RAMELIUS RESOURCES LIMITED — Major Shareholding Notification 2017

Dec 14, 2017

Form 604

Corporations Act 2001 Section 671B

Notice of change of interests of substantial holder

		Ramellus Resources Limited
To Company Name/Scheme ACN/ARSN	001.717.540
1. Details of substantial holder(1)
Name ACIVARSN (If applicable)	Ruffect UP
There was a change in the interests of the substantial holder on		13/12/2017
The previous notice was given to the company on The previous notice was dated		19/06/2017 19/06/2017

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 r

##################################### Cless of securities (4)	,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, Previous notice ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,	_________	Prosent notice --------------------------------------	--------------------------------------
		power (5) voting -------		CALLANT Voling
---- Fully Paid m. *ияъ. .	104		50 . . - 74	. A B 4 ID ю --------------------------------------

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 to llows:

Date of change	Person whose relevant interest changed	Nature D. change $\left( 6 \right)$	oiven in relation to change (7)	Class and number of securities affected	Person's votes affected
	See Annexure A

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
Ruffer LLP	Bank of New York Mellon SA/NV	Ruffer LLP (on behalf of CF Ruffer Gold Fund)	Ruffer LLP has entered into Investment Management Agreements (IMAs) under which it serves as investment advisor to over 6,000 discretionary clients (collectively, the "Accounts"). Only one of lthese Account clients is currently the beneficial holder of the Issuer's securities, being a collective investment scheme called CF Ruffer Gold Fund. However, in the future it is possible that the Issuer's securities may be held by other Account lelients. As investment advisor, Ruffer LLP is empowered to exercise all voting rights and make investment decisions regarding the Issuer's securities held by ithe Accounts. Under each IMA, Ruffer LLP is entitled to be paid a fee for managing the portfolio(s) for the discretionary client and the discretionary client is ontitled to terminate the IMA in certain circumstances by giving notice to Ruffer LLP. Ruffer LLP may be deemed to have a relevant Interest in the Ordinary Fully Paid Shares held for such Accounts as Ruffer LLP is empowered to exercise all voting rights and make investment decisions regarding the Issuer's securities held by the relevant Account or Accounts. Bank of New York Mellon! SA/NV is the registered holder of the securities and the depositary for CF Ruffer Gold Fund, Accompanying this form is an extract of the investment management agreement (Annexure B) between Ruffer LLP and Capita Financial Managers Limited (the authorised corporate director of CF Ruffer Gold Fund) under which Ruffer LLP is authorised to manage the portfolio of CF Ruffer lGold Fund.	43,445,595 ordinary shares	43,445,595

6. Changes in association

The persons who have become associates (2) of, cessed 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 acherre are as follows:

,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, . ,,,,,,,,,,,,, Nama CONTROL -------------------------------------- --------	-------------------------------------- ______ --------------------------------------- --------------------------------------- ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, oclation . Na -------------------------------------- ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, _____
W.	--------------------------------------
,,,,,,,,,,,,,, ------------------------	,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, ******* ,,,,,,,,,,,,,,,,,,,,,,,,, ----------------------------

1. Addresses

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

,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, Name --------------------------------------	--------------------------------------- -------------------------------------- THE RESIDENCE OF RESIDENCE. AQQL622 ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ --------------------------------------- --------------------------------------
,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, .	,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, ALC: UNITS l۵۸ SWIE 5JL. TANTANII ICLUITE _________ -------------------------------------- ---------------------------------------
___ \;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;; ---------------	---------------- _________ --------------------------------------- ,,,,,,,,,,,,,,,,,,,,,,,,, -------------------------------------- .

Signature

print name Tony Allen	Compliance Manager ________ --------------------------------------- --------------------------------------
sign here or to the same of the contract of	date	14/12/2017
---------------------------------------	-------------------------	*********	---------------

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 $(1)$ 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.
• See the definition of "associate" in section 9 of the Corporations Act 2001. $(2)$
• $(3)$ See the definition of "relevant interest" in sections 608 and 671B(7) of the Corporations Act 2001.
• The voting shares of a company constitute one class unless divided into separate classes. $(4)$
• The person's votes divided by the total votes in the body corporate or scheme multiplied by 100. $(5)$
• $(6)$ 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 of any $\left($ a $\right)$ 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 securities to ው) 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, become entitled to receive in relation to that acquiretion. Details m $\left( 7\right)$ 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.
• If the substantial holder is unable to determine the identity of the person (e.g. if the relevent interest arises because of an option) write "unknown". $^{(8)}$
• Give details, if appropriate, of the present association and any change in that association since the last substantial holding notice, $(9)$

Annexure A

This is Annexure A of 3 pages referred to in Form 604 – Notice of change of interests of substantial holder.

