IGO LIMITED — Major Shareholding Notification 2016

Sep 18, 2016

Form 604 Corporations Act 2001

Section 671B

Notice of change of interests of substantial holder

To Company Name/Scheme	Independence Group NL
ACN/ARSN	092 786 304
1. Details of substantial holder (1) Name ACN/ARSN (if applicable)	Van Eck Associates Corporation (and its associates referred to in paragraph 6). N/A
There was a change in the interests of the substantial holder on The previous notice was given to the company on The previous notice was dated	14/09/2016 07/09/2016 06/09/2016

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		Present notice
	Person's votes	Voting power (5)	Person's votes	Voting power (5)
Ordinary shares	62.547.002	'10.66%	68,732,362	'11.72%

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
	[Van Eck Associates] See Annexure A Corporation (VEAC)

4. Present relevant interests

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

Holder of	Registered	Person entitled	Nature of	Class and	Person's votes
relevant	holder of	to be registered	relevant	number of
interest	securities	as holder (8)	interest (6)	securities
VEAC	Bank of New York lMellon as custodian lfor VanEck Vectors Gold Miners ETF	Miners ETF (GDX)	VanEck Vectors Gold VEAC holds its relevant linterest by having the bower to exercise, control the exercise of, or linfluence the exercise of. the voting powers or disposal of the securities to which the relevant linterest relates in the ordinary course of investment management lbusiness.	Ordinary shares 27,444,394	4.68%

VEAC	Bank of New York Mellon as custodian for VanEck Vectors Junior Gold Miners ETF	VanEck Vectors Junior Gold Miners ETF (GDXJ)	Same as above.	Ordinary shares 40,504,357	6.90%
VEAC	Bank of New York Mellon as custodian for VanEck Vectors Gold Miners UCITS ETF	VanEck Vectors Gold Same as above. Miners UCITS ETF (UCTGDX)		Ordinary shares 355,656	0.06%
VEAC	Bank of New York Mellon as custodian for VanEck Vectors Junior Gold Miners UCITS ETF	VanEck Vectors Junior Gold Miners IUCITS ETF (UCTGDXJ)	Same as above.	Ordinary shares 427,955	0.07%

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:

(if ACN/ARSN Name and applicable)	-------------------------------------- ______ Nature of association
---	$\sim$ ______

6. Addresses

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

Name	Address
VEAC
	666 Third Avenue, New York, NY 10017
Van Eck Securities Corporation	666 Third Avenue, New York, NY 10017
Van Eck Absolute Return Advisers, Inc.	666 Third Avenue, New York, NY 10017
VanEck Australia Ptv Ltd	Level 4 Aurora Place, 88 Phillip Street, Sydney NSW 2000
VanEck Investments Limited	Level 4 Aurora Place, 88 Phillip Street, Sydney NSW 2000

Signature

print name Andrew Tilzer	capacity	Assistant Vice President
sign here	date	16/09/2016

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 na 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:
• any relevant agreement or other circumstances because of which the change in relevant interest occurred. If subsection 671B(4) applies, a copy $(a)$ 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.

• 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, $(7)$ 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 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".
• Give details, if appropriate, of the present association and any change in that association since the last substantial holding notice. $(9)$

604 GUIDE page 1/1 13 March 2000

GUIDE

This guide does not form part of the prescribed form and is included by ASIC to assist you in completing and lodging form 604.

Signature	This form must be signed by either a director or a secretary of the substantial holder.
Lodging period	Nil
Lodging Fee	Nil
Other forms to be completed	Nil
Additional information	(a)			If additional space is required to complete a question, the information may be included on a separate piece of paper annexed to the form.
	(b)			This notice must be given to a listed company, or the responsible entity for a listed managed investment scheme. A copy of this notice must also be given to each relevant securities exchange.
	(c)			The person must give a copy of this notice:
		(i)		within 2 business days after they become aware of the information; or
		(ii)		by 9.30 am on the next trading day of the relevant securities exchange after they become aware of the information if:
			(A)	a takeover bid is made for voting shares in the company or voting interests in the scheme; and
			(B)	the person becomes aware of the information during the bid period.
Annexures				To make any annexure conform to the regulations, you must
	1			use A4 size paper of white or light pastel colour with a margin of at least 10mm on all sides
	2			show the corporation name and A.C.N or ARBN
	З			number the pages consecutively
	4 5			print or type in BLOCK letters in dark blue or black ink so that the document is clearly legible when photocopied
	6			identify the annexure with a mark such as A, B, C, etc endorse the annexure with the words:
				This is annexure (mark) of (number) pages referred to in form (form number and title)
				7 sign and date the annexure.
				The annexure must be signed by the same person(s) who signed the form.

