RAMELIUS RESOURCES LIMITED — Major Shareholding Notification 2019

Mar 28, 2019

R T

Ruffer LLP 80 Victoria Street London SWIE 5JL Fax +44 (0)20 7963 8175 www.ruffer.co.uk

28 March 2019

The Manager Company Announcements Office ASX Limited 20 Bridge Street Sydney NSW 2000

By electronic lodgement

Dear Sir/Madam

Re: Notice of change of interests of substantial holder - Ramelius Resources Limited

We enclose notice of a change of interests in Ramelius Resources Limited. This notice is given by Ruffer LLP.

Yours faithfully

M-

Tony Allen Compliance Manager

Attach.

VESTORS Ruffer LLP is a limited liability partnership, registered in England with registration number OC305288
PEOPLE The firm's principal place of business and registered office is 80 Victoria Street, London SW1E 5JL
Ruff

Form 604

Corporations Act 2001 Section 671B

Notice of change of interests of substantial holder

Jo. Company Name/Scheme	Ramelius Resources Limited
ACN/ARSN	.001.717.540.
[1] Details of substantial heider(1)
Name ACTVARISM (if applicable)	Further ii D
There was a change in the interests of the substantial holder on	27/03/2019
The previous notice was given to the company on The previous notice was dated	20/09/2018 20/09/2018
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:

________	.		11.11.1	. AUDIO AUDIO
of securities Ciass of	Previous natice			Present notice
The board contract and the the state of the board of the H. Candidate and the parameter account of the board in the contract of	vues יהמד	Volina nower		arto e Jorenn הח	DOM M E hailma.	-19. .
$\neg$ $\neg$ $\neg$ $\neg$ $\neg$ $\neg$ $\neg$ $\neg$ .	ጣ ድጥ	28 RT -		MA- a shekar --	74%
	--			--------	------	-------

3. Changes in relevant Interests

Particulars of each change in, or change in the hature 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

Date of change	Person whose ralevant interest changed	Naturo O. DIREKOS Ω).	Consideration given in relation to change (7)	Class and number of $\cdots$ cocurities affected	Person's votes affected
	See Annexure A

Holder of
relevant
interest

Ruffer LLP

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
Bank of New York	Ruffer LLP (on	Ruffer LLP has entered 50, 392, 723		50,392,723
Mellon SA/NV	behalf of	into Investment ordinary Management Agreements ordinary (IMAs) under which itshares
	LF Ruffer Gold
	Fund)	serves 85 investment
		advisor to 6.000 over
		discretionary clients
		collectively. the "Accounts"). Only one of
		these Account clients is
		currently the beneficial
		holder of the Issuer's securities. being
		collective : investment
		scheme called LF Ruffer
		Gold Fund. However, in the future it is possible that
		the Issuer's securities may
		be held by other Account
		clients.
		As investment advisor.
		Ruffer LLP is empowered
		to exercise all voting rights and make investment
		decisions regarding the
		Issuer's securities held by
		the 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 îЫ
		entitled to terminate the IMA. in. certain
		oiroumstances by giving
		notice to Ruffer LLP.
		LLP Ruffer may bd
		deemed to have a relevant
		änterest in the Ordinary Fully Paid Shares held for
		such Accounts as Ruffer
		LLP. is. empowered to
		exercise all voting rights make hnd investment
		decisions regarding the
		Issuer's securities held by the relevant Account of
		Accounts.
		Bank of New York Melloni SA/NV is the registered
		holder of the securities and
		the depositary for LFI Ruffer Gold Fund.
		Accompanying this form is
		lan extract of the investment management
		agreement (Annexure B)
		between Ruffer LLP and Link Financial Managers
		Limited (the authorised
		corporate director of LF
		Ruffer - Gold Fund) under - which Ruffer LLP is
		authorised to manage the
		bortfolio of LF Ruffer
		Gold Fund.

Changes in association

The paraches with have become associates Cipit, commed to be accepted to the consider the conditions (8) with, the adoptation folder in relation to voting interests in the company or acheine are as follows:

Name and ACN/ARSN (if approable) ******** .	Natura of алзосіаноп	THE REPORT OF A PUBLIC HUBBAN IN HIS HOLD AN ARANG A A A REAL AND A LIGHT COMMUNICATION CONTINUES.
	a termin dan bang dari mengangkan dan karang mengentukkan kalah dan mempunyai dan mempunyai dan mempunyai yang dan mempunyai dan mempunyai dan mempunyai dan mempunyai dan mempunyai dan mempunyai dan mempunyai dan mempunyai --------------------------------------

8. Addresses

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

MINE-Houses Nome SAMAREA Account of the ********	. ******** Address . 10000000000000000000000000000000000000
tur n mп. 16 F - z a d - Brama v	-184 v Street, London, SWIE 3JL. 'ictoma	---------------------------------------
2 - - - - - - - - - - - - - - - - - - -	.	HIII.III.13.3.1.13.3.1.1.3.3.1.1.1.1.

Signature

print name 'Tony Allen	心気の身にな	Compliance Manager
sign nere	date 1.41	28/03/2019

DIRECTIONS

$(1)$ If there are a number of substantial holders with simitar 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.

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 $\left( n\right)$ 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 $\left( 0 \right)$ 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, becom'e $(7)$ 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.

