12/2021	LIMFAM LLC	Sell	0.30990		13,131
				13131 ordinary shares

Annexure B

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

print name sign here	print name sign here	Neil S. Subin (in the applicable capacity)	Neil S. Subin (in the applicable capacity)		capacity	General Partner / Manager / Trustee / Advisor
					date	28/12/2021

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, III	JPMorgan Nominees		JPMorgan Nominees	Relevant interest under	946,453 ordinary	946,453
Revocable Trust	Australia Ltd		Australia Ltd	Corporations Act section	shares
				608(1)(b) or 608(1)(c)


				Relevant interest under
	JPMorgan Nominees		JPMorgan Nominees		158,810 ordinary
LIMFAM LLC				Corporations Act section		158,810
	Australia Ltd		Australia Ltd		shares
				608(1)(b) or 608(1)(c)


Milfam II L.P.	JPMorgan Nominees		JPMorgan Nominees	Relevant interest under	3,032,533 ordinary	3,032,533
	Australia Ltd		Australia Ltd
				Corporations Act section	shares
				608(1)(b) or 608(1)(c)

MBM Trust A-4	HSBC Custody		HSBC Custody	Relevant interest under	5,197,822 ordinary	5,197,822
	Nominees (Australia)		Nominees (Australia)
	Ltd		Ltd	Corporations Act section	shares
				608(1)(b) or 608(1)(c)

Miller Family Education	JPMorgan Nominees		JPMorgan Nominees	Relevant interest under	3,057,696 ordinary	3,057,696
	Australia Ltd		Australia Ltd
and Medical Trust				Corporations Act section	shares
				608(1)(b) or 608(1)(c)

Susan F. Miller Spousal	JPMorgan Nominees		JPMorgan Nominees	Relevant interest under	3,057,695 ordinary	3,057,695
	Australia Ltd		Australia Ltd
Trust A-4				Corporations Act section	shares
				608(1)(b) or 608(1)(c)

AI assistant

FOCUS MINERALS LTD Major Shareholding Notification 2021

64932_rns_2021-12-28_09b345ec-fb41-4480-87aa-b16baa3a7192.pdf

Notice of change of interests of substantial holder

1. Details of substantial holder (1)

2. Previous and present voting power

3. Changes in relevant interests

4. Present relevant interests

5. Changes in association

DIRECTIONS

This is Annexure A of 5 pages referred to in Form 604

AI assistant

FOCUS MINERALS LTD — Major Shareholding Notification 2021

64932_rns_2021-12-28_09b345ec-fb41-4480-87aa-b16baa3a7192.pdf

Notice of change of interests of substantial holder

1. Details of substantial holder (1)

2. Previous and present voting power

3. Changes in relevant interests

4. Present relevant interests

5. Changes in association

DIRECTIONS

This is Annexure A of 5 pages referred to in Form 604

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FOCUS MINERALS LTD Major Shareholding Notification 2021