Date of change	whose Person relevant interest changed	Nature of change (6)	Consideration given in relation to change (7)	Class and number ٥ľ securities affected	Person's asicv affected
30/06/2017	Ruffer L.L.P	Purchase of ordinary AUD \$95,122.80 shares		211,384 Ordinary shares	211,384
03/07/2017	Ruffer LLP	Purchase of ordinary AUD \$354,877.20 shares		788,616 Ordinary shares	788,616
04/07/2017	Ruffer LLP	Purchase of ordinary AUD \$147,907.47 shares		354,015 Ordinary shares	354,015
05/07/2017	Ruffer LLP	Purchase of ordinary AUD \$61,313.70 shares		145,985 Ordinary shares	145,985
07/07/2017	Ruffer LLP	Purchase of ordinary AUD \$ 15,214.69 shares		37.109 Ordinary shares	37,109
10/07/2017	Ruffer LLP	Purchase of ordinary AUD \$53,111.40 shares		129,540 Ordinary shares	129,540
11/07/2017	Ruffer LLP	Purchase of ordinary AUD \$104,967.37 shares		256,268 Ordinary shares	256,268
12/07/2017	Ruffer LLP	Purchase of ordinary AUD \$31,403.61 shares		77,083 Ordinary shares	77,083
13/07/2017	Ruffer LLP	Purchase of ordinary AUD \$119,490.00 shares		300,000 Ordinary shares	300,000
19/07/2017	Ruffer LLP	Purchase of ordinary AUD \$ 13,297.44 shares		34,096 Ordinary shares	34,095
28/07/2017	Ruffer LLP	Purchase of ordinary AUD 14,921.40 shares		38,260 Ordinary shares	38,260
24/08/2017	Ruffer LLP	Purchase of ordinary AUD \$ 20,090.85 shares		51,515 Ordinary shares	51,515
25/08/2017	Ruffer LLP	Purchase of ordinary AUD \$ 67,545.47 shares		176,129 Ordinary shares	176,129
01/09/2017	Ruffer LLP	Purchase of ordinary AUD \$ 51,554.98 shares		127,014 Ordinary shares	127,014
04/09/2017	Ruffer LLP	Purchase of ordinary AUD \$164.82 shares		402 Ordinary sharos	402
05/09/2017	Ruffer LLP	Purchase of ordinary AUD \$3,149.62 shares		7,682 Ordinary shares	7,682

