RAMELIUS RESOURCES LIMITED — Major Shareholding Notification 2017

Apr 27, 2017

Form 604 Corporations Act 2001 Section 671B

Notice of change of interests of substantial holder

To Company Name/Scheme	Ramelius Resources Limited
ACN/ARSN	001 717 540
Details of substantial holder (1) 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	25/04/2017
The previous notice was given to the company on The previous notice was dated	22/03/2017 21/03/2017

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 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	86,020,446	$16.38\%$	76.620.363	114.59%

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:

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

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
IVEAC	Bank of New York Mellon as custodian lfor VanEck Vectors Junior Gold Miners ETF	NanEck Vectors Junior Gold Miners IETF ( GDXJ )	IVEAC 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 75,370,690	14.35%

NEAC	Bank of New York Mellon as custodian Ifor VanEck Vectors Llunior Gold Miners IUCITS ETF	VanEck Vectors Junior Gold Miners IUCITS ETF (UCTGDXJ)	ISame as above.	Ordinary shares 1.249.673	10.24%
-------------	------------------------------------------------------------------------------------------------------------	-------------------------------------------------------------------------------	-----------------	------------------------------	--------

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 and Name applicable)	Nature of association
	_________

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 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 Andrew Tilzer	capacity	AVP
sign here		date	27/04/2017

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 $(1)$ 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.
• See the definition of "associate" in section 9 of the Corporations Act 2001. $(2)$
• See the definition of "relevant interest" in sections 608 and 671B(7) of the Corporations Act 2001. $(3)$
• 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 $(a)$ 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, 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.
• 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". $(8)$

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

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
	3			number the pages consecutively
	4			print or type in BLOCK letters in dark blue or black ink so that the document is clearly legible when photocopied
	5			identify the annexure with a mark such as A, B, C, etc.
	6			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.

$\label{eq:1.1} \mathcal{F}^{(1)} = \mathcal{F}^{(1)} \qquad \text{for all } 1 \leq k \leq 1.$

Holder of relevant			Consideration	Consideration
interest	Date of Acquisition	B/S	Cash	Non-Cash	Number of Securities
GDXJ	12/28/2016 B			In-Kind	686,100
GDXJ	12/29/2016 B			In-Kind	651,738
GDXJ	12/30/2016 B			In-Kind	960,288
GDXJ	01/03/2017B			In-Kind	617,508
GDXJ	01/05/2017B			In-Kind	1,234,764
GDXJ	01/09/2017B			In-Kind	2,880,948
GDXJ	01/11/2017B			In-Kind	925,884
GDXJ	01/12/2017B			In-Kind	273,368
GDXJ	01/13/2017 B			In-Kind	683,540
GDXJ	01/18/2017B			In-Kind	854,100
GDXJ	01/19/2017B			In-Kind	683,420
GDXJ	01/31/2017B			In-Kind	339,550
GDXJ	02/06/2017 B			In-Kind	1,765,868
GDXJ	02/07/2017 B			In-Kind	645,145
GDXJ	02/08/2017 B			In-Kind	1,765,712
GDXJ	02/09/2017B			In-Kind	67,898
GDXJ	02/10/2017 B			In-Kind	2,615,074
GDXJ	02/13/2017 B			In-Kind	67,920
GDXJ	02/14/2017 B			In-Kind	271,696
GDXJ	02/15/2017B			In-Kind	1,426,278
GDXJ	02/16/2017B			In-Kind	1,698,150
GDXJ	02/17/2017B			In-Kind	169,785
GDXJ	02/21/2017 B			In-Kind	237,867
GDXJ	02/22/2017 B			In-Kind	713,727
GDXJ	02/23/2017 B			In-Kind	3,570,735
GDXJ	03/14/2017 S		6,438.85		11,506
GDXJ	03/15/2017 S		50,142.63		94,675
GDXJ	03/17/2017 S		6,436,993.78		13,136,722
GDXJ	03/20/2017 B			In-Kind	162,552
GDXJ	03/21/2017B			In-Kind	514,159
GDXJ	03/23/2017 S			In-Kind	676,925
GDXJ	03/28/2017 S			In-Kind	731,079
GDXJ	04/10/2017S			In-Kind	135,175
GDXJ	04/12/2017 S			In-Kind	594,286
GDXJ	04/13/2017 S			In-Kind	161,928
GDXJ	04/17/2017 S			In-Kind	1,592,469
GDXJ	04/19/2017 S			In-Kind	1,482,085
GDXJ	04/25/2017 S			In-Kind	4,746,016
UCTGDXJ	01/17/2017B		18,768.76		30,009
UCTGDXJ	01/19/2017B		19,721.12		31,786
UCTGDXJ	02/06/2017B		17,107.13		27,797
UCTGDXJ	02/08/2017 B		21,344.93		31,600
UCTGDXJ	02/09/2017B		43,036.58		63,310

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

Page 1 of 2

$\mathbb{A}$

Holder of relevant			Consideration	Consideration
interest	Date of Acquisition	B/S	Cash	Non-Cash	Number of Securities
UCTGDXJ	02/21/2017 B		23,279.03		31,650
UCTGDXJ	02/24/2017 S		7,124.28		9,971
UCTGDXJ	03/01/2017 B		19,010.91		31,401
UCTGDXJ	03/09/2017 B		16,825.75		31,428
UCTGDXJ	03/17/2017 S		24,090.85		49,165
UCTGDXJ	03/20/2017 B		8,008.34		15,847
UCTGDXJ	03/27/2017 B		14,902.57		28,366
UCTGDXJ	04/10/2017 S		568.58		1.044
	In-Kind transactions result from UCTGDXJ receiving a basket of securities (including RAMELIUS RESOURCES LTD) in exchange for securities in UCTGDXJ.

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

$\mathfrak{C}^1$