Information in this guide is intended as a guide only. Please consult your accountant or solicitor for further advice.

Holder of relevant			Consideration	Consideration
interest	Date of Acquisition	B/S	Cash	Non-Cash	Number of Securities
GDX	06/17/2016B		77,680,217.03		23,326,692
GDX	06/20/2016 B			In-Kind	244,728
GDX	06/20/2016 B		96,976.22		29,031
GDX	06/21/2016B			In-Kind	203,940
GDX	06/23/2016 B			In-Kind	40,800
GDX	06/24/2016 B			In-Kind	272,000
GDX	06/27/2016 B			In-Kind	20,400
GDX	06/30/2016 S			In-Kind	336,600
GDX	07/06/2016 S			In-Kind	27,200
GDX	07/08/2016 B			In-Kind	339,900
GDX	07/11/2016 B			In-Kind	71,379
GDX	07/12/2016 B			In-Kind	6,798
GDX	07/13/2016 S			In-Kind	339,900
GDX	07/14/2016 B			In-Kind	20,394
GDX	07/19/2016 B			In-Kind	10,197
GDX	07/20/2016 B			In-Kind	20,394
GDX	07/21/2016 B			In-Kind	10,197
GDX	07/25/2016 S			In-Kind	67,980
GDX	07/28/2016 B			In-Kind	16,995
GDX	07/29/2016 B			In-Kind	40,788
GDX	08/01/2016 B			In-Kind	6,796
GDX	08/03/2016 B			In-Kind	10,194
GDX	08/05/2016 S			In-Kind	27,184
GDX	08/08/2016 S			In-Kind	74,756
GDX	08/09/2016 B			In-Kind	190,288
GDX	08/16/2016 B			In-Kind	214,074
GDX	08/17/2016 B			In-Kind	251,452
GDX	08/18/2016 B			In-Kind	309,218
GDX	08/19/2016 B			In-Kind	101,940
GDX	08/22/2016 S			In-Kind	6,796
GDX	08/29/2016 B 08/31/2016 B			In-Kind	696,795
GDX GDX	09/01/2016 B			In-Kind In-Kind	20,394
	09/02/2016 B				98,542
GDX				In-Kind	720,376
GDX GDX	09/06/2016 B 09/08/2016 B			In-Kind In-Kind	312,708
GDX	09/09/2016 B				40,800
				In-Kind	91,800
GDX GDX	09/12/2016B 09/14/2016B			In-Kind In-Kind	438,600
GDXJ	05/16/2016B			In-Kind	146,200 61,707
GDXJ	05/17/2016 B			In-Kind	82,296
GDXJ	05/18/2016B			In-Kind	61,710
GDXJ	05/19/2016B			In-Kind	370,188

This is Annexure A of 1 page referred to in Form 604 - Notice of change of interests of substantial holder.