$H$

06/09/2017	Ruffer LLP	Purchase of ordinary AUD \$ 6,635.85 shares	16,185 Ordinary shares	16,185
07/09/2017	Ruffer LLP	Purchase of ordinary AUD \$ 40,414.74 shares	98,717 Ordinary shares	98,717
08/09/2017	Ruffer LLP	Purchase of ordinary AUD \$30,357.62 shares	74.224 Ordinary shares	74,224
11/09/2017	Ruffer LLP	Purchase of ordinary AUD \$ 51,568.16 shares	125,776 Ordinary shares	125,776
12/09/2017	Ruffer LLP	Purchase of ordinary AUD \$ 67,100.90 shares	168,680 Ordinary shares	168,680
13/09/2017	Ruffer LLP	Purchase of ordinary AUD \$12,515.47 shares	$\left 31,320\right\rangle$ Ordinary shares	31,320
14/09/2017	Ruffer LLP	Purchase of ordinary AUD \$22,172.68 shares	56,926 Ordinary shares	56,926
18/09/2017	Ruffer LLP	Purchase of ordinary AUD \$55,283.79 shares	143,074 Ordinary shares	143,074
22/09/2017	Ruffer LLP	Purchase of ordinary AUD \$44,239.02 shares	114,431 Ordinary shares	114,431
25/09/2017	Ruffer LLP	Purchase of ordinary AUD \$ 51,584.00 shares	135,569 Ordinary shares	135,569
27/09/2017	Ruffer LLP	Purchase of ordinary AUD \$15,737.42 shares	42,135 Ordinary shares	42,135
28/09/2017	Ruffer LLP	Purchase of ordinary AUD \$43,925.66 shares	117,637 Ordinary shares	117,637
29/09/2017	Ruffer LLP	Purchase of ordinary AUD \$ 31,167.14 shares	81,911 Ordinary shares	81,911
02/10/2017	Ruffer LLP	Purchase of ordinary AUD \$36,266.51 shares	$93,591$ Ordinary shares	93,591
03/10/2017	Ruffer LLP	Purchase of ordinary AUD \$ 18,412.23 shares	47,986 Ordinary shares	47,986
04/10/2017	Ruffer LLP	Purchase of ordinary AUD \$ 9,743.76 shares	25,074 Ordinary shares	25,074
05/10/2017	Ruffer LLP	Purchase of ordinary AUD \$ 11,751.09 shares	30,131 Ordinary shares	30,131
06/10/2017	Ruffer LLP	Purchase of ordinary AUD \$ 12,543.96 shares	32,164 Ordinary shares	32,164
16/10/2017	Ruffer LLP	Purchase of ordinary AUD \$ 11,454.69 shares	29,371 Ordinary shares	29,371
01/11/2017	Ruffer LLP	Purchase of ordinary AUD \$ 21,155.25 shares	56,414 Ordinary shares	56,414

123,018	123,018 Ordinary shares	Purchase of ordinary AUD \$46,008.73 shares	Ruffer LLP	02/11/2017
116,375	116,375 Ordinary shares	Purchase of ordinary AUD \$43,640.63 shares	Ruffer LLP	13/11/2017
34,684	34,684 Ordinary shares	Purchase of ordinary AUD \$ 13,006.50 shares	Ruffer LLP	14/11/2017
61,716	$61.716$ Ordinary shares	Purchase of ordinary AUD \$ 23,452.08 shares	Ruffer LLP	06/12/2017
188,284	188,284 Ordinary shares	Purchase of ordinary AUD \$71,171.35 shares	Ruffer LLP	07/12/2017
190,000	190,000 Ordinary shares	Purchase of ordinary AUD \$70,250.00 shares	Ruffer LLP	08/12/2017
190,000	190,000 Ordinary shares	Purchase of ordinary AUD \$ 67,184.00 shares	Ruffer LLP	12/12/2017
200,000	200,000 Ordinary shares	Purchase of ordinary AUD \$ 65,940.00 shares	Ruffer LLP	13/12/2017

Annexure B

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

Ruffer LLP

Extract of the Investment Management Agreement (Agreement) between Ruffer LLP (Investment Manager) and Capita Financial Managers Limited (CFM) (the authorised corporate director of CF Ruffer Gold Fund (Fund))

• Appointment: CFM appoints the Investment Manager as the $2.1$ discretionary investment manager of the Fund (including the Assets) and the Investment Manager accepts such appointment, on the terms and conditions set out in the Agreement. The Investment Manager categorises CFM as a professional client for the purposes of the FSA Handbook. CFM has the right to request re-categorisation as a retail client at any time. CFM has the right to give the Investment Manager instructions from time to time.
• $2.2$ Investment Discretion: The Investment Manager will manage the Fund with a view to achieving the investment objectives and within any restrictions set out in the Instrument, the Prospectus, the Regulations and the FSA Rules and will act in good faith and with the skill and care expected of a professional investment reasonably to be manager. Subject to such restrictions, the Investment Manager, normally acting as agent, will have complete discretion for the account of the Fund (and without prior reference to CFM) to buy, sell, retain, exchange or otherwise deal in investments and other assets, subscribe to issues and offers for sale and accept placings, underwritings and subunderwritings of any Investments, effect transactions on any markets. negotiate and execute counterparty documentation, take all routine or day to day decisions and otherwise act as the Investment Manager considers appropriate in relation to the management of the Fund(s). subject at all times to the Investment Manager's obligations under the FSA Rules and in accordance with Good Industry Practice.
• Voting Rights: The Investment Manager may request that the $2.4$ Depositary exercise all voting and other powers and discretions relating to the Assets, although it is not obliged to do so.

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