RAMELIUS RESOURCES LIMITED — Major Shareholding Notification 2020

Feb 27, 2020

603 page 1/2 15 July 2001

Form 603

Corporations Act 2001 Section 671B

Notice of initial substantial holder

To Company Name/Scheme Spectrum Metals Limited ( Spectrum ) ACN/ARSN 115 770 226 1. Details of substantial holder (1) Ramelius Resources Limited ( Ramelius ) and each of the other entities listed in Ramelius’ 2019 Annual Report on Name page 98 (as updated from time to time and available on request) (the Ramelius Group Entities ) ACN/ARSN (if applicable) 001 717 540 The holder became a substantial holder on N/A – Form lodged pursuant to section 671B(1)(c) of the Corporations Act 2001 (Cth) ( Corporations Act ).

2. Details of 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 on the date the substantial holder became a substantial holder are as follows:

Class of securities (4)	Number of securities	Persons’ votes (5)	Voting power (6)
Fully paid ordinary shares	68,541,238	68,541,238	4.88%

3. Details of relevant interests

The nature of the relevant interest the substantial holder or an associate had in the following voting securities on the date the substantial holder became a substantial holder are as follows:

Holder of relevant interest	Nature of relevant interest (7)	Class and number of securities
Mt Magnet Gold Pty Ltd	Relevant interest under section 608(1) ofthe CorporationsAct	68,541,238 fully paid ordinary shares
Ramelius and each Ramelius Group Entity (except for Mt Magnet Gold Pty Ltd)	Relevant interest under section 608(3)(b) of the Corporations Act, by reason of Ramelius having control of MtMagnet	68,541,238 fully paid ordinary shares

4. Details of present registered holders

The persons registered as holders of the securities referred to in paragraph 3 above are as follows:

Holder of relevant interest	Registered holder of securities	Person entitled to be registered as holder (8)	Class and number of securities
Ramelius and each Ramelius GroupEntity	Statton Nominees PtyLtd	Mt Magnet Gold Pty Ltd	20,250,000 fully paid ordinary shares
Ramelius and each Ramelius GroupEntity	Chesser Nominees PtyLtd	Mt Magnet Gold Pty Ltd	13,100,000 fully paid ordinary shares
Ramelius and each Ramelius GroupEntity	Mt Magnet Gold Pty Ltd	Mt Magnet Gold Pty Ltd	21,091,238 fully paid ordinary shares
Ramelius and each Ramelius GroupEntity	Imperium Nominees PtyLtd	Mt Magnet Gold Pty Ltd	14,100,000 fully paid ordinary shares

5. Consideration

The consideration paid for each relevant interest referred to in paragraph 3 above, and acquired in the four months prior to the day that the substantial holder became a substantial holder is as follows:

Holder of relevant interest	Date of acquisition	Consideration (9)	Consideration (9)	Class and number of securities
		Cash	Non-cash

603 page 2/2 15 July 2001

6. Associates

The reasons the persons named in paragraph 3 above are associates of the substantial holder are as follows:

Name and ACN/ARSN (if applicable) Nature of association Each of the Ramelius Group Entities is a body corporate that is Each of the Ramelius Group Entities controlled by Ramelius.

7. Addresses

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

Name	Address
Ramelius and each of the Ramelius Group Entities	Level 1, 130 Royal Street, East Perth WA 6004
Spectrum Limited	Suite 2/827 Beaufort Street, Inglewood WA 6052

Signature

print name Richard Jones capacity Company Secretary

sign here

==> picture [141 x 29] intentionally omitted <==

date 28/02/2020

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 7 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 total number of votes attached to all the voting shares in the company or voting interests in the scheme (if any) that the person or an associate has a relevant interest in.

• (6) The person’s votes divided by the total votes in the body corporate or scheme multiplied by 100.

• (7) Include details of:

• (a) any relevant agreement or other circumstances by which the relevant interest was acquired. If subsection 671B(4) applies, a copy 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

• (b) 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 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.

• (8) 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”.

• (9) 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, 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 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.