GRANGE RESOURCES LIMITED. — Major Shareholding Notification 2004

Oct 14, 2004

LinQ Capital Limited

Private and Confidential

15 October 2004

The Manager Companies Section Australian Stock Exchange Limited Level 10 20 Bond Street Sydney NSW 2000

By fax: 1900 999 279

Dear Sir

Grange Resources Ltd

Please find enclosed a Notice of Initial Substantial Holder pursuant to Section 671B of the Corporations Act.

The Notice has been served on Grange Resources Ltd today.

Yours faithfully

Simon Storm Company Secretary

LinQ Capital Limited A.C.N. 098 197 258 Australian Financial Services Licence: 239785 Ground Floor, 24 Outram Street West Perth WA 6005 PO Box 1134, West Perth WA 6872 Telephone +61 8 9488 8888 Pacsimile +61 8 481 0666 Web: http://www.linqresources.com/site/

603 page 1/2 15 July 2001

Form 603 Corporations Act 2001 Section 671B
Notice of initial substantial holder
To Company Name/Scheme	GRANGE RESOURCES LIMITED
ACN/ARSN	ACN 009 132 405
1. Details of substantial holder (1) Name ACN/ARSN (if applicable)	ASHDON NOMINEES PTY LTD (LINQ GROUP) ACN 107 455 667
The noider became a substantial holder on	11/10/04
Z. Details of 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 on the date the substantial holder became a substantial holder are as follows:

Class of securities (4)	Number of securities	Person's votes (5)	Voting power (6)
ORDINARY SHARES	4,285,715	4.285.715	6.14% ----

3. Details of relevant interests

The nature of the relevant interest the substantial holder or an associate had in the following voting securities on the date the substantial holder became a substantial holder are as follows:

Holder of relevant interest	Nature of relevant interest (7)	Class and number of securities .
LINQ CAPITAL LTD -----	RE OF FUND	4,285,715

4. Details of present registered holders

The persons registered as holders of the securities referred to in paragraph 3 above are as follows:

Holder of relevant Interest	Registered holder of securities	Person entitled to be registered as holder (8)	Class and number of securities
		-	ORD SHARES
LINQ CAPITAL LTD	PERPETUAL TRUSTEES	$\mathbf{r}$	14,285,715

5. Consideration

The consideration paid for each relevant interest referred to in paragraph 3 above, and acquired in the four months prior to the day that the substantial holder became a substantial holder is as follows:

Holder of relevant interest	Date of acquisition		. Consideration (9)
.		Cash	Non-cashi
	11/10/04		SEE ANNEX	IORD SHARES
LINO CAPITAL LTD				4, 285, 715

$\sim 10^{-11}$

$\sim 10^{-1}$

٦

603 page 2/2 15 July 2001

6. Associates
			The reasons the persons named in paragraph 3 above are associates of the substantial holder are as follows:
		Name and ACN/ARSN (if applicable)	Nature of association $\blacksquare$
			L.
7. Addresses
		The addresses of persons named in this form are as follows:
		Name	Adcress
			$\overline{a}$
			$\overline{a}$
Signature
		print name CLIVE DONNER		capacity DIRECTOR
		sign here		15/ 10 /2004 date
			DIRECTIONS
$\left(1\right)$	form.			If there are a number of substantial holders with similar or related relevant interests (eq. 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 7 of the
$\left( 2\right)$		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)	$\sim$ . The voting shares of a company constitute one class unless divided into separate classes.
(5)	interest in.			The total number of votes attached to all the voting shares in the company or voting interests in the scheme (if any) that the person or an associate has a relevant
(6)			The person's votes divided by the total votes in the body corporate or scheme multiplied by 100.
Ø)	(a)	Include details of:	this form, together with a written statement certifying this contract, scheme or arrangement; and	any relevant agreement or other circumstances by which the relevant interest was acquired. 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
	(b)		which the relevant interest relates (indicating clearly the particular securities to which the qualification applies).	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
		See the definition of "relevant agreement" in section 9 of the Corporations Act 2001.
(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)		the relevant interest was acquired.		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 of 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

ANNEXURE A

$\sim$

$\mathcal{A}^{\pm}$

This is Annexure A referred to in the FORM 603 "Initial Notice of Substantial Holder" dated 15 October 2004".

$\sim 10^{-1}$

$\hat{\boldsymbol{\theta}}$

15 October 2004

NOTE

$\bar{z}$

$\mathcal{A}^{\mathcal{A}}$

Change in substantial shareholder notice has been lodged by virtue of Ashdon Nominees Pty Ltd (Linq Group) acquiring the management rights of the Linq Mining Fund (previously Golden Arrow Fund) and the Linq Resources Fund (previously Golden Arrow Fund II) from the Rothschild Group effective 11 October 2004.