RAMELIUS RESOURCES LIMITED — Major Shareholding Notification 2011

May 15, 2011

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FACSIMILE TRANSMITTAL SHEET

10.	FROM:
Company Announcements Office	Maggie Tang
COMPANY:	DATE
Australian Securities Exchange	May 13, 2011
TAX NUMBER:	TOTAL NO. OF PAGES INCLUDING COVER-
011-61-2-9778-0999/61-2-9347-0005	4
PHONE NUMBER:	SUNDER'S PHONE NUMBER:
	416-943-4072
RT:	SIGNIDER'S FAX NUMBER:
FORM 604	416-943-6497
OPLEASE COMMENT$\Box$ FOR REVIEW$\Box$ urgent!	$\Box$ PLEASE REPLY $\Box$ PLEASE RECYCLE

NOTES/COMMENTS

Dear Sir,

Please find attached a Form 604 notice of change of interest in Ramelius Resources Ltd. Please do not hesitate to contact me at $\frac{\text{arg}(a)}{\text{arg}(a)}$ for if you have any questions.

Sincerely, Maggie Tang

ROYAL BANK PLAZA, SOUTH TOWER,

$$01TR2700,~POBOX 27$

TORONTO, ON M5J2J1 T: 416 943 6707 F: 416 943 6497 TOLL FREE: 1 866 299 9906

Form 604

Corporations Act 2001 Section 671B

Notice of change of interests of substantial holder

To Company Name/Scheme	Ramelius Resources Limited
ACN/ARSN	51 001 717 540
1. Details of substantial holder (1)
Name	Sprott Asset Management LP (SAM)
ACN/ARSN (if applicable)
There was a change in the Interests of thesubstantial holder on	12/5/2011
The previous notice was given to the company on	10/1/2011
The previous notice was dated	10/1/2011

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
	Porson's votes	Voting pawer (5)	. .Person's votes	Voting power (5)
Ordinary Shares	48,070,374	16.5%	51,344,214	17.68

3. Changes in relovant 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:

	lPerson whose relevant	Nature of	Consideration given	Class and number of securities
Date of Change	interest changed	Change	in relation to change	laffected
110-Mar-11	SAM	İBuy	1.1589 AUD	1200.000ordinary shares
11-Mar-11	5AM	Buy	1.1194 AUD	100,000ordinary shares
14-Mar-11	SAM	!Buy	1.1030 AUD	258,623ordinary shares
15-Mar-11	SAM	¦Buy	1.1403 AUD	491.377ordinary shares
16-Mar-11	SAM	Buy	1.1492 AUD	110,040ordinary shares
18-Apr-11	SAM	Buy	1.5020 AUD	400.000ordinary shares
19-Apr-11	SAM	Buy	1.3966 AUD	184,000ordinary shares
l2-May-11	SAM	Buy	1.2495 AUD	100.000ordinary shares
3-May-11	SAM	Buy	1.2080 AUD	400.000ordinary shares
10-May-11	ISAM	Buy	1.2453 AUD	400.000ordinary shares
11-May-11	SAM	Buy	1.3346 AUD	300,000ordinary shares
12-May-11	ISAM	Buy	1.3197 AUD	329,800ordinary shares

4. Present relevant interests

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

Holder of relevantinterest	Registered holder ofsecurities	Person entitledto be registeredas holder (8)	Nature of relevantinterest (6)	Class andnumber ofsecurities	Person's votes
SAM	RBC DexiaInvestorServices		Sprott Asset Management LPis the portfolio manageracting on behalf of various	OrdinaryShares26,069,017	26,069,017
SAM	CormarkSecuritiesInc.	funds and managedaccounts.		OrdinaryShares14,362,420	14, 362, 420
SAM.	Scotia Capital			OrdinaryShares9.882,977	9,882,977
SAM	Credit Suisse			OrdinaryShares1,029,800	1,029,000

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 association1000 Block of GLACIER HWY
	$\cdots$--_________

6. Addresses

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

------Name	Address
Sprott Asset Management LP	200 Bay Street, Suite 2700, P.O.Box 27Toronto, ON Canada M5J 2J1.

Signature

print name	Steve Rostowsky	capacity	Chief Financial Officer
sign here	.----	date	13/5/2011

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

any qualification of the power of a person to exercise, control the exercise of, or influence the exercise of, the voting powers or disposal $(b)$ 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 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.
• (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.