RAMELIUS RESOURCES LIMITED — Major Shareholding Notification 2020

Mar 17, 2020

R U

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

17 March 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

ح ساح کمپوس

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	16/03/2020 27/03/2019 27/03/2019

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!	Voting power (5)
Ordinary Fully Paid	50,392,723	17.74%	59,805,119	19.08%

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

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
	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 interest	holder of securities	to be registered as holder (8)	relevant interest (6)	number of securities
Ruffer LLP	Bank of New York	Ruffer LLP (on	Ruffer LLP has entered 59,805,119		59,805,119
	Mellon SA/NV	behalf of	into Investment ordinary
		LF Ruffer Gold	(IMAs) under which it shares
		(Fund	investment serves as
			advisor to over 6,000
			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 lelients.
			As investment advisor, Ruffer LLP is empowered
			to exercise all voting rights
			make investment land. 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 thd discretionary client and the
			discretionary client id
			entitled to terminate the liMA. in certain
			circumstances by giving
			hotice to Ruffer LLP.
			Ruffer LLP. ⊺bd 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
			∣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 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 (Gold Fund,

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 (if applicable)	Nature of association ________
N/A

6. Addresses

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

Name	Address ________
Ruffer LLI тр	80 Victoria Street, London, SW1E 5JL

Signature

print name Tony Allen	capacity	Compliance Manager
sign here	Summaring Community of The Community of The Community of The Community of The Community of The Community of The Community	17/03/2020

DIRECTIONS

• $(1)$ 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 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.
• 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. $(3)$
• $(4)$ 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.
• include details of: $(6)$
• 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 $(b)$ 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.
• $(8)$ If the substantial holder is unable to determine the identity of the person (.e.g. if the relevant interest anses because of an option) write "unknown".
• $(9)$ 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

FRANCISCO

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 οf securities affected	Person's votes affected
03/05/2019	Ruffer LLP	Purchase of ordinary shares	AUD \$19,302.94	26,446 Ordinary Shares	26,446
19/06/2019	Ruffer LLP	Purchase of ordinary shares	AUD \$661,300.00	1,000,000 Ordinary Shares	1,000,000
20/062019	Ruffer LLP	Purchase of ordinary shares	AUD \$1,581.20	2,360 Ordinary Shares	2,360
26/06/2019	Ruffer LLP	Purchase of ordinary shares	AUD \$13,033.42	17,854 Ordinary Shares	17,854
27/06/2019	Ruffer LLP	Purchase of ordinary shares	AUD \$394,018.56	543,324 Ordinary Shares	543,324
28/06/2019	Ruffer LLP	Purchase of ordinary shares	AUD \$225,580.30	309,438 Ordinary Shares	309,438
01/07/2019	Ruffer LLP	Purchase of ordinary shares	AUD \$90,263.25	127,024 Ordinary Shares	127,024
04/11/2019	Ruffer LLP	Sale of ordinary shares	AUD \$80,863.03	59,726 Ordinary Shares	59,726
14/11/2019	Ruffer LLP	Purchase of ordinary shares	AUD \$517,100.00	500,000 Ordinary Shares	500,000
20/11/2019	Ruffer LLP	Purchase of ordinary shares	AUD \$112,169.00	108,976 Ordinary Shares	108,976
21/11/2019	Ruffer LLP	Purchase of ordinary shares	AUD \$84,433.74	82,126 Ordinary Shares	82,126
22/11/2019	Ruffer LLP	Purchase of ordinary AUD \$315,353.97 shares		308,898 Ordinary Shares	308,898
26/11/2019	Ruffer LLP	Purchase of ordinary shares	AUD \$122,411.02	124,528 Ordinary Shares	124,528
02/12/2019	Ruffer LLP	Purchase of ordinary shares	AUD \$157,337.73	158,927 Ordinary Shares	158,927
03/12/2019	Ruffer LLP	Purchase of ordinary shares	AUD \$114,878.41	116,545 Ordinary Shares	116,545
09/12/2019	Ruffer LLP	Purchase of ordinary shares	AUD \$296,490.00	300,000 Ordinary Shares	300,000

11/12/2019	Ruffer LLP	Sale of ordinary shares	AUD \$34,296.07	34,639 Ordinary Shares	34,639
12/12/2019	Ruffer LLP	Sale of ordinary shares	AUD \$19,488.15	19,685 Ordinary Shares	19,685
16/12/2019	Ruffer LLP	Purchase of ordinary shares	AUD \$278,400.00	300,000 Ordinary Shares	300,000
24/02/2020	Ruffer LLP	Sale of ordinary shares	AUD \$715,100.00	500,000 Ordinary Shares	500,000
12/03/2020	Ruffer LLP	Purchase of ordinary shares	AUD \$539,450.00	500,000 Ordinary Shares	500,000
13/03/2020	Ruffer LLP	Purchase of ordinary shares.	AUD \$445,900.00	500,000 Ordinary Shares	500,000
16/03/2020	Ruffer LLP	$\left\vert \mathrm{Purchase~of~ordinary}\right\vert$ shares	AUD \$830,900.00	1,000,000 Ordinary Shares	1,000,000
16/03/2020	Ruffer LLP	shares	Purchase of ordinary AUD \$3,359,200.00	4,000,000 Ordinary Shares	4,000,000

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