RAMELIUS RESOURCES LIMITED — Major Shareholding Notification 2017

Feb 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)
Name		Van Eck Associates Corporation (and its associates referred to in paragraph 6).
ACN/ARSN (if applicable)	N/A
There was a change in the interests of the
substantial holder on		23/2/2017
The previous notice was given to the company on		16/2/2017
The previous notice was dated		15/2/2017

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	91.139.768	17.35%	99,259,656	118.90%

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 ofchange	Person whoserelevant interestchanged	Nature ofchange (6)	Considerationgiven in relationto change (7)	Class andnumber ofsecuritiesaffected	Person's votesaffected
	[Van Eck Associates]See Annexure ACorporation (VEAC)

4. Present relevant interests

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

Holder ofrelevantinterest	Registeredholder ofsecurities	Person entitledto be registeredas holder (8)	Nature ofrelevantinterest (6)	Class andnumber ofsecurities	Person's votes
IVEAC	Bank of New YorkMellon as custodianlfor VanEck VectorsJunior Gold MinersIETF	VanEck VectorsUunior Gold MinersIETF (GDXJ)	VEAC holds its relevantInterest by having thebower to exercise, controlthe exercise of, orinfluence the exercise of,the voting powers ordisposal of the securitiesIto which the relevantlinterest relates in theordinary course oflinvestment managementbusiness.	Ordinary shares98,056,845	18.67%

NanEck VectorsBank of New YorkNEACJunior Gold MinersMellon as custodianIUCITS ETFlfor VanEck VectorsI(UCTGDXJ)Junior Gold MinersIUCITS ETF	ISame as above.	Ordinary shares1,202,811	0.23%
---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------	-----------------	------------------------------	-------

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:

ACN/ARSNNameandapplicable)	(ii	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	27/2/2017

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 $(1)$ 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.
• 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	ΝIΙ
Other forms to becompleted	Nil
Additional information	(a)			If additional space is required to complete a question, the information may be included on a separate piece ofpaper 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)	information if:	by 9.30 am on the next trading day of the relevant securities exchange after they become aware of the
			(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
	$\mathbf{1}$			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.

Holder of relevant			Consideration	Consideration
interest	Date of Acquisition	B/S	Cash	Non-Cash	Number of Securities
GDXJ	12/16/2016B		33,220,246.41		71,512,238
GDXJ	12/19/2016B			In-Kind	542,385
GDXJ	12/19/2016 S		215,308.35		491,131
GDXJ	12/20/2016B			In-Kind	68,620
GDXJ	12/22/2016 B			In-Kind	617,670
GDXJ	12/28/2016 B			In-Kind	686,100
GDXJ	12/29/2016B			In-Kind	651,738
GDXJ	12/30/2016B			In-Kind	960,288
GDXJ	01/03/2017 B			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	01/12/2017 B			In-Kind	273,368
GDXJ	01/13/2017 B			In-Kind	683,540
GDXJ	01/18/2017B			In-Kind	854,100
GDXJ	01/19/2017 B			In-Kind	683,420
GDXJ	01/31/2017B			In-Kind	339,550
GDXJ	02/06/2017B			In-Kind	1,765,868
GDXJ	02/07/2017 B			In-Kind	645,145
GDXJ	02/08/2017B			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	02/16/2017 B			In-Kind	1,698,150
GDXJ	02/17/2017B			In-Kind	169,785
GDXJ	02/21/2017B			In-Kind	237,867
GDXJ	02/22/2017B			In-Kind	713,727
GDXJ	02/23/2017B			In-Kind	3,570,735
UCTGDXJ	12/16/2016B		485,833.56		1,044,490
UCTGDXJ	12/19/2016B		2,646.39		5,749
UCTGDXJ	12/21/2016S		28,908.65		63,580
UCTGDXJ	01/17/2017B		18,768.76		30,009
UCTGDXJ	01/19/2017B		19,721.12		31,786
UCTGDXJ	02/06/2017 B		17,107.13		27,797
UCTGDXJ	02/08/2017 B		21,344.93		31,600
UCTGDXJ	02/09/2017B		43,036.58		63,310
UCTGDXJ	02/21/2017B		23,279.03		31,650
In-Kind transactions result from UCTGDXJ receiving a basket of securities (including RAMELIUSRESOURCES 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.

$AT$