Page $1$ of 3

Holder of relevant			Consideration	Consideration
interest	Date of Acquisition	B/S	Cash	Non-Cash	Number of Securities
GDXJ	05/24/2016S			In-Kind	329,104
GDXJ	05/27/2016 S			In-Kind	576,044
GDXJ	06/06/2016 B			In-Kind	411,480
GDXJ	06/07/2016 B			In-Kind	185,112
GDXJ	06/08/2016 B			In-Kind	123,390
GDXJ	06/09/2016 B			In-Kind	41,128
GDXJ	06/10/2016 B			In-Kind	431,865
GDXJ	06/13/2016 B			In-Kind	390,564
GDXJ	06/14/2016B			In-Kind	20,557
GDXJ	06/15/2016 B			In-Kind	164,472
GDXJ	06/16/2016 B			In-Kind	185,040
GDXJ	06/17/2016 B			In-Kind	164,472
GDXJ	06/17/2016 S		26,230,423.32		7,877,004
GDXJ	06/20/2016 B			In-Kind	237,135
GDXJ	06/20/2016 B		85,664.12		25,630
GDXJ	06/22/2016B			In-Kind	521,598
GDXJ	06/24/2016 B			In-Kind	410,956
GDXJ	06/28/2016 B			In-Kind	189,612
GDXJ	07/05/2016B			In-Kind	347,600
GDXJ	07/06/2016 B			In-Kind	362,940
GDXJ	07/07/2016 B			In-Kind	157,800
GDXJ	07/08/2016 B			In-Kind	284,040
GDXJ	07/11/2016B			In-Kind	15,780
GDXJ	07/12/2016 B			In-Kind	47,337
GDXJ	07/18/2016 B			In-Kind	110,460
GDXJ	07/19/2016 B			In-Kind	252,464
GDXJ	07/21/2016 B			In-Kind	173,470
GDXJ	07/29/2016 B			In-Kind	220,780
GDXJ	08/02/2016 B			In-Kind	315,440
GDXJ	08/08/2016 B			In-Kind	236,595
GDXJ GDXJ	08/10/2016 B 08/17/2016 B			In-Kind	911,470
GDXJ	08/18/2016 B			In-Kind In-Kind	314,220
GDXJ	08/19/2016 B			In-Kind	219,968
GDXJ	08/23/2016 B		1,349,635.73		47,139 331,602
GDXJ	08/24/2016 B			In-Kind	618,100
GDXJ	08/25/2016 B			In-Kind	17,663
GDXJ	08/26/2016 B			In-Kind	423,888
GDXJ	09/06/2016 B			In-Kind	635,760
GDXJ	09/07/2016 B			In-Kind	176,560
GDXJ	09/08/2016 B			In-Kind	88,290
GDXJ	09/12/2016 S			In-Kind	264,585
GDXJ	09/14/2016 B			In-Kind	4,462,414

This is Annexure A of 2 pages referred to in Form 604 - Notice of change of interests of substantial holder.

Page 2 of 3

Holder of relevant			Consideration	Consideration
interest	Date of Acquisition	B/S	Cash	Non-Cash	Number of Securities
MVRAU	05/18/2016 B		35.66		12 2
MVRAU	06/17/2016 S		47,312.82		14,219
MVEAU	05/16/2016 S			In-Kind	23,438
MVEAU	06/17/2016 S		8,168.86		2,455
MVEAU	06/22/2016 S		221.58		72
MVEAU	06/30/2016 S		1,193.00		364
MVEAU	07/25/2016 S		33,908.42		8,177
UCTGDX	06/17/2016 B		1,172,592.90		352,130
UCTGDX	06/20/2016 B		1,699.33		508
UCTGDX	08/08/2016 B		14,780.09		3,525
UCTGDX	08/25/2016 S		2,001.25		507
UCTGDXJ	06/08/2016 B		156,443.54		49,947
UCTGDXJ	06/17/2016 S		233,526.24		70,128
UCTGDXJ	06/20/2016 B		3,222.04		963
UCTGDXJ	06/22/2016 B		39,436.19		12,795
UCTGDXJ	06/28/2016 B		153,647.48		51,180
UCTGDXJ	06/29/2016 B		120,997.39		38,385
UCTGDXJ	07/20/2016 S		3,534.79		891
UCTGDXJ	08/08/2016 S		4,484.35		1,071
UCTGDXJ	08/23/2016 B		164,030.39		40,473
UCTGDXJ	09/08/2016 B		109,799.33		28,279
UCTGDXJ	09/14/2016B		104,222.00		28,534
INDEPENDENCE GROUP NL) in exchange for securities in UCTGDXJ.	In-Kind transactions result from UCTGDXJ receiving a basket of securities (including

This is Annexure A of 1 page referred to in Form 604 - Notice of change of interests of substantial holder.

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