PERSEUS MINING LIMITED — Major Shareholding Notification 2019

Jun 20, 2019

Form 605 Corporations Act 2001 Section 671B

Notice of ceasing to be a substantial holder

To Company Name/Scheme	Perseus Mining Limited
ACN/ARSN	106 808 986
Details of substantial holder (1) 1.
Name	Van Eck Associates Corporation (and its associates referred to in paragraph 4).
ACN/ARSN (if applicable)	N/A
The holder ceased to be a
substantial holder on	10/06/2019
The previous notice was given to the company on	13/05/2019
The previous notice was dated	10/05/2019

2. Changes in relevant Interests

Particulars of each change in, or change in the nature of, a relevant interest (2) of the substantial holder or an associate (3) 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 $(4)$	Consideration given in relation to change (5)	Class (6) and number of securities affected	Person's votes affected
	Eck lVan Corporation (VEAC)	Associates See Annexure A

3. Changes In association

The persons who have become associates (3) of, ceased to be associates of, or have changed the nature of their association (7) 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

4. 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 Pty 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 Russel Brennan capacity AVP sign here envoi date 20/06/2019

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 4 of the form.
• See the definition of "relevant interest" in sections 608 and 671B(7) of the Corporations Act 2001. $(2)$
• See the definition of "associate" in section 9 of the Corporations Act 2001. $(3)$
• Include details of: $(4)$
• 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
• 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 $(b)$ 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, moneys and other, that any person from whom a relevant interest was acquired has, or $(5)$ 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 the relevant interest was acquired.
• The voting shares of a company constitute one class unless divided into separate classes. $(6)$
• Give detalls, If appropriate, of the present association and any change in that association since the last substantial holding notice. $(7)$

Holder of relevant			Consideration	Consideration
interest	Date of Acquisition	B/S	Cash	Non-Cash	Number of Securities
GDXJ	05/09/2019 B			In-Kind	384,945
GDXJ	05/10/2019 B			In-Kind	384,945
GDXJ	05/13/2019 B			In-Kind	153,966
GDXJ	05/14/2019 B			In-Kind	641,475
GDXJ	05/15/2019 S			In-Kind	1,026,280
GDXJ	05/16/2019 B			In-Kind	561,132
GDXJ	05/20/2019 B			In-Kind	255,080
GDXJ	06/03/2019 S			In-Kind	1,275,400
GDXJ	06/05/2019 S			In-Kind	255,070
GDXJ	06/10/2019 S			In-Kind	404,960
UCTGDXJ	05/15/2019 B		10,194.15		21,459
UCTGDXJ	05/16/2019 S		2,172.70		4,626
UCTGDXJ	06/07/2019 S		5,173.18		11,504
In-Kind transactions result from UCTGDXJ receiving a basket of securities (including PERSEUS MINING LTD) in exchange for securities in UCTGDXJ.

This is Annexure A of 1 page referred to in Form 605 - Notice of ceasing to be a substantial holder.

$RS$