If the substantial holder is unable to determine the identity of the person (e.g. if the relevant interest arises because of an option) write "unknown". $\left( 0\right)$

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

Annexure A

$\frac{1}{\sqrt{2}}\int d^3x\sqrt{2}dx\sqrt{2}dx\sqrt{2}dx$

This is Annexure A of 2 pages referred to in Form $604$ – Notice of change of interests of substantial holder.

Date of change	Person whose relevant interest changed	Nature ۵f change (6)	Consideration given in relation. to change $(7)$	Glass and number ٥ſ securities affected	Person's votes affected
26/09/2018	Ruffer LLP	Purchase of ordinary shares	AUD \$72,343.58	149,532 Ordinary Shares	149,532
27/09/2018	Ruffer LLP	Purchase of ordinary shares	AUD \$45,056.83	92.939 Ordinary Shares	92,939
28/09/2018	Ruffer LLP	Purchase of ordinary shares.	AUD \$105,924.70	219.898 Ordinary Shares	219,989
01/10/2018	Ruffer LLP	Purchase of ordinary shares	AUD \$73,863.33	152,768 Ordinary Shares	152,768
02/10/2018	Ruffer LLP	Purchase of ordinary shares	AUD \$183,574.72	384,772 Ordinary Shares	384,772
30/10/2018	Ruffer LLP	Purchase of ordinary shares	AUD \$2,593.92	6,176 Ordinary Shaxes	6,176
31/10/2018	Ruffer LLP	Purchase of ordinary shares	AUD \$163,240.05	393,824 Ordinary Shares	393,824
01/11/2018	Ruffer LLP	Purchase of ordinary shares	AUD \$17,546.30	42.953 Ordinary Shares	42,953
09/11/2018	Ruffer LLP	Purchase of ordinary shares	AUD \$26,104.89	63,686 Ordinary Shares	63,686
12/11/2018	Ruffer LLP	Purchase of ordinary AUD \$157,265.73 shares		393,361 Ordinary Shares	393,361
13/11/2018	Ruffer LLP	Purchase of ordinary AUD \$190,369.96 shares		480,126 Ordinary Shares	480,126
14/11/2018	Ruffer LLP	Purchase of ordinary AUD \$108,106.35 shares		277,338 Ordinary Shares	277,338
15/11/2018	Ruffer LLP	Purchase of ordinary shares	AUD \$96,553.58	242,536 Ordinary Shares	242,536
16/11/2018	Ruffer LLP	Purchase of ordinary shares.	AUD \$154,400.00	400,000 Ordinary Shares	400,000
19/11/2018	Ruffer LLP	Purchase of ordinary shares	AUD \$6,457.43	16,630 Ordinary Shares	16,630
20/11/2018	Ruffer LLP	Purchase of ordinary shares	AUD \$3,731.13	9,567 Ordinary Shares	9,567

	Ruffer LLP	Purchase of ordinary	AUD \$33,030.47	84,824
21/11/2018		shares		Ordinary Shares	82,824
22/11/2018	Ruffer LLP	Purchase of ordinary shares	AUD \$26,402.46	67,960 Ordinary Shares	67,960
23/11/2018	Ruffer LLP	Purchase of ordinary shares	AUD \$15,556.34	40,073 Ordinary Shares	40,073
26/11/2018	Ruffer LLP	Purchase of ordinary shares	AUD \$22,989.21	59,419 Ordinary Shares	59,419
26/12/2018	Ruffer LLP	Purchase of ordinary shares	AUD \$193,200.69	480,121 Ordinary Shares	480,121
21/12/2018	Ruffer LLP	Purchase of ordinary shares	AUD \$92,349.18	219,879 Ordinary Shares	219,879
04/01/2019	Ruffer LLP	Acquisition of relevant interests in fully paid ordinary shares in Explaurum (Explaurum Shares) as a result of acceptances of the $\,$ takeover offer.	1 fully paid ordinary share in Ramelius for every 4 Explaurum Shares plus \$0.02 cash per Explaurum (Ordinary Shares Shares, subject to the terms and conditions of the offer.	3,183,940	3,183,940
07/02/2019	Ruffer LLP	Purchase of ordinary shares	AUD \$7,806.40	13,940 Ordinary Shares	13,940
08/02/2019	Ruffer LLP	Purchase of ordinary shares	AUD \$57,839.72	$-103,396$ Ordinary Shares	103,396
27/02/2019	Ruffer LLP	Sale of ordinary shares	AUD \$13,206.30	21,232 Ordinary Shares	21,232
05/03/2019	Ruffer LLP	Purchase of ordinary shares	AUD \$115,070.95	202,947 Ordinary Shares	202,947
27/03/2019	Ruffer LLP	Sale of ordinary shares	AUD \$10,062,500.00	11,500,000 Ordinary Shares	11,500,000

$\frac{1}{2}$

Annexure B

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

Ruffer I J P

Extract of the Investment Management Agreement (Agreement) between Ruffer LLP (Investment Manager) and Link Financial Managers Limited (LFM) (the authorised corporate director of LF Ruffer Gold Fund (Fund))

• $2.1^°$ Appointment: LFM appoints the Investment Manager as the 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 LFM as a professional client for the purposes of the FSA Handbook. LFM has the right to request re-categorisation as a retall client at any time. LFM has the right to give the Investment Manager instructions from time to time.
• $2.2₂$ 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 reasonably to be expected of a professional investment 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 LFM) 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 Depositary exercise all voting and other powers and discretions relating to the Assets, although it is not obliged to do so.

M

$2.4 -$