RAMELIUS RESOURCES LIMITED — Major Shareholding Notification 2020

Jun 28, 2020

$R$ $U$

Ruffer LLP 80 Victoria Street London SW1E 5JL Fax +44 (0)20 7963 8175 www.ruffer.co.uk

26 June 2020

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

Tony Allen Compliance Manager

Attach.

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
1. Details of substantial holder(1)
Name ACN/ARSN (if applicable)	Ruffer.LLP
There was a change in the interests of the substantial holder on The previous notice was given to the company on The previous notice was dated	24/06/2020 16/03/2020 17/03/2020

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

Class of securities (4)	Previous notice		Present notice
	Person's votes	Voting power (5)	Person's votes!	Votina power - (0)
Ordinary Fully Paid	59,805,119	.08%	64,445,7	$8.00\%$

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 of change	Person whose relevant interest changed http://www.anana.anana.anana.anana.anana.anana.anana.anana.anana.anana.anana.anana.anana.anana.anana.anana.anana.anana.anana.anana.anana	Nature ा change 76	Consideration given in relation to change $(7)$	Class and number of securities affected	Person's votes affected
	See Annexure A

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
Ruffer LLP	Bank of New York Mellon SA/NV	Ruffer LLP (on behalf of LF Ruffer Gold (Fund	Ruffer LLP has entered[64,445,721 into Investment Management Agreements (IMAs) under which its hares investment serves 35 advisor to over 6,000 discretionary clients (collectively, thd "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 lclionts. As investment advisor.l Ruffer LLP is empowered to exercise all voting rights knd 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 $\mathsf{portfolio}(\mathsf{s})$ for thd discretionary client and the discretionary client id entitled to terminate the IM A in. certaini circumstances by giving hotice to Rutfer LLP. Ruffer LLP - bej may 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 make land 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 LF( Ruffer Gold Fund. Accompanying this form is an 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 portfolio of LF Ruffer lGold Fund.		64,445,721

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 epplicable.	ature association ۰OI 1
N/A

6. Addresses

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

Name	nuu voo
	180 /ictoria Street, London, ' SWIE SJL

Signature

print name Tony Allen	capacity	Compliance Manager
sign here $\mathcal{H}$	date	26/06/2020

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 $(1)$ 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) applies, a copy of any $(a)$ 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 $(b)$ 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, becom'e 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". $(8)$
• $(9)$ Give details, if appropriate, of the present association and any change in that association since the last substantial holding notice.

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.

Information in this guide is intended as a guide only. Please consult your accountant or solicitor for further advice.

Annexure A

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 of change (6)	Consideration given in relation to change (7)	Class and number ۵f securities affected	Person's votes affected
17/03/2020	Ruffer LLP	Purchase of ordinary shares	AUD \$1,365,114.91	1,613,611 Ordinary Shares	1,613,611
19/03/2020	Ruffer LLP	shares	Purchase of ordinary AUD \$1,421,537.12	1,644,346 Ordinary Shares	1,644,346
20/03/2020	Ruffer LLP	Purchase of ordinary shares	AUD \$641,050.95	742,043 Ordinary Shares	742,043
23/03/2020	Ruffer LLP	shares	Purchase of ordinary AUD \$1,438,370.00	1,700,000 Ordinary Shares	1,700,000
27/03/2020	Ruffer LLP	Purchase of ordinary shares	AUD \$2,029,600.00	2,000,000 Ordinary Shares	2,000,000
01/04/2020	Ruffer LLP	Purchase of ordinary shares	AUD \$192,192.58	204,569 Ordinary Shares	204,569
02/04/2020	Ruffer LLP	Purchase of ordinary shares	AUD \$747,148.34	795,431 Ordinary Shares	795,431
03/04/2020	Ruffer LLP	Purchase of ordinary shares	AUD \$901,570.19	939,625 Ordinary Shares	939,625
06/04/2020	Ruffer LLP	Purchase of ordinary shares	AUD \$928.15	977 Ordinary Shares	977
01/06/2020	Ruffer LLP	Sale of ordinary shares	AUD \$5,497.09	3,071 Ordinary Shares	3,071
02/06/2020	Ruffer LLP	Sale of ordinary shares	AUD \$858,339.13	478,210 Ordinary Shares	478,210
15/06/2020	Ruffer LLP	Sale of ordinary shares	AUD \$854,822.10	476,835 Ordinary Shares	476,835
16/06/2020	Ruffer LLP	Sale of ordinary shares	AUD \$1,869,348.27	1,041,884 Ordinary Shares	1,041,884
18/06/2020	Ruffer LLP	Sale of ordinary shares	AUD \$965,474.55	539,311 Ordinary Shares	539,311
19/06/2020	Ruffer LLP	Sale of ordinary shares	AUD \$825,232.21	460,689 Ordinary Shares	460,689
22/06/2020	Ruffer LLP	Sale of ordinary shares	AUD \$2,017,900.00	1,000,000 Ordinary Shares	1,000,000

24/06/2020	Ruffer LLP	Sale of ordinary shares	AUD \$2,162,700.00	1,000,000 Ordinary Shares	1,000,000
------------	------------	----------------------------	--------------------	------------------------------	-----------

Allan

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 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 FCA Handbook. LFM has the right to request re-categorisation as a retail client at any time. LFM 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 FCA Rules and will act in good faith and with the skill and care a professional expected of reasonably to be 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 FCA 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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